Group FFO
Group FFO came to € 964.8 million in the first six months of 2023 (H1 2022: € 1,066.6 million). The Adjusted EBITDA Total fell slightly from € 1,405.8 million in the first half of 2022 to € 1,338.3 million in the first half of 2023.
In the 2023 reporting period, the non-recurring items eliminated in the Adjusted EBITDA Total came to € 119.2 million (H1 2022: € 7.5 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 one-off effects linked to the Südewo transaction 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 | H1 2022 | H1 2023 | Change in % | 12M 2022 | ||||
Transactions* | -3.9 | 82.9 | – | 113.2 | ||||
Personnel matters | 2.1 | 26.6 | >100 | -3.1 | ||||
Business model optimization | 7.0 | 6.2 | -11.4 | 12.2 | ||||
Research & development | 1.5 | 3.4 | >100 | 4.2 | ||||
Refinancing and equity measures | 0.8 | 0.1 | -87.5 | 1.0 | ||||
Total non-recurring items | 7.5 | 119.2 | >100 | 127.5 | ||||
- *Including one-time expenses in connection with acquisitions, such as HR measures relating to the integration process and other follow-up costs.