Reconciliation of Profit for the Period/FFO

The profit for the period came to € 1,399.0 million in the first nine months of 2018, up by 16.1% on the previous year’s value of € 1,205.2 million. In the 2018 reporting period, BUWOG contributed an of € 91.8 million to the Group’s profit for the period.

Reconciliation of Profit for the Period/FFO

in € million

 

9M 2017

 

9M 2018

 

Change in %

 

12M 2017

*

All values without BUWOG 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: Sept. 30, 2017: 485,100,826, Sept. 30, 2018: 518,077,934 and Dec. 31, 2017: 485,100,826.

 

 

 

 

 

 

 

 

 

Profit for the period*

 

1,205.2

 

1,399.0

 

16.1

 

2,566.9

Financial result**

 

218.2

 

296.5

 

35.9

 

326.3

Income taxes*

 

663.8

 

728.8

 

9.8

 

1,440.5

Depreciation and amortization*

 

23.0

 

37.8

 

64.3

 

372.2

Net income from fair value adjustments of investment properties*

 

-1,164.7

 

-1,386.7

 

19.1

 

-3,434.1

= EBITDA IFRS*

 

945.5

 

1,075.4

 

13.7

 

1,271.8

Adjusted EBITDA BUWOG

 

 

-91.8

 

 

Non-recurring items*

 

75.9

 

93.8

 

23.6

 

86.9

Total period adjustments from assets held for sale

 

-5.0

 

-0.2

 

-96.0

 

-10.7

Financial income from investments in other real estate companies

 

-13.0

 

-14.0

 

7.7

 

-13.0

= Adjusted EBITDA

 

1,003.4

 

1,063.2

 

6.0

 

1,335.0

Adjusted EBITDA Sales

 

-81.3

 

-87.0

 

7.0

 

-110.8

= Adjusted EBITDA Operations

 

922.1

 

976.2

 

5.9

 

1,224.2

FFO 1 interest expense***

 

-216.5

 

-189.2

 

-12.6

 

-287.5

Current income taxes FFO 1

 

-15.1

 

-8.8

 

-41.7

 

-15.9

= FFO 1

 

690.5

 

778.2

 

12.7

 

920.8

Capitalized maintenance

 

-50.3

 

-74.4

 

47.9

 

-85.7

= AFFO

 

640.2

 

703.8

 

9.9

 

835.1

Current income taxes Sales

 

-23.8

 

-10.8

 

-54.6

 

-19.2

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

 

748.0

 

854.4

 

14.2

 

1,012.4

 

 

 

 

 

 

 

 

 

FFO 1 per share in €****

 

1.42

 

1.50

 

5.6

 

1.90

AFFO per share in €****

 

1.32

 

1.36

 

3.0

 

1.72

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.