Additional key figures for income, financial and asset situation

Anticipated development (€ billion)


(Mar forecast)

(Jul forecast)






EBIT adjusted




Gross capital expenditures




Net capital expenditures








Bond issues (senior)




Net financial debt as of Dec 31




  above previous year’s figure; 
  at previous yearʼs level; 
  below previous yearʼs figure

On the basis of the developments to date and the current estimates for the second half of 2020, we have made some adjustments and refined our expectations:

  • The effects of the Covid-19 pandemic will have a significant negative impact on revenue development in 2020. We expect the recovery trends, which have been observed since May 2020, to continue.
  • In the short term, the effects of the Covid-19 pandemic can only be compensated to a very limited extent through countermeasures, so we expect a very negative development in profits.
  • We want to continue our quality and capital expenditure initiative with a high level of capital expenditures. Some projects will be postponed due to Covid-19.
  • The negative profit situation is leading to a significantly higher financing need. In addition to the measures taken by the Federal Government to compensate for the damage caused by the Covid-19 pandemic, these requirements are being covered by more substantial bond issue activity.
  • For our capital market activities, we still have an adequate financial leeway from our financing programs. The guaranteed credit facilities serve as a fallback option in the event of disruption to capital market access. Short- and medium-­­term liquidity supply remains secure.
  • Net financial debt is expected to increase significantly as of December 31, 2020, compared with the end of the previous year, even taking into account the measures taken by the Federal Government to compensate for the damage caused by the Covid-19 pandemic.

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