Net Asset Value (NAV)

At the end of the first quarter of 2018, the adjusted NAV per share came to € 38.07, up by 22.1% on the value for the first three months of 2017 (€ 31.18) and down by around 1% on the value of € 38.49 seen at the end of 2017. This is mainly due to the revaluation as well as the addition of conwert in 2017 and of BUWOG in 2018. The per share rose from € 37.43 at the end of the first quarter of 2017 to € 45.18 at the end of the first quarter of 2018, which puts it at around 3% higher than the value of € 43.88 seen at the end of 2017.

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

in € million

 

Mar. 31, 2017

 

Mar. 31, 2018

 

Change in %

 

Dec. 31, 2017

 

 

 

 

 

 

 

 

 

*

Adjusted for effects from cross currency swaps

**

Based on the number of shares on the reporting date Mar. 31, 2017: 468,796,936 and Mar. 31, 2018: 485,100,826 on Dec. 31, 2017: 485,100,826

Equity attributable to Vonovia shareholders

 

12,706.5

 

15,221.6

 

19.8

 

15,080.8

Deferred taxes on investment properties/assets held for sale

 

4,827.4

 

6,643.5

 

37.6

 

6,185.7

Fair value of derivative financial instruments*

 

29.0

 

72.5

 

150.0

 

26.9

Deferred taxes on derivative financial instruments

 

-14.3

 

-21.6

 

51.0

 

-8.8

EPRA NAV

 

17,548.6

 

21,916.0

 

24.9

 

21,284.6

Goodwill

 

-2,931.8

 

-3,448.7

 

17.6

 

-2,613.5

Adjusted NAV

 

14,616.8

 

18,467.3

 

26.3

 

18,671.1

 

 

 

 

 

 

 

 

 

EPRA NAV per share in €**

 

37.43

 

45.18

 

20.7

 

43.88

 

 

 

 

 

 

 

 

 

Adjusted NAV per share in €**

 

31.18

 

38.07

 

22.1

 

38.49

EPRA NAV/Adjusted NAV
The presentation of the NAV based on the EPRA definition aims to show the net asset value in a long-term business model. The equity attributable to Vonovia’s shareholders is adjusted to reflect deferred taxes on investment properties/assets held for sale, the fair value of derivative financial instruments and the deferred taxes on derivative financial instruments. In order to boost transparency, an adjusted NAV, which involves eliminating goodwill in full, is also reported.