Presentation of 2018 Acquisitions in the Present Interim Financial Statements
Due to the completion of the transaction on June 28, 2018, Victoria Park is included in the interim financial statements as of September 30, 2018, with the balance sheet as of September 30, 2018, and with an earnings contribution for the three months from July 1 to September 30, 2018.
Due to the completion of the transaction on March 26, 2018, BUWOG is included with the balance sheet for September 30, 2018, and the earnings contribution for the six months from April 1 to September 30, 2018.
All balance sheet figures, portfolio key figures and key figures derived from the balance sheet, such as EPRA NAV, thus include the components of BUWOG and Victoria Park as of September 30, 2018. Until a decision has been made regarding a future management system, all performance key figures in the interim financial statements do not include any earnings contributions made by the BUWOG acquisition. Excluded from this are the key figure EBITDA IFRS, and of course the key figures of the IFRS income statement such as earnings before tax, profit for the period and cash flow key figures.
Until the future management system including BUWOG has been implemented, the earnings contribution made by BUWOG will be reported separately as adjusted EBITDA BUWOG – following deductions for non-recurring items. The non-recurring items attributable to BUWOG are presented in the non-recurring items line item.
Vonovia will implement the revised management system in its reporting for the 2018 fiscal year. This system will then also reflect the particular requirements associated with the development business and will be mirrored in segment reporting that has been adjusted accordingly.