Dem Unternehmen gehören über 400.000 Wohnungen in Deutschland, Schweden und Österreich. 03/04/2021 | 03:39am EDT *: *: * FY 2020. Vonovia SE published this content on 04 March 2021 and is solely responsible for the information contained therein. Dec. 31, 2019, numbers adjusted (cf. Condo prices have been on an almost straight line upward path for several years now; with persisting supply/demand imbalance the trend will likely stay intact. The market fundamentals in Sweden are very comparable to Germany. Consequently, it may not be sufficient or appropriate for the purpose for which a third party might use it. 1 BRP = business risk profile. 1/3 of greenhouse gases related to real estate, opportunities may arise to accelerate our efforts towards making our portfolio CO, The age structure of our societies will continue to shift towards a higher share of older people and the need to, provide adequate housing in which the elderly can live independently for longer remains one of the main. Individual Regional Markets have all seen substantial value growth in a range between ca. Continued operations and timely servicing are key to minimizing downtimes & operating costs and maximizing customer satisfaction. DeltaNon-derivative financial liabilities Foreign exchange rate effects Cash and cash equivalents Net debt, Fair value of real estate portfolio Shares in other real estate companies, LTV (incl. condo & non-core) and Sweden, Sales. Geschäftsbericht 2020; Die Philosophie von Vonovia. That is why Vonovia extends the logic for excluding deferred taxes to purchaser's costs as well. In particular, the public institutions shall secure the right to employment, housing and education, and shall promote social care and social security, as well as favorable conditions for good health. markets and could lead to increasing prices going forward. Shareholders can exercise their voting rights. Given on a need-basis and handled by municipality's social service. : last safety net to protect people from poverty and exclusion, covering necessary living expenses including food, accommodation and clothing. DGAP-News: Vonovia SE / Schlagwort(e): Jahresergebnis Vonovia SE: Vonovia setzt 2020 positive Geschäftsentwicklung fort_PI_210304 (News mit Zusatzmaterial) 04.03.2021 / 07:01 Für 150 nations. Der Bericht enthält neben den geprüften Konzernabschlusszahlen auch ausführliche Informationen zur Fahrschulbranche sowie zu der Positionierung der 123fahrschule SE. of units. € auf. - Housing allowance for families with children, - Housing allowance for young people without children (below 29 years). 2.5k apartments annually at ~30% (est.) In the two-tier governance system, the management and monitoring of the business are strictly separated from each other. Kurzarbeitergeld: Short-term labor allowance of 60% to 67% of net salary to keep employees in employment and avoid layoffs despite lack of work. Als Wohnungsunternehmen machen wir es uns zu unserer Aufgabe, durch ein großes Angebot an Wohnungen der steigenden Nachfrage gerecht zu werden.. Daher realisieren wir bundesweit zahlreiche … Source: Försäkringskassan https://www.forsakringskassan.se/. Pie chart refers to estimated degree of project completion. DeltaRevenue from disposal of to sell properties Cost of Development to sell, Gross profit Development to sell Fair value Development to hold Cost of Development to hold1 Gross profit Development to hold Rental revenue Development. condo & non-core) and Sweden, Distinction between (i) Hold portfolio and (ii) Sales portfolio, Based on this fundamental distinction, our NTA, of the Hold portfolio under the assumption that it will never be sold, cost are added back for the hold portfolio but, Reflects long-term nature of the business and is based on the, assumption that all assets are held in perpetuity, deferred taxes on assets and purchaser's costs are, Total deferred taxes on investment properties, Intangible values are included with the enterprise values of the Value-add and Development segments, net of the respective carrying amounts. Receipt of this presentation constitutes an express agreement to be bound by such confidentiality and the other terms set out herein. corporate owners. Not included is the construction of new apartments by adding floors to existing buildings, as this happens in the context of modernization. 4. Vonovia is one of the first real estate companies to commit to a binding climate path for CO2 neutrality by 2050. 1 Excl. appropriate for the purpose for which a third party might use it. Source: GfK (2021). Rent growth in regulated markets follows a sustainable upward trajectory and is largely independent from GDP developments; rents in unregulated markets go up and down broadly in line with the GDP development. EBITDA Recurring Sales. Track record of >300k units acquired with swift deal execution and subsequent integration; appetite for more. Binding climate path in place for CO2 neutral portfolio by 2050. Timeline includes portfolio changes but is l-f-l for individual years. Vonovia übernimmt die Verantwortung für ganze Wohnquartiere. We remain committed to our LTV target range of 40-45%. • Primary home market and expected to remain dominant in the foreseeable future. 1 Acquisitions are shown for all categories in the year the acquisition process started. 1 Simple addition of 2017-2020 l-f-l valuation results excluding compound interest effects. 2 Adjusted for effects from cross currency swaps. 2 Excludes currency impact from fair value changes in Swedish Krona (2020: +€255m, 2019: -€24m). Note: The target volume of €1,300 - €1,600 million does not account for any additional impacts that may arise from using the new Federal Funding Regulation for Energy-Efficient Buildings ("BEG") and that may possibly lead to higher volumes. No target ratios for the geographic distribution of our portfolio, Management is not incentivized through acquisitions. for a year is assumed to also be the q-o-q rent growth of that year. Cost per unit is defined as (Rental revenue - EBITDA Operations + Maintenance) / average no. : This segment includes the contribution of to-sell and to-hold constructions of new buildings. of units. Maintenance expenses are excluded in this calculation, as maintenance levels are largely discretionary and more or less maintenance spending is not a sign of (in)efficiency. März 2021: Geschäftsbericht 2020 16. 1,442 units completed in FY 2020 (including floor additions). This risk is (i) manageable in the overall context and (ii) mitigated through pro-active strategies to reduce CO2 emissions in our portfolio, Vonovia has established the Sustainability Performance Index with quantitative, non-financial KPIs to measure sustainability performance in the most relevant areas, SPI reporting is audited by our statutory auditor1, The SPI is a relevant criterion in the long-term incentive plan for the executive board2 as well as for the leadership group below the executive management, To achieve the target of 100%, all six individual targets must be fully achieved, Average primary energy need of new constructions, Ratio of senior-friendly apartment refurbishments among all new lettings3. The S&P Global Ratings requirement for replacing the equity component of the perpetual hybrid has already been resolved via the 09/2020 capital increase, giving Vonovia all options for paying back the. Note: The 2021 guidance is based on the current legislation under which the CO, tax is part of the recoverable expenses; equally, the 2021 guidance does not include any positive impacts expected from the Federal Funding Regulation for Energy-Efficient. Solid Capital Structure with Smooth Maturity Profile and Diverse Funding Mix, LTV (net debt incl. Paid out of the national unemployment fund to which employees and employers contribute equally every month. €250, Cost per unit is defined as (Rental revenue. Volume of upcoming maturities in government bonds with positive coupons issued by countries with currently negative 10-year yields (€bn)2. of >300k units acquired with swift deal execution and subsequent integration; (i) Low cost of capital, (ii) best-in-class platform with lowest operating costs, and (iii) committed strategy for decarbonizing the portfolio are, lead to accretive acquisition opportunities in the future, efficient platform with increasing EBITDA margins and declining costs per unit. Equity hybridBank loans German lendersBank loans Austrian lendersBank loans Swedish lenders, As expected, the negative consequences of the legislation are obvious: fewer rental apartments, less new construction, lower investment volumes into energy efficiency and senior-friendly refurbishmentsFederal Constitutional Court (FCC) ruling widely expected for Q2 2021, Vonovia remains convinced that the Berlin Rent Freeze legislation is largely or even entirely unconstitutional, But: past FCC rulings were usually nuanced and differentiated, rather than binary, Independent of what the FCC will rule, a verdict is unlikely to mark the end of the housing debate in, Berlin, and Vonovia expects the situation to remain challenging in the short and medium-term, As of January 1, 2021, CO2 emissions from fossil heating and fuel in Germany are taxed at a rate of €25 per ton of CO2; this rate will increase to as much as €55 by 2025, Based on current legislation, the tax is fully recoverable and borne by tenants, A discussion is underway about how the CO2 tax should be shared between tenant and landlord, also with a view towards setting the right incentives for energy savings, Because the CO2 emission of a building is determined by tenants' heating consumption and the energy efficiency of the building, Vonovia supports a burden sharing between tenants and landlords based on the building's energy efficiency, Better incentives for landlord-to-tenant electricity modelsImproved conditions for on-site energy generation, "Neighborhood concept" - electricity can now be consumed by tenants in other buildings in the neighborhood, not only in the building in which it was generated, Draft law adopted by Federal Government in December 2020, Objective is to increase Mietspiegel reliability as well as legal certainty, Landlords and tenants to be required to disclose certain information to improve data quality, Updates to come every three years (currently every two years), Rent increases in cities with a Mietspiegel may no longer be made on the basis of comparable apartmentsNext step: Resolution by the Bundestag (Federal Parliament) and Bundesrat (Federal Council) required to become law. > Ihr Vono­via SE Inves­tor Rela­ti­ons Team, Berliner Mietendeckel verfassungswidrig - Vonovia verzichtet auf Mietnachzahlungen, Nächste Schritte nach dem Urteil des Bundesverfassungsgerichts zum Berliner Mietendeckel (english version), Analysten- und Investorenpräsentation zum Geschäftsbericht 2020 (englisch), Vonovia Regrets not Being Able to Participate in 2021 GRESB Survey. €250 in Germany. Implementation of measures that do not involve any structural intervention, e.g., optimized heating system settings, 2 Digitalization of buildings and apartments, e.g., to feature smart metersEnergy-efficient refurbishment, e.g., measures relating to the building shells and heating systems, Infrastructure for e-mobility, e.g., charging stations and e-wall sockets, Sustainable energy supply, e.g., photovoltaic systems for tenant electricity, Sector coupling (heat, electricity, mobility, etc.) We are the long-term owner and full-scale operator of, housing portfolio with ca. Deutschlands Großstädte wachsen. Margin 2019 and beyond includes positive impact from IFRS 16. Vonovia is one of the first real estate companies to commit to a … Average investment volume of €4.5k - €5.0k per sqm. Försörjningsstöd: Benefits for anyone who otherwise can't get a reasonable standard of living (includes housing, food, clothing and telephone). 5%, Residential real estate is a granular mass business with large volumes that offers a, 700,000 ancillary expense bills to prepare and settle with tenants. … Fair value of derivative financial instruments. Deferred tax in relation to FV gains of invest.prop. Most of our properties are located on the outskirts and in the commuter belts rather than in the middle of downtown. Impeccable Track Record of Consistent & Sustainable Growth, Confident to Maintain Earnings and Value Growth Going Forward, Dividend (€/share) - 70% payout ratio from FFO. In particular, the public institutions shall secure the right to employment, housing and education, and shall promote social care and social security, as well as favorable conditions for good, Similar to Germany, Sweden's social market economy is based on the principle of solidarity and citizens can rely on a comprehensive social security and welfare system. US rent growth 2020 is full-year estimate. Note: Excluding smaller tactical acquisitions. Auf Mieterhöhungen habe Vonovia wegen der Krise von März bis August 2020 verzichtet. scandal in the 1980s (bankruptcy of more than 250k union-owned apartments). Any forward-looking statements reflect current expectations based on the current business plan and various other assumptions and involve significant risks and uncertainties and should not be read as guarantees of future performance or results and will not necessarily be accurate indications of whether or not such results will be achieved. No specific target rate or ratios in terms of German vs. non-German exposure  disciplined but highly opportunistic approach. In den letzten Jahren hat die Reputation des Finanzinvestors Vonovia in der Öffentlichkeit und bei den MieterInnen arg gelitten. Peer group includes Deutsche Wohnen (excl. old age is looked after by the community. Long-term Structural Support from Fundamental Residential Market Trends (Sweden), Robust rent growth in regulated environments1. 2 per sqm; Guarantee to tenants 70+ years that rents will remain affordable even if, Hardship case management to effectively assist, special promise that we will find individual solutions for tenants who struggle financially; no one to lose the roof over their head, we share a common culture of diversity, performance and appreciation in an developing organization that embraces change, Sustainability Committee meets at regular intervals and on a need-basis, published (e.g. Rental revenue growth in 2020 was primarily driven by the acquisition of Hembla plus organic rental growth. Listed sector represents ~4% of total rental market. Vonovia is a constituent of various ESG indices, including the following: DAX 50 ESG, STOXX Global ESG Leaders, EURO STOXX ESG Leaders 50, STOXX Europe ESG Leaders 50, Dow Jones Sustainability Index Europe. The securities of the Company have not been and will not be registered under the US Securities Act of 1933, as amended (the "Securities Act") or with any securities regulatory authority of any state or other jurisdiction of the United States. Hybrid). Note: This climate path refers to the German portfolio; we are in the process of developing separate climate paths for the portfolios in Austria and Sweden. Energy-efficient building modernization usually including new facades, roofs, windows and heating systems. Scalability & industrialization: EBITDA Operations margin of 75% (+15 percentage points since IPO). On the basis of our acquisition criteria we keep up-to-date models for, any acquisition opportunity of >1k apartments. The Purchaser's costs, which are deducted from the discounted rental cash flow value under IFRS, are added back to reflect the true rental fair value of the portfolio. 9k apartments), of which ca. This presentation has been specifically prepared by Vonovia SE and/or its affiliates (together, "Vonovia") for internal use. Anyone who cannot participate in the labor market or. EBITDA ca. Source: Social Security at a Glance 2019. That is why, logic for excluding deferred taxes to purchaser's costs, The Purchaser's costs, which are deducted from the, discounted rental cash flow value under IFRS, are added back. Vonovia Germany excl. modernization investments, fuel switch, and sector coupling to replace fossil fuels with renewable energy in our portfolio - generating, storing, and using green energy locally. Stable Market Rent Growth Leveraged with Investments, Vonovia has three different organic rent growth drivers, Additional rent from new sqmIncremental rent from modernization, • energy efficiency improvements ("Upgrade Building") and, • senior-friendly apartment conversion ("Optimize Apartment"), Incremental rent from market rent adjustments (Mietspiegel) and re-lettings without investments, No direct connection between Vonovia market rent growth and inflation but over time broadly in line, Regulated environment provides stable market rent growth1, 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020, Market rent growth; quarterly development y-o-y. This presentation is neither an advertisement nor a prospectus and is made available on the express understanding that it does not contain all information that may be required to evaluate, and will not be used by the attendees/recipients in connection with, the purchase of or investment in any securities of the Company. Vonovia Geschäftsbericht: Dividenden auf Kosten der Mieter ... musste das Management im Dezember 2018 die Reißleine ziehen und die für 2019 und 2020 geplanten Gebäudemodernisierungen mit Mieterhöhungen von über 2 Euro pro Quadratmeter streichen. EBITDA Value-add, intragroup profits) / Rental revenue. Amateur landlordsProfessional, not listedGovernment ownedCooperativesListed property companiesChurches and other. Slightly lower volume but increased proceeds are a reflection of the ongoing positive price momentum in condominium sales. EBITDA / LTM net cash interest), Evolution of LTV and Interest Cover Ratio, Diverse funding mix with no more than 12% of debt maturing annually (as of January 2021). High occupancy rates - vacancies almost all modernization related, Avg. 3 Note: VNA 2010 - 2014 refers to Deutsche Annington Portfolio at the time; construction costs excluding land. Corporate Governance - AGM, Supervisory Board, Management Board. 2018 onwards also including recurring sales in Austria. Based on prevailing internal management KPI, which was FFO1 from 2013-2018 and Group FFO starting in 2019. Source: Fraunhofer ISE modelling of Vonovia portfolio. 416k apartments for small and medium incomes in metropolitan growth areas. 2014 refers to Deutsche Annington Portfolio at the time; construction costs excluding land. EBITDA Total (LTM), adj. A way to justify the adjustment would be for a company to show that it has consistently achieved over the past periods lower transfer tax on its real estate transactions. Vonovia has no obligation whatsoever to update or revise any of the information, forward-looking statements or the conclusions contained herein or to reflect new events or circumstances or to correct any inaccuracies which may become apparent subsequent to the date hereof. Seit Start des Modernisierungsprogramms 2015 hat Vonovia das CO2-Profil des Bestands um rund 100.000 Tonnen CO2 verbessert, das entspricht 9,2 %: Ohne die energetischen Modernisierungen lägen die Emissionen 2019 nicht bei vorläufig ermittelten rund 1 Mio. Digitalization of buildings and apartments, e.g., to feature smart meters, Energy-efficient refurbishment, e.g., measures relating to the building shells and, Storage and distribution of energy generated in a decentralized structure enables, with sustainability now firmly anchored in our business model, (7.5% from performance & yield compression plus 1.9% from investments), (SPI) introduced as a binding commitment to ESG, ; Timing of issuance depends on overall financing strategy considerations and market conditions, FFO interest expenses Current income taxes FFO. 1 Dec. 31, 2019, numbers adjusted (cf. one third in Austria. Geschäftsbericht 2020. EBITDA Value-add - intragroup profits) / Rental revenue. Three forms of new constructions: On top of existing buildings by adding an additional floor ("roof extension"), On open spaces in between buildings in our neighborhoods ("densification"), On land that we acquire and develop ("project development"). Berlin. 2. 6%, Mainly maintenance and construction of gray and green areas and snow/ice removal in the winter, Wholly-owned craftsmen company ("VTS") for large share of maintenance and modernization plus pooling of entire purchasing power, Centralized property management including inbound calls and e-mails, recoverables billing, contract management, maintenance dispatch and rent growth management, Steady sale of ca. Today's transactions in our markets will serve as data points in tomorrow's valuations, Transactions of comparable portfolios are often done at yields substantially below. Historical Recurring Sales volumes and FV step-up, The Recurring Sales Segment comprises of single-unit sales from a defined subportfolio of ca. This presentation is not directed to or intended for distribution to or use by, any person or entity that is a citizen or resident or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction. Seine Geschichte geht zurück auf die Deutsche Annington, die sich 2001 erfolgreich um den Erwerb der Eisenbahnerwohnungen bewarb. In addition, Vonovia is fully in compliance with the German Corporate Governance Code. 2019 figures adjusted. Efficient operating platform and low incremental cost per new unit, Wide footprint across urban growth markets in, Germany and selected European metropolitan areas, Access to capital marketsSuperior sustainability profile, Portfolio Volume More than Doubled since IPO, GagfahNon-core disposalsRecurring salesVitusDeWAG. • Shareholders can exercise their voting rights. with the German Corporate Governance Code. , the management and monitoring of the business are. Morgen früh (4.3.2021) wird die Vonovia SE ihren Geschäftsbericht für das Jahr 2020 veröffentlichen. Initial increase because of projects approved in the past (prior to establishing the SPI) that will be completed in 2021. • Decision making includes the appropriation of profit, discharge of members of the SVB and MB, and capital authorization. Large gap between in-place values and replacement costs2, Victoria Park3 - fair value/sqm (SEK; total lettable area) vs. construction costs, Structural supply/demand imbalance Residential completions fall short of estimated required volumes. Arbetslöshetsersättning: Unemployment benefits of up to 80% of previous salary. Cost per unit is defined as (Rental revenue. See Vonovia's open letter at https://investors.vonovia.de/websites/vonovia/English/4080/news-detail.html?newsID=2024595&type=corporate, Constructive dialogue with GRESB to try and enable participation going forward. Die Miete für Vonovia-Wohnungen erhöhte sich 2020 im Schnitt auf 7,16 Euro pro Quadratmeter - das waren 3,3 Prozent mehr als ein Jahr zuvor. Rough estimate assuming 30% of rental revenue relates to ancillary expenses would reduce the Rental revenue and Operating expenses by ca. 1 Disclosure of Value-add segment has been changed with the introduction of the new metric Total Segment Revenue. Development (profitable business & our answer to supply/demand imbalance). 2019 onwards, margin includes positive impact from IFRS 16. All of our actions have more than just an economic dimension.  Increased benefits: Kurzarbeitergeld increased from 60%-67% to up to 80%-87%. Ca. purposes. Die Vonovia SE ist Europas führendes privates Wohnungsunternehmen. Und das ist schlecht für die Glaubwürdigkeit gegenüber den institutionellen Investoren, die verstärkt auf Nachhaltigket achten. Federal Ministry of Labour and Social Affairs. Dates are subject to change. portfolio concentration in urban growth areas. of a multifamily housing portfolio with ca. Increased scale delivers efficiencies, performance and value growth. 2 To be proposed to the Annual General Meeting on April 16, 2021. Other factors such as supply/demand imbalance, rental regulation, market rent growth, location of assets etc. EBITDA Operations + Maintenance) / average no. EBITDA Operations + Maintenance) / average no. DGAP-News: Vonovia SE: Vonovia setzt 2020 positive Geschäftsentwicklung fort_PI_210304 (deutsch) 04.03.2021 | 07:02 Culture, entertainment, medical infrastructure, likeminded people etc. Under constructionShort-term pipelineLonger-term pipeline. In Städten wie Dortmund, Hannover, Kiel oder Dresden fehlen bezahlbare Wohnungen. Application of EPRA Best Practice Recommendations, assets, thereby crystallising certain levels of unavoidable deferred tax, are recommended to use the IFRS values (usually the Net Value, in the Valuation Certificate, i.e. 1 In-place rents in Austria and Sweden are not fully comparable to Germany, as Sweden includes ancillary costs and Austria includes maintenance and property improvement contributions from tenants. EBITDA Value-add, intragroup profits) / Rental revenue. Vonovia share price return is calculated as the percent change of end of period over beginning of period; Vonovia dividend return is calculated as cumulative DPS over the period as a percent of the share price at the beginning of the period. Residential environment services provided with own employees, Value-add EBITDA mostly from internal savings. The duties and authorities of the three governing bodies derive from the SE Regulation, the German Stock Corporation Act and the Articles of Association. Non-derivative financial liabilities Foreign exchange rate effects Cash and cash equivalents Net debt, LTV (incl. We provide a home to around 1 million people from ca. Mai 2021: Zwischenmitteilung zum ersten Quartal 2021 6. Shift towards higher development-to-holdvolume particularly in Austria safeguards future rental revenue. Geschäftsbericht 2020 Analysten- und Investorenpräsentation zum Geschäftsbericht 2020 (englisch) Vonovia Regrets not Being Able to Participate in 2021 GRESB Survey Service Center, Craftsmen Organization and Residential Environment Service Team. emissions related to housing are one of the largest sources of greenhouse gas emissions. Sweden's Social Security and Welfare System Ensures That Citizens in Need Can Rely on Comprehensive Public Support, "The personal, economic and cultural welfare of the individual shall be fundamental aims of public activity. perpetual hybrid) Net debt/EBITDA multiple1. The enterprise value is the result of a DCF valuation by an independent valuer and based on, in our portfolio locations, largely driven by a. , we see continued upside potential for our property values and do not see material long-term downside risks for our portfolio. More scale leads to more efficiency. Vonovia's Application of EPRA Best Practice Recommendations, Distinction between Hold and Sales Portfolio, "Entities buy and sell assets, thereby crystallising certain levels of unavoidable deferred tax. 2 Net of Adj. The data above shows the rental level unadjusted to the German definition. Durch Übernahmen von Konkurrenten wie Viterra und Gagfah entwickelte sich Vonovia zum Marktführer. perpetual hybrid) Net debt/EBITDA multiple. 51% of German portfolio earmarked for investment strategy, , safeguarding long-term sustainability of our Optimize Apartment and Upgrade, , partly driven by the disposal of a commercial property. For more information:http://investoren.vonovia.de/websites/vonovia/English/4050/financial-reports-_-presentations.html, 1 Simple addition of 2017-2020 valuation results excluding compound interest effects. : Unemployment benefit based on 60% to 67% of net salary. Nachfolgend finden Sie die Tagesordnungspunkte (TOP) und die Abstimmungsempfehlungen der DSW zur Hauptversammlung von Vonovia. of units. 2 Distribution based on 2021 budget. to show that it has consistently achieved over the past periods lower transfer. Online-Geschäftsbericht Download PDF, 294 Seiten, 6.18 MB Tabelle als PDF speichern. EU Green Deal, Renovation Wave, Paris Climate Accord, Fridays for Future. Small stakes to prepare and be ready for potential future growth. nursing) and LEG. 1 Premium/discount of issue price vs. last reported Adj.  Germany (excl. 3rd party management, insurance), Vonovia Innovation Lab - Value-add Business Innovation Funnel, Extensive Testing and Measured Rollout to Minimize Risk, Ideas that have been extensively analyzed and are deemed promising; this step includes the feasibility study and a comprehensive analysis of the economics, New ideas based on relevant topics & trends that appear potentially interesting for Vonovia but that are not being actively pursued at this pointTrends & ideas that we want to pursue in the near term because they are strategically relevant - regardless of whether they have already undergone an initial analysis during the screening of ideas or have not been reviewed yetThorough investigation and evaluation within the specific Vonovia context; This only includes ideas on which we actively work because we consider them relevant after an initial analysis has yielded positive resultsIdeas that are being tested in a real life context over a longer period of time in order to verify previous assumptions and to prepare a large roll-out on a small scale first; this safeguards our low-risk approach and ensures we detect potential problems early enoughIdeas that are being rolled out after a successful pilot phase and that are established as new business activities including dedicated teams, processes, structures and profit-and-loss accounts, EPRA NTA - Distinction between Hold and Sales Portfolio, EPRA's Best Practice Recommendations call for the separation of the total portfolio into a Hold portfolio and a Sales portfolio for the deferred tax treatment in the NTA calculation.
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