Cash and cash equivalents slightly increased
Summary statements of cash flows (€ million) | 2018 | 2017 | Change | ||
absolute | % | ||||
Cash flow from operating activities | 3,371 | 2,329 | + 1,042 | + 44.7 | |
Cash flow from investing activities | – 3,668 | – 3,569 | – 99 | + 2.8 | |
Cash flow from financing activities | 449 | 239 | + 210 | + 87.9 | |
Net change in cash and cash aquivalents | 147 | – 1,053 | + 1,200 | – | |
Cash and cash equivalents as of Dec 31 | 3,544 | 3,397 | + 147 | + 4.3 | |
- A key reason for the significant increase in cash flow from operating activities was the positive working capital effects (primarily higher inventories, particularly in maintenance, as required for performance) and the non-recurrence of the one-off effect of the payment connected with the Disposal Fund Act (2017 Integrated Report) in the previous year. This was also supported by the effects of the positive development of profit before taxes, depreciation and interest (€ +99 million).
- Cash outflow from capital expenditure activities continued to increase at a high level. This was essentially the result of higher payments for net capital expenditures (€ +233 million), in connection with ICE 4 and IC 2 trains, inter alia. The cash outflow for repayment of investment grants decreased on the other hand (€ –24 million).
An increased cash inflow from sale of real estate and the non-recurrence of the cash outflow for the purchase of the Autotrans Group (2017 Integrated Report) in the previous year had a compensating effect.
- Cash flow from financing activities increased markedly. The development was primarily driven by the higher net cash inflow from issuing and redemption of bonds (€ +808 million). The issuing activity was as such much higher than in the previous year.
At the same time, the net cash inflow from the taking on and redemption of borrowings (€ +240 million) increased, particularly as a result of declined redemption payments.
In addition, there was a positive effect from the reduction of the dividend payment to a lower cash outflow (€ –150 million). These effects were widely compensated by the non-recurrence of cash inflow from the capital increase carried out in the previous year (€ –1,000 million).
- As of December 31, 2018, DB Group held a slightly higher account balance of cash and cash equivalents in comparison to the end of the previous year.