16 Segment Reporting
The following table shows the segment information for the reporting period:
Segment Reporting – Reporting period
in € million | Rental | Value-add | Recurring Sales | Develop- ment | Segments total | Other* | Consolida- tion* | Group | |||||||||
Jan. 1–Jun. 30, 2024 | |||||||||||||||||
Segment revenue (continuing operations) | 1,650.4 | 635.3 | 163.9 | 73.2 | 2,522.8 | 1,147.8 | -562.0 | 3,108.6 | |||||||||
thereof external revenue | 1,650.4 | 59.9 | 163.9 | 73.2 | 1,947.4 | 1,147.8 | 13.4 | 3,108.6 | |||||||||
thereof internal revenue | 575.4 | 575.4 | -575.4 | ||||||||||||||
Carrying amount of assets sold | -141.3 | -141.3 | -351.9 | ||||||||||||||
Revaluation from disposal of assets held for sale | 9.3 | 9.3 | -0.7 | ||||||||||||||
Expenses for maintenance | -225.3 | -225.3 | |||||||||||||||
Cost of Development to sell | -59.6 | -59.6 | |||||||||||||||
Operating expenses | -233.5 | -578.5 | -9.7 | -17.7 | -839.4 | -44.8 | 559.1 | ||||||||||
Ancillary costs | -761.2 | ||||||||||||||||
Adjusted EBITDA total (continuing operations) | 1,191.6 | 56.8 | 22.2 | -4.1 | 1,266.5 | -10.8 | -2.9 | 1,252.8 | |||||||||
Non-recurring items | -45.4 | ||||||||||||||||
Period adjustments from assets held for sale | 19.2 | ||||||||||||||||
Income from investments/ amortization in other real estate | 5.2 | ||||||||||||||||
Net income from fair value adjustments of investment properties | -1,432.0 | ||||||||||||||||
Depreciation and amortization (reduced by reversals in previous years) | -72.8 | ||||||||||||||||
Net income from investments accounted for using the equity method | -18.5 | ||||||||||||||||
Income from other investments | -24.5 | ||||||||||||||||
Interest income | 67.5 | ||||||||||||||||
Interest expenses | -424.5 | ||||||||||||||||
Other financial result | 84.7 | ||||||||||||||||
Earnings before tax (EBT) | -588.3 | ||||||||||||||||
Income taxes | 80.1 | ||||||||||||||||
Profit from continuing operations | -508.2 | ||||||||||||||||
Profit from discontinued operations | -21.0 | ||||||||||||||||
Profit for the period | -529.2 | ||||||||||||||||
- *The revenue for the Rental, Value-add, Recurring Sales and Development segments constitutes income that is regularly reported to the Management Board as the chief operating decision- maker and that reflects Vonovia’s sustainable business. The revenue/costs in the “Other” and “Consolidation” columns are not part of the Management Board’s segment management.
Segment Reporting – Previous period
in € million | Rental | Value-add | Recurring Sales | Develop- ment | Segments total | Other* | Consolida- tion* | Group | ||||||||
Jan. 1–Jun. 30, 2023 (adjusted) | ||||||||||||||||
Segment revenue (continuing operations)** | 1,618.6 | 619.8 | 141.4 | 220.6 | 2,600.4 | 1,020.4 | -535.5 | 3,085.3 | ||||||||
thereof external revenue | 1,618.6 | 66.4 | 141.4 | 220.6 | 2,047.0 | 1,020.4 | 17.9 | 3,085.3 | ||||||||
thereof internal revenue | 553.4 | 553.4 | -553.4 | |||||||||||||
Carrying amount of assets sold*** | -108.2 | -108.2 | -99.3 | |||||||||||||
Revaluation from disposal of assets held for sale | 11.1 | 11.1 | 6.9 | |||||||||||||
Expenses for maintenance | -206.9 | -206.9 | ||||||||||||||
Cost of Development to sell | -195.7 | -195.7 | ||||||||||||||
Operating expenses | -202.7 | -575.7 | -7.3 | -15.2 | -800.9 | -36.4 | 540.6 | |||||||||
Ancillary costs | -894.0 | |||||||||||||||
Adjusted EBITDA total (continuing operations)** | 1,209.0 | 44.1 | 37.0 | 9.7 | 1,299.8 | -2.4 | 5.1 | 1,302.5 | ||||||||
Non-recurring items | -119.2 | |||||||||||||||
Period adjustments from assets held for sale | 2.4 | |||||||||||||||
Income from investments/ amortization in other real estate | 5.2 | |||||||||||||||
Net income from fair value adjustments of investment properties | -6,382.2 | |||||||||||||||
Depreciation and amortization (reduced by reversals in previous years) | -349.3 | |||||||||||||||
Net income from investments accounted for using the equity method | -12.3 | |||||||||||||||
Income from other investments | -19.7 | |||||||||||||||
Interest income | 49.9 | |||||||||||||||
Interest expenses | -382.6 | |||||||||||||||
Other financial result | 35.5 | |||||||||||||||
Earnings before tax (EBT) | -5,869.8 | |||||||||||||||
Income taxes | 1,736.3 | |||||||||||||||
Profit from continuing operations | -4,133.5 | |||||||||||||||
Profit from discontinued operations | 3.1 | |||||||||||||||
Profit for the period | -4,130.4 | |||||||||||||||
- *The revenue for the Rental, Value-add, Recurring Sales and Development segments constitutes income that is regularly reported to the Management Board as the chief operating decision-maker and that reflects Vonovia’s sustainable business. The revenue/costs in the “Other” and “Consolidation” columns are not part of the Management Board’s segment management.
- **Previous year’s values (2023) adjusted to current key figure and segment definition -> [A4] Adjustment to Prior-year Figures.
- ***Incl. cost of sold real estate inventories in the Recurring Sales segment.
In the first half of 2024, the non-recurring items eliminated in the Adjusted EBITDA Total came to € 45.4 million compared to € 119.2 million in the first half of 2023.
The following table gives a detailed list of the non-recurring items:
Non-recurring items for the reporting period
in € million | Jan. 1– Jun. 30, 2023 | Jan. 1– Jun. 30, 2024 | |||
Transactions* | 82.9 | 12.9 | |||
Personnel matters | 26.6 | 14.7 | |||
Business model optimization | 6.2 | 14.4 | |||
Research & development | 3.4 | 2.9 | |||
Refinancing and equity measures | 0.1 | 0.5 | |||
Total non-recurring items | 119.2 | 45.4 | |||
- *Including one-time expenses in connection with acquisitions, such as HR measures relating to the integration process and other follow-up costs.
The breakdown of non-Group revenue (pursuant to IFRS 15.114 et seq.) and its allocation to the segments referred to above is as follows:
Breakdown of non-Group revenue from contracts with customers (pursuant to IFRS 15.114f)
in € million | Rental | Value-add | Recurring Sales | Development | Other | Total | |||||||
Jan. 1–Jun. 30, 2024 | |||||||||||||
Revenue from ancillary costs (IFRS 15) | 705.6 | 705.6 | |||||||||||
Income from the disposal of real estate inventories | 70.1 | 70.1 | |||||||||||
Other revenue from contracts with customers | 13.2 | 59.8 | 73.0 | ||||||||||
Revenue from contracts with customers | 13.2 | 59.8 | – | 70.1 | 705.6 | 848.7 | |||||||
thereof period-related | 47.4 | 47.4 | |||||||||||
thereof time-related | 13.2 | 59.8 | – | 22.7 | 705.6 | 801.3 | |||||||
Revenue from rental income (IFRS 16) | 1,650.4 | 0.3 | 3.1 | 1,653.8 | |||||||||
Revenue from ancillary costs (IFRS 16)** | 89.5 | 89.5 | |||||||||||
Other revenue | 1,650.4 | 0.3 | – | 3.1 | 89.5 | 1,743.3 | |||||||
Revenue | 1,663.6 | 60.1 | – | 73.2 | 795.1 | 2,592.0 | |||||||
Jan. 1–Jun. 30, 2023 (adjusted)* | |||||||||||||
Revenue from ancillary costs (IFRS 15) | 850.5 | 850.5 | |||||||||||
Income from the disposal of real estate inventories | 4.2 | 218.3 | 222.5 | ||||||||||
Other revenue from contracts with customers | 17.5 | 65.8 | – | 0.4 | 83.7 | ||||||||
Revenue from contracts with customers | 17.5 | 65.8 | 4.2 | 218.7 | 850.5 | 1,156.7 | |||||||
thereof period-related | 120.5 | 120.5 | |||||||||||
thereof time-related | 17.5 | 65.8 | 4.2 | 98.2 | 850.5 | 1,036.2 | |||||||
Revenue from rental income (IFRS 16) | 1,618.6 | 0.6 | 2.3 | 1,621.5 | |||||||||
Revenue from ancillary costs (IFRS 16)** | 69.0 | 69.0 | |||||||||||
Other revenue | 1,618.6 | 0.6 | – | 2.3 | 69.0 | 1,690.5 | |||||||
Revenue | 1,636.1 | 66.4 | 4.2 | 221.0 | 919.5 | 2,847.2 | |||||||
- *According to current definition.
- **Includes land tax and buildings insurance.
External income and non-current assets, excluding financial instruments, deferred taxes, post-employment benefits and rights under insurance contracts, are distributed among Vonovia’s country of origin and other countries as follows. The revenue and the assets are allocated based on the registered office of the unit providing the service.
External revenue and non-current assets distributed among country of origin
Revenue | Assets | ||||||||
in € million | Jan. 1– Jun. 30, 2023* | Jan. 1– Jun. 30, 2024 | Dec. 31, 2023 | Jun. 30, 2024 | |||||
Germany | 2,551.5 | 2,299.3 | 73,702.5 | 71,309.5 | |||||
Austria | 118.4 | 109.1 | 3,148.9 | 3,089.4 | |||||
Sweden | 174.9 | 183.6 | 6,569.3 | 6,419.6 | |||||
Other countries | 2.4 | – | – | – | |||||
Total | 2,847.2 | 2,592.0 | 83,420.7 | 80,818.5 | |||||
- *Previous year’s values (2023) adjusted to current key figure and segment definition -> [A4] Adjustment to Prior-year Figures.