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Deutsche Bahn
Interim ReportJanuary June 2011
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At a glance
Sd k s H1 Change
2011 2010 abote %
K e y f i n a n c i a l f i g u r e S [ miion]Revene 18,876 16,102 +2,774 +17.2
Revene comparabe 17,280 16,102 +1,178 +7.3
Proit beore taxe on income 665 369 +296 +80.2
Net proit 64 8 392 +256 + 65.3
EBITDA adjted 2,559 2,197 +362 +16.5
EBIT adjted 1,133 846 +287 +33.9
Non-crrent aet a o Jne 30, 2011/ Dec 31, 2010 43,961 44,530 569 1.3
Crrent aet a o Jne 30, 2011 /Dec 31, 2010 8,092 7,473 + 619 +8.3
Eqity a o Jne 30, 2011/ Dec 31, 2010 14,408 14,316 + 92 + 0.6
Net inancia debt a o Jne 30, 2011/ Dec 31, 2010 17,290 16,939 +351 +2.1
Tota aet a o Jne 30, 2011/ Dec 31, 2010 52,053 52,003 + 50 + 0.1
Capita empoyed a o Jne 30 31,672 28,738 +2,934 +10.2
ROCE in % 7.2 5.9
Gro capita expenditre 2,689 2,502 +187 +7.5
Net capita expenditre 1,049 865 +184 +21.3
Cah o rom operating activitie 1,075 1,286 211 16.4
K e y p e r f o r m a n c e f i g u r e S
R A I l P A s s E N G E R T R A N s P O R T 1)
Paenger (miion) 972.5 954.1 +18.4 +1.9
Vome od (miion pkm) 38,045 38,098 53 0.1
Vome prodced (miion train-path km) 331.1 334.0 2.9 0.9
R A I l f R E I G H T T R A N s P O R T
freight carried (miion t) 207.8 203.2 + 4.6 +2.3
Vome od (miion tkm) 56,784 52,588 + 4,196 + 8.0
Capacity tiization (t per train) 516.3 499.6 +16.7 +3.3
R A I l I N f R A s T R u C T u R E
Train kiometer on track inratrctre (miion train-path km) 521.4 508.5 +12.9 +2.5
thereo non-Grop ctomer 108.3 94.4 +13.9 +14.7
station top (miion) 71.7 71.2 + 0.5 + 0.7
thereo non-Grop ctomer 12.0 10.9 +1.1 +10.1
B u s T R A N s P O R T 1)
Paenger (miion) 408.5 408.7 0.2
Vome od (miion pkm) 4,720 4,776 56 1.2
Vome prodced (miion b km) 323.1 323.2 0.1
f R E I G H T f O R w A R D I N G A N D l O G I s T I C s 2)
shipment in Eropean and tranport (thoand) 47,515 39,372 + 8,143 +20.7
Air reight vome (export) (thoand t) 583.2 586.8 3.6 0.6
Ocean reight vome (export) (thoand TEu ) 837.3 800.1 +37.2 + 4.6
o t h e r f i g u r e S
Empoyee a o Jne 30, 2011/ Dec 31, 2010 282,612 276,310 + 6,302 +2.3
Rating Moody/standard & Poor/ fitch Aa1/AA/AA Aa1 /AA/AA
1) Excluding Arriva.2) Preliminary figures.
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Chamans ltt
Dear ladies and gentlemen,
Today we can look back with satisaction on a successul rst hal year. We were not only successul in ourbusiness activities. We also made major progress in our eforts to improve the level o quality and service we
provide to our customers, and we made advances in the ecological sustainability o our operations.
Due to the recovery seen in the transport, reight orwarding and logistics markets we were able to increase
our revenues by 17 percent to 18.9 billion euros on a comparable basis by 7 percent to 17.3 billion euros while
our adjusted EBIT fgure rose by 34 percent to 1.1 billion euros. Developments noted at the DB Schenker
business units was particularly dynamic as they more than doubled their adjusted EBIT gure in
total. Furthermore, we exceeded the pre-crisis level in rail passenger transport, with DB Bahn
Regional, in particular, recording successul results or the frst ha l year. We were able to win about
70 percent o the train kilometers awarded in the ercely competitive regional transport market.
This success did not just happen by itsel. The our initiatives we launched in 2010 have driven
our eforts to successively improve our core business, both undamentally and sustainably.
Within the ramework o our Customer and Quality initiative and our Capex initiative we will invest6 billion euros in our inrastructure in the year 2011. We will bundle about 700 construction sites
in 60 corridors. This wil l involve the renewal o more than 1,600 switches, about 2,300 kilometers
o track and 2.5 million tons o ballast. The goal o these exte nsive measures is to increase punct uality
and decrease traveling time. We also made progress in modernizing stations in numerous cities.
Within the ramework o our Engineering initiative we achieved a major milestone by realigning
responsibilities in the area o new vehicles. In May the Federal Transport Minister presented the
Railway Vehicle Handbook Guidelines or Manuacturing and Cer tifcation, which we prepared in collabora-
tion with the Federal Ministry o Transport, the Federal Railways Agency, and the railway industry. This
handbook establishes the new legal oundation or the extensive procurement o vehicles that will take place
in the coming years.
The ICx will be the rst vehicle that we will procure on the basis o the new handbook. In May we signed the
necessary contracts with Siemens or the purchase o up to 300 o this new generation o long-distance trains amilestone o our Capex initiative and the biggest purchase o vehicles in the history o Deutsche Bahn. In addition,
we also invested in regional trains and reight trains. These capital expenditures not only beneft our c ustomers;
they also benet the environment, as t he next generation o vehicles uses up to 30 percent less energy. And in
addition to lower CO2 emissions, we will also reduce the level o noise. We signed an agreement with the Federal
Ministry o Transport wherein we agreed to the key issues related to retroftting all rail reight cars with low-noise
brakes, which are also known as whisper brakes. Thereby we will reduce noise by about 50 percent.
We also scored successes with our Market initiative: we not only won numerous tenders in regional transport, we
also signed added important new major customers in the automotive sector or our transport and logistics business.
The good results recorded in the rst hal o the year are due to the untiring eforts o our employees as well
as the continued trust o our c ustomers. On behal o the entire Management Board o Deutsche Bahn AG I would
like to take this moment to express my deepest thanks to them.
Sincerely yours,
Dr. Rdiger Grube
CEO and Chairman
o the Management Board o
Deutsche Bahn AG
dr. rdiger grube
CEO and Chairman of
the Management Board
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2 | DEUTSCHE BAHN GroUp
ACCOrd reACHed iN WAge NegOTiATiONS ANdSeCTOr-Wide WAge AgreeMeNT
We eached ageements in the wage negtiatins with bth the
rail and Tanst Wes Unin (EVG) as well as the Geman
Lcmtive Dives Unin (GDL). We wee als able t negtiate
a sect-wide wage ageement cveing the eginal ail as-
senge tanst with EVG and the six lage ivate ailways. This
ageement t efect n Febua 1, 2011 APage 34 f.
FederAL SuPreMe COurT deCiSiON CLAriFieS
THe gerMAN regiONAL TrANSPOrT MArKeT
The German Federal Supreme Court made a principle policy
decision in early February 2011 in regards to the tendering
procedures in the German regional transport market, in such
as it has determined that the cartel procurement law mandates
a duty to tender as a matter o principle APage 17 f.
db grOuP SuPPOrTS FiFA WOMeNS WOrLd CuP
We supported the FIFA Womens World Cup Germany 2011 as
national sponsor and as the ocial provider o mobility and
lgistics sevices. Just as we did duing the FIFA Wld Cu 2006,
all elevant aeas f DB Gu wee invlved and made an im-
tant cntibutin t the success f this sts event. Amng the
things, we tansted fans fm all ve the wld cmftably
and eliabl t the match venues via tains and buses and als
vided lgistical sevices.
diVeSTMeNT OF ArriVA deuTSCHLANdCONCLuded
At the end f Febuay 2011, we cncluded the Aiva acquisitin
by divesting the Aiva Gemany Gu t a cnstium led by
Fevie dell Stat alng with the invest Cube Infastuctue.
CONTrACT FOr COLOgNe dieSeL
NeTWOrK WON
In the frst hal o 2011 we won 69% o the train kilometers
(train km) awarded in the regional rail passenger transport.The largest tender won was the Cologne diesel network with
7.2 million train km annually with service starting in December
2013 APage 18 f.
iNVeSTMeNTS iN NeW LOCOMOTiVeS
In April 2011 we signed a ramework order agreement or the
delivery o up to 200 diesel locomotives or use in passenger
and eight tanst. The cntact will emain valid until 2020.
greeN LigHT FOr THe NeW iCX
In May 2011 we awarded a billion euro contract to Siemens to
build u t 300 new lng-distance tains. We immediately deed
130 tainsets m the amew de ageement cveing u
t 300 ICx tains that is valid until 2030 APage 17.
Mao vnts
AT A gLANCe u2CHAirMANS LeTTer 1MAjOr eVeNTS 2iNTeriM grOuP MANAgeMeNT rePOrT (uNAudiTed) 3oVErVIEW 3
BUSINESS AND oVErALL CoNDITIoNS 5
BUSINESS pErForMANCE 1 1
DEVELopMENT oF BUSINESS UNITS 17
FINANCIAL SITUATIoN 30
EMpLoyEES 34
ADDITIoNAL INForMATIoN 35
rISk AND opporTUNITIES rEporT 36
EVENTS AFTEr THE BALANCE SHEET DATE 37
oUTLook 38
CONSOLidATed iNTeriM FiNANCiALSTATeMeNTS (uNAudiTed) 41CoNSoLIDATED STATEMENT oF INCoME 41
rECoNCILIATIoN oF CoNSoLIDATED CoMprEHENSIVE INCoME 4 1
CoNSoLIDATED BALANCE SHEET 42
CoNSoLIDATED STATEMENT oF CASH FLoWS 44
CoNSoLIDATED STATEMENT oF CHANGES IN EqUITy 45
SEGMENT rEporTING By BUSINESS SEGMENTS 46
NoTES To THE CoNSoLIDATED INTErIM
FINANCIAL STATEMENTS 48
CONTACTS u3FiNANCiAL CALeNdAr u3
CONTeNTS
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Intim Gup managmnt pt (unauditd)
overvIew
a Transport and logistics markets continue to recovera Additional notable gains posted for revenues and profita Slightly improved outl ook for 2011 financial year
Recovery continues
Selected key fgures [ million ] H 1 Change
2011 2010 absolute %
Passengers rail and bus 1) 1,381 1,363 + 18 + 1.3
Volume sold rail passenger transport (million pkm) 1) 38,045 38,098 53 0.1
Volume sold bus transport (million pkm) 1) 4,720 4,776 56 1.2
Volume sold rail reight transport (million tkm) 56,784 52,588 + 4,196 + 8.0
Train kilometers on track inrastructure (million train-path km) 521.4 508.5 + 12.9 +2.5
Shipments in European land transport (thousand) 2) 47,515 39,372 + 8,143 +20.7
Air reight volume (export) (thousand t) 2) 583.2 586.8 3.6 0.6
Ocean reight volume (export) (thousand TEU) 2) 837.3 800.1 + 37.2 + 4.6
Revenues 18,876 16,102 +2,774 + 17.2
Revenues comparable 17,280 16,102 +1,178 + 7.3
EBITDA adjusted 2,559 2,197 + 362 + 16.5
EBIT adjusted 1,133 846 +287 + 33.9
Net proft 648 392 +256 + 65.3
ROCE (% ) 7.2 5.9
Net fnancial debt as o Jun 30, 2011 /Dec 31, 2010 17,290 16,939 + 351 +2.1
Gross capital expenditures 2,689 2,502 + 187 +7.5
Net capital expenditures 1,049 865 +184 +21.3
1) Excluding Arriva.2) Preliminary igures.
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ws c gi bl s sigic icss i vl sld
i ci sgs d syd ck gwh i c
ic vi h id dyic. this lid i
icl Arail reight transport as well as our worldwide
transport and logistics activities[1], which cid b
vbl glbl cic dvl. Dvl
d i igh civiis i h s hl 2011
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ig civiis aiv shwd glly sbl c.
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h s hl 2011 d bds gd by isiv
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s.
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h DB Schk Lgisics bsiss i w ls cd i
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iclsi aiv, Biish ssg s cy, which
ws clly cqid h d ags 2010, gd
sigic cibi vs b 1.5 billi.
Fh, llwig his cqisii, chgs w d
h ADB Groups organizational structure[6] which k
c s Jy 1, 2011.
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th vllAdevelopment o profts[1] ws vbl i h
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s y g id.
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Customer and Quality Initiative[7] i h s hl 2011. o
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[8] s d w div by ss i h Cx iiiiv.
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h h g sd Dcb 31, 2010 d h s i
y 500 illi dividd h Fdl Gvby DB G.
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ws bl bi ls c ig cil db
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Assessment of the economic situation
by the Management Board
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xcis b h hs sd i h 2010 al
r.
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dis d cil db s disclsd i 2010 al
r g 135.
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Changes in the Management Board
and the Supervisory Board
n chgs ccd i h bshi sc ih h
mg Bd h Svisy Bd dig h id
d viw.
Business environment
MANAGEMENT BOARD ASSESSMENT
OF THE BUSINESS ENVIRONMENT
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th id d viw ws ls kd by isig ics
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h h d h ig id d i Jly 2011.
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sd by vbl dvls i h lb k d
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h s hl 2010.
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il igh s bsiss.
o wldwid s d lgisics civiis ls b
d h ciig vbl cic cdiis.
OVERALL CONDITIONS CONTINUE
TO DEVELOP FAVORABLY
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idividl cis ws vy ixd. ecic s
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h h cisis lvl s h s 2008 hd
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ic c s by 5.2% (cld djsd by 4.9% ),
BUSINeSS AND overALL CoNDITIoNS
a Economic environment remains favorablea Modest development noted in rail passenger transporta Rail freight and land transport post strong growth
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6 | DeutSCHe BaHn Group
which ws h highs lvl cdd sic G ici.
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dci s s high dd d cs idsis
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illy i cis h wk lvls s i h sy g id.
EURO GAINS RELATIVELY TO THE US DOLLAR
ecic dvl vid bh sids h alic
dig h s hl 2011. Whil h l cy i e,
wih Gy s is cic lciv, cid cv
h cs h cic d cil cisis, cic
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lyd ky l i h dvl h /uS dll (uSD)
xchg s. Whil h e Cl Bk (eCB) ldy
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xcdd is g lvl, h uS cl bk (h Fd) cid
is licy qiiv y sig. as sl, h
dvcd uSD 1.34 h bgiig h y 2011
ls uSD 1.45 h iddl 2011. th xchg h
bgiig 2010 ws uSD 1.44, which ws div dw by isig
ciy uSD 1.22 h iddl 2010.
BOND MARKETS STILL MARKED BY
SOVEREIGN DEBT CRISIS
th vbl dvl h G cy ld icsd willigss ivss k isk dig
h id d viw. D icsd xcis high
ii, s wll s h eCBs icss i is ky is ,
h k yild y G Fdl bds (Bds)
s ly 3% h bgiig 2011 3.5% i ail
2011. D h h wsig h cic sii i
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ss, bd ivss willigss ivs i svig bds
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gi by h d J 2011. th yild y Bds ll
csdigly ly 3% llwig h ili sc ckgs which w sblishd wih h ici
i h eu d h Iil my Fd i h
s hl 2010 ssis cis h w hvig difclis
ig hi cil bligi h cld cl h
ks. I cjci wih h svig db cisis, bds
issd by sil bdis, bv ll h e ui
wih is vis sbiliy ds, hv gid ic.
th vl w c bd isss i h ez
id livly lw lvl b 80 billi dig
h s hl 2011 . my cis hd sfci liqidiy
d did d iss w bds. Ivss icsd
i isk ws wih g isss issd by lsscdiwhy cis. ths kids cis hd vi
sly b cd sbsilly high isk is
hi isss dig h s hl 2010.
Political environment
REGULATORY ENVIRONMENT FOR
RAIL TRANSPORT IN GERMANY
Dig h id d viw h Fdl nwk agcy
elciciy, Gs, tlcicis, ps d rilds (Bds
zg elkizi, Gs, tlkiki, ps d
eisbh; Bnza), s wll s h Fdl rilwys agcy
(eisbhbds; eBa) cid gl ccss
h ilwy isc i Gy d i bsvc
gidlis gdig h bdlig isc d
s svics wihi hi sciv s ssibiliy.
reGuLatIon oF prICeS For traCtIon
Current tranSmISSIon LIneS
I l lig d nvb 9, 2010, h G Fdl
S C ld h s h s ci c
sissi lis b gld i ccdc wih gy
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| [1]A Page 37 | [2]A 2010 Annual Report Page 65
idsy lw. thy h d b vd by h Bnza.
DB egi GbH will hv sblish cds h
chsiv ig css qid by gy idsylw i d h gly qis. o ail 1,
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ll 2011. this will i i d wh x ics
cig ci c will chg.
enerGY proVIDerS reCeIVe aCCeSS
to StatIon Current netWor KS
o ocb 27, 2010 Bnza dd DB egi GbH
gds iss llw hid y gy vids ccss
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2011. DB egi GbH ld h dcisi. th is d
i sl ail 6, 2011 b h High rgil
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will is si c wks hid y vids
s Dcb 31, 2011. th ili h lgl
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dici DB egi GbH.
neW StatIon prICInG SYStem IntroDuCeD In 201 1
o Jy 1, 2011 DB Si&Svic aG idcd w
si icig sys. th Bnza hd visly issd lig gdig h xisig sys whi hy ld
wh hy blivd w si ics h w csis
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h Bnzas dds. this h h Bnza did
bjc h idci h w ics. Hwv, ddi
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i icl gdig h c kig h lgh is
i cc, w qid d s b sbid i 2011.
th Bnza d DB Si&Svic aG i discssis
gdig his. addiilly, ic sys dicis c
b ld .
CompreHenSIVe reVIeW oF traIn patH prICInG SYStem
th Bnza iiid cl viw h i h icig
sys (tpS) wih qs ii dd J 8, 2011.
this hd visly b cd i h agcys jc
l viw h tpS his y. th qsii ws cld
wihi h ddli. th cd, sill i is ly sgs, is
vchig ic bcs i xis h i tpS
sc.
DeCISIon reGarDInG CapaCItY utILIZ atIon FaCtor
th cciy ilizi c is l h tpS d
svs s l g blck siis. o Fby 4,2011, Bnza s qs ii gdig his icig
l. th DB nz aG i hi ily ss sd h
high ic cciy id cl syss i icig
syss. I ly Jly 2011 h gcy d Adecision
regarding the admissibility o the capacity utilization[1].
FURTHER DEVELOPMENT OF RELEVANT
LEGAL FRAMEWORK
reCaSt Ver SIon oF FIrSt r aILWaY paCKaGe
o Sb 17, 2010 h e Cissi sbid
sl h Arecast[2] h s e ilwy
ckg. th lwkig css is cly dwy (sdig h lw) i h Ccil d h e pli.
o J 16, 2011, h Ccil dcidd i v gl i
i h cs. th e li is xcd
dcid by h ll 2011. I is icid h h diciv will
b ssd dig h s hl 2012. W wlc h cs
s i cibs wds h ci i cdiis
il s css e. I is, hwv, i s
h disi cch h il
iddc h i ig cis h b
ss bdgy ws ks lc.
reGuLatIon For a european raIL FreIGHt
tranSport netWorK
o nvb 9, 2010 h eu gli eu n. 913/2010 gdig
h Acreation o a European rail network or more compet-
itive reight transport[2] k c. I Jly 2011 h eu C
issi will blish hdbk gid h ili
h gli. ths gidlis, hwv, d s
lglly bidig ii h gli. thi s
is vid ivlvd isc s b d
sdig h cicl ilicis h gli by givig
h cdl dsciis d iscis hi cis.
th hdbk is cv ll scs h gli,
sch s gvc, cciy svis, csci
clg cks d dissii. I is ciicl h isc
s c i hi sc il dcisi
kig by dvlig i slis h cc
h vis gil, il d scic cicscs i hi
wks. oly sfci xibiliy c g il
ilizi wk cciis h ss h h ds
igh s s wll s gil d lg disc s
sg s .
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8 | DeutSCHe BaHn Group
eu CommISSIon tranSport poLICY
StrateGY tHrouGH to 2020
o mch 28, 2011, h eu Cissi blishd w Whip rd Sigl e ts a twds
ciiv d sc fci s sys whi
hy dd hi gls d j is hsis hgh
h y 2020. th Whi p is idd ld cc
(lgisliv) ss.
o h gls is cl sigl e ilwy
by liiig chicl, diisiv d lgl hidcs
k ccss. th l h e rilwy agcy (era)
shld cilly b xdd i d lw h k
ccss bis sd by sciy qis d h lck
ibiliy. evilly idly livs d
fc b sghd by csig ssibl biliyd biis cli ci gls s wll s b lizig
h fcicy dvgs il s. W wlc h gl
shi b 30 % d igh s vlig h
300 kils v il d wwys il h y 2030
d i is hd h h 50% c b id by h y
2050. th gl ssg s is shi h jiy
is di discs v il. as sl, high iiy
is giv h d ld xsi h isc d
h gd liii blcks. th Cissi is
lkig is ds il, iil, eu d iv
scs c hs gls. Fh, bscls i
cii hidig il s, sch s h x xi j l, shld b liid d likg bw vis
ds s shld b ivd.
Developments in the relevant markets
th llwig k dvls d d bsd i
ily liiy ii s wll s w sssss
d clclis, wih h xci h c d
h is DB G.
PASSENGER TRANSPORT
German paSSenGer tranSport marKet
th sg cic swig i Gy, cbid wih
vbl lb k dvl d ic dvl,
hs ls vivd dd i h G ssg s
k. F h idividl ds s, hwv, dvl
ws ls sgly shd by h issi i
is d i h s hl 2010 (sv wi wh, sh
clds d ils sik), wih csdigly vbl cs
izd idividl d i s, s wll s giv
cs il s. addiil bds s il s
i h s hl 2011 i h lb diss dicsd csci civiy i h wk. as sl,
dd i h il ssg s k i Gy
sgd i h id d viw.
n G ilwys gis slig sccsss i
d cds w bly dd by h s sik
dys.
Dsi h isig b ssgs h vl sld
by cis id slighly lw h i h sciv
vis ys id. a h s i, h dvl ws
vy di gil d lg disc s. Whil
gil s sw ivd c wk s
i h vis y, dd dcsd lg disc s . Whil i h s hl 2010, liiis sd by
idl cis d sv wi wh d ls
svics d sik by ils, s wll s clds vlcic
sh csd s b shid il, h ivd c
ic wk cdiis d gis icig d
ss w sfci cs h bsc
hs cig cs. I ddii, h sssi
dy iliy svic ls hd dig c.
I blic d ssg s, dd ws lw h
h s y g g, s ws ls h cs i vis ys.
Whil dvl glly schdld svics cis
b bdd by h dcliig bs schlchild, schdld s is xcd s slw dcli d
h ivd ic sii d h h ics i iv
csi i cis wih h s y g g.
mizd idividl s s dly i h id
d viw, sg gwh h s h y. th
vbl ics h cic cvy d h
sg ics i wly gisd cs s h wd
ics i l ics, which c gi s by dbl digis
(xily 11 %). th ic disl l icsd
bv vg .
Vl sld i dsic G i s h
dcli i h s hl 2010 d h sv wi, h
ils sik d bv ll h vlcic sh clds c gi
sw sg ics i h id d viw. ovll, h
vbl bs cs d h ivd cic wk
cdiis w bl sbsilly vcs h
dig c h i s chg idcd i
Jy 2011.
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9| InterIm Group manaGement report
european paSSenGer tranSport marKet
a sbdd dvl i h vis y, h cic
cvy sill ly gdlly d isl l h ssgs ks i e dig h s hl 2011. Dsi
gil dics, hwv, h vll d ws vbl.
I s h jb ks, 19 h 27 eu b ss
d dcli i h ly . I l, dd
i h vll e il ssg s k i h
id d viw id b h s lvl s i h
vis y.
agis h bckgd cid liblizi, ics
igly is cii d isig cs ss h
dig gizis, h cslidi h e s
sg s ks is ls gssig. th liblizi
h il ssg s ks i e ws dildi h cly blishd ARail Liberalisation Index 2011[1].
th e il ssg s k ls cid
b shd by h igh vll sii i blic bdgs,
which is cig h dig gizis liz c
hsiv svigs ils. this iclly lis svl
sh e cis wh ssisc blic s
sg s cis b c. escilly h Ibi
isl, h vll cic cdiis id difcl.
Bcs lw dd, s high sd ccis w
big liid i Si. nhlss, r i Si, s wll
s FS i Ily, SnCF i Fc, CD i h Czch rblic d pKp
i pld w bl d icss i vl sld.Dsi h wk cic cvy i G Bii, h il
cis i h asscii ti oig Cis
(atoC) w bl ics hi vl sld. this is iily
d h vbl bs cs llwig h livly wk
dvl s i h s hl 2010. I cs, dcd
vls w sld by DSB i Dk, isc, s wll s
by s ilwys i Fild, pgl, ri d Slvi.
FREIGHT TRANSPORT AND LOGISTICS
German FreIGHt tranSport marKet
th sgly vbl ilss h G igh s
k, csd by h cic vi, w icd
i h s q 2011 i icl, by h vbl bs
cs llwig h wk s h vis y d
sv wh cdiis. th cbly ild wi h
bgiig 2011 ld high gwh s, scilly i h
csci sc, d csdigly high s
dd. th sg sigicc h csci sc
d igh s csdigly ld bv vg
ics i ck vl sld. oc gi, igh ilwys ls
gw s h h vll k. I cs, h shdw h rhi wwy s d k ccid
sld i wk dvl i his sc.
th k is chcizd by is i d
idl cii, lg wih ic dvls h
c k wih h ccsilly sg cs icss. I
ddii, cciy shgs c gi giig sigicc
d high dd.
a h vl sld i il igh s i Gy
i h s hl 2010 icsd by ls 14 %, hy gi s
shly i h s hl 2011. th gwh ws iily div
by h cl, i d sl sc (m) d h dyic
dvl cbid s (Ct). Ct bd sg ig d d wd dsic dd. Hwv,
icss i h chicl d iv idsis ls vidd
wl ilss s dd. n G il c
is sw bv vg gwh slw s ls y,
d scilly s sl ss big shi d v il.
Vl sld by cis w ls sbsilly high
h i h s y g id, js d 6.5%.
a h livly d cvy ls y, ck s
sw sbsilly vbl dvl i h s hl
2011. I ddii h i csci sc, sg
ilss ls c h cl, i d sl, iv
d chi csci scs. accdig h d chgsisics h Fdl ofc Figh ts, dig
h id d viw vhicls gisd i h cis
c gi cdd sbsilly sg gwh h hi
G cis. this iclly lis cks
s e. Dsi h icsig cciy shgs,
cii is sg. I cjci wih h lg cs
icss scilly disl ics, which icsd v
sgly h i h s hl 2010 s cis
i sbjc s cs ss.
Fllwig dyic cvy, vl sld ild w
wy s cllsd h bgiig 2011, lgly bcs
h lg blckg h rhi. a h, h sii
ivd d h vbl cic cdiis, b ws
s by h cs h vy dy sig. Lw w lvls
c gi cd icbl sicis. accdigly, h
c dvl id sbsilly lw h
h sg gwh d d d il s.
| [1]A Page 36
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10 | DeutSCHe BaHn Group
european raIL FreIGHt tranSport
Bsd liiy ii, h dyic gwh e
il igh s cid i h s hl 2011.Vl sld shld c gi s sg ics, wih
gig gil dics.
a vl sld igh il s i pld s
by ls 20 % i h s hl 2010, cbl ics
ws gi cdd i h s hl 2011. this iily sld
h bv vg dvl i ild wwy s
. Whil x ss sbsilly dclid, i
d si ss icsd bly. I ddii h
sg cic cs, bs cs ls xcd
llwig h sg cs sig d ls
y. th s wd pKp Cg ws xcd gw by
b 20 % i h s hl 2011. pc DB Schkril plsk ivd dly d cs
ibl ss.
Vl sld i Fc dcs h 20 %
i 2009 d 6 % i 2010 shwd sigs cvy i h s
hl 2011. th vbl vll cic d ws icd
h by h bsc siks. Whil vl sld d
e Cg ril cid s sg gwh, dvl
d h s wd F SnCF ws clly cd by h
dcd sigl wg .
accdig c ii, dvl i G
Bii i h s hl 2011 ws chcizd by sg
cvy i h vll k. this dvl ws lgly
div by cl s, which c gi hd h highs
vl h dsic idl sc sssd h
hisiclly di cl s h d 2009. Vl
sld by DB Schk ril (uK) dvld i d wih h
k d.
european LanD tranSport
th sii i e ld s cid iv
i h s hl 2011. Whil h gwh slwd slighly
gis h bckgd dig cch cs llwig h
cic cisis, i sill id high.
Cciy shgs s i e ld s d
high dd. th slig high css shiig sc
c d h wd sg is i disl ics ld
bl ics i s css. as sl, s h
vids icsd hi ics. Hwv, h cid high
ciiv ss cis sic iis is
ics ccdigly.
aIr FreIGHt
a h sg cvy ls y, k gwh slwd bly
i h s hl 2011, wih b 2.5 %. th gisdvld vy dily. I h asi /pcic gi d i
aic, igh vls d hv b v lw h h
s y g g. I ddii h dig cch
cs llwig h cic cisis, his dvl is ls
sl h s i svl ab cis, h hqk
i J d h sg ics i il ics, which ls csd
sigic ics i s css. Hwv, igh s
dcsd s sl h sls shiig sc.
oCean FreIGHt
th c igh vl gw by b 4 5 % i h s hl
2011. as xcd, h k hs dvld slwlyh ls y, whil cch cs h cic cisis
ld cd gwh. Dsi his vbl dvl i
dd, h dcs cid i h c igh,
sic h shiig cis ddd cg cciy
y s h qid. rd s by h shiig
cis is ics w sccssl.
ContraCt LoGIStICS
th siiv bsiss cli cid i h cc
lgisics. this cld b s i h ssid k gwh
vy ci, wih asi sill shwig h highs gwh
s. Dd d i c idsis aiv,Cs Gds, elcics d Idsils cid
dvl vbly i h s hl 2011. I icl, h
aiv d elcics s cdd dbl digi
cg gwh.
RAIL INFRASTRUCTURE IN GERMANY
ti h dd cid shw siiv dvl
i h s hl 2011, d ws ls div by sg gwh
i il igh s. th b si ss ls
icsd slighly.
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| [1]A Page 34 | [2]A Page 34 f.
BUSINESS PERFORMANCE
a Strong increa se by about 17% in revenues to 18.9 billion (7% on a comparab le basis)a Adjusted EBIT has improved to 1.1 billion
a Noticeable effects due to integration of Arriva
Developments of revenues
R [ million ] H 1 Change
2011 2010 absolute %
DB Group 18,876 16,102 +2,774 +17.2
Eects rom changes in the scope o consolidation 1,535 +1,535
Eects rom changes in exchange rates 61 + 61
D B G r o u p c o m p a r a B l e 17,280 16,102 + 1,178 + 7.3
Gup vus i h pid ud viw gi icsd
sigicly cmpd wih h s hl 2010. this is p-
iclly ibbl h cid siiv dvl i
h glbl cmy d h sul ics i dmd
s d lgisics svics. psiiv vl d ic
cs i h isc hv ls b icbl i
his sc.
th cs chgs i h sc cslidi ls
hd csidbl ifc h dvl vs
i h s hl 2011. ths cs lms cmplly
ibubl h iclusi aiv, wih impc
1,529 illi vs. adjsd by cs ld h
chgs i h sc cslidi, v gwh md
7.7 %.
I ddii, w hv ls d i s-
iiv xchg cs ( l 61 milli), which mily
ld h DB Schk Lgisics bsiss i. th sg
gis h uS dll ws h s by wksss
cmpd wih h Swdish k d h ausli dll.
adjusd by h cs xchg chgs d
chgs i h sc cslidi, v gwh ws 7.3%.
Major changes compared with the first half of 2010
th dvl i xss d ic ws ls cd by
chgs d h sc cslidi dig h id
d viw.
th llwig chgs lv cmiv ss
bsiss i lvl d xlid h x qid
i h llwig ss:
a Sic Sb 1, 2010, h Biish aiv hs b llycslidd wih h xci h civiis aiv
Dschld which ws sld i Fby 2011, d is cid
d h wly sblishd DB aiv bsiss i.
a Sic Jy 1, 2011, h DB aiv bsiss i cmissh civiis aiv usid Gmy s wll s h
eup civiis i gil il pssg d i bus
sp which pviusly w p h DB Bh
rgil DB Bh ub bsiss is.
a th gs h s hl 2010 i h DB aiv bsissi h cmis ly h civiis which visly
hd b gd i h bsiss is DB Bh rgil
(d i icl DB rgi uK) DB Bh ub (d i
icl p Bs). th gs h s hl 2010 i
h DB Bh rgil busiss ui hv b djusd
ccdigly.
a Sic Jy 1, 2011, slly h gil s civiis(Bs d ril) DB G i Gy cid i h
DB Bh rgil busiss ui. th pvius DB Bh
ub bsiss i ws mgd wih h DB Bh rgilbsiss i s Jy 1, 2011. th gs h s
hl 2010 hv b djsd ccdigly.
a th hs b sisicl ics i h umb mlys d wg d sly yms s sl h
Aarrangement for reducing standard working hours[1]
vidd i h Acollective bargaining agreements
[2]. this ds c h DB aiv d DB Schk
Lgisics bsiss is.
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12 | DeutSCHe BaHn Group
th dvl i vs ws siiv vll h lvl
h bsiss is.
I h DB Bh Lg-Disc bsiss i, vs w
ghly chgd cd wih h s hl 2010.
th DB Bh rgil busiss ui bd m
psiiv dvlpm i vus i il pssg sp,
wh gwh ws ibbl ic d vlm cs. Bs
civiis w slighly high h h csdig vis
y gs.I h DB Schk Lgisics d DB Schk ril busi-
ss uis, l vus icsd s sul h ciud
psiiv dvlpm i h cmy d h ld psi iv
dvlpm i vlum sld.
I h isc, h dvl i vs
ws siiv i ll bsiss is.
I h DB nz tck bsiss i, l vs icsd
d high i h dmd d s sl ic mss.
I h DB nz Sis bsiss i, si s icsd
s sl vl d ic cs. High l d -
kig vs w ls gd.
I h DB nz egy bsiss i, h w siiv cs
d sg gy dmd i cjci wih high ics,
high vs m gy svics d li imizi.
th ics i vs i h DB aiv bsiss i is
d h cqisii aiv.
Dild imi ccig h dvlpm
h idividl bsiss is c b d i h ch A
Development of business units[1].
th busiss uis i pssg sp ccud 41 % xl vs (s hl 2010: 38% ). th DB Bh
Lg-Disc bsiss i ccd 9 % (s hl 2010:
11%) d DB Bh rgil ccud 23 % (s hl
2010: 26% ). th w DB aiv bsiss i is ssibl
9 % (s hl 2010: 1%). o h h hd, h DB Schk
Lgisics busiss ui ccud 39 % (s hl 2010:
42%), d h DB Schk ril busiss ui ccud
12 % (s hl 2010: 13 %). th mi vu div is sill
DB Schk Lgisics, llwd by DB Bh rgil.
| [1]A Page 17 ff.
Tta r by b t [ million ] H 1 Change
2011 2010 absolute %
DB Bahn Long-Distance 1,825 1,828 3 0.2
DB Bahn Regional 4,365 4,288 + 77 + 1.8
DB Schenker Rail 2,481 2,268 +213 + 9.4
DB Schenker Logistics 7,466 6,746 +720 + 10.7
DB Services 648 557 + 91 + 16.3
DB Netze Track 2,269 2,198 +71 + 3.2
DB Netze Stations 537 524 + 13 +2.5
DB Netze Energy 1,448 1,230 +218 + 17.7
Other 378 352 +26 +7.4
Consolidation 4,173 3,976 197 + 5.0
D B G R o u p ( e x c l u D i n G D B A R R i v A ) 17,244 16,015 + 1,229 + 7.7
DB Arriva 1,632 87 + 1,545
D B G r o u p 18,876 16,102 + 2,774 + 17.2
thereo concession ees (rail) 2,319 2,163 + 156 + 7.2
thereo concession ees (DB Bahn Regional) 2,173 2,147 +26 + 1.2
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th gil v disibi ls fcs h cs h
ciig siiv dvlm i h glbl cmy, slig
i vu gwh i ll gis, d ls fcs h iiil
iclsi aiv, which hd ic h sg dvl-
m h s eup. I Gmy, gwh i vus
(+5.6% ) ws vll wk h h gwh i h h gis
d h lss dymic dvlm i h ssg s
d i h isc bsiss.
rvs gd sid Gmy ccdigly icsd
hi sh G vs m 35 % i h s hl 2010
41 % i h id d viw.
Development of profits
th djsd dvlm i is dscibd i h llwig,
csidig cs chgs i h sc cslidi
d chgs i xchg s.
I li wih h siiv dvl vs d
ics i h pig icm, l icm xpdd
cibly i h s hl 2011. this ics ws ib-
bl ig cs s wll s cs chgs i h
sc cslidi d chgs i xchg s ghly
ql xs.
Cs ils i h s hl 2011 ws csidbly
high h i h csdig vis y id. this ws
d ily chsd svics i h DB Schk Lgisics
busiss ui which icsd s sul pic d vlum
cs. High css gy d ic d vl cs
s wll s h iclusi aiv ls hd impc i his
sc. th cg ics i cs mils ws high
h h gwh i ic, cbl bsis.
psl xss w high h i h s hl 2010.
this mily fcd h igi aiv d ls wg
icss.
th h ig xss icsd s sl vis
cs, icldig high css ig llig sck i h
DB Bh Lg-Disc d DB Schk ril busiss uis.
o blc, h dvlpm i djusd eBItDa ws vy
siiv i h s hl 2011 (+16.5 % 2,559 illi).
etra r by rg [ million ] H 1 Change
2011 2010 absolute %
Germany 11,069 10,480 + 589 + 5.6
Europe (excluding Germany) 5,550 3,635 + 1,915 + 52.7
Asia/Pacifc 1,120 969 + 151 + 15.6
North America 886 814 +72 + 8.8
Rest o world 251 204 + 47 +23.0
D B G r o u p 18,876 16,102 + 2,774 + 17.2
ert r adtd tatt [ million] H 1 2011 thr rthr
adtt1)
H 1 2010 Change
absolute %
Revenues 18,876 1,596 16,102 +2,774 + 17.2
Inventory changes and internally produced
and capitalized assets 1,143 3 1,019 + 124 + 12.2
Other operating income 1,185 59 942 +243 +25.8
T o T A l i n c o m e 21,204 1,658 18,063 + 3,141 + 17.4
Cost o materials 10,260 547 8,816 1,444 + 16.4
Personnel expenses 6,393 728 5,443 950 + 17.5
Other operating expenses 1,992 232 1,607 385 +24.0
e B i T D A A D j u s T e D 2,559 151 2,197 + 362 + 16.5
Adjusted EBITDA margin (%) 13.6 13.6
Depreciation 1,426 114 1,351 75 + 5.6
e B I T a D j u s T e D 1,133 37 846 + 287 + 33.9
Adjusted EBIT margin (%) 6.0 5.3
1) Adjustments o eects rom changes in the scope o consolidation and changes in exchange rates.
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14 | DeutSCHe BaHn Group
| [1]A Page 26
o cmpbl bsis, dpcii ws ughly uchgd
cd wih h s hl 2010.
adjsd eBIt ls ivd cibly i h s hl 2011 (+33.9% 1,133 illi). accdigly, h djsd eBIt
gi icsd 6.0 % i h s hl 2011.
sa t [ million] H 1 2011
Expenses in connection with the closure o the
joint power station Neckarwestheim I
3 1
Amortization customer agreements 3 7
Other 11
ToTal 57
as ws h cs i h id d viw, h dvl
eBIt ws ls hdly cd by spcil ims i h c-spdig pvius y pid. I h s hl 2011, h
spcil ims w giv ( l 57 milli), whs
hy w psiiv i h pvius y ( +29 milli). th
scil is i h s hl 2011 ily ld xss
i cci wih h Aclosure of the joint power station
Neckarwestheim I[1] s wll s h izi csd chis gms which will b mizd by aiv v
h iig h sciv gs s sl
big cpilizd s igibl sss s p h puchs
ic llci (ppa) css.
sa t [ million ] H 1 2010
Release o provisions or technical risks 35
Other 6
ToTal 29
I h s hl 2010, spcil ims mily ld h
pil vsl pvisis chicl isks ( 35 milli)sulig m h gm gdig h plcm
h ICet xls.
Bcus h spcil ims w ly mi sigicc i
l, h dvlm i h djsd mss i h
pid ud viw ws cd by h sm divs which
cd h djsd mss. this ms h h mi
cs ibubl h sg pig dvlpm
d h igi aiv.
as sl h siiv dvlm i ig sls
d iv 95 illi i cil sl, h hs
ls b csidbl iv i b xs
icm ( +296 milli). Cmpd wih h cspdig
vis y id, h xs ic sii hs di-
d by 40 illi.
n icsd ccdigly by 256 milli 6 48 milli
(s hl 2010: 392 illi).
th sl ibbl iiy iss d
6 milli (s hl 2010: 6 milli). th dvlpm
which hs b dscibd hs hs sld vll i qlly
sg ics i h ibbl h shhlds
DBaG ( 642 milli; s hl 2010: 386 milli). this
hs ls sld i ics i igs sh 1.49 i
h id d viw (s hl 2010: 0.90).
ert r tatt [ million ] H 1 Change
2011 2010 absolute %
Revenues 18,876 16,102 +2,774 + 17.2
Inventory changes and internally produced and capitalized assets 1,143 1,019 + 124 + 12.2
Other operating income 1,204 977 +227 +23.2
T o T A l i n c o m e 21,223 18,098 + 3,125 + 17.3
Cost o materials 10,291 8,816 1,475 +16.7
Personnel expenses 6,393 5,443 950 + 17.5
Depreciation 1,463 1,351 112 + 8.3
Other operating expenses 2,000 1,613 387 +24.0
e B i T 1,076 875 + 201 + 23.0
Financial result 411 506 + 95 18.8
p R o f i T B e f o R e T A x e s o n i n c o m e 665 369 + 296 + 80.2
Taxes on income 17 23 40 174
N e T p r o f I T 648 392 + 256 + 65.3
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15| InterIm Group manaGement report
operating income by business units
eBiTDA adtd by b t [ million ] H 1 Change2011 2010 absolute %
DB Bahn Long-Distance 227 261 34 13.0
DB Bahn Regional 753 724 +29 + 4.0
DB Schenker Rail 199 127 +72 + 56.7
DB Schenker Logistics 255 197 + 58 +29.4
DB Services 155 149 + 6 + 4.0
DB Netze Track 732 708 +24 + 3.4
DB Netze Stations 186 184 +2 + 1.1
DB Netze Energy 65 82 17 20.7
Other/consolidation 164 238 + 74 31.1
D B G R o u p ( e x c l u D i n G D B A R R i v A ) 2,408 2,194 + 214 + 9.8
DB Arriva 151 3 +148
D B G r o u p 2,559 2,197 + 362 + 16.5
eBiT adtd by b t [ million ] H 1 Change
2011 2010 absolute %
DB Bahn Long-Distance 46 80 34 42.5
DB Bahn Regional 477 449 +28 + 6.2
DB Schenker Rail 58 19 + 77
DB Schenker Logistics 170 110 + 60 + 54.5
DB Services 80 74 + 6 + 8.1
DB Netze Track 262 237 +25 +10.5
DB Netze Stations 124 123 + 1 + 0.8
DB Netze Energy 24 40 16 40.0
Other/consolidation 179 245 + 66 26.9
D B G R o u p ( e x c l u D i n G D B A R R i v A ) 1,062 849 + 213 + 25.1
DB Arriva 71 3 + 74
D B G r o u p 1,133 846 + 287 + 33.9
a h lvl h bsiss is, h dvlm h djsd
ss ws ily siiv cd wih h c-
spdig pvius y pid. Gwh i eBItDa djusd
d eBIt djsd ws d ll bsiss is, wih h
xci h DB Bh Lg-Disc d DB nz egy
bsiss is.
th DB Bh Lg-Disc bsiss i d icss
i psl xpss du vlum d wg gm
cs i cjci wih cs vs. ovll, h,
h djsd ss dclid.
I h DB Bh rgil bsiss i, h gwh i l
css ws slighly lw h h gwh i icm (i icl
s sl h siiv dvl i ick vs), s
h h djusd p msus icsd i h pid
d viw.
as sl h sg gwh i vs d h h
siiv dvlm i h cmy i cjci wih blw-
vg gwh i css, h djusd p msus h
DB Schk ril d DB Schk Lgisics busiss uis
icsd sgly.
I h DB Svics bsiss i, h djsd mss
icsd s sl h high ic.
Dsi csidbl gwh i vs, h djsd
msus i h DB nz tck busiss ui icsd ly
slighly. this ws d h sigic ics i mic
css s wll s icss i sl xss d vl
d cllciv bgiig cs.
th DB nz Sis busiss ui pd viully
chgd djsd mss i h id d viw,
bcs h sligh ics i vs ws s by si
cs icss.
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16 | DeutSCHe BaHn Group
| [1]A Page 17 ff. | [2]A Page 13 f.
I h DB nz egy bsiss i, h djsd -
ss dclid s sl vis cs, icldig ddiil
gy css.th im oh/cslidi shwd djusd p
mss h w high h h csdig vis y
g. this is d cs limiig icmy s
d djusig is s h psl pvisis i
cci wih IaS 19.
th icss i h djsd ss i h DB aiv
bsiss is ibbl h cqisii aiv i h
scd hl 2010.addiil imi gdig h dvlpm i
pis h idividul busiss uis c b ud i
h chp ADevelopment of business units[1].
Value management
Roce [ million or % ] H 1 Change
2011 2010 absolute %
EBIT adjusted 1,133 846 +287 + 33.9
Capital employed as o Jun 30 31,672 28,738 +2,934 + 10.2
r o c e 1) (% ) 7.2 5.9
1) In order to calculate an ROCE on a ull-year basis, the igures or EBIT adjusted are extrapolated to the ull year on the basis o a linear projection.
th roCe icsd by 1.3 cg is i h s hl
2011. this fcs h csidbl ics i Aadjusted
EBIT[2].
th ics i cil mlyd is mily d h igi
aiv sic Sb 1, 2010.
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17| InterIm Group manaGement report
| [1]A 2010 Annual Report Page 129 | [2]A 2009 Annual Report Page 122
Passenger transport
MAJOR EVENTS
CHanGeS In tHe BuSIneSS unItS StruCture
a h cqisii aiv, w d djs h
g sc i pssg ts. th w DB aiv
bsiss i hs b s i h Bd divisi pssg
ts. Sic Jy 1, 2011, his bsiss i hs b
ssibl ll gil s civi is sid Gy.F his s, ll sks wih iil c, xcldig
css-bd svics, llcd h DBaiv bsiss i.
Sic Jy 1, 2011, ly gil s civiis i
Gy hv b d by h DB Bh rgil bsiss
i. th vis bsiss i DB Bh ub hs b gd
wih h DB Bh rgil bsiss i.
SHorter InSpeCtIon InterVaLS
For ICe 1 anD ICe 2 traInS
W gi xicd h sicis i h vilbiliy
h ICe i h id d viw. this is d h c
h DB Fvkh aG, wih h l dd Fby 16, 2011,clid wih h qs h eBa ls Areduce the
ultrasound inspection intervals or the multiple units ICE 1 and
2 by way o a voluntary agreement[1].
Fllwig liis wih cil hiis d idsy,
jc hs b iiid wih h i dvlig vibl
dl vidig chicl d sciic bckig d-
iig lsd isci ivls whl s xls.
repLaCement oF tHe aXLeS oF ICe 3 anD ICe t
I ocb 2009, w chd lly ccbl g
wih Sis d Bbdi wih gd h lc
h ICe 3 div whl ss. a h d Fby 2010,
g ws ls chd wih als cc ji
sli lcig ll whl ss h ICe t. th idsy
hs w villy cld h csss dvlig d
sig h w div whl ss h ICe 3. Hwv, h
vl cd wih h eBa is sill gig. th css
dvlig d sig h w div whl ss d ilig
whl ss h ICe t by idsy sill hs b d.
agi, h whl ss will sbsqly sill hv b vd
by h eBa.
a h vl hs b bid, h ili
css wih h csdig schdl lc will
b cid jily bw slvs d h idsy. I
l, h lc css fcs d 1,200 div whl
ss h ICe 3 d d 2,100 div whl ss d ilig
whl ss h ICe t. th css qiig ll ICe 3 d
ICe t is wih h w xls is xcd b cld i
2014 (ICe 3) d 2015 (ICe t).
neW HIGH-SpeeD traInS WILL eXpanD
tHe ICe 3 FLeet BeGInnInG In 2012
W hv lcd d wih Sis 16 w ICe 3 h
407 sis css-bd ssg svics. th s is
xcd b dlyd i h sig 2012.
this ls gi high-sd is will sgh
d hc h xisig ICe 3 . th w is xcd
b dlyd i Gy, Fc d Blgi; hwv, hi
s c ls b xdd h whl Ws e. F
his s, w ssssig w dly ccs
ccis h nhlds d Ld hgh hChl tl.
ICX neW era In LonG-DI StanCe SerVICe
BeGInnInG In 2016
a h bgiig my 2011, w iiid h chgv
gis i lg-disc wh w sigd -
wk g 300 ICx lil is. th ICx ss
w sdds wih gd xibiliy dig
k dvls, ii vibiliy d gy cicy.
th cc wih Sis is h lgs sigl ivs
i h hisy DB G. th s cll-f d will cis
130 is which b gdlly dlyd sig i
Dcb 2016. a ls h 65 lil is xcd
b clld f i d clly lc h IC/eC d ICe
1 /2 s.
aDJuStment oF tHe tranSport
aGreement WItH tHe Vrr
a h d 2009, w gd Aadjustment to the existing
transport agreement[2] wih h rhi-rh s ssci-
i (Vkhsvbd rhi-rh; Vrr ) h y 2004.
DEVELOPMENT OF BUSINESS UNITS
a Expansion of the long-distance vehicle fleeta Business in transport and logistics benefiting from strong economic recoverya Infrastructure business units with much stronger non-Group demand
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| DeutSCHe BaHn Group18
I sbsq viw cd iiid gis h Vrr, h
Fdl C Jsic sd h his ccl d
ws vid d csidis c lw. I is llgdh, wih l cd, Cl pc Lw ds
llw h visgd xsi h svics S-Bh
rhi-rh by h v ys il Dcb 2023. th
Fdl C Jsic sd h G Cl pc
Lw scis bligi ccs d
gig blic gil ssg s svics byd
h lw h e ui.
o my 18, 2011, w chd g wih h Vrr
wih gd w djs h s g
which, s s ssibl, i icl iis h iv-
s h ssgs which w icldd i h cc
djs which ws dcld b vid ( icldig icsdi cciis, iizd s). th xsi v ys
S-Bh () svics, which ws ciicizd by h Fdl
C Jsic, is lg licbl. p h S-Bh
() svics will b xdd by y il Dcb
2019 i li wih c lw s sl xisig i
h Vrr i h g h y 2004.
I svl ls h eu Cissi, h Iss-
vbd mi .V., whs bs icld ablli which
blgs h Dch nS, hs llgd h s gs
bw h Vrr d cis DB G cid lwl
id. th Fdl rblic Gy hs swd qs
ii h e Cissi which s hs clis. I h ii DB G, lwl id
is ivlvd.
FurtHer CompenSatIon paYmentS For reStrIC tIonS
In tHe SerVICe oF S-BaHn BerLIn
as sl h sv wi cdiis h bgiig
2011, sicd wi ibl ws licbl S-Bh
Bli bw h d Jy d h d Fby 2011;
hs sicis ls icldd sd liis. th schdld
svics wih 425 q-is, which hd b licbl sic
J 2010, w iiilly sd i mch 2011. th b
q-is dlyd ssg is ws h
icsd 440 by h d J 2011. th ig sii
ws hs vll slighly ivd cd wih h s hl
2010. I is sill h i f schdld svics wih
500 q-is wih h idci h w 2011/2012
ibl.
as sl h ciig sicis i is
S-Bh Bli, w fig ddiil csi
css i h lcl blic s wk i Bli i 2011.
I ddii h vis csi vidd i h
vl d ys d 105 illi, h
ys will b d ssgs i 2011.
LIBeraLIZatIon oF LonG-DIStanCe
SCHeDuLeD BuS SerVICeS
I Fby 2011, h Fdl Gv blishd h d
h d h pssg tsi ac d
liblizi lg-disc schdld bs svics. th lg-
isli cd will bbly b cld h bgiig
2012. I ccdc wih h glis his d, lcl
il ssg s svics d blic il ssg s-
svics b cd gis lg-disc bs
svics.
Fllwig xsiv viw, w iiilly dcidd xd xisig lg-disc bs svics ggssivly i
viw h xcd vliliy h k. Hwv, w will
bsv h dvls d d xibl ch
bsiss civiis.
tenDerInG oF raIL anD BuS SerVICeS
Rail services in Germany (DB Regional Rail)
th dig gizis cld 13 d cds i
Gy i h id d viw (s hl 2010: six) d
wdd ccs l 31 illi i kils (i
k) (s hl 2010: 14 illi i k).
as ws h cs i h s hl 2010, w icid ill iviis d. W w sccssl i wiig six
ccs (s hl 2010: w iviis d) 69 %
h i kils which cc ws wdd (s
hl 2010: 43% ). o h l i kils d,
78 % hv visly b vidd by cis DB G.
o h bsis h ccd vl (i kils
v h i h ccs), h sccss i ws 77 %
(s hl 2010: 66% ).
Bus services in Germany (DB Regional Bus)
I h id d viw, ccs w wdd i Gy
bs svics i 17 dig csss wih l vl
d 12 illi bs kils (bs k) (s hl 2010:
14 illi bs k). o h l b bs kils
which ccs hv b wdd, 38 % hv s b
vidd by cis DB G.
I h id d viw, w icid i i iviis
d wih vl 9 illi bs k. I h iviis
d i which w icid, w chivd sccss
45% (s hl 2010: 39%).
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19| InterIm Group manaGement report
Bus and rail services in other European countries (DB Arriva)
DB aiv hs ls icid i d csss hgh
e i h id d viw.I bs s, DB aiv chivd sccss i igh j
dig csss wih l vl d 7 illi bs
k i G Bii, j dig csss i Dk
wih l vl xily 23 illi bs k d
h j dig csss i h nhlds wih
l vl xily 5 illi bs k. ms h
bs svics which w scd hd visly b d
by DB aiv.I h ld il svics, DB aiv ws ls sccssl i
j dig csss cc bw ah d
Wiswijk i h nhlds. th cc is d
id 13 ys, wih l vl d 4 illi
i k.
| [1]A Page 27 | [2]A Page 35
DB BAHN LONG-DISTANCE BUSINESS UNIT
Selected key fgures [ million ] H 1 Change
2011 2010 absolute %
Passengers rail (million) 60.0 60.2 0.2 0.3
Volume sold rail (million pkm) 16,888 17,289 401 2.3
Load actor (%) 45.0 46.9
Total revenues 1,825 1,828 3 0.2
External revenues 1,760 1,765 5 0.3
EBITDA adjusted 227 261 34 13.0
EBIT adjusted 46 80 34 42.5
Gross capital expenditures 40 13 +27
Employees (FTE as o Jun 30) 16,140 15,312 + 828 + 5.4
perFormanCe DeVeLopment
th dvl i h DB Bh Lg-Disc bsiss i
i h id d viw ws chcizd by h -
cc siiv -f fcs h s hl 2010, which i ws ssibl chiv ll csi,
s wll s bls ibbl giv -f fcs i
h s hl 2011. th siiv -f fcs h s
hl 2010 which w d icldd i icl h
sv wi wh d h bls sd i vii s
sl h sh clds d il sik. I h s hl
2011, h w ls giv -f fcs ibbl
Aconstruction measures on the east-west corridor[1], which
sld i csidbl sicis, s wll s ciy
lig hd d lizd Atrain driver strikes o
the GDL trade union[2].
th b ssgs, h vl sld d h ld
c ccdigly dclid slighly i h id d viw.
BuSIneSS DeVeLopment
Dsi si ics i scic vs, h giv
fcs slig h dvl i c w
cd i sligh dw i vll vs d ls i
xl vs. this ws sd by ics i h h
ig ic slig isc ys i cc-
i wih dgd ICe i ( ccid Lbch).
o h xs sid h w cs icss iclly i
s ic, gy d sl (slig
high b lys d wg icss), d h
ws ls ics i h ig xss (css lsd is).
I csqc, h lw vs d high css
sld i djsd eBItDa which dclid by 34 illi
227 illi d djsd eBIt which dclid by 34
illi 46 illi.
Gss cil xdis w csidbly high h
h sciv vis y g. th ics ws d
h s ilig h dsig ss h ICe 2
, cig lsd isci isllis d h
csci ddiil d-icig isllis.
th b lys hs icsd csidbly
cd wih J 30, 2010. th icsd sl qi-
hs sld g h cs il clssi-
cis lys s wll s high ci i h ld
ic.
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| DeutSCHe BaHn Group20
| [1]A Page 11 | [2]A Page 35
DB BAHN REGIONAL BUSINESS UNIT
Selected key fgures [ million ] H 1 Change2011 2010 absolute %
Passengers (million) 1,286 1,276 + 10 + 0.8
thereo rail 885.8 873.5 +12.3 +1.4
thereo bus 400.0 402.8 2.8 0.7
Volume sold (million pkm) 25,172 24,957 +215 + 0.9
thereo rail 20,518 20,265 +253 + 1.2
thereo bus 4,654 4,692 38 0.8
Volume produced rail (million train-path km) 249.5 253.1 3.6 1.4
Volume produced bus (million bus km) 317.5 317.4 + 0.1
Total revenues 4,365 4,288 + 77 + 1.8
thereo rail 3,899 3,810 + 89 +2.3
thereo bus 656 648 + 8 + 1.2
External revenues 4,323 4,247 +76 + 1.8
thereo rail 3,714 3,639 +75 +2.1
thereo bus 609 607 +2 + 0.3
Concession ees 2,173 2,147 +26 + 1.2
EBITDA adjusted 753 724 +29 + 4.0
thereo rail 687 654 + 33 + 5.0
thereo bus 66 67 1 1.5
EBIT adjusted 477 449 +28 + 6.2
thereo rail 445 413 + 32 +7.7
thereo bus 32 33 1 3.0
Gross capital expenditures 116 128 12 9.4
Employees (FTE as o Jun 30) 37,289 36,539 + 750 +2.1
Sic h cil y 2011, h ADB Bahn Regional busi-
ness unit[1] ciss ll civiis DB G i h G
gil s svic k (bs d il) d i css-
bd gil svics d Gy.
th dvl dild i h llwig shws vll
siiv ic h DB Bh rgil bsiss i, wih
icss i vs d djsd eBIt. th dvl i
bs d il svics i h id d viw ws ixd.
perFormanCe DeVeLopment
th c dvl i il s ws chc-
izd by gwh i h b ssgs (+1.4 %) d vl
sld (+1.2 %), div by h dvl i h gis Bd-
Wbg, nh rhi-Wshli d nh s wll s
S-Bh Bli.
Vl dcd dclid slighly d ls ds
vis ys which bc fciv i h s hl 2011.
th c i bs s hs dclid slighly. this is
d ily dw i h b schlchild.
BuSIneSS DeVeLopment
as sl h gwh i c, ick vs i
icl icsd i il s. th ccssi s (il )
hv ls icsd. th high bs s vs cd
wih h s hl 2010 d xdd il lc
svics d wg icss.
Css i il d bs s w fcd by icss i
sl xss d cllciv bgiig gs d
gy ic icss s wll s, i il s, icss i
ic css s wll s sciy svics d i clig
s h ACustomer and Quality initiative[2].
I il s, h ics i vs cbid wih
lss sg ics i css sld i iv i
djsd eBItDa ( +33 illi 687 illi) d djsd
eBIt ( +32 illi 445 illi).
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21| InterIm Group manaGement report
I bs s h ics i vs i cjci wih
sg ics i css sld i sligh dcli i djsd
eBItDa ( 1 illi 66 illi) d djsd eBIt ( 1 il-li 32 illi).
Gss cil xdis hv dclid i il s.
this ws d issig vls is. Gss cil x-
dis ls dclid i bs s, d dlys i bs
c. I bh s, cil xdis csd
chsig vhicls.
th b lys i il s icsd cd
wih J 30, 2010. this ws d vis cs, icldig
h dci c wkig hs d h sf ci- S-Bh Bli. I bs s h wkc is ghly
chgd cd wih h s hl 2010.
| [1]A Page 11
Fllwig h cqisii i h vis y, AArriva[1]
hs b icldd i h DB cslidd cil ss
sic Sb 1, 2010, d hs b gd gh
wih vis civiis DB G i h Anew DB Arriva
business unit[1]. this s h h cbl
vis y gs h s hl 2010. th gs shw
h vis y xclsivly c h dvl
h clssid civiis wihi DB G. I h llwig,
h, w hv icldd y c h dvl-
h DB aiv bsiss i cd wih h s
hl 2010.
mv, i h s hl 2011, c d aiv
hv y b k i csidi, which s h
h d c d DB G ly ci h
c dvl h civiis h DB aiv
bsiss i clssid wihi DB G.
DB ARRIVA BUSINESS UNIT
Selected key fgures [ million ] H 1 Change
2011 2010 absolute %
Total revenues 1,632 87 + 1,545
thereo Mainland Europe 606 13 + 593
thereo UK Bus 561 0 + 561
thereo UK Trains 464 78 + 386
External revenues 1,632 87 + 1,545
thereo Mainland Europe 606 13 + 593
thereo UK Bus 561 0 + 561
thereo UK Trains 464 74 + 390
Concession ees (rail) 138 8 + 130
EBITDA adjusted 151 3 + 148
thereo Mainland Europe 64 1 + 63
thereo UK Bus 98 0 + 98
thereo UK Trains 0 2 2
EBIT adjusted 71 3 + 74
thereo Mainland Europe 21 0 +21
thereo UK Bus 68 0 + 68
thereo UK Trains 9 3 6
Gross capital expenditures 72 9 + 63
Employees (FTE as o Jun 30) 37,922 1,553 + 36,369
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| DeutSCHe BaHn Group22
| [1]A www.xrail.eu | [2]A www.dbschenker.com/environment
Transport and logistics
MAJOR EVENTS
poSItIVe CuStomer reSponSe aFter one Year XraILth dci llic csisig sv e igh
il cis which sd i Fby 2010 sghig
iil sigl wg c, AXrail[1] hs d
siiv c: wih 150 lis il h d 2010,
d 10 % ll svics i e sigl wg c
bw h s w vidd i ccdc wih h
Xil sdd. By h d his y, h fd lis
xcd ics h-ld 450. th llic hs ids
cv d 25 % h k e sigl wg
c. nx y, his cg is xcd ics
40 %.
eCo SoLutIonS oF DB SCHenKer proVIDeS a CLImate-
FrIenDLY SoLutIon For eVerY tranSport CarrIer
Wih AEco Solutions[2], DB Schk fs chsiv
g cli-idly s d lgisics svics is
css: vy d s, gig il d
ld svics, i d c igh igh hgh whs
lgisics, DB Schk fs villy idly sl-
is which c k sbl cibi cb
dci d hs cli ci. ec Slis, cli-
idly g dcs d svics fd by DB Schk,
is sd by h w eCo 2pHant, which syblizs hw
ch cb c b svd by css wih hi sciviis. evy eCo2pHant sds v s cb
svigs xily s ch s l lh wighs.
FreIGHt traIn From CHIna reaCHeS
GermanY In 16 DaYS
a xily 16 dys vl, ci i ivd i
Disbg h bgiig ail 2011 h Chis ciy
Chgqig. F h cvig l 10,300 kils,
h i, which ws gd by DB Schk, dd x-
ily hl h i which wld hv b cssy by s.
th igh ws cvyd bhl iil cywhich s dci ciliis i Chgqig.
DB SCHenKer LoGIStICS IS eStaBLISHInG
a neW LoGIStICS Center In LeIpZIG
DB Schk Lgisics is sblishig w lgisics c i
Lizig slyig cs ckig cis
BmW i Chi d Sh aic. th lgisics c cvig
xily 63,000 2 i h h Lizig is xcd
svic i h scd hl 2011. as d wk
g, h lgisics c will civ xily
8,000 dif cs, which will h b ckgd d
sd i cis s qid. th lgisics c will lsb ssibl csvi h l cs
h cdiis cd dig h s ssg.
F Lizig, xily 50 cis xcd
b s rssly i Sh aic d Shyg i Chi,
iily by s, lhgh s cis will ls b shid
by il. BmW is cly bildig w dci l i
Shyg. DB Schk is ldy ivlvd i h css
slyig his l.
neW Green LoGIStICS Center openeD In oLDenBurG
th s lci i h whl Gy which is hd d
cld ily wih ghl gy ws i svic byDB Schk Lgisics i oldbg i my 2011. th lgisics
c is qid wih highly ci h islli
which gs is s ch gy s i qis s
ig w. I his wy, h g sshi c
ks j cibi wds kig ci s
l scs. W hv ivsd d 10 illi i h
villy idly islli.
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perFormanCe DeVeLopment
I li wih h dvl i h A reight transport
markets[1], h c i h DB Schk ril bsiss
i hs ls icsd sgly, wih h s siiv
cic cli. Sg gwh s hv b d i
h gis Ws d es. ovll, h vl sld hs ivd
by 8.0 %. th sgs gwh i bsl s hs b
d by h Cl gi. Hwv, h sii hs sill
d h lvl s b h cisis.
this siiv dvl i dd hs h
cciy ilizi hs ls icsd by 3.3 %.
BuSIneSS DeVeLopment
Bsd h dvl i c, l d xl
vs icsd sgly, ly by 9.4 % d 9.6 % sc-
ivly. Dif dvls hv b d h vis
gis s sl h difid dvl i h
idividl ks. Whs vs i h Cl gi
(iclly i Gy) d h Ws gi icsd sgly,
vs i h es gi dclid s sl cly
ciiv sii, iclly i pld.
ovll, h ws csidbl ics i h xs
is cs ils (s sl h cid siiv
dvl i c), sl xss (s sl
scig ss i h es d Ws gis) d
h ig xss (d vis cs, icldig
xsiv ilizi i l). I h es gi, c-
sidbl iv i h cs sii ws chivd s
sl xsiv scig ss.
I l, h djsd ss ivd i ll gis.
accdigly, djsd eBItDa icsd by l 72 illi
199 illi, d djsd eBIt icsd by l 77
illi 58 illi.
| [1]A Page 9 f.
DB SCHENKER RAIL BUSINESS UNIT
Selected key fgures [ million ] H 1 Change2011 2010 absolute %
Freight carried (million t) 207.8 203.2 + 4.6 +2.3
Volume sold (million tkm) 56,784 52,588 + 4,196 + 8.0
thereo Central region 46,440 43,990 +2,450 + 5.6
thereo West region 8,183 6,731 + 1,452 +21.6
thereo East region 2,161 1,867 +294 +15.7
Capacity utilization (t per train) 516.3 499.6 +16.7 + 3.3
Total revenues 2,481 2,268 +213 + 9.4
thereo Central region 2,275 2,097 + 178 + 8.5
thereo West region 430 348 + 82 +23.6
thereo East region 150 192 42 21.9
External revenues 2,343 2,138 +205 + 9.6
thereo Central region 1,849 1,702 + 147 + 8.6
thereo West region 379 312 + 67 +21.5
thereo East region 115 123 8 6.5
EBITDA adjusted 199 127 +72 + 56.7
thereo Central region 154 137 + 17 + 12.4
thereo West region 44 17 + 61
thereo East region 10 1 +11
EBIT adjusted 58 19 + 77
thereo Central region 43 26 + 17 + 65.4
thereo West region 24 36 + 60
thereo East region 1 16 + 17
Gross capital expenditures 135 147 12 8.2
Employees (FTE as o Jun 30) 32,697 33,492 795 2.4
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| DeutSCHe BaHn Group24
DB SCHENKER LOGISTICS BUSINESS UNIT
Selected key fgures [ million ] H 1 Change
2011 2010 absolute %
Shipments in European land transport (thousand) 1) 47,515 39,372 + 8,143 +20.7
Air reight volume (export, thousand t) 1) 583,2 586,8 3,6 0.6
Ocean reight volume (export, thousand TEU) 1) 837.3 800.1 + 37.2 + 4.6
Total revenues 7,466 6,746 +720 + 10.7
thereo European land transport 3,191 2,832 + 359 + 12.7
thereo air/ocean reight 3,574 3,298 +276 + 8.4
thereo contract logistics/SCM 695 613 + 82 + 13.4
External revenues 7,437 6,724 +713 + 10.6
thereo European land transport 3,164 2,813 + 351 + 12.5
thereo air/ocean reight 3,572 3,297 +275 + 8.3
thereo contract logistics/SCM 695 611 + 84 + 13.7
Gross proft margin (%) 29.6 29.5
EBITDA adjusted 255 197 + 58 +29.4
thereo European land transport 110 85 +25 +29.4
thereo air/ocean reight 107 84 +23 +27.4
thereo contract logistics/SCM 44 34 + 10 +29.4
EBIT adjusted 170 110 + 60 + 54.5
thereo European land transport 63 42 +21 + 50.0
thereo air/ocean reight 88 63 +25 + 39.7
thereo contract logistics/SCM 26 17 + 9 + 52.9
Adjusted EBIT margin (%) 2.3 1,6
Gross capital expenditures 89 61 +28 + 45.9
Employees (FTE as o Jun 30) 60,691 57,379 + 3,312 + 5.8
1) Preliminary igures.
perFormanCe DeVeLopment
Bsd h cid siiv dvl h cy
d h Atransport and logistics markets[1], vls i
wk ls icsd sgly. e ld s
shis d vy dyic gwh, ly 20.7%. th
ics ws ld il d ls iil ld
s s wll s h cl bsiss which d vy
sg gwh.
th c dvl i c igh ws ls
siiv i li wih h d h vll k. th vl
c igh which w hdld icsd by 4.6%.
W hv sccdd i big h ics i
dd i h ld cc lgisics/SCm, wh w hv
icid iclly i h ciig wldwid gwh i
vl sls i h iv sc.
ai igh vl hs id villy chgd. ths
civiis d vy sg gwh i h s hl 2010,
wh id css cvig h csqcs
h cic cisis hd ldy sd. th i igh k
i h s hl 2011 ws chcizd by dws i s-
lic d scic s vl s wll s sbl
i-asi d xdig e/asi s vl.
| [1]APage 9 f.
Gss cil xdis dclid s sl lw c-
igh wgs. Ivs civiis ccd
h c lcivs d igh wgs.
th b lys dclid s J 30, 2011, ily
s sl h ddcis DB Schk ril plsk.
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BuSIneSS DeVeLopment
th dvl i vs i h DB Schk Lgisics bsi-
ss i i h id d viw ws siiv i ll scsd gis s sl h vbl cic dvl.
Ccy fcs sld vll i siiv v fc
58 illi.
o h h hd, h high lvls bsiss civiis
ls sld i high css, iclly s sl h
icsd vl chsd s svics. I h e-
ld s bsiss, igh ics d l css ls
icsd csidbly cd wih h s hl 2010.
Hwv, i h ld i igh (iclly s sl
swh wk dd) d i c igh (s sl
shiig cis xdig cciis), s css
dclid slighly cd wih h s hl 2010. ovll,h gss gi ivd slighly 29.5% 29.6%.
D h high b lys, sl x-
ss w csidbly high h h g h s
hl 2010.
as sl h cilly c ciiv sii, i
ws ly ssibl liid x i ci css c
hgh ic icss i d b bl ss highcss; vhlss, h djsd ss ivd i
ll scs. this ws d vis cs, icldig high
dciviy.
ovll, djsd eBItDa ivd by 58 illi
255 illi, d djsd eBIt ivd by 60 illi
170 illi. th eBIt gi ls ivd csidbly
1.6% 2.3%.
Gss cil xdis w csidbly high h
h csdig vis y g s sl high lvls
cil xdis i villy ll gis. Cil xdi-
s ccd cscig w d xdig xisig
lgisics isllis, wih gil cs i e.as J 30, 2011, h siiv dvl i vll
bsiss ws ls cd i csidbly high b
lys. addiil sf hv b k iclly i
e, llwd by asi pcic d aics.
Services
MAJOR EVENTS
InItIaL eLeCtrIC CarS IntroDuCeD In Car SHarInG
th s Ci sis vhicl wih lcic div, ly
Ci C-Z, ws hdd v DB Fhk i id-
Jy 2011.
ovll, 70 vhicls b dlivd DB Fhk i 2011,
wh hy will b sd i c shig. evilly idly
lcic vhicls DB Cshig (-Fliks) hv s b
vilbl s i dl jcs i ach, Bli, Dsd,
Fk, Hbg d Sbck.
DB SERVICES BUSINESS UNIT
Selected key fgures [ million ] H 1 Change
2011 2010 absolute %
Segment revenues 1,581 1,433 + 148 + 10.3
Total revenues 648 557 + 91 + 16.3
External revenues 68 49 + 19 + 38.8
Other operating income 933 876 + 57 + 6.5
EBITDA adjusted 155 149 + 6 + 4.0
EBIT adjusted 80 74 + 6 + 8.1
Gross capital expenditures 97 51 + 46 + 90.2
Employees (FTE as o Jun 30) 26,030 24,521 + 1,509 + 6.2
BuSIneSS DeVeLopment
th dvl h DB Svics bsiss i ily cs
h s h bsiss i il css
wihi DB G. Il vs 1,387 illi ci
cc s h sg vs (l vs
ls h ig ic) 1,581 illi. ths icsd
by 9.6% i h id d viw. this ws d ily high
svics ic llig sck DB Fhzgisd-
hlg (vhicl ic) s wll s icss i dd
i ciliy g d sciy sv ics.
I li wih h ics i vs, h hs ls b
csidbl ics i cs ils s wll s sl
xss.
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| DeutSCHe BaHn Group26
| [1]A 2010 Annual Report Page 121 | [2]A Page 37 | [3]A Page 52
th cs ils ily cd icsd i svics
vhicl ic. Cd wih h csdig
vis y id, sl xss icsd ily s sl h high b lys, b hy ls
icsd s sl cllciv bgiig g.
Dcii ws ghly chgd cd wih h
s hl 2010. ovll, h djsd ss ivd
cibly s sl h gwh i c d h
dvl i xss dscibd bv.
adjsd eBItDa icsd by 6 illi 155 illi, d
djsd eBIt icsd by 6 illi 80 illi. th iv-
i hs djsd s ws chivd i h idd viw ily i h bsiss is DB Fhk (
g) d DB Sysl (It d lcici svics).
Gss cil xdis w high h h c-
sdig vis y g s sl ics i vhicl
c DB Fhk llwig dci h l
i. Cil xdis ccdigly csd vhicls.
th b lys s J 30, 2011 icsd
cibly cd wih h csdig vis y
g, ily s sl h ics i c.
Infrastructure
MAJOR EVENTS
StreSS teSt For StuttGart 21 CompLeteD
as h Amediation process relating to the inrastruc-
ture project Stuttgart 21[1], w ls gd h c
s-clld sss s. th s his sili is
ds h h isc Sg 21 k is
is 30% ci h h xisig il si. oly
his ivsigi, which is b cd by h Swiss
cy Sma, hs b cld will i b ssibl
dcisi b d s whh ddiil isc
ss cssy.
th sss s ws cld by DB G J 21, 2011,
wh i hdd v clly sild ibl Sma.th isl d cici wk ws h cid by
Sma. th Acertifcation results[2] w sd Jly
21, 2011, h s gv Bd-Wbg, d
xcd b sd h blic Jly 26, 2011
h ccsi v i Sg.
FInanCInG CIrCLe raIL For eXpanDInG raIL LIneS
I mch 2011, h Fdl Gv dcidd k
ddiil g 1 billi vilbl xdig xisig
il lis d cscig w s bw 2012 d 2015.
S hs ds will c h l dividd which
w xcd y 2011 w, h Fdl
rblic Gy, i ccdc wih ls h Fdl
Gv. Fh ds will c h Aearly repay-
ment o interest-ree loans o the Federal Government[3].
th ddiil ds b sd vis ss, i-
cldig h xsi scis h lis KlshBsld oldbgWilhlshv (JdWsp) s wll s h
csci h w li Wdligul.
tHe DeCommISSIonInG oF nuCLear poWer StatIonS are
not eXpeCteD to reSuLt In anY proBLemS o F SuppLY
Dicly h sv hqk i J d h sbsq
si s wll s h sl csh i h Fkshi
cl w si mch 11, 2011, h Fdl Gv
gh wih h s gvs dd h y
shdw h sv lds cl w sis i Gy,
icldig h ji cl w si nckwshi I
(GKn I). o J 30, 2011, h Bdsg h vd scidh ig i xsi Sb 2010, hs
cl w by h y 2022 d s h h cl
w sis which hv b ily sh dw will b
idily clsd.
Wih GKn I, DB G will ls is ( h i which
i is sh dw) lgs ci c g. Hwv,
bcs GKn I wld hv b sh dw i 2010 wih h
ig i xsi, w hv cid h cssy
cil xdis lc his sc ly sg.
accdigly, libl slis ci c likly b
ls scd h cls GKn I. DB G is dicly
fcd by h cls h h six cl w sis.
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DB netZe enerGY ConneCtS to SeConD WInD Farm
axily y ccldig h w sly
cc wih h h mkisch Lid wid ni, DB nz egy is w xdig is ivlv-
i villy idly wid gy. Sic Jy 1,
2011, DB nz egy hs b scig w v wid
w isllis i h Hh Flig k i B-
dbg. a csdig cc ws ccldd h d
2010 wih h h wid , ly eg aG
which is bsd i Dhl.
th v wid bis mzh hv l w
7.5 mW. as is h cs wih h 20 bis i h mkisch
Lid wid wih l ig 30 mW, h gy
dcd wih hs v bis is b slid dicly i
h gid DB nz egy.
ConStruCtIon meaSureS In tHe eaSt-WeSt CorrIDor
th id d viw sw h cli xsiv
csci vl iiig d gdig h i-sc. F isc, clx ic ss w
cid bw Bli, Hv d Billd (s-ws
cid). this jc ls sw h lc l
186 k ck, 130,000 sls d 32 ss is.
as ws h cs i c ys, csci wk
gdig h isc ws ls cid dig h
es d Whis blic hlidys wh dcd svics
d. o h i scs h ss ws h
FldFk/mi li, wih h cissiig h w
Schlch l.
th csci ss i ci css hd csid-
bl ic ssg d igh svics. I d sscs cici b ily d libl s ssibl,
liv di- lg- ibls w dw
hs ss d w blishd vi h sls d ci-
ci di.
DB NETZE TRACK BUSINESS UNIT
Selected key fgures [ million ] H 1 Change
2011 2010 absolute %
Train kilometers on track inrastructure (million train-path km) 520.7 507.8 + 12.9 +2.5
thereo non-Group railways 108.2 94.4 + 13.8 + 14.6
share o non-Group railways (%) 20.8 18.6
Total revenues 2,269 2,198 +71 + 3.2
External revenues 446 395 + 51 + 12.9
share o external revenues to total revenues (%) 19.7 18.0
EBITDA adjusted 732 708 +24 + 3.4
EBIT adjusted 262 237 +25 +10.5
Gross capital expenditures 1,872 1,921 49 2.6
Employees (FTE as o Jun 30) 41,149 40,225 + 924 +2.3
perFormanCe DeVeLopment
Dd ck dds h ig gs h
il d xl css. th dd ck sc
is sill did (79 %) by il css, lhgh his
dd dclid slighly (0.2 %) h b xl
css, iclly i gil il ssg svics.
th xl il cis hv icsd hi sh
vll ck dd by h sigic icss i dd
(+14.7 %) h c g 21 % (s hl 2010: 19%).
ovll, ck dd i h id d viw icsd
by 2.5% cd wih h s hl 2010. this gwh ws
div by ch sg dd il igh css.
BuSIneSS DeVeLopment
rvs icsd ily s sl vl-ld cs
d h high ck dd. pic icss ls hd
fc i his sc. th dvl i xl vs
ily cs h sg ics i dd xl il
cis.
Cs ils ws ghly chgd cd wih
h lvl h s hl 2010 dsi sigic ics
i ic css.
psl xss w high h h csdig
vis y g ily d h high b sf,
d ls d cllciv bgiig.
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| DeutSCHe BaHn Group28
DB NETZE STATIONS BUSINESS UNIT
Selected key fgures [ million ] H 1 Change
2011 2010 absolute %
Station stops (million) 70.2 69.7 + 0.5 + 0.7
thereo non-Group railways 12.0 10.9 +1.1 + 10.1
Total revenues 537 524 + 13 +2.5
External revenues 207 200 +7 + 3.5
EBITDA adjusted 186 184 +2 + 1.1
EBIT adjusted 124 123 + 1 + 0.8
Gross capital expenditures 190 136 + 54 + 39.7
Employees (FTE as o Jun 30) 4,825 4,654 + 171 + 3.7
perFormanCe DeVeLopment
th b si ss icsd slighly (+0.7 %) i h
id d viw. this cd h siiv ic sg
dd xl css. th dd il
css dclid slighly i h id d viw.
BuSIneSS DeVeLopment
th ics i vll vs is d high si vs
d ls high l d lsig vs. th ics i
si vs ws ily d ic cs, b ws ls
d vl cs. th l vs cd h siiv
dvl i il vs. th gwh i xl vs
ily cs h icsd b si ss -
G ilwys.
I s css, h ws ics iclly i cs
ils. this ws d high css ic, gy
d wi svic, clig d sciy svics. psl
xss icsd ily s sl cllciv bgiig
gs.
I l, icsd css d v gwh villy ccld
ch h , which h djsd eBItDa icsd
slighly by 2 illi 186 illi.
Dcii hs ls icsd slighly.
adjsd eBIt 124 illi ws 1 illi high hh lvl h s hl 2010.
I h s hl 2011, gss cil xdis w
csidbly high h i h s hl 2010. this ics
is ily ibbl h ss i cci wih h
cic g d h jcs Ciy tl Lizig, Igl-
sd cl si s wll s Sg 21.
th b lys s J 30, 2011 ws high
h h csdig vis y g. this ws d
h chg i c wkig hs d h ci
ddiil svic sf.
as csqc, h c h v gwh sid
gwh i xss sld i djsd eBItDa ivig by
24 illi 732 illi. adjsd eBIt icsd by 25illi 262 illi.
as sl h cid ili h ss
d h cic sils g, gss cil xdis
id high lvl, lhgh hy w lw h h
csdig vis y g s sl ssl cs
d h slig dlys. Cil xdis csd
sghig h cicy h xisig wk d h
jc isllig w lis/xdig xisig lis hnbge .
th b lys s J 30, 2011 icsd
cd wih h csdig vis y c d
s sl h dci c wkig hs.
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DB NETZE ENERGy BUSINESS UNIT
Selected key fgures [ million ] H 1 Change2011 2010 absolute %
Traction current (16.7 Hz; GWh) 5,258 5,158 + 100 + 1.9
Stationary energy (50 Hz and 16.7 Hz; GWh) 859.4 839.8 +19.6 +2.3
Diesel uel (million l) 237.2 238.7 1.5 0.6
Total revenues 1,448 1,230 +218 + 17.7
External revenues 560 385 + 175 + 45.5
EBITDA adjusted 65 82 17 20.7
EBIT adjusted 24 40 16 40.0
Gross capital expenditures 39 32 +7 +21.9
Employees (FTE as o Jun 30) 1,602 1,552 + 50 + 3.2
perFormanCe DeVeLopment
th dd ci c icsd by 1.9% i h id
d viw. this ws ily ibbl sg dd
css i il igh s. Vl gwh ws
ls d siy gy i h id d viw,
g hs d h DB Svics bsiss i. Sls
disl l w ghly chgd cd wih h s hl
2010. Whs vl sls css i il igh s-
icsd, vl i ssg il s dclid.
BuSIneSS DeVeLopment
rvs i h DB nz egy bsiss i i h s hl
2011 w 17.7 % high h h csdig vis yg d gwh css ll dc s. th i cs
bhid his siiv dvl w ci gy d ls
h h xsi bsiss wih gy svics i h
lcici y d gs lds. this is wh w cbi civiis
kig kw-hw idsil d cig
cis wh wish iiz hi gy scig g-
d wh wish k dvg h ssibiliis
chgig gy ks d glis.
th dvl i ci gy vs cs h
cic cvy wih icsig vl dcd i il
s s wll s h c h ic icss h gy
c ks lciciy, disl l d gs hv
b ssd css. Wih gd gy sv ics,
h hs b csidbl gwh i vs i lciciy
bsiss d ls i gs c bsiss.
th siiv dvl i vl cbid wih highgy scig ics hs sld i csidbly high cs
ils. th cs ils ws ls icsd by
giv -f fc 24 illi i cci wih sb-
sq w si billigs h GKn I lig h
y 2010.
psl xss w fcd by cllciv bgiig
wg icss i h id d viw.
Dcii ws i l i wih h lvl h s hl
2010.
as sl h sg ics i cs ils,
djsd eBItDa dclid (by 17 illi 65 illi) d
djsd eBIt ls dclid (by 16 illi 24 illi) ih s hl 2011.
Gss cil xdis w high h h lvl s
i h s hl 2010 d w csd g x
ci c lis d h cic sils ckg II
(icldig ci c lis mich/es akich,
Gkbh Giz, mldsiLizig d Gshi
Disbg).
th b lys icsd by 3.2 % s J 30,
2011. this ws d h chg i c wkig hs s
wll s icsd sl qis i ccdc wih
h egy Idsy ac d ls ddiil sf qis
cig wih h icsd vl cil xdis.
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| [1]A www.db.de/mtn-e | [2]A www.db.de/rating-e
FINANCIAL SITUATION
a Ratings confirmeda Slight increase in net financial debt
a Further increase in gross capital expenditures
Ratings confiRmed
RatingsDBAG First issued Last
confrmation
Current ratings
Short-term Long-term Outlook
Moodys May 16, 2000 Nov 26, 2010 P-1 Aa1 stable
Standard&Poors May 16, 2000 Jun 1, 2011 A-1+ A A stable
Fitch Feb 17, 2009 Jul 11, 2011 F1+ A A stable
Inormation as o July 21, 2011.
The creditworthiness o DB Grou is constantly monitored by
the rating agencies Standard&poors (S& p), Moodys and Fitch.
In the eriod under review, S&p confrmed the good ratings
DBAG as at the annual ating eview. Fitch cnfmed its
atings DBAG at the beginning July 2011. The atings have
thus been unchanged since they wee fst awaded in the yea
2000 (S &p, Mdys) and 2009 (Fitch).
Additional inormation concerning the subject o Arating
[2] and the comlete analyses o Standard&poors (S&p),
Moodys and Fitch concerning DBAG can be ound on our
Web site.
Financial management
There were no changes to the fnancial management concet o
DB Gu in the fst hal 2011. The cncet is descibed n
age 97 the 2010 Annual ret.
TheAdebt issuance program[1] or 15 billion designed
or long-term fnancing was udated in Aril 2011. As o June 30,
2011, the gam had been utilized t the extent 11.6 bil-
lin, and thus thee was m uthe issues 3.4 billin(as Decembe 31, 2010: 3.2 billin).
In the frst hal o 2011, DB Grou issued two bonds,
each with a vlume 500 millin and tems fve and ten
yeas, via its fnancing subsidiay Deutsche Bahn Finance B.V.
(DB Finance), Amsterdam/the Netherlands. The bonds were
laced mainly in France and Germany. The unds which were
raised had various alications, including the reayment o two
oreign currency bonds which were due during the reorting
eid ( a ttal equivalent 1.2 billin).
As was the case in the revious year, there was a multi-currency
multi-issue cmmecial ae gam 2 billin available
sht-tem fnancing as June 30, 2011. This gam was
utilized to the extent o 1.7 billion as o June 30, 2011 (as o
Decembe 31, 2010: 42 millin).
As June 30, 2011, DB Gu had als guaanteed unused
credit acilities o 2.6 billion (as o December 31, 2010: 2.5
billion). The commercial aer rogram is secured by thesebacku acilities.
In additin, we wee als able t access cedit acilities
1.4 billion as o June 30, 2011 (as o December 31, 2010: 1.4 bil-
lion). These acilities which are made available to the subsidiaries
wldwide cmise the fnancing wking caital and als
the visin guaantees.
N maj fnance lease tansactins wee cncluded in the
eid unde eview.
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31| INTErIM GroUp MANAGEMENT rEporT
| [1]A Page 26 | [2]A Page 52
The cash w m eating activities declined in the st hal
2011. psitive efects arising rm the increase in rt bere
taxes n incme and the adjustment the incease in dee-
ciatin (nt cash-eective) wee ppsed by highe negative
efects articularly as a result the increase in wrking caital.The higher wrking caital resulted rm a cnsiderable increase
in trade accunts receivable in cnjunctin with a simultaneus
eductin in tade accunts ayable as well as eductins in the
deerred items in cnnectin with the early reayment interest-
ee Fedeal lans as at the Afnancing cycle rail[1].
overall, cash w rm erating activities declined by 211 mil-
lin t 1,075 millin.
In the peid unde eview, the cash w m investing
activities was chaacteized by much highe utws gss
capital expenditues, which wee vitually cancelled ut by
stable inws m investment gants, as well as an ppsite
eect due t much highe inws m the sale nancial
assets (sale Arriva Deutschland ). In cnsequence, the utw
cash m investing activities inceased slightly by 9 millin
t 819 millin.
The cash w m nancing activities in the st hal
2011 rerted an utw 114 millin. This was mainly attrib-utable t the ayment a dividend 500 millin which we
aid t ur sharehlder and the Aearly repayment o interest-
ree Federal loans[2] as at the nancing cycle ail. on the
the hand, the cash inws m issuing bnds inceased by
497 millin, which meant that, n balance, the cash w m
nancing activities declined by 860 millin t 114 millin.
As June 30, 2011, DB Gu had a lwe vlume cash
and cash equivalents ( 1,612 millin) cmaed with June 30,
2010. Hweve, it has t be bne in mind that, in the evius
yea, cnsideable vlumes cash and cash equivalents had t
be maintained the acquisitin Aiva due t stiulatins
Bitish takeve law.
Net financial debt
[ million] J 30, 2011 Dec 31, 2010 Change
absolute %
Non-current nancial debt 16,307 16,394 87 0.5
thereo Federal loans 1,673 2,503 830 33.2
Current nancial debt 2,694 2,159 + 535 +24.8
thereo Federal loans 375 433 58 13.4
F i n A n c i A l D e B t 19,001 18,553 + 448 + 2.4
Cash and cash equivalents and receivables rom nancing 1,711 1,614 + 97 + 6.0
N e t f i N a N c i a l d e b t 17,290 16,939 + 351 + 2.1
Financial debt inceased by 448 millin t 19,001 millin in
the eid unde eview. Bnds 1,054 millin wee eaid,
and bnds 994 millin wee issued, which meant that the
veall vlume bnds declined slightly.
on the ther hand, nancial debt was increased by the issue
cmmecial pape, which the vlume as June 30,
2011 inceased by 1,664 millin cmaed with Decembe 31,
2010, namely t 1,706 millin.
The Fedeal lans declined by a ttal 888 millin t
2,048 millin