In addition, the gain on the sale of the Clariant interest was taxable in Germany. Profit of 504 million from discontinuing operations includes the gain on the sale of Herberts and Hoechst Roussel Vet amounting to 865 million. Discontinuing operations, especially Celanese, incurred an operating loss of 361 million. Consolidated net income totaled 329 million, which is nearly 600 million less than in 1998. As a holding company, Hoechst AG does not run any operating business.
Profit is determined almost exclusively by investment income.
For the short fiscal year, investment income amounted to 415 million and consists mainly of dividend payments from German subsidiaries and the gain on the sale of Hoechst Roussel Vet to the Akzo Group. The non-operating result of minus 149 million reflects in particular the interest expense for pension provisions of Hoechst AG and the proportionate project costs in connection with the Celanese demerger and the formation of Aventis. Profit after taxes amounts to 164 million. 267 million was transferred from retained earnings. Unappropriated retained earnings thus amount to 431 million, which is to be distributed in full as a dividend payment.