Business development

Deviations from forecast

Outlook for 2019 financial year
(€ billion)

2018

2019 (March 2019
forecast)

2019 (July 2019
forecast)

2019

 

Gross capital expenditures

11.2

>13

>13

13.1

Net capital expenditures

4.0

>5.5

>5.5

5.6

Maturities

2.2

2.2

2.2

2.2

Bond issues (senior)

2.9

≤3

≤3

2.0

Cash and cash equivalents
as of Dec 31

3.5

~3

~3

4.0

Net financial debt as of Dec 31

19.5

~24.4

~24.4

24.2

Capital expenditures were in line with our forecast.

With respect to DB Groupʼs financial position, actual developments in the year under review largely corresponded with our forecast for maturities.

Bond issues for senior bonds were below our expectations as a result of other financing measures.

Cash and cash equivalents as of December 31, 2019 were higher than expected due to the better than expected development of indebtedness, among other things.

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