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2010 Annual Report > Group management report > Financial situation
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DB AG’s Treasury serves as the central treasury for DB Group. This structure ensures that all Group companies are able to borrow and invest funds at optimal conditions.
Financial debt rose during the year under review by € 2,043 million to € 18,553 million. We issued five bonds with a total volume of € 2.5 billion; we redeemed one bond that had a nominal value of € 1.0 billion.
The Group’s consolidated financial statements are prepared in accordance with International Financial Reporting Standards (IFRS). There were no relevant changes to the IFRS regulations, and no changes to the Group’s consolidation and accounting principles.
The development of cash flow from operating activities during the year under review was marked by a slight decline in net working capital and by an improved figure for the item taxes on income.
During the year under review we underlined our long-term approach to business by making significantly higher gross capital expenditures of € 6,891 million, or about 7 % more than the same year-ago figure.
