Consolidated Balance Sheet Structure

The Group’s total assets dropped by € 44.6 million as against December 31, 2019, falling from € 56,497.7 million to € 56,453.1 million. Investment properties reported under non-current assets fell by € 12.2 million. Negative currency translation effects of € 322.0 million affecting the portfolio in Sweden more than offset additions and capitalized modernization costs. On the other hand, other assets rose by € 61.9 million from € 54.7 million to € 116.6 million, largely due to an increase in prepayments for property acquisitions that only result in legally effective transfers at a later date. Assets held for sale fell by € 56.8 million from € 134.1 million as of December 31, 2019, to € 77.3 million. Cash and cash equivalents dropped by € 71.8 million. Goodwill and trademark rights comprise 2.7% of the total assets.

As of March 31, 2020, the gross asset value (GAV) of Vonovia’s property assets came to € 53,495.5 million, which corresponds to 94.8% of total assets compared with € 53,586.3 million or 94.8% at the end of 2019.

The € 85.2 million increase in total equity from € 21,069.7 million to € 21,154.9 million is due, in particular, to the profit for the period of € 211.6 million. Currency translation differences and cash flow hedges in a combined amount of € -130.4 million had the opposite effect.

This brings the equity ratio to 37.5%, compared with 37.3% at the end of 2019.

Liabilities fell by € 129.8 million from € 35,428.0 million to € 35,298.2 million. The amount of non-derivative financial liabilities fell by € 144.3 million, with the € 572.2 million drop in current non-derivative financial liabilities outstripping the € 428.0 million increase in non-current non-derivative financial liabilities.