Overall statement of the Management Board regarding the economic development of DB Group

Economic development in the year under review fell below expectations. This was particularly the case for the results in the integrated rail system. Measures introduced to achieve the targeted profit in spite of this included a qualified expense management. Following the challenging development in the year under review, the Man­agement Board anticipates that DB Group’s performance in the 2019 financial year will also be subdued. In our Agenda for a Better Railway, we lay down the groundwork for a sustainably successful company. For it is only through high product quality and satisfied customers that revenues and profits can be im­­proved sustainably. We will also increase our capital expenditures to achieve this. This is necessary to ensure that the in­­tegrated rail system is fit for the future and to create growth and employment. Our activities are subject to various risks, as described in the Opportunity and risk report. In the 2019 financial year, we particularly see risks in the areas of personnel and production and technology. The Management Board believes that DB Group has taken the measures necessary to protect itself from existing risks and to be able to take advantage of possible opportunities.