Results of Operations
Overview
The following key figures provide an overview of how Vonovia’s results of operations and their drivers developed in 2021. For information on the limited comparative value of the prior-year figures, we refer to the statements in the chapter on overall business development within the Group.
Key Figures on Results of Operations
in € million | 2020 | 2021 | Change in % | |||
Total Segment Revenue | 4,370.0 | 5,179.9 | 18.5 | |||
Revenue in the Rental segment | 2,285.9 | 2,361.6 | 3.3 | |||
Revenue in the Value-add segment | 1,104.6 | 1,165.8 | 5.5 | |||
Revenue in the Recurring Sales segment | 382.4 | 477.0 | 24.7 | |||
Revenue in the Development segment | 597.1 | 867.8 | 45.3 | |||
Revenue in the Deutsche Wohnen | – | 307.7 | – | |||
Adjusted EBITDA Total | 1,909.8 | 2,269.3 | 18.8 | |||
Adjusted EBITDA Rental | 1,554.2 | 1,648.0 | 6.0 | |||
Adjusted EBITDA Value-add | 152.3 | 148.8 | -2.3 | |||
Adjusted EBITDA Recurring Sales | 92.4 | 114.0 | 23.4 | |||
Adjusted EBITDA Development | 110.9 | 187.7 | 69.3 | |||
Adjusted EBITDA Deutsche Wohnen | – | 170.8 | – | |||
Group FFO | 1,348.2 | 1,672.0 | 24.0 | |||
Monthly in-place rent Vonovia in €/m² | 7.16 | 7.33 | 2.4 | |||
Monthly in-place rent Vonovia without Deutsche Wohnen in €/m² | 7.16 | 7.38 | 3.1 | |||
Monthly in-place rent Deutsche Wohnen in €/m² | – | 7.20 | – | |||
Average area of own apartments in the reporting period (in thou. m²) | 26,532 | 28,784 | 8.5 | |||
Average number of own units (number of units) | 414,931 | 452,868 | 9.1 | |||
Vacancy rate Vonovia (in %) | 2.4 | 2.2 | -0.2 pp | |||
Vacancy rate Vonovia without Deutsche Wohnen (in %) | 2.4 | 2.4 | – | |||
Vacancy rate Deutsche Wohnen (in %) | – | 1.7 | – | |||
Maintenance expenses and capitalized maintenance Rental segment (€/m²) | 22.31 | 25.18 | 12.9 | |||
thereof expenses for maintenance (€/m²) | 12.10 | 12.57 | 3.9 | |||
thereof capitalized maintenance (€/m²) | 10.21 | 12.61 | 23.5 | |||
Number of units bought | 1,711 | 155,145 | >100 | |||
Number of units sold | 3,677 | 6,870 | 86.8 | |||
thereof Recurring Sales | 2,442 | 2,747 | 12.5 | |||
thereof Non-core Disposals | 1,235 | 723 | -41.5 | |||
thereof Deutsche Wohnen | – | 3,400 | – | |||
Number of new apartments completed | 2,088 | 2,200 | 5.4 | |||
thereof own apartments | 1,442 | 1,373 | -4.8 | |||
thereof apartments for sale | 646 | 827 | 28.0 | |||
thereof Deutsche Wohnen | – | – | – | |||
Number of employees (as of December 31) | 10,622 | 15,871 | 49.4 | |||
As of the end of 2021, Vonovia managed a portfolio comprising 565,334 of its own residential units (2020: 415,688), 168,015 garages and parking spaces (2020: 139,429) and 9,289 commercial units (2020: 6,564).
Total Segment Revenue
Total Segment Revenue | ||||||
in € million | 2020 | 2021 | Change in % | |||
Rental income | 2,288.5 | 2,571.9 | 12.4 | |||
Other income from property management unless included in the operating expenses in the Rental segment | 50.2 | 141.7 | >100 | |||
Income from disposals Recurring Sales | 382.4 | 477.2 | 24.8 | |||
Internal revenue Value-add | 1,053.0 | 1,107.2 | 5.1 | |||
Income from disposal of properties (Development) | 297.7 | 519.6 | 74.5 | |||
Fair value Development to hold | 298.2 | 362.3 | 21.5 | |||
Total Segment Revenue | 4,370.0 | 5,179.9 | 18.5 | |||
In the 2021 fiscal year, total segment revenue rose by 18.5% from € 4,370.0 million to € 5,179.9 million. This increase was due primarily to income from disposal of properties (development), the additional rental income from Deutsche Wohnen in the fourth quarter of 2021, and organic growth thanks to new construction and modernization in the Vonovia portfolio. In the fourth quarter of 2021, Deutsche Wohnen contributed a total volume of € 307.7 million to the segment revenue.
The Adjusted EBITDA Total rose by € 359.5 million from € 1,909.8 million in the 2020 fiscal year to € 2,269.3 million in 2021. Deutsche Wohnen contributed a volume of € 170.8 million to this figure in the fourth quarter of 2021. The Adjusted EBITDA Rental increased by 6.0% from € 1,554.2 million in 2020 to € 1,648.0 million in 2021. The Adjusted EBITDA Value-add came to € 148.8 million in 2021, 2.3% lower than the prior-year figure of € 152.3 million. The Adjusted EBITDA Recurring Sales came in at € 114.0 million, up by 23.4% on the value of € 92.4 million seen in the previous year. At € 187.7 million, the Adjusted EBITDA Development was up considerably on the prior-year value of € 110.9 million in 2021, primarily due to the global exit of a “Development to sell” project.
Group FFO rose by 24.0% from € 1,348.2 million in 2020 to € 1,672.0 million in 2021. € 137.5 million was attributable to Deutsche Wohnen, including acquisition-related FFO interest of € 20.8 million and, on the other hand, the FFO at-equity effects contribution in the amount of € 25.6 million.