Annual Report 2020

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27 Property, Plant and Equipment

in € million

Owner-occupied properties

Technical equipment, plant and machinery

Other equipment, fixtures, furniture and office equipment

Total

 

 

 

 

 

Cost

 

 

 

 

As of Jan. 1, 2020

193.5

51.7

228.9

474.1

Additions due to business combinations

2.2

0.6

2.8

Additions

12.0

12.9

68.9

93.8

Capitalized modernization costs

1.7

0.6

0.2

2.5

Disposals

–6.0

–0.1

–14.8

–20.9

Transfer from investment properties

10.7

10.7

Transfer to investment properties

–12.8

–12.8

Other transfers

0.1

0.1

0.2

Revaluation from currency effects

0.0

0.3

0.3

As of Dec. 31, 2020

201.3

65.2

284.2

550.7

Accumulated depreciation

 

 

 

 

As of Jan. 1, 2020

9.9

26.9

78.7

115.5

Depreciation in reporting year

4.3

9.8

51.7

65.8

Impairment

0.5

0.5

Reversal of impairments

–0.6

–0.6

Disposals

–4.1

–0.2

–14.1

–18.4

Other transfers

0.4

–0.3

0.1

Revaluation from currency effects

0.1

0.1

0.2

As of Dec. 31, 2020

10.0

37.0

116.1

163.1

Carrying amounts

 

 

 

 

As of Dec. 31, 2020

191.3

28.2

168.1

387.6

 

 

 

 

 

Cost

 

 

 

 

As of Jan. 1, 2019

143.8

46.0

130.3

320.1

Additions due to business combinations

0.6

2.7

3.3

Additions of right-of-use assets (IFRS 16) due to first-time application

29.1

53.1

82.2

Additions

28.0

5.1

59.0

92.1

Capitalized modernization costs

1.8

0.0

0.1

1.9

Grants received

–1.0

–1.0

Disposals

–0.4

–10.0

–10.4

Transfer from investment properties

3.3

3.3

Transfer to investment properties

–11.1

–11.1

Other transfers

–6.3

–6.3

As of Dec. 31, 2019

193.5

51.7

228.9

474.1

Accumulated depreciation

 

 

 

 

As of Jan. 1, 2019

6.3

20.6

42.8

69.7

Additions due to business combinations

0.5

1.9

2.4

Depreciation in reporting year

4.2

5.8

47.8

57.8

Impairment

0.5

0.5

Reversal of impairments

–0.7

–0.7

Disposals

–0.4

–8.7

–9.1

Other transfers

–5.1

–5.1

As of Dec. 31, 2019

9.9

26.9

78.7

115.5

Carrying amounts

 

 

 

 

As of Dec. 31, 2019

183.6

24.8

150.2

358.6

 

 

 

 

Accounting Policies

Items of property, plant and equipment are carried at amortized cost less accumulated depreciation and are depreciated over their respective estimated useful lives on a straight-line basis.

Subsequent costs of replacing part of an item of property, plant and equipment are capitalized provided it is probable that future economic benefits associated with the item will flow to Vonovia and the cost can be estimated reliably.

The properties used by the company itself are subject to depreciation over a term of 50 years, with fixtures, furniture and office equipment subject to depreciation over a period of 3–13 years and technical equipment, plant and machinery over a period of 5–20 years.

As of December 31, 2020, the item “Owner-occupied properties” includes € 107.9 million (Dec. 31, 2019: € 106.2 million), which mainly enclose production costs for the construction of the new Vonovia headquarters in Bochum and of the BUWOG headquarters in Vienna, Austria.

Furthermore, carrying amounts of owner-occupied properties amounting to € 36.3 million as of December 31, 2020 (Dec. 31, 2019: € 30.6 million) are encumbered with land charges in favor of various lenders.