Assets
Consolidated Balance Sheet Structure
Consolidated Balance Sheet Structure | |||||||||
Dec. 31, 2024 | Jun. 30, 2025 | ||||||||
in € million | in % | in € million | in % | ||||||
Non-current assets | 82,326.9 | 91.2 | 84,291.1 | 93.5 | |||||
Current assets | 7,909.4 | 8.8 | 5,845.4 | 6.5 | |||||
Total assets | 90,236.3 | 100.0 | 90,136.5 | 100.0 | |||||
Equity | 28,126.9 | 31.2 | 28,335.9 | 31.4 | |||||
Non-current liabilities | 54,644.6 | 60.6 | 53,935.3 | 59.8 | |||||
Current liabilities | 7,464.8 | 8.3 | 7,865.3 | 8.8 | |||||
Total equity and liabilities | 90,236.3 | 100.0 | 90,136.5 | 100.0 | |||||
The Group’s total assets fell from € 90,236.3 million as of December 31, 2024, by € 99.8 million to € 90,136.5 million as of June 30, 2025.
The main development in non-current assets is the € 2,185.9 million increase in investment properties. This is due in particular to additions amounting to € 1,168.5 million, mainly in the context of the transactions concluded with the QUARTERBACK Immobilien Group, and net income from fair value adjustments of investment properties of € 520.3 million.
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 initially recognized directly in equity as an asset in the 2023 fiscal year. The call options have been adjusted, affecting net income, on a regular basis since December 31, 2023. These options were remeasured on June 30, 2025, resulting in a valuation of € 643.0 million. The adjustment affecting net income resulted in an expense of € 88.0 million in the first half of 2025 due to an increased cost of capital.
In current assets, it was in particular the disposal of assets held for sale in the amount of € 1,024.1 million and the disposal of assets of discontinued operations in the amount of € 207.3 million that resulted in a decrease in this item by € 2,064.0 million in total. Other changes in current assets relate to the decrease in financial assets by € 338.9 million, mainly due to the offsetting of loans as part of the QUARTERBACK transactions, and the decrease in trade receivables by € 304.6 million.
On June 30, 2025, goodwill comprised 1.5 % of total assets (December 31, 2024: 1.5 %).
Total equity increased from € 28,126.9 million as of December 31, 2024, by € 209.0 million to € 28,335.9 million as of June 30, 2025, due in particular to the profit for the period of € 811.2 million and the other comprehensive income of € 153.4 million. The latter was determined largely by currency effects of € 127.0 million. The cash dividend distributions in the amount of € 647.2 million had the effect of reducing total equity.
The equity ratio stood at 31.4 % as of June 30, 2025 (December 31, 2024: 31.2 %).
Liabilities declined from € 62,109.4 million as of December 31, 2024, by € 308.8 million to € 61,800.6 million. The total of non-current non-derivative financial liabilities fell from € 37,448.3 million by € 1,076.7 million to € 36,371.6 million. Current non-derivative financial liabilities increased from € 5,202.7 million by € 428.7 million to € 5,631.4 million.
Deferred tax liabilities increased from € 15,613.5 million on December 31, 2024, by € 159.4 million to € 15,772.9 million as of June 30, 2025.