Cash Flow

The following table shows the Group cash flow:

The cash flow from operating activities increased from € 513.5 million in the first half of 2018 to € 774.8 million in the first half of 2019. The low payouts in net current assets had a positive effect on operating cash flow.

The cash flow from investing activities shows a payout balance of € -82.1 million for the first half of 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 € -1,176.9 million. Included in this is the purchase of a real estate portfolio in Sweden for € 406.8 million. On the other hand, income from portfolio sales in the amount of € 438.0 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 € 2,934.2 million.

The cash flow from financing activities includes payments for regular and unscheduled repayments in the amount of € -1,611.2 million and, on the other hand, proceeds from issuing financial liabilities in the amount of € 1,995.3 million. Payouts for transaction and financing costs amounted to € 42.0 million. Interest paid came to € -188.0 million in the first half of 2019. The cash flow from financing activities also includes payments for the acquisition of shares in non-controlling interests in the amount of € -435.5 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.

Net changes in cash and cash equivalents came to € 732.9 million.