The management system has a modular structure and makes a distinction between performance indicators at Group level (most meaningful performance indicators within themeaning of DRS 20) and those at segment level.
All of the key financial figures shown here are known as “non-GAAP” measures or alternative performance measures (APMs), i.e., key figures which cannot be taken directly from the figures in the consolidated financial statements according to IFRS The financial performance indicators can, however, all be reconciled to the closest-possible key figure in the consolidated financial statements.
We make a distinction between financial and non-financial performance indicators.
We have an integrated Group-wide planning and controlling system in place that is based on central performance indicators. Based on the medium-term plans derived from our strategy, which are subject to an annual review and are updated during the year in the event of significant transactions, we prepare a budget for all areas of the Group. In the course of the fiscal year, current economic developments are compared with these targets and the current forecasts on a regular basis for all key figures that are relevant to control. The business is then steered accordingly in a targeted manner, with any necessary countermeasures being initiated and tracked.
At Group level, Group FFO, the Adjusted EBITDA Total, the EPRA NTA per share and the Sustainability Performance Index are our most meaningful performance indicators.
At the segment level, we look not only at the Adjusted EBITDA, but also at the segment revenue in order to measure not only rental income in the Rental segment but also performance in the Value-add, Development, Recurring Sales and Care segments. The segment revenues generated by all of the segments make up the total segment revenue. Its development over time serves as an additional growth indicator for Vonovia.
The management system includes the following key figures: