'Konsolidierungen' here refers just to changes in the basis of consolidation, not all consolidation entries, since this is referring to net cash for the DB Group (if it were just the parent company, there wouldn't be any consolidation entries anyway).

'Wertentwicklung' is a bit of a puzzle, since the kind of investments which qualify as cash and cash equivalents are not usually susceptible to changes in value. It may be he's talking about a rather broader definition of net cash which includes other short-term securities/investments. In any case, I think it has to be 'changes' not 'appreciation' because the value could presumably fall as well as go up.

'Auswirkung von Konsolidierungen
davon Erwerb von Tochterunternehmen abzüglich erworbener liquider
Mittel
davon Erlöse aus dem Verkauf von Tochterunternehmen abzüglich
übertragener liquider Mittel'
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