Integrated Interim Report 2019 – Germany needs a strong rail system

Business performance

Revenues further increased

 

Revenues (€ million)

H 1

Change

2019

2018

absolute

%

 

Revenues

22,014

21,555

+ 459

+ 2.1

  Special items

– 1

– 7

+ 6

– 85.7

Revenues adjusted

22,013

21,548

+ 465

+ 2.2

  Changes in the scope of consolidation

– 43

– 43

  Exchange rate changes

– 44

– 44

Revenues comparable

21,926

21,548

+ 378

+ 1.8

Revenues continue to develop positively. The primarily price and performance-related increases were spread broadly across the business units.

On a comparable basis (adjusted for special items as well as changes in the scope of consolidation and exchange rate changes), revenues increased slightly less:

  • The special items in the first half of 2019 were not sig­­­­nif­­i­­­­cant. The decrease was mainly due to the lower revenue de­­­ductions related to ongoing infrastructure proceedings.
  • The effects of changes in the scope of consolidation re­­late to DB Arriva (€ 40 million) and DB Cargo (€ 3 million).
  • The effects of exchange rate changes applied to DB Schenker (€ 41 million) and DB Arriva (€ 3 million).

Predominantly positive revenue development of the business units

External revenues by business units 
(€ million)

H 1

Change

2019

2018

absolute

%

 

DB Long-Distance

2,310

2,177

+ 133

+ 6.1

DB Regional

4,361

4,325

+ 36

+ 0.8

DB Arriva

2,687

2,702

– 15

– 0.6

DB Cargo

2,141

2,112

+ 29

+ 1.4

DB Schenker

8,491

8,301

+ 190

+ 2.3

DB Netze Track

812

754

+ 58

+ 7.7

DB Netze Stations

303

297

+ 6

+ 2.0

DB Netze Energy

640

628

+ 12

+ 1.9

Other

280

252

+ 28

+ 11.1

Consilidation

–12

–12

DB Group adjusted

22,013

21,548

+ 465

+ 2.2

The revenue development of the business units was positive, aside from DB Arriva. DB Schenker, DB Long-­Distance and DB Netze Track had the greatest share of the growth.

Revenue structure unchanged

At the level of the business units, there were no significant changes in the revenue structure.

 

External revenues by regions 
(€ million)

H 1

Change

2019

2018

absolute

%

 

germany

12,457

12,204

+ 253

+ 2.1

Europe (excluding Germany)

6,836

6,745

+ 91

+ 1.3

Asia/Pacifikc

1,504

1,447

+ 57

+ 3.9

North America

947

885

+ 62

+ 7.0

Rest of world

269

267

+ 2

+ 0.7

DB Group adjusted 

22,013

21,548

+ 465

+ 2.2

Revenue development in the individual regions was positive:

  • In Germany, revenues increased noticeably. This in particular resulted from increases in DB Long-Distance and in the infrastructure. DB Regional and DB Cargo also grew.
  • Revenues in Europe (excluding Germany) benefited from positive effects, including volume increases at DB Schenker and the omission of operating restrictions in the first half of 2018 at DB Arriva. Among other things, development in rail transport in Great Britain had a negative effect.
  • Revenues in the Asia/Pacific and North America regions increased on account of exchange rate effects and as a result of the business development at DB Schenker.

Transition to the adjusted statement

of income (€ million)

H 1

Change

2019

Reclassifications

Adjust-
ment for
special
items

2019

adjsuted

2018
adjusted

absolute

thereof 
due to changes in the scope of con-
solidation
thereof
due to exchange-
rate effects
thereof
IFRS 16
effects

%

IFRS com-
pound-
ing/dis-
counting

Net invest-
ment income

PPA amorti-
zation

 Revenues

22,014

–1

22,013

21,548

+ 465

+43

+44

+ 2.2

Inventory changes and other internally

produced and capitalized assets

1,490

1,490

1,446

+ 44

+0

+ 3.0

Other operating income

1,118

–2

1,116

1,204

– 88

+1

+0

– 7.3

Cost of materials

– 10,877

1

– 10,876

– 10,743

– 133

–13

–18

+ 1.2

Personel expenses

– 8,998

96

– 8,902

– 8,423

– 479

–12

–18

+ 5.7

Other operating expenses

– 2,309

2

– 2,307

– 2,728

+ 421

–2

–6

+459

– 15.4

EBITDA/EBITDA adjusted 

2,438

96

2,534

2,304

+ 230

+17

+2

+459

+ 10.0

Depreciation

– 1,809

32

– 1,777

– 1,330

– 447

–13

–1

–439

+ 33.6

Operating profit (EBIT) | EBIT adjusted

629

32

96

757

974

– 217

+4

+1

+20

– 22.3

Net interest income |
Operating interest balance

– 345

11

1

– 333

– 315

– 18

–1

–0

–33

+ 5.7

Operating income after interest

284

11

32

97

424

659

– 235

+3

+1

–14

– 35.7

Result from investments accounted 
for using the equity method | 
Net investment income

– 4

4

8

– 8

– 100

Other financial result

– 3

–11

–4

– 18

– 13

– 5

–3

–3

+ 38.5

PPA amortization of customer contracts

–32

– 32

– 30

– 2

–0

+ 6.7

Extraordinary result

–97

– 97

– 64

– 33

–0

+ 51.6

Profit before taxes on income

277

277

560

– 283

+0

–2

–14

– 50.5