NAV/NNNAV

The presentation of the NAV based on the definition aims to show the net asset value in a long-term business model. The total equity attributable to Vonovia’s shareholders is adjusted to reflect the deferred taxes on investment properties/assets held for sale, the of derivative financial instruments and the deferred taxes on derivative financial instruments. In order to boost transparency, an adjusted NAV, which involves eliminating goodwill in full, is also reported.

The EPRA NNNAV is designed to show the net asset value of a real estate company, taking the current market values of assets and liabilities into account.

in € million

 

Dec. 31, 2016

 

Dec. 31, 2015

 

Change in %

 

 

 

 

 

 

 

Equity attributable to Vonovia`s shareholders

 

12,467.8

 

10,620.5

 

17.4

Deferred taxes on investment properties/assets held for sale

 

4,550.3

 

3,241.2

 

40.4

Fair value of derivative financial instruments*

 

44.4

 

169.9

 

-73.9

Deferred taxes on derivative financial instruments

 

-15.4

 

-43.4

 

-64.5

EPRA NAV

 

17,047.1

 

13,988.2

 

21.9

Goodwill

 

-2,718.9

 

-2,714.7

 

0.2

Adjusted NAV

 

14,328.2

 

11,273.5

 

27.1

 

 

 

 

 

 

 

EPRA NAV per share in €**

 

36.58

 

30.02

 

21.9

Adjusted NAV per share in €**

 

30.75

 

24.19

 

27.1

in € million

 

Dec. 31, 2016

 

Dec. 31, 2015

 

Change in %

*

Adjusted for effects from cross currency swaps

**

Based on the shares carrying dividend rights on the reporting date of Dec. 31, 2016: 466,000,624; Dec. 31, 2015: 466,000,624

 

 

 

 

 

 

 

EPRA NAV

 

17,047.1

 

13,988.2

 

21.9

Fair value of derivative financial instruments*

 

-44.4

 

-169.9

 

-73.9

Fair value of financial liabilities

 

-647.8

 

-1,316.5

 

-50.8

Deferred taxes on derivative financial instruments

 

15.4

 

43.4

 

-64.5

Deferred taxes on fair value of financial liabilities

 

214.4

 

435.8

 

-50.8

Deferred taxes on investment properties/assets held for sale

 

-4,550.3

 

-3,241.2

 

40.4

EPRA NNNAV

 

12,034.4

 

9,739.8

 

23.6

EPRA NNNAV per share in €**

 

25.82

 

20.90

 

23.6

EPRA (European Public Real Estate Association)
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
Valuation pursuant to IAS 40 in conjunction with IFRS 13. The estimated value of an asset. The fair value is the amount for which an asset could be exchanged between knowledgeable, willing parties in an arm’s length transaction.