EBIT
Operating profit figures / € million | EBITDA adjusted | EBIT adjusted | ||||||
2023 | 2022 | Change | 2023 | 2022 | Change | |||
Absolute | % | Absolute | % | |||||
DB Long-Distance | 483 | 389 | +94 | +24.2 | –43 | –39 | –4 | +10.3 |
DB Regional | 634 | 619 | +15 | +2.4 | –22 | –31 | +9 | –29.0 |
DB Cargo | –74 | –257 | +183 | –71.2 | –497 | –665 | +168 | –25.3 |
DB Netze Track | –435 | 1,244 | –1,679 | – | –1,098 | 601 | –1,699 | – |
DB Netze Stations | 20 | 195 | –175 | –89.7 | –150 | 29 | –179 | – |
DB Energy | 242 | 185 | +57 | +30.8 | 163 | 103 | +60 | +58.3 |
Other/consolidation Integrated Rail System | 118 | –85 | +203 | – | –429 | –598 | +169 | –28.3 |
Integrated Rail System | 988 | 2,290 | –1,302 | –56.9 | –2,076 | –600 | –1,476 | – |
DB Schenker | 1,909 | 2,512 | –603 | –24.0 | 1,129 | 1,841 | –712 | –38.7 |
Consolidation other 1) | –20 | –19 | –1 | +5.3 | –17 | –16 | –1 | +6.3 |
DB Group 1) | 2,877 | 4,783 | –1,906 | –39.8 | –964 | 1,225 | –2,189 | – |
Margin 1) (%) | 6.4 | 9.2 | –2.8 | – | –2.1 | 2.4 | –4.5 | – |
DB Group (incl. discontinued operations) | 3,272 | 5,210 | –1,938 | –37.2 | –865 | 1,253 | –2,118 | –169 |
thereof discontinued operations | 375 | 411 | –36 | –8.8 | 80 | 12 | +68 | – |
There was a corresponding notable decline in adjusted EBIT as well as the adjusted EBITDA.
- Operating interest balance: Negative development resulted from the higher interest rate level, which led above all to increased expenses in connection with financial liabilities and pensions.
Operating income after interest also fell noticeably.
- Net investment income: A significant increase at a low level was mainly driven by GHT Mobility GmbH, which had a negative impact on the development of net investment income in the previous year.
- Other financial result: Significant decline, mainly due to negative effects from the compounding and discounting of provisions, exchange rate effects and the market valuation of the holding in Volocopter GmbH. This was counteracted by the positive effects of hedge transactions concluded, which resulted in an income on balance (previous year: expense).
- Extraordinary result: Declined significantly and was negative, due mainly to the adjustment of provisions and restructuring measures. In contrast, positive effects among others due to the energy price brake had a partially compensating effect. In the previous year, the extraordinary result was positive, driven by the implemented Covid-19-related train-path price support (Integrated Report 2022).
Extraordinary result / € million | 2023 | thereof affecting EBIT | 2022 | thereof affecting EBIT |
DB Long-Distance | 112 | 112 | 337 | 337 |
DB Regional | –4 | –4 | 0 | 0 |
DB Cargo | –94 | –94 | –20 | –20 |
DB Netze Track | –23 | –14 | –9 | –2 |
DB Netze Stations | 13 | 13 | – | – |
DB Energy | – | – | – | – |
Other/consolidation Integrated Rail System | –170 | –170 | –90 | –90 |
Integrated Rail System | –166 | –157 | 218 | 225 |
DB Schenker | –142 | –142 | –6 | –6 |
Consolidation other 1) | – | – | – | – |
DB Group 1) | –308 | –299 | 212 | 219 |
thereof restructuring measures | –332 | –332 | –88 | –88 |
thereof additions to provisions for ecological burdens/environ-mental risks | –67 | –67 | – | – |
thereof electricity price brake | 163 | 163 | – | – |
thereof reimbursements of train-path prices | – | – | 316 | 316 |
1) Value for 2022 adjusted due to reclassification of DB Arriva.
Accordingly, profit before income taxes also declined significantly and was negative.
Although the development of the income tax position was significantly better, it nevertheless had a negative impact on development:
- Actual income taxes fell due to declining profits at some foreign Group companies (primarily at DB Schenker).
- Deferred tax income resulted from improved estimates relating to the future use of loss carry-forwards, in particular at DB AG.
As a result, net loss for the year (net loss after income taxes) from continuing operations increased less significantly, but remained noticeably negative. The net loss for the year for discontinued operations was weaker, driven by higher depreciation on held-for-sale assets.
Additional indicators for the assets, financial position and results of operations
Anticipated development / € billion | 2023 | 2024 |
EBIT adjusted | –1.0 | > 1 |
The economic development of DB Group is projected to improve noticeably again in 2024. Revenues are expected to increase significantly again in 2024 and operating profit is expected to be significantly positive again. This should be driven by strong improvements in the Integrated Rail System and, in particular, significant improvement in profits at DB InfraGO. A key aspect here is the Federal Government’s commitment of repayment of prefinancing for maintenance measures in 2023. The required amendment to the law has been passed by the German Parliament (Bundestag), but still requires the approval of the German Upper House of Parliament (Bundesrat). Based on this, appropriate adjustments to the contractual agreements with the Federal Government are required. Further drivers include further increase in demand in rail passenger transport and the implementation of efficiency improvement measures. The latter is, in particular, a prerequisite for noticeable improvements at DB Cargo, supported by the expansion of support for single wagon transport.