Cash Flow

The following table shows the Group cash flow:

The cash flow from operating activities fell from € 1,555.9 million in 2019 to € 1,430.5 million in 2020. The increase in the operating result was countered by the development in working capital and income tax paid.

The cash flow from investing activities shows a payout balance of € 1,729.9 million for 2020. This figure was largely shaped in the previous year by income from the sale of the shares in Deutsche Wohnen SE in the amount of € 698.1 million. Payments for acquisition of investment properties came to € 1,723.7 million in 2020, as against € 2,092.0 million in the previous year. Included in this comparison in particular is the purchase of a real estate portfolio in Sweden for € 407.1 million. Payments for the acquisition of shares in consolidated companies in 2020 include payments for the acquisition of Bien-Ries GmbH. In the previous year, the figure was dominated by payments of € 1,716.2 million for the acquisition of Hembla. Subsequent payments of € 112.1 million were incurred within this context in 2020. The cash flow from investing activities also includes a payment of € 160.2 million made for the acquisition of the stake in Vesteda. In 2020, income from portfolio sales in the amount of € 587.4 million was collected.

The cash flow from financing activities includes cash inflows from the cash capital increase in the amount of € 1003.0 million. The cash flow from financing activities includes payments for regular and unscheduled repayments in the amount of € 3,721.5 million and, on the other hand, proceeds from issuing financial liabilities in the amount of € 4,188.6 million. Payouts for transaction and financing costs amounted to € 60.1 million. Interest paid came to € 409.2 million in 2020, with dividend payments totaling € 520.8 million. Repayments of lease liabilities came to € 23.1 million.

Net changes in cash and cash equivalents came to € 112.6 million.