16 Non-Derivative Financial Liabilities

 

 

Dec. 31, 2017

 

June 30, 2018

 

 

 

 

 

 

 

 

 

in € million

 

non-current

 

current

 

non-current

 

current

 

 

 

 

 

 

 

 

 

Non-derivative financial liabilities

 

 

 

 

 

 

 

 

Liabilities to banks

 

2,602.3

 

602.7

 

4,808.5

 

504.7

Liabilities to other creditors

 

9,857.1

 

921.6

 

13,040.1

 

1,305.4

Deferred interest from non-derivative financial liabilities

 

 

76.8

 

 

115.9

 

 

12,459.4

 

1,601.1

 

17,848.6

 

1,926.0

The USD bonds issued in 2013 are 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 transactions entered into, this financial liability would be € 29.6 million lower than the recognized value (December 31, 2017: € 23.5 million).

The nominal obligations of the liabilities to banks and the liabilities to other creditors developed as follows:

in € million

 

Dec. 31, 2017

 

June 30, 2018

*

Under the conditions of existing loan agreements, Vonovia is obliged to fulfill certain financial covenants.

 

 

 

 

 

Bonds*

 

600.0

 

600.0

Bonds (US$)*

 

184.9

 

184.9

Bonds (EMTN)*

 

8,750.0

 

11,850.0

Bond (Hybrid)*

 

700.0

 

700.0

Commercial Paper

 

410.2

 

Portfolio loans:

 

 

 

 

Berlin-Hannoversche Hypothekenbank (Landesbank Berlin)*

 

489.5

 

500.0

Berlin-Hannoversche Hypothekenbank, Landesbank Berlin und Landesbank Baden-Württemberg*

 

342.9

 

327.9

Deutsche Hypothekenbank*

 

167.7

 

165.2

Nordrheinische Ärzteversorgung

 

31.6

 

31.1

Norddeutsche Landesbank*

 

117.1

 

115.4

Mortgages

 

2,266.6

 

2,340.5

Working Capital Facility

 

 

100.0

BUWOG:

 

 

 

 

Mortgages

 

 

1,901.8

Victoria Park:

 

 

 

 

Bonds*

 

 

95.7

Mortgages

 

 

780.2

 

 

14,060.5

 

19,692.7

Issue of Bonds under the EMTN – Tap Issuance (European Medium Term Notes Program)

Based on the tap issuance master agreement dated April 20, 2017, with supplements dated August 30, 2017, November 9, 2017, and January 5, 2018 (€ 15,000,000,000 debt issuance program), Vonovia issued two bonds worth € 500 million each via its Dutch financing company in January 2018. The bonds were issued at an issue price of 99.330%, a coupon of 0.75% and with a maturity of six years for one tranche, and at an issue price of 99.439%, a coupon of 1.50% and with a maturity of ten years for the other.

Based on the updated tap issuance master agreement dated March 14, 2018 (€ 20,000,000,000 debt issuance program), Vonovia issued bonds in four tranches worth € 2,100 million in total via its Dutch financing company in March 2018. The bonds were issued (1) in an amount of € 600 million at an issue price of 100.00%, with a coupon at three-month EURIBOR plus margin and a maturity of 4.75 years, (2) in an amount of € 500 million at an issue price of 99.188%, with a coupon of 1.50% and a maturity of eight years, (3) in an amount of € 500 million at an issue price of 98.967%, with a coupon of 2.125% and a maturity of twelve years and (4) in an amount of € 500 million at an issue price of 97.896%, with a coupon of 2.75% and a maturity of twenty years.

Commercial Paper Program

On the basis of the master commercial paper agreement of November 2017 (€ 500,000,000 Multi-Currency Commercial Paper Program), Vonovia issued debentures via its Dutch financing company, which became due in the first half of 2018.

Working Capital Facility

In December 2017, Vonovia entered into an agreement with Commerzbank AG, Frankfurt am Main, with a value of € 250 million and a term that is due to end in December 2020. This unsecured credit line is subject to interest on the basis of EURIBOR plus a mark-up, and had been drawn on in the amount of € 100.0 million as of June 30, 2018.