Annual Report 2020


  • Positive business performance in the 2020 pandemic year thanks to stable business model
  • Focus on maintaining business operations and on protecting employees and tenants
  • Significant improvement in customer satisfaction
  • Strategy recalibrated to include sustainability aspects and Sustainability Performance Index Introduced as a control parameter
  • Successful implementation of the new Construction and Modernization Strategy, around 2,100 new apartments created

Vonovia can report positive growth in the pandemic year of 2020. Total Segment Revenue increased by 6.3% to around € 4.4 billion in 2020.

The Adjusted EBITDA Total came to € 1,909.8 million, an increase of 8.5% as against the 2019 figure. Group FFO improved by 10.6% from € 1,218.6 million to € 1,348.2 million.

The Adjusted NAV per share came in at € 59.47, up by 14.4% on the prior-year value of € 52.00. At around € 1.9 billion, investments in 2020 were almost on a par with the previous year.

This means that, all in all, the coronavirus pandemic only had a minor impact on the company’s operating business and investment projects, with some postponements to 2021.

Customer satisfaction, as measured using the CSI, improved significantly, by 8.6%, in the 2020 fiscal year.

Sustained Earnings

Group FFO

Group FFO (Bar chart)

Maintenance, Modernization and New Construction


Investments (Bar chart)

Organic Rent Growth

Organic Rent Growth

Organic Rent Growth (Bar chart)


Vacancy Rate

Vacancy Rate (Bar chart)

Net Assets

Adjusted NAV

Adjusted NAV (Bar chart)

Fair Value of the Real Estate Portfolio

Fair Value of the Real Estate Portfolio

Fair Value of the Real Estate Portfolio (Bar chart)
Adjusted EBITDA Total (Earnings Before Interest, Taxes, Depreciation and Amortization)
Adjusted EBITDA Total is the result before interest, taxes, depreciation and amortization (including income from other operational investments and intragroup profits) adjusted for effects that do not relate to the period, recur irregularly and that are atypical for business operation, and for net income from fair value adjustments to investment properties. These non-recurring items include the development of new fields of business and business processes, acquisition projects, expenses for refinancing and equity increases (where not treated as capital procurement costs), IPO preparation costs and expenses for pre-retirement part-time work arrangements and severance payments. The Adjusted EBITDA Total is derived from the sum of the Adjusted EBITDA Rental, Adjusted EBITDA Value-add, Adjusted EBITDA Recurring Sales and Adjusted EBITDA Development.
CSI (Customer Satisfaction Index)
The CSI is determined at regular intervals by means of systematic customer surveys and reflects how our services are perceived and accepted by our customers. The CSI is determined on the basis of points given by the customers for our properties and their neighborhood, customer service and commercial and technical support as well as maintenance and modernization management.
The presentation of the NAV based on the EPRA definition aims to show the net asset value in a long-term business model. The equity attributable to Vonovia’s shareholders is adjusted to reflect deferred taxes on investment properties, 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.
Group FFO
Group FFO reflects the recurring earnings from the operating business. In addition to the adjusted EBITDA for the Rental, Value-add, Recurring Sales and Development segments, Group FFO allows for recurring current net interest expenses from non-derivative financial instruments as well as current income taxes. This key figure is not determined on the basis of any specific international reporting standard but is to be regarded as a supplement to other performance indicators determined in accordance with IFRS.
Sustainability Performance Index (SPI)
Index to measure non-financial performance. A performance indicator introduced at Vonovia in January 2021 consisting of key figures on the CO2 intensity of the portfolio, primary energy requirements in new buildings, (partial) modernization measures to make apartments fully accessible, customer and employee satisfaction, and diversity within the management ranks.