Assets
Consolidated Balance Sheet Structure
Consolidated Balance Sheet Structure | |||||||||
Dec. 31, 2022 | June 30, 2023 | ||||||||
in € million | in % | in € million | in % | ||||||
Non-current assets | 96,037.9 | 94.7 | 89,451.0 | 93.8 | |||||
Current assets | 5,351.7 | 5.3 | 5,920.2 | 6.2 | |||||
Total assets | 101,389.6 | 100.0 | 95,371.2 | 100.0 | |||||
Equity | 34,438.8 | 34.0 | 30,953.2 | 32.5 | |||||
Non-current liabilities | 61,474.9 | 60.6 | 58,721.4 | 61.6 | |||||
Current liabilities | 5,475.9 | 5.4 | 5,696.6 | 6.0 | |||||
Total equity and liabilities | 101,389.6 | 100.0 | 95,371.2 | 100.0 | |||||
The Group’s total assets dropped by € 6,018.4 million as against December 31, 2022, falling from € 101,389.6 million to € 95,371.2 million.
The main development in non-current assets is the decline in investment properties of € 6,682.2 million on account of the write-down performed. The disposal of the non-current equity investments in the French residential portfolio is reflected in non-current financial assets. Goodwill and the trademark rights for the Development segment were written off in full in the combined amount of € 204.8 million.
The transaction with Apollo Capital Management L.P. on the sale of a 27.6 % stake in the Südewo residential portfolio in Baden-Württemberg resulted in a call option on these shares, which is measured at € 359.0 million and has been recognized outside profit or loss as an asset.
Current assets fell, mainly as a result of the drop in the current financial assets, by € 57.8 million. This includes a reclassification due to the new long-term loans granted to QUARTERBACK Immobilien AG, which is reflected accordingly in non-current financial assets. Inventories also dropped by € 81.7 million and real estate inventories by € 69.7 million. Trade receivables rose by € 62.8 million.
Goodwill comprised 1.5% of the total assets.
As of June 30, 2023, the gross asset value (GAV) of Vonovia’s property assets came to € 88,645.8 million. This corresponds to 92.9 % of total assets, as against € 95,125.5 million or 93.8 % at the end of 2022.
Equity fell by € 3,485.6 million, from € 34,438.8 million to € 30,953.2 million, mainly due to the profit for the period of € -4,130.4 million. The other comprehensive income of € -311.9 million was influenced to a significant degree by currency effects amounting to € -277.6 million.
The equity ratio stood at 32.5% as of June 30, 2023, compared with 34.0% at the end of 2022.
Liabilities dropped by € 2,532.8 million from € 66,950.8 million to € 64,418.0 million. The amount of non-current non-derivative financial liabilities fell by € 874.6 million, whereas current non-derivative financial liabilities rose by € 251.4 million.
Deferred tax liabilities fell by € 1,861.8 million.