Consolidated Balance Sheet Structure
|
Dec. 31, 2018 |
Mar. 31, 2019 |
||
|---|---|---|---|---|
|
in € million |
in % |
in € million |
in % |
|
|
|
|
|
Non-current assets |
47,639.6 |
96.5 |
47,614.5 |
94.3 |
Current assets |
1,748.0 |
3.5 |
2,860.9 |
5.7 |
Assets |
49,387.6 |
100.0 |
50,475.4 |
100.0 |
|
|
|
|
|
Total equity |
19,664.1 |
39.8 |
19,843.2 |
39.3 |
Non-current liabilities |
25,577.8 |
51.8 |
26,598.3 |
52.7 |
Current liabilities |
4,145.7 |
8.4 |
4,033.9 |
8.0 |
Equity and Liabilities |
49,387.6 |
100.0 |
50,475.4 |
100.0 |
|
|
|
|
|
The Group’s total assets increased by € 1,087.8 million as against December 31, 2018, rising from € 49,387.6 million to € 50,475.4 million. This results primarily from a € 564.7 million increase in investment properties from € 43,490.9 million to € 44,055.6 million, with € 51.9 million resulting from the real estate valuation of the Swedish portfolio. Non-current assets had the opposite effect and fell by € 672.8 million due to the sale of shares in Deutsche Wohnen SE. Current assets increased by € 1,325.5 million, mainly due to an increase in cash and cash equivalents. Goodwill and trademark rights comprise 5.8% of the total assets.
As of March 31, 2019, the gross asset value (GAV) of Vonovia’s property assets came to € 44,735.9 million, which corresponds to 88.6% of total assets compared with € 44,226.9 million or 89.6% at the end of 2018.
The € 179.1 million increase in total equity from € 19,664.1 million to € 19,843.2 million is mainly the result of the profit for the period for the first three months of € 201.4 million and also results, on the other hand, from the equity effects of the application of the new IFRS standards on lease accounting (IFRS 16) in the amount of € -35.0 million (€ -24.1 million after allowance for deferred taxes).
This brings the equity ratio to 39.3%, compared with 39.8% at the end of 2018.
Liabilities rose by € 908.7 million from € 29,723.5 million to € 30,632.2 million. The amount of non-derivative financial liabilities rose by € 743.7 million, with € 500.0 million attributable to the EMTN drawdown on January 29, 2019.