EPRA NAV Key Figures
The EPRA NAV key figures make adjustments based on the IFRS equity to provide stakeholders with information that is as clear as possible on the fair value of a real estate company’s assets and liabilities in various scenarios.
The EPRA Net Reinstatement Value (NRV) is calculated based on the assumption that residential properties are never sold. It represents the asset value that would be required to rebuild the company from scratch. The equity attributable to Vonovia’s shareholders is adjusted by the deferred taxes in relation to fair value gains of investment properties and the fair value of derivative financial instruments after taking deferred taxes into account. In addition, the real estate transfer tax and other purchasers’ costs, deducted as part of the property valuation process, are added back. A fair value for intangible assets is no longer recognized as of this fiscal year. As a result, the NRV no longer includes any additional value contribution, not recognized in the balance sheet, from the Development and Value-add platform. The prior year has been adjusted accordingly.
The EPRA NTA (Net Tangible Assets) is calculated based on the assumption that properties are purchased and sold. This means that part of the deferred taxes on the real estate assets is inevitably realized as a result of the sale process. At Vonovia, the Recurring Sales, Non Core and MFH Sales portfolio clusters, as well as the portfolio in Austria, are not to be allocated to the real estate portfolio that is held in the long term. The deferred taxes on these portfolios are calculated in proportion to the fair values and reduce the total deferred taxes recognized. As of this year, the pro rata other purchasers’ costs for the portfolio held in the long term are no longer reported. The prior year has been adjusted accordingly. The fair value of derivative financial instruments, after taking deferred taxes into account, is adjusted and the intangible assets (goodwill and other intangible assets) are eliminated in full.
The EPRA Net Disposal Value (NDV) determines the value of the equity in a sale scenario. The fair values of the deferred taxes and financing instruments are realized as in IFRS equity. Goodwill is eliminated and the fixed-interest financial liabilities are stated at fair value, taking the resulting tax effects into account.
The tables below show the NAV key figures as of December 31, 2022, and the corresponding prior year.
EPRA NAV – Fiscal year
Dec. 31, 2022 (in € million) | EPRA NRV | EPRA NTA | EPRA NDV | ||||
IFRS equity attributable to Vonovia shareholders | 31,331.5 | 31,331.5 | 31,331.5 | ||||
Deferred tax in relation to fair value gains of IP | 19,719.8 | 16,190.0 | – | ||||
Fair value of financial instruments* | -117.5 | -117.5 | – | ||||
Goodwill as per the IFRS balance sheet | – | -1,529.9 | -1,529.9 | ||||
Intangibles as per the IFRS balance sheet | – | -129.6 | – | ||||
Fair value of fixed interest rate debt | – | – | 4,867.9 | ||||
Real estate transfer tax | 6,493.1 | – | – | ||||
NAV | 57,426.9 | 45,744.5 | 34,669.5 | ||||
Fully diluted number of shares (millions) | 795.8 | 795.8 | 795.8 | ||||
NAV per share (in €) | 72.16 | 57.48 | 43.56 | ||||
- * Adjusted for effects from cross currency swaps.
EPRA NAV – Previous year
Dec. 31, 2021* (in € million) | EPRA NRV | EPRA NTA | EPRA NDV | |||
IFRS equity attributable to Vonovia shareholders | 32,896.7 | 32,896.7 | 32,896.7 | |||
Deferred tax in relation to fair value gains of IP | 20,053.3 | 18,438.4 | – | |||
Fair value of financial instruments** | 28.6 | 28.6 | – | |||
Goodwill as per the IFRS balance sheet | – | -2,484.1 | -2,484.1 | |||
Intangibles as per the IFRS balance sheet | – | -238.8 | – | |||
Fair value of fixed interest rate debt | – | – | -365.2 | |||
Real estate transfer tax | 6,511.1 | – | – | |||
NAV | 59,489.8 | 48,640.8 | 30,047.4 | |||
Fully diluted number of shares (millions) | 776.6 | 776.6 | 776.6 | |||
NAV per share (in €) | 76.60 | 62.63 | 38.69 | |||
- * Prior-year adjusted.
- ** Adjusted for effects from cross currency swaps.