Reconciliations
The financial result changed from € -233.1 million in the first half of 2019 to € -205.5 million in the first half of 2020. FFO interest expense is derived from the financial result as follows:
in € million |
H1 2019 |
H1 2020 |
Change in % |
12M 2019 |
||
---|---|---|---|---|---|---|
|
|
|
|
|
||
|
||||||
Interest income |
3.5 |
14.7 |
>100 |
8.9 |
||
Interest expense |
-214.8 |
-215.1 |
0.1 |
-417.5 |
||
Other financial result excluding income from investments |
-21.8 |
-5.1 |
-76.6 |
12.2 |
||
Financial result* |
-233.1 |
-205.5 |
-11.8 |
-396.4 |
||
|
|
|
|
|
||
Adjustments: |
|
|
|
|
||
Other financial result excluding income from investments |
21.8 |
5.1 |
-76.6 |
-12.2 |
||
Effects from the valuation of interest rate and currency derivates |
27.9 |
34.0 |
21.9 |
17.9 |
||
Prepayment penalties and commitment interest |
7.5 |
2.9 |
-61.3 |
28.1 |
||
Effects from the valuation of non-derivative financial instruments |
-12.8 |
-26.3 |
>100 |
-18.9 |
||
Interest accretion to provisions |
4.8 |
2.9 |
-39.6 |
10.0 |
||
Interest income from bond issue |
– |
-11.9 |
– |
– |
||
Accrued interest/other effects |
0.0 |
15.1 |
– |
-18.8 |
||
Net cash interest |
-183.9 |
-183.7 |
-0.1 |
-390.3 |
||
|
|
|
|
|
||
Adjustment for IFRS 16 Leases |
4.2 |
4.8 |
14.3 |
8.8 |
||
Adjustment of income from investments in other real estate companies |
0.2 |
– |
-100.0 |
1.7 |
||
Adjustment of interest paid due to taxes |
-0.6 |
5.3 |
– |
-1.0 |
||
Adjustment of accrued interest |
2.3 |
-15.2 |
– |
22.2 |
||
|
|
|
|
|
||
Interest expense FFO |
-177.8 |
-188.8 |
6.2 |
-358.6 |
The profit for the period in the first six months of 2020 came to € 1,618.1 million as against € 125.3 million in the first half of 2019. In the first six months of 2019, considerably higher depreciation, amortization and impairment reduced the profit reported. Net income from fair value adjustments of investment properties came to € 1,812.3 million in the first half of 2020, down by € 446.4 million year-over-year.
in € million |
H1 2019 |
H1 2020 |
Change in % |
12M 2019 |
||||||
---|---|---|---|---|---|---|---|---|---|---|
|
|
|
|
|
||||||
|
||||||||||
Profit for the period |
125.3 |
1,618.1 |
>100 |
1,294.3 |
||||||
Financial result* |
233.1 |
205.5 |
-11.8 |
396.4 |
||||||
Income taxes |
776.3 |
823.9 |
6.1 |
1,844.6 |
||||||
Depreciation and amortization |
1,935.9 |
42.2 |
-97.8 |
2,175.8 |
||||||
Net income from fair value adjustments of investment properties |
-2,258.7 |
-1,812.3 |
-19.8 |
-4,131.5 |
||||||
EBITDA IFRS |
811.9 |
877.4 |
8.1 |
1,579.6 |
||||||
Non-recurring items |
25.3 |
37.9 |
49.8 |
93.1 |
||||||
Total period adjustments from assets held for sale |
0.3 |
14.6 |
>100 |
-2.2 |
||||||
Financial income from investments in other real estate companies |
-0.2 |
– |
-100.0 |
-1.7 |
||||||
Other (Non-core Disposals) |
-6.0 |
-30.3 |
>100 |
-11.5 |
||||||
Intragroup profits |
23.8 |
16.1 |
-32.4 |
43.9 |
||||||
Gross profit Development to hold |
17.7 |
26.5 |
49.7 |
58.9 |
||||||
Adjusted EBITDA Total |
872.8 |
942.2 |
8.0 |
1,760.1 |
||||||
Interest expense FFO** |
-177.8 |
-188.8 |
6.2 |
-358.6 |
||||||
Current income taxes FFO |
-30.6 |
-19.8 |
-35.3 |
-50.1 |
||||||
Consolidation |
-55.3 |
-57.3 |
3.6 |
-132.8 |
||||||
Group FFO |
609.1 |
676.3 |
11.0 |
1,218.6 |
||||||
|
|
|
|
|
||||||
Group FFO per share in €*** |
1.12 |
1.25 |
11.0 |
2.25 |