Reconciliations
The adjusted net financial result changed from € -461.8 million in the first nine months of 2023 to € -528.7 million in the first nine months of 2024.
Reconciliation of Adjusted Net Financial Result
Reconciliation of Adjusted Net Financial Result | ||||||||
in € million | 9M 2023 | 9M 2024 | Change in % | 12M 2023 | ||||
Income from non-current securities and non-current loans | 44.6 | 12.7 | -71.5 | 60.6 | ||||
Interest income finance lease | – | 0.7 | – | – | ||||
Interest received and similar income | 13.6 | 34.8 | >100 | 22.9 | ||||
Interest expense from non-derivative financial liabilities | -561.3 | -620.8 | 10.6 | -765.1 | ||||
Swaps (current interest expense for the period) | 35.3 | 37.9 | 7.4 | 49.3 | ||||
Capitalization of interest on borrowed capital Development | 0.2 | 0.2 | – | 0.6 | ||||
Income from investments | 5.9 | 5.8 | -0.9 | 6.6 | ||||
Adjusted net financial result | -461.8 | -528.7 | 14.5 | -625.1 | ||||
Accrued interest | -52.4 | -26.6 | -49.2 | -25.6 | ||||
Net cash interest* | -514.1 | -555.3 | 8.0 | -650.7 | ||||
- *Previous year‘s values (2023) as reported.
Interim profits came to € 10.0 million in the first nine months of 2024 (9M 2023: interim losses of € -6.6 million). Depreciation and amortization changed from € 83.0 million in the first nine months of 2023 to € 84.1 million in the first nine months of 2024.
Overall, Adjusted EBT for continuing operations came to € 1,363.9 million in the first nine months of 2024, compared to € 1,420.2 million in the first nine months of 2023.
In the first nine months of 2024, profit for the period came to € -592.1 million (9M 2023: € -3,808.9 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 | ||||||||
9M 2023* | 9M 2024 | Change in % | 12M 2023 | |||||
Profit for the period | -3,808.9 | -592.1 | -84.5 | -6,756.2 | ||||
Profit from discontinued operations | -8.9 | 25.9 | – | 148.1 | ||||
Profit from continuing operations | -3,817.8 | -566.2 | -85.2 | -6,608.1 | ||||
Income taxes | -1,533.3 | 64.2 | – | -2,577.1 | ||||
Earnings before tax (EBT) | -5,351.1 | -502.0 | -90.6 | -9,185.2 | ||||
Non-recurring items | 157.9 | 220.2 | 39.5 | 147.9 | ||||
Net income from fair value adjustments of investment properties | 6,318.2 | 1,426.3 | -77.4 | 10,651.2 | ||||
Impairment/value adjustments | 332.0 | 144.7 | -56.4 | 334.2 | ||||
Valuation effects and special effects in the financial result | -71.4 | 57.2 | – | -176.1 | ||||
Net income from investments accounted for using the equity method | 24.1 | 28.2 | 17.0 | 75.7 | ||||
Earnings contribution from Non Core/Other sales | 1.6 | 11.0 | >100 | 12.2 | ||||
Period adjustments from assets held for sale | 8.9 | -21.7 | – | 6.3 | ||||
Adjusted EBT (continuing operations) | 1,420.2 | 1,363.9 | -4.0 | 1,866.2 | ||||
Straight-line depreciation | 83.0 | 84.1 | 1.3 | 110.2 | ||||
Adjusted net financial result | 461.8 | 528.7 | 14.5 | 625.1 | ||||
Intragroup profit/losses | -6.6 | 10.0 | – | -17.7 | ||||
Adjusted EBITDA Total (continuing operations) | 1,958.4 | 1,986.7 | 1.4 | 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 | 9M 2023 | 9M 2024 | Change in % | 12M 2023 | ||||
Adjusted EBT (continuing operations) | 1,420.2 | 1,363.9 | -4.0 | 1,866.2 | ||||
Straight-line depreciation | 83.0 | 84.1 | 1.3 | 110.2 | ||||
Change in net current assets (working capital) according to the cash flow statement (adjusted for special payment | -364.1 | 161.1 | – | -340.2 | ||||
Carrying amount of recurring sales assets/development | 146.3 | 242.0 | 65.4 | 239.4 | ||||
Capitalized maintenance | -184.0 | -179.0 | -2.7 | -296.3 | ||||
Dividends and payouts to non-controlling shareholders (minorities) | -18.4 | -117.0 | >100 | -40.5 | ||||
Income tax payments according to cash flow statement (w/o taxes on Non Core sales) | -87.4 | -175.4 | >100 | -124.0 | ||||
Operating Free Cash-Flow | 995.7 | 1,379.7 | 38.6 | 1,414.8 | ||||