Asset DisposalThe disposal of part of the care home business for €300m, we estimate, values the assets at c.30% discount to the last reported book value, and at a c.45% discount to the end of FY21, following the acquisition of Deutsche Wohnen.
Cash Flow ImpactAlthough Vonovia has made good progress in generating liquidity, the longer term impact on cashflows, in conjunction with the effects of re-financing, will see growth impacted.
EBT PerformanceHigher financing costs and increased payouts to minorities have led to a 7% decline in EBT per share year on year.