Development in the first half of 2023
- Revenue increases from traction current and stationary energy drive positive profit development.
- During the first half of 2023, there was a noticeable easing in the energy markets.
- Supply reliability stable at a high level.
DB Netze Energy | H 1 | Change | H 1 2019 | ||
2023 | 2022 | absolute | % | ||
Supply reliability (%) | 99.99 1) | 99.99 1) | – | – | 99.99 |
Traction current (16.7 Hz and direct current) in GWh | 3,717 | 3,833 | –116 | –3.0 | 4,031 |
Traction current pass-through (16.7 Hz) in GWh | 1,258 | 1,150 | +108 | +9.4 | 717.9 |
Stationary energy (50 Hz and 16.7 Hz) in GWh | 4,182 | 7,022 | –2,840 | –40.4 | 7,268 |
Diesel fuel (million l) | 186.4 | 190.2 | –3.8 | –2.0 | 208.3 |
Total revenues (€ million) | 2,136 | 1,946 | +190 | +9.8 | 1,410 |
External revenues (€ million) | 961 | 1,051 | –90 | –8.6 | 640 |
EBITDA adjusted (€ million) | 348 | 76 | +272 | – | 65 |
EBIT adjusted (€ million) | 310 | 35 | +275 | – | 23 |
Gross capital expenditures (€ million) | 116 | 102 | +14 | +13.7 | 67 |
Net capital expenditures (€ million) | 37 | 27 | +10 | +37.0 | 23 |
Employees as of Jun 30 (FTE) | 1,958 | 1,905 | +53 | +2.8 | 1,747 |
Average employees (FTE) | 1,942 | 1,896 | +46 | +2.4 | 1,737 |
1) Preliminary figure (not rounded).
The high level of supply reliability was maintained.
Volume development was uneven:
- Traction current: Sales declined mainly due to a lower demand for rail freight transport (at internal customers) and for regional transport. In addition, the strikes of the EVG had a dampening effect.
- Traction energy for non-Group customers: The increase reflects above all traffic growth.
- Stationary energy: Electricity sales declined significantly due to a decline in business with industrial customers and reduced portfolio optimization measures in the energy market.
- Diesel fuel: Demand also declined, driven by the development of intra-Group customers in freight and regional transport. An increase in demand from non-Group customers had a partly compensatory effect.
Economic development was very satisfactory. Increased energy procurement expenses were more than offset by gains on the income side. Operating profit figures rose significantly.
Income increased noticeably:
- Revenues: The increase was driven by a significantly higher price level. This was counteracted by the decline in sales in traction current, stationary energy and diesel fuel sectors. In particular, the decline in demand in the area of stationary energy led to a decline in revenues from non-Group customers.
- Other operating income: The very strong increase in other operating income (€ +293 million) mainly resulted from refunds under the electricity price brakeµ 6 (opposite effects in revenues as a result of complete transfer to customers).
On the expense side, there was an increase primarily due to prices:
- Cost of materials: The significant increase (+11.1%/€ +196 million) resulted from energy procurement expenses as a result of increased procurement prices for traction current and stationary energy as well as energy trading (partial compensatory effects from the electricity price brake are reported in other operating income). The increase in prices significantly overcompensated the opposite effects from the decline in demand, particularly in the area of stationary energy.
- Other operating expenses: Expenses increase (+28.3%/€ +15 million) was mainly driven by the introduced Group levy as well as increasing expenses for the operation and further development of IT systems.
- Personnel expenses: The slight increase (+1.3%/€ +1 million) resulted from the increased number of employees.
Depreciation fell slightly.
- Depreciation: Slight decline (–7.3%/€ –3 million) of depreciation on intangible assets.
Gross capital expenditures rose, particularly in the area of other energy supply systems (for example new construction of converter stations) within the framework of the Performance and Financing Agreement (LuFV) III. Investment grants increased less strongly compared to net capital expenditures.
The number of employees increased slightly, primarily in order to implement the higher project volume arising from the LuFV III and for digitalization.