Statement of cash flows

Statement of cash flows

Summary statement of cash flows

/ € million

H 1

Change

H 1

2019

2023

2022

absolute

%

Cash flow from operating activities

1,931

1,498

+433

+28.9

1,386

Cash flow from investing activities

–3,085

–2,532

–553

+21.8

–1,857

Cash flow from financing activities

695

256

+439

+171

584

Net changes in cash and cash and cash equivalents as of Jun 30/Dec 31

–487

+547

–1,034

119

Cash and cash equivalents as of Jun 30/Dec 31

4,651

5,138

–487

–9.5

3,993

  • The very significant increase in cash flow from operating activities was mainly due to positive working capital effects. The weaker development of profits had a partially offsetting effect.
  • The significant increase in cash outflow from investing activities resulted mainly from higher net capital expenditures. Increased payments for investments in financial assets (in particular for the leasing of rolling stock from contracting organizations under service concession agreements) had an additional supporting effect.
  • Cash inflow from financing activities increased significantly:
    • The increased taking out of financial loans essentially led to a net inflow of funds (€ +502 million; in the first half of 2022: net outflow of funds amounting to € –270 million). Here, the taking out of bridge loans in particular increased inflows.
    • The decrease in net inflow from senior bonds (€ –293 million) and a higher cash outflow for lease repayments (€ –39 million) had a partly offsetting effect.
  • On balance, as of June 30, 2023, cash and cash equivalents were down compared to the end of the previous year.