Consolidated Income Statement

January 1 until December 31

in € million	Notes	2017	2018

Income from property letting		2,344.0	2,647.9
Other income from property management		47.6	60.3
Income from property management	7	2,391.6	2,708.2

Income from disposal of properties		1,206.4	1.097.5
Carrying amount of properties sold		-1,136.0	-933.7
Revaluation of assets held for sale		81.1	68.5
Profit on disposal of properties	8	151.5	232.3

Income from the disposal of properties (Development)		–	225.1
Cost of sold properties		–	-181.8
Profit on the disposal of properties (Development)	9	–	43.3

Net income from fair value adjustments of investment properties	10	3,434.1	3,517.9
Capitalized internal expenses	11	458.1	608.2
Cost of materials	12	-1,176.4	-1,381.0
Personnel expenses	13	-416.0	-513.1
Depreciation and amortization	14	-372.2	-737.9
Other operating income	15	110.7	132.2
Impairment losses on financial assets		-23.0	-21.6
Gains/losses resulting from the derecognition of financial assets measured at amortized cost		2.0	1.0
Other operating expenses	16	-246.8	-300.0
Net income from investments accounted for using the equity method		0.0	1.8
Financial income	17	46.8	32.1
Financial expenses	18	-353.0	-449.1
Earnings before tax		4,007.4	3,874.3

Income taxes	19	-1,440.5	-1,471.5
Profit for the period		2,566.9	2,402.8

Attributable to:
Vonovia’s shareholders		2,410.7	2,266.5
Vonovia’s hybrid capital investors		40.0	40.0
Non-controlling interests		116.2	96.3
Earnings per share (basic and diluted) in €	20	5.06	4.48

Fair Value

Valuation pursuant to IAS 40 in conjunction with IFRS 13. The estimated value of an asset. The fair value is the amount for which an asset could be exchanged between knowledgeable, willing parties in an arm’s length transaction.