Project implementation
Our measures involve not only large capital expenditure volumes, but also a large number of highly complex projects such as Stuttgart 21. Changes in the legal framework, delays in implementation (including due to more extensive public participation), higher award prices, construction issues, necessary adjustments during terms often lasting several years, deviations from the increase in funding for capital expenditures agreed with the Federal Government, or changes to purchase prices may lead to project and liquidity risks. The networked production structure means that these can often affect a number of business units. For example, in such cases, planned shifts in the mode of transport from road to rail may not be feasible. We keep up to date with these developments by closely monitoring projects.
When implementing planned measures from various programs, especially the S3 restructuring program, the Full Functioning program at DB Long-Distance and the transformation of DB Cargo, there is a risk that the planned effects either cannot be realized at all or can only be realized to a lesser extent and/or will be delayed. At the same time, however, there is also the opportunity to exceed the planned effects.