Consolidated Income Statement

in € million	Notes	2020	2021

Income from property letting		3,069.4	3,465.0
Other income from property management		77.7	158.9
Income from property management	B10	3,147.1	3,623.9

Income from the disposal of properties		586.3	1,122.2
Carrying amount of properties sold		-482.4	-1,044.6
Revaluation of assets held for sale		78.2	87.4
Profit from disposal of properties	B11	182.1	165.0

Income from the disposal of properties		297.7	519.6
Cost of sold properties		-235.9	-381.7
Profit from the disposal of properties	B12	61.8	137.9

Net income from fair value adjustments of investment properties	B13	3,719.8	7,393.8
Capitalized internal expenses	B14	659.4	662.6
Cost of materials	B15	-1,493.4	-1,671.1
Personnel expenses	B16	-594.9	-682.3
Depreciation and amortization	D26	-92.3	-3,482.2
Other operating income	B17	163.0	276.9
Impairment losses on financial assets		-40.0	-39.2
Net income from the derecognition of financial assets measured at amortized cost		0.0	-2.5
Other operating expenses	B18	-278.8	-388.9
Net income from investments accounted for using the equity method		2.7	15.7
Interest income	B19	21.9	21.5
Interest expenses	B20	-411.4	-411.6
Other financial result	B21	-32.6	-137.1
Earnings before tax		5,014.4	5,482.4
Income taxes	B22	-1,674.4	-2,651.5
Profit for the period		3,340.0	2,830.9

Attributable to:
Vonovia’s shareholders		3,228.5	2,641.9
Vonovia’s hybrid capital investors		40.0	38.4
Non-controlling interests		71.5	150.6

Earnings per share (basic and diluted) in €	C24	5.50	4.22