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 | 2021 | 2022 | |||
Cash flow from operating activities | 1,823.9 | 2,084.3 | |||
Cash flow from investing activities | -19,115.8 | 938.2 | |||
Cash flow from financing activities | 18,125.0 | -3,145.1 | |||
Influence of changes in foreign exchange rates | -2.3 | -7.8 | |||
Change in cash and cash equivalents related to assets held for sale | -11.3 | – | |||
Net changes in cash and cash equivalents | 819.5 | -130.4 | |||
Cash and cash equivalents at the beginning of the period | 613.3 | 1,432.8 | |||
Cash and cash equivalents at the end of the period | 1,432.8 | 1,302.4 | |||
The cash flow from operating activities came to € 2,084.3 million in 2022, compared with € 1,823.9 million in 2021. In particular, this reflects the higher operating result, measured in the Adjusted EBITDA key figures, and, with the opposite effect, the change in working capital.
The cash flow from investing activities shows net proceeds of € 938.2 million for 2022. This figure is characterized primarily by the sale of residential and commercial units to public housing companies in Berlin based on the agreement reached with the Berlin State Government in 2021. The value for the previous year was dominated by the acquisition of the shares in the Deutsche Wohnen Group. Payments for the acquisition of investment properties came to € 2,475.5 million in 2022 (2021: € 1,957.1 million). On the other hand, income from portfolio sales in the amount of € 3,033.6 million was collected (2021: € 1,084.8 million). Payments for investments in other assets amounted to € 228.2 million in 2022 (2021: € 352.7 million). The proceeds from the sale of other financial assets in the amount of € 2,399.6 million and the payments for the acquisition of other financial assets in the amount of € 1,900.0 million are related to short-term investments in financial assets not classified as cash and cash equivalents.
The cash flow from financing activities includes payments for regular and unscheduled repayments in the amount of € 8,540.1 million (2021: € 11,534.0 million) and, on the other hand, proceeds from issuing financial liabilities in the amount of € 6,802.7 million (2021: € 23,945.3 million). The prior-year figures have to be viewed, in particular, within the context of the financing measures related to the acquisition of the Deutsche Wohnen Group. Payouts for transaction and financing costs amounted to € 58.5 million in 2022 (2021: € 374.6 million). Interest payments came to € 541.0 million (2021: € 402.6 million).
Net changes in cash and cash equivalents came to € -130.4 million.