Business development

Statement of cash flows

Summary statement of cash flows / € million

 H1

Change

2024

2023

absolute

%

Cash flow from operating activities

946

1,930

–984

–51.0

Cash flow from investing activities

–2,727

–3,085

+358

–11.6

Cash flow from financing activities

3,614

696

+2,918

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

1,942

–2,507

+4,449

Cash and cash equivalents as of Jun 30/Dec 31

4,573

2,631

+1,942

+73.8

  • The very significant decrease in cash flow from operating activities was mainly due to weak profit development.
  • The decrease in cash outflow from investing activities was mainly due to the cash inflow in connection with the sale of DB Arriva (€ +1,225 million) and lower payments for investments in financial assets (€ +147 million; in particular for the rental of rolling stock with contracting organizations under service concession agreements). This more than offset the increase in cash outflow for net ­capital expenditures.
  • Cash inflow from financing activities increased significantly:
    • The cash inflow from Government equity injections (€ +3,020 million) and the higher net cash inflow from the taking out and redemption of financial loans (€ +800 million) had a positive impact, mainly as a result of the issuance of commercial paper for short-term Group financing.
    • In part, the lower net cash inflow from senior bonds (€ –914 million) had an adverse effect.
  • On balance, as of June 30, 2024, cash and cash equivalents had increased significantly.
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