Reconciliations
The adjusted net financial result changed from € -625.1 million in the 2023 fiscal year to € -709.0 million in the 2024 fiscal year.
Reconciliation of Adjusted Net Financial Result (continuing operations)
Reconciliation of Adjusted Net Financial Result (continuing operations) | ||||||
in € million | 2023 | 2024 | Change in % | |||
Income from non-current securities and non-current loans | 60.6 | 17.2 | -71.6 | |||
Interest income – finance lease | – | 1.2 | – | |||
Interest received and similar income | 22.9 | 51.1 | >100 | |||
Interest expense from non-derivative financial liabilities | -765.1 | -830.6 | 8.6 | |||
Swaps (current interest expense for the period) | 49.3 | 45.6 | -7.5 | |||
Capitalization of interest on borrowed capital Development | 0.6 | 0.6 | – | |||
Income from investments | 6.6 | 5.9 | -10.6 | |||
Adjusted net financial result | -625.1 | -709.0 | 13.4 | |||
Accrued interest | -25.6 | 15.8 | – | |||
Net cash interest | -650.7 | -693.2 | 6.5 | |||
In the 2024 fiscal year, profit for the period came to € -962.3 million (2023: € -6,756.2 million). This was also due to the net income from fair value adjustments of investment properties of € -1,559.0 million in 2024 (2023: € -10,651.2 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 (continuing operations)
Reconciliation of Profit for the Period/Adjusted EBT/Adjusted EBITDA (continuing operations) | ||||||
2023 | 2024 | Change in % | ||||
Profit for the period | -6,756.2 | -962.3 | -85.8 | |||
Profit from discontinued operations | 148.1 | -26.7 | – | |||
Profit from continuing operations | -6,608.1 | -989.0 | -85.0 | |||
Income taxes | -2,577.1 | 385.6 | – | |||
Earnings before tax (EBT) | -9,185.2 | -603.4 | -93.4 | |||
Non-recurring items | 147.9 | 241.8 | 63.5 | |||
Net income from fair value adjustments of investment properties | 10,651.2 | 1,559.0 | -85.4 | |||
Impairment/value adjustments | 334.2 | 347.3 | 3.9 | |||
Valuation effects and special effects in the financial result | -176.1 | 208.5 | – | |||
Net income from investments accounted for using the equity method | 75.7 | 53.8 | -28.9 | |||
Earnings contribution from Non Core/Other sales | 12.2 | 6.6 | -45.9 | |||
Period adjustments from assets held for sale | 6.3 | -14.0 | – | |||
Adjusted EBT (continuing operations) | 1,866.2 | 1,799.6 | -3.6 | |||
Adjusted net financial result | 625.1 | 709.0 | 13.4 | |||
Straight-line depreciation | 110.2 | 112.7 | 2.3 | |||
Intragroup profit/losses | -17.7 | 3.8 | – | |||
Adjusted EBITDA Total (continuing operations) | 2,583.8 | 2,625.1 | 1.6 | |||
The reconciliation of Adjusted EBT (continuing operations) to operating free cash flow is as follows:
Reconciliation of Adjusted EBT (continuing operations) – Operating Free Cash-Flow
Reconciliation of Adjusted EBT (continuing operations)/Operating Free Cash-Flow | ||||||
in € million | 2023 | 2024 | Change in % | |||
Adjusted EBT (continuing operations) | 1,866.2 | 1,799.6 | -3.6 | |||
Straight-line depreciation | 110.2 | 112.7 | 2.3 | |||
Change in net current assets (working capital) according to | -340.2 | 274.1 | – | |||
Carrying amount of investment properties (core business) | 239.4 | 387.6 | 61.9 | |||
Capitalized maintenance | -296.3 | -294.2 | -0.7 | |||
Dividends and payouts to non-controlling shareholders (minorities) | -40.5 | -143.7 | >100 | |||
Income tax payments according to cash flow statement | -124.0 | -235.5 | 89.9 | |||
Operating Free Cash-Flow | 1,414.8 | 1,900.6 | 34.3 | |||
- *Mainly adjustment of accrual of provisions due to payment to a social insurance provider.