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	2022 (adjusted)	2023

Cash flow from operating activities	2,084.3	1,901.2
Cash flow from investing activities	938.2	-825.9
Cash flow from financing activities	-3,145.1	-961.0
Influence of changes in foreign exchange rates	-7.8	2.1
Net changes in cash and cash equivalents	-130.4	116.4
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 (incl. discontinued operations)	1,302.4	1,418.8
Cash and cash equivalents of discontinued operations	–	44.4
Cash and cash equivalents at the end of the period	1,302.4	1,374.4

The cash flow from operating activities came to € 1,901.2 million in 2023, compared with € 2,084.3 million in 2022.

The cash flow from investing activities shows a payout balance of € -825.9 million for 2023. Payments for the acquisition of investment properties came to € -1,103.7 million (2022: € -2,475.5 million). On the other hand, income from portfolio sales in the amount of € 588.4 million was collected (2022: € 3,033.6 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 € -961.0 million (2022: € -3,145.1 million) includes payments for regular and unscheduled repayments on financial liabilities in the amount of € -6,191.2 million (2022: € -8,540.1 million) and, on the other hand, proceeds from issuing financial liabilities in the amount of € 4,310.3 million (2022: € 6,802.7 million). It also includes € 2,091.6 million (2022: € – million) in proceeds from disposals of shares in consolidated companies, with around € 1.0 billion each resulting from the sale of shares as part of the Südewo transaction and in the Northern Germany portfolio. The transaction costs incurred are already included in this disclosure. Payouts for other transaction and financing costs amounted to € -1.9 million (2022: € -65.2 million). Interest payments amounted to € -719.3 million (2022: € -541.0 million).

Net changes in cash and cash equivalents came to € 116.4 million.