Key Personnel Figures

Employees by Employment Contract and Gender

2023 by Country

2021

2022

2023

Germany

Austria

Sweden

Key Figures

number

in %

number

in %

number

in %

number

number

number

Employees by Employment Contract and Gender

ESRS S1–6 & GRI 2–7, 2–8

Total headcount 1) 2) 3)

10,768

12,063

11,925

11,003

375

547

of which female

2,764

25.7

3,404

28.2

3,455

29.0

3,039

248

168

Full-time equivalents

10,305

11,530

11,384

10,536

334

515

of which female

2,492

24.2

3,088

26.8

3,137

27.6

2,765

215

157

Employees with temporary contracts

919

883

1,233

1,133

1

99

of which female

330

325

387

364

1

22

Employees with permanent contracts

9,849

91.5

11,180

92.7

10,692

89.7

9,870

374

448

of which female

2,434

3,079

3,068

2,675

247

146

Temporary workers

182

1.7

104

0.9

64

0.5

37

0

27

of which female

63

55

29

20

0

9

  1. 1)Germany: Total number of employees by headcount, incl. Deutsche Wohnen (excl. the Care segment and SYNVIA). The Care segment comprises a further 3,825 employees and 385 apprentices – 52 employees are accounted for SYNVIA.
  2. 2)Austria: All employees, excl. pre-retirement part-time work arrangements, parental/educational leave, Management Board, but incl. management.
  3. 3)Sweden: All employees, excl. parental leave and members of executive bodies (CEO + CFO).

Number of Permanent Employees by Type of Employment and Gender

2023 by Country

2021

2022

2023

Germany

Austria

Sweden

Key Figures

number

in %

number

in %

number

in %

number

in %

number

in %

number

in %

Number of Permanent Employees by Type of Employment and Gender

ESRS S1–6 & GRI 2–7, 2–8

Full-time employees 1)

9,617

10,686

10,455

9,701

262

492

of which female

2,009

2,473

2,490

2,189

155

146

Part-time employees 1) 2)

1,151

1,377

1,470

1,302

113

55

of which female

755

931

965

850

93

22

Proportion of part-time employees 3)

9.7

11.4

12.3

11.8

30.1

10.1

of which female

65.5

67.6

65.6

65.3

82.3

40.0

of which male

34.5

32.4

34.4

34.7

17.7

60.0

Marginal employees 2)

179

184

178

173

5

0

of which female

71

36.3

60

32.6

58

32.6

55

3

0

  1. 1)Germany: Total number of employees by headcount, incl. Deutsche Wohnen (excl. the Care segment and SYNVIA). The Care segment comprises a further 3,825 employees and 385 apprentices – 52 employees are accounted for SYNVIA. Austria: All employees, excl. pre-retirement part-time work arrangements, parental/educational leave, Management Board, but incl. management; Sweden: All employees, excl. parental leave and members of executive bodies (CEO + CFO).
  2. 2)The marginally employed are included in the number of part-time employees.
  3. 3)Number of part-time employees/total number of employees.

Personnel Turnover

2023 by Country

2021

2022

2023

Germany

Austria

Sweden

Key Figures

number

in %

number

in %

number

in %

number

number

number

Personnel Turnover

ESRS S1–6 & GRI 2–7, 401–1

Newly hired employees 1)

1,907

17.7

2,099

17.4

1,993

16.7

1,780

48

165

of which female

548

28.7

622

29.6

612

30.7

518

36

58

of which under 30 years of age

670

35.1

682

32.5

599

30.1

520

23

56

of which 30–50 years of age

951

49.9

1,032

49.2

1,022

51.3

921

21

80

of which over 50 years of age

286

15.0

385

18.3

372

18.7

339

4

29

Employees leaving the company 1), 2)

1,617

0.0

2,077

0.0

2,222

1,999

55

168

of which female

360

22.3

584

28.1

612

27.5

508

38

66

of which under 30 years of age

459

28.4

438

21.1

518

23.3

446

30

42

of which 30–50 years of age

799

49.4

1,139

54.8

1,156

52.0

1,045

19

92

of which over 50 years of age

359

22.2

500

24.1

548

24.7

508

6

34

Turnover rate (in %) 3)

15.0

17.8

19.3

18.8

15.0

30.7

  1. 1)All figures on employees joining or leaving the company calculated according to HGB: Headcount excl. trainees, members of executive bodies, other employees, external staff, temporary staff, working students, marginal employees, interns and school students. Germany: Total number of employees by headcount, incl. Deutsche Wohnen (excl. the Care segment and SYNVIA). The Care segment comprises a further 3,825 employees and 385 apprentices – 52 employees are accounted for SYNVIA.
  2. 2)Employees leaving the company include voluntary resignations, dismissals, retirement and deaths, but excl. traineeships that have come to an end and integration process-related dismissals.
  3. 3)Employees leaving the company/headcount (adjusted to reflect integration process-related dismissals) as of Dec. 31, 2023 x 100%. Based on EPRA definition (employees leaving the company in the period/‌headcount at end of period). The following employee groups are also deducted from the headcount according to HGB (headcount excl. trainees, members of executive bodies, other employees, external staff, temporary staff, working students, marginal employees, interns and school students).

Employees by Category, Gender, Age Group and Disability

2023 by Country

2021

2022

2023

Germany

Austria

Sweden

Key Figures

number

in %

number

in %

number

in %

number

number

number

Employees by Category, Gender, Age Group and Disability

ESRS S1–9, S1–12 & GRI 405–1

Total headcount 1)

10,768

12,063

11,925

11,003

375

547

Total headcount, commercial 2)

4,743

44.0

5,660

46.9

5,952

49.9

5,256

375

321

of which female

2,152

45.4

2,692

47.6

2,696

45.3

2,297

248

151

of which under 30 years of age

674

14.2

779

13.8

780

13.1

664

41

75

of which 30–50 years of age

2,541

53.6

3,015

53.3

2,962

49.8

2,545

233

184

of which over 50 years of age

1,527

32.2

1,866

33.0

2,210

37.1

2,047

101

62

of which with disabilities 3)

195

4.1

174

3.1

200

3.4

196

4

0

Total headcount, technical trade 2)

6,025

56.0

6,403

53.1

5,973

50.1

5,747

0

226

of which female

612

10.2

712

11.1

759

12.7

742

0

17

of which under 30 years of age

868

14.4

842

13.2

784

13.1

754

0

30

of which 30–50 years of age

3,406

56.5

3,588

56.0

3,189

53.4

3,075

0

114

of which over 50 years of age

1,751

29.1

1,973

30.8

2,000

33.5

1,918

0

82

of which with disabilities 3)

185

3.1

172

2.7

161

2.7

161

0

0

Average age (in years) 4)

42.8

43.8

44.3

44.4

42.9

41.7

Employees with disabilities 3)

380

3.5

346

2.9

361

3.0

357

4

0

  1. 1)Sweden: All employees, excl. parental leave and members of executive bodies (CEO + CFO). Germany: Total number of employees by headcount, incl. Deutsche Wohnen (excl. the Care segment and SYNVIA). The Care segment comprises a further 3,825 employees and 385 apprentices – 52 employees are accounted for SYNVIA.
  2. 2)The classification in Germany takes place via the operational company, in Sweden via position. In Austria all employees are classified as commercial employees.
  3. 3)Germany: According to the socio-legal definition of disability in accordance with Section 2 of the German Social Code (SGB IX); total number and ratio relate to Germany and Austria only as no disclosure to Sweden is legally possible.
  4. 4)Average age (in years) of the total workforce on the reporting date of December 31, 2023. New calculation since 2022.

Employees on Parental Leave

2023 by Country

2021

2022

2023

Germany

Austria

Sweden

Key Figures

number

in %

number

in %

number

in %

number

number

number

Employees on Parental Leave

ESRS S1–15 & GRI 401–3

Employees entitled to parental leave 1)

100

100

100

100

100

100

Total number of employees on parental leave 2)

399

463

486

373

12

101

of which female

176

44.1

201

43.4

255

52.5

193

12

50

of which male

223

55.9

262

56.6

231

47.5

180

0

51

Employees returning to their workplace after parental leave
within the reporting period
3)

404

424

425

317

7

101

of which female

155

38.4

168

39.6

188

44.2

136

3

49

of which male

249

61.6

256

60.4

237

55.8

181

4

52

Employees returning to their workplace after parental leave
and still employed 12 months after their return
4)

299

327

306

240

12

54

of which female

100

33.4

134

41.0

120

39.2

84

8

28

of which male

199

66.6

193

59.0

186

60.8

156

4

26

  1. 1)There is a legal entitlement for all employees in Germany, Austria and Sweden (excl. interns).
  2. 2)All employees who took parental leave in 2023 (Austria: excl. educational leave and family end-of-life care leave). Incl. Deutsche Wohnen (excl. the Care segment and SYNVIA).
  3. 3)All employees that returned from parental leave in 2023.
  4. 4)All employees that returned from parental leave in 2022 and were still with the company as of Dec. 31, 2023.

Performance Appraisal

2023 by Country

2021

2022

2023

Germany

Austria

Sweden

Key Figures

number

in %

number

in %

number

in %

number

number

number

Performance Appraisal 1)

ESRS S1–13 & GRI 404–3

Employees who have had an appraisal interview/
performance appraisal
2)

3,970

38.6

3,999

38.3

5,318

45.4

4,661

311

346

of which female

45.4

43.9

42.9

1,970

195

117

of which male

54.6

56.1

57.1

2,691

116

229

Share of target checks 3)

83.9

5,584

333

419

Employees who have had an appraisal interview/
performance appraisal, by employee category
2)

of which management level 4)

91.9

83.6

79.4

153

18

5

of which other employees 5)

37.0

37.4

43.1

4,508

293

341

Trainees

100.0

100.0

100.0

630

2

  1. 1) Available for Sweden since 2023.
  2. 2) The key figure for employees, who have had an appraisal interview/performance appraisal includes all meetings between employees and managers that have been recorded in the system. From 2023, performance and potential assessments are also included here.
  3. 3) Share of performance appraisals carried out in the planned target reviews. 6,336 performance appraisals were planned for 2023. New key figure introduced in 2023.
  4. 4) Germany: First and second level below the Management Board.
  5. 5) All employees excluding management level, marginal employees, trainees, interns, works council members.

Training and Education

2021

2022

2023

2023 by Country

Key Figures

number

in %

number

in %

number

in %

Germany

Austria

Sweden 3)

Training and Education

ESRS S1–13 & GRI 404–1

Vocational training

Total number of trainees 1)

530

617

632

630

2

of which female

116

21.9

148

24.0

132

20.9

132

0

Commercial trainees

154

29.1

215

34.8

190

30.1

188

2

of which female

92

59.7

120

55.8

107

16.9

107

0

Technical trade trainees

376

70.9

402

65.2

442

69.9

442

0

of which female

24

6.4

28

7.0

25

4.0

25

0

Trainees in part-time training

3

0.6

3

0.5

4

0.6

4

0

Proportion of total workforce (in %)

4.9

5.1

5.0

5.4

0.0

Proportion taken on (in %) 2)

68.5

71.6

69.2

68.2

100.0

Further training 4)

Total number of participants in further training 5)

6,089

6,027

6,941

6,294

330

317

of which female

2,639

43.3

2,386

39.6

2,828

40.7

2,489

222

117

Further training rate (in %) 6)

56.3

54.7

58.2

57.2

88.0

58.0

Further training intensity 7)

5.2

6.0

6.1

6.3

8.4

2.0

Training and education

Total training and education days

54,348

62,881

69,964

65,993

2,933

1,038

Average training and education days per employee 8)

5.0

5.7

5.9

6.0

7.8

1.9

Total hours of further training 9)

434,787

503,047

559,710

527,941

23,465

8,303

Average hours of further training per employee 10)

40.2

45.7

46.9

48.0

62.6

15.2

of which per female employee

10.2

13.9

31.8

30.3

58.3

19.5

of which per male employee

30.0

31.8

49.5

51.0

62.9

13.3

of which per commercial employee

17.2

19.8

34.1

32.7

62.6

24.8

of which per technical trade employee

23.0

25.9

54.5

56.6

0.0

1.5

Training and further education costs (in € million)

1.8

3.3

3.2

2.8

0.2

0.2

Average training and education cost per employee 11)

142.5

553.4

419.8

406.9

502.4

616.2

  1. 1)Total amount of apprentices by headcount. Germany: Incl. Deutsche Wohnen (excl. Care segment and SYNVIA, the Care segment contains 385 additional apprentices).
  2. 2)Number of trainees taken on/all trainees who had completed their training by December 31, 2023 x 100%.
  3. 3)Extension to Sweden 2023 newly introduced. No apprentices in Sweden.
  4. 4)If employees participated in several different courses, they are counted only once.
  5. 5)Incl. works council.
  6. 6)Number of participants in further training/total employees (headcount)
  7. 7)Total number of working days used for processes related to professional further training by all employees during the reporting period/total for all employees (FTE).
  8. 8)Total training days/number of employees (by headcount).
  9. 9)Assumption: 8 hours per training day, total training days * 8 hours
  10. 10)Total training hours/total number of employees (headcount). New calculation method for 2023, no restatement for previous years.
  11. 11)Total costs for training and education/total number of trainees + total number of participants in further training.

Female Managers

2023 by Country

2021

2022

2023

Germany

Austria

Sweden

Key Figures

number

in %

number

in %

number

in %

in %

in %

in %

Female Managers

ESRS S1–9 & GRI 405–1

Proportion of women in total workforce 1) 2) 3) 4)

2,764

25.7

3,404

28.2

3,455

29.0

27.6

66.1

30.7

Proportion of women at the first two levels
below the Management Board
5)

28.0

25.1

24.2

23.7

33.3

12.5

  1. 1)2021 excl. Deutsche Wohnen, since 2022 incl. Deutsche Wohnen (excl. Care segment and SYNVIA).
  2. 2)Total number of employees according to the German Commercial Code (HGB).
  3. 3)Austria: All employees, excl. pre-retirement part-time work arrangements, parental/educational leave, Management Board, but incl. management.
  4. 4)Sweden: All employees, excl. parental leave and members of executive bodies (CEO + CFO).
  5. 5)Cumulation of the first two management levels below the Management Board as a total value for the Group.

Gender Pay Ratio (men-women)

2023 by Country

Key Figures

Unit

2021

2022

2023

Germany 2)

Austria

Sweden 3)

Gender Pay Ratio (men/women) 1)

ESRS S1–16 & GRI 405–2

Gender pay ratio (men/women) total 4)

%

–6.4

–4.8

–7.2

–8.9

30.5

2.3

Gender pay ratio (men/women) managementlevel 5)

%

21.0

21.7

21.7

–3.6

Gender pay ratio (men/women) non-managementlevel 6)

%

–10.6

–12.2

23.9

0.1

  1. 1)Change of calculation basis to ESRS S1–16 in the year 2023. No restatement for 2021 and 2022, therefore only limited comparability. For previous year’s calculation see: https://report.vonovia.com/2022/nachhaltigkeitsbericht/en/employee-key-figures/
  2. 2)Key figures for Germany in 2021 excl. Deutsche Wohnen, from 2022 incl. Deutsche Wohnen (excl. Care segment and SYNVIA).
  3. 3)All employees excl. employees on parental leave and CEO + CFO. Conversion of Swedish salaries according to exchange rate as at the reporting date of December 30, 2023 (1 EUR = 11.18 SEK).
  4. 4)The gender pay ratio is expressed as a percentage of the average gross hourly pay level of male employees compared to that of female employees. The average gross hourly pay level comprises the contractually agreed salary as at December 31, 2023 (basic salary incl. bonuses)/target hours as of December 31, 2023.
  5. 5)First and second levels below the Management Board.
  6. 6)All levels starting from the third level below the Management Board.

Adjusted EBITDA Total

Adjusted EBITDA Total is the result before interest, taxes, depreciation and amortization (including income from other operational investments and intragroup profits) adjusted for effects that do not relate to the period, recur irregularly and that are atypical for business operation, and for net income from fair value adjustments to investment properties. These non-recurring items include the development of new fields of business and business processes, acquisition projects, expenses for refinancing and equity increases (where not treated as capital procurement costs), IPO preparation costs and expenses for pre-retirement part-time work arrangements and severance payments. The Adjusted EBITDA Total is derived from the sum of the Adjusted EBITDA Rental, Adjusted EBITDA Value-add, Adjusted EBITDA Recurring Sales and Adjusted EBITDA Development.

Adjusted EBITDA Rental

The Adjusted EBITDA Rental is calculated by deducting the operating expenses of the Rental segment and the expenses for maintenance in the Rental segment from the Group’s rental income.

Adjusted EBITDA Value-add

The Adjusted EBITDA Value-add is calculated by deducting operating expenses from the segment’s income.

Adjusted EBITDA Recurring Sales

The Adjusted EBITDA Recurring Sales compares the proceeds generated from the privatization business with the fair values of assets sold and also deducts the related costs of sale. In order to disclose profit and revenue in the period in which they are incurred and to report a sales margin, the fair value of properties sold, valued in accordance with IFRS 5, has to be adjusted to reflect realized/unrealized changes in value.

Adjusted EBITDA Development

The Adjusted EBITDA Development includes the gross profit from the development activities of “to sell” projects (income from sold development projects less production costs) and the gross profit from the development activities of “to hold” projects (fair value of the units developed for the company’s own portfolio less incurred production costs) less the operating expenses from the Development segment.

Covenants

Requirements specified in loan agreements or bond conditions containing future obligations of the borrower or the bond obligor to meet specific requirements or to refrain from undertaking certain activities.

COSO

The Committee of Sponsoring Organizations of the Treadway Commission (COSO) is a private-sector U.S. organization. It was founded in 1985. In 1992, COSO published the COSO model, an SEC-recognized standard for internal controls. This provided a basis for the documentation, analysis and design of internal control systems. In 2004, the model was further developed and the COSO Enterprise Risk Management (ERM) Framework was published. Since then, it has been used to structure and develop risk management systems.

CSI (Customer Satisfaction Index)

The CSI is determined at regular intervals by means of systematic customer surveys and reflects how our services are perceived and accepted by our customers. The CSI is determined on the basis of points given by the customers for our properties and their neighborhood, customer service and commercial and technical support as well as maintenance and modernization management.

European Public Real Estate Association (EPRA)

The European Public Real Estate Association (EPRA) is a non-profit organization that has its registered headquarters in Brussels and represents the interests of listed European real estate companies. Its mission is to raise awareness of European listed real estate companies as a potential investment destination that offers an alternative to conventional investments. EPRA is a registered trademark of the European Public Real Estate Association.

EPRA NAV/Adjusted NAV

The presentation of the NAV based on the EPRA definition aims to show the net asset value in a long-term business model. The equity attributable to Vonovia’s shareholders is adjusted to reflect deferred taxes on investment properties, the fair value of derivative financial instruments and the deferred taxes on derivative financial instruments. In order to boost transparency, an adjusted NAV, which involves eliminating goodwill in full, is also reported.

EPRA NAV/Adjusted NAV

The presentation of the NAV based on the EPRA definition aims to show the net asset value in a long-term business model. The equity attributable to Vonovia’s shareholders is adjusted to reflect deferred taxes on investment properties, the fair value of derivative financial instruments and the deferred taxes on derivative financial instruments. In order to boost transparency, an adjusted NAV, which involves eliminating goodwill in full, is also reported.

EPRA Key Figures

For information on the EPRA key figures, we refer to the chapter on segment reporting according to EPRA.

Fair Value

Fair value is particularly relevant with regard to valuation in accordance with IAS 40 in conjunction with IFRS 13. The fair value is the amount for which an asset could be exchanged between knowledgeable, willing parties in an arm’s length transaction.

GAV

The Gross Asset Value (GAV) of the recognized real estate investments. This consists of the owner-occupied properties, the investment properties including development to hold, the assets held for sale and the development to sell area. In the latter, both residential properties for which a purchase contract has been signed and those with the intention to sell – i.e., a purchase contract has not yet been signed – are included.

Group FFO

Group FFO reflects the recurring earnings from the operating business. In addition to the adjusted EBITDA for the Rental, Value-add, Recurring Sales and Development segments, Group FFO allows for recurring current net interest expenses from non-derivative financial instruments as well as current income taxes. This key figure is not determined on the basis of any specific international reporting standard but is to be regarded as a supplement to other performance indicators determined in accordance with IFRS.

Maintenance

Maintenance covers the measures that are necessary to ensure that the property can continue to be used as intended over its useful life and that eliminate structural and other defects caused by wear and tear, age and weathering effects.

Vacancy Rate

The vacancy rate is the number of empty units as a percentage of the total units owned by the company. The vacant units are counted at the end of each month.

LTV Ratio (Loan-to-Value Ratio)

The LTV ratio shows the extent to which financial liabilities are covered. It shows the ratio of non-derivative financial liabilities pursuant to IFRS, less foreign exchange rate effects, cash and cash equivalents less advance payments received by Development (period-related), receivables from disposals, plus purchase prices for outstanding acquisitions to the total fair values of the real estate portfolio, fair values of the projects/land currently under construction as well as receivables from the sale of real estate inventories (period-­related) plus the fair values of outstanding acquisitions and investments in other real estate companies.

Rental Income

Rental income refers to the current gross income for rented units as agreed in the corresponding lease agreements before the deduction of non-transferable ancillary costs. The rental income from the Austrian property portfolio additionally includes maintenance and improvement contributions (EVB). The rental income from the portfolio in Sweden reflects inclusive rents, meaning that the amounts contain operating and heating costs.

Rental Income

Rental income refers to the current gross income for rented units as agreed in the corresponding lease agreements before the deduction of non-transferable ancillary costs. The rental income from the Austrian property portfolio additionally includes maintenance and improvement contributions (EVB). The rental income from the portfolio in Sweden reflects inclusive rents, meaning that the amounts contain operating and heating costs.

Modernization Measures

Modernization measures are long-term and sustainable value-enhancing investments in housing and building stocks. Energy-efficient refurbishments generally involve improvements to the building shell and communal areas as well as the heat and electricity supply systems. Typical examples are the installation of heating systems, the renovation of balconies and the retrofitting of prefabricated balconies as well as the implementation of energy-saving projects, such as the installation of double-glazed windows and heat insulation, e.g., facade insulation, insulation of the top story ceilings and basement ceilings. In addition to modernization of the apartment electrics, the refurbishment work upgrades the apartments, typically through the installation of modern and/or accessible bathrooms, the installation of new doors and the laying of high-quality and non-slip flooring. Where required, the floor plans are altered to meet changed housing needs.

Monthly In-place Rent

The monthly in-place rent is measured in euros per square meter and is the current gross rental income per month for rented units as agreed in the corresponding rent agreements at the end of the relevant month before deduction of non-transferable ancillary costs divided by the living area of the rented units. The rental income from the Austrian property portfolio additionally includes maintenance and improvement contributions (EVB). The rental income from the portfolio in Sweden reflects inclusive rents, meaning that the amounts contain operating and heating costs. The in-place rent is often referred to as the “Nettokaltmiete” (net rent excl. ancillary costs such as heating, etc.). The monthly in-place rent (in € per square meter) on a like-for-like basis refers to the monthly in-place rent for the residential portfolio that was already held by Vonovia 12 months previously, i.e., portfolio changes during this period are not included in the calculation of the in-place rent on a like-for-like basis. If we also include the increase in rent due to new construction measures and measures to add extra stories, then we arrive at the organic increase in rent.

Sustainability Performance Index (SPI)

Index to measure non-financial performance. A performance indicator introduced at Vonovia in January 2021 consisting of key figures on the CO2 intensity of the portfolio, primary energy requirements in new buildings, (partial) modernization measures to make apartments fully accessible, customer and employee satisfaction, and diversity within the management ranks.

Non-core Disposals

We also report on the Other segment, which is not relevant from a corporate management perspective, in our segment reporting. This includes the sale, only as and when the right opportunities present themselves, of entire buildings or land (Non-core Disposals) that are likely to have below-average development potential in terms of rent growth in the medium term and are located in areas that can be described as peripheral compared with Vonovia’s overall portfolio and in view of future acquisitions.

Rating

Classification of debtors or securities with regard to their creditworthiness or credit quality according to credit ratings. The classification is generally performed by rating agencies.

Recurring Sales

The Recurring Sales segment includes the regular and sustainable disposals of individual condominiums from our portfolio. It does not include the sale of entire buildings or land (Non-core Disposals). These properties are only sold as and when the right opportunities present themselves, meaning that the sales do not form part of our operating business within the narrower sense of the term. Therefore, these sales will be reported under “Other” in our segment reporting.

Fair Value Step-up

Fair value step-up is the difference between the income from selling a unit and its current fair value in relation to its fair value. It shows the percentage increase in value for the company on the sale of a unit before further costs of sale.

Cash-generating Unit (CGU)

The cash-generating unit refers, in connection with the impairment testing of goodwill, to the smallest group of assets that generates cash inflows and outflows independently of the use of other assets or other cash-­generating units (CGUs).