Asset and Capital Structure

Consolidated Balance Sheet Structure

 

 

Dec. 31, 2016

 

Dec. 31, 2015

 

 

 

 

 

 

 

 

 

 

 

in € million

 

in %

 

in € million

 

in %

 

 

 

 

 

 

 

 

 

Non-current assets

 

30,459.8

 

93.7

 

26,678.6

 

86.2

Current assets

 

2,062.3

 

6.3

 

4,280.5

 

13.8

Total assets

 

32,522.1

 

100.0

 

30,959.1

 

100.0

 

 

 

 

 

 

 

 

 

Equity

 

13,888.4

 

42.7

 

11,866.9

 

38.3

Non-current liabilities

 

16,229.1

 

49.9

 

17,405.0

 

56.2

Current liabilities

 

2,404.6

 

7.4

 

1,687.2

 

5.5

Total equity and liabilities

 

32,522.1

 

100.0

 

30,959.1

 

100.0

Vonovia’s total assets increased by around € 1.6 billion year-on-year, coming in at € 32,522.1 million. Non-current assets increased in particular due to the increase in investment properties as part of the measurement, and due to the further acquisition and subsequent measurement of the shares in Deutsche Wohnen AG, Frankfurt am Main. The drop in current assets is attributable, in addition to the clear drop in cash and cash equivalents, to the disposal of assets held for sale.

The € 2,021.5 million increase in equity year-on-year to total € 13,888.4 million is largely attributable to the positive profit for the 2016 period. The main contrary effect relates to the dividend distribution in the amount of € 438.0 million.

The equity ratio came to 42.7% as of December 31, 2016, compared with 38.3% at the end of 2015.

The value of our Investment Properties, our most important asset, came to € 26,980.3 million at the end of the 2016 fiscal year, which corresponds to 82.9% of our total assets. The values of the real estate portfolio are a material factor influencing the assessment of our asset position and therefore also influencing the reporting of our important performance indicators, net asset value (NAV).

Another major asset, which amounts to € 2,718.9 million or 8.4% of total assets, relates to the goodwill reported under intangible assets. There is no indication that points to any possible impairments in goodwill.

The drop in non-derivative financial liabilities, which fell by € 1,568.9 million compared with the previous year, is due to the repayment of CMBS financing and a bond from 2013, largely using available liquidity.

The € 1,241.2 million increase in deferred tax liabilities in connection with the fair value measurement of investment properties had the opposite effect.

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.