Statement of cash flow
| Summary statement of cash flows (€ million) | 2019 | 2018 | Change | ||
absolute | % | ||||
| Cash flow from operating activities | 3,278 | 3,371 | – 93 | – 2.8 |
| Cash flow from investing activities | – 3,853 | – 3,668 | – 185 | + 5.0 | |
| Cash flow from financing activities | 993 | 449 | + 544 | + 121 | |
| Net change in cash and cash equivalents | 449 | 147 | + 302 | – | |
| Cash and cash equivalents as of Dec 31 | 3,993 | 3,544 | + 449 | + 12.7 | |
The first-time application of IFRS 16
also had an effect on the statement of cash flows. The increase in depreciation, which was due to IFRS 16, resulted in a positive one-off effect on cash flow from ordinary business operations. This was offset by an increase in the reported payments for leasing agreements, which resulted in a negative one-off effect on cash flow from financing activities.
- In cash flow from operating activities, negative effects for reasons including the development of profit, one-time allocations to plan assets of individual benefit plans by DB Arriva in Great Britain and working capital changes, were largely offset by the IFRS 16 effect.
- Cash outflow from investing activities continued to increase, mainly driven by the development of net capital expenditures an even higher level.
- Cash inflow from financing activities increased as a result of the first-time issue of hybrid bonds (€ +1,992 million) and higher net cash inflows from the taking on and redemption of financial loans (€ +581 million). This was offset by a significant increase in payments for leasing contracts, mainly as a result of the first-time application of IFRS 16 (€ –912 million), a lower net cash inflow from the issue and redemption of senior bonds (€ –945 million) and the increased dividend payment (€ –200 million).
- In the balance as of December 31, 2019, DB Group held significantly more cash and cash equivalents compared with the end of the previous year.
