Assets

At the end of the third quarter of 2017, the adjusted NAV per share came to € 33.53, up by 41.8% on the value for the first nine months of 2016 (€ 23.64) and by 9.0% on the value of € 30.75 seen at the end of 2016. This is mainly due to the revaluation and the addition of conwert Immobilien Invest SE in 2017. The EPRA NAV per share rose from € 29.48 at the end of the third quarter of 2016 to € 39.57 at the end of the third quarter of 2017, which puts it 8.2% higher than the value of € 36.58 seen at the end of 2016. No NAV forecast has been provided since the 2017 fiscal year.

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

in € million

 

Sep. 30, 2017

 

Sep. 30, 2016

 

Change in %

 

Dec. 31, 2016

 

 

 

 

 

 

 

 

 

*

Adjusted for effects from cross currency swaps

**

Based on the number of shares on the reporting date Sep. 30, 2017: 485,100,826; Sep. 30, 2016 and Dec. 31, 2016: 466,000,624

Equity attributable to Vonovia shareholders

 

13,784.0

 

10,356.5

 

33.1

 

12,467.8

Deferred taxes on investment properties/asset held for sales

 

5,385.4

 

3,293.5

 

63.5

 

4,550.3

Fair value of derivative financial instruments*

 

36.2

 

114.2

 

-68.3

 

44.4

Deferred taxes on derivative financial instruments

 

-10.3

 

-28.4

 

-63.7

 

-15.4

EPRA NAV

 

19,195.3

 

13,735.8

 

39.7

 

17,047.1

Goodwill

 

-2,931.8

 

-2,718.9

 

7.8

 

-2,718.9

Adjusted NAV

 

16,263.5

 

11,016.9

 

47.6

 

14,328.2

 

 

 

 

 

 

 

 

 

EPRA NAV per share in €**

 

39.57

 

29.48

 

34.2

 

36.58

 

 

 

 

 

 

 

 

 

Adjusted NAV per share in €**

 

33.53

 

23.64

 

41.8

 

30.75

Consolidated Balance Sheet Structure

 

 

Sep. 30, 2017

 

Dec. 31, 2016

 

 

in € million

 

in %

 

in € million

 

in %

 

 

 

 

 

 

 

 

 

Non-current assets

 

34,574.1

 

97.6

 

30,459.8

 

93.7

Current assets

 

842.3

 

2.4

 

2,062.3

 

6.3

Total assets

 

35,416.4

 

100.0

 

32,522.1

 

100.0

 

 

 

 

 

 

 

 

 

Equity

 

15,476.1

 

43.7

 

13,888.4

 

42.7

Non-current liabilities

 

17,143.0

 

48.4

 

16,229.1

 

49.9

Current liabilities

 

2,797.3

 

7.9

 

2,404.6

 

7.4

Total equity and liabilities

 

35,416.4

 

100.0

 

32,522.1

 

100.0

The Group’s total assets increased by € 2,894.3 million from € 32,522.1 million as of December 31, 2016, to € 35,416.4 million, mainly due to an increase in investment properties of € 3,779.9 million to € 30,760.2 million, with € 2,388.0 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, mainly as a result of the drop in cash resources. The latter dropped by € 1,201.1 million to € 339.8 million due to the payment of the conwert cash component, the payment of the cash dividend, the repayment of the CMBS Taurus loan and a USD bond. The inflow from the EMTN drawdowns had the opposite effect.

The gross asset value (GAV) of Vonovia’s property assets came to € 30,937.6 million as of September 30, 2017, which corresponds to 87.4% of total assets compared with € 27,106.4 million or 83.3% at the end of 2016.

The € 1,587.7 million increase in total equity to € 15,476.1 million is due mainly to non-cash capital increases in connection with the takeover of conwert and the resulting increase in minorities, 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 : 1. 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 43.7% 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 in the period leading up to September 30, 2017 was largely due 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.