Business development

Balance sheet

Balance sheet
(€ million)
Jun 30,
Dec 31,





Total assets



– 1,335

– 2.0


Non-­­current assets



– 1,416

– 2.7

Current assets



+ 81

+ 0.6

Equity and liabilities    



– 5,076

– 34.0

Non-­­current liabilities



+ 3,350

+ 10.2

Current liabilities



+ 391

+ 2.2

There were no material changes to the International Financial Reporting Standards (IFRS) regulations for DB Group’s consolidation and accounting principles that would result in any changes to the consolidated financial statements.

The total assets were slightly below the level of the previous year-­­end:

  • Non-­­current assets fell. In particular, the decline in intangible assets (€ –1,522 million) was mainly due to an impair­ment at DB Arriva. By contrast, property, plant and equipment (€ +119 million), among other things, rose. In the integrated rail system, mainly due to vehicle acquisitions at DB Long-­­Distance, as well as the effects of an in­­crease in the Group’s share in infrastructure capital expenditures in connection with the Performance and
    Financing Agreement (Leistungs- und Finanzierungs­ver­einbarung; LuFV) III.
  • Current assets increased slightly. The main factor was an increase in inventories (€ +408 million), particularly at DB Regional. Other receivables and assets (€ +166 million) also rose due to balance sheet date effects. In contrast, cash and cash equivalents (€ –297 million) and derivative financial instruments (€ –108 million) declined.

In structural terms, this did not result in any major changes on the asset side.

On the equity and liabilities side, equity declined significantly. The net loss (after taxes) attained (€ –3,749 million) was considerable. In addition, the dividend payment to the Federal Government (€ –650 million) and the decrease in the changes posted in the reserves in connection with the revaluation of pensions (€ –571 million) also had the effect of re­ducing equity, mainly due to significantly lower interest rates.

The disproportionate decline in equity also led to a considerable decline in the equity ratio.

  • Non-­­current liabilities increased significantly. In essence, this development was characterized by:
    • higher non-­­current financial debt (€ +2,422 million);
    • an increase in pension obligations (€ +563 million) mainly due to a decrease in the interest rate on revaluation (this was partly offset by the cessation of the Arriva Rail North Franchise); and
    • higher other liabilities (€ +257 million).
  • Current liabilities rose slightly. In essence, this development was characterized by:
    • higher other liabilities (€ +392 million) due to the balance sheet date;
    • increased current financial debt (€ +296 million) due to commercial paper issues (€ +787 million), mitigated, among other things, by lower bonds falling due in the short term (€ –334 million); and
    • higher other provisions (€ +198 million), mainly as a result of revaluations.
    • Offsetting this, a decline in trade liabilities (€ –498 million).

The structure of the equity and liabilities side has shown a shift toward, in particular, an increased share of non-­­current liabilities, due to the decrease in equity.

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