46 Contingent Liabilities

Contingent liabilities exist for cases in which Vonovia SE and its subsidiaries give guarantees to various contractual counterparts. The terms are in many cases limited to an agreed time. In some cases, the term is unlimited.

Contingent liabilities of Vonovia are as follows:

in € million


Dec. 31, 2017


Dec. 31, 2018








Guarantees in connection with Development





Payment guarantees





Rent surety bonds
























The increase in contingent liabilities is primarily due to guarantees in connection with the Development business that was added to Vonovia’s portfolio in connection with the acquisition of the BUWOG Group. These mainly relate to guarantees resulting from the ordinary course of business issued in accordance with corresponding national regulations.

Vonovia is involved in legal disputes resulting from normal business activities. These relate, in particular, to tenancy law, distribution law and construction law disputes, as well as company law proceedings relating to acquired participating interests. None of the legal disputes, taken in isolation, will have any material effects on the net assets, financial position or results of operations of Vonovia.