Assets

The Group’s total assets fell by € 166.9 million as against December 31, 2021, down from € 106,320.3 million to € 106,153.4 million. The development in non-current assets is dominated by the impairment of goodwill of € 1,117.7 million. By contrast, investment properties rose by € 3,640.3 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 in the first quarter of 2022, due largely to the first-time inclusion of the Adler Group as an associate. Primarily due to the impairment losses recognized in the second quarter of 2022 on the investments in QUARTERBACK Immobilien AG in the amount of € 120.8 million and in the Adler Group in the amount of € 160.6 million, however, it was down as against December 31, 2021, by a total of € 33.3 million. 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.

The development in current assets is characterized first of all by the disposal of assets held for sale in the amount of € 2,562.8 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 € 136.4 million from € 1,432.8 million to € 1,569.2 million.

Goodwill and trademark rights made up 1.6% of total assets, taking into account the purchase price allocation from the business combination with Deutsche Wohnen, which is still provisional.

As of June 30, 2022, the gross asset value (GAV) of Vonovia’s property assets came to € 99,147.6 million. This corresponds to 93.4% of total assets, as against € 98,225.3 million or 92.4% at the end of 2021.

Total equity rose by € 977.9 million from € 36,545.1 million to € 37,523.0 million, due in particular to the profit for the period of € 1,796.4 million and the cash dividend distribution of € 672.3 million, which had the opposite effect. Equity was reduced by € 74.7 million not affecting net income, largely due to the disposal of non-controlling interests via purchases of shares in GSW Immobilien AG, the sale of companies in the context of the Berlin Deal and the actuarial gains from provisions for pensions.

This brings the equity ratio to 35.3%, compared with 34.4% at the end of 2021.

Liabilities fell by € 1,144.8 million from € 69,775.2 million to € 68,630.4 million. The amount of non-current non-derivative financial liabilities increased by € 2,539.6 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 € 3,874.4 million at the same time.

Deferred tax liabilities increased by € 1,025.0 million, in particular as a result of the revaluation of investment properties.