19 Long-term Financial Assets Accounted for Using the Equity Method
As of the reporting date Vonovia held interests in 24 joint ventures and eight associates (December 31, 2022: 26 joint ventures and eight associates).
Vonovia holds 40% of the non-listed QUARTERBACK Immobilien AG with registered office in Leipzig, which was classed as an associate as of June 30, 2022.
Vonovia also holds interests in 11 non-listed financial investments of QUARTERBACK Immobilien AG, with equity interests of between 44% and 50% (QUARTERBACK property companies), that were classified as joint ventures (previous year: 11).
The 40% stake in the non-listed QUARTERBACK Immobilien AG and QBI’s eleven non-listed financial investments in which Vonovia holds a stake of between 44% and 50% in each case was adjusted on the basis of the financial information as of March 31, 2023, that was available on the preparation cut-off date.
Financial information of QBI and the QUARTERBACK property companies
in € million | Dec. 31, 2022 QUARTERBACK Immobilien AG | June 30, 2023 QUARTERBACK Immobilien AG | Dec. 31, 2022 QUARTERBACK- Objektgesellschaften | June 30, 2023 QUARTERBACK- Objektgesellschaften | |||||
Non-current assets | 764.0 | 770.0 | 229.5 | 231.9 | |||||
Current assets | |||||||||
Cash and cash equivalents | 104.9 | 103.1 | 21.1 | 18.0 | |||||
Other current assets | 1,510.3 | 1,511.3 | 589.3 | 558.5 | |||||
Total non-current assets | 1,615.2 | 1,614.4 | 610.4 | 576.5 | |||||
Total non-current liabilities | 841.6 | 934.6 | 86.6 | 51.8 | |||||
Total current liabilities | 1,186.2 | 1,106.3 | 510.3 | 524.0 | |||||
Non-controlling interests | 42.5 | 43.1 | 12.0 | 11.8 | |||||
Equity (100%) | 308.9 | 300.4 | 231.0 | 220.7 | |||||
Group share in % | 40% | 40% | 44% to 50% | 44% to 50% | |||||
Group share of net assets in EUR | 123.6 | 120.2 | 106.6 | 103.2 | |||||
Group adjustments | -49.5 | -48.1 | -5.4 | -6.3 | |||||
Carrying amount of share in joint venture | 74.1 | 68.5 | 101.2 | 96.9 | |||||
Revenues | 311.1 | 93.9 | 59.0 | 21.6 | |||||
Change in inventories | 302.2 | 9.1 | 17.7 | 0.3 | |||||
Interest income | 20.6 | 1.7 | 8.4 | 2.6 | |||||
Depreciation and amortization | -4.3 | -1.3 | -0.2 | -0.1 | |||||
Interest expenses | -78.2 | -22.6 | -23.2 | -7.8 | |||||
Income taxes | -18.1 | 2.0 | -0.6 | -0.2 | |||||
Total gain and comprehensive income for the fiscal year (100%) | 7.8 | -7.9 | -3.1 | -7.7 | |||||
The at-equity adjustment of the investments in the QUARTERBACK Group results in a negative result of € 9.8 million as of June 30, 2023 (H1 2022: € 4.9 million).
In addition to these investments, Vonovia also holds interests in 20 (December 31, 2022: 21) other entities that are accounted for using the equity method and are currently of minor importance; quoted market prices are not available.
The following table shows, in aggregated form, the carrying amount and the share of profit and other comprehensive income of these companies.
Aggregated information to other entities
in € million | Dec. 31, 2022 | June 30, 2023 | |||
Carrying amount of shares in companies accounted for using the equity method | 64.8 | 57.7 | |||
Group share of net income from companies not accounted for using the equity method | 10% to 50% | 10% to 50% | |||
Pro rata total comprehensive income | -6.6 | -2.4 | |||
The interests were adjusted for these entities provided that corresponding financial information was available.
With regard to the other 20 entities, Vonovia has no significant financial obligations or guarantees with respect to joint ventures and associates.