Energy (Consumption and Generation)

Energy Consumption

2023 by Country

Key Figures

Unit

2021

2022

2023

Germany

Austria

Sweden

Energy Consumption

ESRS E1–5 & GRI 302–1; 302–2; 302–3

Energy Consumption total
(portfolio and business operations)
1)

MWh

4,554,997

5,630,199

5,410,626

4,566,592

286,349

557,685

of which from renewable sources

MWh

101,455

602,364

569,977

265,024

77,187

227,767

%

2.2

10.7

10.5

5.8

27.0

40.8

of which from non-renewable sources

MWh

4,453,542

5,027,835

4,840,649

4,301,568

209,163

329,918

%

97.8

89.3

89.5

94.2

73.0

59.2

of which from nuclear power

MWh

22,419

25,644

18,335

6,030

5

21,642

%

0.5

0.5

0.3

0.1

0.0

3.9

Energy consumption in the portfolio 2)

MWh

4,447,794

5,516,630

5,306,397

4,465,482

285,255

555,659

of which from renewable sources

%

2.1

10.7

10.6

5.8

26.9

41.0

Energy consumption in business operations

MWh

107,203

113,569

104,229

101,109

1,094

2,026

of which from renewable sources

%

7.0

10.1

8.3

8.0

37.1

7.7

Energy intensities

Energy intensity of rentable area: portfolio

kWh/m²

162.2

154.5

149.4

145.3

165.9

181.3

Energy intensity per € million segment revenue total

MWh/
in € million

873

1,011

1,050

1,008

1,028

1,633

Heating Consumption

Heating consumption total
(portfolio and business operations)

MWh

4,346,618

5,387,803

5,195,137

4,420,376

279,947

494,814

of which from renewable sources

%

0.0

8.7

8.8

4.4

25.7

38.4

Heating consumption in the portfolio 3)

MWh

4,325,611

5,365,043

5,177,135

4,402,973

279,420

494,742

Natural gas

MWh

2,034,751

2,507,943

2,446,243

2,345,386

100,857

0

District heating

MWh

2,015,140

2,620,895

2,540,912

1,924,070

134,363

482,479

of which from renewable sources 4)

%

0.0

17.8

15.9

7.8

52.0

37.9

Heating oil

MWh

167,659

148,415

116,713

99,792

16,921

0

Electricity (incl. heat pumps)

MWh

67,541

55,785

51,058

19,790

19,005

12,263

of which from renewable sources

%

63.5

63.6

64.9

48.9

83.7

61.4

of which from nuclear power

%

11.2

11.6

9.7

6.6

0.0

29.5

Coal

MWh

26,817

14,737

12,544

11,691

852

0

Other (biomass, solar thermal)

MWh

13,703

17,269

9,665

2,244

7,421

0

Heating consumption in business operations

MWh

21,006

22,760

18,002

17,403

527

72

of which natural gas

MWh

5,550

7,466

5,953

5,788

165

0

of which district heating

MWh

15,293

15,183

11,977

11,615

362

0

of which electricity (heat pumps)

MWh

164

110

72

0

0

72

Electricity Consumption (excl. Heat Supply)

Electricity consumption total

MWh

132,489

165,508

138,920

71,578

6,244

61,098

Share of electricity consumption
from renewable energy

%

76.5

79.7

80.9

97.2

84.8

61.4

Electricity consumption in communal area

MWh

122,182

151,587

129,262

62,509

5,836

60,917

of which from renewable sources 5)

%

76.9

79.6

80.3

98.3

83.7

61.4

Electricity consumption in business operations
incl. vehicle fleet

MWh

10,307

13,921

9,658

9,069

408

181

Share of electricity consumption
from renewable energy

%

72.3

81.9

89.0

89.1

99.5

61.4

Additional Energy Consumption (Vehicle Fleet)

Combustion processes in business operations 6)

MWh

75,890

76,888

76,569

74,638

158

1,773

  1. 1)From 2022 incl. Deutsche Wohnen (excl. Care segment and SYNVIA).
  2. 2)Composed of electricity consumption in the communal areas of the portfolio and total heat consumption in the portfolio (according to energy performance certificates, calculated for residential and communal areas).
  3. 3)When calculating the thermal energy used, the rental areas were extrapolated to the total building area in accordance with GEG 2020 Section 82 (2) using a 20% surcharge for the communal areas. However, the denominator of this key figure remains the rental space excluding communal areas. Renewable energy electricity in each case location-based.
  4. 4)Renewable energy district heating Germany and Sweden based on data from the respective district heating suppliers (market-based approach), for Austria location-based approach based on data from the Federal Ministry for Climate Protection (BMK).
  5. 5)Calculation based on the share of renewable energy in the Swedish electricity mix according to the Swedish Energy Agency, in the Austrian electricity mix according to the E-Control 2021 elec- tricity labeling report (location-based approach in each case). For the German region, all quantities traded via VESG using the 100% green electricity guarantee of origin, deleted via the Federal Environment Agency’s register of guarantees of origin.
  6. 6)Mobile combustion only (vehicle fleet) – diesel, gasoline, gas.

Energy Efficiency Standards by Energy End-use Efficiency Class

2023 by Country

Key Figures

Unit

2021

2022

2023

Germany

Austria

Sweden

Energy Efficiency Standards by Energy End-use Efficiency Class 1)

Rental area

27,422,827

35,711,977

35,515,118

30,737,283

1,719,036

3,058,798

of which x <= 30 kWh/m² (EPC A+)

%

0.1

0.1

0.2

0.1

0.9

0.0

of which 30 < x <= 50 kWh/m² (EPC A)

%

1.0

1.1

1.2

1.1

3.8

0.1

of which 50 < x <= 75 kWh/m² (EPC B)

%

9.5

10.5

11.6

12.5

13.0

1.1

of which 75 < x <= 100 kWh/m² (EPC C)

%

20.5

21.5

23.2

25.2

14.6

8.2

of which 100 < x <= 130 kWh/m² (EPC D)

%

23.9

25.6

26.7

26.3

17.3

36.1

of which 130 < x <= 160 kWh/m² (EPC E)

%

18.1

18.9

18.4

17.2

7.7

36.0

of which 160 < x <= 200 kWh/m² (EPC F)

%

10.1

10.4

9.2

8.6

7.4

17.0

of which 200 < x <= 250 kWh/m² (EPC G)

%

4.4

3.3

2.6

2.6

6.8

0.5

of which x > 250 kWh/m² (EPC H)

%

2.7

1.8

1.3

1.1

7.7

0.2

of which not disclosed

%

9.6

6.9

5.6

5.2

20.8

0.8

  1. 1)Existing buildings incl. listed buildings excl. buildings used purely for parking. Specification of energy efficiency classes (e.g. EPC A+) for all buildings according to German categorization. No like-for-like consideration, so the change is also influenced by acquisitions. From 2022 incl. Deutsche Wohnen (excl. Care segment and SYNVIA).



Renewable Energy Generation

2023 by Country

Key Figures

Unit

2021

2022

2023

Germany

Austria

Sweden

Renewable Energy Generation

Energy generated 1)

MWh

12,838

16,108

16,843

15,977

88

778

of which from renewable sources

%

100

100

100

100

100

100

of which from photovoltaic systems

%

100

100

100

100

100

100

Installed output 2)

MWp

16.8

19.3

53.1

52.0

0.1

1.0

Portfolio

number

451

533

1,353

1,315

7

31

Avoided emissions 3)

t CO2e

8,343

10,551

11,095

11,024

20

51

  1. 1)Photovoltaic systems owned by Vonovia as of December 31; electricity generation only. From 2022 incl. Deutsche Wohnen (excl. Care segment and SYNVIA).
  2. 2)The proportional increase in the number of plants and installed capacity can deviate from the energy generated, as the number of plants also includes plants that have already been built and will not be connected to the grid until the following year.
  3. 3)Theoretical annual emissions avoidance from energy generated by means of photovoltaic systems and fed into the general power grid. Calculated with emission factor for Electricity displacement mix PV, source: Federal Environment Agency (for Germany). Comparability with previous years is limited due to differences in emission factors per kWh of electricity over time.

Energy Sales

2023 by Country

Key Figures

Unit

2021

2022

2023

Germany

Austria

Sweden

Energy Sales 1)

Total electricity sold

MWh

87,730

93,011

110,954

110,954

0

0

of which to rentable areas 2)

MWh

39,794

51,080

51,870

51,870

0

0

of which general electricity 3)

MWh

47,936

41,931

59,084

59,084

0

0

Share of electricity from
renewable energy sources
4)

%

100.0

100.0

100.0

100.0

Avoided emissions 5)

t CO2e

38,426

45,114

55,294

55,294

0

0

Total gas sold 6)

MWh

1,208,240

1,114,788

1,062,616

1,062,616

0

0

  1. 1)Reporting of electricity and gas sales based on revenue projections.
  2. 2)Electricity sold by VESG for private use by tenants.
  3. 3)Electricity sold by VESG for the common areas of the portfolio.
  4. 4)100% green electricity by means of a guarantee of origin, deleted via the Federal Environment Agency's register of guarantees of origin.
  5. 5)Reference value: Emissions for the volume of electricity purchased on the market, balanced according to the German electricity mix. Fully greened using guarantees of origin; for electricity from PV, calculation using displacement flow emission factor. Reference value in each case incl. emissions from the upstream chain (Scope 3.3).
  6. 6)Gas sold to tenants by VESG; in order to remain cost-neutral for tenants, Vonovia has decided not to acquire proof of origin for green gas.

Mobile Combustion in Business Operations

2023 by Country

Key Figures

Unit

2021

2022

2023

Germany

Austria

Sweden

Mobile Combustion in Business Operations 1)

302–1

Fuel consumption

MWh

75,893

76,888

76,902

74,854

171

1,877

of which diesel

MWh

71,475

71,526

70,714

69,602

15

1,097

of which gasoline

MWh

4,415

5,362

5,855

5,036

143

676

of which electrical

MWh

7

89

333

216

13

104

Vehicles (yearly average)

number

5,746

6,065

6,081

5,795

31

255

Distance traveled 2)

million km

91.5

97.6

99.4

95.3

0.6

3.4

Average fuel consumption 3)

liters/‌ 100 km

8.3

8.0

7.9

8.0

6.4

5.4

Average emissions

gCO2e/km

253

241

236

240

91

172

  1. 1)Only the energy consumption of the vehicle fleet was taken into account. From 2022, all key figures incl. Deutsche Wohnen (excl. Care segment and SYNVIA).
  2. 2)Incl. mileage of purely electric vehicles.
  3. 3)Excl. distances traveled and energy consumed by electric vehicles.

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).