VNA Vonovia SE

By Cecilia Butini

Vonovia SE on Thursday posted a swing to a net loss for 2022, despite higher operational profitability, and delivered an upbeat forecast for the year ahead.

The German real-estate company posted a net loss of 669.4 million euros ($708.1 million) for the year, up from a profit of EUR2.44 billion the year prior. Funds from operations--Vonovia's key figure for operational profitability--grew to EUR2.04 billion in 2022 from EUR1.69 billion the year prior.

Total revenue also grew on-year, reaching EUR6.26 billion from EUR5.22 billion in 2021, the company said, due to the merger with rival Deutsche Wohnen and investments in new and existing buildings.

Looking ahead at 2023, Vonovia said it expects to see a further increase in revenue to between EUR6.4 billion and EUR7.2 billion. Earnings before interest, taxes, depreciation and amortization are expected to be between EUR2.6 billion and EUR2.85 billion. Funds from operations are expected between EUR1.75 billion and EUR1.95 billion, according to the company.

Vonovia also proposed to pay a dividend of EUR0.85 per share at the annual general meeting.

Write to Cecilia Butini at cecilia.butini@wsj.com

(END) Dow Jones Newswires

March 16, 2023 13:50 ET (17:50 GMT)

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