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Financial statements

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Consolidated statement of cash flows

All amounts in € thousands

 

Note

2020

2019

Operating activities

   

Net result

 

442,538

671,208

Adjustments for:

   

Valuation movements

 

(264,521)

(539,867)

Result on disposal of investment property

 

(22,858)

1,373

Net finance result

 

4,478

3,977

Movements in working capital

 

(31,232)

26,146

Cash flow generated from operating activities

 

128,405

162,837

Interest paid

 

(2,270)

(1,243)

Cash flow from operating activities

 

126,135

161,594

    
    

Investment activities

   

Proceeds from disposal of investment property

 

282,270

81,338

Payments of investment property

12

(13,623)

(45,351)

Payments of investment property under construction

 

(205,951)

(238,688)

Cash flow from investment activities

 

62,696

(202,701)

    

Finance activities

   

Proceeds from the issue of share capital

 

115,000

229,843

Dividends paid

 

(155,540)

(133,524)

Cash flow from finance activities

 

(40,540)

96,319

    

Net increase/(decrease) in cash and cash equivalents

 

148,291

55,212

Cash and cash equivalents at beginning of year

 

100,188

44,976

Cash and cash equivalents at end of year

15

248,479

100,188