21 Non-derivative Financial Liabilities
Non-derivative Financial Liabilities
Dec. 31, 2022 | June 30, 2023 | ||||||||
in € million | Non-current | Current | Non-current | Current | |||||
Non-derivative financial liabilities | |||||||||
Liabilities to banks | 17,086.4 | 1,021.4 | 13,090.3 | 1,200.5 | |||||
Liabilities to other creditors | 24,183.3 | 2,558.4 | 27,304.8 | 2,659.9 | |||||
Deferred interest from non-derivative financial liabilities | – | 210.2 | – | 181.0 | |||||
41,269.7 | 3,790.0 | 40,395.1 | 4,041.4 | ||||||
The U.S. dollar bond issued in 2013 is translated at the exchange rate at the end of the reporting period in line with applicable IFRS provisions. Allowing for the hedging rate prescribed through the interest hedging transaction entered into, this financial liability would be € 45.6 million (December 31, 2022: € 50.0 million) lower than the recognized value.
The nominal obligations of the liabilities to banks and the liabilities to other creditors developed as follows:
Nominal Obligations of the Liabilities
in € million | Dec. 31, 2022 | June 30, 2023 | |||
Bond (USD)* | 185.0 | 185.0 | |||
Bond (SEK)* | 121.2 | 121.2 | |||
Bond (EMTN)* | 21,155.3 | 20,698.3 | |||
Bond (EMTN Green Bond)* | 2,200.0 | 2,200.0 | |||
Bond (EMTN Social Bond)* | 2,400.0 | 2,400.0 | |||
Bond (Deutsche Wohnen)* | 1,760.7 | 1,760.7 | |||
Registered bonds* | 600.0 | 600.0 | |||
Bearer bonds* | 1,260.2 | 1,260.2 | |||
Promissory note loan* | 1,165.0 | 1,045.0 | |||
Mortgages** | 13,911.8 | 13,924.8 | |||
44,759.2 | 44,195.2 | ||||
- *Under the conditions of existing loan agreements, Vonovia is obliged to fulfill certain financial covenants, which it fulfilled.
- **For a portion of the mortgages, Vonovia is obliged to fulfill certain financial covenants, which it fulfilled.
Of the nominal obligations to creditors, € 12,276.1 million (December 31, 2022: € 12,287.4 million) are secured by land charges and other collateral (account pledge agreements, assignments, pledges of company shares and guarantees of Vonovia SE or other Group companies). In the event that payment obligations are not fulfilled, the securities provided are used to satisfy the claims of the banks.
Repayment of Bonds Under the European Medium-Term Notes Program (EMTN)
In January 2023, Vonovia implemented an open market repurchase to buy back bonds maturing in 2028, 2029 and 2033. € 53.6 million was bought back early within this context. A bond in the amount of € 403.4 million was repaid as planned in April 2023.
Repayment of Secured Financing of Deutsche Wohnen
Deutsche Wohnen repaid secured financing in the amount of € 281.8 million as scheduled in March 2023.
Repayment of Secured Financing of Vonovia
June 2023 saw Vonovia repay a secured financing arrangement in the amount of € 75.9 million on the final maturity date.
Repayment of Promissory Note Loans
Vonovia repaid promissory note loans of € 120.0 million as scheduled in March 2023.
Repayment of Commercial Paper
Vonovia repaid a commercial paper with a volume of € 75.0 million as planned in June 2023.
Secured Financing
On March 16, 2023, Vonovia took out secured financing with Berlin Hyp in the amount of € 550.0 million with a maturity of ten years. The financing was disbursed in April 2023.
Unsecured Financing
On April 19, 2023, Vonovia took out unsecured financing with Caixabank in the amount of € 150.0 million with a maturity of five years. The financing was disbursed in April 2023.