Deviations from the forecast
Outlook for 2020 financial year (€ billion)
Gross capital expenditures
Net capital expenditures
Bond issues (senior)
Net financial debt as of Dec 31
at previous year’s level
below previous year’s figure above previous year’s figure
Capital expenditures were slightly below our adjusted forecast from July 2020 due to Covid-19.
With respect to DB Groupʼs financial position, actual developments corresponded with our forecast for maturities.
Bond issues were above the level we expected. In anticipation of redemptions in 2021, we took advantage of favorable issuing conditions and brought forward a senior bond issue in the amount of € 1.0 billion at the end of 2020. Adjusted for this issue, the amount of bond issues in the year under review corresponds to our adjusted forecast from July 2020.
Indebtedness increased more strongly than expected, driven among other things by the emerging need for bridge financing for the Federal Government’s plan to strengthen the equity position of DB AG.