40 Non-derivative Financial Liabilities

Accounting Policies

Deferred interest is presented as current in order to show the cash effectiveness of the interest payments transparently. In principle, the deferred interest is part of the non-derivative financial liability. Of the deferred interest from non-derivative financial liabilities, € 228.0 million (December 31, 2023: € 178.6 million) is from bonds reported under non-derivative financial liabilities to other creditors.

The non-derivative financial liabilities developed as follows in the fiscal year under review:

The non-derivative financial liabilities developed as follows in the previous year:

The CHF bonds 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 € 19.8 million (December 31, 2023: € - million) lower overall than the recognized value.

The maturities and average interest rates of the nominal obligations of the liabilities to banks and the liabilities to other creditors are as follows during the fiscal year:

In the previous year, the maturities and average interest rates of the nominal obligations were as follows:

The loan repayments shown for the following years contain contractually fixed minimum repayment amounts.

Of the nominal obligations to creditors, € 12,963.4 million (December 31, 2023: € 12,682.1 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.

Financial liabilities to banks and other creditors have an average interest rate of approximately 1.89%. The financial liabilities as a whole do not contain any significant short-term interest rate risks as they relate either to loans with long-term fixed interest rates or variable-interest liabilities that are hedged using suitable derivative financial instruments (see [G53] Financial Risk Management).

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.

A bond in the amount of € 278.3 million was repaid as scheduled on September 16, 2024.

On December 6, 2024, a € 871.0 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 (€ 48.5 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 December 31, 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 (€ 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 (€ 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 (€ 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.  

On August 26, 2024, Vonovia issued a CHF 235.0 million (€ 247.8 million) bond with a seven-year term. The coupon is 2.000% p.a. (or 3.897% p.a. after currency hedging).  

On September 26, 2024, Vonovia issued an SEK 500.0 million (€ 44.3 million) bond with a four-year term. The bond is a floating-rate bond (3M STIBOR plus 142 basis points).

Secured Financing

On March 28, 2024, an amount of € 150.0 million was disbursed under a secured financing agreement concluded with Ergo in December 2023.

On August 6, 2024, Vonovia took out secured financing with Hamburg Commercial Bank in the amount of € 135.0 million with a maturity of seven years. The amount was disbursed on August 28, 2024.

On September 9, 2024, Vonovia took out a loan in the amount of € 110.0 million with a ten-year term with Münchener Hypothekenbank. The loan was disbursed on September 12, 2024.

On December 13, 2024, Vonovia took out secured financing with Bayern LB in the amount of € 100.0 million with a maturity of ten years. The loan was disbursed on December 20, 2024.

Also on December 13, 2024, Vonovia took out secured financing with Ergo Versicherung in the amount of € 75.0 million with a maturity of 15 years. The loan was disbursed on December 19, 2024.

On December 18, 2024, Vonovia concluded a loan agreement with DZ Hyp in the amount of € 100.0 million with a maturity of ten years. The loan was disbursed on January 14, 2025.