Reconciliations
The financial result changed from € -312.7 million in the first nine months of 2020 to € -410.9 million in the first nine months of 2021. FFO interest expense is derived from the financial result as follows:
Reconciliation of Financial Result/FFO Interest Expense | ||||||||
in € million | 9M 2020 | 9M 2021 | Change in % | 12M 2020 | ||||
Interest income | 17.5 | 4.9 | -72.0 | 21.9 | ||||
Interest expense | -310.2 | -280.5 | -9.6 | -411.4 | ||||
Other financial result excluding income from investments | -20.0 | -135.3 | >100 | -46.0 | ||||
Financial result* | -312.7 | -410.9 | 31.4 | -435.5 | ||||
Adjustments: | ||||||||
Other financial result excluding income from investments | 20.0 | 135.3 | >100 | 46.0 | ||||
Effects from the valuation of interest rate and currency derivatives | 42.4 | -8.9 | – | 42.4 | ||||
Prepayment penalties and commitment interest | 4.3 | 2.8 | -34.9 | 6.2 | ||||
Effects from the valuation of non-derivative financial instruments | -47.5 | -16.3 | -65.7 | -48.6 | ||||
Interest accretion to provisions | 4.3 | 3.0 | -30.2 | 6.2 | ||||
Interest income from bond issue | -11.9 | – | -100.0 | -11.9 | ||||
Accrued interest/other effects | 36.0 | 33.4 | -7.2 | -6.0 | ||||
Net cash interest | -265.1 | -261.6 | -1.3 | -401.2 | ||||
Adjustment for IFRS 16 Leases | 7.2 | 7.3 | 1.4 | 10.5 | ||||
Adjustment of income from investments in other real estate companies | 1.5 | 15.1 | >100 | 2.4 | ||||
Adjustment of interest paid due to taxes | 5.4 | -1.2 | – | 23.7 | ||||
Adjustment of accrued interest | -38.2 | -27.1 | -29.1 | -15.5 | ||||
Interest expense FFO | -289.2 | -267.5 | -7.5 | -380.1 | ||||
- * Excluding income from other investments.
The profit for the period in the first nine months of 2021 came to € 3,869.1 million as against € 1,891.6 million in the first nine months of 2020. Net income from fair value adjustments of investment properties amounted to € 5,073.0 million in the first nine months of 2021, up considerably from the prior-year value of € 1,830.2 million in the first nine months of 2020.
Reconciliation of Profit for the Period/Group FFO | ||||||||
in € million | 9M 2020 | 9M 2021 | Change in % | 12M 2020 | ||||
Profit for the period | 1,891.6 | 3,869.1 | >100 | 3,340.0 | ||||
Financial result* | 312.7 | 410.9 | 31.4 | 435.5 | ||||
Income taxes | 940.1 | 1,964.1 | >100 | 1,674.4 | ||||
Depreciation and amortization | 66.4 | 255.8 | >100 | 92.3 | ||||
Net income from fair value adjustments of investment properties | -1,830.2 | -5,073.0 | >100 | -3,719.8 | ||||
EBITDA IFRS | 1,380.6 | 1,426.9 | 3.4 | 1,822.4 | ||||
Non-recurring items | 24.1 | 26.0 | 7.9 | 61.5 | ||||
Total period adjustments from assets held for sale | -4.1 | 46.1 | – | -15.3 | ||||
Financial income from investments in other real estate companies | -1.5 | -15.0 | >100 | -2.4 | ||||
Other (mainly Non-core Disposals) | -35.0 | -14.6 | -58.3 | -52.7 | ||||
Intragroup profits | 24.1 | 27.2 | 12.9 | 33.5 | ||||
Gross profit Development to hold | 44.3 | 44.3 | – | 62.8 | ||||
Adjusted EBITDA Total | 1,432.5 | 1,540.9 | 7.6 | 1,909.8 | ||||
Interest expense FFO** | -289.2 | -267.5 | -7.5 | -380.1 | ||||
Current income taxes FFO | -35.6 | -58.2 | 63.5 | -52.4 | ||||
Consolidation | -91.8 | -93.5 | 1.9 | -129.1 | ||||
FFO at-equity effects relating to Deutsche Wohnen | – | 25.6 | – | – | ||||
Group FFO | 1,015.9 | 1,147.3 | 12.9 | 1,348.2 | ||||
Group FFO per share in €*** | 1.80 | 1.99 | 10.8 | 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 September 30, 2020: 565,887,299, September 30, 2021: 575,257,327 and December 31, 2020: 565,887,299.