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Consolidated Statement of Cash Flows

for the period from January 1 until December 31

Consolidated Statement of Cash Flows

in € million

Notes

2020

2021

Profit for the period

3,340.0

2,830.9

Net income from fair value adjustments of investment properties

B13

-3,719.8

-7,393.8

Revaluation of assets held for sale

B11

-78.2

-87.4

Depreciation and amortization

D26

92.3

3,482.2

Interest expenses/income and other financial result

B19/B20/B21

435.5

554.9

Income taxes

B22

1,674.4

2,651.5

Profit on disposal of investment properties

B11

-103.9

-77.6

Results from disposals of other non-current assets

-0.1

-0.6

Other expenses/income not affecting cash

3.2

-94.4

Change in working capital

-134.6

51.2

Income tax paid

-78.3

-93.0

Cash flow from operating activities

1,430.5

1,823.9

Proceeds from disposals of investment properties and assets held for sale

587.4

1,084.8

Proceeds from disposals of other assets

0.8

132.7

Payments for investments in investment properties

D28

-1,723.7

-1,957.1

Payments for investments in other assets

D26/D27D29

-272.3

-352.7

Payments for acquisition of shares in consolidated companies, in due consideration of liquid funds

A4

-330.3

-17,122.8

Payments for acquisition of other financial assets

-912.8

Interest received

8.2

12.1

Cash flow from investing activities

-1,729.9

-19,115.8

Capital contributions on the issue of new shares (including premium)

E38

1,003.0

8,080.5

Cash paid to shareholders of Vonovia SE and non-controlling interests

E38

-520.8

-514.6

Cash paid to hybrid capital investors

E38

-40.0

-1,040.0

Proceeds from issuing financial liabilities

E41

4,188.6

23,945.3

Cash repayments of financial liabilities

E41

-3,721.5

-11,534.0

Cash repayments of lease liabilities

E43

-23.1

-27.3

Payments for transaction costs in connection with capital measures

E41

-42.4

-346.1

Payments for other financing costs

-17.7

-28.5

Payments in connection with the disposal of shares in non-controlling interests

-14.3

-7.7

Interest paid

A4

-409.2

-402.6

Cash flow from financing activities

402.6

18,125.0

Influence of changes in foreign exchange rates on cash and cash equivalents

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

D35

500.7

613.3

Cash and cash equivalents at the end of the period*

613.3

1,432.8

  1. *Includes € 298.8 million (Dec. 31, 2020: € 0.0 million) in current securities classified as cash equivalents and total restricted cash of € 117.6 million (Dec. 31, 2020: € 159.9 million).