Taxes and Profit for the Period

Income taxes in the 2017 fiscal year came in at € -1,440.5 million, up on the prior-year value of € -1,346.9 million as a result of valuation results. The effective income tax rate came to 35.9% in 2017, up on the previous year’s figure of 34.9%. Current income taxes (including aperiodic income tax) in 2017 came in at € -38.2 million, below the prior-year value of € -50.2 million.

The profit for the period came to € 2,566.9 million in the 2017 fiscal year. This is largely influenced by the increase in the value of investment properties in the amount of € 3,434.1 million. This means that it was down slightly on the 2016 value of € 2,512.9 million. Impairment testing resulted in a goodwill write-down of € 337.3 million in the 2017 fiscal year.

Reconciliation of Profit for the Period/FFO

in € million

 

2016

 

2017

 

Change in %

*

Excluding income from investments

**

Incl. financial income from investments in other real estate companies

***

Based on the shares carrying dividend rights on the reporting date Dec. 31, 2016: 466,000,624, Dec. 31, 2017: 485,100,826

 

 

 

 

 

 

 

Profit for the period

 

2,512.9

 

2,566.9

 

2.1

Financial result*

 

433.0

 

326.3

 

-24.6

Income taxes

 

1,346.9

 

1,440.5

 

6.9

Depreciation and amortization

 

27.0

 

372.2

 

> 100

Net income from fair value adjustments of investment properties

 

-3,236.1

 

-3,434.1

 

6.1

= EBITDA IFRS

 

1,083.7

 

1,271.8

 

17.4

Non-recurring items

 

94.5

 

86.9

 

-8.0

Total period adjustments from assets held for sale

 

17.9

 

-10.7

 

-159.8

Financial income from investments in other real estate companies

 

-9.6

 

-13.0

 

35.4

= Adjusted EBITDA

 

1,186.5

 

1,335.0

 

12.5

Adjusted EBITDA Sales

 

-92.5

 

-110.8

 

19.8

= Adjusted EBITDA operations

 

1,094.0

 

1,224.2

 

11.9

Interest expense FFO**

 

-322.7

 

-287.5

 

-10.9

Current income taxes FFO 1

 

-10.5

 

-15.9

 

51.4

= FFO 1

 

760.8

 

920.8

 

21.0

Capitalized maintenance

 

-71.6

 

-85.7

 

19.7

= AFFO

 

689.2

 

835.1

 

21.2

Current income taxes Sales

 

-29.5

 

-19.2

 

-34.9

FFO 2 (FFO 1 incl. adjusted EBITDA Sales/current income taxes Sales)

 

823.8

 

1,012.4

 

22.9

 

 

 

 

 

 

 

FFO 1 per share in €***

 

1.63

 

1.90

 

16.3

AFFO per share in €***

 

1.48

 

1.72

 

16.4