Reconciliations
The adjusted net financial result changed from € -304.2 million in the first six months of 2023 to € -320.5 million in the first six months of 2024.
Reconciliation of adjusted net financial result
Reconciliation of Adjusted Net Financial Result | ||||||||
in € million | H1 2023 | H1 2024 | Change in % | 12M 2023 | ||||
Income from non-current securities and | 23.6 | 34.7 | 47.0 | 60.6 | ||||
Interest received and similar income | 9.0 | 22.6 | >100 | 22.9 | ||||
Interest expense from non-derivative financial liabilities | -362.4 | -410.1 | 13.2 | -765.1 | ||||
Swaps (current interest expense for the period) | 20.3 | 27.0 | 33.0 | 49.3 | ||||
Capitalization of interest on borrowed capital | – | 0.1 | – | 0.6 | ||||
Income from investments | 5.3 | 5.2 | -1.9 | 6.6 | ||||
Adjusted net financial result | -304.2 | -320.5 | 5.4 | -625.1 | ||||
Accrued interest | -51.1 | -82.1 | 60.7 | -25.6 | ||||
Net cash interest* | -355.3 | -402.6 | 13.3 | -650.7 | ||||
- * Previous year‘s values (2023) as reported.
Interim profits came to € 2.9 million in the first six months of 2024 (6M 2023: interim losses of € -5.1 million). Depreciation and amortization rose from € 54.9 million in the first six months of 2023 to € 55.9 million in the first six months of 2024.
Overall, Adjusted EBT for continuing operations came to € 887.2 million in the first six months of 2024, compared to € 945.8 million in the first six months of 2023.
In the first six months of 2024 profit for the period came to € -529.2 million (6M 2023: € -4,130.4 million).
The reconciliation of the profit for the period to Adjusted EBT (continuing operations) is as follows:
Reconciliation of Profit for the Period – Adjusted EBT – Adjusted EBITDA
Reconciliation of Profit for the Period/Adjusted EBT/Adjusted EBITDA | ||||||||
H1 2023* | H1 2024 | Change in % | 12M 2023 | |||||
Profit for the period | -4,130.4 | -529.2 | -87.2 | -6,756.2 | ||||
Profit from discontinued operations | -3.1 | 21.0 | – | 148.1 | ||||
Profit from continuing operations | -4,133.5 | -508.2 | -87.7 | -6,608.1 | ||||
Income taxes | -1,736.3 | -80.1 | -95.4 | -2,577.1 | ||||
Earnings before tax (EBT) | -5,869.8 | -588.3 | -90.0 | -9,185.2 | ||||
Non-recurring items | 119.2 | 45.4 | -61.9 | 147.9 | ||||
Net income from fair value adjustments of | 6,382.2 | 1,432.0 | -77.6 | 10,651.2 | ||||
Impairment/value adjustments | 294.4 | 16.8 | -94.3 | 334.2 | ||||
Valuation effects and special effects in the | 7.5 | -28.8 | – | -176.1 | ||||
Net income from investments accounted for using the equity method | 12.3 | 18.5 | 50.4 | 75.7 | ||||
Earnings contribution from Non Core/Other sales | 2.4 | 10.8 | >100 | 12.2 | ||||
Period adjustments from assets held for sale | -2.4 | -19.2 | >100 | 6.3 | ||||
Adjusted EBT (continuing operations) | 945.8 | 887.2 | -6.2 | 1,866.2 | ||||
Straight-line depreciation | 54.9 | 55.9 | 1.8 | 110.2 | ||||
Adjusted net financial result | 304.2 | 320.5 | 5.4 | 625.1 | ||||
Intragroup profit/losses | -5.1 | 2.9 | – | -17.7 | ||||
Adjusted EBITDA Total (continuing operations) | 1,299.8 | 1,266.5 | -2.6 | 2,583.8 | ||||
- *Previous year’s values (
2023) adjusted to current key figure and segment definition.
The reconciliation of Adjusted EBT (continuing operations) to operating free cash flow is as follows:
Reconciliation of Adjusted EBT – Operating Free Cash-Flow
Reconciliation of Adjusted EBT/Operating Free Cash-Flow | ||||||||
in € million | H1 2023 | H1 2024 | Change in % | 12M 2023 | ||||
Adjusted EBT (continuing operations) | 945.8 | 887.2 | -6.2 | 1,866.2 | ||||
Straight-line depreciation | 54.9 | 55.9 | 1.8 | 110.2 | ||||
Change in net current assets (working capital) | -153.0 | 3.8 | – | -340.2 | ||||
Carrying amount of recurring sales assets sold | 97.1 | 132.0 | 35.9 | 239.4 | ||||
Capitalized maintenance | -106.7 | -107.0 | 0.3 | -296.3 | ||||
Dividends and payouts to non-controlling shareholders (minorities) | -15.1 | -114.5 | >100 | -40.5 | ||||
Income tax payments according to cash flow statement (w/o taxes on Non Core sales) | -58.5 | -57.1 | -2.3 | -124.0 | ||||
Operating Free Cash-Flow | 764.5 | 800.3 | 4.7 | 1,414.8 | ||||