Reconciliation of Profit for the Period/FFO

The profit for the period came to € 1,064.6 million in the first half of 2017, up considerably on the value of € 147.9 million reported in the first half of 2016. This is primarily due to the half-year valuation result, an improved financial result as well as an increase in rental income.

Reconciliation of Profit for the Period to FFO

in € million

 

H1 2017

 

H1 2016

 

Change in %

 

12M 2016

 

 

 

 

 

 

 

 

 

*

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 Jun. 30, 2017: 476,460,248, Jun. 30, 2016: 466,000,624 and Dec. 31, 2016: 466,000,624

Profit for the period

 

1,064.6

 

147.9

 

619.8

 

2,512.9

Financial result*

 

148.6

 

276.1

 

-46.2

 

433.0

Income taxes

 

588.0

 

109.9

 

435.0

 

1,346.9

Depreciation and amortization

 

14.9

 

10.0

 

49.0

 

27.0

Net income from fair value adjustments of investment properties

 

-1,164.7

 

 

 

-3,236.1

= EBITDA IFRS

 

651.4

 

543.9

 

19.8

 

1,083.7

Non-recurring items

 

46.3

 

49.1

 

-5.7

 

94.5

Total period adjustments from assets held for sale

 

-32.9

 

21.1

 

 

17.9

Financial income from investments in other real estate companies

 

-12.9

 

-9.5

 

35.8

 

-9.6

= Adjusted EBITDA

 

651.9

 

604.6

 

7.8

 

1,186.5

Adjusted EBITDA Sales

 

-44.3

 

-46.5

 

-4.7

 

-92.5

= Adjusted EBITDA operations

 

607.6

 

558.1

 

8.9

 

1,094.0

Interest expense FFO**

 

-138.0

 

-162.8

 

-15.2

 

-322.7

Current income taxes FFO 1

 

-11.9

 

-7.5

 

58.7

 

-10.5

= FFO 1

 

457.7

 

387.8

 

18.0

 

760.8

Capitalized maintenance

 

-30.5

 

-29.1

 

4.8

 

-71.6

= AFFO

 

427.2

 

358.7

 

19.1

 

689.2

Current income taxes Sales

 

-20.1

 

-25.0

 

-19.6

 

-29.5

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

 

481.9

 

409.3

 

17.7

 

823.8

 

 

 

 

 

 

 

 

 

FFO 1 per share in €***

 

0.96

 

0.83

 

15.4

 

1.63

AFFO per share in €***

 

0.90

 

0.77

 

16.5

 

1.48