Financial Position

Cash flow

Liquidity of EUR 3,569m

Operating cash flow of EUR 318m was EUR 307m lower than last year (previous year: EUR 625m). The decline is largely due to the lower inflow from changes in working capital compared to the previous year, which more than offset the increase in the operating profit adjusted for non-cash effects. In the previous year, the inflow from changes in working capital was exceptionally high due to the significant increase in business activity and the resulting steep increase in advance payments for fares. Investing cash flow came to EUR -839m as of the reporting date (previous year: EUR -2,204m). The result from equity investments (EUR 812m) and loan and capital repayments by affiliated companies (EUR 652m) was offset particularly by capital expenditure in physical and long-term financial assets (EUR 2,492m). Financing cash flow came to EUR 197m in the financial year (previous year: EUR 191m) and resulted mainly from net additional loans from affiliated companies (EUR 2,098m). These were offset by the repayment of several borrower’s note loans and aircraft lease liabilities (EUR 1,303m) and interest payments (EUR 598m). Total cash and cash equivalents therefore came to EUR -2,695m (previous year: EUR -2,371m). Current securities fell by EUR 36m to EUR 6,264m (previous year: EUR 6,300m). Liquidity thereby fell overall by EUR 360m to EUR 3,569m (previous year: EUR 3,929m).