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REMCO SIMON: Okay. And the last question on your FFO numbers. You mentioned that minorities
is a relatively small number. I was wondering if you could maybe just elaborate a
little bit more on that, because if we look at the GAGFAH FFO for the first half-year
of ?112 million, then your 6.2 per cent minority stake that you don't own I would
think it would be slightly higher than just ?2.5 million.
DR KIRSTEN: Yes, it would. You have to keep two things in mind there. The first one is that in
2015 there was a payout of a dividend for the year 2014 from GAGFAH
shareholders. This thing was calculated in our one-offs because it will not repeat
itself. This was the promise of a dividend which was made last year. We're not
intending to pay out any further dividends to GAGFAH minority shareholders as we
speak at the moment.
The second aspect is of course we have a co-investor with JPMorgan. JPMorgan
gets an implicit fee which is reflecting in the pricing but not in the dividend line. We
also have so-called rent(?) blockers. They are already in the EBITDA, so we can't
deduct them any more from the FFO, they are already digested. So therefore the
number is relatively small with regard to the minorities and it will stay there.
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