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Reconciliations

The financial result changed from € -137.8 million in the first half of 2022 to € -317.6 million in the first half of 2023. FFO interest expense is derived from the financial result as follows:

Reconciliation of Financial Result – FFO Interest Expense

Reconciliation of Financial Result/FFO Interest Expense

in € million

H1 2022

H1 2023

Change in %

12M 2022

Interest income

35.8

49.9

39.4

115.5

Interest expense

-152.5

-383.2

>100

-367.6

Other financial result excluding income from investments

-21.1

15.7

-10.9

Financial result*

-137.8

-317.6

>100

-263.0

Adjustments:

Other financial result excluding income from investments

21.1

-15.7

10.9

Effects from the valuation of interest rate and currency derivatives

-94.3

21.2

-152.5

Prepayment penalties and commitment interest

7.8

4.5

-42.3

12.6

Effects from the valuation of non-derivative financial instruments

-32.2

-4.7

-85.4

-77.4

Interest accretion to provisions

5.8

9.2

58.6

6.8

Accrued interest/other effects

-61.7

-57.3

-7.1

-40.0

Net cash interest

-291.3

-360.4

23.7

-502.6

Adjustment for IFRS 16 Leases

5.5

6.8

23.6

12.2

Adjustment of income from investments in other real estate companies

5.0

5.2

4.0

7.9

Adjustment of interest paid due to taxes

-0.5

-1.0

100.0

-0.6

Adjustment of accrued interest

44.9

51.8

15.4

-10.7

Interest expense FFO

-236.4

-297.6

25.9

-493.8

  1. *Excluding income from other investments.

In the first six months of 2023, the profit for the period came to € -4,130.4 million (H1 2022: € 1,870.4 million). This is chiefly due to the negative result from the valuation of investment properties totaling € -6,382.9 million (H1 2022: € 3,115.9 million).

The reconciliation of profit for the period to Group FFO is shown below:

Reconciliation of Profit for the Period – Group FFO

Reconciliation of Profit for the Period/Group FFO

in € million

H1 2022*

H1 2023

Change in %

12M 2022

Profit for the period

1,870.4

-4,130.4

-669.4

Financial result**

137.8

317.6

>100

263.0

Income taxes

1,016.8

-1,738.3

-63.3

Depreciation and amortization
(incl. depreciation on financial assets)

1,104.9

371.4

-66.4

1,303.1

Net income from investments accounted for using the equity method

334.6

12.3

-96.3

436.6

Net income from fair value adjustments of investment properties

-3,115.9

6,382.9

1,269.8

Non-recurring items

7.5

119.2

>100

127.5

Total period adjustments from assets held for sale

37.9

-2.4

52.3

Income from investments in other real estate companies

-5.0

-5.2

4.0

-7.9

Other

-25.7

2.1

-37.2

Intragroup profits/losses

13.7

-5.1

-4.7

Gross profit Development to hold

28.8

14.2

-50.7

93.3

Adjusted EBITDA Total

1,405.8

1,338.3

-4.8

2,763.1

Interest expense FFO***

-236.4

-297.6

25.9

-493.8

Current income taxes FFO

-60.1

-66.8

11.1

-145.0

Consolidation

-42.7

-9.1

-78.7

-88.7

Group FFO****

1,066.6

964.8

-9.5

2,035.6

Group FFO after non-controlling interests

1,025.6

919.6

-10.3

1,944.3

Group FFO per share in €****

1.34

1.18

-11.9

2.56

  1. *Prior-year figures adjusted to new adjusted EBITDA definition (excluding results from at-equity investments), adjustments of Adjusted EBITDA Total/Group FFO: € -3.8 million. In the course of the fourth quarter of 2022, the Deutsche Wohnen segment was dissolved and transferred to the Rental, Value-add, Recurring Sales, Development and Care segments. Previous year’s values for H1 2022 updated accordingly.
  2. **Excluding income from other investments.
  3. ***Incl. financial income from investments in other real estate companies.
  4. ****Based on the new 2022 definition without elimitation of IFRS 16 effect, Group FFO per share based on the shares carrying dividend rights on the reporting date.