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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

  1. *Including one-time expenses in connection with acquisitions, such as HR measures relating to the integration process and other follow-up costs.
  2. **Previous year’s values (

    2022) adjusted to current key figure and segment definition -> [A2] Adjustment to Prior-year Figures.