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Results of Operations

Overview

The following key figures provide an overview of how Vonovia’s results of operations and their drivers developed in 2021. For information on the limited comparative value of the prior-year figures, we refer to the statements in the chapter on overall business development within the Group.

Key Figures on Results of Operations

in € million

2020

2021

Change in %

Total Segment Revenue

4,370.0

5,179.9

18.5

Revenue in the Rental segment

2,285.9

2,361.6

3.3

Revenue in the Value-add segment

1,104.6

1,165.8

5.5

Revenue in the Recurring Sales segment

382.4

477.0

24.7

Revenue in the Development segment

597.1

867.8

45.3

Revenue in the Deutsche Wohnen

307.7

Adjusted EBITDA Total

1,909.8

2,269.3

18.8

Adjusted EBITDA Rental

1,554.2

1,648.0

6.0

Adjusted EBITDA Value-add

152.3

148.8

-2.3

Adjusted EBITDA Recurring Sales

92.4

114.0

23.4

Adjusted EBITDA Development

110.9

187.7

69.3

Adjusted EBITDA Deutsche Wohnen

170.8

Group FFO

1,348.2

1,672.0

24.0

Monthly in-place rent Vonovia in €/m²

7.16

7.33

2.4

Monthly in-place rent Vonovia without Deutsche Wohnen in €/m²

7.16

7.38

3.1

Monthly in-place rent Deutsche Wohnen in €/m²

7.20

Average area of own apartments in the reporting period (in thou. m²)

26,532

28,784

8.5

Average number of own units (number of units)

414,931

452,868

9.1

Vacancy rate Vonovia (in %)

2.4

2.2

-0.2 pp

Vacancy rate Vonovia without Deutsche Wohnen (in %)

2.4

2.4

Vacancy rate Deutsche Wohnen (in %)

1.7

Maintenance expenses and capitalized maintenance Rental segment (€/m²)

22.31

25.18

12.9

thereof expenses for maintenance (€/m²)

12.10

12.57

3.9

thereof capitalized maintenance (€/m²)

10.21

12.61

23.5

Number of units bought

1,711

155,145

>100

Number of units sold

3,677

6,870

86.8

thereof Recurring Sales

2,442

2,747

12.5

thereof Non-core Disposals

1,235

723

-41.5

thereof Deutsche Wohnen

3,400

Number of new apartments completed

2,088

2,200

5.4

thereof own apartments

1,442

1,373

-4.8

thereof apartments for sale

646

827

28.0

thereof Deutsche Wohnen

Number of employees (as of December 31)

10,622

15,871

49.4

As of the end of 2021, Vonovia managed a portfolio comprising 565,334 of its own residential units (2020: 415,688), 168,015 garages and parking spaces (2020: 139,429) and 9,289 commercial units (2020: 6,564).

Total Segment Revenue

Total Segment Revenue

in € million

2020

2021

Change in %

Rental income

2,288.5

2,571.9

12.4

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

50.2

141.7

>100

Income from disposals Recurring Sales

382.4

477.2

24.8

Internal revenue Value-add

1,053.0

1,107.2

5.1

Income from disposal of properties (Development)

297.7

519.6

74.5

Fair value Development to hold

298.2

362.3

21.5

Total Segment Revenue

4,370.0

5,179.9

18.5

In the 2021 fiscal year, total segment revenue rose by 18.5% from € 4,370.0 million to € 5,179.9 million. This increase was due primarily to income from disposal of properties (development), the additional rental income from Deutsche Wohnen in the fourth quarter of 2021, and organic growth thanks to new construction and modernization in the Vonovia portfolio. In the fourth quarter of 2021, Deutsche Wohnen contributed a total volume of € 307.7 million to the segment revenue.

The Adjusted EBITDA Total rose by € 359.5 million from € 1,909.8 million in the 2020 fiscal year to € 2,269.3 million in 2021. Deutsche Wohnen contributed a volume of € 170.8 million to this figure in the fourth quarter of 2021. The Adjusted EBITDA Rental increased by 6.0% from € 1,554.2 million in 2020 to € 1,648.0 million in 2021. The Adjusted EBITDA Value-add came to € 148.8 million in 2021, 2.3% lower than the prior-year figure of € 152.3 million. The Adjusted EBITDA Recurring Sales came in at € 114.0 million, up by 23.4% on the value of € 92.4 million seen in the previous year. At € 187.7 million, the Adjusted EBITDA Development was up considerably on the prior-year value of € 110.9 million in 2021, primarily due to the global exit of a “Development to sell” project.

Group FFO rose by 24.0% from € 1,348.2 million in 2020 to € 1,672.0 million in 2021. € 137.5 million was attributable to Deutsche Wohnen, including acquisition-related FFO interest of € 20.8 million and, on the other hand, the FFO at-equity effects contribution in the amount of € 25.6 million.