Consolidated Balance Sheet Structure
Dec. 31, 2020
Sep. 30, 2021
in € million
in € million
Total equity and liabilities
Deutsche Wohnen SE was included in Vonovia’s consolidated financial statements for the first time as of September 30, 2021, together with its subsidiaries (Deutsche Wohnen Group). As the effective date of control coincides with the reporting date of September 30, 2021, it is only included in the balance sheet.
The Group’s total assets increased considerably by € 46,239.5 million as against December 31, 2020, rising from € 62,417.4 million to € 108,656.9 million. The Deutsche Wohnen Group contributed € 33,270.9 million to this increase. As the transaction was concluded close to the reporting date, the purchase price allocation and, as a result, the amount of the resulting goodwill, namely € 5.4 billion, is still provisional.
The increase in non-current assets relates to investment properties in the amount of € 33.5 billion, with € 28.4 billion attributable to Deutsche Wohnen. Goodwill and trademark rights account for 6.3% of total assets, taking into account the provisional values.
With the inclusion of the Deutsche Wohnen Group, Quarterback Immobilien AG is included in financial assets as an associate.
Current assets rose due to the inclusion of the loan granted to Quarterback Immobilien AG. In addition, current financial assets increased due to short-term investments and liquidity due to the latest bond drawdowns in preparation for the payment of the purchase price obligations.
The assets held for sale rose by € 2,913.7 million from € 164.9 million to € 3,078.6 million and largely include the parts of the portfolio that were sold to Berlin public housing companies. Cash and cash equivalents increased by € 1,560.0 million from € 613.3 million to € 2,173.3 million, contributing to the increase in assets.
The € 3,894.6 million increase in total equity from € 24,831.8 million to € 28,726.4 million results in particular from the profit for the period in the amount of € 3,869.1 million. The cash dividend distributions in the sum of € 486.0 million had the opposite effect. The acquisition of Deutsche Wohnen increased non-controlling interests by € 473.0 million. These are non-controlling interests within the Deutsche Wohnen Group that were taken over as part of the first-time consolidation process.
This brings the equity ratio to 26.4%, compared with 39.8% at the end of 2020. The recognition of a purchase price liability resulting from the acquisition of Deutsche Wohnen due to the application of the anticipated acquisition method distorts the equity ratio as of the current reporting date.
Liabilities increased by € 42,344.9 million from € 37,585.6 million to € 79,930.5 million, due to the inclusion of the Deutsche Wohnen Group in the amount of € 18.9 billion, due to the bond placements on June 16, 2021, in the amount of € 4 billion, and on August 26, 2021, in the amount of € 5 billion, as well as due to the issue of a green bond in the amount of € 600 million. This also includes the purchase price liability for shares in Deutsche Wohnen SE not yet tendered in the amount of € 9.6 billion. The amount of non-derivative financial liabilities rose by € 21,899.1 million, with € 15,719.6 million attributable to the increase in non-current non-derivative financial liabilities.
As of September 30, 2021, the gross asset value (GAV) of Vonovia’s property assets came to € 95,743.3 million. This corresponds to 88.1% of total assets, as against € 59,207.1 million or 94.9% at the end of 2020.
Deferred tax liabilities increased by € 7,112.0 million, also due to the fair value measurement of investment properties.
Current liabilities include the purchase price obligation from the public takeover offer in the amount of around € 12 billion.