Consolidated Income Statement

for the period from January 1 to December 31

in € million	Notes	2019	2020

Income from property letting		2,840.8	3,069.4
Other income from property management		69.9	77.7
Income from property management	B10	2,910.7	3,147.1

Income from disposal of properties		510.7	586.3
Carrying amount of properties sold		–441.6	–482.4
Revaluation of assets held for sale		59.7	78.2
Profit on disposal of properties	B11	128.8	182.1

Income from the disposal of properties (Development)		249.5	297.7
Cost of sold properties		–197.3	–235.9
Profit on the disposal of properties (Development)	B12	52.2	61.8

Net income from fair value adjustments of investment properties	B13	4,131.5	3,719.8
Capitalized internal expenses	B14	687.2	659.4
Cost of materials	B15	–1,463.0	–1,493.4
Personnel expenses	B16	–535.7	–594.9
Depreciation and amortization		–2,175.8	–92.3
Other operating income	B17	105.7	163.0
Impairment losses on financial assets		–28.6	–40.0
Gains resulting from the derecognition of financial assets measured at amortized cost		5.2	0.0
Other operating expenses	B18	–295.3	–278.8
Net income from investments accounted for using the equity method		0.6	2.7
Interest income	B19	8.9	21.9
Interest expenses	B20	–417.5	–411.4
Other financial result	B21	24.0	–32.6
Earnings before tax		3,138.9	5,014.4
Income taxes	B22	–1,844.6	–1,674.4
Profit for the period		1,294.3	3,340.0

Attributable to:
Vonovia’s shareholders		1,147.0	3,228.5
Vonovia’s hybrid capital investors		40.0	40.0
Non-controlling interests		107.3	71.5

Earnings per share (basic and diluted) in €	C24	2.15	5.87