48 Related Party Transactions
Vonovia had business relationships with unconsolidated investees and subsidiaries in the 2023 fiscal year. These transactions resulted from the normal exchange of deliveries and services and are shown in the table below:
Result of transactions from the normal exchange of deliveries and services
Provided services | Purchased services | Receivables | Liabilities | Advance payments | |||||||||||||||||
in € million | 2022 | 2023 | 2022 | 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | |||||||||||
Subsidiaries (not consolidated) | 0.0 | 0.0 | – | 0.2 | 1.8 | – | – | 0.0 | – | – | |||||||||||
Associates | 44.8 | 47.5 | 25.7 | 16.2 | 646.5 | 666.2 | 0.1 | 2.8 | 290.1 | 422.2 | |||||||||||
Joint ventures | 9.8 | 11.6 | 265.8 | 118.0 | 173.1 | 171.1 | 6.3 | 0.2 | 17.3 | 22.3 | |||||||||||
Other non-consolidated | – | – | – | – | – | 0.3 | – | – | – | 57.4 | |||||||||||
54.6 | 59.1 | 291.5 | 134.2 | 821.4 | 837.6 | 6.4 | 3.0 | 307.4 | 501.9 | ||||||||||||
As of December 31, 2023, Vonovia’s significant business relations were with the QUARTERBACK Group. As of December 31, 2023, loan receivables were recognized in the amount of € 814.3 million (December 31, 2022: € 781.8 million), with € 664.8 million (December 31, 2022: € 672.1 million) repayable in twelve months and € 149.5 million (December 31, 2022: € 109.7 million) repayable in 24 months. The average interest rate for the loans is 7.9%. The interest income from the loans extended to the Quarterback Group amounted to € 58.1 million (2022: € 46.0 million) in the 2023 fiscal year. As of December 31, 2023, there were also interest receivables in the amount of € 17.0 million (December 31, 2022: € 28.0 million).
There are real estate project sales of the QUARTERBACK Group to Vonovia in the amount of € 876.0 million (December 31, 2022: € 876.0 million), for which Vonovia had made advance payments of € 501.9 million in total as of December 31, 2023 (December 31, 2022: € 307.4 million). In connection with agency services contracted by the QUARTERBACK Group in the amount of € 12.4 million (2022: € 24.2 million), Vonovia has outstanding balances on liabilities of € 2.8 million as of December 31, 2023 (December 31, 2022: € 0.1 million).
As of December 31, 2023, there is also a guarantee to secure non-current loan liabilities of the QUARTERBACK Group in the amount of € 12.3 million (December 31, 2022: € 12.3 million).
As of December 31, 2023, Vonovia has outstanding balances on receivables of € 0.0 million (December 31, 2022: € 0.6 million) vis-à-vis G+D Gesellschaft für Energiemanagement mbH, Magdeburg. In the reporting period, services worth € 0.3 million (2022: € 3.7 million) were provided to G+D Gesellschaft für Energiemanagement mbH, Magdeburg, while services worth € 116.6 million (2022: € 144.2 million) were purchased.
In addition, Vonovia purchased services worth € 2.6 million in 2023 (2022: € 1.1 million) from Comgy GmbH and services worth € 1.6 million (2022: € 1.0 million) from GSZ Gebäudeservice und Sicherheitszentrale GmbH, Berlin.
There were also loan receivables of € 5.7 million from OLYDO Projektentwicklungsgesellschaft mbH, Berlin, as of December 31, 2023 (December 31, 2022: € 13.5 million), which are to be repaid within 24 months. The loan has a fixed interest rate of 3.0%.
At Vonovia, the individuals in key positions pursuant to IAS 24 include the members of the Management Board and the Supervisory Board of Vonovia SE.
The emoluments to key management personnel, which are subject to a disclosure requirement under IAS 24, include the remuneration of the active members of the Management Board and Supervisory Board in the reporting year.
The active members of the Management Board and Supervisory Board received the following remuneration:
Remuneration of the active members of the Management Board and Supervisory Board
in € million | 2022 | 2023 | |||
Short-term benefits (without share-based payment) | 10.2 | 8.9 | |||
Post-employment benefits | 2.6 | 1.2 | |||
Share-based payment | -0.8 | 2.9 | |||
12.0 | 13.0 | ||||
The balances vis-à-vis the Management Board and the Supervisory Board are as follows:
Provisions for outstanding remuneration
Provisions for outstanding remuneration | |||||
2022 | 2023 | ||||
Short-term benefits (without share-based payment) | 5.0 | 3.5 | |||
Share-based payment | 6.6 | 6.7 | |||
Pension obligation according to IFRS (DBO) | 8.3 | 8.8 | |||
19.9 | 19.0 | ||||
The payments due in the short term include the relevant basic remuneration and fringe benefits for members of the Supervisory Board.
The payments due in the short term for the members of the Management Board include the basic remuneration, the short-term variable remuneration, the fringe benefits and the pension payment/pension contribution. Management Board members who were appointed for the first time before January 1, 2021 may participate in a Vonovia SE company retirement benefit plan. It includes the option of making the contractually agreed annual pension contribution to the “pension benefits in lieu of cash benefits” deferred compensation scheme as amended from time to time. Management Board members who were appointed for the first time as of January 1, 2021 receive a non-performance-related lump sum (pension) in cash in addition to their fixed remuneration. One Management Board member receives his retirement benefits from a Group subsidiary based on another employment relationship in the form of contributions to a foreign pension fund and a pension payment as additional fixed remuneration; this can also be paid into the pension fund under certain circumstances at the discretion of the Management Board member.
The service cost resulting from provisions for pensions for the active Management Board members is reported under post-employment benefits.
The disclosure on share-based payments is based on the expenses in the fiscal year, which are also reported in chapter [F49] Share-based Payments.
The Management Board and Supervisory Board members were not granted any loans or advances.