Annual Report 2019

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NAV/NNNAV

The presentation of the NAV based on the EPRA definition aims to show the net asset value in a long-term business model. The total equity attributable to Vonovia’s shareholders is adjusted to reflect the 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.

The EPRA NNNAV is designed to show the net asset value of a real estate company, taking the current market values of assets and liabilities into account.

in € million

Dec. 31, 2018

Dec. 31, 2019

Change in %

 

 

 

 

Total equity attributable to Vonovia shareholders

17,880.2

19,308.3

8.0

Deferred taxes on investment properties

8,161.1

10,288.9

26.1

Fair value of derivative financial instruments*

87.2

79.8

-8.5

Deferred taxes on derivative financial instruments

-23.5

-22.4

-4.7

EPRA NAV

26,105.0

29,654.6

13.6

Goodwill

-2.842.4

-1.492.7

-47.5

Adjusted NAV

23,262.6

28,161.9

21.1

 

 

 

 

EPRA NAV per share in €**

50.39

54.69

8.5

Adjusted NAV per share in €**

44.90

51.93

15.7

 

 

 

 

in € million

Dec. 31, 2018

Dec. 31, 2019

Change in %

*

Adjusted for effects from cross currency swaps.

**

Based on the shares carrying dividend rights on the reporting date: Dec. 31, 2018: 518,077,934, Dec. 31, 2019: 542,273,611.

 

 

 

 

EPRA NAV

26,105.0

29,654.6

13.6

Fair value of derivative financial instruments*

-87.2

-79.8

-8.5

Fair value of financial liabilities

-315.0

-1.126.3

> 100

Deferred taxes on derivative financial instruments

23.5

22.4

-4.7

Deferred taxes on fair value of financial liabilities

104.3

372.8

> 100

Deferred taxes on investment properties

-8,161.1

-10,288.9

26.1

EPRA NNNAV

17,669.5

18,554.8

5.0

EPRA NNNAV per share in €**

34.11

34.22

0.3
European Public Real Estate Association (EPRA)
The European Public Real Estate Association (EPRA) is a non-profit organization that has its registered headquarters in Brussels and represents the interests of listed European real estate companies. Its mission is to raise awareness of European listed real estate companies as a potential investment destination that offers an alternative to conventional investments. EPRA is a registered trademark of the European Public Real Estate Association.
Fair Value
Fair value is particularly relevant with regard to valuation in accordance with IAS 40 in conjunction with IFRS 13. The fair value is the amount for which an asset could be exchanged between knowledgeable, willing parties in an arm’s length transaction.