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Reconciliations

The financial result changed from € -266.6 million in the first half of 2021 to € -137.8 million in the first half 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

H1 2021

H1 2022

Change in %

12M 2021

Interest income

3.9

35.8

>100

21.5

Interest expense

-179.8

-152.5

-15.2

-411.6

Other financial result excluding income from investments

-90.7

-21.1

-76.7

-164.8

Financial result*

-266.6

-137.8

-48.3

-554.9

Adjustments:

Other financial result excluding income from investments

90.7

21.1

-76.7

164.8

Effects from the valuation of interest rate and currency derivatives

-8.9

-94.3

>100

-20.4

Prepayment penalties and commitment interest

2.0

7.8

>100

22.7

Effects from the valuation of non-derivative financial instruments

-12.2

-32.2

>100

-43.3

Interest accretion to provisions

2.0

5.8

>100

9.8

Accrued interest/other effects

15.4

-61.7

30.9

Net cash interest

-177.6

-291.3

64.0

-390.4

Adjustment for IFRS 16 Leases

4.8

5.5

14.6

10.3

Adjustment of income from investments in other real estate companies

13.6

5.0

-63.2

15.7

Adjustment of interest paid due to taxes

-0.6

-0.5

-16.7

-1.8

Adjustment of accrued interest

-4.0

44.9

-31.5

Interest expense FFO

-163.8

-236.4

44.3

-397.7

  1. * Excluding income from other investments.

In the first six months of 2022, the profit for the period came to € 1,796.4 million (H1 2021: € 2,680.1 million). It is determined to a degree by impairment losses, also due to the increase in interest rates and inflation. The impairment losses recognized in the second quarter of the year due to the increased cost of capital were attributable to goodwill and trademark rights in the nursing and assisted living sector in the amount of € 121.0 million, and to the investment in QUARTERBACK Immobilien AG in the amount of € 120.8 million. The investment in the Adler Group was written down by € 160.6 million due to the lower share price. On the other hand, the profit for the period was positively affected by the valuation result of € 3,115.9 million (H1 2021: € 3,698.6 million).

The reconciliation of profit for the period to Group FFO is shown below:

Reconciliation of Profit for the Period – Group FFO

Reconciliation of Profit for the Period/Group FFO

in € million

H1 2021

H1 2022

Change in %

12M 2021

Profit for the period

2,680.1

1,796.4

-33.0

2,830.9

Financial result*

266.6

137.8

-48.3

554.9

Income taxes

1,411.2

976.6

-30.8

2,651.5

Depreciation and amortization (incl. depreciation on financial assets)

234.3

1,268.4

>100

3,498.2

Impairments on financial assets accounted for using the equity method

281.4

Net income from fair value adjustments of investment properties

-3,698.6

-3,115.9

-15.8

-7,393.8

Non-recurring items

91.7

7.5

-91.8

37.1

Total period adjustments from assets held for sale

21.9

37.9

73.1

-6.0

Income from investments in other real estate companies

-13.6

-5.0

-63.2

-15.7

Other

-6.7

-25.7

>100

-10.5

Intragroup profits

16.0

13.7

-14.4

37.8

Gross profit Development to hold

18.9

28.9

52.9

84.9

Adjusted EBITDA Total

1,021.8

1,402.0

37.2

2,269.3

Interest expense FFO**

-163.8

-236.4

44.3

-397.7

Current income taxes FFO

-43.3

-60.1

38.8

-65.2

Consolidation

-34.9

-42.6

22.1

-97.1

Group FFO***

779.8

1,062.9

36.3

1,709.3

Group FFO after non-controlling interests

769.3

1,021.9

32.8

1,669.3

Group FFO per share in €***

1.27

1.34

5.5

2.20

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