25 Non-derivative Financial Liabilities
Non-derivative Financial Liabilities
Dec. 31, 2024 | Jun. 30, 2025 | ||||||||
in € million | non-current | current | non-current | current | |||||
Non-derivative financial liabilities | |||||||||
Liabilities to banks | 13,189.2 | 1,725.2 | 12,737.0 | 1,893.3 | |||||
Liabilities to other creditors | 24,259.1 | 3,205.5 | 23,634.6 | 3,574.0 | |||||
Deferred interest from non-derivative | – | 272.0 | – | 164.1 | |||||
37,448.3 | 5,202.7 | 36,371.6 | 5,631.4 | ||||||
The NOK and SEK bonds issued in the first half of 2025 and the existing CHF and GBP bonds 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 € 2.7 million (December 31, 2024: € 19.8 million) lower overall than the recognized value.
The nominal obligations of the liabilities to banks and the liabilities to other creditors developed as follows:
Maturities and average interest rates of the nominal obligations of the liabilities to banks and the liabilities to other creditors
in € million | Dec. 31, 2024 | Jun. 30, 2025 | |||
Bond (CHF)* | 407.1 | 407.1 | |||
Bond (GBP)* | 465.1 | 465.1 | |||
Bond (NOK)* | – | 88.3 | |||
Bond (SEK)* | 184.0 | 275.2 | |||
Bond (EMTN)* | 16,650.0 | 15,735.4 | |||
Bond (EMTN Green Bond)* | 2,136.9 | 1,772.6 | |||
Bond (EMTN Social Bond)* | 2,925.7 | 3,240.0 | |||
Bond (Deutsche Wohnen)* | 1,760.7 | 1,171.0 | |||
Registered bonds* | 600.0 | 600.0 | |||
Bearer bonds* | 1,260.2 | 1,260.2 | |||
Convertible Bonds | – | 1,300.0 | |||
Promissory note loan* | 1,045.0 | 1,045.0 | |||
Mortgages** | 15,005.6 | 14,717.1 | |||
42,440.3 | 42,077.0 | ||||
- *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, € 12,738.7 million (December 31, 2024: € 12,963.4 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 € 485.4 million was repaid as scheduled on March 31, 2025.
Another bond with an outstanding nominal volume of € 429.2 million was also repaid as scheduled on June 29, 2025.
The partial buyback of bonds with a total volume of € 800 million was completed on June 6, 2025. This involved buying back a social bond with an issue volume of € 750.0 million and a term expiring in 2027 in the amount of € 435.7 million (selling price € 454.3 million). This bond has a 4.75% coupon rate. A further bond, a green bond, with an issue volume of € 750.0 million and a term expiring in 2030 was bought back in the amount of € 364.3 million (selling price € 399.5 million). This bond has a 5.00% coupon rate.
Repayment of Deutsche Wohnen Bonds
Deutsche Wohnen repaid a bond in the amount of € 589.7 million as planned on April 30, 2025.
Bonds Under the European Medium Term Notes Program (EMTN)
Vonovia issued a floating-rate 2NC1 bond in the amount of € 750.0 million on April 14, 2025. After interest rate hedging, the coupon for one year is 2.89%.
Foreign Currency Bonds
On April 1, 2025, Vonovia issued an NOK 1.0 billion (approx. € 88.3 million) bond with an eight-year term and a coupon of 5.51% p.a. (4.12% p.a. after currency hedging).
On June 13, 2025, Vonovia issued two green bonds in Swedish krona, each with a volume of SEK 500.0 million (around € 45.6 million). Both bonds will run until June 2028. The first bond is a floating-rate bond, with Vonovia paying a fixed coupon of 3.0885% after currency hedging. The second bond has an original fixed coupon of 3.308%. SEK 200.0 million of the nominal volume was hedged using a foreign currency derivative (3.1455 % p.a. after currency hedging).
Convertible Bonds
On May 13, 2025, Vonovia placed two new convertible bonds with a total volume of € 1.3 billion. The first bond in the amount of € 650.0 million will mature in May 2030 and does not bear any periodic interest. The second bond – also with a volume of € 650.0 million – will fall due in May 2032 and has a coupon rate of 0.875% p.a. The bonds can either be converted into shares in Vonovia or settled in cash. The bond terms and conditions are such that the convertible bonds are treated as borrowed capital in full. For accounting purposes, the conversion rights are separated, as a derivative component, from the debt transaction and are measured and reported separately as a derivative within financial liabilities. Upon initial recognition not affecting net income, the value of the derivative came to € 143.7 million. The value came to € 165.3 million as of June 30, 2025. The change in value in the period since initial recognition was recognized affecting net income in the amount of € 21.6 million in other interest result from derivatives.
Secured Deutsche Wohnen Financing
Secured financing of around € 582 million fell due for repayment in the Deutsche Wohnen subgroup as of June 30, 2025. Of that amount, € 338.0 million was refinanced with the same lenders, with the remaining € 244.0 million being repaid.