Annual Report 2020

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Net Asset Value

Vonovia’s net asset value (NAV) figures are based on the best practice recommendations of the European Public Real Estate Association (EPRA). At the end of 2020, the EPRA NAV came to € 35,146.5 million, up by 18.8% on the value of € 29,592.5 million seen at the end of 2019. EPRA NAV per share increased from € 54.57 at the end of 2019 to € 62.11 at the end of 2020. The Adjusted NAV of € 33,651.8 million at the end of 2020 was an increase of 19.3% over € 28,199.6 million at the end of 2019. This represents an increase of 14.4% in the Adjusted NAV per share from € 52.00 at the end of 2019 to € 59.47 at the end of 2020.

Net Asset Value (NAV)

in € million

Dec. 31, 2019*

Dec. 31, 2020

Change in %

 

 

 

 

Total equity attributable to Vonovia shareholders

19,308.3

23,143.8

19.9

Deferred taxes on investment properties

10,288.9

11,947.8

16.1

Fair value of derivative financial instruments**

1.6

74.5

>100

Deferred taxes on derivative financial instruments

–6.3

–19.6

>100

EPRA NAV

29,592.5

35,146.5

18.8

Goodwill

–1,392.9

–1,494.7

7.3

Adjusted NAV

28,199.6

33,651.8

19.3

 

 

 

 

EPRA NAV per share in €***

54.57

62.11

13.8

Adjusted NAV per share in €***

52.00

59.47

14.4

*

Adjusted (see note [A2] Adjustment to Prior-year Figures).

**

Adjusted for effects from cross currency swaps.

***

Based on the number of shares on the reporting date Dec. 31, 2019: 542,273,611, Dec. 31, 2020: 565,887,299.

The introduction of the new management system will see the EPRA NTA per share replace the Adjusted NAV per share.

EPRA Net Tangible Assets (EPRA NTA)

in € million

Dec. 31, 2019

Dec. 31, 2020

Change in %

 

 

 

 

Total equity attributable to Vonovia shareholders

19,308.3

23,143.8

19.9

Deferred tax in relation to fair value gains of investment properties*

8,881.2

10,466.8

17.9

Fair value of financial instruments**

–4.7

54.9

–

Goodwill as per the IFRS balance sheet

–1,392.9

–1,494.7

7.3

Intangibles as per the IFRS balance sheet

–111.3

–117.0

5.1

Real estate transfer tax*

3,081.6

3,434.8

11.5

EPRA NTA

29,762.2

35,488.6

19.2

 

 

 

 

EPRA NTA per share in €***

54.88

62.71

14.3

*

Proportion of core- or hold-portfolio.

**

Adjusted for effects from cross currency swaps.

***

Based on the number of shares on the reporting date Dec. 31, 2019: 542,273,611, Dec. 31, 2020: 565,887,299.

At the end of 2020, the EPRA NTA came to € 35,488.6 million, up 19.2% on the value of € 29,762.2 million seen at the end of 2019. EPRA NTA per share increased from € 54.88 at the end of 2019 to € 62.71 at the end of 2020.

Over a period of five years, Vonovia has continually created value and increased EPRA NAV and GAV (gross asset value) every year.

in € million

EPRA NAV

GAV

 

 

 

2020

35,146.5

59,207.1

2019

29,592.5

53,586.3

2018

26,105.0

44,226.9

2017

21,284.6

33,424.9

2016

17,047.1

27,106.4

 

 
EPRA NAV/Adjusted NAV
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.
European Public Real Estate Association (EPRA)
The European Public Real Estate Association (EPRA) is a non-profit organization that has its registered headquarters in Brussels and represents the interests of listed European real estate companies. Its mission is to raise awareness of European listed real estate companies as a potential investment destination that offers an alternative to conventional investments. EPRA is a registered trademark of the European Public Real Estate Association.
GAV
The Gross Asset Value (GAV) of the recognized real estate investments. This consists of the owner-occupied properties, the investment properties including development to hold, the assets held for sale and the development to sell area. In the latter, both residential properties for which a purchase contract has been signed and those with the intention to sell – i. e., a purchase contract has not yet been signed – are included.