Reconciliation of Profit for the Period/FFO

The profit for the 2018 reporting period came to € 1,200.0 million, up 12.7% on the value of € 1,064.6 million reported in the same period of 2017. In the first half of 2018, BUWOG made an overall earnings contribution EBITDA IFRS of € 40.7 million to the Group’s profit for the period.

Reconciliation of Profit for the Period/FFO

in € million

 

H1 2017

 

H1 2018

 

Change in %

 

12M 2017

*

All values without BUWOG and without Victoria Park except key figures marked with *.

**

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 June 30, 2017: 476,460,248, June 30, 2018: 518,077,934 and December 31, 2017: 485,100,826.

 

 

 

 

 

 

 

 

 

Profit for the period*

 

1,064.6

 

1,200.0

 

12.7

 

2,566.9

Financial result**

 

148.6

 

195.7

 

31.7

 

326.3

Income taxes*

 

588.0

 

646.7

 

10.0

 

1,440.5

Depreciation and amortization*

 

14.9

 

23.3

 

56.4

 

372.2

Income from fair value adjustments of investment properties*

 

-1,164.7

 

-1,372.9

 

17.9

 

-3,434.1

= EBITDA IFRS*

 

651.4

 

692.8

 

6.4

 

1,271.8

EBITDA IFRS BUWOG

 

 

-40.7

 

 

Non-recurring items

 

46.3

 

50.5

 

9.1

 

86.9

Total period adjustments from assets held for sale

 

-32.9

 

-7.8

 

-76.3

 

-10.7

Financial income from investments in other real estate companies

 

-12.9

 

-13.9

 

7.8

 

-13.0

= Adjusted EBITDA

 

651.9

 

680.9

 

4.4

 

1,335.0

Adjusted EBITDA Sales

 

-44.3

 

-48.3

 

9.0

 

-110.8

= Adjusted EBITDA Operations

 

607.6

 

632.6

 

4.1

 

1,224.2

FFO 1 interest expense***

 

-138.0

 

-114.3

 

-17.2

 

-287.5

Current income taxes FFO 1

 

-11.9

 

-8.0

 

-32.8

 

-15.9

= FFO 1

 

457.7

 

510.3

 

11.5

 

920.8

Capitalized maintenance

 

-30.5

 

-49.1

 

61.0

 

-85.7

= AFFO

 

427.2

 

461.2

 

8.0

 

835.1

Current income taxes Sales

 

-20.1

 

-13.8

 

-31.3

 

-19.2

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

 

481.9

 

544.8

 

13.1

 

1,012.4

 

 

 

 

 

 

 

 

 

FFO 1 per share in €****

 

0.96

 

0.98

 

2.5

 

1.90

AFFO per share in €****

 

0.90

 

0.89

 

-0.8

 

1.72