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

9M 2022

9M 2023

Cash flow from operating activities

1,488.9

1,282.7

Cash flow from investing activities

923.2

-584.1

Cash flow from financing activities

-2,483.0

-1,044.2

Influence of changes in foreign exchange rates

-5.4

-3.3

Net changes in cash and cash equivalents

-76.3

-348.9

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

1,356.5

953.5

The cash flow from operating activities came to € 1,282.7 million for the first nine months of 2023, compared with € 1,488.9 million for the first nine months of 2022.

The cash flow from investing activities shows a payout balance of € 584.1 million for the first nine months of 2023. Payments for the acquisition of investment properties came to € 780.4 million in the first nine months of 2023 (9M 2022: € 1,749.2 million). On the other hand, income from portfolio sales in the amount of € 300.1 million was collected (9M 2022: € 2,900.9 million). The prior-year figure was influenced to a considerable degree by the sale of residential and commercial units to public housing companies in Berlin.

The cash flow from financing activities of € -1,044.2 million (9M 2022: € -2,483.0 million) includes payments for regular and unscheduled repayments on financial liabilities in the amount of € 4,275.8 million (9M 2022: € 6,444.3 million) and, on the other hand, proceeds from issuing financial liabilities in the amount of € 3,299.1 million (9M 2022: € 5,208.2 million). It also includes € 1,083.2 million (9M 2022: € - million) in proceeds from disposals of shares in consolidated companies, with around € 1.0 billion resulting from the sale of shares as part of the Südewo transaction. Payouts for transaction and financing costs amounted to € 5.4 million (9M 2022: € 47.3 million). Interest paid in the first nine months of 2023 amounted to € 545.3 million (9M 2022: € 424.7 million).

Net changes in cash and cash equivalents came to € -348.9 million.