Non-recurring Items

In the 2018 reporting period, the non-recurring items eliminated in the as a whole came to € 50.5 million, up 9.1% on the prior-year value of € 46.3 million in the first half of 2017.

Non-recurring Items

in € million

 

H1 2017

 

H1 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.

**

Vonovia Group original non-recurring items from BUWOG and Victoria Park. Includes acquisition and integration costs for BUWOG and Victoria Park that accrue to the Vonovia Group without BUWOG and Victoria Park.

 

 

 

 

 

 

 

 

 

Business model optimization/development of new fields of business

 

9.4

 

7.7

 

-18.1

 

23.3

Acquisition costs incl. integration costs*

 

28.9

 

29.7

 

2.8

 

48.1

Refinancing and equity measures

 

0.9

 

-0.2

 

 

1.6

Severance payments/pre-retirement part-time work arrangements

 

7.1

 

13.3

 

87.3

 

13.9

Total non-recurring items**

 

46.3

 

50.5

 

9.1

 

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.