ROCE
ROCE | 2023 | 2022 | Change | |
absolute | % | |||
EBIT adjusted 1) (€ million) | –964 | 1,225 | –2,189 | – |
Capital employed as of Dec 31 (€ million) | 48,300 | 45,289 | +3,011 | +6.6 |
ROCE 1) (%) | –2.0 | 2.7 | –4.7 | – |
1) Value for 2022 adjusted due to reclassification of DB Arriva.
The decline in ROCE was mainly due to the significantly weaker adjusted EBIT. The significant increase in capital employed (including discontinued operations) resulted mainly from the increase in property, plant and equipment.
Taking into account the complete adjustment of DB Arriva, the ROCE for DB Group in 2023 was ‒2.0% (previous year: 2.8%).
Yield spread / % | 2024 | 2023 | 2022 | 2021 | 2020 |
ROCE 1) | – | –2.0 | 2.7 | –3.6 | –7.0 |
Cost of capital (pre-tax WACC 2)) | 5.7 | 6.0 | 6.2 | 6.2 | 5.9 |
Spread 1) (percentage points) | – | –8.0 | –3.5 | –9.8 | –12.9 |
1) Value for 2022 adjusted due to reclassification of DB Arriva.
2) Each value taken at the beginning of the year.
The deviation between ROCE and the cost of capital increased again. This was mainly due to the declining income situation in the Integrated Rail System, which was strengthened by the income development at DB Schenker.
