Non-recurring Items

In the 2018 reporting period, the non-recurring items eliminated in the as a whole came to € 27.9 million, up considerably on the prior-year value of € 13.9 million in the first three months of 2017. This is mainly due to higher costs for acquisition and integration due to the conwert and BUWOG takeovers.

Non-recurring Items

in € million

 

3M 2017

 

3M 2018

 

Change in %

 

12M 2017

 

 

 

 

 

 

 

 

 

*

Including takeover costs and one-time expenses in connection with acquisitions, such as HR measures relating to the integration process

Business model optimization/development of new fields of business

 

5.5

 

1.0

 

-81.8

 

23.3

Acquisition costs incl. integration costs*

 

4.0

 

18.0

 

350.0

 

48.1

Refinancing and equity measures

 

0.9

 

0.0

 

-100.0

 

1.6

Severance payments/pre-retirement part-time work arrangements

 

3.5

 

8.9

 

154.3

 

13.9

Total non-recurring items

 

13.9

 

27.9

 

100.7

 

86.9

Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization)
Adjusted EBITDA is the result before interest, taxes, depreciation and amortization (including income from other operational investments) adjusted for effects that do not relate to the period, recur irregularly or that are atypical for business operation, and for net income from fair value adjustments to investment properties. These non-recurring items include the development of new fields of business and business processes, acquisition projects, expenses for refinancing and equity increases (where not treated as capital procurement costs), IPO preparation costs and expenses for pre-retirement part-time work arrangements and severance payments.