Net Asset Value (NAV)

At the end of the third quarter of 2018, the adjusted NAV per share came to € 40.47, or 20.7% on the value for the first nine months of 2017 (€ 33.53) and by 5.1% on the value of € 38.49 seen 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 climbed from € 39.57 at the end of the third quarter of 2017 to € 47.23 at the end of the third quarter of 2018. This put it 19.4% higher than the value for the first nine months of 2017 and 7.6% 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

 

Sept. 30, 2017

 

Sept. 30, 2018

 

Change in %

 

Dec. 31, 2017

*

Adjusted for effects from cross currency swaps.

**

Based on the number of shares on the reporting date: Sept. 30, 2017: 485,100,826, Sept. 30, 2018: 518,077,934 and Dec. 31, 2017: 485,100,826.

 

 

 

 

 

 

 

 

 

Equity attributable to Vonovia shareholders

 

13,784.0

 

17,052.6

 

23.7

 

15,080.8

Deferred taxes on investment properties/assets held for sale

 

5,385.4

 

7,364.7

 

36.8

 

6,185.7

Fair value of derivative financial instruments*

 

36.2

 

70.5

 

94.8

 

26.9

Deferred taxes on derivative financial instruments

 

-10.3

 

-20.7

 

101.0

 

-8.8

EPRA NAV

 

19,195.3

 

24,467.1

 

27.5

 

21,284.6

Goodwill

 

-2,931.8

 

-3,499.9

 

19.4

 

-2,613.5

Adjusted NAV

 

16,263.5

 

20,967.2

 

28.9

 

18,671.1

 

 

 

 

 

 

 

 

 

EPRA NAV per share in €**

 

39.57

 

47.23

 

19.4

 

43.88

 

 

 

 

 

 

 

 

 

Adjusted NAV per share in €**

 

33.53

 

40.47

 

20.7

 

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.