Annual Report 2019

Combined Management Report

Our operating business and income data continued to show very positive development in 2019. We developed our portfolio further and improved the services we offer. Bolstered by acquisitions, our operating earnings, Group FFO, rose by 7.7% to € 1.22 billion. In the current fiscal year we will continue successfully on this path.

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Group FFO
Group FFO reflects the recurring earnings from the operating business. In addition to the adjusted EBITDA for the Rental, Value-add, Recurring Sales and Development segments, Group FFO allows for recurring current net interest expenses from non-derivative financial instruments as well as current income taxes. This key figure is not determined on the basis of any specific international reporting standard but is to be regarded as a supplement to other performance indicators determined in accordance with IFRS.