Financial Position

Cash Flow

The Group’s cash flows are as follows:

Key Data from the Statement of Cash Flows

Key Data from the Statement of Cash Flows

in € million

3M 2023

3M 2024

Cash flow from operating activities

516.4

620.0

Cash flow from investing activities

-61.1

69.1

Cash flow from financing activities

-460.3

-611.2

Influence of changes in foreign exchange rates

-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 of discontinued operations

-2.6

Cash and cash equivalents at the end of the period

1,296.5

1,449.8

The cash flow from operating activities came to € 620.0 million in the first three months of 2024, compared with € 516.4 million in the first three months of 2023.

The cash flow from investing activities shows net proceeds of € 69.1 million for the first three months of 2024. Payments for the acquisition of investment properties came to € 202.3 million in the first three months of 2024 (3M 2023: € 247.3 million). On the other hand, income from portfolio sales amounted to € 285.2 million (3M 2023: € 134.5 million).

The cash flow from financing activities of € -611.2 million (3M 2023: € -460.3 million) includes payments for regular and unscheduled repayments on financial liabilities in the amount of € 1,152.4 million (3M 2023: € 516.3 million) and, on the other hand, proceeds from the assumption of financial liabilities in the amount of € 784.2 million (3M 2023: € 256.2 million). Payouts for transaction and financing costs amounted to € 13.9 million (3M 2023: € 3.1 million). Interest paid in the first three months of 2024 totaled € 201.3 million (3M 2023: € 185.2 million).

Net changes in cash and cash equivalents came to € 72.8 million.