Assets
Consolidated Balance Sheet Structure
Consolidated Balance Sheet Structure | |||||||||
Dec. 31, 2023 | June 30, 2024 | ||||||||
in € million | in % | in € million | in % | ||||||
Non-current assets | 85,121.4 | 92.5 | 82,581.2 | 91.2 | |||||
Current assets | 6,874.5 | 7.5 | 8,002.1 | 8.8 | |||||
Total assets | 91,995.9 | 100.0 | 90,583.3 | 100.0 | |||||
Equity | 29,944.6 | 32.5 | 28,751.5 | 31.7 | |||||
Non-current liabilities | 56,912.4 | 61.9 | 55,572.2 | 61.4 | |||||
Current liabilities | 5,138.9 | 5.6 | 6,259.6 | 6.9 | |||||
Total equity and liabilities | 91,995.9 | 100.0 | 90,583.3 | 100.0 | |||||
The Group’s total assets declined by € 1,412.6 million, from € 91,995.9 million as of December 31, 2023 to € 90,583.3 million.
The key trend in the non-current assets item is the € 2,489.1 million decrease in investment properties, which was due in particular to the reclassification of a portfolio of around 4,500 residential units in Berlin to current assets, assets held for sale, and to the negative result from fair value adjustments in the amount of € -1,432.0 million. Capitalized modernization costs and additions, in particular, had the opposite effect.
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 June 30, 2024, resulting in a valuation of € 901.0 million. The adjustment was recognized in the income statement, with income of € 63.0 million.
Within current assets, the reclassification to assets held for sale referred to above, in particular, resulted in this item increasing by € 1,010.3 million. Other changes in current assets were associated with the drop in trade receivables (€ -135.5 million), as well as with the increase in real estate inventories (€ 130.7 million) and cash and cash equivalents (€ 126.6 million).
The goodwill amount remains unchanged by comparison with December 31, 2023. On June 30, 2024, goodwill comprised 1.5% of total assets.
As of June 30, 2024, the gross asset value (GAV) of Vonovia’s property assets came to € 83,072.1 million. This corresponds to 91.7 % of total assets, compared to € 84,545.1 million or 91.9 % at the end of 2023.
Total equity fell by € 1,193.1 million from € 29,944.6 million to € 28,751.5 million, due in particular to the profit for the period of € -529.2 million and the dividend distribution. The other comprehensive income of € -43.2 million was influenced to a significant degree by currency effects amounting to € -103.8 million.
The equity ratio stood at 31.7 % as of June 30, 2024, compared with 32.5 % at the end of 2023.
Liabilities decreased by € 219.5 million, from € 62,051.3 million to € 61,831.8 million. The total of non-current non-derivative financial liabilities fell by € 919.1 million, from € 39,636.5 million to € 38,717.4 million. Current non-derivative financial liabilities increased by € 874.4 million, from € 3,260.6 million to € 4,135.0 million.
Deferred tax liabilities fell by € 385.3 million from € 15,713.2 million to € 15,327.9 million.