47 Related Party Transactions
Vonovia had business relationships with unconsolidated investees and subsidiaries in the 2022 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
Provided services | Purchased services | Receivables | Liabilities | Advance payments | |||||||||||||||||
in € million | 2021 | 2022 | 2021 | 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | |||||||||||
Associated companies | – | 2.3 | 28.8 | 25.7 | 657.9 | 646.5 | 0.9 | 0.1 | 126.9 | 290.1 | |||||||||||
Joint ventures | – | 6.3 | – | 265.8 | 148.6 | 173.1 | – | 6.3 | 8.9 | 17.3 | |||||||||||
Other non-consolidated subsidiaries | – | 0.0 | – | – | 1.8 | 1.8 | – | – | – | – | |||||||||||
– | 8.6 | 28.8 | 291.5 | 808.3 | 821.4 | 0.9 | 6.4 | 135.8 | 307.4 | ||||||||||||
As of December 31, 2022, Vonovia’s significant business relations were with the QUARTERBACK Group. As of December 31, 2022, loan receivables were recognized in the amount of € 801.9 million (December 31, 2021: € 806.5 million), with € 692.2 million repayable in 12 months and € 109.7 million in 24 months. The average interest rate for the loans is 6.6%.
There are real estate project sales of the QUARTERBACK Group to Vonovia in the amount of € 876.0 million (December 31, 2021: € 876.0 million), for which Vonovia had made advance payments of € 307.4 million in total as of December 31, 2022 (December 31, 2021: € 135.8 million). In connection with agency services contracted by the QUARTERBACK Group in the amount of € 24.2 million (2021: € 16.6 million), Vonovia has outstanding balances on liabilities of € 0.1 million as of December 31, 2022 (December 31, 2021: € 0.9 million). Services totaling € 0.2 million (2021: € - million) were rendered to the QUARTERBACK Group in the reporting period.
As of December 31, 2022, there is also a guarantee to secure non-current loan liabilities of the QUARTERBACK Group in the amount of € 12.3 million (December 31, 2021: € 12.3 million).
Vonovia also has outstanding balances on liabilities of € 0.2 million vis-à-vis B&O Service Berlin GmbH, Berlin, as of December 31, 2022 (December 31, 2021: € - million) for services purchased in the period leading up to December 31, 2022 in the amount of € 119.7 million (2021: € - million).
As of December 31, 2022, Vonovia has outstanding balances on receivables of € 0.6 million (December 31, 2021: € - million) vis-à-vis G+D Gesellschaft für Energiemanagement mbH, Magdeburg. In the reporting period, services worth € 3.7 million (2021: € - million) were provided to G+D Gesellschaft für Energiemanagement mbH, Magdeburg, while services worth € 144.2 million (2021: € - million) were purchased.
There were also loan receivables of € 13.5 million from OLYDO Projektentwicklungsgesellschaft mbH, Berlin, as of December 31, 2022 (December 31, 2021: € 2.1 million) which are to be repaid within two months of the reporting date. The loan has a fixed interest rate of 3%.
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 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 | 2021 | 2022 | |||
Short-term benefits (without share-based payment) | 8.0 | 10.2 | |||
Post-employment benefits | 2.4 | 2.6 | |||
Termination benefits | 0.6 | – | |||
Share-based payment | 4.4 | -0.8 | |||
15.4 | 12.0 | ||||
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.