Group FFO
In the first nine months of 2023, Group FFO came to € 1,446.0 million (9M 2022: € 1,577.8 million). Adjusted EBITDA Value-add came to € 2,010.0 million in the first nine months of 2023, 4.7% lower than the figure of € 2,110.1 million reported for the first nine months of 2022.
In the 2023 reporting period, the non-recurring items eliminated in the adjusted EBITDA total came to € 157.9 million (9M 2022: € 26.0 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 | 9M 2022 | 9M 2023 | Change | 12M 2022 | ||||
Transactions* | 18.0 | 102.0 | >100 | 113.2 | ||||
Personnel matters | -6.8 | 36.7 | – | -3.1 | ||||
Business model optimization | 11.2 | 13.6 | 21.4 | 12.2 | ||||
Research & development | 2.6 | 5.1 | 96.2 | 4.2 | ||||
Refinancing and equity measures | 1.0 | 0.5 | -50.0 | 1.0 | ||||
Total non-recurring items | 26.0 | 157.9 | >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.