Consolidated Statement of Cash Flows

in € million	Notes	Jan. 1-Jun. 30, 2021	Jan. 1-Jun. 30, 2022

Profit for the period		2,680.1	1,796.4
Net income from fair value adjustments of investment properties	B8	-3,698.6	-3,115.9
Revaluation of assets held for sale	B7	-31.5	-38.3
Depreciation and amortization		234.3	1,268.4
Interest expenses/income and other financial result	B10/B11/B12	266.6	137.9
Income taxes		1,411.2	976.6
Profit on disposal of investment properties	B7	-46.1	-41.9
Results from disposals of other non-current assets		0.3	-0.2
Other expenses/income not affecting cash		-3.4	268.2
Change in working capital		-52.1	-92.9
Income tax paid		-68.2	-118.7
Cash flow from operating activities		692.6	1,039.6

Proceeds from disposals of investment properties and assets held for sale		359.6	2,699.4
Proceeds from disposals of other assets		0.5	9.7
Proceeds from disposal of other financial assets		–	1,199.6
Payments for investments in investment properties	D15	-718.9	-1,138.5
Payments for investments in other assets		-3,384.3	-77.7
Payments for acquisition of other financial assets		–	-1,300.0
Interest received		5.5	7.4
Cash flow from investing activities		-3,737.6	1,399.9

Cash paid to shareholders of Vonovia SE and non-controlling interests	E19	-493.0	-691.1
Proceeds from issuing financial liabilities	E20	5,780.8	5,172.9
Cash repayments of financial liabilities	E20	-308.0	-6,361.5
Cash repayments of lease liabilities	E21	-12.0	-23.1
Payments for transaction costs in connection with capital measures	E20	-88.2	-36.1
Payments for other financing costs		-3.6	-8.7
Payments in connection with the disposal of shares in non-controlling interests		-7.1	-52.2
Interest paid		-183.0	-298.8
Cash flow from financing activities		4,685.9	-2,298.6

Influence of changes in foreign exchange rates on cash and cash equivalents		-0.6	-4.5
Net changes in cash and cash equivalents		1,640.3	136.4
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*		2,253.6	1,569.2

* Includes € 449.9 million (Jun. 30, 2021: € 1,549.8 million) in current securities classified as cash equivalents and total restricted cash of € 74.5 million (Jun. 30, 2021: € 69.1 million).