Group FFO
Group FFO was down by 9.1% on the previous year’s value of € 1,981.6 million to € 1,801.6 million in the 2023 fiscal year. This was due first and foremost to higher interest expense. The Group FFO interest expense came to € 619.6 million in 2023, up by 25.8% on the prior-year value of € 492.6 million. Current income taxes FFO came in at € 180.3 million in 2023, 32.0% higher than in the previous year (€ 136.6 million). At € 17.7 million, intragroup losses in 2023 were up on the prior-year value of € 4.7 million.
The Adjusted EBITDA Total (continuing operations) amounted to € 2,583.8 million in the 2023 fiscal year (2022: € 2,606.1 million).
In the 2023 fiscal year, the non-recurring items eliminated in the Adjusted EBITDA Total (continuing operations) came to € 147.9 million (2022: € 127.4 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 | 2022** | 2023 | Change in % | |||
Transactions* | 113.1 | 70.0 | -38.1 | |||
Personnel matters | -3.1 | 35.1 | – | |||
Business model optimization | 12.2 | 34.9 | >100 | |||
Research & development | 4.2 | 6.8 | 61.9 | |||
Refinancing and equity measures | 1.0 | 1.1 | 10.0 | |||
Total non-recurring items | 127.4 | 147.9 | 16.1 | |||
- *Including one-time expenses in connection with acquisitions, such as HR measures relating to the integration process and other follow-up costs.
- **Previous year’s values (
2022) adjusted to current key figure and segment definition -> [A2] Adjustment to Prior-year Figures.