Income development
Changes compared to the previous year
In 2024, there were no material changes to accounting procedures that restricted the year-on-year comparison for DB AG.
DB Gastronomie GmbH merged with DB AG in July 2024 with retroactive effect from January 1, 2024. Thereby, comparability with the previous year is limited only to a limited extent.
Income development
| Statement of income DB AG (HGB) / € million | 2024 | 2023 | Change | |
|---|---|---|---|---|
| absolute | % | |||
| Revenues | 1,977 | 1,858 | +119 | +6.4 |
| Other internally produced and capitalized assets | 2 | 1 | +1 | +100 |
| Other operating income | 407 | 404 | +3 | +0.7 |
| Cost of materials | –622 | –575 | –47 | +8.2 |
| Personnel expenses | –996 | –1,112 | +116 | –10.4 |
| Depreciation | –32 | –1,096 | +1,064 | –97.1 |
| Other operating expenses | –1,197 | –1,465 | +268 | –18.3 |
| Net investment income | –1,710 | –2,311 | +601 | –26.0 |
| Net interest income | –59 | 36 | –95 | – |
| Loss before taxes | –2,230 | –4,260 | +2,030 | –47.7 |
| Taxes on income | –2 | –1 | –1 | +100 |
| Net loss for the year | –2,232 | –4,261 | +2,029 | –47.6 |
DB AG’s economic development in 2024 was driven by the improved, but still clearly negative, net investment income. The improvement in results was also supported by:
- the absence of negative effects in conjunction with the sale of DB Arriva, which had a significant negative impact on DB AG’s profit development in the previous year, and
- the implementation of measures to improve profits in the short and medium term (including a spending monitoring and control program).
Overall, however, the net loss for the year remained significant.
DB AG’s increase in income was driven, in particular, by higher revenues:
- Revenues (+6.4%/€ +119 million): Significant increase above all due to growth in central services for DB companies, the merger of DB Gastronomie GmbH and DB AG, and increased rental income.
- Other operating income (+0.7%/€ +3 million): Development on the level of the previous year. Higher income, particularly from the reversal of provisions, was almost completely offset by opposing effects, mainly in conjunction with hedging transactions for energy (offsetting item in other operating expenses).
At the same time, there was a significant decline in expenses overall:
- Depreciation (–97.1%/€ –1,064 million): Very significant decrease due to the elimination of impairment losses on intra-Group loans to DB Arriva companies in the previous year.
- Other operating expenses (–18.3%/€ –268 million): Decrease resulted, in particular, from cost savings, including in conjunction with the spending monitoring and control program and the absence of negative effects in the previous year in conjunction with the sale of DB Arriva (additions to provisions for impending losses).
- Personnel expenses (–10.4%/€ –116 million): decrease mainly due to the elimination of negative effects in the previous year resulting from the increase in pension expenses (additions to pension provisions). Tariff effects and a higher average headcount had a partially offsetting effect.
By contrast, the cost of materials increased at a low level:
- Cost of materials (+8.2%/€ +47 million): Increase due, among other things, to higher expenses for purchased services, particularly in conjunction with rental services provided, for maintenance and due to the merger of DB Gastronomie GmbH and DB AG.
The net investment income improved significantly, but remained strongly negative.
| Net investment income DB AG (HGB) / € million | 2024 | 2023 | Change | |
|---|---|---|---|---|
| absolute | % | |||
| Income from profit transfer agreements | 671 | 1,140 | –469 | –41.1 |
| thereof Schenker AG | 93 | 662 | –569 | –86.0 |
| thereof DB Energie GmbH | 46 | 166 | –120 | –72.3 |
| thereof DB Regio AG | 97 | – | +97 | – |
| thereof DB Systel GmbH | 112 | 31 | +81 | – |
| thereof DB Bahnbau Gruppe GmbH | 89 | 37 | +52 | +141 |
| Expenses from assumption of losses | –1,546 | –2,688 | +1,142 | –42.5 |
| thereof DB InfraGO AG | –209 | –1,634 | +1,425 | –87.2 |
| thereof DB Cargo AG | –467 | –584 | +117 | –20.0 |
| thereof DB Regio AG | ‒ | –36 | +36 | –100 |
| thereof DB JobService GmbH | –303 | –91 | –212 | ‒ |
| thereof DB Fernverkehr AG | –427 | –224 | –203 | +90.6 |
| Depreciation on financial assets | –835 | –760 | –75 | +9.9 |
| Other | 0 | –3 | +3 | –100 |
| Total | –1,710 | –2,311 | +601 | –26.0 |
The development of the net investment income was largely driven by:
- Significantly lower expenses from the assumption of losses, driven in particular by the improved development of DB InfraGO AG, above all, as a result of the repayment of the pre-financings for measures to improve the quality and availability of the infrastructure in 2023 and 2024 by the Federal Government.
- This was partly offset by lower income from profit transfer agreements, above all, from Schenker AG, in particular as a result of lower dividend distributions from subsidiaries.
- The increase in the depreciation of financial assets, which resulted from the impairment at DB Fahrzeuginstandhaltung GmbH, also had a negative impact. Significant capital expenditures and operating losses combined with weaker expectations as a result of a declining order volume led to the revaluation of the company’s book value. The absence of negative effects in the previous year in conjunction with the sale of DB Arriva had a partially offsetting effect.
DB AG assumes the central financing function for DB Group and passes on the funds, which are generally raised by Deutsche Bahn Finance GmbH (DB Finance) via bond issues and passed on to DB AG via loans to DB Group companies, largely at the same conditions. Net interest income was significantly weaker. Interest expenses increased faster than interest income.
The development of the tax position was weaker, but remained insignificant.
As expected, the economic situation improved significantly overall in 2024 – but remained tense. The significantly better net investment income and the absence of impairment losses from the previous year, in particular, led to a very significant improvement in the still significant loss after taxes.
Variations from the forecast for income development
In 2024, the development of DB AG in its separate financial statements according to HGB generally corresponds to the forecast for the 2024 financial year given in the Combined Management Report for the 2023 financial year. However, the increase was lower than expected due to a weaker than expected development of the net investment income (such as due to negative special effects (e.g. GDL strikes) and weaker economic development).