EBIT
EBIT
Operating profit figures / € million | EBITDA adjusted | EBIT adjusted | ||||||||
H 1 | Change | H 1 | H 1 | Change | H 1 | |||||
2023 | 2022 | absolute | % | 2019 | 2023 | 2022 | absolute | % | 2019 | |
DB Long-Distance | 182 | 9 | +173 | – | 367 | –62 | –195 | +133 | –68.2 | 224 |
DB Regional | 295 | 213 | +82 | +38.5 | 512 | –38 | –104 | +66 | –63.5 | 186 |
DB Cargo | 16 | –99 | +115 | – | 20 | –195 | –299 | +104 | –34.8 | –132 |
DB Netze Track | 102 | 834 | –732 | –87.8 | 708 | –240 | 496 | –736 | – | 379 |
DB Netze Stations | 89 | 142 | –53 | –37.3 | 201 | 6 | 61 | –55 | –90.2 | 123 |
DB Netze Energy | 348 | 76 | +272 | – | 65 | 310 | 35 | +275 | – | 23 |
Other/consolidation Integrated Rail System | 145 | –61 | +206 | – | –156 | –120 | –304 | +184 | –60.5 | –376 |
Integrated Rail System | 1,177 | 1,114 | +63 | +5.7 | 1,717 | –339 | –310 | –29 | +9.4 | 427 |
DB Arriva | 187 | 197 | –10 | –5.1 | 326 | 43 | –8 | +51 | – | 101 |
DB Schenker | 1,011 | 1,486 | –475 | –32.0 | 499 | 626 | 1,186 | –560 | –47.2 | 238 |
Consolidation other | – | 7 | –7 | –100 | –8 | 1 | 8 | –7 | –87.5 | –9 |
DB Group | 2,375 | 2,804 | –429 | –15.3 | 2,534 | 331 | 876 | –545 | –62.2 | 757 |
Margin (%) | 9.5 | 10.0 | –0.5 | – | 11.5 | 1.3 | 3.1 | –1.8 | – | 3.4 |
Adjusted EBIT and adjusted EBITDA declined noticeably as a result.
- The weaker operating interest balance resulted from the higher interest rate level, which led in particular to increased expenses in connection with financial liabilities and pensions.
The operating income after interest therefore also decreased noticeably.
- Net investment income increased significantly on a low level and was largely driven by GHT Mobility GmbH, which had a negative impact on the development of net investment income in the first half of 2022.
- The significant decrease in other financial result was mainly due to effects from hedging transactions entered into, which resulted in a net expense (in the first half of 2022: income), and negative effects from the compounding and discounting of provisions. This was counteracted by positive exchange rate effects.
- The extraordinary result increased significantly and was slightly positive. Positive effects, including in connection with the electricity price brake, were almost completely offset by negative effects, mainly due to the adjustment of provisions, restructuring measures and transactions with shareholdings.
Extraordinary result / € million | H 1 | |||
2023 | thereof | 2022 | thereof | |
DB Long-Distance | 94 | 94 | 0 | 0 |
DB Regional | –4 | –4 | 0 | 0 |
DB Cargo | 21 | 21 | –10 | –10 |
DB Netze Track | –19 | –14 | –5 | –1 |
DB Netze Stations | 12 | 12 | – | ‒ |
DB Netze Energy | – | – | – | – |
Other/consolidation Integrated Rail System | –76 | –76 | –70 | –70 |
Integrated Rail System | 28 | 33 | –85 | –81 |
DB Arriva | –24 | –24 | 0 | 0 |
DB Schenker | 1 | 1 | 0 | 0 |
Consolidation other | 0 | 0 | 0 | 0 |
DB Group | 5 | 10 | –85 | –81 |
thereof electricity price brake | 142 | 142 | ‒ | ‒ |
thereof restructuring measures | ‒68 | ‒68 | ‒71 | ‒71 |
Accordingly, the profit before income taxes also declined significantly.
- Although the development of the income tax item was better, it still weighed on performance:
- Actual income taxes declined due to lower results for some foreign Group companies (primarily at DB Schenker).
- The somewhat weaker deferred tax revenue resulted from lower temporary differences at foreign Group companies.
As a result, the decline in net profit/loss for the period was slightly lower.
Outlook: Additional key figures for the income, financial and assets situation
Anticipated development / € billion | 2022 | 2023 | 2023 |
Revenues adjusted | 56.3 | >56 | ~ 51 |
EBIT adjusted | 1.3 | ~ ‒1 | >‒1 |
Gross capital expenditures | 15.4 | >18 | ~ 18 |
Net capital expenditures | 6.8 | >8.5 | >8 |
Maturities | 2.2 | 2.4 | 2.4 |
Bond issues (senior) | 3.1 | >3 | >3 |
Net financial debt as of Dec 31 | 28.8 | >33 | >33 |
Based on the development to date and the current estimates for the second half of 2023, we have partially adjusted our expectations:
- Driven mainly by freight-rate development at DB Schenker, we now expect a significant decline in revenues.
- The income development in the first half of 2023 was better than expected. In the second half of 2023, however, we expect significant additional costs, especially from the upcoming collective bargaining agreements (including negative one-off effects from retroactive effectiveness) and the further ramp-up of maintenance measures in infrastructure (including negative one-off effects from the advance payments for future Federal funding). Overall, the operating loss (adjusted EBIT) should be slightly lower than previously expected, and below € 1 billion.