Results of Operations
The following key figures provide an overview of how Vonovia’s results of operations and their drivers developed in 2020. For information on the limited comparative value of the prior-year figures, we refer to the statements in the chapter on overall business development within the Group.
in € million |
2019 |
2020 |
Change in % |
|---|---|---|---|
|
|
|
|
Total Segment Revenue |
4,111.7 |
4,370.0 |
6.3 |
Revenue in the Rental segment |
2,074.9 |
2,285.9 |
10.2 |
Revenue in the Value-add segment |
1,154.8 |
1,104.6 |
–4.3 |
Revenue in the Recurring Sales segment |
365.1 |
382.4 |
4.7 |
Revenue in the Development segment |
516.9 |
597.1 |
15.5 |
Adjusted EBITDA Total |
1,760.1 |
1,909.8 |
8.5 |
Adjusted EBITDA Rental |
1,437.4 |
1,554.2 |
8.1 |
Adjusted EBITDA Value-add |
146.3 |
152.3 |
4.1 |
Adjusted EBITDA Recurring Sales |
91.9 |
92.4 |
0.5 |
Adjusted EBITDA Development |
84.5 |
110.9 |
31.2 |
Group FFO |
1,218.6 |
1,348.2 |
10.6 |
EBITDA IFRS |
1,579.6 |
1,822.4 |
15.4 |
Monthly in-place rent (€/m2) |
6.93 |
7.16 |
3.3 |
Average area of own apartments in the reporting period (in thou. m2) |
25,316 |
26,532 |
4.8 |
Average number of own units (number of units) |
398,398 |
414,931 |
4.1 |
Vacancy rate (in %) |
2.6 |
2.4 |
–0.2 pp |
Maintenance expenses and capitalized maintenance (€/m2) |
19.02 |
22.31 |
17.3 |
thereof expenses for maintenance (€/m2) |
12.20 |
12.10 |
–0.8 |
thereof capitalized maintenance (€/m2) |
6.82 |
10.21 |
49.7 |
Number of units bought |
23,987 |
1,711 |
–92.9 |
Number of units sold |
4,784 |
3,677 |
–23.1 |
thereof Recurring Sales |
2,607 |
2,442 |
–6.3 |
thereof Non-core Disposals |
2,177 |
1,235 |
–43.3 |
Number of new apartments completed |
2,092 |
2,088 |
–0.2 |
thereof own apartments |
1,301 |
1,442 |
10.8 |
thereof apartments for sale |
791 |
646 |
–18.3 |
Number of employees (as of December 31) |
10,345 |
10,622 |
2.7 |
|
|
|
|
As of the end of 2020, Vonovia managed a portfolio comprising 415,688 of its own residential units (2019: 416,236), 139,429 garages and parking spaces (2019: 138,176) and 6,564 commercial units (2019: 6,748).
in € million |
2019 |
2020 |
Change in % |
|---|---|---|---|
|
|
|
|
Rental income |
2,077.9 |
2,288.5 |
10.1 |
Other income from property management unless included in the operating expenses in the Rental segment |
48.7 |
50.2 |
3.1 |
Income from disposals Recurring Sales |
365.1 |
382.4 |
4.7 |
Internal revenue Value-add |
1,104.2 |
1,053.0 |
–4.6 |
Income from disposal of properties (Development) |
249.5 |
297.7 |
19.3 |
Fair value Development to hold |
266.3 |
298.2 |
12.0 |
Total Segment Revenue |
4,111.7 |
4,370.0 |
6.3 |
|
|
|
|
In the 2020 fiscal year, Total Segment Revenue rose by 6.3% from € 4,111.7 million to € 4,370.0 million. This increase was due primarily to the increase in rental revenue due to the acquisition of Hembla and to organic growth thanks to new construction and modernization.
The Adjusted EBITDA Total rose by € 149.7 million from € 1,760.1 million in the 2019 fiscal year to € 1,909.8 million in 2020. The Adjusted EBITDA Total included the earnings contributions made by Hembla in 2020, with a volume of € 92.5 million (2019: € 9.6 million). The Adjusted EBITDA Rental increased by 8.1% from € 1,437.4 million in 2019 to € 1,554.2 million in 2020. Adjusted EBITDA Value-add rose by 4.1% from € 146.3 million in the 2019 fiscal year to € 152.3 million in 2020. The Adjusted EBITDA Recurring Sales came in at € 92.4 million, up by around 0.5% on the value of € 91.9 million seen in the previous year. The Adjusted EBITDA Development amounted to € 110.9 million in 2020 (2019: € 84.5 million).
Group FFO rose by 10.6% from € 1,218.6 million in 2019 to € 1,348.2 million in 2020.