Reconciliations
The financial result changed from € -83.0 million in the first three months of 2018 to € -112.5 million in 2019. FFO interest expense is derived from the financial result as follows:
in € million |
3M 2018 |
3M 2019 |
Change in % |
12M 2018 |
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|---|---|---|---|---|---|---|
|
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|
|
|
|
|
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Income from loans |
0.8 |
0.5 |
-37.5 |
2.2 |
||
Interest income |
1.2 |
2.3 |
91.7 |
6.8 |
||
Interest expense |
-85.0 |
-115.3 |
35.6 |
-449.1 |
||
Financial result* |
-83.0 |
-112.5 |
35.5 |
-440.1 |
||
|
|
|
|
|
||
Adjustments: |
|
|
|
|
||
Transaction costs |
2.3 |
13.2 |
>100 |
14.2 |
||
Prepayment penalties and commitment interest |
1.7 |
3.9 |
>100 |
8.4 |
||
Effects from the valuation of non-derivative financial instruments |
2.3 |
-12.7 |
– |
14.9 |
||
Derivatives |
4.1 |
12.3 |
– |
14.3 |
||
Interest accretion to provisions |
2.1 |
2.4 |
14.3 |
9.1 |
||
Accrued interest |
29.2 |
-1.9 |
– |
43.4 |
||
Interest on prior-year tax |
– |
– |
– |
20.3 |
||
Interest from leases |
– |
3.4 |
– |
– |
||
Other effects |
2.5 |
-0.4 |
– |
13.5 |
||
Net cash interest |
-38.8 |
-92.3 |
>100 |
-302.0 |
||
|
|
|
|
|
||
Deferred interest adjustment |
-29.2 |
1.9 |
– |
-43.4 |
||
Adjustment of income from investments in other real estate companies |
– |
0.2 |
– |
14.0 |
||
Adjustment of interest paid due to taxes |
0.3 |
0.4 |
33.3 |
2.6 |
||
|
|
|
|
|
||
Interest expense FFO |
-67.7 |
-89.8 |
32.6 |
-328.8 |
||
In the first three months of 2019, the FFO interest expense came to € -89.8 million, up by 32.6% on the prior-year value of € -67.7 million, primarily due to the 100% outside financing of the BUWOG acquisition at the end of the first quarter of 2018.
The profit for the period came to € 201.4 million in the first three months of 2019, up by 55.9% on the previous year’s value of € 129.2 million. This was driven to a considerable degree by the net income from fair value adjustments of investment properties in the Swedish portfolio in the amount of € 51.9 million. BUWOG contributed total Adjusted EBITDA of € 58.0 million to the Group’s profit for the period in the 2019 reporting period, with Victoria Park contributing Adjusted EBITDA of € 14.2 million.
in € million |
3M 2018 |
3M 2019 |
Change in % |
12M 2018 |
||||||
|---|---|---|---|---|---|---|---|---|---|---|
|
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|
|
|
|
|
||||||
Profit for the period |
129.2 |
201.4 |
55.9 |
2,402.8 |
||||||
Financial result* |
83.0 |
112.5 |
35.5 |
440.1 |
||||||
Income taxes |
78.2 |
114.7 |
46.7 |
1,471.5 |
||||||
Depreciation and amortization |
9.0 |
16.5 |
83.3 |
737.9 |
||||||
Net income from fair value adjustments of investment properties |
– |
-56.9 |
– |
-3,517.9 |
||||||
= EBITDA IFRS |
299.4 |
388.2 |
29.7 |
1,534.4 |
||||||
Non-recurring items |
27.9 |
17.9 |
-35.8 |
106.6 |
||||||
Total period adjustments from assets held for sale |
4.1 |
12.4 |
>100 |
-0.5 |
||||||
Financial income from investments in other companies |
– |
-0.2 |
– |
-14.0 |
||||||
Other (Non-core Disposals) |
-4.4 |
-4.9 |
11.4 |
-129.2 |
||||||
Intragroup profits |
5.3 |
11.2 |
>100 |
38.8 |
||||||
Valuation result New construction/development to hold |
0.3 |
5.3 |
>100 |
18.7 |
||||||
= Adjusted EBITDA Total |
332.6 |
429.9 |
29.3 |
1,554.8 |
||||||
Interest expense FFO** |
-67.7 |
-89.8 |
32.6 |
-328.8 |
||||||
Current income taxes FFO |
-6.3 |
-12.6 |
100.0 |
-36.5 |
||||||
Consolidation |
-5.6 |
-23.9 |
>100 |
-57.5 |
||||||
= Group FFO |
253.0 |
303.6 |
20.0 |
1,132.0 |
||||||
|
|
|
|
|
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Group FFO per share in €*** |
0.52 |
0.59 |
13.5 |
2.18 |
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