Assets
Consolidated Balance Sheet Structure
Consolidated Balance Sheet Structure
Consolidated Balance Sheet Structure | |||||||||
Dec. 31, 2021* | Dec. 31, 2022 | ||||||||
in € million | in % | in € million | in % | ||||||
Non-current assets | 99,138.5 | 93.6 | 96,037.9 | 94.7 | |||||
Current assets | 6,775.8 | 6.4 | 5,351.7 | 5.3 | |||||
Total assets | 105,914.3 | 100.0 | 101,389.6 | 100.0 | |||||
Equity | 36,139.1 | 34.1 | 34,438.8 | 34.0 | |||||
Non-current liabilities | 60,713.2 | 57.3 | 61,474.9 | 60.6 | |||||
Current liabilities | 9,062.0 | 8.6 | 5,475.9 | 5.4 | |||||
Total equity and liabilities | 105,914.3 | 100.0 | 101,389.6 | 100.0 | |||||
- * Adjusted after closing of Deutsche Wohnen PPA.
The Group’s total assets were down by € 4,524.7 million from € 105,914.3 million as of December 31, 2021 to € 101,389.6 million. The development in non-current assets is dominated by the impairment of goodwill and trademark rights of € 1,040.3 million as well as negative net income from fair value adjustments of investment properties in the amount of € -1,269.8 million. The value of non-current financial assets accounted for using the equity method fell to € 185.2 million in the course of the year due to impairment losses and earnings adjustments.
The development in current assets is characterized first of all by the disposal of assets held for sale in the amount of € 2,648.6 million. This relates largely to the parts of the portfolio that were sold to Berlin public housing companies (Berlin Deal). On the other hand, real estate inventories increased by € 1,485.1 million. This increase is due primarily to the previous “development to hold“ projects being shifted to the “to sell“ portfolio as part of the adjusted capital allocation. Cash and cash equivalents fell by € 130.4 million from € 1,432.8 million to € 1,302.4 million.
Goodwill and trademark rights comprised 1.6% of the total assets. The prior-year figure came to 2.7%.
As of December 31, 2022, the gross asset value (GAV) of Vonovia’s property assets came to € 95,125.5 million. This corresponds to 93.8% of total assets, as against € 98,225.3 million or 92.7% at the end of 2021.
Total equity fell by € 1,700.3 million from € 36,139.1 million to € 34,438.8 million, due in particular to the total comprehensive income of € -916.3 million and the cash dividend distribution of € 672.4 million. Equity was reduced by € 110.9 million not affecting net income, largely due to the disposal of non-controlling interests via purchases of shares in GSW Immobilien AG and the sale of companies in the context of the Berlin Deal.
This brings the equity ratio to 34.0%, compared with 34.1% at the end of 2021.
Liabilities dropped by € 2,824.4 million from € 69,775.2 million to € 66,950.8 million. The amount of non-current non-derivative financial liabilities increased by € 1,097.8 million, in particular due to a promissory note transaction and the issue of social bonds and green bonds, whereas current non-derivative financial liabilities fell by € 3,067.1 million at the same time, largely due to the repayment of bridge financing in March 2022.
Deferred tax liabilities fell slightly by € 81.5 million.