Reconciliations
The financial result changed from € -396.4 million in 2019 to € -435.5 million in 2020. FFO interest expense is derived from the financial result as follows:
in € million |
2019 |
2020 |
Change in % |
||
|---|---|---|---|---|---|
|
|
|
|
||
Interest income |
8.9 |
21.9 |
>100 |
||
Interest expense |
–417.5 |
–411.4 |
–1.5 |
||
Other financial result excluding income from investments |
12.2 |
–46.0 |
– |
||
Financial result* |
–396.4 |
–435.5 |
9.9 |
||
|
|
|
|
||
Adjustments: |
|
|
|
||
Other financial result excluding income from investments |
–12.2 |
46.0 |
– |
||
Effects from the valuation of interest rate and currency derivatives |
17.9 |
42.4 |
>100 |
||
Prepayment penalties and commitment interest |
28.1 |
6.2 |
–77.9 |
||
Effects from the valuation of non-derivative financial instruments |
–18.9 |
–48.6 |
>100 |
||
Interest accretion to provisions |
10.0 |
6.2 |
–38.0 |
||
Interest income from bond issue |
– |
–11.9 |
– |
||
Accrued interest/other effects |
–18.8 |
–6.0 |
–68.1 |
||
Net cash interest |
–390.3 |
–401.2 |
2.8 |
||
|
|
|
|
||
Adjustment for IFRS 16 Leases |
8.8 |
10.5 |
19.3 |
||
Adjustment of income from investments in other real estate companies |
1.7 |
2.4 |
41.2 |
||
Adjustment of interest paid due to taxes |
–1.0 |
23.7 |
– |
||
Adjustment of accrued interest |
22.2 |
–15.5 |
– |
||
|
|
|
|
||
Interest expense FFO |
–358.6 |
–380.1 |
6.0 |
||
|
|||||
The profit for the period in 2020 came to € 3,340.0 million compared with € 1,294.3 million in 2019. In the previous year, considerably higher depreciation, amortization and impairment losses reduced the profit reported. Net income from fair value adjustments of investment properties came to € 3,719.8 million in the 2020 fiscal year, down by € 411.7 million year-on-year.
in € million |
2019 |
2020 |
Change in % |
||||||
|---|---|---|---|---|---|---|---|---|---|
|
|
|
|
||||||
Profit for the period |
1,294.3 |
3,340.0 |
>100 |
||||||
Financial result* |
396.4 |
435.5 |
9.9 |
||||||
Income taxes |
1,844.6 |
1,674.4 |
–9.2 |
||||||
Depreciation and amortization |
2,175.8 |
92.3 |
–95.8 |
||||||
Net income from fair value adjustments of investment properties |
–4,131.5 |
–3,719.8 |
–10.0 |
||||||
EBITDA IFRS |
1,579.6 |
1,822.4 |
15.4 |
||||||
Non-recurring items |
93.1 |
61.5 |
–33.9 |
||||||
Total period adjustments from assets held for sale |
–2.2 |
–15.3 |
>100 |
||||||
Financial income from investments in other real estate companies |
–1.7 |
–2.4 |
41.2 |
||||||
Other (Non-core Disposals) |
–11.5 |
–52.7 |
>100 |
||||||
Intragroup profits |
43.9 |
33.5 |
–23.7 |
||||||
Gross profit Development to hold |
58.9 |
62.8 |
6.6 |
||||||
Adjusted EBITDA Total |
1,760.1 |
1,909.8 |
8.5 |
||||||
Interest expense FFO** |
–358.6 |
–380.1 |
6.0 |
||||||
Current income taxes FFO |
–50.1 |
–52.4 |
4.6 |
||||||
Consolidation |
–132.8 |
–129.1 |
–2.8 |
||||||
Group FFO |
1,218.6 |
1,348.2 |
10.6 |
||||||
|
|
|
|
||||||
Group FFO per share in €*** |
2.25 |
2.38 |
6.0 |
||||||
|
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