Cash Flow

The following table shows the Group cash flow:

Key Data from the Statement of Cash Flows

in € million

 

H1 2017

 

H1 2018

 

 

 

 

 

Cash flow from operating activities

 

475.4

 

513.5

Cash flow from investing activities

 

-1,179.0

 

-3,158.7

Cash flow from financing activities

 

-459.1

 

3,244.8

Net changes in cash and cash equivalents

 

-1,162.7

 

599.6

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

 

378.1

 

865.8

Cash flow from operating activities comes to € 513.5 million for the first half of 2018 compared with € 475.4 million for the same period in 2017. The increase is mainly due to the improvement in the operating result (EBITDA IFRS), which itself in turn increased due to the first-time inclusion of BUWOG. The low payouts in net current assets continued to have a positive effect on operating cash flow.

The cash flow from investing activities shows a payout balance of € 3,158.7 million for the first half of 2018, which is mainly due to the net purchase price payment for the shares of BUWOG and Victoria Park in the total amount of € 2,934.2 million. The additional payouts for acquisitions and modernization of the real estate portfolio came to € 544.5 million, whereas income from portfolio sales in the amount of € 361.8 million was collected. In addition, cash flow from investment activities includes payouts for the construction of Vonovia’s new main administration office and its furniture and office equipment.

Cash flow from financing activities includes cash inflows from the cash capital increase in the amount of € 995.8 million. The additional proceeds result primarily from EMTN drawdowns in connection with the takeover of BUWOG in a total amount of € 3,486.8 million. On the other hand, payouts were made through scheduled and unscheduled repayments in the amount of € 630.9 million. Payouts for transaction and financing costs amounted to € 48.5 million, and interest payments in the first half of the year amounted to € 121.0 million. Dividend payments in the first half of 2018 amounted to € 385.6 million. Finally, cash flow from financing activities includes payouts for the separate later purchase of shares in the amount of € 68.0 million, of which € 60.7 million alone was for BUWOG shares.

The net increase in cash and cash equivalents in the first half of 2018 came to € 599.6 million.