The Group cash flow is as follows:
Key Data from the Statement of Cash Flows
in € million
Cash flow from operating activities
Cash flow from investing activities
Cash flow from financing activities
Influence of changes in foreign exchange rates
Change in cash and cash equivalents related to assets held for sale
Net changes in cash and cash equivalents
Cash and cash equivalents at the beginning of the period
Cash and cash equivalents at the end of the period
The cash flow from operating activities came to € 1,026.3 million for the first nine months of 2021 compared with € 1,016.7 million for the first nine months of 2020. This was due to an improved operating result and to the development of working capital.
The cash flow from investing activities shows a payout balance of € 8,625.1 million for the first nine months of 2021. This is dominated by the acquisition of the shares in Deutsche Wohnen SE in the amount of € 6,490.9 million (taking into account the acquisition of cash and cash equivalents). What is more, the cash flow from investing activities includes a payment of € 999.9 million for investments in time deposits and highly liquid money market funds that are not to be classified as a cash equivalent due to the original term of more than three months. Payments for the acquisition of investment properties came to € 1,148.9 million in the first nine months of 2021 (9M 2020: € 1,183.2 million). On the other hand, income from portfolio sales in the amount of € 481.3 million was collected (9M 2020: € 435.7 million). Payments for investments in other assets amounted to € 473.2 million in the first nine months of 2021 (9M 2020: € 238.4 million).
The cash flow from financing activities includes payments for regular and unscheduled repayments in the amount of € 2,165.7 million (9M 2020: € 2,635.1 million) and, on the other hand, proceeds from issuing financial liabilities in the amount of € 12,314.3 million (9M 2020: € 3,890.3 million). Payouts for transaction and financing costs amounted to € 203.8 million (9M 2020: € 48.7 million). Interest paid in the first nine months of 2021 amounted to € 267.0 million (9M 2020: € 272.2 million).
Net changes in cash and cash equivalents came to € 1,560.0 million.