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 | Jan. 1 - Mar. 31, 2024 | Jan. 1 - Mar. 31, 2025 | |||
Cash flow from operating activities | 620.0 | 804.3 | |||
Cash flow from investing activities | 69.1 | 353.8 | |||
Cash flow from financing activities | -611.2 | -764.3 | |||
Influence of changes in foreign exchange rates | -5.1 | 4.2 | |||
Net changes in cash and cash equivalents | 72.8 | 398.0 | |||
Change in cash and cash equivalents related | -2.6 | -16.3 | |||
Change in cash and cash equivalents related | – | -8.2 | |||
Cash and cash equivalents at the beginning | 1,374.4 | 1,756.7 | |||
Cash and cash equivalents at the end of the period | 1,449.8 | 2,179.2 | |||
- *For reasons of comparability, a separate presentation is made for the period Jan. 1 until Mar. 31, 2024 in accordance with IFRS 5 as for the period Jan. 1 until Mar. 31, 2025.
The cash flow from operating activities came to € 804.3 million for the first three months of 2025, compared with € 620.0 million for the first three months of 2024.
The cash flow from investing activities shows net proceeds of € 353.8 million for the first three months of 2025 (3M 2024: € 69.1 million). Payments for investments in investment properties came to € 863.8 million in the first three months of 2025 (3M 2024: € 202.3 million). On the other hand, income from portfolio sales in the amount of € 1,051.1 million was collected (3M 2024: € 285.2 million).
The cash flow from financing activities of € -764.3 million (3M 2024: € -611.2 million) includes payments for regular and unscheduled repayments on financial liabilities in the amount of € 699.6 million (3M 2024: € 1,152.4 million) and, on the other hand, proceeds from issuing financial liabilities in the amount of € 195.5 million (3M 2024: € 784.2 million). Payouts for transaction and financing costs amounted to € 2.5 million (3M 2024: € 13.9 million). Interest paid in the first three months of 2025 amounted to € 243.7 million (3M 2024: € 201.3 million).
Net changes in cash and cash equivalents came to € 398.0 million.