Cash Flow

The following table shows the Group cash flow:

Key Data from the Statement of Cash Flows

in € million

 

3M 2017

 

3M 2018

 

 

 

 

 

Cash flow from operating activities

 

241.9

 

262.7

Cash flow from investing activities

 

-773.2

 

-2,500.3

Cash flow from financing activities

 

-1.6

 

2,800.7

Net changes in cash and cash equivalents

 

-532.9

 

563.1

Cash and cash equivalents at the beginning of the period

 

1,540.8

 

266.2

Cash and cash equivalents at the end of the period

 

1,007.9

 

829.3

The cash flow from operating activities comes to € 262.7 million for the previous three months, compared with € 241.9 million for the same period in 2017. The increase is mainly due to the improvement in the adjusted EBITDA Operations.

The cash flow from investing activities shows a payout balance of € 2,500.3 million for the first quarter of 2018, mainly due to net payments as part of the takeover of the BUWOG Group in the amount of € 2,447.4 million. The payouts for acquisitions and modernization of the real estate portfolio came to € 156.7 million, whereas income from portfolio sales in the amount of € 119.6 million was collected.

The cash flow from financing activities is characterized by the financing measures taken in the first three months of 2018. The proceeds result primarily from EMTN drawdowns in connection with the takeover of the BUWOG Group in a total amount of € 3,100.0 million. On the other hand, payouts were made through scheduled and unscheduled repayments in the amount of € -278.0 million. The total amount also includes transaction and financing costs of € 39.2 million and interest payments of € 42.0 million.

The net increase in cash and cash equivalents in the first quarter of 2018 came to € 563.1 million.