3 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 2022 fiscal year. There were no seasonal or economic influences that had an impact on Vonovia’s business activities in the reporting period.

The operating business was stable as expected. The changes in overall financial market conditions are prompting market players to revise their return criteria due to the higher interest rates, impacting investment decisions both at Vonovia itself and at potential transaction partners. This means that the higher interest rates also have a potential impact on the assessment of business models and the valuation of assets, i.e., holdings measured at fair value and goodwill.

The new standards and interpretations to be applied as of January 1, 2023, do not have any material effects on Vonovia’s consolidated financial statements.

For detailed information on the effects in the 2022 fiscal year, please refer to note (A) Principles of the Consolidated Financial Statements in Vonovia’s published 2022 Annual Report.