Group cash flow statement

Deutsche Wohnen AG, Frankfurt/Main
Group Cash Flow Statement
for the period from 1 January to 31 December 2009
  2009 2008
  Note k EUR k EUR
Operating activities      
Net result for the period from continuing business divisions   – 13,277 – 272,326
Financial income   – 868 – 2,540
Financial expenses   119,242 127,281
Income taxes   16,630 – 56,471
Result for the period before interest and tax   121,727 – 204,056
Result from discontinued business divisions   0 16,421
Non-cash expenses/income      
Fair value adjustment
of investment properties
D.1 0 276,528
Depreciation, amortisation and impairment losses   2,780 1,794
Adjustment of interest rate swaps D.7 1,203 32,197
Other non-cash expenses/income   – 24,693 – 17,246
Change in net working capital      
Changes in receivables, inventories and
other current assets
  5,723 – 5,248
Change in operating liabilities   – 2,796 – 1,345
Operating cash flow   103,945 99,046
Interest paid   – 96,740 – 109,577
Interest received   868 2,540
Tax paid   – 4,779 – 2,350
Cash flow from operating activities   3,294 – 10,342
Investment activities      
Proceeds from sales   88,870 104,684
Payments made to acquire investment properties   – 13,250 – 28,578
Payments received from the sale of subsidiaries   0 18,770
Payments made to fund limited partners   – 1,322 – 6,117
Cash flow from investment activities   74,298 88,759
Financing activities      
Proceeds from taking on loans   1,243 82,032
Repayment of loans   – 295,263 – 166,348
Prepayment penalty made   – 6,231 0
Income from capital increase   249,480 0
Expenses from capital increase   – 11,700 0
Cash flow from financing activities   – 62,471 – 84,316
       
Net changes in cash   15,121 – 5,899
Cash and cash equivalents at the start of the period   41,974 47,874
Cash and cash equivalents at the end of the period   57,095 41,974

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Deutsche Wohnen AG, Frankfurt/Main
Group Cash Flow Statement
for the period from 1 January to 31 December 2009
  2009 2008
  Note k EUR k EUR
Operating activities      
Net result for the period from continuing business divisions   – 13,277 – 272,326
Financial income   – 868 – 2,540
Financial expenses   119,242 127,281
Income taxes   16,630 – 56,471
Result for the period before interest and tax   121,727 – 204,056
Result from discontinued business divisions   0 16,421
Non-cash expenses/income      
Fair value adjustment
of investment properties
D.1 0 276,528
Depreciation, amortisation and impairment losses   2,780 1,794
Adjustment of interest rate swaps D.7 1,203 32,197
Other non-cash expenses/income   – 24,693 – 17,246
Change in net working capital      
Changes in receivables, inventories and
other current assets
  5,723 – 5,248
Change in operating liabilities   – 2,796 – 1,345
Operating cash flow   103,945 99,046
Interest paid   – 96,740 – 109,577
Interest received   868 2,540
Tax paid   – 4,779 – 2,350
Cash flow from operating activities   3,294 – 10,342
Investment activities      
Proceeds from sales   88,870 104,684
Payments made to acquire investment properties   – 13,250 – 28,578
Payments received from the sale of subsidiaries   0 18,770
Payments made to fund limited partners   – 1,322 – 6,117
Cash flow from investment activities   74,298 88,759
Financing activities      
Proceeds from taking on loans   1,243 82,032
Repayment of loans   – 295,263 – 166,348
Prepayment penalty made   – 6,231 0
Income from capital increase   249,480 0
Expenses from capital increase   – 11,700 0
Cash flow from financing activities   – 62,471 – 84,316
       
Net changes in cash   15,121 – 5,899
Cash and cash equivalents at the start of the period   41,974 47,874
Cash and cash equivalents at the end of the period   57,095 41,974

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