Consolidated Statement of Cash Flows

in € million	Jan. 1-Mar. 31, 2021	Jan. 1-Mar. 31, 2022

Profit for the period	247.0	-29.1
Net income from fair value adjustments of investment properties	-2.4	-404.8
Revaluation of assets held for sale	-16.0	-14.0
Depreciation and amortization	21.2	1,114.0
Interest expenses/income and other financial result	82.3	39.8
Income taxes	127.4	-25.6
Profit on disposal of investment properties	-18.3	-27.1
Results from disposals of other non-current assets	0.2	0.4
Other expenses/income not affecting cash	-3.4	-15.1
Change in working capital	-107.6	-113.5
Income tax paid	-30.5	-11.2
Cash flow from operating activities	299.9	513.8

Proceeds from disposals of investment properties and assets held for sale	213.6	2,548.9
Proceeds from disposals of other assets	0.3	11.8
Proceeds from disposal of other financial assets	–	499.6
Payments for investments in investment properties	-309.6	-628.2
Payments for investments in other assets	-15.6	-19.8
Payments for acquisition of other financial assets	–	-700.0
Interest received	4.2	4.3
Cash flow from investing activities	-107.1	1,716.6

Cash paid to non-controlling interests	-3.8	-5.0
Proceeds from issuing financial liabilities	1,641.9	4,636.2
Cash repayments of financial liabilities	-152.6	-4,525.4
Cash repayments of lease liabilities	-7.0	-12.4
Payments for transaction costs in connection with capital measures	-23.6	-35.0
Payments for other financing costs	-1.4	-5.6
Payments in connection with the disposal of shares in non-controlling interests	–	-52.2
Interest paid	-106.1	-139.3
Cash flow from financing activities	1,347.4	-138.7

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

* Includes € - million (Mar. 31, 2021: € 1,278.0 million) in current securities classified as cash equivalents and total restricted cash of € 72.2 million (Mar. 31, 2021: € 128.3 million).