Financial Position

Cash Flow

The Group cash flow is as follows:

Key Data from the Statement of Cash Flows

Key Data from the Statement of Cash Flows

in € million

3M 2021

3M 2022

Cash flow from operating activities

299.9

513.8

Cash flow from investing activities

-107.1

1,716.6

Cash flow from financing activities

1,347.4

-138.7

Influence of changes in foreign exchange rates

-3.0

-1.1

Net changes in cash and cash equivalents

1,537.2

2,090.6

Cash and cash equivalents at the beginning of the period

613.3

1,432.8

Cash and cash equivalents at the end of the period

2,150.5

3,523.4

The cash flow from operating activities came to € 513.8 million for the first three months of 2022, compared with € 299.9 million for the first three months of 2021. In particular, this reflects the higher operating result, measured in the Adjusted EBITDA key figures.

The cash flow from investing activities shows net proceeds of € 1,716.6 million for the first three months of 2022. This figure is characterized primarily by the sale of residential and commercial units to public housing companies in Berlin based on the agreement reached with the Berlin State Government in 2021. Payments for the acquisition of investment properties came to € 628.2 million in the first three months of 2022 (3M 2021: € 309.6 million). On the other hand, income from portfolio sales in the amount of € 2,548.9 million was collected (3M 2021: € 213.6 million). Payments for investments in other assets amounted to € 19.8 million in the first three months of 2022 (3M 2021: € 15.6 million).

The cash flow from financing activities includes payments for regular and unscheduled repayments in the amount of € 4,525.4 million (3M 2021: € 152.6 million) and, on the other hand, proceeds from issuing financial liabilities in the amount of € 4,636.2 million (3M 2021: € 1,641.9 million). Payouts for transaction and financing costs amounted to € 40.6 million (3M 2021: € 25.0 million). Interest paid in the first three months of 2022 amounted to € 139.3 million (3M 2021: € 106.1 million).

Net changes in cash and cash equivalents came to € 2,090.6 million.