EPRA Earnings
EPRA Earnings is a measure of the operating result. It indicates the extent to which current dividend payments are supported by the operating result. Based on the profit for the period, adjustments are made to reflect changes in the value of assets and liabilities affecting net income, and to reflect sale effects and costs for acquisition/integration.
EPRA Earnings were down by 18.7% year-on-year in 2023.
As far as company-specific adjustments are concerned, we include the earnings contributions made by the Development and Recurring Sales segments. Prior-year and non-recurring interest expenses, depreciation and amortization, other non-recurring items and taxes that do not correspond to current income taxes are also eliminated. The adjusted earnings are calculated after adjustments to reflect effects of using the equity method. This corresponds to the Group FFO, which was down by 9.1% year-on-year.
As there were no diluting financial instruments on the reporting dates, the undiluted EPRA Earnings match the diluted figure.
EPRA Earnings
in € million | 2022* | 2023 | Change in % | |||
Earnings per IFRS income statement | -669.4 | -6,756.2 | >100 | |||
Profit from discontinued operations | 94.6 | 148.1 | 56.6 | |||
Profit from continuing operations | -574.8 | -6,608.1 | >100 | |||
Changes in value of investment properties, development properties held for investment and other interests | 1,725.2 | 10,770.3 | >100 | |||
Profits or losses on disposal of investment properties, development properties held for investment and other interests | -138.4 | -78.1 | -43.6 | |||
Profits or losses on sales of trading properties including impairment charges in respect of trading properties | -127.5 | -49.4 | -61.3 | |||
Selling costs | 55.9 | 69.3 | 24.0 | |||
Tax on profits or losses on disposals | 131.5 | 38.5 | -70.7 | |||
Negative goodwill/goodwill impairment | 954.3 | 138.2 | -85.5 | |||
Changes in fair value of financial instruments and associated close-out costs | -129.2 | -62.9 | -51.3 | |||
Acquisition costs | 113.2 | 70.0 | -38.2 | |||
Deferred tax in relation to EPRA adjustments | -208.7 | -2,822.5 | >100 | |||
EPRA earnings | 1,801.5 | 1,465.3 | -18.7 | |||
EPRA earnings per share in €** | 2.26 | 1.80 | -20.4 | |||
Adjustment – development | 89.9 | 13.2 | -85.3 | |||
Adjustment – recurring sales | 135.1 | 63.4 | -53.1 | |||
Adjustments – other non-recurring items | 14.2 | 77.9 | >100 | |||
Adjustment – depreciation and amortization | 124.1 | 187.1 | 50.8 | |||
Adjustments of prior-year/one-time interest expense | -109.0 | -107.5 | -1.4 | |||
Adjustments for tax on profits or losses on disposals and other/prior-year taxes | -89.2 | 26.6 | – | |||
Adjustment – at-equity | 15.0 | 75.7 | >100 | |||
Adjusted earnings (Group FFO) | 1,981.6 | 1,801.6 | -9.1 | |||
- * Previous year adjusted.
- ** Based on the shares carrying dividend rights on the reporting date.