Consolidated Statement of Cash Flows

in € million	Notes	Jan. 1- June 30, 2022*	Jan. 1- June 30, 2023

Profit for the period*		1,870.4	-4,130.4
Net income from fair value adjustments of investment properties	B9	-3,115.9	6,382.9
Change in value from properties sold		-38.3	-20.4
Depreciation and amortization*		1,104.9	349.8
Interest expenses/income and other financial result	B12/B13/B14	137.9	317.6
Income taxes*		1,016.8	-1,738.3
Profit on the disposal of investment properties	B7	-41.9	-34.0
Results from disposals of other non-current assets		-0.2	-4.1
Other expenses/income not affecting cash*		317.5	8.8
Change in working capital		-92.9	-153.0
Income tax paid		-118.7	-67.5
Cash flow from operating activities		1,039.6	911.4

Proceeds from disposals of investment properties and assets held for sale		2,699.4	201.4
Proceeds from disposals of other assets		9.7	601.2
Proceeds from the disposal of other financial assets		1,199.6	–
Payments for investments in investment properties	D17	-1,138.5	-445.1
Payments for investments in other assets		-77.7	-592.2
Payments for acquisition of other financial assets		-1,300.0	-139.0
Interest received		7.4	27.5
Cash flow from investing activities		1,399.9	-346.2

Cash paid to shareholders of Vonovia SE and non-controlling interests	E20	-691.1	-388.0
Proceeds from issuing financial liabilities	E21	5,172.9	1,071.3
Cash repayments of financial liabilities	E21	-6,361.5	-1,547.6
Cash repayments of lease liabilities	E22	-23.1	-21.1
Payments for transaction costs in connection with capital measures	E21	-36.1	-3.3
Payments for other financing costs	E21	-8.7	-2.3
Payments in connection with the disposal of shares in non-controlling interests		-52.2	-0.1
Proceeds for the sale of shares of consolidated companies		–	1,083.2
Interest paid		-298.8	-378.4
Cash flow from financing activities		-2,298.6	-186.3

Influence of changes in foreign exchange rates on cash and cash equivalents		-4.5	-4.7
Net changes in cash and cash equivalents		136.4	374.2
Cash and cash equivalents at the beginning of the period		1,432.8	1,302.4
Cash and cash equivalents at the end of the period**		1,569.2	1,676.6

*The impairment test for goodwill was recalculated due to the conclusion of the purchase price allocation in connection with the acquisition of Deutsche Wohnen. As a result, the impairment loss to be recognized as of June 30, 2022, decreased by € 163.5 million, the negative net income from investments accounted for using the equity method increased by € 49.3 million and also the income taxes increased by € 40.2 million.
**Includes € 101.6 million (June 30, 2022: € 449.9 million) in current securities classified as cash equivalents and total restricted cash of € 206.3 million (June 30, 2022: € 74.5 million).