Cash Flow

The following table shows the Group cash flow:

Key Data from the Statement of Cash Flows

in € million

 

9M 2017

 

9M 2018

 

 

 

 

 

Cash flow from operating activities

 

719.0

 

876.0

Cash flow from investing activities

 

-1,165.2

 

-3,781.1

Cash flow from financing activities

 

-754.8

 

3,146.2

Net changes in cash and cash equivalents

 

-1,201.0

 

241.1

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

 

339.8

 

507.3

The cash flow from operating activities comes to € 876.0 million for the first nine months of 2018 compared with € 719.0 million for the same period in 2017. The increase is mainly due to the improvement in the operating result, which itself in turn increased because of 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 € 3,781.1 million for the first nine months 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 € 3,389.5 million. The additional payouts for acquisitions and modernization of the real estate portfolio came to € 947.5 million. On the other hand, income from portfolio sales in the amount of € 643.4 million was collected. In addition, cash flow from investment activities includes payouts for the construction of Vonovia’s new head 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 in a total amount of € 4,465.3 million result primarily from EMTN drawdowns in connection with the takeover of BUWOG. On the other hand, payouts were made through scheduled and unscheduled repayments in the amount of € 1,389.2 million. Payouts for transaction and financing costs amounted to € 67.0 million. Interest paid in the first nine months of 2018 amounted to € 200.1 million. Dividend payments in the first nine months of 2018 amounted to € 385.6 million. In addition, cash flow from financing activities includes payouts for the separate later purchase of shares in the amount of € 289.2 million, € 214.9 million of which was attributable to the stake that Vonovia acquired in Victoria Park from the Starwood Capital Group and € 60.7 million of which was attributable to further BUWOG shares.

The net increase in cash and cash equivalents in the first nine months of 2018 thus came to € 241.1 million.