Consolidated Statement of Cash Flows

Net income from fair value adjustments of investment properties

Revaluation of assets held for sale

Depreciation and amortization

Interest expenses/income and other financial result

Income taxes

Profit on disposal of investment properties

Results from disposals of other non-current assets

Other expenses/income not affecting cash

Change in working capital

Income tax paid

Proceeds from disposals of other assets

Payments for investments in investment properties

Payments for investments in other assets

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

Payments for acquisition of other financial assets

Interest received

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

Cash paid to hybrid capital investors

Proceeds from issuing financial liabilities

Cash repayments of financial liabilities

Cash repayments of lease liabilities

Payments for transaction costs in connection with capital measures

Payments for other financing costs

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

Interest paid

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

Cash and cash equivalents at the beginning of the period