2017 Integrated Report – Departure into a new era

Cash and cash equivalentsdown significantly

Summary statement of cash flows
(€ million)

2017


2016

Change

absolute

%

Cash flow from operating activities

2,329

3,648

– 1,319

– 36.2

Cash flow from investing activities

– 3,569

– 2,665

– 904

+ 33.9

Cash flow from financing activities

239

– 1,029

+ 1,268

Net change in cash and cash equivalents

– 1,001

– 46

– 955

Cash and cash equivalents as of Dec 31

3,397

4,450

– 1,053

– 23.7

  • The significant decline in cash flow from operating activities was mainly due to negative working capital effects (principally higher trade receivables for performance- and balance-sheet-date-related reasons). There was also a negative one-off effect in connection with the Disposal Fund Act(about 400 million). The positive development of the result before taxes and depreciation (+79 million) compensated for this slightly.
  • Cash outflow from investing activities increased markedly. This was essentially the result of higher payments for net capital expenditures (+875 million), in connection with the purchase of ICE 4 trains, among other things. Furthermore, the cash outflow for the acquisition of shares in companies reported at cost in the consolidated financial statements rose (+28 million), mainly because of the holding in uShip at DB Schenker.
  • Cash flow from financing activities increased markedly. The development was mainly driven by the Federal Government’s capitalmeasures (cash flow from the capital increase: +1,000 million, lower dividend payment: 250 million).
    At the same time cash outflows from the redemption of financial credits and repayments of finance lease liabilities both declined, by € 211 million and € 148 million respectively.
    This was offset by an overall decline in cash flow from the issue and redemption of bonds (€ +356 million).
  • As of December 31, 2017, as scheduled, DB Group held significantly fewer cash and cash equivalents compared with the end of the previous year.