Consolidated Statement of Cash Flows

in € million	Notes	Jan. 1 - Jun. 30, 2024	Jan. 1 - Jun. 30, 2025

Profit for the period		-529.2	811.2
Net income from fair value adjustments of investment properties	B10	1,454.1	-520.3
Revaluation of assets held for sale	B8	-27.8	-21.7
Depreciation and amortization		84.8	402.0
Interest expenses/income and other financial result	B14/B15/B16	297.5	565.7
Income taxes	B17	-79.8	-41.5
Profit on the disposal of investment properties		-20.3	19.8
Results from disposals of other non-current assets		-1.9	-3.7
Other expenses/income not affecting cash		25.3	7.0
Change in working capital		3.8	417.3
Income tax paid		-78.7	-45.7
Cash flow from operating activities		1,127.8	1,590.1

Proceeds from disposals of investment properties and assets held for sale	D20/D23	624.2	1,307.8
Proceeds from disposals of other assets		6.5	376.2
Payments for investments in investment properties	D20	-427.0	-1,479.3
Payments for investments in other assets		-117.2	-152.0
Payments for acquisition of shares in consolidated companies, in due consideration of liquid funds		–	-0.4
Interest received		27.9	28.5
Cash flow from investing activities		114.4	80.8

Cash paid to shareholders of Vonovia SE	E24	-506.4	-647.2
Cash paid to non-controlling interests		-114.5	-175.1
Proceeds from issuing financial liabilities	E25	1,723.4	2,521.6
Cash repayments of financial liabilities	E25	-1,708.2	-2,916.2
Cash repayments of lease liabilities	E26	-23.5	-24.0
Payments for transaction costs in connection with capital measures	E25	-14.4	-12.7
Payments for other financing costs	E25	-19.9	-57.9
Payments in connection with the disposal of shares in non-controlling interests	E24	-3.3	–
Payments in connection with the sale of shares of ongoing consolidated companies	E24	-10.5	38.9
Interest paid		-430.5	-524.0
Cash flow from financing activities		-1,107.8	-1,796.6

Influence of changes in foreign exchange rates on cash and cash equivalents		-2.7	2.6

Cash and cash equivalents total
Net changes in cash and cash equivalents		131.7	-123.1
Cash and cash equivalents at the beginning of the period		1,418.8	1,808.4
Cash and cash equivalents at the end of the period		1,550.5	1,685.3

Cash and cash equivalents from discontinued operations*
Net changes in cash and cash equivalents**		5.1	-13.9
Cash and cash equivalents at the beginning of the period		44.4	43.5
Cash and cash equivalents at the end of the period		49.5	29.6

Cash and cash equivalents from disposal groups
Net changes in cash and cash equivalents		–	-8.2
Cash and cash equivalents at the beginning of the period		–	8.2
Cash and cash equivalents at the end of the period		–	–

Cash and cash equivalents from continuing operations (without disposal group)
Net changes in cash and cash equivalents		126.6	-101.0
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.
**Changes in cash in connection with discontinued operations are included in the cash flow from operating activities in the amount of € 21.7 million (June 30, 2024: € 27.5 million), in the cash flow of investing activities in the amount of € -16.0 million (June 30, 2024: € 48.2 million) and in the cash flow from financing activities in the amount of € -19.6 million (June 30, 2024: € -70.6 million).
***Includes total restricted cash of € 55.9 million (June 30, 2024: € 64.0 million).