2018 Integrated Interim Report – Departure into a new era!

Cash and cash equivalents increased significantly

Summary statement of cash flows
(€ million)







Cash flow from operating activities



+ 532

+ 69.8

Cash flow from investing activities

– 1,863

– 1,496

– 367

+ 24.5

Cash flow from financing activities


– 773

+ 1,623

Net change in cash and cash equivalents


– 1,544

+ 1,820

Cash and cash equivalents
as of Jun 30/Dec 31



+ 276

+ 8.1

  • Above all, the omission of the one-off effect from the payment due to the Disposal Fund Act in the first half of 2017 was decisive for the significant increase in cash flow from operating activities.
  • The cash outflow from investing activities also rose significantly. This was essentially the result of higher payments for net capital expenditures (+446 million), in connection with ICE 4 trains, among other things. This was partly offset, among other things, by the decline in cash outflows for the acquisition of shares in companies (24 million), mainly due to the acquisition of shares in uShip at DB Schenker in the first half of 2017. In addition, cash inflow from the disposal of assets (+33 million) increased, among other things, as a result of real estate sales at DB Netze Track.
  • Cash flow from financing activities increased markedly. This development was mainly driven by higher cash in­flows from the issue of commercial paper (+1,139 million).

Lower cash outflows for the repayments of interest-free loans (206 million) as well as the dividend reduction implemented within the scope of the capital measures put in place by the Federal Government had a supporting effect.

  • As of June 30, 2018, DB Group held a higher amount of cash and cash equivalents compared to the end of the previous year.