Consolidated Balance Sheet Structure
|
Dec. 31, 2018 |
Sep. 30, 2019 |
||||
|---|---|---|---|---|---|---|
|
in € million |
in % |
in € million |
in % |
||
|
||||||
|
|
|
|
|
||
Non-current assets |
47,639.6 |
96.5 |
48,723.6 |
95.8 |
||
Current assets |
1,748.0 |
3.5 |
2,141.1 |
4.2 |
||
Assets |
49,387.6 |
100.0 |
50,864.7 |
100.0 |
||
|
|
|
|
|
||
Total equity |
19,664.1 |
39.8 |
19,824.3 |
39.0 |
||
Non-current liabilities |
25,577.8 |
51.8 |
28,013.9 |
55.1 |
||
Current liabilities |
4,145.7 |
8.4 |
3,026.5 |
5.9 |
||
Equity and Liabilities |
49,387.6 |
100.0 |
50,864.7 |
100.0 |
||
The Group’s total assets increased by € 1,477.1 million as against December 31, 2018, rising from € 49,387.6 million to € 50,864.7 million. This was largely due to a € 3,733.7 million increase in investment properties from € 43,490.9 million to € 47,224.6 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 sum of € 2,103.5 million has a counteracting effect. The impairment is the result of the impairment tests carried out due to the increase in the value of the real estate portfolio in the second quarter of 2019 and the revision of the regional structure in the third 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 € 609.7 million, due primarily to an increase in cash and cash equivalents. Goodwill and trademark rights comprise 1.6% of the total assets.
As of September 30, 2019, the gross asset value (GAV) of Vonovia’s property assets came to € 48,015.4 million, which corresponds to 94.4% of total assets compared with € 44,226.9 million or 89.6% at the end of 2018.
The € 160.2 million increase in total equity from € 19,664.1 million to € 19,824.3 million is due, in particular, to the capital increases implemented in May and June 2019 in the amount of € 1,080.4 million in total (after deductions to reflect transaction costs). The dividend distributions in the sum of € 746.0 million had the opposite effect.
This brings the equity ratio to 39.0%, compared with 39.8% at the end of 2018.
Liabilities increased by € 1,316.9 million from € 29,723.5 million to € 31,040.4 million. The amount of non-derivative financial liabilities rose by € 369.6 million, largely due to the purchase of a real estate portfolio in Sweden. Beyond this, liabilities increased by € 828.4 million due to the increase in deferred taxes as a result of the increase in the value of the real estate portfolio. The loan-to-value ratio amounts to 40.3% as of September 30, 2019.