• Performance gains due to economic recovery. New transport services in Belgium also had a positive effect.
• Dampening effects caused by storm Tristan, restriction of hinterland transport due to the blockage of the Suez canal and disruption in the Middle Rhine Valley after a rockfall.
• Noticeably improved revenue development – operating profit figures remain negative.

There has been a recovery trend in performance development in Central Europe since the second half of 2020, and this continues after the declines in the steel and automotive industry and in combined transport due to the Covid-19 pandemic. The pre-Covid-19 level was reached.

The economic development remains very challenging. Although operating profit figures improved as a result of income gains, they are still negative:

• Revenue increased noticeably for performance-related reasons.
• Other operating income increased primarily as a result of higher grants, in particular for the new facility price support and the conversion of freight cars to whisper brakes, completed in 2020. Higher train-path price support and train-path price grants related to the Covid-19 pandemic in Switzerland, Italy and the Netherlands also had an effect.

However, the expense side experienced an increase, driven by cost of materials:

• Cost of materials increased as a result of increased purchased transport services and train-path and energy expenses. Lower maintenance expenses, among other things, had a expense-reducing effect.
• Personnel expenses also increased slightly, mainly due to a higher number of employees, particularly in Germany and Belgium.
• Other operating expenses and depreciation also increased slightly as a result of the digitalization program and the expanded capital expenditure program.

The growth in capital expenditures resulted mainly from leasing activities for freight cars. The delayed procurement of freight cars partially counteracted this.

The number of employees increased slightly, mainly due to recruitment in Germany and Belgium.

• Increased demand in all countries due to the economic situation.
• Burdens due to semiconductor shortages, particularly in Spain and as a result of Brexit.

The performance development in Western Europe is again showing a positive trend following the declines due to the Covid-19 pandemic. The situation in France developed particularly positively in the first few months due to the omission of negative strike effects and subsequently to declines in traffic as a result of the Covid-19 pandemic. A decline in transport resulting from the temporary closures of the automotive industry in Spain, due to the semiconductor shortage and the economic consequences of Brexit on the routes to the United Kingdom, had a dampening effect in some cases.

The economic development improved for performance-­related reasons. Operating profit figures rose as a result of income development:

• On the income side, the recovery in demand had only a below-average effect, as pricing leeway was extremely limited due to continued high competition (including due to trucks in Spain).

Expenses rose slightly:

• Cost of materials increased, mainly as a result of volume-­related factors, due to recovering demand and higher train-path prices in the United Kingdom. Train-path price reductions in France partially countered this impact.
• Depreciation increased slightly as a result of capital expenditures on the fleet.
• Personnel expenses were at the level of the first half of 2020.

The decline in other operating expenses had a partially dampening effect:

• Other operating expenses declined, partly as a result of lower other related services.

Capital expenditures increased compared to the first half of 2020, which was marked by a negative one-off effect.

The number of employees was at the level of the first half of 2020.

• Effects of the recovery from the Covid-19 pandemic and new customers have a very positive effect.
• Continued strong growth in Asian transport services.
• Economic development also significantly exceeds pre-Covid-19 levels.
• Optimization of the product and transport portfolio driven forward.

The performance development, driven by recovery effects after declines in transport related to the Covid-19 pandemic, was again significantly positive and was above the pre-Covid-19 level. New transport services in Romania also had a supporting effect.

The economic development was pleasing: revenue growth exceeded the increase in expenses. Operating profit figures recovered significantly and were also above the pre-Covid-19 level.

• Revenues increased significantly due to demand, among other factors. The continued positive development in transport routes connecting to China and a sharp increase in single-wagon transport also had a supporting effect. Exchange rate effects had an offsetting effect.
• Other operating income remained essentially the same.

On the expense side, there was a significant but below-­average increase due to performance. The positive business development in the Eurasian corridor as well as in Russia, Poland and the Czech Republic was decisive:

• Cost of materials increased significantly, mainly as a result of increased purchased transport services for transport routes connecting to China and the recovery in demand. Positive exchange rate effects had a partially compensating effect.
• Personnel expenses increased slightly as a result of performance-related personnel increases. Positive exchange rate effects also had a partially compensating effect here.
• Other operating expenses increased slightly as a result of higher rental expenses in Poland.
• Depreciation was at the level of the first half of 2020.

Capital expenditures fell significantly, mainly as a result of the conclusion of capital expenditure projects in Romania.

The number of employees increased, particularly as a ­result of performance-related recruitment.