23 Non-Derivative Financial Liabilities
Non-Derivative Financial Liabilities
Dec. 31, 2023 | Jun. 30, 2024 | ||||||||
in € million | non-current | current | non-current | current | |||||
Non-derivative financial liabilities | |||||||||
Liabilities to banks | 14,283.2 | 632.4 | 13,198.9 | 1,261.3 | |||||
Liabilities to other creditors | 25,353.3 | 2,397.7 | 25,518.5 | 2,679.4 | |||||
Deferred interest from non-derivative financial liabilities | – | 230.5 | – | 194.3 | |||||
39,636.5 | 3,260.6 | 38,717.4 | 4,135.0 | ||||||
The CHF bond issued in 2024 and the GBP bond were 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, these financial liabilities would be € 4.0 million (December 31, 2023: € - million) lower overall 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, 2023 | Jun. 30, 2024 | |||
Bond (CHF)* | – | 159.3 | |||
Bond (GBP)* | – | 465.1 | |||
Bond (SEK)* | 121.2 | 139.7 | |||
Bond (EMTN)* | 18,464.0 | 17,799.3 | |||
Bond (EMTN Green Bond)* | 2,136.9 | 2,136.9 | |||
Bond (EMTN Social Bond)* | 2,075.7 | 2,925.7 | |||
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* | 1,045.0 | 1,045.0 | |||
Commercial paper* | 500.0 | – | |||
Mortgages** | 14,755.4 | 14,442.0 | |||
42,719.1 | 42,733.9 | ||||
- *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, € 12,523.9 million (December 31, 2023: € 12,682.1 million) is 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)
A bond in the amount of € 328.6 million was repaid as scheduled on January 15, 2024.
On April 8, 2024, a € 336.1 million bond was repaid as scheduled.
Repayment of Bonds in Foreign Currencies
A further bond, denominated in Swedish krona and with a volume of SEK 500.0 million (around € 48.4 million), was repaid as scheduled on April 8, 2024.
Repayment of Commercial Paper
In January and February 2024, several drawdowns were made under the Commercial Paper Program, with a total volume of € 500.0 million.
As of June 30, 2024, Vonovia SE’s Commercial Paper Program did not have any outstanding issues.
Repayment of Secured Financing
With a total volume of € 138.7 million, two secured bullet loans were repaid on March 31, 2024.
Bonds Under the European Medium-Term Notes Program (EMTN)
On April 10, 2024, Vonovia issued a € 850.0 million unsecured social bond with a 4.25% coupon and a ten-year term.
Foreign Currency Bonds
On January 18, 2024, Vonovia issued an unsecured GBP 400.0 million (approx. € 465.1 million) bond with a twelve-year term and a 5.5% coupon (4.55% after currency hedging).
On February 14, 2024, Vonovia issued another unsecured bond with a volume of CHF 150.0 million (approx. € 159.3 million), a five-year term and a 2.565% coupon (4.16% after currency hedging).
Vonovia placed a bond with a volume of SEK 750.0 million (approx. € 66.9 million) with a two-year term as part of a private placement on June 19, 2024. The bond is a floating-rate bond (3M STIBOR plus 1.30% margin; 4.51% after interest and currency hedging) and is structured as a social bond.
Secured Financing
On March 28, 2024, a € 150.0 million secured financing agreement with Ergo was disbursed. This agreement was signed in December 2023.