Financial Position
Cash Flow
The Group cash flow is as follows:
Key Data from the Statement of Cash Flows | |||||
in € million | 9M 2020 | 9M 2021 | |||
Cash flow from operating activities | 1,016.7 | 1,026.3 | |||
Cash flow from investing activities | -1,204.5 | -8,625.1 | |||
Cash flow from financing activities | 1,402.0 | 9,161.5 | |||
Influence of changes in foreign exchange rates | -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 | |||
The cash flow from operating activities came to € 1,026.3 million for the first nine months of 2021 compared with € 1,016.7 million for the first nine months of 2020. This was due to an improved operating result and to the development of working capital.
The cash flow from investing activities shows a payout balance of € 8,625.1 million for the first nine months of 2021. This is dominated by the acquisition of the shares in Deutsche Wohnen SE in the amount of € 6,490.9 million (taking into account the acquisition of cash and cash equivalents). What is more, the cash flow from investing activities includes a payment of € 999.9 million for investments in time deposits and highly liquid money market funds that are not to be classified as a cash equivalent due to the original term of more than three months. Payments for the acquisition of investment properties came to € 1,148.9 million in the first nine months of 2021 (9M 2020: € 1,183.2 million). On the other hand, income from portfolio sales in the amount of € 481.3 million was collected (9M 2020: € 435.7 million). Payments for investments in other assets amounted to € 473.2 million in the first nine months of 2021 (9M 2020: € 238.4 million).
The cash flow from financing activities includes payments for regular and unscheduled repayments in the amount of € 2,165.7 million (9M 2020: € 2,635.1 million) and, on the other hand, proceeds from issuing financial liabilities in the amount of € 12,314.3 million (9M 2020: € 3,890.3 million). Payouts for transaction and financing costs amounted to € 203.8 million (9M 2020: € 48.7 million). Interest paid in the first nine months of 2021 amounted to € 267.0 million (9M 2020: € 272.2 million).
Net changes in cash and cash equivalents came to € 1,560.0 million.