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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

 

766,056

442,538

Adjustments for:

   

Valuation movements

 

(621,405)

(264,521)

Result on disposal of investment property

 

-

(22,858)

Net finance result

 

4,175

4,478

Movements in working capital

 

(2,458)

(31,232)

Cash flow generated from operating activities

 

146,368

128,405

Interest paid

 

(1,855)

(2,270)

Cash flow from operating activities

 

144,513

126,135

    
    

Investment activities

   

Proceeds from disposal of investment property

 

-

282,270

Payments of investment property

 

(6,923)

(13,623)

Payments of investment property under construction

 

(277,815)

(205,951)

Cash flow from investment activities

 

(284,738)

62,696

    

Finance activities

   

Proceeds from the issue of share capital

 

131,300

115,000

Dividends paid

 

(147,540)

(155,540)

Cash flow from finance activities

 

(16,240)

(40,540)

    

Net increase/(decrease) in cash and cash equivalents

 

(156,465)

148,291

Cash and cash equivalents at beginning of year

 

248,479

100,188

Cash and cash equivalents at end of year

15

92,014

248,479