Consolidated Statement of Cash Flows

in € million	Jan. 1 – Mar. 31, 2023	Jan. 1 – Mar. 31, 2024

Profit for the period	-2,088.1	335.5
Net income from fair value adjustments of investment properties	3,612.2	–
Revaluation of assets held for sale	-7.2	-9.0
Depreciation and amortization	29.9	28.0
Interest expenses/income and other financial result	152.0	128.1
Income taxes	-1,095.9	88.0
Profit on the disposal of investment properties	-20.2	-9.7
Results from disposals of other non-current assets	-1.7	-1.0
Other expenses/income not affecting cash	0.1	20.8
Change in working capital	-68.3	67.6
Income tax paid	3.6	-28.3
Cash flow from operating activities	516.4	620.0

Proceeds from disposals of investment properties and assets held for sale	134.5	285.2
Proceeds from disposals of other assets	576.4	4.0
Payments for investments in investment properties	-247.3	-202.3
Payments for investments in other assets	-542.1	-30.4
Interest received	17.4	12.6
Cash flow from investing activities	-61.1	69.1

Cash paid to non-controlling interests	-0.2	-0.3
Proceeds from issuing financial liabilities	256.2	784.2
Cash repayments of financial liabilities	-516.3	-1,152.4
Cash repayments of lease liabilities	-11.6	-13.8
Payments for transaction costs in connection with capital measures	-2.6	-9.6
Payments for other financing costs	-0.5	-4.3
Payments in connection with the disposal of shares in non-controlling interests	-0.1	-3.2
Payments in connection with the sale of shares of ongoing consolidated companies	–	-10.5
Interest paid	-185.2	-201.3
Cash flow from financing activities	-460.3	-611.2

Influence of changes in foreign exchange rates on cash and cash equivalents	-0.9	-5.1
Net changes in cash and cash equivalents	-5.9	72.8
Cash and cash equivalents at the beginning of the period	1,302.4	1,374.4
Cash and cash equivalents at the end of the period (incl. discontinued operations)	1,296.5	1,447.2
Less cash and cash equivalents from discontinued operations	–	-2.6
Cash and cash equivalents at the end of the period*	1,296.5	1,449.8

*Includes € 0.0 million (Mar. 31, 2023: € 100.5 million) in current securities classified as cash equivalents and total restricted cash of € 418.9 million (Mar. 31, 2023: € 102.0 million). Changes in cash in connection with discontinued operations are included in the cash flow from operating activities in the amount of € 8.6 million, in the cash flow of investing activities in the amount of € -10.7 million and in the cash flow from financing activities in the amount of € -0.5 million.