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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

2020

2021

Cash flow from operating activities

1,430.5

1,823.9

Cash flow from investing activities

-1,729.9

-19,115.8

Cash flow from financing activities

402.6

18,125.0

Influence of changes in foreign exchange rates

9.4

-2.3

Change in cash and cash equivalents related to assets held for sale

-11.3

Net changes in cash and cash equivalents

112.6

819.5

Cash and cash equivalents at the beginning of the period

500.7

613.3

Cash and cash equivalents at the end of the period

613.3

1,432.8

The cash flow from operating activities improved from € 1,430.5 million in 2020 to € 1,823.9 million in 2021. This reflects the higher operating result, measured in the Adjusted EBITDA key figures. In addition, the development of working capital had a positive effect on operating cash flow.

The cash flow from investing activities shows a payout balance of € 19,115.8 million for 2021 compared with € 1,729.9 million in 2020. Payments for acquisition of investment properties came to € 1,957.1 million in 2021, as against € 1,723.7 million in the previous year. On the other hand, income from portfolio sales in the amount of € 1,084.8 million was collected (2020: € 587.4 million). Cash flow from investing activities in the current year is dominated by the acquisition of the Deutsche Wohnen Group. Payments for the acquisition of shares in consolidated companies in due consideration of liquid funds came to € 17,122.8 million (2020: € 330.3 million). Payments for the acquisition of other financial assets include an amount of € 499.6 million in connection with short-term investments in financial assets not classified as cash and cash equivalents, as well as the purchase of convertible bonds from Deutsche Wohnen in the amount of € 413.2 million.

The cash flow from financing activities includes cash inflows from the cash capital increase in the amount of € 8,080.5 million (2020: € 1,003.0 million). Payments to hybrid capital investors of € 1,040.0 million include the full repayment of the financing previously reported as equity. Payments for regular and unscheduled repayments were made in the amount of € 11,534.0 million (2020: € 3,721.5 million) and, on the other hand, proceeds from issuing financial liabilities in the amount of € 23,945.3 million (2020: € 4,188.6 million). Payouts for transaction and financing costs amounted to € 374.6 million (2020: € 60.1 million). Interest paid came to € 402.6 million in 2021 (2020: € 409.2 million), with cash paid to shareholders of Vonovia SE and non-controlling interests amounting to € 514.6 million (2020: € 520.8 million).

Net changes in cash and cash equivalents came to € 819.5 million.