2017 Integrated Report – Departure into a new era

Anticipated financial position

Anticipated development (€ billion)

2017

2018

Maturities

2.1

2.2

Bond issues

2.0

≤3

Cash and cash equivalents as of Dec 31

3.4

~3

Net financial debt as of Dec 31

18.6

≤20

Efficient liquidity management is once again a top priority for us in the 2018 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 2018 financial year, we must redeem financial liabilities (excluding commercial paper and current bank liabilities) at about the same level as in the previous year. Funding needs are met by issuing public and non-public bonds. Roadshows are planned in Europe and Asia in conjunction with the bond issues.

We anticipate that the financing measures will not significantly change the structure of the shareholdersʼ equity and liabilities side of the balance sheet with regard to current and non-current liabilities as the financing measures will primarily serve to refinance expiring financial debt.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 2018 financial year.

The majority of our gross capital expenditures in the 2018 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 2018 financial year.

On December 31, 2018, the net financial debt will therefore probably once more be significantly above the level of the year under review.

We will continue our M&A activities in a selective and focused manner in the 2018 financial year. We do not expect these activities to have any significant impact on our financial position in the 2018 financial year.