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24 Earnings per Share

Accounting Policies

The basic earnings per share are calculated by dividing the profit for the period attributable to the shareholders by the weighted average number of ordinary shares in circulation during the reporting period. The diluted earnings per share are obtained by adjusting the profit for the period and the number of outstanding shares on the basis of the assumption that convertible instruments will be converted, options or warrants will be exercised or ordinary shares will be issued under certain conditions. Potential ordinary shares will only be included in the calculation if the conversion into ordinary shares would reduce the earnings per share.

Earnings per Share



Profit for the period attributable to Vonovia shareholders (in € million)



Weighted average number of shares*



Earnings per share (basic and diluted) in €



  1. * The number of average outstanding shares was adjusted for all periods in order to take account of the effect of the bonus element for subscription rights issued in December 2021 as part of the capital increase.

The capital increase implemented in December 2021 also involved the issue of subscription rights for existing shareholders. Since the subscription price for the new shares was lower than the market price of the existing shares, the capital increase includes a bonus element. According to IAS 33, the bonus element is the result of an implicit change in the number of shares outstanding for all periods prior to the capital increase without a fully proportionate change in resources. As a consequence, the average number of shares outstanding has been adjusted retroactively for prior-year disclosures accordingly.

At the end of the reporting period, no diluting financial instruments were in circulation. The basic earnings per share correspond to the diluted earnings per share.