Assets

Consolidated Balance Sheet Structure

The Group’s total assets dropped by € 9,393.7 million as against December 31, 2022, falling from € 101,389.6 million to € 91,995.9  million.

The main development in non-current assets is the decline in investment properties of € 11,179.8 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. Goodwill comprises 1.5% of the total assets.

The transaction executed on April 26, 2023 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 € 374.0 million and has been recognized outside profit or loss as an asset. As of December 31, 2023, the option was remeasured as of the reporting date, resulting in a value of € 464.0 million. The adjustment in the amount of € 90.0 million was recognized affecting net income.

Similarly, the transaction concluded on October 27, 2023, again with Apollo Capital Management L.P., regarding the sale of a stake of around 30% in a portfolio of apartments in northern Germany, results in a call option on these shares. They were recognized, without affecting net income, in the amount of € 374.0 million as of December 31, 2023.

Current assets increased by € 1,522.8 million from € 5,351.7 million to € 6,874.5 million. This is due primarily to the recognition of the assets attributable to the Care segment, as a discontinued operation, in the amount of € 770.1 million. There were also changes in trade receivables, which rose by € 432.2 million, mainly due to higher receivables from the sale of land, real estate inventories and rent receivables.

As of December 31, 2023, the gross asset value (GAV) of Vonovia’s property assets came to € 84,545.1 million. This corresponds to 91.9% of total assets, compared to € 95,125.5 million or 93.8% at the end of 2022.

Equity fell by € 4,494.2 million, from € 34,438.8 million to € 29,944.6 million, mainly due to the loss for the period of € -6,756.2 million. Other comprehensive income came to € -106.6 million.

The equity ratio as of December 31, 2023 was 32.5% compared to 34.0% at the end of 2022.

Liabilities dropped by € 4,899.5 million from € 66,950.8 million to € 62,051.3 million. The amount of non-current non-derivative financial liabilities fell by € 1,633.2 million from € 41,269.7 million to € 39,636.5 million, and non-derivative financial liabilities fell by € 529.4 million from € 3,790.0 million to € 3,260.6 million.

Deferred tax liabilities fell by € 2,899.2 million, in particular due to the negative valuation result.