20 Financial Risk Management

Currency Risks

The cash-effective currency risks arising in connection with the still existing USD bond were eliminated by the simultaneous contracting of cross currency swaps. Fixed and expected purchase price payments in connection with the acquisition of Victoria Park were secured through the conclusion of foreign currency forwards. In addition, currency fluctuations from the operating business in Swedish kronor (SEK) are to be expected. Vonovia is subject to no other material currency risk in the scope of its usual business activities.

Further existing financial risks for Vonovia have not materially changed since December 31, 2017, and are described in detail in the consolidated financial statements as of December 31, 2017.