Income Statement Vonovia SE

Equities

VNA

DE000A1ML7J1

Real Estate Development & Operations

Real-time Estimate Tradegate Other stock markets 14:28:56 17/01/2025 GMT			5-day change	1st Jan Change
28.80 ^EUR	+1.61%		+4.20%	-1.91%

09:53am	No turnaround in the approval of new apartments	DP
01-16	BNP Paribas Exane Downgrades Vonovia to Neutral, Cuts PT	MT

4b4450ce0d387.rJ2UV9iY1zYYAT0Ewtp9ZhZGBdNNzS66CyF4CMKSufI.mcnyDbGrp0Zde25JtOspNyAHYqAupBrUYm4tPPfb9bXcqdcGgKGtYVk4fA

Published financial data: VONOVIA SE

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Rental Revenues	2.84B	3.07B	3.46B	4.72B	4.71B
Property Management Fee	69.9M	77.7M	159M	427M	168M
Other Revenues, Total	761M	887M	1.66B	3.39B	1.15B
Total Revenues	3.67B	4.03B	5.28B	8.55B	6.02B
Property Expenses	1.41B	1.55B	2.43B	5.46B	2.76B
Selling General & Admin Expenses, Total	45.4M	51.8M	50.5M	51.3M	55M
Depreciation & Amortization - (IS) - (Collected)	71.8M	92.3M	97.6M	323M	263M
Other Operating Expenses	714M	753M	822M	1.12B	972M
Total Operating Expenses	2.25B	2.45B	3.4B	6.95B	4.05B
Operating Income (REIT / Utility Template)	1.43B	1.58B	1.88B	1.59B	1.97B
Interest Expense, Total	-418M	-411M	-412M	-368M	-810M
Interest and Investment Income	20.7M	35.3M	49.2M	123M	234M
Net Interest Expenses	-397M	-376M	-362M	-244M	-577M
Currency Exchange Gains (Loss)	37.2M	4.8M	-	-	-
Other Non Operating Income (Expenses)	-2.1M	-31.9M	-45.6M	-7.9M	132M
EBT, Excl. Unusual Items	1.06B	1.18B	1.47B	1.34B	1.52B
Restructuring Charges	-	-	-	-	-
Total Merger & Related Restructuring Charges	-22.9M	-20.5M	-208M	-1.4M	-25M
Impairment of Goodwill	-2.1B	-	-3.38B	-954M	-138M
Gain (Loss) on Sale of Investments	-23.4M	-	-2.5M	9.1M	13.8M
Gain (Loss) on Sale of Assets	-	-	-	-	5.1M
Asset Writedown	4.19B	3.8B	7.48B	-1.2B	-10.64B
Insurance Settlements	46.3M	54.1M	65.3M	87.8M	90.9M
Other Unusual Items	-12.4M	2M	59.9M	-10.5M	-10.5M
EBT, Incl. Unusual Items	3.14B	5.01B	5.48B	-733M	-9.19B
Income Tax Expense	1.84B	1.67B	2.65B	-63.3M	-2.58B
Earnings From Continuing Operations	1.29B	3.34B	2.83B	-669M	-6.61B
Earnings Of Discontinued Operations	-	-	-	-	-148M
Net Income to Company	1.29B	3.34B	2.83B	-669M	-6.76B
Minority Interest	-107M	-71.5M	-151M	25.6M	471M
Net Income - (IS)	1.19B	3.27B	2.68B	-644M	-6.29B
Preferred Dividend and Other Adjustments	40M	40M	38.4M	-	-
Net Income to Common Incl Extra Items	1.15B	3.23B	2.64B	-644M	-6.29B
Net Income to Common Excl. Extra Items	1.15B	3.23B	2.64B	-644M	-6.14B
Per Share Items
Net EPS - Basic	2.15	5.87	4.22	-0.82	-7.8
Basic EPS - Continuing Operations	2.15	5.87	4.22	-0.82	-7.61
Basic Weighted Average Shares Outstanding	533M	550M	626M	788M	806M
Net EPS - Diluted	2.15	5.87	4.22	-0.82	-7.82
Diluted EPS - Continuing Operations	2.15	5.87	4.22	-0.82	-7.64
Diluted Weighted Average Shares Outstanding	533M	550M	626M	788M	806M
Normalized Basic EPS	1.05	1.21	1.22	1.1	1.76
Normalized Diluted EPS	1.05	1.21	1.22	1.1	1.76
Dividend Per Share	1.57	1.69	1.66	0.85	0.9
Payout Ratio	35.19	15.93	19.2	-110.9	-5.93
American Depositary Receipts Ratio (ADR)	0.5	0.5	0.5	0.5	0.5
Supplemental Items
EBITDA	1.48B	1.65B	1.95B	1.88B	2.25B
EBITA	1.44B	1.61B	1.9B	1.71B	2.05B
EBIT	1.43B	1.58B	1.88B	1.59B	1.97B
EBITDAR	1.49B	1.67B	1.97B	1.89B	2.28B
Effective Tax Rate - (Ratio)	58.77	33.39	48.36	8.64	28.06
Current Domestic Taxes	-	-	-	-	-
Total Current Taxes	56.8M	43.1M	121M	190M	245M
Deferred Domestic Taxes	-	-	-	-	-
Total Deferred Taxes	1.79B	1.63B	2.53B	-253M	-2.82B
Normalized Net Income	557M	666M	767M	863M	1.42B
Interest Capitalized	-	800K	900K	2.5M	2.5M
Interest on Long-Term Debt	14M	16.9M	16.7M	20.1M	20.5M
Non-Cash Pension Expense	2.3M	400K	-	3.3M	13.5M
Supplemental Operating Expense Items
Advertising Expense	13.6M	16.6M	26.6M	33.1M	28.9M
Selling and Marketing Expenses	13.6M	16.6M	26.6M	33.1M	28.9M
Research And Development Expense From Footnotes	1.3M	1.6M	1.3M	5.9M	9.2M
Net Rental Expense, Total	16.5M	17.7M	17.7M	7.9M	34.9M
Imputed Operating Lease Interest Expense	2.48M	2.39M	1.61M	500K	5.08M
Imputed Operating Lease Depreciation	14.02M	15.31M	16.09M	7.4M	29.82M
Maintenance & Repair Expenses, Total	-	-	-	-	-
Stock-Based Comp., SG&A Exp. (Total)	15.3M	17.5M	6.2M	-1.1M	3M
Stock-Based Comp., Other (Total)	-	-	-	-	-
Total Stock-Based Compensation	15.3M	17.5M	6.2M	-1.1M	3M

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Gross Property Plant And Equipment	474M	551M	948M	1.03B	1.06B
Accumulated Depreciation	-116M	-163M	-294M	-355M	-401M
Net Property Plant And Equipment	359M	388M	654M	673M	655M
Total Real Estate Assets	359M	388M	654M	673M	655M
Cash And Equivalents	501M	613M	1.43B	1.3B	1.37B
Accounts Receivable, Total	206M	269M	450M	333M	712M
Other Receivables	99.6M	57.6M	721M	269M	560M
Investment In Debt and Equity Securities	147M	316M	380M	402M	323M
Goodwill	1.49B	1.49B	2.77B	1.53B	1.39B
Other Intangibles, Total	111M	117M	239M	130M	32M
Notes Receivable (Collected)	-	-	563M	716M	683M
Other Current Assets, Total	625M	846M	3.61B	2.73B	3.55B
Deferred Tax Assets Long-Term (Collected)	59.3M	16.4M	19.8M	39.6M	86.4M
Other Long-Term Assets, Total	52.9B	58.3B	95.49B	93.26B	82.63B
Total Assets	56.5B	62.42B	106B	101B	92B
Liabilities
Current Portion of Long-Term Debt	2.38B	1.71B	6.86B	3.79B	3.26B
Current Portion of Leases	28.3M	27.8M	44.2M	41.5M	43.9M
Long-Term Debt	21.27B	22.45B	40.24B	41.27B	39.7B
Long-Term Leases	443M	467M	635M	641M	629M
Accounts Payable, Total	329M	323M	712M	563M	486M
Accrued Expenses, Total	71.8M	56.3M	101M	85.1M	152M
Current Income Taxes Payable	211M	124M	233M	291M	260M
Unearned Revenue, Current	30.9M	53.1M	38.6M	-	-
Other Current Liabilities - (Brok / FS / Ins. / REIT Template)	632M	620M	1.07B	705M	936M
Pension & Other Post Retirement Benefits	570M	628M	684M	512M	512M
Deferred Tax Liability Non-Current	9.27B	10.96B	18.69B	18.61B	15.71B
Other Non Current Liabilities	189M	163M	462M	439M	362M
Total Liabilities	35.43B	37.59B	69.78B	66.95B	62.05B
Common Stock, Total	542M	566M	777M	796M	815M
Retained Earnings	10.64B	13.49B	17.02B	25.58B	22.51B
Comprehensive Income and Other	9.13B	10.09B	15.49B	4.95B	2.36B
Total Common Equity	20.31B	24.15B	33.29B	31.33B	25.68B
Minority Interest	760M	686M	3.26B	3.11B	4.26B
Total Equity	21.07B	24.83B	36.55B	34.44B	29.94B
Total Liabilities And Equity	56.5B	62.42B	106B	101B	92B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	542M	566M	777M	796M	815M
ECS Total Common Shares Outstanding	542M	566M	777M	796M	815M
Book Value / Share	35.61	40.9	42.86	39.37	31.53
Tangible Book Value	18.71B	22.53B	30.28B	29.67B	24.26B
Tangible Book Value Per Share	32.65	38.05	38.99	37.28	29.78
Total Debt	24.12B	24.66B	47.78B	45.74B	43.63B
Net Debt	23.62B	24.04B	46.34B	44.44B	42.26B
Debt Equivalent of Unfunded Proj. Benefit Obligation	569M	627M	684M	511M	511M
Debt Equivalent Oper. Leases	132M	142M	142M	63.2M	279M
Minority Interest, Total (Incl. Fin. Div)	760M	686M	3.26B	3.11B	4.26B
Equity Method Investments, Total	29.5M	32.9M	551M	243M	162M
Account Code - Inventory Valuation	3	3	3	3	3
Inventories - Raw Materials, Total	-	-	-	-	-
Machinery, Total	212M	349M	675M	744M	782M
Full Time Employees	9.16K	9.67K	11.14K	11.18K	10.69K
Part Time Employees	-	-	-	-	-
Accumulated Allowance for Doubtful Accounts (Supple)	40.3M	55.2M	60.2M	61.3M	59.5M

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	1.19B	3.27B	2.68B	-644M	-6.29B
Depreciation, Depletion & Amortization	57.7M	65.3M	76.7M	207M	234M
Amortization of Goodwill and Intangible Assets - (CF)	12.8M	24.9M	19.6M	114M	80.2M
Total Depreciation, Depletion & Amortization	70.5M	90.2M	96.3M	322M	314M
Amortization of Deferred Charges, Total	1.3M	1.6M	1.3M	1.7M	2.4M
(Gain) Loss On Sale of Asset - (CF)	-128M	-182M	-166M	-140M	-78.2M
Total Asset Writedown	-2.03B	-3.72B	-4.01B	2.23B	10.99B
Change in Accounts Receivable	-	-	-	-	-
Change In Inventories	-	-	-	-	-
Change in Other Net Operating Assets (Collected)	55.4M	-135M	51.2M	-107M	-340M
Other Operating Activities	2.4B	2.11B	3.17B	426M	-2.7B
Cash from Operations	1.56B	1.43B	1.82B	2.08B	1.9B
Acquisition of Real Estate Assets, Total	-2.09B	-1.72B	-1.96B	-2.48B	-1.1B
Sale of Real Estate Assets, Total	703M	587M	1.08B	3.03B	588M
Net Sale / Acquisition of Real Estate Assets	-1.39B	-1.14B	-872M	558M	-515M
Cash Acquisitions	-1.72B	-330M	-17.12B	-	-
Divestitures	-	-	-	-	-
Purchase / Sale of Intangible Assets	-	-	-	-	-
Investment in Marketable and Equity Securities, Total	-	-	-913M	500M	-314M
Other Investing Activities, Total	600M	-263M	-208M	-120M	3.4M
Cash from Investing	-2.51B	-1.73B	-19.12B	938M	-826M
Long-Term Debt Issued, Total	5.33B	4.19B	23.95B	6.8B	4.31B
Total Debt Issued	5.33B	4.19B	23.95B	6.8B	4.31B
Long-Term Debt Repaid, Total	-3.65B	-3.74B	-11.56B	-8.58B	-6.23B
Total Debt Repaid	-3.65B	-3.74B	-11.56B	-8.58B	-6.23B
Issuance of Common Stock	744M	1B	8.08B	-	2.09B
Repurchase of Common Stock	-40M	-40M	-1.04B	-	-
Common Dividends Paid	-418M	-521M	-515M	-714M	-373M
Common & Preferred Stock Dividends Paid	-418M	-521M	-515M	-714M	-373M
Other Financing Activities, Total	-1.07B	-484M	-785M	-652M	-762M
Cash from Financing	903M	403M	18.12B	-3.15B	-961M
Foreign Exchange Rate Adjustments	-	9.4M	-2.3M	-7.8M	2.1M
Miscellaneous Cash Flow Adjustments	-	-	-11.3M	-	-
Net Change in Cash	-47M	113M	820M	-130M	116M
Supplemental Items
Cash Interest Paid	396M	409M	403M	541M	719M
Cash Income Tax Paid (Refund)	-46.7M	78.3M	93M	188M	154M
Net Debt Issued / Repaid	1.68B	444M	12.38B	-1.78B	-1.92B
Levered Free Cash Flow	824M	594M	-2.17B	1.87B	-219M
Unlevered Free Cash Flow	1.08B	851M	-1.91B	2.09B	288M
Change In Net Working Capital	-107M	248M	3.19B	-777M	1.26B

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	1.68	1.67	1.39	0.96	1.27
Return on Total Capital	2.09	2.09	1.75	1.21	1.6
Return On Equity %	6.35	14.54	9.22	-1.9	-20.53
Return on Common Equity	5.85	14.52	9.2	-2	-21.53
Margin Analysis
Gross Profit Margin %	61.47	61.52	53.9	36.1	54.09
SG&A Margin	15.26	15.5	13.42	10.72	13.59
EBITDA Margin %	40.23	41	36.94	22	37.32
EBITA Margin %	39.16	39.89	35.91	19.98	33.99
EBIT Margin %	38.82	39.27	35.54	18.64	32.66
Income From Continuing Operations Margin %	35.25	82.8	53.6	-7.83	-109.76
Net Income Margin %	32.33	81.03	50.75	-7.53	-104.39
Net Avail. For Common Margin %	31.24	80.04	50.02	-7.53	-101.94
Normalized Net Income Margin	15.18	16.52	14.53	10.1	23.62
Levered Free Cash Flow Margin	22.44	14.73	-41.08	21.82	-3.64
Unlevered Free Cash Flow Margin	29.54	21.1	-36.2	24.51	4.78
Asset Turnover
Asset Turnover	0.07	0.07	0.06	0.08	0.06
Fixed Assets Turnover	12.06	10.81	10.14	12.88	9.06
Receivables Turnover (Average Receivables)	8.33	13.26	10.08	13.16	8.41
Inventory Turnover (Average Inventory)	4.14	3.28	3.84	3.65	1.33
Short Term Liquidity
Current Ratio	0.39	0.61	0.75	0.98	1.34
Quick Ratio	0.22	0.32	0.29	0.35	0.51
Operating Cash Flow to Current Liabilities	0.42	0.49	0.2	0.38	0.37
Days Sales Outstanding (Average Receivables)	43.81	27.6	36.2	27.73	43.39
Days Outstanding Inventory (Average Inventory)	88.11	111.55	94.95	99.93	275.03
Average Days Payable Outstanding	78.4	67.61	74.23	32.88	75.03
Cash Conversion Cycle (Average Days)	53.53	71.54	56.91	94.78	243.39
Long Term Solvency
Total Debt/Equity	114.49	99.3	130.73	132.82	145.7
Total Debt / Total Capital	53.38	49.82	56.66	57.05	59.3
LT Debt/Equity	103.06	92.3	111.84	121.7	134.67
Long-Term Debt / Total Capital	48.05	46.31	48.47	52.27	54.81
Total Liabilities / Total Assets	62.71	60.22	65.63	66.03	67.45
EBIT / Interest Expense	3.41	3.85	4.56	4.33	2.43
EBITDA / Interest Expense	3.58	4.07	4.79	5.21	2.81
(EBITDA - Capex) / Interest Expense	3.58	4.07	4.79	5.21	2.81
Total Debt / EBITDA	16.13	14.73	24.21	23.9	19.13
Net Debt / EBITDA	15.79	14.36	23.49	23.22	18.53
Total Debt / (EBITDA - Capex)	16.13	14.73	24.21	23.9	19.13
Net Debt / (EBITDA - Capex)