Assets

At the end of the first half of 2017, the adjusted NAV per share came to € 33.10, up by 40.9 % on the value for the first half of 2016 of € 23.50 and 7.6 % above the value at the end of 2016. This is mainly due to the re-valuation and the addition of conwert Immobilien Invest SE in 2017. The EPRA NAV per share climbed from € 29.34 at the end of the first half of 2016 to € 39.25 at the end of the first half of 2017. No NAV forecast will be provided from the 2017 fiscal year onwards.

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

in € million

 

Jun. 30, 2017

 

Jun. 30, 2016

 

Change in %

 

Dec. 31, 2016

 

 

 

 

 

 

 

 

 

*

Adjusted for effects from cross currency swaps

**

Based on the shares carrying dividend rights on the reporting date Jun. 30, 2017: 476,460,248, Jun. 30, 2016: 466,000,624 and Dec. 31, 2016: 466,000,624

Equity attributable to Vonovia shareholders

 

13,368.0

 

10,305.5

 

29.7

 

12,467.8

Deferred taxes on investment properties/asset held for sales

 

5,307.9

 

3,245.0

 

63.6

 

4,550.3

Fair value of derivative financial instruments*

 

39.0

 

161.7

 

-75.9

 

44.4

Deferred taxes on derivative financial instruments

 

-12.1

 

-40.5

 

-70.1

 

-15.4

EPRA NAV

 

18,702.8

 

13,671.7

 

36.8

 

17,047.1

Goodwill

 

-2,931.8

 

-2,718.9

 

7.8

 

-2,718.9

Adjusted NAV

 

15,771.0

 

10,952.8

 

44.0

 

14,328.2

 

 

 

 

 

 

 

 

 

EPRA NAV per share in €**

 

39.25

 

29.34

 

33.8

 

36.58

Adjusted NAV per share in €**

 

33.10

 

23.50

 

40.9

 

30.75

Consolidated Balance Sheet Structure

 

 

Jun. 30, 2017

 

Dec. 31, 2016

 

 

 

 

 

 

 

 

 

 

 

in € million

 

in %

 

in € million

 

in %

 

 

 

 

 

 

 

 

 

Non-current assets

 

34,366.7

 

96.8

 

30,459.8

 

93.7

Current assets

 

1,154.3

 

3.2

 

2,062.3

 

6.3

Total assets

 

35,521.0

 

100.0

 

32,522.1

 

100.0

 

 

 

 

 

 

 

 

 

Equity

 

15,275.1

 

43.0

 

13,888.4

 

42.7

Non-current liabilities

 

17,057.9

 

48.0

 

16,229.1

 

49.9

Current liabilities

 

3,188.0

 

9.0

 

2,404.6

 

7.4

Total equity and liabilities

 

35,521.0

 

100.0

 

32,522.1

 

100.0

The Group’s total assets increased by € 2,998.9 million from € 32,522.1 million as of December 31, 2016, to € 35,521.0 million, mainly due to an increase in investment properties of € 3,515.4 million to € 30,495.7 million, with € 2,404.2 million resulting from the integration of the conwert Group and € 1,164.7 million from the half-year valuation. In addition, assets rose on the back of an increase in goodwill of € 212.9 million due to the first-time consolidation of the conwert Group. Current assets fell by € 1,162.7 million to € 378.1 million, mainly as a result of the drop in cash resources due to the payment of the conwert cash component, the payment of the cash dividend and the repayment of the CMBS Taurus loan. The inflow from the January EMTN drawdown had the opposite effect.

The gross asset value (GAV) of Vonovia’s property assets came to € 30,819.9 million as of June 30, 2017, which corresponds to 86.8 % of total assets compared with € 27,106.4 million or 83.3 % at the end of 2016.

The € 1,386.7 million increase in equity to € 15,275.1 million is mainly due to the non-cash capital increase and the increase in minorities due to the takeover of conwert, as well as to the half-year valuation of the real estate portfolio.

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 old shares to 1 new share. 49.86 % of the dividend was settled in the form of new shares and € 263.3 million was paid as a cash dividend.

This brings the equity ratio to 43.0 % compared with 42.7 % at the end of 2016.

Deferred tax liabilities were up significantly as against the end of the year due to the first-time consolidation of conwert and due to the half-year valuation of the property portfolio.

The increase in current liabilities is mainly attributable to the increase in current non-derivative financial liabilities. This increase resulted in turn from the conversion of non-current liabilities due to mature within the next twelve months.