Assets
Consolidated Balance Sheet Structure
Consolidated Balance Sheet Structure | |||||||||
Dec. 31, 2022 | Sep. 30, 2023 | ||||||||
in € million | in % | in € million | in % | ||||||
Non-current assets | 96,037.9 | 94.7 | 89,941.5 | 94.1 | |||||
Current assets | 5,351.7 | 5.3 | 5,660.7 | 5.9 | |||||
Total assets | 101,389.6 | 100.0 | 95,602.2 | 100.0 | |||||
Equity | 34,438.8 | 34.0 | 31,400.3 | 32.8 | |||||
Non-current liabilities | 61,474.9 | 60.6 | 58,890.6 | 61.6 | |||||
Current liabilities | 5,475.9 | 5.4 | 5,311.3 | 5.6 | |||||
Total equity and liabilities | 101,389.6 | 100.0 | 95,602.2 | 100.0 | |||||
The Group’s total assets dropped by € 5,787.4 million as against December 31, 2022, falling from € 101,389.6 million to € 95,602.2 million.
The main development in non-current assets is the decline in investment properties of € 6,183.3 million on account of the write-down performed in the first half of the year. 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. As of September 30, 2023, the option was remeasured as of the reporting date, resulting in a value of € 348.0 million. The adjustment in the amount of € 11.0 million was recognized affecting net income.
The increase in other current assets as of the reporting date is due largely to an accrual in connection with the planned repayment of the USD bond. While funds had already been paid to the agent for repayment on September 30, 2023, the repayment was not executed until October 2, 2023, in accordance with the contract. Including the terminated hedge and interest, this resulted, as of the reporting date, in prepaid expenses within other assets in the amount of € 432.3 million and deferred income within other liabilities in the amount of € 253.3 million. On the other hand, current assets fell by € 41.5 million, mainly as a result of the drop in the current financial assets. 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.
Goodwill comprised 1.5% of the total assets.
As of September 30, 2023, the gross asset value (GAV) of Vonovia’s property assets came to € 89,098.5 million. This corresponds to 93.2% of total assets, compared to € 95,125.5 million or 93.8% at the end of 2022.
Equity fell by € 3,038.5 million, from € 34,438.8 million to € 31,400.3 million, mainly due to the profit for the period of € -3,808.9 million. The other comprehensive income of € -174.0 million was influenced to a significant degree by currency effects amounting to € -170.3 million.
The equity ratio stood at 32.8% as of September 30, 2023, compared with 34.0% at the end of 2022.
Liabilities dropped by € 2,748.9 million from € 66,950.8 million to € 64,201.9 million. The amount of non-current non-derivative financial liabilities fell by € 879.4 million, from € 41,269.7 million to € 40,390.3 million, and non-derivative financial liabilities fell by € 340.4 million from € 3,790.0 million to € 3,449.6 million.
Deferred tax liabilities fell by € 1,666.1 million.
Vonovia’s net asset value figures are based on the best practice recommendations of the EPRA (European Public Real Estate Association).