44 Liabilities to Non-controlling Interests
Accounting Policies
Liabilities to non-controlling interests, which include obligations from the guaranteed dividend agreements, in particular, are stated at fair value when they are recognized for the first time. The fair value is, in principle, determined by the value of the respective company; if a contractually agreed minimum purchase price is higher than this amount, this purchase price is recognized.
The liabilities to non-controlling interests relate especially to the obligations to pay guaranteed dividends under valid profit-and-loss transfer agreements or co-investor agreements in an amount of € 792.2 million (December 31, 2024: € 208.8 million).
The increase as of December 31, 2025 can be explained primarily by the guaranteed dividends under the control and profit and loss transfer agreement between Vonovia SE and Deutsche Wohnen SE. The shareholders who have not converted will receive a guaranteed dividend. Based on the term of the profit and loss transfer agreement, this was recognized in liabilities to non-controlling shareholders at its net present value of € 157.3 million.
The new Deutsche Wohnen SE minority shareholder Apollo Capital Management L.P. will also receive a guaranteed dividend. Based on the term of the profit and loss transfer agreement, this was also recognized in liabilities to non-controlling shareholders at its net present value of € 310.9 million.