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Half-Year Report 2019

17 Segment Reporting

The following table shows the segment information for the reporting period. The prior-year figures now include the segment results for BUWOG:

in € million

Rental

Value-add

Recurring Sales

Development

Segments total

Other*

Consolidation*

Group

*

The income for the Rental, Value-add, Recurring Sales and Development segments constitutes income that is regularly reported to the Management Board as the chief operating decision-maker and that reflects Vonovia’s sustainable business. The income/costs in the “Other” and “Consolidation” columns are not part of the Management Board’s segment management.

 

 

 

 

 

 

 

 

 

Jan. 1–June 30, 2019

 

 

 

 

 

 

 

 

Segment income

1,014.8

760.9

174.9

124.9

2,075.5

51.8

-343.6

1,783.7

thereof external income

1,014.8

134.9

174.9

124.9

1,449.5

51.8

282.4

1,783.7

thereof internal income

 

626.0

 

 

626.0

 

-626.0

 

Carrying amount of assets sold

 

 

-145.8

 

-145.8

-48.9

 

 

Revaluation from disposal of assets held for sale

 

 

21.3

 

21.3

5.9

 

 

Expenses for maintenance

-147.0

 

 

 

-147.0

 

 

 

Production costs development

 

 

 

-95.2

-95.2

 

 

 

Operating expenses

-143.8

-685.2

-8.0

-16.7

-853.7

-2.8

319.8

 

Net income from fair value adjustments of new construction/development to hold

 

 

 

17.7

17.7

 

-17.7

 

Adjusted EBITDA Total

724.0

75.7

42.4

30.7

872.8

6.0

-41.5

837.3

 

 

 

 

 

 

 

 

 

Non-recurring items

 

 

 

 

 

 

 

-25.3

Period adjustments from assets held for sale

 

 

 

 

 

 

 

-0.3

Income from investments in other real estate companies

 

 

 

 

 

 

 

0.2

EBITDA IFRS

 

 

 

 

 

 

 

811.9

 

 

 

 

 

 

 

 

 

Net income from fair value adjustments of investment properties

 

 

 

 

 

 

 

2,258.7

Depreciation and amortization

 

 

 

 

 

 

 

-1,935.9

Income from other investments

 

 

 

 

 

 

 

-9.0

Financial income

 

 

 

 

 

 

 

12.6

Financial expenses

 

 

 

 

 

 

 

-236.7

EBT

 

 

 

 

 

 

 

901.6

 

 

 

 

 

 

 

 

 

Income taxes

 

 

 

 

 

 

 

-776.3

Profit for the period

 

 

 

 

 

 

 

125.3

in € million

Rental

Value-add

Recurring Sales

Development

Segments total

Other*

Consolidation*

Group

*

The income for the Rental, Value-add, Recurring Sales and Development segments constitutes income that is regularly reported to the Management Board as the chief operating decision-maker and that reflects Vonovia’s sustainable business. The income/costs in the “Other” and “Consolidation” columns are not part of the Management Board’s segment management. The Sales segment reported on in the previous year has been split into Recurring Sales and Non-core Disposals (shown under “Other”) and the costs incurred by the holding area „transaction“ have been allocated to the Rental segment.

 

 

 

 

 

 

 

 

 

Jan. 1–June 30, 2018

 

 

 

 

 

 

 

 

Segment income

890.7

614.5

156.3

73.5

1,735.0

230.1

-222.3

1,742.8

thereof external income

890.7

92.4

156.3

73.5

1,212.9

230.1

299.8

1,742.8

thereof internal income

 

522.1

 

 

522.1

 

-522.1

 

Carrying amount of assets sold

 

 

-128.2

 

-128.2

-212.3

 

 

Revaluation from disposal of assets held for sale

 

 

13.7

 

13.7

13.0

 

 

Expenses for maintenance

-140.0

 

 

 

-140.0

 

 

 

Production costs development

 

 

 

-60.6

-60.6

 

 

 

Operating expenses

-133.8

-560.1

-6.9

-7.7

-708.5

-4.5

206.2

 

Net income from fair value adjustments of new construction/development to hold

 

 

 

2.7

2.7

 

-2.7

 

Adjusted EBITDA Total

616.9

54.4

34.9

7.9

714.1

26.3

-18.8

721.6

 

 

 

 

 

 

 

 

 

Non-recurring items

 

 

 

 

 

 

 

-50.5

Period adjustments from assets held for sale

 

 

 

 

 

 

 

7.8

Income from investments in other real estate companies

 

 

 

 

 

 

 

13.9

EBITDA IFRS

 

 

 

 

 

 

 

692.8

 

 

 

 

 

 

 

 

 

Net income from fair value adjustments of investment properties

 

 

 

 

 

 

 

1,372.9

Depreciation and amortization

 

 

 

 

 

 

 

-23.3

Income from other investments

 

 

 

 

 

 

 

-21.6

Financial income

 

 

 

 

 

 

 

26.8

Financial expenses

 

 

 

 

 

 

 

-200.9

EBT

 

 

 

 

 

 

 

1,846.7

 

 

 

 

 

 

 

 

 

Income taxes

 

 

 

 

 

 

 

-646.7

Profit for the period

 

 

 

 

 

 

 

1,200.0

The following table gives a detailed list of the non-recurring items for the reporting period:

in € million

Jan. 1– June 30, 2018

Jan. 1– June 30, 2019

*

Including takeover costs and one-time expenses in connection with acquisitions, such as HR measures relating to the integration process.
Figures for the previous year shown in line with the current reporting structure.

 

 

 

Acquisition costs incl. integration costs*

30.0

11.6

Severance payments/pre-retirement
part-time work arrangements

13.3

8.9

Business model optimization/development of new field of business

7.4

0.6

Refinancing and equity measures

-0.2

4.2

Total non-recurring items

50.5

25.3

The breakdown of non-Group revenue from contracts with customers (pursuant to IFRS 15.114f.) and its allocation to the segments referred to above is as follows:

in € million

Rental

Value-add

Recurring Sales

Development

Other

Total

*

Includes land tax and buildings insurance.

 

 

 

 

 

 

 

Jan. 1–June 30, 2019

 

 

 

 

 

 

Revenue from ancillary costs (IFRS 15)

314.7

0.2

–

0.1

–

315.0

Income from the disposal of investment properties

–

–

86.0

–

24.4

110.4

Income from disposal of real estate inventories (Development)

–

–

–

124.9

–

124.9

Other revenue from contracts with customers

7.2

27.9

–

0.1

–

35.2

Revenue from contracts with customers

321.9

28.1

86.0

125.1

24.4

585.5

thereof over time

 

 

 

97.7

 

97.7

thereof at a point in time

321.9

28.1

86.0

27.4

24.4

487.8

 

 

 

 

 

 

 

Income from rental income (IFRS 16)

1,014.8

1.0

–

0.4

–

1,016.2

Revenue from ancillary costs (IFRS 16)*

65.7

–

–

–

–

65.7

Income from sale of assets held for sale (IFRS 5)

–

–

88.9

–

27.4

116.3

Other revenue

1,080.5

1.0

88.9

0.4

27.4

1,198.2

Revenues

1,402.4

29.1

174.9

125.5

51.8

1,783.7

in € million

Rental

Value-add

Recurring Sales

Development

Other

Total

*

Includes land tax and buildings insurance.

 

 

 

 

 

 

 

Jan. 1–June 30, 2018

 

 

 

 

 

 

Revenue from ancillary costs (IFRS 15)

310.3

0.6

–

–

–

310.9

Income from the disposal of investment properties

–

–

156.3

–

102.2

258.5

Income from disposal of real estate inventories (Development)

–

–

–

73.5

–

73.5

Other revenue from contracts with customers

6.4

17.9

–

–

–

24.3

Revenue from contracts with customers

316.7

18.5

156.3

73.5

102.2

667.2

thereof over time

 

 

 

33.4

 

33.4

thereof at a point in time

316.7

18.5

156.3

40.1

102.2

633.8

 

 

 

 

 

 

 

Income from rental income (IFRS 16)

890.7

1.8

–

–

–

892.5

Revenue from ancillary costs (IFRS 16)*

55.2

–

–

–

–

55.2

Income from sale of assets held for sale (IFRS 5)

–

–

–

–

127.9

127.9

Other revenue

945.9

1.8

–

–

127.9

1,075.6

Revenues

1,262.6

20.3

156.3

73.5

230.1

1,742.8

External revenue and non-current assets, excluding financial instruments, deferred taxes, post-employment benefits and rights under insurance contracts, are distributed among Vonovia’s country of origin and other countries as follows. Revenue is allocated based on the registered office of the unit providing the service.

 

External revenue

Assets

In € million

June 30, 2018

June 30, 2019

June 30, 2018

June 30, 2019

 

 

 

 

 

Germany

1,605.7

1,504.2

41,369.9

42,920.8

Austria

110.5

213.3

2,687.3

2,929.0

Sweden

 

66.0

1,641.5

2,501.1

France

 

 

 

87.0

Other countries

26.6

0.2

48.6

74.0

Total

1,742.8

1,783.7

45,747.3

48,511.9