Statement of cash flows
- 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.
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 |
- 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.
Consolidated statement of cash flows
JAN 1 THROUGH DEC 31 / € million | Note | 2023 | 2022 1) |
Profit/loss before taxes on income | –1,959 | 1,090 | |
Depreciation on property, plant and equipment and intangible assets | (8) | 3,912 | 3,576 |
Write-ups/write-downs on non-current financial assets | (9) | 77 | –29 |
Result of disposal of property, plant and equipment and intangible assets | (3), (7) | 22 | –21 |
Result of disposal of financial assets | (3), (7) | –2 | 5 |
Result of the sale of consolidated companies | (3), (7) | 20 | –14 |
Interest and dividend income | (9), (10) | –221 | –230 |
Interest expenses | (9) | 834 | 536 |
Foreign currency result | –3 | –9 | |
Result of investments accounted for using the equity method | –9 | 7 | |
Other non-cash expenses and income 2) | 2,434 | 1,509 | |
Changes in inventories, receivables and other assets | 134 | –192 | |
Changes in liabilities, provisions and deferred items | –1,845 | 48 | |
Cash generated from operating activities | 3,394 | 6,276 | |
Interest received | 149 | 67 | |
Received (+)/paid (–) dividends and capital distribution | 9 | 9 | |
Interest paid | –630 | –391 | |
Paid (–)/reimbursed (+) taxes on income | –318 | –436 | |
Cash flow from operating activities (continuing operations) | 2,604 | 5,525 | |
Cash flow from operating activities (discontinued operations) | 440 | 119 | |
Cash flow from operating activities | 3,044 | 5,644 | |
Proceeds from the disposal of property, plant and equipment and intangible assets | 192 | 229 | |
Payments for capital expenditures in property, plant and equipment and intangible assets | –16,204 | –14,085 | |
Proceeds from investment grants | 9,289 | 8,575 | |
Payments for repaid investment grants | –105 | –92 | |
Proceeds from sale and disposal of financial assets | 77 | 41 | |
Payments for investments in financial assets | –318 | –883 | |
Proceeds (+)/payments (–) from sale of shares in consolidated companies less net cash and cash equivalents sold | –1 | 38 | |
Payments for acquisition of shares in consolidated companies less net cash and cash equivalents acquired as well as for the acquisition of share in companies | – | –272 | |
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 | –3 | |
Cash flow from investing activities (continuing operations) | –7,071 | –6,452 | |
Cash flow from investing activities (discontinued operations) | –310 | –148 | |
Cash flow from investing activities | –7,381 | –6,600 | |
Proceeds from capital injections | (25) | 1,125 | 1,985 |
Profit distribution to shareholder | (26) | –650 | – |
Distribution of profits to non-controlling interests and hybrid capital investors | –35 | –34 | |
Payments for redemption of leasing liabilities | –1,021 | –935 | |
Payments for redemption of IFRIC 12 leasing liabilities | –17 | –17 | |
Proceeds from issue of senior bonds | 3,010 | 3,083 | |
Payments for redemption of senior bonds | –1,886 | –1,596 | |
Payments for redemption and repayment of interest-free loans | –155 | –157 | |
Procceeds from taking out financial loans and commercial paper 3) | 2,388 | 114 | |
Payments for redemption of financial loans 3) | –306 | –803 | |
Cash flow from financing activities (continuing operations) | 2,453 | 1,640 | |
Cash flow from financing activities (discontinued operations) | –123 | –79 | |
Cash flow from financing activities | 2,330 | 1,561 | |
Net change in cash and cash equivalents | –2,007 | 605 | |
Cash and cash equivalents as of Jan 1 | (22) | 5,138 | 4,591 |
Changes in cash and cash equivalents due to changes in the scope of consolidation | 0 | – | |
Changes in cash and cash equivalents of non-current assets held for sale | (23) | –431 | –14 |
Changes in cash and cash equivalents due to changes in exchange rates | –69 | –44 | |
Cash and cash equivalents as of Dec 31 | (22) | 2,631 | 5,138 |
1) Values for 2022 adjusted due to classification of DB Arriva as discontinued operations.
2) Including additions to other provisions.
3) Including change in short-term bank borrowings between reporting dates.