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Tables of the Key Figures Section

Key Figures

Key_Figures

Financial Key Figures in € million

9M 2020

9M 2021

Change in %

12M 2020

Total Segment Revenue

3,211.6

3,517.0

9.5

4,370.0

Adjusted EBITDA Total

1,432.5

1,540.9

7.6

1,909.8

Adjusted EBITDA Rental

1,178.7

1,240.0

5.2

1,554.2

Adjusted EBITDA Value-add

110.1

115.6

5.0

152.3

Adjusted EBITDA Recurring Sales

74.9

105.5

40.9

92.4

Adjusted EBITDA Development

68.8

79.8

16.0

110.9

EBITDA IFRS

1,380.6

1,426.9

3.4

1,822.4

Group FFO**

1,015.9

1,147.3

12.9

1,348.2

thereof attributable to Vonovia shareholders

973.7

1,101.5

13.1

1,292.0

thereof attributable to Vonovia hybrid capital investors

30.0

30.0

0.0

40.0

thereof attributable to non-controlling interests

12.2

15.8

29.5

16.2

Group FFO per share in €*/**

1.80

1.99

10.8

2.38

Income from fair value adjustments of investment properties

1,830.2

5,073.0

>100

3,719.8

EBT**

2,831.7

5,833.2

>100

5,014.4

Profit for the period**

1,891.6

3,869.1

>100

3,340.0

Cash flow from operating activities

1,016.7

1,026.3

0.9

1,430.5

Cash flow from investing activities

-1,204.5

-8,625.1

>100

-1,729.9

Cash flow from financing activities

1,402.0

9,161.5

>100

402.6

Total cost of maintenance, modernization and new construction

1,360.0

1,355.1

-0.4

1,935.9

thereof for maintenance expenses and capitalized maintenance

399.1

453.5

13.6

592.0

thereof for modernization

659.7

547.8

-17.0

908.4

thereof for new construction

301.2

353.8

17.5

435.5

Key Balance Sheet Figures in € million

Dec. 31, 2020

Sep. 30, 2021

Change in %

Fair value of the real estate portfolio**

58,910.7

95,378.7

61.9

EPRA NTA**

35,488.6

40,417.9

13.9

EPRA NTA per share in €*/**

62.71

70.26

12.0

LTV (%)**

39.4

44.2

4.8 pp

Non-financial Key Figures

9M 2020

9M 2021

Change in %

12M 2020

Number of units managed

488,400

639,878

31.0

489,709

thereof own apartments**

414,570

568,451

37.1

415,688

thereof apartments owned by others

73,830

71,427

-3.3

74,021

Number of units bought**

154,918

1,711

Number of units sold

2,712

2,987

10.1

3,677

thereof Recurring Sales

1,883

2,367

25.7

2,442

thereof Non-core Disposals

829

620

-25.2

1,235

Number of new apartments completed

1,437

1,366

-4.9

2,088

thereof own apartments

1,056

786

-25.6

1,442

thereof apartments for sale

381

580

52.2

646

Vacancy rate (in %)

2.6

2.7

0.1 pp

2.4

Monthly in-place rent in €/m²

7.07

7.34

3.8

7.16

Organic rent increase (in %)

3.6

3.5

-0.1 pp

3.1

Number of employees (as of Sep. 30/Dec. 31)**

10,564

16,051

51.9

10,622

  1. * Based on the shares carrying dividend rights on the reporting date September 30, 2020: 565,887,299, September 30, 2021: 575,257,327 and December 31, 2020: 565,887,299.
  2. ** 2021 incl. Deutsche Wohnen; Group FFO and profit for the period incl. effects of accounting for Deutsche Wohnen using the equity method.

Tables of the Business Development

Share Information (as of September 30, 2021)

Share_Information_as_of_September_30_2021

Share Information (as of September 30, 2021)

First day of trading

July 11, 2013

Subscription price

€ 16.50

Total number of shares

575,257,327

Share capital

€ 575,257,327

ISIN

DE000A1ML7J1

WKN

A1ML7J

Ticker symbol

VNA

Common code

94567408

Share class

Registered shares with no par value

Stock exchange

Frankfurt Stock Exchange

Market segment

Regulated market

Indices

DAX 40, EURO STOXX 50, DAX 50 ESG, Dow Jones Sustainability Index Europe, STOXX Global ESG Leaders, EURO STOXX ESG Leaders 50, STOXX Europe ESG Leaders 50, FTSE EPRA/NAREIT Developed Europe and GPR 250 World

Total Segment Revenue

Total_Segment_Revenuel

Total Segment Revenue

in € million

9M 2020

9M 2021

Change in %

12M 2020

Rental income

1,708.8

1,764.7

3.3

2,288.5

Other income from property management unless included in the operating expenses in the Rental segment

36.3

40.8

12.4

50.2

Income from disposals Recurring Sales

296.5

422.2

42.4

382.4

Internal revenue Value-add

762.6

798.3

4.7

1,053.0

Income from disposal of properties (Development)

181.6

328.8

81.1

297.7

Fair value Development to hold

225.8

162.2

-28.2

298.2

Total Segment Revenue

3,211.6

3,517.0

9.5

4,370.0

Group FFO

Group_FFO

Group FFO

in € million

9M 2020

9M 2021

Change in %

12M 2020

Revenue in the Rental segment

1,706.9

1,762.7

3.3

2,285.9

Expenses for maintenance

-234.9

-245.3

4.4

-321.1

Operating expenses in the Rental segment

-293.3

-277.4

-5.4

-410.6

Adjusted EBITDA Rental

1,178.7

1,240.0

5.2

1,554.2

Revenue in the Value-add segment

800.0

840.1

5.0

1,104.6

thereof external revenue

37.4

41.8

11.8

51.6

thereof internal revenue

762.6

798.3

4.7

1,053.0

Operating expenses in the Value-add segment

-689.9

-724.5

5.0

-952.3

Adjusted EBITDA Value-add

110.1

115.6

5.0

152.3

Revenue in the Recurring Sales segment

296.5

422.2

42.4

382.4

Fair value of properties sold adjusted to reflect effects not relating to the period from assets held for sale in the Recurring Sales segment

-211.6

-302.7

43.1

-274.0

Adjusted result Recurring Sales

84.9

119.5

40.8

108.4

Selling costs in the Recurring Sales segment

-10.0

-14.0

40.0

-16.0

Adjusted EBITDA Recurring Sales

74.9

105.5

40.9

92.4

Revenue from disposal of “Development to sell” properties

181.6

328.8

81.1

297.7

Cost of Development to sell

-145.0

-270.3

86.4

-235.9

Gross profit Development to sell

36.6

58.5

59.8

61.8

Fair value Development to hold

225.8

162.2

-28.2

298.2

Cost of Development to hold*

-181.5

-117.9

-35.0

-235.4

Gross profit Development to hold

44.3

44.3

-0.0

62.8

Rental revenue Development

0.8

1.0

25.0

1.2

Operating expenses in the Development segment

-12.9

-24.0

86.0

-14.9

Adjusted EBITDA Development

68.8

79.8

16.0

110.9

Adjusted EBITDA Total

1,432.5

1,540.9

7.6

1,909.8

FFO interest expense

-289.2

-267.5

-7.5

-380.1

Current income taxes FFO

-35.6

-58.2

63.5

-52.4

Consolidation**

-91.8

-93.5

1.9

-129.1

FFO at-equity effects relating to Deutsche Wohnen

25.6

Group FFO

1,015.9

1,147.3

12.9

1,348.2

  1. * Excluding capitalized interest on borrowed capital in 9M 2021 of € 0.9 million (9M 2020: € 0.3 million).
  2. ** Thereof intragroup profits in 9M 2021: € 27.2 million (9M 2020: € 24.1 million), gross profit development to hold in 9M 2021: € 44.3 million (9M 2020: € 44.3 million), IFRS 16 effects 9M 2021: € 22.0 million (9M 2020: € 23.4 million).

Maintenance, Modernization and New Construction

Maintenance,_Modernization_and_New_Construction

Maintenance, Modernization and New Construction

in € million

9M 2020

9M 2021

Change in %

12M 2020

Expenses for maintenance

234.9

245.3

4.4

321.1

Capitalized maintenance

164.2

208.2

26.8

270.9

Maintenance measures

399.1

453.5

13.6

592.0

Modernization measures

659.7

547.8

-17.0

908.4

New construction (to hold)

301.2

353.8

17.5

435.5

Modernization and new construction measures

960.9

901.6

-6.2

1,343.9

Total cost of maintenance, modernization and new construction

1,360.0

1,355.1

-0.4

1,935.9

Non-recurring Items

Non-recurring_Items

Non-recurring Items

in € million

9M 2020

9M 2021

Change in %

12M 2020

Transactions*

5.4

21.5

>100

24.0

Personnel matters

12.1

0.3

-97.5

27.5

Business model optimization

10.0

7.8

-22.0

13.9

Research & development

2.8

Refinancing and equity measures

-3.4

-6.4

88.2

-3.9

Total non-recurring items

24.1

26.0

7.9

61.5

  1. * Including one-time expenses in connection with acquisitions, such as HR measures relating to the integration process and other follow-up costs.

Reconciliation of Financial Result/FFO Interest Expense

Reconciliation_of_Financial_Result_FFO_Interest_Expense

Reconciliation of Financial Result/FFO Interest Expense

in € million

9M 2020

9M 2021

Change in %

12M 2020

Interest income

17.5

4.9

-72.0

21.9

Interest expense

-310.2

-280.5

-9.6

-411.4

Other financial result excluding income from investments

-20.0

-135.3

>100

-46.0

Financial result*

-312.7

-410.9

31.4

-435.5

Adjustments:

Other financial result excluding income from investments

20.0

135.3

>100

46.0

Effects from the valuation of interest rate and currency derivatives

42.4

-8.9

42.4

Prepayment penalties and commitment interest

4.3

2.8

-34.9

6.2

Effects from the valuation of non-derivative financial instruments

-47.5

-16.3

-65.7

-48.6

Interest accretion to provisions

4.3

3.0

-30.2

6.2

Interest income from bond issue

-11.9

-100.0

-11.9

Accrued interest/other effects

36.0

33.4

-7.2

-6.0

Net cash interest

-265.1

-261.6

-1.3

-401.2

Adjustment for IFRS 16 Leases

7.2

7.3

1.4

10.5

Adjustment of income from investments in other real estate companies

1.5

15.1

>100

2.4

Adjustment of interest paid due to taxes

5.4

-1.2

23.7

Adjustment of accrued interest

-38.2

-27.1

-29.1

-15.5

Interest expense FFO

-289.2

-267.5

-7.5

-380.1

  1. * Excluding income from other investments.

Reconciliation of Profit for the Period/Group FFO

Reconciliation_of_Profit_for_the_Period_Group_FFO

Reconciliation of Profit for the Period/Group FFO

in € million

9M 2020

9M 2021

Change in %

12M 2020

Profit for the period

1,891.6

3,869.1

>100

3,340.0

Financial result*

312.7

410.9

31.4

435.5

Income taxes

940.1

1,964.1

>100

1,674.4

Depreciation and amortization

66.4

255.8

>100

92.3

Net income from fair value adjustments of investment properties

-1,830.2

-5,073.0

>100

-3,719.8

EBITDA IFRS

1,380.6

1,426.9

3.4

1,822.4

Non-recurring items

24.1

26.0

7.9

61.5

Total period adjustments from assets held for sale

-4.1

46.1

-15.3

Financial income from investments in other real estate companies

-1.5

-15.0

>100

-2.4

Other (mainly Non-core Disposals)

-35.0

-14.6

-58.3

-52.7

Intragroup profits

24.1

27.2

12.9

33.5

Gross profit Development to hold

44.3

44.3

62.8

Adjusted EBITDA Total

1,432.5

1,540.9

7.6

1,909.8

Interest expense FFO**

-289.2

-267.5

-7.5

-380.1

Current income taxes FFO

-35.6

-58.2

63.5

-52.4

Consolidation

-91.8

-93.5

1.9

-129.1

FFO at-equity effects relating to Deutsche Wohnen

25.6

Group FFO

1,015.9

1,147.3

12.9

1,348.2

Group FFO per share in €***

1.80

1.99

10.8

2.38

  1. * Excluding income from other investments.
  2. ** Incl. financial income from investments in other real estate companies.
  3. *** Based on the shares carrying dividend rights on the reporting date September 30, 2020: 565,887,299, September 30, 2021: 575,257,327 and December 31, 2020: 565,887,299.

Consolidated Balance Sheet Structure

Consolidated_Balance_Sheet_Structure

Consolidated Balance Sheet Structure

Dec. 31, 2020

Sep. 30, 2021

in € million

in %

in € million

in %

Non-current assets

60,632.0

97.1

100,012.5

92.0

Current assets

1,785.4

2.9

8,644.4

8.0

Total assets

62,417.4

100.0

108,656.9

100.0

Equity

24,831.8

39.8

28,726.4

26.4

Non-current liabilities

34,669.8

55.5

57,899.6

53.3

Current liabilities

2,915.8

4.7

22,030.9

20.3

Total equity and liabilities

62,417.4

100.0

108,656.9

100.0

EPRA Net Tangible Assets (EPRA NTA)

EPRA_Net_Tangible_Assets_EPRA_NTA)

EPRA Net Tangible Assets (EPRA NTA)

in € million

Dec. 31, 2020

Sep. 30, 2021

Change in %

Total equity attributable to Vonovia shareholders

23,143.9

26,493.2

14.5

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

10,466.7

15,111.2

44.4

Fair value of financial instruments**

54.9

51.5

-6.2

Goodwill as per the IFRS balance sheet

-1,494.7

-6,739.1

>100

Intangibles as per the IFRS balance sheet

-117.0

-145.9

24.7

Real estate transfer tax*

3,434.8

5,647.0

64.4

EPRA NTA

35,488.6

40,417.9

13.9

EPRA NTA per share in €***

62.71

70.26

12.0

  1. * Proportion of hold portfolio.
  2. ** Adjusted for effects from cross currency swaps.
  3. *** Based on the number of shares on the reporting date December 31, 2020: 565,887,299, September 30, 2021: 575,257,327.

Key Data from the Statement of Cash Flow

Key_Data_from_the_Statement_of_Cash_Flow

Key Data from the Statement of Cash Flows

in € million

9M 2020

9M 2021

Cash flow from operating activities

1,016.7

1,026.3

Cash flow from investing activities

-1,204.5

-8,625.1

Cash flow from financing activities

1,402.0

9,161.5

Influence of changes in foreign exchange rates

-1.3

-1.6

Change in cash and cash equivalents related to assets held for sale

-1.1

Net changes in cash and cash equivalents

1,212.9

1,560.0

Cash and cash equivalents at the beginning of the period

500.7

613.3

Cash and cash equivalents at the end of the period

1,713.6

2,173.3

LTV (loan to value)

LTV_loan_to_value

in € million

Dec. 31, 2020

Sep. 30, 2021

Change in %

Non-derivative financial liabilities

24,084.7

46,179.9

91.7

Foreign exchange rate effects

-18.9

-31.6

67.2

Cash and cash equivalents

-613.3

-3,173.2

>100

Net debt

23,452.5

42,975.1

83.2

Sales receivables

-122.3

-60.1

-50.9

Adjusted net debt

23,330.2

42,915.0

83.9

Fair value of the real estate portfolio

58,910.7

95,378.7

61.9

Loans to companies holding immovable property and land

950.4

Shares in other real estate companies

324.8

700.4

>100

Adjusted fair value of the real estate portfolio

59,235.5

97,029.5

63.8

LTV

39.4%

44.2%

4.8 pp

LTV Convenants

LTV_Convenants

in € million

Dec. 31, 2020

Sep. 30, 2021

Change in %

Non-derivative financial liabilities

24,084.7

46,179.9

91.7

Total assets

62,417.4

108,656.9

74.1

LTV bond covenants

38.6%

42.5%

3.9 pp

Business Outlook

Business_Outlook

Actual 2020

Forecast for 2021

Forecast for 2021 in the 2021 H1 Report

Forecast for 2021 in the 2021 Q3 Report

Total Segment Revenue

€ 4.4 billion

€ 4.9–5.1 billion

€ 4.9–5.1 billion

€ 4.9–5.1 billion

EPRA NTA per share*

€ 62.71

suspended

suspended

suspended

Adjusted EBITDA Total

€ 1,909.8 million

€ 1,975–2,025 million

€ 2,055–2,105 million

Around upper end of € 2,055–2,105 million

Group FFO

€ 1,348.2 million

€ 1,415–1,465 million

€ 1,465–1,515 million

€ 1,520–1,540 million

Group FFO per share*

€ 2.38

suspended

suspended

suspended

Sustainability Performance Index (SPI)

~100%

~105%

~105%

Revenue in the Rental segment

€ 2,285.9 million

€ 2.3–2.4 billion

€ 2.3–2.4 billion

€ 2.3–2.4 billion

Organic rent growth (eop)

3.1%

Increase of ~3.0–3.8%**

Increase of ~3.8%

Increase of ~3.8%

Modernization and new construction

€ 1,343.9 million

€ 1.3–1.6 billion

€ 1.3–1.6 billion

€ 1.3–1.6 billion

Number of units sold Recurring Sales

2,442

~2,500

~2,800

~2,800

Fair value step-up Recurring Sales

39.6%

~30%

>35%

>35%

  1. * Based on the shares carrying dividend rights on the reporting date.
  2. ** Depending on whether or not the Act on Rent Controls in the Housing Sector in Berlin (MietenWoG Bln) is found to be constitutional at the end of 2021, we expect rent increases at the upper/lower end of the forecast.

Tables of the Consolidated Financial Statements

Consolidated Income Statement

Consolidated_Income_Statement

in € million

Jan. 1– Sep. 30, 2020

Jan. 1– Sep. 30, 2021

Jul. 1– Sep. 30, 2020

Jul. 1– Sep 30, 2021

Income from property letting

2,287.3

2,359.8

766.5

789.9

Other income from property management

53.3

57.0

17.8

19.1

Income from property management

2,340.6

2,416.8

784.3

809.0

Income from disposal of properties

451.2

471.7

133.6

114.8

Carrying amount of properties sold

-366.3

-403.4

-106.5

-92.6

Revaluation of assets held for sale

42.7

21.8

27.8

-9.7

Profit on disposal of properties

127.6

90.1

54.9

12.5

Income from the disposal of properties (Development)

181.6

328.8

74.1

137.1

Cost of sold properties

-145.0

-270.3

-61.3

-110.1

Profit on the disposal of properties (Development)

36.6

58.5

12.8

27.0

Net income from fair value adjustments of investment properties

1,830.2

5,073.0

17.9

1,374.4

Capitalized internal expenses

468.6

483.5

171.1

171.3

Cost of materials

-1,072.3

-1,099.8

-367.3

-378.0

Personnel expenses

-432.7

-446.8

-140.1

-141.8

Depreciation and amortization

-66.4

-255.8

-24.2

-21.5

Other operating income

109.8

186.6

46.8

121.0

Impairment losses on financial assets

-22.7

-15.2

-6.0

-7.0

Net income from the derecognition of financial assets measured at amortized cost

0.8

-1.5

-0.1

-0.6

Other operating expenses

-187.7

-272.1

-55.6

-82.6

Net income from investments accounted for using the equity method

0.5

1.2

0.2

1.0

Interest income

17.5

4.9

2.8

1.0

Interest expenses

-310.2

-280.5

-95.1

-100.7

Other financial result

-8.5

-109.7

-12.7

-43.1

Earnings before tax

2,831.7

5,833.2

389.7

1,741.9

Income taxes

-940.1

-1,964.1

-116.2

-552.9

Profit for the period

1,891.6

3,869.1

273.5

1,189.0

Attributable to:

Vonovia’s shareholders

1,818.1

3,782.9

260.1

1,176.2

Vonovia’s hybrid capital investors

22.4

22.4

7.6

7.6

Non-controlling interests

51.1

63.8

5.8

5.2

Earnings per share (basic and diluted) in €

3.33

6.63

0.47

2.04

Consolidated Statement of Comprehensive Income

Consolidated_Statement_of_Comprehensive_Income

in € million

Jan. 1– Sep. 30, 2020

Jan. 1– Sep. 30, 2021

Jul. 1– Sep. 30, 2020

Jul. 1– Sep. 30, 2021

Profit for the period

1,891.6

3,869.1

273.5

1,189.0

Change in unrealized gains/losses

0.2

20.6

-9.0

7.5

Taxes on the change in unrealized gains/losses

0.0

-6.3

3.0

-2.4

Net realized gains/losses

19.7

-0.1

13.3

-1.9

Taxes due to net realized gains/losses

-4.1

2.4

-3.6

1.4

Profit on cash flow hedges

15.8

16.6

3.7

4.6

Changes in the period

-70.3

-70.2

-63.2

-32.2

Tax effect

8.0

8.6

6.0

3.6

Profit on currency translation differences

-62.3

-61.6

-57.2

-28.6

Items which will be recognized in profit or loss in the future

-46.5

-45.0

-53.5

-24.0

Changes in the period

-0.1

65.9

4.0

Taxes on changes in the period

0.1

-0.9

Profit on equity instruments at fair value in other comprehensive income

65.0

4.0

Change in actuarial gains/losses, net

-8.8

48.5

0.6

9.2

Tax effect

3.1

-16.1

-3.1

Profit on actuarial gains and losses from pensions and similar obligations

-5.7

32.4

0.6

6.1

Items which will not be recognized in profit or loss in the future

-5.7

97.4

0.6

10.1

Other comprehensive income

-52.2

52.4

-52.9

-13.9

Total comprehensive income

1,839.4

3,921.5

220.6

1,175.1

Attributable to:

Vonovia’s shareholders

1,766.0

3,834.9

207.2

1,162.2

Vonovia’s hybrid capital investors

22.4

22.4

7.6

7.6

Non-controlling interests

51.0

64.2

5.8

5.3

Consolidtated Balance Sheet - Assets

Consolidated_Balance_Sheet_Assets

in € million

Dec. 31, 2020

Sep. 30, 2021

Intangible assets

1,611.7

6,885.0

Property, plant and equipment

387.6

571.3

Investment properties

58,071.8

91,521.0

Financial assets

416.0

869.0

Other assets

128.5

149.8

Deferred tax assets

16.4

16.4

Total non-current assets

60,632.0

100,012.5

Inventories

8.7

15.6

Trade receivables

268.9

458.3

Financial assets

0.4

1,955.7

Other assets

119.0

251.8

Income tax receivables

39.8

192.8

Cash and cash equivalents

613.3

2,173.3

Real estate inventories

570.4

518.3

Assets held for sale

164.9

3,078.6

Total current assets

1,785.4

8,644.4

Total assets

62,417.4

108,656.9

Consolidated Balance Sheet - Equity and Liabilities

Consolidated_Balance_Sheet_Equity_and_Liabilities

in € million

Dec. 31, 2020

Sep. 30, 2021

Subscribed capital

565.9

575.3

Capital reserves

9,037.9

9,496.3

Retained earnings

13,368.2

16,278.9

Other reserves

171.9

142.7

Total equity attributable to Vonovia shareholders

23,143.9

26,493.2

Equity attributable to hybrid capital investors

1,001.6

1,031.5

Total equity attributable to Vonovia shareholders and hybrid capital investors

24,145.5

27,524.7

Non-controlling interests

686.3

1,201.7

Total equity

24,831.8

28,726.4

Provisions

711.3

779.5

Trade payables

5.0

0.6

Non-derivative financial liabilities

22,375.1

38,094.7

Derivatives

76.8

82.5

Lease liabilities

467.3

592.2

Liabilities to non-controlling interests

26.8

227.5

Financial liabilities from tenant financing

45.3

46.2

Other liabilities

2.6

4.8

Deferred tax liabilities

10,959.6

18,071.6

Total non-current liabilities

34,669.8

57,899.6

Provisions

389.0

754.7

Trade payables

229.5

359.3

Non-derivative financial liabilities

1,709.6

7,889.1

Derivatives

222.2

276.4

Lease liabilities

27.8

42.5

Liabilities to non-controlling interests

16.3

15.6

Financial liabilities from tenant financing

118.1

113.6

Other liabilities

203.3

12,242.0

Liabilities associated with assets classified as held for sale

337.7

Total current liabilities

2,915.8

22,030.9

Total liabilities

37,585.6

79,930.5

Total equity and liabilities

62,417.4

108,656.9

Consolidated Statement of Cash Flows

Consolidated_Statement_of Cash_Flows

in € million

Jan. 1– Sep. 30, 2020

Jan. 1– Sep. 30, 2021

Profit for the period

1,891.6

3,869.1

Net income from fair value adjustments of investment properties

-1,830.2

-5,073.0

Revaluation of assets held for sale

-42.7

-21.8

Depreciation and amortization

66.4

255.8

Interest expenses/income and other financial result

312.6

410.9

Income taxes

940.1

1,964.1

Results from disposals of investment properties

-84.9

-68.3

Results from disposals of other non-current assets

-0.1

0.5

Other expenses/income not affecting cash

5.9

-95.4

Change in working capital

-174.2

-133.2

Income tax paid

-67.8

-82.4

Cash flow from operating activities

1,016.7

1,026.3

Proceeds from disposals of investment properties and assets held for sale

435.7

481.3

Proceeds from disposals of other assets

0.3

0.7

Payments for investments in investment properties

-1,183.2

-1,148.9

Payments for investments in other assets

-238.4

-473.2

Payments for acquisition of shares in consolidated companies, in due consideration of liquid funds

-226.0

-6,490.9

Payments for cash investments held as financial assets

-999.9

Interest received

7.1

5.8

Cash flow from investing activities

-1,204.5

-8,625.1

Capital contributions on the issue of new shares (including premium)

1,003.0

Cash paid to shareholders of Vonovia SE and non-controlling interests

-506.7

-493.0

Proceeds from issuing financial liabilities

3,890.3

12,314.3

Cash repayments of financial liabilities

-2,635.1

-2,165.7

Cash repayments of lease liabilities

-17.8

-15.7

Payments for transaction costs in connection with capital measures

-38.8

-197.3

Payments for other financing costs

-9.9

-6.5

Payments in connection with the disposal of shares in non-controlling interests

-10.8

-7.6

Interest paid

-272.2

-267.0

Cash flow from financing activities

1,402.0

9,161.5

Influence of changes in foreign exchange rates on cash and cash equivalents

-1.3

-1.6

Change in cash and cash equivalents related to assets held for sale

-1.1

Net changes in cash and cash equivalents

1,212.9

1,560.0

Cash and cash equivalents at the beginning of the period

500.7

613.3

Cash and cash equivalents at the end of the period*

1,713.6

2,173.3

  1. * Includes € 898.5 million (Sep. 30, 2020: € 650.0 million) in current securities classified as cash equivalents and total restricted cash of € 75.7 million (Sep. 30, 2020: € 91.3 million).

Tables with Portfolio Information

Portfolio Structure

Portfolio_Structure

Portfolio Structure

Fair value*

Sep. 30, 2021

(in € million)

(in €/m²)

Residential units

Vacancy (in %)

In-place rent (in €/m²)**

Strategic

48,104.6

2,305

328,140

2.5

7.12

Operate

16,336.7

2,290

107,401

2.5

7.51

Invest

31,767.9

2,313

220,739

2.5

6.94

Recurring Sales

4,106.6

2,468

24,458

3.0

7.25

Non-core Disposals

176.8

1,384

1,073

12.8

8.08

Vonovia Germany

52,388.0

2,312

353,671

2.6

7.14

Vonovia Sweden

7,017.6

2,350

38,467

2.4

10.34

Vonovia Austria

2,905.7

1,652

21,596

5.4

4.87

Total

62,311.3

2,274

413,734

2.7

7.34

Deutsche Wohnen***

27,610.0

2,843

154,717

1.6

7.17

Breakdown of Strategic Housing Stock by Regional Market

Breakdown_of_Strategic_Housing_Stock_by_Regional_Market

Breakdown of Strategic Housing Stock by Regional Market

Fair value*

Sep. 30, 2021

(in € million)

(in €/m²)

Residential units

Vacancy (in %)

In-place rent (in €/m²)**

Regional market

Berlin

8,371.4

2,922

43,496

1.4

7.08

Rhine Main Area

5,434.4

3,083

27,121

1.9

8.76

Southern Ruhr Area

5,107.8

1,899

43,035

3.4

6.61

Rhineland

4,616.4

2,402

28,226

2.5

7.60

Dresden

4,564.3

1,991

38,467

3.8

6.44

Hamburg

3,442.9

2,700

19,651

1.6

7.59

Kiel

2,849.0

1,995

24,254

2.2

6.83

Munich

2,627.0

4,015

9,690

1.1

8.66

Stuttgart

2,442.7

2,811

13,596

1.8

8.34

Hanover

2,287.6

2,201

16,131

2.4

7.06

Northern Ruhr Area

2,056.4

1,328

24,853

3.1

6.11

Bremen

1,453.8

1,976

11,834

3.7

6.23

Leipzig

1,184.1

1,933

9,017

3.1

6.30

Westphalia

1,135.2

1,818

9,451

2.9

6.66

Freiburg

770.3

2,762

4,037

1.4

7.93

Other Strategic Locations

3,439.9

2,008

26,533

2.9

7.20

Total strategic locations Germany

51,783.1

2,321

349,392

2.5

7.14

  1. * Fair value of the developed land excluding € 5,457.4 million, of which € 652.3 million for undeveloped land and inheritable building rights granted, € 833.6 million for assets under construction, € 923.8 million for development, € 1,261.0 million for nursing portfolio and € 1,786.6 million for other.
  2. ** Based on the country-specific definition.
  3. *** Based on definition of Deutsche Wohnen.
  4. **** Excl. Deutsche Wohnen portfolio.
  5. *** Based on definition of Deutsche Wohnen.
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