Consolidated cash flow statement

Cash flows from operating activities

Total comprehensive income of the period

411,079

388,058

Adjustments for

- Changes in fair value of investments

(303,179)

(293,967)

- Results on sale of investments

3

(18,320)

(10,809)

- Net financial income and expenditures

6

35,291

30,014

Operating cash flow before change in working capital

124,871

113,296

Change in

- Trade and other receivables

(999)

(275)

- Trade and other payables

(10,122)

968

Change in working capital

(11,121)

693

Paid interest

(26,708)

(32,311)

Received interest

3,503

1,461

Ground lease payment

(669)

(441)

(23,874)

(31,291)

Net cash flow from operating activities

89,876

82,698

Cash flows from investing activities

Investments in completed investment property

7

-

(5,613)

Investments in capitalised subsequent expenditure in investment property

(6,363)

(4,667)

Divestments of investment property and assets held for sale

195,510

230,417

Prepayments for assets under construction

(145,690)

(151,639)

Net cash flow from investing activities

43,457

68,498

EUR x 1,000

Notes

2025

2024

Cash flows from financing activities

Increase / (decrease) in capital contributions

12

95,899

1,108

Redemption of units

12

(132,882)

(90,802)

Dividend paid to Investors

(100,500)

(92,000)

Proceeds from loans and borrowings

16

300,000

425,000

Repayment of loans and borrowings

16

(325,000)

(305,000)

Net cash flow from financing activities

(162,483)

(61,694)

Net increase / (decrease) in cash and cash equivalents

(29,150)

89,501

Cash and cash equivalents at the beginning of the period

105,772

16,271

Cash and cash equivalents at end of the period

76,622

105,772