Cash and cash equivalents increased slightly
Summary statement of cash flows | H1 | Change | |||
| 2019 | 2018 | absolute | % | ||
Cash flow from operating activities | 1,386 | 1,294 | + 92 | + 7.1 | |
Cash flow from investing activities | – 1,857 | – 1,863 | + 6 | – 0.3 | |
Cash flow from financing acitivites | 584 | 850 | – 266 | – 31.3 | |
Net change in cash and cash equivalents | 119 | 276 | – 157 | – 56.9 | |
Cash and cash equivalents | 3,663 | 3,544 | + 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.