4 Scope of Consolidation and Business Combinations

All in all, and including Vonovia SE, 631 companies (December 31, 2022: 654) – thereof 426 (December 31, 2022: 429) domestic companies and 205 (December 31, 2022: 225) foreign companies – have been included in the consolidated financial statements as of December 31, 2023. In addition, 16 (December 31, 2022: 25) domestic companies and one (December 31, 2022: one) foreign company were included as joint ventures and nine domestic companies (December 31, 2022: five) and two (December 31, 2022: three) foreign companies were included as associates accounted for using the equity method.

Two domestic (December 31, 2022: three foreign) companies are no longer included in the scope of consolidation as they are no longer considered to be material. These companies are shown as non-consolidated affiliated companies.

For all subsidiaries included in the consolidated financial statements, the reporting date is December 31.

The list of Vonovia shareholdings is appended to the Notes to the consolidated financial statements as an integral part thereof.

Companies that have made use of the exemption provision set out in Section 264 (3) of the German Commercial Code (HGB) are marked accordingly in the list of shareholdings.

The year-on-year changes in the consolidated companies as of December 31, 2023, result from four companies that were established, 22 mergers, two sales, two accruals and a liquidation.

The change in joint ventures in 2023 is due to three sales, one merger and five disposals resulting from the conversion of these joint ventures into what are now associates. The number of associates changed by five additions in 2023 due to conversions, one sale and one disposal due to a loss of control resulting from a reduction in the stake held.

The number of unconsolidated affiliated companies dropped in 2023 after one acquisition, the establishment of one company, and three sales.