Asset situation
Balance sheet
| Balance sheet structure DB AG (HGB) as of Dec 31 / € million | 2024 | 2023 | Change | |
|---|---|---|---|---|
| absolute | % | |||
| Total assets | 60,104 | 56,275 | +3,829 | +6.8 |
| Assets | ||||
| Fixed assets | 50,460 | 46,665 | +3,795 | +8.1 |
| Current assets | 9,641 | 9,609 | +32 | +0.3 |
| Accruals | 3 | 1 | +2 | – |
| Equity and liabilities | ||||
| Equity | 7,401 | 4,132 | +3,269 | +79.1 |
| Provisions | 6,599 | 6,735 | –136 | –2.0 |
| Liabilities | 46,063 | 45,361 | +702 | +1.5 |
| thereof interest-bearing | 42,255 | 41,869 | +386 | +0.9 |
| Deferrals | 41 | 47 | –6 | –12.8 |
| Balance sheet structure DB AG (HGB) as of Dec 31 / % | 2024 | 2023 |
|---|---|---|
| Assets | ||
| Fixed assets | 84.0 | 82.9 |
| Current assets | 16.0 | 17.1 |
| Accruals | 0 | 0 |
| Equity and liabilities | ||
| Equity | 12.3 | 7.3 |
| Provisions | 11.0 | 12.0 |
| Liabilities | 76.6 | 80.6 |
| thereof interest-bearing | 70.3 | 74.4 |
| Deferrals | 0.1 | 0.1 |
DB AG’s total assets increased significantly as of December 31, 2024.
- Fixed assets were significantly higher than at the end of the previous year. Shares in affiliated companies (€ +5,069 million) increased, in particular, at DB InfraGO AG (€ +5,500 million) as a result of the transfer of Government funds to finance infrastructure measures and from the Federal Government’s Climate Action Program. By contrast, the shares in DB Fahrzeuginstandhaltung GmbH declined overall as a result of impairments (€ –433 million). Loans to affiliated companies (€ –1,324 million) also fell, particularly as a result of the sale of DB Arriva. The overall lower funding requirements of subsidiaries (especially at DB Regio AG and DB InfraGO AG) had a supporting effect.
- Current assets were roughly at the same level as of the end of the previous year. The significant increase in cash and cash equivalents (€ +2,817 million) was almost completely offset by a decline in receivables (€ –2,682 million), particularly in conjunction with DB Group’s internal cash pooling. Significantly lower receivables from DB Group’s internal cash pooling were only offset to a small extent by opposing effects (including receivables from the revenue tax consolidated tax group). Other assets (€ –103 million), particularly in conjunction with hedging transactions, also decreased.
Structurally, this resulted in a slight shift towards fixed assets on the assets side of the balance sheet, which continues to dominate here.
Development on the liabilities side was significantly influenced by equity and liabilities with some offsetting effects from provisions.
- Equity developed very positively, driven by the Federal Government’s equity measures as part of the measures to finance capital expenditures in rail infrastructure (€ +4,375 million) and the Climate Action Program (€ +1,125 million). The net loss for the year (€ –2,232 million) had a dampening effect.
- Liabilities increased slightly:
- This was due, in particular, to higher other liabilities (€ +1,103 million; mainly due to increased issuing activity of commercial paper) and higher liabilities to banks (€ +1,102 million). In anticipation of the cash inflow from the sale of DB Schenker in the following year, more short-term financial debt was raised in 2024 to offset the significantly reduced issue of senior bonds during the course of the year to cover financing requirements.
- The decrease in liabilities to affiliated companies (€ –1,496 million) had an offsetting effect. The main drivers were the decline in liabilities to DB Finance (€ –755 million; due to the reduction in issuing activities), liabilities from DB Group’s internal cash pooling (€ –630 million) and liabilities from financing (€ –104 million; mainly for profit and loss transfer agreements and loans).
- In contrast, provisions decreased slightly. This was largely due to lower provisions for other risks (€ –159 million), including in conjunction with impending losses and the decommissioning of facilities.
In structural terms, the disproportionate increase resulted in a clear shift towards equity.