Asset and Capital Structure

Consolidated Balance Sheet Structure



Dec. 31, 2016


Dec. 31, 2017



in € million


in %


in € million


in %










Non-current assets









Current assets









Total assets



























Non-current liabilities









Current liabilities









Total equity and liabilities









The Group’s total assets increased by € 4,994.2 million as against December 31, 2016, rising from € 32,522.1 million to € 37,516.3 million. This was largely due to a € 6,202.5 million increase in investment properties to € 33,182.8 million, with € 2,480.9 million attributable to the integration of the conwert Group. The further increase in investment properties is due to investments in the portfolio and the calculation of the at the end of the year, which is responsible for an increase of € 3,434.1 million. On the one hand, intangible assets increased by € 231.9 million due to goodwill in connection with the first-time integration of the conwert Group while, on the other, they dropped by € 337.3 million due to a goodwill impairment in the “East business area” .

Current assets fell largely due to the drop in cash and cash equivalents and the derecognition of the positive market values of settled derivatives. Cash and cash equivalents dropped by € 1,274.6 million to € 266.2 million largely due to the payment of the conwert cash component, the payment of the cash dividend, the repayment of the CMBS Taurus loan and a EUR and USD bond. The inflow from the EMTN drawdowns had the opposite effect.

The gross asset value (GAV) of Vonovia’s property assets came to € 33,424.9 million as of December 31, 2017, which corresponds to 89.1% of total assets compared with € 27,106.4 million or 83.3% at the end of 2016.

The € 2,802.8 million increase in total equity to € 16,691.2 million is attributable to the current profit for the period as well as the non-cash capital increase in connection with the takeover of conwert and the resulting increase in non-controlling interests.

On May 16, 2017, the Annual General Meeting of Vonovia SE passed a resolution to distribute an amount of € 525,052,568.32, or € 1.12 per share, using the profit for the 2016 fiscal year. Shareholders could opt for either a cash dividend or a non-cash dividend in the form of new shares created using authorized capital, with an exchange ratio of 30.5: 1 new share. 49.86% of the dividend was settled in the form of new shares and € 263.8 million was paid as a cash dividend.

This brings the equity ratio to 44.5% compared with 42.7% at the end of 2016.

Within non-current liabilities, deferred tax liabilities were up significantly as against the end of 2016 due to the first-time consolidation of the conwert Group and due to the valuation of the property portfolio. In addition, non-current liabilities increased due to a rise in non-derivative financial liabilities, which were, in turn, due to the EMTN drawdowns.

Current liabilities dropped by € 164.7 million as of December 31, 2017 due to the repayment of the due non-derivative financial liabilities and the closing out of derivatives.

The value of our real estate portfolio is a crucial factor influencing the assessment of our asset position and therefore the development of our net asset value, which is an important performance indicator.

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.
Cash-Generating Unit (CGU)
The cash-generating unit refers, in connection with the impairment testing of goodwill, to the smallest group of assets that generates cash inflows and outflows independently of the use of other assets or other cash-generating units (CGUs).