Development in the first half of 2019
- Price increases in primary energy markets.
- Decline in demand for electricity and diesel products.
- The growth in sales prices drives significantly positive operating profit development.
DB Netze Energy | H1 | Change | |||
2019 | 2018 | absolute | % | ||
Supply reliability 1) (%) | 99.99 | 99.99 | – | – | |
Traction current | 4,031 | 4,146 | – 115 | – 2.8 | |
Traction current pass-through | 717.9 | 842.6 | –124.7 | –14.8 | |
Stationary energy | 7,268 | 8,885 | – 1,617 | – 18.2 | |
Diesel fuel (million l) | 208.3 | 214.3 | – 6.0 | – 2.8 | |
Total revenues (€ million) | 1,410 | 1,383 | + 27 | + 2.0 | |
External revenues (€ million) | 640 | 628 | + 12 | + 1.9 | |
EBITDA adjusted (€ million) | 65 | 47 | + 18 | + 38.3 | |
EBIT adjusted (€ million) | 23 | 12 | + 11 | + 91.7 | |
Gross capital expenditures (€ million) | 67 | 81 | – 14 | – 17.3 | |
Net capital expenditures (€ million) | 23 | 40 | – 17 | – 42.5 | |
Employees as of Jun 30 (FTE) | 1,747 | 1,734 | + 13 | + 0.7 | |
1) Provisional non-rounded values.
The high level of supply reliability was maintained.
Volumes declined:
- Particularly DB Group customers required less traction current in the first half of the year. A main factor was thereby the development in freight and regional transport.
- In addition to aperiodic effects, lower demand of nonGroup customers resulted in a decrease of pass-through traction current volumes.
- In the area of stationary energy, sales volume declined noticeably. Most relevant was a volume decline from short-term portfolio optimizations in the energy market. An additional effect had the decline in the operating business in the industrial customer segment.
- The slight drop in demand for diesel fuel was caused by growth at DB Group customers in freight and regional transport.
The economic development was clearly positive. Particularly the price-based increases on the income side significantly exceeded the higher purchase prices at the primary energy markets with the effect that operating income figures improved.
- Due to higher sales prices for traction current and stationary energy, revenues were higher compared to the first half of 2018. The decline in demand particularly in the areas traction current and stationary energies was compensated overall.
- The decrease in other operating income (–28.6%/€ –8 million) was the result of lower income from the release of provisions and lower insurance income.
On the expense side, the higher energy purchase prices were noticeable:
- Cost of materials increased (+1.4%/€ +17 million). Negative effects from increased primary energy prices for electricity and mineral oil products were only slightly compensated by a decrease in purchased volumes.
- Personnel expenses (+ 4.9%/€ + 3 million) increased mainly as a result of collective bargaining agreements.
- The significant decrease in other operating expenses (–25.3%/€ –19 million) is first and foremost the result of IFRS-16 effects (with an offsetting effect in depreciation).
- Depreciation (+20.0%/€ +7 million) increased due to IFRS 16 effects.
Capital expenditure volume decreased. This was mainly the result of lower capital expenditures in new construction and declining retrofitting of traction current lines.
The number of employees grew slightly as a result of an increase in regulatory requirements.