Additional key figures for income, financial and asset situation

The economic development of DB Group in the 2021 financial year will be largely influenced by the momentum of the continuation of the demand recovery. We therefore expect revenue and income development to be significantly positive again, but the extent of this is fraught with uncertainty.

We will continue our quality and capital expenditures initiative for the integrated rail system with large capital expenditures. We thus intend to improve our quality and customer satisfaction, drive forward digitalization (including IT security improvements) and increase our performance capability. The capital expenditures in the 2021 financial year are expected to be above the level of the year under review. Increased vehicle capital expenditures at DB Long-Distance (ICE 4 and Intercity 2) and higher capital expenditures for track infrastructure as part of the LuFV III make an impact in this respect.

Efficient liquidity management is once again a top priority for us in the 2021financial year. We are focusing on continually forecasting the cash flow from operating activities, as this is our main source of cash and cash equivalents. We produce liquidity forecasts every month on the basis of a 12-month liquidity plan. In 2021, we must redeem financial lia­­bilities (excluding commercial paper and current bank lia­bilities) at about the same level as in the previous year. Fund­­ing needs for this are met by issuing public and non-public bonds. Roadshows are planned in Europe and Asia in conjunction with the bond issues.

We continue to have adequate financial leeway for our capital market activities from our debt issuance programs and our commercial paper program. The guaranteed credit facilities serve as a fallback in the event of interrupted access to the capital market. At the beginning of 2021, we issued three senior bonds via DB Finance and continued to be active in the commercial paper mar­­ket with seven issues. Our short- and medium-term liquidity supply is therefore also secure in 2021.

The majority of our gross capital expenditures in 2021 will again be covered by investment grants. In addition, Federal Government cash inflows are planned as part of its climate package and its Covid-19 support. The net capital expenditures to be financed by DB Group are also unlikely to be fully covered by internal sources in the 2021 financial year.

We still plan to divest DB Arriva in the medium term. We assume that this will take place after 2021.

The net financial debt as of December 31, 2021 is not expected to increase any further, at least not significantly, taking into account the positive effects of the Federal Government’s planned measures to strengthen DB AG’s equity capital and the assumed development of the pandemic.

We will continue our M&A activities in a selective and focused manner in the 2021 financial year.