Consolidated Balance Sheet Structure
|
Dec. 31, 2018 |
Dec. 31, 2019 |
||
|---|---|---|---|---|
|
in € million |
in % |
in € million |
in % |
|
|
|
|
|
Non-current assets |
47,639.6 |
96.5 |
55,066.7 |
97.5 |
Current assets |
1,748.0 |
3.5 |
1,431.0 |
2.5 |
Assets |
49,387.6 |
100.0 |
56,497.7 |
100.0 |
|
|
|
|
|
Total equity |
19,664.1 |
39.8 |
21,069.7 |
37.3 |
Non-current liabilities |
25,577.8 |
51.8 |
31,746.0 |
56.2 |
Current liabilities |
4,145.7 |
8.4 |
3,682.0 |
6.5 |
Equity and liabilities |
49,387.6 |
100.0 |
56,497.7 |
100.0 |
|
|
|
|
|
The Group’s total assets increased by € 7,110.1 million as against December 31, 2018, rising from € 49,387.6 million to € 56,497.7 million. The most important impact on the assets can be traced back to a € 9,245.7 million increase in investment properties from € 43,490.9 million to € 52,736.6 million, with € 4,131.5 million resulting from the property valuation process (€ 3,726.7 million of it in Germany). Assets were also increased by € 3.4 billion due to the takeover of the Swedish company Hembla in line with the provisional purchase price allocation, with € 3.2 billion relating to investment properties. The impairment of goodwill in the sum of € 2,103.5 million has a counteracting effect. The impairment is the result of the impairment tests carried out due to the increase in the value of the real estate portfolio in the second quarter of 2019 and the revision of the regional structure in the third quarter of 2019. The Hembla acquisition resulted in new goodwill of € 0.7 billion on the basis of the provisional purchase price allocation. In addition, non-current assets fell by € 672.8 million due to the sale of the shares in Deutsche Wohnen SE. Current assets fell by € 287.2 million, mainly due to a drop in trade receivables. Goodwill and trademark rights comprise 2.8% of the total assets.
As of December 31, 2019, the gross asset value (GAV) of Vonovia’s property assets came to € 53,586.3 million, which corresponds to 94.8% of total assets compared with € 44,226.9 million or 89.6% at the end of 2018.
The € 1,405.6 million increase in total equity from € 19,664.1 million to € 21,069.7 million is due, in particular, to the capital increases implemented in May and June 2019 in the amount of € 1,080.5 million in total (after deductions to reflect transaction costs) and to the profit for the period of € 1,294.3 million. The dividend distributions in the sum of € 746.0 million had the opposite effect.
This brings the equity ratio to 37.3%, compared with 39.8% at the end of 2018.
Liabilities increased by € 5,704.5 million from € 29,723.5 million to € 35,428.0 million. The amount of non-derivative financial liabilities rose by € 3,438.9 million, largely due to the acquisition of Hembla and the purchase of another real estate portfolio in Sweden. Beyond this, liabilities increased by € 2,040.2 million due to the increase in deferred taxes primarily as a result of the increase in the value of the real estate portfolio.
The impact of the first-time application of the new lease accounting standard (IFRS 16) on the Group’s assets, equity and liabilities is shown in detail in the notes to the financial statements in notes [A8] Changes in Accounting Policies, Estimates, Assumptions, Options and Judgments and [E42] Leases.