Cash Flow

The following table shows the Group cash flow:

The cash flow from operating activities came to € 348.6 million in the first three months of 2020, compared with € 412.6 million in the first three months of 2019. The drop is largely due to the development of the net current assets.

The cash flow from investing activities shows a payout balance of € 345.2 million for the first three months of 2020. The previous year’s period was characterized, in particular, by the income from the sale of the shares in Deutsche Wohnen SE in the amount of € 698.1 million. In the first three months of 2020, payments for acquisition of investment properties amounted to € 417.9 million. Furthermore, subsequent expenses of € 29.2 million were incurred in connection with the acquisition of Hembla. On the other hand, income from portfolio sales in the amount of € 135.6 million was collected.

The cash flow from financing activities includes payments for regular and unscheduled repayments in the amount of € 726.2 million and, on the other hand, proceeds from issuing financial liabilities in the amount of € 784.7 million. Payouts for transaction and financing costs amounted to € 4.5 million. Interest paid in the first three months of 2020 amounted to € 115.6 million. The first-time application of IFRS 16 resulted in the separate recognition of payments for the settlement of lease liabilities for the very first time in 2019. They amounted to € 22.4 million in the 2019 fiscal year and € 8.3 million in the first three months of 2020.

Net changes in cash and cash equivalents came to € -71.9 million.