Consolidated Income Statement

in € million	Jan. 1- Mar. 31, 2022	Jan. 1- Mar. 31, 2023

Revenue from property letting	1,076.0	1,259.0
Other revenue from property management	99.4	118.4
Revenue from property management	1,175.4	1,377.4

Income from disposal of properties	2,668.4	112.3
Carrying amount of properties sold	-2,641.3	-92.1
Revaluation of assets held for sale	14.0	7.2
Profit from the disposal of properties	41.1	27.4

Revenue from disposal of real estate inventories	253.5	33.7
Cost of sold real estate inventories	-202.9	-27.7
Profit from disposal of real estate inventories	50.6	6.0

Net income from fair value adjustments of investment properties	404.8	-3,612.2
Capitalized internal expenses	147.4	115.4
Cost of materials	-492.9	-660.2
Personnel expenses	-218.4	-238.0
Depreciation and amortization*	-949.7	-29.9
Other operating income	62.4	51.1
Impairment losses on financial assets	-11.6	-2.9
Net income from the derecognition of financial assets measured at amortized cost	1.0	1.2
Other operating expenses	-73.5	-81.6
Net income from investments accounted for using the equity method	1.0	-0.1
Interest income	21.5	33.3
Interest expenses	-59.9	-195.9
Other financial result	10.4	25.0
Earnings before tax	109.6	-3,184.0
Income taxes*	-51.3	1,095.9
Profit for the period	58.3	-2,088.1

Attributable to:
Vonovia’s shareholders	22.7	-1,962.0
Non-controlling interests	35.6	-126.1

Earnings per share (diluted) in €	0.08	-2.47
Earnings per share (basic) in €	0.08	-2.47

*The impairment test for goodwill was recalculated due to the conclusion of the purchase price allocation in connection with the acquisition of Deutsche Wohnen. As a result, the impairment loss to be recognized as of March 31, 2022, decreased by € 164.3 million and income taxes increased by € 76.9 million.