Assets
Consolidated Balance Sheet Structure
Consolidated Balance Sheet Structure | |||||||||
Dec. 31, 2023 | Mar. 31, 2024 | ||||||||
in € million | in % | in € million | in % | ||||||
Non-current assets | 85,121.4 | 92.5 | 84,305.0 | 91.8 | |||||
Current assets | 6,874.5 | 7.5 | 7,524.1 | 8.2 | |||||
Total assets | 91,995.9 | 100.0 | 91,829.1 | 100.0 | |||||
Equity | 29,944.6 | 32.5 | 30,129.6 | 32.8 | |||||
Non-current liabilities | 56,912.4 | 61.9 | 56,825.9 | 61.9 | |||||
Current liabilities | 5,138.9 | 5.6 | 4,873.6 | 5.3 | |||||
Total equity and liabilities | 91,995.9 | 100.0 | 91,829.1 | 100.0 | |||||
The Group’s total assets declined by € 166.8 million, from € 91,995.9 million as of December 31, 2023 to € 91,829.1 million.
The key trend in the non-current assets is the € 841.6 million decrease in investment properties, which was almost entirely due to the reclassification of a portfolio of around 4,500 residential units in Berlin to current assets, as assets held for sale.
The transactions with Apollo Capital Management L.P. relating to the disposal of shares in the Südewo portfolio of residential properties in Baden-Württemberg and a portfolio in northern Germany in the 2023 fiscal year gave rise to call options on these shares. These were recognized directly in equity as an asset in the 2023 fiscal year. These options were remeasured on March 31, 2024, resulting in a valuation of € 887.0 million. The adjustment was recognized in the income statement, with income of € 49.0 million.
In the current assets, alongside the increase due to the above-mentioned reclassification of the assets held for sale, a decrease resulted from the sale of residential properties which had previously been accounted for as assets held for sale. Assets held for sale increased by € 515.5 million.
The goodwill amount remains unchanged by comparison with December 31, 2023. On March 31, 2024, goodwill comprised 1.5% of total assets.
As of March 31, 2024, the gross asset value (GAV) of Vonovia’s property assets came to € 84,273.6 million. This corresponds to 91.8% of total assets, compared to € 84,545.1 million or 91.9% at the end of 2023.
Equity increased by € 185.0 million, from € 29,944.6 million to € 30,129.6 million. This is attributable, in particular, to the profit for the period of € 335.5 million. Other comprehensive income of € -149.3 million was influenced to a significant degree by currency effects amounting to € -169.4 million.
The equity ratio stood at 32.8% as of March 31, 2024, compared with 32.5% at the end of 2023.
Liabilities decreased by € 351.8 million, from € 62,051.3 million to € 61,699.5 million. The total of non-current non-derivative financial liabilities rose by € 100.2 million, from € 39,636.5 million to € 39,736.7 million. Current non-derivative financial liabilities declined by € 520.8 million, from € 3,260.6 million to € 2,739.8 million.
Deferred tax liabilities decreased by € 160.1 million.