Statement of cash flows


Summary statement of cash flows
(€ million)






 Cash flow from operating activities



– 1,858

– 56.7

Cash flow from investing activities

– 4,649

– 3,853

– 796

+ 20.7

Cash flow from financing activities



+ 1,713

+ 173

Net change in cash and cash equivalents

– 582


– 1,031

Cash and cash equivalents as of Dec 31



– 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.
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