Balance sheet

There were no material changes in the International Financial Reporting Standards (IFRS) regulations or the consolida­tion and accounting principles of DB Group in 2024 that re­sulted in changes to the consolidated financial statements.

In 2024, as a result of the planned sale of DB Schenker,the corresponding current and non-current assets and liabilities were classified as discontinued operation and reported separately as current assets held for sale or as liabilities which are due to mature in the short term relating to assets held for sale. Comparability with the end of the previous yearis, therefore, limited for individual balance sheet items.

Total assets were significantly higher:

• Non-current assets were roughly at the level of the end of the previous year. The increase in property, plant and equipment (€ +1,990 million) due to continued high net capital expenditures (partially offset by the reclassification of DB Schenker) and receivables and other assets (€ +278 million) was opposed by a decrease in intangible assets (€ –1,423 million), which was mainly due to the reclassification of DB Schenker and mainly related to goodwill. The decline in deferred tax assets (€ –600 million) above all as a result of the full impairment at DB AG also had an offsetting effect.
• Current assets increased significantly. The main factors were:
  • significantly assets held for sale (€ +7,318 million) as a result of the reclassification of DB Schenker, and
  • the increase in cash and cash equivalents (€ +1,539 million) mainly due to the inflow of funds from grants by the Federal Government at the end of 2024.
  • Lower trade receivables (€ –2,249 million) and lower other receivables and assets (€ –636 million), mainly due to the reclassification of DB Schenker, had a partially offsetting effect.

The structure of the assets side has changed as a result of the reclassification of DB Schenker. The proportion of current assets has increased significantly.

On the liabilities side, equity increased, mainly due to

• the equity increases by the Federal Government (€ +5,500 million in total) to finance capital expenditures in rail infrastructure,
• the increase in changes recorded in the reserves in conjunction with the revaluation of pensions (€ +589 million, partially offsetting effect in other changes in generated profit in conjunction with the sale of DB Arriva), and
• higher changes recorded in the reserves in conjunction with the fair value measurement of cash flow hedges (€ +170 million) and currency translation (€ +136 million; partially offsetting effect in other changes in generated profit in conjunction with the sale of DB Arriva).
• This was offset in particular by the net loss for the year (€ –806 million), and
• other changes in generated profit (€ –470 million) mainly in conjunction with the sale of DB Arriva (reclassifications of changes recorded in the reserves in conjunction with the revaluation of pensions and currency translation).

The disproportionately high increase in equity compared to total assets led to a higher equity ratio.

• Non-current liabilities decreased slightly. In essence, this development was characterized by:
  • lower non-current financial debt (€ –641 million),
  • a decrease in pension obligations (€ –174 million), part­­ly as a result of a higher interest rate at the revaluation and the reclassification of DB Schenker,
  • lower non-current provisions (€ –172 million; partly due to a decrease in the provision for impending losses at DB Regional), and
  • the reclassification of DB Schenker.
  • The increase in accruals (€ +310 million) had a partially offsetting effect.
• Current liabilities increased significantly. In essence, this development was characterized by:
  • higher liabilities held for sale (€ +4,042 million) as a result of the reclassification of DB Schenker,
  • increased other provisions (€ +858 million), largely due to additions for revenue reductions at DB Regional.
  • the increase in financial liabilities falling due in the short term (€ +656 million), mainly as a result of a higher volume of outstanding commercial paper as of December 31, 2024 due to issuances.
  • The decrease in trade payables (€ –2,767 million), other liabilities falling due in the short term (€ –715 million) and tax liabilities (€ –111 million) above all due to the reclassification of DB Schenker had a partially offsetting effect.

In the structure of the liabilities side, the increase in equity has resulted in a shift at the expense of the share of non-current liabilities.