Results of Operations

The following primary key figures show the development of Vonovia’s results of operations in the 2015 fiscal year. Regarding the different times at which the earnings contributions made by the individual GAGFAH, SÜDEWO, DeWAG, Vitus and Franconia subportfolios were included, we refer to the comments made in the chapter above on overall business development.

Key Performance Indicators of Vonovia

in € million

 

2015

 

2014

 

 

 

 

 

Income from property management

 

2,063.5

 

1,156.6

thereof

 

1,414.6

 

789.3

 

924.8

 

483.1

 

37.6

 

23.6

Income from disposal of properties

 

726.0

 

287.3

 

71.1

 

50.1

EBITDA IFRS

 

838.4

 

500.3

 

1,029.1

 

554.0

 

608.0

 

286.6

(incl. adjusted EBITDA Sales)

 

662.1

 

336.7

 

520.5

 

258.3

Number of employees (as of December 31)

 

6,368

 

3,850

Number of units bought

 

168,632

 

31,858

Number of units sold

 

15,174

 

4,081

thereof Privatize

 

2,979

 

2,238

thereof

 

12,195

 

1,843

in %

 

2.7

 

3.4

(€/m2)

 

5.75

 

5.58

Number of residential units in portfolio

 

357,117

 

203,028

Rental Income
Rental income refers to the current gross income for rented units as agreed in the corresponding rent agreements before the deduction of non-transferable ancillary costs.
Adjusted EBITDA Rental
The adjusted EBITDA Rental is calculated by deducting the operating expenses of the Rental segment and expenses for maintenance from the Group’s rental income.
Adjusted EBITDA Extension
The adjusted EBITDA Extension is calculated by deducting operating expenses from the segment’s income.
Adjusted EBITDA Sales
The adjusted EBITDA Sales is calculated by subtracting all operating expenses (excl. overheads) incurred in connection with sales activities from the profit on the disposal of properties generated by the Group and by adjusting the profit on the disposal of properties to reflect certain reclassification and time effects.
Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization)
Adjusted EBITDA is the result before interest, taxes, depreciation and amortization (including income from other investments) adjusted for effects which do not relate to the period, are non-recurring or do not relate to the object of the company 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.
FFO 1
The profit or loss for the period to reflect the adjusted profit or loss from sales, period adjustments from assets held for sale, specific effects that do not relate to the period, are non-recurring or do not relate to the objective of the company, the net income from fair value adjustments of investment properties, depreciation and amortization, deferred and prior-year current taxes (tax expenses/income), transaction costs, prepayment penalties and commitment interest, valuation effects on financial instruments, the unwinding of discounting for provisions, particularly pension provisions, and other prior-year interest expenses and income that are not of a long-term nature.
FFO 2
In order to calculate FFO 2, the adjusted EBITDA Sales is added to FFO 1 for the periods in question and adjusted to reflect the FFO taxes attributable to sales.
AFFO
AFFO refers to capex-adjusted FFO 1 in which FFO 1 is adjusted for capitalized maintenance.
Core/Non-Core Properties
These are properties that are assigned to the company’s Core or Non-Core real estate portfolios. Non-Core properties are less attractive management propositions because they are at odds with our processes due to their characteristics or location. Furthermore, significant numbers of these properties have below-average growth potential and will be sold in the medium term in line with the corporate strategy. Core properties are our properties in the Rental and Privatize portfolios.
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.
Monthly In-Place Rent
The monthly in-place rent is measured in € per square meter and is the current gross rental income per month for rented units as agreed in the corresponding rent agreements at the end of the relevant month before deduction of non-transferable ancillary costs divided by the living area of the rented units.
The in-place rent is often referred to as the net cold rent. The monthly in-place rent (in € per square meter) on a like-for-like basis refers to the monthly in-place rent for the residential portfolio that was already held by Vonovia 12 months previously, i.e., portfolio changes during this period are not included in the calculation of the in-place rent on a like-for-like basis.