Interim Statement Q1 2021

Related Links

Reconciliations

The financial result changed from € -94.8 million in the first three months of 2020 to € -82.2 million in the first three months of 2021. FFO interest expense is derived from the financial result as follows:

Reconciliation of Financial Result/FFO Interest Expense

in € million

3M 2020

3M 2021

Change in %

12M 2020

 

 

 

 

 

Interest income

13.7

2.2

-83.9

21.9

Interest expense

-102.0

-79.0

-22.5

-411.4

Other financial result excluding income from investments

-6.5

-5.4

-16.9

-46.0

Financial result*

-94.8

-82.2

-13.3

-435.5

 

 

 

 

 

Adjustments:

 

 

 

 

Other financial result excluding income from investments

6.5

5.4

-16.9

46.0

Effects from the valuation of interest rate and currency derivatives

11.0

-7.0

–

42.4

Prepayment penalties and commitment interest

1.8

1.5

-16.7

6.2

Effects from the valuation of non-derivative financial instruments

-9.0

-16.1

78.9

-48.6

Interest accretion to provisions

1.5

1.0

-33.3

6.2

Interest income from bond issue

-11.9

–

-100.0

-11.9

Accrued interest/other effects

-17.6

-4.9

-72.2

-6.0

Net cash interest

-112.5

-102.3

-9.1

-401.2

 

 

 

 

 

Adjustment for IFRS 16 Leases

2.4

2.4

–

10.5

Adjustment of income from investsments in other real estate companies

–

–

–

2.4

Adjustment of interest paid due to taxes

3.3

0.7

-78.8

23.7

Adjustment of accrued interest

16.7

13.4

-19.8

-15.5

 

 

 

 

 

Interest expense FFO

-90.1

-85.8

-4.8

-380.1

*

Excluding income from other investments.

The profit for the period in the first three months of 2021 amounted to € 247.0 million as against € 211.6 million in the first three months of 2020.

Reconciliation of Profit for the Period/Group FFO

in € million

3M 2020

3M 2021

Change in %

12M 2020

 

 

 

 

 

Profit for the period

211.6

247.0

16.7

3,340.0

Financial result*

94.8

82.2

-13.3

435.5

Income taxes

106.5

127.4

19.6

1,674.4

Depreciation and amortization

19.3

21.2

9.8

92.3

Net income from fair value adjustments of investment properties

-4.1

-2.4

-41.5

-3,719.8

EBITDA IFRS

428.1

475.4

11.0

1,822.4

Non-recurring items

14.8

4.4

-70.3

61.5

Total period adjustments from assets held for sale

13.2

20.0

51.5

-15.3

Financial income from investments in other real estate companies

-0.1

–

-100.0

-2.4

Other (Non-core Disposals)

-11.3

-3.1

-72.6

-52.7

Intragroup profits

7.1

7.0

-1.4

33.5

Gross profit Development to hold

4.3

2.4

-44.2

62.8

Adjusted EBITDA Total

456.1

506.1

11.0

1,909.8

Interest expense FFO**

-90.1

-85.8

-4.8

-380.1

Current income taxes FFO

-11.8

-20.3

72.0

-52.4

Consolidation

-18.7

-17.1

-8.6

-129.1

Group FFO

335.5

382.9

14.1

1,348.2

 

 

 

 

 

Group FFO per share in €***

0.62

0.68

9.4

2.38

*

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 Mar. 31, 2020: 542,273,611, Mar. 31, 2021: 565,887,299 and Dec. 31, 2020: 565,887,299.