Group FFO
In the first six months of the year, Group FFO rose by 36.3% from € 779.8 million (based on the new 2022 definition, without eliminating IFRS 16 effects) in the first half of 2021 to € 1,062.9 million in the first half of 2022. In the first half of 2022, Deutsche Wohnen contributed a total of € 289.9 million to Group FFO.
Adjusted EBITDA Total rose by 37.2% from € 1,021.8 million in the first half of 2021 to € 1,402.0 million in the first half of 2022.
In the 2022 reporting period, the non-recurring items eliminated in the Adjusted EBITDA Total came to € 7.5 million compared to € 91.7 million in the first half of 2021. This was largely due to special effects resulting from the debt recovery action in connection with the loan granted to the Adler Group, as well as the elimination of an earn-out clause that had a positive earnings effect.
The following table gives a detailed list of the non-recurring items:
Non-recurring Items
Non-recurring Items | ||||||||
in € million | H1 2021 | H1 2022 | Change in % | 12M 2021 | ||||
Transactions* | 89.2 | -3.9 | – | 14.1 | ||||
Personnel matters | -0.5 | 2.1 | – | 1.6 | ||||
Business model optimization | 3.7 | 7.0 | 89.2 | 24.2 | ||||
Research & development | 2.2 | 1.5 | -31.8 | 3.6 | ||||
Refinancing and equity measures | -2.9 | 0.8 | – | -6.4 | ||||
Total non-recurring items | 91.7 | 7.5 | -91.8 | 37.1 | ||||
- * Including one-time expenses in connection with acquisitions, such as HR measures relating to the integration process and other follow-up costs.