Statement of cash flows
Summary statement of cash flows / € million | 2023 | 2022 | Change | |
absolute | % | |||
Cash flow from operating activities | 3,044 | 5,644 | –2,600 | –46.1 |
Cash flow from investing activities | –7,381 | –6,600 | –781 | +11.8 |
Cash flow from financing activities | 2,330 | 1,561 | +769 | +49.3 |
Net change in cash and cash equivalents | –2,507 | 547 | –3,054 | – |
Cash and cash equivalents as of Dec 31 | 2,631 | 5,138 | –2,507 | –48.8 |
- The significant decline in cash flow from operating activities was mainly due to the weak profit development Negative working capital effects also had an adverse impact.
- The increase in cash outflow from investing activities resulted mainly from higher net capital expenditures. Lower payments for investments in financial assets, due in part to the omission of the first-time acquisition of short-term available securities (money market funds) in the previous year, countered this impact. In addition, the omission of payments for the acquisition of companies had a countervailing effect.
- Cash inflow from financing activities increased significantly:
- The net inflow of funds from the taking out and redemption of financial loans (€ +2,082 million) increased cash flows mainly as a result of the taking out of bank loans, including for prefinancing infrastructure measures (bridge financing). In the previous year, there was still a net outflow of funds (€ –645 million).
- This was partly offset by the lower cash inflow from capital measures taken by the Federal Government as a result of the omission of measures to partially compensate for Covid-19 losses in the previous year (€ –860 million) and the payment of dividends to the Federal Government (€ –650 million). The decline in net inflow of funds from senior bonds (€ –363 million) also had an inflow reduction.
- On balance, as of December 31, 2023, cash and cash equivalents had increased significantly.
