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Development in the first half of 2022
- Sales and revenue increases from traction current and stationary energies.
- Hedging strategy limits the impact of significant price increases on the energy procurement market.
- Supply reliability stable at a high level.
DB NETZE ENERGY | H 1 | Change | H 1 2019 | |||
2022 | 2021 | absolute | % | |||
Supply reliability (%) | 99.99 1) | 99.99 1) | – | – | 99.99 | |
Traction current | 3,833 | 3,712 | + 121 | + 3.3 | 4,031 | |
Traction current pass-through | 1,150 | 1,168 | – 18 | – 1.5 | 717.9 | |
Stationary energy | 7,022 | 6,835 | + 187 | + 2.7 | 7,268 | |
Diesel fuel (million l) | 190.2 | 195.8 | – 5.6 | – 2.9 | 208.3 | |
Total revenues (€ million) | 1,946 | 1,458 | + 488 | + 33.5 | 1,410 | |
External revenues (€ million) | 1,051 | 695 | + 356 | + 51.2 | 640 | |
EBITDA adjusted (€ million) | 76 | 81 | – 5 | – 6.2 | 65 | |
EBIT adjusted (€ million) | 35 | 40 | – 5 | – 12.5 | 23 | |
Gross capital expenditures (€ million) | 102 | 127 | – 25 | – 19.7 | 67 | |
Net capital expenditures (€ million) | 27 | 38 | – 11 | – 28.9 | 23 | |
Employees as of Jun 30 (FTE) | 1,905 | 1,890 | + 15 | + 0.8 | 1,747 | |
Average employees (FTE) | 1,896 | 1,883 | + 13 | + 0.7 | 1,737 | |
1) Preliminary figure (not rounded).
The high level of supply reliability was maintained.
Volume development was characterized by sales increases in traction current and stationary energies:
- Traction current sales increased, mainly as a result of higher demand from long-distance transport and non-Group customers. A decline in regional and freight transport had a slightly dampening effect.
- Traction current pass-through for non-Group customers was somewhat below the level of the first half of 2021.
- Electricity sales in stationary energies increased. Positive effects from new businesses were partly offset by the decline in portfolio optimization measures on the energy market.
- Demand for diesel fuels declined, driven by developments in the freight transport.
Economic development was somewhat weaker. The increases in sales were offset by higher energy procurement costs. The operating profit figures declined slightly.
Income grew noticeably:
- Revenues increased, in particular due to a considerably higher price level. Higher sales also led to an increase in traction current and stationary energies. The decline in demand in diesel fuels had the opposite effect.
- The decline in other operating income (– 60.6%/€ – 20 million) resulted in particular from an amended recognition of revenues for the provision and operational management of direct current supply facilities, which have been recognized in revenues since the first half of 2022. Adjusted by this effect, the decrease was less significant. It resulted in particular from the loss of positive one-off effects from the first half of 2021.
On the expense side, there were additional burdens in the cost of materials, mainly due to price factors and increased demand in individual areas:
- Cost of materials increased significantly (+36.8%/€ +476 million). Increased sales volumes and prices for stationary energies and a significant increase in reference prices for traction energies, in energy trade and for CO₂ certificates led to an increase in energy purchasing costs. The price increase in diesel fuels clearly exceeded counteracting effects from declining demand.
- Personnel expenses (+4.1%/€ +3 million) increased, mainly as a result of collective bargaining agreements.
Other expense items decreased slightly:
- For other operating expenses (– 10.2%/€ –6 million), the loss of additions to provisions in the first half of 2021 and positive effects from bad debt allowances had the effect of reducing expenses. This was offset in part by expenses in connection with IT projects and services.
- Depreciation was at the level of the first half of 2021.
Capital expenditures declined considerably as a result of the loss of the one-off effect from the capitalization of a lease contract in the first half of 2021.
The number of employees was at the same level as of June 30, 2021.