Anticipated financial position

¹⁾ As of January 1, 2019 including the effects of IFRS 16.

Efficient liquidity management is once again a top priority for us in the 2019 financial 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 rolling 12-month liquidity plan. In the 2019 financial year, we must redeem financial liabilities falling due (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.

At the time of producing this report, there was no final resolution regarding complete financing of the funding requirements in 2019.

We continue to have adequate financing scope for our capital market activities based on our debt issuance programs. and commercial paper program. The guaranteed credit facilities serve as a fallback in the event of interrupted access to the capital market. Our short- and medium-term liquidity supply is therefore also secure in the 2019 financial year.

The majority of our gross capital expenditures in the 2019 financial year will again be covered by investment grants. The net capital expenditures to be financed by DB Group will likely also not be fully covered by internal sources in the 2019 financial year.

The net financial debt is therefore expected as of December 31, 2019 to be slightly above the level at the end of the year under review.

We will continue our M&A activities in a selective and focused manner in the 2019 financial year.