Reconciliations
The financial result (excluding income from other investments) changed from € -262.3 million in the 2022 fiscal year to € -454.9 million in 2023.
FFO interest expense is derived from the financial result as follows:
Reconciliation of Financial Result – FFO Interest Expense
Reconciliation of Financial Result/FFO Interest Expense | ||||||
in € million | 2022* | 2023 | Change in % | |||
Interest income | 115.5 | 227.8 | 97.2 | |||
Interest expense | -366.9 | -810.2 | >100 | |||
Other financial result excluding income from investments | -10.9 | 127.5 | – | |||
Financial result** | -262.3 | -454.9 | 73.4 | |||
Adjustments: | ||||||
Other financial result excluding income from investments | 10.9 | -127.5 | – | |||
Effects from the valuation of interest rate and currency | -152.5 | 52.4 | – | |||
Prepayment penalties and commitment interest | 12.6 | 8.9 | -29.4 | |||
Effects from the valuation of non-derivative financial | -77.8 | -12.8 | -83.5 | |||
Interest accretion to provisions | 6.4 | 22.0 | >100 | |||
Accrued interest/other effects | -38.6 | -138.8 | >100 | |||
Net cash interest | -501.3 | -650.7 | 29.8 | |||
Adjustment for IFRS 16 Leases | 12.2 | 14.5 | 18.9 | |||
Adjustment of income from investments in other real estate companies | 7.9 | 5.8 | -26.6 | |||
Adjustment of interest paid due to taxes | -0.7 | – | -100.0 | |||
Adjustment of accrued interest | -10.7 | 10.8 | – | |||
Interest expense FFO | -492.6 | -619.6 | 25.8 | |||
- *Previous year’s values (
2022) adjusted to current key figure and segment definition -> [A2] Adjustment to Prior-year Figures. - **Excluding income from other investments.
In the 2023 financial year, the profit for the period came to € -6,756.2 million (2022: € -669.4 million). This is mainly due to the result from the valuation of investment properties totaling € -10,651.2 million (2022: € 1,177.6 million).
The reconciliation of profit for the period to Group FFO is shown below:
Reconciliation of Profit for the Period – Group FFO
Reconciliation of Profit for the Period/Group FFO | ||||||
in € million | 2022** | 2023 | Change in % | |||
Profit for the period | -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 | |||
Financial result* | 262.3 | 454.9 | 73.4 | |||
Income taxes | -29.8 | -2,577.1 | >100 | |||
Depreciation and amortization (incl. depreciation on | 1,204.3 | 444.4 | -63.1 | |||
Net income from investments accounted for using the | 436.6 | 75.7 | -82.7 | |||
Net income from fair value adjustments of investment | 1,177.6 | 10,651.2 | >100 | |||
Non-recurring items | 127.4 | 147.9 | 16.1 | |||
Total period adjustments from assets held for sale | 52.3 | 6.3 | -88.0 | |||
Income from investments in other real estate companies | -7.9 | -5.8 | -26.6 | |||
Other | -37.2 | 12.1 | – | |||
Intragroup losses | -4.7 | -17.7 | >100 | |||
Adjusted EBITDA Total (continuing operations)** | 2,606.1 | 2,583.8 | -0.9 | |||
Interest expense FFO*** | -492.6 | -619.6 | 25.8 | |||
Current income taxes FFO | -136.6 | -180.3 | 32.0 | |||
Intragroup losses | 4.7 | 17.7 | >100 | |||
Group FFO (continuing operations)** | 1,981.6 | 1,801.6 | -9.1 | |||
Group FFO per share (continuing operations) in €**** | 2.51 | 2.23 | -11.1 | |||
Group FFO after non-controlling interests | 1,895.0 | 1,717.8 | -9.4 | |||
Group FFO after non-controlling interests per share in €**** | 2.40 | 2.13 | -11.4 | |||
- *Excluding income from other investments.
- **Previous year’s values (2022) adjusted to current key figure and segment definition -> [A2] Adjustment to Prior-year Figures.
- ***Incl. financial income from investments in other real estate companies.
- ****Based on the weighted average number of shares carrying dividend rights.
In the 2024 financial year, Group FFO will be replaced by Adjusted EBT as the key performance indicator. The reconciliation from Adjusted EBITDA Total (continuing operations) is shown below.
Reconciliation of Adjusted EBITDA Total – Adjusted EBT
Reconciliation of Adjusted EBITDA Total/Adjusted EBT | ||||||
in € million | 2022 | 2023 | Change in % | |||
Adjusted EBITDA Total (continuing operations) | 2,606.1 | 2,583.8 | -0.9 | |||
Adjusted net financial result | -486.0 | -625.1 | 28.6 | |||
Intragroup losses | 4.7 | 17.7 | >100 | |||
Straight-line depreciation* | -127.5 | -110.2 | -13.6 | |||
Adjusted EBT | 1,997.3 | 1,866.2 | -6.6 | |||
Adjusted EBT per share** | 2.53 | 2.31 | -8.6 | |||
- *Depreciation on concessions/property rights/licenses, self-developed software, self-used real estate, technical equipment and machinery, as well as other equipment/operating and business equipment.
- **Based on the weighted average number of shares carrying dividend rights.
The Operating Free Cash Flow (OFCF) is as follows:
Reconciliation of Adjusted EBT – Operating Free Cash-Flow
Reconciliation of Adjusted EBT/Operating Free Cash-Flow | ||||||
in € million | 2022 | 2023 | Change in % | |||
Adjusted EBT | 1,997.3 | 1,866.2 | -6.6 | |||
Straight-line depreciation | 127.5 | 110.2 | -13.6 | |||
Change in net current assets (working capital) according to the cash flow statement (adjusted for special payment effects) | -106.6 | -340.2 | >100 | |||
Carrying amount of recurring sales assets sold | 391.6 | 239.4 | -38.9 | |||
Capitalized maintenace | -412.6 | -296.3 | -28.2 | |||
Dividends and payouts to non-controlling shareholders | -41.7 | -40.5 | -2.9 | |||
Income tax payments according to cash flow statement | -134.1 | -124.0 | -7.6 | |||
Operating Free Cash-Flow | 1,821.4 | 1,414.8 | -22.3 | |||