Mobiles Menu Mobiles Menu Close

Group’s Business Development

Business Development in 2022 – An Overview

When analyzing the business figures for 2022, it is important to remember that these only allow a comparison with the previous year to a limited extent, as Deutsche Wohnen’s figures were not included in Vonovia’s consolidated financial statements until September 30, 2021. At the end of the fourth quarter of 2022, the Deutsche Wohnen segment was dissolved and transferred to the Rental, Value-add, Recurring Sales, Development and Care segments.

All in all, Vonovia reported stable economic development in 2022 despite the war in Ukraine, the resulting price and interest rate developments and the ongoing coronavirus pandemic.

We invested around € 1.4 billion (2021: € 1.4 billion) in our own portfolio for new construction and modernization measures and around € 0.9 billion (2021: € 0.8 billion) in maintenance. We completed 2,071 apartments (2021: 1,373) as part of our new construction measures. We also completed 1,678 apartments that are intended for sale (2021: 827).

The table below provides an overview of the development of our most recently forecast performance indicators and the target achievement level for these indicators in the 2022 fiscal year. When comparing the current Group figures against the previous year, it is important to bear in mind that the figures for 2021 include the Deutsche Wohnen Group, which was consolidated for the first time as of September 30, 2021, together with its earnings contributions for the fourth quarter of 2021 only.

Performance indicators

2021 (adjusted)

Forecast for 2022 in the 2022 Q3 report


Total Segment Revenue

€ 5,216.6 million

€ 6.2–6.4 billion

€ 6,256.9 million

Adjusted EBITDA Total*

€ 2,254.4 million

€ 2.75–2.85 billion

€2,763.1 million

Group FFO**

€ 1,694.4 million

€ 2.0–2.1 billion

€ 2,035.6 million

Group FFO per share**

€ 2.18


€ 2.56

EPRA NTA per share***

€ 62.63


€ 57.48

Sustainability Performance Index (SPI)****




  1. * Previous year's figures 2021 comparable according to current key figure definition/2022 segmentation/adjusted to new adjusted EBITDA definition (excluding results from at-equity investments).
  2. ** Based on the new 2022 definition without eliminating IFRS 16 effects, Group FFO per share based on the shares carrying dividend rights on the reporting date.
  3. *** Based on the new 2022 definition, therefore excluding real estate transfer tax, EPRA NTA per share based on the shares carrying dividend rights on the reporting date. 2021 figures adjusted after closing of Deutsche Wohnen PPA.
  4. **** Excl. Deutsche Wohnen.

The total segment revenue came to around € 6.3 billion in 2022, up by 19.9% on the prior-year figure of around € 5.2 billion. This increase was due primarily to the additional rental income from Deutsche Wohnen and the income from the Care segment, which are included in 2022 with their full annual contribution, whereas in 2021 they were only included with their quarterly contribution for the fourth quarter.

The Adjusted EBITDA Total came to € 2,763.1 million in 2022, an increase of 22.6% against the prior-year figure of € 2,254.4 million. With the exception of the Value-add and Development segments, all other segments reported growth in Adjusted EBITDA. The Adjusted EBITDA Rental increased from € 1,778.5 million in 2021 to € 2,233.5 million in 2022. The Adjusted EBITDA Recurring Sales rose from € 113.2 million in 2021 to € 135.1 million in 2022. The Adjusted EBITDA Care increased from € 23.5 million 2021 to € 84.6 million in 2022. The Adjusted EBITDA Development came to € 183.2 million 2022, almost on a par with the prior-year figure of € 185.4 million. The Adjusted EBITDA in the Value-add segment came to € 126.7 million in 2022, below the prior-year figure of € 153.8 million.

Group FFO rose by 20.1% in 2022 to € 2,035.6 million (2021: € 1,694.4 million). This corresponds to a Group FFO per share of € 2.56 (2021: € 2.18). The increase in Group FFO was driven first and foremost by Deutsche Wohnen, which is included with its full-year contribution for 2022 (2021: only with the contribution for the fourth quarter), as well as by the improved Adjusted EBITDA Rental, Recurring Sales and Care. The Group FFO interest expense came to € 493.8 million in 2022, up by 24.2% on the prior-year value of € 397.7 million. This is largely due to an increase in net cash interest (Deutsche Wohnen contribution for the full year in 2022 vs. quarterly contribution for the fourth quarter of 2021). Current income taxes FFO came in at € 145.0 million in 2022, higher than in the previous year (€ 65.2 million), mainly due to the acquisition of Deutsche Wohnen. At € 88.7 million, consolidation effects in 2022 were down by 8.7% on the prior-year value of € 97.1 million.

The EPRA NTA per share came in at € 57.48 in 2022, down by 8.2% on the prior-year value of € 62.63. The development in the net asset value figure was due primarily to the net income from fair value adjustments of investment properties of € -1,269.8 million in 2022 (2021: € 7,393.8 million). The distribution of the cash dividend of € 672.4 million in 2022 also had an impact on this key figure (2021: € 486.0 million). The creation of a new Recurring Sales (MFH Sales) subportfolio has reduced the amounts added for deferred taxes, as these are only intended to be recognized for properties to be held in the portfolio in the long term.

The Sustainability Performance Index (Vonovia excl. Deutsche Wohnen) stood at 103% in the 2022 fiscal year. This was helped along in particular by the reduction of CO2 intensity, the development of the average primary energy requirements of new construction and (partial) modernization measures to make apartments fully accessible.

Statement of the Management Board on the Economic Situation

The net assets, financial position and results of operations of the Group are positive, particularly given the solid financing, the resulting balanced maturity profile and the financing flexibility gained through the rating-backed bond financings with a view to organic growth. The ongoing improvements to the property management and development processes and the use of new digital software solutions, the steady Recurring Sales and a successful development business promote ongoing improvement in profitability.