Business development

Statement of cash flow

Summary statement of cash flows
(€ million)







Cash flow from operating activities



– 93

– 2.8

Cash flow from investing activities

– 3,853

– 3,668

– 185

+ 5.0

Cash flow from financing activities



+ 544

+ 121

Net change in cash and cash equivalents



+ 302

Cash and cash equivalents as of Dec 31



+ 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.

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