Assets
Consolidated Balance Sheet Structure
Consolidated Balance Sheet Structure | |||||||||
Dec. 31, 2021* | Sep. 30, 2022 | ||||||||
in € million | in % | in € million | in % | ||||||
Non-current assets | 99,138.5 | 93.6 | 101,452.3 | 95.6 | |||||
Current assets | 6,775.8 | 6.4 | 4,621.1 | 4.4 | |||||
Total assets | 105,914.3 | 100.0 | 106,073.4 | 100.0 | |||||
Equity | 36,139.1 | 34.1 | 37,424.6 | 35.3 | |||||
Non-current liabilities | 60,713.2 | 57.3 | 63,448.1 | 59.8 | |||||
Current liabilities | 9,062.0 | 8.6 | 5,200.7 | 4.9 | |||||
Total equity and liabilities | 105,914.3 | 100.0 | 106,073.4 | 100.0 | |||||
- * Adjusted after closing of Deutsche Wohnen PPA.
The Group’s total assets increased by € 159.1 million as against December 31, 2021, up from € 105,914.3 million to € 106,073.4 million. The development in non-current assets is dominated by the impairment of goodwill of € 954.2 million. By contrast, investment properties rose by
€ 3,984.7 million, primarily as a result of the revaluation in the first six months. The value of financial assets accounted for using the equity method fell in the course of the year due to impairment losses and earnings adjustments.
The development in current assets is characterized first of all by the disposal of assets held for sale in the amount of € 2,578.8 million. This relates largely to the parts of the portfolio that were sold to Berlin public housing companies. Second, cash and cash equivalents fell by € 76.3 million from € 1,432.8 million to € 1,356.5 million.
Goodwill and trademark rights comprised 1.5% of the total assets.
As of September 30, 2022, the gross asset value (GAV) of Vonovia’s property assets came to
€ 99,599.9 million. This corresponds to 93.9% of total assets, as against € 98,225.3 million or 92.4% at the end of 2021.
Total equity rose by € 1,285.5 million from € 36,139.1 million to € 37,424.6 million, due in particular to the profit for the period of € 2,211.7 million and the cash dividend distribution of
€ 672.3 million, which had the opposite effect. Equity was reduced by € 85.0 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 actuarial gains from provisions for pensions.
This brings the equity ratio to 35.3%, compared with 34.1% at the end of 2021.
Liabilities fell by € 1,124.8 million from € 69,775.2 million to € 68,650.4 million. The amount of non-current non-derivative financial liabilities increased by € 1,876.4 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 € 3,261.2 million at the same time.
Deferred tax liabilities increased by € 1,195.0 million, mostly due to the revaluation of investment properties.
After the reporting date of September 30, 2022, the Management Board decided to reassign the first tranche of around 20 development projects from to-hold to to-sell in order to bolster the internal financing.