Consolidated Balance Sheet Structure

Consolidated Balance Sheet Structure

 

 

Dec. 31, 2017

 

Mar. 31, 2018

 

 

in € million

 

in %

 

in € million

 

in %

 

 

 

 

 

 

 

 

 

Non-current assets

 

36,719.6

 

97.9

 

42,316.5

 

95.8

Current assets

 

796.7

 

2.1

 

1,859.7

 

4.2

Assets

 

37,516.3

 

100.0

 

44,176.2

 

100.0

 

 

 

 

 

 

 

 

 

Equity

 

16,691.2

 

44.5

 

16,870.1

 

38.2

Non-current liabilities

 

18,585.2

 

49.5

 

24,144.3

 

54.6

Current liabilities

 

2,239.9

 

6.0

 

3,161.8

 

7.2

Equity and liabilities

 

37,516.3

 

100.0

 

44,176.2

 

100.0

The Group’s total assets increased by € 6,659.9 million from € 37,516.3 million as of December 31, 2017, to € 44,176.2 million, mainly due to an increase in investment properties of € 4,678.0 million to € 37,860.8 million, with € 4,555.2 million resulting from the integration of the BUWOG Group. In addition, assets rose on the back of an increase in goodwill of € 835.2 million due to the first-time consolidation of the BUWOG Group. Current assets increased mainly due to an increase in cash and cash equivalents in the amount of € 563.1 million (of which € 327.6 million was attributable to the first-time consolidation of the BUWOG Group). In addition, € 486.1 million in other current assets of the BUWOG Group have been included for the first time.

The gross asset value (GAV) of Vonovia’s property assets came to € 38,474.3 million as of March 31, 2018, which corresponds to 87.1% of total assets compared with € 33,424.9 million or 89.1% at the end of 2017.

The € 178.9 million increase in equity to € 16,870.1 million is mainly due to the results for the first three months in an amount of € 129.2 million as well as the inclusion of € 24.8 million in minority interests from the BUWOG Group.

This brings the equity ratio to 38.2% compared with 44.5% at the end of 2017.

Non-current liabilities increased overall compared with the end of 2017 to € 5,559.1 million, mainly as a result of the increase in the non-derivative financial liabilities by € 5,111.6 million. Of this total, € 3.1 billion was attributable to new borrowing under the EMTN program and € 1.8 billion was due to the first-time inclusion of the BUWOG Group.

The increase in current liabilities by March 31, 2018, was significantly influenced by the inclusion of the tender rights of the outstanding BUWOG shareholders/holders of convertible bonds in an amount of € 831.4 million, which are included in the consideration transferred as a put option.