4. Condensed consolidated statement of cash flow

x € 1 million

YTD June 2023

YTD June 2022

FY 2022

Operating result

23

40

71

Adjusted for:

Depreciation of property, plant and equipment

6

6

12

Depreciation of right-of-use assets

13

12

24

Amortisation of intangible assets

1

1

5

Adj. valuation of property investments and land portfolio's excl. JV's

0

0

0

Change in working capital and non-current provisions

-25

1

12

Cash flow from operating activities before interest and tax

18

60

124

Interest paid/received

0

-4

-6

Tax expenses paid

-4

-4

-8

Cash flow from operating activities

14

52

110

Cash flow from investment activities

-20

-32

-16

Cash flow from financing activities

-26

-45

-66

Net cash flow in the period

-32

-25

27

Cash and cash equivalents at January 1

237

210

210

Cash and cash equivalents at the end of the period

205

185

237

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