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

  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

  1. * Excluding income from other investments.
  2. ** Incl. financial income from investments in other real estate companies.
  3. *** 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.