ROCE
| ROCE | 2024 | 2023 | Change | |
|---|---|---|---|---|
| absolute | % | |||
| EBIT adjusted 1) (€ million) | –333 | –2,180 | +1,847 | –84.7 |
| Capital employed as of Dec 31 (€ million) | 52,166 | 48,300 | +3,866 | +8.0 |
| ROCE 1) (%) | –0.6 | –4.5 | +3.9 | – |
1) Figure for 2023 adjusted due to the reclassification of DB Schenker.
The increase in ROCE resulted from the significantly better adjusted EBIT. The strong increase in capital employed (including discontinued operations) had a partially offsetting effect and resulted primarily from lower other receivables and assets as well as the increase in property, plant and equipment.
Taking into account a complete adjustment of DB Schenker, this results in a ROCE of –0.6% (previous year: –4.8%).
| Yield spread / % | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|
| ROCE 1) | –0.6 | –4.5 | 2.7 | –3.6 |
| Cost of capital (pre-tax WACC 2)) | 5.7 | 6.0 | 6.2 | 6.2 |
| Spread 1) (percentage points) | –6.3 | –10.5 | –3.5 | –9.8 |
1) Figure for 2023 adjusted due to the reclassification of DB Schenker.
2) Each value taken at the beginning of the year.
From 2025, the profitability of DB Group’s transport companies and of DB Energy will be managed using ROCE. The profitability of DB InfraGO is managed via the return on equity. As a result, the target ROCE for DB Group as a whole no longer applies.
The difference between ROCE and the cost of capital has decreased significantly. This is largely due to the improved profit situation.
| KeY ECONOMIC performance indicators of the business units / % | 2024 | 2023 | Change absolute |
|---|---|---|---|
| ROCE | |||
| DB Long-Distance | –1.1 | –0.5 | –0.6 |
| DB Regional | 4.6 | –0.8 | +5.4 |
| DB Cargo | –12.3 | –16.4 | +4.1 |
| DB Energy | 5.7 | 15.4 | –9.7 |
| Return on equity | |||
| DB InfraGO | 0.1 | –9.3 | +9.4 |
The improvement in ROCE at DB Regional and DB Cargo was largely the result of a better profit development. Lower capital employed had a particularly supportive effect at DB Regional.
The decline in ROCE at DB Long-Distance and DB Energy was largely driven by the weaker development of adjusted EBIT.
The strong improvement in the return on equity at DB InfraGO resulted from a significant increase in net profit. The higher equity had a dampening effect.