Consolidated Statement of Cash Flows

in € million

Jan. 1– Sep. 30, 2020

Jan. 1– Sep. 30, 2021

Profit for the period

1,891.6

3,869.1

Net income from fair value adjustments of investment properties

-1,830.2

-5,073.0

Revaluation of assets held for sale

-42.7

-21.8

Depreciation and amortization

66.4

255.8

Interest expenses/income and other financial result

312.6

410.9

Income taxes

940.1

1,964.1

Results from disposals of investment properties

-84.9

-68.3

Results from disposals of other non-current assets

-0.1

0.5

Other expenses/income not affecting cash

5.9

-95.4

Change in working capital

-174.2

-133.2

Income tax paid

-67.8

-82.4

Cash flow from operating activities

1,016.7

1,026.3

Proceeds from disposals of investment properties and assets held for sale

435.7

481.3

Proceeds from disposals of other assets

0.3

0.7

Payments for investments in investment properties

-1,183.2

-1,148.9

Payments for investments in other assets

-238.4

-473.2

Payments for acquisition of shares in consolidated companies, in due consideration of liquid funds

-226.0

-6,490.9

Payments for cash investments held as financial assets

-999.9

Interest received

7.1

5.8

Cash flow from investing activities

-1,204.5

-8,625.1

Capital contributions on the issue of new shares (including premium)

1,003.0

Cash paid to shareholders of Vonovia SE and non-controlling interests

-506.7

-493.0

Proceeds from issuing financial liabilities

3,890.3

12,314.3

Cash repayments of financial liabilities

-2,635.1

-2,165.7

Cash repayments of lease liabilities

-17.8

-15.7

Payments for transaction costs in connection with capital measures

-38.8

-197.3

Payments for other financing costs

-9.9

-6.5

Payments in connection with the disposal of shares in non-controlling interests

-10.8

-7.6

Interest paid

-272.2

-267.0

Cash flow from financing activities

1,402.0

9,161.5

Influence of changes in foreign exchange rates on cash and cash equivalents

-1.3

-1.6

Change in cash and cash equivalents related to assets held for sale

-1.1

Net changes in cash and cash equivalents

1,212.9

1,560.0

Cash and cash equivalents at the beginning of the period

500.7

613.3

Cash and cash equivalents at the end of the period*

1,713.6

2,173.3

  1. * Includes € 898.5 million (Sep. 30, 2020: € 650.0 million) in current securities classified as cash equivalents and total restricted cash of € 75.7 million (Sep. 30, 2020: € 91.3 million).