Consolidated Income Statement

in € million	Jan. 1 – Mar. 31, 2018	Jan. 1 – Mar. 31, 2019

Income from property letting	589.3	694.2
Other income from property management	10.7	17.5
Income from property management	600.0	711.7

Income from disposal of properties	114.0	154.5
Carrying amount of properties sold	-105.8	-137.1
Revaluation of assets held for sale	8.7	6.0
Profit on disposal of properties	16.9	23.4

Income from the disposal of properties (Development)	–	59.4
Cost of sold properties	–	-46.1
Profit on the disposal of properties (Development)	–	13.3

Net income from fair value adjustments of investment properties	–	56.9
Capitalized internal expenses	105.6	138.5
Cost of materials	-280.2	-334.5
Personnel expenses	-111.8	-133.9
Depreciation and amortization	-9.0	-16.5
Other operating income	22.6	24.3
Impairment losses on financial assets	-5.6	-5.5
Gains resulting from the derecognition of financial assets measured at amortized cost	1.1	1.1
Other operating expenses	-56.8	-58.7
Net income from investments accounted for using the equity method	0.3	0.1
Financial income	9.3	11.2
Financial expenses	-85.0	-115.3
Earnings before tax	207.4	316.1

Income taxes	-78.2	-114.7
Profit for the period	129.2	201.4

Attributable to:
Vonovia’s shareholders	116.2	185.2
Vonovia’s hybrid capital investors	7.4	7.4
Non-controlling interests	5.6	8.8
Earnings per share (basic and diluted) in €	0.24	0.36