13 Segment Reporting

The following table shows the segment information for the first half of 2017: The segment previously referred to as “Extension” is being continued as the “Value-add Business” segment, without any changes being made to the content of its activities.

in € million

 

Rental

 

Value-add Business

 

Sales

 

Other*

 

Group

 

 

 

 

 

 

 

 

 

 

 

Jan. 1–Jun. 30, 2017

 

 

 

 

 

 

 

 

 

 

*

The income for the segments Rental, Value-add Business and sales constitutes income that is regularly reported to the Management Board as the chief operating decision- maker. The income in the column “Other” results from the onward charging of ancillary costs amounting to € 336.2 million, as well as consolidation effects. These are not part of the regular reporting to the Management Board and have thus been presented in the “Other” column. The cost side is also part of the reporting to the Management Board in order to ensure efficient property management.

Segment income

 

833.2

 

483.8

 

701.9

 

-124.6

 

1,894.3

thereof external income

 

833.2

 

80.1

 

701.9

 

279.1

 

1,894.3

thereof internal income

 

 

 

403.7

 

 

 

-403.7

 

 

Carrying amount of assets sold

 

 

 

 

 

-664.9

 

 

 

 

Revaluation from disposal of assets held for sale

 

 

 

 

 

20.1

 

 

 

 

Expenses for maintenance

 

-127.3

 

 

 

 

 

 

 

 

Operating expenses

 

-132.4

 

-438.2

 

-12.8

 

113.1

 

 

Adjusted EBITDA

 

573.5

 

45.6

 

44.3

 

-11.5

 

651.9

 

 

 

 

 

 

 

 

 

 

 

Non-recurring items

 

 

 

 

 

 

 

 

 

-46.3

Period adjustments from assets held for sale

 

 

 

 

 

 

 

 

 

32.9

Income from investments in other real estate companies

 

 

 

 

 

 

 

 

 

12.9

EBITDA IFRS

 

 

 

 

 

 

 

 

 

651.4

 

 

 

 

 

 

 

 

 

 

 

Net income from fair value adjustments of investment properties

 

 

 

 

 

 

 

 

 

1,164.7

Depreciation and amortization

 

 

 

 

 

 

 

 

 

-14.9

Income from other investments

 

 

 

 

 

 

 

 

 

-19.4

Financial income

 

 

 

 

 

 

 

 

 

43.7

Financial expenses

 

 

 

 

 

 

 

 

 

-172.9

EBT

 

 

 

 

 

 

 

 

 

1,652.6

 

 

 

 

 

 

 

 

 

 

 

Income taxes

 

 

 

 

 

 

 

 

 

-588.0

Profit for the period

 

 

 

 

 

 

 

 

 

1,064.6

in € million

 

Rental

 

Value-add Business

 

Sales

 

Other*

 

Group

 

 

 

 

 

 

 

 

 

 

 

Jan. 1–Jun. 30, 2016

 

 

 

 

 

 

 

 

 

 

*

The income for the segments Rental, Value-add Business and sales constitutes income that is regularly reported to the Management Board as the chief operating decision-maker. The income in the column “Other” results from the onward charging of ancillary costs amounting to € 323.3 million, as well as consolidation effects. These are not part of the regular reporting to the Management Board and have thus been presented in the “Other” column. The cost side is also part of the reporting to the Management Board in order to ensure efficient property management.

Segment income

 

774.7

 

333.6

 

850.5

 

11.1

 

1,969.9

thereof external income

 

774.7

 

56.7

 

850.5

 

288.0

 

1,969.9

thereof internal income

 

 

 

276.9

 

 

 

-276.9

 

 

Carrying amount of assets sold

 

 

 

 

 

-830.4

 

 

 

 

Revaluation from disposal of assets held for sale

 

 

 

 

 

38.2

 

 

 

 

Expenses for maintenance

 

-119.0

 

 

 

 

 

 

 

 

Operating expenses

 

-120.1

 

-307.6

 

-11.8

 

-14.6

 

 

Adjusted EBITDA

 

535.6

 

26.0

 

46.5

 

-3.5

 

604.6

 

 

 

 

 

 

 

 

 

 

 

Non-recurring items

 

 

 

 

 

 

 

 

 

-49.1

Period adjustments from assets held for sale

 

 

 

 

 

 

 

 

 

-21.1

Income from investments in other real estate companies

 

 

 

 

 

 

 

 

 

9.5

EBITDA IFRS

 

 

 

 

 

 

 

 

 

543.9

 

 

 

 

 

 

 

 

 

 

 

Net income from fair value adjustments of investment properties

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

 

 

 

 

 

 

 

-10.0

Income from other investments

 

 

 

 

 

 

 

 

 

-10.2

Financial income

 

 

 

 

 

 

 

 

 

21.6

Financial expenses

 

 

 

 

 

 

 

 

 

-287.5

EBT

 

 

 

 

 

 

 

 

 

257.8

 

 

 

 

 

 

 

 

 

 

 

Income taxes

 

 

 

 

 

 

 

 

 

-109.9

Profit for the period

 

 

 

 

 

 

 

 

 

147.9

The following table gives a detailed list of the non- recurring items for the reporting period:

in € million

 

Jan. 1–Jun. 30, 2017

 

Jan. 1–Jun. 30, 2016

 

 

 

 

 

*

Including takeover costs and one-time expenses in connection with acquisitions, such as HR measures relating to the integration process. Figures for the previous year shown in line with the current reporting structure for 2017.

Severance payments/Pre-retirement part-time work arrangements

 

7.1

 

16.7

Business model optimisation/Development of new fields of business

 

9.4

 

7.7

Acquisition costs incl. integration costs*

 

28.9

 

23.2

Refinancing and equity measures

 

0.9

 

1.5

Total non-recurring items

 

46.3

 

49.1

Düsseldorf, July 25, 2017

Rolf Buch (CEO) (Signature)

Rolf Buch
(CEO)

Dr. A. Stefan Kirsten (CFO) (Signature)

Dr. A. Stefan Kirsten
(CFO)

Klaus Freiberg (COO) (Signature)

Klaus Freiberg
(COO)

Gerald Klinck (CCO) (Signature)

Gerald Klinck
(CCO)