Balance sheet

In the first half of 2023, there were no material changes to the International Financial Reporting Standards (IFRS) regulations or DB Group’s consolidation and accounting principles that would result in any changes to the consolidated financial statements.

Total assets were at virtually the same level as at the end of the previous year:

• Non-current assets increased, driven primarily by higher property, plant and equipment (€ +1,015 million). This was due to a persistently high level of net capital expenditures, particularly in the Integrated Rail System. In addition, receivables and other assets increased (€ +448 million), partly as a result of higher receivables from plan assets for pension obligations, in particular at DB Arriva and DB Cargo. The decline in deferred tax assets (€ ‒ 50 million) and the development of derivative financial instruments in connection with hedging transactions for foreign currencies and energy (€ ‒ 35 million) had a dampening effect.
• By contrast, current assets declined. The main factors were:
  • decreased trade receivables (€ ‒ 626 million), in particular at DB Schenker, as a result of the freight-rate developments and business development,
  • lower cash and cash equivalents (€ ‒ 487 million),
    and
  • the reduction in assets held for sale (€ ‒ 142 million) mainly due to the sale of the activities of DB Arriva in Denmark, Serbia and Poland.
  • This was partly offset by the increase in other receivables and assets (€ +334 million), mainly as a result of higher current receivables in connection with hedging transactions and acknowledgements of debt.

The structure of the assets side remained almost unchanged, with a very slight shift in favor of non-current assets.

On the liabilities side, equity increased slightly, due in part to the net loss for the period (€ ‒ 71 million). Other drivers were the changes recognized in reserves in connection with the fair value measurement of cash flow hedges (€ ‒ 116 million) and currency differences (€ ‒ 90 million) as well as the revaluation of pensions (€ ‒ 54 million).

With the total assets remaining almost stable, the slight decline in equity led to a somewhat weaker equity ratio.

• Non-current liabilities were almost at the same level as at the end of the previous year. In essence, this development was characterized by:
  • an increase in pension obligations (€ +265 million), mainly in Germany, partly as a result of a decline in the interest rate and changes in the assumptions for the revaluation, and
  • higher long-term derivative financial instruments (€ +135 million), mainly in connection with hedging of interest rate and exchange rate fluctuations,
  • which were nearly completely offset, mainly by lower non-current financial debt (€ ‒ 180 million) as well as lower provisions maturing in the long term (€ ‒ 52 million; mainly due to valuation factors).
• Current liabilities increased slightly. In essence, this development was characterized by:
  • higher current financial debt (€ +1,353 million), the main driver of which was the increase in short-term bank debt (€ +913 million) and bonds (€ +677 million),
  • the increase in other liabilities falling due in the short term (€ +258 million), including in connection with acknowledgements of debt and higher deferred income (€ +109 million), and provisions falling due in the short term (€ +97 million), mainly in connection with revenue discounts,
  • this was partly offset by a decrease in trade payables (€ –974 million), mainly at DB Schenker (for example freight rate and business development) and DB Netze Track (mainly reporting date effects), and
  • liabilities in connection with assets held for sale (€ –148 million), mainly resulting from the sale of the activities of DB Arriva in Denmark, Serbia and Poland.

In the structure of the liabilities side, the increase in current liabilities has resulted in a slight shift, mainly to the detriment of the share of equity.