Development in the first half of 2022
- Demand trend more or less stable.
- Rental business continues to recover impressively after Covid-19-related restrictions.
- Additional costs as a result of collective bargaining agreements and special Covid-19 payments and support provided to Ukrainian refugees.
- Measures implemented to save energy and to improve quality and customer satisfaction.
DB NETZE STATIONS | H 1 | Change | H 1 2019 | |||
2022 | 2021 | absolute | % | |||
Facility quality (school grade) | 2.78 1) | 2.86 | – 0.08 | – | 2.89 | |
Station stops (million) | 77.7 | 77.9 | – 0.2 | – 0.3 | 76.2 | |
thereof non-Group railways | 21.9 | 23.0 | – 1.1 | – 4.8 | 19.4 | |
Total revenues (€ million) | 697 | 625 | + 72 | + 11.5 | 680 | |
thereof station revenues (€ million) | 495 | 482 | + 13 | + 2.7 | 451 | |
thereof rental (€ million) | 181 | 134 | + 47 | + 35.1 | 204 | |
External revenues (€ million) | 300 | 243 | + 57 | + 23.5 | 303 | |
EBITDA adjusted (€ million) | 142 | 67 | + 75 | + 112 | 201 | |
EBIT adjusted (€ million) | 61 | – 7 | + 68 | – | 123 | |
Gross capital expenditures (€ million) | 490 | 491 | – 1 | – 0.2 | 397 | |
Net capital expenditures (€ million) | 245 | 142 | + 103 | + 72.5 | 216 | |
Employees as of Jun 30 (FTE) | 6,992 | 6,778 | + 214 | + 3.2 | 6,002 | |
Average employees (FTE) | 6,955 | 6,702 | + 253 | + 3.8 | 5,936 | |
1) Preliminary figure.
Facilities quality improved slightly.
Station stops were at the level of the first half of 2021. Positive effects resulted mainly from the resumption of transport services, which were temporarily reduced due to Covid-19. Decreased demand in regional transport and restrictions due to construction work had the opposite effect.
The economic trend was very positive as operating profit figures improved significantly. The recovery of the rental business and price effects were the key drivers of this. Higher expenses, in particular for personnel, had a somewhat offsetting effect:
- Revenue growth can be attributed in particular to a recovery effect in the rental business following Covid-19-related losses and to a price-related increase in station fees from intra-Group customers.
- Other operating income (+25.0%/€ +14 million) also increased. This was mainly due to growth in the marketing of advertising space to non-Group customers and an increase in services for intra-Group customers.
On the expense side, there were additional burdens, in particular from personnel expenses:
- Personnel expenses (+6.8%/€ +15 million) increased as a result of a higher number of employees and collective bargaining agreements.
- Depreciation (+9.5%/€ +7 million) increased significantly due to capital expenditures.
- The slight increase in other operating expenses (+1.6%/€ +2 million) resulted in particular from higher expenses for rent and IT projects. In addition, effects from higher impairments on receivables and a renewed increase in travel activity had an increasing impact on expenses. A special item, predominantly caused by Covid-19, in connection with marketing expenses for shopping railway stations partly offset this.
- Cost of materials remained more or less unchanged. Additional expenses for project-related maintenance were offset by a decline in Covid-19-related additional hygiene and security measures in our stations. Energy expenses increased slightly. Negative price effects could therefore be partially offset by measures to save energy.
Gross capital expenditures were stable at the level of the first half of 2021, but investment grants declined during the business year due to seasonal factors, meaning that net capital expenditures were, for a time, considerably above the level of the first half of 2021. The decrease in investment grants had a counteractive effect. We expect gross capital expenditures to expand again significantly in the second half of 2022.
As of June 30, 2022, the number of employees increased, mainly as a result of an increase in personnel in construction and facilities management.