Financial Position
Cash Flow
The Group cash flow is as follows:
Key Data from the Statement of Cash Flows | |||||
in € million | Jan. 1 - Jun. 30, 2024 | Jan. 1 - Jun. 30, 2025 | |||
Cash flow from operating activities | 1,127.8 | 1,590.1 | |||
Cash flow from investing activities | 114.4 | 80.8 | |||
Cash flow from financing activities | -1,107.8 | -1,796.6 | |||
Influence of changes in foreign exchange rates | -2.7 | 2.6 | |||
Net changes in cash and cash equivalents | 131.7 | -123.1 | |||
Change in cash and cash equivalents related to | 5.1 | -13.9 | |||
Change in cash and cash equivalents related to disposal groups | – | -8.2 | |||
Cash and cash equivalents at the beginning of the period | 1,374.4 | 1,756.7 | |||
Cash and cash equivalents at the end of the period | 1,501.0 | 1,655.7 | |||
- *For reasons of comparability, a presentation is made for the period Jan. 1 until June 30, 2024 in accordance with IFRS 5 as for the period Jan. 1 until June 30, 2025.
The cash flow from operating activities amounted to € 1,590.1 million in the first half of 2025 (H1 2024: € 1,127.8 million).
The cash flow from investing activities shows net proceeds of € 80.8 million for the first half of 2025 (H1 2024: € 114.4 million). Payments for the acquisition of investment properties came to € 1,479.3 million (H1 2024: € 427.0 million). On the other hand, proceeds from portfolio sales amounted to € 1,307.8 million (H1 2024: € 624.2 million).
The cash flow from financing activities amounted to € -1,796.6 million in the first half of 2025 (H1 2024: € -1,107.8 million), which includes payments for regular and unscheduled repayments on financial liabilities in the amount of € 2,916.2 million (H1 2024: € 1,708.2 million) and, on the other hand, proceeds from issuing financial liabilities in the amount of € 2,521.6 million (H1 2024: € 1,723.4 million). Payments for transaction and financing costs amounted to € 70.6 million (H1 2024: € 34.3 million). Interest paid in the first half of 2025 amounted to € 524.0 million (H1 2024: € 430.5 million).
Net changes in cash and cash equivalents came to € -123.1 million.