Cash Flow

The following table shows the Group cash flow:

The cash flow from operating activities came to € 1,016.7 million for the first nine months of 2020 compared with € 1,131.6 million for the first nine months of 2019. The drop is due primarily to the development in working capital.

The cash flow from investing activities shows a payout balance of € 1,204.5 million for the first nine months 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 € 1,183.2 million in the first nine months of 2020 (9M 2019: € 1,576.3 million). Payments for the acquisition of shares in consolidated companies include payments for the acquisition of Bien-Ries GmbH. Subsequent payments of € 112.1 million were also incurred in connection with the acquisition of Hembla. The cash flow from investing activities also includes a payment of € 160.2 million made for the acquisition of the stake in Vesteda. On the other hand, income from portfolio sales in the amount of € 435.7 million was collected (9M 2019: € 559.6 million).

The cash flow from financing activities includes payments for regular and unscheduled repayments in the amount of € 2,635.1 million (9M 2019: € 2,916.7 million) and, on the other hand, proceeds from issuing financial liabilities in the amount of € 3,890.3 million (9M 2019: 3,323.9). Payouts for transaction and financing costs amounted to € 48.7 million (9M 2019: € 77.4 million). Interest paid in the first nine months of 2020 amounted to € 272.2 million (9M 2019: 284.4).

Net changes in cash and cash equivalents came to € 1,212.9 million.