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4 Accounting Policies

Recognition and measurement, as well as the explanatory information and notes, are generally based on the same recognition and measurement methods that were used to prepare the consolidated financial statements for the 2021 fiscal year. There were no seasonal or economic influences that had an impact on Vonovia’s business activities in the reporting period.

The war in Ukraine and the inflation trend prompted a marked increase in interest rates during the reporting period. The observed rise in interest rates meant that an ad hoc impairment test had to be performed on goodwill in the reporting period. There was no impact on ongoing financing measures during the reporting period.

The operating business was stable as expected, with moderate effects resulting from the war in Ukraine and the coronavirus pandemic in some areas. These effects related primarily to the procurement of raw materials and to energy costs.

The new standards and interpretations to be applied as of January 1, 2022, do not have any material effects on Vonovia’s consolidated financial statements.