Consolidated Statement of Cash Flows

in € million	Jan. 1- Mar. 31, 2022*	Jan. 1- Mar. 31, 2023

Profit for the period*	58.3	-2,088.1
Net income from fair value adjustments of investment properties	-404.8	3,612.2
Change in value from properties sold	-14.0	-7.2
Depreciation and amortization*	949.7	29.9
Interest expenses/income and other financial result	39.8	152.0
Income taxes*	51.3	-1,095.9
Profit on the disposal of investment properties	-27.1	-20.2
Results from disposals of other non-current assets	0.4	-1.7
Other expenses/income not affecting cash	-15.1	0.1
Change in working capital	-113.5	-68.3
Income tax paid	-11.2	3.6
Cash flow from operating activities	513.8	516.4

Proceeds from disposals of investment properties and assets held for sale	2,548.9	134.5
Proceeds from disposals of other assets	11.8	576.4
Proceeds from the disposal of other financial assets	499.6	–
Payments for investments in investment properties	-628.2	-247.3
Payments for investments in other assets	-19.8	-542.1
Payments for acquisition of other financial assets	-700.0	–
Interest received	4.3	17.4
Cash flow from investing activities	1,716.6	-61.1

Cash paid to non-controlling interests	-5.0	-0.2
Proceeds from issuing financial liabilities	4,636.2	256.2
Cash repayments of financial liabilities	-4,525.4	-516.3
Cash repayments of lease liabilities	-12.4	-11.6
Payments for transaction costs in connection with capital measures	-35.0	-2.6
Payments for other financing costs	-5.6	-0.5
Payments in connection with the disposal of shares in non-controlling interests	-52.2	-0.1
Interest paid	-139.3	-185.2
Cash flow from financing activities	-138.7	-460.3

Influence of changes in foreign exchange rates on cash and cash equivalents	-1.1	-0.9
Net changes in cash and cash equivalents	2,090.6	-5.9
Cash and cash equivalents at the beginning of the period	1,432.8	1,302.4
Cash and cash equivalents at the end of the period**	3,523.4	1,296.5

*The impairment test for goodwill was recalculated due to the conclusion of the purchase price allocation in connection with the acquisition of Deutsche Wohnen. As a result, the impairment loss to be recognized as of March 31, 2022, decreased by € 164.3 million and income taxes increased by € 76.9 million. As a result, the profit for the period increased by € 87.4 million.
**Includes € 100.5 million (Mar. 31, 2022: € – million) in current securities classified as cash equivalents and total restricted cash of € 102.0 million (Mar. 31, 2022: € 72.2 million).