Group FFO
Group FFO rose by 20.1% from € 1,694.4 million in 2021 to € 2,035.6 million in 2022.
The Adjusted EBITDA Total rose by 22.6% from € 2,254.4 million in the 2021 fiscal year to € 2,763.1 million in the 2022 fiscal year.
In the 2022 fiscal year, the non-recurring items eliminated in the Adjusted EBITDA Total came to € 127.5 million (2021: € 37.1 million). This was largely due to costs associated with the integration of Deutsche Wohnen. The following table gives a detailed list of the non-recurring items:
Non-recurring Items
Non-recurring Items | ||||||
in € million | 2021 | 2022 | Change in % | |||
Transactions* | 14.1 | 113.2 | >100 | |||
Personnel matters | 1.6 | -3.1 | – | |||
Business model optimization | 24.2 | 12.2 | -49.6 | |||
Research & development | 3.6 | 4.2 | 16.7 | |||
Refinancing and equity measures | -6.4 | 1.0 | – | |||
Total non-recurring items | 37.1 | 127.5 | >100 | |||
- * Including one-time expenses in connection with acquisitions, such as HR measures relating to the integration process and other follow-up costs. In 2022 mainly integration costs of € 79.4 million and restructuring costs of € 22.6 million. In 2021 costs for transactions were offset by income resulting from the valuation of shares in Deutsche Wohnen amounting to € 87.5 million.