Consolidated Income Statement

in € million	Notes	2021*	2022

Revenue from property letting		3,465.0	4,724.6
Other revenue from property management		158.9	427.2
Revenue from property management	B10	3,623.9	5,151.8

Income from disposal of properties		1,122.2	3,242.4
Carrying amount of properties sold		-1,044.6	-3,172.0
Revaluation of assets held for sale		87.4	68.0
Profit from the disposal of properties	B11	165.0	138.4

Revenue from disposal of real estate inventories		519.6	588.4
Cost of sold real estate inventories		-381.7	-460.9
Profit from disposal of real estate inventories	B12	137.9	127.5

Net income from fair value adjustments of investment properties	B13	7,393.8	-1,269.8
Capitalized internal expenses	B14	662.6	673.3
Cost of materials	B15	-1,671.1	-2,501.5
Personnel expenses	B16	-682.3	-863.8
Depreciation and amortization**	D26	-3,872.6	-1,279.1
Other operating income	B17	276.9	218.8
Impairment losses on financial assets		-39.2	-49.8
Net income from the derecognition of financial assets measured at amortized cost		-2.5	-2.6
Other operating expenses	B18	-388.9	-397.5
Net income from investments accounted for using the equity method		15.7	-436.6
Interest income	B19	21.5	115.5
Interest expenses	B20	-411.6	-367.6
Other financial result	B21	-137.1	10.3
Earnings before tax		5,092.0	-732.7
Income taxes	B22	-2,651.5	63.3
Profit for the period		2,440.5	-669.4

Attributable to:
Vonovia’s shareholders		2,251.5	-643.8
Vonovia’s hybrid capital investors		38.4	–
Non-controlling interests		150.6	-25.6

Earnings per share (diluted) in €	C24	3.59	-0.82
Earnings per share (basic) in €	C24	3.59	-0.82

* Adjusted (see note [A2] Adjustment to Prior-year Figures).
** Without impairment losses on real estate holdings recognized as investment properties.