47 Related Party Transactions
Vonovia had business relationships with unconsolidated subsidiaries in the 2021 fiscal year. These transactions resulted from the normal exchange of deliveries and services and are shown in the table below:
Result of transactions from the normal exchange of deliveries and services
in € million
Other non consolidated subsidiaries
Through the acquisition of Deutsche Wohnen, there were business dealings with the QUARTERBACK Group in the 2021 fiscal year. These transactions generally resulted from the normal exchange of deliveries and services, and all were concluded based on customary market conditions. As of the reporting date, loan receivables were recognized in the amount of € 806.5 million (previous year: € 252.4 million), which are payable at the latest twelve months after the reporting date. The average interest rate for the loans is 5.05%. As of December 31, 2021 the QUARTERBACK Group concluded additional project development sales to subsidiaries of Deutsche Wohnen SE in the amount of € 876.0 million (previous year: € 292.5 million), for which the Deutsche Wohnen Group made advance payments of € 135.8 million (previous year: € 17.0 million). As of December 31, 2021 outstanding balances on receivables were recognized in the amount of € 0.0 million (previous year: € 0.8 million). In connection with new agency services contracted by the QUARTERBACK Group in the amount of € 16.6 million, Deutsche Wohnen has outstanding balances on receivables as of December 31, 2021 of € 0.9 million (previous year: € 0.0 million). Furthermore, a guarantee was granted to the QUARTERBACK Group in the amount of € 12.3 million in the fiscal year under review. In addition, Isaria München Projektentwicklungs GmbH was sold to the QUARTERBACK Immobilien Group for € 12.5 million in the first quarter of 2021.
At Vonovia, the individuals in key positions pursuant to IAS 24 include the members of the Management Board and the Supervisory Board of Vonovia SE.
The emoluments to key management personnel, which are subject to a disclosure requirement under IAS 24, include the remuneration of the active members of the Management Board and of the Supervisory Board.
The active members of the Management Board and Supervisory Board received the following remuneration:
Remuneration of the active members of the Management Board and Supervisory Board
in € million
Short-term benefits (without share-based payment)
The service cost resulting from provisions for pensions for the active Management Board members is reported under post-employment benefits. The disclosure on share-based payments is based on the expenses in the fiscal year, which are also reported in chapter [F48] Share-Based Payments.
The Management Board and Supervisory Board members were not granted any loans or advances.