Reconciliations
The financial result changed from € -296.5 million in the first nine months of 2018 to € -354.9 million in 2019. FFO interest expense is derived from the financial result as follows:
in € million |
9M 2018 |
9M 2019 |
Change in % |
12M 2018 |
||
|---|---|---|---|---|---|---|
|
||||||
|
|
|
|
|
||
Income from loans |
1.7 |
1.4 |
-17.6 |
2.2 |
||
Interest income |
3.7 |
3.0 |
-18.9 |
6.8 |
||
Interest expense |
-301.9 |
-359.3 |
19.0 |
-449.1 |
||
Financial result* |
-296.5 |
-354.9 |
19.7 |
-440.1 |
||
|
|
|
|
|
||
Adjustments: |
|
|
|
|
||
Transaction costs |
9.7 |
27.8 |
>100 |
14.2 |
||
Prepayment penalties and commitment interest |
5.8 |
24.7 |
>100 |
8.4 |
||
Effects from the valuation of non-derivative financial instruments |
6.6 |
-21.9 |
– |
14.9 |
||
Derivatives |
2.3 |
39.8 |
>100 |
14.3 |
||
Interest accretion to provisions |
6.4 |
7.3 |
14.1 |
9.1 |
||
Accrued interest |
58.9 |
-8.3 |
– |
43.4 |
||
Interest on prior-year tax |
– |
– |
– |
20.3 |
||
Other effects |
11.6 |
5.7 |
-50.9 |
13.5 |
||
Net cash interest |
-195.2 |
-279.8 |
43.3 |
-302.0 |
||
|
|
|
|
|
||
Deferred interest adjustment/IFRS 16 Leases |
-58.9 |
13.7 |
– |
-43.4 |
||
Adjustment of income from investments in other real estate companies |
14.0 |
1.2 |
-91.4 |
14.0 |
||
Adjustment of interest paid due to taxes |
2.4 |
-0.7 |
– |
2.6 |
||
|
|
|
|
|
||
Interest expense FFO |
-237.7 |
-265.6 |
11.7 |
-328.8 |
||
In the first nine months of 2019, the FFO interest expense came to € -265.6 million, up by 11.7% on the prior-year value of € -237.7 million, primarily due to the 100% debt financing of the BUWOG acquisition at the end of the first quarter of 2018.
In the first nine months of 2019, the profit for the period came to € 63.4 million compared with € 1,399.0 million in the first nine months of 2018. The goodwill impairments in the amount of € 2,103.5 million in the first nine months of 2019 were the main factor behind this (9M 2018: € 0.0 million). This was counteracted by the net income from fair value adjustments of investment properties of € 2,283.3 million (9M 2018: € 1,386.7 million).
in € million |
9M 2018 |
9M 2019 |
Change in % |
12M 2018 |
||||||
|---|---|---|---|---|---|---|---|---|---|---|
|
||||||||||
|
|
|
|
|
||||||
Profit for the period |
1,399.0 |
63.4 |
-95.5 |
2,402.8 |
||||||
Financial result* |
296.5 |
354.9 |
19.7 |
440.1 |
||||||
Income taxes |
728.8 |
941.3 |
29.2 |
1,471.5 |
||||||
Depreciation and amortization |
37.8 |
2,157.9 |
>100 |
737.9 |
||||||
Net income from fair value adjustments of investment properties |
-1,386.7 |
-2,283.3 |
64.7 |
-3,517.9 |
||||||
= EBITDA IFRS |
1,075.4 |
1,234.2 |
14.8 |
1,534.4 |
||||||
Non-recurring items |
93.8 |
36.5 |
-61.1 |
106.6 |
||||||
Total period adjustments from assets held for sale |
-0.2 |
3.8 |
– |
-0.5 |
||||||
Financial income from investments in other companies |
-14.0 |
-1.2 |
-91.4 |
-14.0 |
||||||
Other (Non-core Disposals) |
-51.0 |
-9.6 |
-81.2 |
-129.2 |
||||||
Intragroup profits |
26.5 |
34.3 |
29.4 |
38.8 |
||||||
Valuation result new construction/development to hold |
10.2 |
33.1 |
>100 |
18.7 |
||||||
= Adjusted EBITDA Total |
1,140.7 |
1,331.1 |
16.7 |
1,554.8 |
||||||
Interest expense FFO** |
-237.7 |
-265.6 |
11.7 |
-328.8 |
||||||
Current income taxes FFO |
-23.5 |
-43.1 |
83.4 |
-36.5 |
||||||
Consolidation |
-36.8 |
-89.6 |
>100 |
-57.5 |
||||||
= Group FFO |
842.7 |
932.8 |
10.7 |
1,132.0 |
||||||
|
|
|
|
|
||||||
Group FFO per share in €*** |
1.63 |
1.72 |
5.5 |
2.18 |
||||||