Consolidated Balance Sheet Structure

The Group’s total assets increased by € 5,941.3 million as against December 31, 2019, rising from € 56,476.1 million to € 62,417.4 million. The most important impact on non-current assets can be traced back to a € 5,335.2 million increase in investment properties from € 52,736.6 million to € 58,071.8 million, with € 3,719.8 million resulting from the property valuation process. Within current assets, real estate inventories showed a particular increase, rising by € 212.1 million, from € 358.3 million to € 570.4 million. € 109.1 million is attributable to the acquisition of Bien-Ries GmbH. Cash and cash equivalents rose to € 613.3 million as against € 500.7 million as of December 31, 2019. The € 84.3 million increase in non-current financial assets from € 331.7 million to € 416.0 million is characterized primarily by the acquisition of the stake in Vesteda and, with the opposite effect, by the use of termination options (embedded derivatives) in connection with refinancing measures relating to Hembla. The acquisition of Bien-Ries GmbH resulted in new goodwill of € 32.1 million. The acquisition of H&L Immobilien GmbH increased the Group’s goodwill by € 34.4 million. Assets held for sale increased by € 30.8 million from € 134.1 million as of December 31, 2019, to € 164.9 million. Goodwill and trademark rights comprise 2.5% of the total assets.

As of December 31, 2020, the gross asset value (GAV) of Vonovia’s property assets came to € 59,207.1 million, which corresponds to 94.9% of total assets compared with € 53,586.3 million, or 94.9%, at the end of 2019.

The € 3,708.0 million increase in total equity from € 21,123.8 million to € 24,831.8 million results in particular from the capital increase of € 1.0 billion implemented on September 8, 2020 and from the profit for the period in the amount of € 3,340.0 million. The cash dividend distributions in the sum of € 504.6 million had the opposite effect, as did the changes recognized directly in equity in the amount of € -291.8 million, which resulted largely from reclassification to purchase price liabilities from put options/rights to reimbursement.

This brings the equity ratio to 39.8%, compared with 37.4% at the end of 2019.

Liabilities rose by € 2,233.3 million from € 35,352.3 million to € 37,585.6 million. The amount of non-derivative financial liabilities rose by € 509.8 million, with the € 1,177.1 million increase in non-current non-derivative financial liabilities offset by the € 667.3 million drop in current non-derivative financial liabilities. Beyond this, liabilities increased by € 1,671.4 million due to the increase in deferred taxes primarily in connection with investment properties.