Half-Year Report 2021

Service

Reconciliations

The financial result changed from € -205.5 million in the first half of 2020 to € -266.6 million in the first half of 2021. FFO interest expense is derived from the financial result as follows:

Reconciliation of Financial Result/FFO Interest Expense

in € million

H1 2020

H1 2021

Change in %

12M 2020

 

 

 

 

 

Interest income

14.7

3.9

-73.5

21.9

Interest expense

-215.1

-179.8

-16.4

-411.4

Other financial result excluding income from investments

-5.1

-90.7

>100

-46.0

Financial result*

-205.5

-266.6

29.7

-435.5

 

 

 

 

 

Adjustments:

 

 

 

 

Other financial result excluding income from investments

5.1

90.7

>100

46.0

Effects from the valuation of interest rate and currency derivatives

34.0

-8.9

–

42.4

Prepayment penalties and commitment interest

2.9

2.0

-31.0

6.2

Effects from the valuation of non-derivative financial instruments

-26.3

-12.2

-53.6

-48.6

Interest accretion to provisions

2.9

2.0

-31.0

6.2

Interest income from bond issue

-11.9

–

-100.0

-11.9

Accrued interest/other effects

15.1

15.4

2.0

-6.0

Net cash interest

-183.7

-177.6

-3.3

-401.2

 

 

 

 

 

Adjustment for IFRS 16 Leases

4.8

4.8

–

10.5

Adjustment of income from investments in other real estate companies

–

13.6

–

2.4

Adjustment of interest paid due to taxes

5.3

-0.6

–

23.7

Adjustment of accrued interest

-15.2

-4.0

-73.7

-15.5

 

 

 

 

 

Interest expense FFO

-188.8

-163.8

-13.2

-380.1

*

Excluding income from other investments.

The profit for the period in the first six months of 2021 came to € 2,680.1 million as against € 1,618.1 million in the first half of 2020. Net income from fair value adjustments of investment properties amounted to € 3,698.6 million in the first half of 2021, up considerably from the prior-year value of € 1,812.3 million in the first half of 2020.

Reconciliation of Profit for the Period/Group FFO

in € million

H1 2020

H1 2021

Change in %

12M 2020

 

 

 

 

 

Profit for the period

1,618.1

2,680.1

65.6

3,340.0

Financial result*

205.5

266.6

29.7

435.5

Income taxes

823.9

1,411.2

71.3

1,674.4

Depreciation and amortization

42.2

234.3

>100

92.3

Net income from fair value adjustments of investment properties

-1,812.3

-3,698.6

>100

-3,719.8

EBITDA IFRS

877.4

893.6

1.8

1,822.4

Non-recurring items

37.9

91.7

>100

61.5

Total period adjustments from assets held for sale

14.6

21.9

50.0

-15.3

Financial income from investments in other real estate companies

–

-13.6

–

-2.4

Other (mainly Non-core Disposals)

-30.3

-6.7

-77.9

-52.7

Intragroup profits

16.1

16.0

-0.6

33.5

Gross profit Development to hold

26.5

18.9

-28.7

62.8

Adjusted EBITDA Total

942.2

1,021.8

8.4

1,909.8

Interest expense FFO**

-188.8

-163.8

-13.2

-380.1

Current income taxes FFO

-19.8

-43.3

>100

-52.4

Consolidation

-57.3

-50.0

-12.7

-129.1

Group FFO

676.3

764.7

13.1

1,348.2

 

 

 

 

 

Group FFO per share in €***

1.25

1.33

6.6

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 June 30, 2020: 542,273,611, June 30, 2021: 575,257,327 and Dec. 31, 2020: 565,887,299.
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.