Statement of cash flows
| Summary statement of cash flows (€ million) | 2020 | 2019 | Change | ||
absolute | % | ||||
| Cash flow from operating activities | 1,420 | 3,278 | – 1,858 | – 56.7 | |
| Cash flow from investing activities | – 4,649 | – 3,853 | – 796 | + 20.7 | |
| Cash flow from financing activities | 2,706 | 993 | + 1,713 | + 173 | |
| Net change in cash and cash equivalents | – 582 | 449 | – 1,031 | – | |
| Cash and cash equivalents as of Dec 31 | 3,411 | 3,993 | – 582 | – 14.6 | |
- The significant decline in cash flow from ordinary business operations was mainly due to negative income devleopment due to Covid-19. Working capital effects and the absence of one-time allocations to plan assets at DB Arriva in the United Kingdom in the previous year had a partially compensating effect.
- The outflow of funds from investing activities continued to increase, driven mainly by the development of net capital expenditures . In addition, the decline in cash inflow from the sale of property, plant and equipment had an impact because of the absence of one-time effects from the previous year.
- The inflow of funds from financing activities increased significantly mainly due to a higher net inflow of funds from senior bonds (€ +3,167 million). An increased net inflow of funds from the taking out and redemption of financial loans (€ +574 million) had a supporting effect; in this, the inflow of funds from the bridge financing was partially offset by a cash outflow for the redemption of commercial papers. This was counteracted by the absence of cash inflow from the issue of hybrid bonds in the previous year (€ –1,993 million).
- On balance, as of December 31, 2020, cash and cash equivalents had declined significantly.