Consolidated statement of cash flows
| JAN 1 THROUGH JUN 30 OR RESPECTIVELY AS OF DEC 31 / € million | H1 | 2024 | |
|---|---|---|---|
| 2025 | 2024 | ||
| Loss before taxes on income 1) | –759 | –1,587 | –1,367 |
| Depreciation on property, plant and equipment and intangible assets 1) | 1,637 | 1,591 | 3,218 |
| Write-ups/write-downs on non-current financial assets 1) | – | – | – |
| Result of disposal of property, plant and equipment and intangible assets 1) | 10 | –61 | 110 |
| Result of disposal of financial assets | 0 | –1 | 0 |
| Result of the sale of consolidated companies 1) | 1 | 0 | –1 |
| Interest and dividend income 1) | –120 | –125 | –171 |
| Interest expenses 1) | 402 | 499 | 935 |
| Foreign currency result 1) | 69 | –62 | –4 |
| Result of investments accounted for using the equity method | –6 | –8 | –13 |
| Other non-cash expenses and income 1), 2) | 852 | 1,130 | 2,875 |
| Changes in inventories, receivables and other assets 1) | –1,531 | –1,098 | –1,283 |
| Changes in liabilities, provisions and deferred items 1) | –2 | 836 | 207 |
| Cash generated from operating activities 1) | 553 | 1,114 | 4,506 |
| Interest received 1) | 87 | 59 | 127 |
| Received (+)/paid (–) dividends and capital distribution 1) | 9 | 4 | 12 |
| Interest paid 1) | –278 | –296 | –707 |
| Paid (–)/reimbursed (+) taxes on income 1) | –20 | –16 | –39 |
| Cash flow from operating activities (continuing operations) 1) | 351 | 865 | 3,899 |
| Cash flow from operating activities (discontinued operations) 1) | 724 | 81 | 668 |
| Cash flow from operating activities | 1,075 | 946 | 4,567 |
| Proceeds from the disposal of property, plant and equipment and intangible assets 1) | 79 | 119 | 149 |
| Payments for capital expenditures in property, plant and equipment and intangible assets 1) | –7,233 | –7,002 | –17,874 |
| Proceeds from investment grants | 1,313 | 3,289 | 9,218 |
| Payments for repaid investment grants | –120 | –36 | –48 |
| Proceeds from sale and disposal of financial assets 1) | 61 | 55 | 88 |
| Payments for investments in financial assets | –215 | –109 | –37 |
| Proceeds (+)/payments (–) from sale of shares in consolidated companies less net cash and cash equivalents sold | 12,492 | 1,225 | 1,225 |
| Payments for acquisition of shares in consolidated companies less net cash and cash equivalents acquired as well as for the acquisition of share in companies | – | – | –9 |
| 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 | – | 0 | 0 |
| Cash flow from investing activities (continuing operations) 1) | 6,377 | –2,459 | –7,288 |
| Cash flow from investing activities (discontinued operations) 1) | –63 | –268 | –469 |
| Cash flow from investing activities | 6,314 | –2,727 | –7,757 |
| Proceeds from capital injections | 4,243 | 3,020 | 5,500 |
| Profit distribution to shareholder | –1,000 | – | – |
| Distribution of profits to non-controlling interests and hybrid capital investors 1) | –13 | –17 | –33 |
| Payments for redemption of leasing liabilities 1) | –249 | –251 | –503 |
| Payments for redemption of IFRIC 12 leasing liabilities | –31 | –9 | –19 |
| Proceeds from issue of senior bonds | – | 1,107 | 1,107 |
| Payments for redemption of senior bonds | –202 | –1,083 | –1,913 |
| Payments for redemption and repayment of interest-free loans | – | –155 | –155 |
| Proceeds from taking out financial loans and commercial paper 1), 3) | 122 | 1,307 | 3,531 |
| Payments for redemption of financial loans and commercial paper 1), 3) | –4,521 | 11 | –1,157 |
| Cash flow from financing activities (continuing operations) 1) | –1,651 | 3,930 | 6,358 |
| Cash flow from financing activities (continuing operations) 1) | –204 | –316 | –606 |
| Cash flow from financing activities | –1,855 | 3,614 | 5,752 |
| Net change in cash and cash equivalents | 5,534 | 1,833 | 2,562 |
| Cash and cash equivalents as of Jan 1 | 4,170 | 2,631 | 2,631 |
| Changes in cash and cash equivalents due to changes in the scope of consolidation | –388 | 109 | –1,037 |
| Changes in cash and cash equivalents of non-current assets held for sale | 103 | – | – |
| Changes in cash and cash equivalents due to changes in exchange rates | –22 | 0 | 14 |
| Cash and cash equivalents at the end of the period | 9,397 | 4,573 | 4,170 |
1) Value of the first half of 2024 adjusted due to classification of DB Schenker as discontinued operations.
2) Including additions to other provisions.
3) Including change in short-term bank borrowings between reporting dates.