Annual Report 2019

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Reconciliations

The financial result changed from € -440.1 million in 2018 to € -396.4 million in 2019. FFO interest expense is derived from the financial result as follows:

Reconciliation of Financial Result/FFO Interest Expense

in € million

2018

2019

Change in %

*

Excluding income from other investments.

 

 

 

 

Interest income

5.8

8.9

53.4

Interest expense

-420.8

-417.5

-0.8

Other financial result excl. income from investments

-25.1

12.2

–

Financial result*

-440.1

-396.4

-9.9

 

 

 

 

Adjustments:

 

 

 

Other financial result excl. income from investments

25.1

-12.2

–

Effects from the valuation of interest rate and currency derivatives

15.4

17.9

16.2

Prepayment penalties and commitment interest

8.4

28.1

> 100

Effects from the valuation of non-derivative financial instruments

14.9

-18.9

–

Interest accretion to provisions

9.1

10.0

9.9

Accrued interest

43.4

-22.2

–

Interest on prior-year tax

20.3

–

-100.0

Other effects

1.5

3.4

> 100

Net cash interest

-302.0

-390.3

29.2

 

 

 

 

Deferred interest adjustment/IFRS 16 Leases

-43.4

31.0

–

Adjustments income from investments in other real estate companies

14.0

1.7

-87.9

Adjustment of interest paid due to taxes

2.6

-1.0

–

 

 

 

 

Interest expense FFO

-328.8

-358.6

9.1

The profit for the period in the 2019 fiscal year came to € 1,294.3 million compared with € 2,402.8 million in 2018. The goodwill impairments in the amount of € 2,103.5 million in 2019 were the main factor behind this (2018: € 681.2 million). This was counteracted by the net income from fair value adjustments of investment properties of € 4,131.5 million (2018: € 3,517.9 million).

Reconciliation of Profit for the Period/Group FFO

in € million

2018

2019

Change in %

*

Excluding income from other investments.

**

Incl. financial income from investments in other real estate companies.

***

Based on the shares carrying dividend rights on the reporting date Dec. 31, 2018: 518,077,934, Dec. 31, 2019: 542,273,611.

 

 

 

 

Profit for the period

2,402.8

1,294.3

-46.1

Financial result*

440.1

396.4

-9.9

Income taxes

1,471.5

1,844.6

25.4

Depreciation and amortization

737.9

2,175.8

> 100

Net income from fair value adjustments of investment properties

-3,517.9

-4,131.5

17.4

= EBITDA IFRS

1,534.4

1,579.6

2.9

Non-recurring items

106.6

93.1

-12.7

Total period adjustments from assets held for sale

-0.5

-2.2

> 100

Financial income from investments in other real estate companies

-14.0

-1.7

-87.9

Other (Non-core Disposals)

-129.2

-11.5

-91.1

Intragroup profits

38.8

43.9

13.1

Valuation result Development to hold

18.7

58.9

> 100

= Adjusted EBITDA Total

1,554.8

1,760.1

13.2

Interest expense FFO 1**

-328.8

-358.6

9.1

Current income taxes FFO 1

-36.5

-50.1

37.3

Consolidation

-57.5

-132.8

> 100

= Group FFO

1,132.0

1,218.6

7.7

 

 

 

 

Group FFO per share in €***

2.18

2.25

3.2
Fair Value
Fair value is particularly relevant with regard to valuation in accordance with IAS 40 in conjunction with IFRS 13. The fair value is the amount for which an asset could be exchanged between knowledgeable, willing parties in an arm’s length transaction.