Cash Flow

The following table shows the Group cash flow:

The cash flow from operating activities came to € 613.9 million for the first half of 2020, compared with € 774.8 million for the same period in 2019. The drop is due primarily to the development in working capital.

The cash flow from investing activities shows a payout balance of € 799.9 million for the first half of 2020. The prior-year period was characterized, in particular, by 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 € 776.6 million in the first half of 2020 (H1 2019: € 1,176.9 million). Payments for the acquisition of consolidated companies include payments for the acquisition of Bien-Ries GmbH in particular. Subsequent payments of € 29.2 million were also incurred in connection with the acquisition of Hembla. The cash flow from investing activities also contains a payment of € 160.2 million for the acquisition of the stake in Vesteda. On the other hand, income from portfolio sales in the amount of € 318.3 million was collected (H1 2019: € 438.0 million).

The cash flow from financing activities includes payments for regular and unscheduled repayments in the amount of € 1,244.4 million and, on the other hand, proceeds from issuing financial liabilities in the amount of € 2,105.9 million. Payouts for transaction and financing costs amounted to € 17.1 million. Interest paid in the first six months of 2020 amounted to € 187.3 million.

Net changes in cash and cash equivalents came to € 448.5 million.