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38 Total Equity

Accounting Policies

Other comprehensive income includes changes in total comprehensive income not affecting net income except that resulting from capital transactions with equity holders ( e.g., capital increases or dividend distributions). Vonovia includes under this item unrealized gains and losses from the fair value measurement of equity instruments and derivative financial instruments that are designated as cash flow hedges. The item also includes actuarial gains and losses from defined benefit pension commitments as well as certain currency translation differences.

The other reserves contain cumulative changes in equity not affecting income. At Vonovia, the effective portion of the net change in the fair value of cash flow hedging instruments, the equity instruments at fair value as well as currency translation differences are recognized in other comprehensive income.

The other reserves from cash flow hedges and from currency translation differences can be reclassified. When the underlying hedged item of the cash flow hedge affects net income, the reserves attributable thereto are reclassified to profit or loss. If a foreign business is disposed of, the reserves attributable thereto are reclassified.

Development of the Subscribed Capital

Development of the Subscribed Capital

in €

As of Jan. 1, 2022


Capital increase against non-cash contributions on May 25, 2022 (scrip dividend)


As of Dec. 31, 2022


Development of the Capital Reserves

Development of the Capital Reserves

in €

As of Jan. 1, 2022


Premium from capital increase for scrip dividend on May 25, 2022 (scrip dividend)


Transaction costs on the issue of new shares (after allowing for deferred taxes)


Withdrawal from capital reserve


Other changes not affecting net income


As of Dec. 31, 2022



The Annual General Meeting held on April 29, 2022, resolved to pay a dividend for the 2021 fiscal year in the amount of € 1.66 per share, € 1,289.2 million in total.

As in previous years, shareholders were offered the option of choosing between being paid the dividend in cash or being granted new shares. During the subscription period, shareholders holding a total of 47.85% of the shares carrying dividend rights opted for the scrip dividend instead of the cash dividend. As a result, 19,252,608 new shares were issued using the company’s authorized capital pursuant to Section 5b of the Articles of Association (“2021 authorized capital”) at a subscription price of € 32.038, i.e., a total amount of € 616,815,055.10. The total amount of the dividend distributed in cash therefore came to € 672,336,610.64.

Authorized Capital

At the Annual General Meeting on April 29, 2022, a resolution was passed to cancel the 2021 authorized capital and create new 2022 authorized capital in the amount of € 233,000,000.00; pursuant to the resolution, the Management Board is authorized, in accordance with Article 5 of the Articles of Association, to raise equity once or multiple times by issuing up to 233,000,000 new shares (2022 authorized capital).

Conditional Capital

In order to serve the authorization, passed by the Annual General Meeting of April 16, 2021, to issue convertible bonds, bonds carrying option rights, participating rights, and participating bonds, “2021 conditional capital” was created. On the basis of the resolution of this Annual General Meeting, the share capital is conditionally increased by up to € 282,943,649.00 through the issuing of 282,943,649 new no-par-value registered shares carrying dividend rights. The conditional capital increase shall only be carried out to the extent that the owner (i.e., creditor) of the debt instruments stipulated in the capital increase resolution on 2021 conditional capital is entitled to demand conversion in shares and that the instruments are served in this manner instead of cash payment.

Retained Earnings

Retained earnings of € 25,605.1 million (December 31, 2021: € 16,535.5 million) were reported as of December 31, 2022. This figure includes actuarial gains and losses of € 22.7 million (December 31, 2021: € -138.1 million), which cannot be reclassified and therefore may no longer be recognized in profit or loss in subsequent reporting periods.

Other Reserves

Changes in other comprehensive income during the period in the amount of € -359.8 million (2021: € 0.7 million) are mainly the result of currency translation differences due to changes in the exchange rate for the Swedish krona against the euro.

Non-controlling Interests

Shares of third parties in Group companies are recognized under non-controlling interests.

Non-controlling interests decreased by € 135.1 million in the 2022 fiscal year, from € 3,242.4 million as of January 1, 2022, to € 3,107.3 million as of December 31, 2022. This drop is attributable primarily to the profit for the period attributable to non-controlling interests, neutral disposals due to further acquisitions of shares in subsidiaries and the sale of subsidiaries with non-controlling interests in Berlin.

The combined subgroup financial information, prepared in accordance with Vonovia’s accounting policies, for the Deutsche Wohnen Group as a major subsidiary with non-controlling interests and its registered headquarters in Berlin is as follows:

The combined financial information for the Deutsche Wohnen Group

in € million

Dec. 31, 2021 Deutsche Wohnen Group

Dec. 31, 2022 Deutsche Wohnen Group




Profit for the period*



attributable to non-controlling interests*



Other comprehensive income*



attributable to non-controlling interests*



Total non-current assets



Total current assets



thereof cash and cash equivalents



Total non-current liabilities



Total current liabilities



Total equity



Cash flow from operating activities



Cash flow from investing activities



Cash flow from financing activities



Net changes in cash and cash equivalents






  1. * In 2021 for the period from September 30 to December 31, 2021.