VONOVIA SE
2018
 |
SUSTAINABILITY REPORT 2018
Sustainability 
Report

Vonovia SE Sustainability Report 2018
2
CONTENT
SUSTAINABILITY AT VONOVIA
	
6 	
About Vonovia
	
14	
Sustainability Management
	
17	
Material Topics 
 
SUSTAINABLE CORPORATE GOVERNANCE
	
22	
Our Approach regarding Sustainable Corporate Governance
	
24	
Long-term Growth
	
28	
Open Dialogue With Society
	
32	
Corporate Governance and Compliance/Anti-corruption
 
SOCIETY AND CUSTOMERS
	
38	
Our Approach regarding Society and Customers
	
40	 Customer Satisfaction 
	
43	
Portfolio Maintenance and Tenant Health and Safety
	
46	
Creating Living Space and Affordable Rents
	
50	
Neighborhood Development 
 
ENVIRONMENT
	
55	
Our Approach regarding Environment
	
58	
Energy Efficiency and Reducing Greenhouse Gas Emissions in the Portfolio
	
63	
Environmental Protection in the Portfolio
	
65	
Environmental Protection in Connection with Conversions and  
New Construction
	
68	
Company Environmental Protection
	
70	
Impact of Transport and Logistics
 
EMPLOYEES
	
73	
Our Approach regarding Employees
	
76	
Training and Education
	
80	 Health Management and Occupational Safety
	
84	
Family and Career
	
86	
Diversity and Equal Opportunities
 
INFORMATION AND KEY FIGURES
	
89	
About This Report
	
92	
Key Figures
	
109	 GRI Content Index
	
116	
EPRA sBPR 
	
118	 Contact, Imprint
REFERENCES
to page(s) in the  
Report 
  p. 167
to website 
  www.vonovia.de
to page(s) in the  
Annual Report 
 AR 2018, p. 18
GRI indicators 
 103-2
Content

Vonovia SE Sustainability Report 2018
EDITORIAL
3
Ladies and gentlemen,  
Dear Readers,
As a residential real estate company, Vonovia is an integral part of today’s society. This is a very good situation, but one 
that entails great responsibility, too. We are able to help ensure that people in cities have homes worth living in. 
­How­ever, it is also a challenging position. It puts our company under the microscope for a number of stakeholder 
groups, who all have very different expectations from us. 
We investigate these expectations immediately because we want to fulfil them, as far as they fall under our responsibili-
ties, to the fullest extent possible. This isn’t always an easy task. Finding solutions to varying demands often involves 
compromise. But by maintaining dialogue we are always able to bring different points of view together. 
Our business approach is also helpful in this regard. As a service provider and the provider of homes for around one 
million people, our focus is on our customers and their needs. With this in mind, we preserve our buildings and actively 
shape the residential environment. This is also why we are committed to offering contemporary, senior-friendly apart-
ments and developing services that offer better quality of living. Our focus on customers is also the reason why we are 
addressing a social issue that is particularly important at the moment: the construction of new apartments. 
Last year we began construction work on more than 1,000 apartments; in the coming years it will be significantly more. 
The new apartments will not be constructed just anywhere, but where they are needed: in conurbations. The average 
rent for the apartments in our portfolio is around €6.50 per m2. This is affordable for the large majority of people. 
To some extent, we also consider it our responsibility to ensure that people can live together in their neighborhoods 
harmoniously. That is why we are implementing comprehensive neighborhood projects throughout Germany, cooperat-
ing with charities, promoting cultural and neighborhood projects and working closely with the local communities. In the 
past year alone, we invested €50 million in neighborhood projects like this. We also donate money through our founda-
tions. It is also our aim to understand interaction in our neighborhoods better and are therefore actively investing in 
research in this area. We are financing an endowed professorship in Bochum for research into neighborhood develop-
ment.
We support the German government’s ambitious target of achieving an almost climate-neutral building stock by 2050 
through a number of measures to reduce energy consumption and the release of CO2e emissions. Implementing energy-­
efficiency modernizations and maintaining buildings are important measures in this regard. We were able to achieve a 
refurbishment rate of 5% once more in 2018 and thereby significantly improve the energy intensity of many buildings. 
This shows that we are on the right track. 
 102-14

Vonovia SE Sustainability Report 2018
EDITORIAL
4
I’m pleased that we are also very popular as an employer now, too. Almost 10,000 people work for us 
now – around 1,000 of those are located in Austria and Sweden. The majority of our employees is in  
direct contact with our customers, which also makes their work very valuable in a social sense. We 
currently employ 485 trainees completing commercial and craftsmen/technician traineeships through-
out the whole Group. 
We take care of things. And we do it sustainably. That’s because our business has a long-term focus and 
flourishes best in a healthy environment.
In our latest sustainability report, you can read in detail all about what Vonovia is doing in Germany to 
ensure people feel happy with us for the long term and how we are taking our responsibility as a 
­corporate citizen seriously. 
I hope you enjoy reading the report.
Bochum, April 2019
Yours,
Rolf Buch

SUSTAINABILITY  
AT VONOVIA
SUSTAINABILITY AT VONOVIA — Content
5
6 	
About Vonovia
14	 Sustainability Management
17	
Material Topics

Vonovia SE Sustainability Report 2018
SUSTAINABILITY AT VONOVIA — About Vonovia
6
About Vonovia
As a service provider that puts its customers at the heart of its activities, Vonovia is ­fully 
focused on offering attractive homes and innovative housing-related services at fair 
prices. We are aware of our responsibilities toward society and the environment, and 
are involved in solving economic, social and environmental challenges in a number of 
ways – from the long-term maintenance of the properties in our portfolio to the inclusive 
­approach we take in designing our neighborhoods, through to creating new homes.   
The Company 103-2
As a residential real estate company, Vonovia plays a 
central part in society. Including the German BUWOG 
portfolio, we manage around 358,000 apartments (Dec. 31, 
2018) in attractive cities and regions in Germany, and a 
portfolio of around 23,000 homes in Austria and approxi-
mately 14,000 in Sweden. Vonovia also holds a minority 
stake in a portfolio previously held by the French railway 
operator SNCF. Altogether, more than a million people are 
currently renting their homes from us. 102-1, 102-7
In order to meet the associated responsibilities, we 
thoroughly investigate the numerous issues that are 
important to our target groups. We communicate with our 
stakeholders through various channels and always align 
our targets with their needs. 
This results in a business model that allows us to offer an 
efficiently managed property portfolio of affordable homes 
and modern housing-related services for a wide range of 
the population. We simultaneously guarantee our homes 
remain attractive through maintenance and modernization 
work, and take a holistic approach to developing the 
neighborhoods in which our properties are located. 
Recently, implementing modern and innovative new 
construction concepts has gained in importance for us – 
particularly since the acquisition of the Austrian company 
BUWOG last year, which brought additional project 
development skills to the Group. 
In addition to the rental and service business, we also 
want to use new ideas to set trends for the housing 
industry. We therefore contribute to society in various 
ways at a political, social and economic level – for 
­instance, as an initiator of participative neighborhood 
development projects. 102-2, 102-4, 102-6
We have been listed since 2013. Our share has been traded 
in the DAX 30 index since 2015. We consider our share to 
be an attractive investment for those interested in a 
long-term investment with stable and reliable dividends.  
Corporate Structure
Vonovia SE, the parent company of Vonovia Group, is 
organized in the legal form of a dualistic European compa-
ny (SE) and is managed by a Management Board consist-
ing of four members, assisted by a Supervisory Board. 
Vonovia SE has its registered headquarters in Germany. 
Since 2017, its registered office has been in Bochum. 102-3
The parent company performs the function of the man-
agement holding company for the Group. As such, it is 
responsible for determining and pursuing the overall 
strategy and implementing it in the form of the company’s 
goals. It performs property management, financing, 
service, and coordination tasks for the Group. Further-
more, it is responsible for the management, control and 
monitoring system as well as risk management. 102-5
Unless stated otherwise, all figures in this report relate to 
Vonovia’s operations in Germany, without the business 
activities and the portfolios of the recently acquired 
BUWOG and Victoria Park. A detailed list of Vonovia SE 
shareholdings can be found in the Annual Report.
Vonovia’s core operating business is divided into six 
regions – north, east, southeast, central, south and west. 
These are, in turn, split into business units (BUs), each of 
which is responsible for an average of around 10,500 
residential units on site as part of a decentralized struc-
ture. Organization of caretakers, technicians and the 
residential environment is also based on a regional 
­structure.
 102-1, 102-2, 102-3, 102-4, 102-5, 102-6, 102-7, 102-10, 102-16, 103-2, 201-1

Vonovia SE Sustainability Report 2018
SUSTAINABILITY AT VONOVIA — About Vonovia
7
Corporate Structure Rental
Germany
~ 358,000 Apartments (incl. portfolio BUWOG Germany; as of Dec. 31, 2018)
Decentralized
North
East
West
4 Locations
3 Regions
South
Central
South- 
east
Local Rental Business, Rental, Property Management
**
Centralized
Shared Services
Residential Environment Organization
Technical Service
Apartment 
Sales
Accounting/­
Finances/Taxes
Controlling/­
Property 
­Evaluation
Legal/HR
Other
Other
IT
Other 
­Functions*
* Other shared services and staff functions: investor relations, product management, revision, corporate communication, insurance.
** Asset management, commercial and technical property management, rental, caretakers/facility support.
*** Customer service, facility support, rental, local rental business.
 = Partial takeover from or existence of central functions or shared services.
Portfolio Management
Modernization
Transaction
Property Management
Central Purchasing
Central Customer Service
Austria
Sweden
~ 23,000
~ 14,000
Portfolio­  
­Management
Customer 
Service
Refurbishment
6 BUs
4 BUs
4 BUs
7 BUs
6BUs
7 BUs
9 BUs
12 BUs
***
Corporate Structure Development*
Project Control/Construction Management
Sales/Acquisition Management
Decentralized
Centralized
Shared Services
Germany
BUWOG + Modular New Construction Vonovia
~ 700 Projects
+ Austria
Accounting/­ 
Finances/Taxes
Controlling/­Property 
­Evaluation
Legal/HR
IT
Other ­Functions***
Portfolio Management
Marketing
Central Purchasing
Central Customer Service
DEV to hold
DEV to sell
*     Not included in this Sustainability Report.
*   Total projects in progress, preparation and planning.
*** Other shared services and staff functions: investor relations, revision, corporate communication, insurance.
6 Regions
External Acquirers
Construction for portfolio/BUWOG 
~ 3,050 + ­Vonovia ~ 19,300 units
Construction for sale
~ 3,700 units
~ 34 Projects**
Region AT
DEV to hold
Construction for port-
folio ~ 2,050 units
External Acquirers
DEV to sell
Construction for sale 
~ 3,000 units
Project Control/Construction Management
Sales

Vonovia SE Sustainability Report 2018
SUSTAINABILITY AT VONOVIA — About Vonovia
8
Responsibility for the other activities that belong to the 
Value-add segment, in particular product management, 
data and energy services, vertical expansion and moderni-
zation, is centralized at Vonovia. The same applies to 
activities relating to sales and acquisition. 102-2
The management of the business is based on the compa-
ny’s strategic approaches and, since last year, has been 
conducted via the four segments: Rental, Value-add, 
Recurring Sales and Development. For more information 
about our corporate structure, we refer to the Annual 
Report (see chapter Fundamental Information About the 
Group   AR 2018, p. 60 et seq.).
BUWOG
About BUWOG
The three main companies of BUWOG (BUWOG Group 
GmbH, BUWOG Bauträger GmbH and BUWOG Immobil-
ien Treuhand GmbH) have been wholly owned subsidiar-
ies of Vonovia SE since November 2018. While BUWOG 
Bauträger GmbH focuses on the development business in 
Germany and BUWOG Immobilien Treuhand GmbH 
handles the management of apartments for third parties 
in northern Germany, BUWOG Group GmbH manages the 
entire value chain of the residential sector in Austria with 
the business areas of asset management, property sales 
and property development. The existing real estate 
portfolio in Austria encompasses approximately 21,300 
portfolio units. The development pipeline includes about 
5,000 residential units in Vienna and about 7,000 residen-
tial units in Germany. The BUWOG brand stands for a high 
level of customer satisfaction in the real estate develop-
ment business. As a result, approximately 11,000 new 
apartments are planned in Austria and Germany in the 
next five to six years. Of these, about 5,000 units are 
intended for rental by the company. The company is thus 
making an important contribution to easing the shortage 
of apartments (see chapter Corporate Structure­ 
 AR 2018, p. 64 et seq.).
In terms of sustainability performance, we consider 
employees and climate and environmental protection in 
the portfolio to be topics of particular relevance and cover 
both in greater detail below.
Climate and Environmental Protection in Our 
­Development Activities
The planning and development of new residential proper-
ties takes place within a social framework in which climate 
and environmental protection are playing an increasingly 
important role. Of particular significance are the issues of:
> energy supply and consumption,
> the use of environmentally friendly materials,
> mobility, and
> residential environment and neighborhood solutions.
Energy supply, consumption and energy-efficient building 
technology are the main issues in development. Various 
pilot and research projects, including energy supplied from 
renewable energy sources and other energy-related innova-
tions, are implemented in new constructions. One example 
of this is the new construction project “52 Grad Nord” in the 
Grünau district of Berlin with its own district heat supply for 
the neighborhood. This puts the primary energy factor at 
zero. District heat is primarily generated by biomethane gas 
from non-fossil sources using a cogeneration unit specifi-
cally set up for this purpose. The facade of the CHP unit has 
also been planted with vegetation. In addition to a total of 
approximately 1,000 residential units, neighboring buildings 
are also set to be supplied in future.
We are also investing in the use of sustainable materials in 
the new construction project in Berlin by using wood-hybrid 
construction and other methods. The facades and roofs of 
several buildings are made of prefabricated wood-wall 
elements, while supporting building elements, such as floor 
slabs, stairs and partition walls are made of concrete. Other 
materials, such as insulation, wood and paints, are selected 
with sustainability criteria in mind and should have the 
corresponding certification.
In order to handle valuable raw materials that we come 
across when dismantling old buildings in a sustainable 
manner, BUWOG launched a large-scale project in Vienna 
in 2018 for recycling and reusing entire construction ele-
ments. In collaboration with social enterprises and recycling 
businesses, we have organized dismantling operations in 
such a way that it is possible to separate a considerable 
amount of miscellaneous materials such as aluminum, 
copper, marble, etc., and return them to the materials cycle 
for reuse. During the dismantling of real estate in Vienna 
that formerly belonged to Coca Cola, we were also able to 
prevent around 450 tons of waste and recycle some of the 
materials, such as the roofing panels. 
Designing ecological leisure spaces is a primary concern in 
all of BUWOG’s new construction projects. Numerous 
buildings feature extensive green spaces that serve as

Vonovia SE Sustainability Report 2018
SUSTAINABILITY AT VONOVIA — About Vonovia
9
natural habitats for flora and fauna at ground level, on 
roofs or on facades. In addition to the optical effects, these 
green spaces also offer a practical added value, for example, 
by slowing the flow of rainwater into the partially over­
burdened municipal sewage system and by making a 
considerable contribution to the microclimate, especially 
by preventing heat building up in densely populated urban 
areas. The new neighborhood “Biotope City” in Vienna will 
be a pioneering example of urban design incorporating 
­vegetation. 
Intelligent mobility solutions, too, will become increasingly 
important in urban areas and play an increasingly larger 
part in our urban development projects. We include 
e-mobility, bicycle concepts and public transport in our 
new construction projects from an early stage and take 
future needs for electric charging stations and empty 
cable tunnels for retrofitting into consideration in order to 
avoid higher costs later and to actively contribute to 
ecological transport developments. 
We are currently aiming to obtain building certification, 
such as the German Sustainable Building Council (DGNB) 
gold standard or the Austrian Sustainable Building Council 
gold standard, for various development projects in ­Germany 
and Austria. This certification helps us to show investors, 
owners, tenants and the wider public to what extent we 
consider sustainability aspects in the planning, construc-
tion and operation of our buildings. 
Certified Energy Management System
BUWOG is a long-term partner of the ambitious “klima­
aktiv pakt2020” climate protection initiative launched by 
the Austrian Federal Ministry for Sustainability and 
Tourism. It has had an ISO 50001-certified energy man-
agement system in place in Austria since 2013/14, which 
features both established processes and a written energy 
policy. This tool for the professional management of 
energy-related issues was expanded to cover the area of 
development in Germany in 2018. This means manage-
ment of energy issues in the entire new construction 
portfolio of the BUWOG companies and the portfolio 
management of BUWOG Group GmbH in Austria is 
conducted within a certified energy management system.
Employees
Responsibility, commitment, flexibility and professional-
ism are the qualities of the BUWOG team. In order to 
ensure that this does not change, we are focusing on 
employees’ long-term health, safety, performance and 
motivation.
We have been committed to promoting family life for 
years now, the aim being to allow our employees to strike 
a balance between family and work commitments by 
offering a range of tools designed to meet their specific 
needs. This is a matter that is particularly important to 
BUWOG Group GmbH in Austria. As a result, our subsidi-
ary has been participating in the “berufundfamilie” (work 
and family) audit conducted by the Austrian Federal 
Ministry of Families and Youth since 2017. This is a volun-
tary government seal of quality that aims to achieve 
improvements in the awareness of family issues. The seal 
is awarded as part of a structured audit process. The 
objective is also to use the audit to achieve positive 
commercial effects on employer appeal, employee loyalty, 
motivation and identification, and to minimize staff 
turnover and absences.
In addition to a company physician, an occupational 
psychologist and a safety officer, our health promotion 
within the company also includes a health day, held rough-
ly twice a year, where we inform our employees about 
topics such as exercise, ergonomics, nutrition and psy-
chology. Our employees can also take a medical exam or 
receive biofeedback. Workshops on a diverse range of 
topics, such as reducing stress, conflict management and 
relaxation, were also offered in cooperation with the 
occupational psychologists. 
We conduct annual appraisals with the aim developing 
our employees’ skills and promoting their personal devel-
opment. Targets are formulated and development and 
training requests are discussed along with more general 
development options. The range of individual measures 
offered in the form of individual training or group training 
includes professional courses covering topics such as 
non-profit housing law and tenancy law, and personal 
development seminars based on the Process Communica-
tion Model®. In the reporting year, the focus of our man-
agement training was on measures to support the change 
process for the integration with Vonovia SE. The efforts we 
made in the past to train employees to take on manage-
ment positions have paid off once again. We were able to 
fill virtually all new team and department head positions 
internally.
Find out more at  
  www.buwog.at/en/company/sustainability

Vonovia SE Sustainability Report 2018
SUSTAINABILITY AT VONOVIA — About Vonovia
10
Victoria Park
Sustainability Performance
Victoria Park, a subsidiary of Vonovia, has a portfolio 
consisting of 14,288 apartments with a total area of 
1,128,000 m² and a market value of 18.1 billion Swedish 
krona (SEK). Victoria Park’s business model is to acquire, 
develop and manage residential real estate with a high 
­level of development potential in growing cities through-
out Sweden. We aim to constantly improve our portfolio 
by renovating apartments in such a way that value appre-
ciates, and through densification. 
Victoria Park also focuses on socially sustainable manage-
ment in order to raise the long-term attractiveness of their 
neighborhoods and thereby also the value of the apart-
ments. 
Based on our portfolio of existing and acquired apart-
ments, our management approach is as follows: 
Investing in Raising Standards: 
> We intend to achieve a standard that makes our apart-
ments comparable with newly constructed owner-­
occupied apartments through an efficient and high-­
quality refurbishment process. Refurbishments are 
always performed when apartments are vacant in order 
not to encumber existing tenants.  
> By making cost-saving investments, we also want to 
lower the impact our buildings have on the climate and 
improve their energy efficiency. For instance, by improv-
ing the ventilation systems, installing LED motion-­
sensor lighting, additional insulation in the attics, 
heating systems controlled by weather forecasts and 
systems for individual water meter reading.
Socially Sustainable Management: 
> We actively work on our relationships with residents 
and cultivate a sense of belonging in the buildings and 
the neighborhood. This enables us to contribute to the 
creation of calm, safe and attractive residential areas. 
> We strive to be included fully in the local social environ-
ment, e.g., through comprehensive cooperation with the 
authorities, municipalities, organizations and owners.
Socially Sustainable
A material element of Victoria Park’s management model 
is our sustainability agenda. By establishing sustainable 
relationships between companies, citizens and society, we 
can cultivate commitment and promote integration, 
contributing toward more sustainable urban and social 
developments. This encourages more people to actively 
participate in their neighborhood and contribute toward 
creating a calm, safe and attractive residential environ-
ment. 
We always aim to commission companies that have a 
social clause covering local procurement. 
Since 2013, Victoria Park has been employing long-term 
unemployed people – primarily residents from our own 
neighborhoods – to work on a temporary basis in the 
Victoria Park program as environment wardens or residen-
tial coaches. Environment wardens are responsible for 
maintenance of the residential buildings, while residential 
coaches deal with practical rental issues and recording 
refurbishment needs. In 2017, the national economist 
Ingvar Nilsson conducted an external study of the Victoria 
Park program and wrote an evaluation report entitled 
“Behind the Financial Statements.” The results showed the 
program had both economic and socioeconomic advan-
tages. Over a period of 20 years, reintegrating long-term 
unemployed people into the world of work results in a 
social profit of around SEK 120 million. Additionally, we 
published a comprehensive report on our social sustaina-
bility initiative in the Herrgården area of Rosengård, 
Malmö, in 2018. The report “Droppen som urholkar 
stenen” (little strokes fell big oaks) analyzes the effect of 
our initiatives between 2013 and 2018 and presents the 
direct social impacts that they have, e.g., that residents 
get back into work after a (longer) period of unemploy-
ment and are therefore no longer reliant on welfare. In 
order to create a financial parameter for measuring the 
effect of this kind of social sustainability work, Ingvar 
Nilsson used a calculation method that employed various 
realistic assumptions and precautionary principles. His 
calculations show that the advantages that result from the 
social sustainability work implemented and planned by 
Victoria Park in Herrgården will amount to SEK 261 million 
over the next ten years.

Vonovia SE Sustainability Report 2018
SUSTAINABILITY AT VONOVIA — About Vonovia
11
Environment
In our apartments, energy is primarily used for heating, 
ventilation, running laundry rooms and lighting public 
spaces. Almost 90% of our energy consumption is from 
district heating and 10% is from electricity that is generat-
ed without any fossil fuels whatsoever. Tenants also use 
electricity for lighting, household devices and electronics, 
but this electricity consumption is not normally included 
in the rent and therefore not recorded by Victoria Park. 
Our aim is to achieve a constant improvement in the 
portfolio’s energy efficiency. We achieve this by using new 
technology, better insulation and intelligent control 
systems, for example. In 2015, Victoria Park launched an 
ambitious project to regulate the heating system accord-
ing to the weather forecast, thus aiming to optimize 
energy consumption. By the beginning of 2018, this 
technology had been fitted in around 5,000 apartments. 
Thanks to comprehensive investments in energy-saving 
measures – around SEK 100 million in 2018 – energy 
efficiency was improved, CO2 emissions were reduced and 
energy intensity was lowered. This development shows 
that measures to reduce the impact of climate change are 
working. With large, unused roof spaces facing south, 
many of our apartments have favorable conditions for 
photovoltaic plants. A solar module test project was 
launched at the end of 2018. We expect that this initiative 
will allow a total of 200,000 kWh of environmentally 
friendly electricity per year. 
Another important topic is the reduction of water con-
sumption. As part of our kitchen and bathroom refurbish-
ments to improve standards, we regularly implement 
measures throughout the portfolio that contribute to 
reducing water consumption. For example, water-saving 
faucets and toilets that significantly reduce consumption 
are installed in 1,200 apartments per year. Our water 
project also includes the replacement of sanitary facilities 
and repairing sewage pipes. Water consumption can also 
be effectively reduced by installing individual water 
meters. This means that residents receive detailed infor-
mation regarding their water consumption and can adapt 
their behavior accordingly. 
These investments have a direct impact on both tenant 
behavior and climate. We have achieved reductions in 
water consumption of more than 20% on average in the 
residential portfolio. 
Victoria Park also assigns refurbishment and conversion 
work to quality companies that take into account environ-
mental aspects, such as energy efficiency, material 
selection and correct handling of hazardous chemicals. 
Employees
Victoria Park strives to create an inclusive working 
environ­ment that allows all of our employees, regardless 
of age, gender, ethnic origin or sexuality, to remain true to 
their character. We wish to offer our employees a progres-
sive working environment that promotes work satisfaction 
and a healthy lifestyle. We stepped up our strategic 
agenda regarding the working environment in 2018 with 
the aim of securing high attendance rates and an effective 
process for helping returning employees to settle back into 
their work. A central safety committee was established for 
this purpose that will deal with all issues relating to the 
workplace, covering social, organizational and health 
concerns.
Our Code of Conduct clearly condemns all forms of 
discrimination and includes our customers, suppliers and 
partners in this. As part of our endeavors to ensure that 
the Code of Conduct is applied correctly and to simplify 
the reporting of irregularities, we introduced an external 
whistle-blowing service in 2018.  
Find out more at 
  www.victoriapark.se

Vonovia SE Sustainability Report 2018
SUSTAINABILITY AT VONOVIA — About Vonovia
12
Mission Statement 102-16
Vonovia is well established in its communities and main-
tains constant communication with a number of stake-
holders. In order to live up to their expectations and our 
expectations of ourselves, we have set out binding princi-
ples for our conduct in our mission statement.
The vision explains how Vonovia wishes to be perceived 
by its stakeholders. Our goal is to be held in high esteem 
by all our partners as a force shaping the housing industry.
As far as society at large is concerned, we are committed 
to the idea that “owning residential property implies an 
obligation” and we aim to act in a manner that embraces 
the three aspects of sustainability: financial, ecological 
and social responsibility. 
The mission describes the company’s core business and 
its responsibilities toward its stakeholders. As a leading 
real estate company, Vonovia aims to give people a home:
> Homes form the basis of our business, which we are 
constantly enhancing using our competence and finan-
cial strength, in order to set new trends in the housing 
industry.
> We offer our customers affordable homes that meet 
their needs together with housing-related services and 
reliable customer support.
> We offer a high level of customer orientation and a 
scalable business model that aims to establish us as the 
quality leader in our market.
We offer our customers more than just a residence – 
­Vonovia provides a home for the whole family. We are on 
hand to provide reliable service when our customers need 
us. We want our employees to identify with their employ-
er, Vonovia, thanks to our commitment to putting team 
spirit into practice, a long-term focus, a culture of appreci-
ation and continual new challenges. The company pro-
vides investors with sustainable and adequate yields. We 
act as a discerning and fair partner to our suppliers.

Vonovia SE Sustainability Report 2018
SUSTAINABILITY AT VONOVIA — About Vonovia
13
­Vonovia Germany in Figures  
(incl. portfolio BUWOG Germany) 
(Dec. 31, 2018)
 102-4, 102-6, 102-7
On site
in 526 cities and 
communities and 
16 federal states
Own apartments
358,451
Average 
apartment size
approx. 62 m²
Employees
9,923  
(incl. BUWOG Austria 
and Victoria Park)
Total living area
22,364,651 m²
Garages and 
parking spaces
93,030
Commercial units
4,022 
You can see more key figures in our 2018 Annual Report 
 AR 2018, p. 104

Vonovia SE Sustainability Report 2018
SUSTAINABILITY AT VONOVIA — Sustainability Management
14
Sustainability Management
The size of our property and service portfolio means Vonovia has an equally large respon-
sibility toward the environment and society. We strive to fulfil our responsibilities in the 
interests of our stakeholders and align our activities with this aim. We include sustainability 
issues and current societal developments in our decisions and planning for this purpose.
Our Understanding of Sustainability
Vonovia’s business model aims to maintain the value and 
foster the long-term development of the real estate 
portfolio as well as to keep our service promise to our 
customers. On this basis, we work to achieve the sustaina-
ble growth of our company with stable income over the 
long term.
Our business model is integrated into social and ecologi-
cal change processes. For our company, these include, in 
particular, demographic change, the ongoing trend for 
urbanization, migratory flows to Germany and regulatory 
and social changes brought about by climate change. 
As a result of our business model, we believe that eco-
nomic, ecological and social sustainability are closely 
interlinked and covered by regulatory frameworks. This is 
the framework within which Vonovia operates in order to 
generate added value for its core business in ecological 
and social areas too.
Our Sustainability Approach
Our sustainability approach takes into account the devel-
opments affecting our business. We also take into consid-
eration the impact of our business processes on society 
and the environment. The main focal point, however, is 
always on providing a comfortable home. After all, a home 
is a basic human need. Good living standards and sound 
neighborhoods are essential for making sure that custom-
ers feel content in their homes over the long term. We 
meet our customers’ needs by providing affordable, 
high-quality homes that are integrated in lively neighbor-
hoods. 102-44
Within this context, we also implement extensive meas-
ures to maintain and develop our portfolio. These efforts 
include, in particular, measures to improve the energy 
efficiency of our stock. This allows us to make a contribu-
tion to protecting our climate. At the same time, well-­
insulated apartments increase efficiency and simultane-
ously reduce ancillary costs for our customers. 
Com­pliance with the regulatory requirements of environ-
mental, energy and tenancy law is always a material 
component of our business processes.
A nice, stable environment is part of a good residential 
atmosphere. Therefore, together with other social actors, 
we become involved beyond our properties and set trends 
with cities, companies and city planners, with associa-
tions, initiatives and, last but not least, with our local 
customers for the sustainable development of entire 
neighborhoods.
 102-15, 102-19, 102-20, 102-44, 201-2

Vonovia SE Sustainability Report 2018
SUSTAINABILITY AT VONOVIA — Sustainability Management
15
Framework
Vonovia always focuses on valid laws and provisions in its 
sustainability activities. In addition, numerous national 
and supranational standards and agreements serve as a 
guide for the structure and design of our sustainability 
concept. This includes the 2015 Paris Agreement and the 
German government’s 2050 climate protection plan as 
well as upholding human rights and working standards, 
fulfilling our duty of care and adhering to safety provisions. 
Establishment in the Company
At the highest level, the Chief Executive Officer of Vonovia 
SE is responsible for the issue of sustainability at Vonovia. 
The Supervisory Board supports and monitors the issue in 
the Audit Committee. 102-20
The operational processing of sustainability-related issues 
is performed via the staff positions and line functions of 
Vonovia SE. Those responsible from the customer service, 
residential environment, product management, process 
management, HR, purchasing, accounting and communi-
cation departments, and the technical service ensure that 
the agreed measures are implemented in everyday busi-
ness and our objectives are achieved. 102-19
In order to ensure that sustainability issues can be tackled 
in a more structured, cross-departmental manner and to 
expand our dialogue with stakeholders, the function of a 
sustainability specialist was established in 2017. General 
topics such as sustainability reporting, corporate citizen-
ship, adjustments to relevant guidelines or the develop-
ment of interfaces with relevant company processes are 
handled there on a centralized basis.
One particular challenge facing the real estate industry 
involves making environmental key figures available for 
the housing stock. These are calculated based on the 
consumption of resources in rented areas which is, in turn 
calculated largely based on the statements prepared by 
the utilities companies. In order to place more emphasis 
on this complex issue within the company and to signifi-
cantly increase data quality, Vonovia launched a project on 
the collection and reporting of key environmental figures, 
under the auspices of the central controlling department 
at the end of 2018. 102-20
Responsible
Checks
Implements
Coordinates
SUPERVISORY BOARD
STAFF AND  
MANAGEMENT
SUSTAINABILITY  
OFFICER
MANAGEMENT BOARD
Sustainability organization

Vonovia SE Sustainability Report 2018
SUSTAINABILITY AT VONOVIA — Environmental Developments
16
Environmental Developments
 102-15, 201-2
Environmental developments 
­relevant to Vonovia’s business
How we prepare for them
Society
The demand for (affordable) housing is 
increasing.
By means of efficient property management, we are keeping costs low in order to maintain 
rents appropriate. At the same time, we build new homes where we can. 
Social tensions in society (and on the housing 
market) are on the rise.
In the future, we will be conducting less modernization work than in the past. Our mod-
ernization allocation will be restricted to €2 per square meter. We keep our modernization 
measures affordable and do our best to avoid causing hardship with efficient processes, the 
help of volume advantages and by looking for individual solutions. We ensure an attractive 
residential environment and support socially disadvantaged groups with active neighborhood 
management. We are increasing our dialogue with stakeholders, and have been including 
them right from the planning process stages.
The proportion of senior citizens is growing.
We are stepping up our senior-friendly extension and refurbishment activities and expand-
ing our portfolio to include residential communities supervised by nursing assistants, for 
instance.
More and more people are moving into metro-
politan areas. This is putting more pressure on 
large cities in particular.
By means of densification and vertical expansion, we are creating additional living space on 
our land and in our existing properties. Future-oriented mobility concepts allow us to reduce 
car parking spaces wherever possible and to create new spaces for alternative uses.
Regulation
Statutory requirements relating to housing and 
construction are rising, occasionally resulting 
in conflicting aims.
We are in dialogue with policymakers and participate in deliberations about the feasible 
simplification of statutory law. At the communal level, we are involved in constructive discus-
sions to find solutions that benefit all parties.
Environment and Climate
The real estate sector is responsible for a 
considerable amount of greenhouse gas emis-
sions. The ecological and economic costs are 
rising for the housing industry.
The German government is pursuing the ambitious target of establishing a virtually climate-­
neutral building stock by 2050. We are currently conducting energy-efficiency refurbish-
ments in approximately 5% of our portfolio and are researching further cost-effective and 
efficient processes for reducing CO2 emissions.  The efficiency of our processes enables us 
to keep the environmental costs and consequences of our operations as low as possible. For 
example, the centralized procurement of materials and route optimization has allowed us to 
reduce fuel consumption considerably.
The energy revolution is stagnating in an 
increasing degree, while fossil fuels are 
­becoming ever more scarce.
For the country to reach its climate targets, Germany needs a comprehensive energy and 
heating revolution. Vonovia is actively involved in helping to achieve these targets with 
the energy-efficiency measures conducted in our properties; for example, by fitting good 
­insulation and new windows. When installing new heating units, we use modern and 
resource-­conserving technologies. We are also investing in the expansion of decentralized 
renewable energy.
Digitization
Processes are increasingly being linked and 
automated.
We are monitoring digitization developments, examining their impact and benefits on our 
business model and, where necessary, adapting solutions for application at Vonovia. With 
interconnected processes we can improve interactions with our customers and the coordina-
tion of our employees.

Vonovia SE Sustainability Report 2018
SUSTAINABILITY AT VONOVIA — Material Topics
17
Material Topics
In order to meet our responsibilities toward the environment and society, we focus our 
sustainability efforts on topics that are material and relevant to Vonovia. We analyze and 
update these topics based on developments in the European real estate markets, society and 
politics. We also include topics that we can influence with our business model.  
Performing a Materiality Analysis
We identified and prioritized the topics that were material 
to our company and our business activities for the first 
time in preparing the 2015 sustainability report. A stake-
holder survey was conducted at the beginning of 2017 to 
validate and amend these topics. Please refer to the 2016 
Sustainability Report for a detailed description of the 
procedure.   SR 2016, p. 22 et seq. 102-48, 102-49
The evaluation of the topics was transferred to a materiali-
ty matrix, which showed that none of the topics were 
classified as irrelevant by the stakeholders. The topics 
raised by the stakeholders themselves were all topics that 
Vonovia already addresses. 102-46
We intend to perform another materiality analysis in 2020. 
The aim is to reflect the course taken until that point and 
give us the opportunity to include or reevaluate current 
developments and issues in our sustainability manage-
ment.
 102-46, 102-47, 102-48, 102-49, 103-1

23
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
 Vonovia SE Sustainability Report 2018
SUSTAINABILITY AT VONOVIA — Material Topics
18
Materiality Matrix
 102-47
Sustainable  
Management 
1	 Adjustments to Reflect Clima-
te Change
2	 Compliance and  
Anti-Corruption
3	 Long-Term Growth
4 	 Open Dialogue with Society
22	 Social and Labor Standards in 
the Supply Chain
23	 Environmental Standards  
in the Supply Chain
Society and  
Customers
5	 Portfolio Maintenance
6	 Affordable Rents
7	 Tenant Health and Safety
8	 Neighborhood Development
9	 Creation of Homes
10	 Service Quality and  
Customer Satisfaction
11	 Corporate Citizenship
Environment 
 
12	 Impact of Transportation/
Logistics
13	 Company Environmental 
Protection
14	 Energy Efficiency and Redu-
cing Greenhouse Gas Emissi-
ons in the Portfolio
15	 Environmental Protection in 
the Portfolio
16	 Environmental Protection in 
Connection with ­Renovation 
and New Construction  
Measures
Employees
17	 Initial and Further Training
18	 Occupational Health and  
Safety
19	 Co-Determination
20	 Diversity and Equal  
Opportunities
21	 Work-Life Balance
Low  
relevance
High  
relevance
High  
relevance
Very high  
relevance
Very high  
relevance
Relevant
Relevant
Relevance from the perspective  
of external stakeholders
Relevance from the perspective of the company

Vonovia SE Sustainability Report 2018
SUSTAINABILITY AT VONOVIA — Material Topics
19
Material Topics per Focus Areas
 102-47, 103-1
Material for
Material topic
Vonovia/
business 
processes
Custo-
mers/
society
Supply 
chain
GRI topics
Page reference
Sustainable corporate 
governance
 
 
 
 
 
Long-term growth
x
 
 
Economic performance
22-27
Open dialogue with 
society
 
x
 
Public policy // Stakeholder engagement 
28-30, 41
Compliance and anti- 
corruption
x
 
x
Anti-corruption // Human rights // Anti-competi-
tive behavior // Environmental compliance // Socio­
economic compliance // Marketing and labeling
32-36, 65-67
Adjustments to reflect 
climate change
x
x
 
Economic performance
22-27
Environmental  
standards in the supply 
chain
 
 
x
Procurement practices // Supplier environmental 
assessment
65-67 
Social and labor 
standards in the supply 
chain
 
 
x
Procurement practices // Supplier social assessment 
// Human rights
32-36, 65-67 
Society and customers
 
 
 
 
 
Portfolio maintenance
x
x
x 
Material topic – not covered by GRI
43-45
Tenant health and 
safety
 
x
 
Customer health and safety
33-36, 43-45
Creation of homes
 
x
 
Local communities
47-49, 51-53
Service quality and 
customer satisfaction
 
x
 
Stakeholder engagement 
28-29, 41
Neighborhood develop-
ment
x
x
 
Indirect economic impact // Local communities
26-29, 41-42, 47-49, 
51-53, 64
Affordable rents
x
x
 
Indirect economic impact
26-29, 41-42, 47-49, 64
Corporate citizenship
 
x
 
Indirect economic impact
26-29, 41-42, 47-49, 64

Vonovia SE Sustainability Report 2018
SUSTAINABILITY AT VONOVIA — Material Topics
20
Material for
Material topic
Vonovia/
business 
processes
Custo-
mers/
society
Supply 
chain
GRI topics
Page reference
Environment
 
 
 
 
 
Energy efficiency and 
reducing greenhouse 
gas emissions in the 
portfolio
x
x
 
Energy // Emissions
59-62, 68-71
Environmental protecti-
on in the portfolio
x
x
 
Biodiversity // Water // Effluents and waste
59-62, 63-64 
Environmental protec-
tion in connection with 
renovation and new 
construction measures
x
 
 
Water // Effluents and waste
59-62, 65-67
Company environmen-
tal protection
x
 
 
Energy // Emissions // Water // Effluents and 
waste
59-62, 68-71
Impact of transportati-
on/logistics
x
 
 
Energy // Emissions
59-62, 68-71
Employees
 
 
 
 
 
Training and education
x
 
 
Training and education
76-79
Work–life balance
x
 
 
Employment // Occupational health and safety
73-75, 80-85
Diversity and equal 
opportunities
x
 
 
Diversity and equal opportunity // Anti-discriminati-
on/equal treatment
33-36, 86-87
Health management/
occupational health and 
safety
x
 
 
Occupational health and safety
80-83
Co-determination
x
 
 
Labor/management relations // Freedom of asso­
ciation and collective bargaining
73-75

22	 Our Approach Regarding Sustainable Corporate Governance
24	 Long-term Growth
28	 Open Dialogue with Society
32	 Corporate Governance and Compliance/Anti-corruption
SUSTAINABLE  
CORPORATE GOVERNANCE
SUSTAINABLE CORPORATE GOVERNANCE — Content
21
As a residential real estate company, Vonovia plays a ­ 
central role in society. Our activities are never solely 
about ­economic issues, they also have social aspects – this 
is ­because housing is a special, sensitive and long-term 
­product. The life cycle of buildings stretches over a ­number 
of ­decades, and the direction that Vonovia takes is also 
­characterized by the long-term development of the portfolio. 
Our relationships with our customers – and their relation-
ships with our offering – are therefore a vital element in the 
­strategic orientation of our ­company.
In this context, trust, transparency and reliability are 
­decisive criteria for the company’s success. This means it 
is absolutely necessary to stick to the rules – from laws and 
directives to social norms and agreements. Good ­corporate 
governance also plays a part in this, as does open and 
­transparent dialogue with our stakeholder groups. We will 
only be in a position to meet our customers’ needs and wants 
with our apartments if our tenants feel they can rely on us. 
­Sustainability is therefore a material aspect of our basic 
­sense of identity as a company.

Vonovia SE Sustainability Report 2018
SUSTAINABLE CORPORATE GOVERNANCE — Our Approach Regarding Sustainable Corporate Governance 
22
Management Approach  103-1
We continually develop our building stock and keep stock 
in the portfolio over the long term because long-term, 
stable growth forms the basis of Vonovia’s business 
model. This is legitimized by our conduct and the presence 
of our employees – and is also reflected in customer 
demand and their flexibility within the applicable frame-
work conditions. Transparent corporate governance, which 
includes taking responsibilities for people and the environ-
ment seriously, is indispensable. After all, residential real 
estate companies cannot easily move their “products” and 
employees. Residential real estate companies thrive 
through long-term customer relationships and the devel-
opment of their physical portfolios (see chapter Long-
term Growth 
 p. 24 et seq.).
As a residential real estate company that is aware of its 
relevance to society, we maintain close contact with 
various stakeholder groups from the worlds of politics, 
business, society and the scientific community. We take 
their views, concerns and ideas on board and include them 
in our work. This raises appreciation of our business 
operations markedly (see chapter Open Dialogue With 
Society 
 p. 28 et seq.).
Vonovia is a trustworthy and reliable partner. This is how 
we want to be seen by our customers, shareholders, 
business partners, employees, society and the wider 
public. Adhering to laws and directives is just as important 
as pursuing the good and sustainable guidelines laid out in 
our corporate code (see chapter Corporate Governance 
and Compliance/Anti-corruption 
 p. 32 et seq.).
In terms of sustainable corporate governance, we have 
identified the following material topics and integrated 
them into our materiality matrix:
> Long-term growth
> Open dialogue with society
> Corporate governance and compliance/anti-corruption
In the following chapter, we will cover these topics in 
detail and explain their relevance for Vonovia. The relevant 
challenges, opportunities and risks, and the objectives, 
measures and indicators are outlined for each topic. 
Challenges, Opportunities and Risks  103-1
There is a strong public focus on the housing industry 
and – due to the current high demand for homes – it is 
currently an area of business that has a high emotional 
value attached to it. Vonovia’s business model is influ-
enced by current social and property management devel-
opments, which pose challenges for acquiring residential 
properties and their management. This is also shown by 
the partially controversial nature of the public discussions 
surrounding housing. It once more clearly shows that our 
long-term success is particularly dependent on the 
satisfaction of our tenants.
Moving our business is impossible due to the fixed nature 
of residential property. This means we can only react to 
unforeseeable developments with a limited amount of 
flexibility. 
The internationalization of our activities and the strong 
growth of our companies bring their own challenges, such 
as the integration of different cultures, languages, data 
systems and processes. Language barriers pose particular 
problems in the area of compliance and in the communi-
cation of guidelines and rules that must be communicated 
in a way that prevents any misunderstanding even in 
another language.  
Our Approach Regarding 
Sustainable Corporate 
Governance 
 103-1, 103-2, 103-3

Vonovia SE Sustainability Report 2018
SUSTAINABLE CORPORATE GOVERNANCE — Our Approach Regarding Sustainable Corporate Governance 
23
The increase in our (new) construction activities also 
brings about challenges for our company – for instance, in 
the form of numerous regulations that apply to construc-
tion.
All of our activities carry the risk of losing the trust of our 
customers and the public. This is a loss that can only be 
remedied with great effort. Nevertheless, our activities 
also provide us with the opportunity to build up trust with 
our services and our reliability and to remain a good 
corporate citizen.
Details regarding the risks related to business can be 
found in the risk report in our 2018 annual report. 
 AR 2018, p. 131 et seq.
Objectives, Measures and Indicators  
103-2, 103-3
Vonovia is obliged to carry out sustainable ongoing 
maintenance in the portfolio and to provide modern, 
affordable homes that meet society’s needs. We aim to 
keep buildings in our portfolio long term and to develop 
them sustainably. In addition to providing homes, we offer 
housing-related services that generate added value for our 
customers.
In order to achieve our goals, we must establish trust: The 
trust of our customers, partners, service providers, em-
ployees and investors in Vonovia as a company and in our 
services. We must show that we are a reliable partner and 
employer that takes their concerns and needs seriously 
and understands them, and we must reflect this in our 
conduct. Only then can we build up the long-term and 
trusting relationships that we would like to have. 
Vonovia’s corporate governance is aimed at generating 
long-term growth and we include not only economic but 
also ecological and social aspects in our corporate deci-
sions. It is based on good corporate governance, which we 
strengthen through our consistent adherence to applicable 
laws and regulations as part of our compliance manage-
ment processes, as well as through voluntary obligations 
that often exceed international standards. Corporate 
governance at Vonovia involves good and open coopera-
tion between the Supervisory Board and the Management 
Board and the deployment of effective control bodies.
As part of the internationalization of our business and in 
collaboration with our subsidiaries Victoria Park and 
BUWOG, we are currently adjusting the existing com­
pliance rules to the new circumstances. This ensures 
compliance throughout the Group. Our Code of Conduct 
serves as an ethical and legal guideline for our conduct. It 
is closely related to our internal mission statement, which 
provides orientation for our everyday activities. We manage 
the cooperation with external partners and service pro­
viders in our supply chain through our Business Partner 
Code, our general terms and conditions of purchasing, and 
individual agreements.
We maintain close and ongoing contact with our stake-
holder groups. This allows us to identify trends, develop-
ments, changes and, most importantly, their expectations, 
early on and integrate them into our business processes. 
This dialogue also helps us to create transparency with 
regard to our activities and to establish and strengthen 
stakeholders’ – and the public’s – trust in our company. 
Outlook for 2019
We plan to review our risk reporting to include sustaina-
bility aspects in 2019, e.g., the financial consequences of 
climate change.
We are also aiming to gradually introduce the guiding 
principles for human rights laid out in the federal govern-
ment’s national action plan, and to publish a correspond-
ing declaration. This gives the issue of human rights even 
more weight within the company. We will also expand 
dialogue with our stakeholders on this topic as a result. 
We will expand our control processes in 2019 in order to 
ensure adherence to our Business Partner Code. We will, 
for instance, roll out a supplier management platform 
throughout the Group and derive early warning indicators 
to flag suspicious developments at supplier sites. We will 
also continue to take measures to increase sustainability 
in procurement, for example, as regards the construction 
materials we purchase.

Vonovia SE Sustainability Report 2018
SUSTAINABLE CORPORATE GOVERNANCE — Long-term Growth
24
Long-term Growth
Management Approach  103-1
A home is a fundamental human need. It provides security 
and shelter and is an expression of a person’s lifestyle. 
Housing has become a scarce resource for many people in 
Germany in recent years, however. Particularly in metro­
polises and conurbations, the pressure on the housing 
markets has increased dramatically.
Vonovia aims to contribute toward a long-term solution to 
the housing problem in metropolitan areas by providing 
modern and affordable homes. Developing our real estate 
portfolio through acquisitions and sales as well as densifi-
cation and vertical expansion are important elements of 
our strategy. 
Vonovia’s business model is built on two pillars: renting 
out affordable homes and providing housing-related 
services at fair prices. These pillars are boosted by our 
construction and acquisition activities and the efficient 
management of the portfolio. This allows us to ensure that 
rents remain affordable and ancillary costs remain low in 
the long term. 203-1
Corporate Strategy
We have pursued a corporate strategy based on the 4+2 
pillars since 2013. The sixth pillar, our internationalization 
strategy, was added in 2017.  
1. Property management: Improving key operating figures 
through efficient property management and digitization, 
improving quality and efficiency in our customer ­services; 
efficiently managing maintenance and moderni­zation 
measures.
2. Financing: Securing sufficient, optimized liquidity, a 
balanced structure and maturity of debt, and the optimi-
zation of financing costs with an internationally compet-
itive financing structure and safeguarding ratings.
Traditional
2 Financing 
Strategy
3 Portfolio  
Management  
Strategy
4 Value-add 
Strategy
1 Property- 
Management- 
Strategy
5 Acquisition 
Strategy
6 European  
Internatio- 
nalization  
Strategy
The 4+2 Pillars of our Strategy
Innovative
3. Portfolio management: Renting out properties in a 
manner that increases value by optimizing existing 
properties and investing in maintenance and moderni-
zation; improving energy efficiency in the portfolio; 
expanding the development business and the estab-
lished new construction and vertical expansion activi-
ties; pooling capacities by focusing on strategic regions. 
4. Value-add: Adding customer-oriented services with a 
close relationship to rental business (e. g., technical 
services, managing the residential environment, 
­property management, multimedia services, metering 
­services, decentralized energy supply, caretaker 
­services, managing outdoor and green spaces) to the 
core business.
5. Acquisition: Boosting the effectiveness of the core 
strategies through continual checks and including 
suitable portfolios in the list of existing properties.
6. Internationalization: Transferring knowledge and 
analyzing potential target markets in Europe.
 102-15, 103-1, 103-2, 103-3, 201-2, 203-1

Vonovia SE Sustainability Report 2018
SUSTAINABLE CORPORATE GOVERNANCE — Long-term Growth
25
Our annual report contains a detailed description of our 
4+2 corporate strategy (see chapter Strategy   AR 2018, 
p. 66 et seq.).
Corporate Governance
Vonovia’s corporate governance is based on our corporate 
strategy and is aligned with our sustainable business 
activities. In the 2018 fiscal year, we expanded our busi-
ness activities outside of Germany with the acquisition of 
BUWOG AG and Victoria Park AB. The acquisition of 
BUWOG also added development activities to the scope 
of our business. We adjusted our management system in 
the fourth quarter of 2018 and added the Development 
segment in the course of this business expansion. The 
segment formerly known as the Sales segment was 
renamed Recurring Sales, and the sale of buildings and 
properties is now shown as a separate business activity. 
We thus have four segments now: Rental, Value-add, 
Recurring Sales and Development.
> Rental: This segment covers all business activities 
related to the management of our portfolio in a way that 
increases value.
> Value-add (formerly “Value-add Business”): This 
segment pools all housing-related services performed 
by the craftsmen’s and residential environment organi-
zation, the condominium administration business, the 
cable TV business, metering services, energy supplies 
and our insurance services.
> Recurring Sales (formerly part of the “Sales” segment): 
This segment covers all regular sales of individual 
condominiums and single family homes.
> Development: This segment covers project development 
in new residential buildings
We align our business activities effectively with the aim of 
sustainably increasing company value using an integrated 
planning and control system based on central perfor-
mance indicators.
You can find out more about our corporate governance in 
our annual report.   AR 2018, p. 94 et seq.
Challenges, Opportunities and Risks  103-1, 
102-15
2018 was another year of growth for the German economy. 
This growth did slow toward the end of the year, however, 
and thus did not quite meet expectations. Home prices 
continued to rise during the year, but the increase in rent 
was somewhat more restrained than in the previous year. 
Despite the constant rise in demand for homes in metro-
politan areas, the housing market is not strained every-
where – rural regions in particular are experiencing a 
decline in population. Nevertheless, demand for homes 
will continue to outstrip supply in future, which will keep 
rents at a high level and see them increase. These eco-
nomic and social developments have a decisive impact on 
our business and our success – and bring about both risks 
and opportunities for Vonovia.
One example of an opportunity these developments 
present for Vonovia is that households in Germany are 
becoming smaller in general, while one and two-person 
households are on the increase. In light of this, demand 
and market opportunities for small and medium-sized 
apartments, which represent Vonovia’s core product, 
should rise in future, improving rental yields further. 
The current social trends and our 4+2 strategy (see 
chapter Corporate Strategy 
 p. 25 et seq.) also present us 
with the opportunity to grow throughout Europe with 
targeted acquisitions and by tapping into new business 
areas. This in turn gives us the opportunity to increase the 
share of services provided by our technical service.
Risk Management  102-15
Vonovia has a comprehensive risk management system in 
place that enables it to identify, measure and manage 
opportunities and risks relevant to the company. This:
> reduces potential threats,
> secures the future viability of the company,
> promotes strategic development, and
> supports sustainable conduct.
For transparency purposes, we explain Vonovia’s risk 
situation in detail in our annual reporting and publish a 
qualified list of the “Top 10 Risks” on behalf of the Man-
agement Board (see chapter Risk Report   AR 2018, p. 131 
et seq.).

Vonovia SE Sustainability Report 2018
SUSTAINABLE CORPORATE GOVERNANCE — Long-term Growth
26
The Management Board bears full responsibility for risk 
management. A risk manager, who reports to the Chief 
Financial Officer (CFO), coordinates the risk management 
process and creates a ranking of the company’s material 
risks twice a year as part of a risk analysis. He is support-
ed by risk owners – managers at the level directly below 
the Management Board. The management is based on an 
integrated, five-pillar management approach:
Five Pillars of Risk Management at Vonovia
Management Board
(Strategy, Requirements/Goals, Control Environment, Monitoring)
1 Performance
2 Compliance
3 Risk  
Management
4 Internal Control 
System
5 Internal Audit
Controlling
> Budget
> Forecast
> Results
Compliance  
Officer
> Guidelines, 
­regulations
> Contracts
> Capital market 
compliance
> Data protection
Controlling
> Risk management 
process
> Risk reporting
IT
> Process  
documentation
Accounting
> Accounting- 
based ICS
Internal Audit
> Process-oriented 
audits
> Risk-oriented 
audits
 
 
 
 
 
Operational Areas
> Performance 
­management
> Technical 
­integrity
Operational Areas
> ­Ensuring 
­compliance
Operational Areas
> Risk identification 
and evaluation
> Risk control
Operational Areas
> Documentation of 
core processes
> Control activities
> Control Self 
Assessement
Operational Areas
> Process 
­improvements
In order to safeguard stability and long-term growth, 
Vonovia responds to individual risks with a comprehensive 
package of measures. 
Vonovia monitors and evaluates any risks that may be 
caused by climate change. Our properties are not located 
in areas that are exposed to particular risks arising from 
the potential impact of climate change. We therefore 
believe there are currently no direct risks worth mention-
ing that could result from extreme weather conditions due 
to climate change such as strong rains and flooding. 
Vonovia nevertheless performs regular proactive checks to 
ensure building safety, taking into consideration all build-
ing regulations, and safeguards against any possible 
damage with extensive building insurance cover. 201-2
You can find detailed information on this in our annual 
report (see chapter Opportunities and Risks   AR 2018, 
p. 131 et seq.).
Objectives, Measures and Indicators  103-2, 103-3
Our objective is to provide our customers with modern, 
comfortable and affordable homes and housing-related 
services. Vonovia creates attractive homes in numerous 
German cities and takes care of the building stock by 
investing in new construction, building and apartment 
optimization and holistic neighborhood development. We 
aim to provide important services ourselves rather than 
being dependent on external service providers. We are 
therefore focusing on our services in the following three 
areas.
> Vonovia technical service (VTS): The majority of 
construction work in our portfolio is performed by the 
VTS, which enables us to guarantee secure supply and a 
high level of service speed.

Vonovia SE Sustainability Report 2018
SUSTAINABLE CORPORATE GOVERNANCE — Long-term Growth
27
> Residential environment organization: The residential 
environment organization performs gardening and 
landscaping work in the portfolio, such as creating new 
green spaces and playgrounds or creating communica-
tive neighborhood centers outside of the buildings. 
> Caretaker organization: The caretakers from our care-
taker organization support our tenants on site and 
respond to customer inquiries and requests that cannot 
be handled on the phone by the central customer service 
center.
Customer satisfaction is a non-financial performance 
indicator that is especially important to Vonovia since our 
economic success is directly linked to our tenants’ satis-
faction levels. Our central customer service center assists 
Vonovia tenants with issues such as queries relating to 
lease agreements and consumption bills and ancillary 
expense bills. 
We expanded our range of housing-related services once 
more in 2018 and began looking into more services that we 
can offer our customers. These incude:
> launching Vonovia Energie Service GmbH (VESG), 
which allows us to offer our customers electricity and 
gas at favorable conditions,
> providing remote meter readings using smart-metering 
devices in 130,000 apartments,
> continuing to pilot car sharing offers and expanding 
charging infrastructure,
> harnessing further potential in decentralized energy 
generation and generating heat for potable water and 
heating systems using cogeneration units (CHP units), 
and 
> expanding senior-friendly apartment conversions and 
renovating bathrooms in response to tenant requests.
You can find out more about additional measures we have 
put in place to grow sustainably in the annual report (see 
chapter Our Service Promise   AR 2018, p. 88 et seq.; 
chapter Report on Economic Position   AR 2018, ­p. 98  
et seq.).

Vonovia SE Sustainability Report 2018
SUSTAINABLE CORPORATE GOVERNANCE — Open Dialogue With Society
28
Open Dialogue With Society
Management Approach 103-1
Vonovia belongs to a network of various social players 
who have an influence on the company on a micro and 
macro level. We actively consider their views and con-
cerns when deciding the direction our company takes and 
how our neighborhoods are developed. We value ongoing 
communication on an equal footing to find common 
solutions for a positive community spirit in the properties 
that make up our portfolios. We hear and evaluate the 
opinions of all stakeholders in our work. We then bundle a 
variety of views and include these results in our strategic 
decision-making process. Vonovia has a bridge-building 
role within the neighborhood. We therefore consider 
dialogue with stakeholders to be an opportunity for 
participation and a way to improve our reputation and 
increase acceptance for our actions. 
Our main stakeholders include tenants, employees, 
shareholders, investors and analysts as well as policy­
makers at the municipal, state and federal levels in 
­Germany, Austria and Sweden. Additional interest groups 
are tenants’ associations, suppliers and service providers, 
the media and non-governmental organizations (NGOs).  
102-40
Tenants: Direct contact with our tenants is the most 
important dialogue for us. They expect straightforward, 
service-oriented and rapid responses to their queries. A 
good level of availability, fast reaction times and, as far as 
possible, presence on site to personally hear and deal with 
our tenants’ queries, worries and wants is decisive. We 
achieve this with the help of our caretakers at the portfolio 
properties, our rental offices, which serve as local points 
of contact, tenant assemblies and parties. Our customer 
portal and customer service hotline mean that we can be 
contacted around the clock. We also provide tenants with 
information on various subjects in our quarterly customer 
magazine and via our online communication channels (see 
chapter Society and Customers 
 p. 37 et seq.   AR 2018, 
p. 75 et seq.). 102-43, 102-44
Employees: Our employees want an attractive job with an 
interesting remit, professional and personal development, 
and a reliable, fair working environment. Thanks to our 
diversified business approach, employees find numerous 
opportunities for professional and personal development 
in an industry offering future security. We offer training in 
14 commercial and technical trade professions, impart 
knowledge via our academy, cooperate with EBZ Business 
School in Bochum, a university geared to the real estate 
industry, and conduct HR development activities custom-
ized to personal needs (see chapter Employees   
 p. 72 et seq.   AR 2018, p. 80 et seq.). 102-43, 102-44
Shareholders, Investors and Analysts: Transparency about 
our business model and its successful implementation is a 
key issue for this stakeholder group. We mainly use 
face-to-face meetings, conference calls, presentations and 
road shows to maintain regular dialogue with shareholders, 
investors and analysts (see chapter Strategy ­ 
 AR 2018, p. 66). 102-43, 102-44
Public Policy: Public policy has made housing the number 
one issue of our time. This has created an expectation that 
requires us to be involved in discussions relating to 
neighborhood and city development in order to find 
solutions for the rising demand for homes, for example, 
but also to social issues such as demographic and climate 
change. We have regular and extensive contact with 
political and association representatives, conduct 
cross-party discussions with representatives, participate 
as an opinion leader in forums and events on real estate 
matters, and also initiate projects of social relevance. In 
our dialogue with policymakers, we refer to the effects of 
proposed legislation for our industry. Vonovia remains 
neutral in political matters, makes no political donations, 
and refuses to participate in parties or party-related 
networks or foundations. 102-43, 102-44, 415-1
 102-13, 102-40, 102-42, 102-43, 102-44, 103-1, 103-2, 103-3, 203-2, 415-1

Vonovia SE Sustainability Report 2018
SUSTAINABLE CORPORATE GOVERNANCE — Open Dialogue With Society
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Tenants’ Associations and Initiatives: Dealing with tenant 
matters fairly and reliably, and identifying solutions 
quickly and in a constructive way, is particularly important 
when conflicts arise. We maintain close contact with local 
tenants’ associations, organize tenant assemblies and are 
also available at short notice for representatives of inter-
ested parties. In order to avoid escalations, we thoroughly 
review the legitimacy of criticism directed at us if possible. 
In case of legitimate criticism, we attempt to eliminate the 
deficiencies quickly. 102-43, 102-44
Suppliers and Service Providers: Our collaboration with 
partners is based on a cooperative business relationship 
that takes the interests of both parties into account. We 
and our partners from all trades are bound together by the 
common interest to deliver very good services to Vonovia 
and our tenants. Our Business Partner Code and Code of 
Conduct ensure that we are on the same page in terms of 
the key cornerstones of our collaboration (See chapter 
Compliance Management and Anti-corruption  
 p. 32 et seq.­). 102-44
Media/Public Relations: Journalists expect us to be willing 
to provide information and have an open communication 
policy, even and especially in dealing with difficult ques-
tions. We conduct comprehensive public relations and 
strive to provide information quickly. In order to prioritize 
our communication properly, we ensure we are always 
up-to-date on issues that influence our environment. We 
conduct regular press conferences and discussions and 
are available for interviews. We endeavor to provide 
journalists with information as soon as possible in the 
event of a crisis or disruptions. 102-43, 102-44
NGOs and the Corporate Environment: As a corporate 
citizen, Vonovia is directly involved in the lives of the 
communities. Vonovia makes both economic and opera-
tional contributions to social topics, fulfilling society’s 
desire for the company to take its responsibilities serious-
ly. We cooperate with numerous organizations such as 
welfare associations and church institutions. We partici-
pate in school projects, maintain playgrounds and support 
clubs, social and cultural institutions and disadvantaged 
individuals through our foundations. In addition, we 
involve public organizations in the development of new 
services (see chapter Neighborhood Development  
 p. 50 et seq.). 102-43, 102-44, 203-2
Establishment in the Organization 103-2
Dialogue with our stakeholders primarily takes place 
during day-to-day business and is dependent on existing 
networks. This means it is well established on several 
levels and in several areas of the business, for example, 
with the Management Board, regional managing directors 
and regional managers. Corporate communications, which 
ensure uniform internal and external communications, 
play a pivotal role. This also includes the public affairs 
department, which ensures two-way communication with 
political representatives.   
Challenges, Opportunities and Risks  103-1
The size and presence of Vonovia in Germany (and in 
Austria) give rise to opportunities and risks that have an 
impact on stakeholder dialogue. Issues such as faulty 
heating systems, incorrect invoicing of ancillary costs and 
rent increases due to modernization allocations can 
impact tenants’, and the wider public’s, perception of 
Vonovia. In turn, the company’s reputation can impact 
operations in local markets.
When developing existing neighborhoods and construct-
ing new buildings, taking the needs, wants and concerns 
of the tenants and residents into account is indispensable 
to the success of the project. Dialogue is the most impor-
tant tool for recognizing critical topics early on, dispelling 
negative impressions and finding common solutions. We 
also take care to take diverging stakeholder interests and 
expectations into consideration. Our communication style 
is open and we seek out direct contact in order to discuss 
issues such as affordable homes and new construction 
and modernization measures. We consider dialogue with 
our stakeholders to be a natural part of tenant participa-
tion. It boosts acceptance of our plans and our reputation.
Landlord-to-tenant electricity and car sharing are inno­
vative products. An open communication style helps 
­Vonovia to be seen as more than just a landlord, and 
provides the company with an opportunity to position 
itself as a driver of social development. 102-42, 103-1

Vonovia SE Sustainability Report 2018
SUSTAINABLE CORPORATE GOVERNANCE — Open Dialogue With Society
30
Objectives, Measures and Indicators 
103-2, 103-3
Vonovia provides homes for more than one million people. 
Early communication is particularly important in cities 
where we have a large portfolio of properties. Including 
stakeholders early on is especially relevant when it comes 
to larger projects, such as comprehensive modernization 
work. Direct communication with our customers is anoth-
er of our most important tasks. By engaging in dialogue 
with tenants’ associations, citizen forums, tenant discus-
sions and assemblies, we include the residents of our 
neighborhoods in our planning and measures. Vonovia’s 
aim is to maintain continuous and intensive dialogue with 
its stakeholder groups. Vonovia thus promotes and 
expects transparency beyond the individual corporate 
departments.
Amid the current discussions in society and the world of 
politics, we consider our commitments in the field of 
public affairs to be particularly important. Our approach 
involves establishing contacts and channels of communi-
cation. We are open for discussion with members of local 
political organizations (e.g., committee members, district 
mayors) and state and government representatives. In the 
future, we intend to increase our local representatives’ 
qualifications to enable them to actively drive forward 
dialogue with political stakeholders. In the world of 
politics, Vonovia is involved in everyday discussions, 
attends events organized by political parties and groups 
and regularly communicates with the CDU’s economic 
council, the SPD’s economic forum, the Green Party’s 
economic dialogue group and the FDP’s economic forum. 
We do not aim to influence any specific planned legisla-
tion, but rather view ourselves as a player with practical 
experience, able to contribute our assessments of the 
potential consequences of (statutory) regulations to the 
discussions. Through our involvement, we also aim to 
recognize any changes to the legal framework early on in 
order to be able to plan and implement relevant measures 
within our company.
We are also active in a number of residential and property 
management associations, contributing to the strengthen-
ing of the property management sector in Germany. We 
are also involved with several initiatives aimed at protect-
ing the climate.
Selected Memberships of Industry
Associations and Initiatives  102-13
> AGV Arbeitgeberverband der Deutschen  
Immobilienwirtschaft e. V.
> AGW Arbeitsgemeinschaft Großer Wohnungs­
unternehmen
> Bundesverband Freier Immobilien- und Wohnungs­
unternehmen e. V.
> DDIV Dachverband Deutscher Immobilienverwalter 
e. V.
> DENEFF – Deutsche Unternehmensinitiative 
Energie­effizienz
> Deutscher Verband für Wohnungswesen,  
Städtebau und Raumordnung e. V.
> DIRK Deutscher Investor Relations Verband e. V.
> EPRA European Public Real Estate Association
> GdW Bundesverband deutscher Wohnungs- und 
Immobilienunternehmen e. V.
> Initiativkreis Ruhrgebiet
> Institut für Corporate Governance in der deutschen 
Immobilienwirtschaft e. V.
> InWIS Forschung und Beratung – Förderverein e. V.
> KlimaDiskurs.NRW e. V.
> Open District Hub e. V.
> Verein der Freunde und Förderer der EBZ School e. V.
> vhw – Bundesverband für Wohnen und Stadt­
entwicklung e. V.
> ZIA (Zentraler Immobilienausschuss) e. V.
We maintain ongoing and effective dialogue with our 
investors and shareholders. We again made use of various 
channels to accomplish this in the 2018 reporting year, for 
example:
> Attending 18 investors’ conference days,
> organizing 27 roadshows for the most important Euro­
pean, Asian and North American financial markets,
> attending numerous investor forums,
> numerous one-on-one discussions and conference calls 
with investors and analysts,
> various portfolio viewings for interested investors,
> organization of a Capital Markets Day (June 2018), at 
which Vonovia showed external participants under the 
motto “Unlocking Potential” the potential that can arise 
for the business from the topics of energy, neighbour-
hood development and project development.

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31
In addition, the new Chairman of the Supervisory Board, 
Jürgen Fitschen, organized a corporate governance road-
show with 14 of our largest investors in fall 2018. The 
response to the transparent information on how corporate 
governance is put into practice at Vonovia was very 
positive, and we intend to continue to organize these 
events at regular intervals. We also participate in a whole 
range of sustainability benchmarks and ratings, for 
­example, the EPRA Best Practices Recommendations on 
­Sustainability Reporting (sBPR), for which we received a 
Gold Award in 2018 for our sustainability reporting in 2017. 
Participation in the CDP or the sector-specific GRESB 
rating also highlights our efforts to make our sustainability 
performance transparent.

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 102-12 , 102-16, 102-18, 102-19, 102-22, 103-1, 103-2, 103-3, 205-2, 205-3, 206-1, 308-2, 405-1, 414-1, 414-2, 419-1
Corporate Governance, 
Compliance and Anti-corruption
Management Approach 103-1
Corporate Governance
Corporate governance refers to the responsible manage-
ment and monitoring of our company. The principles of 
corporate governance and the principles of the corporate 
governance institute in the German residential property 
sector, which the Management Board and Supervisory 
Board of Vonovia are committed to in their entirety, guide 
our conduct in the everyday management and operation of 
our company. Consistent adherence to these principles 
allows us to create the foundation for successful corporate 
governance and meet our responsibilities toward our 
stakeholders. This boosts our credibility and strengthens 
the trust our shareholders, business partners, employees, 
customers and the general public have in Vonovia and 
sustainably increases the value of our company. 102-12
You can find out more about corporate governance at 
Vonovia in our annual report (see chapter Corporate 
Governance Report   AR 2018, p. 44 et seq. and chapter 
Non-financial Declaration   AR 2018, p. 70 et seq.). 
Compliance and Anti-corruption
Taking all applicable regulations and laws into account is 
an indispensable prerequisite for Vonovia to be able to act 
and be recognized as a reliable and trustworthy partner. 
By monitoring our compliance rules, we protect the 
integrity of employees, customers and business partners, 
and shield our company from negative influences. Good 
compliance management is therefore not just an impor-
tant factor in sustainable development and value creation 
within the company, but also provides our customers with 
more security and reliability in their everyday home life. 
Overheated residential property markets are a breeding 
ground for misconduct due to the scarcity in supply and 
the fear of losing one’s home. Vonovia is aware of this and 
thus places even more value on employees observing the 
applicable tenancy laws and regulations without excep-
tion. We also have the same requirements of our suppliers 
and service providers, as they play a central part in helping 
us to achieve our objectives. That is why we always aim 
for long-term partnerships with our suppliers.
Establishment in the Organization 103-2
Compliance management at Vonovia is the responsibility 
of the legal department, which monitors adherence to 
rules as part of our central compliance management 
system pursuant to IDW Standard PS 980 (see chapter 
Compliance Management   AR 2018, p. 132 et seq.).
Committee work at Vonovia will be coordinated by a 
newly established Management Board and Supervisory 
Board office, which will also organize information flow and 
cooperation between the Management Board and the 
Supervisory Board.
Adherence to labor and social standards in the supply 
chain is managed by the procurement department through 
supplier selection and management.
Challenges, Opportunities and Risks 103-1
Corporate Governance
In light of both social and legal changes, Vonovia has 
established new business areas in recent years. Digitiza-
tion is becoming an increasingly important aspect of our 
processes and offers, for instance. In the composition of 
the Supervisory Board this presents a challenge, but also 
an opportunity, to increase its expertise in areas that will 
be important in the future by bringing new members on 
board, thereby broadening Vonovia’s range. 
Vonovia is currently preparing for the upcoming changes 
to German stock corporation law resulting from the 
implementation of the second shareholders’ rights direc-
tive (ARUG II), and the associated revision of the German 
Corporate Governance Code (GCGC). As significant 
changes in remuneration policy and the associated

Vonovia SE Sustainability Report 2018
SUSTAINABLE CORPORATE GOVERNANCE — Corporate Governance, Compliance and Anti-corruption
33
reporting including presentation to the shareholders is 
expected (known as “say on pay”), it is currently vital that 
Vonovia follows these developments closely. 102-12
Compliance and Anti-corruption
With the increase in construction activity, a supplementa-
ry field of activity has opened up for Vonovia in which we 
will face new challenges, opportunities and risks. Procur-
ing subcontractor services that are performed outside of 
our processes is a particular challenge. The risks primarily 
relate to compliance with labor and social standards by 
construction companies and their subcontractors. We can 
reduce the majority of these risks in advance by fulfilling 
many of the technical construction work steps with our 
own technical service. This lessens Vonovia’s dependency 
on external construction companies and can even exclude 
them if they do not comply with sustainability criteria. We 
can also better ensure our high quality standards by 
performing the majority of services ourselves across the 
Group.
We minimize risks by adhering to our general terms and 
conditions of purchasing and the Business Partner Code, 
and we also take additional measures, such as establish-
ing a structured supplier management system to generate 
further security. The procurement department frequently 
updates the existing regulations in order to minimize these 
risks, and published the latest version in 2018. As part of 
this, we requested numerous documents and other forms 
of proof from our subcontractors, and we monitor their 
validity on an ongoing basis to reduce risks further. We 
developed and implemented a standard audited process 
for new construction procurement in the reporting year.
Objectives, Measures and Indicators   
103-2, 103-3
Corporate Governance 102-18, 102-19, 102-24
Corporate governance, which means acting in accordance 
with the principles of responsible management with the 
aim of increasing the value of the business on a sustaina-
ble basis, is an essential requirement for Vonovia, and 
embraces all areas of the business.
The Code of Conduct provides the ethical and legal 
framework within which we act and want to stay on 
successful course for the company. The focus is on dealing 
fairly with each other but also in particular on dealing 
fairly with our tenants, suppliers, customers and investors. 
The Code of Conduct specifies how we assume our ethical 
and legal responsibility as a company and is the expres-
sion of our company values.
Vonovia’s Management Board is solely responsible for 
managing business operations. The Management Board 
provides the Supervisory Board with regular information 
on business developments, the strategy and potential 
opportunities and risks. As the supervisory body, the 
Supervisory Board monitors the management of the 
company’s business and supports the Management Board 
with decisions of fundamental importance. 
Vonovia’s Supervisory Board was newly appointed in the 
reporting year. For the first time, the skills profile for 
­selection now also includes the category sustainability.  
  www.vonovia.de We established the unit “Management 
Board and Supervisory Board office” in the same year.
The Supervisory Board sets up an Executive and Nomination 
Committee, an Audit Committee and a Finance Committee 
from among its members. Further committees are formed as 
required. The Audit Committee is specifically responsible for 
monitoring:
> the accounting process,
> the effectiveness of the internal control system, the risk 
management system and the internal audit system,
> the audit of financial statements, and
> compliance (if not assigned to another committee).

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Since the act to strengthen the non-financial reporting 
aspects of companies in their management and Group 
management reports (CSR Directive Implementation Act) 
came into force in 2017, the Audit Committee has been 
responsible for monitoring Vonovia’s sustainability report-
ing and in particular the Non-financial Declaration. 102-22
After a year, the Supervisory Board will now evaluate the 
quality of its work in its new composition. The newly elect-
ed Supervisory Board is currently focusing on identifying 
the potential need for adjustments in corporate govern-
ance at Vonovia due to possible changes in legal corporate 
governance framework conditions (ARUG II and GCGC).
Promoting diversity in Vonovia’s management bodies 
remains a goal. Diversity criteria are applied when filling 
positions on both the Supervisory Board and the Manage-
ment Board, and qualified women are included in the 
selection process. Gender should be irrelevant when it 
comes to filling positions. Vonovia’s Supervisory Board 
should consist of at least 30% women and 30% men. The 
Supervisory Board has also decided that the share of 
women on the Management Board should be at least 20% 
by December 31, 2021. The target ratios were met in the 
reporting period. We also intend to have a share of 30% 
women in the first two management levels below the 
Management Board by the end of 2021. At the moment, 
the share of women in management positions in the first 
management level remains at 17.6%. At 33.9%, the targeted 
proportion of women at the second level of management 
below the Management Board has already been met.
You can find out more about our corporate governance in 
the annual report (see chapter Corporate Governance 
Report   AR 2018, p. 44 et seq. and chapter Non-­financial 
Declaration   AR 2018, p. 70 et seq.).
Compliance and Anti-corruption
Through the corresponding monitoring of our compliance 
rules, we protect the integrity of employees, customers 
and business partners, and shield our company from 
negative consequences. We have established rules and 
Group guidelines internally – for example, to protect the 
capital market, ensure data protection, secure information, 
manage risks, fight corruption and set out guidelines on 
how to deal with donations and sponsorship – based on 
the relevant statutory requirements, the articles of associ-
ation and the rules of procedure for the Supervisory Board 
and the Management Board. Our compliance principles 
are also detailed in our Code of Conduct which is binding 
for all employees under the Group works council 
­agreement. 
The Vonovia Compliance Committee, which is responsible 
for refining the compliance management system and 
adapting it to fulfil current requirements, meets several 
times a year. The members of this committee are the 
compliance officer, compliance managers, the ombudsper-
son, and representatives from the internal audit, risk 
management and HR management departments and the 
works council.
Members’ tasks:
> Compliance officer: Central point of contact for compli-
ance matters and potential cases, identification of 
compliance risks, derivation of measures for preventing 
and discovering risks.
> Compliance managers and specialists: Supporting the 
compliance officer from within the departments.
> External ombudsperson: Recording information regard-
ing potential compliance cases – also anonymous, 
confidential contact for all employees and business 
partners.
Compliance Information and Training
Vonovia’s Supervisory Board regularly receives compre-
hensive information about compliance issues and corrup-
tion along with existing guidelines and processes. The 
compliance report, which is forwarded to the Audit 
Committee, provides information about potential breach-
es, measures and training relating to corruption. 205-2
Our employees receive regular training on compliance 
issues. For instance, the procurement department, for 
which the issue is particularly relevant, receives special 
training on corruption and criminal law pertaining to 
corruption. A particular focal point in 2018 was the imple-
mentation of the EU General Data Protection Regulation. 
We conducted comprehensive training on this topic.
In the 2018 fiscal year, there were isolated suspected cases 
of corruption, which we have since investigated diligently. 
None of the cases were confirmed. 205-3
There were several immaterial compliance violations or 
suspected cases in 2018. This clearly shows that the 
system we have put in place is proving effective. Cases 
were reported and addressed and corresponding conse-
quences ensued. 419-1

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(1)  
Suspected  
Compliance Risk
(2)  
Investigation
(3)  
Immediate Action in 
Case of Infraction
(4)  
Reinstatement of
Compliance
Central Compliance Officer
Compliance Officer
Compliance Manager
Compliance Commitee
Ombudsperson
Compliance-Management-System
Dealing with Antitrust Proceedings
One area in which antitrust law is of particular importance 
is company acquisitions. We inform the German Federal 
Cartel Office as soon as possible of any potential acquisi-
tions and begin the integration of acquired companies or 
portfolios only following approval. There were no viola-
tions of competition law guidelines in 2018. 206-1
Adherence to Environmental, Labor and Social Standards 
in the Supply Chain
Vonovia’s procurement processes primarily consist of 
construction services, construction material and material 
costs (indirect materials and services). We want long-
term relationships with our business partners and are 
therefore setting up a structured supplier management 
system. The foundation of this system is the Business 
Partner Code and the general terms and conditions of 
purchasing along with individual contractual provisions. 
  www.vonovia.de/ihre-services Our Business Partner Code 
for subcontractors and suppliers sets out clear expecta-
tions regarding integrity, legal compliance and ethical 
conduct. One important aspect from our perspective is 
that our suppliers and subcontractors not only accept our 
Business Partner Code as binding, but also put the princi-
ples set out in the Code into practice on a daily basis at 
Vonovia’s construction sites. Among other things, the 
Code stipulates that illicit employment must be ruled out, 
that the legal minimum wage must be paid and that valid 
German regulations on occupational safety and human 
rights, and applicable environmental laws must be ob-
served. In addition, we also ensure that demolition materi-
als and rubble are disposed of in a professional and 
environmentally friendly manner and minimize the risk of 
hazardous or poisonous materials being used by process-
ing the procurement of the majority of construction 
materials centrally through Vonovia. In order to protect 
our employees and tenants alike, we ensure material 
safety using the systematic TÜV Rhineland Toxic Materi-
als Management System (TOGs®), in which all informa-
tion is recorded, documented and evaluated centrally. This 
provides us with an ideal basis within the VTS for con-
ducting risk assessments and developing operating and 
handling instructions.

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SUSTAINABLE CORPORATE GOVERNANCE — Corporate Governance, Compliance and Anti-corruption
36
By signing the code, our business partners – and their 
subcontractors – commit to acting in an economically and 
legally compliant manner and to adhering to our corrup-
tion prevention guidelines. Vonovia does not tolerate 
corruption under any circumstances. Violations of these 
rules may result in the business relationship being restrict-
ed or even completely terminated. 102-16, 205-2, 414-1
We promote transparency and security within the compa-
ny by observing the compliance rules, Group procurement 
guidelines and our Code of Conduct. We currently do not 
conduct any systematic checks on site, but we do monitor 
risks using active documentation management as part of 
our supplier management system. Construction managers 
in Germany also maintain direct contact with subcontrac-
tors and have a clear picture of the people working on 
construction sites. Compliance with the Business Partner 
Code can thus be largely verified within the scope of this 
working relationship. In addition, our procurement depart-
ment holds annual reviews with key subcontractors. No 
violations by suppliers or service provides against labor 
standards, human rights or corruption regulations were 
discovered by central purchasing in the reporting period. 
414-2
A uniform supplier assessment system is currently being 
developed. The goal is for key suppliers to be evaluated by 
procurement as well as the Group’s departments in order 
to achieve transparency and to obtain a systematic 
overview of the performance and development of suppli-
ers. The aim is to develop a performance indicator as part 
of the supplier assessment system.
As Vonovia operates within a strictly regulated and 
controlled legal framework within the European Union, 
possible challenges relating to human rights are not 
considered to be material. There is therefore no explicit 
performance indicator for this group of issues. The pro-
curement department, however, acts as a watchdog in this 
regard by selecting suppliers accordingly in order to 
ensure the protection of fundamental rights and adher-
ence to the law. In the future, Vonovia will also be making 
a voluntary commitment to the Federal Government’s 
national action plan and will be taking corresponding 
action.

Vonovia SE Sustainability Report 2018
SOCIETY AND CUSTOMERS — Corporate Governance, Compliance and Anti-corruption
37
SOCIETY AND CUSTOMERS
37
38	 Our Approach regarding Society and Customers
40	 Customer Satisfaction
43	 Portfolio Maintenance and Tenant Health and Safety
46	 Creating Appropriate Living Space and Affordable Rents
50	 Neighborhood Development
The satisfaction of our customers, the quality of our ­portfolio 
and the ability to provide new homes are all vital for the 
long-term success of our company. It is of fundamental 
­importance to Vonovia that we can guarantee our ­customers 
homes that they can stay in long term.  In order to offer 
our customers attractive, secure homes with a high living 
­standard, we align our business decisions with the needs of 
our tenants and develop our portfolio in a holistic manner 
according to socially relevant issues.    
Content
SOCIETY AND CUSTOMERS —

Vonovia SE Sustainability Report 2018
SOCIETY AND CUSTOMERS — Our Approach regarding  Society and Customers
38
Our Approach regarding  
Society and Customers
Management Approach  103-1
In order to fulfil our tenants’ needs we consistently pursue 
solution-oriented approaches for our activities on the 
residential property market that focus on these needs (see 
chapter Customer Satisfaction 
 p. 40 et seq.). It is our aim 
to promote long-term loyalty to the company among our 
tenants. This means we have to guarantee that the homes 
remain affordable in the long term, i.e., our measures must 
ensure that we can provide modern, energy-efficient and 
also affordable homes for all population groups. The main 
focus of our activities therefore is on renting out our 
buildings efficiently, using digitized processes, for in-
stance, such as our customer portal, and creating new 
homes (new constructions and vertical expansion). The 
aim is to alleviate the tense situation on the residential 
property markets (see chapter Creating Living Space and 
Affordable Rents 
 p. 46 et seq.). The debate surrounding 
the allocation of modernization costs has shown that the 
acceptance for cost allocation – even for measures to 
protect the climate and improve living standards – is 
declining significantly. Vonovia has thus pledged:
> not to conduct modernization work in the future that 
would add more than €2 per month to the tenant’s basic 
rent per m2,
> to ensure that our customers can stay in their homes, 
and
> to investigate hardship cases individually and actively 
look for solutions.
We develop existing homes according to peoples’ needs. 
This includes senior-friendly apartment conversion, the 
establishment of residential communities supervised by 
nursing assistants or offering assistance to older tenants 
in moving. When it comes to our portfolio properties, our 
focus is on quality and we aim to create an attractive 
residential environment with a high standard of living that 
tenants can actively help shape. This also means that we:
> use environmentally friendly and safe materials,
> equip our apartments with modern fittings, and
> offer our tenants additional services for more comfort.
Safety and healthy living are fundamental elements in the 
design of our apartments and the surrounding area (see 
chapter Portfolio Maintenance and Tenant Health and 
Safety   p. 43 et seq.).
When it comes to the composition of our portfolio, we 
strive to develop and acquire properties that are close 
together. This not only allows us to increase the efficiency 
of our management, but also provides us with a holistic 
overview that enables us to adopt new approaches. We 
take social, ecological and economic circumstances into 
consideration in our approaches by:
> making infrastructure available (e.g., mobility offers),
> creating spaces for well-being,
> designing green spaces and community spaces, and
> cooperating with social, pedagogical and cultural 
institutions.
We initiate participation concepts in order to purposefully 
include the people living in our neighborhoods and to 
increase acceptance of the measures we intend to take. 
This allows us to strengthen neighborhoods and networks, 
and we benefit as a company from peoples’ suggestions 
and lessons learned (see chapter Neighborhood Develop-
ment 
 p. 50 et seq.).
This results in the following material topics for Vonovia 
related to society and customers, which are visually 
depicted in our materiality matrix:
> Portfolio maintenance
> Tenant health and safety
> Creation of homes 
> Affordable rents
> Neighborhood development
> Social commitment
In the following chapters we will deal with these topics in 
more depth and explain their importance to Vonovia. We 
will describe the management approach, challenges, 
opportunities and risks, targets, measures and indicators 
for each topic.
 103-1, 103-2, 103-3

Vonovia SE Sustainability Report 2018
SOCIETY AND CUSTOMERS — Our Approach regarding Society and Customers 
39
Challenges, Opportunities and Risks 103-1
Discussions in the political and public spheres have shown 
that our business goes hand in hand with high reputational 
risks. This can have a negative impact: 
> on demand for our homes,
> in the form of stricter regulations on the residential 
property market, and
> on Vonovia’s attractiveness as an employer. 
In this regard, a lack of skilled workers, continually climb-
ing construction costs, rising requirements (e.g., the 
increase in regulations and legislative processes such as 
tenancy law and modernization cost allocation) and drawn 
out administration processes (e.g., relating to construction 
approvals) constitute particular challenges for Vonovia.
Neighborhoods that tenants consider to offer a particular-
ly high standard of living increase Vonovia’s attractiveness 
and demand for our homes. We support this effect 
through our growth strategy and the development of new 
fields of business within the Value-add segment, ensuring 
that new opportunities are created for Vonovia. We can, 
for instance, increasingly generate cost advantages, 
improve the planning for measures and better overcome 
capacity bottlenecks by increasing the number of employ-
ees we have. By decentralizing our structures further, we 
can increase proximity to our tenants. Simultaneously, we 
generate efficiency advantages by standardizing process-
es and managing partial functions centrally. Serial con-
struction enables us to keep costs low and shorten the 
time of construction work.
Objectives, Measures and Indicators  103-2, 103-3
It is our aim to increase customer satisfaction further, 
thereby securing the foundation of our economic success. 
We leave nothing to chance in this area and purposefully 
align all measures that we take to generate positive 
effects. 
One material aspect of this work is the preservation and 
improvement of the quality of our portfolio properties, 
which we primarily achieve through maintenance and 
modernization measures to improve energy efficiency and 
the standard of living (see chapter Increasing Portfolio 
Quality 
 p. 43 et seq.). In 2017, we set ourselves the target 
of implementing a modernization rate (refurbishment 
rate) of more than 3% per year for the first time, and in the 
reporting year achieved almost 5% for the second cons­
ecutive time. This means we exceeded the target once 
more. We always focus on the health and safety of our 
tenants in all that we do, for example, in the choice of 
materials used in construction and the implementation of 
security concepts.
Constructing new homes has been the focus of our 
activities for a number of years. The size of our company 
allows us to achieve economies of scale in many areas, 
reduce costs and thereby offer affordable homes. Modular 
and serial construction methods, which we have employed 
for just as long, also play an important role. 
In all of our activities, we never lose sight of our stakehold-
ers’ interests. We have established processes that enable 
us to include our stakeholders’ interests in our planning 
and decision making and thus find the best solutions for 
our neighborhoods. Our stakeholders’ ideas, opinions and 
suggestions are an important element of Vonovia’s 
neighborhood development work.
Outlook for 2019
In the medium term, we intend to expand the current scale 
of our customer satisfaction surveys further. 
We will push forward with our conversion measures for 
accessible homes in 2019 and within this context also aim 
to increase the speed with which elevators are repaired 
and installed while also reducing the costs associated with 
this work.
We also plan to invest more in customer services in order 
to increase the amount of services we offer.
We will again implement new neighborhood development 
measures in 2019 and improve communities and the 
standard of living in our neighborhoods, such as Stuttgart-­
Kornwestheim or Dresden-Altreick, for example, by 
putting new ideas into practice.

Vonovia SE Sustainability Report 2018
SOCIETY AND CUSTOMERS — Customer Satisfaction
40
Customer Satisfaction
Management Approach 103-1
Vonovia sees itself as a service provider that offers ten-
ants attractive homes and housing-related services. 
Satisfaction with our services is the key to our economic 
success and every employee is encouraged to actively 
contribute to improving our services. We support this:
> through our central service center, caretakers on site, 
our technicians and the residential environment organi-
zation,
> by processing issues rapidly and in a straightforward and 
reliable manner,
> with comprehensive investment in maintenance and 
modernization work,
> by establishing self-service functions, via the customer 
portal, for example, and
> through service offers that provide real added value for 
our customers.
Our employees are there for our tenants during service 
hours and on weekends in emergencies, e.g., for urgent 
repairs. Tenants’ direct contacts are well connected within 
the company and make sure that our service promise is 
fulfilled. 
Whether and to what extent our customers use the servic-
es we offer as part of our Value-add strategy is the deci-
sive indicator that helps us to determine if our offers are 
appropriate. 
Establishment in the Organization 103-2
Thematically and organizationally, customer satisfaction is 
assigned to our customer services department, however, 
every Vonovia employee is obliged to ensure customer 
satisfaction. The customer services department commis-
sions a service provider to conduct a random survey in the 
full portfolio once a quarter. The results are prepared by 
the training & quality department along with suitable 
measures, which are then fed back to the customer 
service department along with the findings. This depart-
ment then distributes the findings of the survey to all of 
the Group’s operational areas, which then implement the 
appropriate measures.
Challenges, Opportunities and Risks 103-1
The ongoing housing shortage and rising rents, particular-
ly in conurbations, have resulted in tensions on the Ger-
man residential property market. Alongside rents, expec-
tations regarding the quality of the homes and the service 
provided by Vonovia as a landlord are also rising. This 
provides us with an opportunity to set ourselves apart 
from the competition with outstanding service and rapid 
reaction times.
The public discussion regarding modernization cost 
allocation has shown us that acceptance for rent increases 
is limited. For us, this issue primarily brings with it a 
reputational risk that may impact our company and the 
success of Vonovia. That is why it is important to us to 
increase our communications with tenants in this regard. 
Vonovia has now decided on a voluntary modernization 
cost allocation cap (see chapter Society and Customers, 
 p. 37 et seq.). We also want to improve the quality of  
our ancillary expense billing in order to further minimize 
the risk of sending out bills that are incorrect, as every 
­incorrect ancillary expense bill that we send out is one  
too many.  
The digitization of our processes brings with it a myriad of 
opportunities, including an effect on customer satisfac-
tion. For example, we are boosting our online presence 
and expanding our self-service functions in the online 
customer portal for the benefit of our customers. This 
means it will be even easier for customers to contact us.  
 102-43, 102-44, 103-1, 103-2, 103-3, 203-2

Vonovia SE Sustainability Report 2018
SOCIETY AND CUSTOMERS — Customer Satisfaction
41
Objectives, Measures and Indicators   
103-2, 103-3
Measures to Determine Customer Satisfaction
The Customer Satisfaction Index (CSI) is one of our main 
key performance indicators that we use for determining 
and managing customer satisfaction. It is also relevant for 
Management Board remuneration (see chapter Our 
Service Promise   AR 2018, p. 88 et seq.,    www.reports.
vonovia.de). The CSI is determined at regular intervals by 
means of systematic customer surveys and reflects how 
our services are perceived and accepted by our customers 
(see Establishment in the Organization 
 p. 40). The 
findings of the survey are included in our investment 
decisions and measurement planning processes.
The customer surveys cover:
> overarching topics such as image, loyalty and overall 
satisfaction,
> issue-specific feedback on customer service, mainte-
nance and modernization measures,
> feedback on repairs, residential buildings and external 
areas. 102-43, 102-44
Further customer satisfaction indicators include the 
vacancy rate, tenant fluctuation and the direct comments 
of tenants. Interviews conducted with tenants, e.g., service 
calls to ask new tenants about how happy they are with 
Vonovia, provide us with an additional source of feedback 
that aids internal quality assurance.
Our focus on personal contact with our tenants is one of 
our greatest strengths. This allows us to boost customer 
loyalty and satisfaction. We are therefore constantly 
working to improve our customer service, for instance, by 
optimizing communication between the central point of 
contact and our employees on site and monitoring the 
time it takes to process customer queries. We aim to 
reduce the average length of processing time further.
Measures to Increase Customer Satisfaction
As rents rise, so do tenants’ service expectations. Vonovia 
is not exempt from this change and is taking appropriate 
action – such as improving the quality of our ancillary 
expense billing. This is accompanied by an expansion of 
our online presence and the self-service functions on the 
customer platform. In 2019, we will launch an app for our 
tenants in order to reach another milestone in our service 
strategy. In the future, this will enable our customers to 
monitor the status of their personal queries and our 
services, for example. Customers will also be able to 
receive push notifications with information from Vonovia, 
pay online, book appointments and download documents.
In 2018, Vonovia took over customer service for our 
electricity customers. This service is now well established 
and gives us a better overview of our customers and their 
needs.
Value-add Offers
Add-on products and housing-related services, or Value-­
add offers as we call them, supplement our core service, 
rental, and also create added comfort and value for our 
customers. We are continually reviewing additional 
service approaches that could increase customer satisfac-
tion and expand our portfolio whenever appropriate. 
Those areas that have already been established success-
fully largely include the caretaker organization, the crafts-
men’s organization, the residential environment organiza-
tion, multimedia services and metering services. In 
addition, we are currently expanding our offers to include 
energy supply and home automation.
Before services are added to our range of offers they must 
fulfil three conditions:
1.	 Provide added value
2.	 Be economical and affordable
3.	 Be suitable for standardization and implementation on 
a large scale
We can generate cost advantages for the benefit of our 
customers by providing offers that are subject to econo-
mies of scale. Examples include the bathroom, kitchen and 
security packages that we actively offer. 203-2

Vonovia SE Sustainability Report 2018
SOCIETY AND CUSTOMERS — Customer Satisfaction
42
Energy Services Offers
We increase our customers’ flexibility through smart 
metering solutions that read water and heating consump-
tion meters digitally. This also enables us to create ancil-
lary expense bills faster. We intend to expand this service 
further in the coming years. In 2017, around 80,000 resi-
dential units used this service. In 2018, this figure was up 
to around 130,000. 
We also continued to pursue the landlord-to-tenant 
electricity concept in 2018, as part of the decentralized 
energy supply concept, and installed additional photovol-
taic plants (PV plants). As of December 31, 2018, we had a 
total of 208 PV plants in operation. Our numerous cogen-
eration units (CHP units) allow us to provide heating and 
hot potable water (see chapter Energy Efficiency and 
Reducing Greenhouse Gas Emissions 
 p. 58 et seq.). In 
2019, we aim to expand our energy services and sales 
offers further.
Residential Environment Services
We provide a number of residential environment services 
through our caretakers, technicians and gardeners, such 
as caretaking services, cleaning work and maintenance of 
green spaces. This allows us to perform high-quality 
repairs and modernization measures quickly, and provide 
our customers with a well-maintained residential environ-
ment. We offer our older tenants smart home solutions 
with innovative assistance systems by cooperating with 
social institutions and care services. We also provide 
senior-friendly apartment conversions. Thanks to stand-
ardized processes and economies of scale, our tenants 
benefit from cost advantages when it comes to procure-
ment.
For more information about our services, we refer to the 
Annual Report (see chapter Our Service Promise  
 AR 2018, p. 88 et seq.).
Management of Hardship Cases
The discussions surrounding modernization cost alloca-
tion have shown us that we have to communicate with 
customers more about their individual situations and the 
consequences of energy efficiency modernizations, and 
pay closer attention to their specific needs. We are thus 
currently in the process of expanding our hardship 
manage­ment work. Four employees in Bochum are 
­responsible for initiating contact with customers once 
notification of hardship is received and for launching a 
preliminary review. They then pass the case on to one of 
20 neighborhood managers who take responsibility for 
contact with these customers. In a private interview, the 
manager records the tenant’s situation in order to work on 
a solution together before the modernization work begins. 
In personal hardship cases, for example, where the tenant 
is elderly or ill, Vonovia provides support during the 
construction work, including moving furniture and other 
objects or helping to move the tenant into a senior-friend-
ly or barrier-free apartment.  In economic hardship cases, 
for example, if tenants are no longer able to afford their 
rent following modernization due to low income, the 
neighborhood manager develops an individual solution, 
such as a gradual rent increase or a reduction of the 
modernization cost allocation for a certain period of time. 
A gradual increase in the rent enables the tenant to keep 
rental payments affordable over a longer period of time or, 
if necessary in the long term, to find a new home. In such 
cases, we work with the tenant to review the impact that 
different factors would have on the rent they pay; for 
example, if their financial situation were to improve due to 
a change in career.

Vonovia SE Sustainability Report 2018
SOCIETY AND CUSTOMERS — Portfolio Maintenance and Tenant Health and Safety 
43
Portfolio Maintenance and 
Tenant Health and Safety 
Management Approach 103-1
Vonovia’s overarching goal is to continually increase the 
company’s value through profitability and sustainability 
strategies. We want to manage our portfolio efficiently, 
while maintaining high living standards for customers. 
Vonovia’s German portfolio consists of approximately 
360,000 apartments (incl. German BUWOG portfolios). 
The quality and structural condition are of the utmost 
importance to the company. After all, we can only gain 
long-term loyalty and be successful in the future if our 
tenants are safe and healthy in their homes and enjoy a 
high standard and good quality of living. 
On the one hand, we define portfolio quality as the good 
structural condition of our properties. This includes all 
issues relating to maintenance and modernization. In addi-
tion to increasing the standard of living and attractiveness 
of homes, this point also relates to the health of the 
tenants, which we support by using environmentally 
friendly materials or by eliminating hazardous substances. 
On the other hand, portfolio quality also covers issues 
relating to the residential environment. Tenants’ sense of 
security is boosted through well-lit and cleverly designed 
exterior spaces, and areas designed to increase well-being 
are created in the neighborhood that are as free as possi-
ble from airborne and noise pollution.
Establishment in the Organization 103-2
Changes affecting the structural condition of our buildings 
are usually conducted by the technical service, while the 
residential environment service takes care of the area 
directly surrounding our apartments. The procurement 
department – in cooperation with the portfolio manage-
ment department – also plays a role here as it procures 
construction materials.
Challenges, Opportunities and Risks 103-1
Managing and maintaining residential properties entails 
business risks for Vonovia. The construction boom in 
Germany and the associated scarcity of technician capaci-
ties mean that the cost of construction is continually 
rising, and implementing our construction measures 
economically is more difficult. Prolonged construction 
approval periods are also leading to an increase in the 
amount of time it takes to complete construction meas-
ures and a risk that construction costs could increase. 
Insufficient information regarding the materials used in 
construction or the implementation of construction 
regulations also pose a particular challenge for Vonovia. 
We counter this risk by surveying properties in person, 
regularly checking building safety while taking all statutory 
construction regulations into consideration, checking for 
potentially hazardous materials, creating fire protection 
concepts where necessary and including professional 
planners to optimize construction work on our portfolio. In 
addition, clear specifications and strict quality specifica-
tions apply to the selection of materials.
Objectives, Measures and Indicators 
103-2, 103-3
Increasing Portfolio Quality
Portfolio quality means:
> ensuring the sound structural condition of our buildings 
through maintenance and modernization work,
> guaranteeing our tenants’ safety and health,
> achieving value and return from the portfolio, which we 
aim to improve through new constructions, holistic 
neighborhood development and targeted acquisitions 
and sales.
 102-15, 103-1, 103-2, 103-3

Vonovia SE Sustainability Report 2018
SOCIETY AND CUSTOMERS — Portfolio Maintenance and Tenant Health and Safety 
44
Our maintenance and modernization measures are based 
on operational and strategic considerations, with a par-
ticular focus on increasing customer satisfaction.
Maintenance
Modernization
Aim:
Aim:
Long-term preservation of the 
building stock.
Increasing the standards and value in 
use of buildings.
Measures:
Measures:
Regular economic expenses 
planned over the long term, 
which allow us to avoid peaks 
in spending and additional 
costs
Measures to improve standards of 
living within closed apartment spaces 
(e.g., new balconies and kitchens, 
bathroom modernizations, senior-­
friendly conversions)
Planning oriented toward long-
term and short-term needs 
 
 
Energy-efficiency measures on buil-
ding shells or supply infrastructure 
(e.g., apartment insulation, window 
and roof replacement, modern hea-
ting units)
Employing economies of scale 
to reduce costs
In 2018, we once again exceeded our target of 3% and 
achieved a rate of almost 5% with our energy-efficiency 
program in Germany, which equates to approximately 
18,000 apartments.
In 2018, we conducted measures to raise the standard of 
living in a total of 15,000 apartments (2017: 11,000). In the 
coming years, we will strive to maintain this level of work 
to improve standards of living, or even increase it.
In the reporting year, we continued to improve the green 
spaces belonging to our properties, for instance, by 
converting old wooded areas into lawns. This has allowed 
us to create leisure spaces for our customers in their 
neighborhoods, increasing the quality of our leisure spaces 
in external areas.
Expenses for Maintenance and Modernization
Vonovia is maintaining its high level of investment. The 
key areas of focus are improvements to existing building 
stock, new construction and adding extra stories to 
existing buildings.
We made the following investments in 2018:
Maintenance and Modernization
in € million
2017
2018
Maintenance and ongoing maintenance 2)
346
430
 Intensity of maintenance (€/m²) 2)
16
18
Modernization 1) 2)
779
1,139
 Intensity of modernization (€/m²) 2)
35
37
Total
1,125
1,569
Total (€/m²) 2)
51
55
Measures to improve the standard of living 3)
200
250
1) Incl. new construction: 2018: € 234.3 million, 2017: € 65.7 million.
2) The scope covers Vonovia Group’s complete scope of consolidation.
3) This includes measures requested by existing tenants.
Health Safety of the Building Materials
It is important to us that our customers live in healthy 
homes. We therefore carefully select materials that meet 
modern standards for our construction work. This means 
that we exclusively use safe materials in our apartments 
and take meticulous care to prevent mold. If mold should 
be discovered in one of our apartments despite our 
meticulous care, the technical service eliminates the mold 
and launches prevention measures – immediately and 
without appointing blame.
In agreement with portfolio management, the procure-
ment department decides which materials are used for 
work in the Vonovia buildings according to precise process 
guidelines laid out in our product manual. This allows us 
to react rapidly to legal changes and take the correspond-
ing measures. We expect our subcontractors to strictly 
adhere to all of our product guidelines so that we can 
ensure all measures exhibit the same quality.
All materials must:
> pass various quality controls taking into consideration 
their potential impact during the life cycle, and
> meet the applicable safety, health and environmental 
standards.
In 2018, we decided that we would increase our use of 
mineral fiber as an insulation material in future energy-­
efficient modernization measures on facades. When

Vonovia SE Sustainability Report 2018
SOCIETY AND CUSTOMERS — Portfolio Maintenance and Tenant Health and Safety 
45
selecting products, we also look at energy efficiency – for 
instance, in choosing boilers – and pay particular attention 
to water quality in the portfolio properties, e. g., by install-
ing special filter systems (see chapter Environmental 
Protection in Connection with Conversions and New 
Construction 
 p. 65 et seq.). 
There was no need to conduct any special health and 
safety checks in connection with the materials used in the 
reporting year. 
Safety Concepts and Other Measures
Safety Concepts
We strive to ensure the safety of our tenants both in and 
around their homes because it is a fundamental prerequi-
site for personal well-being. A subjective sense of safety 
also plays an important role in establishing this feeling. 
102-15
We therefore ensure that:
> there are no “scary spaces” – such as unlit parking lots 
or paths,
> there is sufficient lighting on paths, parking spaces and 
in foyers and halls,
> we test and offer safety solutions to improve protection 
against burglary, in cooperation with the State Office of 
Criminal Investigations in North Rhine-Westphalia, such 
as reinforced bolts and burglar-proof apartment en-
trance doors,
> we identify hazards by physically inspecting all open 
spaces and playgrounds every two years,
> we adhere to all traffic safety obligation regulations 
without exception in order to minimize hazard risks in 
the long term,
> we initiate measures immediately on identifying defects 
or risks in order to prevent accidents in open spaces on 
our properties.
Reducing Noise Pollution
Noise pollution can come from a variety of our sources in 
our neighborhoods – but it always impacts the well-being 
of our tenants. We want our tenants to live with as little 
noise pollution as possible, and therefore install sound-
proof windows along streets with heavy traffic, for exam-
ple. Complaints are often made about noise caused by 
other tenants. In these cases, Vonovia acts as mediator 
and strives to find a solution that is mutually acceptable to 
both parties. House rules in different languages serve to 
create a common understanding of living together.
Noise caused by construction work cannot be prevented. 
We aim to foster understanding for this among residents 
by announcing construction as early as possible at tenant 
assemblies and during office hours as well as through 
small gestures such as tenant parties. We endeavor to 
keep the disturbances caused by construction work as low 
as possible, because in certain cases, such as vertical 
expansions, apartments in the building remain occupied 
by tenants. Modular approaches for new construction 
work enable us to keep construction times to a minimum 
as the prefabricated residential modules only need to be 
put together by technicians and finalized with interior 
fittings.
Safety inspections
 
Inspection schedule
Total inspection list
Target inspections 
2018 1)
Actual inspections 2018 
(EPRA H&S assets)
Buildings
Every 2 years
52,900
30,653
90% 2)
Open spaces with buildings
Every 2 years
35,187,000
13,702,026
100%
Open spaces without buildings
Every 2 years
2,746,000
1,464,274
100%
Trees
Depending on type of tree and 
pre-existing damage every 1, 2 
or 3 years
214,000
152,617
100%
Playgrounds
Depending on playground 
equipment category 1 to 4 
times a year
1,200
2,569
100%
Vonovia has established standard processes for handling defects discovered as a result of inspections, which provide for prompt handling. These processes continued to function perfectly 
during the reporting period (EPRA H&S-Comp).
1) The checks are conducted every two years from the date of the first inspection; the annual certificates are therefore not distributed exactly equally. (50%–50%).
2) Missing inspections were caught up on at the beginning of 2019.

Vonovia SE Sustainability Report 2018
SOCIETY AND CUSTOMERS — Creating Appropriate Living Space and Affordable Rents
46
Creating Appropriate Living 
Space and Affordable Rents
Management Approach 103-1
The situation on the German housing market did not 
change in 2018 and housing demand continues to signifi-
cantly exceed supply – particularly in metropolitan areas. 
This has resulted in rising rents and housing shortages. At 
the same time, construction of new buildings lags behind 
housing demand, particularly in metropolitan regions, 
despite a greater amount of construction being complet-
ed. Vonovia aims to counter this trend and to offer 
­affordable homes, first and foremost through efficient 
processes and economies of scale, and to alleviate the 
situation on the housing market through the construction 
of new homes. This is the only way to lessen the pressure 
on the housing market. Vonovia is therefore continually 
investing in the expansion of its portfolio through new 
construction and acquisition, and offers conditions that in 
some cases – such as in Berlin – are significantly below the 
standard local comparative rents for newly constructed 
homes. 
The housing market is also still undergoing a transforma-
tion due to demographic changes. On average, the popula-
tion in Germany is aging and the number of one-person 
households is increasing. These developments are posing 
considerable challenges for the housing industry, particu-
larly when it comes to providing homes that meet the 
needs of tenants. Vonovia intends to tackle these chal-
lenges with new constructions and by converting existing 
stock, e.g., changing the size of apartments and conduct-
ing senior-friendly apartment conversions.
The fact that awareness of the housing problems has 
noticeably increased in recent years also plays an impor-
tant part here. Surveys suggest that the prevailing opinion 
is that policymakers have made the wrong housing policy 
decisions in the past and that they are still doing too little 
to combat the problem. This shortage of housing and the 
development in property prices/rent that this entails has 
created a subjective sense of inequality that pervades all 
sections of society, with political decision-makers under 
increased pressure to rectify the situation. Vonovia acts 
between the political and social spheres in this tense 
environment, although the political framework is having 
an ever greater impact. We respond to these develop-
ments by forming individual agreements with some cities 
and municipalities, which enables us to continue offering 
affordable homes.
Establishment in the Organization 103-2
The planning of new apartment construction either takes 
place via the BUWOG companies’ development depart-
ments or the technical service. They are also usually in 
charge of expansions and conversions. In the field of 
portfolio and rental management, rent is calculated in 
coordination with the regions and hardship management 
processing.
Challenges, Opportunities and Risks 103-1
Providing new homes that are also affordable carries both 
risks and opportunities for Vonovia. This is because we are 
active in an area where social housing, tenancy law and 
social political issues are intensely scrutinized publicly.
Over the past few years, construction costs have risen 
significantly – partially due to the higher cost of construc-
tion materials and services, a multitude of statutory 
requirements and regulations, and higher land prices, 
taxes and fees. In addition, we must also assume time 
delays in both the construction approval process and in 
the availability of construction services due to the con-
struction sector working at full capacity. For example, the 
construction of an apartment building currently takes 
around two years from project planning to completion. 
This makes it increasingly difficult for Vonovia to create 
affordable homes the short run. By using serial construc-
tion methods, we can counter these developments a little 
by shortening construction times, but not fully compen-
sate for them. 
 102-15, 103-1, 103-2, 103-3, 203-2, 413-1

Vonovia SE Sustainability Report 2018
SOCIETY AND CUSTOMERS — Creating Appropriate Living Space and Affordable Rents
47
Tenancy law is also constantly changing and impacting 
our operations. Stricter regulations carry the potential risk 
of lowering incentives to create new housing and renovate 
existing housing. On the other hand, these regulations also 
contribute to making the situation more predictable and 
secure for both tenants and landlords.
In our opinion, serial/modular construction methods are 
an important way forward as they enable us to create new 
homes. The lower level of disruption that these construc-
tion methods cause for residents also increases accept-
ance for new construction and densification further in 
society. Nevertheless, the company still faces challenges. 
Individual local building regulations make the building 
process and adaptation of modular systems more difficult. 
Wooden hybrid construction properties, for example, 
cannot be erected in all federal states as intended due to 
different fire protection requirements. In addition, the 
requirements that apply in terms of accessibility have an 
impact on the modular concept and, as a result, on the 
construction costs.
Objectives, Measures and Indicators  
103-2, 103-3, 203-2
We make use of a variety of options to keep costs as low 
as possible for our tenants when providing new affordable 
homes that meet society’s needs. Alongside voluntary 
agreements and obligations, these include the exploitation 
of economies of scale, lowering construction costs by 
deploying serial construction methods and conversions in 
existing stock to meet needs.  
Rent Cap Agreements
One of the first successful steps we have taken in restrict-
ing the burden on our tenants is the cap on allocable costs 
for modernization services. The intensity of the public 
debate surrounding rent increases as a result of moderni-
zation measures has shown the importance of this issue. 
Vonovia has thus pledged:
> not to conduct modernization work in the future that 
would add more than two euros per month to the 
tenant’s basic rent per square meter,
> to ensure that our customers can stay in their homes, 
and
> to investigate hardship cases individually and actively 
look for solutions.
Including our tenants at an early stage is important in this 
regard. By doing this, we aim to ensure that measures that 
increase the value of our stock and environmentally 
friendly refurbishments are still carried out, i.e., that we 
can ensure that we meet our responsibilities for climate 
protection measures.
A second element is the demand for homes. An increasing 
number of our homes are losing their social housing 
status. Whereas back in 1990, there were still around 
three million apartments classified as social housing in 
Germany, this figure is set to have fallen to around one 
million by 2020. Around 10% of Vonovia’s homes are 
subject to social housing pricing restrictions. While there 
are now set rules in place for new constructions regarding 
rental price and occupancy-controlled homes – for in-
stance, the Berlin model for cooperative building develop-
ment sites, where 30% of the floor space must be occu-
pancy controlled – there are usually no new regulations for 
existing properties. However, in many housing markets, 
Vonovia comes to voluntary agreements or finds individu-
al solutions with cities and municipalities that also include 
new commitments for existing properties – and thus 
exceeds the statutory laws in many locations. We commu-
nicate with mayors, municipal authorities as well as 
tenants’ associations (see Open Dialogue 
 p. 28 et seq.).
Achieving Economies of Scale
Vonovia primarily achieves economies of scale through 
standardized processes and the scale of the organization. 
This enables us to generate cost advantages in the man-
agement of the portfolio and the procurement of services, 
which we pass on to our tenants through lower ancillary 
expenses, for example. We also apply standardized 
processes when investing in existing properties and use 
the same materials wherever possible for maintenance 
and modernization measures. This allows us to buy in 
bulk, which means we receive the materials at special 
conditions, for instance, in the form of a lower purchase 
price or a better quality standard for the same price.
New Construction, and Serial Planning and 
­Construction 102-15, 413-1
Vonovia wants to offer homes that are affordable to a 
broad section of the population. In order to ensure that we 
can, we must keep construction costs low. Serial planning 
and construction make this possible. In this context, we do 
not set up individual projects to plan construction activi-
ties, but rather use systematic, standardized serial pro-
cesses and then divide the planned homes into individual 
modules. This enables to reduce the costs and construc-
tion times considerably while also guaranteeing uniform 
quality standards. The shorter construction periods also

Vonovia SE Sustainability Report 2018
SOCIETY AND CUSTOMERS — Creating Appropriate Living Space and Affordable Rents
48
allow us to reduce the noise pollution and dirt that the 
residents are exposed to.
Modular approach for new construction work:
The fact that Vonovia has a large amount of land and 
potential for vertical expansion, even in central locations, 
continues to have a positive impact as it means that  
there is no need to acquire expensive building plots. 
The individual building regulations in different federal 
states mentioned above make the serial approach to 
construction, which we apply to reduce construction 
costs, more difficult. In order to meet the challenges that 
these circumstances pose, we work closely with politi-
cians and municipalities as well as building authorities. 
We invest a lot of time in long-term and detailed planning. 
The public debates in the reporting year have shown that 
including citizens in construction measures is becoming 
increasingly important if the measures are to be imple-
mented successfully. Vonovia therefore takes the ­approach 
of including tenants and other stakeholders in the plan-
ning of new construction measures or vertical expansion 
and takes on board their ideas, views and suggestions. For 
example, we speak to local advisory boards and tenants’ 
associations early on and organize regular informational 
events. Where appropriate, we also bring in mediator 
support to deal with particularly complicated cases. 
In 2018, we began and completed several serial construc-
tion projects in all our regions in Germany, such as two 
apartment buildings with steel modules in Wiesbaden and 
a new building using reinforced concrete modules in 
Dresden.
In 2018, the construction of more than 1,000 new apart-
ments began, some of which have already been com­
pleted. We are maintaining the high level of our invest-
ment program and will once more invest approximately 
€ 1.3 ­billion to € 1.6 billion, primarily in energy-efficiency 
modernization and new construction. We aim to expand 
the range of tasks completed by our technical service and 
to deploy technicians for interior work in coordination with 
partner companies. 
Needs-based Conversions and Extensions 102-15, 413-1
The increasing changes in housing needs presents the 
housing industry with the task of adapting homes – even 
and particularly existing stock – to meet people’s needs. 
Alongside the fact that the German population is aging, 
there is additional demand from the rise in one and 
two-person households. This development is fueling the 
need for apartments to accommodate smaller households. 
Many of these apartments require fully accessible fittings 
and entry in order to enable elderly tenants to stay in their 
homes for as long as possible. Virtually no other aspect is 
as important to maintaining quality of living as remaining 
in your own home – even if care is needed. 
To us, fully accessible means:
> that apartments can ideally be accessed by elevator,
> that thresholds and steps are leveled out and there are 
no floor level differences exceeding two centimeters, 
and
> that wider entry and internal doors are fitted along with 
walk-in showers and accessible wash basins.
Our new constructions usually contain fully accessible 
features that exceed the statutory requirements, and 
during modernization measures we review the potential 
for improving accessibility. Our measures also include 
communal areas, where we widen entry doors or ensure 
there is separate space for storing walkers and other aids, 
for example.
We strive to meet changing needs, for instance, by con-
ducting adequate senior-friendly conversions, establishing 
residential communities supervised by nursing assistants 
or offering elderly tenants support in their everyday lives.
We are testing models in Essen and Berlin, which we will 
roll out to other locations in future should they prove 
successful.
TRANSPORT TO 
­CONSTRUCTION SITE 
CONNECTING THE MODULES  
TO MAKE APARTMENTS
PREFABRICATION OF 
HOUSING MODULES

Vonovia SE Sustainability Report 2018
SOCIETY AND CUSTOMERS — Creating Appropriate Living Space and Affordable Rents
49
For our model project in Essen, we have established a 
supervised residential community for people suffering 
from dementia, where the people live together in one 
home and receive external care and support services. For 
this, four apartments, now inhabited by ten people with 
senile dementia who help each other in their daily rou-
tines, were joined together and made fully accessible. 
Responsible for this “Demenz-WG” (shared apartment for 
people with senile dementia) is the home care service 
provider Humanika. This manner of cohabitation offers 
elderly people and people with dementia the opportunity 
to live together and grow old on their own terms and to 
deal with their increasing need for care.
In the Reinickendorf district of Berlin, Vonovia is working 
on a neighborhood with a social project that focuses on 
the cohabitation of different generations. 145 senior-­
friendly and fully accessible one to two-room apartments 
will be created in two tower blocks – right in the heart of 
the neighborhood. In addition to precise floor plans, 
fittings such as automatic entry doors, larger bathrooms 
with non-slip flooring and handles, central power supply 
disconnection, special electricity sockets and built-in 
cupboards in the hall with room to store walkers are also 
included. We are also cooperating with the association 
“Johanniter Unfall-Hilfe,” with whom we have created a 
concept for neighborhood meetings. The aim is to enable 
people to live independently in their own homes in a 
supportive environment, even in old age. Various everyday 
support services, including a pharmacy and laundry 
service, home care services, on-call emergency doctors, a 
meal delivery service and group activities such as trips, 
cooking together and memory training, are all designed to 
foster participation and higher quality of living.

Vonovia SE Sustainability Report 2018
SOCIETY AND CUSTOMERS — Neighborhood Development
50
Neighborhood Development
Management Approach  103-1
Vonovia believes that all areas in which it has large 
­con­tiguous groups of buildings offer particular opportuni-
ties for sustainable development. These neighborhoods 
provide us with the opportunity to implement both con­
struction and social measures. This brings with it a special 
responsibility, and the necessity of working with other 
players in urban society as partners. After all, developing 
entire neighborhoods is a project that requires the partici-
pation of many different people and stakeholder groups. 
Our aim is to cooperatively contribute to making our 
neighborhoods diverse and open spaces that people can 
identify with and where they can enjoy a high standard of 
living.
The holistic development of our neighborhoods is one of 
the areas that offers the greatest development potential 
for Vonovia. Neighborhood development includes key 
measures extending beyond modernization and mainte-
nance to include the creation of new homes using new 
construction and vertical expansion measures, as well as 
measures to shape the residential environment. 
We aim to develop entire areas of towns and cities with 
our holistic approach to neighborhood development by 
working with bulidings within the same area, their sur-
roundings and local districts. We take both economic and 
social criteria into consideration and are committed to 
diverse social issues. The goal of this is to achieve an 
increase in the value of our property portfolio, which in 
turn is reflected in visible improvements for our customers 
in the attractiveness of the living space and the neighbor-
hood alike.
The early inclusion of stakeholders in planning and deci-
sion-making processes allows us to record differing 
interests and to boost acceptance of our activities through 
targeted communication and participation measures. 
Terms such as “living neighborhoods” or “neighborhoods 
worth living in” show that quality of living is increasingly 
being associated with life at a neighborhood level. As a 
result, neighborhoods are moving into the spotlight of the 
housing and real estate industry. In many respects, 
how­ever, there is still a lack of sound research findings. In 
order to change this, Vonovia SE is sponsoring a profes-
sorship for “Neighborhood development, in particular 
residential living within the neighborhood” at the EBZ 
Business School – University of Applied Sciences. The aim 
of the endowment professorship is to research which 
parameters contribute to successful and forward-looking 
neighborhood development and what role residential real 
estate companies can play in this process.
Establishment in the Organization 103-2
Regional responsibility for neighborhood development lies 
with the regional managers, who coordinate measures 
with the regional managing directors. The measures are 
increasingly implemented by our own neighborhood 
developers on site, which allows us to deal with special 
issues that come up as needed. Our portfolio and tenant 
management department provides centralized support for 
neighborhood planning.
The investment measures are bundled in a neighborhood 
development plan spanning a period of several years and 
expanded to include further measures. These measures 
comprise infrastructure improvements, urban develop-
ment issues and the realization of fully-integrated energy 
concepts and social and environmental measures.. These 
components are given due consideration right from the 
planning phase of the development projects of the 
­BUWOG companies.
Challenges, Opportunities and Risks 103-1
The development of our neighborhoods is accompanied 
by a number of diverse social factors. Modernization and 
densification measures are becoming increasingly impor-
tant in countering the scarcity of homes, yet acceptance is 
sometimes lacking for these measures. The inclusion of all 
 102-15, 103-1, 103-2, 103-3, 413-1

Vonovia SE Sustainability Report 2018
SOCIETY AND CUSTOMERS — Neighborhood Development
51
stakeholders, especially tenants and municipal politicians, 
is a considerable challenge, but also one of our most 
important tasks. We are convinced that we can mitigate 
associated risks and lead cooperative discussion with 
active communication and by including tenants.
By providing a positive image of neighborhood develop-
ment work to raise acceptance, we are taking the opportu-
nity to increase general customer satisfaction further, 
establishing ourselves in the town’s local society and 
contributing to the sustainable development of entire 
areas of towns or cities.
Finding the right balance between investment, economic 
viability and the affordability of homes remains important 
to Vonovia in its large-scale neighborhood development 
projects. We counter these challenges by making volun-
tary commitments or by utilizing public funding. 
Objectives, Measures and Indicators  
103-2, 103-3
Eleven neighborhoods were developed across Germany in 
2018 as part of the neighborhood development investment 
program, affecting approximately 6,800 apartments. We 
have already identified potential projects and needs 
beyond this, and in the next few years will help numerous 
tenants by conducting further neighborhood developments. 
In addition to structural measures to improve the quality 
of living long term, this will also include social projects 
that promote a sense of community and inter­action within 
the neighborhoods. We hope to give our older tenants the 
opportunity to stay in their homes as long as possible, 
while also promoting a sense of community and the 
diversity of our tenants.
You can find out more about our neighborhood develop-
ment approach in the management report in our 2018 
annual report (see chapter Non-financial Declaration 
 AR 2018, p. 77 et seq.).
Construction Measures and Mobility Concepts
Investments are planned for the long term. The structural 
measures will be complemented by further measures, 
such as infrastructure improvements for demolition 
activities that may be necessary, the realization of holistic 
energy concepts and urban development issues.
The residential environment plays a key role in Vonovia’s 
neighborhood development measures, in particular. 
Residential environment measures such as the creation of 
new green spaces and playgrounds, as well as moves to 
design neighborhood centers outside of buildings to 
provide residents with a place to meet up and communi-
cate can, in the short term, help to increase the accept-
ance of renovation measures and, in the long term, create 
real added value for tenants. Particularly in urban environ-
ments, the issue of spaces for relaxation is becoming an 
increasingly important factor in terms of how people 
assess their quality of life, and will continue to do so in the 
future.
Projects such as the establishment of communal gardens 
for tenants can also make a positive contribution to 
fostering social development, particularly in neighbor-
hoods facing cultural challenges and a difficult 
­environment.
As part of the construction work in developing residential 
surroundings, mobility concepts, which we implement in 
partnership with towns and municipalities, are gaining in 
importance. In Munich, for instance, concepts such as car 
sharing are applied to the number of parking spaces, 
enabling the overall number to be reduced. We intend to 
add e-scooters, e-bikes and cargo bikes to our concepts 
and hope to encourage more towns and municipalities to 
apply such mobility concepts to their construction 
­planning.
You can find an overview of structural measures taken in 
this sustainability report in the chapters Portfolio 
Structural  
Measures
> Maintenance
> Modernization
> Residential environment redesign
> New construction/adding extra 
stories
> Financial support
> Donations in kind
> Employee commitment
> Workshops
> Informational events
> Active cooperation
> Tenant assemblies
Participation Concepts  
(examples)
Social Support  
Activities
Neighborhood Development Measures

Vonovia SE Sustainability Report 2018
SOCIETY AND CUSTOMERS — Neighborhood Development
52
­Maintenance and Tenant Health and Safety 
 p. 43 et seq., 
and Creating Living Space and Affordable Rents 
 p. 46  
et seq.
Participation Concepts
When implementing neighborhood measures we often 
have to take a number of diverging interests into consider-
ation. The active involvement of residents, public interest 
groups and other stakeholders in the neighborhood as well 
as the cooperation with towns and municipalities will help 
identify solutions to create neighborhoods worth living in. 
In this way, our tenants are involved in designing the 
residential environment (for example, in tenant work-
shops, allowing them to actively contribute to facade and 
playground design, route/pathway design, etc.), among 
other things. Participation and extensive communication 
involving all partners is a key component for the success-
ful implementation of large neighborhood development 
projects. We do this through a number of measures. 
Examples are provided in the following neighborhood 
developments:
Berlin-Tegel (Ziekowkiez):
> Completion of a social agreement with the Reinkicken-
dorf district of Berlin. Main points of the agreement:
	
> Social acceptability of the modernization through a 
cap on the modernization cost allocation at €1.75 on 
basic rent per square meter and consistent consider-
ation of social hardship,
	
> exclusion of rent increases in the first five years 
following modernization work,
	
> establishment of tenant contact hours and a fixed 
contact on site,
	
> inclusion of the agreement in every lease agreement.
> Opening of community center „JOVO-Treff“ for seniors 
in cooperation with Johanniter-Unfall-Hilfe e.V. in June 
2018, including a big party for the tenants.
> Information event in November 2018 at Reinickendorf 
town hall to provide information to tenants and resi-
dents, and to give a complete overview of the planned 
work and the social agreement.
> Opening of a “Kiezschaufenster” (shop window for the 
area) with local contacts and presentation of a 3D model 
of the planned measures; providing informational 
material and opportunities for direct participation  
(e.g., notice board for residents to post requests and 
suggestions).
> Employees of Vonovia and Zebralog, our communication 
and participation partner, conducting hundreds of 
“Haustürgespräche” (chats on the doorstep).
> Zebralog creating a comprehensive participation con-
cept and experienced professional planners created a 
comprehensive mobility concept.
> Creating a social infrastructure with senior-friendly 
apartments, new childcare centers, planning for new 
local amenities and new parking space rental.
> Workshop planning for tenant participation in 2019 for 
residential environment and mobility.
Hamburg-Wilhelmsburg:
> On-schedule start to construction work – the first 15 loft 
apartments in the shell were completed by the end of 
2018.
> Opening of a meeting point for social and cultural 
interaction in October in partnership with Schotstek e.V., 
a non-profit organization in Hamburg, and providing 
customers with a migration background with offers for 
certain occasions, such as tutoring, language courses, 
kids’ programs, talks and concerts – from March 2019, 
offers are set to be made available continually.
> Discussions with the “Mitte” district office regarding a 
leisure space and traffic concept aimed at freeing up 
leisure spaces and designing them in such a way that 
they make neighborhoods more lively.
> Supporting the cultural district festival “48h Wilhelms-
burg” in June 2019.
Social Support Activities 413-1
It is the local people who are committed to the neighbor-
hood initiatives, social institutions, associations and 
cultural institutions that shape our neighborhoods. But 
each neighborhood is different and has different require-
ments and faces different challenges – e.g., access to 
education may be lacking, or the neighborhoods lack 
cultural institutions, or there is no interaction between the 
different age groups. 
This is why Vonovia cooperates with local social and state 
institutions such as daycare centers and schools, welfare 
organizations and other social agencies, and charitable 
and cultural institutions. Our business areas also support 
specific local projects and initiatives. We base our conduct 
in this area on our donation and sponsoring guidelines and 
support projects that promote community, education and 
culture, and thus contribute to the development of our 
neighborhoods. We differentiate in three categories: 
financial support, donations in kind and our employees’ 
personal commitment. These categories are not always 
clear-cut, as a combination of categories is often em-
ployed.
The objective of all these measures is to provide neighbor-
hoods in which we have portfolio properties with the 
support that they need and help them develop. However,

Vonovia SE Sustainability Report 2018
SOCIETY AND CUSTOMERS — Neighborhood Development
53
the impressions of those involved are collected for further 
use during feedback and discussion rounds. 
The following two examples are just a small sampling of 
our many activities.
Frankfurt Praunheim:
> The construction of 36 new residential units, seven of 
which were publicly funded and are reserved for families 
with a right to rent-controlled homes.
> Financial support for the “SAZ-ROCK” youth center of 
the quarter.
> Diverse activities, regular homework assistance and 
advice, access to PCs and internet as well as educational 
projects.
Kiel Gaarden Ost (Gustav-Schatz-Hof):
> Social community project in collaboration with the Frank 
Group, which operates a community center through 
Diakonie Altholstein, to strengthen the sense of commu-
nity between different groups of the population and to 
promote dialogue.
> Focus on cultural exchange across different generations 
> Linking assisted living and care offers with open migra-
tion and senior citizen work, targeted help with integra-
tion for residents with a migration background, advice 
and assistance for struggling households, public events 
and mediation.
> Coffee meetings, play and crafts afternoons, group 
events with AWO Kinderhaus, crafts groups and 
­memory training for senior citizens, seminars, religious 
celebrations and summer festivals.
Oberhausen (Friedrich-Karl Straße):
> Focusing on the promotion of social interaction within 
the property with social and art projects and implemen-
tation of a „vertical development of the quarter“ to 
develop security and quality of living  from within.
> Cooperation with the artists‘ collective (Kultur im Turm 
e.V.) and joined implementation of diverse projects:  
	
> Rent-free use of three apartments used for projects 
(language tuition, art projects, musical events, seats 
from ads) for kitev
	
> Implementation of the project „Refugee´s Kitchen“
	
> Light installation „Vielfalt ist unsere Heimat“ - Glück-
auf! (diversity is our home – ayeup!) On the roof 
	
> Planning of a concierge service for the barrier-free 
conversion of the the entry hall and other  additional 
construction measures.
In addition to neighborhood development, which is 
planned and implemented at a local level, Vonovia also 
centrally organizes its own select projects:
> Vonovia Photo Competition: Vonovia Photo Competi-
tion: Vonovia organizes an annual photo competition 
with the theme of “home.” The prize money amounts to 
€ 42,000 and is divided into three main prizes and one 
new talent award. The award is aimed at professional 
photographers and up-and-comers. An independent jury 
chooses the winners, with experts from the areas of 
photography, journalism, art and teaching as well as the 
real estate industry. In its second year, the competition 
has already established itself as one of Germany’s most 
important photography competitions.  
  https://award.vonovia.de
> VfL Bochum: Our company has a particular attachment 
to Bochum: the local stadium is named the Vonovia 
Ruhrstadion and is the home of second-division VfL 
Bochum and our “living room”. The club and Vonovia 
will also work on a number of other joint activities as 
part of the cooperation. Vonovia will, for example, 
support VfL Talentwerk, the club’s youth training pro-
gram. And in 2019, a number of football camps for kids 
will be held in partnership with the football school. 
  www.vfl-bochum.de
> Foundation Work: Vonovia also uses foundations to 
show its social commitment by providing support to 
­tenants, the rental environment, and in cases of social 
hardship. The company is currently involved in four 
foundations: Vonovia Stiftung, Vonovia Mieterstiftung 
e.V., Stiftung Mensch und Wohnen and Stiftung Pro 
Bochum 
  www.vonovia-stiftung.de
You can find out more about our social commitment work 
in our 2018 annual report and at  
  www.vonovia.de. (see 
chapter Non-financial Declaration   AR 2018, p. 78)

Vonovia SE Sustainability Report 2018
54
ENVIRONMENT
54
55	 Our Approach Regarding Environment
58	 Energy Efficiency and Reducing Greenhouse Gas Emissions
63	 Environmental Protection in the Portfolio
65	 Environmental Protection in Connection with Conversions and New Constructions
68	 Company Environmental Protection
70	 Impact of Transport and Logistics
Around the world, a considerable amount of the greenhouse 
gas emissions that contribute to climate change are caused 
by the construction and operation of buildings. The condi-
tion of the buildings and how they are managed also have a 
significant impact on the extent of the emissions ­released. 
With the treaty signed at the United Nations Climate Change 
Conference in Paris in 2015, the global community com-
mitted to restrict global warming to a maximum of two 
­degrees by taking appropriate action. As a signatory to the 
Paris Agreement, the Federal Republic of Germany ­derived 
a ­target for itself to achieve a virtually climate-neutral build-
ing stock in Germany by the middle of the century. For a 
­residential real estate company of our size, this gives rise 
to a special ecological responsibility. Vonovia aims to make 
a ­contribution to achieving this ambitious target through a 
number of measures in the area of climate and environmen-
tal ­protection.  
Content
ENVIRONMENT —

Vonovia SE Sustainability Report 2018
ENVIRONMENT — Our Approach Regarding Environment
55
Our Approach Regarding 
Environment
Management Approach 103-1
Vonovia is the largest real estate owner in Germany. The 
responsibility that we have toward the environment is 
therefore considerable.
Even if the consequences of climate change and environ-
mental damage are not obvious from our buildings and 
open spaces, the signs of changes to come are mounting 
– for example, longer warm periods, heavier rainfalls and 
increasing air pollution in cities.
We want to provide our customers with comfortable, 
up-to-date and environmentally friendly homes – while 
also guaranteeing affordable rents. It is therefore very 
important to us to combine climate protection with fair 
rents, because climate protection must not become a 
question of social status.
Vonovia has aligned with the government’s aim of making 
buildings climate-neutral in the long term and reducing 
greenhouse gas emissions. We are aware, of course, that 
the landlord can only influence energy and resource 
consumption in the operation of residential buildings to a 
limited extent – unlike in other property management 
building types, such as commercial properties and offices. 
It is ultimately the tenants’ decision to decide how they 
consume electricity, water and heat. Nevertheless, we 
have a number of measures that we can implement to 
improve buildings from an energy perspective. Currently, 
the main approaches include energy-efficient building 
refurbishment, fitting modern boilers, and using and 
generating renewable energy, for instance, through 
decentralized energy provision offers and through our own 
energy sales. The size of our portfolio shows that this is 
the biggest lever we have for making an active contribu-
tion to climate protection (see chapter Energy Efficiency 
and Reducing Greenhouse Gas Emissions 
 p. 58 et seq.).
And we also look at other aspects of building operation. 
We address other possible negative effects on the envi-
ronment through measures in areas such as waste 
­management and prevention, recycling waste, green waste 
and recyclable materials, or by paying attention to envi-
ronmental criteria in purchasing materials and the use of 
regional products – for example wood from local stock 
(see chapter Environmental Protection in the Portfolio 
 p. 63 et seq.). The purchasing strength of our Group 
structure helps us to take ecological measures in an 
economical way.
Operating buildings is not the only material factor in the 
emission of greenhouse gases and impacts on the envi-
ronment – new construction and dismantling, too, have an 
effect on the climate and environment through the materi-
als that are used and the construction and recycling 
process. We therefore consistently adhere to the require-
ments of the 2016 German Energy Saving Ordinance 
(Energieeinsparverordnung EnEV) for new constructions. 
We minimize detrimental environmental impacts on our 
construction sites by dealing with hazardous waste 
correctly and specifically using environmentally friendly 
materials (see chapter Environmental Protection in 
Connection with Conversions and New Construction 
 p. 65 et seq.).
Our normal operations, too, require us to consume re-
sources and energy, and release emissions. We therefore 
focus on keeping the negative environmental impacts of 
our internal processes as low as possible (see chapter 
Company Environmental Protection 
 S. 68 et seq.). The 
main factors in ensuring we keep these impacts low are 
general improvements in resource efficiency and targeted 
reductions, for instance, in energy and water consumption. 
The area where we can have the greatest influence is our 
fleet, which we manage through continual process optimi-
zation and by considering how we can reduce damaging 
environmental effects (see chapter Impact of Transport 
and Logistics 
 S. 70 et seq.). 
 103-1, 103-2, 103-3

Vonovia SE Sustainability Report 2018
ENVIRONMENT — Our Approach Regarding Environment
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We have identified five material environmental topics and 
have integrated these into our materiality matrix:
> Energy Efficiency and Reducing Greenhouse Gas 
­Emissions
> Environmental Protection in the Portfolio
> Environmental Protection in Connection with Conver-
sions and New Construction
> Company Environmental Protection
> Impact of Transport and Logistics
In the following chapter, we will cover these topics in 
detail and explain their relevance for Vonovia. The relevant 
challenges, opportunities and risks, and the objectives, 
measures and indicators are outlined for each topic.
Challenges, Opportunities and Risks 103-1
The implementation of climate and environmental remedi-
ation in residential properties is closely interlinked with 
analyses of potential and economic feasibility studies. We 
not only take the interests of our company into considera-
tion, but, first and foremost, those of our customers. We 
are currently seeing that social acceptance for moderniza-
tion work that drives up costs is noticeably declining. This 
means that the greatest challenge we currently face is 
performing ecologically important measures while also 
keeping any resulting financial burden for our tenants as 
low as possible.
A number of statutory requirements and regulations, that 
partially even contradict one another, also restrict our 
plans. The form the Landlord-to-Tenant Electricity Act has 
taken, for example, in connection with the reduction in the 
feed-in tariffs for photovoltaic plants (PV) has hindered 
the economic operation of our planned PV program. In 
addition, the number of regulations and directives is 
mounting constantly, while developments in the political 
frameworks – for example, with relation to the Building 
Energy Act, the Climate Protection Act and the rejection 
of the Federal Government’s Building Commission – are 
stalling and leading to uncertainty and an inability to plan 
in this area. Higher CO2 costs – as sensible as they may be 
for achieving the government’s climate protection ­targets – 
could, depending on the form this takes, result in consider-
able burdens on both landlords and tenants. Depending on 
the distribution of the social burdens, however, this could 
also create opportunities for considerably boosting 
climate protection in the building sector.  The building 
sector is fundamentally characterized by high initial 
investments and long useful lives. Changes in the legal 
framework conditions therefore have the potential to have 
long-term effects on the economic operation of the 
buildings.
Volatile energy prices also hinder planning processes and 
financial feasibility calculations for our energy sales.
The constant increase in the costs for construction 
­services and materials in the past few years has also 
increased the pressure on the company to pay attention to 
value for money when making purchases in order to be 
able to continue to provide affordable homes. This in-
creases the risk that more expensive – but ecologically 
more beneficial – construction materials are used less due 
to economic concerns. With our high purchasing volumes 
of construction materials, we can at least partly com­
pensate for this effect.
In the field of building insurance, contributions may be 
increased or certain insurance services may be excluded, 
such as flood insurance. Due to Vonovia’s size, however, 
even if this risk materializes, we may assume it would 
have a low impact on results.
In addition, the ongoing discussion surrounding diesel 
vehicles also poses a potential risk for Vonovia due to the 
fact that the majority of our fleet consists of (modern) 
diesel vehicles. Court judgments and possible driving bans 
in cities may mean that we have to acquire new vehicles. 
This would result in considerable costs. 
The expansion of our own services in trade professions 
presents us with opportunities. By employing more trades-
men, we can expand and keep knowledge in the company, 
including for environmental measures such as the correct 
separation and disposal of the materials that we use. 
Objectives, Measures and Indicators 
103-2, 103-3
The federal government’s environmental protection plan 
aims to make building stock in Germany virtually climate 
neutral by 2050. In this context, “climate neutral” means 
that the buildings have very low energy requirements and 
that the energy requirements that do exist are primarily 
met with renewable energy. The material strategies 
involved in achieving this target are the reduction of 
resource consumption, increasing energy efficiency and 
substituting fossil fuels with renewable energy sources. 
Energy-efficient building renovation continues to play an 
important part here, as refurbished buildings need less 
energy. The current refurbishment rate in Germany of 
approximately one percent is far from enough to achieve 
the savings effects required by the middle of the century. 
Several players in the world of politics, such as the Federal 
Environment Agency and the German Energy Agency 
(Deutsche Energie-Agentur [dena]) are therefore pushing 
to have this rate doubled.

Vonovia SE Sustainability Report 2018
ENVIRONMENT — Our Approach Regarding Environment
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In 2017, Vonovia initially set an annual refurbishment rate 
of 3%. We will continue to pursue this target, even in light 
of the fact that we are currently restricting energy-­
efficiency refurbishments due to economic considera-
tions in order to avoid extra burdens for our tenants. The 
energy-­efficient modernization measures focus on heat 
insulation for facades, basement and attic ceilings, the 
replacement of windows and the installation of new 
heating boilers. The aim is to constantly reduce energy 
consumption and greenhouse gas emissions in our portfolio 
(see chapter Our Service Promise   AR 2018, p. 91 et seq.).
With new constructions, we can influence the low-­
emission realization of construction projects and later 
energy-­efficient operation right from the planning stage. 
Considerably higher benchmarks and requirements apply 
in this area compared with refurbishing existing stock. We 
are therefore placing increasing value on optimized 
energy-efficient building designs and aiming for construc-
tion methods that conserve resources. We aim to meet 
the high requirements of individual KfW standards in both 
our energy-efficiency modernizations and new construc-
tions.
Another major lever that can be used to reduce green-
house gas emissions is the expansion of renewable 
sources of energy. Vonovia is also taking active steps in 
this area and is continually expanding the generation and 
sale of renewable energy through its own energy sales 
company.
We are aware, however, that these measures – even 
considered altogether – will not be sufficient to achieve 
the target of a climate-neutral building stock by the year 
2050. The limits of energy-efficiency refurbishments are 
already visible – both in terms of tenants’ acceptance and 
the efficiency gains. Vonovia is therefore actively initiating 
and participating in numerous research and development 
projects, providing momentum and driving innovation. The 
goal is to develop cost-effective measures to improve the 
energy balance and to reduce greenhouse gas emissions 
in the building stock.
Climate and environmental protection is also a factor in 
our operating processes, albeit a lesser one. We continu-
ously seek out opportunities to increase our level of 
resource efficiency and reduce our negative impact on the 
climate and the environment in our internal processes. 
An important starting point here is our fleet of vehicles, for 
which we intend to reduce the fuel consumption/­
consumption intensity.
We are also engaged in dialogue with stakeholders from 
the world of politics, academia, business and civil society, 
and we include their ideas in our decisions. We are a 
member of the associations KlimaDiskurs.NRW e.V. and 
Deutsche Unternehmensinitiative Energieeffizienz e.V. 
(DENEFF) and are involved in the Federal Ministry for the 
Environment, Nature Conservation and Nuclear Safety’s 
dialogue forum “Wirtschaft macht Klimaschutz” (Business 
Mitigates Climate Protection). The dialogue forum is a 
two-year project (2017–2019) designed to connect busi-
nesses from all industries and to establish specific climate 
protection measures in companies. 102-13
Outlook for 2019
In 2019, we intend to become more involved in the discus-
sions surrounding climate change, primarily through 
networks, research projects and partnerships. Developing 
ideas and concepts regarding the implementation of 
measures and political demands that enable climate 
protection while also protecting our tenants are the main 
focal points. In addition, we intend to launch our own 
specialist conference in fall 2019, where we can exchange 
ideas with our stakeholders about the challenges we face 
and discuss specific possible solutions.
In the future, we also intend to raise awareness of circular 
economies at Vonovia. Recycling garden waste for energy 
generation or topsoil production could be an initial step in 
this area. 
We intend to continue pursuing our ecological targets in 
the procurement department as far as possible, using our 
economic position in our procurement processes in order 
to purchase ecological construction materials and prod-
ucts at competitive prices.  
We have gained some experience in the field of e-mobility 
in the past few years – for instance, by testing electric 
vans. We will continue to observe developments in this 
area and investigate deployment possibilities for our 
company. In 2019, we will test some vehicles with natural 
gas, hybrid and electric drives in everyday use and launch 
a pilot project on the use of vans with hydrogen drive.

Vonovia SE Sustainability Report 2018
ENVIRONMENT — Energy Efficiency and Reducing Greenhouse Gas Emissions
58
Energy Efficiency and Reducing 
Greenhouse Gas Emissions
Management Approach 103-1
Modernization
Every day, energy is consumed and emissions are released 
as a result of the operation of our buildings. On the one 
hand, volumes are dependent on the behavior of custom-
ers, on the other, however, they also depend on the age 
and condition of the building and on weather conditions. 
We only have a limited influence on individual use and we 
cannot control the weather, but we can improve the 
condition of our portfolio with suitable measures – thereby 
reducing the energy consumption and emissions from the 
apartments. Due to the size of our portfolio, this is Vono-
via’s primary lever for significantly reducing greenhouse 
gas emissions. 
We will achieve this mainly through comprehensive 
energy-efficient modernizations in the portfolio and 
modern, energy-efficient new constructions. These 
measures will allow us to offer attractive and comfortable 
homes throughout Germany. 
Energy Supply
Lower resource consumption and higher energy efficiency 
are two important strategies in reducing harmful green-
house gas emissions. Another lever we have is the expan-
sion of renewable energy as part of the energy revolution, 
which is chiefly characterized by the decentralized genera-
tion and storage of electricity. Changes in legislation and 
various funding programs support projects are driving 
forward the decentralization of energy supply. Our con-
nected neighborhoods – particularly in urban conurba-
tions – and the expanse of roof surface provides us with 
interesting opportunities for using and expanding renewa-
ble energies in our real estate portfolio. They represent an 
effective lever that we and our customers could use to 
contribute to climate protection and the energy revolution 
in Germany. For Vonovia this also opens up new business 
areas in which climate protection could be advanced both 
economically and in a customer-friendly manner.   
Establishment in the Organization 103-2
The portfolio and tenant management department is 
responsible for planning and managing planned moderni-
zation measures in the portfolio. Planned new construc-
tions are partly organized by our new constructions 
department and partly through the regions, and the 
portfolio and tenant management department provides 
support functions.
The business development department is responsible for 
energy supply issues. Energy sales, through which our 
customers can sign green electricity contracts directly 
with Vonovia, take place via the company’s own Vonovia 
Energie Service GmbH.
Challenges, Opportunities and Risks 103-1
Modernization
Energy-efficient modernizations are currently considered 
to be the cause of rising rents, which are driving the cost 
of living considerably. The acceptance of large-scale 
modernization measures is therefore sinking in sociopoliti-
cal and media political opinion. The federal government 
has stipulated the reduction of modernization allocations 
from 11% to 8% and restricted allocation capacity of 
measures to a maximum of €3 per m² (or €2 for rents 
under €7 per m²) in its coalition agreement, and has now 
also enacted this into national law.
Nevertheless, energy-efficient modernization of the 
portfolio remains a necessary and effective measure in 
improving building performance and living comfort, and in 
reducing consumption. In order to keep the burden on our 
tenants as low as possible, we restrict the allocation to a 
maximum of €2 per m² and plan modernizations individu-
ally for each building. We achieve cost savings by combin-
ing measures - so that we can, for example, allocate costs 
for scaffolding to different measures. 
 102-13, 103-1, 103-2, 103-3, 302-1, 302-3, 302-4, 302-5, 303-5, 305-5, CRE1

Vonovia SE Sustainability Report 2018
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Declining acceptance also means that the search for 
alternative approaches to improve building performance is 
becoming more important. However, as the legal frame-
work conditions and requirements are becoming stricter 
and the cost of materials and purchased construction 
services are rising, the challenge is to test the shrinking 
elbowroom for forward-looking measures.
The further expansion of our technical service, which 
allows us to perform several key trade tasks ourselves, 
provides us with the opportunity to stretch out the elbow-
room available to us a little in terms of costs and efficiency 
advantages. 
Energy Supply
We intend to keep driving forward energy generation from 
photovoltaic plants (PV). This in turn creates another 
opportunity for us to use our buildings to generate sus-
tainable energy. We want to technically implement all new 
PV plants in a way that they can be integrated into a 
landlord-to-tenant electricity model and the electricity 
generated is available to our customers in their home or at 
charging stations. 
The particular challenges we face in implementing the 
landlord-to-tenant electricity model include the expensive 
meter reading technology and the complicated invoicing 
processes and processes associated with the turnover of 
tenants for so-called customer plants. These lower the 
viability of the projects considerably and increase the 
economic risk associated with implementing the land-
lord-to-tenant electricity model. At the same time, howev-
er, they also offer the opportunity of deploying digital 
meter reading systems, also known as smart meters, 
which provide our customers with a visual presentation of 
the electricity being consumed and generated.
From a legal point of view, legislation relating to landlord-­
to-tenant electricity models remains incomplete and is not 
precise in its terminology. In addition, further statutory 
regulations hinder the implementation of sustainable 
energy projects, e.g., the energy pooling law, which will 
result in a drastic decline in feed-in tariffs and cause a 
considerable reduction in the associated tenant electricity 
subsidy from the beginning of 2019. Continual changes to 
funding principles is causing trust in the planning security 
of the projects to erode, but this trust is indispensable for 
making long-term investment decisions. Vonovia therefore 
follows legal developments very closely and is committed 
to promoting future regulations that are shaped in a 
sustainable and positive manner through its membership 
in associations such as the Association of German Hous-
ing and Real Estate Companies (Bundesverband deutscher 
Wohnungs- und Immobilienunternehmen GDW) and 
German Association for Housing, Urban and Spatial 
Development (Deutscher Verband für Wohnungswesen, 
Städtebau und Raumordnung DV).
With Vonovia Energie Service GmbH, a licensed energy 
provider in Germany, we have created a good and impor-
tant foundation to fully tap into numerous new business 
areas and add our own value. Decentralized energy supply, 
charging infrastructure for e-mobility and energy storage 
are just a few examples. 
Objectives, Measures and Indicators  
103-2, 103-3
Modernization
Energy-efficient Modernizations
Vonovia makes a considerable contribution to protecting 
the climate through energy-efficient modernizations and 
new constructions. We want to make a decisive contribu-
tion to realizing the Federal Government’s target of a virtu-
ally climate-neutral building stock by 2050.
To this end, we will continue to conduct energy-efficient 
refurbishments on at least 3% of the building stock per 
year and have updated our modernization program for the 
reporting period to reflect this. In 2018, we again achieved 
a refurbishment rate of 5%, considerably exceeding the 
annual target of 3%.
Our modernization program in 2018 included:
> Measures on the building shell: facade insulation, 
window replacements, attic and basement ceiling 
insulation. In total, approximately 18,000 apartments 
(2017: 18,000) with a living area of more than 1.1 mil-
lion m² (2017: 1.1 million) were fully or partly modernized 
in 2018.  
˜ 5%
Modernization rate 2018
(refurbishment rate)

Vonovia SE Sustainability Report 2018
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> Heating system measures: exchanging old heating 
systems like individual coal or oil furnaces and gradual 
replacement with new gas condensing boilers. In 2018, 
we exchanged heating units in approximately 13,000 
homes (2017: approximately 15,000). 303-5
To finance energy-efficiency refurbishments, we generally 
use funds provided by the German government-owned 
development bank Kreditanstalt für Wiederaufbau (KfW). 
The amount of funds available depends on the level of 
energy efficiency attained. Our measures particularly 
focus on the two funding programs KfW 151 and KfW 152. 
KfW 151 covers the refurbishment of a building, and the 
implementation of individual measures lead in total to 
achieving a KfW efficient house standard 100, while KfW 
152 promotes the implementation of individual energy-­
efficiency measures such as window replacements and 
facade insulation. 302-4, 305-5
In the 2018 reporting year, we were able to cut a total of 
around 27,300 tons of CO2 emissions  (2017: 29,800 tons) 
by evaluating energy performance certificates. Based on 
their results, we carried out energy-efficient refurbish-
ments on building shells and renewed heating systems. 
The energy intensity in 2018 amounted to an average of 
approximately 166 kWh/m² (2017: 172 kWh/m²). 302-3, 
CRE1, 302-4, 302-5, 305-5
TOP 10 Modernization Locations by Investment Amount
City
Number of 
apartments
Area (in m²)
Investment 
volume  
(in € million)
Dortmund
2,340
138,507
53.2
Berlin
918
60,236
26.2
Bremen
752
48,132
24.9
Hanover
569
35,245
21.8
Essen
698
39,470
21.5
Dresden
1,472
79,402
20.5
Osnabrück
543
34,843
20.3
Bielefeld
581
38,323
16.6
Bochum
587
31,598
14.4
Cologne
1,235
86,784
14.0
 Total
9,695
592,541
233.3
0
Portfolio share in %
Energy-efficiency classes
Energy-efficiency in the portfolio
2017 
2018
5
10
15
20
H
more than 
250 kWh/
(m²a)
F
160 to 200  
kWh/(m²a)
G
200 to 250  
kWh/(m²a)
not disclosed
E
130 to 160  
kWh/(m²a)
D
100 to 130  
kWh/(m²a)
C
75 to 100  
kWh/(m²a)
B
50 to 75  
kWh/(m²a)
A
30 to 50  
kWh/(m²a)
A+ 
less than 30  
kWh/(m²a)
25
(KWh/m2)
Average energy intensity in the portfolio
2017
2018
166
172
13.512.2
7.1
5.8
7.26.9
22.5
24.3
17.6
19.8
8.07.6
0.5 0.5
0.0 0.1
18.8
18.5
4.0
5.1

Vonovia SE Sustainability Report 2018
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In addition to the existing energy-efficient refurbishment 
measures, Vonovia initiates and participates in select 
research projects to test alternative and cost-efficient 
refurbishment options and tries them for economies of 
scale:
> The Alliance for Climate-neutral Building Stock is a joint 
project between the housing industry, research insti-
tutes and associations which aims to research technical 
measures to improve boiler efficiency, heat distribution 
and user behavior and to feed this research into political 
discourse. Vonovia plays an important part in this 
project by providing the buildings.   
 www.energieeffizient-wohnen.de
> Energiesprong is a new refurbishment standard that 
represents a high level of living comfort, minimal refur-
bishment times and an innovative financing model. The 
aim is to conduct refurbishments to bring buildings to 
net zero, meaning that they generate as much energy in 
a year as they consume. Energiesprong was developed 
in the Netherlands and has already been implemented in 
more than 4,500 buildings. Vonovia is supporting 
Deutsche Engergie-Agentur (dena) in its endeavors to 
introduce the Energiesprong principle to the German 
market. 
 www.energiesprong.de
Energy Supply
We review the technical and economic feasibility of 
deploying PV plants, cogeneration units (CHP units), heat 
recovery, solarthermal energy and charging infrastructure 
for electric vehicles in a standardized manner and across 
the board. We implement these systems directly wherever 
possible. 
Photovoltaics and Cogeneration Units
We thoroughly investigated the potential of photovoltaics 
in our portfolio in the reporting period. Using data-led 
preselection criteria, we conducted a detailed solar 
cadastre analysis on approximately 18,000 properties. We 
identified more than 5,000 properties that receive a high 
level of sunlight intensity on the roofs and therefore 
present considerable photovoltaic potential.
We are currently working on equipping these buildings 
with PV plants. A team consisting of project managers, 
back office staff and local construction managers are 
co­ordinating the projects. In addition, a large portfolio of 
approximately 800 individual properties in Dresden and 
Munich were tendered for PV plant fitting, planned in 2019.
Our plant portfolio consisted of 208 PV plants as of the 
reporting date December 31, 2018, with total capacity of 
5.7 MWp and annual electricity generation of around 5,350 
MWh (2017: 3,700 MWh). 302-1, 302-4, 305-5 
We use numerous cogeneration units (CHP units) for 
efficient, decentralized heat and electricity produced 
directly in the neighborhoods. 302-1
Energy Sales
In 2018, we rolled out energy sales nationwide through our 
subsidiary Vonovia Energie Service GmbH, enabling us to 
provide our customers with gas and electricity directly. 
100% of the electricity is from renewable sources. The 
primary source is Norwegian hydropower plants, and we 
provide proof of this in the form of certificates. In the fiscal 
year 2018, more than 8,500 customers used green electric-
ity from Vonovia. 
Mobility
We aim to make an active contribution to the transport 
revolution and support alternative modes of mobility. We 
also want to get our customers interested in this and are 
investing in measures such as charging stations for 
electric cars and e-bikes, and car sharing parking spaces, 
while reducing the number of traditional car parking 
spaces. In Pasing, Munich, we are working on a mobility 
concept, as part of a new construction and vertical expan-
sion project that will allow our customers to rely less on 
private vehicles in future. In addition to car sharing parking 
spaces, the concept includes offers for bicycle-­based 
goods transport and a number of roofed bicycle parking 
8,525
customers 
purchase green electricity  
from Vonovia.
5,944
MWh
green electricity sold

Vonovia SE Sustainability Report 2018
ENVIRONMENT — Energy Efficiency and Reducing Greenhouse Gas Emissions
62
spaces. We are planning to include the development of 
mobility concepts in our neighborhood development 
projects in the medium term. Overall, Vonovia customers 
currently have access to 47 car sharing vehicles at 18 
locations. Vonovia is also continuing its work on e-mobili-
ty concepts. For instance, we are currently planning to 
erect 34 public charging stations throughout Germany. 
We are also planning new constructions that enable 
charging stations and wall sockets to be rapidly retrofitted.
Sector Coupling & Neighborhood Approaches
In addition to the expansion of renewable energies, there 
is an increased focus on more solid networks between 
local producers and users of electricity, heat and mobility. 
It seems probable that considerable savings potential can 
be realized here with smart management systems. The 
numerous connected buildings in our neighborhoods offer 
an interesting starting point in this regard. 
> Vonovia therefore decided to become a founding mem-
ber of Open District Hub e.V., an initiative organized by 
Fraunhofer Gesellschaft aimed at enabling intelligent 
sector coupling in neighborhoods. By establishing open 
and scalable system solutions based on renewable 
energy, we aim to find new energy-efficiency property 
management modes at neighborhood levels. Vonovia is 
testing and implementing this approach in a pilot 
neighborhood in Bochum. 
 www.opendistricthub.de
> As part of the “MAtchUP” program funded by the 
European Commission, Vonovia is involved with the 
development of the Johannstadt district of Dresden. A 
combination of city development measures will be 
carried out to make this district an intelligent and 
energy-efficient neighborhood. The city, businesses and 
citizens are working together to discover solutions and 
new business models aimed at achieving measurable 
success in terms of energy and resource efficiency. We 
are modernizing a building complex of 560 apartments. 
In addition, the city of Dresden will be constructing and 
operating a PV plant on another Vonovia building. 
Electric vehicles will also be leased for our employees as 
part of this project and we will jointly construct charging 
stations for car sharing. 
 www.matchup-project.eu 102-13

Vonovia SE Sustainability Report 2018
ENVIRONMENT — Environmental Protection in the Portfolio
63
Environmental Protection in 
the Portfolio
 103-1, 103-2, 103-3, 203-2
Management Approach 103-1
Climate change is already affecting environmental condi-
tions in many parts of the world. Such changes are also 
increasingly becoming visible in Germany with ever longer 
periods of warm weather, a rise in average temperatures, 
and a higher incidence of downpours and storms. The 
decline in biodiversity and the general decrease in natural 
areas add to this.
This is why protecting the climate and environment does 
not stop at the doorstop for Vonovia. Our company not 
only invests in energy-efficient building refurbishments 
but also takes responsibility for the areas surrounding its 
apartments. Vonovia’s portfolio does not simply consist of 
individual apartment and buildings. We take care of more 
than 217,000 trees, around 40 million m² of open space, 
14 million m² of lawns and around 310 kilometers of 
hedges. This greenery allows us to improve the residential 
atmosphere and air quality in our neighborhoods, provide 
habitats for animals and combat increasing soil sealing.
We want to motivate our tenants to protect the environ-
ment, too, and are supporting them in their endeavors. 
Our support primarily takes the form of helping them to 
reduce the resources they consume, such as water and 
energy, and reduce and recycle their waste.
Our security obligations mean we are responsible for 
ensuring that equipment, such as oil boilers and sewer 
canals, is used and maintained correctly and does not 
damage the environment.  
Establishment in the Organization 103-2
Our residential environment organization is responsible 
for taking care of our green spaces. The organization plans 
and carries out gardening and landscaping work. Current-
ly, around 650 employees in the residential environment – 
around 400 of whom are gardeners – cultivate and 
­landscape the open spaces. As far as maintenance is 
concerned, Vonovia implemented its first gardening and 
landscaping projects with its own employees in 2018. This 
move also allows the company to expand its training 
opportunities in the gardening and landscaping segment. 
The offices in Dresden, Berlin and Hanover are currently 
training employees in gardening and landscaping. Future 
growth and expertise will increasingly be generated within 
the company itself in the field of gardening and landscap-
ing as well.
Traffic security obligations are recorded and managed by 
our central technology department.
Communication with tenants is supported through our 
centralized corporate communications.   
Challenges, Opportunities and Risks 103-1
Vonovia has thus far not dealt with the challenges, oppor-
tunities and risks of environmental protection in the 
portfolio in a systematic manner. This requires more 
comprehensive evaluations in order to derive more 
concise conclusions for the portfolio.
The development of standardized residential environment 
modules (such as playgrounds and refuse collection 
points), however, serves to boost efficiency and generate 
additional cost advantages. In addition to the higher 
quality of the services provided, cost savings can also be 
achieved in this area by bundling and standardizing 
procurement processes (consumer materials, play-
grounds, etc.). Residential environment measures contrib-
ute to positive neighborhood development. Increased

Vonovia SE Sustainability Report 2018
ENVIRONMENT — Environmental Protection in the Portfolio
64
visual appeal and moves to rid neighborhoods of areas 
that feel unsafe help to boost customer satisfaction.
Objectives, Measures and Indicators   
103-2, 103-3
Green Spaces/Biodiversity
The natural areas in our portfolio contribute to the wellbe-
ing of both residents and the environment in a number of 
ways. We therefore want to maintain and care for existing 
spaces so that they can fully develop their social and 
ecological potential. 
We aim directly for an ecological balance when planning 
new constructions, for example, through compensation 
planting, greenery on roofs and vertical surfaces, and by 
planting trees, bushes and wildflower meadows. The 
measures are included in the development plans and 
reviewed against the approval requirements from local 
authorities. Our residential environment organization 
assists with this planning and reviews target attainment.
We always include soil sealing and flood protection in our 
new construction planning. It is our aim to keep unavoida-
ble soil sealing from car and bicycle parking spaces to a 
minimum when carrying out vertical expansions and 
densification construction measures. One form this takes 
is through mobility concepts, where the parking area can 
be reduced through car sharing or charging stations, for 
example. We are developing new construction planning 
measures that use backwater installations and roof 
greenery to absorb sudden water surges from heavy 
rainfall. We collect flooding information for our drainage 
plans and include potential rain management measures 
such as reservoirs, trenches and run-off troughs. Retention 
area planning, which serves to provide flooding areas for 
running water, is included in the approval phase.
We also aim to protect insects and other animals by 
treating our natural spaces with care. We review the site 
for existing populations during planning for construction 
and modernization measures, install beehives on building 
roofs – as we have at our office in Berlin, for instance. 
Waste Management
Our customers can protect the environment by creating 
less waste and increasing the amounts they recycle. We 
actively support this, and have, for example, commis-
sioned a service provider to sort through domestic waste 
and separate the recyclable waste. This allows us to 
reduce residual waste by approx. 50% and recycle a 
greater amount of waste. In turn, our customers benefit 
from lower waste surcharges and ancillary costs. 203-2
With our new construction projects, the design of the 
outdoor garbage collection points is an opportunity to 
exert a little influence on the behavior of our tenants. We 
are currently developing standardized, modular concepts 
for outdoor garbage collection points that provide cus­
tomers with easier handling and thus can help boost the 
willingness to separate garbage. We are also looking into 
the installation of barrier-free garbage collection points 
that are set into the ground and are more easily accessible.
Tenant Information
Our customers’ energy and water consumption make up a 
considerable part of the resources consumed in the 
portfolio – and this is something we can only influence to  
a limited extent. We therefore regularly provide our 
cus­tomers with information about how they can save 
energy in their normal daily routines – for example, with 
the Caritas electricity check. We bring information to our 
customers with our customer magazine “zuhause” and 
various flyers – explaining, for instance, how modern 
heating units work and how to heat your home efficiently. 
The aim is to animate our customers to conserve resources.
Safety Obligations
Our tree stock is listed in a cadastre and cataloged. This 
gives each tree an identification number. We meet our 
traffic safety obligations by conducting regular review and 
inspection rounds and survey the condition of our portfo-
lio. The processes we have in place to meet our operator 
obligations are laid out in our Group guidelines and 
detailed in an obligation document. This is updated every 
two years. The maintenance procedure for oil heating 
units is also laid out here, amongst other procedures, to 
prevent ground contamination from leakage of hazardous 
substances.

Vonovia SE Sustainability Report 2018
ENVIRONMENT — Environmental Protection in Connection with Conversions and New Construction
65
Environmental Protection in 
Connection with Conversions 
and New Construction
 102-9, 103-1, 103-2, 103-3, 203-2, 204-1, 306-2, 308-1, 308-2
Management Approach 103-1
We impact the environment not only through the operation 
of our buildings, but also through our construction activi-
ties, which consume resources and release emissions. On 
our construction sites, we ensure that our employees and 
service providers adhere to all applicable laws and regula-
tions in order to protect people and the environment to the 
fullest extent possible.
In addition, constructing new buildings gives us the oppor-
tunity to establish a sustainability-conscious focus directly 
in the planning processes. This is achieved through the use 
of sustainable materials, the addition of greenery or through 
efficient and – wherever possible – renewable energy 
supply. The recyclability of construction materials and the 
reduction of construction waste are also becoming more 
important. BUWOG’s development projects specifically 
develop and pilot innovative processes (see chapter 
­BUWOG 
 p. 8 et seq.).
Vonovia believes that sustainability and cost-efficiency 
can go together. We intend to seize the opportunities of 
sustainable procurement available to us through efficient 
and centrally organized procurement processes and 
cooperative supplier relationships.
Establishment in the Organization 103-2
New constructions are organized and managed by our new 
construction department in cooperation with the regions. 
The portfolio and rent management department provides 
support functions. The central procurement department at 
Vonovia is responsible for procuring construction materials 
and services, and thus also supply chain management.
With the acquisition of BUWOG and its development 
division, Vonovia has gained significant potential in the 
new construction field. Further comprehensive develop-
ment projects will continue to be conducted under the 
brand name and responsibility of BUWOG – partly for sale 
and partly for the portfolio. More information is available 
in the section BUWOG   p. 8 et seq. 
Challenges, Opportunities and Risks 103-1
A key opportunity afforded by new construction and 
development projects is that climate and environmental 
aspects can be planned in right from the beginning of the 
life cycle. However, this also brings with it a considerable 
challenge – we must ensure that the buildings we con-
struct now will meet the 2050 sustainability requirements. 
The rising prices for materials and construction services 
could lead to the risk that the procurement department 
chooses cheaper – and thus possibly less environmentally 
friendly – construction materials in order not to encumber 
the later rental price. 
Objectives, Measures and Indicators   
103-2, 103-3
Environmentally Friendly Construction
In addition to BUWOG’s development projects, densifica-
tion and vertical expansions are the two most significant 
measures employed by Vonovia in new construction. We 
deploy prefabricated modules in wood hybrid, steel 
skeleton and precast concrete construction. We plan to 
construct more than 1,000 new apartments throughout 
Germany in 2019. One of the projects will be our first wood 
hybrid building in the district of Knorr in Frankfurt. We are 
also planning to build two carbon dioxide-free and glue-
free solid wood houses with inner cores for stairs, lifts and 
utilities supply (point houses) in Kornwestheim near 
Stuttgart. An ecological balance sheet on the construction 
will be created by an external service provider that serves 
as proof that the building is carbon neutral. A new green 
building will be constructed in Bochum that will generate 
all of its energy from a PV plant.

Vonovia SE Sustainability Report 2018
ENVIRONMENT — Environmental Protection in Connection with Conversions and New Construction
66
As far as energy efficiency is concerned, the Energy Saving 
Ordinance (Energieeinsparverordnung [EnEV 2016]) is the 
decisive factor for our new construction projects. With 
intelligent construction methods we can come in under 
the base standards stipulated by EnEV by up to 10% in 
some cases – for example, through timber panel con­
struction, core insulation or the use of solar thermal and 
PV plants. We generally use modular and prefabricated 
construction methods which allow us to place high-­
volume factory preproduction orders. This means we are 
saving resources and energy right from the production 
stage.
We apply for funding from the KfW 153 subsidy program 
for new constructions that fulfil the energy requirements 
of the KfW efficient house standards. The KfW 153 new 
construction project in Münster was recently completed. 
The new KfW “Katzenbruchstraße” construction project in 
Essen is currently in the preparation stage. Further new 
constructions are planned in Dortmund, Cologne, Berlin 
and Oberursel.
Waste Management and Recycling
One of the most important environmental issues on our 
construction sites is waste management. This is due to the 
fact that substances hazardous to people and the environ-
ment may be released and influence resource consump-
tion. Our internal environmental health and safety provi-
sions (EHS) already deal with a number of issues related 
to environmental protection.
Our construction work – both new construction and 
modernizations – entail working with polluting materials, 
such as asbestos, which we must ensure are disposed of 
correctly. This task is entrusted to subcontractors that we 
commission, from whom we require full documentation 
regarding the amounts disposed of and the waste frac-
tions, along with proof of disposal and landfill measures 
taken, amongst other things.
Our service technicians learn how to correctly dispose of 
the materials they use at the start of their training. Follow-
ing initial training, they attend regular training sessions 
with experts and managers on the proper separation and 
correct disposal of various materials and construction 
materials.
A certified laboratory analyzes all construction compo-
nents and materials for potential pollutants before they 
are used. We coordinate waste disposal schemes with the 
responsible firms and the authorities as necessary. Quali-
fied staff from the companies commissioned and health 
and safety officers monitor the work performed on the 
construction sites.
In 2018, the technical service carried out energy-efficiency 
modernizations on 250 apartments in the Bremen district 
of Wohlers Eichen. In cooperation with plastic recycling 
companies, Vonovia collected and recycled the waste 
material from 800 windows that were replaced as part of 
the modernization work. This was later reused to make 
window profiles. Across the country, we have recycled 
more than 32,000 tons of PVC granulate from old windows 
in this way. We will continue the collaboration in 2019 to 
support this development process. 306-2
Procuring Environmentally Friendly Materials
Our business activities require us to use a wide range of 
materials – from plumbing, painting and electrical con-
sumer equipment to flooring, tiles and thermal insulation 
systems to tools, work clothing, cars and office equipment. 
Our technical operation managers and procurement 
department ensure that we adhere to common German 
and European standards and regulations. We purchase our 
materials almost exclusively from production plants within 
the European Union. We source trees and plants for our 
green spaces from regional suppliers. We also intend to 
integrate compliance with European biodiversity legisla-
tion into our processes and guidelines. 102-9, 204-1
We use sustainability criteria, for example the environ-
mental friendliness of raw materials and production 
processes and their energy footprint, as a foundation 
when assembling and standardizing our range. We active-
ly communicate this information to our suppliers and 
expect them to comply with the same criteria. 308-2
In 2018, we successfully tested a chlorine-free substance 
for eliminating mold, for example. This substance is safer 
for our employees and customers than the substances 
traditionally used and we will introduce it throughout the 
Group in 2019. We also plan to roll out the share of mineral 
fiber in 2019 to replace polystyrene for building insulation, 
due to be phased out in 2020. We monitor our insulation 
suppliers to ensure that insulation waste is optimally 
disposed of – there have been no negative incidents so far.

Vonovia SE Sustainability Report 2018
ENVIRONMENT — Environmental Protection in Connection with Conversions and New Construction
67
We reviewed our Business Partner Code in 2018 and made 
it mandatory for all suppliers. The Code also stipulates 
adherence to environmental protection criteria and 
trace­ability in relation to material origin for our suppliers. 
We are thus able to verify that:
> Our suppliers operate a secure business that minimizes 
environmental damage and adheres to applicable 
environmental protection laws. 
> Materials and goods supplied to Vonovia come from 
traceable sources, and are not procured or manufac-
tured through illegal or unethical means. 308-2
These obligations are not (yet) audited, but the creation of 
a concept for systemic monitoring is planned for the year 
2019. 308-1
We also work closely with our suppliers on a number of 
projects. We exchange information directly, for example, 
regarding product characteristics and sometimes even 
develop complete products together. This not only enables 
us to improve quality, but also increases transparency in 
our supply chain. 
We expect the companies that we commission to work 
with materials that do not harm the environment (mineral 
plaster, etc.). We specifically use mineral insulation 
materials with our steel module buildings, for instance. 
We only use FSC-certified timber for sandboxes and 
benches.

Vonovia SE Sustainability Report 2018
ENVIRONMENT — Company Environmental Protection
68
Company Environmental 
Protection
 103-1, 103-2, 103-3, 301-1, 302-3, 302-4, CRE1
Company Environmental Protection 103-1
Renting out homes cannot be compared with industrial 
manufacturing in terms of resource consumption and 
emissions from our own business processes as they only 
relate to offices and Vonovia’s vehicle fleet. And in com-
parison to our portfolio, too, the impact that our daily 
work has on the environment is minimal. Nevertheless, we 
endeavor to minimize negative impacts on the environ-
ment in this area also by optimizing our processes.
A large part of our in-house work takes place in our own 
or rented office spaces that are spread throughout 
­Germany as well as in our new headquarters in Bochum. 
Around ten percent of our employees are based here. The 
other largest individual locations are used by our custom-
er service department and are based in Duisburg and 
­Dresden. A total of roughly 1,000 employees work there 
and take care of the needs of our customers.
We are also available on site for our customers – at 
construction sites, in the residential environment and in 
taking care of buildings. The mobility that this requires is 
provided by our large fleet of vehicles, which is responsi-
ble for a considerable part of our in-house resource 
consumption. Due to the significance of this, it is covered 
in more detail in the chapter Impact of Transport and 
Logistics (
 p. 70 et seq.).
Establishment in the Organization 103-2
The facility management department is responsible for 
building management. This primarily concerns the head-
quarters in Bochum where around 1,000 people are based, 
but also includes activities across the Group, such as the 
energy audit. In addition, the managers of individual 
Vonovia companies are responsible for the decentralized 
locations.
Challenges, Opportunities and Risks 103-1
According to the Energy Services Act (EDL-G), which 
implements EU energy-efficiency guidelines, Vonovia is 
obligated to conduct an energy audit every four years. The 
next audit cycle is due in 2019. Our greatest challenge in 
this regard is creating an overview of all of the independ-
ent work locations and their actual use, along with prepar-
ing basic data on consumption as a foundation. The 
integration of other companies, such as BUWOG, Victoria 
Park and conwert, and organizational changes, such as the 
establishment of the residential environment organization 
and expansion of the technical service, mean that the data 
needs to be collected and evaluated anew.
The new construction of our headquarters in Bochum 
provides us with an opportunity to improve our resource 
consumption and emissions. As the owner of the new 
property we are in a much better position to manage 
resource efficiency in and around the building. 
Objectives, Measures and Indicators  
103-2, 103-3
In our operating business we have different levers to 
reduce our impact on the environment, e.g., using environ-
mentally friendly office materials and equipment, and 
digitalizing processes. In this regard, we work with AfB 
gemeinnützige GmbH to consciously dispose of our 
end-of-life IT hardware. AfB takes our IT hardware and, if 
possible, refurbishes it for resale in compliance with data 
protection regulations. Any devices that cannot be refur-
bished are recycled in the correct manner. Reusing devices 
cuts emissions and the consumption of metals and energy, 
because new IT devices do not have to be made. In 2018, 
we were able to provide 141 devices for reuse, and regain 
valuable raw materials by recycling 394 devices. This 
saved a total of 4,822 kg of CO2e. 301-1, 301-2
With the introduction of digital tenant files and the overall 
reduction in paper printouts, we have been able to reduce

Vonovia SE Sustainability Report 2018
ENVIRONMENT — Company Environmental Protection
69
our paper consumption considerably. We are also increas-
ingly handling jobs with our subcontractors through our 
digital service portal. 302-4
The respective organizational units are responsible for 
saving energy and conserving resources at all sites; there 
are currently no mandatory Group rules in place that cover 
this. The company’s intranet is used to communicate 
general measures, such as turning off lights and monitors, 
along with departmental training.
Sustainably Built Corporate Headquarters  302-4
We moved into our new corporate headquarters in 
­Bochum in the summer of 2018. The building has been 
awarded gold standard status by the German Sustainable 
Building Council (DGNB). It fulfils the requirements of the 
following five main criteria:
> Ecological quality
> Economical quality
> Sociocultural and functional quality
> Technical quality
> Process quality
Examples include:
> The selection of a site with links to public transport
> The availability of bicycle stands and electric charging 
stations
> Barrier-free approach
> Upholding sustainable building criteria (incl. insulation, 
use of natural daylight)
> Erection of a photovoltaic plant on the roof
> Use of low-emission construction materials
> Construction of a building that is repurposable and has a 
long useful life
> Measures to reduce ancillary expenses, such as the use 
of low-maintenance constructions and equipment
The building’s electricity requirements were completely 
met using certified renewable energy sources (hydro­
power plant) in 2018.
We also stopped the use of disposable coffee-making 
equipment for employees and introduced centralized 
printer systems. Another important step was the introduc-
tion of water filter systems in all office kitchens. The 
systems, which are built directly into the faucets, cool and 
carbonate tap water so that it is not necessary to buy 
bottled water. This has considerably reduced the number 
of plastic and glass bottles that we use.  
We are also looking into changing our printing paper to 
recycled paper in order to optimize our resource con-
sumption in this area, too.
Energy Audit
We will conduct a Group-wide energy audit in 2019. This 
will require reliable data concerning all work locations 
and how these locations are used as well as all associat-
ed consumption. The centralization of payment manage-
ment for rental and ancillary expenses for rented work 
locations that we use (currently around 120) has already 
had a positive impact on the data. In the second half of 
2019, we intend to use a location database for all of our 
work locations, improving the quality of the data availa-
ble for the upcoming energy audit. Preparation talks are 
already underway with an external service provider in 
order to coordinate the necessary processes as early as 
possible and secure the processing capacities.

Vonovia SE Sustainability Report 2018
ENVIRONMENT — Impact of Transport and Logistics
70
Impact of Transport and 
Logistics
Management Approach 103-1
A number of our employees, particularly our technicians, 
gardeners and caretakers, often work directly on site at 
our buildings renovating apartments, caring for green 
spaces and providing customer service. This requires a 
good deal of mobility and availability. This applies particu-
larly to our technical service, because their availability and 
response times have a direct impact on customer satisfac-
tion. Our logistics system focuses on avoiding downtimes 
in the maintenance of apartments. The technical service 
therefore provides a vehicle for virtually each technician. 
Vonovia’s fleet consists of a total of around 4,800 vehicles. 
Due to the high level of fuel consumption, the fleet is 
responsible for the majority of CO2 emissions caused by 
our internal business processes. By modernizing the fleet 
of vehicles and attempting to reduce the number of 
kilometers driven, we aim to ensure that the increase in 
fuel consumption and CO2 emissions is proportionately 
lower to the growth in the technical service. The average 
fuel consumption per vehicle was reduced from 132 litres 
per month in 2017 to 120 litres in 2018.
The decentralized organizational structure and the inter-
nationalization of the business areas – due to the acquisi-
tion of BUWOG in Austria and Victoria Park in Sweden in 
2018 – is causing an increase in the number of business 
trips. However, we are committed to employees using 
modes of mobility that conserve resources and are envi-
ronmentally friendly. We are thus constantly optimizing 
our processes in the field of transport and logistics and 
looking for alternative solutions.
Establishment in the Organization 103-2
Vonovia’s central procurement department is responsible 
for fleet management throughout the company. As the 
vehicles in the fleet are primarily minivans used by our 
technicians and gardeners, the technical service and 
residential environment companies are included in the 
management of the fleet – particularly when it comes to 
user behavior. 
The central procurement department also records business 
trips – in partnership with HR management.
Challenges, Opportunities and Risks 103-1
We believe the modernizations of our fleet and the use of 
modern, low-consumption vehicles presents us with an 
opportunity to make mobility more efficient both ecologi-
cally and economically in the long term. In 2018, we 
continued testing electric minivans, focusing on their 
practicality for our everyday work. We faced particular 
challenges with their reliability and reach. We have thus 
started new pilot projects with other electric minivans and 
will continue these in 2019.
Objectives, Measures and Indicators  
103-2, 103-3
Vehicle Fleet
We primarily optimize the efficiency of our fleet of 
­vehicles through the use of modern, low-consumption 
vehicles and regular maintenance. GPS systems and 
journey optimization are included as standard, which has 
led to a reduction in the distances covered and better 
capacity utilization of the vehicles. Empty journeys are 
avoided wherever ­possible.
We make sure that our vehicles are up-to-date in terms of 
technology. We have completely stopped adding diesel 
 103-1, 103-2, 103-3, 305-5

Vonovia SE Sustainability Report 2018
ENVIRONMENT — Impact of Transport and Logistics
71
vehicles to our compact car segment and swapped to 
low-consumption ecoFlex gas vehicles. We have also 
replaced a wide range of old diesel vehicles with new Euro 
6d-TEMP standard vehicles, and we have expanded our 
network of service and workshop partners to avoid un­
necessary journeys.
We will integrate a number of natural gas, hybrid and 
electric drive vehicles into the fleet in 2019 and test them 
in our everyday work. We are also planning a pilot project 
for the use of hydrogen drive vans.
The use of e-bikes has also become more commonplace at 
Vonovia now. 21 employees travel through our neighbor-
hoods on e-bikes. This makes it even easier for our cus-
tomers to approach our employees directly and connect 
with Vonovia – while our employees protect the environ-
ment. 174 traditional bicycles are also currently a regular 
part of our vehicle fleet. 305-5
Fleet Software
We systematically collect and analyze the fuel consumed 
by our fleet using our fleet software. We inform employ-
ees who cover a lot of miles of the costs and CO2 emis-
sions associated with their driving and provide advice on 
fuel-saving driving. 305-5
Reducing the Number of Kilometers Driven
Centralized Processes
Through the centralization of processes in transport and 
logistics and the use of our journey planning tool we can 
drastically reduce the miles our employees have to drive. 
Our repair center, for instance, is responsible for centrally 
handling repair queries and coordinating service appoint-
ments. Our employees estimate demand and the amount 
of time needed based on the number of queries they 
receive and plan appointments for the service technicians 
in a way that optimally conserves resources and ensures 
cost efficiency. Our service technicians are also responsi-
ble for dealing with smaller jobs from other trades so that 
no other Vonovia employees have to attend. Our techni-
cians receive training for this where necessary. 
In order to avoid long journeys at the beginning of the 
working day, we try to make appointments for our techni-
cians close to their homes. We use local subcontractors to 
complete trade work at buildings that are far from our 
technical service locations.
Innovative Logistics Concepts
We have been making use of an overnight delivery system 
for a number of years now. The service delivers replace-
ment parts and materials directly to our vehicles overnight 
so that our employees do not have to pick them up. We 
were able to increase the volume of direct deliveries again 
in 2018. Our close branch network of trade partners 
enables us to procure materials and replacement parts at 
short notice that could not be delivered. 
The “empty apartment deliveries” system is another 
successful logistics concept that we use across the Group, 
and is a well-established process. This system entails 
bundling materials for several trades into one delivery. 
Both concepts save us time and reduce kilometers driven – 
and therefore also reduce the consumption of valuable 
fuel and CO2e emissions. 305-5
Deploying New Technology
In our modernization work we fit our apartments with 
smart meters that enable the digital recording and billing 
of heating consumption. This means heating meters no 
longer have to be read by Vonovia employees in person, 
which in turn allows us to reduce the energy consumption 
of our fleet further. We now use smart meters to bill 
customers in around 130,000 residential units (2017: 
80,000 residential units) via a wholly-owned subsidiary of 
Vonovia.
Reducing Business Trips
We try to avoid business trips as much as possible and 
instead use digital communication channels whenever 
employees from different locations need to exchange 
information with one another or with stakeholders. 
Whenever a business trip can’t be avoided, we try not to 
fly but prefer to travel by rail and car. Car pools are formed 
if several employees are going on the same business trip.

EMPLOYEES
EMPLOYEES — Content
72
73	 Our Approach Regarding Employees
76	 Training and Education
80	 Health Management and Occupational Safety
84	 Balancing Career and Family
86	 Diversity and Equal Opportunities
Our employees are the key to our success. They possess 
­personal and professional skills that they employ every day 
to help bring Vonovia one step closer to achieving its targets. 
As an employer, we are responsible for offering our ­employees 
a working environment in which they are happy, healthy 
and able to advance in line with their own expectations. To 
ensure these values are upheld, we implement measures in 
the ­various HR management areas and, wherever possible, 
across the company.

Vonovia SE Sustainability Report 2018
EMPLOYESS — Our Approach Regarding Employees
73
Our Approach Regarding 
Employees
Employee numbers by area
who joined the Group with the new subsidiaries were 
successfully integrated into our structure in 2018 and are 
already benefiting from our HR development program (see 
chapter Training and Education 
 p. 76 et seq.).
We are continually expanding our range of offers and 
provide our customers with numerous services that use 
our own resources. This “insourcing” helps us to meet our 
social responsibilities and create secure employment for 
various qualification levels. In order to fill vacant positions 
quickly, we endeavor to position ourselves as an attractive 
employer (in the sense of an employer brand) for new 
employees on the labor market  and to boost this image 
with our existing employees. Boosting our attractiveness 
as an employer is an important task in the competition for 
qualified employees. This is something we began working 
on in 2018, for example, by concentrating on occupational 
safety, health management (see chapter Health Manage-
ment and Occupational Safety 
 p. 80 et seq.), and balanc-
ing career and family (see chapter Balancing Career and 
Family 
 p. 84 et seq.).
Diversity is also a key topic at Vonovia; we respect and 
encourage diversity in the company as it has a positive 
impact on our business operations in all areas. We employ 
people of all age groups and genders, from different 
Management Approach 103-1
Vonovia has grown successfully over the past few years. 
We will continue to pursue our growth strategy, not just in 
Germany but across Europe. This presents our HR man-
agement with a wide range of new tasks and challenges, 
as for our growth strategy to be successful, recruiting 
employees and establishing HR activities with a long-term 
focus is essential. We need qualified and motivated 
employees throughout the company that will stay with us 
for a long time. There is particular demand for such 
employees in the Vonovia technical service (VTS) and 
residential environment, where our employees are in close 
contact with our customers. As BUWOG and Victoria Park 
were in the process of being integrated into Vonovia in 
2018, we will dedicate this chapter exclusively to the 
reporting of Vonovia Germany data. Thus we ensure them 
to be comparable to the data in last year’s sustainability 
report. 
The number of employees we employ rose by 451 in 2018, 
from 8,448 (December 31, 2017) to 8,899 employees 
(December 31, 2018) – an increase of approximately 
5.3%. 102-8, 401-1
In 2018, the turnover rate was 14.8%. 401-1
We aim to place each employee in an area suited to their 
strengths, and to purposefully develop their skills from 
there. Performance, appreciation, responsibility and team 
spirit are all important elements of our HR work and our 
corporate culture. By investing in the digitization of our 
company, we intend to adapt the processes and structures 
of our HR management, which is organized as a shared 
service within Vonovia SE, to the growing number of 
employees, and to make it more efficient. 
We search for applicants both within and outside of the 
company in order to fill vacant positions with the right 
employees. We particularly encourage existing employees 
to fill specialist and management positions and provide 
specific training for this. The majority of the employees 
1,347 Real estate service
822 Customer service
763 Holding company
646 Residential environment 
organization
3 Other areas
4,986 Technical service
332 Immobilien Treuhand
 102-8, 103-1, 103-2, 103-3, 401-1, 401-2, 407-1

Vonovia SE Sustainability Report 2018
EMPLOYESS — Our Approach Regarding Employees
74
nationalities and cultures, and with a whole range of 
educational backgrounds. We also employ people with 
disabilities. This diversity is a particular benefit when it 
comes to contact with our customers, who come from all 
over the world. We thus ensure equal opportunities for our 
employees and a working environment that is free of 
discrimination, where appreciation, tolerance and respect 
are the underlying principles (see chapter Diversity and 
Equal Opportunities 
 p. 86 et seq.). In addition, we have 
committed ourselves to further increasing the number of 
women in management positions at Vonovia (see chapter 
Corporate Governance Report   AR 2018, p. 44 et seq.). 
We take our social responsibility seriously at all of our 
locations. Our growth creates secure and stable employ-
ment; we only employ temporary workers in exceptional 
cases and do not outsource positions abroad. By re­
integrating craftsmen activities we ensure that our high 
HR standards are applied to these Vonovia services. The 
majority of our employees (89%) is working under perma-
nent employment contracts.
This results in material topics for Vonovia in relation to 
employees. These have been added to the materiality 
matrix according to their relevance:
> Training and Education
> Health Management and Occupational Safety
> Balancing Career and Family
> Diversity and Equal Opportunities
In the following chapters we will deal with these topics in 
more depth and explain their relevance at Vonovia. We 
will describe the management approach, challenges, 
opportunities and risks, targets, measures and indicators 
for each topic. 
Co-determination is also a material topic. Corporate 
co-­determination and employee surveys conducted 
throughout Vonovia help us to evaluate our internal 
corporate approach. We ensure that all applicable laws 
are adhered to at all of our locations; for example, laws 
relating to individual and collective employment rights. No 
corresponding breaches were determined at any of our 
locations in 2018. Works councils, for example, have been 
established in all of Vonovia’s business areas. The ex-
changes between the works councils and management are 
constructive and based on mutual trust. In the event of 
significant changes within the company, we inform our 
workers within the legally prescribed notice periods. 402-1, 
407-1
MITARBEITER
Employees by contract type 1)
Employees with ­permanent 
contracts 983 (11%)
Employees with temporary 
contracts 7,916 (89%)
1) Temporary employment contracts excluding interns, trainees, students, 
temporary staff, marginal employees, employees with pre-retirement 
part-time work arrangements, those on leave of absence, part-time 
employees, those on parental leave, bodies and external staff
Challenges, Opportunities and Risks 103-1
In light of current social developments (for instance, the 
ongoing construction boom) and corporate challenges 
(such as the integration of our new subsidiaries), Vonovia 
is constantly facing new challenges with regard to HR 
management. The high annual recruitment figures that we 
are aiming for in order to meet our HR needs relate to 
filling both new positions resulting from our growth and to 
filling positions left vacant due to turnover. In addition, the 
requirements we have of our employees are changing – 
due to increasing digitization, for example. Simultaneous-
ly, it is becoming ever more important for Vonovia to 
position itself as an attractive employer in order to gain 
qualified employees and retain them in the long term. 
Gaining personnel as craftsmen or for gardening and 
landscaping is a particular challenge due to the tense 
situation in these parts of the labor market. Online appli-
cation channels, for example, which we have established 
to increase the efficiency of our application processes, 
may be an obstacle for some and prevent qualified people 
from applying.
In terms of HR management, the 2018 fiscal year was 
dominated by the integration of our acquisitions, particu-
larly BUWOG AG which has its main focus in Germany. 
The structures and processes of BUWOG AG were 
integrated by January 1, 2019. We have reported on 
­measures relating to BUWOG and Victoria Park in two 
separate chapters.
Another significant opportunity for us is the diversity of 
our employee structure, which is shaped by the many 
different cultural and social backgrounds of our employ-
ees. It not only boosts our brand as an employer, but also 
supports our customer orientation. In addition, our 
comparatively high training rate means we can counter 
the tense situation on the labor markets. Vonovia’s train-

Vonovia SE Sustainability Report 2018
75
ing rate is significantly above average in comparison with 
other large companies, especially among the DAX 30 
companies. 
Public debates on Vonovia’s business model have as yet 
only affected single cases of employee recruitment.
Objectives, Measures and Indicators  
103-2, 103-3
The aim is to meet the mounting and constantly changing 
requirements of the working world at Vonovia, exploit 
synergy potential and find employees, who are a perfect fit 
for the positions on offer. Thus, gaining and retaining 
qualified employees is the most important HR manage-
ment task. We confront this issue through targeted 
recruiting, training and education, health management and 
occupational safety measures as well as measures to 
improve the balance between career and family. These 
measures are described in detail in the following chapters.
In 2019, we aim to recruit approximately 900 new employ-
ees and will be implementing recruitment measures both 
internally and externally. Targeted training and education 
offers are an important factor for the success of our 
company in this regard. We also plan to refine our external 
image and to strengthen our employer brand. By conduct-
ing internal workshops with representatives from various 
professional target groups, we have determined what 
Vonovia embodies as an employer and why employees 
decide to work for our company. An employer promise 
and employer characteristics were derived from the 
results, and we have developed an employer branding 
concept that is gradually implemented through HR mar-
keting measures since the end of 2018. We have decided 
to particularly highlight our company’s innovative ability, 
the importance of team work and workplace safety. The 
new career portal on Vonovia’s website also went live in 
2018. 
 www.karriere.vonovia.de Our online image will 
be further optimized, both technically and in terms of 
content, as will our company profiles on ratings portals 
such as Xing and kununu, in order to make more informa-
tion available and to better target applicants. The employ-
er branding concept is scheduled to be completely inte-
grated in our work processes by 2019. After successful 
implementation of the concept, the issue of employer 
image will continue to accompany us in our day-to-day 
work and remain in focus, e.g., through the implementa-
tion of new recruiting methods.
Outlook for 2019
We intend to continue “insourcing” in 2019 and – along 
with the further expansion of our workforce – fill vacant 
positions and new positions internally wherever possible. 
A customized HR development strategy will be imple-
mented to tackle the associated challenges. This includes 
expanding our training offers and adapting them to 
individual areas’ needs. identifying and training talented 
individuals from among our own workforce will support 
our structured succession planning. In connection with 
this, one measure we intend to implement will be the 
extension of our successful strategy round table – a 
dialogue approach between the Management Board and 
our top talent. 
As part of co-determination processes, various Group and 
works agreements will be harmonized further in 2019. We 
will also conduct a Vonovia-wide employee survey in 2019 
in order to evaluate previous measures and identify new 
spheres of activity. We specifically intend to focus on 
employee satisfaction and loyalty, and to review the 
implementation of our targets in relation to our culture of 
appreciation, responsibility and team spirit. 102-41
Process harmonization and digitization will continue to be 
key focal points in 2019.
In 2019, managers will receive more occupational safety 
training and we will raise awareness among managers of 
their responsibilities toward employees. Risk assessments 
will also be carried out in order to gain an overview of the 
risks associated with various activities.

Vonovia SE Sustainability Report 2018
EMPLOYESS — Training and Education
76
Training and Education
Management Approach 103-2
The training and education of our employees is a particu-
larly important topic. It allows us to build up and expand 
important skills and to guarantee high quality work in the 
interests of our customers.
Traineeships 
Vonovia offers a wide range of traineeships. We believe 
that this has a positive impact on Vonovia’s public image, 
because it allows us 
> to create secure jobs,
> to take social responsibility, and
> to increase our attractiveness as an employer.
Our focus on craftsmen training allows us to expand our 
technical service and adapt it to meet the requirements of 
the company. This can help us to minimize the risk of 
bottlenecks relating to qualifications and to ensure a 
well-balanced average age in our workforce. Training is an 
indispensable element of Vonovia’s HR policy, because it
> safeguards our company’s competitiveness,
> ensures the availability of qualified junior employees and 
the preservation of knowledge,
> secures need-based and timely HR development (for 
instance with regards to digitization), and
> is designed to make us less dependent on the external 
labor market (particularly for the craftsmen/technical 
service areas).
We offer our trainees good prospects once they have 
completed their training. This is reflected in the high 
number of people taken on after their training, which 
stood at 81.1% in 2018.
Establishment in the Organization 103-2
HR management’s training and HR development depart-
ment is responsible for training. It cooperates closely with 
other business areas and external partners to ensure the 
highest quality of training.  
Further Training
Further training of Vonovia employees is a core element of 
HR activities. We aim to ensure that our employees are 
optimally qualified, provide them with support in their 
current work and prepare them for future tasks. This 
allows us to help every employee find the position that is 
right for them. Our Vonovia Academy offers training 
courses, specialist seminars, manager training, talent 
management and certified qualifications that are tailored 
to our needs and targets. The academy provides our 
employees with numerous opportunities to develop their 
skills and methods and to develop personally, and it helps 
us to fill positions with internal candidates where possible. 
As a result, we attach a great deal of importance to talent 
management, to ensuring that our top performers stay 
with Vonovia and to systematic succession planning. And 
it helps improve the motivation and satisfaction of our 
employees.
Important aspects of our HR development work are:
> Leadership
> Succession planning
> Talent management
> Further training
> Assessment and feedback.
We are systematically developing and expanding our work 
in these areas. This will allow us to secure our existing 
workforce of employees and managers, as required by our 
operations, identify junior managers and prepare them for 
future management responsibilities. 
 103-1, 103-2, 103-3, 404-3

Vonovia SE Sustainability Report 2018
EMPLOYESS — Training and Education
77
Structured HR development also helps to improve the 
company’s efficiency and profitability and prepare for 
future tasks and challenges.
The Vonovia Academy
All HR development tools at Vonovia are based on our 
mission statement, our values and our leadership philo­
sophy. This is also true for the Vonovia Academy. The 
academy is an important part of our HR development 
work, and continuously offers a range of training and 
coaching opportunities, specialist and management 
seminars and certified qualifications – such as dual study 
courses or master craftsman training – adapted to meet 
the specific needs of our departments. Special in-house 
training courses include “the starter pack for successful 
entry into management” and the training series “basic 
leadership training.”
Establishment in the Organization 103-2
The training and HR development department is responsi-
ble for HR development. The department works closely 
with other business areas and our external education 
suppliers.  
Challenges, Opportunities and Risks 103-1
Traineeships
In light of our constant need for new employees, declining 
applications and increasing restrictions to training are a 
risk to our company. More and more high school gradu-
ates decide for an academic career. Lacking educational 
qualifications are becoming an ever bigger obstacle, 
especially in the skilled manual crafts. Traineeships being 
ended before completion – due to some young people’s 
lack of career orientation – mean an unnecessary waste of 
resources. In order to counter these risks, we are strength-
ening our commitment to training marketing, looking for 
innovative recruitment methods and taking measures to 
retain junior employees. This gives us the opportunity to 
address additional target groups, such as those who have 
left a course of study before completing it, and to recruit 
them to our company. Trainees at Vonovia benefit from 
good career prospects. This in turn gives us at Vonovia the 
opportunity to expand our personnel structure in the long 
term, retain valuable knowledge in the company and, most 
importantly, safeguard our competitiveness.
 
 
­
­Vonovia Academy
> Training courses on 
specific leadership 
issues 
> Basic leadership 
­training
> Coaching
> Certified construction 
managers
> Specialist real estate 
manager for residential 
property ownership
> Certified real estate 
technicians
> Customer service 
representative for 
residential real estate 
certification
> Residential real estate 
caretaker (­Chamber 
of Industry and 
­Commerce)
> Talent program
> Potential analysis
> Succession planning
> Individual development 
plans
Training courses and  
specialist seminars
Leadership
Certified  
qualifications
Talent management
> Communicative and 
personal skills
> Subject-specific skills
> Methodological skills
HR Development Tools
(Annual appraisals, HR meetings/retreats, summer appraisals)
Mission Statement, Values and Leadership Philosophy
The Pillars of the ­Vonovia Academy

Vonovia SE Sustainability Report 2018
EMPLOYESS — Training and Education
78
We have expanded our commitment to integrate refugees 
in our traineeships. During the reporting period, 31 refu-
gees were training with Vonovia. And the number of 
trainees with a migration background is high across the 
company in general. This diversity offers our company 
numerous opportunities, but it also requires us to develop 
individual solutions for training the individuals, e.g., through 
qualification measures to prepare trainees for a career, or 
training and tutoring offers for dual study courses.
Further Training
The diversity of our business model and the continual 
growth of our company result in a constant stream of new 
tasks and challenges for our employees. We include these 
in our training offers, and this, together with the size of our 
company, allows us to offer our employees numerous 
opportunities. However, we also have to consider the 
various groups of employees who work in locations through­
out Germany. For this reason, and because of the rising 
employee numbers, we are increasingly conducting more 
in-house events in partnership with various education 
providers. The number of e-learning seminars ­featured in 
our range of training offers is also growing. In order to 
ensure that the right training course can be selected from 
this wide range, we offer individual support for employees 
with regards to their development. This also helps us to 
achieve our goal of filling as many vacancies as possible 
internally. 
Objectives, Measures and Indicators   
103-2, 103-3
Traineeships
Vocational training is a key pillar of Vonovia’s recruitment 
strategy. We offer a wide range of vocational training 
programs. We adapt our training schemes to current 
developments in the world of work and systematically 
prepare junior employees for these changes, for instance 
with regard to digital technologies. This also includes 
developing the personal skills necessary for shaping and 
transforming work structures, such as applying more 
initiative when dealing with tasks. 
We are currently offering training in 22 locations for 14 
different occupations, as well as offering dual study 
programs. In addition, we offer part-time traineeships for 
young mothers and fathers, athletes and home carers. 
Vonovia employed a total of 470 trainees as of Decem-
ber 31, 2018 (Dec. 31, 2017: 462), of whom 137 were com-
mercial trainees and 333 were technical trade trainees. 
This means that trainees account for 5.3% of the total 
workforce. Since our employee numbers are currently 
growing faster than our trainee numbers, the training rate 
declined by 0.1 percentage points against the previous 
year. Nevertheless, we remain one of the few companies in 
the DAX 30 increasing their training rate further. 
We intend to focus on:
> Training offers for skills and qualifications oriented 
toward our actual needs at Vonovia
> Training schemes adapted to the changing needs of the 
future working world
> Keeping our high training rate constant by creating 
training roles and filling vacant positions
> Offering our trainees good prospects for the future and 
keeping the number of trainees we keep on high as part 
of our succession planning
> Filling 10 percent of the training roles with the sons and 
daughters of our tenants (Aktion Mieterkind)
We are implementing various measures to help us achieve 
our targets, such as the expansion and strengthening of 
our employer brand (see chapter Challenges, Opportuni-
ties and Risks 
 p. 77 et seq.), as well as new innovative 
recruiting measures such as ‘trainee speed dating’. We are 
also actively encouraging women and girls to take an 
interest in the trade professions, for instance with our 
annual Girls’ Day.
Sustainability Issues in Traineeships
During their training, trainees at Vonovia complete a 
number of stations in various departments. This gives our 
trainees an insight into current issues, including sustaina-
bility issues, such as demographic change, energy efficien-
cy and renewable energies.  
Further Training
Our HR development tools are a main aspect of HR 
development. These tools include:
5.3%
Training rate in Germany (excl. 
BUWOG Germany) 
(Group: 4.9%)

Vonovia SE Sustainability Report 2018
EMPLOYESS — Training and Education
79
> Annual employee appraisal with a manager: Discussing 
performance and assessing potential for further devel-
opment; agreeing on specific development measures 
and targets 404-3
> HR routines/meetings between managers and their 
supervisors/the Management Board: Discussing annual 
results and identifying sources of potential; agreeing 
individual development plans and planning succession 
guidelines
> Summer employee appraisal with a manager: Confiden-
tial feedback sessions and discussing cooperation; 
­deriving measures to improve co­operation where 
necessary 404-3
We organized special training sessions in 2018 in order to 
support our managers in conducting these appraisals with 
a view to raising awareness of their management respon-
sibilities. Developing our managers’ skills is an important 
topic for Vonovia in general because our managers bear 
special responsibilities and serve as role models for our 
employees. We use current situation assessments to 
identify their strengths and the areas in need of develop-
ment, and derive the necessary measures to be taken. We 
expanded our further training offers for managers in 2017 
to reflect the area-specific needs. 
In order to identify individuals with talent and potential, 
and expand our succession planning, we included more 
training courses in our further training program in 2018, 
focusing particularly on the needs of the technical service. 
In HR meetings and routine work we identified employees 
who would benefit from these training courses.
The fundamental aim of our HR development work is to 
offer employees target group-specific development oppor-
tunities. This includes communication training for our 
installers and gardeners, for example.
Our portfolio also contains training courses on cultural 
diversity amongst our tenants, communication, dealing 
with difficult situations and reducing stress.
Internal customer service training:
> Internal trainers regularly conduct training and coaching 
sessions in the customer service department
> The aim of the sessions is to help employees deal with 
issues in a more customer friendly and service oriented 
manner
> The sessions include onboarding and basic training, 
department-specific specialist and communication 
training and training for specific systems
> The aim of these measures is to provide our employees 
with the best support for their everyday work and to 
provide personal development on-the-job
Sustainability Issues in Further Training
Many sustainability issues are part of our employees’ daily 
work. We therefore offer further training to raise aware-
ness of these issues among our employees and to offer 
them relevant certification. 
Our certified real estate technician course, for example, 
covers building technology topics and aspects such as the 
causes of, preventing and eliminating mold and damp, 
heat insulation and the German Energy Saving Ordinance 
(EnEV).
2,176
€ 3.8
108 
employees 
took part in further training  
in 2018.
million 
was invested in further training  
in 2018.
new trainees 
started work at Vonovia in the 
technical trade area in 2018. 
14
traineeships and study courses 
are available at Vonovia.

Vonovia SE Sustainability Report 2018
EMPLOYESS — Health Management and Occupational Safety
80
Health Management and 
Occupational Safety
Management Approach 103-1
Vonovia employees work in a variety of fields – ranging 
from office work to installation and gardening. They face 
physical and mental stressors that can influence their 
performance. We ensure that potential threats to our 
employees are minimized through comprehensive health 
management and professional occupational safety struc-
tures so that they can work in a healthy environment.
Health Management
Our employees’ health is important to us. We aim to 
promote the wellbeing of our employees, maintain their 
performance and motivation in the long term and keep 
them with our company through comprehensive health 
management, by systematically designing work processes 
and structures in such a way that they promote health. 
Establishment in the Organization 103-2
The team “Health and Social Affairs” is responsible for 
developing and implementing health management 
­measures. 
Occupational Safety
A working environment in which our employees are 
protected to the best degree possible against risks, 
hazards and work accidents – regardless of the time, place 
or type of work – is important to us. We minimize poten-
tial risks through targeted measures and adhere to appli-
cable laws and guidelines to the fullest extent possible. 
Each individual employee and each manager bears re-
sponsibility for their own safety and that of their col-
leagues. This also applies to the employees of companies 
that we integrate into our company. 
The risks that our employees in the headquarters face are 
relatively low compared with employees in craftsmen and 
gardening positions. In this area, occupational safety takes 
the form of assistance as primarily preventative measures 
are implemented, such as regular safety instructions or 
the constant updating of instructional documents and 
operating manuals. 
Due to the nature of their work, the potential threats faced 
by our employees in the technical service and residential 
environment organization are more severe than those 
faced by administrative employees. We conduct regular 
risk assessments in order to identify possible hazards and 
to derive preventative or corrective measures. 403-2
Establishment in the Organization 103-2
Facility Management and Internal Coordinators
The facility management department is responsible for 
coordinating occupational safety in the company and 
initiates and supports measures throughout the company. 
Occupational safety issues are managed by our internal 
coordinators for occupational safety. Internal coordinators 
have been appointed in each of Vonovia’s Group compa-
nies. A company representative appointed by the Man-
agement Board is the central contact for all employees. 
The representative communicates regularly with the 
internal coordinators. Together they work on central 
occupational safety issues.
Group-wide Occupational Safety Standards
We also provide specialist support for the Group compa-
nies through our Group-wide occupational safety stand-
ards. We safeguard the transfer of knowledge through 
regular specialist exchanges between the Group compa-
nies. We gradually transfer the existing occupational 
safety structures of companies that we integrate into our 
organization. We expand our processes, for instance 
reviews and instructions, to new employees and locations 
and document the process. 403-2
 103-1, 103-2, 103-3, 403-2, 403-3

Vonovia SE Sustainability Report 2018
EMPLOYESS — Health Management and Occupational Safety
81
Occupational Safety Committees  
Occupational safety committees (OSC) meet regularly at 
the Group companies and investigate occupational safety 
optimization opportunities. The committees work closely 
with external occupational safety and occupational health 
experts and adapt occupational safety measures to 
current developments, such as workplace requirements, 
applicable laws, (accident prevention) guidelines, techni-
cal requirements and legal acts. Once a quarter the 
company representatives discuss new developments and 
the implementation of measures with occupational safety 
experts, occupational health specialists, safety officers 
and the works councils at the OSC meetings. 403-4
Technical Service and Residential Environment Service
Due to the number of trade unions at Vonovia and their 
specific occupational safety demands, the technical 
service and the residential environment service have their 
own occupational safety organization.
Company representative
Staff
Management Board of ­Vonovia SE
Real estate 
service 
(nationwide)
Immobilien 
Treuhand 
(nationwide)
Holding 
company 
(Bochum)
Customer 
service  
(Duisburg)
Customer 
service  
(Dresden)
Residential 
environment 
(nationwide)
Technical 
Service 
(nationwide)
Moderni- 
zation 
(nationwide)
North
East
West
Central
Southeast
South
BAD GmbH
BAD GmbH
BAD GmbH
West
BAD GmbH
East
AMD TÜV
AMD TÜV
AMD TÜV
AMD TÜV
Accident reports to facility management department
Group-wide care “Health and Social Affairs,” HR management
OSC
OSC
OSC
OSC
OSC
OSC
Accident reports to  
technical service
Organizing Occupational Safety at ­Vonovia

Vonovia SE Sustainability Report 2018
EMPLOYESS — Health Management and Occupational Safety
82
Challenges, Opportunities and Risks 103-1
Health Management
As it is our aim to be seen as an attractive employer on 
the labor market, our comprehensive health management 
and numerous benefits, for example, those concerning 
work-life balance, are important elements that allow us to 
stand out from the competition.
In the skilled manual crafts, the physical strains of the 
work can be very high. This leads to the following risks:
> Qualified employees have to leave the company prema-
turely due to these strains and are not able to pass on 
their knowledge
> Valuable skills have to be relearned at considerable 
expense and taking considerable time
> Filling these positions is more difficult due to the lack of 
suitable candidates
Vonovia has a number of locations in Germany as well as 
neighboring European countries such as Austria and 
Sweden, which means we cannot always provide our 
services across the board – such as massages or member-
ship of fitness center chains. The digitization of the 
working world, however, does allow us to expand our 
offering regardless of the location, for example, with 
online fitness exercises, our health portal and information 
via email.  
Occupational Safety
Occupational safety requirements are continually develop-
ing at Vonovia as a result of the changes to work flows and 
activities as well work/operating equipment and materials. 
We therefore constantly analyze safety instructions and 
operating manuals on dealing with and how to behave in 
dangerous situations, and update these when necessary. 
This is necessary to raise awareness among our employ-
ees about safety at the workplace and to protect them. 
We take workplace hazards very seriously and investigate 
these issues in depth. The authority that this generates 
and the associated expertise mark our company out and 
boost our image both internally and externally.
Objectives, Measures and Indicators  
103-2, 103-3, 403-5, 403-6
Preserving the well-being and boosting satisfaction among 
our employees in the long term is something that is 
important to us. As a result, Vonovia attaches considera-
ble importance to offering employees a work environment 
in which they are protected against risks and threats to 
their health to the greatest extent possible while carrying 
out their work. This applies, in particular, to those depart-
ments and trades that are involved in the construction 
process, as there are considerable potential hazards in 
their working environments.
Health Management
Our health management objectives are:
> Promoting the work-life balance of our employees,
> maintaining their health and ability to perform in the 
long term,
> assisting them in establishing healthy lifestyles,
> boosting their motivation and loyalty to the company.
We offer a range of services to achieve these objectives. 
The Health and Social Affairs team offers services such as:
> Colorectal cancer prevention
> Flu shots 
> Massages 
> Cooperation with fitness centers (e.g., McFit) and 
company sports
> Service hotline providing advice for employees and 
managers and coaching (psychosocial counseling)
The colorectal cancer prevention and fitness center 
membership services are very popular.
Dealing With Stress
At the Vonovia Academy we offer seminars on dealing 
with stress and preventing burnout. There are also courses 
on dealing with complaints, arguments and difficult 
situations involving customers. One seminar on improving 
health is specifically tailored to our managers in order to 
raise their awareness of the responsibility they have 
toward employees.

Vonovia SE Sustainability Report 2018
EMPLOYESS — Health Management and Occupational Safety
83
Health Portal
Nutritional advice, BMI calculator, fitness exercises for the 
office and advice for the next medical checkup: The “Time 
for Health” portal offers our employees a wealth of 
health-related information. In addition, employees can 
participate in internally organized running events or 
soccer competitions.  
Corporate Integration Management 
Following longer absences from work due to illness, we 
support the affected employee’s return to work through 
corporate integration management. This allows the 
employee to slowly acclimatize to their work again. 
Ergonomic Seating and Nutrition
We moved into our new company headquarters mid-2018. 
Due to the move, we procured office equipment for up to 
1,000 employees, including electric standing desks, for 
instance. The new company headquarters also offers 
additional benefits like the all-in-one water system, which 
provides employees with free fresh, cooled and filtered 
still or sparkling water and a much bigger range of options 
in the canteen to promote a balanced diet. 
Occupational Safety
Every new employee at Vonovia receives initial safety 
training followed by annual safety training. Mandatory 
safety inspections, for example, on portable electrical 
operating equipment or ladders, are performed regularly. 
To avoid incorrect internal assessments, we also commis-
sion repeat risk assessments from external service pro­
viders on locations and activities as required. We are 
currently focusing on repeat DGUV (Deutsche Gesetz­
liche Unfallversicherung – German Statutory Accident 
­Insurance) V3 inspections throughout Germany on 
portable electrical operating equipment. 
Monitoring and management is performed automatically 
and electronically using feedback sent via email.
We continually adapt our occupational safety processes 
and measures to new requirements resulting from amend-
ments to law and our findings following analyses of work 
accidents. The increase in the number of employees at 
Vonovia, resulting from growth, and the fluctuation rate 
mean that initial training is gaining in importance. 
For example, in 2018 we:
> Conducted 31 evacuation drills throughout Germany
> Thoroughly examined and updated all VTS risk assess-
ments related to trade
> Updated the fire protection organization at numerous 
locations
> Organized training for newly appointed and existing 
safety officers with VBG (Verwaltungsberufsgenossen-
schaft) 
> Organized seven nationwide internal training sessions 
for another 64 “ladder officers” (person authorized to 
inspect ladders and steps) 
> Organized six nationwide internal training sessions on 
“Occupational Safety for Managers – corporate duties 
and liability risks” for around 60 managers
Planned Measures
At the beginning of 2019 we intend to plan more internal 
management training sessions on “Occupational Safety 
for Managers – corporate duties and liability risks” and 
hold them over the course of the year. 
We also plan to conduct risk assessments on the following 
issues in the following locations:
> VTS: mental strain 
> Residential environment: mental strain, biological 
substances ordinance, interior and glass cleaning
> Real estate service and Immobilien Treuhand: manag-
ers, landlords, technicians, caretakers, sales personnel 
and WEG (Condo owners’ association) administrators 
at new locations across Germany
In the residential environment we also intend to restruc-
ture various instructional documents, for instance, for 
concierge services, and expand the fire protection organi-
zation at new locations. The VTS will review the contents 
of the risk assessments updated in 2018 as part of the 
nationwide efficiency checks of the locations and with the 
trades on site.

Vonovia SE Sustainability Report 2018
EMPLOYESS — Balancing Career and Family
84
Balancing Career and Family
Objectives, Measures and Indicators  
103-2, 103-3
We have been committed to promoting family life for 
years now, and allow our employees to strike a balance 
between work and family commitments by offering a 
range of tools designed to meet their specific needs. We 
have implemented measures at numerous locations 
throughout Germany. For instance, we work with a family 
services provider that supports our employees in the 
search for daycare for children or caregivers for family 
members. 
Working time models and individual part-time agreements 
are important elements in our work to support an im-
proved work-life balance. These also benefit our trainees, 
with options, for example, for part-time training or individ-
ual time plans for athletes and single parents.
Management Approach 103-1
Developments in recent years show that employees and 
applicants are increasingly interested in a good work-life 
balance. As a responsible employer, Vonovia takes this 
issue very seriously. We are thus developing company-­
wide as well as location-specific measures. We are 
underscoring our commitment in this area with the 
membership in “Erfolgsfaktor Familie [Success Factor 
Family],” a corporate program organized by the German 
Federal Ministry for Family Affairs, Senior Citizens, 
­Women and Youth. 
Establishment in the Organization 103-2
The Health and Social Affairs team is responsible for 
coordinating measures for balancing career and family.
Challenges, Opportunities and Risks 103-1
Our employees’ requirements are becoming ever greater, 
and the benefits that Vonovia offers as an employer are 
keeping pace. Balancing career and family in particular is 
becoming increasingly important. Vonovia must face the 
challenge to meet these demands in order to be an 
attractive employer for all employees. 
If, for instance, we do not enable employees to take 
advantage of alternative working time models, there is a 
risk that satisfaction levels will drop or they will decide not 
to join Vonovia to begin with. Firstly, this would mean that 
Vonovia loses valuable knowledge, and secondly, that we 
cannot gain the employees that we urgently need.
However, this affords us an opportunity to become an 
attractive employer to employees with families, to boost 
the motivation and health of our employees and to con-
tribute toward their decision to stay with the company in 
the long term.
Full-time employees  
8,090
Employees on parental leave 
171 in total 
of which around 66% were male
Full-time and part-time employees 102-8, 401-3
Part-time employees 
809
 102-8, 103-1, 103-2, 103-3, 401-3

Vonovia SE Sustainability Report 2018
EMPLOYESS — Balancing Career and Family
85
Child Care
Vonovia works with the family services provider pme 
Familienservice. Their portfolio of services includes:
> Childcare offers, such as support in finding a daycare 
facility, plus help at short notice when daycare is un­
available and on public holidays, 
> Day-long or week-long programs for children, and longer 
holiday trips.
Our employees in Bochum and Duisburg have access to 
parent–child offices. We are also expanding our coopera-
tion with daycare centers – we have, for instance, begun 
working with a daycare center in Bochum.
We are certain that these measures to help employees 
balance their work and family commitments have a 
positive impact and that our employees actively enjoy 
them. An indication for this is the large amount of male 
employees who took parental leave in 2018 (66% of a total 
of 171 employees). 401-3
Caring for Family members
Some of our employees are caregivers for family mem-
bers. We provide support for this difficult task and cooper-
ate with pme:
> To arrange home-based and hospital care assistants and 
services
> To provide advice regarding financing care and senior-­
friendly living
> To arrange assisted living
We also provide information regarding legal issues such as 
living wills, powers of attorney and care directives. Our 
“Family and Work” program also offers psychosocial 
counseling in dealing with illness and providing care for 
family members.

Vonovia SE Sustainability Report 2018
EMPLOYESS — Diversity and Equal Opportunities
86
Diversity and Equal 
Opportunities
1,889
7,010
female 
(= 21.2%)
Employees by gender
male
(= 78.8%)
Employees by age
Employees by gender and by age (2018)  
102-8, 405-1
Management Approach 103-1
Our corporate culture is based on the understanding that 
all people should be treated equally and their individuality 
respected to the greatest extent possible. Within our 
company and when interacting with our customers, we 
benefit from a wealth of perspectives, backgrounds, ways 
of thinking and approaches every day that are the result of 
the social, cultural and linguistic backgrounds of our 
employees. We believe this gives us an important compet-
itive advantage. 
In 2013, we signed the Diversity Charter and underscored 
our company’s commitment to diversity. We support our 
employees equally regardless of their gender, age, sexual 
orientation and identity, race, nationality, ethnic origin, 
religion or world views. Appreciation, tolerance and 
respect are the values that we live by at Vonovia and they 
make our working environment a positive one.
Challenges, Opportunities and Risks 103-1
Our employees, who come from more than 78 countries, 
know about different cultures and speak a range of lan-
guages. This enables communication with our customers 
and allows our employees to deal with customers’ prob-
lems quickly. In addition, varied experiences and points of 
view encourage mutual learning and contribute toward the 
continual development of the company.
Objectives, Measures and Indicators   
103-2, 103-3
Men often dominate the trade professions. We work hard 
to get women and girls interested in the trade professions 
at Vonovia. We visit schools purposefully to inform female 
pupils about technical trade traineeships at Vonovia, for 
example. We also participate in the national Girls’ Day 
every year. Our female trainees go into schools and talk 
about their working day as part of the “Ausbildungs-
botschafter” (training ambassador) program organized by 
the Chamber of Commerce (IHK). 
When looking for new employees – particularly for the 
Vonovia technical service and residential environment 
trade professions, but also for the commercial professions – 
we include refugees in our recruitment processes and 
support them in settling into their new lives in ­Germany. 
 102-8, 102,-12, 103-1, 103-2, 103-3, 405-1, 405-2, 406-1
40–49 years 
2,186 (24.6%)
20–29 years 
1,555 (17.5%)
30–39 years 
2,381 (26.7%)
Under 20 years 13 (0.1%)
60–65 years 471 (5.3%)
Over 65 years 52 (0.6%)
50–59 years 
2,241 (25.2%)

Vonovia SE Sustainability Report 2018
EMPLOYESS — Diversity and Equal Opportunities
87
We cooperate with the German Federal Employment 
Agency, for instance, to integrate refugees into the work-
ing world. In 2018, we conducted application days in a joint 
pilot project and were able to find suitable candidates for 
traineeships with potential permanent contracts. We will 
continue this project in 2019. 
In order to promote equal opportunities at all levels, 
Vonovia is aiming to further increase the proportion of 
women in management. At present, approx. 37% of 
managers at Vonovia are women. At the top level of 
management, the diversity concept for the composition  
of the management and control bodies is set out in  
detail in the Declaration on Corporate Governance. 
 www.investoren.vonovia.de Remuneration at Vonovia is 
based on performance-related and market-related factors 
and does not take the gender of the employee into ac-
count. The chapter Employee Key Figures includes the 
ratio of men’s to women’s salaries at Vonovia. 405-2
There were no incidents of discrimination at Vonovia  
in 2018. 406-1
2013
78
170
Diversity Charter  
signed
countries (Group)
Our Employees come from  
various nations.
nations
Our customers come from all over 
the world.

Vonovia SE Sustainability Report 2018
INFORMATION AND KEY FIGURES
INFORMATION AND KEY FIGURES — Content
88
89	 About this Report
92	 Key Figures
109	 GRI Content Index
116	 EPRA sBPR
118	 Contact

Vonovia SE Sustainability Report 2018
INFORMATION AND KEY FIGURES — About this Report
89
About this Report
 102-45, 102-46, 102-48, 102-50, 102-51, 102-52, 102-54, 102-56
Content and Structure of the Report
This is our fourth sustainability report, with which we are 
broadening and consolidating our reporting. In the report-
ing period, we particularly focused on improving the 
quality of our environmental key figures.
The report presents our company’s performance based on 
financial and non-financial information. The aim of this 
reporting is to create transparency and comparability for 
sustainability activities with other companies on the 
market.
The thematic focus is on the areas of sustainable corpo-
rate governance, customers and society, the environment 
and employees. The report is structured according to our 
sustainability activities, which reflect the material eco-
nomic, social and ecological aspects of Vonovia SE.
Reporting Framework
This report was prepared in accordance with the core 
option of the GRI standards (2016 version), supplemented 
with selected voluntary sector-specific disclosures for 
“Construction and Real Estate.” We have informed GRI of 
the application of the GRI standards and the publication of 
this report. 102-54
Vonovia’s Sustainability Report is published on an annual 
basis. This reporting period relates to the 2018 fiscal year 
(Jan. 1 to Dec. 31, 2018), meaning that it picks up exactly 
where the 2017 Sustainability Report, which was published 
in June 2018, left off. 102-50, 102-51, 102-52
In addition, as a capital market-oriented company, 
­Vonovia SE is obliged by the CSR Directive Implementa-
tion Act to disclose information pursuant to Sections 289 
a–e HGB and 315 b–c HGB (combined non-financial 
declaration). The necessary reporting requirements were 
implemented in the management report, which forms part 
of the annual report, published March 7, 2019.
In order to base our report on the needs of our stakehold-
ers, we identified our relevant stakeholders as part of the 
2015 Sustainability Report and analyzed key topics for the 
sustainability of our business activities. In line with the 
GRI guidelines, the content of the report was selected 
based on the criterion of materiality.
In early 2017, we used a structured stakeholder survey and 
expert interviews to perform a materiality analysis in order 
to validate these topics. The results of this process have 
been incorporated into this report. This means that our 
Sustainability Report covers all topics that either reflect 
areas in which Vonovia has a major economic, social or 
ecological impact, or could have a significant impact on 
our stakeholders. We have refrained from reapplying for 
the Materiality Disclosures GRI logo this year, as the 
material topics have not changed since the 2016 reporting 
period and therefore remain valid (see chapter Material 
Topics 
 p. 17 et seq.). 102-46, 102-48
In addition, we are following the EPRA Best Practice 
Recommendations on Sustainability Reporting (sBPR) 
(third version from 2017) as well as the Code of Conduct 
of the ZIA Zentraler Immobilien Ausschuss e. V. (the 
German Property Federation). The collection and calcula-
tion of environmental key figures was headed by the 
Controlling department and supported by Portfolio 
Management, Business Development, HR, and the Pro-
curement department. The key figures for employees were 
collected and consolidated by the HR department. The 
central Procurement department prepared the statements 
relating to supplier management (procurement).
An independent third party has not conducted an external 
review of the report’s content. The sustainability report 
was, however, audited by the Internal Audit department. 
We are working constantly on improving the quality of the 
data collection processes. 102-56

Vonovia SE Sustainability Report 2018
INFORMATION AND KEY FIGURES — About this Report
90
Refining the Environmental Key Figures
The environmental key figures underwent comprehensive 
restructuring in this, our fourth reporting year. An environ-
ment controlling team was established in the Controlling 
department, which resulted in quality improvements in 
both content definition and data management. This led to 
new calculation methods being applied to some environ-
mental key figures and new calculations being performed 
for the previous year’s results. Calculation methods for the 
key figures on energy consumption in the portfolio, water 
consumption in the portfolio as well as CO2e-emissions 
were improved. Due to the calculation methods applied in 
2018, recalculated results for the previous year were 
published for the following sets of key figures (restate-
ment): heating consumption and the resulting CO2e 
emissions in the portfolio, refurbishment intensity in the 
portfolio, water consumption in the portfolio and fuel 
consumption in business operations. This allows for 
comparison of results from 2017 and 2018.
Organizational Boundaries/Scope of 
­Consolidation
The key figures published focus on Vonovia SE’s activities 
in Germany, excluding the recently acquired new areas 
and sites in Germany, Austria and Sweden. This means 
the BUWOG companies’ portfolio in Germany and Austria 
and the activities of Victoria Park AB are excluded from 
sustainability reporting. Accordingly, the environmental 
key figures for 2018 apply to 337,988 residential and 
commercial units. Financial key figures on the topic of 
refurbishment are excluded from this, as they relate to the 
entire scope of consolidation. The Vonovia Group contains 
a total of 395,769 residential units (see chapter Housing 
Stock by Regional Market   AR 2018, p. 275). Due to the 
currently ongoing integration process and different data 
collection processes, the sustainability figures of these 
companies will only be fully consolidated in future sustain-
ability reporting. You can find brief profiles of the sustain-
ability activities of the recently acquired business units on 
pages  
 p. 8–11. The basic definition of the scope of 
consolidation will be reviewed for the next reporting cycle 
and expanded if necessary. 102-45
Portfolio
The construction of new apartments is a new business area 
for Vonovia. Environmental impacts and construction 
emissions are caused by, e. g., the energy consumed on the 
building site, the manufacture of building materials and 
transport. Currently, the environmental key figures from 
construction activity in the Group are not collected consist-
ently. They are therefore not included in this report. New 
construction activity is a field that Vonovia will be focusing 
on in the future as it has become more relevant with the 
integration of the BUWOG companies. We will thus exam-
ine to what extent environmental key figures and CO2e 
emissions that relate to new construction activity can be 
reported.
Business Operations
It is Vonovia’s objective to attain as complete a view as 
possible of the environmental impact of the Group, which 
is spread across a number of different locations. In addi-
tion to the company headquarters in Bochum and the 
large customer service centers in Duisburg and Dresden, 
there are a number of regional administration offices, 
caretakers’ offices, and offices and workshops used by the 
technical service and the residential neighborhood servic-
es. Some of these belong directly to the Vonovia portfolio; 
some relate to rented space. For the latter, Vonovia can 
only improve the environmental performance to a limited 
extent, or only in agreement with the landlord. The corpo-
rate headquarters in Bochum, and the customer service 
centers in Duisburg and Dresden and twelve other loca-
tions have been included in the 2018 reporting. The 
database was thus significantly expanded in comparison 
with the previous year. Due to the large number of rented 
office spaces, recording the environmental key figures for 
all work locations involves a disproportionately high 
amount of effort. System boundaries are due to be gradu-
ally extended once again for the 2019 reporting period.
The personnel key figures in this report also only cover 
Vonovia SE’s activities in Germany and exclude the 
activities of the BUWOG companies in Germany and 
Austria and Victoria Park AB in Sweden. 
Like-for-like Assessment
Due to portfolio changes from sales and purchases there 
may, in part, be considerable deviations from the previous 
year’s values. Like-for-like assessments and intensity 
figures are therefore more suitable when it comes to 
performance considerations. For the comparison between 
annual results we again used the data cleansing approach 
employed by EPRA. That is why the changes in the portfo-
lio were considered as follows in the calculation of like-for-
like key figures: Acquisitions after January 1, 2017, were 
excluded from the portfolio key figures for reporting years, 
while the portfolio key figures were adjusted for any 
residential units sold before the end of the 2018 reporting 
year. This corresponds to the reporting principles used by 
EPRA.

Vonovia SE Sustainability Report 2018
INFORMATION AND KEY FIGURES — About this Report
91
CO2 Emissions
The scope of consolidation relevant for calculating CO2 
emissions was defined in coordination with the scope of 
consolidation for the other environmental key figures. We 
deliberately had our calculation of CO2 emissions audited 
by an external third party to ensure that these sensitive 
calculations were conducted independently and in accord-
ance with the highest quality standards. 
The calculations of CO2 emissions were based on the 
greenhouse gas protocol (GHG Protocol), the internation-
ally recognized standard for calculating CO2 emissions. 
CO2 emissions were calculated as CO2 equivalents 
(CO2e). Carbon dioxide equivalent (CO2e) is a standard-
ized unit to measure the relative contributions of various 
gases to the greenhouse gas effect. Emissions that harm 
the climate are not only caused by carbon dioxide (CO2), 
although it is the most well-known. Other gases, such as 
methane (CH4) and nitrous oxide (N2O), are converted to 
CO2 equivalents using a conversion factor, which simpli-
fies comparability in terms of detrimental effects on the 
climate. Only the CO2 emissions from refurbishments 
were not calculated as CO2 equivalents.
The CO2e factors from the GEMIS database version 4.95 
were applied to calculate the emissions. GEMIS (Global 
Emission Model for Integrated Systems) is an internation-
ally recognized model for determining energy and material 
flows with an integrated database. The model calculates 
life cycles for all processes and scenarios, i.e., it takes into 
consideration all material steps from primary energy/raw 
material extraction to effective energy/material provision 
and also includes the auxiliary energy and cost of materi-
als to produce energy plants and transport systems. The 
GEMIS data was selected because it is accurate, up to 
date and consistent.
Portfolio
The calculation of CO2 emissions in the portfolio is con-
ducted according to the “Financial Control Approach.” 
Emissions produced as a result of portfolio operations are 
disclosed under Scope 1 and Scope 2 emissions. This takes 
into consideration the actual financial control exercised 
over the portfolio that exists for the majority of the 
portfolio area or rental units (around 75%). For the rest of 
the portfolio, in which the company holds a minority 
interest, the 2018 CO2 results are reported under Scope 3.
Business Operations
CO2e factors from the GEMIS database version 4.95 were 
also applied for the majority of the emissions resulting 
from business operations. To calculate the market-based 
emissions from electricity, we used the exact electricity 
providers’ emissions and converted them to CO2e emis-
sions. To calculate Scope 3 emissions from rail business 
travel, we used Deutsche Bahn’s emissions factors. GHG 
Protocol factors from external travel agencies were 
applied for flights. These CO2 factors were selected 
because they are up to date and accurate.  
Data Collection and Raw Data
Portfolio
The environmental key figures relating to heat consump-
tion in the portfolio were calculated based on the energy 
certificate data. These cover heat consumption in both the 
residential units and communal areas. Energy certificates 
contain mandatory information regarding the energy 
rating of individual buildings. Only approved external 
companies (usually engineering firms or similar) are able 
to perform these calculations and provide official docu-
ments to the building owner. A distinction is made be-
tween demand and consumption certificates. The majority 
of Vonovia energy certificates are covered by demand 
certificates (approx. 73% in 2018, approx. 58% in 2017), and 
more demand certificates will be generated in the future.
The environmental key figures for electricity consumption 
in the portfolio’s communal areas are based on smart 
meter readings and the projected values of the Vonovia 
company VESG (Vonovia Energie Service GmbH). 
The portfolio’s water consumption is based on VESG’s 
smart meter readings and refers to the residential and 
communal areas.
The portfolio’s waste volumes are calculated using an 
average waste volume per residential unit.
Business Operations
The offices’ environmental key figures are partly based on 
water and electricity bills from the energy providers, the 
municipal water utilities and the waste disposal company. 
Extrapolations were necessary in some cases because the 
bills from utility companies for the reporting period had 
not yet been received at the time of publication.
The fuel consumed by Vonovia’s fleet was evaluated based 
on fuel cards.

Vonovia SE Sustainability Report 2018
INFORMATION AND KEY FIGURES — Key Figures
92
Key Figures
Employee Key Figures
Differentiated Group Number of Employees (incl. BUWOG companies and Victoria Park)
Category
Number
Total number of employees
9,923
 of which female
2,386
 of which permanent
8,863 1)
Number of nationalities
78
Average age (total)
41.4 years
Number of people with disabilities
330 2)
Total number of trainees
485 3) 
 of which commercial/technical trade
152/333
1) = 89.3%
2) Not including Victoria Park.
3) = 4.9% of the total workforce.
Employee Key Figures Vonovia Germany
 
Key Figures
Dec. 31, 2017
Dec. 31, 2018
GRI Standard
Total Number of Employees by Employment Contract and Gender
Total headcount
8,448
8,899
102-8 
 
 
 
Full-time equivalents
8,123.3
8,579.7
 of which female
1,666.6
1,715.4
Employees with permanent contracts
7,347
7,916
 of which female
1,381
1,533
Employees with temporary contracts
576
983
 of which female
236
356
Temporary workers
73
62
 
 of which female
38
26
 
The number of employees at Vonovia is not subject to seasonal variation.
Total employees according to HGB (excluding interns, external staff, bodies, other employees, employees on parental leave, employees with pre-retirement part-time work arrangements).
Fixed-term contracts excluding interns, trainees, students, temporary staff, marginal employees, bodies, external staff, employees with pre-retirement part-time work arrangements, those on 
a leave of absence, part-time employees, employees on parental leave.
This chapter contains additional GRI standards and EPRA sustainability indicators that are 
relevant to us in relation to employees, the environment and procurement, and which we 
report on collectively in order to maintain reading flow in the main chapters.

Vonovia SE Sustainability Report 2018
INFORMATION AND KEY FIGURES — Key Figures
93
Key Figures
2017
2018
GRI  
Standard
GdW
Total Number of Permanent Employees by Type of Employment and Gender
Full-time employees
7,592
8,090
102-8 
 
 
 
 
 
PE7 
 
 
 
 
 
 of which female
1,331
1,402
Part-time employees
856
809
 of which female
507
487
Marginal employees*
181
161
 of which female
48
47
Proportion of part-time employees (in %)
11.5
9.1
 of which female (in %)
59.2
60.2
 of which male (in %)
40.8
39.8
1) The marginally employed are included in the number of part-time employees.
Key Figures
Dec. 31, 2017 
Dec. 31, 2018
GdW
Traineeships
Total number of trainees
462
470
PE8 
 
 
 
 
 
 of which female
122
104
26.4%
22.1 %
Commercial trainees
144
137
31.2%
29.1%
Vocational trainees
318
333
68.8%
70.9%
Total number of trainees in part-time training
–
3
Proportion of trainees in total workforce (in %)
5.5
5.3
Hiring rate (in %)
72.7
81.1
PE9
Key Figures
2017)
2018
GRI  
Standard
EPRA
GdW
Personnel Turnover
Newly hired employees
2,957
1,995
401-1 
 
 
 
 
 
 
 
Emp- 
Turnover 
 
 
 
 
 
 
 
PE12 
 
 
 
 
 
 
 
35.0%
22.4%
Employees leaving the company
988
1.318
11.7%
14.8%
Turnover rate (in %) 1)
11.7
14.8
 Turnover rate in technical service 
12.9
15.4
 Turnover rate in real estate service
3.5
7.9
 Turnover rate in customer service 
16.3
16.9
 Turnover rate in holding company 
6.3
6.7
 Turnover rate in residential environment
17.1
21.1
 Turnover rate in Immobilien Treuhand
22.9
28.9
Employees joining and leaving the company: Figures in accordance with the German Commercial Code (excluding trainees, external staff, bodies and miscellaneous employees).
Employees leaving the company include voluntary resignations, dismissals, retirement, deaths and expiration of temporary contracts but exclude traineeships that have come to an end and 
integration process-related dismissals.
1) Adjusted for integration process-related dismissals.

Vonovia SE Sustainability Report 2018
INFORMATION AND KEY FIGURES — Key Figures
94
Key Figures
2017
2018
GRI Standard
Employees on Parental Leave 1)
Total number of employees on parental leave
219
171
401-3 
 
 
 
 
 
 
 
 of which female
130
58
59.4%
33.9%
 of which male
89
113
40.6%
66.1%
Employees returning to their workplace after parental leave 2)
120
196
 of which female
51
60
Employees returning to their workplace after parental leave and still 
employed 12 months after their return 3)
103
94
 of which female
47
37
1) Since 2017, parental leave that covered only part of the year has been included.
2) All employees that returned from parental leave in 2018.
3) All employees that returned from parental leave in 2017 and were still with the company as of December 31, 2018.
Key Figures
31.12.2017
31.12.2018
GRI  
Standard
EPRA
GdW
Employee Occupational Safety
Total number of work and commute-related 
­accidents, total employees
456
462
403-9 
403-10 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
H&S-Emp 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
PE11 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 of which commute-related accidents
40
52
 of which workplace accidents of employees in 
technical service
337
329
 of which workplace accidents of real estate service 
employees
27
29
 of which workplace accidents of customer service 
employees
5
1
 of which workplace accidents of holding company 
employees
2
0
 of which workplace accidents of residential 
­environment employees
41
50
 of which workplace accidents of Immobilien 
­Treuhand employees
4
1
 of which workplace accidents of employees in other 
areas
–
–
Number of work and commute-related accidents per 
1,000 employees
54
52
Number of workplace accidents per 1 million working 
hours
32.9
30.9
Work-related employee deaths 1)
0
0
 Work-related employee deaths (in %)
0.0
0.0
Time lost (in days) 2)
4,884
5,492
 Time lost (in %) 3)
0.3
0.3
Absence (in days) 4)
103,173
126,780
 Absence (in %) 5)
5.9
6.8
Vonovia does not yet record the accident figures of subcontractors.
1) Fatalities/number of working hours of all employees (ODR).
2) Only time lost due to work and commute-related accidents; occupational diseases cannot be evaluated as the reason for occupational diseases is not recorded in Germany.
3) Total days lost due to work-related accidents of all employees/total required working days of all employees (FTE).
4)  Absence due to any type of incapacity for work (not limited to work-related accidents and occupational diseases). Not including approved absences such as vacation or parental leave and not 
including long-term illness.
5) Total days lost due to illness of all employees/total required working days of all employees (FTE).

Vonovia SE Sustainability Report 2018
INFORMATION AND KEY FIGURES — Key Figures
95
Key Figures
2017
2018
GRI  
Standard
EPRA
GdW
Further Training
Number of participants in further training 1)
1,487
2,176
404-1 
 
 
 
 
 
Emp- 
Training 
 
 
 
 
PE10 
 
 
 
 
 
Further training rate (in %) 2)
17.6
24.5
Cost of further training (in € million)
2.4
3.8
Total further training days 3)
4,888
6,257
Further training intensity 3)
0.60 
0.73
Total hours of further training
39,100
50,454
Average hours of further training per employee 4)
4.8
5.9
1) Including works council.
2) Number of participants in further training/total employees (headcount).
3) Total number of working days used for processes related to professional further training by all employees during the reporting period/total for all employees (FTE).
4) Total hours of further training/total for all employees (FTE).
Key Figures
2017
2018
GRI  
Standard
EPRA
Performance Appraisal
Employees who have had an appraisal interview/performance 
appraisal
2,700
2,682
404-3 
 
 
 
 
Emp-Dev 
 
 
 
 
 Employees who have had an appraisal interview/performance 
appraisal (in %)
32.0%
30.1%
 of which female
1,495
1,131
55.4%
42.2%
 of which male
1,205
1,551
44.6%
57.8%
Key figures excluding technical service employees.
Key Figures
Dec. 31, 2017
Dec. 31, 2018
GRI  
Standard
EPRA
GdW
Employees by Category, Gender and Age Group
Total number of employees
8,448
8,899
102-7 
102-8 
405-1 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Diversity- 
Emp 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
PE1 
PE2 
PE3 
 
 
 
 
 
 
 
 
 
 
 
 
 
 of which female
1,838
1,889
21.8%
21.2%
 of which under 20 years
9
13
0.1%
0.1%
 of which 20–29 years
1,507
1,555
17.8%
17.5%
 of which 30–39 years
2,226
2,381
26.3%
26.7%
 of which 40–49 years
2,098
2,186
24.8%
24.6%
 of which 50–59 years
2,151
2,241
25.5%
25.2%
 of which 60–65 years
386
471
4.6%
5.3%
 of which over 65 years
71
52
0.8%
0.6%
Average age (in years)
41.11
41.2

Vonovia SE Sustainability Report 2018
INFORMATION AND KEY FIGURES — Key Figures
96
Key Figures
Dec. 31, 2017
Dec. 31, 2018
GRI  
Standard
EPRA
GdW
Employees in technical service
4,615
4,986
102-7 
102-8 
405-1 
 
 
 
 
 
 
 
 
 
 
 
Diversity- 
Emp 
 
 
 
 
 
 
 
 
 
 
 
 
PE1 
PE2 
PE3 
 
 
 
 
 
 
 
 
 
 
 
 of which female
323
389
7.0%
7.8%
 of which under 20 years
3
7
0.1%
0.1%
 of which 20–29 years
892
906
19.3%
18.2%
 of which 30–39 years
1,341
1,453
29.1%
29.1%
 of which 40–49 years
1.198
1.284
26.0%
25.8%
 of which 50–59 years
1,011
1,111
21.9%
22.3%
 of which 60–65 years
161
220
3.5%
4.4%
 of which over 65 years
9
5
0.2%
0.1%
Average age (in years)
39.55
39.91
Employees in real estate service
1,359
1,347
102-7 
102-8 
405-1 
 
 
 
 
 
 
 
 
 
 
 
 
Diversity- 
Emp 
 
 
 
 
 
 
 
 
 
 
 
 
 
PE1 
PE2 
PE3 
 
 
 
 
 
 
 
 
 
 
 
 
 of which female
349
339
25.7%
25.2%
 of which under 20 years
2
1
0.1%
0.1%
 of which 20–29 years
83
74
6.1%
5.5%
 of which 30–39 years
214
211
15.7%
15.7%
 of which 40–49 years
345
339
25.4%
25.2%
 of which 50–59 years
562
537
41.4%
39.9%
 of which 60–65 years
113
148
8.3%
11.0%
 of which over 65 years
40
37
2.9%
2.7%
Average age (in years)
47.69
48.17

Vonovia SE Sustainability Report 2018
INFORMATION AND KEY FIGURES — Key Figures
97
Key Figures
Dec. 31, 2017
Dec. 31, 2018
GRI  
Standard
EPRA
GdW
Employees in customer service
771
822
102-7 
102-8 
405-1 
 
 
 
 
 
 
 
 
 
 
 
 
Diversity- 
Emp 
 
 
 
 
 
 
 
 
 
 
 
 
 
PE1 
PE2 
PE3 
 
 
 
 
 
 
 
 
 
 
 
 
 of which female
506
507
65.6%
61.7%
 of which under 20 years
0
0
0.0%
0.0%
 of which 20–29 years
185
186
24.0%
22.6%
 of which 30–39 years
248
276
32.2%
33.6%
 of which 40–49 years
152
172
19.7%
20.9%
 of which 50–59 years
165
173
21.4%
21.0%
 of which 60–65 years
21
15
2.7%
1.8%
 of which over 65 years
0
0
0.0%
0.0%
Average age (in years)
38.74
38.22
Employees in holding company
700
763
102-7 
102-8 
405-1 
 
 
 
 
 
 
 
 
 
 
 
 
Diversity- 
Emp 
 
 
 
 
 
 
 
 
 
 
 
 
 
PE1 
PE2 
PE3 
 
 
 
 
 
 
 
 
 
 
 
 
 of which female
318
350
45.4%
45.9%
 of which under 20 years
1
2
0.1%
0.3%
 of which 20–29 years
144
169
20.6%
22.1%
 of which 30–39 years
166
180
23.7%
23.6%
 of which 40–49 years
181
190
25.9%
24.9%
 of which 50–59 years
177
193
25.3%
25.3%
 of which 60–65 years
31
29
4.4%
3.8%
 of which over 65 years
0
0
0.0%
0.0%
Average age (in years)
39.45
39.4

Vonovia SE Sustainability Report 2018
INFORMATION AND KEY FIGURES — Key Figures
98
Key Figures
Dec. 31, 2017
Dec. 31, 2018
GRI  
Standard
EPRA
GdW
Employees in residential environment
580
646
102-7 
102-8 
405-1 
 
 
 
 
 
 
 
 
 
 
 
 
Diversity- 
Emp 
 
 
 
 
 
 
 
 
 
 
 
 
 
PE1 
PE2 
PE3 
 
 
 
 
 
 
 
 
 
 
 
 
 of which female
64
70
11.0%
10.8%
 of which under 20 years
2
3
0.3%
0.5%
 of which 20–29 years
114
133
19.7%
20.6%
 of which 30–39 years
157
185
27.1%
28.6%
 of which 40–49 years
115
132
19.8%
20.4%
 of which 50–59 years
142
151
24.5%
23.4%
 of which 60–65 years
34
37
5.9%
5.7%
 of which over 65 years
16
5
2.8%
0.8%
Average age (in years)
41.01
40.28
Employees in Immobilien Treuhand
332
332
102-7 
102-8 
405-1 
 
 
 
 
 
 
 
 
 
 
 
 
Diversity- 
Emp 
 
 
 
 
 
 
 
 
 
 
 
 
 
PE1 
PE2 
PE3 
 
 
 
 
 
 
 
 
 
 
 
 
 of which female
231 
234
69.6%
70.5%
 of which under 20 years
1
0
0.3%
0.0%
 of which 20–29 years
80
87
24.1%
26.2%
 of which 30–39 years
65
75
19.6%
22.6%
 of which 40–49 years
80
69
24.1%
20.8%
 of which 50–59 years
78
75
23.5%
22.6%
 of which 60–65 years
23
21
6.9%
6.3%
 of which over 65 years
5 
5
1.5%
1.5%
Average age (in years)
40.82
40.13

Vonovia SE Sustainability Report 2018
INFORMATION AND KEY FIGURES — Key Figures
99
Key Figures
Dec. 31, 2017
Dec. 31, 2018
GRI  
Standard
EPRA
GdW
Employees in other sectors
91
3
102-7 
102-8 
405-1 
 
 
 
 
 
 
 
 
 
 
 
 
Diversity- 
Emp 
 
 
 
 
 
 
 
 
 
 
 
 
 
PE1 
PE2 
PE3 
 
 
 
 
 
 
 
 
 
 
 
 
 of which female
47
0
51.6%
0.0%
 of which under 20 years
0
0
0.0%
0.0%
 of which 20–29 years
9
0
9.9%
0.0%
 of which 30–39 years
35
1
38.5%
33.3%
 of which 40–49 years
27
0
29.7%
0.0%
 of which 50–59 years
16
1
17.6%
33.3%
 of which 60–65 years
3
1
3.3%
33.4%
 of which over 65 years
1
0
1.0%
0.0%
Average age (in years)
42.24
60.56
Key Figures
Dec. 31, 2017
Dec. 31, 2018
GRI Standard
Composition of Controlling Bodies
Members of the Supervisory Board 
11
12
405-1 
 
 of which female
4
4
36.4%
33.3%

Vonovia SE Sustainability Report 2018
INFORMATION AND KEY FIGURES — Key Figures
100
Key Figures
Dec. 31, 2017
Dec. 31, 2018
GRI  
Standard
GdW
Disabled Employees
Disabled Employees 1)
301
311
405-1 
 
 
 
 
 
 
 
 
 
 
 
PE4 
 
 
 
 
 
 
 
 
 
 
 
Disabled employees (in %)
3.6
3.5%
 of which employees in technical service
109
121
1.3%
1.4%
 of which employees in real estate service
95
97
1.1%
1.1%
 of which employees in customer service 
36
33
0.4%
0.4%
 of which employees in holding company
25
24
0.3%
0.3%
 of which employees in residential environment
18
14
0.2%
0.2%
 of which employees in Immobilien Treuhand
9
7
0.1%
0.1%
 of which employees in other sectors 
9
15
 0.1%
0.2%
1) According to the social law definition for disabled status pursuant to SGB IX Section 2.
Key Figures
2017
2018
GRI  
Standard
EPRA
Salary Structure
Average income male employees (in €) 1)
34,305.68
35,028.55
405-2 
 
Diversity- 
Pay 
Average income female employees (in €) 1)
41,504.32
41,949.25
Average income ratio between female and male employees (in %)
121.0
119.8
1) Employee remuneration in accordance with the German Commercial Code (excluding F0, F1 and executive employees): monthly salary + allowances + holiday and vacation 
bonus.

Vonovia SE Sustainability Report 2018
INFORMATION AND KEY FIGURES — Key Figures
101
Environmental Key Figures Vonovia Germany
Key Figures
Unit
2017
2018
General Key Figures
Portfolio 1)
 
 
 
Number of rented units
Number
348,474
337,988
	
of which rented residential units
%
98.9
98.9
	
of which rented commercial units
%
1.1
1.1
Rentable area
m2
22,198,880
21,506,455
	
of which residential area
%
97.0
97.1
	
of which commercial area
%
3.0
2.9
Portfolio by age category
Number
344,586
334,218
	
of which built before 1939
%
14.0
14.0
	
of which built between 1940 and 1949
%
1.7
1.7
	
of which built between 1950 and 1959
%
29.1
29.6
	
of which built between 1960 and 1969
%
21.2
20.9
	
of which built between 1970 and 1979
%
18.0
17.8
	
of which built between 1980 and 1989
%
8.7
8.5
	
of which built between 1990 and 1999
%
6.8
7.0
	
of which built between 2000 and 2009
%
0.5
0.5
	
of which built since 2010
%
0.1
0.1
Number of buildings listed as historical landmarks
Number
4,405
4,415
1) German portfolio excluding BUWOG. Buildings that serve only as car parks are not included.

Vonovia SE Sustainability Report 2018
INFORMATION AND KEY FIGURES — Key Figures
102
Portfolio Environmental Figures
Key Figures
Like-for-like (Lfl)
Unit
2017 9)
2018
EPRA 
GdW
GRI  
Standard
2017
2018
Cove­r­
age 3)
EPRA
Energy Consumption in the Portfolio
Total energy consumption in 
the portfolio 1) 2)
MWh
3,794,005
3,565,044  
 
302-1
3,428,344
3,337,885
93.4%
 
Energy intensity
Total energy intensity   
(electricity and heating  
per m² of rentable area)
MWh/m²
0.172
0.166
Energy-Int 
 
 
 
 
 
 
 
BM5/6
 302-3 
 
 
 
 
 
 
 
 0.171 4)
0.166
93.4% 
 
 
 
 
 
 
 
 
Heating consumption per m² 
of rentable area
MWh/m²
0.170
0.164
 
 0.169
0.164
 
Electricity per m² of rentable 
area
MWh/m²
0.002
0.002
 
 0.002 4)
0.002
 
Total energy intensity 
(electricity and heating per 
rented unit)
MWh/
rented 
unit
10.920
10.550
 
 10.812 4)
10.526
 
Heating consumption per 
rented unit
MWh/
rented 
unit
10.785
10.399
 
 10.684
10.376
 
Electricity per rented unit
MWh/
rented 
unit
0.130
0.151
 
 0.128 4)
0.139
 
Heating consumption in the portfolio
Total heating consumption 
in the portfolio 2)
MWh
3,746,884
3,513,857
DH&C-Abs 
 
 
302-1 
 
3,387,785
3,290,061
93.4%
DH&C-Lfl 
 
from non-renewable  
sources 
%
100.0
100.0
 
-
-
 
from renewable sources
%
0.0
0.0
 
-
-
 
Total consumption of 
­natural gas
MWh
2,057,957
1,886,284
 
 
 
 1,873,280
1,774,547
94.0%
 
Total consumption of 
heating oil
MWh
199,762
170,608
 
 
 
186,200
162,916
95.9%
 
Total consumption of 
­district heating
MWh
1,349,239
1,344,131
 
 
 
1,206,601
1,247,747
92.7%
 
Total consumption of 
­electricity 
MWh
82,513
61,340
 
 
 
68,957
54,037
86.0%
 
Total consumption of coal 
MWh
57,413
51,494
 
 
 
52,746
50,814
98.2%
 
Electricity consumption communal areas
Total electricity 
­consumption in communal 
areas
MWh
44,909
51,187
Elec-Abs
 
302-1 
 
 40,559 6)
 47,825 7)
93.4%
Elec-Lfl 
 
 
from non-renewable  
sources 8)
%
58.7
63.5
 
 
-
-
 
from renewable sources 8)
%
41.3
36.5
 
 
-
-
 
1)	 Consists of electricity consumption in the portfolio’s communal spaces and total heat consumption in the portfolio (living and communal areas). Limited comparability due to the adjustment 
of the calculation method for electricity consumption in communal areas in 2017 (extrapolation of average electricity consumption per rented unit) to the 2018 method (evaluation of electricity 
meter readings).
2)	 Rentable areas were extrapolated to full building floor space using 20% premium for communal areas in accordance with ENEV 2014 Section 19 (2).
3)	 The share of the like-for-like portfolio as a percentage of the total portfolio, calculated as a share of the rentable area of those buildings that have been constantly in the portfolio for at least two 
years.
4)	 Limited comparability of like-for-like data for 2017 with 2018 due to the adjustment of the calculation method for like-for-like data for electricity consumption in communal areas, see footnote 6).
5)	 19.8% share of renewable energy in district heat generation (“location based” Germany mix acc. to Federal Environment Agency), restatement for 2017 (cf. item 9).
6)	 As the figures for 2017 (using extrapolation of average consumption in communal areas) were used as the basis for calculating like-for-like in 2017, comparison of the figures with the like-for-like 
2018 figures is limited. See footnote 1).
7)	 The like-for-like figures for electricity consumption in 2018 were calculated based on the like-for-like share of the living area in 2018.
8)	 Calculation based on the share of renewable energy in the German electricity mix 2017 according to BDEW (location-based approach). 
9)	 Correction in comparison with the previous year due to change in the method used to energy certificate data for heat.

Vonovia SE Sustainability Report 2018
INFORMATION AND KEY FIGURES — Key Figures
103
Key Figures
Unit
2017
2018
Refurbishment
 
 
 
Number of modernized buildings 3)
Number
approx. 2,000
approx. 2,300
Number of modernized rented units 3)
Number
approx. 18,000
approx. 18,000
Modernized rentable area 3)
Million m²
approx. 1.1
approx. 1.1
Number of rented units with upgraded heating systems 3)
Number
approx. 15,000
approx. 13,000
Modernization rate (refurbishment rate) 3)
%
approx. 5
approx. 5
Expenses for maintenance and ongoing maintenance 2)
in € million
346
430
Maintenance intensity 2)
€ /m²/a
16
18
Expenses for modernization 1) 2)
in € million
779
1,139
Modernization intensity 2)
€ /m²/a
35
37
Total investment 2)
in € million
1,125
1,569
Investment intensity 2)
€ /m²/a
51
55
1) Incl. new construction: 2018: € 234.3 million, 2017: € 65.7 million
2) The scope covers Vonovia Group’s complete scope of consolidation.
3) Includes the program year of Vonovia’s portfolio in Germany, excl. BUWOG.
Key Figures
Unit
2017
2018
EPRA
Energy-efficiency Standards Portfolio 1)
By energy-efficiency rating
 
 
 
Cert-Tot 
 
 
 
 
 
 
 
	
of which energy level A+
%
0.0
0.1
	
of which energy level A
%
0.5
0.5
	
of which energy level B
%
8.0
7.6
	
of which energy level C
%
17.6
19.8
	
of which energy level D
%
22.5
24.3
	
of which energy level E
%
18.5
18.8
	
of which energy level F
%
13.5
12.2
	
of which energy level G
%
7.1
5.8
	
of which energy level H
%
5.1
4.0
	
of which not disclosed
%
7.2
6.9
1)	 German portfolio excl. BUWOG and incl. landmarked residential properties. Adjustment of disclosures for 2017. Percentage share determined by rentable area.
Key Figures
Like-for-like (Lfl)
Unit
2017 1)
2018
EPRA 
GRI 
Standard 
2017
2018
Coverage 2) 
EPRA
Fresh water consumption
Total water consumption
m³
42.9 
43.8 Water-Abs
303-5
38.9 
41.4 
95.3%
Water-Lfl
Water intensity
m³
1.93 
2.04 
Water-Int
CRE2
1.93 
2.06 
95.3% 
  
1) 	 Correction of the figures published in the previous year due to a change in the method used for consumption data from ancillary expense bills.
2)	 The share of the like-for-like portfolio as a percentage of the total portfolio, calculated as a share of the rentable area of those buildings that have been constantly in the portfolio for at 
least two years.

Vonovia SE Sustainability Report 2018
INFORMATION AND KEY FIGURES — Key Figures
104
Key Figures
Unit
2017
2018
EPRA 
GRI 
Standard 
Waste volume portfolio 1)
Total waste volume
t
500,134
482,206
Waste-Abs 
 
 
 
306-2 
 
 
 
 
	
Residual waste
t
126,525
121,990
	
Waste paper
t
215,093
207,382
	
Recycling
t
45,549
43,916
	
Organic waste
t
112,968
108,918
Recycling ratio
%
74.7
74.7
1)	 Waste volume is based on weekly average amounts per rented unit (excl. commercial units) and type of waste. These 
average figures are based on the waste containers provided and their volume, not the actual quantity filled.
Environmental key figures business operations
Key Figures
Unit
2017
2018
EPRA
Association of 
German Housing 
and Real Estate 
Companies 
(GdW)
GRI 
­Standard
Resource consumption
Energy consumption office locations 1)
 
 
 
 
 
 
Total energy consumption (electricity and heating)
MWh
7,768
10,017
 
GP1 
302-1 
Total electricity consumption
MWh
3,390
3,313
 Elec-Abs 
 
 
	
Proportion from renewable energy sources 2)
%
45
42
 
Total heating consumption
MWh
4,377
6,703
DH&C-Abs 
 
 
 
	
of which natural gas
MWh
3,171
3,410
 
	
of which district heating
MWh
1,206
3,293
 
Energy intensity
MWh/m²
0.26
0.15
Energy-Int
GP2  
302-3 
Total fuel consumption 3)
MWh
67,241 4)
69,164
Fuels-Abs 
 
302-1 
	
of which diesel
MWh
65,127 4)
66,584
 
	
of which petrol
MWh
2,114 4)
2,580
 
Average number of vehicles
Number
4,244
4,809
 
 
 
Average fuel consumption
Liter/­
vehicle/
month
132 4)
120
 
  
 
Water consumption office locations 1)
 
 
 
 
 
 
Total water consumption
m³
15,698
19,285
Water-Abs
GP6 
303-5 
Water intensity
m³/m²
0.52
0.33
Water-Int
 
CRE2 
1)	 2017 and 2018 results not comparable due to the fact that the database for 2018 was significantly expanded. Only three office locations were taken into consideration in 2017. In 2018, data 
was collected for 15 office locations, this includes locations with more than 500 m2 of office space as well as several locations shared by Vonovia companies/organizations.
2)	 The share of renewable energy sources relates primarily to individual energy suppliers’ disclosures at each location (market-based approach). In rare cases there was no information from 
the suppliers and we had to apply the German electricity mix in accordance with BDEW (location-based approach).
3)	 Only fuel consumption of the fleet was taken into consideration where no fuel from renewable sources is used.
4)	 Adjusted for fuel consumption outside of the fleet.

Vonovia SE Sustainability Report 2018
INFORMATION AND KEY FIGURES — Key Figures
105
Key Figures
Unit
2017
2018
Energy Generation and Sale
Energy Generation
 
 
 
Total energy generation (heat & electricity) 1)
MWh
4,180
15,088
Share of renewable energy 2)
%
88.3
35.3
Total electricity generated
MWh
4,180
10,848
	
of which generated by cogeneration units 3)
MWh
494
5,520
	
of which generated by photovoltaic plants
MWh
3,686
5,328
Heat generated by cogeneration units 3)
MWh
–
4,240
Energy Sold
 
 
 
Total energy sold 4)
MWh
4,234
19,867
	
of which from renewable energy sources 5)
%
88.3
50.2
Total gas sold 6)
MWh
-
329,798
1)	 2017: Electricity generated from photovoltaic plants (PV plants) and company-owned cogeneration units (CHP units). 2018: Electri-
city and heat supplied by PV plants and contracted CHP units.
2)	 Solely shows the amounts generated by PV plants.
3)	 2017: Generated by company-owned mini CHP units. 2018: Only contract plants belonging to third parties operated on behalf of 
Vonovia taken into consideration.
4)	 2017: Electricity generated and sold. 2018: Electricity traded exclusively by VESG procured on the electricity exchange.
5)	 Electricity sold to rentable areas for which the proof of origin states that it is 100% green electricity and electricity for the portfolio’s 
communal areas in accordance with the German electricity mix according to BDEW (procured on the electricity exchange).
6)	 Gas sold to tenants by Vonovia company (VESG).
Key Figures
Unit
2017
2018
EPRA
GRI 
­Standard
Waste volume office locations  
 
Total volume of commercial municipal waste 1)
t 
74 
262
Waste-Abs 
 
306-2 
 
	
of which recycled commercial municipal waste
%
38.0 
40.2
	
of which residual commercial municipal waste
%
62.0 
59.8 
Other waste 1) 2)
%
- 
63 
1)	 Comparability of results 2017 to 2018 not given due to the fact that the database for 2018 was significantly expanded. Only three office locations were taken into consi-
deration in 2017. In 2018, data was collected for 15 office locations, this includes locations with more than 500 m2 of office space as well as several locations shared by 
Vonovia companies/organizations.
2)	 Other waste includes bulk waste, wood, iron and steel.
Key Figures
Unit
2017
2018
Business Journeys
By rail
Pkm 1) 2,958,119
3,205,295
By plane
km 2,130,323 2,597,449
	
Amount of flights
Number
3,670
4,664
By private vehicle
km
- 2,784,873
1)	 Person kilometers (pkm) are the measurement unit for transport performance which uses kilometers traveled in public transport 
multiplied by the number of travelers.

Vonovia SE Sustainability Report 2018
INFORMATION AND KEY FIGURES — Key Figures
106
CO2 Balance Sheet
Key Figures
Like-for-like (Lfl)
Unit
2017
2018
EPRA 
GRI
Standard 
2017
2018
Change 2)
CO2e emissions in portfolio
Total CO2e emissions in 
portfolio
t CO2e
1,125,712
1,049,766
 
305-1 
 
 
 
 
Total CO2e emissions per r.u.
t CO2e
1,098,531
1,021,244
 
 
 
 
Total CO2e emissions in 
communal areas
t CO2e
27,181
28,522
 
 
 
 
CO2e heating intensity  
per rented unit
t CO2e/ 
r.u.
3.320
3.012
GHG-Int 
 
 
305-4 
CRE3 
 
 
 
 
 
CO2e heating intensity  
per rentable area
t CO2e/ 
m²
0.051
0.049
 
 
 
CO2e reductions by 
­heating program
t CO2e
7,400
6,958
 
305-5 
 
 
 
 
 
CO2e reductions by 
­modernization
t CO2e
22,358
20,348
 
 
 
 
Scope 1 (direct CO2e emissions)
 
  
 
Combustion processes at 
stationary plants 
t CO2e
602,993 
522,421
GHG- 
Dir-Abs 
 
305-1 
 
 
 
 
Heating from natural gas (r.u.)
t CO2e
514,451
449,860
446,340
443,604
-1%
Heating from heating oil (r.u.)
t CO2e
63,494
50,580
59,183
51,782
-13%
Heating from coal (r.u.)
t CO2e
25,049
21,980
23,013
22,170
-4%
Scope 2 (indirect CO2e emissions)
 
  
 
Location-based
t CO2e 
428,840 
406,913
GHG- 
Indir-Abs 
 
305-2 
 
 
 
 
 
Electricity (communal areas)
t CO2e
27,181
28,522
24,734
26,646
8%
Heating, electricity (r.u.)
t CO2e
49,491
34,668
35,572
27,544
-23%
Heating, district heating (r.u.)
t CO2e
351,718
343,723
273,173
279,883
2%
Other indirect CO2e emissions (Scope 3)
 
  
 
Commodities leased 
downstream 1)
t CO2e
- 
34,930
GHG- 
Indir-Abs 
 
 
 
305-3 
 
 
 
 
 
 
 
Natural from gas (r.u.)
t CO2e
-
21,676
21,945
21,173
-4%
Heating from oil (r.u.)
t CO2e
-
3,647
3,803
3,578
-6%
Coal (r.u.)
t CO2e
-
486
431
484
12%
Heating from electricity (r.u.)
t CO2e
-
2,458
2,931
2,437
-17%
Heating from district heating 
(r.u.)
t CO2e
-
6,663
6,515
6,493
0%
Fuel and energy-related 
emissions (not Scope 1 
and 2)
t CO2e
93,879 
85,502
GHG- 
Indir-Abs 
 
305-3 
 
 
 
 
 
Upstream, natural gas (r.u.)
t CO2e
84,668
77,605
 
 
 
Upstream, heating oil (r.u.)
t CO2e
8,506
7,265
 
 
 
Upstream, coal (r.u.)
t CO2e
705
632
 
 
 
Greenhouse gases included in the calculations: CO2 equivalent (greenhouse gases regulated by the Kyoto Protocol: CO2, CH4, N2O, SF6, HFCs).
Sources of emission factors: GEMIS 4.95
1)	 Condominium buildings (ownership rate ≤ 50 %), calculated separately for the first time in 2018.
2)	 Decline in CO2 emissions in like-for-like comparison primarily due to modernization projects and change in energy source (e.g., replacement of heating oil and electricity as 
energy source). The increase in CO2 emissions from electricity is due to the calculation method used in 2018; a like-for-like comparison with the actual figures for 2017 is therefore 
not possible.

Vonovia SE Sustainability Report 2018
INFORMATION AND KEY FIGURES — Key Figures
107
Unit
2017
2018
EPRA
GdW
GRI 
Standard
CO2e emissions in business operations
Total CO2e emissions in 
business operations
t CO2e
27,563
29,342
 
 
 
CO2e emissions per square 
meter 3)
t CO2e / 
m2
 0.10
0.06
GHG-Int
 
305-4 
Scope 1 (direct CO2e emissions)
Combustion processes at 
stationary plants 
t CO2e
638 
852
GHG-­ 
Dir-Abs 
 
 
GP4 
 
 
 
305-1 
 
 
 
Natural gas
t CO2e
638
852
Combustion processes at 
mobile plants
t CO2e
20,512 
21,084
Gasoline
t CO2e
570
696
Diesel
t CO2e
19,942
20,388
Scope 2 (indirect CO2e emissions)
Location-based
t CO2e 
2,284 
2,864
GHG- 
Indir-Abs 
 
GP4 
 
 
305-2 
 
 
Electricity 
t CO2e
1,914
2,005
District heating
t CO2e
370
860
Market-based
t CO2e 
1,278 
1,224
Electricity 
t CO2e
1.278
1.224
District heating 1)
t CO2e
–
–
 
 
 
Scope 3 (other indirect CO2e emissions)
 
Business Journeys
t CO2e 
 330
710
 
GP4 
 
 
 
 
 
 
 
305-3 
 
 
 
 
 
 
 
 
By rail
t CO2e
19
16
 
By plane
t CO2e
311
318
 
Per private vehicle 2)
t CO2e
-
377
 
Fuel and energy-related 
emissions (not Scope 1 
and 2) 
 
3,779 
3,831
 
from stationary combustion 
upstream (natural gas)
t CO2e
214
140
 
from mobile combustion 
upstream (petrol)
t CO2e
128
157
 
from mobile combustion 
upstream (diesel)
t CO2e
3,457
3,534
 
Greenhouse gases included in the calculation: CO2 equivalents (greenhouse gases regulated by the Kyoto Protocol: CO2, CH4, N2O, 
SF6, HFCs). Sources of emission factors: GEMIS 4.95, Deutsche Bahn, BCD Travel GHG Protocol
1)	 Due to missing supplier disclosures/certificates, we are not able to disclose Scope 2 emissions for district heating in accordance 
with the market-based method.
2)	 Collected for the first time in 2018.
3) Only stationary emissions taken into account.

Vonovia SE Sustainability Report 2018
INFORMATION AND KEY FIGURES — Key Figures
108
Procurement Practices
Key Figures
Unit
2017
2018
GRI  
Standard
Suppliers
Supplier structure
Number of suppliers 1)
Number
4,259
4,524 
102-9 
204-1 
 
 
 
 of which from Germany 2)
Number
4,179
4,509 
 of which from Europe (excl. Germany) 3)
Number
80
15 
 of which contract partners (minor maintenance work, renovation of vacant 
­apartments and construction) 4)
Number
2,530
1,354 
 of which suppliers of material
Number
729
347 
 of which ancilliary costs 5)
Number
750
113 
 of which material costs 6)
Number
250
225 
Local suppliers
Amount of local suppliers as a proportion of the procurement budget
%
95
98 
204-1
Review of suppliers
Amount of new suppliers reviewed on the basis of
 
 
 
 308-1 
414-1 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Environmental criteria 
Number
– 7)
– 7)
 Human rights
Number
– 7)
– 7)
 Labor standards
Number
– 7)
– 7)
 Corruption
Number
– 7)
– 7)
Amount of existing suppliers reviewed on the basis of
 
 
 
 Environmental criteria 
Number
– 7)
– 7)
 Human rights
Number
– 7)
– 7)
 Labor standards
Number
– 7)
– 7)
 Corruption
Number
– 7)
– 7)
Amount of cases of noncompliance with
 
 
 
 Environmental criteria 
Number
-
0
 Human rights
Number
-
0
 Labor standards
Number
-
0
 Corruption
Number
-
0
Amount of suppliers identified as not complying with the following criteria and for 
which corrective measures have been agreed
 
 
 
 Environmental criteria 
Number
-
0
 Human rights
Number
-
0
 Labor standards
Number
-
0
 Corruption
Number
-
0
Amount of suppliers identified as not complying with the following criteria and with 
which the business relationship was subsequently terminated
 
 
 
 Environmental criteria 
Number
-
0
 Human rights
Number
-
0
 Labor standards
Number
-
0
 Corruption
Number
-
0
1)	 The figures include all suppliers who are actively managed by the procurement departments in the centralized procurement process. Suppliers with minimal revenue were eliminated from 
calculation. 
2)	 The increase in the supplier base is a consequence of the stronger regional presence of the procurement department as well as integrations in Germany (BUWOG DE portfolio).
3)	 The figures were based on estimates in previous years; systematically we currently use only 15 foreign suppliers, mainly in Eastern Europe.
4)	 The figure was based on estimates in previous years; the 2018 figure reflects active contracts in construction services
5) 	Includes all costs that were allocated to the tenant, e.g., staircase lighting or cleaning, disposal costs or similar.
6)	 Includes tools, work uniforms, office and business equipment, IT, telecommunications.
7)	 No systematic audits. However, upon hiring, suppliers commit to conforming to our standards by signing the Business Partner Code.

Vonovia SE Sustainability Report 2018
INFORMATION AND KEY FIGURES — GRI Content Index
109
 102-55
GRI Content Index
In the GRI Content Index we report on at least one associated indicator for every  
topic that has been identified as material in order to make our performance in this area 
transparent.   
Material topic
Name of the indicator
Page in the report
Omissions
GRI 101: Foundation 2016
GRI 102: General Disclosures 2016
Organizational Profile
102-1
Name of the organization
6
 
102-2
Activities, brands, products, and services
6, 8
 
102-3
Location of headquarters
6
 
102-4
Location of operations
6
 
102-5
Ownership and legal form
6
 
102-6
Markets served
6, 13
 
102-7
Scale of the organization
6, 13, 95–99 
As Vonovia is divided into ­companies 
and employs only a few people abroad, 
the figures are not presented according 
to strategic regions.
 
102-8
Information on employees and other workers
84, 86, 92, 93, 95–99
 
102-9
Supply chain
66, 108
 
102-10
Significant changes to the organization and its supply chain
AR 2018: 64–65
 
102-11
Precautionary Principle or approach
Vonovia does not yet comply with the 
precautionary principle of the UN.
 
102-12
External initiatives
32, 33
 
102-13
Membership of associations
30, 57, 62
 
Strategy
102-14
Statement from senior decision-maker
2
 
102-15
External initiatives
16, 25–26, 45, 47–49, 50  
AR 2018: 131–140
 
Ethics and Integrity
102-16
Values, principles, standards, and norms of behavior
36
 
Governance
102-18
Governance structure
33
 
102-19
Delegating authority
15, 33
 
102-20
Responsibility for sustainability
15
 
102-22
Composition of the highest governance body  
and its committees
34

Vonovia SE Sustainability Report 2018
INFORMATION AND KEY FIGURES — GRI Content Index
110
Material topic
Name of the indicator
Page in the report
Omissions
102-24
Nominating and selecting the highest governance body
33, AR 2018: 40–49
 
102-25
Conflicts of interest
AR 2018: 50
 
Stakeholder Engagement
102-40
List of stakeholder groups
28
 
102-41
Identifying and selecting stakeholders
75
 
102-42
Approach to stakeholder engagement
29
 
102-43
Key topics and concerns raised
28, 29, 41
 
102-44
List of stakeholder groups
14, 28, 29, 41
 
Reporting practice
102-45
Entities included in the consolidated financial statements
90
 
102-46
Defining report content
17
 
102-47
List of material aspects
18, 19–20
 
102-48
Restatements of information
17
 
102-49
Changes in reporting
17
 
102-50
Reporting period
89
 
102-51
Date of most recent report
89
 
102-52
Reporting cycle
89
 
102-53
Contact point for questions regarding the report
118
 
102-54
In accordance with the “core” option of the GRI standards
89
 
102-55
External assurance
109
 
102-56
Reporting period
90
 
Material topic
GRI 201: Economic Performance 2016
103-1
Explanation of the material topic and its boundaries
19–20, 22, 24–26,  
AR 2018: 98–120
 
103-2
The management approach and its components
6, 23, 26–27, 
AR 2018: 98–120
 
103-3
Evaluation of the management approach
23, 26–27, GB 2018: 98–120
 
201-1
Direct economic value generated and distributed
AR 2018: 148
 
201-2
Financial implications and other risks and opportunities due to 
climate change
16, 26
 
201-3
Defined benefit plan obligations and other retirement plans
AR 2018: 119
 
GRI 203: Indirect Economic Impacts 2016
103-1
Explanation of the material topic and its boundaries
19–20, 24–26, 28–29, 40, 46, 63
 
103-2
The management approach and its components
26–29, 41–42, 47–49, 64
 
103-3
Evaluation of the management approach
26–29, 41–42, 47–49, 64
 
203-1
Infrastructure investments and services supported
24
not applicable, 
as figures are not 
currently availab-
le in this form.
203-2
Significant indirect economic impacts
29, 41, 47–49, 64
not applicable, 
as figures are not 
currently availab-
le in this form.
GRI 204: Procurement Practices 2016
103-1
Explanation of the material topic and its boundaries
19–20, 65
 
103-2
The management approach and its components
65–67, AR 2018: 93
 
103-3
Evaluation of the management approach
65–67, AR 2018: 93
 
204-1
Proportion of spending on local suppliers
66, 108

Vonovia SE Sustainability Report 2018
INFORMATION AND KEY FIGURES — GRI Content Index
111
Material topic
Name of the indicator
Page in the report
Omissions
GRI 205: Anti-corruption 2016
103-1
Explanation of the material topic and its boundaries
19–20, 32–33
 
103-2
The management approach and its components
32–36
 
103-3
Evaluation of the management approach
33–36
 
205-2
Communication and training about anti-corruption policies 
and procedures
34, 36
 
205-3
Confirmed incidents of corruption and actions taken
34
 
GRI 206: Anti-competitive Behavior 2016
103-1
Explanation of the material topic and its boundaries
19–20, 32–33
 
103-2
The management approach and its components
32–36
 
103-3
Evaluation of the management approach
33–36
 
206-1
Legal actions for anti-competitive behavior, anti-trust, and 
monopoly practices
35
 
GRI 301: Materials 2016
103-1
Explanation of the material topic and its boundaries
19–20, 68
 
103-2
The management approach and its components
68–69
 
103-3
Evaluation of the management approach
68–69
 
301-1
Materials used by weight or volume
69
 
301-2
Recycled input materials used
69
GRI 302: Energy 2016
103-1
Explanation of the material topic and its boundaries
19–20, 55–56, 58–59, 68
 
103-2
The management approach and its components
56–62, 68–69
 
103-3
Evaluation of the management approach
56–57, 59–62, 68–69
 
302-1
Energy consumption within the organization
61, 102, 104
 
302-3
Energy intensity
60, 102, 104
 
302-4
Reduction of energy consumption
60, 61, 69
 
302-5
Reductions in energy requirements of products and services
60
 
CRE1
Building energy intensity
60
 
GRI 303: Water and effluents 2018
103-1
Explanation of the material topic and its boundaries
19–20, 58–59
 
103-2
The management approach and its components
58–62
 
103-3
Evaluation of the management approach
–
*
303-5
Water withdrawal by source
103, 104
 
CRE2
Building water intensity
103, 104
 
*  At the moment, the management approach is not yet subject to a structured evaluation.

Vonovia SE Sustainability Report 2018
INFORMATION AND KEY FIGURES — GRI Content Index
112
Material topic
Name of the indicator
Page in the report
Omissions
GRI 304: Biodiversity 2016
103-1
Explanation of the material topic and its boundaries
19–20
 
103-2
The management approach and its components
This aspect is currently not evaluated 
by means of an explicit management 
approach at Vonovia. Of course, we 
keep in mind which of our residential 
buildings are located in, or adjacent to, 
protected areas and take appropriate 
measures if needed.
 
103-3
Evaluation of the management approach
 
304-1
Operational sites owned, leased, managed in, or adjacent to, 
protected areas and areas of high biodiversity value outside 
protected areas
–
 
GRI 305: Emissions 2016
103-1
Explanation of the material topic and its boundaries
19–20, 55–56, 58–59, 70
 
103-2
The management approach and its components
56–62, 70–71
 
103-3
Evaluation of the management approach
56–57, 59–62, 70–71
 
305-1
Direct (Scope 1) GHG emissions
106, 107
 
305-2
Energy indirect (Scope 2) GHG emissions
106, 107
 
305-3
Other indirect (Scope 3) GHG emissions
106, 107
 
305-4
GHG emissions intensity
106, 107
 
305-5
Reduction of GHG emissions
60, 61, 71, 106
 
CRE3
GHG emissions intensity from buildings
106
 
GRI 306: Effluents and Waste 2016
103-1
Explanation of the material topic and its boundaries
19–20
 
103-2
The management approach and its components
65–67
 
103-3
Evaluation of the management approach
–
*
306-2
Waste by type and disposal method
66, 104, 105
 
GRI 307: Environmental Compliance 2016
103-1
Explanation of the material topic and its boundaries
19–20, 32, 65
 
103-2
The management approach and its components
32–36, 65–67
 
103-3
Evaluation of the management approach
33–36, 65–67
*
307-1
Noncompliance with environmental laws and regulations
During the reporting year, no material 
violations of applicable environmental 
laws and regulations became known. 
There were no significant fines or other 
monetary penalties.
 
GRI 308: Supplier Environmental Assessment 2016
103-1
Explanation of the material topic and its boundaries
19–20, 65
 
103-2
The management approach and its components
65–67
*
103-3
Evaluation of the management approach
65–67
*
308-1
New suppliers that were screened using environmental 
criteria
67, 108
No percentage 
available.
308-2
Negative environmental impacts in the supply chain and 
actions taken
35, 66 
During the reporting period, no 
significant actual or potential negative 
environmental impacts in the supply 
chain became known.
 
*  At the moment, the management approach is not yet subject to a structured evaluation.

Vonovia SE Sustainability Report 2018
INFORMATION AND KEY FIGURES — GRI Content Index
113
Material topic
Name of the indicator
Page in the report
Omissions
GRI 401: Employment 2016
103-1
Explanation of the material topic and its boundaries
19–20, 73–75, 84
 
103-2
The management approach and its components
75, 84–85
 
103-3
Evaluation of the management approach
75
 
401-1
New employee hires and employee turnover
73, 93  
As Vonovia is divided into ­companies 
and employs only a few people abroad, 
the figures are not presented according 
to strategic regions.
Vonovia does not 
provide a break-
down by age and 
gender.
401-3
Parental leave
84, 85, 94
 
GRI 402: Labor/Management Relations 2016
103-1
Explanation of the material topic and its boundaries
19–20, 73–75
 
103-2
The management approach and its components
–
**
103-3
Evaluation of the management approach
–
**
402-1
Minimum notice period regarding operational changes
74
 
GRI 403: Occupational Health and Safety 2018
103-1
Explanation of the material topic and its boundaries
19–20, 80–82
 
103-2
The management approach and its components
80–83
 
103-3
Evaluation of the management approach
82–83
 
403-2
Hazard identification, risk assessment, and incident 
­investigation
80
 
403-4
Worker participation, consultation, and communication on 
occupational health and safety
81
 
403-5
Worker training on occupational health and safety
82–83
 
403-6
Promotion of worker health
82–83
 
403-9
Work-related injuries
94
 
403-10
Work-related ill health
94
 
GRI 404: Training and Education 2016
103-1
Explanation of the material topic and its boundaries
19–20, 76–78
 
103-2
The management approach and its components
76–79
 
103-3
Evaluation of the management approach
78–79
 
404-1
Average hours of training per year per employee
95
No breakdown 
by gender, as the 
figures are not 
currently availab-
le in this form.
404-3
Percentage of employees receiving regular performance and 
career development reviews
95
 
GRI 405: Diversity and Equal Opportunity 2016
103-1
Explanation of the material topic and its boundaries
19–20, 32–33, 86
 
103-2
The management approach and its components
32–36, 86–87
 
103-3
Evaluation of the management approach
86-87
 
405-1
Diversity of governance bodies and employees
34, 86, 95–100
 
405-2
Ratio of basic salary and remuneration of women to men 
87, 100
 
*  At the moment, the management approach is not yet subject to a structured evaluation.
** Currently, Vonovia does not evaluate this aspect by means of an explicit management approach.

Vonovia SE Sustainability Report 2018
INFORMATION AND KEY FIGURES — GRI Content Index
114
Material topic
Name of the indicator
Page in the report
Omissions
GRI 406: Non-discrimination 2016
103-1
Explanation of the material topic and its boundaries
19–20, 86
 
103-2
The management approach and its components
86–87
 
103-3
Evaluation of the management approach
–
*
406-1
Incidents of discrimination and corrective actions taken
87
 
GRI 407: Freedom of Association and Collective Bargaining 2016
103-1
Explanation of the material topic and its boundaries
19–20, 73–75
 
103-2
The management approach and its components
75
 
103-3
Evaluation of the management approach
75
 
407-1
Operations and suppliers in which the right to freedom of 
association and collective bargaining may be at risk
74 
The right to freedom of association and 
collective bargaining is granted in all 
locations. Vonovia minimizes labour law 
risks associated with contractors with 
its Business Partner Code.
 
GRI 413: Local Communities 2016
103-1
Explanation of the material topic and its boundaries
19–20, 46–47, 50–51
 
103-2
The management approach and its components
46–49, 50–53
 
103-3
Evaluation of the management approach
47–49, 51–53
 
413-1
Operations with local community engagement, and develop-
ment programs
47–49, 52–53
No percentage 
available
GRI 414: Supplier Social Assessment 2016
103-1
Explanation of the material topic and its boundaries
19–20, 32–33
 
103-2
The management approach and its components
32–36
 
103-3
Evaluation of the management approach
33–36
 
414-1
New suppliers that were screened using social criteria
36, 108
 
414-2
Negative social impacts in the supply chain and actions taken 36
 
GRI 415: Public Policy 2016
103-1
Explanation of the material topic and its boundaries
19–20, 28–29
 
103-2
The management approach and its components
30
**
103-3
Evaluation of the management approach
–
**
415-1
Political contributions
28
 
GRI 416: Customer Health and Safety 2016
103-1
Explanation of the material topic and its boundaries
19–20, 32–33, 43
 
103-2
The management approach and its components
32–36, 43–45
 
103-3
Evaluation of the management approach
33–36, 43–45
*
416-2
Incidents of noncompliance concerning the health and safety 
impacts of products and services
–
 
*  At the moment, the management approach is not yet subject to a structured evaluation.
** Currently, Vonovia does not evaluate this aspect by means of an explicit management approach.

Vonovia SE Sustainability Report 2018
INFORMATION AND KEY FIGURES — GRI Content Index
115
Material topic
Name of the indicator
Page in the report
Omissions
GRI 417: Marketing and Labeling 2016
103-1
Explanation of the material topic and its boundaries
19–20
 
103-2
The management approach and its components
–
*
103-3
Evaluation of the management approach
–
*
417-2
Incidents of noncompliance concerning product and service 
information and labeling
During the reporting year, no significant 
violations of regulations and voluntary 
codes concerning product and service 
information and labeling became known.  
GRI 419: Socioeconomic Compliance 2016
103-1
Explanation of the material topic and its boundaries
19–20, 32–33
 
103-2
The management approach and its components
32–36
 
103-3
Evaluation of the management approach
33–36
 
419-1
Noncompliance with product and service regulations
34
 
Portfolio Maintenance 2016 (Material topic not covered by GRI)
103-1
Explanation of the material topic and its boundaries
19–20, 43
 
103-2
The management approach and its components
43–45
 
103-3
Evaluation of the management approach
43–45

Vonovia SE Sustainability Report 2018
INFORMATION AND KEY FIGURES — EPRA sBPR
116
Overarching Recommendations
Code
Page
Organisational Boundaries
90-91
Estimation of landlord-obtained utility consumption
90-91
Boundaries – reporting on landlord and tenant consumption
90-91
EPRA sBPR
Performance Measures
Code
Performance ­Measure
Unit 
Page
Environment
Elec-Abs
Total electricity consumption
MWh/year
102, 104
Elec-Lfl
Total electricity consumption like-for-like
MWh/year
104
DH&C-Abs
Total district heating & cooling consumption
MWh/year
102–103
DH&C-Lfl
Total district heating & cooling consumption like-for-like
MWh/year
103
Fuels-Abs
Total fuel consumption
MWh/year
102
Fuels-Lfl
Total fuel consumption like-for-like
MWh/year
104
Energy-Int
Building energy intensity
kWh/m2
102–103
GHG-Dir-Abs
Total direct greenhouse gas (GHG) emissions (scope 1)
t CO2/year
105–107
GHG-Indir-Abs
Total indirect greenhouse gas (GHG) emissions (scope 2)
t CO2/year
105–107
GHG-Int
Greenhouse gas (GHG) intensity from building energy
t CO2/m2 and t CO2/units 107
Water-Abs
Total water consumption
m3/year
102, 105
Water-Lfl
Total water consumption like-for-like
m3/year
105
Water-Int
Building water intensity
t CO2/m2 and t CO2/units 102, 105
Waste-Abs
Total weight of waste
t/year
103, 105
Waste-Lfl
Total weight waste like-for-like
t/year
Not material
Cert-Tot
Type and number of sustainably certified assets
Number
103
Social
Diversity-Emp
Employee gender diversity
%
95–99
Diversity-Pay
Gender pay ratio
Ratio
100
Emp-Training
Training and development
Number
95
Emp-Dev
Employee performance appraisals
%
95

Vonovia SE Sustainability Report 2018
INFORMATION AND KEY FIGURES — EPRA sBPR
117
Code
Performance ­Measure
Unit 
Page
Emp-Turnover
Employee turnover and retention
Number and %
93
H&S-Emp
Employee health and safety
Number
94
H&S-Asset
Asset health and safety assessments
%
45
H&S-Comp
Asset health and safety compliance
Number
45
Comty-Eng
Community engagement, impact assessments and  
development programmes
%
28–30, 50–53
Governance
Gov-Board
Composition of the highest governance body
Number
AR 2018: 34–35
Gov-Selec
Nominating and selecting the highest governance body
Narrative on ­ 
Performance
AR 2018: 46–51
Gov-COI
Process for managing conflicts of interest
Narrative on ­ 
Performance
AR 2018: 46–51

Vonovia SE Sustainability Report 2018
INFORMATION AND KEY FIGURES — Contact
118
Vonovia SE
Universitätsstraße 133
44803 Bochum
Phone +49 234 314-0
Fax +49 234 314-1314
Email: info@vonovia.de
www.vonovia.de
Your contacts
Corporate Communications
Klaus Markus
Head of Corporate Communications
Phone +49 234 314-1149
Fax +49 234 314-1309
Email: klaus.markus@vonovia.de
Jonathan Przybylski
Sustainability Officer
Phone +49 234 314-1912
Fax +49 234 314-1309
Email: jonathan.przybylski@vonovia.de
Note
This Sustainability Report is published in German and English.  
The German version is always the authoritative text.  
The Sustainability Report can be found on our website at www.vonovia.de.
Imprint
Published by: 
The Management Board of Vonovia SE
Concept and Realization: 
Berichtsmanufaktur GmbH, Hamburg
Translation: 
EnglishBusiness AG, Hamburg
Status: May 2019 
© Vonovia SE, Bochum
 102-53
Contact