Development in the first half of 2020
Lower demand for electricity and diesel products.
Challenging development of operating profit.
High supply reliability also ensured during the Covid-19 pandemic.
DB Netze Energy | H1 | Change | |||
2020 | 2019 | absolute | % | ||
| Supply reliability (%) | 99.99 1) | 99.99 1) | – | – |
| Traction current (16.7 Hz and direct current) (GWh) | 3,457 | 4,031 | – 574 | – 14.2 | |
| Traction current pass-through (16.7 Hz) (GWh) | 976.7 | 717.9 | +258.8 | +36.0 | |
| Stationary energy (50 Hz and 16.7 Hz) (GWh) | 6,981 | 7,268 | – 287 | – 3.9 | |
| Diesel fuel (million l) | 185.5 | 208.3 | – 22.8 | – 10.9 | |
| Total revenues (€ million) | 1,309 | 1,410 | – 101 | – 7.2 | |
| External revenues (€ million) | 601 | 640 | – 39 | – 6.1 | |
EBITDA adjusted (€ million) | 60 | 65 | – 5 | – 7.7 | |
EBIT adjusted (€ million) | 16 | 23 | – 7 | – 30.4 | |
| Gross capital expenditures (€ million) | 68 | 67 | + 1 | + 1.5 | |
| Net capital expenditures (€ million) | 21 | 23 | – 2 | – 8.7 | |
| Employees as of Jun 30 (FTE) | 1,804 | 1,747 | + 57 | + 3.3 |
1) Preliminary figure (not rounded).
The high level of supply reliability was maintained.
Volumes declined:
- Sales of traction current fell due to lower demand from intra-Group customers in passenger and freight transport as well as from non-Group customers mainly due to Covid-19.
- The traction energy that was conducted for non-Group customers increased as a result of the shift away from full power supply and the absence of aperiodic effects from the first half of 2019.
- In the area of stationary energy, sales volume reduced noticeably. The main factors were declines in demand from industrial customers due to Covid-19 and a reduction in portfolio optimization measures on the energy market.
- The drop in demand for diesel fuels is primarily due to the development of intra-Group customers in regional transport.
Economic development was modest. The decline in volumes due to Covid-19 could only be partially offset by reduced energy procurement expenses. As a result, operating profit figures decreased.
- Revenues declined mainly in the traction and stationary energy areas as a result of the volume development. Lower sales prices also had a negative impact on the diesel fuel area.
- The considerable increase in other operating income (+45.0%/€ +9 million) was primarily due to higher income from the reversal of provisions and from maintenance services for third parties.
The negative effects of the Covid-19 pandemic on the revenue side are largely offset by positive effects on the expense side due to lower energy procurement expenses:
- Cost of materials (–7.3%/€ –91 million) fell. Due to the decline in volumes, significantly lower energy expenses for traction and stationary electricity were recorded. Lower procurement prices for diesel fuel helped.
- Personnel expenses (+4.7%/€ +3 million) increased as a result of a higher number of employees and collective bargaining agreements.
- The increase in other operating expenses (+5.4%/€ +3 million) is due, among other things, to increased IT services.
- Depreciation (+4.8%/€ +2 million) were higher than in the first half of 2019 as a result of an additional unscheduled write-down for a damage at a power plant.
Gross capital expenditures increased slightly as a result of additional Federal funds under LuFV III. Seasonal shifts led to a decline in net capital expenditures.
The number of employees increased above all in order to handle the higher project volume arising from LuFV III as well as to allow quality assurance in network operations.