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Assets

Consolidated Balance Sheet Structure

Consolidated Balance Sheet Structure

Dec. 31, 2020

Dec. 31, 2021

in € million

in %

in € million

in %

Non-current assets

60,632.0

97.1

99,544.5

93.6

Current assets

1,785.4

2.9

6,775.8

6.4

Total assets

62,417.4

100.0

106,320.3

100.0

Equity

24,831.8

39.8

36,545.1

34.4

Non-current liabilities

34,669.8

55.5

60,713.2

57.1

Current liabilities

2,915.8

4.7

9,062.0

8.5

Total equity and liabilities

62,417.4

100.0

106,320.3

100.0

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 a result, the Group’s total assets increased considerably by € 43,902.9  million as against December 31, 2020, rising from € 62,417.4 million to € 106,320.3 million. The Deutsche Wohnen Group contributed € 33,388.1 million to this increase.

The main component of non-current assets is the investment properties item, which increased by € 36,028.3 million from € 58,071.8 million to € 94,100.1 million. € 28,181.7 million of this increase was attributable to the first-time inclusion of the Deutsche Wohnen Group and a total of € 7,393.8 million to the property valuation process. Within current assets, real estate inventories increased by € 100.8 million, from € 570.4 million to € 671.2 million. Cash and cash equivalents rose to € 1,432.8 million as against € 613.3 million as of December 31, 2020. There are also time deposits and short-term financial investments in highly liquid money market funds in the amount of € 499.6 million as of December 31, 2021 that are reported as financial assets.

The inclusion of the Deutsche Wohnen Group means that QUARTERBACK Immobilien AG as an associate as well as eleven non-listed financial investments of QUARTERBACK Immobilien AG that were classified as joint ventures were reported in non-current financial assets accounted for using the equity method. The inclusion of the loan to QUARTERBACK Immobilien AG also increased financial assets by a total of € 806.5 million.

The acquisition of the Deutsche Wohnen Group increased the Group’s goodwill by € 4.7 billion. The impairment of goodwill of € 3,384.1 million had a counteracting effect. Goodwill and trademark rights comprise 2.7% of the total assets.

Compared with December 31, 2020, assets held for sale increased by € 2,554,5.9 million from € 164.9 million to € 2,719.4 million, mainly due to the sale of properties to municipal housing companies in Berlin.

As of December 31, 2021 the gross asset value (GAV) of Vonovia’s property assets came to € 98,225.3 million, which corresponds to 92.4% of total assets compared with € 59,207.1 million, or 94.9%, at the end of 2020.

The € 11,713.3 million increase in total equity from € 24,831.8 million to € 36,545.1 million results in particular from the profit for the period in the amount of € 2,830.9 million and from the capital increase with subscription rights implemented on December 2, 2021 in the amount of € 8.1 billion. This was offset by the repayment of the hybrid capital of € 1,040.0 million and the cash dividend distribution to the shareholders of Vonovia SE in the amount of € 486.0 million. The acquisition of the Deutsche Wohnen Group increased non-controlling interests by € 2,421.9 million.

The equity ratio comes to 34.4%, compared with 39.8% at the end of 2020.

Liabilities increased by € 18.3 billion due to the inclusion of the Deutsche Wohnen Group. They increased further by € 32,189.6 million, from € 37,585.6 million to € 69,775.2 million, due partially to bond placements on June 16, 2021 in the amount of € 4.0 billion, and on August 26, 2021 in the amount of € 5.0 billion, as well as the issuance of a green bond in the amount of € 600 million. The amount of non-derivative financial liabilities rose by € 22,944.3 million, from € 24,084.7 million to € 47,029.0 million, with € 17,796.8 million attributable to the increase in non-current non-derivative financial liabilities.

Deferred tax liabilities increased by € 7,734.3 million, also due to the fair value measurement of investment properties. An increase of € 5,409.9 million is also attributable to the first-time consolidation of the Deutsche Wohnen Group.