Reconciliations
The financial result changed from € -82.2 million in the first three months of 2021 to € -39.8 million in the first three months of 2022. 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 | 3M 2021 | 3M 2022 | Change in % | 12M 2021 | ||||
Interest income | 2.2 | 21.5 | >100 | 21.5 | ||||
Interest expense | -79.0 | -59.9 | -24.2 | -411.6 | ||||
Other financial result excluding income from investments | -5.4 | -1.4 | -74.1 | -164.8 | ||||
Financial result* | -82.2 | -39.8 | -51.6 | -554.9 | ||||
Adjustments: | ||||||||
Other financial result excluding income from investments | 5.4 | 1.4 | -74.1 | 164.8 | ||||
Effects from the valuation of interest rate and currency derivatives | -7.0 | -52.7 | >100 | -20.4 | ||||
Prepayment penalties and commitment interest | 1.5 | 4.6 | >100 | 22.7 | ||||
Effects from the valuation of non-derivative financial instruments | -16.1 | -14.9 | -7.5 | -43.3 | ||||
Interest accretion to provisions | 1.0 | 0.8 | -20.0 | 9.8 | ||||
Accrued interest/other effects | -4.9 | -34.5 | >100 | 30.9 | ||||
Net cash interest | -102.3 | -135.1 | 32.1 | -390.4 | ||||
Adjustment for IFRS 16 Leases | 2.4 | 2.5 | 4.2 | 10.3 | ||||
Adjustment of income from investments in other real estate companies | – | – | – | 15.7 | ||||
Adjustment of interest paid due to taxes | 0.7 | -0.7 | – | -1.8 | ||||
Adjustment of accrued interest | 13.4 | 19.0 | 41.8 | -31.5 | ||||
Interest expense FFO | -85.8 | -114.3 | 33.2 | -397.7 | ||||
- * Excluding income from other investments.
The profit for the period in the first three months of 2022 came to € -29.1 million as against € 247.0 million in the first three months of 2021. This is due first and foremost to the impairment of goodwill of € 1,082.5 million in the first three months of 2022 (3M 2021: € 0.0 million) and the valuation result of € 404.8 million (3M 2021: € 2.4 million).
Reconciliation of Profit for the Period - Group FFO
Reconciliation of Profit for the Period/Group FFO | ||||||||
in € million | 3M 2021 | 3M 2022 | Change in % | 12M 2021 | ||||
Profit for the period | 247.0 | -29.1 | – | 2,830.9 | ||||
Financial result* | 82.2 | 39.8 | -51.6 | 554.9 | ||||
Income taxes | 127.4 | -25.6 | – | 2,651.5 | ||||
Depreciation and amortization (incl. depreciation on financial assets) | 21.2 | 1,118.0 | >100 | 3,498.2 | ||||
Net income from fair value adjustments of investment properties | -2.4 | -404.8 | >100 | -7,393.8 | ||||
Non-recurring items | 4.4 | -2.3 | – | 37.1 | ||||
Total period adjustments from assets held for sale | 20.0 | 38.5 | 92.5 | -6.0 | ||||
Financial income from investments in other real estate companies | – | – | – | -15.7 | ||||
Other (mainly Non-core Disposals) | -3.1 | -31.6 | >100 | -10.5 | ||||
Intragroup profits | 7.0 | 8.1 | 15.7 | 37.8 | ||||
Gross profit Development to hold | 2.4 | 18.7 | >100 | 84.9 | ||||
Adjusted EBITDA Total | 506.1 | 729.7 | 44.2 | 2,269.3 | ||||
Interest expense FFO** | -85.8 | -114.3 | 33.2 | -397.7 | ||||
Current income taxes FFO | -20.3 | -24.6 | 21.2 | -65.2 | ||||
Consolidation | -9.5 | -26.8 | >100 | -97.1 | ||||
Group FFO*** | 390.5 | 564.0 | 44.4 | 1,709.3 | ||||
Group FFO after non-controlling interests | 386.0 | 545.4 | 41.3 | 1,669.3 | ||||
Group FFO per share in €*** | 0.65 | 0.73 | 12.3 | 2.20 | ||||
- * Excluding income from other investments.
- ** Incl. financial income from investments in other real estate companies.
- *** Based on the new 2022 definition without elimitation of IFRS 16 effect, Group FFO per share based on the shares carrying dividend rights on the reporting date, prior-year values TERP-adjusted (1.067).