Reconciliations
The adjusted net financial result changed from € -160.8 million in the first three months of 2024 to € -184.3 million in the first three months of 2025.
Reconciliation of Adjusted Net Financial Result (continuing operations)
Reconciliation of Adjusted Net Financial Result (continuing operations) | ||||||||
in € million | 3M 2024 | 3M 2025 | Change in % | 12M 2024 | ||||
Income from non-current securities and | 20.0 | 4.0 | -80.0 | 17.2 | ||||
Interest income – finance lease | – | 0.6 | – | 1.2 | ||||
Interest received and similar income | 7.6 | 11.0 | 44.7 | 51.1 | ||||
Interest expense from non-derivative financial liabilities | -201.9 | -203.2 | 0.6 | -830.6 | ||||
Swaps (current interest expense for the | 13.4 | 2.1 | -84.3 | 45.6 | ||||
Capitalization of interest on borrowed capital Development | 0.1 | 1.3 | >100 | 0.6 | ||||
Income from investments | – | – | – | 5.9 | ||||
Adjusted net financial result | -160.8 | -184.3 | 14.6 | -709.0 | ||||
Accrued interest | -27.9 | -45.4 | 62.7 | 15.8 | ||||
Net cash interest | -188.7 | -229.7 | 21.7 | -693.2 | ||||
In the first three months of 2025, profit for the period came to € 515.4 million (3M 2024: € 335.5 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) | ||||||||
in € million | 3M 2024 | 3M 2025 | Change in % | 12M 2024 | ||||
Profit for the period | 335.5 | 515.4 | 53.6 | -962.3 | ||||
Profit from discontinued operations | -12.0 | -11.0 | -8.3 | -26.7 | ||||
Profit from continuing operations | 323.5 | 504.4 | 55.9 | -989.0 | ||||
Income taxes | 86.3 | -165.6 | – | 385.6 | ||||
Earnings before tax (EBT) | 409.8 | 338.8 | -17.3 | -603.4 | ||||
Non-recurring items | 19.2 | 28.6 | 49.0 | 241.8 | ||||
Net income from fair value adjustments of | – | – | – | 1,559.0 | ||||
Impairment/value adjustments | 21.2 | 3.4 | -84.0 | 347.3 | ||||
Valuation effects and special effects in the | -33.4 | 65.0 | – | 208.5 | ||||
Net income from investments accounted for | – | 1.3 | – | 53.8 | ||||
Earnings contribution from Non Core/Other sales | 4.6 | 53.2 | >100 | 6.6 | ||||
Period adjustments from assets held for sale | -4.9 | -11.6 | >100 | -14.0 | ||||
Adjusted EBT (continuing operations) | 416.5 | 478.7 | 14.9 | 1,799.6 | ||||
Adjusted net financial result | 160.8 | 184.3 | 14.6 | 709.0 | ||||
Straight-line depreciation | 27.8 | 27.8 | – | 112.7 | ||||
Intragroup profit/losses | 1.9 | 7.7 | >100 | 3.8 | ||||
Adjusted EBITDA Total (continuing operations) | 607.0 | 698.5 | 15.1 | 2,625.1 | ||||
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 | 3M 2024 | 3M 2025 | Change in % | 12M 2024 | ||||
Adjusted EBT (continuing operations) | 416.5 | 478.7 | 14.9 | 1,799.6 | ||||
Straight-line depreciation | 27.8 | 27.8 | – | 112.7 | ||||
Change in net current assets (working capital) according to the cash flow statement (adjusted for special payment effects) | 67.6 | 172.4 | >100 | 274.1 | ||||
Carrying amount of investment properties | 60.9 | 97.6 | 60.3 | 387.6 | ||||
Capitalized maintenance | -47.4 | -51.2 | 8.0 | -294.2 | ||||
Dividends and payouts to non-controlling shareholders (minorities) | -0.3 | -0.1 | -66.7 | -143.7 | ||||
Income tax payments according to cash flow statement (w/o taxes on Non Core sales) | -24.1 | -7.2 | -70.1 | -235.5 | ||||
Operating Free Cash-Flow | 501.0 | 718.0 | 43.3 | 1,900.6 | ||||