Half-Year Report 2021

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Cash Flow

The Group cash flow is as follows:

Key Data from the Statement of Cash Flows

in € million

H1 2020

H1 2021




Cash flow from operating activities



Cash flow from investing activities



Cash flow from financing activities



Influence of changes in foreign exchange rates


Net changes in cash and cash equivalents



Cash and cash equivalents at the beginning of the period



Cash and cash equivalents at the end of the period




The cash flow from operating activities came to € 692.6 million for the first half of 2021, compared with € 613.9 million for the same period in 2020. The increase is due to the improvement in the operating result. In addition, the development of working capital had a positive effect on operating cash flow.

The cash flow from investing activities shows a payout balance of € 3,737.6 million for the first half of 2021. Payments for the acquisition of investment properties came to € 718.9 million in the first half of 2021 (H1 2020: € 776.6 million). On the other hand, income from portfolio sales in the amount of € 359.6 million was collected (H1 2020: € 318.3 million). Payments for investments in other assets amounted to € 3,384.3 million in the first half of 2021 (H1 2020: € 222.0 million). This relates primarily to the acquisition of the shares in Deutsche Wohnen SE.

The cash flow from financing activities includes payments for regular and unscheduled repayments in the amount of € 308.0 million (H1 2020: € 1,244.4 million) and, on the other hand, proceeds from issuing financial liabilities in the amount of € 5,780.8 million (H1 2020: € 2,105.9 million). Payouts for transaction and financing costs amounted to € 91.8 million (H1 2020: € 17.1 million). Interest paid in the first six months of 2021 amounted to € 183.0 million (H1 2020: € 187.3 million). Cash paid to shareholders of Vonovia SE and non-controlling interests in the first half of 2021 includes dividend distributions, which in the previous year were not reflected in the cash flow until the third quarter.

Net changes in cash and cash equivalents came to € 1,640.3 million.