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27 Property, Plant and Equipment

Property, Plant and Equipment

in € million

Owner-occupied properties

Technical equipment, plant and machinery

Other equipment, fixtures, furniture and office equipment

Total

Cost

As of Jan. 1, 2022

273.3

83.7

590.9

947.9

Additions

4.1

23.1

113.0

140.2

Capitalized modernization costs

4.9

5.4

1.0

11.3

Disposals

-0.6

-2.6

-80.9

-84.1

Transfer from investment properties

31.5

31.5

Transfer to investment properties

-29.4

-29.4

Other transfers

61.7

-50.2

11.5

Revaluation from currency effects

-0.2

-0.6

-0.8

As of Dec. 31, 2022

283.8

171.1

573.2

1,028.1

Accumulated depreciation

As of Jan. 1, 2022

21.9

39.5

232.4

293.8

Depreciation in reporting year

4.5

13.5

87.1

105.1

Impairment

1.6

1.6

Reversal of impairments

-0.2

-0.2

Disposals

-0.6

-0.9

-55.7

-57.2

Other transfers

14.7

-2.8

11.9

Revaluation from currency effects

0.1

-0.1

-0.3

-0.3

As of Dec. 31, 2022

27.3

66.7

260.7

354.7

Carrying amounts

As of Dec. 31, 2022

256.5

104.4

312.5

673.4

Cost

As of Jan. 1, 2021

201.3

65.2

284.2

550.7

Additions due to business combinations

64.6

9.8

251.7

326.1

Additions

3.1

13.9

105.6

122.6

Capitalized modernization costs

2.3

0.4

0.1

2.8

Disposals

-0.4

-5.5

-52.8

-58.7

Transfer from investment properties

12.6

12.6

Transfer to investment properties

-11.6

-11.6

Transfer to assets held for sale

-0.7

1.6

0.9

Other transfers

2.1

-0.2

0.7

2.6

Revaluation from currency effects

0.1

-0.2

-0.1

As of Dec. 31, 2021

273.3

83.7

590.9

947.9

Accumulated depreciation

As of Jan. 1, 2021

10.0

37.0

116.1

163.1

Additions due to business combinations

7.6

97.7

105.3

Depreciation in reporting year

3.8

8.7

64.0

76.5

Impairment

0.5

0.5

Reversal of impairments

-0.4

-0.4

Disposals

-0.4

-5.4

-48.6

-54.4

Transfer to assets held for sale

-0.1

1.8

1.7

Other transfers

0.9

-0.8

1.4

1.5

Revaluation from currency effects

0.0

As of Dec. 31, 2021

21.9

39.5

232.4

293.8

Carrying amounts

As of Dec. 31, 2021

251.4

44.2

358.5

654.1

Accounting Policies

Items of property, plant and equipment are carried at amortized cost less accumulated depreciation and are depreciated over their respective estimated useful lives on a straight-line basis. In accordance with IAS 36 “Impairment of Assets,” impairment tests are performed whenever there is an indication of an impairment.

Subsequent costs of replacing part of an item of property, plant and equipment are capitalized provided it is probable that future economic benefits associated with the item will flow to Vonovia and the cost can be estimated reliably.

The properties used by the company itself are subject to depreciation over a term of 50 years, with fixtures, furniture and office equipment subject to depreciation over a period of 3–13 years and technical equipment, plant and machinery over a period of 5–20 years.

Carrying amounts of owner-occupied properties amounting to € 79.5 million as of December 31, 2022 (Dec. 31, 2021: € 79.9 million) are encumbered with land charges in favor of various lenders.