Cash Flow

The following table shows the Group cash flow:

Key Data from the Statement of Cash Flows

in € million

 

2016

 

2017

 

 

 

 

 

Cash flow from operating activities

 

828.9

 

946.0

Cash flow from investing activities

 

416.4

 

-1,350.1

Cash flow from financing activities

 

-2,812.4

 

-870.5

Net changes in cash and cash equivalents

 

-1,567.1

 

-1,274.6

Cash and cash equivalents at the beginning of the period

 

3,107.9

 

1,540.8

Cash and cash equivalents at the end of the period

 

1,540.8

 

266.2

The cash flow from operating activities rose from € 828.9 million in 2016 to € 946.0 million in 2017. The increase is mainly due to the improvement in the EBITDA IFRS operating result, as well as the integration of the acquired conwert portfolio.

The cash flow from investing activities shows a payout balance of € 1,350.1 million for 2017, mainly due to the payment of the cash component for the conwert takeover. The payouts for acquisitions and modernization of the real estate portfolio came to € 1,043.0 million, whereas on the other hand, income from portfolio sales in the amount of € 1,165.2 million was collected.

The cash flow from financing activities is characterized by the refinancing measures taken in 2017. The proceeds arising from the EMTN drawdown, the issuance of commercial papers and the new mortgages taken out (funds relating to the German government-owned development bank, KfW and the European Investment Bank) total € 2,920.5 million. On the other hand, payouts were made in connection with scheduled and unscheduled repayments from financing, including the scheduled repayment of a USD bond amounting to € 554.9 million, an EMTN drawdown in the amount of € 750 million and unscheduled repayments, mainly the CMBS Taurus financing in the amount of € 3,248.7 million in total, as well as transaction and financing costs. Total dividend payments of € 277.9 million and interest payments of € 303.4 million were made compared with € 365.6 million in 2016.

The net drop in cash and cash equivalents came to € 1,274.6 million.