Cash Flow

The following table shows the Group cash flow:

The cash flow from operating activities rose from € 1,132.5 million in 2018 to € 1,555.9 million in 2019. The increase is mainly due to the improvement in the operating result. In addition, the development of the income tax paid had a positive effect on operating cash flow.

The cash flow from investing activities shows a payout balance of € 2,505.7 million for 2019, including income from the sale of the shares in Deutsche Wohnen SE in the amount of € 698.1 million. Payments for the acquisition of investment properties came to € 2,092.0 million. Included in this is the purchase of a real estate portfolio in Sweden for € 407.1 million. On the other hand, income from portfolio sales in the amount of € 702.7 million was collected. The previous year was largely characterized by the net purchase price payments for the shares in BUWOG and Victoria Park in the total amount of € 3,387.7 million. The cash flow from investing activities in 2019 includes a payment of € 1,716.2 million for the acquisition of Hembla.

The cash flow from financing activities includes cash inflows from the cash capital increase in the amount of € 744.2 million. The cash flow from financing activities includes payments for regular and unscheduled repayments in the amount of € 3,626.6 million and, on the other hand, proceeds from issuing financial liabilities in the amount of € 5,333.2 million. Payouts for transaction and financing costs amounted to € 96.1 million. Interest paid came to € 395.7 million in 2019, with dividend payments totaling € 417.7 million. The cash flow from financing activities also includes payments for the acquisition of shares in non-controlling interests in the amount of € 576.1 million, mainly in connection with the acquisition of all remaining shares in BUWOG as well as the exercise of the call options for the shares in Victoria Park. The first-time application of IFRS 16 resulted in the separate recognition of payments for the settlement of lease liabilities in the amount of € 22.4 million for the very first time in 2019. Within this context, interest paid in the amount of € 14.0 million is also included in cash flow from financing activities, with € 7.5 million of this amount previously included in the cash flow from operating activities.

Net changes in cash and cash equivalents came to € -47.0 million.