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Tables of the Key Figures Section
Key Figures
Key_Figures
|
Financial Key Figures in € million |
9M 2020 |
9M 2021 |
Change in % |
12M 2020 |
||||
|
Total Segment Revenue |
3,211.6 |
3,517.0 |
9.5 |
4,370.0 |
||||
|
Adjusted EBITDA Total |
1,432.5 |
1,540.9 |
7.6 |
1,909.8 |
||||
|
Adjusted EBITDA Rental |
1,178.7 |
1,240.0 |
5.2 |
1,554.2 |
||||
|
Adjusted EBITDA Value-add |
110.1 |
115.6 |
5.0 |
152.3 |
||||
|
Adjusted EBITDA Recurring Sales |
74.9 |
105.5 |
40.9 |
92.4 |
||||
|
Adjusted EBITDA Development |
68.8 |
79.8 |
16.0 |
110.9 |
||||
|
EBITDA IFRS |
1,380.6 |
1,426.9 |
3.4 |
1,822.4 |
||||
|
Group FFO** |
1,015.9 |
1,147.3 |
12.9 |
1,348.2 |
||||
|
thereof attributable to Vonovia shareholders |
973.7 |
1,101.5 |
13.1 |
1,292.0 |
||||
|
thereof attributable to Vonovia hybrid capital investors |
30.0 |
30.0 |
0.0 |
40.0 |
||||
|
thereof attributable to non-controlling interests |
12.2 |
15.8 |
29.5 |
16.2 |
||||
|
Group FFO per share in €*/** |
1.80 |
1.99 |
10.8 |
2.38 |
||||
|
Income from fair value adjustments of investment properties |
1,830.2 |
5,073.0 |
>100 |
3,719.8 |
||||
|
EBT** |
2,831.7 |
5,833.2 |
>100 |
5,014.4 |
||||
|
Profit for the period** |
1,891.6 |
3,869.1 |
>100 |
3,340.0 |
||||
|
Cash flow from operating activities |
1,016.7 |
1,026.3 |
0.9 |
1,430.5 |
||||
|
Cash flow from investing activities |
-1,204.5 |
-8,625.1 |
>100 |
-1,729.9 |
||||
|
Cash flow from financing activities |
1,402.0 |
9,161.5 |
>100 |
402.6 |
||||
|
Total cost of maintenance, modernization and new construction |
1,360.0 |
1,355.1 |
-0.4 |
1,935.9 |
||||
|
thereof for maintenance expenses and capitalized maintenance |
399.1 |
453.5 |
13.6 |
592.0 |
||||
|
thereof for modernization |
659.7 |
547.8 |
-17.0 |
908.4 |
||||
|
thereof for new construction |
301.2 |
353.8 |
17.5 |
435.5 |
||||
|
Key Balance Sheet Figures in € million |
Dec. 31, 2020 |
Sep. 30, 2021 |
Change in % |
|||||
|
Fair value of the real estate portfolio** |
58,910.7 |
95,378.7 |
61.9 |
|||||
|
EPRA NTA** |
35,488.6 |
40,417.9 |
13.9 |
|||||
|
EPRA NTA per share in €*/** |
62.71 |
70.26 |
12.0 |
|||||
|
LTV (%)** |
39.4 |
44.2 |
4.8 pp |
|||||
|
Non-financial Key Figures |
9M 2020 |
9M 2021 |
Change in % |
12M 2020 |
||||
|
Number of units managed |
488,400 |
639,878 |
31.0 |
489,709 |
||||
|
thereof own apartments** |
414,570 |
568,451 |
37.1 |
415,688 |
||||
|
thereof apartments owned by others |
73,830 |
71,427 |
-3.3 |
74,021 |
||||
|
Number of units bought** |
– |
154,918 |
– |
1,711 |
||||
|
Number of units sold |
2,712 |
2,987 |
10.1 |
3,677 |
||||
|
thereof Recurring Sales |
1,883 |
2,367 |
25.7 |
2,442 |
||||
|
thereof Non-core Disposals |
829 |
620 |
-25.2 |
1,235 |
||||
|
Number of new apartments completed |
1,437 |
1,366 |
-4.9 |
2,088 |
||||
|
thereof own apartments |
1,056 |
786 |
-25.6 |
1,442 |
||||
|
thereof apartments for sale |
381 |
580 |
52.2 |
646 |
||||
|
Vacancy rate (in %) |
2.6 |
2.7 |
0.1 pp |
2.4 |
||||
|
Monthly in-place rent in €/m² |
7.07 |
7.34 |
3.8 |
7.16 |
||||
|
Organic rent increase (in %) |
3.6 |
3.5 |
-0.1 pp |
3.1 |
||||
|
Number of employees (as of Sep. 30/Dec. 31)** |
10,564 |
16,051 |
51.9 |
10,622 |
||||
- * Based on the shares carrying dividend rights on the reporting date September 30, 2020: 565,887,299, September 30, 2021: 575,257,327 and December 31, 2020: 565,887,299.
- ** 2021 incl. Deutsche Wohnen; Group FFO and profit for the period incl. effects of accounting for Deutsche Wohnen using the equity method.
Tables of the Business Development
Share Information (as of September 30, 2021)
Share_Information_as_of_September_30_2021
|
Share Information (as of September 30, 2021) |
||
|
First day of trading |
July 11, 2013 |
|
|
Subscription price |
€ 16.50 |
|
|
Total number of shares |
575,257,327 |
|
|
Share capital |
€ 575,257,327 |
|
|
ISIN |
DE000A1ML7J1 |
|
|
WKN |
A1ML7J |
|
|
Ticker symbol |
VNA |
|
|
Common code |
94567408 |
|
|
Share class |
Registered shares with no par value |
|
|
Stock exchange |
Frankfurt Stock Exchange |
|
|
Market segment |
Regulated market |
|
|
Indices |
DAX 40, EURO STOXX 50, DAX 50 ESG, Dow Jones Sustainability Index Europe, STOXX Global ESG Leaders, EURO STOXX ESG Leaders 50, STOXX Europe ESG Leaders 50, FTSE EPRA/NAREIT Developed Europe and GPR 250 World |
|
Total Segment Revenue
Total_Segment_Revenuel
|
Total Segment Revenue |
||||||||
|
in € million |
9M 2020 |
9M 2021 |
Change in % |
12M 2020 |
||||
|
Rental income |
1,708.8 |
1,764.7 |
3.3 |
2,288.5 |
||||
|
Other income from property management unless included in the operating expenses in the Rental segment |
36.3 |
40.8 |
12.4 |
50.2 |
||||
|
Income from disposals Recurring Sales |
296.5 |
422.2 |
42.4 |
382.4 |
||||
|
Internal revenue Value-add |
762.6 |
798.3 |
4.7 |
1,053.0 |
||||
|
Income from disposal of properties (Development) |
181.6 |
328.8 |
81.1 |
297.7 |
||||
|
Fair value Development to hold |
225.8 |
162.2 |
-28.2 |
298.2 |
||||
|
Total Segment Revenue |
3,211.6 |
3,517.0 |
9.5 |
4,370.0 |
||||
Group FFO
Group_FFO
|
Group FFO |
||||||||
|
in € million |
9M 2020 |
9M 2021 |
Change in % |
12M 2020 |
||||
|
Revenue in the Rental segment |
1,706.9 |
1,762.7 |
3.3 |
2,285.9 |
||||
|
Expenses for maintenance |
-234.9 |
-245.3 |
4.4 |
-321.1 |
||||
|
Operating expenses in the Rental segment |
-293.3 |
-277.4 |
-5.4 |
-410.6 |
||||
|
Adjusted EBITDA Rental |
1,178.7 |
1,240.0 |
5.2 |
1,554.2 |
||||
|
Revenue in the Value-add segment |
800.0 |
840.1 |
5.0 |
1,104.6 |
||||
|
thereof external revenue |
37.4 |
41.8 |
11.8 |
51.6 |
||||
|
thereof internal revenue |
762.6 |
798.3 |
4.7 |
1,053.0 |
||||
|
Operating expenses in the Value-add segment |
-689.9 |
-724.5 |
5.0 |
-952.3 |
||||
|
Adjusted EBITDA Value-add |
110.1 |
115.6 |
5.0 |
152.3 |
||||
|
Revenue in the Recurring Sales segment |
296.5 |
422.2 |
42.4 |
382.4 |
||||
|
Fair value of properties sold adjusted to reflect effects not relating to the period from assets held for sale in the Recurring Sales segment |
-211.6 |
-302.7 |
43.1 |
-274.0 |
||||
|
Adjusted result Recurring Sales |
84.9 |
119.5 |
40.8 |
108.4 |
||||
|
Selling costs in the Recurring Sales segment |
-10.0 |
-14.0 |
40.0 |
-16.0 |
||||
|
Adjusted EBITDA Recurring Sales |
74.9 |
105.5 |
40.9 |
92.4 |
||||
|
Revenue from disposal of “Development to sell” properties |
181.6 |
328.8 |
81.1 |
297.7 |
||||
|
Cost of Development to sell |
-145.0 |
-270.3 |
86.4 |
-235.9 |
||||
|
Gross profit Development to sell |
36.6 |
58.5 |
59.8 |
61.8 |
||||
|
Fair value Development to hold |
225.8 |
162.2 |
-28.2 |
298.2 |
||||
|
Cost of Development to hold* |
-181.5 |
-117.9 |
-35.0 |
-235.4 |
||||
|
Gross profit Development to hold |
44.3 |
44.3 |
-0.0 |
62.8 |
||||
|
Rental revenue Development |
0.8 |
1.0 |
25.0 |
1.2 |
||||
|
Operating expenses in the Development segment |
-12.9 |
-24.0 |
86.0 |
-14.9 |
||||
|
Adjusted EBITDA Development |
68.8 |
79.8 |
16.0 |
110.9 |
||||
|
Adjusted EBITDA Total |
1,432.5 |
1,540.9 |
7.6 |
1,909.8 |
||||
|
FFO interest expense |
-289.2 |
-267.5 |
-7.5 |
-380.1 |
||||
|
Current income taxes FFO |
-35.6 |
-58.2 |
63.5 |
-52.4 |
||||
|
Consolidation** |
-91.8 |
-93.5 |
1.9 |
-129.1 |
||||
|
FFO at-equity effects relating to Deutsche Wohnen |
– |
25.6 |
– |
– |
||||
|
Group FFO |
1,015.9 |
1,147.3 |
12.9 |
1,348.2 |
||||
- * Excluding capitalized interest on borrowed capital in 9M 2021 of € 0.9 million (9M 2020: € 0.3 million).
- ** Thereof intragroup profits in 9M 2021: € 27.2 million (9M 2020: € 24.1 million), gross profit development to hold in 9M 2021: € 44.3 million (9M 2020: € 44.3 million), IFRS 16 effects 9M 2021: € 22.0 million (9M 2020: € 23.4 million).
Maintenance, Modernization and New Construction
Maintenance,_Modernization_and_New_Construction
|
Maintenance, Modernization and New Construction |
||||||||
|
in € million |
9M 2020 |
9M 2021 |
Change in % |
12M 2020 |
||||
|
Expenses for maintenance |
234.9 |
245.3 |
4.4 |
321.1 |
||||
|
Capitalized maintenance |
164.2 |
208.2 |
26.8 |
270.9 |
||||
|
Maintenance measures |
399.1 |
453.5 |
13.6 |
592.0 |
||||
|
Modernization measures |
659.7 |
547.8 |
-17.0 |
908.4 |
||||
|
New construction (to hold) |
301.2 |
353.8 |
17.5 |
435.5 |
||||
|
Modernization and new construction measures |
960.9 |
901.6 |
-6.2 |
1,343.9 |
||||
|
Total cost of maintenance, modernization and new construction |
1,360.0 |
1,355.1 |
-0.4 |
1,935.9 |
||||
Non-recurring Items
Non-recurring_Items
|
Non-recurring Items |
||||||||
|
in € million |
9M 2020 |
9M 2021 |
Change in % |
12M 2020 |
||||
|
Transactions* |
5.4 |
21.5 |
>100 |
24.0 |
||||
|
Personnel matters |
12.1 |
0.3 |
-97.5 |
27.5 |
||||
|
Business model optimization |
10.0 |
7.8 |
-22.0 |
13.9 |
||||
|
Research & development |
– |
2.8 |
– |
– |
||||
|
Refinancing and equity measures |
-3.4 |
-6.4 |
88.2 |
-3.9 |
||||
|
Total non-recurring items |
24.1 |
26.0 |
7.9 |
61.5 |
||||
- * Including one-time expenses in connection with acquisitions, such as HR measures relating to the integration process and other follow-up costs.
Reconciliation of Financial Result/FFO Interest Expense
Reconciliation_of_Financial_Result_FFO_Interest_Expense
|
Reconciliation of Financial Result/FFO Interest Expense |
||||||||
|
in € million |
9M 2020 |
9M 2021 |
Change in % |
12M 2020 |
||||
|
Interest income |
17.5 |
4.9 |
-72.0 |
21.9 |
||||
|
Interest expense |
-310.2 |
-280.5 |
-9.6 |
-411.4 |
||||
|
Other financial result excluding income from investments |
-20.0 |
-135.3 |
>100 |
-46.0 |
||||
|
Financial result* |
-312.7 |
-410.9 |
31.4 |
-435.5 |
||||
|
Adjustments: |
||||||||
|
Other financial result excluding income from investments |
20.0 |
135.3 |
>100 |
46.0 |
||||
|
Effects from the valuation of interest rate and currency derivatives |
42.4 |
-8.9 |
– |
42.4 |
||||
|
Prepayment penalties and commitment interest |
4.3 |
2.8 |
-34.9 |
6.2 |
||||
|
Effects from the valuation of non-derivative financial instruments |
-47.5 |
-16.3 |
-65.7 |
-48.6 |
||||
|
Interest accretion to provisions |
4.3 |
3.0 |
-30.2 |
6.2 |
||||
|
Interest income from bond issue |
-11.9 |
– |
-100.0 |
-11.9 |
||||
|
Accrued interest/other effects |
36.0 |
33.4 |
-7.2 |
-6.0 |
||||
|
Net cash interest |
-265.1 |
-261.6 |
-1.3 |
-401.2 |
||||
|
Adjustment for IFRS 16 Leases |
7.2 |
7.3 |
1.4 |
10.5 |
||||
|
Adjustment of income from investments in other real estate companies |
1.5 |
15.1 |
>100 |
2.4 |
||||
|
Adjustment of interest paid due to taxes |
5.4 |
-1.2 |
– |
23.7 |
||||
|
Adjustment of accrued interest |
-38.2 |
-27.1 |
-29.1 |
-15.5 |
||||
|
Interest expense FFO |
-289.2 |
-267.5 |
-7.5 |
-380.1 |
||||
- * Excluding income from other investments.
Reconciliation of Profit for the Period/Group FFO
Reconciliation_of_Profit_for_the_Period_Group_FFO
|
Reconciliation of Profit for the Period/Group FFO |
||||||||
|
in € million |
9M 2020 |
9M 2021 |
Change in % |
12M 2020 |
||||
|
Profit for the period |
1,891.6 |
3,869.1 |
>100 |
3,340.0 |
||||
|
Financial result* |
312.7 |
410.9 |
31.4 |
435.5 |
||||
|
Income taxes |
940.1 |
1,964.1 |
>100 |
1,674.4 |
||||
|
Depreciation and amortization |
66.4 |
255.8 |
>100 |
92.3 |
||||
|
Net income from fair value adjustments of investment properties |
-1,830.2 |
-5,073.0 |
>100 |
-3,719.8 |
||||
|
EBITDA IFRS |
1,380.6 |
1,426.9 |
3.4 |
1,822.4 |
||||
|
Non-recurring items |
24.1 |
26.0 |
7.9 |
61.5 |
||||
|
Total period adjustments from assets held for sale |
-4.1 |
46.1 |
– |
-15.3 |
||||
|
Financial income from investments in other real estate companies |
-1.5 |
-15.0 |
>100 |
-2.4 |
||||
|
Other (mainly Non-core Disposals) |
-35.0 |
-14.6 |
-58.3 |
-52.7 |
||||
|
Intragroup profits |
24.1 |
27.2 |
12.9 |
33.5 |
||||
|
Gross profit Development to hold |
44.3 |
44.3 |
– |
62.8 |
||||
|
Adjusted EBITDA Total |
1,432.5 |
1,540.9 |
7.6 |
1,909.8 |
||||
|
Interest expense FFO** |
-289.2 |
-267.5 |
-7.5 |
-380.1 |
||||
|
Current income taxes FFO |
-35.6 |
-58.2 |
63.5 |
-52.4 |
||||
|
Consolidation |
-91.8 |
-93.5 |
1.9 |
-129.1 |
||||
|
FFO at-equity effects relating to Deutsche Wohnen |
– |
25.6 |
– |
– |
||||
|
Group FFO |
1,015.9 |
1,147.3 |
12.9 |
1,348.2 |
||||
|
Group FFO per share in €*** |
1.80 |
1.99 |
10.8 |
2.38 |
||||
- * Excluding income from other investments.
- ** Incl. financial income from investments in other real estate companies.
- *** Based on the shares carrying dividend rights on the reporting date September 30, 2020: 565,887,299, September 30, 2021: 575,257,327 and December 31, 2020: 565,887,299.
Consolidated Balance Sheet Structure
Consolidated_Balance_Sheet_Structure
|
Consolidated Balance Sheet Structure |
|||||||||
|
Dec. 31, 2020 |
Sep. 30, 2021 |
||||||||
|
in € million |
in % |
in € million |
in % |
||||||
|
Non-current assets |
60,632.0 |
97.1 |
100,012.5 |
92.0 |
|||||
|
Current assets |
1,785.4 |
2.9 |
8,644.4 |
8.0 |
|||||
|
Total assets |
62,417.4 |
100.0 |
108,656.9 |
100.0 |
|||||
|
Equity |
24,831.8 |
39.8 |
28,726.4 |
26.4 |
|||||
|
Non-current liabilities |
34,669.8 |
55.5 |
57,899.6 |
53.3 |
|||||
|
Current liabilities |
2,915.8 |
4.7 |
22,030.9 |
20.3 |
|||||
|
Total equity and liabilities |
62,417.4 |
100.0 |
108,656.9 |
100.0 |
|||||
EPRA Net Tangible Assets (EPRA NTA)
EPRA_Net_Tangible_Assets_EPRA_NTA)
|
EPRA Net Tangible Assets (EPRA NTA) |
||||||
|
in € million |
Dec. 31, 2020 |
Sep. 30, 2021 |
Change in % |
|||
|
Total equity attributable to Vonovia shareholders |
23,143.9 |
26,493.2 |
14.5 |
|||
|
Deferred tax in relation to fair value gains of investment properties* |
10,466.7 |
15,111.2 |
44.4 |
|||
|
Fair value of financial instruments** |
54.9 |
51.5 |
-6.2 |
|||
|
Goodwill as per the IFRS balance sheet |
-1,494.7 |
-6,739.1 |
>100 |
|||
|
Intangibles as per the IFRS balance sheet |
-117.0 |
-145.9 |
24.7 |
|||
|
Real estate transfer tax* |
3,434.8 |
5,647.0 |
64.4 |
|||
|
EPRA NTA |
35,488.6 |
40,417.9 |
13.9 |
|||
|
EPRA NTA per share in €*** |
62.71 |
70.26 |
12.0 |
|||
- * Proportion of hold portfolio.
- ** Adjusted for effects from cross currency swaps.
- *** Based on the number of shares on the reporting date December 31, 2020: 565,887,299, September 30, 2021: 575,257,327.
Key Data from the Statement of Cash Flow
Key_Data_from_the_Statement_of_Cash_Flow
|
Key Data from the Statement of Cash Flows |
|||||
|
in € million |
9M 2020 |
9M 2021 |
|||
|
Cash flow from operating activities |
1,016.7 |
1,026.3 |
|||
|
Cash flow from investing activities |
-1,204.5 |
-8,625.1 |
|||
|
Cash flow from financing activities |
1,402.0 |
9,161.5 |
|||
|
Influence of changes in foreign exchange rates |
-1.3 |
-1.6 |
|||
|
Change in cash and cash equivalents related to assets held for sale |
– |
-1.1 |
|||
|
Net changes in cash and cash equivalents |
1,212.9 |
1,560.0 |
|||
|
Cash and cash equivalents at the beginning of the period |
500.7 |
613.3 |
|||
|
Cash and cash equivalents at the end of the period |
1,713.6 |
2,173.3 |
|||
LTV (loan to value)
LTV_loan_to_value
|
in € million |
Dec. 31, 2020 |
Sep. 30, 2021 |
Change in % |
|||
|
Non-derivative financial liabilities |
24,084.7 |
46,179.9 |
91.7 |
|||
|
Foreign exchange rate effects |
-18.9 |
-31.6 |
67.2 |
|||
|
Cash and cash equivalents |
-613.3 |
-3,173.2 |
>100 |
|||
|
Net debt |
23,452.5 |
42,975.1 |
83.2 |
|||
|
Sales receivables |
-122.3 |
-60.1 |
-50.9 |
|||
|
Adjusted net debt |
23,330.2 |
42,915.0 |
83.9 |
|||
|
Fair value of the real estate portfolio |
58,910.7 |
95,378.7 |
61.9 |
|||
|
Loans to companies holding immovable property and land |
– |
950.4 |
– |
|||
|
Shares in other real estate companies |
324.8 |
700.4 |
>100 |
|||
|
Adjusted fair value of the real estate portfolio |
59,235.5 |
97,029.5 |
63.8 |
|||
|
LTV |
39.4% |
44.2% |
4.8 pp |
|||
LTV Convenants
LTV_Convenants
|
in € million |
Dec. 31, 2020 |
Sep. 30, 2021 |
Change in % |
|||
|
Non-derivative financial liabilities |
24,084.7 |
46,179.9 |
91.7 |
|||
|
Total assets |
62,417.4 |
108,656.9 |
74.1 |
|||
|
LTV bond covenants |
38.6% |
42.5% |
3.9 pp |
|||
Business Outlook
Business_Outlook
|
Actual 2020 |
Forecast for 2021 |
Forecast for 2021 in the 2021 H1 Report |
Forecast for 2021 in the 2021 Q3 Report |
|||||
|
Total Segment Revenue |
€ 4.4 billion |
€ 4.9–5.1 billion |
€ 4.9–5.1 billion |
€ 4.9–5.1 billion |
||||
|
EPRA NTA per share* |
€ 62.71 |
suspended |
suspended |
suspended |
||||
|
Adjusted EBITDA Total |
€ 1,909.8 million |
€ 1,975–2,025 million |
€ 2,055–2,105 million |
Around upper end of € 2,055–2,105 million |
||||
|
Group FFO |
€ 1,348.2 million |
€ 1,415–1,465 million |
€ 1,465–1,515 million |
€ 1,520–1,540 million |
||||
|
Group FFO per share* |
€ 2.38 |
suspended |
suspended |
suspended |
||||
|
Sustainability Performance Index (SPI) |
– |
~100% |
~105% |
~105% |
||||
|
Revenue in the Rental segment |
€ 2,285.9 million |
€ 2.3–2.4 billion |
€ 2.3–2.4 billion |
€ 2.3–2.4 billion |
||||
|
Organic rent growth (eop) |
3.1% |
Increase of ~3.0–3.8%** |
Increase of ~3.8% |
Increase of ~3.8% |
||||
|
Modernization and new construction |
€ 1,343.9 million |
€ 1.3–1.6 billion |
€ 1.3–1.6 billion |
€ 1.3–1.6 billion |
||||
|
Number of units sold Recurring Sales |
2,442 |
~2,500 |
~2,800 |
~2,800 |
||||
|
Fair value step-up Recurring Sales |
39.6% |
~30% |
>35% |
>35% |
||||
- * Based on the shares carrying dividend rights on the reporting date.
- ** Depending on whether or not the Act on Rent Controls in the Housing Sector in Berlin (MietenWoG Bln) is found to be constitutional at the end of 2021, we expect rent increases at the upper/lower end of the forecast.
Tables of the Consolidated Financial Statements
Consolidated Income Statement
Consolidated_Income_Statement
|
in € million |
Jan. 1– Sep. 30, 2020 |
Jan. 1– Sep. 30, 2021 |
Jul. 1– Sep. 30, 2020 |
Jul. 1– Sep 30, 2021 |
|||||
|
Income from property letting |
2,287.3 |
2,359.8 |
766.5 |
789.9 |
|||||
|
Other income from property management |
53.3 |
57.0 |
17.8 |
19.1 |
|||||
|
Income from property management |
2,340.6 |
2,416.8 |
784.3 |
809.0 |
|||||
|
Income from disposal of properties |
451.2 |
471.7 |
133.6 |
114.8 |
|||||
|
Carrying amount of properties sold |
-366.3 |
-403.4 |
-106.5 |
-92.6 |
|||||
|
Revaluation of assets held for sale |
42.7 |
21.8 |
27.8 |
-9.7 |
|||||
|
Profit on disposal of properties |
127.6 |
90.1 |
54.9 |
12.5 |
|||||
|
Income from the disposal of properties (Development) |
181.6 |
328.8 |
74.1 |
137.1 |
|||||
|
Cost of sold properties |
-145.0 |
-270.3 |
-61.3 |
-110.1 |
|||||
|
Profit on the disposal of properties (Development) |
36.6 |
58.5 |
12.8 |
27.0 |
|||||
|
Net income from fair value adjustments of investment properties |
1,830.2 |
5,073.0 |
17.9 |
1,374.4 |
|||||
|
Capitalized internal expenses |
468.6 |
483.5 |
171.1 |
171.3 |
|||||
|
Cost of materials |
-1,072.3 |
-1,099.8 |
-367.3 |
-378.0 |
|||||
|
Personnel expenses |
-432.7 |
-446.8 |
-140.1 |
-141.8 |
|||||
|
Depreciation and amortization |
-66.4 |
-255.8 |
-24.2 |
-21.5 |
|||||
|
Other operating income |
109.8 |
186.6 |
46.8 |
121.0 |
|||||
|
Impairment losses on financial assets |
-22.7 |
-15.2 |
-6.0 |
-7.0 |
|||||
|
Net income from the derecognition of financial assets measured at amortized cost |
0.8 |
-1.5 |
-0.1 |
-0.6 |
|||||
|
Other operating expenses |
-187.7 |
-272.1 |
-55.6 |
-82.6 |
|||||
|
Net income from investments accounted for using the equity method |
0.5 |
1.2 |
0.2 |
1.0 |
|||||
|
Interest income |
17.5 |
4.9 |
2.8 |
1.0 |
|||||
|
Interest expenses |
-310.2 |
-280.5 |
-95.1 |
-100.7 |
|||||
|
Other financial result |
-8.5 |
-109.7 |
-12.7 |
-43.1 |
|||||
|
Earnings before tax |
2,831.7 |
5,833.2 |
389.7 |
1,741.9 |
|||||
|
Income taxes |
-940.1 |
-1,964.1 |
-116.2 |
-552.9 |
|||||
|
Profit for the period |
1,891.6 |
3,869.1 |
273.5 |
1,189.0 |
|||||
|
Attributable to: |
|||||||||
|
Vonovia’s shareholders |
1,818.1 |
3,782.9 |
260.1 |
1,176.2 |
|||||
|
Vonovia’s hybrid capital investors |
22.4 |
22.4 |
7.6 |
7.6 |
|||||
|
Non-controlling interests |
51.1 |
63.8 |
5.8 |
5.2 |
|||||
|
Earnings per share (basic and diluted) in € |
3.33 |
6.63 |
0.47 |
2.04 |
|||||
Consolidated Statement of Comprehensive Income
Consolidated_Statement_of_Comprehensive_Income
|
in € million |
Jan. 1– Sep. 30, 2020 |
Jan. 1– Sep. 30, 2021 |
Jul. 1– Sep. 30, 2020 |
Jul. 1– Sep. 30, 2021 |
|||||
|
Profit for the period |
1,891.6 |
3,869.1 |
273.5 |
1,189.0 |
|||||
|
Change in unrealized gains/losses |
0.2 |
20.6 |
-9.0 |
7.5 |
|||||
|
Taxes on the change in unrealized gains/losses |
0.0 |
-6.3 |
3.0 |
-2.4 |
|||||
|
Net realized gains/losses |
19.7 |
-0.1 |
13.3 |
-1.9 |
|||||
|
Taxes due to net realized gains/losses |
-4.1 |
2.4 |
-3.6 |
1.4 |
|||||
|
Profit on cash flow hedges |
15.8 |
16.6 |
3.7 |
4.6 |
|||||
|
Changes in the period |
-70.3 |
-70.2 |
-63.2 |
-32.2 |
|||||
|
Tax effect |
8.0 |
8.6 |
6.0 |
3.6 |
|||||
|
Profit on currency translation differences |
-62.3 |
-61.6 |
-57.2 |
-28.6 |
|||||
|
Items which will be recognized in profit or loss in the future |
-46.5 |
-45.0 |
-53.5 |
-24.0 |
|||||
|
Changes in the period |
-0.1 |
65.9 |
– |
4.0 |
|||||
|
Taxes on changes in the period |
0.1 |
-0.9 |
– |
– |
|||||
|
Profit on equity instruments at fair value in other comprehensive income |
– |
65.0 |
– |
4.0 |
|||||
|
Change in actuarial gains/losses, net |
-8.8 |
48.5 |
0.6 |
9.2 |
|||||
|
Tax effect |
3.1 |
-16.1 |
– |
-3.1 |
|||||
|
Profit on actuarial gains and losses from pensions and similar obligations |
-5.7 |
32.4 |
0.6 |
6.1 |
|||||
|
Items which will not be recognized in profit or loss in the future |
-5.7 |
97.4 |
0.6 |
10.1 |
|||||
|
Other comprehensive income |
-52.2 |
52.4 |
-52.9 |
-13.9 |
|||||
|
Total comprehensive income |
1,839.4 |
3,921.5 |
220.6 |
1,175.1 |
|||||
|
Attributable to: |
|||||||||
|
Vonovia’s shareholders |
1,766.0 |
3,834.9 |
207.2 |
1,162.2 |
|||||
|
Vonovia’s hybrid capital investors |
22.4 |
22.4 |
7.6 |
7.6 |
|||||
|
Non-controlling interests |
51.0 |
64.2 |
5.8 |
5.3 |
|||||
Consolidtated Balance Sheet - Assets
Consolidated_Balance_Sheet_Assets
|
in € million |
Dec. 31, 2020 |
Sep. 30, 2021 |
|||
|
Intangible assets |
1,611.7 |
6,885.0 |
|||
|
Property, plant and equipment |
387.6 |
571.3 |
|||
|
Investment properties |
58,071.8 |
91,521.0 |
|||
|
Financial assets |
416.0 |
869.0 |
|||
|
Other assets |
128.5 |
149.8 |
|||
|
Deferred tax assets |
16.4 |
16.4 |
|||
|
Total non-current assets |
60,632.0 |
100,012.5 |
|||
|
Inventories |
8.7 |
15.6 |
|||
|
Trade receivables |
268.9 |
458.3 |
|||
|
Financial assets |
0.4 |
1,955.7 |
|||
|
Other assets |
119.0 |
251.8 |
|||
|
Income tax receivables |
39.8 |
192.8 |
|||
|
Cash and cash equivalents |
613.3 |
2,173.3 |
|||
|
Real estate inventories |
570.4 |
518.3 |
|||
|
Assets held for sale |
164.9 |
3,078.6 |
|||
|
Total current assets |
1,785.4 |
8,644.4 |
|||
|
Total assets |
62,417.4 |
108,656.9 |
|||
Consolidated Balance Sheet - Equity and Liabilities
Consolidated_Balance_Sheet_Equity_and_Liabilities
|
in € million |
Dec. 31, 2020 |
Sep. 30, 2021 |
|||
|
Subscribed capital |
565.9 |
575.3 |
|||
|
Capital reserves |
9,037.9 |
9,496.3 |
|||
|
Retained earnings |
13,368.2 |
16,278.9 |
|||
|
Other reserves |
171.9 |
142.7 |
|||
|
Total equity attributable to Vonovia shareholders |
23,143.9 |
26,493.2 |
|||
|
Equity attributable to hybrid capital investors |
1,001.6 |
1,031.5 |
|||
|
Total equity attributable to Vonovia shareholders and hybrid capital investors |
24,145.5 |
27,524.7 |
|||
|
Non-controlling interests |
686.3 |
1,201.7 |
|||
|
Total equity |
24,831.8 |
28,726.4 |
|||
|
Provisions |
711.3 |
779.5 |
|||
|
Trade payables |
5.0 |
0.6 |
|||
|
Non-derivative financial liabilities |
22,375.1 |
38,094.7 |
|||
|
Derivatives |
76.8 |
82.5 |
|||
|
Lease liabilities |
467.3 |
592.2 |
|||
|
Liabilities to non-controlling interests |
26.8 |
227.5 |
|||
|
Financial liabilities from tenant financing |
45.3 |
46.2 |
|||
|
Other liabilities |
2.6 |
4.8 |
|||
|
Deferred tax liabilities |
10,959.6 |
18,071.6 |
|||
|
Total non-current liabilities |
34,669.8 |
57,899.6 |
|||
|
Provisions |
389.0 |
754.7 |
|||
|
Trade payables |
229.5 |
359.3 |
|||
|
Non-derivative financial liabilities |
1,709.6 |
7,889.1 |
|||
|
Derivatives |
222.2 |
276.4 |
|||
|
Lease liabilities |
27.8 |
42.5 |
|||
|
Liabilities to non-controlling interests |
16.3 |
15.6 |
|||
|
Financial liabilities from tenant financing |
118.1 |
113.6 |
|||
|
Other liabilities |
203.3 |
12,242.0 |
|||
|
Liabilities associated with assets classified as held for sale |
– |
337.7 |
|||
|
Total current liabilities |
2,915.8 |
22,030.9 |
|||
|
Total liabilities |
37,585.6 |
79,930.5 |
|||
|
Total equity and liabilities |
62,417.4 |
108,656.9 |
|||
Consolidated Statement of Cash Flows
Consolidated_Statement_of Cash_Flows
|
in € million |
Jan. 1– Sep. 30, 2020 |
Jan. 1– Sep. 30, 2021 |
|||
|
Profit for the period |
1,891.6 |
3,869.1 |
|||
|
Net income from fair value adjustments of investment properties |
-1,830.2 |
-5,073.0 |
|||
|
Revaluation of assets held for sale |
-42.7 |
-21.8 |
|||
|
Depreciation and amortization |
66.4 |
255.8 |
|||
|
Interest expenses/income and other financial result |
312.6 |
410.9 |
|||
|
Income taxes |
940.1 |
1,964.1 |
|||
|
Results from disposals of investment properties |
-84.9 |
-68.3 |
|||
|
Results from disposals of other non-current assets |
-0.1 |
0.5 |
|||
|
Other expenses/income not affecting cash |
5.9 |
-95.4 |
|||
|
Change in working capital |
-174.2 |
-133.2 |
|||
|
Income tax paid |
-67.8 |
-82.4 |
|||
|
Cash flow from operating activities |
1,016.7 |
1,026.3 |
|||
|
Proceeds from disposals of investment properties and assets held for sale |
435.7 |
481.3 |
|||
|
Proceeds from disposals of other assets |
0.3 |
0.7 |
|||
|
Payments for investments in investment properties |
-1,183.2 |
-1,148.9 |
|||
|
Payments for investments in other assets |
-238.4 |
-473.2 |
|||
|
Payments for acquisition of shares in consolidated companies, in due consideration of liquid funds |
-226.0 |
-6,490.9 |
|||
|
Payments for cash investments held as financial assets |
– |
-999.9 |
|||
|
Interest received |
7.1 |
5.8 |
|||
|
Cash flow from investing activities |
-1,204.5 |
-8,625.1 |
|||
|
Capital contributions on the issue of new shares (including premium) |
1,003.0 |
– |
|||
|
Cash paid to shareholders of Vonovia SE and non-controlling interests |
-506.7 |
-493.0 |
|||
|
Proceeds from issuing financial liabilities |
3,890.3 |
12,314.3 |
|||
|
Cash repayments of financial liabilities |
-2,635.1 |
-2,165.7 |
|||
|
Cash repayments of lease liabilities |
-17.8 |
-15.7 |
|||
|
Payments for transaction costs in connection with capital measures |
-38.8 |
-197.3 |
|||
|
Payments for other financing costs |
-9.9 |
-6.5 |
|||
|
Payments in connection with the disposal of shares in non-controlling interests |
-10.8 |
-7.6 |
|||
|
Interest paid |
-272.2 |
-267.0 |
|||
|
Cash flow from financing activities |
1,402.0 |
9,161.5 |
|||
|
Influence of changes in foreign exchange rates on cash and cash equivalents |
-1.3 |
-1.6 |
|||
|
Change in cash and cash equivalents related to assets held for sale |
– |
-1.1 |
|||
|
Net changes in cash and cash equivalents |
1,212.9 |
1,560.0 |
|||
|
Cash and cash equivalents at the beginning of the period |
500.7 |
613.3 |
|||
|
Cash and cash equivalents at the end of the period* |
1,713.6 |
2,173.3 |
|||
- * Includes € 898.5 million (Sep. 30, 2020: € 650.0 million) in current securities classified as cash equivalents and total restricted cash of € 75.7 million (Sep. 30, 2020: € 91.3 million).
Tables with Portfolio Information
Portfolio Structure
Portfolio_Structure
|
Portfolio Structure |
||||||||||
|
Fair value* |
||||||||||
|
Sep. 30, 2021 |
(in € million) |
(in €/m²) |
Residential units |
Vacancy (in %) |
In-place rent (in €/m²)** |
|||||
|
Strategic |
48,104.6 |
2,305 |
328,140 |
2.5 |
7.12 |
|||||
|
Operate |
16,336.7 |
2,290 |
107,401 |
2.5 |
7.51 |
|||||
|
Invest |
31,767.9 |
2,313 |
220,739 |
2.5 |
6.94 |
|||||
|
Recurring Sales |
4,106.6 |
2,468 |
24,458 |
3.0 |
7.25 |
|||||
|
Non-core Disposals |
176.8 |
1,384 |
1,073 |
12.8 |
8.08 |
|||||
|
Vonovia Germany |
52,388.0 |
2,312 |
353,671 |
2.6 |
7.14 |
|||||
|
Vonovia Sweden |
7,017.6 |
2,350 |
38,467 |
2.4 |
10.34 |
|||||
|
Vonovia Austria |
2,905.7 |
1,652 |
21,596 |
5.4 |
4.87 |
|||||
|
Total |
62,311.3 |
2,274 |
413,734 |
2.7 |
7.34 |
|||||
|
Deutsche Wohnen*** |
27,610.0 |
2,843 |
154,717 |
1.6 |
7.17 |
|||||
Breakdown of Strategic Housing Stock by Regional Market
Breakdown_of_Strategic_Housing_Stock_by_Regional_Market
|
Breakdown of Strategic Housing Stock by Regional Market |
||||||||||
|
Fair value* |
||||||||||
|
Sep. 30, 2021 |
(in € million) |
(in €/m²) |
Residential units |
Vacancy (in %) |
In-place rent (in €/m²)** |
|||||
|
Regional market |
||||||||||
|
Berlin |
8,371.4 |
2,922 |
43,496 |
1.4 |
7.08 |
|||||
|
Rhine Main Area |
5,434.4 |
3,083 |
27,121 |
1.9 |
8.76 |
|||||
|
Southern Ruhr Area |
5,107.8 |
1,899 |
43,035 |
3.4 |
6.61 |
|||||
|
Rhineland |
4,616.4 |
2,402 |
28,226 |
2.5 |
7.60 |
|||||
|
Dresden |
4,564.3 |
1,991 |
38,467 |
3.8 |
6.44 |
|||||
|
Hamburg |
3,442.9 |
2,700 |
19,651 |
1.6 |
7.59 |
|||||
|
Kiel |
2,849.0 |
1,995 |
24,254 |
2.2 |
6.83 |
|||||
|
Munich |
2,627.0 |
4,015 |
9,690 |
1.1 |
8.66 |
|||||
|
Stuttgart |
2,442.7 |
2,811 |
13,596 |
1.8 |
8.34 |
|||||
|
Hanover |
2,287.6 |
2,201 |
16,131 |
2.4 |
7.06 |
|||||
|
Northern Ruhr Area |
2,056.4 |
1,328 |
24,853 |
3.1 |
6.11 |
|||||
|
Bremen |
1,453.8 |
1,976 |
11,834 |
3.7 |
6.23 |
|||||
|
Leipzig |
1,184.1 |
1,933 |
9,017 |
3.1 |
6.30 |
|||||
|
Westphalia |
1,135.2 |
1,818 |
9,451 |
2.9 |
6.66 |
|||||
|
Freiburg |
770.3 |
2,762 |
4,037 |
1.4 |
7.93 |
|||||
|
Other Strategic Locations |
3,439.9 |
2,008 |
26,533 |
2.9 |
7.20 |
|||||
|
Total strategic locations Germany |
51,783.1 |
2,321 |
349,392 |
2.5 |
7.14 |
|||||
- * Fair value of the developed land excluding € 5,457.4 million, of which € 652.3 million for undeveloped land and inheritable building rights granted, € 833.6 million for assets under construction, € 923.8 million for development, € 1,261.0 million for nursing portfolio and € 1,786.6 million for other.
- ** Based on the country-specific definition.
- *** Based on definition of Deutsche Wohnen.
- **** Excl. Deutsche Wohnen portfolio.
- *** Based on definition of Deutsche Wohnen.