Value-add Business segment
We boosted our earnings power further in the Value-add Business segment. In particular, we significantly improved the output of our craftsmen’s organization, allowing us to make our investments in improving our portfolio as planned. In addition, we continued to expand our business activities in the areas of condominium administration, the provision of cable television to our tenants, metering services and insurance and residential environment services in the 2017 fiscal year. Vonovia Immobilien Treuhand now provides services to a total of approximately 100,000 units, of which 63,000 are apartments managed by third parties.
Total income from our Value-add Business activities rose by 37.5% from € 851.2 million to € 1,170.5 million. The adjusted EBITDA Value-add Business improved considerably from € 57.0 million in 2016 to € 102.1 million in 2017.
Adjusted EBITDA Other came to € -27.9 million in 2017 (2016: € -9.2 million). This includes the consolidation of intra-Group profits from capitalized modernization and maintenance services performed internally, which are included in the EBITDA of the Value-add Business segment. As a result, this amount includes the cash advantage generated by the Group in connection with these intra-Group services.