2017 Integrated Report – Departure into a new era

Slight deviations from the projected financial position and asset situation

Outlook for
2017
financial year
(€ billion)

2016

2017
(March 2017
forecast)

2017
(July 2017
forecast)

2017

Gross capital expenditures

9.5

≥10.5

>10.5

10.5

Net capital expenditures

3.3

≥3.5

~4.0

3.7

Maturities

2.3

2.1

2.1

2.1

Bond issues

2.1

<2.0

<2.0

2.0

Cash and cash equivalents as of Dec 31

4.5

~3.5

~3.5

3.4

Net financial debt
as of Dec 31

17.6

<19.0

<19.0

18.6

We narrowly failed to meet our forecast for capital ex­­penditures in the 2017 financial year. In particular, capital expenditures with regard to vehicles for DB Regional and DB Arriva were not as high as expected, resulting in lower net capital expenditures than forecast.

With respect to DB Groupʼs financial position, actual developments in the year under review corresponded with our forecast for maturities. The bond issues re­­quired to meet our financial needs coincided almost exactly with our expectations.

Our holdings of cash and cash equivalents and net financial debt at the end of 2017 were in line with our expectations.