Statement of cash flows
- The significant increase in cash flow from operating activities was mainly due to the improved profit development. This was countered by working capital effects resulting in particular from business development at DB Schenker.
- Cash outflow from investing activities increased further, due primarily to higher net capital expenditures. In addition, higher payments for investments in financial assets, primarily for the leasing of rolling stock from contracting organizations as part of service concession agreements, had an effect.
| SUMMARY STATEMENT OF CASH FLOWS / € million | 2021 | 2020 | Change | 2019 | ||
absolute | % | |||||
Cash flow from operating activities | 3,900 | 1,420 | +2,480 | +175 | 3,278 | |
Cash flow from investing activities | –5,116 | –4,649 | –467 | +10.0 | –3,853 | |
Cash flow from financing activities | 2,309 | 2,706 | –397 | –14.7 | 993 | |
Net change in cash and cash equivalents | 1,180 | –582 | +1,762 | – | 449 | |
Cash and cash equivalents as of Dec 31 | 4,591 | 3,411 | +1,180 | +34.6 | 3,993 | |
- Cash inflow from financing activities decreased:
- The higher redemption of financial loans led to a net outflow of cash (€ –2,015 million; previous year: net inflow of cash amounting to€ 1,286 million). The redemption of interim financing for the Covid-19 support measures of the Federal Government issued in 2020 had a notable effect. In addition, the decline in net inflow of cash from senior bonds (€ –221 million) and the increase in cash outflows for lease redemptions (€ –194 million) reduced the inflow.
- This was offset by the equity measures of the Federal Government (€ +2,675 million) as part of the Climate Action Program and to partially offset losses resulting from Covid-19, as well as the cessation of the dividend payments to the Federal Government (€ +650 million).
- On balance, as of December 31, 2021, cash and cash equivalents had increased significantly.
Consolidated statement of cash flows
| JAN 1 THROUGH DEC 31 / € million | Note | 2021 | 2020 |
| Profit/loss before taxes on income | –788 | –5,484 | |
| Depreciation on property, plant and equipment and intangible assets |
| 3,804 | 5,372 |
| Write-ups/write-downs on non-current financial assets |
| –32 | 56 |
| Result of disposal of property, plant and equipment and intangible assets |
| 123 | 96 |
| Result of disposal of financial assets |
| –4 | –1 |
| Result of the sale of consolidated companies |
| 0 | –3 |
| Interest and dividend income |
| –57 | –115 |
| Interest expenses |
| 583 | 729 |
| Foreign currency result |
| –27 | 25 |
| Result of investments accounted for using the equity method |
| 10 | 21 |
Other non-cash expenses and income 1) |
| 2,786 | 2,233 |
| Changes in inventories, receivables and other assets |
| –2,372 | –831 |
| Changes in liabilities, provisions and deferred items |
| 616 | –29 |
| Cash generated from operating activities |
| 4,642 | 2,069 |
| Interest received |
| 40 | 28 |
| Received (+)/paid (–) dividends and capital distribution |
| –3 | 0 |
| Interest paid |
| –524 | –519 |
| Paid (–)/reimbursed (+) taxes on income |
| –255 | –158 |
| Cash flow from operating activities | 3,900 | 1,420 | |
| Proceeds from the disposal of property, plant and equipment and intangible assets |
| 213 | 228 |
| Payments for capital expenditures in property, plant and equipment and intangible assets |
| –14,182 | –13,284 |
| Proceeds from investment grants |
| 9,045 | 8,516 |
| Payments for repaid investment grants |
| –43 | –48 |
| Proceeds from sale and disposal of financial assets |
| 82 | 0 |
| Payments for investments in financial assets |
| –185 | –24 |
| Proceeds from sale of shares in consolidated companies less net cash and cash equivalents sold |
| 0 | 4 |
| Payments for acquisition of shares in consolidated companies less net cash and cash equivalents acquired |
| –45 | –40 |
| Proceeds from disposal of investments accounted for using the equity method |
| 0 | 0 |
| Payments for additions of investments accounted for using the equity method |
| –1 | –1 |
| Cash flow from investing activities | –5,116 | –4,649 | |
| Proceeds from capital injections |
| 2,675 | – |
| Payments for the acquisition of non-controlling interests |
| – | –2 |
| Distribution of profits to shareholder |
| – | –650 |
| Distribution of profits to non-controlling interests and hybrid capital investors |
| –33 | –27 |
| Payments for redemption leasing liabilities |
| –1,164 | –995 |
| Payments for the settlement of IFRIC 12 lease liabilities |
| –25 | – |
| Proceeds from issue of senior bonds |
| 4,860 | 5,327 |
| Payments for redemption of senior bonds |
| –1,832 | –2,078 |
| Proceeds from interest-free loans from the public sector |
| 0 | 8 |
| Payments for redemption and repayment of interest-free loans |
| –157 | –163 |
Proceeds from borrowings and commercial paper 2) |
| 187 | 2,795 |
Payments for redemption of borrowings and commercial paper 2) |
| –2,202 | –1,509 |
| Cash flow from financing activities | 2,309 | 2,706 | |
| Net change in cash and cash equivalents |
| 1,093 | –523 |
| Cash and cash equivalents as of Jan 1 | (22) | 3,411 | 3,993 |
| Changes in cash and cash equivalents due to changes in the scope of consolidation |
| – | 4 |
| Changes in cash and cash equivalents due to changes in exchange rates |
| 87 | –63 |
| Cash and cash equivalents as of Dec 31 | (22) | 4,591 | 3,411 |
1) Including additions to other provisions.
2) Including change in short-term bank borrowings between reporting dates.