Consolidated Balance Sheet Structure

 

 

Dec. 31, 2017

 

June 30, 2018

 

 

 

 

 

 

 

 

 

 

 

in € million

 

in %

 

in € million

 

in %

 

 

 

 

 

 

 

 

 

Non-current assets

 

36,719.6

 

97.9

 

45,757.8

 

95.8

Current assets

 

796.7

 

2.1

 

2,029.8

 

4.2

Assets

 

37,516.3

 

100.0

 

47,787.6

 

100.0

 

 

 

 

 

 

 

 

 

Equity

 

16,691.2

 

44.5

 

18,875.3

 

39.5

Non-current liabilities

 

18,585.2

 

49.5

 

25,141.1

 

52.6

Current liabilities

 

2,239.9

 

6.0

 

3,771.2

 

7.9

Equity and liabilities

 

37,516.3

 

100.0

 

47,787.6

 

100.0

The Group’s total assets increased by € 10,271.3 million as against December 31, 2017, rising from € 37,516.3 million to € 47,787.6 million. This increase results primarily from a € 7,809.4 million increase in investment properties to € 40,992.2 million, of which € 6,330.0 million results from the integration of the BUWOG Group and the Victoria Park Group and € 1,372.9 results from the half-year valuation. In addition, assets rose on the back of an increase in goodwill of € 990.5 million to € 3,603.9 million due to the first-time consolidation of the BUWOG Group and Victoria Park. For the BUWOG Group brand name, a value of € 66.6 million was recognized in connection with its development business in the framework of the purchase price allocation. Goodwill and trademark rights comprise 7.7% of the total assets. Total current assets increased mainly through an increase in trade receivables and real estate inventories due to the integration of BUWOG’s development business. Furthermore, cash and cash equivalents increased by € 599.6 million.

The gross asset value (GAV) of Vonovia’s property assets came to € 41,718.8 million as of June 30, 2018, which corresponds to 87.3% of total assets compared with € 33,424.9 million or 89.1% at the end of 2017.

The € 2,184.1 million increase in equity to € 18,875.3 million results in particular from the capital increase in the amount of € 1,257.4 million and the profit for the period of the first half of 2018 in the amount of € 1,200.0 million. The change in minority interests from the integration of the BUWOG Group amounts to € 290.0 million. The minority interests of Victoria Park are reported as a put option due to the second tender period, which was still open as of June 30, 2018.

This brings the equity ratio to 39.5% compared with 44.5% at the end of 2017.

Liabilities rose by € 8,087.2 million from € 20,825.1 million to € 28,912.3 million. The amount of non-derivative financial liabilities thereby rose by € 5,714.1 million, of which € 2,843.8 million were due to the integration of Victoria Park and BUWOG and € 2,855.9 resulted from the net increase in acquisition financing. Moreover, liabilities include financing contributions from tenants – a liabilities position in relation to tenants that is typical for Austria and is based on fixed earlier payments tenants have made toward and financing. The increase in current liabilities was primarily influenced by the tender rights reported as put options in the scope of the second tender period still open as of June 30, 2018, for the public takeover offer regarding Victoria Park.

Maintenance
Maintenance covers the measures that are necessary to ensure that the property can continue to be used as intended over its useful life and that eliminate structural and other defects caused by wear and tear, age and weathering effects.