Assets
Consolidated Balance Sheet Structure
Consolidated Balance Sheet Structure | |||||||||
Dec. 31, 2021 | Mar. 31, 2022 | ||||||||
in € million | in % | in € million | in % | ||||||
Non-current assets | 99,544.5 | 93.6 | 98,956.4 | 93.5 | |||||
Current assets | 6,775.8 | 6.4 | 6,848.6 | 6.5 | |||||
Total assets | 106,320.3 | 100.0 | 105,805.0 | 100.0 | |||||
Equity | 36,545.1 | 34.4 | 36,490.4 | 34.5 | |||||
Non-current liabilities | 60,713.2 | 57.1 | 63,704.5 | 60.2 | |||||
Current liabilities | 9,062.0 | 8.5 | 5,610.1 | 5.3 | |||||
Total equity and liabilities | 106,320.3 | 100.0 | 105,805.0 | 100.0 | |||||
The Group’s total assets fell by € 515.3 million as against December 31, 2021, down from € 106,320.3 million to € 105,805.0 million. The development in non-current assets is dominated by the impairment of goodwill of € 1,082.5 million. By contrast, investment properties rose by € 770.3 million, primarily as a result of the revaluation. The value of non-current financial assets accounted for using the equity method rose by € 253.2 million as against December 31, 2021, due almost entirely to the first-time inclusion of the Adler Group as an associate. Before Vonovia obtained control of 20.5% of the shares in the Adler Group as part of the debt recovery action, a loan to Aggregate Holdings Invest S.A. was reported under non-current financial assets.
Goodwill and trademark rights made up 1.7% of total assets, taking into account the purchase price allocation from the business combination with Deutsche Wohnen, which is still provisional.
The development in current assets is characterized first of all by the disposal of assets held for sale in the amount of € 2,459.9 million. This relates largely to the parts of the portfolio that were sold to Berlin public housing companies. Second, cash and cash equivalents increased by € 2,090.6 million from € 1,432.8 million to € 3,523.4 million.
As of March 31, 2022, the gross asset value (GAV) of Vonovia’s property assets came to € 96,360.1 million. This corresponds to 91.1% of total assets, as against € 98,225.3 million or 92.4% at the end of 2021.
Equity fell by € 54.7 million from € 36,545.1 million to € 36,490.4 million. The negative profit for the period of € -29.1 million was more than offset by other comprehensive income of € 42.0 million. Equity was reduced by € 67.3 million not affecting net income, largely due to the disposal of non-controlling interests via purchases of shares in GSW Immobilien AG and the sale of companies in the context of the Berlin Deal.
This brings the equity ratio to 34.5%, compared with 34.4% at the end of 2021.
Liabilities fell by € 460.6 million from € 69,775.2 million to € 69,314.6 million. The amount of non-current non-derivative financial liabilities increased by € 3,085.3 million, in particular due to a promissory note transaction and the issue of social bonds and green bonds, whereas current non-derivative financial liabilities fell by € 3,055.5 million at the same time.
Deferred tax liabilities increased by € 50.3 million.