Reconciliations
The financial result changed from € -195.7 million in the first six months of 2018 to € -233.1 million in 2019. FFO interest expense is derived from the financial result as follows:
in € million |
H1 2018 |
H1 2019 |
Change in % |
12M 2018 |
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|---|---|---|---|---|---|---|
|
||||||
|
|
|
|
|
||
Income from loans |
1.3 |
1.0 |
-23.1 |
2.2 |
||
Interest income |
3.9 |
2.6 |
-33.3 |
6.8 |
||
Interest expense |
-200.9 |
-236.7 |
17.8 |
-449.1 |
||
Financial result* |
-195.7 |
-233.1 |
19.1 |
-440.1 |
||
|
|
|
|
|
||
Adjustments: |
|
|
|
|
||
Transaction costs |
8.4 |
19.4 |
>100 |
14.2 |
||
Prepayment penalties and commitment interest |
3.6 |
7.5 |
>100 |
8.4 |
||
Effects from the valuation of non-derivative financial instruments |
7.7 |
-12.8 |
– |
14.9 |
||
Derivatives |
10.1 |
30.0 |
>100 |
14.3 |
||
Interest accretion to provisions |
3.9 |
4.8 |
23.1 |
9.1 |
||
Accrued interest |
37.8 |
-2.3 |
– |
43.4 |
||
Interest on prior-year tax |
– |
– |
– |
20.3 |
||
Other effects |
7.3 |
2.6 |
-64.4 |
13.5 |
||
Net cash interest |
-116.9 |
-183.9 |
57.3 |
-302.0 |
||
|
|
|
|
|
||
Deferred interest adjustment/IFRS16 Leasing |
-37.8 |
6.5 |
– |
-43.4 |
||
Adjustments income from investments in other real estate companies |
13.9 |
0.2 |
-98.6 |
14.0 |
||
Adjustment of interest paid due to taxes |
0.7 |
-0.6 |
– |
2.6 |
||
|
|
|
|
|
||
Interest expense FFO |
-140.1 |
-177.8 |
26.9 |
-328.8 |
||
In the first six months of 2019, the FFO interest expense came to € -177.8 million, up by 26.9% on the prior-year value of € -140.1 million, primarily due to the 100% debt financing of the BUWOG acquisition at the end of the first quarter of 2018.
In the first six months of 2019, the profit for the period came to € 125.3 million as against € 1,200.0 million in the first half of 2018. The goodwill impairments in the amount of € 1,901.0 million in the first half of 2019 were the main factor behind this (H1 2018: € 0.0 million). This was counteracted by the net income from fair value adjustments of investment properties of € 2,258.7 million (H1 2018: € 1,372.9 million).
in € million |
H1 2018 |
H1 2019 |
Change in % |
12M 2018 |
||||||
|---|---|---|---|---|---|---|---|---|---|---|
|
||||||||||
|
|
|
|
|
||||||
Profit for the Period |
1,200.0 |
125.3 |
-89.6 |
2,402.8 |
||||||
Financial result* |
195.7 |
233.1 |
19.1 |
440.1 |
||||||
Income taxes |
646.7 |
776.3 |
20.0 |
1,471.5 |
||||||
Depreciation and amortization |
23.3 |
1,935.9 |
>100 |
737.9 |
||||||
Net income from fair value adjustments of investment properties |
-1,372.9 |
-2,258.7 |
64.5 |
-3,517.9 |
||||||
= EBITDA IFRS |
692.8 |
811.9 |
17.2 |
1,534.4 |
||||||
Non-recurring items |
50.5 |
25.3 |
-49.9 |
106.6 |
||||||
Total period adjustments from assets held for sale |
-7.8 |
0.3 |
– |
-0.5 |
||||||
Financial income from investments in other companies |
-13.9 |
-0.2 |
-98.6 |
-14.0 |
||||||
Other (Non-core Disposals) |
-26.3 |
-6.0 |
-77.2 |
-129.2 |
||||||
Intragroup profits |
16.1 |
23.8 |
47.8 |
38.8 |
||||||
Valuation result new construction/development to hold |
2.7 |
17.7 |
>100 |
18.7 |
||||||
= Adjusted EBITDA Total |
714.1 |
872.8 |
22.2 |
1,554.8 |
||||||
Interest expense FFO** |
-140.1 |
-177.8 |
26.9 |
-328.8 |
||||||
Current income taxes FFO |
-15.8 |
-30.6 |
93.7 |
-36.5 |
||||||
Consolidation |
-18.8 |
-55.3 |
>100 |
-57.5 |
||||||
= Group FFO |
539.4 |
609.1 |
12.9 |
1,132.0 |
||||||
|
|
|
|
|
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Group FFO per share in €*** |
1.04 |
1.12 |
7.7 |
2.18 |
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