Balance sheet

In the first half of 2024, 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 increased slightly:

• Non-current assets increased, driven primarily by higher property, plant and equipment (€ +2,055 million). Continuously high net capital expenditures had an effect here. In addition, receivables and other assets (€ +188 million) increased, among others relating to plan assets. However, the significant decline in deferred tax assets (€ –70 million) had a compensating effect.
• Current assets fell overall. The main factors were:
  • Elimination of assets held for sale (€ –3,306 million) as a result of the sale of DB Arriva.
  • An increase in cash and cash equivalents (€ +1,942 million) as a result of the cash inflow from the Government equity injection, higher trade receivables (€ +659 million; on particular, reporting date effects at DB Schenker) and inventories (€ +123 million; among other things, increased order book at DB Vehicle Maintenance) had a largely compensatory effect.

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

On the equity and liabilities side, equity increased significantly, mainly due to:

• the implementation of the first tranche of the planned equity increases for 2024 (€ +3,020 million) and
• the increase in the changes recorded in the reserves in connection with pensions (€ +760 million). The effects were mainly due to the deconsolidation of DB Arriva (reclassification of effects captured in reserves from revaluation of pensions into generated profits (other changes) not affecting the equity position) and the interest-related revaluation of pensions.
• Higher changes recorded in the reserves in connection with the market valuation of cash flow hedges (€ +107 mil­lion) also served to increase equity.
• Negative effects from the development of profit (€ – 1,256 million) and from the reclassification of reserves relating to pensions in the context of the deconsolidation of DB Arriva, counteracted this, which were shown in the other changes in generated profits (€ –443 million) (opposite effect in changes related to pensions recognized in reserves).

The disproportionately high increase in equity in comparison to total assets led to a significant improvement in the equity ratio.

• Non-current liabilities increased slightly. In essence, this development was characterized by:
  • higher long-term financial debt (€ +813 million) and
  • an increase in deferred income (€ +345 million) mainly due to deferred revenues at DB Regional.
  • The particularly interest-related decline in the context of the revaluation of pension obligations (€ –252 million) and other long-term provisions (€ –87 million) had a partly compensatory effect. Derivative fi­nan­cial instruments (€ –73 million), particularly in connection with hedging transactions for senior bonds, also declined.
• Current liabilities declined. In essence, this development was characterized by:
  • the elimination of liabilities held for sale (€ –2,157 mil­lion) as a result of the sale of DB Arriva and
  • lower trade liabilities (€ –354 million), among others in the Integrated Rail System.
  • Higher other current liabilities (€ +456 million; among other things due to reporting date effects) as well as higher other provisions (€ +447 million), mainly due to additions for revenue discounts at DB Regional, had a partly compensatory effect.

The increase in equity has led to a shift in the structure of the liabilities side. In particular, the share of non-current liabili­ties declined.