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Performance Indicators for 2023

The previous management system was continued until the end of the fourth quarter of 2023 as presented in the 2022 Annual Report.

Group FFO

Group FFO was still the key figure used for managing the sustained operational earnings power of our business in 2023. In the future, it will replaced by Adjusted EBT.

Calculation of Group FFO

Calculation of Group FFO

Adjusted EBITDA Total (continuing operations)


FFO interest expense


Current income taxes FFO


Intragroup profit/losses


Group FFO

Segment Level

The performance indicators at segment level, as presented in the 2024 management system, also already applied to 2023.

The Sustainability Performance Index and the EPRA NTA per share also applied at Group level in 2023.

At the end of the fourth quarter of 2023, the presentation of Development to hold was adjusted within the Development segment. Details are set out in the Notes under Adjustment to Prior-year Figures. In the future, all earnings contributions made by Development to hold will be recognized in the valuation results, i.e., outside of Adjusted EBITDA. This brings the management approach into the IFRS standard governing the measurement of investment properties (IAS 40).