Reconciliations
The financial result changed from € -112.5 million in the first quarter of 2019 to € -94.8 million in the first quarter of 2020. FFO interest expense is derived from the financial result as follows:
in € million |
3M 2019 |
3M 2020 |
Change in % |
12M 2019 |
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|---|---|---|---|---|---|---|
|
||||||
|
|
|
|
|
||
Interest income |
1.4 |
13.7 |
>100 |
8.9 |
||
Interest expense |
-101.6 |
-102.0 |
0.4 |
-417.5 |
||
Other financial result excl. income from investments |
-12.3 |
-6.5 |
-47.2 |
12.2 |
||
Financial result* |
-112.5 |
-94.8 |
-15.7 |
-396.4 |
||
|
|
|
|
|
||
Adjustments: |
|
|
|
|
||
Other financial result excl. income from investments |
12.3 |
6.5 |
-47.2 |
-12.2 |
||
Effects from the valuation of interest rate and currency derivatives |
11.9 |
11.0 |
-7.6 |
17.9 |
||
Prepayment penalties and commitment interest |
3.9 |
1.8 |
-53.8 |
28.1 |
||
Effects from the valuation of non-derivative financial instruments |
-12.7 |
-9.0 |
-29.1 |
-18.9 |
||
Interest accretion to provisions |
2.4 |
1.5 |
-37.5 |
10.0 |
||
Interest income from bond issue |
– |
-11.9 |
– |
– |
||
Accrued interest/Other effects |
2.4 |
-17.6 |
– |
-18.8 |
||
Net cash interest |
-92.3 |
-112.5 |
21.9 |
-390.3 |
||
|
|
|
|
|
||
Adjustment for IFRS 16 Leases |
1.9 |
2.4 |
26.3 |
31.0 |
||
Adjustment of income from investments in other real estate companies |
0.2 |
– |
-100.0 |
1.7 |
||
Adjustment of interest paid due to taxes |
0.4 |
3.3 |
>100 |
-1.0 |
||
Adjustment of accrued interest |
– |
16.7 |
– |
– |
||
|
|
|
|
|
||
Interest expense FFO |
-89.8 |
-90.1 |
0.3 |
-358.6 |
||
The profit for the period in the first three months of 2020 came to € 211.6 million compared with € 201.4 million in 2019. In the first quarter of 2019, this figure had included net income from fair value adjustments of investment properties in the Swedish portfolio of € 51.9 million. As part of the ongoing integration of Victoria Park and Hembla into the Vonovia Group, measurements of investment properties take place on Group-wide measurement dates. Accordingly, a measurement of the Swedish real estate portfolio as of March 31, 2020, did not take place as it did in the previous year as of March 31, 2019.
in € million |
3M 2019 |
3M 2020 |
Change in % |
12M 2019 |
||||||
|---|---|---|---|---|---|---|---|---|---|---|
|
||||||||||
|
|
|
|
|
||||||
Profit for the period |
201.4 |
211.6 |
5.1 |
1,294.3 |
||||||
Financial result* |
112.5 |
94.8 |
-15.7 |
396.4 |
||||||
Income taxes |
114.7 |
106.5 |
-7.1 |
1,844.6 |
||||||
Depreciation and amortization |
16.5 |
19.3 |
17.0 |
2,175.8 |
||||||
Net income from fair value adjustments of investment properties |
-56.9 |
-4.1 |
-92.8 |
-4,131.5 |
||||||
= EBITDA IFRS |
388.2 |
428.1 |
10.3 |
1,579.6 |
||||||
Non-recurring items |
17.9 |
14.8 |
-17.3 |
93.1 |
||||||
Total period adjustments from assets held for sale |
12.4 |
13.2 |
6.5 |
-2.2 |
||||||
Financial income from investments in other real estate companies |
-0.2 |
-0.1 |
-50.0 |
-1.7 |
||||||
Other (Non-core Disposals) |
-4.9 |
-11.3 |
>100 |
-11.5 |
||||||
Intragroup profits |
11.2 |
7.1 |
-36.6 |
43.9 |
||||||
Valuation result Development to hold |
5.3 |
4.3 |
-18.9 |
58.9 |
||||||
= Adjusted EBITDA Total |
429.9 |
456.1 |
6.1 |
1,760.1 |
||||||
Interest expense FFO 1** |
-89.8 |
-90.1 |
0.3 |
-358.6 |
||||||
Current income taxes FFO 1 |
-12.6 |
-11.8 |
-6.3 |
-50.1 |
||||||
Consolidation |
-23.9 |
-18.7 |
-21.8 |
-132.8 |
||||||
= Group FFO |
303.6 |
335.5 |
10.5 |
1,218.6 |
||||||
|
|
|
|
|
||||||
Group FFO per share in €*** |
0.59 |
0.62 |
5.1 |
2.25 |
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