IRO-2 – Disclosure requirements in the ESRS covered by the undertaking’s sustainability statemen
The table below sets out the disclosure requirements that were taken into account when preparing the sustainability statement based on the results of the materiality assessment:
Disclosure Requirement
Disclosure requirement
Disclosure requirement | Description | Reference | ||
ESRS E1 – Climate Change | ||||
ESRS E1–1 | Transition plan for climate change mitigation | |||
ESRS E1–2 | Policies related to climate change mitigation and adaptation | |||
ESRS E1–3 | Actions and resources related to climate change policies | |||
ESRS E1–4 | Targets related to climate change mitigation and adaptation | |||
ESRS E1–5 | Energy consumption and mix | |||
ESRS E1–6 | Gross Scopes 1, 2, 3 and Total GHG emissions | |||
ESRS S1 – Own Workforce | ||||
ESRS S1–1 | Policies related to own workforce | |||
ESRS S1–2 | Procedures for engaging with own workforce and workers’ representatives about impacts | |||
ESRS S1–3 | Processes to remediate negative impacts and channels for own workforce to raise concerns | |||
ESRS S1–4 | Taking action on material impacts on own workforce, and approaches to managing material risks and pursuing material opportunities related to own workforce, and effectiveness of those actions | |||
ESRS S1–5 | Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities | |||
ESRS S1–6 | Characteristics of the undertaking’s employees | |||
ESRS S1–7 | Characteristics of the undertaking’s non-employees | |||
ESRS S1–8 | Collective bargaining coverage and social dialogue | |||
ESRS S1–9 | Diversity metrics | |||
ESRS S1–10 | Adequate wages | |||
ESRS S1–11 | Social protection | |||
ESRS S1–12 | Persons with disabilities | |||
ESRS S1–13 | Training and skills development metrics | |||
ESRS S1–15 | Work-life balance metrics | |||
ESRS S1–16 | Remuneration metrics (pay gap and total remuneration) | |||
ESRS S1–17 | Incidents, complaints and severe human rights impacts | |||
ESRS S4 – Consumers and End-Users | ||||
ESRS S4–1 | Policies related to consumers and end-users | |||
ESRS S4–2 | Processes for engaging with consumers and end-users about impacts | |||
ESRS S4–3 | Processes to remediate negative impacts and channels for consumers and end-users to raise concerns | |||
ESRS S4–4 | Taking action on material impacts on consumers and end-users, and approaches to managing material risks and pursuing material opportunities related to consumers and end-users, and effectiveness of those actions | |||
ESRS S4–5 | Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities | |||
Entity-specific disclosure: Neighborhood Development | ||||
Entity-specific disclosure: Living at Fair Prices | ||||
ESRS G1 – Business Conduct | ||||
ESRS G1–1 | Business conduct policies and corporate culture | |||
ESRS G1–3 | Prevention and detection of corruption and bribery | |||
ESRS G1–4 | Incidents of corruption or bribery | |||
The table below lists all of the datapoints included in this sustainability statement that result from other EU legislation – as listed in Annex B to this standard:
Disclosure Requirements and Related Datapoints
Disclosure requirements and related datapoints
Disclosure requirement and related datapoint | Reference | |
ESRS 2 GOV-1 (ESRS 2.21 (d)) Board's gender diversity | ||
ESRS 2 GOV-1 (ESRS 2.21 (e)) Percentage of board members who are independent | ||
ESRS 2 GOV-4 (ESRS 2.30) Statement on due diligence | ||
ESRS 2 SBM-1 (ESRS 2.40 (d) (i)) Involvement in activities related to fossil fuel activities | not material | |
ESRS 2 SBM-1 (ESRS 2.40 (d) (ii)) Involvement in activities related to chemical production | not material | |
ESRS 2 SBM-1 (ESRS 2.40 (d) (iii)) Involvement in activities related to controversial weapons | not material | |
ESRS 2 SBM-1 (ESRS 2.40 (d) (iv)) Involvement in activities related to cultivation and production of tobacco | not material | |
ESRS E1–1 (ESRS E1.14) Transition plan to reach climate neutrality by 2050 | ||
ESRS E1–1 (ESRS E1.16 (g)) Undertakings excluded from Paris-aligned Benchmarks | not material | |
ESRS E1–4 (ESRS E1.34) GHG emission reduction targets | ||
ESRS E1–5 (ESRS E1.38) Energy consumption from fossil sources disaggregated by sources (only high climate impact sectors) | ||
ESRS E1–5 (ESRS E1.37) Energy consumption and mix | ||
ESRS E1–5 (ESRS E1.40 to 43) Energy intensity associated with activities in high climate impact sectors | ||
ESRS E1–6 (ESRS E1.44) Gross Scopes 1, 2, 3 and Total GHG emissions | ||
ESRS E1–6 (ESRS E1.53 bis .55) Gross GHG emissions intensity | ||
ESRS E1–7 (ESRS E1.56) GHG removals and carbon credits | not material | |
ESRS E1–9 (ESRS E1.66) Exposure of the benchmark portfolio to climate-related physical risks | Phase-In | |
ESRS E1–9 (ESRS E1.66 (a)) Disaggregation of monetary amounts by acute and chronic physical risks | Phase-In | |
ESRS E1–9 (ESRS E1.66 (c)) Location of significant assets at material physical risk | Phase-In | |
ESRS E1–9 (ESRS E1.67 (c)) Breakdown of the carrying value of its real estate assets by energy-efficiency classes | Phase-In | |
ESRS E1–9 (ESRS E1.69) Degree of exposure of the portfolio to climate-related opportunities | Phase-In | |
ESRS E2–4 (ESRS E2.28) Amount of each pollutant listed in Annex II of the E-PRTR Regulation (European Pollutant Release and Transfer Register) emitted to air, water and soil | not material | |
ESRS E3–1 (ESRS E3.9) Water and marine resources | not material | |
ESRS E3–1 (ESRS E3.13) Dedicated policy | not material | |
ESRS E3–1 (ESRS E3.14) Sustainable oceans and seas | not material | |
E3–4 (ESRS E3.28 (c)) Total water recycled and reused | not material | |
ESRS E3–4 (ESRS E3.29) Total water consumption in m3 per net revenue on own operations | not material | |
ESRS 2 – SBM-3 – E4 (ESRS 4.16 (a) (i)) | not material | |
ESRS 2 – SBM-3 – E4 (ESRS 4.16 (b)) | not material | |
ESRS 2 – SBM-3 – E4 (ESRS 4.16 (c)) | not material | |
ESRS E4–2 (ESRS E4.24 (b)) Sustainable land/agriculture practices or policies | not material | |
ESRS E4–2 (ESRS E4.24 (c)) Sustainable oceans/seas practices or policies | not material | |
ESRS E4–2 (ESRS E4.24 (d)) ESRS E4–2 Policies to address deforestation | not material | |
ESRS E5–5 (ESRS 5.37 (d)) Non-recycled waste | not material | |
ESRS E5–5 (ESRS 5.39) Hazardous waste and radioactive waste | not material | |
ESRS 2 SBM-3 – S1 (ESRS S1.14 (f)) Risk of incidents of forced labor | ||
ESRS 2 SBM-3 – S1 (ESRS S1.14 (f)) Risk of incidents of child labor | ||
ESRS S1–1 (ESRS S1.20) Human rights policy commitments | ||
ESRS S1–1 (ESRS S1.21) Due diligence policies on issues addressed by the fundamental International Labor Organisation Conventions 1 to 8 | ||
ESRS S1–1 (ESRS S1.22) Processes and measures for preventing trafficking in human beings | ||
ESRS S1–1 (ESRS S1.23) Workplace accident prevention policy or management system | ||
ESRS S1–3 (ESRS S1.32 (c)) Grievance/complaints handling mechanisms | ||
ESRS S1–14 (ESRS S1.88 (b) (c)) Number of fatalities and number and rate of work-related accidents | not material | |
ESRS S1–14 (ESRS S1.88 (e)) Number of days lost to injuries, accidents, fatalities or illness | not material | |
ESRS S1–16 (ESRS S1.97 (a)) Unadjusted gender pay gap | ||
ESRS S1–16 (ESRS S1.97 (b)) Excessive CEO pay ratio | ||
ESRS S1–17 (ESRS S1.103 (a)) Incidents of discrimination | ||
ESRS S1–17 (ESRS S1.104 (a)) Non-respect of UNGPs on Business and Human Rights and OECD guidelines | not material | |
ESRS 2 SBM-3 – S2 (ESRS S2.11 (b)) Significant risk of child labor or forced labor in the value chain | not material | |
ESRS S2–1 (ESRS 2.17) Human rights policy commitments | not material | |
ESRS S2.1 (ESRS S2.18) Policies related to value chain workers | not material | |
ESRS S2–1 (ESRS S2.19) Non-respect of UNGPs on Business and Human Rights principles and OECD guidelines | not material | |
ESRS S2–1 (ESRS S2.19) Due diligence policies on issues addressed by the fundamental International Labor Organisation Conventions 1 to 8 | not material | |
ESRS S2–4 (ESRS S2.36) Human rights issues and incidents connected to its upstream and downstream value chain | not material | |
ESRS S3–1 (ESRS S3.16) Human policy commitments | not material | |
ESRS S3–1 (ESRS S3.17) Non-respect of UNGPs on Business and Human Rights, ILO principles and OECD guidelines | not material | |
ESRS S3–4 (ESRS S3.36) Human rights issues and incidents | not material | |
ESRS S4–1 (ESRS S4.16) Policies related to consumers and end-users | ||
ESRS S4–1 (ESRS S4.17) Non-respect of UNGPs on Business and Human Rights and OECD guidelines | ||
ESRS S4–4 (ESRS S4.35) Human rights issues and incidents | not material | |
ESRS G1–1 (ESRS G1.10 (b)) United Nations Convention against Corruption | ||
ESRS G1–1 (ESRS G1.10 (d)) Protection of whistleblowers | not material | |
ESRS G1–4 (ESRS G1.24 (a)) Fines for violation of anti-corruption and anti-bribery laws | ||
ESRS G1–4 (ESRS G1.24 (b)) Standards of anti-corruption and anti-bribery | ||
The specialist departments responsible identified key information in relation to the impacts, risks and opportunities that were classified as material, and this information has been included in the sustainability reporting. Further information on the process involved in identifying material impacts, risks and opportunities can be found in section ESRS 2 IRO-1. Regarding certain data points, we make use of the materiality exemption under ESRS 1, Section 3.2, and omit them from reporting. The decision to omit reporting for materiality reasons is made based on the significance of the respective information and its usefulness for the user in making decisions.
Adjusted EBITDA Development
The Adjusted EBITDA Development includes the gross profit from the development activities of “to sell” projects (income from sold development projects less production costs) and the gross profit from the development activities of “to hold” projects (fair value of the units developed for the company’s own portfolio less incurred production costs) less the operating expenses from the Development segment.
Adjusted EBITDA Deutsche Wohnen
The Adjusted EBITDA Deutsche Wohnen is calculated by deducting the operating expenses of the Deutsche Wohnen segment and the carrying amount of properties sold from the segment revenue of the Deutsche Wohnen Group.
Adjusted EBITDA Recurring Sales
The Adjusted EBITDA Recurring Sales compares the proceeds generated from the privatization business with the fair values of assets sold and also deducts the related costs of sale. In order to disclose profit and revenue in the period in which they are incurred and to report a sales margin, the fair value of properties sold, valued in accordance with IFRS 5, has to be adjusted to reflect realized/unrealized changes in value.
Adjusted EBITDA Rental
The Adjusted EBITDA Rental is calculated by deducting the operating expenses of the Rental segment and the expenses for maintenance in the Rental segment from the Group’s rental income.
Adjusted EBITDA Total
Adjusted EBITDA Total is the result before interest, taxes, depreciation and amortization (including income from other operational investments and intragroup profits) adjusted for effects that do not relate to the period, recur irregularly and that are atypical for business operation, and for net income from fair value adjustments to investment properties. These non-recurring items include the development of new fields of business and business processes, acquisition projects, expenses for refinancing and equity increases (where not treated as capital procurement costs), IPO preparation costs and expenses for pre-retirement part-time work arrangements and severance payments. The Adjusted EBITDA Total is derived from the sum of the Adjusted EBITDA Rental, Adjusted EBITDA Value-add, Adjusted EBITDA Recurring Sales, Adjusted EBITDA Development and Adjusted EBITDA Deutsche Wohnen.
Adjusted EBITDA Value-add
The Adjusted EBITDA Value-add is calculated by deducting operating expenses from the segment’s income.
COSO
The Committee of Sponsoring Organizations of the Treadway Commission (COSO) is a private-sector U.S. organization. It was founded in 1985. In 1992, COSO published the COSO model, an SEC-recognized standard for internal controls. This provided a basis for the documentation, analysis and design of internal control systems. In 2004, the model was further developed and the COSO Enterprise Risk Management (ERM) Framework was published. Since then, it has been used to structure and develop risk management systems.
Covenants
Requirements specified in loan agreements or bond conditions containing future obligations of the borrower or the bond obligor to meet specific requirements or to refrain from undertaking certain activities.
EPRA Key Figures
For information on the EPRA key figures, we refer to the chapter on segment reporting according to EPRA.
EPRA NTA
The presentation of the NTA based on the EPRA definition aims to show the net asset value in a long-term business model. NTA stands for Net Tangible Assets. The equity attributable to Vonovia’s shareholders is adjusted by deferred taxes, real estate transfer tax and other purchasers’ costs in relation to the existing portfolio and the fair value of derivative financial instruments after taking deferred taxes into account. Stated goodwill and other intangible assets are also deducted.
European Public Real Estate Association (EPRA)
The European Public Real Estate Association (EPRA) is a non-profit organization that has its registered headquarters in Brussels and represents the interests of listed European real estate companies. Its mission is to raise awareness of European listed real estate companies as a potential investment destination that offers an alternative to conventional investments. EPRA is a registered trademark of the European Public Real Estate Association.
European Public Real Estate Association (EPRA)
The European Public Real Estate Association (EPRA) is a non-profit organization that has its registered headquarters in Brussels and represents the interests of listed European real estate companies. Its mission is to raise awareness of European listed real estate companies as a potential investment destination that offers an alternative to conventional investments. EPRA is a registered trademark of the European Public Real Estate Association.
Fair Value
Fair value is particularly relevant with regard to valuation in accordance with IAS 40 in conjunction with IFRS 13. The fair value is the amount for which an asset could be exchanged between knowledgeable, willing parties in an arm’s length transaction.
Fair Value
Fair value is particularly relevant with regard to valuation in accordance with IAS 40 in conjunction with IFRS 13. The fair value is the amount for which an asset could be exchanged between knowledgeable, willing parties in an arm’s length transaction.
Fair Value
Fair value is particularly relevant with regard to valuation in accordance with IAS 40 in conjunction with IFRS 13. The fair value is the amount for which an asset could be exchanged between knowledgeable, willing parties in an arm’s length transaction.
Fair Value
Fair value is particularly relevant with regard to valuation in accordance with IAS 40 in conjunction with IFRS 13. The fair value is the amount for which an asset could be exchanged between knowledgeable, willing parties in an arm’s length transaction.
GAV
The Gross Asset Value (GAV) of the recognized real estate investments. This consists of the owner-occupied properties, the investment properties including development to hold, the assets held for sale and the development to sell area. In the latter, both residential properties for which a purchase contract has been signed and those with the intention to sell – i.e., a purchase contract has not yet been signed – are included.
GAV
The Gross Asset Value (GAV) of the recognized real estate investments. This consists of the owner-occupied properties, the investment properties including development to hold, the assets held for sale and the development to sell area. In the latter, both residential properties for which a purchase contract has been signed and those with the intention to sell – i.e., a purchase contract has not yet been signed – are included.
Group FFO
Group FFO reflects the recurring earnings from the operating business. In addition to the adjusted EBITDA for the Rental, Value-add, Recurring Sales and Development segments, Group FFO allows for recurring current net interest expenses from non-derivative financial instruments as well as current income taxes. This key figure is not determined on the basis of any specific international reporting standard but is to be regarded as a supplement to other performance indicators determined in accordance with IFRS.
Maintenance
Maintenance covers the measures that are necessary to ensure that the property can continue to be used as intended over its useful life and that eliminate structural and other defects caused by wear and tear, age and weathering effects.
Maintenance
Maintenance covers the measures that are necessary to ensure that the property can continue to be used as intended over its useful life and that eliminate structural and other defects caused by wear and tear, age and weathering effects.
Maintenance
Maintenance covers the measures that are necessary to ensure that the property can continue to be used as intended over its useful life and that eliminate structural and other defects caused by wear and tear, age and weathering effects.
Maintenance
Maintenance covers the measures that are necessary to ensure that the property can continue to be used as intended over its useful life and that eliminate structural and other defects caused by wear and tear, age and weathering effects.
Vacancy Rate
The vacancy rate is the number of empty units as a percentage of the total units owned by the company. The vacant units are counted at the end of each month.
Vacancy Rate
The vacancy rate is the number of empty units as a percentage of the total units owned by the company. The vacant units are counted at the end of each month.
Vacancy Rate
The vacancy rate is the number of empty units as a percentage of the total units owned by the company. The vacant units are counted at the end of each month.
Vacancy Rate
The vacancy rate is the number of empty units as a percentage of the total units owned by the company. The vacant units are counted at the end of each month.
LTV Ratio (Loan-to-Value Ratio)
The LTV ratio shows the extent to which financial liabilities are covered. It shows the ratio of non-derivative financial liabilities pursuant to IFRS, less foreign exchange rate effects, cash and cash equivalents less advance payments received by Development (period-related), receivables from disposals, plus purchase prices for outstanding acquisitions to the total fair values of the real estate portfolio, fair values of the projects/land currently under construction as well as receivables from the sale of real estate inventories (period-related) plus the fair values of outstanding acquisitions and investments in other real estate companies.
Rental Income
Rental income refers to the current gross income for rented units as agreed in the corresponding lease agreements before the deduction of non-transferable ancillary costs. The rental income from the Austrian property portfolio additionally includes maintenance and improvement contributions (EVB). The rental income from the portfolio in Sweden reflects inclusive rents, meaning that the amounts contain operating and heating costs.
Rental Income
Rental income refers to the current gross income for rented units as agreed in the corresponding lease agreements before the deduction of non-transferable ancillary costs. The rental income from the Austrian property portfolio additionally includes maintenance and improvement contributions (EVB). The rental income from the portfolio in Sweden reflects inclusive rents, meaning that the amounts contain operating and heating costs.
Modernization Measures
Modernization measures are long-term and sustainable value-enhancing investments in housing and building stocks. Energy-efficient refurbishments generally involve improvements to the building shell and communal areas as well as the heat and electricity supply systems. Typical examples are the installation of heating systems, the renovation of balconies and the retrofitting of prefabricated balconies as well as the implementation of energy-saving projects, such as the installation of double-glazed windows and heat insulation, e.g., facade insulation, insulation of the top story ceilings and basement ceilings. In addition to modernization of the apartment electrics, the refurbishment work upgrades the apartments, typically through the installation of modern and/or accessible bathrooms, the installation of new doors and the laying of high-quality and non-slip flooring. Where required, the floor plans are altered to meet changed housing needs.
Modernization Measures
Modernization measures are long-term and sustainable value-enhancing investments in housing and building stocks. Energy-efficient refurbishments generally involve improvements to the building shell and communal areas as well as the heat and electricity supply systems. Typical examples are the installation of heating systems, the renovation of balconies and the retrofitting of prefabricated balconies as well as the implementation of energy-saving projects, such as the installation of double-glazed windows and heat insulation, e.g., facade insulation, insulation of the top story ceilings and basement ceilings. In addition to modernization of the apartment electrics, the refurbishment work upgrades the apartments, typically through the installation of modern and/or accessible bathrooms, the installation of new doors and the laying of high-quality and non-slip flooring. Where required, the floor plans are altered to meet changed housing needs.
Modernization Measures
Modernization measures are long-term and sustainable value-enhancing investments in housing and building stocks. Energy-efficient refurbishments generally involve improvements to the building shell and communal areas as well as the heat and electricity supply systems. Typical examples are the installation of heating systems, the renovation of balconies and the retrofitting of prefabricated balconies as well as the implementation of energy-saving projects, such as the installation of double-glazed windows and heat insulation, e.g., facade insulation, insulation of the top story ceilings and basement ceilings. In addition to modernization of the apartment electrics, the refurbishment work upgrades the apartments, typically through the installation of modern and/or accessible bathrooms, the installation of new doors and the laying of high-quality and non-slip flooring. Where required, the floor plans are altered to meet changed housing needs.
Modernization Measures
Modernization measures are long-term and sustainable value-enhancing investments in housing and building stocks. Energy-efficient refurbishments generally involve improvements to the building shell and communal areas as well as the heat and electricity supply systems. Typical examples are the installation of heating systems, the renovation of balconies and the retrofitting of prefabricated balconies as well as the implementation of energy-saving projects, such as the installation of double-glazed windows and heat insulation, e.g., facade insulation, insulation of the top story ceilings and basement ceilings. In addition to modernization of the apartment electrics, the refurbishment work upgrades the apartments, typically through the installation of modern and/or accessible bathrooms, the installation of new doors and the laying of high-quality and non-slip flooring. Where required, the floor plans are altered to meet changed housing needs.
Modernization Measures
Modernization measures are long-term and sustainable value-enhancing investments in housing and building stocks. Energy-efficient refurbishments generally involve improvements to the building shell and communal areas as well as the heat and electricity supply systems. Typical examples are the installation of heating systems, the renovation of balconies and the retrofitting of prefabricated balconies as well as the implementation of energy-saving projects, such as the installation of double-glazed windows and heat insulation, e.g. , facade insulation, insulation of the top story ceilings and basement ceilings. In addition to modernization of the apartment electrics, the refurbishment work upgrades the apartments, typically through the installation of modern and/or accessible bathrooms, the installation of new doors and the laying of high-quality and non-slip flooring. Where required, the floor plans are altered to meet changed housing needs.
Sustainability Performance Index (SPI)
Index to measure non-financial performance. Vonovia’s sustainable activities are geared towards the top sustainability topics that we have identified, which are bundled in the Sustainability Performance Index. The Customer Satisfaction Index (CSI) is included in the calculation of the Sustainability Performance Index. The CSI is determined at regular intervals in systematic customer surveys conducted by an external service provider and shows the effectiveness and sustainability of our services for the customer. Other indicators used in the Sustainability Performance Index are the carbon savings achieved annually in housing stock, the energy efficiency of new buildings, the share of accessible (partial) modernization measures in relation to newly let apartments, the increase in employee satisfaction and diversity in the company’s top management team.
Sustainability Performance Index (SPI)
Index to measure non-financial performance. Vonovia’s sustainable activities are geared towards the top sustainability topics that we have identified, which are bundled in the Sustainability Performance Index. The Customer Satisfaction Index (CSI) is included in the calculation of the Sustainability Performance Index. The CSI is determined at regular intervals in systematic customer surveys conducted by an external service provider and shows the effectiveness and sustainability of our services for the customer. Other indicators used in the Sustainability Performance Index are the carbon savings achieved annually in housing stock, the energy efficiency of new buildings, the share of accessible (partial) modernization measures in relation to newly let apartments, the increase in employee satisfaction and diversity in the company’s top management team.
Non-core Disposals
We also report on the Other segment, which is not relevant from a corporate management perspective, in our segment reporting. This includes the sale, only as and when the right opportunities present themselves, of entire buildings or land (Non-core Disposals) that are likely to have below-average development potential in terms of rent growth in the medium term and are located in areas that can be described as peripheral compared with Vonovia’s overall portfolio and in view of future acquisitions.
Recurring Sales
The Recurring Sales segment includes the regular and sustainable disposals of individual condominiums from our portfolio. It does not include the sale of entire buildings or land (Non-core Disposals). These properties are only sold as and when the right opportunities present themselves, meaning that the sales do not form part of our operating business within the narrower sense of the term. Therefore, these sales will be reported under “Other” in our segment reporting.
Fair Value Step-up
Fair value step-up is the difference between the income from selling a unit and its current fair value in relation to its fair value. It shows the percentage increase in value for the company on the sale of a unit before further costs of sale.
Fair Value Step-up
Fair value step-up is the difference between the income from selling a unit and its current fair value in relation to its fair value. It shows the percentage increase in value for the company on the sale of a unit before further costs of sale.
Cash-generating Unit (CGU)
The cash-generating unit refers, in connection with the impairment testing of goodwill, to the smallest group of assets that generates cash inflows and outflows independently of the use of other assets or other cash-generating units (CGUs).
Modernization Measures
Modernization measures are long-term and sustainable value-enhancing investments in housing and building stocks. Energy-efficient refurbishments generally involve improvements to the building shell and communal areas as well as the heat and electricity supply systems. Typical examples are the installation of heating systems, the renovation of balconies and the retrofitting of prefabricated balconies as well as the implementation of energy-saving projects, such as the installation of double-glazed windows and heat insulation, e.g. , facade insulation, insulation of the top story ceilings and basement ceilings. In addition to modernization of the apartment electrics, the refurbishment work upgrades the apartments, typically through the installation of modern and/or accessible bathrooms, the installation of new doors and the laying of high-quality and non-slip flooring. Where required, the floor plans are altered to meet changed housing needs.