Vonovia:Quarterly Results/2022 Q4
Results[1]
Vonovia 2022 revenue grew by 19.9% to 6.26 billion euros, putting its revenue at the lower end of the guidance given by the management during Q3 2022 earnings. The management had forecasted revenue to come in between 6.2 and 6.4 billion euros(+21% at the midpoint).
Adjusted EBITDA was 2.76 billion euros(+23%). Also at the lower end of the guidance, which was 2.75-2.85 billion euros(+24% at the midpoint).
Group FFO grew 20.1% in 2022 to 2.04 billion euros(2021: 1.69 billion euros) in-line with management guidance of 2.0-2.1 billion euros (+21% at the midpoint).
Vonovia said it will propose a dividend of 0.85 euros per share(2021: 1.66 euros per share).
It said it expects revenue in 2023 to be between 6.4 billion and 7.2 billion euros(+8.6% at the midpoint).
Vonovia also said it expects adjusted EBITDA to be between 2.6 and 2.85 billion euros(-1.3% at the midpoint).
Group FFO is being guided to be between 1.75 and 1.95 billion euros(-9.3%).
CEO Rolf Buch said, "The consequences of Russia's war of aggression meant that central banks across the globe had to raise interest rates at an unprecedented speed. In a regulated market, our business model, which is stable in the long run, reacts to changes like these with a time delay. This also has an impact on some of our key figures."
"The demand for housing will continue to rise this year, but the market environment will remain challenging." He added.