Interim Statement Q3 2020

Related Links

Net Asset Value

Vonovia’s net asset value (NAV) figures are based on the best practice recommendations of the EPRA (European Public Real Estate Association). At the end of the third quarter of 2020, the EPRA NAV, based on the current EPRA definition, came to € 32,766.8 million, up by 10.7% 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 € 57.90 at the end of the third quarter of 2020. The Adjusted NAV of € 31,356.2 million at the end of the third quarter of 2020 was an increase of 11.3% over € 28,161.9 million at the end of 2019. This represents an increase of 6.7% in the Adjusted NAV per share from € 51.93 at the end of 2019 to € 55.41 at the end of the third quarter of 2020.

Net Asset Value (NAV)

in € million

Dec. 31, 2019*

Sep. 30, 2020

Change in %

 

 

 

 

Total equity attributable to Vonovia shareholders

19,308.3

21,540.3

11.6

Deffered taxes on investment properties

10,288.9

11,173.2

8.6

Fair value of derivative financial instruments**

1.6

73.2

>100

Deferred taxes on derivative financial instruments

-6.3

-19.9

>100

EPRA NAV

29,592.5

32,766.8

10.7

Goodwill

-1,430.6

-1,410.6

-1.4

Adjusted NAV

28,161.9

31,356.2

11.3

 

 

 

 

EPRA NAV per share in €***

54.57

57.90

6.1

Adjusted NAV per share in €***

51.93

55.41

6.7

*

Adjusted (see note [A2] in the half-year report 2020).

**

Adjusted for effects from cross currency swaps.

***

Based on the number of shares on the reporting date Dec. 31, 2019: 542,273,611, Sep. 30,2020: 565,887,299.
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.