Integrated Interim Report 2019 – Germany needs a strong rail system

Business performance

Cash and cash equivalents increased slightly

Summary statement of cash flows
(€ million)








Cash flow from operating activities



+ 92

+ 7.1

Cash flow from investing activities

– 1,857

– 1,863

+ 6

– 0.3

Cash flow from financing acitivites



– 266

– 31.3

Net change in cash and cash equivalents



– 157

– 56.9

Cash and cash equivalents
as of Jun 30 / Dec 31



+ 119

+ 3.4

From the first-time application of IFRS 16, changes also affect the statement of cash flows. The increase in depreciation caused by IFRS 16 resulted in a positive onetime effect on the cash flow from operating activities. On the other hand, there was an increase in the recognition of lease contract payments, which resulted in a negative onetime effect on the cash flow from financing activities.

  • Adjusted for the IFRS 16 effect, the cash flow from operating activities declined due to the development of profits.
  • The cash outflow from investing activities remained at the same level as in the first half of 2018, primarily driven by the development of the net capital expenditures.
  • Adjusted for the IFRS 16 effect, cash inflows from financing activities increased, driven by a higher net cash inflow from the issuance and redemption of bonds (€ +672 million). This resulted from lower repayments in the first half of 2019.

This was partly offset by the increased dividend payment (€ –200 million), the higher repayment of interest-free loans (€ –178 million), and the higher net cash outflow due to borrowing and the repayment of financial loans (€ –109 million).

  • As of June 30, 2019, DB Group had a slightly higher level of cash and cash equivalents compared to the end of the previous year.