Half-Year Report 2019

Business Outlook

The first six months of the 2019 fiscal year were very successful for Vonovia on the whole. We were systematic in continuing to implement our corporate strategy. All business segments showed positive development.

We expect these positive developments to continue in the 2019 fiscal year and that we will achieve our forecast figures. Given the dynamic development of the German, Austrian and Swedish housing markets, we expect to see a further increase in value in our investment properties and thus a moderate increase in Adjusted NAV per share. We do not expect significant effects from the current discussion about the Berlin rent freeze.

Our current forecast is based on the outlook for the Vonovia Group as a whole, which includes the original overall plans for the 2019 fiscal year, as well as current business developments and possible opportunities and risks. Beyond this, the Group’s further development remains exposed to general opportunities and risks. These have been described in detail in the chapter on opportunities and risks in the Group management report of the 2018 Annual Report. The forecast was based on the accounting principles used in the annual financial statements, with the adjustments described elsewhere in the management report being made.

Our current forecast for the main performance indicators in the 2019 fiscal year was updated in accordance with the accounting standards applied to the 2019 quarterly financial statements, including the initial application of IFRS 16:


Actual 2018

Forecast 2019

Forecast for 2019 in the 2019 Q1 Report

Forecast for 2019 in the 2019 H1 Report


Based on the shares carrying dividend rights on the reporting date.






Adjusted NAV per share

€ 44.90




Adjusted EBITDA Total

€ 1,554.8 million

€ 1,650–1,700 million

€ 1,700–1,750 million

€ 1,700–1.750 million

Group FFO

€ 1,132.0 million

€ 1,140–1,190 million

€ 1,165–1,215 million

€ 1,165–1,215 million

Group FFO per share*

€ 2.18

€ 2.20–2.30

€ 2.25–2.35

€ 2.15–2.24

Customer Satisfaction Index (CSI)

Decrease of 2.6%

Up slightly year-on-year

Down slightly year-on-year

Single-digit percentage below prior year

Rental income

€ 1,894.2 million

€ 2,020–2,070 million

€ 2,020–2,070 million

€ 2,020–2,070 million

Organic rent increase


Increase of approx. 4.4%

Increase of approx. 4.4%

Increase of approx. 4.4%

Maintenance incl. capitalized maintenance

€ 430.4 million

Modernization and new construction

€ 1,139.0 million

€ 1,300–1,600 million

€ 1,300–1,600 million

€ 1,300–1,600 million

Number of units sold Recurring Sales


approx. 2,500

approx. 2,500

approx. 2,500

Step-up Recurring Sales


approx. 30%

approx. 30%

approx. 30%

Number of units sold Non-core Disposals


Step-up Non-core Disposals


Bochum, Germany, July 22, 2019

Management Board