Statement of cash flows
SUMMARY STATEMENT OF CASH FLOWS | H 1 | Change | H 1 | |||
2022 | 2021 | absolute | % | |||
Cash flow from operating activities | 1,498 | 10 | +1,488 | – | 1,386 | |
Cash flow from investing activities | –2,532 | –2,292 | –240 | +10.5 | ‒1,857 | |
Cash flow from financing activities | 256 | 2,264 | –2,008 | –88.7 | 584 | |
Net change in cash and cash equivalents | –764 | 1,180 | –1,944 | – | 119 | |
Cash and cash equivalents | 3,827 | 4,591 | –764 | –16.6 | 3,993 | |
- The very significant increase in cash flow from operating activities was mainly due to the improved profit development. Negative working capital effects had a partially offsetting effect.
- The slight increase in cash outflow from investing activities resulted mainly from higher net capital expenditures. Increased cash outflows for investments in financial assets, in particular for the leasing of rail vehicles from contracting organizations under service concession agreements, had a supporting effect. In contrast, higher proceeds from the sale and disposal of property, plant and equipment (including real estate at DB Netze Track, among others) had a partially compensating effect.
- Cash inflow from financing activities decreased significantly:
- The lower borrowing out of financial loans essentially led to a net outflow of funds (€ –270 million; in the first half of 2021: net inflow of € 1,248 million). This was due in particular to the issuance of commercial paper for short-term Group financing in the first half of 2021. In addition, the decline in net inflow of funds from senior bonds (€ –535 million) reduced the inflow.
- This was partly counteracted by the decline in cash outflow for lease repayments (€ +55 million).
- On balance, as of June 30, 2022, cash and cash equivalents were down compared to the end of the previous year.
Consolidated statement of cash flows
FOR THE PERIOD JAN 1 THROUGH JUN 30 / € million | H 1 | 2021 | |
2022 | 2021 | ||
Profit/loss before taxes on income | 682 | –1,306 | –788 |
Depreciation on property, plant and equipment and intangible assets | 1,946 | 1,876 | 3,804 |
Write-ups/write-downs on non-current financial assets | –27 | 1 | –32 |
Result of disposal of property, plant and equipment and intangible assets | –126 | –14 | 123 |
Result of disposal of financial assets | 6 | 0 | –4 |
Result of the sale of consolidated companies | – | – | 0 |
Interest and dividend income | –62 | –34 | –57 |
Interest expenses | 246 | 268 | 583 |
Foreign currency result | –67 | –11 | –27 |
Result of investments accounted for using the equity method | 2 | 4 | 10 |
Other non-cash expenses and income 1) | 573 | 708 | 2,786 |
Changes in inventories, receivables and other assets | –1,648 | –1,001 | –2,372 |
Changes in liabilities, provisions and deferred items | 332 | –189 | 616 |
Cash generated from operating activities | 1,857 | 302 | 4,642 |
Interest received | 26 | 18 | 40 |
Received (+)/paid (–) dividends and capital distribution | 6 | 6 | –3 |
Interest paid | –185 | –219 | –524 |
Paid (–)/reimbursed (+) taxes on income | –206 | –97 | –255 |
Cash flow from operating activities | 1,498 | 10 | 3,900 |
Proceeds from the disposal of property, plant and equipment and intangible assets | 197 | 116 | 213 |
Payments for capital expenditures in property, plant and equipment and intangible assets | –5,165 | –5,228 | –14,182 |
Proceeds from investment grants | 2,662 | 2,891 | 9,045 |
Payments for repaid investment grants | –81 | –37 | –43 |
Receipts of payment from the sale and disposal of financial assets | 25 | 0 | 82 |
Payments for investments in financial assets | –164 | –12 | –185 |
Proceeds from sale of shares in consolidated companies less net cash and cash equivalents sold | – | – | 0 |
Payments for acquisition of shares in consolidated companies less net cash and cash equivalents acquired | –5 | –21 | –45 |
Proceeds from disposal of investments accounted for using the equity method | 0 | 0 | 0 |
Payments for additions of investments accounted for using the equity method | –1 | –1 | –1 |
Cash flow from investing activities | –2,532 | –2,292 | –5,116 |
Proceeds from capital injections | – | 0 | 2,675 |
Distribution of profits to non-controlling interests and hybrid capital investors | –15 | –12 | –33 |
Payments for redemption of leasing liabilities | –526 | –581 | –1,164 |
Payments for the settlement of IFRIC 12 leasing liabilities | –8 | – | –25 |
Proceeds from issue of senior bonds | 2,027 | 2,648 | 4,860 |
Payments for redemption of senior bonds | –796 | –882 | –1,832 |
Payments for redemption and repayment of interest-free loans | –156 | –157 | –157 |
Proceeds from borrowings and commercial paper 2) | 3 | 1,265 | 187 |
Payments for redemption of borrowings and commercial paper 2) | –273 | –17 | –2,202 |
Cash flow from financing activities | 256 | 2,264 | 2,309 |
Net changes in cash and cash equivalents | –778 | –18 | 1,093 |
Cash and cash equivalents as of Jan 1 | 4,591 | 3,411 | 3,411 |
Change in cash and cash equivalents of non-current assets for sale | –14 | – | – |
Changes in cash and cash equivalents due to changes in exchange rates | 28 | 41 | 87 |
Cash and cash equivalents as of Jun 30/Dec 31 | 3,827 | 3,434 | 4,591 |
1) Including additions to other provisions.
2) Including changes in current bank debt between reporting dates.