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Financial statements

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Consolidated statement of cash flows

All amounts in € thousands

 

Note

2021

2020

Operating activities

   

Net result

 

84,976

51,844

Adjustments for:

   

Valuation movements

 

(54,525)

(25,279)

Net finance result

 

2,536

2,958

Movements in working capital

 

(436)

4,787

Cash flow generated from operating activities

 

32,551

34,310

Interest paid

 

(2,290)

(2,730)

Interest received

 

-

-

Cash flow from operating activities

 

30,261

31,580

    

Investment activities

   

Proceeds from sale of investment property

 

-

10,500

Payments of investment property

 

(21,197)

(32,534)

Payments of investment property under construction

 

(17,673)

(83,973)

Cash flow from investment activities

 

(38,870)

(106,007)

    

Finance activities

   

Proceeds from the issue of share capital

 

30,000

50,000

Redemption of shares

 

-

-

Dividends paid

 

(31,157)

(24,279)

Cash flow from finance activities

 

(1,157)

25,721

    

Net increase/(decrease) in cash and cash equivalents

 

(9,766)

(48,706)

Cash and cash equivalents at beginning of year

 

24,964

73,670

Cash and cash equivalents at end of year

15

15,197

24,964