Consolidated Balance Sheet Structure
|
Dec. 31, 2018 |
June 30, 2019 |
||||
|---|---|---|---|---|---|---|
|
in € million |
in % |
in € million |
in % |
||
|
||||||
|
|
|
|
|
||
Non-current assets |
47,639.6 |
96.5 |
48,565.9 |
95.4 |
||
Current assets |
1,748.0 |
3.5 |
2,317.1 |
4.6 |
||
Assets |
49,387.6 |
100.0 |
50,883.0 |
100.0 |
||
|
|
|
|
|
||
Total equity |
19,664.1 |
39.8 |
20,071.8 |
39.4 |
||
Non-current liabilities |
25,577.8 |
51.8 |
27,147.0 |
53.4 |
||
Current liabilities |
4,145.7 |
8.4 |
3,664.2 |
7.2 |
||
Equity and Liabilities |
49,387.6 |
100.0 |
50,883.0 |
100.0 |
||
The Group’s total assets increased by € 1,495.4 million as against December 31, 2018, rising from € 49,387.6 million to € 50,883.0 million. This was largely due to a € 3,406.0 million increase in investment properties from € 43,490.9 million to € 46,896.9 million, with € 2,258.7 million resulting from the property valuation process (€ 2,056.2 million of it in Germany). The impairment of goodwill in the amount of € 1,901.0 million has a counteracting effect. The impairment loss is a result of the impairment test performed in the second quarter of 2019. In addition, non-current assets fell by € 672.8 million due to the sale of the shares in Deutsche Wohnen SE. Current assets rose by € 732.9 million, primarily due to an increase in cash and cash equivalents. Goodwill and trademark rights comprise 2.0% of the total assets.
As of June 30, 2019, the gross asset value (GAV) of Vonovia’s property assets came to € 47,704.5 million, which corresponds to 93.8% of total assets compared with € 44,226.9 million or 89.6% at the end of 2018.
The € 407.7 million increase in total equity from € 19,664.1 million to € 20,071.8 million is due, in particular, to the capital increases implemented in May and June 2019 in the amount of € 1,080.9 million in total (after deductions to reflect transaction costs). The dividend distributions in the sum of € 746.0 million had the opposite effect. In addition, the development of equity was influenced by the profit for the first six months of € 125.3 million and, with the opposite effect, by the equity effect resulting from the initial application of the new IFRS standards on lease accounting (IFRS 16) in the amount of € -35.0 million (€ -24.1 million after taking deferred taxes into account).
This brings the equity ratio to 39,4%, compared with 39,8% at the end of 2018.
Liabilities increased by € 1,087.7 million from € 29,723.5 million to € 30,811.2 million. The amount of non-derivative financial liabilities rose by € 390.4 million, largely due to the purchase of a real estate portfolio in Sweden. Beyond this, liabilities increased by € 692.1 million due to the increase in deferred taxes as a result of the increase in the value of the real estate portfolio.