Group FFO
Group FFO came to € 462.6 million in the first three months of 2023 (3M 2022: € 563.1 million).
Adjusted EBITDA Total came to € 657.1 million in the first three months of 2023, 9.8% lower than the figure of € 728.7 million reported for the first three months of 2022.
In the 2023 reporting period, the non-recurring items eliminated in the Adjusted EBITDA Total came to € 29.7 million (3M 2022: € –2.3 million). The change is mainly attributable to positive non-recurring items in the previous year, as well as higher expenses for pre-retirement part-time work arrangements and higher integration costs in the 2023 reporting period.
The following table gives a detailed list of the non-recurring items:
Non-recurring Items
Non-recurring Items | ||||||||
in € million | 3M 2022 | 3M 2023 | Change in % | 12M 2022 | ||||
Transactions* | -11.5 | 13.0 | – | 113.2 | ||||
Personnel matters | 3.9 | 12.7 | >100 | -3.1 | ||||
Business model optimization | 4.7 | 2.2 | -53.2 | 12.2 | ||||
Research and development | 0.5 | 1.8 | >100 | 4.2 | ||||
Refinancing and equity measures | 0.1 | – | -100.0 | 1.0 | ||||
Total non-recurring items | -2.3 | 29.7 | – | 127.5 | ||||
- *Including one-time expenses in connection with acquisitions, such as HR measures relating to the integration process and other follow-up costs.