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Reconciliations

The financial result changed from € -435.5 million in 2020 to € -554.9 million in 2021. This was driven primarily by transaction costs in the amount of € -119.2 million, mainly in connection with the takeover of Deutsche Wohnen in 2021.

FFO interest expense is derived from the financial result as follows:

Reconciliation of Financial Result – FFO Interest Expense

Reconciliation of Financial Result/FFO Interest Expense

in € million

2020

2021

Change in %

Interest income

21.9

21.5

-1.8

Interest expense

-411.4

-411.6

0.0

Other financial result excluding income from investments

-46.0

-164.8

>100

Financial result*

-435.5

-554.9

27.4

Adjustments:

Other financial result excluding income from investments

46.0

164.8

>100

Effects from the valuation of interest rate and currency derivatives

42.4

-20.4

Prepayment penalties and commitment interest

6.2

22.7

>100

Effects from the valuation of non-derivative financial instruments

-48.6

-43.3

-10.9

Interest accretion to provisions

6.2

9.8

58.1

Interest income from bond issue

-11.9

-100.0

Accrued interest/other effects

-6.0

30.9

Net cash interest

-401.2

-390.4

-2.7

Adjustment for IFRS 16 Leases

10.5

10.3

-1.9

Adjustment of income from investments in other real estate companies

2.4

15.7

>100

Adjustment of interest paid due to taxes

23.7

-1.8

Adjustment of accrued interest

-15.5

-31.5

>100

Interest expense FFO

-380.1

-397.7

4.6

  1. * Excluding income from other investments.

The profit for the period in 2021 came to € 2,830.9 million compared with € 3,340.0 million in 2020. Goodwill impairments in the amount of € 3,384.1 million in 2021 were the main factor behind this. This was counteracted by the net income from fair value adjustments of investment properties of € 7,393.8 million in the 2021 fiscal year (2020: € 3,719.8 million).

Reconciliation of Profit for the Period – Group FFO

Reconciliation of Profit for the Period/Group FFO

in € million

2020

2021

Change in %

Profit for the period

3,340.0

2,830.9

-15.2

Financial result*

435.5

554.9

27.4

Income taxes

1,674.4

2,651.5

58.4

Depreciation and amortization (incl. depreciation on financial assets)

92.3

3,498.2

>100

Net income from fair value adjustments of investment properties

-3,719.8

-7,393.8

98.8

Non-recurring items

61.5

37.1

-39.7

Total period adjustments from assets held for sale

-15.3

-6.0

-60.8

Financial income from investments in other real estate companies

-2.4

-15.7

>100

Other (mainly Non-core Disposals)

-52.7

-10.5

-80.1

Intragroup profits

33.5

37.8

12.8

Gross profit Development to hold

62.8

84.9

35.2

Adjusted EBITDA Total

1,909.8

2,269.3

18.8

Interest expense FFO**

-380.1

-397.7

4.6

Current income taxes FFO

-52.4

-65.2

24.4

Consolidation

-129.1

-134.4

4.1

Group FFO

1,348.2

1,672.0

24.0

Group FFO per share in €***

2.23

2.15

-3.6

  1. * Excluding income from other investments.
  2. ** Including financial income from investments in other real estate companies.
  3. *** Based on the shares carrying dividend rights on the reporting date December 31, 2020: 565,887,299, December 31, 2021: 776,597,389, prior-year value TERP-adjusted (1.067), 2021 including Q4 result Deutsche Wohnen.
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