20 Total Equity
Development of the Subscribed Capital
Development of the Subscribed Capital | |||
in € | |||
As of Jan. 1, 2023 | 795,849,997.00 | ||
Capital increase against non-cash contributions on June 13, 2023 | 18,795,001.00 | ||
As of June 30, 2023 | 814,644,998.00 | ||
Development of the Capital Reserves
Development of the Capital Reserves | |||
in € | |||
As of Jan. 1, 2023 | 5,151,544,376.12 | ||
Premium from capital increase for scrip dividend on June 13, 2023 | 284,744,265.15 | ||
Transaction costs on the issue of new shares (after allowing for deferred taxes) | -100,209.74 | ||
Other changes not affecting net income | -2,525,035.72 | ||
As of June 30, 2023 | 5,433,663,395.81 | ||
Dividend
The Annual General Meeting held on May 17, 2023, resolved to pay a dividend for the 2022 fiscal year in the amount of € 0.85 per share, or € 676,472,497.45 in total.
As in previous years, shareholders were offered the option of choosing between being paid the dividend in cash or being granted new shares. During the subscription period, shareholders holding a total of 44.87% of the shares carrying dividend rights opted for the scrip dividend instead of the cash dividend. As a result, 18,795,001 new shares were issued using the company’s authorized capital pursuant to Section 5b of the Articles of Association (“2018 authorized capital”) at a subscription price of € 16.15, i.e., a total amount of € 303,539,266.15. The total amount of the dividend distributed in cash therefore came to € 372,933,231.30.
Authorized Capital
After being used in connection with the capital increase in 2023, the 2022 authorized capital fell by € 18,795,001.00 from € 233,000,000.00 to € 214,204,999.00 as of June 30, 2023. Shareholder subscription rights for the 2021 authorized capital can be excluded.
Non-Controlling Interests and Retained Earnings
On May 31, 2023, Vonovia sold a direct equity holding of 34.5%, or approximately 27.6%, in a selected portfolio to Apollo Capital Management L.P. for € 1.0 billion (Südewo transaction). This resulted in the addition of non-controlling interests of € 760.4 million. The corresponding difference increased the company’s retained earnings by € 239.6 million.
A call option that Vonovia can exercise to buy the shares back was agreed as part of the transaction. The valuation of this option resulted in a market value of € 359.0 million. As this option was agreed as part of the transaction, it was also recognized outside profit or loss in retained earnings.