The crisis on the real estate market has pushed the industry leader Vonovia deep into the red. The Bochum-based group posted a loss of 6.7 billion euros last year following devaluations of its real estate, as it announced on Thursday. Nevertheless, the shareholders should receive a dividend of 0.90 euros. However, the group wants to change its dividend policy in the future.
In operational business, Vonovia was able to increase rental income and the vacancy rate was around two percent. However, income from operating business (Group FFO) fell to 1.8 billion euros due to interest rate developments. From 2024 onwards, Vonovia also wants to rely on earnings before taxes (Adjusted Earnings Before Taxes, Adjusted EBT) as the central key figure, which should replace Group FFO. For the financial year, Vonovia expects adjusted EBitda to be in a range of 2.55 to 2.65 billion euros, and adjusted EBT is expected to be in a range of 1.70 to 1.80 billion euros.