Net Asset Value

Vonovia’s net asset value (NAV) figures are based on the best practice recommendations of the (European Public Real Estate Association). At the end of 2016, the net asset value (NAV), in accordance with EPRA standards, was 21.9 % higher than the level at the end of 2015 at € 17,047.1 million. This is largely due to the increase in net income from adjustments of investment properties in the 2016 fiscal year. Net income from fair value adjustments amounted to € 3,236.1 million in 2016 (2015: € 1,323.5 million). The adjusted NAV rose slightly from € 11,273.5 million to € 14,328.2 million. This represents an increase in the adjusted NAV per share from € 24.19 to € 30.75.

Net Asset Value (NAV) Based on Application of IAS 40

in € million

 

Dec. 31, 2016

 

Dec. 31, 2015

*

Adjusted for effects from cross currency swaps

**

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

 

 

 

 

 

Equity attributable to Vonovia shareholders

 

12,467.8

 

10,620.5

Deferred taxes on investment properties/asset held for sales

 

4,550.3

 

3,241.2

Fair value of derivative financial instruments*

 

44.4

 

169.9

Deferred taxes on derivative financial instruments

 

-15.4

 

-43.4

EPRA NAV

 

17,047.1

 

13,988.2

Goodwill

 

-2,718.9

 

-2,714.7

Adjusted NAV

 

14,328.2

 

11,273.5

 

 

 

 

 

EPRA NAV per share in €**

 

36.58

 

30.02

 

 

 

 

 

Adjusted NAV per share in €**

 

30.75

 

24.19

Over a period of five years, Vonovia has continually created value and increased NAV and GAV (gross asset value) every year.

in € million

 

NAV

 

GAV

 

 

 

 

 

2016

 

17,047.1

 

27,106.4

2015

 

13,988.2

 

24,153.9

2014

 

6,578.0

 

12,757.1

2013

 

5,123.4

 

10,324.5

2012

 

3,758.4

 

9,981.9

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.