4. Adjustments

For the operational management of the Group, Management adjusts the fiscal year result for certain expenses and income in connection with realized M&A transactions. The adjustments are made according to the management approach in the segment reporting. The adjusted results presented below therefore correspond to the management view.

Acquisition-related expenses and income are adjusted in the context of realized M&A transactions. These can include, for example, costs for legal advice, due diligence, auditing, expert opinions, travel expenses and the like. In addition, expenses from integration are adjusted within the first twelve months after acquisitions have taken place. This includes all forms of external consulting, severance costs, IT connection and other external implementation and integration costs.

In addition, effects from the purchase price allocation (PPA), such as expenses from depreciation of property, plant and equipment and intangible assets from revaluation effects, so-called step-up effects, are adjusted over time.

The following table shows the reconciliation for the adjusted result.

In the first half of 2024, expenses of EUR 121 thousand were adjusted within EBITDA (earnings before interest, taxes, depreciation of property, plant and equipment and amortization of intangible assets). These relate to material expenses resulting from the valuation of the acquired inventories as part of the purchase price allocation for the acquisition of Teco. In addition, acquisition costs/integration costs of EUR 108 thousand were adjusted.

There had been no adjustments within EBITDA in the first half of the 2023 fiscal year.

In the first half of 2024, as in the previous year, depreciation of property, plant and equipment from purchase price allocations amounting to EUR 396 thousand (H1: 2023: EUR 427 thousand) was adjusted within EBITA (earnings before interest, taxes and amortization of intangible assets), and amortization of intangible assets from purchase price allocations amounting to EUR 10,297 thousand (H1 2023: EUR 10,204 thousand) was adjusted within EBIT.

Fictitious income taxes resulting from the adjustments are calculated using the tax rates of the respective local company concerned and taken into account in the adjusted result after taxes.