Interim Statement Q3 2020

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Reconciliations

The financial result changed from € -354.9 million in the first nine months of 2019 to € -312.7 million in the first nine months of 2020. FFO interest expense is derived from the financial result as follows:

Reconciliation of Financial Result/FFO Interest Expense

in € million

9M 2019

9M 2020

Change in %

12M 2019

 

 

 

 

 

Interest income

4.3

17.5

>100

8.9

Interest expense

-328.6

-310.2

-5.6

-417.5

Other financial result excluding income from investments

-30.6

-20.0

-34.6

12.2

Financial result*

-354.9

-312.7

-11.9

-396.4

 

 

 

 

 

Adjustments:

 

 

 

 

Other financial result excluding income from investments

30.6

20.0

-34.6

-12.2

Effects from the valuation of interest rate and currency derivates

37.7

42.4

12.5

17.9

Prepayment penalties and commitment interest

24.7

4.3

-82.6

28.1

Effects from the valuation of non-derivative financial instruments

-21.9

-47.5

>100

-18.9

Interest accretion to provisions

7.3

4.3

-41.1

10.0

Interest income from bond issue

–

-11.9

–

–

Accrued interest/other effects

-3.3

36.0

–

-18.8

Net cash interest

-279.8

-265.1

-5.3

-390.3

 

 

 

 

 

Adjustment for IFRS 16 Leases

5.4

7.2

33.3

8.8

Adjustment of income from investments in other real estate companies

1.2

1.5

25.0

1.7

Adjustment of interest paid due to taxes

-0.7

5.4

–

-1.0

Adjustment of accrued interest

8.3

-38.2

–

22.2

 

 

 

 

 

Interest expense FFO

-265.6

-289.2

8.9

-358.6

*

Excluding income from other investments.

The profit for the period in the first nine months of 2020 came to € 1,891.6 million as against € 63.4 million in the first nine months of 2019. In the first nine months of 2019, considerably higher depreciation, amortization and impairment losses reduced the profit reported. Net income from fair value adjustments of investment properties came to € 1,830.2 million in the first nine months of 2020, down by € 453.1 million year-over-year.

Reconciliation of Profit for the Period/Group FFO

in € million

9M 2019

9M 2020

Change in %

12M 2019

 

 

 

 

 

Profit for the period

63.4

1,891.6

>100

1,294.3

Financial result*

354.9

312.7

-11.9

396.4

Income taxes

941.3

940.1

-0.1

1,844.6

Depreciation and amortization

2,157.9

66.4

-96.9

2,175.8

Net income from fair value adjustments of investment properties

-2,283.3

-1,830.2

-19.8

-4,131.5

EBITDA IFRS

1,234.2

1,380.6

11.9

1,579.6

Non-recurring items

36.5

24.1

-34.0

93.1

Total period adjustments from assets held for sale

3.8

-4.1

–

-2.2

Financial income from investments in other real estate companies

-1.2

-1.5

25.0

-1.7

Other (Non-core Disposals)

-9.6

-35.0

>100

-11.5

Intragroup profits

34.3

24.1

-29.7

43.9

Gross profit Development to hold

33.1

44.3

33.8

58.9

Adjusted EBITDA Total

1,331.1

1,432.5

7.6

1,760.1

Interest expense FFO**

-265.6

-289.2

8.9

-358.6

Current income taxes FFO

-43.1

-35.6

-17.4

-50.1

Consolidation

-89.6

-91.8

2.5

-132.8

Group FFO

932.8

1,015.9

8.9

1,218.6

 

 

 

 

 

Group FFO per share in €***

1.72

1.80

4.7

2.25

*

Excluding income from other investments.

**

Incl. financial income from investments in other real estate companies.

***

Based on the shares carrying dividend rights on the reporting date Sep. 30, 2019: 542,273,611, Sep. 30, 2020: 565,887,299 and Dec. 31, 2019: 542,273,611.
Fair Value
Fair value is particularly relevant with regard to valuation in accordance with IAS 40 in conjunction with IFRS 13. The fair value is the amount for which an asset could be exchanged between knowledgeable, willing parties in an arm’s length transaction.