19 Non-derivative Financial Liabilities
|
Dec. 31, 2020 |
June 30, 2021 |
||
|---|---|---|---|---|
in € million |
non-current |
current |
non-current |
current |
|
|
|
|
|
Non-derivative financial liabilities |
|
|
|
|
Liabilities to banks |
6,375.2 |
533.8 |
7,502.7 |
967.3 |
Liabilities to other creditors |
15,999.9 |
1,060.7 |
19,361.6 |
1,541.2 |
Deferred interest from non-derivative financial liabilities |
– |
115.1 |
– |
116.9 |
|
22,375.1 |
1,709.6 |
26,864.3 |
2,625.4 |
|
|
|
|
|
The U.S. dollar bond issued in 2013 is 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, this financial liability would be € 25.6 million lower than the recognized value (Dec. 31, 2020: € 18.9 million).
The nominal obligations of the liabilities to banks and the liabilities to other creditors developed as follows:
in € million |
Dec. 31, 2020 |
June 30, 2021 |
||||
|---|---|---|---|---|---|---|
|
|
|
||||
Bond (USD)* |
185.0 |
185.0 |
||||
Bond (EMTN)* |
15,300.0 |
19,800.0 |
||||
Bond (Green Bond) * |
– |
600.0 |
||||
Promissory note loan* |
50.0 |
250.0 |
||||
Mortgages** |
8,516.6 |
8,668.2 |
||||
|
24,051.6 |
29,503.2 |
||||
|
||||||
Of the nominal obligations to creditors, € 7,318.2 million (Dec. 31, 2020: € 7,287.6 million) are secured by land charges and other collateral (account pledge agreements, assignments, pledges of company shares and guarantees). In the event of a breach of the covenants, failure to repay or insolvency, the securities provided are used to satisfy the claims of the creditors.
Repayment of Secured Financing
Liabilities amounting to around SEK 1,326.0 million (around € 128.4 million) were repaid as scheduled in the Swedish subgroup in the first half of 2021.
Issue of Bonds Under the European Medium-Term Notes Program (EMTN)
Via its Dutch subsidiary Vonovia Finance B.V., Vonovia issued an EMTN bond of € 500.0 million that runs until January 2041 with effect from January 28, 2021. The bond will bear interest at a rate of 1.00% p. a.
On March 24, 2021, Vonovia SE issued a green bond with a total volume of € 600.0 million. The bond will bear interest at a rate of 0.625% and have a term of ten years.
Vonovia SE placed bonds with a total volume of € 4,000.0 million on June 16, 2021. The various tranches have terms of 3, 6, 8, 12 and 20 years and an average annual interest rate of 0.6875%.
Promissory Note Loans
M.M. Warburg provided Vonovia SE with € 20.0 million as part of a fully digital registered bond in January 2021. It has a term of three years.
Deutsche Pfandbriefbank issued Vonovia SE with a promissory note loan of € 100.0 million with a term of two years in March 2021.
A promissory note loan in the amount of € 60.0 million with an eight-year term was provided by Degussa Bank in March 2021.
Also in March, M.M. Warburg subscribed to a promissory note of Vonovia SE in the amount of € 20.0 million and with a two-year term.
New Portfolio Loans
Berlin Hyp provided Vonovia Finance B.V. with secured financing of € 200.0 million with a term of ten years, with the agreement signed in December 2020 and the funds disbursed in February 2021.
Bridge Financing
Morgan Stanley, Société Générale and Bank of America provided Vonovia SE with bridge financing of up to € 20,150.0 million on May 26, 2021, and an amendment on June 17, 2021, with a term of up to two years as part of the acquisition of Deutsche Wohnen. This bridge financing is syndicated by the aforementioned banks. This financing is no longer applicable since the takeover bid was unsuccessful.