Net Asset Value (NAV)

At the end of the first half of 2018, the adjusted NAV per share came to € 39.83, up by 20.3% on the value for the first half of 2017 of € 33.10 and 3.5% above the value of € 38.49 at the end of 2017. This is mainly due to the revaluation and the addition of BUWOG and Victoria Park in 2018. The per share rose from € 39.25 at the end of the first half of 2017 to € 46.79 at the end of the first half of 2018, which puts it at around 6.6% 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

 

June 30, 2017

 

June 30, 2018

 

Change in %

 

Dec. 31, 2017

*

Adjusted for effects from cross currency swaps.

**

Based on the number of shares on the reporting date June 30, 2017: 476,460,248 and June 30, 2018: 518,077,934 and December 31, 2017: 485,100,826.

 

 

 

 

 

 

 

 

 

Equity attributable to Vonovia shareholders

 

13,368.0

 

16,916.2

 

26.5

 

15,080.8

Deferred taxes on investment properties/assets held for sale

 

5,307.9

 

7,253.8

 

36.7

 

6,185.7

Fair value of derivative financial instruments*

 

39.0

 

93.4

 

139.5

 

26.9

Deferred taxes on derivative financial instruments

 

-12.1

 

-25.1

 

107.4

 

-8.8

EPRA NAV

 

18,702.8

 

24,238.3

 

29.6

 

21,284.6

Goodwill

 

-2,931.8

 

-3,603.9

 

22.9

 

-2,613.5

Adjusted NAV

 

15,771.0

 

20,634.4

 

30.8

 

18,671.1

 

 

 

 

 

 

 

 

 

EPRA NAV PER SHARE IN €**

 

39.25

 

46.79

 

19.2

 

43.88

 

 

 

 

 

 

 

 

 

Adjusted NAV PER SHARE IN €**

 

33.10

 

39.83

 

20.3

 

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.