Business development

Deviations from the forecast

Outlook for 2020 financial year (€ billion)

2019

2020
(Mar 2020
forecast)

2020
(Jul 2020
forecast
)

2020

 

Gross capital expenditures

13.1

>15

>14.5

14.4

Net capital expenditures

5.6

>6.5

>6.0

5.9

Maturities

2.2

2.3

2.3

2.3

Bond issues (senior)

2.0

>2.5

4.4

5.4

Net financial debt as of Dec 31

24.2

 

~27

29.3

  above previous year’s figure
  at previous year’s level
  below 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.

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