Deutsche Bahn
2022 Integrated ReportABOUT THIS REPORT
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CONTENTS
1	S E T T I N G T H E C O U R S E
FOR CHANGE
21

T O O U R S TA K E H O L D E R S

22Chairman’s letter

25

The Management Board of

26

Report of the Supervisory Board

30

Open stakeholder dialog

32

Charitable commitment by theDeutsche Bahn AG

Deutsche Bahn Foundation

35

GROUP MANAGEMENT REPORT

36

Overview

37

DB Group

42

Fundamentals

51

Strong Rail58

Product quality and digitalization

69

Green transformation

81

Employees

95

Business development

112

Development of business units

172

Opportunity and risk report

1 82

Governance

202

Events after the balance sheet date

20 3

Outlook209

C O N S O L I D AT E D F I N A N C I A LS TAT E M E N T S

2 10Consolidated statement of income

211

Consolidated balance sheet

212

Consolidated statement of cash flows

213

Consolidated statement of changes
in equity214

Notes to the consolidated financial
statements

277

A D D I T I O N A L I N F O R M AT I O N

2 78	Independent Auditor’s Report
280

Independent Practitioner’s Reporton a Limited Assurance Engagementon Non-Financial Reporting

28 2

Global Reporting Initiative (GRI) Index

28 6

UN Global Compact Index

28 6

Task Force on Climate-related Financial
Disclosures (TCFD) Index

28 7

Glossary

29 1

List of abbreviations

292

Contact information/Financial calendar

COVER
U2

About this reportU4

At a glanceU5

10-year summary

AT A GLANCE

To the interactive
key figure comparison√

ChangeSELECTED KEY FIGURES

2022

2021

absolute%

2019

44,430KEY FINANCIAL FIGURES (€ MILLION)

Revenues

56,29647,075+ 9,221+ 19.6

Profit/loss before taxes on income

932

– 788

+ 1,720–681

Net profit/loss for the year

– 227

– 911

+ 684

– 75.1680

EBITDA adjusted

5,210

2,287

+ 2,923

+ 128

5,436

EBIT adjusted

1,253– 1,552+ 2,805–

1,837

Equity as of Dec 31

14,67910,621+ 4,058+ 38.2

14,927

Net financial debt as of Dec 31

28,827

29,107

– 280

– 1.0

24,175

Total assets as of Dec 31

76,303

71,843+ 4,460+ 6.2

65,828

Capital employed as of Dec 31

42,99945,28943,020+ 2,269+ 5.3

Return on capital employed (ROCE) (%)

2.8

– 3.6

+ 6.4

–

4.3

Debt coverage (%)

13.1

4.3

+ 8.8

–

15.3

Gross capital expenditures

15,353

15,387

– 34

– 0.2

13,093

Net capital expenditures

6,750

6,342

+ 408

+ 6.4

5,646

Cash flow from operating activities

5,644

3,900

+ 1,744+ 44.7

3,278

3,751

2,931

+ 820

+ 28.0

4,874

91.0

93.8

– 2.8

–

93.9

65.2

75.2

– 10.0

–

75.9

1,980

1,413

+ 567

+ 40.1

2,603

thereof in Germany

1,737

1,203

+ 534

+ 44.4

2,123

thereof DB Long-Distance

132.0

81.9

+ 50.1+ 61.2

150.7

Volume sold (million pkm)

82,64250,831+ 31,811+ 62.6

98,402

Volume produced (million train-path km)

692.6

680.3

+ 12.3

+ 1.8

767.3

222.3

226.5

– 4.2

– 1.9

232.0

186.4

187.7

– 1.3

– 0.7

187.3

84,46884,850

– 382

– 0.5

85,00559,60760,324

– 717

– 1.2

60,702

KEY PERFORMANCE FIGURES

Passengers (million)
RAIL PASSENGER TRANSPORT

Punctuality DB passenger transport (rail) in Germany (%)
Punctuality DB Long-Distance (%)
Passengers (million)

RAIL FREIGHT TRANSPORT

Freight carried (million t)
thereof German companies
Volume sold (million tkm)
thereof German companies
TRACK INFRASTRUCTURE

Punctuality (rail) in Germany 1) (%)
Punctuality DB Group (rail) in Germany (%)
Train kilometers on track infrastructure (million train-path km)

89.7

92.9

– 3.2

–

93.1

90.9

93.7

– 2.8

–

93.7

1,133

1,109

+ 24

+ 2.2

1,090

thereof non-Group railways

419.8

414.3

+ 5.5

+ 1.3

368.3

Share of non-Group railways (%)

37.1

37.4

– 0.3

–

33.8

159.8

158.8

+ 1.0

+ 0.6

156.4

45.1

46.1

– 1.0

– 2.2

40.2

Station stops (million)
thereof non-Group railways
BUS TRANSPORT

Passengers (million)

1,771

1,518

+ 253

+ 16.72,271

Volume sold 2) (million pkm)

5,062

4,523

+ 539

+ 11.96,462

Volume produced (million bus km)

1,388

1,432

– 44

– 3.1

1,554

FREIGHT FORWARDING AND LOGISTICS

Land transport shipments (million)

102.8

110.7

– 7.9

– 7.1

107.1

Air freight volume (export) (thousand t)

1,326

1,438

– 112

– 7.8

1,186

Ocean freight volume (export) (thousand TEU)

1,909

2,003

– 94

– 4.7

2,294

Warehouse space contract logistics (million m²)

8.6

8.4

+ 0.2

+ 2.4

8.4

ADDITIONAL KEY FIGURES

Order book in passenger transport as of Dec 31 (€ billion)

94.1

93.6

+ 0.5

+ 0.5

87.9

Length of line operated (rail network) as of Dec 31 (km)33,46933,401

+ 68

+ 0.2

33,423Passenger stations as of Dec 31

5,699

5,693

+6

+ 0.1

5,679

Rating Moody’s/S&P Global Ratings

Aa1/AA–

Aa1/AA–––

Aa1/AA

Employees as of Dec 31 (FTE)

324,136

323,716

+ 420

+ 0.1

323,944

Share of women as of Dec 31 (%)

25.0

24.4

+ 0.6

–

24.3

Employee satisfaction (SI)

3.9

–

–

–

–

– 42.1– 36.1– 6.0–– 34.8Specific greenhouse gas emissions compared to 2006 3) (%)
Share of renewable energies in the DB traction current mix 4) (%)

65.2

62.4

+ 2.8

–

60.1

Track kilometers noise-remediated in total as of Dec 31 (km)

2,202

2,110

+ 92

+ 4.4

1,844

	Non-Group and DB Group operating companies.
	Excluding DB Arriva.
	Since 2021 excluding DB Arriva.
4)	In Germany.
1)

2)
3)

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

SETTING THE COURSEFOR CHANGE

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

AFTER COVID-19,
RAIL IS BACK ON
TRACK FOR GROWTH

The turnaround saw a shift from almost empty trains during

the height of the Covid-19 pandemic to new demand records,
particularly in long-distance passenger transport.

2

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

The rapid return of customers shows that it was right to maintain our course even in difficult times and to set ourselves up for
further growth with new trains, better offers and more personnel. We have already made great strides towards meeting theboom in demand. Our capital expenditures in the ICE fleet are a key component: by the end of 2026, the long-distancetransport fleet will expand to over 430 ICE trains. In late-2022, the first four ICE 3neo trains were put into operation asplanned. By late-2029, we will have put a total of 73 ICE 3neo trains into service. In addition, 22 further ICE 4 trains
were added in 2022. This makes the ICE 4 the largest ICE series in long-distance transport.

+61%
Number of passengers travelling with
DB Long-Distance compared to 2021

3

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

THE NEW GERMANY-TICKET
MAKES MOBILITY SIMPLE

The Germany -Ticket simplifies local transport fares for regional transport, as it makes it possible to travel
across state boundaries and different tariff zones with only one ticket throughout Germany. It is therefore
a strong argument to switch to climate-friendly rail. The Germany-Ticket follows the 9-Euro-Ticket from the summer
months of 2022. The 9-Euro-Ticket was introduced at the initiative of the Federal Government to take the burden
off citizens due to sharply increased costs for electricity, food, heating and mobility. In light of the great success of the9-Euro-Ticket, the Germany-Ticket will be introduced as a permanent season ticket offer in cooperation with theFederal Government and the Federal states.

4

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information49

euros per month is theprice of the new GermanyTicket for all local
transport in Germany

52

million 9-Euro-Tickets
sold from June to August2022

The 9-Euro-Ticket was not only highly successful,
but also contributed to climate protection. Around
1.8 million tons of CO₂ were saved during the three-month
period in which the ticket was offered.

5Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

The highly utilized network currently covers around 3,500 track kilometers,
and will grow to over 9,000 track kilometers by 2030. A key measure
to improve infrastructure quality is the general renovation of highly
utilized corridors and the management of the infrastructurefrom a single source.

THE HIGH-PERFORMANCE NETWORKWILL LAY THE FOUNDATIONS FOR A
HIGH-PERFORMANCE INFRASTRUCTURE
6

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

The approach for the large-scale modernisation of the network differs fromprevious practice in three respects: the measures are bundled
together and consistently oriented towards increasing capacity.
Modernization rather than just like-for-like replacements.
The aim is also to minimize the impact of the construction
measures on customers.

Hamburg

BerlinCologneFrankfurt
am MainCore elements of thegeneral renovation

Stuttgart
Munich1.
2.
3.

Bundling

2020
2030

Construction work will bebundled and will be tailored
towards an increase in capacity.
Highly utilized network grows to over 9,000 km

Increase in performance
Comprehensive modernization
is being sought rather than justlike-for-like replacements.

2022
Track kilometers:

Track kilometers:

Train kilometers:

Train kilometers:~3,500

Customer-friendly construction
The construction process itself is customercentered (e.g. through the previous
modernization of diversion routes).

235 million

7

2030

>9,000700 million

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

SYSTEMATIC NETWORKEXPANSION CREATES MORE
ATTRACTIVE AND
FASTER CONNECTIONS

Aichelberg Tunnel
Wendlingen

Kirchheim/
Teck

Boßler Tunnel
Steinbrühl Tunnel
Merklingen-Schwäbische Alb station

NürtingenMerklingen Tunnel

Albvorland Tunnel

Filstal Bridge

Imberg Tunnel
Merklingen

BAB A8 Tunnel

Widderstall Tunnel
Albabstieg Tunnel

Ulm

Neu-Ulm

Wendlingen — Ulm new line
The new infrastructure creates the basis for more attractive rail transport: in long-distance transport, travel time between
Stuttgart and Ulm will be reduced by around a quarter of an hour. At the same time, the daily service between Stuttgart
and Munich will increase by around 20 to 90 journeys. Thanks to the high-speed route, there are many new, attractive regionaltransport services: the new station in Merklingen will open up a whole region for rail transport.

8

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

90

15
daily journeys
between Stuttgart
and Munich

minutes shorter travel time
between Stuttgart and Ulm

60

km of new rail tracks, which
can handle trains running at
up to 250 km/h

New infrastructure and state-of-the-art technology provide
improved capacity, reliability and quality, reduce travel
times in long-distance transport and create more attractive urban
connections in the south and south-west. The Wendlingen — Ulm
new line is the first step towards significantly faster connections. When
Stuttgart 21 goes into operation, the new line can fully realize its potential:
the journey time between Stuttgart and Ulm in long-distance transport will then be
almost halved to around half an hour.

9Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

WE ARE TRANSPORTING
MORE FREIGHT BY RAIL

The transport sector is one of the main sources of greenhouse gas
emissions in Germany. In order to protect the environment, a shift
towards climate-friendly rail is therefore necessary: freight belongs on
the rails! The share of rail in freight transport is to be increased to 25%
in Germany in the future. This will save the need for 30 million truck journeys.
By strengthening rail transport, a reduction of more than 10 million tons of
CO₂ per year can be achieved.

10Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

Rail freight transport is the most climate-friendly means of transport. Every ton transported by rail saves our environment 80 to 100% CO₂.
DB Cargo therefore offers the switch to 100% eco-power on electrified lines. DB Cargo operates 94% of its rail transport in Germany
electrically powered. Where the use of diesel is still required, the climate-friendly biofuel HVO (hydrotreated vegetable oil) canbe used instead of fossil diesel. A single freight train can replace up to 52 trucks. DB Cargo offers complete logistics chainsthat have intelligent and intermodal networks. As the largest rail service provider, DB Cargo is consistently attuned to thedigitalization and automation of all processes and to digital technology solutions such as digital automatic coupling,which is an integral part of the digitalization of freight cars.

Average emissions (CO₂e g/tkm) of different means of transport in freight transport
in Germany in 2021

118

Trucking
Freight trains

16
33

Inlandwaterways

Source: German Environment Agency, TREMOD 6.42 (12/2022)

11

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

No other motorized transport today is as climate-friendly and efficient in terms of its
use of space as the rail system. A strong rail system is therefore an essential prerequisite
for meeting the climate protection targets of the Federal Government and theEU, because the necessary reduction in emissions in the transport sector cannot
be achieved without a massive shift in the mode of transport towards theclimate-friendly rail system.

MOBILITY TRANSITION FOR
MORE CLIMATE PROTECTION
12

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

With the Strong Rail strategy, we expressly acknowledge our social responsibility and define our concrete contribution
to achieving the Federal Government’s central transport and climate policy objectives. No motorized means oftransport is as climate-friendly today as rail, and no mass transport can achieve a 100% share of renewable energy
as quickly. By 2038, we will be completely switching to eco-power in the DB traction current mix. With theStrong Rail strategy, we have set the course for a shift in the mode of transport. It forms a framework for bothcreating the conditions for a shift in the mode of transport and ensuring a sustainable orientation
with our Green Transformation. With a long-term focus on growth and technological innovations,
we are creating the necessary capacities in infrastructure, vehicles and personnel.

65

percent eco-power in the
DB traction current mix
in Germany in 2022

13

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

WE AIM TO BE CLIMATENEUTRAL BY 2040

As DB Group, we will be climate-neutral by 2040.
We are using several levers to achieve this objective: thecontinued commitment to the electrification of lines, theexpansion of the proportion of eco-power, the start of the heattransition and the shift away from diesel. In doing so, we pursue
a tech­nology-oriented approach and expand the use of alternative drives
and fuels. We rely on alternative fuels such as HVO (hydrotreated vegetable oil) produced from biological residues and waste, as well as battery-poweredtrains and hydrogen drives.

14Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

More than 90% of our rail transport in Germany today is already electric. In our diesel vehicles , we rely primarily on alternative
fuels such as biofuel HVO (hydrotreated vegetable oil). Diesel vehicles can be operated with HVO without the needfor technical refitting. In addition, as part of the H2goesRail joint funding project, we are working with Siemens on an
innovative holistic hydrogen system consisting of a fueling, train and maintenance infrastructure in order topromote the use of hydrogen on rails. Together with the Australian energy group Fortescue Future Industries(FFI), we are working on a new drive technology, the ammonia hydrogen engine. Diesel engines are
modified so that they can be operated with zero emissions using green ammonia and green hydrogen,produced using renewable energies. In addition, in 2022, DB Regional worked with Alstom totest the first battery-powered train in passenger operations.

Deutsche Bahn has made a final decision to say goodbye to diesel.
We are doing everything in our power to make the railway evengreener. By 2027, we will be investing a total of around € 1.5 billion
in the expansion of new drives and fuels, which will bring us
closer to climate-neutral railways step by step.”
Dr. Richard Lutz, Chief Executive Officer of Deutsche Bahn AG

15

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

TEAM DB HAS
AN IMPORTANT
ROLE TO PLAY

In recent years, DB Group has hired a large number of new employees in Germany.
Even during the Covid-19 pandemic, when many other companies were cutting jobs, we
recruited heavily to strengthen the climate-friendly rail system. That paid off. In 2022,
we were able to make almost 28,000 hiring commitments in Germany. Many new drivers, traffic
controllers, IT experts and engineers are now working in Team DB to make our operations
more robust, reliable and digital. In order to be an attractive employer for our employees, we are constantly
developing our employment conditions. Diversity is of particular importance to us. Strong diversity
promotes our ability to innovate, strengthens talent acquisition and loyalty, and brings us closer to our customers –we are convinced of that. We are therefore particularly proud to have received the European Women in Rail Awardas the best employer for women in the European rail sector.

16Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

Almost28,00017

hiring commitments in Germany in 2022
As an attractive employer, DB Group impresses
in a competitive labor market.

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

DIGITALIZATIONMAKES RAIL MORE
COMPETITIVE

New technologies such as artificial intelligence (AI) are already supporting the
dispatchers of the Stuttgart, Frankfurt am Main and Munich S-Bahn (metro)companies in the early detection and resolution of faults, thus increasing punctuality.
For maintenance, we use AI to visually detect vehicle damage and automaticallyrecognize materials, thus reducing vehicle downtimes, among other things. High-performanceconnectivity is also key to a modern travel experience and digital rail operations. Significant
successes have already been achieved in this area. These include, for example, cooperation agreementswith Deutsche Telekom and Vodafone for an uninterrupted wireless network, as well as the use ofmobile radio-transparent windows, through which the mobile radio signals reach the travelers about 100 times
better as a result of lasering the heat-insulating metal layer. In concrete terms, this means: the mobile phone
coverage for passengers will be significantly improved over the next three years.

18

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

The aim is to create an intelligent mobility network for a digital,
modern and climate-friendly railway for our customers. With
initiatives such as the digital production system, we are driving thedigitalization of the railway together and are joining forces in the use of
new technologies for a sustainable increase in capacity, quality and efficiency.

19

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

FOR A STRONG RAIL SYSTEM

Our targets:

1.

Doubling passenger numbers inlong-distance transport
260 million passengers at DB Long-Distance(+ 100% compared with 2015).

2.
3.

Increase in passenger numbers in local transport+ 1 billion passengers in local transport (comparedwith 2015), of which 0.7 billion in DB Regional Rail and0.3 billion in the area of New Mobility.

Increase in volume sold in rail freight transport+ 70% volume sold in rail freight transport in Germany(compared with 2015).

4.

Increasing infrastructure capacity+>30% train kilometers (compared with 2015) andexpansion of stations into hubs of modern mobility.

20

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

TO OUR STAKEHOLDERS
22

Chairman’s letter

25

The Management Board of Deutsche Bahn AG

26

Report of the Supervisory Board

30

Open stakeholder dialog

32

Charitable commitment by the Deutsche Bahn Foundation

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

D R. RICHARD LUTZ

CEO and Chairman of the Management
Board of Deutsche Bahn AG

22Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information∏

CHAIRMAN’S LETTER

Dear readers,
The central characteristic of our time is change. Not just in a positive sense, as the events and developments of the past year have made more than clear. Climate change is also forcing us to adapt. We must do
everything we can to mitigate its consequences. The railway is essential for this. This is not only something
we are convinced of, but it is also the political and social consensus. In the future, only climate-friendly
mobility will be viable. And the trend towards climate-friendly mobility is in full swing.
This is impressively demonstrated by the rapid return of our customers last year. In long-distance transport,
we were able to increase our revenues by more than two billion euros compared with the previous year and,for example, record passenger records again in summer as well as during the Christmas period. In the areaof private travel, we are above the level of 2019. Regional transport is also recovering and was given a particular boost by the 9-Euro-Ticket.
The return of passengers is one of three reasons why, despite a more than challenging environment – withrecord inflation, the energy crisis and recession concerns – the past year was an economic success for
DB Group: the net operating profit was 1.25 billion euros. We were able to outperform our target of “breaking even” for 2022.
Another reason for the positive operating result was energy price hedging andlong-term supply contracts, which is why we were not so severely affected by highinflation in 2022, especially the rising energy costs. And thirdly: logistics continued
to boom. DB Schenker performed excellently and was able to achieve the highest
profit in its company history.

“2022 was afinanciallysuccessful year for

However, for DB , 2022 was also the year in which the rail network reached its
DB Group.”
limits. It is too old, too prone to faults and has too little capacity. Therefore, inboth passenger and rail freight transport, we were unable to offer the quality that
our customers quite rightly expect from us and which is also our own aspiration.
For this reason, it was clear to all parties involved: we need to radically change course. Germany needs arobust and efficient infrastructure. This means looking at how we renovate and modernize the rail network –we need a completely different approach with immediate effect.

23

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information
DEUTS CH E BAH N GROUP > 20 2 2 IN T EG R AT E D R E PO RT > TO O U R STAKE H O LDE R S > C hair m an ’ s  letter

We have set the course for this change in the past year. Together with the Federal
Government, we seized the opportunity in the acute crisis to pave the way for sustainable structural changes. By 2030, we will be working together with the Federal
Government and the industry as a whole to expand the highly utilized sections of
our rail network into a high-performance network – a network that lives up to its
name and forms the basis for more quality and growth. The first corridors have al­
ready been determined: the general renovation of the Riedbahn between Frankfurt
am Main and Mannheim will begin in summer 2024. One year later, the Hamburg —Berlin and Emmerich — Oberhausen lines will follow. 2023 is a year of transition, in
which we will get everything ready to implement the high-performance network.

“We will take a completely
different approachin the future to
the modernization of
the rail network.”

But that’s not the only major shift: together with the Federal Government, we are in the middle of thedevelopment and implementation of a new architecture for the railway infrastructure in Germany. As provided for in the coalition agreement, the infrastructure will be aligned with the greatest possible benefits
for the general public. This is in line with the aspiration formulated in our Strong Rail strategy: we see it
as our social responsibility to do everything we can to achieve climate goals and transport policy objectives and to strengthen Europe. Our commitment to sustainable and responsible
corporate governance and the principles of the UN Global Compact is also an
expression of this responsibility.

“I am convincedthat railways
are the future!”

2023 marks the new era of change. This offers the great opportunity to advancethe climate-friendly rail sector even further through structural changes. That is
why we are also looking forward to the introduction of the Germany-Ticket as
the successor of the 9-Euro-Ticket. It is another strong argument for the switch
to climate-friendly means of transport.

One thing is clear: the overall economic situation remains challenging. We will also have to deal with massive cost increases, for example due to sharp increases in energy costs and purchase prices. But I am convinced that railways are the future! This is demonstrated by the demand, which has continued to recoverstrongly despite all the crises. This demonstrates the unity with which politics and society are working tostrengthen the railway.
Sincerely,

Dr. Richard Lutz
CEO and Chairman of the Management Board of
Deutsche Bahn AG

24

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

THE MANAGEMENT BOARD OF DEUTSCHE BAHN AG

EVELYN PALLA
Regional Transport

MARTIN SEILER
Human Resourcesand Legal Affairs

DR. RICHARD LUTZ
CEO and Chairman of theManagement Board
BERTHOLD HUBER
Infrastructure

DR. SIGRID NIKUTTA
Freight Transport

The CVs of the Board members can be found online∞.

25

DR. LEVIN HOLLE
Finance and Logistics

DR. MICHAEL PETERSON
Long-Distance
Passenger Transport

DR. DANIELA GERD
TOM MARKOTTEN
Digitalization and Technology

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

WERNER GATZER
Chairman of the Supervisory Boardof Deutsche Bahn AG

REPORT OF THE
SUPERVISORY BOARD
Meetings of the Supervisory Board

26

Meetings of the Supervisory Board committees
Corporate governance
Annual financial statements

operations. The Management Board reported regularly, without delay and in detail, to the Supervisory Board regarding
corporate planning and the business, strategic and financial
development of DB AG and its subsidiaries. All significant
business events were discussed by the Supervisory Boardand the responsible committees based on reports of theManagement Board. Significant deviations in actual businessdevelopment were explained by the Management Board andreviewed by the Supervisory Board. The Chairman of theSupervisory Board maintained close contact at all times with
the Chairman of the Management Board, who regularly reported on the latest business developments at DB AG, upcoming business decisions and risk management.

27

28
28

Changes in the composition of the Supervisory Boardand the Management Board

28

In the year under review, the Supervisory Board of Deutsche
Bahn AG (DB AG) observed the entirety of the responsibilities within its remit in accordance with the law, the company’s articles of association and its bylaws. The Supervisory
Board extensively advised and supervised the Management
Board in the management of the company and businessMeetings of the Supervisory Board
The Supervisory Board was involved in all decisions of fundamental significance for DB AG. In the year under review,the Supervisory Board held four ordinary meetings and two
extraordinary meetings. The 2021 annual financial statements
were also presented in detail to the Supervisory Board at an

26

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

information event in preparation for the resolution at thefinancial statements meeting. In the reporting period, allmembers of the Supervisory Board participated in at least
half of the meetings in full. In the reporting period, the Supervisory Board passed four resolutions by way of a written
procedure. Meetings of the Executive Committee, the Personnel Committee and the Audit and Compliance Committee
were held in preparation for the scheduled meetings of theSupervisory Board of DB AG. In the 2022 financial year, as in
the previous year, the focus of the deliberations in the fullSupervisory Board was still the significant impact of theCovid-19 pandemic on the development of Deutsche Bahn
Group (DB Group).
In this context, issues relating to developments in revenues, profit and employment in the individual business
units, the company’s debt situation, questions about thecompensation for losses caused by the Covid-19 pandemic
and developments in significant capital expenditure andinvestment projects were also discussed. At its regular meetings in the reporting period, the Supervisory Board – including the Chairman of the advisory council of DB Project Stuttgart — Ulm GmbH – regularly dealt with the progress andcost development of the major projects Stuttgart 21 andWendlingen — Ulm new construction line and, in an extraordinary meeting, approved the adjustment of the scope ofthe total value and the financing framework requested as aresult of a deadline and cost analysis.
The Supervisory Board discussed other significant individual matters and passed the necessary resolutions, including a change in the allocation of responsibilities during thereporting period, in which long-distance passenger transportand regional transport were structured as independent Management Board divisions, along with the appointment of two
members of the Management Board for these divisions. Following the conclusion of a tender procedure for Group-wide
auditing services in the year under review, the Supervisory
Board approved a corresponding resolution recommendation
to the Annual General Meeting. In turn, at regular intervals,
the Supervisory Board once again advised on target figures
for the equal participation of men and women in management positions both for the Management Board and theSupervisory Board of DB AG and set ambitious targets witha 50% quota for both bodies by June 30, 2027. The Supervisory
Board also discussed and passed resolutions on changes toinvestments, such as the acquisition of USA Truck Inc., Van
Buren/USA, and the sale of shares in five national subsidiaries of DB Arriva and MarkenTechnikService GmbH&Co KG.
Most recently, the Supervisory Board also advised on thepossible sale of Schenker AG and approved the necessary
preparatory work for this purpose. Following the failure of
GSM-R train radio control in northern Germany in October
2022, the Supervisory Board discussed this incident and possible conclusions that can be drawn from it at a special meeting. In its December meeting, the Supervisory Board also
approved DB Group’s budget for the 2023 financial year.

Meetings of the Supervisory Board
committees
The Supervisory Board of DB AG has established four permanent committees to enable it to conduct its work efficiently.
The Supervisory Board’s Executive Committee held four regular meetings and one extraordinary meeting in the year
under review, and was in regular contact with the Management Board regarding all major business policy issues. In its
meetings, it focused in particular on preparing the focal topics for each of the Supervisory Board meetings. In the year
under review, the Audit and Compliance Committee held four
regular meetings, three extraordinary meetings and one conference call, and intensively discussed the economic situationof DB Group and the individual business units in preparation
for the discussions in the full Supervisory Board, based on
the current monthly and half-year figures. The committee’s
work in the reporting period focused on managing and guiding the tender process for auditing services. The offers of thebidders were presented to the committee by the applicantsas part of a special meeting. During its regular meetings andin several special meetings, the committee dealt in detailwith the essential technical and economic aspects of the offers and, after careful consideration, made a recommendation
to the Supervisory Board regarding the contract. In addition,at regular intervals, the committee discussed the progress
and, in particular, the cost development of the major Stuttgart 21 project on the basis of the quarterly reports of theManagement Board, each of which was reviewed by the auditors and an engineering firm. The development of costs,
in particular the results of a schedule and cost analysis, wasalso examined in more detail at an extraordinary meeting in
preparation for the discussion of the full Supervisory Board.
In addition the committee also discussed in detail the risk
report, the submitted budget and investment planning aswell as the medium- and long-term planning of the DB Group.
The committee also continued to address updates in corporate governance and the internal control system necessitatedby the German Accounting Law Modernization Act (Bilanzrechtsmodernisierungsgesetz; BilMoG). The Audit and Compliance Committee was regularly informed about Group-27∏

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

Annual financial statements

related compliance issues. The Chief Compliance Officer regularly reports on his work there as well as significant cases
for the Group (further information on DB Group compliance instru­
instru­m­entsµnts
186 ffff..). Likewise, the intra-Group auditors report tothe committee on a regular basis on the audit program andthe key findings of the audit activities. The committee also
receives regular reports on significant legal disputes. Depending on the circumstances, the various committees arealso informed directly about Group-relevant/critical mattersin individual cases. The committee also debated the resultsof a commissioned review of the second S-Bahn (metro) mainline in Munich and discussed the M&A decisions requestedby the Management Board in preparation for the consultation of the full Supervisory Board. The Chairman of the Audit
and Compliance Committee was in regular contact with theManagement Board and the external auditor, and reported
regularly and in detail on the committee’s work to the fullSupervisory Board.
In the year under review, the Personnel Committee held
four regular and four extraordinary meetings to prepare Management Board-related matters for discussion by the Supervisory Board, discussed questions regarding compensation
for the members of the Management Board, and prepared
the corresponding resolutions for the Supervisory Board asa result. In further meetings, possibilities of an adjustmentof the method for calculating the short-term incentive (STI)
for the Management Board were discussed.
The Mediation Committee established in accordance with
Section 27 Para. 3 of the Co-Determination Act (Mitbestimmungsgesetz; MitbestG) did not have occasion to meet in
the year under review.

The annual financial statements and management report of
DB AG, as prepared by the Management Board, and the consolidated financial statements and Group management report for the period ending on December 31, 2022, were audited
and awarded an unqualified audit opinion by PricewaterhouseCoopers GmbH Wirtschaftsprüfungsgesellschaft (PwC),
the auditor appointed by resolution of the Annual General
Meeting. The auditors’ report was reviewed by the Audit andCompliance Committee in its meeting held on March 24,
2023, and was discussed in full at the Supervisory Board’s
financial statements meeting held on March 29, 2023, in thepresence of the auditors who signed the audit reports. The
auditors reported on the salient audit findings and were available to answer questions. The Supervisory Board concurredwith the audit findings. The Supervisory Board reviewed theannual financial statements and management report of DB AG,
the consolidated financial statements and Group management report for the year under review, and the proposal forthe disposition of income, noting no objections. The DB AG
annual financial statements for the 2022 financial year wereapproved and thereby adopted. The auditor additionally reviewed the report on relationships with affiliated companies
prepared by the Management Board. The auditors issued an
unqualified audit opinion and reported on their audit findings. The Supervisory Board also reviewed this report, raisingno objections concerning the Management Board’s concluding declaration contained in the report or the result of theaudit conducted by PwC.

Changes in the composition of the Supervisory
Board and the Management Board

Corporate governanceDuring the year under review, the Management Board andSupervisory Board of DB AG again considered the further
development of corporate governance. In a Cabinet decisionon July 1, 2009, the Federal Government adopted the Public
Corporate Governance Code (PCGK) and revised it in its resolution of September 16, 2020. The PCGK sets out the essential provisions of applicable law governing the management
and monitoring of non-listed companies in which the Federal
Republic of Germany holds a majority stake, while outlining
the internationally and nationally acknowledged principles
of good and responsible corporate management. The Supervisory Board of DB AG dealt with the application of the PCGK
2020 within DB Group. At the time of reporting, the approximately 100 recommendations have been largely implemented. The Supervisory Board will continue to address thismatter in the 2023 financial year and discuss the progress of
its implementation with the Management Board.

In the reporting period, the following changes were made to
the Management Board and Supervisory Board of DB AG:◊ With effect from April 30, 2022, Mr. Ronald Pofalla left
the Management Board of DB AG by mutual consent.
◊ At the regular Supervisory Board meeting on June 23,
2022, Ms. Evelyn Palla became a member of the Management Board of DB AG for a period of three years with effectfrom July 1, 2022. She is responsible for the Regional Transport division, which was newly created in the same meeting; and◊ also with effect from July 1, 2022, Dr. Michael Peterson was
appointed as a member of the Management Board of DB AG
for the Long-Distance Passenger Transport division, which
was also newly created in the same meeting.
◊ The Infrastructure division has been managed by Mr.
Berthold Huber from July 1, 2022, onwards.

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Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information
DEUTS CH E BAH N GROUP > 2022 INT EG R AT E D R E PO RT > TO O U R STAKE H O LDE R S > R eport o f the S uperv isory Board◊ Mr. Christian Schmidt resigned his Supervisory Board
mandate with effect from the end of April 30, 2022, and
Ms. Kirsten Lühmann and Mr. Eckhardt Rehberg resigned
their respective Supervisory Board mandates with effectfrom the end of June 15, 2022. With effect from June 16,
2022, Mr. Stefan Gelbhaar (Member of the German Parliament), Ms. Dorothee Martin (Member of the German
Parliament) and Mr. Bernd Reuther (Member of the German Parliament) were therefore elected as members of
the Supervisory Board of DB AG at the extraordinary general meeting on June 16, 2022. With effect from the endof June 15, 2022, Mr. Enak Ferlemann and Ms. Elisabeth
Winkelmeier-Becker each resigned from their Supervisory
Board mandates. With effect from June 16, 2022, Parliamentary State Secretary Susanne Henckel, Federal Ministry of Digital and Transport (BMDV), and Parliamentary
Secretary of State Anja Hajduk, Federal Ministry of Economics and Climate Protection (BMWK), were appointed
to the Supervisory Board of DB AG for the remainder of theterm of office. Former State Secretary Michael Odenwald
resigned his mandate and, in connection with this, also
resigned from his position as Chairman of the Supervisory
Board with effect from the end of July 22, 2022. Dr. Ingrid
Hengster resigned her Supervisory Board mandate witheffect from August 19, 2022. At the Supervisory Board
meeting on September 28, 2022, State Secretary Werner
Gatzer was elected to the position of Chairman of theSupervisory Board. At the extraordinary general meetingof September 29, 2022, Ms. Daniela Mattheus was electedto the Supervisory Board of DB AG with immediate effectfrom October 1, 2022, and at the extraordinary general
meeting of December 7, 2022, Mr. Michael Sven Puschel
was also elected to the Supervisory Board of DB AG withimmediate effect for the remaining term of office. Mr.
Jürgen Beuttler and Mr. Mario Reiss each ended their Supervisory Board activities with effect from the end of July
31, 2022. Mr. Klaus-Dieter Hommel resigned his Super­visory Board mandate with effect from the end of Septem­
ber 30, 2022, and Mr. Jürgen Knörzer resigned his Supervisory Board mandate with effect from the end of October
31, 2022. Alexander Kaczmarek and Klaus-Peter Schölzke
were appointed members of the Super­visory Board of
DB AG with effect from September 13, 2022, by way of a
judicial appointment by the Charlottenburg District Court.
Mr. Ralf Damde and Mr. Manfred Scholze were also appointed members of the Supervisory Board of DB AG by
way of a judicial appointment with effect from December
8, 2022. At the Supervisory Board meeting on December
15, 2022, Mr. Martin Burkert was elected Deputy Chair of
the Supervisory Board.

The Supervisory Board thanks the departing members of theSupervisory Board and the Management Board for their committed and constructive support of the company.
The Supervisory Board would also like to thank the Management Board, the employees and the works council representatives of DB AG and affiliated companies for theirachievements in the year under review.
Berlin, March 2023
For the Supervisory Board

Werner Gatzer
Chairman of the Supervisory Boardof Deutsche Bahn AG

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Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information∏

OPEN STAKEHOLDERDIALOG

among other things, that contributions of any kind to politi­
cal parties, their representatives, political leaders, elected
representatives and candidates for political office are generally prohibited. In addition, the Lobby Register Act came into
force in Germany on January 1, 2022. The lobby register andcorresponding regulations at national and EU level make itpossible to transparently track structures of influence bystakeholders on the political decision-making and policy
formation process.

Clear guidelines for stakeholder dialog
We believe in partnership-based dialog and trusting engagement with all relevant stakeholders and engage in open discussion of expectations and positions. Our stakeholder charter∞ forms the basis for all dialog. It formulates Group-wideprinciples for responsible interaction between Deutsche Bahn
Group (DB Group) and its stakeholders.

Dialog on the Green Transformation
We exchange views with our stakeholders, both bilaterally
and through committees and discussion formats, on theGreen Transformation of DB Group
Groupµ69 ff. We are hosting our own
multi-stakeholder formats, such as the Sustainability Forum(formerly the Environmental Forum). We also carry out
structured environmental monitoring and analysis. We use
these to systematically identify relevant topics and examine their impact on the Green Transformation of DB Group.
We also answer questions from stakeholders on matters ofsustainability.

∏ Dialog with policymakers and the public
DB Group plays an important role in advancing the railway

system in Germany and Europe. We are therefore sought
after as a dialog partner in public discussions, and actively
engage in dialog with the entire sector. We discuss our own
transport policy positions at the national and international
level and seek to use facts and figures to contribute to thedecision-making process. Political decisions can have a significant impact on the competitiveness and growth opportunities of rail transport, as well as the economic develop­­
ment of DB Group and the industry, such as on the level ofstate financing of rail or regulatory requirements. We provide
information on key developments in the political environment in the reporting period in the section Fundamentals
Fundamentalsµ42 ff
ff..
Our core objective in political dialog is to demonstrate
the necessary prerequisites and framework conditions tostrengthen rail as a climate-friendly mode of transport andthus also to achieve the Strong Rail targetsµ
targets
56 ff.. Our work in
and with associations plays an important role in this. DB
Group is a deeply rooted member of several associations.
The following memberships are particularly relevant forpolitical discourse (in alphabetical order based on German
designation):◊ Pro-Rail Alliance ((Allianz
Allianz pro Schiene; ApS)∞◊ Mobility and Transport Services Association

S U S TA I N A B I L I T Y F O R U M

The DB Group Sustainability Forum, which takes place oncea year in Berlin, has firmly established itself in recent years
as the central platform for dialog on current sustainability
topics. The 2022 Sustainability Forum took place on October
6 for invited guests at St. Elisabeth’s Church in Berlin, and was
also held as a virtual meeting. In view of the current crisis
situations and the anniversary of the pioneering Club of Rome
report, the motto was “50 years of limits to growth – how do
we achieve sustainable prosperity?”. Representatives of DB’s
Management Board and high-ranking representatives frompolitics, business, science and civil society were on the panel.

S U M M I T M E E T I N G W I T H E N V I R O N M E N TA LA S S O C I AT I O N S

On April 6, 2022, the Chief Executive Officer of Deutsche Bahn
AG (DB AG), Dr. Richard Lutz, met with the following environmental associations: the Federation for the Environment
and Nature Conservation Germany (Bund für Umwelt und NaturNaturschutz Deutschland; BUND)∞,, the German Nature Conservation
Association (Deutscher Naturschutzring; DNR)∞,, German Environmental Action (Deutsche Umwelthilfe; DUH)∞,, Greenpeace ∞and the German Transport and Environmental Association ((Verkehrs
Verkehrs­club
Deutschland; VCD)∞. DB Group’s current issues, infrastructuredevelopment, the energy situation and other sustainability
issues were discussed at the meeting.

(Arbeitgeber- und Wirtschaftsverband der Mobilitäts
Mobilitäts-und Verkehrsdienstleiste; AGV MOVE
MOVE))∞◊ Community of European Railway and Infrastructure
Companies (CER)∞◊ German Transport Forum (Deutsches Verkehrsforum)∞◊ Association of German Transport Companies(Verband Deutscher Verkehrsunternehmen; VDV)∞In addition to our stakeholder charter, we have set strict internal standards for participation in political processes, which
are summarized as “Group Principles Ethics — Code of Conduct”
Conduct”µ185 ff. and which are binding Group-wide. This stipulates,

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Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information∏ Overview of the stakeholder dialog
STAKEHOLDERS

2022 topics

The most important dialog and communication formats

Passengers(private and business)◊ Introduction of the 9-Euro-Ticketµ 36 /Germany-Ticketµ 47◊ Stimuli and incentives after travel restrictions◊ Punctuality and connection reliability◊ Improvements to schedules, cycles and services◊ Contribution to sustainability◊ Improvement and digitalization of ticket offers◊ New service offerings/product improvement along the travel chain◊ Improvement of passenger and construction site information◊ Vehicle modernization/City Ideas Train ((Ideenzug
Ideenzug City)
City)µ 122◊ Passenger Advisory Board◊ Online dialog platforms/social networks◊ Customer dialog (over-the-phone)/customer inquiries◊ Virtual and/or hybrid dialog formats and product conferences◊ Digital road shows/product presentations◊ DB Smile Chatbot◊ Ideas workshops “Trains of the future”

Business customers(freight transport)◊ Strategic orientation (Strong Cargo)◊ Green logistics◊ Initiative for further development of production◊ Punctuality and reliability◊ Digitalization/digital automatic coupling◊ Innovative freight cars
◊ m² freight cars
◊ “We are freight/freight belongs on the rails” campaign◊ Direct exchange with customers (including trade fairs and congresses
as well as digital formats)◊ Own dialog and customer events◊ Customer workshops◊ Annual customer satisfaction survey◊ Monthly satisfaction check◊ Social networks◊ link2rail digital customer platform (e-services for customers)

Policymakers/
regulators◊ Pandemic management◊ Contribution to sustainability/Green Transformation◊ Infrastructure development and financing◊ Digitalization◊ Germany in sync (Deutschland-Takt)◊ Intermodal competition◊ Financing public transport◊ Regulatory frameworks◊ Infrastructure division focusing on the common good
◊ Station program◊ Introduction of the 9-Euro-Ticket/Germany-Ticket◊ Parliamentary evenings◊ Association activities◊ Participation in discussion rounds and expert presentations◊ Participation by the Federal Government in dialog formats◊ Own events (for example competition symposium)

Employees◊ War in Ukraine, rising energy prices, inflation◊ Tense operational situation/implementation of 9-Euro-Ticket◊ Change in cooperation in the wake of the Covid-19 crisis◊ Contribution to sustainability/Green Transformation◊ Increase in the proportion of women in management◊ Employee strategic building blocks within the framework of Strong Rail◊ Global employee survey◊ Group-wide process for developing “Team agreements for the new normal”◊ Events and networks on the topic of health, new work and diversity◊ Voluntary social commitments, for example “DB tackles”◊ Energy-saving bonus for employees combined with energy-saving challenge◊ Social intranet, internal knowledge platform and newsletter for all employees

Investors◊ Impact of the war in Ukraine/inflation◊ Dividend policy/Covid-19 support measures◊ Indebtedness/profitability◊ Competitive situation/regulatory environment◊ ESG performance◊ Roadshows◊ E-mail contacts◊ Direct contacts/one-on-ones◊ Investor relations Web site

Suppliers◊ Quality/qualification◊ Innovation/digitalization◊ Antitrust law◊ Ombudsmen◊ Supplier management◊ Cooperation in mutual trust◊ Meeting deadlines◊ Reviews of business partners◊ Sustainability in the supply chain◊ Shortage of skilled labor◊ InnoTrans 2022
◊ Direct supplier development meetings◊ Innovation workshops◊ Discussions and expert presentations◊ Railsponsible industry network◊ Dialogs on competition◊ Innovation partnerships◊ Largely digital dialogs regarding supplier sustainability assessments◊ In-person and virtual supplier days in the product areas◊ Railway Construction Initiative for the Future (Zukunftsinitiative Bahnbau; ZIB)

Associations/specialist public◊ Contribution to sustainability/Green Transformation◊ Infrastructure development and financing◊ Acceleration of planning and construction processes◊ Innovations in mobility and logistics◊ Introduction of the 9-Euro-Ticket/Germany-Ticket◊ 2022 Sustainability Forum◊ Annual conference of the Association of German Transport Companies (VDV)◊ Top-level discussions and expert exchanges◊ Membership of relevant bodies such as the German CEO Alliance for Climate
and Economy (Stiftung KlimaWirtschaft) and econsense◊ Member of the Administrative Board of the German Compliance Institute(Deutsches Institut für Compliance; DICO)◊ Corporate member of Transparency International Germany◊ Stakeholder events and product presentations◊ Development of digital communication channels (RegioSignals)◊ InnoTrans 2022

Media

◊ Increase in employer attractiveness/talent acquisition◊ Upgrade of digital services for customers◊ Capital expenditures in high-performance infrastructure –capacity expansion and further digitalization of infrastructure◊ Expansion of the vehicle fleet◊ Sustainability, Green Transformation◊ Delivery of aid supplies for Ukraine, support for refugees from Ukraine◊ 9-Euro-Ticket◊ Press Web site
◊ Press releases◊ Press and photo events, including digital and hybrid formats◊ Background discussions, in some cases also digitally◊ Interviews, in some cases also digitally◊ Social networks

The topics and dialog formats are not presented in any order of priority.

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Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

ADVISORY BOARD FOR A QUIETERM I D D L E R H I N E VA L L E Y

German Multistakeholder Forum for the Implementation
and Promotion of the UNGC Principles
Principlesµ 286 and the Sus
Sus--

Another meeting of the Advisory Board for a quieter Middle
Rhine Valley was held on July 13, 2022. Together with theFederal Ministry for Digital and Transport (Bundesministerium für Digitales und Verkehr; BMDV), we reported on thelocal progress made with the implementation of noise reduction measures. Other items on the agenda at the Advisory
Board meeting included the shared 2030/2050 noise reduction
targetµ 77 of the Federal Government and DB Group, thetargetsuccessful refitting of freight cars and whisper brakes and theimplementation of the Rail Noise Protection Act. The Advisory Board for a Quieter Middle Rhine Valley is composed of
citizens’ action groups, regional members of the German Parliament, representatives of the BMDV and the responsible
state ministries from Hesse and Rhineland-Palatinate, as well
as DB Group. It meets annually at various locations in the
Middle Rhine Valley.

tainable Development Goals (SDGs)µ 43
43..

Deutscher◊ We are signatories of the German Sustainability Code ((Deutscher
Nachhaltigkeitskodex))∞, through which we provide ourNachhaltigkeitskodex
stakeholders with transparent information about our sustainability performance.
econsense∞, the Sustainable Devel◊ We are a member of econsense
opment Forum for the German economy.
◊ As a member, we support the German Alliance for Climate andEconomy ((Stiftung
Stiftung KlimaWirtschaft∞)
KlimaWirtschaft) in its aim of developing
cross-sector solutions for the transition to a climate-neutral economy.
Railsponsible∞ indus◊ We are a founding member of the Railsponsible
try initiative. This initiative aims to create transparency
regarding social, environmental and socioeconomic effects along the entire supply chain and to support suppliers in improving their sustainability practices.
International, we are com◊ As a member of Transparency International∞
mitted to fighting corruption.

Dialog with the Passenger Advisory Board

CHARITABLE COMMITMENT
BY THE DEUTSCHE BAHN
FOUNDATIONThe DB Passenger Advisory Board provides important impetus for improvements to products and services in workshops,
surveys and discussions. Twice a year, the Committee, which
consists of 30 private customers, comes together with DB
Board members and DB managers for ordinary meetings. In
addition, it advises on and supports numerous projects relevant to customers. In 2022, there were once again digitaland in-person meetings – the DB Passenger Advisory Board
was involved in various DB Long-Distance, DB Regional, DB
Sales and DB Netze Stations projects, bringing customers’
direct perspective into the discussions.

Deutsche Bahn Foundation ((Deutsche
Deutsche Bahn Stiftung gGmbH∞)
gGmbH
) was

founded in 2013 to combine charitable commitment and the
DB Museum under one roof. Deutsche Bahn Foundation
seeks to cocreate an equitable society, and improve socialco­hesion. It combines railway history with setting the course
for the future. For this reason, it operates the DB Museum,is committed to integrating those on the edges of society,and supports voluntary work.
Deutsche Bahn Foundation solely and directly pursues
its charitable purposes in accordance with its articles of association. Organizations without a corporate income tax
exemption, individuals, political parties, religious communities, organizations that or whose members do not act inaccordance with law, are associated with terrorist activity
or are on a sanctions list are not promoted.

Industry initiative: Capacity Round Table
Since 2019, DB Group has supported the industry initiative
Capacity Round Table, launched by DB Netz AG. Representatives of the rail transport industry and associations, as wellas participants from Federal agencies advise on effective
measures to improve rail network capacity in the short andmedium term. In 2022, the focus was on revising and introducing the capacity planning and allocation process, as wellas improving the planning of construction works.
∏ Memberships in sustainability networks

DEUTSCHE BAHN FOUNDATION

2022

2021

Charitable projects

24 1)

33

26

3,167 1)

2,797

2,569

Expenses for charitable projects (€ thousand)◊ We underline our commitment to the United Nations
Global Compact (UNGC) through the annual presentationof our progress towards the ten principles of the UNGC
(Communication on Progress). We are also involved in
the UN Global Compact Network Germany (UNGCD), the

1)

2020

	Preliminary figure.

In response to donation requests, Deutsche Bahn Foundation
has also made donations of funds from its general response
budget.

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Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

DONATIONS / € thousand

2022

2021

2020

Deutsche Bahn Foundation

183 1)

155

123

1)

Education and integration
Deutsche Bahn Foundation, together with the Reading FoundaFoundation ((Stiftung
Stiftung Lesen)
Lesen)∞, is heavily involved in reading and language support. The joint commitment is expressed in thenationwide reading aloud day and the annual reading study.
Since 2022, the reading study has been continued as a monitoring tool. Data on topics such as reading behavior, reading
helpers and locations, or reading and media in the domestic
environment are collected and updated in a comparable way.
In addition to the digital offer Simply read aloud!∞aloud!
, reading help was tested in 2022 at ten day-care centers in coopera­­tion with the Reading Foundation (Stiftung Lesen). Multilingual materials and books are given particular consideration in the pilot project.
For a fourth year running, together with the Open Knowledge
Foundation∞, Deutsche Bahn Foundation is strengthening
Foundation
digital skills for children and adolescents in structurally weakregions. For example, in 2022, another seven local workshops(a total of 22), so-called “youth hack labs,” were created,which make a contribution to greater educational justice witha regular free service.
In 2022, the Deutsche Bahn Foundation made a contribution to making up for gaps in education as a result of theCo­­­vid-19 pandemic with Balu&Du, a mentoring program forprimary school pupils, and Climb learning holidays for disadvantaged children.

	Preliminary figure.

The expenses for DB Museum amounted to € 6.6 million in
2022 (previous year: € 6.4 million).

Aid for Ukraine
Deutsche Bahn Foundation has put together a package ofrelief measures to support and provide aid to people whohave fled the country since the start of the Ukraine war.
Deutsche Bahn Foundation called for donations and doubled
the donations received in the amount of around € 210,000.
The measures included both relief services for people who
fled Ukraine to Germany and international emergency aid.
At stations, the train station welfare centers (Bahnhofs­
mission) were able to provide aid that was needed for initialcare and further travel thanks to additional funding from
Deutsche Bahn Foundation. In addition, at around ten heavily frequented locations of the train station welfare centers,
the premises were remodeled as protected retreats for vulnerable groups, such as women with small children or un­
accompanied minors.
The use of video interpreters in train station welfare centers to overcome language barriers was also helpful. The
costs were covered by Deutsche Bahn Foundation. A service
has also been set up to provide assistance between Frankfurt/Oder and Berlin. Employees of the train station welfare
centers and DB Group volunteers travel on the train to advise
refugees so that they can get to the right point of contact
and destination as quickly as possible upon arrival.
In addition, 17 charitable projects were supported by theannual tender from Deutsche Bahn Foundation this year on
the topic of “Education and psychosocial services for children
and young people who have fled Ukraine.”
As part of its international emergency aid, Deutsche Bahn
Foundation, in cooperation with the Development Helps
Association (Bündnis Entwicklung Hilft), has donated urgently needed medication, medical instruments and materials to the Ushgorod District Hospital in Ukraine. DB Schenker took over the logistics and transport of aid.
The doubling of donations allowed two further projects
to be implemented with the Development Helps Association.
Together with German Doctors e. V., Libereco Partnershipfor Human Rights e. V. and Vostok SOS, a building was converted to a nursing home with 40 to 60 places and equipped
to deal with persons in need of care from the war zone. With
our partners Kindernothilfe e. V. and Concordia Sozialprojekte, the psychosocial care of the refugee women and children in Romania is the main focus.

Professional integration
In the project “Appointed heroes – learning through engage­
ment for career opportunities” (Berufene Helden – Lernen
durch Engagement für Chancen im Beruf), students organize their own project and gain specific training expertiseand skills in the process. Working with the Learning throughEngagement Foundation (Stiftung Lernen durch Engagement) and through the development of an online training
format, the nationwide consolidation and deployment of
the project continued.
Together with Teach First Deutschland and Rock Your
Life!, we are helping disadvantaged young people without
a full education make the transition to work. With the helpof Deutsche Bahn Foundation, Teach First qualifies its fellows specifically for this purpose. Rock Your Life! was able
to build another location in a structurally weak region. With
the help of fellows and mentors, schoolchildren are supported, in particular, in their career orientation and the development of training skills.

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Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

Strengthening volunteeringhilfe))∞, it supports the German Federation against Dehilfepression (Deut­sches Bündnis gegen Depression) in over 80
cities and regions. In 2022, the annual German depression
barometer study by Stiftung Deutsche Depressionshilfe(Foundation German Depression Aid) and Deutsche Bahn
Foundation examined the main topic “Treatment methods
for depression.”
In cooperation with Achtung!Kinderseele Foundationand the children and young people’s charity Die Arche in
Hamburg, Arche staff learn to recognize mental stress andillnesses in children and to provide assistance. The aim is tooffer this training course at all Arche locations. Deutsche
Bahn Foundation is funding this project to mitigate the negative consequences of the Covid-19 pandemic on the mental
health of children and young people.
The prevention and early detection initiative “Masters
of tomorrow – psychologically healthy through training”
of the Achtung!Kinderseele Foundation is supported by
Deutsche Bahn Foundation in expanding its services nationwide. It aims to raise awareness of mental illness among
trainees. In 2022, Deutsche Bahn Foundation adapted theexhibition “Keep an eye on mental illness” as a travelingexhibition at stations and presented it at five stations.

For the seventh time, DB employees who are involved in
non-profit organizations in their free time were able to apply to the Deutsche Bahn Foundation for funding in 2022.
These grants have enabled 224 projects to be funded andimplemented. Deutsche Bahn Foundation, as one of thethree main sponsors of the German Engagement Prize, continued to support the top prize for civic engagement inGermany in 2022.

Support for people in need
Deutsche Bahn Foundation works closely with the German
Association of Train Station Welfare Centers (Verein Bahnhofsmission Deutschland) and the approximately 100 train
station welfare centers (Bahnhofsmissionen) in order to carryout long-term projects for people in need of assistance in thestation environment in addition to short-term cooperationin crisis situations.
The “Motivators at the Station” project developed jointly
at the Berlin central station is being rolled out nationwide
as a qualification program for employees of train station
welfare centers. Some 27 motivators are now working at 21
stations to offer qualified advice to people with psychosocial
problems.
A new Deutsche Bahn Foundation project, run together
with the train station welfare centers, to promote digital
participation for guests of the train station welfare centers,
aims to improve access for disadvantaged people without afull education, socially excluded people and those affectedby poverty to an increasingly digital society.
Since 2014, Deutsche Bahn Foundation has also supported
a walk-in clinic near the Berlin central station, where people
without health insurance can receive medical assistance at
any time of the year free of charge.

DB MuseumDeutsche Bahn Foundation operates the DB Museum
Museum∞ in
Nuremberg and its branches in Koblenz and Halle (Saale),which are supported by volunteer employees.
In 2022, museum operations were subject to less Covid19-related restrictions. After all pandemic-related restrictions
were lifted in late-March 2022, the number of visitors rebounded. In the summer months, a similar number of guests
were welcomed as before the Covid-19 pandemic; with morethan 170,000 visitors across all locations, growth of around
180% compared with the previous year was recorded in 2022.
An attractive program of events with several open-air events
contributed to this. In addition, major events were held forthe first time since 2019, each attracting several thousand
visitors to the museum.
As in the previous year, DB Museum also invested in longterm projects. A large facility for historic rolling stock was
opened in Koblenz. The operational “Rheingold-TEE” train
was restored with funding, and not only has part of the openair area at DB Museum in Nuremberg been modernized, but
a new permanent exhibition unit has also been designed fora ceremonial trophy acquired with funding.

Help for homeless children
Together with the nationwide Off Road Kids Foundation∞
Foundationandsofahopper.de∞, young people atusing the online platform sofahopper.derisk of homelessness can access qualified contact and advice
points all over Germany. This enables young people to discuss problems with street advisors and get help anonymously.

Promoting mental health
Deutsche Bahn Foundation is involved in working to de­s­tig­­­matize depression as a mental illness in society andenables those affected to receive assistance. Together with
the German Depression Aid Foundation ((Stiftung
Stiftung Deutsche Depressions­34

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

GROUP MANAGEMENT REPORT
36

Overview

95

Business development

37

DB Group112

Development of

42

Fundamentals

51

Strong Rail172

Opportunity and risk report58 Product quality and182

Governancedigitalization

202

Events after the

69

Green transformation

81

Employees

business units

balance sheet date203

OutlookSetting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

OVERVIEW
Covid-19 pandemic
Important events

Important events
WIDE-RANGING AID MEASURES FOR UKRAINE36

DB Group set up a wide-ranging aid package to support the36people affected by the war in Ukraine. A DB Group-wide crisis
unit coordinated the activities. These included, for example,
an aid fund for refugees and the provision of housing. The
free DB helpukraine ticket makes it easier for refugees fromthe Ukraine to continue their journey in Germany.
DB Group has also built up a logistics network on roadand rail to transport aid supplies directly from Germany to
Ukraine by truck and freight train.

∏ Covid-19 pandemic
The effects of the Covid-19 pandemic on the demand for passenger transport were still noticeable in the first quarter of2022. Since April 2022, however, there has been a significant
recovery. However, the ramp-up period of the demandµ
demand112 varied greatly across the individual market segments of German
passenger transport in 2022. While long-distance rail passenger transport has largely reached pre-Covid-19 levels again
over the course of the year, regional rail passenger transport(with the exception of the special effects of the 9-Euro-Ticket)
remained noticeably below the pre-Covid-19 level.
Demand in rail freight transport has not been significantly
influenced by the effects of Covid-19 since the previous year.
The pre-Covid-19 level was almost reached again in 2022.
In freight forwarding and logistics, DB Schenker benefitedin 2022 from an exceptionally strong price and margin development that extended into the fourth quarter, which also
resulted from Covid-19-related restrictions in China.
In 2020, Deutsche Bahn AG (DB AG) and the Federal Republic of Germany (Federal Government) agreed to jointly
bear the effects of the Covid-19 crisis on Deutsche Bahn Group(DB Group). In this context, the Federal Government continued its measures for partial compensation of Covid-19-related damagesµ 44 f. 2022:◊ The Covid-19-related support for train-path prices inlong-distance transport was extended at a reduced level
until the end of 2022.
◊ Despite the lack of a dividend payment by DB AG, theFederal funds to maintain the rail infrastructure were also
paid in full in 2022.
◊ Following the approval of the European Commission,
further compensation for Covid-19-related damage waspaid out.
◊ The industry solution for regional transport in Germany
was also continued in 2022. The Federal Government
and the Federal states continue to share half of the costs
for this.

9-EURO-TICKET

From the beginning of June to the end of August 2022, a 9-Euro
9-Euro-Ticketµ 47 was available in Germany. The success is docuTicket
mented by around 52 million 9-Euro-Ticket sold and aroundten million local public transport subscribers, who automatically received the discounted ticket. According to the Association of German Transport Companies (VDV), 10% of thebuyers of the 9-Euro-Ticket did not make at least one of their
daily car trips. This saved around 1.8 million tons of CO₂. The
results showed that user satisfaction with the 9-Euro-Ticket
was very high, with 88% of users of the 9-Euro-Ticket saying
they were satisfied or completely satisfied with their last trip.
At the same time, the high volume of passengers was a major
challenge for our system as a whole and for the DB employees
on-site.

HIGH-PERFORMANCE NETWORKIn June 2022, the Federal Ministry for Digital and Transport(BMDV) and DB Group presented plans for a new high-perfor
high-perfor-mance networkµ
network
134 to sustainably increase the quality andreliability of the infrastructure. The high-performance network is to include the most highly utilized rail connectionsin Germany.

SUPERVISORY BOARD APPROVESP R E PA R AT I O N S F O R T H E P O S S I B L E
SALE OF DB SCHENKER

The Supervisory Board of DB AG has given DB Management
Board the mandate to examine and prepare a possible saleof up to 100% of DB Schenker shares. A separate decision will
be made at a later date on the specific start of a sales process
and the way in which a sale will be made.
According to the Supervisory Board’s resolution, proceedsfrom a sale of DB Schenker will remain in full in DB Group,
and will contribute, among other things, to a significant reduction of DB Group’s debt.

36Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

DB GROUP
Organizational structure

about 33,000 km, our rail network in Germany is Europe’s
longest. We are also one of the largest energy suppliers inGermany.
Our national and international services give us leading
market positions in our relevant markets.
DB AG is the parent company of the DB Group. It has beena stock corporation under German law since it was founded
in 1994 and accordingly has a dual management and control
structure comprising a Management Board and a Supervisory
Board. It is wholly owned by the Federal Republic of Germany.
The changes in the composition of the Supervisory Board and the ManageManagement Boardµ
Board
28 are presented in the Supervisory Board report.
In the DB Group, DB AG runs all business units as an oper­
ating management holding company and supports the business units through various central group functions (including
legal, corporate development, corporate balance sheets,
taxes and insurance as well as finance and treasury) as wellas administrative service unitsµunits
183.. In addition, operational service
183
unitsµ 183 as legally independent DB AG subsidiaries priunits
marily provide services for internal customers. These include
DB Systel GmbH, DB Sicherheit GmbH, DB Services GmbHand DB Kommunikationstechnik GmbH.

37
38

Business model

Sustainability management40∏ Organizational structure
DB Group is a leading provider in the mobility and logistics
sector, and primarily consists of the Integrated Rail Systemand the two major international subsidiaries DB Schenker
and DB Arriva. The Integrated Rail System includes our passenger transport activities in Germany, our rail freight transport activities, the operating service units, and the rail infrastructure companies. DB Group, with its head office in Berlin,
employs around 340,000 employees. Its business operations
are focused on rail transport in Germany.
Our primary concern is the shift from road traffic to climate-­friendly rail. To this end, we rely on integrated operation oftransport and rail infrastructure, the economically and environmentally intelligent linkage of all modes of transport, as
well as cooperation in German and European networks. At

DB GROUP ORGANIZATION CHART
DB Group
MANAGEMENT BOARD
CEO andChairman

Digitalization
and Technology

Human
Resources andLegal Affairs

Finance andLogistics

Long-Distance
Passenger
Transport

Regional
Transport

Freight
Transport

Infrastructure

DB Long-

DB Regional

DB Cargo

DB Netze

BUSINESS UNITS
DB Schenker

Distance

DB Arriva

Track

DB Netze

Stations

DB Netze

EnergyMajor investments

Integrated Rail System

37

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

With its Strong Rail strategyµ
strategy
17 ff., DB Group focuses on thebusiness operations of the Integrated Rail System. As a prerequisite for the further shift in the mode of transport towards
rail, the highest priority is to increase operating quality witha view to increasing capacity. To achieve these objectives,the coalition agreement of the Federal Government stipulates, among other things, that the infrastructure companies
DB Netz AG and DB Station&Service AG within DB Group be
merged into a new infrastructure division focusing on thecommon good.
Given the importance of Strong Rail for Europe, Europe
will continue to be the main sphere of activity for DB Groupin the future. Major international investments are measured
by their contribution to Strong Rail:◊ Strategically relevant subsidiaries such as DB Schenker
are therefore held as financial investments. Joint operational initiatives focus on achieving synergies within the
network. In late-2022, the Supervisory Board instructed
the Management Board to examine sales options for DB
Schenker.
◊ DB Arriva only accounts for a small amount of operationaland strategic added value in Strong Rail. The intention
to sell remains unchanged.

MARKET POSITIONS
Passenger transport
2

No. 2 in European passenger1)transport/ based on revenues

1. 	Société Nationale
des Cheminsde fer Français (SNCF)
2. DB Group
3. Transdev
4. First Group5. 	 Nederlandse Spoorwegen (NS)1 o. 1 in regional railN
passenger transport inGermany / based on
train kilometers

1.
2.
3.
4.
5.

DB Group
NS

Transdev
Ferrovie dello Stato (FS)BeNexFreight transport and logistics
1

N o. 1 in European
rail freight transport/ based on tkm

1N o. 1 in European
land transport/ based on revenues

1.
2.
3.
4.
5.

DB Cargo

1.
2.
3.
4.
5.

DB Schenker

Rail Logistics Europe 2)
Rail Cargo GroupPKP Cargo
Mercitalia Rail

Dachser

DHL
DSV

Kuehne + Nagel

4

No. 4 in worldwide air
freight/ based on t

5N o. 5 in worldwide ocean
freight/ based on TEU

1.
2.
3.
4.
5.

Kuehne + Nagel

1.
2.
3.
4.
5.

Kuehne + Nagel
Sinotrans

3

No. 3 in worldwidecontract logistics/ based on revenues

DHL
DSV
DB Schenker

Expeditors

DHL
DSV
DB Schenker

Business model
DB Group offers attractive, customer-focused and environ-mentally friendly mobility, transport and logistics solutions
and networks from a single source. We utilize the possibilities
of digital technologies to improve our operational and administrative processes, to continuously develop services forcustomers, to integrate new services, and to simplify thecustomer interface. The Integrated Rail System is at the heartof our business activities. In addition, we are gradually expanding our business portfolio in the area of mobility andlogistics in order to meet our customers’ needs more effectively and respond to new market demands.
◊ Our passenger transport activities have a broad base. In
addition to bus and rail transport, this also includes intelligent links with other modes of transport such as cars
and bicycles, but also with new forms of mobility thatcomplement the core business and enable door-to-doormobility. We offer long-distance rail passenger transport
within Germany and into neighboring countries. DB Arriva
has a Europe-wide presence in regional and local transport,
enabling participation in the increasing market potential
in opening bus and rail transport markets.

1. DHL
2. Kuehne + Nagel
3. DB Schenker
4. DSV5. XPO Logistics
	Only rail and road traffic companies; in some cases including revenues outside Europe.
	Formerly Fret SNCF.
Information on competitors is based on annual reports and disclosures from the German
Federal Association of Regional Rail Transport (BSN).
Market positions relate to the calendar year 2021.
1)

2)

DB Group train operating companies are legally independentcompanies with separate balance sheets and statements ofincome, and thus fulfill all unbundling requirements underEuropean and national law. There is also a functional unbundling, which guarantees the independence of decisions by
DB Netz AG in relation to infrastructure access and fees. Reliability and stability form the basis of a high-quality infrastructure. The essential cornerstones for profitable businessare sustainable financing of the existing infrastructure andits necessary expansion. The Performance and Financing Agreement(LuFV)µ 262 ff. makes a significant contribution to ensuring
the maintenance of the existing network.

38∏

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information◊ Our business activities in the freight transport and logistics market were moved to an international platform very
early on. DB Cargo and DB Schenker operate predominantly in the business-to-business segment. We offer ourcustomers industry-specific solutions in European rail
freight transport and global land transport, in global a­ ir
and ocean freight, and in global contract logistics. Cover­­ing all relevant modes of transport allows us to offer complex combined logistics services and to make use of synergies in our networks for the benefit of our customers.
As an operator of networks and provider of services in passenger transport, freight transport and logistics, as well as
track infrastructure, our economic success is influenced by
the general economic environment and the specific development of the various relevant markets:◊ Other than special events such as the Covid-19 pandemic,
demand for passenger transport is driven first and foremost by the growth of major cities, the size of the population, the number of people in employment, and realdisposable incomes. Competitiveness relative to cartransport is heavily influenced by the trend in fuel prices.

◊ Our freight transport and logistics operations depend
largely on economic developments. Due to our global
networks, we monitor the development not only of global
gross domestic product (GDP) and world trade, but alsoof economic growth in the regions, countries, and traderelations in which we have a high market share or in whichhigh growth rates in the exchange of goods can be expect­­­ed. Customary early-warning indicators of the businessclimate and of the expectations of purchasing managers
are an integral part of our monitoring system.
The market environment of DB Cargo is heavily influenced
by industrial production. Furthermore, the cross-border movement of goods within Europe is growing in importance.
The development of the economic and early-warning indicators, as presented above, influences how we manage ourmarket activities and resources. Opportunities and risks cantherefore be recognized early on, and, as a result, short-term
controlling activities and long-term positioning focused accord­­ingly. At the same time, we work systematically on optimizing our operating value drivers.

DB GROUP BUSINESS MODELINPUTS
Employees

VehiclesElectricity and fuelNetworks andinfrastructure

Additional production
factors

BUSINESS ACTIVITIESCustomer segments— Private customers— Business customers— Contracting organizations

Customer access and retention

customer-focused andenvironmentally friendly
mobility, transport andlogistics solutions from asingle source.

— Transport services acrossall modes of transport— Customer care
— Fleet management— Operating and optimizing regionaland global networks— Managing interfaces— Providing additional corebusiness services

Share of renewable energies
in the DB traction current mix µ 71

OUTCOMES 2)

Passenger numbers/
quantities/volumes

EBITµ 99 ff.

Customer satisfaction µ 61

Employee satisfaction µ 85 f.

Noise µ 77 f.

Greenhouse gas emissions µ 71

Punctuality µ 61 f.

Volume produced

	Key products and services.
	Internal and external outcomes and results from business activities and outputs along the entire value-added chain.

2)

39

Key activities— Direct customer access— Digital offers— Customer loyalty programs

OUTPUTS 1)

Volume sold1)

Value proposition— DB Group offers attractive,

Waste µ 76

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

Operating transport networks often necessitates a high levelof capital commitment, long investment cycles and distinct
fixed cost structures. In this respect, achieving optimal capacity utilization of the networks and systematically developing, integrating and cost-effectively operating these networks with the efficient use of resources are important to DB
Group’s economic development. Ensuring and improving
service quality for our customers is at the center of our activ­
ities. By expanding what we offer our customers, particularly
digital services and customer loyalty programs, and integrating new forms of mobility and intelligently linking with othermodes of transport, we intend to gain additional customers
in order to realize increasing volumes and economies of scale.
We generally use operating performance data to measurecapacity utilization in our networks and our market shares.
In order to determine a relative return, we calculate ratios
comparing performance data with the generated revenues(specific revenues).
With our national and international subsidiaries, DB Group
operates in almost all segments of the transport market. Our
comprehensive service portfolio enables us to offer our customers services combined from a single source.
In DB Regional
Regionalµ 121 f. and DB Arriva
Arrivaµ 158, the order bookin the form of long-term transport contracts entered intowith the contracting organizations of Germany’s Federal
states and franchisers in other European countries constitutes
a key performance metric for business development. There
are also long-term contractual relationships with customers
in DB Schenker’s contract logistics line of business.
There are five key success factors in the development of
DB Group, which are a central component of our businessmodel.
◊ Corporate social responsibility: As a federal provider ofmobility and logistics solutions, DB Group has a major
responsibility for the future of our country. As the backbone of the green and networked mobility of the future,rail plays a key role for our country: it helps to achieve
climate protection targets, promotes integration andquality of life, and makes areas more attractive for business, as well as empowering Europe’s people and economy. In short, society as a whole benefits from strong railtransport. We consistently focus our business operations
on achieving Strong Rail and prioritize our activities along
the value-added chain accordingly.

◊ Entrepreneurial approach to business: In the course of
the German rail reform DB Group has established itself as
a commercial enterprise. Noteworthy in this context are
the establishment of a modern and efficient organization
and a value-based corporate management approach.
◊ Integrated Group: As a system integrator in Germany,
we are optimizing the Integrated Rail System as a whole.
In doing so, we are fulfilling our important role as a technological pioneer. The integrated Group structure enables
us to achieve positive synergies and align our infrastructure to support efficiency, market orientation and profitability. The digitalization of rail can only be successfully
developed and implemented in the Integrated Rail System.
Our customers also benefit from the integrated Group.
Thanks to the economically, environmentally and technologically intelligent links between different modes oftransport, we offer our customers door-to-door mobility
and logistics solutions from a single source.
◊ Europe as the field of action: As the geographical andeconomic heart of Europe, Germany has a special responsibility for the future of the continent. Given the importance of Strong Rail for Europe, Europe will continue as
our main field of action in the future. In order to take into
account customers’ needs for cross-border solutions, we
continue to position ourselves at the European level with
our passenger transport activities. Due to the European
and worldwide orientation of our freight transport andlogistics activities, we offer our customers the access theyneed to global networks.
◊ Digitalization: We use the technologies and methods ofdigitalization to offer customers an attractive range ofprod­­ucts. This means, on the one hand, that we are incorporating new transport offers into our product portfolio, such as on-demand mobility, and establishing new
platforms for our customer interfaces. On the other hand,
we support our internal processes with technologies suchas artificial intelligence, so that we can continue to offer
customers fair prices with efficient processes.

Sustainability management
The importance of sustainability and, in particular, the importance of climate protection are reflected in our sustainability organization as well as being anchored in the Strong
Rail strategyµ
strategy
51 ff.
ff. The Chief Sustainability Officer (CSO) is
responsible for the issues of sustainability and the environment – and therefore also for climate-related opportunities

40

∏
†

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

and risks. The role is performed by the Chairman of theManage­ment Board (CEO) of DB AG. The CSO’s perspectiveis therefore incorporated in a very central role in all important Group decisions. In his dual role, the CEO was also significantly involved in the development of the Strong Railstrategy with regard to climate-relevant decisions. A centralcomponent is the Green Transformation of DB Group
Groupµ69 ff.
ff., whichis gradually making all products, services and operating processes more environmentally friendly. The Management
Board and Supervisory Board set the climate-related tar­gets for DB Group and its subsidiaries. As part of the medium-term planning, the Management Board decided in 2022
on the starter packages for the diesel phase-outµphase-out
69 and theand international committees ensure that trends and drivers,
as well as opportunities and risksµrisks
172 ff. in the field of sustainability and the environment, including climate protectionµprotection
70 ff.
and climate resilience managementµmanagement
73 f.
f., are monitored and are
strategically and professionally addressed for DB Group.This
ensures Group-wide access to expertise on sustainability andenvironmental and climate issues.
Sustainability and the environment are a top priority of
the Strong Rail strategy. The Supervisory Board and the Management Board receive quarterly updates on the status of
the Environment and 100% green electricity building blockfor the Green Transformation and thus about sustainability,
environmental and climate issues. Progress in greenhouse gas
reductionµ 70 f.
reductionf.,, noise reductionµ
reduction
77 f. and in future also on
resource conservationµconservation
74 ff. is reviewed at regular performance
review meetings held during the year, which are attended by
the Management Board and the executives of the business
units. The CEO is informed about environmental issues
through regular briefings, monthly jours fixes with the Headof Sustainability and Environment, and regular in-depth workshops on strategies and goals in the field of the environment.
The structure of the variable compensation of Management Board
membersµ 197 ff. and executives as well as other employee groups
membersµ 92 f. in DB Group is largely geared towards sustainability
goals and in particular a significant reduction of CO₂e in thetransport sector in Germany in accordance with the Federal
government’s transport policy objectives. This is mainly due
to significant shifts in the mode of transport to environmentally friendly rail. For this reason, in 2022 the contribution toclimate protection was taken into account in the long-term
variable compensation of senior executives and Management
Board members in the form of volume targets for the implementation of shifts in the mode of transport, which have apositive impact on CO₂e reduction in the transport sector,
but have no impact on DB Group’s CO₂e emissionsµemissions
71. In addition, the short-term variable compensation of the other
employee groups in 2022 also includes an explicit target for
reducing DB Group’s CO₂e emissions. From 2023, the longterm compensation also includes targets for expanding theshare of renewable energies in the traction current mix.
The first Group-wide sustainability trainee program ∫ no. 100
was launched in 2022. In the first year, a total of 12 trainees
will take part, who will build up a wide range of skills in sustainability management in the 18-month program.

heat transitionµtransition
71.
71

The central Sustainability and Environment organizational
unit and its five specialist departments are responsible foroverall coordination of Group-wide sustainability issues. The
management of Sustainability and Environment is the highest position responsible for sustainability and climate-related
issues under the Management Board and reports directly to
the CEO. Specific tasks include the preparation of recommendations for action for DB Group, its business units and service
units. In addition, among other things, the division is responsible for planning and monitoring the achievements of therespective targets, for example in relation to our climate pro­­tection and noise reduction targets. The business units are
responsible for implementing the targets, strategies andmeasures. The Sustainability and Environment unit designs
DB Group’s Green TransformationµTransformation
69 ff. and ensures its implementation. In particular, it is responsible for defining thein­­tegrated sustainability and environmental strategy, theassociated Group-wide targets and key figures, and for planning, managing and implementing Group-wide transformation projects.The respective specialist departments are responsible for the content of sustainability issues. All in all,we use environmental monitoring tools such as a watchlist,
which we use to monitor ongoing environmental legislation
developments, or a newsletter that summarizes current developments on the topic of sustainability on a weekly basis.
The development of further environment monitoring tools,
our involvement in sustainability networksµ
networks
32
32, participation in
ESG ratings
ratingsµ44 and rankings and our participation in national

41

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

FUNDAMENTALS
Sustainability reporting

Our Strong Rail strategyµ
strategy
51 ff. also forms the overarching framework for our reporting. We are also reliant on the support
and acceptance of our stakeholdersµstakeholders
31 in order to successfully
implement our strategy. In 2019, as part of a comprehensive
materiality analysis ((20192019 Integrated Reportµ
Report51),), we therefore
asked them for an assessment of 16 important areas of action
for sustainability in DB Group. These areas of action reflect
the focus points of our strategy and supplement them withother topics that our stakeholders deem relevant. Based on
the revised GRI standards, a more comprehensive approach
was adopted in 2022 than in the previous year in order tovalidate and update the set of material topics. As part of astep-by-step procedure, two complementary surveys wereconducted:◊ The relevant set of topics, consisting of 16 areas ofaction and their related aspects, was updated with thehelp of the respective internal DB representatives of oureight stakeholder groups. The areas of action were maintained and supplemented to include additional indi­vidual aspects.

42

Development of business environment
Legal topics

S E L E C T I O N O F S U S TA I N A B I L I T Y T O P I C S

4450∏ Sustainability reporting
The 2022 Integrated Report refers to the reporting/calendar
year 2022. For the purpose of comparison, most of the key
figures are also presented for financial years 2021 and 2020.
The Integrated Report is published on an annual basis. The
2022 Integrated Report will be published on March 30, 2023
(2021 Integrated Report: March 31, 2022). The Integrated
Report addresses the key stakeholder groupsµgroups30 ff. of DB Group.
The reporting covers all material economic, social and environmental aspects. All fully consolidated DB Group companies are included in the reporting. Deviations from this reporting scope are noted as such.
The data collection methods and bases of calculation
used for the data in the Integrated Report are based on therelevant standards:◊ GRI standards: The Integrated Report was prepared inaccordance with the Global Reporting Initiative (GRI)
standards. In the GRI Index
Indexµ 282 ff., we refer to the contents of general and specific disclosures.
◊ CSR-RUG: We also implement the requirements of the
CSR Directive Implementation Act (CSR-RUG) on a voluntary basis. Information on the key areas of action canstatement
43 f.
f.
be found in the non-financial statementµ◊ UN Global Compact: In addition, the Integrated Reportprovides information on the implementation of the ten
principles of the UN Global CompactµCompact
286 (UNGC).
◊ TCFD: Moreover, DB Group follows the recommendationsof the Task Force on Climate-related Financial Disclosures(TCFD) on the reporting of climate-related information.
indexµ 286 lists references to the relevant pasThe TCFD index
sages in the report.
◊ Audit: Material sustainability-related content, indicatorsand text passages that do not fall within the scope of thestatutory audit of the management report with reasonable assurance are marked by the section heading “Further disclosures” and a gray background, and are auditedwith limited assurance by a third party appointed separately by the Management Board, PricewaterhouseCoopers

DB SUSTAINABILITY TOPICSTOPICS FROM THE
TRANSPARENCY ASPIRATION
MATERIAL TOPICS
ACCORDING TO THE GRI— Economic performancecapabilityµ 103 ff.
— Corporate management
and complianceµ 185 ff.
— Sustainable resourceuseµ 74 f.
— Climate protectionµ 70 ff.
— Customer safetyµ 67 f.
— Capacity expansion of theinfrastructure and vehicle
fleetµ 54 ff.
— Dealing with politics andregulationsµ30— Solutions for modern anddigital mobility, logistics andserviceµ63 ff.
— Customer benefit andproduct qualityµ60— Data protection and
ITsecurityµ189 ff.
— Noise reduction in railtransportµ 77 f.
— Nature conservationµ 74— Attractive employer andresponsible leadership of
employeesµ 81 ff.

Oursustainability
topicsADDITIONAL TOPICS— Social responsibilityµ 32 f.
— Sustainable supply
chainµ110 f.

GmbH Wirtschaftsprüfungsgesellschaft (PwC)µ 280 f.
f.

42

∏

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information◊ The relevance of the areas of action and the effects
perceived in the fields of action were surveyed in the same
way as the set of topics. The associated effects should be
described, classified as positive and negative, and assigned to one of the business, environment or society
sectors. In addition, the stakeholder representatives assessed the impact according to how preventable, difficultand extensive it is and how likely they consider it to occur.
◊ In addition, the business relevance of the areas of action
was recorded through a management survey of selected
executives.
◊ The survey results were quantitatively evaluated andqualitatively reviewed in a workshop with experts fromthe Sustainability Strategy and Environment departments
as well as Investor Relations and Sustainable F­ inance
and the set of key topics was determined. The CSO/CEO
was informed of the results.
Our sustainability topics are made up of:◊ Material topics according to the GRI: Compared to theprevious year, supplemented by the additional topics ofcorporate governance and compliance, customer safety
and the handling of politics and regulation.
◊ Topics from the transparency aspiration: Arise fromour comprehensive transparency aspiration towards our
stakeholders.
◊ Additional topics: Supplemented on the basis of an internal assessment of their significance.

◊
◊
◊
◊
◊
◊
◊
◊

SDG 5 (new): Gender equality

SDG 7 (new): Sustainable and modern energy for all
SDG 8: Decent work and economic growth

SDG 9: Industry, innovation and infrastructure
SDG 11: Sustainable cities and communities

SDG 12: Responsible consumption and production
SDG 13: Climate action

SDG 15 (new): Protecting terrestrial ecosystems

N O N - F I N A N C I A L S TAT E M E N T

DB Group has opted for the voluntary submission of a non-fi-

nancial statement (NFS). As part of our integrated reportapproach, we provide comprehensive reports on all material
sustainability issues.
The update of the materiality analysis in 2022 resulted ina change in the key areas of action within the scope of the
CSR Directive Implementation Act (CSR-RUG). The issues ofclimate protectionµprotection
70 ff. and economic performanceµperformance
95 ff. havelost their material status within the scope of CSR-RUG as theirimpacts are regarded as less significant, but are still reported
to be material in accordance with the GRI standards. The areaof action customer benefit and product qualityµquality
60 was newly
classified as material. The contents of the NFS can be foundin the relevant chapters of the Group Management Report
and were prepared using the GRI standards and taking into
account the UNGC reporting requirements. In addition, we
provide additional voluntary disclosures on further matters.

T C F D R E C O M M E N D AT I O N S

Since 2021, our reporting has included the recommendationsof the Task Force on Climate-related Financial Disclosures(TCFD). This underlines our transparent reporting on climate
protection as part of our climate protection efforts and our
climate resilience management and also enables us to better
understand the extent to which our business is affected byclimate change and the implications we derive from this. A
corresponding overview is provided in the TCFD Indexµ 286.
supporter∞ since 2021.
We have also been a TCFD supporter

COMPONENTS OF THE NFS

DB topics

Business modelBusiness modelµ 38 ff.

Social mattersCapacity expansion of the infrastructure and vehicle
fleetsµ 54 ff. ,µ 116,µ 122,µ 136 f. ,µ 144

Other concerns (customer
benefit and product quality)

Customer benefit and product qualityµ 60

VO L U N TA RY A D D I T I O N A L I N F O R M AT I O NS U S TA I N A B L E D E V E L O P M E N T G O A L S

We are committed to meeting the objectives of the 2030
Agenda and Sustainable Development Goals (SDGs) of theUnited Nations. In 2022, we re-examined the SDGs and expanded our previous five focus SDGs to include three thatare in line with our strategic focuses, business activities andimportant topics. Our focus SDGs include the key SDGs forrailway companies identified by the International Union ofRailways (UIC) and go beyond these:

43

Environmental mattersClimate protectionµ 70 ff., nature
conservationµ 74, air quality controlµ 80,
water consumptionµ 80

Employee matters

Work of the futureµ 86 ff. , employment
conditionsµ 86 ff.. , Group securityµ 67 ff.. ,Transformationµ 84 ff.

Respect for human rights

Human rightsµ 188 f.

Combating corruption and bribery

Complianceµ 185 ff.

Other matters(economic performance capability)

Business developmentµ 95 ff.

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

Development of business environment∏ Risk management
In connection with the requirements of the CSR-RUG, we were
not able to identify any material risks associated with ourbusiness operations, business relationships, products or services that are likely to have serious negative effects on themost important non-financial aspects (environmental, social,
employee matters, respect for human rights and the fightagainst corruption and bribery). We are working intensively
on the impacts listed in this Integrated Report.
Our risk managementµmanagement
172 ff. also takes into account the
impacts on the non-financial aspects and issues.

N AT I O N A L E N V I R O N M E N T
DB Group2022 FEDERAL BUDGETThe 2022 Federal budget was approved at the beginning ofJune 2022. The Federal budget for 2022 included the following significant developments for rail:◊ The Federal Government’s Covid-19-related compensation measures(2021 Integrated Reportµ
Report46)) continued in 2022. These in46
clude, among other measures, train-path price support
for long-distance transport, the continued payment offunds for replacement capital expenditures within theframework of the LuFV despite the decision not to pay a
dividend and compensation for damages.
◊ The one-off increase in regionalization funds by € 3.7 billion in 2022 to finance the 99-Euro-Ticket
Euro-Ticketµ 36 as part of theenergy relief package (€ 2.5 billion) and the continuationof half of the financing of the Covid-19 industry solution
for regional transport together with the Federal states.
◊ Funds for the development and construction of new Federal rail infrastructure were increased from € 1.56 billion
to € 1.9 billion.
◊ Funds for noise remediation rose from € 139 million to€ 185 million.
◊ Facility price support for rail freight transport was reduced
from € 80 million to € 40 million.

E S G R AT I N G S

The feedback from ESG (environmental, social, governance)
rating agencies is an important benchmark and indicator of
the interests of our stakeholders. More information is availsite.
able on our investor relations Web site∞
ESG RATINGSCDP (climate rating)

2022

2021

2020

Last
update

Scale

A

A

A

Dec 2022

A to FThe best 1% (75 – 100)
The best 5% (67 – 74)
The best 25% (56 – 66)
The best 50% (47 – 55)

EcoVadis

68

61

61

Jun 2022

ISS ESG

C+

C+

B–

Dec 2021

A+/4.00 to D–/1.00

Sep 2021

Advanced (60 – 100)
Robust (50 – 59)
Limited (30 – 49)
Weak (0 – 29)

Feb 2023

Leader (AA –AAA)
Average (BB –A)
Laggard (CCC – B)

Nov 2022

Risk assessment:
Negligible (0 – 10)
Low (10 – 20)
Medium (20 – 30)
High (30–40)
Severe (40 – 100)

Moody’s ESG(formerly V.E)

MSCI

Sustainalytics

52

AA

24.5

52

A

19.7

46

A

19.5

2023 FEDERAL BUDGETThe 2023 Federal budget was approved at the end of November 2022. There were some improvements for rail comparedwith the government draft of 2022. The main reason for thiswas the decision by the coalition committee to increase funding for rail by € 500 million in 2023 as part of the third packageof relief measures and by € 1 billion in commitment appropriations for subsequent years. Compared with the approaches
for 2022, there are the following significant developments
for rail, among others:◊ Funds for the development and construction of new Federal rail infrastructure will be increased from € 1.9 billion
in 2022 to € 2.0 billion this year.
◊ The allocation to the European Rail Traffic Management
System (ERTMS) budget item for digitalization is increasing from € 612 million to € 638 million, and € 58 million
has been budgeted for measures to remedy bottlenecks
and to implement the Germany in sync project (2022:€ 11 million).

In alphabetical order.

Changes in 2022:◊ DB Group is one of the top 5% rated companies according
to EcoVadis
EcoVadis∞, one of the top 3% in the rail transport
category and received the gold medal.The industry aver­age was 41 points. We made the greatest improvementsin the areas of labor and human rights and sustainableprocurement.
◊ DB Group’s MSCI ESG rating∞ improved in 2022. The main
drivers for this were improvements in governance andsocial aspects, as well as improvements relative to peers.
◊ Sustainalytics
Sustainalytics∞ adjusted the ESG risk of DB Group in 2022.
This is due to the determination of higher risk exposureand a downgraded assessment of the management of
individual ESG issues (including partially adjusted assessments in the areas of product governance and humancapital).

44

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information◊ Funds for attractive railway stations will be increased from€ 165 million to € 262 million and cost subsidies will bemade possible.
◊ The promotion of single wagon transport is being significantly strengthened by increasing the facility price support from € 40 million to € 85 million and the introductionof an additional funding instrument in the amount of€ 80 million.
◊ In addition, train-path price subsidies in rail freight transport will be increased from € 350 million to € 377 million.
◊ In 2023, € 130 million was earmarked for train-path pricesupport in long-distance transport (2022: € 552 million).
◊ The additional commitment appropriations for subsequent
years are planned in particular for the requirement plan,
the ERTMS budget items, attractive railway stations andthe new subsidy for single wagon transport.
In addition to the increase in these rail items, regionalization
funds were increased as part of the Eighth Law Amending the ­German
Regionalization ActµAct
47, as adopted in December 2022.

rail by € 500 million and € 1 billion for commitment appropriations in subsequent years. In addition to additional funds
for track infrastructure, this will significantly increase support
for single wagon transport.
DEFENSIVE SHIELD TO PROTECT AGAINST THE
I M PA C T O F T H E WA R I N U K R A I N E

The Federal Government is using a financial “defensive shield”
to reduce rising energy costs and the worst consequences
for consumers and companies. To this end, the Economic
Stabilisation Fund (Wirtschaftsstabilisierungsfonds; WSF)
is being provided with additional lines of credit amounting
to € 200 billion to finance the gas price and electricity pricebrakes. As a first step, it took the strain off households andbusiness by generally providing them with one twelfth ofannual gas and heat consumption free of charge in December
2022. Electricity and gas prices will then be limited by law fora basic level of household and company consumption. Funds
from the WSF are also used to provide subsidies for the electric­
ity price brake if the excess revenues from electricity production are not sufficient for this. The required laws (German
Electricity Price Brake Act (Strompreisbremsegesetz) and the
Natural Gas Heat Price Brake Act (Erdgas-Wärme-Preisbremse­
gesetz)) entered into force on 24 December 2022. The energy
price brakes will also take the strain off rail transport.

PA C K A G E O F R E L I E F M E A S U R E S F R O M
THE FEDERAL GOVERNMENT

In view of the sharp rise in energy prices, the Federal Govern­
ment has decided to ease the burden. As a result, the surcharge under the Renewable Energy Sources Act (EEG) has
been waived as of July 1, 2022, among other things. Funding
to promote renewable energies under the EEG is financed
from the Federal budget as of July 1, 2022, onwards.
In order to relieve citizens, energy taxes on mineral oil
were reduced for the months of June, July and August 2022,
and a 9-Euro-Ticket
9-Euro-Ticketµ 36 was introduced for use on all local
public transport.
In a further package of relief measures, the Federal Government provided credit and guarantee programs for companies affected by the war. Equity support can also be provided for “large companies in the real economy across all
sectors.” Energy-intensive companies can receive temporary
grants due to the rise in energy prices. In this case, the pricedifferential in excess of a doubling of the natural gas andelectricity price is subsidized on a pro rata basis. This is basedon the Temporary Crisis Framework of the European Commission. Energy companies trading on commodity futures
exchanges are to receive liquidity support in order to be able
to meet the security requirements of the energy exchanges.
In September 2022, the coalition committee passed a third
support package with a volume of more than € 65 billion. An
additional € 1.5 billion per year is earmarked for a nationwide
local transport ticket (Germany-Ticket
Germany-Ticketµ4747)) if the Federal states
pay at least the same amount. In addition, the package provides for an increase in the 2023 budget funds allocated toK E Y P O I N T S F O R I M M E D I AT E C L I M AT E A C T I O N P R O G R A M

The coalition agreement of the Federal Government statesthat the Climate Protection Act is to be consistently refined in
2022 and a new immediate climate action program is to belaunched with all the necessary laws, regulations and measures.
In late-October 2022, inter-departmental coordination on
the key points of an immediate climate action program wasinitiated. The immediate climate action program aims to ensure compliance with the 2030 climate protection targets. It
includes measures covering all sectors.
In addition to the areas of drive changes for passenger
cars, drive changes for trucks, renewable energies and electrification of air and ocean transport, digitalization, land-use
and transport planning, and mobility management, the transport sector is also addressed in the areas of strengthening
rail transport and strengthening urban and regional transport.
An agreement on this is to be concluded within the Federal
Government by spring 2023.

45†

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

On July 1, 2022, the BMDV set up a special Germany in sync
unit. The aims are the internal and external bundling of efforts, transparent communication and the visibility of all theactivities of BMDV in relation to Germany in sync.

N AT U R A L G A S S U P P LY C R I S I SAgainst the backdrop of greatly reduced exports of Russian
natural gas to the EU, the Federal Ministry for Economic Affairs
and Climate Protection (BMWK) raised the alert level (second warning level) of the gas emergency plan on June 23, 2022.
In addition, numerous legislative changes have already beenenacted to secure the energy supply. Under Germany’s amend­­­­ed Energy Industry Law, coal-fired power plants that had
already been shut down or that are planned to do so shortly
may return to the electricity market. In addition, the consump­­­tion of natural gas for electricity may be limited. However,
due to their great importance to the system as a whole, power
plants for producing traction current are to be excluded fromthis. In order to avert a crisis, the Federal Government was
authorized to create a regulation on the rail-based transport
of energy sources (Energiesicherungstransportverordnung).

R A I L A C C E L E R AT I O N C O M M I S S I O N

On December 13, 2022, the Rail Acceleration Commission
presented its final report under the direction of the BMDV.
The industry associations and DB Group were involved in its
preparation. The Commission provides comprehensive recommendations for action to speed up planning, approval andconstruction processes in rail transport and to further develop
financing processes. The creation of a high-performance netnetworkµ 134 through the general renovation of highly utilizedwork
lines is proposed. In addition, the Commission supports thelist of proposals for small and medium-sized measures drawn
up by VDV and DB Group. Faster approval processes, especially for these measures, are to be achieved through legislation modeled on the example of the energy sector. These
include, among other measures, the anchoring of the overarching public interest in railway expansion in the legislation,
the waiving of land-use planning procedures and the reviewof species protection standards. It is also recommended to
expand the catalog of measures for rail not subject to plan
approval law that has already been regulated in the previous
legislative period and to strengthen the planning approval.
The rail partnership model already used for the Cottbus plantis recommended for faster planning and construction, among
other things. In this model, the expertise of the construction
companies is already incorporated in the planning phase.
The Commission notes that the financing of the track infrastructure is highly complex and therefore recommends a new
financing architecture. This will include, among other things,
bundling of financing sources, which is to be implemented
by setting up separate rail infrastructure funds. In principle,
shares of additional income from truck tolls are also to be
used to boost Federal funds. Several of the recommendations
require amendments to existing laws, and it is recom­mended
to consolidate them in a modern rail law, which is to be passed
at the end of 2023.

GERMAN ENERGY SECURIT Y TRANSPORT ORDINANCE

The German Energy Security Transport Ordinance (Energie­sicherungstransportverordnung, EnSiTrV) entered into force
on August 30, 2022. It initially had a term of six months until
the end of February 2023. With the approval of the Upper
House of Parliament (Bundesrat), the term was extended
until March 31, 2024. The Ordinance regulates the reprioritization of rail-based transport services and in particular makes
it possible to alter the existing infrastructure use contracts infavor of energy source transport such as coal. DB Netz AG haschanged its terms of use in order to implement the Ordinance.
MASTER PLAN FOR RAIL TRANSPORTAND GERMANY IN SYNC

The Master Plan is the result of the 2020 Rail Future Alliance,a key element of which is Germany in sync. In 2021, as a resultof the assessment of a range of measures for Germany insync, around 180 measures were made urgent priorities in
the rail requirement plan. This is linked to a basic ability tofinance the measures under the requirement plan. The assessment is based on the target schedule 2030+ drafted byindependent Federal Government experts. On June 24, 2022,
the first regional conference on Germany in sync was held in
Mainz. In this context, Federal Transport Minister Volker
Wissing informed about the Germany in sync plan and theplanned expansion measures in the south-west. A further
three regional conferences followed in 2022.

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Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

sion along the tracks with the “5 G am Gleis” (5 G On Track)
initiative. The amendment to the Telecommunications Act(Telekommunikationsgesetz), which was passed in 2021,
regulates the conditions governing the use of rail infrastructure and provides for a new frequency regulation target, toensure uninterrupted connectivity along transport routes by2026 if possible.
In 2021, DB Group reached an agreement with Deutsche
Telekom and in 2022 also with Vodafone on the overachievement of the 2019 supply requirements. It was agreed that thetwo telecommunications companies will expand their network
on DB rail lines by 2026, close existing gaps and significantly
increase the performance of their networks. Across the twoagreements, hundreds of millions of euros will be invested.

F O L L O W- U P T O T H E 9 - E U R O - T I C K E T

In late-November 2022, the Federal Government and theFederal states agreed on the introduction of a national local
public transport ticket (Germany-Ticket) at a price of ­€ 49
per month. The ticket is to be digitally distributed in a subscription that can be canceled each month. The Federal
Government and the Federal states will each contribute € 1.5
billion each year to finance the ticket. The parties involved
are aiming for the introduction of the Germany-TicketµGermany-Ticket
202 onMay 1, 2023.
I N C R E A S E I N R E G I O N A L I Z AT I O N F U N D S

In December 2022, the German Parliament and the Upper
House of Parliament passed the Eighth Act Amending theRegionalization Act. This increased regionalization funds by€ 1 billion for 2022. In addition, the previous dynamic growthof 1.8% per year will be increased to 3% from 2023. In total,
the change in the law will result in additional regionalization
funds amounting to around €17.3 billion in the period from2022 to 2031.

Freight transport
MASTER PLAN FOR RAIL FREIGHT TRANSPORT

The implementation of the Master Plan for Rail Freight Transport will continue as per the procedure thus far in order tosupplement the work of the Rail Future Alliance. Important
issues from the Master Plan for Rail Freight Transport arealso included in the Master Plan for Rail Transport. The Future
Rail Freight Transport program of the Federal Government
provides the basis for pro rata funding of projects in the ­areasof digitalization, automation and vehicle technology. As afurther measure to strengthen rail freight transport, facility
prices in the area of train formation have been subsidized
since 2020. The funding guidelines for sidings were evaluated and published with new funding options in March 2021.
Train-path price support, which also results from the master
plan, has been taking the burden off rail freight transport
since 2018. The budget was increased from € 350 million to­€ 377 million for 2023. The funding guidelines currently havea fixed term lasting until 2023, but this is expected to be extended after an evaluation. The funding guidelines are currently being revised.
The combined transport funding guidelines were also
evaluated and revised. Following successful notification to
the European Commission, the new guidelines were publishedon November 23, 2022. The major innovation is the first-timepromotion of replacement capital expenditures. In addition,
the combined transport funding was also extended to otherfacilities required for combined transport transhipment, suchas sidings, train formation tracks and the junction switches.
The funding guidelines will apply until the end of 2026.

Infrastructure
C R E AT I O N O F A H I G H - P E R F O R M A N C E N E T W O R K

Federal Transport Minister Volker Wissing and DB CEO Dr.
Richard Lutz announced the development of a high-performance
networkµ 134 at a joint press conference on June 22, 2022.
network
As part of a general renovation, DB Group bundled all planned
construction work for the coming years within a line closurein a highly utilized corridor for the first time.
T E L E C O M M U N I C AT I O N S S I G N A L S U P P LY
THROUGHOUT RAIL ROUTESThe focus is currently on implementing the supply requirements from the 5G auction in 2019. These requirements include a better supply throughout rail routes. As per the auction conditions, the railways are asked to cooperate. To meetthis obligation to cooperate, DB Group has initiated the Rail
Connectivity Master Plan. In exchange with the mobile phonecompanies, central cooperation requirements were disclosed
in the project and agreements were reached on the request
for cooperation services. DB broadband GmbH is also contributing to the collaboration, with its extensive offer of fiber-­
optic capacity along the rail routes and is thus supporting
the Federal Government’s aim of ensuring a comprehensive
supply via fiber-optic cables by 2030. In its Gigabit Strategy,
the Federal Government is laying the foundations required
for this and is supporting a synergistic mobile network expan­

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Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

EUROPEAN ENVIRONMENT
DB Group

T H E E U R O P E A N G R E E N I N G T R A N S P O R T PA C K A G E

By 2050, greenhouse gas emissions from transport are to b­e
reduced by 90% compared with 1990. The European Commission is planning a comprehensive package of measures tomake transport in Europe greener, which is expected to bepresented in the second quarter of 2023. With direct rele­vancefor rail, it is expected to include proposals for more efficient
capacity and traffic management in cross-border rail transport, the revision of the Combined Transport Directive andthe revision of the Directive containing maximum permitted
dimensions and weights in road freight transport. In orderto support these initiatives, a harmonized EU framework for
calculating transport-related greenhouse gas emissions is­
to be implemented. The initiatives are outlined individually­below.

T H E E U R O P E A N F I T F O R 5 5 PA C K A G E

On July 14, 2021, the European Commission submitted acomprehensive legislative package as part of its Green Deal ((20212021
Integrated Reportµ
Report49)).
49
The majority of the legislative package was negotiatedwith the trialogue agreement reached on an intensificationof emissions trading of December 18, 2022. In future, emissions rights will be reduced even more. The existing free
emissions certificates for air transport and industrial sectorsthat are particularly exposed to international competition
are to be gradually removed. Shipping traffic is also to be
included in emissions trading. From 2027, a new emissions
trading system for buildings, road traffic and the use of fossil fuels in certain industrial sectors is to be created, similar
to the German fuel emissions trading system. The income
from the new emissions trading scheme is intended to finance a Social Climate Fund to support measures for more
efficient buildings and lower-emissions mobility. Furthermore, the EU institutions agreed to no longer register newcars and light commercial vehicles that emit CO₂ in the EUfrom 2035 onwards.

Harmonized European Framework for recording and assessing transportrelated greenhouse gas emissions (CountEmissions EU )The initiative provided for under the Greening Transport
Package is intended to apply both in passenger and freighttransport and to provide transparent information that makes
it possible to reduce and compare emissions. It should be adecision-making aid for users and citizens in order to choose
the most sustainable means of transport and thus prevent
potential greenwashing. Future eco-labeling should also bebased on the system.
The European rail sector welcomes these plans. The methodology should be standardized, binding and possible toimplement without great effort. The EcoPassenger and
EcoTransIT World tools established in the transport sector
have been used by DB Group for years. Both comply with theexisting non-binding guidelines for the transport sector, standard EN 16258 for calculating and declaring greenhouse gas
emissions. This standard is currently being revised and is tobe elevated to an international standard as ISO 14083. This
international standard would be an important step in laying
the foundations for the “CountEmissions EU” initiative.

R E V I S I O N O F T H E E U D I R E C T I V E O N T H E C E R T I F I C AT I O N
OF TRACTION UNIT DRIVERS

The European Commission is revising Directive 2007/59/EC
on the certification of traction unit drivers. The proposal foran audit is expected to be available in the first half of 2023.
The objectives of the revision of the Directive are to improvethe mobility of traction unit drivers throughout the EU’s rail
network and make it easier for employers to assign drivers
to work in various member states.
After a comprehensive sector consultation in several
stages (call for evidence in January 2022, public consultationin September 2022, expert interviews and hearings), the critical focal points of the revision were identified. At the moment, these are the requirements to be defined for language
competence, the consideration to strive for a second, Europe-­
wide operating language, changes in the system of traction
unit driver’s licence and additional certificates, which are
kept separate today, as well as the plan to issue a regulation
instead of a directive.

Infrastructure
R E V I S I O N O F T H E R E G U L AT I O N O N E U G U I D E L I N E S F O R T H E
E X PA N S I O N O F T H E T R A N S - E U R O P E A N T R A N S P O R T N E T W O R K

On December 14, 2021, the European Commission submitted
a proposal to revise the Trans-European Transport Network(TEN-T) guidelines. The objective, as part of the European
Green Deal, is to set the course for faster completion of themultimodal TEN-T core network by 2030 in particular, and the TEN
EN--T
comprehensive network by 2050 (2021 Integrated Reportµ
Report
50)).
50

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Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

Freight transport

With the “extended TEN-T core network,” two new technicalinfrastructure parameters are to be implemented by 2040: aline speed of at least 160 km/h for most passenger transportlines and a loading gauge profile with a standard of at least
P400 in rail freight transport/combined transport. The lauding gauge profile refers to standardized cross-sections of theinfrastructure that ensure the space that must be left free
for unrestricted passage of vehicles and loads with certain
characteristics and dimensions. P400 is a profile that is suitable for 4 m tall semi-trailers. In view of the efficiency gains
in links with the European rail freight transport corridors, thedraft’s proposals include adjustments to governance. Under
the Czech Presidency of the Council of the EU, the generalapproach was adopted at the beginning of December 2022 asa precondition for further negotiations with the EU Parliament
and the Commission. The new network design proposed by
the Committee with the target horizons of 2030/2040/2050
is essentially confirmed. At the same time, the compromise
also sees the less stringent requirements when implementing
the TEN-T infrastructure parameters compared with the Commission’s draft. Parallel negotiations in the Parliament are
ongoing. The draft report was presented in October 2022.
Once the TEN-T report has been issued, the negotiations toreach a compromise (trilogue negotiations) can begin. The
TEN-T audit is expected to be completed no later than thesecond half of 2023. Against the backdrop of the war in Ukraine,on July 27, 2022, the European Commission accepted a delegate act to modify the proposed TEN-T regulation of December 14, 2021. This provides for changes to the width of the
track (focus on new infrastructure, exceptions possible after
cost-benefit analyses) to 1,435 mm and submission of a migration plan within two years; the deletion of Russia/Belarus
from the indicative TEN-T maps; the downgrade of connections to Russia/Belarus (core network to the overall network)and an extension of four TEN-T corridors (North-Sea Baltic,
Baltic, Black and Aegean Sea, Baltic Sea-Adriatic Sea andRhine-Danube) in conjunction with solidarity lanes.

R E V I S I O N O F T H E R E G U L AT I O N C O N C E R N I N G
T H E C R E AT I O N O F A E U R O P E A N R A I L N E T W O R K
FOR COMPETITIVE FREIGHT TRANSPORTThe Regulation to create a European rail network for competitive freight transport, adopted in 2010, was the first instrument to improve the operation of the most importantinternational railway lines for freight transport both within
the EU and with third countries. Nine European rail freight
corridors (RFC) were created to achieve this. Central sales
structures, products and committee structures were also­established to manage the corridors. A further two RFC wereadded in 2017 and 2018. Six of the now 11 European RFC run
through Germany. The corridors are being developed further in order to implement the European Green Deal and the­­European Commission’s Sustainable and Smart Mobility Strategy. As part of the revision of the TEN-T guidelines, comprehensive proposals have already been submitted to amend
the Regulation to establish a rail freight transport corridor.
The aim is, among other things, to improve the governanceof the rail freight transport corridors between member states,
infrastructure operators and advisory groups (including train
operating companies and terminal operators), as well as involving customers to a greater extent regarding infrastructure
planning. The role of the European coordinator for transport
corridors as an intermediary should also be strengthened. In
2022, the European Commission announced that it intends
to submit an ambitious proposal for improved cross-bordertransport and capacity management as part of the Greening
Transport Package, which will go beyond the rail freight transport market segment. Among other things, the European
Commission would like to focus on operational aspects ofrail freight transport. The European Commission is currently
reviewing various optimization measures focusing on capacity management, performance, stakeholder management
and the use of digital instruments. Stronger centralization at
EU level is also to be examined.
REVISION OF THE WEIGHTS AND DIMENSIONS DIRECTIVE

As part of the Greening Transport Package, the European
Commission plans to present the revision of the Directive“Setting the maximum permitted dimensions for road vehicles in national and cross-border traffic and establishing the
maximum permitted weights in cross-border transport.” The
use of zero-emissions vehicles with a maximum length of49

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

CIVIL PROCEEDINGS ON INFRASTRUCTURE
U T I L I Z AT I O N F E E S

25.25 m and a weight of 60 t in combined transport and, if
applicable, approval of additional load capacities will be examined as part of a follow-up assessment. The European
Commission would also like to assess a possible general increase in dimensions and weights and clearer or uniform requirements in cross-border deployments in connection with
the impact on infrastructure and intermodal competition.
From DB Group’s point of view, it is important to avoid effects
that would lead to a return to road transport when adjusting
the regulations.

A large number of disputes relating to train-path and station

fees are still pending with the civil courts. This concerns thequestion of whether, and according to which standards, thecivil courts may subject the regulated fees to a further civil
court assessment. According to a judgment by the German
Federal Supreme Court (Bundesgerichtshof; BGH) in 2011,
rail infrastructure usage fees charged on the basis of the legal situation before the entry into force of the ERegG could
be reviewed by civil courts for their equity on the basis of
Section 315 of the German Civil Code (BGB), even if they wereeffective under regulatory law. The European Court of Justice(ECJ) ruled in 2017 that a review of the equity of infrastructure charges by civil courts in accordance with Section 315
BGB is incompatible with European railway law. However,the BGH continued to stipulate an antitrust law review by
the civil courts. On February 8, 2022, the BGH issued final
rulings for the first time, requiring DB Netz AG to repay regional factor fees. On October 27, 2022, the ECJ ruled in apreliminary ruling procedure that the antitrust law applicableto rail infrastructure charges by the civil courts was affirmed
in principle, but this was linked to the condition that the regulatory authority will be consulted first, and the civil courts
must follow their ruling (ECJ, C-721/20 – DB Station&Service).
With reference to the ECJ ruling, the BNetzA has opened
proceedings to review the old fees in dispute. It is not yet
clear how the proceedings will develop.

REVISION OF THE COMBINED TRANSPORT DIRECTIVE

In the context of the Greening Transport Package, the European Commission is also simultaneously working on a revisionof the “Directive on the establishment of common rules forcertain types of combined transport of goods between member states” (Combined Transport Directive). The European
Commission would like to focus on new approaches to eligibility, for example, which are intended to be oriented directly
towards avoiding external costs. The extension of the term
“combined transport” to now include multimodal transport
chains, rather than just for container handling, is also to be
examined. From DB Group’s point of view, a clearer definitionof combined transport and its uniform design throughout
Europe is essential. The promotion of smaller terminals thatcan be used for handling conventional and combined transport (“tiny terminals”) must also be considered. Existing
privileges for combined transport must be maintained andit must be guaranteed that it predominantly takes place on
the rails. Infrastructural requirements for terminals that provide for improved harmonization of technical standards within
Europe are to be set within the revised TEN-T Regulation.

E U R O P E A N C O M M I S S I O N I N V E S T I G AT I O NSUPPORT MEASURES FOR DB CARGOThe European Commission is carrying out state aid proceedings against the Federal Republic of Germany concerning
possible support measures for DB Cargo AG. With the decision of January 31, 2022, it initiated a formal investigation
procedure. The investigation is based on a complaint from acompetitor. The competitor believes the domination andprofit and loss transfer agreement between DB Cargo AG and
DB AG, as well as certain other measures, represents com­
petition-distorting aid. The purpose of the investigation ­thathas now been initiated is to clarify the issues raised. The Eu­ro­pean Commission is conducting the examination without
prejudging the outcome. The Federal Republic of Germany
and DB Group had already rejected the allegations during
the preliminary investigation. In their view, the measures do
not in fact contain any aid.

Legal topics
PROCEDURE REGARDING ADDITIONALF I N A N C I N G C O N T R I B U T I O N S FO R ST U T TG A R T 2 1

At the end of 2016, in order to avoid risks under the statuteof limitations, we initiated proceedings in the Stuttgart Administrative Court against the project partners seeking additional financing contributions on the basis of what is known
as the negotiation clause. We submitted our surrejoinder inJune 2021, to which the defendants responded in a timely
fashion in early 2022. No further pleadings have been filed
at this time. The court announced a date for a hearingµ
hearing202.

50

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

STRONG RAIL

PA R T I A L A D M I N I S T R AT I O N O F
S C H E N K E R I TA L I A N A S . P. A .

On May 17, 2022, a subsidiary of DB Schenker, Schenker Italiana
S.p.A., Peschiera Borromeo/Italy, was put into partial administration. An administrator was appointed. It was not a criminal case against the company or its management, but apreventive measure to prevent the use or infiltration of thecompany by external parties. The administration was lifted
on February 9, 2023, after the company had further strengthened specific aspects of its internal control system.

Our inner ambition

51
52

Implementing Strong Rail
Strong Rail targets

∏
†

56

Our inner ambition
Our inner ambition is to ensure that Germany has a strong
rail system. Building a strong rail system will help our country to overcome existential challenges:◊ For the climate. Today, no motorized means of transport
is as climate-friendly and takes up less space on averagethan rail. In addition, no other means of transport is aselectromobile – and therefore as low in greenhouse gases
and pollutants – as rail, which holds the largest market
share of e-mobility in Germany. No other mass transport
can achieve a 100% share of renewable energies as quickly –by 2038, we will have converted the DB traction current
mix to 100% eco-power. A strong rail system is therefore
an essential prerequisite for meeting the climate protection targets of the Federal Government and the EU, because a reduction in emissions in the transport sector
cannot be achieved without a massive shift in the modeof transport towards the climate-friendly rail system. Strong
Rail is a crucial beacon of hope for our climate. In concreteterms, the shift in the mode of transport towards a strong
rail system for the climate means savings of up to 10.5 million t CO₂ per year, which corresponds to the annual CO₂
footprint of around one million people in Germany.
◊ For people. By 2050, almost 85% of the population ofGermany is expected to live in metropolitan areas, compared to 75% in the early 2020s. A consequence: the growing amount of passenger and freight transport will pre­­­sent our cities and metropolitan areas with even morelogistical, social and ecological challenges than they currently face. The situation is different in many rural areas.
Here, one of the key challenges is preserving individual
mobility opportunities. In the future, a strong rail system
can continue to enable vibrant, urban coexistence andthe accessibility of rural regions, because it will enable
real mobility and allow travel time to be used in a variety
of ways, without wasting valuable hours in our days. In
concrete terms, a strong rail system for people means adoubling of passenger numbers in long-distance rail passenger transport and thus five million fewer car journeys
and 14,000 fewer air journeys in Germany per day than at∏ ANTITRUST TOPICS
Antitrust proceedings of the Federal Cartel Office(Bundeskartellamt) for online distribution

In administrative proceedings against DB AG conducted by
the Federal Cartel Office (Bundeskartellamt, BKartA) since2019, the Federal Cartel Office sent DB AG a draft prohibition
order, known as a warning letter in April 2022. According to
its preliminary assessment, the Federal Cartel Office cameto the conclusion that the structure of DB AG’s relationshipwith online sales service providers who distribute their tickets for DB AG as a commercial representative is prohibited incertain respects. The proceedings concern new legal issues
relating to online sales and distribution, for which establishedcase law and administrative practice has been lacking to date.
DB AG has commented on the allegations and is still in dialog
with the Federal Cartel Office.

DB Group appeals ruling against rail cartel
DB Group companies filed an appeal against the judgmentof the Frankfurt am Main Regional Court of August 3, 2022
before the OLG Frankfurt am Main (Higher Regional Court)
due to serious errors in the facts of the case and in the legal
assessment. The District Court of Frankfurt am Main rejected
the claim for compensation for damages by DB Netz AG andother DB companies against Moravia Steel, a Czech steel
manufacturer, and other companies under the statute of limitations. Between 2001 and 2010/2011, several rail suppliers
illegally agreed on delivery rates and prices for deliveries ofrail to DB Group. In 2012 and 2013, the German Federal Cartel
Office imposed fines totaling € 134.5 million on Moravia
Steel and other cartel members. In December 2012, DB Groupbrought an action for compensation for damages in the amountof several hundreds of millions of euros before the Frankfurt
am Main Regional Court.

51

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

the start of the 2020s. This corresponds to around fivetimes all daily car journeys in Munich and every sixth domestic flight.
◊ For the economy. The demand for the transport of goods
will continue to grow steadily in the coming decades. At
the same time, commutes between metropolitan areasand surrounding regions as well as increasing flexibility
in terms of workplaces and working hours will lead to higher
demand on work-related mobility. With a strong rail system, this rising volume of traffic can be overcome, enabling
environmentally friendly economic growth. A strong railsystem is therefore a crucial competitive factor for Germany’s future economic success. It secures Germany’s position as a leading exporting nation. With it, we are competing for the most modern transport logistics, anddeveloping decisive technological stimuli for the future.
In concrete terms, Strong Rail for the economy means:
growth in the modal share of rail freight transport to 25%.
This corresponds to about 13 million fewer truck journeys
per year on German roads.
◊ For Europe. Germany has a special responsibility for the
future of Europe. As well as being the most populous
country, it is also the geographic and economic heart ofthe continent. This role means Germany must be the pioneer and set the precedent for advancing European objectives. Climate protection, jobs, economic growth, social
prosperity: much depends on Germany’s and Europe’s
transport routes remaining future-proof. Strong Rail isthe necessary link between East and West, and North andSouth. In this context, it is not only an important instrument for cultural cooperation between the individual
countries, but also a crucial factor in jointly achieving thegoals set. In concrete terms, Strong Rail for Europe means:
working together to realize a European network.

transport and climate policy objectives. With our new strategic focus, we are also concentrating more on the core businessof the railway in Germany to address the internal challenges
and growing expectations of stakeholders in Germany, withregard to the particular responsibility of DB Group. In order
to live up to this responsibility, we will measure everything
we do at DB Group on the value of its contribution to a strong
rail system. This also applies to our affiliated companies. The
Supervisory Board of DB AG has given DB Management Board
the mandate to examine and prepare a possible sale of up to
100% of DB Schenker shares. Joint operational initiatives will
focus on achieving synergies within the integrated network.
Subsidiaries without strategic relevance for Strong Rail will
be placed under scrutiny.
With the Strong Rail strategy, we have set the course fora shift in the mode of transport and are expecting to create
additional capacity, increasing product quality and improving
customer satisfaction. Our strategy is a framework with which
we both continuously create the internal prerequisites for
shifting traffic to the rails and ensure sustainable alignment
Transformation
69 ff. of DB Group. In order towith the Green Transformationµcreate the necessary conditions for the shift in the mode oftransport, we have identified three strategic areas within theStrong Rail framework:◊ More robust: We are committed to the extensive expansion of performance-critical capacities. With a long-term
focus on growth and technological innovations, we are
creating the necessary capacities in infrastructure, vehicles and personnel. Among other things, together with
the Federal Government, we are investing billions in the
expansion and construction of lines and hubs, additionalterminals for freight transport and the purchase of newvehicles. We achieve more capacity through the digitalization of rail operations, better capacity management
and extensive and sustainable measures in recruiting andqualification. More trains, more train-paths and more
employees will enable us to transport more people andgoods while offering a higher quality of service.
◊ More powerful: In order to be able to achieve a high andsustainable performance level in the long term, we will
also carry out structural changes. We are simplifying theorganization and aligning it systematically with the common goal of Strong Rail. In order to be more customer-­
centric and respond more quickly to employees, we rely
on a strong regular and functional organization, the intro­
duction of customer-oriented collaborative processes toimprove cross-business unit cooperation, and an engaging
process philosophy with common standards and methods.
With simple processes and clear responsibilities, we become faster and more disciplined in our implementationof strategies.

∏ Implementing Strong RailWe have set ourselves the goal of harmonizing the economic,
social and environmental factors with our business goals.
Sustainability is anchored in our guiding principles and is an
integral part of our DNA. In response to the rapidly changing
environmental, social and political framework as well as internal challenges, we have formulated a new structural aspiration – our inner ambition – with the Strong Rail strategy
at its heart. With the Strong Rail strategy, we expressly acknowledge our social responsibility and define our concrete
contribution to achieving the Federal Government’s central

52

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information◊ More modern: We will increase the pace of innovationfor our customers. By expanding our activities in the areaof new mobilityµmobility
153 f., we provide our customers with an
integrated offer that almost extends the rail line right up
to their doorstep and complements local public transport
in a meaningful way. By using digital technologies, wewill also facilitate the effortless switch between the different means of transport. The integration of new andinnovative forms of mobility and the use of smart services
and digital platforms create clear added value for ourcustomers. In this way, we take into account rising customer
expectations and create an attractive offer for sustainablemobility and logistics, both in cities and rural areas.
For each of these three expansion areas, we have identified
five central issues, which we call building blocks. The key
criterion for selecting the building blocks is their importanceacross business units for our goal of a strong rail system inGermany and therefore also for the Federal Government’s
transport and climate policy goals. This has resulted in a total of 15 building blocks to help us to organize the shift in themode of transport. They are supplemented by building blocks
specific to each business unit.
However, the shift in the mode of transport to rail canonly achieve its full potential if the railway also continues tostrengthen and expand its climate-friendly operations andother environmentally friendly advantages. DB Group’s Green
Transformation is therefore a central requirement for theeffectiveness of the shift in the mode of transport. To live up
to the importance of this topic, we have defined anotheroverarching building block through which we aim to ensure
the effectiveness of the shift in the mode of transport. Togeth­er, these 15 + 1 building blocks form the strategic framework of our business alignment.

In 2022, the three expansion blocks regarding knowledge
management, “My knowledge – Your knowledge – Our knowledge,” “Colleagues leave; their knowledge remains” and“Knowing how the railway works,” were successfully ended
and became standard. In addition, three further employee
expansion blocks were identified, which were developed in
the participation process:◊ “Just ask me:” Products continued to be promoted in thisarea. The building block aims to make better use of employees’ practical knowledge during decision-making
processes by means of increased integration. To this end,
among other measures, a platform was successfully piloted where employees make forecasts on business-related
topics and thus give specialist departments guidance
when making decisions.
◊ “Team DB in rail operations” was agreed in 2022: The
module addresses the key concerns of around 55,000
employees working in rail operations (for example traffic controllers, train drivers and train personnel). For
this target group, DB Group has set itself the goal of

THE BUILDING BLOCKS OF
THE STRONG RAIL STRATEGY
Building blocks fororganizing the shift inthe mode of transportMorerobustBuilding blockof the Green
Transformation

More
PowerfulMoremodernStrong line
organization

Germany
in sync

DigitalRail forGermany

Integrated
accountability

Focus ongrowthsegments

Network
capacity
management

Strongadmin

Digitalplatforms

Fleet anddepot
expansion

Stableprocesses

New
forms ofmobility

100,000
employees

15
employeebuilding
blocksSmartservices

Infrastructure
expansion

EMPLOYEE BUILDING BLOCKSOur employees are involved in the implementation of thestrategy by means of the “15 employee building blocks.” Thegoal is to develop additional building blocks that reflect the
key concerns of employees and support the implementationof the strategy. To date, more than 1,300 employees havecontributed as developers.
The building blocks are developed in a six-month participation process. Once a building block has been selected, a“construction manager,” together with a team, takes over its
concrete design and implementation of this building blockwithin DB Group.

53

Environment and100% green
electricity

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

increasing the knowledge of the processes and activitiesof other professional groups, providing relevant information for all rail operations more easily and establishingformats for improvements on-site in everyday life.
◊ The wave of expansion “Improving improvements”
began in September 2022. By December 2022, solutions
were sought with 180 developers, which were intended
to strengthen problem solutions and process improvements by employees on-site in DB Group.

The LUFVµ 262 f. guarantees the financing of the existing
network. In addition, there are three main levers to help increase the capacity of the network and the volume produced:◊ New construction and expansion: The realization of new
construction and expansion measuresµmeasures
136 f. is a key factor for
additional network capacity. We have the potential tocreate an additional 180 million train-path km (comparedwith 2015), laying the groundwork for more traffic on corridors and for new service concepts. Necessary projects
for this are included in the Federal Government’s priority
requirement plan and will be implemented successively.
Additional measures supplement these projects, such as
further expansion measures to enable Germany in sync
or line extensions as part of the Structural Development
Act (Strukturstärkungsgesetz). Small and medium-sizedmeasures are also a key driver for robustness and growth.
◊ Digital Rail for Germany (Digitale Schiene Deutschland;
DSD): With the nationwide roll-out of the European Train
Control System (ETCS) in conjunction with digital interlockings and digital rail operations, we are increasing
capacity by an additional 100 million train-path km (compared with 2015) – without building new tracks. DSDµ65 f.
includes the completion of ongoing ETCS projects, theimplementation of the so-called starter package and theindustrialized comprehensive roll-out. In addition to capacity, the program increases the reliability, productivity
and interoperability of the railways in Germany and Europe.
◊ Capacity management and customer-friendly construction: With further additional measures, we will beable to increase our volume produced by an additional
70 million train-path km (in relation to 2015). Improved
capacity management is an important component of this.
This includes coordinating capacity increases, customer-friendly construction, traffic optimization and disruption minimization. In addition, for the first time, there iscontractual funding for capacity-efficient construction in
the form of additional “customer-friendly construction”
requirements in LuFV III. This demand for additional capacity helps further reduce capacity restrictions whileconstruction work is taking place.

C A PA C I T Y E X PA N S I O N F O R A
STRONG RAIL SYSTEM

Expanding fleet and infrastructure capacity also significantly
impacts quality, and above all, our punctuality.
∏ Infrastructure expansion
In order to implement the Federal Government’s policy objectives for the transport sector, network capacity must be
significantly increased. The Strong Rail strategy envisages
an increase in volume produced of about 350 million trainpath km, and thus by more than 30% (compared with 2015),
for passenger and freight transport combined. According toavailable forecasts, growth will be disproportionately realizedon the existing rail network, which is already highly utilized.
At the same time as expanding infrastructure, we also needto ensure a high level of network reliability and capacity, evenduring the expansion phase. The capacity expansion of therail network will lay the foundations for sustainable transportand economic development. Mobility is also indirectly facilitated. We can only achieve a high level of performance andgrowth in the network in cooperation with the Federal Govern­
ment. To this end, Federal and state policy creates a precise
legal framework (for example through LuFV, BSWAG), in
which DB Group operates and is measured in terms of meeting the targets. There is a regular exchange with key interest
groups on the effectiveness of the measures. Potential environmental impacts are continuously evaluated in accordancewith statutory requirements (for example environmental
protection, species protection, nature protection and water
protection), as well as preventive and countermeasures tominimize environmental impacts (for example noise protection, compensation areas). The results are continuously
reviewed in terms of target attainment.

54

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information∏ Fleet and depot expansion
We are continuously investing in the modernization and acquisition of new trains for a strong rail system. In order tomeet the rising maintenance needs of the growing fleet, weare expanding our maintenance facilities and investing in
new locations for operational maintenance.
By the end of 2030, we will be investing just under € 2.4
billion in the maintenance depots of DB Long-Distance andthus in improving the punctuality and quality of ICE and Intercity trains. New depots, larger halls and expanded workshops
at existing sites and new maintenance facilities at local centers
ensure that trains will be able to be maintained faster and more
quickly in the future. When planning the new ICE facilities in
Nuremberg and Dortmund Port, the involvement of public authorities and local people is a matter of course for us.

In addition to expanding the plants, we are optimizing ourprocesses and are also exploiting the opportunities of digitalization and automation for operational maintenance. The
main focus is on the automation of visual inspections on
trains using camera technology and artificial intelligence, as
well as the process optimization of elaborate maintenancelevels.
In addition to our depots, we also invest extensively invehicles. By the end of 2026, the long-distance transport fleet
will expand to over 430 ICE trains. This includes 137 ICE 4
trains. Our fleet of ICE 4 trains has been delivered in full.
The ICE fleet continues to grow with the ICE 3neo. The
first of the 73 new ICE 3neo trains has been in use since late2022. We will also receive 23 ICE L and other Intercity 2 trains.

EXPANSION PLANNING OF MAINTENANCE CAPACITIES FOR DB LONG-DISTANCE
Hamburg-Eidelstedt

2023

2030

Hamburg-Langenfelde

121

144

2027

Hamburg

402

136

2023

Cologne

2025

2026

2026

2025

BerlinBerlinHanover

34

419

CottbusDarmstadt

2024

2028

Hanover

Dortmund planned

2025

2024

Cologne2026

Cottbus 1)

Dortmund

56

2017

1,006

2022

2027

Frankfurt am Main

HaltingenFrankfurt am Main
2025

2026

Darmstadt

39

Nuremberg

Basel

2023

152

2022

2030

Nuremberg planned

2024

5

418

Haltingen

Munich23 	 Start of construction 	 Completion1)	DB Vehicle Maintenance facility for the
maintenance of high-speed trains.

55

2028

MunichBasel 	 Capital expenditures (€ million)

2025

2021

2024

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

With the increasing number of new vehicles, we are increasing the reliability of our fleet and creating additional seating
capacity for our passengers.
In addition, we have commissioned the manufacturers
Alstom Transport Deutschland and Siemens Mobility to develop a new vehicle concept independently of one another.
DB Group will contribute its expertise as an operator to thedevelopment of the next generation of trains. Upon completion of the concept development, a further tender is expected
to follow in the second half of 2023, which will include thedevelopment, construction and licensing of the new vehicles
and will be open to other manufacturers. The new generationof trains is expected to be used from the early-2030s, replacing
ICE 3 trains and expanding the ICE fleet. We rely on trains witha maximum length of 400 m and at least 300 km/h, single-­deck
trains with around 950 seats, which are to set new standards
in terms of energy efficiency and technical availability.
More than 100 trains in the ICE 1 and ICE 3 fleets are being
modernized to improve technical reliability and provide more
comfort on board. Several measures are being implemented
for the ICE T to stabilize the technical facilities. These include,for example, improving drive components to increase availability and refitting to ETCS Baseline 3 in order to enable useon the corresponding line networks.
The implementation of the Strong Rail transport targets
at DB Regional aims to deliver a significant increase in passenger numbers. In this context, seat capacity must be increased by up to 30% by 2030. We will meet this additional
demand both through increased capacity utilization of the
trains in the medium term and by increasing the capacity ofthe vehicle fleet. In regional transport, too, we continue toinvest in our fleet and depots. Extensive modernization work
will be carried out over the next few years on the vehicles of
the Dresden, Cologne, Rhine-Main and Stuttgart S-Bahn (metro)lines as well as in regional transport on the Elbe-Spree andNorth-South (Berlin-Brandenburg) networks. In addition to
improving the technical reliability and comfort of the vehicles, we are also working to increase utilization.
For transport contracts with the Berlin, Hamburg, RhineMain and Stuttgart S-Bahn (metro) lines, the vehicle fleet isscheduled to be expanded with contracting organizations by
the end of 2026. In addition, from 2025, battery-powered trains
will be used in the Palatinate network (Pfalznetz), which canbe operated locally with zero emissions, enabling even moreclimate-friendly regional transport. Additional single- or multilevel multiple units are being procured as part of the transport
contracts awarded to service the additional train kilometers.

In order to increase capacity on the existing rail network,
vehicles will be equipped with ETCS. From 2023, for example,
the vehicles of the Stuttgart S-Bahn (metro) will be equippedwith this technology. The vehicles of the Hamburg S-Bahn(metro) will then be equipped from 2024.
Over the next few years, there will also be capital expenditures in regional transport workshop infrastructure to maintainand expand maintenance capacities. The focus until 2025 will
be on workshops for the S-Bahn (metro) in Berlin, Frankfurt
am Main, Cologne, Munich, Nuremberg, Tübingen and Ulm.
The implementation of the measures will be communicated using the usual methods, such as press releases.

Strong Rail targets
Concrete measures are at the basis of every building blockof the Strong Rail. A “construction manager” was named forthe operational management of each building block, who isaccountable to the Management Board for designing themeasures and their operational implementation. The building
blocks were incorporated in DB Group’s mid-term plan. We
monitor contributions to targets with key performance indicators. This measurement is ongoing, and is managed andmonitored within the Strong Rail Board, a specially createdbody, supervised by the Management Board and the Chairsof the business units of the Integrated Rail System.
The basis are the transport policy sector targets of theFederal Government:◊ doubling of transport performance in rail passenger
transport,◊ increase in rail’s market share to 25% of freight transport.
In addition, the German Federal government’s climate policy
objectives are being supported by the switch of traction current to 100% renewable energies, the electrification of raillines and the purchase of alternatively driven or hybrid-driven
locomotives.
We aim to achieve the objectives of the Strong Rail strategy through a total of ten DB-specific target figures. Our
primary objective is our contribution to the shift in the modeof transport. To this end, we are focusing equally on growth
in rail passenger and rail freight transport.

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Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

TOP TARGETS OF THE STRONG RAIL STRATEGY

What do we wantto achieve?

How do we measure
this?

What are we doing
to achieve this?

SHIFT IN THE MODE OF TRANSPORT

Doubling passenger numbers
in long-distance transport

260 million passengers at
DB Long-Distance— Introduction of Germany in sync – more railway
services for major cities and regions withreliable, faster and more frequent connections.
— Shorter travel time between many major cities
thanks to additional ICE Sprinter connections.

Increase in passenger
numbers in local transport+ 1 billion passengers in local
transport (compared with2015), thereof 0.7 billion on
DB Regional (rail) and 0.3
billion in New Mobility— More reliable, faster and more frequentconnections.
— More seats thanks to the conversion of existing
trains and the procurement of new trains.

— Better door-to-door connections in close
collaboration with our partners, by integrating
new forms of mobility.
— Intuitive travel support for everyday travel needs,
thanks to intermodal Mobimeo technology.

+ 70% volume sold in rail
freight transport (Germany)(compared with 2015)— Expansion of activities as rail logistics provider
and operator, as well as rail logistics solutions.
— Further development of single wagon transport.

— Expansion of production capacities through capital
expenditures in multi-system locomotives,
freight cars, automation and digitalization.
— Growth in top European corridors through crossborder management of traffic with coordinatedschedules.

+> 30% train kilometerson track infrastructure(compared with 2015)— Expansion of network capacity. This also
includes the network design plan for 2030
and Germany in sync.
— Implementation of small and medium-sizedmeasures (for example control points, trackchange operations) in order to improve performance in the network in the short-term.

— Driving digitalization (for example roll-out of
ETCS, DSTW and digital rail operations).
— Make better use of existing capacities: fewer disruptions, in part through major renovations in thehigh-performance network, capacity-saving driving and construction, and transport optimization.

> 80 SI at DB Long-Distance> 75 SI at DB Regional> 70 SI at DB Cargo— Improving the customer experience by
expanding digital and personal services
and (passenger) information.

— Increasing the quality of stay at stations byoffering new waiting areas, improving cleanlinessand safety, expanding the range of services
offered and integrating new forms of mobility.

> 80% at DB Long-Distance> 95% at DB Regional> 77% at DB Cargo— Short-term alleviation of bottlenecks, among
other things through upgrading heavily used infrastructure with targeted maintenance measures.
— Optimization of construction site management
for punctual travel and transport chains.
— Increasing vehicle availability and quality,
among other things through expanding maintenance capacity.

— Introduction of supporting systems, among
other things implementation of intelligent
systems forecasting (Big Data) for an early
response to disruptions.
— Digital switches 2.0 for the timely detectionof pending track disruptions.
— Package of measures to reduce malfunction
times.

≥ 3.8 SI

— Anchoring of “compass for strong collaboration”(Kompass für ein Starkes Miteinander).
— Employee participation in the building block“15 employee building blocks.”— Development of modern working and employment conditions, including integration of lessons
learned from the Covid-19 pandemic.
— Continuation of the employee survey, the culturebarometer and togetherness workshops.

100% green electricity
by 2038— Replacement of expiring power plant contracts
with renewable energies.

— Expansion and digitalization of the traction
current grid to feed in increasingly volatile energy
sources.

Return above the costof capital

ROCE ≥ 6.0%

— Implementation of all the capital expendituresand expenses required to implement the Strong
Rail strategy.
— Countermeasures to compensate for a significant
portion of the losses caused by Covid-19.

— Simplification and streamlining of structuresand processes and (re)alignment with customer
benefits.

Ensuring financial stability

Debt coverage ≥ 20%— Improvement in the operating profit situation.

— Adjustments to the Group portfolio.

Increase in volume soldin rail freight transport

Increasing the capacityof the rail network— More seats thanks to the conversion of existing
trains and the procurement of new trains.
— Better door-to-door connections in close
collaboration with our partners, by integrating
new forms of mobility.

CUSTOMERS

Increase of customer
satisfaction

Improvement ofoperational punctuality

EMPLOYEES

Improving employee
satisfaction

CLIMATE
Increasing the share of renewable energies in DB’s traction
current mix in Germany

PROFITABILITY

57

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

PRODUCT QUALITY AND
DIGITALIZATION
Overview of key figures (rail in Germany)
The customer is at the center of our actions
Digitalization
Further information

58
60

63
67

Weaker punctuality
performance

Speedier digital
maintenanceTrains should be rolling, not standing still. Digitalization and the wide use of newtechnologies are essential to greater maintenance efficiency. For example, since2022, AI-based material identification has been used for automatic image recognition for the first time. In addition, the first 140 vehicles were equipped with sensors
for condition-based maintenance.

The intensity of use on the German rail network
has increased by more than 60% since 1994.
Infrastructure has not expanded in line withgrowing demand. At the same time, the condition of the infrastructure has deteriorated,
as many tracks, points, bridges and signal towers are old and therefore prone to faults. Construction is at a record level in a drive to accelerate modernization. However, this comes atthe cost of additional capacity.

Artificial intelligence formore punctual trains
The pioneering use of artificial intelligence in scheduling saved more than
58,000 minutes of delay in 2022. The technology is already in use on the
Stuttgart, Rhine-Main and Munich metro (S-Bahn) lines, detecting potential disruptions in operating schedules at an early stage, providing
decision-making suggestions and thus supporting the dispatchers in their
day-to-day work.

58

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information∏ Overview of key figures (rail in Germany)

SHIFT IN THE MODE OF TRANSPORTPASSENGERS LONG-DISTANCE TRANSPORT / million

2027
2022
2021
2020
2019
2018

81.9
81.3

Target: 260
~199

132.0

2027
2022
2021
2020
2019
2018

150.7
147.9

VOLUME SOLD RAIL FREIGHT TRANSPORT / million tkm

2027
2022
2021
2020
2019
2018

PASSENGERS LOCAL TRANSPORT / million

Target: 107,000~~2,250
1,121
1,215

1,605

TRAIN KILOMETERS ON TRACK INFRASTRUCTURE / million train-path km

2027
2022
2021
2020
2019
2018

~68,700~
59,60760,32456,22460,70264,169
Short/mid-term target

Target: 2,500

Long-term target

1)

1,972
1,940
Target: 1,400 1)~1,200
1,133
1,109
1,066
1,090
1,085

+> 30% compared to 2015.

CUSTOMERSCUSTOMER SATISFACTION DB LONG-DISTANCE / SI

Target: >80

CUSTOMER SATISFACTION DB REGIONAL / SI


> 79
74.8
77.8
80.2
76.5
77.1

2027
2022
2021
2020
2019
2018
CUSTOMER SATISFACTION DB CARGO / SI 

Target: >75

~72
70.1
71.6
69.0
66.1
66.3

2027
2022
2021
2020
2019
2018

Target: >70


~64
67
70
68
61
60

2027
2022
2021
2020
2019
2018
Short/mid-term target

Long-term target

PUNCTUALIT Y
PUNCTUALITY DB LONG-DISTANCE / %Target: >80

PUNCTUALITY DB REGIONAL / %

 ~79
65.2
75.2
81.8
75.9
74.9

2027
2022
2021
2020
2019
2018
PUNCTUALITY DB CARGO (GERMANY) / %

2027
2022
2021
2020
2019
2018

Target: >77

~73
66.1
69.8
77.6
73.8
72.9

2027
2022
2021
2020
2019
2018
Short/mid-term target

Long-term target

59

Target: >95
 ~95
91.8
94.3
95.6
94.3
94.0

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information∏ The customer is at the center of our actions

time if the scheduled arrival time is exceeded by less thansix minutes in passenger transport or less than 16 minutes
in freight transport. We use a punctuality rate to summarize
the arrival of trains/buses on schedule or up to a defined
maximum delay. Punctuality data is recorded daily and madeavailable to managers and employees together with the lost
units and other management key performance indicators.
The performance is compared with the targets derived fromthe strategy in order to identify both negative deviations
and positive developments in a timely manner.
The development of the management key performanceindicators is presented as part of cascading performancedialogs within and across business units, Management Board
and Supervisory Board meetings, as well as management
reports to the Management Board and Supervisory Board,in order to set baselines for improvement and to derive focused decision-making needs and countermeasures. In addition, the progress of the agreed measures and the effectiveness of the measures are continuously demonstrated on
the basis of further performance progress.
DB Group has made a clear commitment to further develop product quality by defining long-term punctuality
targets for long-distance rail passenger transport, regionalrail passenger transport and rail freight transport within theframework of the Strong Rail strategy. In order to take into
account this commitment and the obligation of corporate
planning with regard to quality, the primary measures toensure the achievement of targets are set annually in themedium-term and long-term planning and approved by theManagement Board.
In addition to the various aspects of product quality, thecontinuous optimization of the price-performance ratio andproduct innovations, especially in digitalization
digitalizationµ 63 ff., are
key levers for increasing customer satisfaction. We work extremely hard on our basic service and focus on optimizing
product and service quality. We offer our customers a comprehensive range of services for their information needs.
Our target is to provide our products at a reasonable priceperformance ratio in order to meet the expectations of ourcustomers. The focus is on measures that increase the quality of our services and the efficiency of our processes.
In order to assess the success of our measures from ourcustomers’ perspective, we use direct indicators such as revenues, the number of passengers and satisfaction during
the customer journey. In addition to this, we use the resultsof regular customer surveys to measure our success and findpotential areas for improvement.

M A N A G E M E N T A P P R O A C H A N D TA R G E T SHigh product quality is one of the most important prerequisites for implementing our Strong Rail strategyµ
strategy
51 ff
ff.. The
greatest levers for improving product quality include highlevels of punctuality, the use of modern vehicles, reliable
and comprehensive customer and transport informa­­tion,
the quality and reliability of the services offered and appropriate transport and transport times. That is why we contin­ually invest in our fleet and infrastructureµ
infrastructure
54 ff., and optimize
cooperation with our suppliers and sector partners. We arealso intensively exploiting the opportunities offered bydigitalization.
Improving punctuality is particularly important as it is
the key factor influencing customer satisfaction and therefore makes a positive contribution to meeting our customer
needs, even in the context of increasing mobility needs.
Only if trains and buses operate sustainably with a high degree of punctuality will passengers use rail transport for
their private and work-related journeys in the long term,
thereby guaranteeing the success of society’s shift in themode of transport. Punctuality is also the key factor in thestability of production systems. In the long-distance andfreight transport sectors especially, delays lead to impaired
vehicle and personnel cycles, which in turn have a negative
effect on maintenance delivery. This ties up the capacity
and resources that are urgently needed for the desired
growth in traffic in both passenger and freight transport.
From an economic point of view, a high level of punctuality
also minimizes the risk of penalty payments in contracted
local passenger transport as well as compensation via passenger rights in long-distance passenger transport.
The importance of punctuality is also demonstrated by
the fact that it is a determining factor in the amount of thevariable remuneration received by executivesµexecutives
92 f.
Improving punctuality requires continuous internal management, on the basis of lost units (number of delays) andadditional key figures, which take into account network
capacity and availability, among other things. To measurepunctuality, we compare the target arrival time to the actual
arrival time for every train/bus run. A stop is considered on

60Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional informationC U S T O M E R S AT I S FA C T I O NDevelopment in the year under review
CUSTOMER SATISFACTION / SI

2022

2021

DB Long-Distance

74.8

77.8

80.2

DB Regional (rail)

70.1

71.6

69.0

In Germany, punctuality in rail transport decreased significantly. The reasons for this development were:◊ High level of primary disruptions: Particularly in theinfrastructure (for example points, tracks), there was anincrease in primary disruptions due to the aging and susceptibility of the facilities to faults. One of our focal points
was nationwide testing and the replacement of damaged
concrete ties as a result of the train accident in Garmisch-PartenGarmisch-Partenkirchenµ 135
kirchen135.. Due to the high volume of work, slow-running points had to be set up for long periods, which had
a negative impact on the operating quality.
◊ High level of construction activity: In 2022, there were
often lots of construction activities, particularly in thehighly utilized bottleneck network, while at the same time
there was strained infrastructure capacity and more traffic. Extensive construction work on the Riedbahn between
Mannheim and Frankfurt am Main, the most heavily burdened line in the ICE network, but also in the Hamburghub, has led to significant additional delays.
◊ Highly utilized rail tracks: Around 25% of all trains run
through highly overloaded rail routesµroutes134,, which are already134
very busy due to the high volume of traffic, without additional construction.
◊ Special external events: Weather-related events, in particular, the rapid sequence of hurricane force storms in
February 2022, which in some areas caused severe damage throughout Germany, especially in northern Germany
and North Rhine-Westphalia, and a number of heat-wave
days between June and August. In addition, dangerous
events (including suicide, a freight train collision in Leiferdeµ 135135)) and external effects (including theft of infrastruc­ture facilities, damage caused by vandalism and a targeted attack on the GSM-R infrastructure in the north)
led to negative punctuality effects.
◊ 9-Euro-Ticket: Demand in regional rail passenger transport increased significantly from June to August 2022 dueto the temporary introduction of the 9-Euro-Ticket
9-Euro-Ticketµ 36.
This led primarily to more excessive stopping times andtrain delays on tourist routes and at weekends.
◊ Tense personnel situation: Among other things, there
were high levels of sick leave for key operational functions(for example drivers, traffic controllers, maintenance personnel) due to Covid-19 or flu, partly limited to certain
areas.
◊ Impaired operating processes: The reduced punctuality
level and low system resilience mean that personnel andvehicle rotation may no longer function, which meansthat maintenance allocations and train provision cannot
take place as scheduled.

2020

DB Regional (bus)

74

75

71

DB Cargo

67

70

68

DB Netze Stations (passengers/visitors)

71

73

72

DB Arriva (bus and rail, United Kingdom)

73

77

80

DB Schenker

70

68

74

One of DB Group’s top goals is to achieve a consistently highlevel of customer satisfaction. In passenger transport, in
addition to the development of operational key indicatorssuch as punctuality and capacity utilization, ticket purchase,offering, space availability, comfort and providing information, play an important role.
Regular evaluation of customer satisfaction is hugely
important. The results of the entire travel experience are
discussed in regular performance dialogs and efficient management of customer satisfaction is ensured. The data isgathered in each case by independent market research institutes. The aim is to conduct a direct survey after the endof the trip in order to better assess the relationships between buying decisions and repeat use. The identified drivers of satisfaction are ranked against each other. Details on
development in the individual business units can be foundin the chapter Development of business unitsµunits
112 ff.
ff.

PUNCTUALIT Y
Development in the year under review
PUNCTUALITY / %

2022

2021

DB Group (rail) in Germany

90.9

93.7

95.1

91.0

93.8

95.2

DB rail passenger transport in Germany

2020

		
DB Long-Distance

65.2

75.2

81.8

DB Regional
		

91.8

94.3

95.6

66.1

69.8

77.6

DB Cargo (Germany)
DB Arriva (rail: United Kingdom, Denmark, Sweden,

the Netherlands, Poland and the Czech Republic) 1)

90.2

93.5

92.3

DB Regional (bus)

86.0

83.9

83.4

DB Cargo

66.3

69.5

76.9

To measure punctuality, we compare the target arrival time to the actual arrival time for every
train/bus run. We summarize the arrival of trains/buses on schedule or up to a defined maximum
delay using a punctuality rate.
1)
	From July 2022, excluding activities sold by DB Arriva in Swedenµ 160
160..

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Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

Significant measures for improvement

M A N A G E M E N T M O D E L A S PA R T O F C A PA C I T Y M A N A G E M E N T

In 2022, DB Group again implemented a number of measures
to improve and/or stabilize the operating quality. However,negative structural effects (high construction activity onhighly utilized rail lines with old and fault-prone infrastructure) overpowered their effects. For this reason, measures
are being developed and implemented that strongly intervene in the current structures and contribute to a sustainable increase in quality through paradigm shifts.

DURING THE BUSINESS YEAR

In order to achieve the Federal Government’s transport
policy objectives, the rail network capacity must be significantly increased. Accordingly, the Strong Rail strategy provides for the expansion of infrastructure as a central pillar.
The associated extensive construction activities lead totense capacity situations in these areas, which, in combination with the forecast strong traffic growth, can lead tonegative effects on operational quality, especially in thecase of the already existing bottlenecks. The aim is toachieve the growth targets with a view to expanding theinfrastructure while stabilizing the operating quality at agood level.
Planning for major construction projects usually begins
more than ten years before the start of construction. In
order to assess the impact of construction configurations
on the operating quality, reliable data on potential impairments is required. The level of detail increases as construction approaches – up to specific details about schedule
planning around 20 weeks before the start of construction.
As, at this time, the remaining leeway for operational andpunctuality stabilizing measures is severely limited, detailed
considerations for assessing the capacitive situation prevailing at the time of the final notification of planned construction measures are made 31 weeks before the start ofconstruction. These allow the operational and qualitative
risks to be identified and assessed, and countermeasures
to be taken. This allows forwarding/diversion lines to beinspected or improved in terms of availability in good time,
supply adjustments can be made by train operating companies and, in the case of very critical construction configurations, individual construction work can be relocated. On
this basis, further quality gates follow until the actual startof construction.
As a result, the national assessment of the impact ofindividual construction work, which had already been produced more than two years earlier, is now once again quality-assured on three main transport corridors of the highly
utilized rail network and, if necessary, substantiated in orderto anticipate and reduce, in particular, the impairment oflong-term rail passenger and freight transport lines. The
first positive effects of this control are expected at Easter
2023, for example – a period that is usually characterizedby major losses in quality (due, among other things, to construction activities).

D I G I TA L P R O D U C T I O N N E T W O R K

Digitalization of rail operations is central to the Strong Railstrategy. In order to ensure the completeness and suitability of activities relating to digital transformation in rail operations, the Digital Production Network (DPV) project unit
was created under the Digitalization and Technology divisionin October 2022. DPV is thus building on the preliminary
project Digital DB, among others. The aim of the work carried out by the DPV is a functioning, integrated and holistically digitalized Integrated Rail System. The DPV must ensure that functional and technical targets are harmonizedand projects and measures are derived. As an initial focus,
DPV aims to make significant contributions to increasing
punctuality and capacity, optimizing vehicle availability
and reducing costs.
In order to effectively tackle this aim, additional funds
amounting to € 135 million will be made available for digi­talization measures in 2023. The project portfolio financedwith these funds addresses all overarching processes. Threelevels of action are touched upon in this way:
◊ The first-aid measures are used to remedy operational
inefficiencies in the short term, for example through theautomation of interfaces.
◊ By developing digital platforms, we are creating the conditions for an optimized digital system, for example byproviding basic modules which are generally useful.
◊ Through the gradual further development and implementation of the “Digital DB 2035” vision, we are creating acommon model for management and cooperation forbusiness units and central functions.
In addition to the medium and long-term effects, DPV always
focuses on rapid and noticeable development of effects forour customers.

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Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

Digitalization◊ Data management as the basis for legally secure, standardized and comprehensive data utilization, because
a Strong Rail system needs a clear overview of the Integrated Rail System.
By 2030, the goal is to have trained mobility systems to detect, calculate and network automatically and hence, tokeep everything permanently up to date. Artificial intelligence (AI) determines the pace of this by facilitating new
ways of managing capacity, eliminating barriers and satisfying requirements before they are even identified and formulated. The vehicles are highly automated, communicate
with each other, update themselves independently andreport potential defects even before they occur – with newsensors, drones and robots.
Stakeholders are informed about the priorities and progress in implementing both the use cases and the foundations
as part of regular informative events. The progress and effectiveness of program and technology projects are reviewed
regularly with the responsible business units and Groupfunctions. If necessary, options for action are discussed anddecided upon.

∏ M A N A G E M E N T A P P R O A C H A N D TA R G E T S

Focus on digitalization and technology

Our digital and technical strategy is designed to develop an
ultra-smart mobility network by 2030 – connected, automatedand customer-oriented. In the future, travel should essentially“plan itself” and adapt to changing circumstances in realtime in the event of deviations. To this end, our digitalization
processes must be understood and designed as an intelligent
overall system – a long-term development, with three coretasks under the Strong Rail strategy:◊ fully connected,◊ self-organized development, and◊ making it easier for customers to use mobility services.
The use cases show where digitalization and technology are
the key to success for the Strong Rail strategyµ
strategy
51 ff.
ff. We will
focus in particular on some of these:◊ Digital rail operations, because it makes us more robust,for example, thanks to automated timetables and scheduling.
◊ Digital maintenance, because it makes us more effective,
for example, through more efficient materials management and more powerful forward-looking planning.
◊ Green rail technology, because it makes us more environmentally friendly, for example, through our emissions-freeand environmentally friendly rail operations.
All projects are geared towards the sustainable increase incapacity, efficiency and quality. The implementation is accompanied by a new culture created as part of a Compass forStrong CollaborationµCollaboration
85, which promotes ideas and plans for
new working environments, and encourages enthusiasm for
new technologies.
IT infrastructure is the basis for driving the development
of digitalization. Five elements form the foundation of thedigital infrastructure for a Strong Rail system:◊ Connectivity as a basic requirement for data transfer andexchange, because a Strong Rail system needs high-speed
communication.
◊ Cloud services as the basis for rapidly scalable and highperformance storage services, because a Strong Rail system needs efficient and flexible IT resources.
◊ Cybersecurity as the basis for continuous security inmore digitalized rail operations, because only a securerail system is a Strong Rail system.
◊ Development platforms as the basis for modular services, IT security and the acceleration of software develop­
ment, because a Strong Rail system requires high-performance IT.

E C O S Y S T E M S A N D PA R T N E R S H I P S

Digitalization and global competition are fundamentallychanging market conditions. Due to much shorter innovation
cycles, new markets are created faster, and there is growingpressure on established market players to innovate. We needto transform into an ecosystem-focused company so that
we can tap into growth potential in this area and ensure DB
Group stays competitive in the long-term. DB Group is therefore using partnerships to drive greater innovation and issystematically expanding collaboration. The innovative powerand expertise of partners will be more easily usable thanks
to integration into DB Group’s added value chain. In line with
the Strong Rail strategy, the current focus is on the areas ofproduction and sustainability:◊ Production: The digitalization of production processes
makes it possible to increase the efficiency and effectiveness of operating processes. This means, among otherthings, that capacity increases and an increase in the availability of trains and cost savings can be achieved in the
Integrated Rail System. As one of the first initiatives, weare driving ahead with the development of a central IT
platform for the group-wide maintenance of vehicles.
◊ Sustainability: Partnerships for the development of innovative, environmental and customer-oriented solutions,particularly in the areas of climate protection and greenhouse gas emissions, are encouraged.

63∏

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information∏ D I G I TA L T R A N S F O R M AT I O N
The digital transformation is focused on the inclusion andqualification of employees through training, new working
methods and agile structures. In 2022, the focus was on ex­pand­ing digital skills.
◊ As a start-up hub and innovation driver, DB mindbox works
closely with business units and young companies to support innovative technologies and digital solutions within
DB Group. More than 200 companies have already participated in the support program. For around 60%, we continued with follow-up partnerships working on specificproducts and innovations after the DB mindbox program.
In 2022, “the bright platform edge” – a solution by thestart-up SIUT – was installed at the Südkreuz Railway
Station of the Future in Berlin to ensure better orientationon the platform.
◊ We created the DB Digital Base in Berlin, a central location for digitalization within DB Group. Here, executives
and employees can access free, virtual events and workshops on topics focusing on data.
◊ In 2022, we reorganized the CDO division. In future, thefocus will be on the digitalization of production. Due tothis new strategic direction, existing digital competencies are being located, particularly in the IT and Technology divisions, which make a decisive contribution tomore capacity, quality and punctuality.
◊ In 2021, the Digital Transformation Academy (DTA) was
developed to expand and deepen expertise in digital andIT contexts. Three programs are currently offered. In
2022, we were able to increase the number of participantsin Agile Classes from 80 to around 200 participants andprovide training in agile and digital product development
skills. Since autumn 2022, we have been piloting the DataClass with around 45 participants, with the aim of enabling employees to implement digital transformationand to establish an overall grasp of data organization.
◊ Since the beginning of 2018, we have been promoting
our digital talent in the areas of digitalization and business model development through our digitalization
trainee program, as well as building digital skills for thewhole DB Group.
◊ Deutsche Bahn Digital Ventures is our corporate venture
capital arm, which invests in innovative business models.
The research fields are based on our Strong Rail strategy
and our digital and technology strategy.

I N F O R M AT I O N S E C U R I T Y

Information security is a priority given an increasingly interconnected global environment and the rapid progress ofdigitalization. It is essential that companies identify risks
in good time, establish countermeasures early on, and react
quickly and decisively to incidents. Our ultimate goal is toprotect information technology (IT) and operational technology (OT) infrastructure on a sustainable basis. The Chief
Information Security Officer (CISO) is responsible for information security in DB Group. The CISO reports to DB Group’s
Chief Information Officer (CIO) and to the Management
Board. This ensures that senior executives are aware of these
topics. Key responsibilities are to further develop information security in DB Group and develop a permanent information security culture. This includes establishing future-oriented processes, measures and solutions based oninternationally recognized, workable standards that apply
equally to new and existing IT/OT projects. All suppliers
who work with us must also guarantee firmly defined safety
requirements. This applies to collaboration with major cloudproviders, such as Microsoft Azure or Amazon Web Services,
as well as small and medium-sized suppliers and all sup­pliersin the Digital Rail for Germanyµ
Germany
65 ff.. environment. Due to thehigh momentum around the topic and the rapidly advancing
technological development, the information security division works closely with universities to promote research andnext-generation training. National and international networking is another of the division’s core tasks, especially inEuropean rail transport. An example of this is the collaboration with the French state-owned railway SNCF, TU Darmstadt and TU Berlin.

F O C U S O N D I G I TA L I Z AT I O N
PROJECTS AND CONCEPTS
Artificial intelligence in rail operations◊ For the Stuttgart, Rhine-Main and Munich S-Bahn (metro)trains, AI is already used to support the dispatchers incontrolling traffic as efficiently as possible in the eventof a disruption. DB Group has a positive balance sheeton the use of AI in rail operations: the use of the tool,
developed in-house, has already prevented more than
58,000 minutes of delay in 2022. This means a significant
improvement in the tightly timed S-Bahn (metro) network. Thanks to this development, despite the restrictions caused by construction work to modernize the lines,
the S-Bahn (metro) is gaining stability. Due to the outstanding results from the Stuttgart pilot project, DB Group64∏

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

is now also using the technology for the S-Bahn (metro)
in Frankfurt am Main and Munich. The AI processes thecurrent operating situation by the second based onaround 500 pieces of information per minute and generates its suggestions from this. Based on live operations, it continuously simulates the development of thetraffic situation and reports potential conflicts early on.
For the first time, this enables the dispatchers to intervene before a disruption occurs.
◊ In maintenance, we use AI to visually identify damage
to ICEs. In future, this technology will be used in several
ICE depots as well as on regional and freight trains.

S-Bahn (metro) multiple units) could begin in 2022. In 2022,

the first commissions also took place in the fast-track program (SLP). For example, on the Ruhr-Sieg line, the switching and signaling technology was completely renewed after
just 1.5 years. The work on the fast-track program’s Cluster
2 projects and pre-series projects is progressing simultaneously. These projects are intended to create modern digitalinterlockings. To this end, comprehensive development services will also be performed with new market participantsfrom the railway and technology sectors.
At the end of 2022, a first section of the line with ETCS
Level 2 also went into operation successfully for the firsttime on the Rhine-Alpine corridor and in the highly overloaded existing network. The trains now run between Darmstadt Süd and Laudenbach (Bergstrasse) with state-of-theart train control systems. The trackside approval procedure(TA procedure) was also approved by the European Union
Railway Agency (ERA). With the approval, the equipmentof ETCS Level 2 is confirmed to comply with the interoperability requirements in accordance with the Control Command and Signaling Technical Specification for Interoperability (TSI CCS). This is the first successfully completed
TA procedure for an ETCS project by DB Netz AG and thefirst ERA ETCS level 2 approval in Europe. Lean processes
and new standards essentially form the foundation for acceleration. As a result, valuable findings are collected forthe DSD surface rollout. The chosen procedure is an important building block for the digitalization of the rail network within the DSD framework.
Digital interlocking technology continues to be tested
at the “Digital Rail Test Site” in the Erzgebirge region, andthe development of a 5G test network has become an important research environment, with eight 5G radio masts
along the line. Following the realization of the Future Railway Mobile Communication System (FRMCS) test installations together with partners Nokia and Kontron and initialtransfers were made possible, the practical testing of various
innovative technologies relating to FRMCS/5G is in full swing.
Together with DB Erzgebirgsbahn and partners Erics­son
and Rohde&Schwarz, the world’s first field study of multiantenna radio technologies in the future FRMCS spectrum
was conducted at 1.9 GHz. The investigation provided relevant findings in terms of connectivity between train andinfrastructure and showed that innovative antenna systems
can unlock the potential of FRMCS in terms of higher transmission rates and high reliability. In addition, existing buildings and their equipment are being expanded and modernized into a central laboratory.

Digital Rail for Germany

Digitalization, automation and artificial intelligence are
the key to higher capacity and optimal utilization of therail network. One of the targets of Digital Rail Germany ∫no.  145 (DSD)is a fully digital, highly automated rail system –from tracks to trains, from digital signaling stations throughthe European Train Control System (ETCS) to automatictrain operation (ATO). In the future, the trains will be highly
automated, able to recognize their environment and belocated at a highly precise geographical location. Likewise,
they should no longer run at fixed block distances, but instead in flexible blocks with optimal intervals between
trains. In order to meet these requirements, the entire rail
sector needs innovative thinking, design and implemen­tation. Together with industry partners, associations andresearch institutes, the sector initiative Digital Rail Germany(DSD) is setting the course for the highly automated railsystem of the future.
The implementation of the DSD initiative started in 2020.
As part of the launch package, the concrete planning andinstallation of ETCS and digital interlockings has begun in
the context of the Stuttgart Digital Hub (Digitaler Knoten
Stuttgart; DKS), the Cologne — Rhine/Main high-speed line
and the ability to traverse the Trans-European Scandinavia —Mediterranean corridor (ScanMed). Stuttgart will be thefirst region in Germany to receive the digital train control
and interlocking technology. In order to support the corresponding refitting of vehicles, the BMDV has published avehicle funding directive for the affected vehicles in the
DKS , meaning that the vehicle equipment (regional and65Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

The rollout schedule is currently being adjusted on the basisof clearly defined equipment priorities. An early increase incapacity is to be realized by prioritizing the equipment ofclosed transport systems, in particular in hubs; obsolescenceand operational concerns should be taken into account andthe equipment of basic infrastructure should be started inadvance. The renovation of the high-performance networkµ
network134
was also added to the DSD rollout plan in 2022. Digitalizationof the rail network is a decisive and vital step in this direction. DSD is a major lever for advances in Germany’s transition to more sustainable mobility.

◊ Automation and digitalization in the depots are gaining
momentum. By the end of 2023, the number of automatedover-run measurement systems will grow to 15 systems.
All DB Long-Distance depots and almost all S -Bahn(metro) trains at DB Regional will then have these modern facilities, which significantly reduces manual work
and work hours.
◊ The E-Check project provides a camera-based partial
automation of visual inspections for maintenance of the
DB Long-Distance ICE fleet at five locations. In addition,
two autonomous vehicles equipped with robots performthe supply of fresh water and the disposal of waste water. The first system will be built up in the first half of2023. By the end of 2024, further systems will be gradually expanded in five facilities.
◊ The rollout of the iMate system, which was successfully
introduced by DB Long-Distance for AI-based material
recognition, was started in other business units. In the
future, the application will be available to around 16,000
maintenance employees and will simplify the search formaterials. By matching a photo with an image database,the correct component is identified quickly and safely.
◊ The wheel set workshop at the Kassel depot is being
digitalized to improve delivery reliability. In 2022, digital
feedback was introduced so that transparency aboutprogress is available at all times in the production process, also enabling a delivery preview.

DB Group as part of Europe’s RailEurope’s Rail supports the European initiative on research,innovation and system integration in the railway sector. The
partnership aims to strengthen the cost efficiency, integration and competitiveness of the rail sector in order to achieve
the overall vision of a European rail system without system
disruptions.
For example, work is being done to harmonize the system architecture and on the technical specifications forinteroperability (TSI). Other key topics are the digitalizationof freight transport with the digital automatic coupling(DAC), the digitalization of command and control technology and automatic train operation (ATO).

Digital maintenanceDigitalization and automation of maintenance will increase
the availability of vehicles and systems.
◊ The digitalization of vehicle fleets for better condition
monitoring is progressing. Digitalization has begun onaround 800 vehicles from three series. In 2022, the first
140 vehicles were equipped with sensors to use condition
data from the vehicles for condition-based maintenanceand thus better asset productivity, availability and cost
structures. By the end of 2024, all vehicles are to be converted and serve as a blueprint for further series.
◊ Digital fleet control is being implemented at DB Regional
as a central element of digital vehicle maintenance. The
rollout of the “dLox” application to aid train staff in technically recording damage to trains was also launched at
DB Regional after successful use at DB Cargo. Since theend of 2022, dLox has been used productively in three
regions. By mid-2023, a total of around 24,000 operating
personnel at DB Cargo and DB Regional will use the application in their daily operations.

Digitalization of the vehicle fleet

We have launched the largest modernization program forour vehicle fleet to date. At the InnoTrans 2022 trade fair,
we showcased numerous innovations, such as the DB Regional Ideas Train, the new ICE L, the digital automatic coupling for freight trains and the cargo two-engine locomotives.
With digitalization and new technologies, we are solving
the challenges of the future, bringing more trains to the rail
network while at the same time being more punctual andreliable. In our test train, the advanced train lab ∫ no.  159,
59, weshowed how 180 years of railway know-how combines withthe latest research.

66

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information∏

FURTHER INFORMATION

measures that notably increase security for both employees and cus-on sustainability reportingµ 42

long-distance and local lines increases the sense of security and deters

tomers. An increased presence of security personnel on selected
offenders. On DB Long-Distance in particular, significantly more se-Group Security

curity services were engaged than in previous years. For the first time,these additional services were available not only on special event

M A N A G E M E N T A P P R O A C H A N D TA R G E T S

dates, such as football match-day transport, but also on high-frequency

Safety is a basic human need. For our customers, safety is an essential

travel days as part of regular operation. For example, customers at

criterion when selecting the means of transport. For our employees,

DB Regional benefited from a total of almost 180,000 hours of addi-

safety at the workplace is a prerequisite, and we also bear the respon-tional security personnel presence beyond the deployments regulated

sibility for millions of people and goods on a daily basis. This is precisely

in the transport contracts. Almost 100,000 additional hours of presence

why protection against attacks, theft and other criminal offenses along

were provided on long-distance trains. This is a doubling in both areas

our production processes and the travel chain is the top priority of DB

compared to the previous year and thus demonstrates DB Group’sGroup’s security organization. DB Group’s internal agencies are in con-commitment to meeting employee and stakeholder requirements andstant dialog with the security authorities. Consistently sharing status

making the railway safer for customers and employees.

information between the Group Security function and the Federal po-

The effects of the Covid-19 pandemic also resulted in additional

lice headquarters is a round-the-clock task shared by DB Group andchallenges for DB employees in 2022. There was still an obligation to

the Federal police in the rail security center. The six operations centers

wear nose and mouth coverings on DB Group transport vehicles. As inin DB Security’s regional divisions coordinate regional security issues

previous years, enforcement of this obligation fell to train staff andand are available 24/7 to be contacted by the business units, non-Groupsecurity forces. As the acceptance for the obligation to wear masks

train operating companies (TOC), and authorities. DB Group Security

decreases in general, the proportion of conflicts that resulted in attacks

and the Federal police are constantly recruiting new employees andon employees has increased in this context. In addition to escalations

expanding their training capacities. In September 2022, around 100

at ticket controls, conflicts due to the enforcement of the mask rules

trainees began their three-year apprenticeship to be safety and security

are the next largest cause of attacks on employees.

specialists. This means that around 300 young people in DB Group na-

We have involved stakeholder groups in designing new security

tionwide meet the requirements for young talent in this area. In addi-

measures and commissioning new deployment concepts. The stake-tion to education, continuous further education and training are es-

holder groups expressed a high degree of support for the measuressential prerequisites for a stable security situation and responsiblethat were defined and implemented. The common goal is to protect

commitment, taking into account the basic rights of every individual

our employees and customers.

person. All of DB Security’s own security forces receive training fourtimes a year. In 2022, a total of more than 93,000 hours of continuing

2 4 / 7 T H R E AT M A N A G E M E N T

education were completed. In addition to legal topics, including humanThreat management has been available to employees 24/7 for the past

rights, de-escalation and self-defense, the agenda also includes dis-

two years to help with threats and personal stress. The number andseminating intercultural skills. The participants alone ensure a diversity

diversity of reports confirm the success of this instrument. In 2022, theof perspectives and cultures: people from more than 50 countries workthreat management team recorded more than 50 cases which resulted

at DB Security. The same requirements apply to the continuing educa-

in further support. Dozens of instances of further contact with thosetion of the security forces commissioned at subcontractors.

affected were facilitated or supported. Whether employees receive a

In 2022, the number of criminal offenses affecting DB Group andthreat before, during or after their shift, or if they are experiencing

its customers increased overall (+ 20%). One particular noticeable fac-

stress in their personal lives, Specially trained employees receive their

tor is the increase in the enforcement of house rights on Group-owned

reports and decide how to best support them. Possible measures range

property (+ 35%), which is also due to the increased presence of secu-

from immediate police deployment and preemptive staffing measuresrity forces on trains and in stations and, compared to the previous year,

to providing advisory services and having security personnel or othercan also be seen in the context of the increasing number of passengers

security experts clarify unclear situations.

and the increasingly difficult implementation of Covid-19 regulations.
(+ 6%) was at a low level overall, but nonetheless increased. On the

C O N T I N U O U S E X PA N S I O N O F V I D E O T E C H N O L O G Y
I N T R A I N S A N D S TAT I O N S

other hand, a slight decline was recorded in graffiti offenses (– 1%).

The use of video technology is a decisive component for greater secu-

Legally binding convictions by security forces in connection withrity. Around 9,000 cameras are currently in use at 800 stations. This

The total number of metal thefts (+ 20%) and ticket machine break-ins

damage to customers or passengers are not known.

means an increase of around 1,000 cameras in two years. By the end of2024, we will increase the number of video cameras on platforms to

S E C U R I T Y AT D B G R O U Paround 11,000 cameras. The new cameras record high-resolution images.

DB Group spends about € 180 million annually on the security of its

The Federal Government and DB Group are focusing on the expansion

customers and employees. As part of a law enforcement partnershipof video technology and are investing around €180 million in this field.

around 5,500 Federal police officers and around 4,300 DB Group security personnel work together, with technical support, to combat crimeand disruptive activity and increase the security of our customers andemployees. The Group-wide Safe travelµ 68 program brings together

67Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

The Federal police have exclusive access to the footage saved. EveryB U I L D I N G B L O C K S A F E T R AV E L

major railway station in Germany will be equipped with modern video

With the Safe travel employee building block, employees definedtechnology by the end of 2024. There is also an increase in the number

safety as a core area of action for DB Group. Thanks to cooperationof cameras on regional and S-Bahn (metro) trains. Currently, more thanbetween the Group Security function and the business units, and co-

45,000 video cameras are in use and provide clear evidence when re-ordination with employees, measures are being implemented to in-quired in cases. This means that the interior of more than two-thirds ofcrease the safety of employees and customers: in 2022, activities fo-

DB Regional’s local transport fleet is video monitored.

cused on the development of the Group-wide, Corporate Security
Platform (CSP). The CSP allows faster recognition of danger situations,

PREVENTION WORK

quicker and more targeted reactions and situational information fromIn 2022, DB Group’s prevention work received a lot of attention fromcontinuous evaluation can be incorporated directly into security mea-

the authorities, associations and other stakeholders in addition to itssures and long-term security concepts. The platform has been put into

focus on the topic of dangers at railroad facilities. Strengthening thereal-time operation in several steps since autumn 2022. In 2023, all

network and developing new communication channels makes preven-

employees who have contact with customers will have direct accesstion visible and successful. Six prevention teams are deployed in stations

to the platform.

and railway facilities to raise awareness of correct behavior in railway
facilities, explain the dangers of railway operations and work together

S Ü D K R E U Z S E C U R I T Y S TAT I O Nwith the Federal police to prevent crime. Specially qualified employees

DB Group and the Federal Police are continuously developing theirenter into dialog with people on railroad facilities and in stations. An-

security concepts. The joint research project has been established atother focus is on work in schools. The prevention teams attend schools

Berlin Südkreuz station. The subject of testing and trials includes, forand youth organizations and organize information events for children

example, an illuminated platform edge for better orientation and an

and teenagers on the rail sector. For the first time, multiplier training

app that passengers can use to request support. In a scientific study,

sessions for teaching staff were included in the statutory continuing

software that could help to identify potential hazardous situations andeducation course for teachers in cooperation with the education au-

customers’ need for help in the future is also being developed andthorities in the Federal states.

tested under real conditions.

P R E S E N C E O F A N D C L O S E C O O P E R AT I O N
WITH THE FEDERAL POLICE

SOCIAL PROJECTS AFFECTING SAFETYI N S TAT I O N S

We are continuing to steadily increase the presence of our own security

DB Group Chairman of the Management Board, Dr. Richard Lutz; Fed-

officers. The two-person and on-call teams, which are now formed fromeral Minister of the Interior, Nancy Faeser; and Federal Transport Min-

about 4,300 DB security personnel members, are being supported inister, Dr. Volker Wissing, have agreed to expand cooperation between

all regions by Mobile Support Groups (MSGs) which are specially qual-

DB Group, the Federal police and the train station welfare center (Bahn-

ified for challenging deployments. In addition to the requirements

hofsmission). The aim is to reach a common understanding of safety-

stipulated in transport contracts, this also helps to fulfill safety require-oriented social work to increase objective and subjective security forments on trains and in stations. As part of the law enforcement part-all station users. The drafting of the agreement provides for a regularnership, cooperation between DB Group security personnel and Federal

dialog and exchange of ideas between the parties involved, as well as

police officers has been further intensified. Joint exercises, the arrange-internships and continuing education in order to change perspectives.

ment of qualifications for use in the rail sector and the joint planning

Trainees at DB Security regularly receive sessions on these special socialand handling of special situations, for example in the case of match-day

skills. The aim of the project is to resolve the often-assumed contradic-

fan travel, are an expression of the law enforcement partnership andtion between security and social work.

make a concrete contribution to greater security in the rail sector.

AT TA C K S O N E M P L O Y E E S
The enforcement of Covid-19-related rules has led to a sustained highpotential for conflict for customer-facing employees. Once again, withincreasing passenger numbers, Covid-19-related situations have resulted
in a shift in focus and necessitated an adaptation of safety concepts.
Our employees have been attacked about 3,140 times nationwide in 2022
(including threats and attempts, + 22% compared to the previous year).
Around a quarter of cases are related to the implementation of Covid19-related rules and behavioral standards. The most frequently affected
professions are the train attendants, with around half, and the security
services, with one-third of cases. The decline in the level of impact
among security forces (– 25%) is due to further targeted training andthe use of bodycams and guard dogs. Employees with bodycams or
guard dogs were almost never attacked.

68Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

GREEN TRANSFORMATION
Overview of key figures

69

Green Transformation of DB Group
Climate protection

70

Nature conservation

74

70

74

Resource conservation
77

Noise reduction
Further information

78

Progress withdiesel phase-out
Complete circular
economy by 2040

We plan to be climate neutral by 2040. A strong lever for achieving
our goal is phasing out diesel through the use of alternative fuels andinnovative drive technologies. We are driving the use of the climate-­friendly biofuel hydrotreated vegetable oil (HVO) in our business
units. Since 2022, HVO has been used in the DB Long-Distance Sylt
shuttle, in four DB Regional subnetworks and has been approved forthe DB Cargo Germany diesel fleet. Together with partners, we are
testing solutions for new vehicles, for the operation and supply of
trains with green hydrogen. Since December 2022, the world’s largest
hydrogen-operated train fleet has been in use in the Taunus network.
In addition to the use of hydrogen, we also focus on climate-friendly
battery technology. In 2022, DB Regional tested the first battery train
in passenger operation with Alstom.

We are committed to making our contribution to the sustainable use of our planet’s limited resources. To this end, we are
striving to achieve a complete circular economy throughout
the DB Group by 2040, with a special focus on the Integrated
Rail System. For this reason, we are taking a holistic approachto resource conservation for the first time. By 2030, we will
have significantly increased the proportion of recycled materials used for rail steel, ballast and concrete ties by 2030, while
maintaining our recycling rate for all of our waste at a highlevel of at least 95%.

†

Overview of key figures
G R E E N T R A N S F O R M AT I O N
SPECIFIC GREENHOUSE GAS EMISSIONS IN COMPARISON TO 2006 1) / %2027 ~– 47
2022
2021
2020
2019
2018

– 42.1

Target: ≥– 50 (2030)

SHARE OF RENEWABLE ENERGIES IN THE DB TRACTION CURRENT MIX 2) / % Target: 100 (2038)

2027
2022
2021
2020
2019
2018

– 36.1– 34.4– 34.8– 33.2

RECYCLING RATE 3) / %

2027
2022
2021
2020
2019
2018

Target: ≥95 (2030)


65.2
62.4
61.4
60.1
57.2

TRACK KILOMETERS NOISE REMEDIATED IN TOTAL AS OF DEC 31 / km

≥ 95
96.7
 96.2

95.6
 97.7
 98.0

2027
2022
2021
2020
2019
2018



	Since 2021, excluding DB Arriva. Excluding fleet vehicles, DB Schenker
stationary divisions, DB Arriva and individual divisions of DB Cargo.
2)	In Germany.
1)

3)

69

2,202
2,110
2,039
1,844
1,758

~74

Target: 3,250 (2030)> 2,700

Period from October 1 to September 30; DB Schenker January 1 to December 31 of the previous year.
Excluding DB Arriva. DB Cargo AG is the only part of the DB Cargo business unit included.
Short/mid-term target
Long-term target

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information† Green Transformation of DB Group

Even as the transport sector moves towards electrification,
the low levels of friction generated by wheel-rail contact
mean that rail travel will continue to be the most efficient
form of energy use.
In order to achieve our climate protection target, to reduce our negative impact on the climate and to completely
avoid any negative impact in the future, we have set ourselves
ambitious milestones:◊ By 2030, we will have more than halved specific greenhouse gas emissions (i.e. emissions in relation to performance figures such as volume sold) worldwide compared
to 2006. We have selected the long duration of 25 years
for our target on the basis of our very long-lived meansof production, so that the effects of the various efficiency
measures are better taken into account. In order to achieve
our targets in 2030 and continue on the path to a climate-­
neutral DB Group, our main measures are to increase theshare of renewable energies for our electricity-based transport services, to expand alternative drives and fuels andthus to phase out fossil fuels, to increase energy efficiency
and introduce new mobility services, to make transportbeyond rail climate-friendly from the first to the last mile.
Almost 93% of our transport in rail passenger transportand rail freight transport in Germany (based on Ltkm) isalready electric.
◊ We plan to increase the share of renewable energies inthe DB traction current mix in Germany to 80% by 2030.
◊ By 2038 at the latest, we intend to have completely converted to green electricity for DB train operating companies in Germany.
◊ In our buildings and stationary facilities, we have also
started to switch the power supply to renewable energy
sources. From 2025, all of our depots, office buildings andstations ∫ no. 147 in Germany will be fully eco-powered.
On our path to climate neutrality, we are in constant communication with our stakeholders. We cooperate, for example, with foreign train operating companies, including as partof the Shift2Rail initiative∞
initiative, which focuses on collaborationin research and development. We also regularly exchange
views with political parties and participate in working groupsof the Community of European Railway and Infrastructure
Companies (CER).
By using green resources, we are saving greenhouse gas
emissions. In Cottbus, we are currently building Europe’s
most modern maintenance depot, setting new standards for
speed of construction, innovation, energy consumption andclimate protection. For the first time, we are using climate-­friendly concrete for construction, which results in up to 30%
lower CO₂ emissions during its manufacturing process.

Achieving sustainability reThis is green. ∫quires a holistic approach.
The environmental brand “Das
The Green Transformation
ist grün.” (This is green.) represents­is the basis for ensuring that
DB Group’s environmental strategy, thesustainability guides theGreen Transformation and more than
150 supporting measures in climate
actions of DB Group. That is
protection, nature and resource conwhy it is also anchored in ourservation, and noise reduction. The
Strong Rail strategyµ
strategy
51 ff.
ff. Weindividual measures demonstrate how
DB Group firmly anchors sustainability
are continuously making all
into its operational value chain.
of our products, services andthe way we work greener.
In order to promote the Green Transformation, we havedefined four envi­ron­mental areas of action: cli­mate protection, nature con­ser­­vation, resources conservation and noise
reduction. At DB Group, we also recognize our social responsibility and involve our stakeholders in our actions. The following four attitudes form the basis for our actions: our responsibility for good cooperation, our commitment to society,the strengthening of diversity and our historical responsibility. In particular, we focus on the people who shape us andour core business on a daily basis: our employees, customers,
business partners and society.
†
C limate protection∏∏ M A N A G E M E N T A P P R O A C H A N D C L I M AT E

P R O T E C T I O N TA R G E T

We want to become climate neutral by 2040. This means that
our target year is five years ahead of that of the Federal Government for climate neutrality
in Germanyµ
Germany
45 ff.. Our definiClimate-neutral DB
In order to achieve our climate protection of climate neutralityµ
neutrality
288
complies with the net zero tion target, we are uniting the related
activities across the Group under the
standard of the internation- umbrella of “Climate-neutral DB.” Theally recognized Science Based project is developing greenhouse gas
reduction pathways (phase-out plans),
Targets initiative (SBTi)∞ andimproving the transparency of planned
thus follows a 1.5 ° C path, measures and optimizing the solutions
which we committed to in to the overarching challenges of green­­2022. We are also part of the house gas reduction. In addition toemissions from rail and road transport
UN’s Race to Zero initiative∞.
initiative
operations, emissions from buildings
Achieving a shift in the mode and stationary facilities are also consid­of transport to the rails is key ered. New climate-friendly technologies are being tested and piloted acrossto meeting Germany’s climate the business units. The implementation of our starter packages for diesel
protection targets.
phase-out and heat transition are
also managed and monitored by the
project team.

70

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional informationS H A R E O F R E N E WA B L E E N E R G I E S
IN THE TRACTION CURRENT MIX
DB TRACTION CURRENT MIX IN GERMANY / %sengers as a result of the rapid recovery in demand. Our absolute greenhouse gas emissionsµemissions78 f. fell in 2022 and are around2 million t below the pre-Covid-19 value. In particular, theincreased implementation of efficiency and reduction measures in the wake of the energy crisis led to significant energy
savings in some cases.

2022 / 2021
Nuclear energy 8.7 / 10.7
Black coal 13.9 / 13.9

Renewable energies 1)
65.2 / 62.4

Natural gas 5.3 / 6.3
Brown coal 6.8 / 6.4
Other 0.1 / 0.3

Data are based on information and estimates available as of February of the respective year.
1)	Including additionally procured electricity for all of DB Group’s green services with
100% eco-power (for example Hamburg S-Bahn (metro) or DBeco plus) and taking into
account a forecast based on the German Renewable Energy Sources Act (ErneuerbareEnergien-Gesetz; EEG) subsidy.

In 2022, we also increased the share of renewable energies
in the DB rail traction current mix in Germany. The expansionof renewable energies in Germany also presents challenges.
Instead of a small number of large fossil-fuel power plants
with a constant supply, we need to upgrade our infrastructure
to accommodate an increasingly decentralized energy supply
from smaller, renewable electricity producers with a variable
output. The LuFV IIIµ 262 f. enables us to carry out the necessary infrastructure measures in the German traction current
grid. DB Netze Energy, for example, will set up seven newconverters by 2028. We also use sensors and AI so that we
can continue to manage the increased complexity of the
traction current grid in future with high supply reliability.

2022

2021

2020

DB Group– 42.1– 36.1‒34.4

TRANSPORT BY MODE OF TRANSPORT

2022

2021

absolute%

2020

Regional rail passenger
transport (g/pkm)

46.9

76.5

– 29.6– 38.772.6

	in Germany

44.9

74.1

– 29.2– 39.4

67.9

Long-distance rail passenger
transport (g/pkm)

0.9

1.4

– 0.5

– 35.7

1.5

Bus transport (g/pkm)

75.5

100.4

– 24.9– 24.8105.6

	in Germany

110.5

117.2

– 6.7

– 5.7

123.1

Rail freight transport (g/tkm) 1)

15.9

17.2

– 1.3

– 7.6

17.0

	in Germany

14.5

16.2

– 1.7

– 10.5

16.3

Road freight transport (g/tkm) 2)

80.6

82.0

– 1.4

– 1.7

87.3

Air freight (g/tkm) 3)

666.9

657.3

+ 9.6

+ 1.5

669.5

Ocean freight (g/tkm) 3)

5.7

5.5

+ 0.2

+ 3.6

5.6

Well-to-wheel (WTW); Scopes 1 – 3; rail transport companies are considered with their own
electricity mix or European country mixes.
1)Up to and including 2020, excluding rail freight transport from/to China by DB Cargo and
DB Schenker. Double accounting may be included in 2021, meaning that the values may
be slightly higher.
2)Up to and including 2020, excluding pre-carriage and onward carriage from land, air andocean freight.
3)
Since 2021, excluding pre-carriage and onward carriage.

In order to further reduce our greenhouse gas emissions, weare focusing on phasing out fossil fuels. In addition to testing
new battery-operated vehicles and converting existing vehicles to hydrogen drives, we are also pushing ahead with therollout of bio fuels ∫ no. 164. We rely, among other sources,on the biofuel hydrotreated vegetable oil (HVO), which is
produced from biomass-based residues and waste materials
and is therefore not in competition with food and feed production. In addition, it is important to us that the fuel used
is free from palm oil and palm fatty acid distillates. DB Long-­­Distance has set a target of a complete conversion from fossil
fuels to HVO by 2025. HVO has been approved for the entire
DB Cargo Germany diesel locomotive fleet since mid-2022.
DB Cargo UK already runs part of its transport services on HVO.
We are also accelerating the heat transition ∫ no. 97. In thelong term, heating supply is also to be climate-neutral andfossil energy sources such as heating oil and natural gas areto be gradually replaced. Oil heating systems are no longer
directly replaced at the end of their life cycle, but instead are
replaced by efficient alternatives that support climate neutrality, such as heat pumps or biomass systems. New energy
supply concepts were created for the top 50 DB Group sites
in Germany in 2022. The locations are now gradually being
re-equipped.

∏ GREENHOUSE GAS INTENSITY
The share of renewable energies in the DB traction current
mix in Germany is not the only measure by which we manage
our progress in climate protection. We also track the development of our specific greenhouse gas emissions in comparison to 2006.
SPECIFIC CO ₂ e EMISSIONS IN COMPARISON TO 2006 / %ChangeSPECIFIC CO ₂ e EMISSIONS FROMDB GROUP JOURNEYS AND

Since 2021, excluding DB Arriva.
Excluding fleet vehicles, DB Schenker stationary divisions, DB Arriva and individual divisionsof DB Cargo.

As part of our DB Group climate protection target, in 2022,
we were able to further reduce specific greenhouse gas emissions and are therefore significantly ahead of our forecast fromthe 2021 Integrated Reportµ
Report170. This is due, among other things,
to the stronger-than-expected increase in the number of pas-

71

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information∏ ENERGY EFFICIENCY
Increasing energy efficiency is another component of achieving our climate protection target. In the short and medium
term, we will also focus on the use of hybrid drives ∫ no. 44 in
our locomotives and multiple unit trains. In addition, we arecontinuously investing in the research and application of alternative drive systems and are taking an approach that isopen to all technologies. Our measures to increase energy
efficiency include, in particular, further electrifying our track
infrastructure and reducing our energy consumption.

JOURNEYS AND TRANSPORT

Stationary energy consumption

ChangeSPECIFIC PRIMARY ENERGYCONSUMPTION BY DB GROUP

adding new series that achieve greater energy efficiency. In
addition, our modern electric locomotives and multiple units
make an important contribution to increasing the energy
efficiency of the railway in Germany by supplying converted
brake energy to the overhead wire. In 2022, the energy recovery rate increased noticeably to 17.9% (previous year:
16.7%). The fleet of vehicles equipped with recovery techno­logy is growing, for example with the addition of further ICE 4
trainsµ 116.
trains2022

2021

absolute%

ABSOLUTE PRIMARY ENERGY

2020

ChangeCONSUMPTION OF DB GROUP

1.29

STATIONARY FACILITIESIN GERMANY / TJ

2022

2021

absolute

%

2020

1.23

Rail network operation

5,128

5,600

– 472

– 8.4

6,086

– 4.6

3,693
3,007

Regional rail passenger transport(MJ/pkm)

0.83

1.37

– 0.54– 39.4	in Germany

0.82

1.34

– 0.52– 38.8Long-distance rail passenger
transport (MJ/pkm)

0.23

0.35

– 0.12– 34.30.40

Bus transport (MJ/pkm)

1.11

1.49

– 0.38– 25.51.56

	in Germany

1.57

1.66

– 0.09

– 5.4

1.74

Rail freight transport(MJ/tkm) 1)

0.28

0.30

– 0.02

– 6.7

0.29

	in Germany

0.26

0.28

– 0.02

– 7.1

0.28

Road freight transport(MJ/tkm) 2)

1.22

1.23

– 0.01

– 0.8

1.26

Air freight (MJ/tkm) 3)

9.17

9.29

– 0.12

– 1.3

9.06

Ocean freight (MJ/tkm) 3)

0.08

0.07

+ 0.01+ 14.30.07

Passenger stations

2,519

2,640

– 121

Maintenance of rolling stock(facilities)

2,978

2,539

+ 439

+ 17.3

Other

3,182

4,157

– 975

– 23.5

4,145

Total

13,807

14,936– 1,129– 7.6

16,931

By disclosing primary energy consumption, we also take into
account the upstream processes involved in providing energy,
such as the extraction, treatment and transport of fuels orprocesses for generating electricity. Our about 5,400 stations,interlockings and operating facilities, our depots and buildings in Germany, DB Schenker’s more than 2,100 locations
worldwide and the DB Arriva and DB Cargo locations in other
European countries account for 6.1% of DB Group’s total primary energy consumption. In order to continuously identify
potential savings and sustainably reduce energy consumption
and therefore greenhouse gas emissions, ten DB companies,
including DB Energie GmbH, DB Regio AG, DB Fernverkehr
AG and DB Station&Service AG, are currently operating acertified energy management system ∫ no. 78 in accordance withDIN EN ISO 50001.
Due to the global energy crisis, DB Group has launched
an initiative to save energy in the workplace. As an incentive
to save energy and submit ideas, DB employees were paid
an energy-saving bonus in December. We are also saving
electricity thanks to the ongoing switch to LED lighting ∫ no. 50
at stations. In 2022, the focus was on small and medium-sizedstations.

Well-to-wheel (WTW); Scopes 1 – 3; rail transport companies are included with their own
electricity mix and/or European country mixes.
1)Up to and including 2020, excluding rail freight transport from/to China by DB Cargo and
DB Schenker. Double accounting may be included in 2021, meaning that the values may
be slightly higher.
2)	Up to and including 2020, excluding pre-carriage and onward carriage from land, air andocean freight.
3)	Since 2021, excluding pre-carriage and onward carriage.

Train utilization in rail passenger transport has risen significantly again, but it remains below the pre-Covid-19 level. As
a result, energy efficiency has improved due to the continued
efficiency measures, but is still below the pre-Covid-19 level.
We expect that the pre-Covid-19 level will be exceeded in thenext few years as utilization continues to increase. Since DB
Long-Distance rail passengers travel on 100% eco-power inGermany, DB long-distance rail passenger transport remained
the most climate-friendly mode of transport in 2022. Further
efficiency improvements were achieved in the logistics sector.
One effective lever for reducing our energy consumption
in operation is, for example, equipping our locomotives withdriver assistance systems such as LEADER at DB Cargo ((20212021 InteIntegrated Report µ 115115)) and RESY at DB Regional
Regionalµ 123, as well as
buses with the Eco app at DB Regional ((20212021 Integrated Reportµ
Report109)),
109
as these can have a positive effect on the driver’s driving behavior. We are modernizing our electric vehicle fleets by72

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

A LT E R N AT I V E D R I V E S
Joint project H2goesRailin our core business, the railway in Germany, by the effects
of climate change here. This is also demonstrated by thestudies commissioned by us in 2018 and 2021 from the Potsdam

The first test runs of the newly developed Mireo Plus H hydrogen train marked an important milestone in the DB Group’s
joint project with Siemens H2goesRail ∫ no.53. Hydrogen trains
use a particularly climate-friendly drive technology, because
they run emissions-free with green hydrogen which only produces water when burned. During the test, the filling process
is also trialed. For this, DB Group developed a new method
which, for the first time, meant a hydrogen train could berefueled at the same speed as a diesel train. This ­is a crucial
aspect in view of the tightly timed train runs in region­al railpassenger transport.

Institute for Climate Impact Research (PIK)∞.

In 2022, we were again faced with several extreme weather
events in Germany: among other things, various storms led
to losses in DB Group amounting to approximately € 100 million and the impact of physical climate risks on rail transportbecame clear once again. This highlights the ongoing significance of climate resilience for us.

Analysis of climate scenarios

In 2021, the PIK, which we commissioned again, examined ina study the climatic changes in Germany up to 2060 and their
expected impact on DB track infrastructure, using two climate
scenarios from the IPCC: RCP 2.6 (compliance with the 2 °C
target) and RCP 8.5 (“continue as before”). The results expect significantly more heatwave days and less harsh winters.
At the same time, extreme weather conditions such as heavy
rains will increase and the intensity of storm events will continue to increase, too. For the first time, the study also provides detailed forecasts of the climatic effects in the 34 transport regions of DB Netze Track. These findings, as well as
the methodology used, form an important foundation forfurther climate impact analyses in the other areas of the railway in Germany. We are already detailing the financial impact
of extreme weather events in the context of major loss events.
In 2022, the specific requirements for the data basis were
formulated. In addition to climatological parameters such as
the number of heatwave days, these also include affected
system types (assets), such as signaling technology. We take
into account these different requirements in the climate impact analyses, which should be carried out as part of opportunity/risk management. As a result, we can then identify
and assess specific adjustment measures to further increase
DB Group’s resilience to extreme weather events.

Cooperation for the development ofemissions-free engines

DB Group and the Australian energy company Fortescue Future

Industries (FFI) have agreed to a comprehensive collaboration to accelerate climate-neutral mobility. In a first project,
we are working on modifying diesel engines for locomotives
and traction units for the first time, so that they can be operated using ammonia and hydrogen. In addition to the development of emissions-free drive technologies, the agreement
also provides for cooperation in logistics and supply chainsfor green fuels. The ammonia-hydrogen engine ∫ no. 56 is basedon an existing type of diesel engine. This is being modified
so that it can be operated using green ammonia and greenhydrogen, made from renewable energies.

Overhead wire islands for battery-powered trains

When using battery-powered trains ∫ no. 45, instead of conventional electrification, only short sections of line or individual
stations need to be electrified. In Schleswig-Holstein, DB
Netze Energy and DB Netze Track have begun constructionof an innovative infrastructure (overhead wire islands) for
the future supply of battery-powered trains. From the end of2023, this technology of the future will be used for the firsttime and will serve as a model nationwide.

Measures to adapt to climate change

In response to the expected future development of extreme
weather conditions and the simultaneous expansion of railtransport in Germany, we are taking various measures tomitigate the consequences of climate change for DB Group:at DB Netz AG, the natural hazard management-department
deals with extreme weather events and adapting to climate
impacts in order to reduce the negative effects on the rail
infrastructure to a minimum. Natural hazard management† C L I M AT E R E S I L I E N C E

Germany ranked 18th worldwide in the Global Climate Risk
Index (CRI), which was last published in 2021 by German
Watch. This ranking in the CRI refers to an average view ofthe period from 2000 to 2019. It shows that Germany is much
more severely affected by extreme weather conditions thanmost other countries. As an infrastructure operator and with
our aim of driving the shift in the mode of transport by expanding rail-transport capacity, we are particularly affected73Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

has identified three core areas for this purpose. In addition
to vegetation management for storm-damage prevention,
winter management and heat prevention are also being strategically developed. For example, various technologies arebeing tested to protect sensitive components in the commandand control technology from increasingly long and intenseheat waves. In addition, a train-supported embankment irrigation system was approved for operational testing together
with industry partners, which will enable fire-hazardous work
such as rail welding to be performed safely even during periods of drought.

BALIN RESEARCH PROJECTNature conservation

D E S T I N AT I O N N AT U R E

The multi-year research project BALIN ∫ no. 61 researches theeffects of night-time station lighting on insects and potential
countermeasures, in order to be able to produce recommendations for action and regulations. By refitting insect-friendly
lighting, we are examining the effects on the insect fauna at
six stations. A total of 36 insect traps were installed at thestations in Westhavelland and the mast lights on the platforms were changed. Collecting the traps and evaluating
samples started in September 2022 and should be completed
by mid-2024.

For more than 20 years, Destination nature∞
naturehas been bringing people to nature by train. 2022 saw a major anniversarycelebration. The cooperation between BUND∞, NABU∞,
VCD∞ and DB Group is committed to ensuring that biospherereserves, nature reserves and national parks can be visited
car-free and sustainably throughout Germany, Austria andSwitzerland. The Schwäbische Alb biosphere region was established in 2022, marking the 24th area to be incorporated
into the Destination nature ∫ no. 37 collaboration.

M A N A G E M E N T A P P R O A C H A N D TA R G E T S

For us, the protection of biodiversity is an important commitment, which we take into account from planning throughto construction work and operating our facilities. In our activities, for example in the construction and expansion of therail infrastructure, wherever an intervention cannot be avoided,
adequate compensation areas are created to ensure we fulfill
all of our legal obligations under nature protection law. For
example, for construction work on the final construction
phase of Stuttgart 21, around 8,600 common wall lizards wererelocated to specially designed alternative areas. We also set
ourselves ambitious targets on protecting biodiversity in ourvegetation control operations.

Resource conservation
M A N A G E M E N T A P P R O A C H A N D TA R G E T S

Every year, more resources are used worldwide than nature
can regenerate in the same period. We have an increased
need for resources due to our construction activities. For us,
this means we need to use raw materials carefully, keeping
them in the value chain for as long as possible and recycling
our waste whenever possible. As part of an environmental
analysis conducted by us in 2020, the great importance ­ofresource protection was confirmed by our stakeholders. Withinvarious formats of our stakeholder dialogµ
dialog
30 ff., we inform ourstakeholders about our targets, measures and their progressin the area of resource protection.
We are striving to achieve a complete circular economy
throughout DB Group by 2040, with a special focus on the
Integrated Rail System. Our particular focus is on the increasing use of recycled materials and renewable raw materials.
Our procured products should also have maximum recyclability. To this end, we will significantly increase the recycling
proportions in the products we procure by 2030 compared
to 2019. In 2022, we set binding targets for our central resources (track ballast, concrete ties and rail steel), which

P R O J E C T T O P H A S E O U T G LY P H O S AT E

Safe rail operations and environmental protection are our top
priorities. We therefore plan to refrain from using glyphosate
from 2023. DB Group is consistently working on the phaseout of glyphosate, which was announced in 2019. As an alter­
native to combat the growth on the tracks, we rely on holistic
sustainable vegetation management, which provides for coordinated use of various measures. These include digitalvegetation control, the use of mechanical-manual procedures
and the use of pelargonic acid. We have been in close andconstructive discussions with the authorities for the approvalof pelargonic acid. In addition to chemical vegetation control,
we are also increasingly promoting alternative methods andare in intensive communication with other European railways.
Among other things, we are working on the technologicaldevelopment of mowers.

74∏Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

represent around 80% of the total material used in the Integrated Rail System, in order to consistently increase theirrecycling share. In addition, we will maintain our recycling
rate at a high level of at least 95%.
In this way, we make a contribution to future generations,by utilizing resource protection measures to avoid supply risks
and actively protect commodities. In addition, as Europe’s
largest rail infrastructure company, our resource protection
targets are an important stimulus for a circular economy overall. The data for our use of resources is collected by DB Netz
AG using technical systems.
In addition, we will have a more comprehensive overview
of our use of resources by building a transparent web of data.
In order to drive the development of recycled and recyclable
products, we are expanding and intensifying our cooperative
collaboration with suppliers. Through our active involvementin national and international associations and committees
such as the BDI∞, Eurospec
Eurospec∞ and the UIC∞, we have already networked with various players on the topic of circular
economy.
By 2030, we will be significantly increasing the proportionof recycling in our main resources, which make up around
80% of our consumption.
RECYCLING SHARE OF MAIN RESOURCES / %Rail steel
Track ballast
Concrete ties

◊ In 2022, around 3.1 million t (previous year: 2.8 million t)
of worn-out ballast was removed from the track networkand reprocessed in certified disposal facilities into recycled ballast for internal reuse or further use as gravel orcrushed sand for road building. As part of our maintenancemeasures, some of the ballast is processed on-site bytrack-bound ballast cleaning machines or mobile processing plants, and immediately reused. This significantly
reduces the amount of new ballast required and the associated transport-related greenhouse gas emissions.
◊ In 2022, around 533,000 t of unusable concrete ties were
removed (previous year: 535,000 t). The concrete ties are,where feasible, reworked for reuse in the track network.
Concrete ties that are not suitable for this are recycled bycertified disposal companies and used for other applications, such as road or path construction.
◊ We use reusable dishes ∫ no. 139 in our restaurants, the DB
catering service and in DB Lounges. We also operate adeposit return system. Returnable glasses are used forsmall snacks. With our partner RECUP’s deposit system,
we offer 100% recyclable plastic cups and trays from low-­energy production. RECUP and REBOWL were awarded
the German eco-recognition “Blauer Engel” (Blue Angel).
◊ Through the use of innovative 3D printing procedures ∫no. 149 we are contributing to efficient and resource-saving
component production. In particular, this means thatcomponents that in the worst case could result in train
downtimes can be manufactured at the touch of a button.
Since 2015, we have printed over 80,000 (replacement)
parts in more than 500 different applications.
◊ The use of HVO ∫ no. 164 means we do not have to prematurely discard functional diesel trains and locomotives
that are currently still being used on non-electrified lines.
They can continue to be used until the end of their usefullife in a much more climate-friendly way than before.
encore∞ manufactures storage from old◊ DB start-up encore
lithium-ion batteries from e-vehicles. These second-life batbattery storage systems ∫ no. 120 can store energy from solar,
wind or hydroelectric power and can therefore be used
for up to ten years depending on the use case. By reusing
old batteries and extending their service life, encore requires fewer primary raw materials such as lithium, nickel
or cobalt, which makes a valuable contribution to resource
conservation. The first of these battery storage systems
was put into operation on the EUREF campus in Berlin in
July 2022.

2022 / Target 2030

13 / 30

25 1) / 45
11 / 40

Period: October 1 to September 30.
1)
2019 dataset, database expansion expected to be completed by the end of 2023.

∏ CONSERVING RESOURCESUSE OF MATERIALS IN TRACK INFRASTRUCTURE

2022

2021

2020

Ballast (thousand t)

3,471

3,638

3,186
16.2

11.4

10.7

Machine ballast processing (million t)

Share of recycling (%)

1.3

1.3

1.5

	thereof directly recycled

0.6

0.7

0.7

2,089

2,590

2,400

13.3

10.4

10.0

Concrete ties (thousand)Share of recycling (%)
Period: October 1 to September 30.

For the maintenance of the track network, we have establisheda material cycle for ballast ∫ no. 51 and concrete ties ∫ no. 73:

75

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information∏ WA S T E M A N A G E M E N T
Within the scope of our environmental management system ∫ no. 131
in accordance with DIN ISO 14001, clear regulations regarding
the circular economy have been defined for the Integrated
Rail System in Germany. For example, when materials andsubstances are no longer needed, we check whether they
can be recycled and via which route they leave the DB Group.
We are fundamentally a waste producer, which means that
we manage and take active responsibility for implementing
legally compliant and environmentally friendly waste disposal via third parties all the way through to final disposal.
The contractual design and management of external disposal
services is carried out centrally for the Integrated Rail System
by Procurement
Procurementµ 110 ff.. Specialist waste disposal companies
are appointed that have the appropriate waste-related management and economic expertise in accordance with section
56 (2) of the Circular Economy Act (Kreislaufwirtschaftsgesetz; KrwG). All waste produced in the Integrated Rail
System that is disposed of in accordance with existing waste
disposal contracts or within the scope of the municipal waste
disposal obligation applicable in Germany is considered.
Using our internal waste management system, we collectand dispose of almost every type of waste separately according to individual fractions. This allows us to recirculate thewaste and generate revenue for specific waste. Hazardousand non-hazardous waste is recorded via a central IT system,
which provides transparency about waste flows and disposalroutes. A core principle of DB Schenker’s extensive global
environmental management system is that the relevant locally applicable legal regulations for waste disposal are complied with as a minimum requirement. Corresponding contractual provisions are made and monitored at a local level.

VOLUME OF WASTE ACCORDING TO TYPE OF WASTE
AND DISPOSAL PROCEDURE / thousand t

2022

2021

2020

Construction waste

7,657

8,342

7,656

Recycling

7,449

8,069

‒

Thermal utilization and disposal

208

273

‒

363

327

331

Recycling

362

327

‒

Thermal utilization and disposal

0.2

0.1

‒

Electronic scrap

1.3

3.8

1.8

Recycling

0.9

3.3

‒

Thermal utilization and disposal

0.4

0.5

‒

Scrap

Municipal waste

71.1

55.3

53.6

Recycling

37.8

23.7

‒

Thermal utilization and disposal

33.3

31.6

‒

32.6

37.9

31.4

Recycling

31.0

37.2

‒

Thermal utilization and disposal

1.6

0.7

‒

Paper

Waste oil

2.0

1.7

1.8

Recycling

1.8

1.4

‒

Thermal utilization and disposal

0.1

0.2

‒

61.0

61.7

58.1
‒

Other 1)
Recycling

32.8

32.5

Thermal utilization and disposal

28.2

29.2

‒

8,187

8,830

8,134

7,916

8,495

7,771

272

335

‒

Total waste
Recycling
Thermal utilization and disposal

Recorded for the first time in 2021 according to the new GRI Standard 306: Waste, thus only
limited previous year’s figures available.
Period from October 1 to September 30; DB Schenker January 1 to December 31 of the previous year.
Individual values do not add up due to rounding differences.
Excluding DB Arriva. DB Cargo AG is the only part of the DB Cargo business unit included.
The waste has been generated through company activities and is managed by third parties
outside DB Group.
1)	For example paint, varnish, sludge and other maintenance-related waste.

◊ In 2022, a total of around 0.6 million t less waste was generated. The main driver was the construction waste, which
decreased by about 8%. The recycling rate was 96.7%. By
using targeted measures, such as selective decommissioning and contractual commitments to sorting and recycling
facilities, we kept the share of recyclable waste high andthe share of waste destined for disposal or incineration ata very low level.
◊ We generally carry out the thermal waste treatment ofwaste to be burnt. The energy released during burning isused there and released as electrical energy, heat and/or process steam.
◊ Municipal waste only accounts for a small share of our
total waste generation, but it is the most visible fractionin our trains and stations. The strategy for disposing of
mixed municipal waste, which aims to recycle as much of
the recyclable material contained therein as possible, has
proven a success. Thanks to state-of-the-art sorting methods, at least 85% of recyclable material contained can beclearly separated for recycling. The amount of recycledmunicipal waste increased noticeably by around 70%.

∏ R E C Y C L I N G R AT E
We will continue to maintain our recycling rate at its highlevel of at least 95%. Especially in the construction and maintenance of our track infrastructure and our vehicle fleet, ­weproduce waste that contains valuable resources such as metals and mineral building materials. The majority of theseresources are already recycled.

76

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

VOLUME OF HAZARDOUS AND NON-HAZARDOUS WASTE / thousand t

Hazardous waste
Share of recycling (%)
Share of thermal utilization and disposal (%)

2022

385

477

62.0

67.9

38.0

32.1

7,802

8,352

Share of recycling (%)

98.4

97.8

Share of thermal utilization and disposal (%)

1.6

2.2

8,187

8,830

Non-hazardous waste

Total waste◊ Since 2020, DB Cargo freight cars have been fully converted to quiet brakes ∫ no. 55.. By 2025, our electric track
locomotives on DB Cargo freight trains in Germany will
also be running with quiet brake systems.
◊ By 2030, DB Cargo will retire the 232/233 series diesel
locomotives. Only class 77 series locomotives with lessthan 2% of DB Cargo train runs will still use gray cast ironblock brakes.
◊ DB Long-Distance will replace all diesel-powered shunting
locomotives with particularly quiet and climate-friendly
hybrid shunting locomotives ∫ no. 44 by 2025. Noise protection
therefore simultaneously contributes to climate protection aims.
The innovative noise remediation project I-LENA ∫ no. 54 enabled
the manufacturers of noise protection technologies to havetheir innovations tested for acoustic effectiveness in real operations on test lines. The final report on I-LENA∞ was published online.
Together with the German Center for Rail Traffic Research(Deutsches Zentrum für Schienenverkehrsforschung; DZSF)
and our industry partners, we aim to continue advancing research and development in noise remediation measures for
track infrastructure and vehicles so that we can implement
more effective noise remediation measures.

2021

Period from October 1 to September 30; DB Schenker January 1 to December 31 of the previous year.
Individual values may not add up due to rounding differences.
Excluding DB Arriva. DB Cargo AG is the only part of the DB Cargo business unit included.

Of the waste generated in 2022, about 95% (previous year:95%) was classified as non-hazardous. This includes, for example, municipal waste and the majority of constructionwaste. The remainder, about 5%, includes waste that presents
a risk to health or the environment – for example waste oilor contaminated waste wood. Special procedures ensure that
this waste is disposed of safely. Here, too, we consider theconservation of resources and look at opportunities for recycling or thermal utilization of waste.

Noise reduction
MANAGEMENT APPROACH AND
N O I S E R E D U C T I O N TA R G E T

Further reducing the impacts of rail transport noise on local
residents is an essential prerequisite for the further shift inthe mode of transport towards rail. We are therefore continuing to work on implementing our noise reduction target:◊ In continuing the Federal Government’s noise remediation
program, between 1999 and 2030, we will reduce rail transport noise on a total of 3,250 km of existing lines witharound 800,000 residents. This corresponds to half of
those affected. By 2020, we had already reached around2,000 km. By 2030, an additional approximately 1,250 km
of existing lines will be included.
◊ By 2050, we will have alleviated rail transport noise forall residents living near existing lines affected by rail transport noise. A prerequisite for achieving these targets isthe adequate provision of funds for local noise remediation measures by the Federal Government in the noise
reduction item of the Federal budget.
By implementing our two-pillar noise reduction strategy,
which focuses firstly on on-site measures (infrastructure)and secondly on at-source measures (vehicles), we are improv­
ing public acceptance of the shift in the mode of transport t­ owards

N O I S E R E M E D I AT I O N A N D C O N T R O L
NOISE REMEDIATION AND CONTROL IN GERMANY

2022

2021

2020

N O I S E R E M E D I AT I O N ( E X I ST I N G N E T W O R K )Noise barriers completed (km)

37.7

44.2

75.1

Homes with passive measures

1,484

1,820

1,485

Track kilometers noise-remediated in total
as of Dec 31 (km)

2,202

2,110

2,039

Total noise remediation areas relieved
by noise prevention (km)

52.1

52.1

49.9

Noise barriers completed (km)

33.2

41.2

18.4

Homes with passive measures

714

590

1,173

N O I S E P R E V E N T I O N ( N E W A N D E X PA N S I O N L I N E S )Since the voluntary noise remediation program began on
existing Federal rail tracks in 1999, we have reduced noise
pollution for local residents. By means of stationary noise
protection measures, such as noise barriers ∫ no. 25, soundproof
windows ∫ no. 101 and noise-proof ventilators in residentialbuildings, we are remedying noise on existing, particularly
affected lines. We have achieved our target for reduced-noiselines, as forecast in the 2021 Integrated Reportµ
Report170.

railµ 51 ff.
rail
ff.

77

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

Federal budget utilization

ABSOLUTE CO ₂ e EMISSIONS ACCORDING

In 2022, about € 115 million of Federal budget funds werespent on active and passive noise remediation measures aspart of the noise reduction program, with additional noisebarriers being installed and additional apartments being fitted with sound-proofing measures. In addition, Federal funds
are being used to finance other special issues in noise reduction, such as the implementation of the measures featured in thefeasibility study in the Middle Rhine Valleyµ
Valley32.

TO SCOPES 1 – 3 / million t

2022

2021

2020

Scope 1 emissions

2.77

3.30

3.04

15.5

17.8

19.0

3.05

3.19

3.41

17.0

17.2

21.3

12.11

12.02

9.53

Share of total emissions (%)
Scope 2 emissions 1)
Share of total emissions (%)
Scope 3 emissions 2)
Share of total emissions (%)
Total

67.5

65.0

59.7

17.92

18.52

15.99

Up to and including 2020, excluding rail freight transport from/to China by DB Cargo and
DB Schenker. Double accounting may be included in 2021, meaning that the values may
be slightly higher. Upstream fuel- and energy-related emissions (Scope 3.3 as per the GHG
Protocol) are reported in Scopes 1 and 2.
Individual figures are rounded and therefore may not add up.
1)
Market-based approach.
2)
Category 3.4 emissions according to the GHG protocol.

Reduction of trigger values

The budgetary legislature 2021 reduced the trigger values
for noise remediation on existing Federal rail tracks by a further 3 dB(A) to 54 dB(A) at night in residential areas. Since
the revised noise remediation guideline came into force on
July 1, 2022, the new trigger values have been applied. This
reduction has now been taken into account in an overall concept developed by the Federal Government in cooperation
with DB Group. DB Group implements the soundproofing
measures which are eligible for funding in the relevant affected areas on the basis of a noise analysis and using theprioritization in the overall concept.

Our greenhouse gas footprint shows the amount of greenhouse gasesthat we emitted in one calendar year. It is made up of:◊our greenhouse gas emissions from the entirety of the rail and road
fleet owned by DB Group, stationary facilities such as stations orworkshops (Scope 1 and 2) and◊emissions from transport and transport services commissioned by
DB Group (Scope 3.4 in accordance with the GHG Protocol).

The specific greenhouse gas emissions and our climate protec­tion targetµ70 ff. are calculated on the basis of absolute greenhouse gas emissions

within the limits set. They also act as a benchmark for our efficiency
improvement measures and provide a basis for us to compare our performance with other companies. In 2022, absolute greenhouse gas emissions, in particular of our Europe-wide rail freight and bus services, fellsignificantly as a result of significant efficiency improvements in operations and a decline in volume produced. In global logistics, they are

FURTHER INFORMATION

slightly below the previous year’s level.
◊on sustainability reportingµ 42

meaning that this figure includes all contractually regulated instru-†

Climate protection | Additional information∏

OVERVIEW OF GREENHOUSE GAS FOOTPRINT
ABSOLUTE CO ₂ e EMISSIONS BY JOURNEYS, TRANSPORT

ments for generating and trading electricity from renewable energies. In accordance with the Scope 2 guidelines of the Greenhouse
Gas Protocol on dual reporting, we also report location-based Scope
2 emissions. If we take the respective national energy mixes as a

AND STATIONARY FACILITIES / million t

2022

2021

2020

Regional rail passenger transport

1.92

1.99

2.06

thereof in Germany

1.56

1.59

1.62

Long-distance rail passenger transport

0.04

0.04

0.04

Bus transport

1.39

1.58

1.50

0.56

0.53

0.51

1.48

1.70

1.38

thereof in Germany

0.87

0.98

0.92

Road freight transport 2)

3.32

3.15

2.07

Air freight

6.92

7.07

5.45

1.51

1.56

1.92

thereof in Germany
Rail freight transport 1)

3)

Ocean freight 3)
Other transport

4)

Stationary facilities
Total

The Scope 2 emissions take into account market-based mechanisms,

0.11

0.11

0.11

1.23

1.32

1.46

17.92

18.52

15.99

basis for the reporting, the Scope 2 emissions amount to 4.36 million
tons of CO₂e.
◊

Our subcontractors account for the largest share of our greenhousegas emissions (Category 3.4 according to the GHG Protocol). In DB
Schenker’s Preferred Carrier Program, we favor working with shipping companies and airlines that have the most modern fleets andthat value sustainability. Advising our customers on climate-friendly
logistics is an integral part of the service portfolio of DB Schenker
and DB Cargo. We also develop strategies for decarbonizing maritime and air transport, particularly in the sector platforms of theWorld Economic Forum (WEF).

METHODOLOGYGreenhouse gas accounting is based on the Group-wide final energy

Well-to-wheel (WTW), Scopes 1 – 3.
We calculate greenhouse gas emissions using the financial control approach as per
the Greenhouse Gas Protocol. We report Scope 2 emissions according to market-based
approach and we report significant transport-related emissions (category 3.4 inaccordance with GHG protocol) in Scope 3 due to our business model.
1)	Up to and including 2020, excluding rail freight transport from/to China by DB Cargoand DB Schenker. Double accounting may be included in 2021, meaning that the values
may be slightly higher.
2)	Up to and including 2020, excluding pre-carriage and onward carriage from land,
air and ocean freight.
3)	Since 2021, excluding pre-carriage and onward carriage.
4)	DB Connect, for example, intra-company traffic.

consumption and performance data collected and aggregated, as wellas the emissions and energy factors consistently used in DB Group. The
sources for the factors and methodology are DIN EN 16258, the Institutefor Energy and Environmental Research Heidelberg (ifeu), the EcoTransIT World accounting tool, the German Environment Agency (UBA), our78∏Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

own calculations, as well as the GHG Protocol and ISO 14064-1. In our

We use geographic information systems, which store data about train

greenhouse gas accounting, in addition to the most important green-lines and surrounding land and all digitally available information on

house gas in terms of volume – CO₂ – we take into account the green-protected areas in Germany. This enables us to quickly identify thehouse gases that are relevant to us, methane (CH₄) and nitrous oxide

points of contact between nature and DB Groupʼs tracks and land. There(N₂O). The global warming potential (GWP) values are based on theare different restrictions and conditions in each protected area, which

5th IPCC status report (100-year GWP).

are described in protected area ordinances. These are stored in oursystem and are taken into account in construction work.

Nature conservation | Additional information

M I T I G AT I O N A N D C O M P E N S AT I O N M E A S U R E SRESPONSIBILITY FOR WILDLIFE AND PLANTS

We take nature conservation into account in our construction and main-

DB Group’s rail routes, buildings and spaces often provide a uniquetenance measures on the rail infrastructure. The aim is to prevent in-habitat for protected species. We develop eco-friendly solutions to off-

terventions in nature and the landscape or infringements on species

set any impact that our work has on the natural world. For the construc-and area protection as far as possible. If any impairments and conflicts

tion involved in the Bamberg hub expansion project, measures will be

nevertheless occur, we compensate for this by implementing compen-

taken on approximately 33 ha of the Hauptsmoor forest, for example

sation or replacement measures as well as species protection and co-rewetting, forestry measures and species protection measures for sandherence measures. We document all data on these compensation obli-

lizards and bats. When dismantling buildings and facilities, we also

gations in the online specialist nature protection and compensation

provide suitable nesting areas, for example the multifunctional swallow tower

information system (Fachinformationssystem Naturschutz und Kompensation; FINK)∫ no. 154, which provides space for other bird species and bats, as∫ no. 59. In this way, we continuously document the status of the com-well as for swallows. In addition, we are currently working on a research

pensation obligations and can therefore fulfill the obligation to reportproject of the German Center for Railway Traffic Research on further

to the Federal Railway Authority (EBA) as defined in the Federal Nature

solutions to protect birds and small animals even better.

Conservation Act (Bundesnaturschutzgesetz). From 2014 to the end of2022, we have added 8,327 projects with a total of 53,020 compensation

Bird protection measures

measures to the system. These include 18,941 measures for species

We recorded about 3,300 short-circuit events on overhead wires caused

protection. The development in recent years shows that the number ofby animals in 2022. About 93% of them involved birds and about 7%

our projects with conservation protection and compensation measuresinvolved small mammals (almost unchanged from previous year). To

is increasing by around 1,000 projects annually.

improve the situation, bird protection measures ∫ no. 33 are carried out on
the insulators as part of the full overhead line inspection. Traction cur-V E G E TAT I O N C O N T R O L

rent lines in areas that have a high risk of bird collisions are also being

In 2022, the amount of herbicide active substances used on our tracks

made safe.

totaled 7.3 t (previous year: 4.9 t). At a track length of about 61,000 km,
about 19% of the tracks (previous year: 16%) were treated. This corre-

Insect Protection Act

sponds to around 0.6 kg (previous year: 0.5 kg) of active substance per

More than 50 million honey bees ∫ no. 10 find their habitats on our land.

kilometer of track treated. Between 2020 and 2022, we developed and

For wild bees and other insects, structures known as arks are being set

tested alternative methods and application strategies. As a result, theup in selected stations. Fifty beehives were also set up at our logistics

amount of glyphosate used can vary significantly. In addition, we only

locations in the Benelux countries and several bee boxes are used asuse glyphosate where we have the necessary official permits. For thisnesting aids in France. To implement measures to protect wild bees,

reason, too, the amount used may vary.

support tools are being developed to improve the environmental quality

As flazasulfuron, flumioxazin and glyphosate were applied, onlyof compensation areas, for example. Artificially created nesting andsubstances that have been approved by the German Federal Office ofoverwintering aids also provide space for insects. We are working with

Consumer Protection and Food Safety (Bundesamt für Verbraucherschutz

our partners to sow the seeds for the sustainable management of our land.

und Lebensmittelsicherheit; BVL) specifically for use in the vicinity of
tracks were used during the treatment. In recent years, we have devel-

IT systems to document protected areas

oped and tested a variety of alternative, environmentally friendly procedures

WHERE DB LINES MEET CONSERVATION AREAS IN GERMANY / km

Protected landscapes
Nature reserves		
Water protection areas
Flora and fauna habitat areas
Bird sanctuaries
Nature conservation areas
Biosphere reserves
National parks			

33

873
611

2,032
1,663

µ 74 and application strategies.

2022

4,186

6,858
6,113

There may be overlaps between conservation areas.

79Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

Resource protection | Additional information

pollutant level UIC 0. The proportion of rolling stock with low-pollutant

WAT E R C O N S U M P T I O N

buses meeting the Euro 5 and 6 standards increased to around 88%

electric traction remains at a high level at around 62%. The share of ourIn the DB Group, water consumption is defined as consumption from(previous year: around 82%).

the public supply. In 2022, water consumption increased by 8% (previous
year: decreased by 14%). There was an increase in both the Integrated

METHODOLOGYRail System and at DB Schenker. The widespread revocation of Covid-19

The accounting principles are the Group-wide and aggregated final

measures, the re-increasing volume sold and produced in passenger

energy consumption and performance data as well as relevant emission

transport and the increasing presence of employees in offices werefactors (Emissionsfaktoren, EFA). We take into account the distribution

among the main reasons for the increase. This can also be attributed toof our fleets according to the pollutant standard in calculating the EFA.

the increase in construction work at DB Netze Track and the optimiza-

In addition, we use limit values for rolling stock (EU Directive 97/68/

tion of data documentation at DB Schenker. DB Arriva recorded a decline.

EC, EU Directive 2004/26/EC, EU Regulation 2016/1628), the TREMOD

emissions calculation model, the EcoTransIT World accounting tooland our own calculations. Stationary emissions are accounted based on

WATER CONSUMED / million m³

2022
2021
2020

7.25

EFA, which are provided for DB Group by the Institute for Energy and7.83

Environmental Research Heidelberg (Institut für Energie- und Umwelt-

8.40

forschung Heidelberg, ifeu).

Includes consumption by DB Schenker from the previous year.

∏

Environmental management

Air quality control
ABSOLUTE AIRBORNE POLLUTANTS AS OF DEC 31 / t

2022

2021

E N V I R O N M E N TA L M A N A G E M E N T S Y S T E M

2020Particulate emissions

3,862

5,299

5,758

Nitrogen oxide (NOX) emissions

92,699105,079

102,324

Sulfur dioxide (SO₂) emissions

19,72914,651

13,350Hydrocarbon (NMHC) emissions

7,865

7,782

7,203

SHARE OF COMPANIES IN DB GROUP WITH A CERTIFIEDENVIRONMENTAL MANAGEMENT SYSTEM IN ACCORDANCEWITH ISO 14001 AS OF NOV 30 / %

2022

2021

2020

46

47

48

in Germany

21

20

22

in Europe (excluding Germany)

51

53

53

worldwide (excluding Europe and Germany)

75

73

76

DB Group

Combustion-related, well-to-wheel (WTW), Scopes 1 – 3.
Up to and including 2020, excluding rail freight transport from/to China by DB Cargo and
DB Schenker.
Since 2022, including stationary combustion processes and correction of the mathematical
overestimation of SO₂ reduction in ocean freight.

Our environmental targets are supported by a Group-wide environmen-

The ongoing modernization of our vehicle fleet is our most important

tal management system designed in accordance with DIN ISO 14001.

measure for reducing airborne pollutants. The high proportion of elec-

The system’s compliant integration into our Group regulationsµ 185 ff.

trically powered rail transport also makes an important contribution,

has been verified by an independent institute. Based on this, in 2022,

as electric rolling stock does not produce any local air pollutant emis-

78% (previous year: 77%) of our 255 environmentally relevant Groupsions apart from abrasion, but only during power generation. The calcu­

companies have a corresponding environmental management system.

lation is based on the fuel consumption and composition of our vehicle

The Sustainability and Environmental division is responsible for compli-

fleets. We have been exclusively using low-emissions construction vehicles andance with, and the further development of, Group-wide environmental

machinery ∫ no. 11 at our urban construction sites since mid-2018. Our

management standards. In 2022, no significant fines or other penalties

combustion-related pollutant emissions are largely influenced by ourwere issued to DB Group companies for environmental offenses.

ocean freight activities, which emit over 68% of soot particles. We are

Employees for environmental protection

continuing our cooperation with the carriers in this area in various industry forums, where the phasing out of fossil fuels is also being jointly
addressed. In addition, stricter statutory regulations on sulfur content

We offer our employees specialist environmental training on issues re-in fuels to reduce airborne pollutants have been in force worldwide in

lating to areas of action for the Green Transformation. In the area ofshipping since January 2020. Due to the overly optimistic consideration

climate protection, employees can, for example, take training in energyof this legal intensification in 2020 and 2021, and its correction in 2022,

management in accordance with DIN 50001. In 2022, 80 events took

SO₂ emissions appear to rise in 2022.

place (previous year: 80) in Germany with around 1,340 participants(previous year: around 1,430).

E M I S S I O N S S TA N D A R D S F O R O U R V E H I C L E S
Our rail and road vehicles meet current Euro standards and thus ensure
a lower level of pollutant emissions. Our trucks used in long-distancetransport comply with the strictest emissions standards, Euro 5 and 6,
and our entire car fleet meets the Euro 6 emissions standard. Since 2020,
around 16% of the vehicles in our rail transport fleet have had the lowest

80

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

EMPLOYEES
Overview of key figures

81

Management approach and targets
Staff planning

82

82

Talent acquisition

83
84

Management, qualification and transformation
Work of the future86

Employee numbers and structure
Further information

89

89
Aid for Ukraine

Directly after the outbreak of the war in Ukraine, a crisis unit
coordinated rapid aid, including social advice and housing offers
for refugees.

Employee satisfaction

Results of the sixth Group-wide employee survey: Team DB
demonstrates strength and solidarity in challenging times.
The Strong Rail strategy acts as an important anchor here.

The recruitment campaign continues
to be successful
DB Group is recruiting successfully on a competitive labor market. The
strategic decision to continue to hire employees even during theCovid-19 pandemic is proving to be proactive and correct. Around 5,000of DB’s young talents started vocational training or studies in 2022.

Overview of key figures
EMPLOYEESEMPLOYEE SATISFACTION / SI

2027
2022
2021 –
20202019 –
2018

Target: ≥3.8




EXTERNAL NEW HIRES IN GERMANY (EXCLUDING YOUNG TALENTS) / NP

3.8
 3.9



2022
2021
2020
2019
2018

3.9
3.7

Employees who have already completed their first working day at DB Group.

Short-term/medium-term target

81

18,45021,81021,70022,75820,815

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

Management approach and targets

Diversity and open-mindedness are not only our basic principles, but also an intrinsic core component of our culture.
We value the different perspectives, values and experiencesof our diverse workforce and, as DB Group, we always try to
be a force for greater social solidarity. For this purpose, wehave an active diversity management. Corresponding measures and activities are implemented under the frameworkof the Group initiative “Uniquely different” (“Einziganders”)
and promoted within DB Group.
We regularly measure the satisfaction of our employees
and the current state of our corporate culture throughout
the Group with our employee survey and with our culture
barometer in the Integrated Rail System. In the Group-wide“employee workshops” process, the results are evaluatedacross all teams and appropriate changes and improve­ments are drawn up. The fact that participation and helping
shape corporate policy are of great importance to us in DB
Group is also demonstrated by the fact that 15 employee buildbuilding blocksµ
blocks
53 f. are anchored as a core component of theStrong Rail strategy.
In order to remain an attractive and innovative employer
in the future, we work on future topics such as the effects
of digital change at an early stage. In this way, we look totackle important challenges in a timely and sustainable manner. The Group initiative “People. Make. The Future.” serves
as a framework for this, with its future labs, dialogs and partnerships. With the Smart HR transformation project, we arestandardizing and simplifying our HR processes and exploiting the potential of digitalization, ensuring more efficiency
and effectiveness, in keeping with Strong Rail.

Events with a major impact on society, such as the Covid-19
pandemic, the war in Ukraine or inflation, coupled with corresponding fears for the future, have a direct impact on ourbusiness, our customers and, in particular, our employees.
We also put the foundations in place for a successful mobility transition in these challenging times by maintaining a
focus on the Strong Rail targets.
Our “100,000 employees” strategic target highlights ourefforts on a highly competitive labor market to inspire people
to work for DB Group, to help them get qualifications to makethem fit for the future and to offer them long-term prospects
in DB Group. In the context of the Strong Rail strategyµ
strategy
51 ff.,
Transfor“100,000 employees” is also helping shape the Green Transformationµ 69 ff. together. Our HR strategy provides us with amationsuitable framework for this: forward-looking staff planning,
innovative talent acquisition, a holistic approach to management, qualification and transformation, actively designing
the work of the future, and diversity.
Making DB Group more robust means proactively managing human resources, being able to have the right employees in the right place at the right time, and detecting potential capacity bottlenecks at an early stage. These are the tasksof our staff planning systems, which we continue to develop
and anchor in DB Group.
In order to get potential employees in the competitive
labor market excited about our diverse job profiles and entry
opportunities, we focus on innovative HR marketing and recruitment and constantly refine our employment conditions.
Attractive employment conditions not only help us meet ourexisting personnel needs despite the tense labor market, butalso ensure a high level of employee loyalty.
The professional qualifications of our employees are another important success factor. We ensure that employees
can get their bearings in their new working area by taking
steps as early as during the onboarding process. In the longterm, we ensure that our employees can perform and act
with confidence through targeted qualification programs
and offerings. As part of the Group project “Learning@DB,”
we are developing a modern and sustainable learning infrastructure that is oriented towards the goal of establishinga Group-wide learning environment.
The innovative strength of our organization results fromappreciative, results-oriented cooperation, which we promote through our “compass for strong teamwork” (Kompass
für ein Starkes Miteinander) within the DB Group. As a cultural element, the compass gives executives and employees
direction and is part of the structure and design of all our
HR products and processes.

Staff planning
In order to ensure that DB Group is robustly positioned, weneed effective and efficient staff planning and management
throughout the entire HR value chain, from differentiatedplanning to recruitment, qualification and functional training, right through to considering actual performance effectiveness. As a key part of holistic resource management, wework to close capacity and skills gaps and optimize the efficiency of our workforce.
We have implemented the 18-month rolling forecast for
key operational functions as part of regular reporting in thecontext of high-performing personnel management. Strategic Workforce Planning (SWP) is an instrument for analyzing our longer-term personnel policy challenges. This
gives us a systematic view of strategically relevant activities
over the next decade.

82

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

We are currently working on further developing our SWP.
The aim is to create robust and future-proof SWP. The Strong
Rail strategy is an important building block for future SWP
and provides an analytical basis for our HR strategy. We
create synergies between a wide range of forward-looking
further development projects.

ing” category. As the best employer for women in the railway sector, we received the “Women in Rail Award 2022”
from the European Union.
Shortly after the outbreak of the war in Ukraine, we set
up comprehensive advisory services to help refugees getoriented and enter the German labor market. This is basedon three pillars:◊ Our careers portal contained all the information on working in Germany, an overview of our advisory services andspecific job vacancies. In addition, contact data could be
stored here for a personal consultation.
◊ On working days, refugees were able to receive advice
via a hotline.
◊ In cooperation with the Federal Employment Agency,
consultation centers were opened near the main sta­­tions in Berlin, Frankfurt am Main, Cologne and Leipzig.
The centers also answered questions about jobs outside
DB Group.
A total of around 3,500 refugees from Ukraine received advice. We were even able to welcome 75 of them as our newcolleagues. We received a Trendence Award in the special
category “Companies helping people” for our advisory andsupport services.
In order to be a force for climate protection on the labormarket and position ourselves as a sustainable employer, incooperation with Bergwaldprojekt e. V., in 2022 we started
planting a tree for every new employee throughout Germany.
Before their first working day, candidates will receive theirplant certificate.
We continued to focus on innovation in addressing ourtarget groups. One example is the DB Job-Welt, where we
met with candidates from all target groups at the main stations in Leipzig and Frankfurt am Main and offered individual advice on regional entry opportunities.
Our career portal was also further developed. By integrating Google Maps, candidates can search for jobs in specific regions. In addition, all information on how the recruitment procedure works is communicated in a transparent
manner. As soon as an application has been submitted via the
career portal, candidates can track the status of their application and are also proactively kept up to date by the recruiters by e-mail or by telephone.
DB Group also received other important industry awards:
we won a Trendence Award for our job advertisement generator “DB Jack – Job Ad Construction Kit,” which was developed
in-house. The Art Directors Club honored us with two bronze
nails and an award in the categories of “Digital Product Augmented Reality,” “Motion Design Social Media” and “Dialog
Activation Social Media.” We were also awarded the “DB Impact of Diversity Award” by the Women’s Career Index (FKi).

Talent acquisition
E M P L O Y E R AT T R A C T I V E N E S S

In 2022, we continued our employment campaign despite atense labor market. Six large image campaigns and morethan 100 recruitment campaigns were rolled-out specificallytargeted at high school children, students, university graduates and skilled employees. We won a Red Dot DesignAward and a Trendence Award for the “What you are madeof” campaign targeted at high school students. We received
a bronze Deutsche Digital Award for the campaign “Nostress. Do something. At Deutsche Bahn.” campaign aimed
at high school students. The launch of our employer branding campaign for 2023 “What is important to you?” was also
prepared on the basis of a newly developed global employer
value proposition.
We also further developed our diversity recruiting strategy. Among other things, our inclusion center gives all applicants with disabilities, i.e. with a characteristic listed in
the Ninth Book of the German Social Code who are rejectedin the regular application process, a second chance to finda suitable place to start in DB Group. In order to prevent
discrimination in the recruitment process, we offer recruiters and persons involved in the recruitment process training
on unconscious bias, errors of judgment and diversity recruit­ing workshops. We are also part of the “Fair Company Initia­
tive” network, which works towards fairness in the working
environment.
In order for us to be visible as a leading employer for
women and achieve the goal of “30% women in leadership”
by 2024, DB World Women’s Month was also implemented
in 2022 as a measure of our women’s recruitment strategy.
In March 2022, we changed roles and introduced ourselvesto the 26 million women in employment through the “biggest
job application in Germany.” The nationwide campaign ran
on high-reach digital channels and social media. There were
20 recruiting and networking events, a social media campaign
and the live stream “Germany’s biggest job interview,” witharound 1,200 participants and around 500 questions submitted. Overall, we were able to hire 718 new women in March2022 alone, significantly more than in the other months ofthe year. For our women’s recruitment strategy, we won theGerman HR Award in the “Recruiting and Employer Brand-

83Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

NEW HIRES

EXTERNAL NEW HIRES, VOCATIONAL TRAINEES AND DUAL-DEGREE STUDENTS

In 2022, about 26,700 new employees (including vocational
trainees and dual-degree students) in Germany completed
their first working day at DB Group (previous year: about
23,000). These new hires include almost 4,000 maintenancetechnicians, around 2,000 mainline locomotive drivers andover 1,500 interlocking employees.

IN GERMANY / NP

EXTERNAL NEW HIRES IN GERMANY (EXCLUDING YOUNG TALENTS) / NP

Figures correspond to respective career objective.

Other 8,324

Other 1,761

Cleaning personnel 965

IT specialists 1,295

Service on train/stationand safety 393

2022

Construction supervisors 2,223

Mainline locomotive drivers 1,318
Maintenance technicians 2,640

Interlocking employees 793

Shunting service/train preparation 563

Management, qualificationand transformationQ U A L I F I C AT I O N A N D T R A I N I N G

We are one of the largest companies providing training inGermany and offer training in around 50 apprenticeship professions and 25 dual study courses. Even in uncertain times,
we provide young people with secure career prospects, andtypically offer a permanent contract to vocational trainees
and dual-degree students after successfully passing the final
examination.
2022

2021

2020

Vocational trainees 1)

11,86911,668

11,356Dual-degree students 1)

1,398

1,316

1,237

Graduate trainees 2)

195

128

151

Interns 2)

593

667

683

“Chance plus” participants
Total

132

184

211

14,187

13,963

13,638Maintenance technicians 1,340

In 2022, a total of 4,900 vocational trainees (previous year:
around 4,500) (excluding “Chance plus” participants) anddual-degree students started their vocational training and/or their studies at DB Group. In 2022, we received about
110,000 applications for training places in the Integrated
Rail System (previous year: about 103,000). This shows that
we are an attractive employer, especially among young people, in times of discussions about climate change, sustainability and environmental protection. As before, most vocational trainees started their career as railway employees
in operational services, or as electronics engineers.
We are involved in the social partnership-based reorganization of the most important training occupations in therail transport sector. The restructuring of the railway employ­ees in operational services apprenticeship was completed
in 2022 after many years of intensive work, meaning thatthe vocational trainees in this area were able to start with
updated training content in August 2022.
Further information can be found in the section Securing

In 2022, we had 21,810 external new hires, excluding young
talents (previous year: 18,450). This is an important contribution to the implementation of our central strategic HR
objective and to the robustness of DB Group.

YOUNG TALENTS IN GERMANY (AS OF DEC 31) / NP

Mainline locomotive drivers 666
Interlocking employees 728

Bus drivers 1,794

Service on train/stationand safety 1,8952022

young talentµtalent90..
90

EMPLOYEE RETENTION
AND DEVELOPMENT

New approaches and efficient processes for employee retention and development are crucial to the assumption ofgreater responsibility, cooperation and performance at DB
Group. We support employees in several key areas:◊ Perform: “My Performance Management” focuses onhonest dialog about performance with the objective ofcontinuously encouraging better performance. With theintroduction of a mandatory contribution to performancein the “Women in leadership” dimension for all executives
from the level of the leading executive, “My performance”
is also an important tool for achieving our target of 30%
women in leadership by 2024 (Second Act on Equal Participation of Men and Women in Management Positions;[Gesetz für die gleichberechtigte Teilhabe von Frauen
und Männern an Führungspositionen; FüPoG II]).

	Includes all class years of vocational training (usually three class years for both
vocational trainees and dual-degree students).
2)	Companies with about 98% of domestic employees.
1)

We are continuously increasing our capacity so that we canqualify additional personnel professionally and quickly.

84

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information◊ Learning: In 2022, the diverse portfolio of services offered by DB Training and DB Academy included almost
750 learning opportunities on topics ranging from strategy, communication and leadership, digitalization, leanmanagement and innovation to the environment andsustainability. The DB learning environment (DB Lernwelt) offers access to many of these services as a Groupwide learning management system with more than
260,000 users. As part of the project “Learning@DB,” weare also developing a modern and sustainable learning
infrastructure that is oriented towards the goal of establishing a Group-wide learning environment.
◊ Developing and appointing: The purpose of strategic
succession planning is to identify succession risks at an
early stage, plan succession scenarios and speed up appointments. The aim is to increase the quality and diversity of appointments and to orientate employees towards
Group-wide professional development. In 2022, succession
planning was in place for almost 1,600 positions. With
our three career pathways – leadership, expert and project careers – we are committed to the future and offer
attractive alternatives to traditional management careers.
The DB “specialists” career path was introduced on January 1, 2023. The new DB Careers Lab focuses on initiative and individuality and the formats are available toall employees.
◊ Onboarding and transfers: With our onboarding platform, we provide relevant information about how to getstarted. Modern learning, qualification and discussion
formats also promote strong initial orientation in DB
Group and Group-wide networking. Personal support
from executives and colleagues plays an important rolein integrating and retaining employees in DB Group.
Our Group-wide mentoring program and intergenerational management promotes integration in Team DB
and mutual learning for experienced and new employees. The controlled transfer of knowledge also securesvaluable DB expertise and its utilization in DB Group’s
tasks, processes and the Integrated Rail System. In addition to helping new employees get started, the reentry management system supports colleagues during andafter a limited period of absence. In this way, we help
retain women in management positions and womenwith leadership ambitions.
Employees are responsible for all of these areas and are supported by their executives. The “compass for strong teamwork” is a common benchmark for these topics. It is intended
to lay the path for changes in leadership, cooperation andculture within DB Group under the framework of the Strong
Rail strategy. The compass is based on the five most import-

ant principles that everyone in DB Group can use in their
day-to-day roles to make Strong Rail a success. The compass
principles have been systematically anchored in diagnostics,
entry management, performance assessment, career development and qualifications. For example, the “compass forstrong teamwork” was integrated into all executive training
courses and the initial selection process for executives wasaligned accordingly.
Further information can be found in the section Personnel
developmentµ 89 ff. section.
development

15 EMPLOYEE BUILDING BLOCKSIn 2022, additional employee building blocksµ
blocks
53 f. were identified and expanded upon. Within this framework, the mostimportant concerns of employees are prioritized and implemented with Management Board support.

E M P L O Y E E S AT I S FA C T I O N A N D
C O R P O R AT E C U LT U R E
EMPLOYEE SATISFACTION

Employee satisfaction 1) (SI)Compass index 2) (%)

2022

2021

2020

3.9

–

3.9

–

49

–

	The employee satisfaction survey is conducted every two years on a scale of 1 to 5 (with 5 being
the best possible value).
2)	In the interim years of the employee survey, the compass index is determined for the Integrated
Rail System in Germany, on a scale of 0% to 100%, as part of the culture barometer sample survey.
1)

Employee satisfaction is determined every two years as partof the employee survey. In September 2022, the theme forthe employee survey was “Get involved – be a part of it.”
The aim of the employee survey is to provide concrete indications of improvement at all levels.
A total of 199,601 employees took part in the 2022 employee survey (2022: 59.2%, 2020: 58.5%). This means thatparticipation increased slightly. It rose significantly in the
Integrated Rail System (2022: 58.0%, 2020: 55.8%). The employee survey was conducted and evaluated for the firsttime by independent service provider SEMYOU.
In 2022, employee satisfaction remained stable after thevery strong increase in 2020. The survey results show: theStrong Rail strategy remains an important anchor for the
DB team. However, it could become even more well-known
and noticeable: 63% of employees know the strategy, and
59% are convinced by it.
The current global, geopolitical and intra-company challenges are evident, which are reflected in reduced approval
figures for customer focus, perceived quality and lower optimism about the future. However, the values remain above
pre-Covid-19 levels.

85

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

The 2020 employee survey provided a clear mandate foraction in relation to processes and feedback. Employee approval in these areas increased in 2022. Accordingly, general
performance feedback at 45% (2020: 43%) and performance
feedback from the executive at 68% (2020: 65%) were rated
more highly. Improvements were also noted in the areas of“Implementation discipline” (2022: 42%, 2020: 41%) and“Ending unnecessary processes” (2022: 35%, 2020: 33%).
Decision-making is the only area of action that showed aslight deterioration (2022: 32%, 2020: 33%).
An essential part of our employee survey process is working with the results as part of the follow-up process. Groupwide, all executives received their aggregated employee
survey results so that they can share them with their employees, too. A second optional step is then started: the key
topics identified are processed with the involvement of senior executives, employees providing valuable input andother partners, with the aim of shaping change together.
This phase is expected to be completed by late-July 2023.
In 2023, the culture barometer will be carried out for thesecond time, a random sample survey will be carried out in
the Integrated Rail System in Germany, which will be used
to measure the compass index.

mode­rate wage increases in 2022 and a period up to February 2023, the overall package includes numerous agreementson relevant topics for the future. After further negotiations,
we reached an agreement with the EVG in October 2021 on
additional obligations arising from collective bargaining
agreements that supplement the agreements on the Alliancefor Our Railway:◊ In addition to a pay increase of 1.5% as of January 1, 2022,
these include extended protection against dismissal for
employees. The agreements have a total term of 24months to February 2023.
After several rounds of negotiations, we reached a wage
agreement with the GDL in September 2021:◊ As an example, remuneration will increase by 1.5% as ofDecember 1, 2021, and by a further 1.8% on March 1, 2023.
A total term of 32 months was agreed between March
2021 and October 2023.

Flexible design of working hours

We acknowledge social changes and the wishes of employees
when organizing working hours. Our efforts to continuously
improve flexibility in working hours help to increase our attractiveness as an employer and are therefore of great importance for employee retention and recruitment.
◊ With the elective working hours model, employees candecide whether to reduce their working hours by one or
two hours per week, take six or 12 additional vacation
days per year or receive a higher salary.
◊ Our employees have several options for their use of overtime. In addition to the classic options of leave or remuneration, employees covered by collective bargaining
agreements can add time credit from overtime, as well as
vacation days and remuneration, to an individual longterm account and take paid leave at a later date. Care istaken to ensure that statutory regulations concerning
working hours are observed. In addition, overtime is only
possible with both parties’ consent.
◊ With employer-financed contributions to the DEVK pension fund, DB Group offers an attractive retirement pension to supplement the statutory pension.
◊ Employees covered by collective bargaining agreements
are also able to convert time credits from overtime oradditional vacation for rotating shift work, shift work andnight work, into the company pension plan (CPPs) in fullor in part, allowing them to save for their retirement.
◊ Both models (contribution to a long-term account and con­version to the CPP) are additionally supported by DB Group.

Work of the future
In order to strengthen our ability to innovate and prepare
ourselves for the future, we intend to actively shape the workof the future in DB Group. Here, it is important to us to involve all employees, especially those who make a key contribution to success in operational activities.

EMPLOYMENT CONDITIONS

We are continuing to improve employment conditions, basedon current and future social developments, as well as employees’ and applicants’ expectations of a modern employer.
Issues such as flexibility, participation and individualization
are highly important. Further developments are communicated to employees in a way that is tailored to the target
audience, and feedback is provided on the aspects of employment conditions. The respective interest groups arealways involved in the further development.

Pay increases under collective bargaining agreements

In May 2020, we signed the Alliance for Our Railway ((20202020 Integrated
Reportµ 93
Report93)). Against this backdrop, we reached an agreement with the EVG on a comprehensive collective bargaining
package in September 2020. In addition to regulations for86Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information◊ In the companies with shift and rotating shift work, weare strengthening the participation of employees in theplanning and individualization of working hours within
the framework of operational working hours projects.
Further information can be found in the section Social and fringe
benefitsµ 92 f. section.
benefits

pandemic are a particular focus, such as long-Covid or postCovid, or ergonomics in the mobile workplace. To address
this and for ergonomic advice, offers were developed withthe help of the social partnership with the BSW&EWH Foundation Family (Stiftungsfamilie BSW&EWH), the Associationof German Railway Sports Associations (Verband Deutscher
Eisenbahner-Sportvereine; VDES), BAHN-BKK and Knapp­
schaft-Bahn-See (KBS Social insurance for railway employees
and seafarers).
We support the health of our employees from a holistic
perspective and combine targeted offers for physical, mental and social health through company medical care andoccupational psychological care. This covers, for example,
stress management, exercise, nutrition and professional
support for mental disorders. In particular, when dealing
with occupational trauma after work accidents, we have awide range of internal care services and quick access toprompt external emergency psychological care.
Further information can be found in the section Occupa
Occupa--Mobility services and supported living spaceWith our digital housing exchange, we are making it easierfor our employees to access affordable housing. At the sametime, we have intensified our cooperation with housing companies and updated contractual terms. We concluded cooperation agreements with six housing companies that provide
our employees with access to a pool of about 600,000 apartments. When selecting cooperation partners, we pay attention to the average rent levels as well as the location of theapartments. In addition, we analyze the needs of our employees in order to be able to plan specific housing projects
in the future and implement them if necessary.
We aim to offer our employees a varied, green, flexible
and simple mobility portfolio that consists primarily of DB’s
own services. DB company bikes, an employee discount forour bike sharing service Call a Bike and the travel discounts
form the foundation for this. Employees not subject to collective wage agreements and executive employees can also
use our Flinkster car-sharing service and choose BahnCard
100 instead of a company car. We also provide our employees with access to favorable offers for the monthly transport
association job ticket for their commute to work and financethese in part or in full, depending on the specific circumstances.

tional safety and health managementµmanagement
93 f.

DB internal vaccine offer
In order to support the Covid-19 vaccine campaign in Germany, our employees were offered vaccines in-house. To thisend, we have set up our own vaccine centers at ten central
locations and operate these independently with the supportof the company medical service providers PIMA and ASAM
prevent. In addition, in 2023, we will offer all Covid-19 vaccines, from basic immunization to third booster vaccines inaccordance with the Standing Committee on Vaccination(STIKO) recommendations at 20 health centers of our company medical service provider ias AG.

Modern health management

Mobile working

We were able to guarantee important mobility services
through­­out the Covid-19 pandemic. Our crisis management
team in the area of occupational health management inparticular has played an important role in this regard. With
its activities and protective measures, our occupational
health management follows the German National Pandemic
Plan, the occupational health and safety regulations of theFederal Ministry of Labor and Social Affairs (Bundesministerium für Arbeit und Soziales; BMAS), and the precautionary recommendations of the Robert Koch Institute. The
objectives of the crisis management team include minimizing the risk of infection at the workplace, maintaining oper­
ational processes, maintaining operational infrastructureand ensuring basic supply.
The digitalization of health services also makes a contribution to the design of modern employment conditions inthis context. In addition, the follow-on effects of the Covid-19

We are consistently taking further steps towards establishing new and flexible forms of collaboration. In summer 2021,
the fundamental decision was made to anchor mobile working into our everyday work for employees and executives
with office activities. In addition, desk sharing and an activity-oriented office concept are being gradually introduced
at all office locations throughout Germany. In 2022, executives were made responsible for jointly defining the form
their future cooperation takes together with their teams.
For this purpose, an appropriate decentralized process forteam agreements was rolled out, which was accompanied
by a large number of different change activities and formats
in the business units. In this way, we support our orientation in the new hybrid working environment and strengthen
participation.

87

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

THE WORK OF THE FUTURE AND DIVERSITY

In 2022, we continued to implement a wide range of measures
to ensure equal opportunities across genders and to create
an inclusive working environment for all employees underthe banner of the “Einziganders.” (Uniquely Different) initiative. These include further flexibility in working conditions
with the introduction of “Wo Du Willst-Jobs” (“Jobs where
you want”), in which employees can freely choose their placeof employment within Germany, or the expansion of the intra-Group initiative “Frau Dich!” (Woman up!) which offers
exclusive career advice for women.
Comprehensive materials and learning formats across anumber of topics are accessible to all employees, regardlessof time, on various dimensions of diversity via the intranet
and the internal learning platform. In addition, live training
on diversity in general and various specific areas is available
and can be carried out on demand.
Active generational management helps break down generation-based stereotypes and supports the integration of all
generations in DB Group through various formats such as
reverse mentoring and workshops for cross-generational work.
Under the motto “Einziganders. Miteinander für Vielfalt”(Uniquely different. Together for diversity), Diversity Week
was all about allyship (solidarity with marginalized groups).
The aim of the event was to anchor diversity in DB Group as
a topic that cuts across many different areas, to discuss it
and to promote networking in the Group. Concrete ways of
promoting diversity in day-to-day work were conveyed via
various formats such as workshops, coffee breaks and impulse events.

Part of the Group initiative “People. Make. The Future.” involves systematic discussion of innovations and visions of
the work of the future with the goal of addressing important
strategic issues in good time, exchanging knowledge andtesting new ideas. To this end, we regularly develop an
overview of the relevant HR future trends with the HR trend
map, which we discuss at various levels in DB Group in orderto derive measures, projects and initiatives.
Once again in 2022, we organized our innovative digitalconference “Week of new work.” An interactive program withover 70 items on the virtual agenda was organized under the
motto “For employees by employees.” In 2022, the focus wason “New work for the green mobility transition.”
Two H-FutureLabs work under the umbrella of the initia­
tive “People. Make. The Future.” and their experts make ittheir task to find new answers to important questions concerning the future.
◊ H-FutureLab 1 (“Future prospects for professions in
the rail industry”) is developing a method of identifying
future changes in DB professions and initiating timely
measures to employ and train employees. In 2022, themethod was piloted and refined, and the analysis process
was further digitalized.
◊ In H-FutureLab 2 (“New forms of collaboration”),
experts demonstrate how agile working and self-organi­za­tion can create more scope for action and decisionmak­ing. More than 7,000 employees work in agile organi­zational units or are in transformation. In order to expand
this expertise, the H-FutureLab 2 further developed formsof company-wide networking of executives, piloted workshops for agile transformations and identified and promoted synergies from lean management methods andagility.
DB Group’s commitment to the diversity of its employees
is anchored in the Strong Rail strategy. Every member ofthe Management Board has assumed responsibility for one
dimension of diversity, with Martin Seiler, Member of theManagement Board responsible for Human Resources andLegal, responsible for the topic as a whole. In addition, thediversity managers of the business units are available to employees as direct contact persons if they have any issues regarding diversity. Employees with specific diversity concerns
are also supported by various bodies, such as the Group’s
representative body for disabled persons or the “Social andcultural integration” project.

30% women in leadership

DB Group is aiming to increase the proportion of women in

executive roles in companies subject to the Second Act on
Equal Participation of Men and Women in Management Positions (FüPoG II) to a total of 30% at the Supervisory Board,
Management Board and first and second management levelsby the end of 2024. The proportion of women in executive
positions in the companies concerned is 27.0% across alllevels based on the organizational structure valid as of December 31, 2022 (as of December 31, 2021: 25.4%). External
recruitment, attractive working conditions and internal measures to ensure employee retention and development arealso intended to increase the proportion of women.

S M A R T H R T R A N S F O R M AT I O N P R O J E C T

We are pursuing the replacement of our current HR management system with a cloud-based solution, Smart HR, inwhich employees can use HR products any time and anywhere. We are currently in the implementation phase, which
will last until 2024. The system will go live in November 2023
at the earliest.

88

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information∏ Employee numbers and structure

WOMEN AS OF DECEMBER 31 / NP

DB Group

Share (%)

ChangeEMPLOYEES AS OF DEC 31 / FTE

2022

Germany2021

absolute%

2020

18,794

DB Long-Distance

19,13918,790

+ 349

+ 1.9

DB Regional

37,73837,220

+ 518

+ 1.4

37,159DB Cargo 1)

31,16730,753

+ 414

+ 1.3

30,052

DB Netze Track

52,51051,290+ 1,220+ 2.4

50,330

DB Netze Stations

6,997

6,811

+ 186

+ 2.7

6,525

DB Netze Energy

1,943

1,900

+ 43

+ 2.3

1,861

Other

59,992

58,345+ 1,647+ 2.8

57,878Integrated Rail System 1)

209,486

205,109+ 4,377+ 2.1

202,599

38,05943,189– 5,130– 11.946,008DB Arriva

Share (%)

2022

2021

2020

84,221

82,226

81,716

25.0

24.4

24.3

52,45851,17750,568

23.7

23.4

23.3

FURTHER INFORMATION
on sustainability reportingµ 42

Personnel development | Additional information
T R A I N I N G A N D C O N T I N U I N G E D U C AT I O N

DB Schenker 1)

76,59175,418+ 1,173+ 1.6

74,161

DB Group324,136

323,716

+ 420

+ 0.1

322,768

As an intra-Group partner for learning, development and change pro-	Changes in the scopeof consolidation– 2,235– 4,688+ 2,453– 52.3‒

DB Group – comparable

321,901

319,028+ 2,873+ 0.9

322,768of training, professional development and continuing education withcesses, DB Training, Learning&Consulting conducts the vast majority
some 31,000 events for about 290,000 participants per year. More than
3,000 qualification programs are available to DB employees. Qualifica-

To guarantee better comparability, the number of employees is converted into full-time
employees (FTE). Figures for part-time employees are measured in accordance with their shareof the regular annual working time.
1)	Figures for 2021 adjusted due to the intra-Group reallocation of the FLS business areaµ 130.

tions are offered for in-person, digital or blended learning schemes. A
modern infrastructure provides space for creativity, new solutions andnew digital learning formats, such as virtual reality (VR) training. Onceagain in 2022, existing training formats were further developed andAs of December 31, 2022, the number of employees increased
on a comparative basis. Key driver:◊ Other division: rising business activities of the E .C .O .
Group and increased vertical integration and expansionof innovative topics at DB Systel.
◊ DB Netze Track: development is primarily due to an increase in construction project management.
Schenker’’s FLSµ 130◊ DB Cargo: intra-Group reallocation of DB Schenker
business area.
◊ DB Schenker: takeover of USA Truck and positive development in air and ocean freight.
◊ DB Regional: mainly due to the takeover of Abellio transport

adapted to a more digital everyday working environment. Practicaltraining plays a crucial role in ensuring that employees can act withconfidence, particularly in safety-related areas. Against this backdrop,
we are investing in the expansion of practical facilities: a new apprenticeship interlocking facility was put into operation in Maschen in summer 2022. Since the beginning of September 2022, a new practice sitein Delitzsch has been able to give apprentices an overall understandingof the rail system and all its complexities.
DB Academy is responsible for the qualification of around 10,700

executives and (high-level) experts. The portfolio offers them training
according to their individual career and development stages, enablingthem to apply leadership standards and implement strategic areas ofaction at DB Group.
DB employees have the opportunity to study alongside their work.

servicesµ 121 f.
servicesf.

There are two different programs (DB University and DB Master’s Pro-

◊ DB Arriva: decline mainly due to the sale of activities in Swedengram) that finance and support Bachelor’s or Master’s degrees throughand Portugalµ
Portugal
160..
160

EMPLOYEES BY REGIONSAS OF DEC 31 / FTE

flexible working hours. DB University is aimed at skilled employees
who can have their professional experience recognized when obtain-

Change2022

2021

absolute

Germany

212,188

209,763

Europe (excluding Germany)

78,90884,260Asia/Pacific

18,006

North America

11,299ing a Bachelor’s degree. In addition, DB University offers support for%2020+ 2,425+ 1.2

207,996– 5,352– 6.4

85,69916,985+ 1,021+ 6.0

16,7649,256+ 2,043+ 22.1

9,027

the employees’ studies and internal further education courses throughout the entire period. The DB Master’s Program is open to at least 30
employees per year.
Vocational training is an important lever for meeting the challenges
of a shortage of skilled employees. The number of training positions

Rest of world

3,735

3,452

+ 283

+ 8.2

3,282

at DB Group has been continuously increased in recent years. Accord-

DB Group324,136

323,716

+ 420

+ 0.1

322,768

ingly, the training workshops in the industrial and technical sector havebeen and will be expanded. Since 2022, it has been possible to train
more than 200 additional vocational trainees due to the relocation to

The share of employees outside Germany remained unchanged at about 35% as of December 31, 2022.
EMPLOYEE LOYALTY / years

2022

2021

2020

Average length of service

16

16

17

Average age

44

45

45

the new premises.
In addition, the cooperation agreement concluded between the
DB Group and LEAG in August 2022 provides for the DB Group to trainsome of its vocational trainees under LEAG’s leadership until 2025.

Germany (companies with about 98% of domestic employees).

89Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

DB Academy and DB Training have also developed additional online◊

Use of the Lifehacks4U support service, which is implemented inservices to support employees and executives during the Covid-19

cooperation with ZukunftPlus e. V., was significantly expanded inpandemic. With “Gemeinsam in die neue Arbeitswelt” (Together in the2022. It is an offer to provide individual support for young talents

new working environment, GinA), we have created virtual learningin matters that go beyond the training.

opportunities for current challenges. The offer attracted a high level◊of demand and was taken up by 46,387 users in 2022.

As many young talents have deficits due to the Covid-19 pandemic,
especially in mathematical and technical fields, support services

DB employees made a valuable contribution to coping with thehave been expanded significantly. In addition, the Lifehacks4U

flows of refugees from Ukraine. In order to support them, DB Training

social education support program was used to a much greater

offers help for volunteers helping as part of Group-wide psychologicalextent. The goal is to avoid drop-outs.

support for affected employees. Four “check-ins” for refugees from◊

Ukraine in various German cities offered rapid orientation and integra-

our entry-level programs through the Excellence Program for par-tion opportunities within the DB Group. Prospects were created withticularly high-performing young talents.

individual advisory services, German courses and employment contracts◊

at DB Temporary Work.
TRAINING AND CONTINUING

We recognize outstanding performance and great commitment in

The social responsibility and participation of young talents is being
promoted from the very beginning through participation in the“Rail trainees against hate and violence” tolerance competition.

ChangeSince 2000, more than 13,000 vocational trainees have completed

EDUCATION COSTS FOR EMPLOYEES

2022

2021

absolute%

2020

around 1,500 projects and set an example for respectful and toler-

Total (€ million)

289

262

+ 27

+ 10.3210

Per employee (FTE) (€)

1,294

1,181

+ 113

+ 9.6

965

ant teamwork.

PERFORMANCE MANAGEMENTGermany, including vocational trainees and dual-degree students.

The “My Performance Management” tool aims to support employees’
TRAINING AND CONTINUING EDUCATION DAYS INCUSTOMER-ORIENTED JOB FAMILIES / days

2022

2021

2020

Per employee (FTE)

10.6

11.5

11.9

professional and personal development to boost their personal performance. Regular feedback based on key questions from different perspectives helps employees to compare how they see themselves versus

Germany (companies with about 77% of domestic employees).
Includes only training and development days in customer-oriented job families forpermanent employees, excluding vocational trainees and dual-degree students.

how others see them, and encourages them to reflect on their working
habits in a targeted manner. Regularly reviewing key performance indicators and how each employee contributes to achieving objectives

Training and continuing education costs for our employees rose to a newalso shows individuals and teams their strengths and areas for improve-record high in 2022.

ment. Supervisors give employees clear guidance on performance development once a year. In 2022, as in the previous year, more than 96%

S E C U R I N G Y O U N G TA L E N T
YOUNG TALENTS HIRED AS PERMANENT PERSONNEL

of employees received a performance assessment from their immediate
executive. In a one-to-one discussion, development prospects and mea-

BY TYPE OF TRAINING / NP

2022

2021

2020

Vocational trainees

2,880

2,614

2,420

Dual-degree students

261

239

197

sures, and succession planning, are discussed and agreed upon together.
If the annual overall evaluation gives cause for a more detailed assessment of competence, this can be carried out, if necessary, with reference
to the skills profile of the function in question.

Germany (companies with about 98% of domestic employees).
Hired after completion of vocational training or dual-degree studies.

In addition, a spontaneous feedback tool makes it possible to request and send feedback across all hierarchies at any time and, if the

DB Group’s own vocational training and the combined work-study

user so wishes, give visible recognition of their rating.

degree are the foundation of our efforts to secure the recruitment ofskilled employees. This is supplemented by the job preparation program

D E V E L O P I N G E M P L O Y E E S A N D F I L L I N G VA C A N C I E S“Chance plus” for young people who need support in accessing the

The DB role model combines specifications for different career paths

labor market.

(such as management, expert and project careers), duties and respon-◊

The Social and Cultural Integration project (Soziale und kulturelle

sibilities and the necessary experience, expertise and attitude from an

Integration; SUKI) run by Stiftungsfamilie BSW&EWH (foundationinternal standpoint. It forms the basis for staffing and diagnostic pro-partnership), in collaboration with the Railway and Transport Work-cesses, among other things. Our internal career options were expandeders Union (Eisenbahn- und Verkehrsgewerkschaft; EVG), and theto include a third career path: DB’s “specialist” career path, offeringsocial security fund, offers integration-related services to supple-

internal, high-caliber employees with specialist expertise development

ment professional qualification programs for people with a refugee

opportunities.

and migration background.
◊Key elements of our talent management are easy access for em-

We established the DB Youngster Community in 2022 together withployees and executives, attractive offers for orientation, networking

the BSW & EWH Foundation Family. The community helps young

and visibility for all career paths based on initiative and individuality.

talents in DB Group to network. In addition, interdisciplinary com-

The “Frau Dich!” (Woman up!) initiative also plays a role in inspiring

munity offers help people get started at work in DB Group (forand motivating women to aim for executive positions with individual

example dealing with finances, time management or optimizing

career advice for women.

the learning strategy).

90Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

GETTING (BACK) TO WORKMANAGEMENT LEVELS OF EXECUTIVES AND MEMBERS OF THE

In 2022, we further developed the product portfolio of reentry man-SUPERVISORY BOARD BY GENDER AS OF DEC 31 / NPagement to support colleagues returning to work after temporary ab-

Supervisory Board
Share of women (%)

sences. Key elements include primarily the provision of pooled infor-

Senior executives

mation to improve orientation, opportunities for communication andUpper management

opportunities. With the renegotiation of the Group employer/works

Middle management

further optimize the operational framework for work/life balance in
2022. Digital learning units primarily support executives, but also employees putting the lessons they have learned into practice. As an additional source of information to help plan family time and careers, the

20

2020

20

35.0

30.0

35.0

253

252

243

19.0

16.9

1,063

1,072

1,039

21.7

19.9

18.4

2,508

2,464

2,382

Share of women (%)

council agreement on work, family and career path, we were able to

2021

20

21.7

Share of women (%)

discussion to strengthen self-reflection, and personal development

2022

Share of women (%)

24.0

22.2

22.0

Total executives (excludingSupervisory Board)

3,824

3,788

3,664

Share of women (%)

23.2

21.3

20.7

new brochure “Dein starker Wiedereinstieg” (Your successful reentry)

Germany (companies with about 98% of domestic employees).

offers pregnant employees an overview of the tasks and deadlines they

The share of women among executives increased in 2022, demonstrat-

will come to face, helpful checklists and DB services. With JobSharing@ing our efforts to increase the number of women in management. The

DB, we have created an opportunity to be able to fill executive posi-increase in executives resulted mainly from the increased number oftions even on a part-time basis, with two executives sharing responsi-

employees.

bility for one role.

2022

2021

2020

31,34230,31229,92930 – 49 years

97,117

94,064

92,950≥ 50 years

89,006

89,64490,008

Total

217,465

214,020

212,887

EMPLOYEES BY AGE AS OF DEC 31 / NP

KNOWLEDGE TRANSFER< 30 years

In 2022, we took on the topic of knowledge transfer from the 15 employee building blocks for expansion. New working methods and worlds
require a different approach to knowledge, staff turnover can lead tothe loss of important knowledge, new colleagues need critical knowl-

Germany (companies with about 98% of domestic employees).

edge to carry out their tasks, and the increase in digitalization requires

The share of employees over 50 continues to be high (about 41%).

more knowledge for more employees. For this reason, we strengthen

EMPLOYEES WITH SEVERE DISABILITIES

those involved in the process in the application of knowledge transfer

BY AGE A S OF DEC 31 / NPformats by anchoring them in processes. On the other hand, we also
promote continuous knowledge transfer and support executives andemployees in identifying, securing and sharing knowledge in their areaof responsibility.

2022

2021

< 30 years

427

377

2020

326

30 – 49 years

2,537

2,488

2,620

≥ 50 years

9,269

9,419

9,540

Total

12,233

12,284

12,486

Germany (companies with about 98% of domestic employees). Includes employees andvocational trainees with severe disabilities or equivalent circumstances.

SECURING EMPLOYMENT
To avoid dismissals, for example, in the context of restructuring or order losses and/or changes in tasks performed by individual employees

The employment rate of severely disabled employees in Germany is 5.4%,

for an indefinite period, there is an employment guarantee at DB Group,

which is above the 5% quota required by law.

which is anchored in the collective bargaining agreement. Under the

Employment conditions | Additional information

employment guarantee, most of the affected employees are once again
directly employed within DB Group. If this is not successful, the em-

COLLECTIVE AGREEMENTS

ployees in question will move to DB JobService GmbH for an indefinite
period of time, where they will be further developed as part of a pro-

EMPLOYEES BY EMPLOYEE TYPE AS OF DEC 31 / NP

∏
2022

2021

2020

chosen field if possible at a later date.

Employees subject to collective bargaining
agreements

192,438

187,379

184,508

Transformation | Additional information

Civil servants

12,68914,70517,081

Employees on individual contracts 1)

12,338

11,936

11,298217,465

214,020

212,887

fessional reorientation process in order to be placed in a role in their

Total

DIVERSITY

Germany (companies with about 98% of domestic employees).
1)	The figures for employees on individual contracts primarily include executives, employees
paid above the wage agreement level (known as non-tariff employees) and employeeswith individual contractual agreements.

In Germany, around 221,000 employees from over 100 nations workfor DB Group and about 52,500 of them are women. The share of womenin management positions by organizational structure, including companies covered by the Act for the Equal Participation of Women and

In addition to country-specific legislation, the working conditions and

Men in Management Positions (Gesetz für die gleichberechtigte Teil-pay for our employees primarily follow the collective bargaining agree-

habe von Frauen und Männern an Führungspositionen; FüPoG II),ments that have been concluded with the respectively responsible tradestood at 27.0% at all levels as of December 31, 2022 (as of December

unions. In principle, the collective bargaining agreements apply to em-

31, 2021: 25.4%).

ployees in Germany. The activities of civil servants in DB Group are basedon statutory allocation under Article 2, Section 12 of the Rail Restructuring Act (Eisenbahnneuordnungsgesetz). The same collective wage

91

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional informationagreement provisions within DB Group therefore apply on this basis to

AND WORKING HOURS 

AGREEMENTS A S OF DEC 31 / NP

Employees with collective
wage agreements
Share (%)

2021

absolute%

2020

218,705+ 2,638+ 1.2

217,028

Full-time

196,677

195,127+ 1,550+ 0.8

193,844

Part-time

24,66623,578+ 1,088+ 4.6

23,18482,22088,486– 6,266– 7.1

89,990Full-time

74,89279,518– 4,626– 5.8

80,550Part-time

7,328

8,968

– 1,640– 18.39,440

18,05517,021+ 1,034+ 6.1

16,806
16,698Germany
Change2022

2021

absolute%

2020

205,110202,059+ 3,051+ 1.5

201,555

94.3

94.4

– 0.1

–

94.7

Europe (excluding Germany)

Asia/PacificGermany (companies with about 98% of domestic employees).

The share of employees subject to collective bargaining agreements
remains virtually unchanged at a very high level.

SOCIAL AND FRINGE BENEFITS
DB Group offers all employees fair, performance-based and non-dis-

criminatory pay, which is reviewed on a regular basis. In addition to

Full-time

17,983

16,923+ 1,060+ 6.3

Part-time

72

98

– 26

– 26.5

108

North America

11,523

9,311+ 2,212+ 23.89,163

Full-time

11,4709,289+ 2,181+ 23.5

9,129

Part-time

53

22

+ 31

+ 141

34

Rest of world

3,743

3,467

+ 276

+ 8.0

3,291

Full-time

3,704

3,423

+ 281

+ 8.2

3,254

Part-time

39

44

–5

– 11.437

336,884

336,990– 106–

336,278

Full-time

304,725

304,280

+ 445

+ 0.1

303,474

Part-time

32,15932,710

– 551

– 1.7

32,803

DB Group

offering compensation, an employer-financed company pension
scheme and support for private provision, we also offer a wide rangeof social and fringe benefits. The social partners (Bahn-Sozialwerk,
Bahn-Betriebskasse, Verband Deutscher Eisenbahner Sportvereine,

AND TYPE OF CONTRACT

for our employees. In cooperation with the foundation family, we of-

AS OF DEC 31 / NP

fer our employees a range of childcare options and extensive support

2022

2021

2020

Total

2,631

2,416

2,232

still well below the pre-Covid-19 level.

thereof womenPart-time
thereof women
Total

%

2020

+ 2,638+ 1.2

217,028

Permanent

211,842

209,221+ 2,621+ 1.3

206,970

Fixed-term

9,501

9,484

+ 17

+ 0.2

10,05882,22088,486– 6,266– 7.1

89,990

Permanent

77,45581,295– 3,840– 4.7

83,166

Fixed-term

4,765

7,191

– 2,426– 33.7

6,824

18,05517,021+ 1,034+ 6.1

16,806

Permanent

13,15913,049

+ 110

+ 0.8

12,679Fixed-term

4,896

3,972

+ 924

+ 23.3

4,127

11,523

9,311+ 2,212+ 23.8

9,163

Permanent

11,467

9,288+ 2,179+ 23.5

9,155

Fixed-term

56

23

+ 33

+ 143

8

3,743

3,467

+ 276

+ 8.0

3,291

Permanent

3,382

3,159

+ 223

+ 7.1

3,004

Fixed-term

361

308

+ 53

+ 17.2287

336,884

336,990– 106–

336,278

Permanent

317,306

316,012+ 1,294+ 0.4

314,975

Fixed-term

19,57820,978– 1,400– 6.7

21,303

North America

The number of external temporary workers increased slightly, but is

Full-time

absolute

Asia/PacificGermany (companies with approximately 99% of domestic employees).

A S OF DEC 31 / NP

2021

218,705

Europe (excluding Germany)

Work-life balance

EMPLOYEES BY WORKING HOURS AND GENDER

2022

221,343

Germany

in caring for family members.

EXTERNAL TEMPORARY WORKERS AS OF DEC 31 / NP

Rest of world
2022

2021

2020

304,725

304,280

303,474

67,89165,893‒32,15932,71032,803

16,456

16,461‒

336,884

336,990336,278

ChangeEMPLOYEES BY REGION

DEVK-Versicherungen and Sparda-Banken) offer benefits packages

∏

2022

221,343

AS OF DEC 31 / NP

do not conflict with this.
EMPLOYEES WITH COLLECTIVE

ChangeEMPLOYEES BY REGION

civil servants, insofar as the legal regulations governing civil servants

DB Group

Executive employees and employees not coveredby collective wage agreements

DB Group offers various part-time models. This supports a better balance

The variable compensation of executives, employees under collective

between career and family.

bargaining agreements and those not employed under collective bargaining agreements is geared towards the Strong Rail targetsµ 51 ff. Vari-EMPLOYEES BY CONTRACT TYPE AS OF DEC 31 / NP

Permanent
thereof women
Fixed-term
thereof women
Total

2022

2021

2020

able remuneration is based on a set of key figures consisting of key

317,306

316,012314,975

77,97275,949‒qualitative and quantitative indicators, such as customer satisfaction,

19,57820,97821,303

6,375

6,405

‒

336,884

336,990336,278

punctuality, employee satisfaction, women in management, EBIT and –depending on the contract level – personal performance or the reduction of CO₂e emissions.
◊

To improve work-life balance, executives and employees not sub-The share of employees with permanent employment contracts remained

ject to collective wage agreements are able to take a sabbatical.

very high at about 94% (in Germany: around 96%).

We also support the provision of part-time executive employment
and interim management.
◊

The “Special semi-retirement for executives in DB Group” programis intended to reduce executives’ individual workload while maintaining the employability of older executives until the statutory
retirement age.

◊

Employer-financed contributions to the company pension plan areused to ensure post-employment benefits for executives and employees not subject to collective wage agreements.

92†Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information◊

The BahnCard and car-sharing services offer executives an envi-

For example, in the “Occupational health and safety in DB Group”

ronmentally friendly alternative to a company car.

guidelines, the design of a management system including setting up
an occupational health and safety committee (ASA) is required for each

Measures against discrimination

DB company. In contrast, the “Risk assessment” guideline describes

We are committed to a working environment that is free from discrim-

the fact that a risk assessment must be carried out and documented,

ination, bullying and sexual harassment. Every incident is dealt withtaking into account the SAP EH&S IT application in order to ensure thespecifically and individually in order to ensure the correct course ofhealth and safety of employees. The documented risk assessment mustaction and to support those affected in a trusting manner. Capablebe checked regularly and as necessary (for example changes to work-

assistance for clarifying and handling conflict situations is available

flows). The previous measures (for example employee training) arefrom the intra-Group ombudsperson for all employees, in addition todefined or updated in accordance with a predefined procedure for de-

the rules in the Group Employer/Works Council Agreements (Konzern­

termining and assessing risks (including one-sided dynamic work withbetriebsvereinbarung; KBV), such as the KBV for equal treatment andincorrect loads, electric shock, stress and noise pollution). In addition,

protection against discrimination, the KBV for inclusion or the frame-framework guide­­­lines are in place to flesh out the Ordinance on Preven-work KBV for balancing work, family and life stage, as well as directives

tive Occupational Healthcare. In addition to the provisions on compul-

such as those on the Federal General Act on Equal Treatment (Allge-

sory and optional provision of preventive healthcare, all employees

meines Gleichheitsbehandlungsgesetz) and on company integration

may, in accordance with the framework guidelines on occupational

management, or compliance directives. The focus in all this is on non-healthcare, propose the provision of optional healthcare at any time ifbureaucratic and independent extrajudicial settlement of conflicts.

they fear a (negative) interaction between work and their health. The

The ombudsperson coordinates the intra-Group pool of mediators. In

use of contractors and temporary workers (including the instruction

addition, the topics of avoiding unconscious bias and dealing withof external persons by the external firm, the provider or hirer of tem-

discrimination are anchored in the training offered by the DB Execu-

porary workers) is dealt with by the “Occupational health and safety

tive Academy.

when using contractors and temporary workers.” Regular testing ofelectrical systems and equipment is ensured by the “Work on or near

Inclusion and reintegration measureselectrical systems and operating equipment” framework guidelines.

Preventive operational integration management, based on a legal frame-

In addition, measures to improve the quality of preventive occu-

work, is supplemented by two additional procedures contained in thepational health and safety for the Integrated Rail System in the sense

framework guidelines. Based on the collective bargaining agreement,of zero accident were further developed in the occupational health andcompany integration management and the procedures in the case ofsafety working group. Learning governance was tested together withtemporary non-suitability govern the continued employment of em-

the Learning@DB project to set up Group-wide portfolio management

ployees with permanent or limited impairments to their ability to work.

for qualifications for employer obligations. The subsequent bundling

Our principles for the successful inclusion of employees with disabilitiesof training measures and the development of a learning offer for theare anchored in the Group works council agreement (KBV) on inclusion.

Integrated Rail System improves quality, increases the awareness of

We also record our measures to promote inclusion in the Rail Action

responsible persons with employer obligations and provides greater

Plan and thus implement the concerns of the National Action Plan andtransparency in DB Group’s learning environment through a modern

the UN Convention on the Rights of Persons with Disabilities.

culture of learning.

O C C U PAT I O N A L S A F E T Y A N D H E A LT H M A N A G E M E N T

has, for the Integrated Rail System, the strategic objective of ensuring

To help combat the Covid-19 pandemic, we have set up our own vacci-“no work accidents or work-related illnesses.” The top priority is to avoid

nation centers and are also offered vaccinations through our occupa-

fatal and severe occupational accidents and occupational illnesses. If

tional medical service. A total of 35,000 vaccinations have been carrieda fatal or severe occupational accident nevertheless occurs, we coop-out in ten DB vaccination centers and 20 other ias AG occupational

erate closely with the competent authorities and do everything possi-

medical service facilities as of year-end 2022. Following an EU-wide

ble to prevent similar causes of accidents in future. We are represented

tender, the occupational medical service contract has been awarded toin the Zero Accident Forum of the German Statutory Accident Insurance’s

four service providers. The capacity and resource management of theInstitute for Occupational Health and Safety (Institut für Arbeitsschutz

occupational medical service providers is being digitalized as part ofder Deutschen Gesetzlichen Unfallversicherung; IFA). The forum is a

this realignment, thereby playing a part in the design of a modern oc-

network of companies that enables them to learn from one other so

cupational safety and health management framework. A significant

that they can reduce the number of accidents at work, including com-milestone has been reached with the introduction of an IT platform thatmuting accidents, to zero.

The joint zero-accident occupational health and safety strategy

links the occupational medical service, occupational health and safety,
accident management and hazardous substance management.

SICKNESS RATE BASED ON HOURS / %Our occupational health and safety policy is designed to continu-

2022

2021

2020

7.2

5.7

6.0

DB Long-Distance

7.8

6.0

5.8

DB Regional

8.9

7.5

7.6

DB Cargo

8.1

6.7

6.4

DB Netze Track

6.2

4.9

5.0

DB Netze Stations

6.9

5.2

5.5

DB Netze Energy

4.6

3.3

3.4

DB-Group

ously decrease the number and severity of accidents. In 2022, the planned
adjustments were made to the framework guidelines on occupational
health and safety. The binding standards in the framework guidelines
on occupational health and safety are defined in the Group directive onrisk minimization, which is contained in the management handbook.
The framework guidelines on occupational health and safety flesh out
the key company obligations that are specified in accordance with sections 1–13 of the German Occupational Health and Safety Act (ArbSchG).

Other

6.7

5.2

5.4

DB Schenker

6.2

5.4

8.1

Germany (companies with about 98% of domestic employees).

93Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

Number of employees and employee structure |A strong wave of colds and flu, both at the beginning and end of 2022,

as well as the Covid-19 pandemic, also led to high non-attendance in

Additional information

DB Group in 2022. In addition, the added burden on our employees dueto the 9-Euro-Ticket led to a very high sickness rate.
OCCUPATIONAL ACCIDENTS AND LTIF

2022

2021

2020

7

4

6

7

4

2

22.9

21.8

21.5

Fatal accidents 1)
thereof in Germany 2)
Lost time injury frequency (LTIF) 2), 3)

ChangeEMPLOYEES A S OF DEC 31 / NP

	Worldwide (companies with about 98% of employees).
2)	Germany (companies with about 98% of domestic employees).
3)	Lost time injury frequency = LTIF (work accidents that cause the employee to be absent
for longer than one calendar day) 1,000,000/working hours.
1)Compliance with internal standards and national laws serve to protect

2022

2021

absolute%

2020

DB Long-Distance

20,206

19,836

+ 370

+ 1.9

19,873

DB Regional

39,86239,333

+ 529

+ 1.3

39,299DB Cargo 1)

31,75531,338

+ 417

+ 1.3

30,586

DB Netze Track

54,11852,756+ 1,362+ 2.6

51,714

DB Netze Stations

7,381

7,161

+ 220

+ 3.1

6,864

DB Netze Energy

2,024

1,968

+ 56

+ 2.8

1,928

Other

62,74060,978+ 1,762+ 2.9

60,589Integrated Rail System 1)

218,086

213,370+ 4,716+ 2.2

210,853

DB Arriva

39,912

46,031– 6,119– 13.3

48,796

DB Schenker 1)

78,886

77,589+ 1,297+ 1.7

76,629336,884

336,990– 106–

336,278

employees. Safe work and healthy employees make an important con-

DB Group

tribution here. Digital events and active communication measures on1)	Figures for 2021 adjusted due to the intra-Group reallocation of the FLS business areaµ 130.

the topic of occupational health and safety were implemented to achieve
the goal of raising awareness about safety and personal responsibility.

As of December 31, 2022, the number of employeesµ 89 was almost stable.

We are continuously working to optimize safety. With lost time injury

NEW HIRES

frequency (LTIF), we have established an indicator to aid us in further
reducing the frequency of accidents.
Fatal work accidents occurred in 2022 at DB Railway Construction

NEW HIRES BY GENDER (EXCLUDING YOUNG TALENTS)

Group, DB Cargo, DB Track Services, DB Regional Bus and DB Services(previous year: DB Netze Track and DB Schenker). Fatal workplace ac-

AS OF DEC 31 / NP

2022

2021

2020

< 30 years

8,247

7,161

8,247

Share of women (%)

cidents at DB Group are systematically investigated in the affected

30 – 49 years

business units, and any possible process-related improvements and

30.7

30.5

29.3

10,528

8,892

10,600Share of women (%)

further measures are identified and implemented.

≥ 50 years

About 65 companies in Germany are included in the LTIF calcula-

25.4

21.9

21.4

3,035

2,397

2,853

Share of women (%)

tion. A closer look at the LTIF reveals a differentiated picture, also in

DB Group

an international comparison, as all areas of activity within the DB Group

21.6

18.9

21.1

21,81018,45021,700Germany (companies with about 98% of domestic employees).
This does not include the acceptance or hiring of vocational trainees and dual-degree students.

are included in the calculation. Our goal within the scope of our occupational health and safety policy is to continuously and sustainably
reduce the LTIF. Our zero-accident measures play a role in this. We

The number of new hires in Germany increased significantly.

involve the DB companies in the Occupational Health and Safety Work-EMPLOYEE TURNOVER

ing Group, thereby promoting an overall culture of safety to ensure
the safety of our employees. The LTIF in Germany is at the same level
as in the previous year.
In 2023, we intend to drive forward new digital formats (for example to select and manage the personal protective equipment (PPE)
product range). We are working continuously to place greater empha-

EMPLOYEE TURNOVER / NP

2022

2021

2020

Retirement-related turnover

3,557

3,614

3,478

thereof women

663

694

696

Other employee turnover

13,05011,166

9,218

thereof women

sis on executives’ responsibility and their function as role models. We

Total

have therefore developed further learning opportunities for executives

2,738

2,296

1,862

16,607

14,78012,696

Germany (companies with about 98% of domestic employees).

as part of the occupational health and safety strategy for the Integrated
Rail System.

The figures indicate non-restructuring-related turnover of permanent
employees. Part-time working in the lead-up to retirement is also in-

Occupational health and safety committees at DB Groupcluded in retirement-related employee turnover.

In Germany, companies (production facilities, branches, works council

EMPLOYEE TURNOVER / %voting areas (Wahlbetriebe)) with 20 employees or more are legallyrequired to have an occupational health and safety committee (Arbeits­schutzausschuss). In DB Group, more than 75% of employees are represented on occupational health and safety committees.

2022

2021

2020

Retirement-related turnover

1.6

1.7

1.6

thereof women

1.3

1.4

1.4

Other employee turnover

5.8

5.1

4.3

thereof women
Total

5.3

4.6

3.8

7.4

6.8

5.9

Germany (companies with about 98% of domestic employees).

The figures indicate non-restructuring-related turnover of permanent
employees. Part-time working in the lead-up to retirement is also included in retirement-related employee turnover.
The increase in staff turnover is mainly due to employee-initiatedturnover. This is shown by the increased flexibility on the labor market
and the shortage of skilled labor.

94

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

BUSINESS DEVELOPMENT
Overview of key figures

95

Business environment

97

Income situation

98

Financial position

101
103

Key economic performance indicators
105

Asset situation

110

Procurement

Overview of key figures
ECONOMICREVENUES ADJUSTED / € billion

EBIT ADJUSTED / € million

2022
2021
2020
2019

39.9

56.3

47.3
44.4

ROCE / %

2027
2022
2021
2020 – 7.0
2019

2022
2021
2020 – 2,903
2019

Target: ≥6.0

– 3.6

2027
2022
2021
2020
2019

4.3

GROSS CAPITAL EXPENDITURES / € billion

2022
2021
2020
2019

14.4

15.4
15.4

> 17

13.1

4.3

15.3

2022
2021
2020
2019

NET FINANCIAL DEBT AS OF DEC 31 / € billion 

5.6

5.9

6.3

6.8

EQUITY RATIO AS OF DEC 31 / %

24.2

Short/mid-term target

0.8

Target: ≥20

NET CAPITAL EXPENDITURES / € billion

13.1

2022
2021
2020
2019

1,837

REDEMPTION COVERAGE / %

~6

2.8

1,253

– 1,55228.8
 29.1
29.3

2022
2021
2020
2019

Long-term target

95

11.1

14.8

19.2

22.7

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

OVERVIEW

Total revenues
ChangeREVENUES ADJUSTED / € million

2022

2021

absolute

DB Long-Distance
DB Regional

4,980

2,911

9,039

8,043

DB Cargo 1)

5,244

4,982

DB Netze Track

6,266

5,984

DB Netze Stations

1,384

1,285

DB Netze Energy

4,200

Other

√

External revenues
Change
%

2019

2022

2021

absolute%+ 2,069+ 71.1

4,985

+ 996

+ 12.4

8,945

+ 262

+ 5.3

+ 282

+ 4.7

+ 99

3,366

+ 834

2019

4,845

2,792

+ 2,053+ 73.5

4,824

8,921

7,929

+ 992

+ 12.5

8,830

4,449

4,998

4,713

+ 285

+ 6.0

4,188

5,652

2,035

1,975

+ 60

+ 3.0

1,687

+ 7.7

1,339

593

520

+ 73

+ 14.0590+ 24.8

2,812

2,451

1,808

+ 643

+ 35.6

1,308
581

6,123

5,685

+ 438

+ 7.7

5,192

696

593

+ 103

+ 17.4

Consolidation Integrated Rail System 1)– 12,576– 11,777

– 799

+ 6.8

– 11,154

–

–

–

–

–

Integrated Rail System 1)

24,66020,479+ 4,181+ 20.422,22024,53920,330+ 4,209+ 20.722,008DB Arriva

4,214

4,069

+ 145

+ 3.6

5,410

4,212

4,067

+ 145

+ 3.6

5,405

DB Schenker 1)

27,60422,939+ 4,665+ 20.317,091

27,54522,853+ 4,692+ 20.517,018

Consolidation other 1)
DB Group

– 182

– 237

+ 55

– 23.2

– 290

–

–

–

–

–

56,29647,250+ 9,046+ 19.144,431

56,29647,250+ 9,046+ 19.144,431

EBITDA adjusted

ChangeOPERATING PROFIT FIGURES / € million

2022

2021

absolute

DB Long-Distance389– 1,434+ 1,823

DB Regional

619

218

+ 401

√

EBIT adjusted

Change
%

2019

2022

2021

absolute

%

2019

–

789

– 39

– 1,790+ 1,751– 97.8

485

–

1,056

– 31

– 417

+ 386

– 92.6408

DB Cargo 1)

– 257

– 81

– 176

–

13

– 665

– 467

– 198

+ 42.4– 308

DB Netze Track

1,244

1,010

+ 234

+ 23.2

1,443

601

334

+ 267

+ 79.9807

DB Netze Stations

195

160

+ 35

+ 21.9

349

29

1

+ 28

–

210

DB Netze Energy

185

254

– 69

– 27.2

128

103

169

– 66

– 39.1

43

Other/consolidation Integrated Rail System 1)

– 85

– 25

– 60

–

– 162

– 598

– 545

– 53

+ 9.7

– 622

2,290

102

+ 2,188

–

3,616

– 600

– 2,715+ 2,115– 77.9

1,023

411

359

+ 52

+ 14.5

752

12

– 73

+ 85

–

289

2,512

1,826

+ 686

+ 37.6

1,082

1,841

1,234

+ 607

+ 49.2

538

–3

–

–3

–

– 14

–

2

–2

– 100

– 13

DB Group

5,210

2,287

+ 2,923

+ 128

5,436

1,253

– 1,552+ 2,805–

1,837

Margin (%)

9.3

4.8

+ 4.5

–

12.2

2.2

– 3.3

+ 5.5

–

4.1

Integrated Rail System 1)
DB Arriva
DB Schenker 1)

Consolidation other

Gross capital expenditures√

Net capital expenditures

ChangeChangeCAPITAL EXPENDITURES / € million

2022

2021

absolute

%

2019

2022

2021

absolute%

2019

DB Long-Distance

1,667

1,507

+ 160

+ 10.6

1,241

1,666

1,507

+ 159

+ 10.6

1,241

DB Regional

716

480

+ 236

+ 49.2

560

695

455

+ 240

+ 52.7548

DB Cargo

452

527

– 75

– 14.2

570

403

499

– 96

– 19.2523

DB Netze Track

8,969

9,349

– 380

– 4.1

7,441

1,738

1,738

–

–

1,055

DB Netze Stations

1,434

1,380

+ 54

+ 3.9

1,096

397

297

+ 100

+ 33.7262

DB Netze Energy

303

340

– 37

– 10.9

193

75

66

+9

+ 13.6

61

Other/consolidation Integrated Rail System 1)

611

695

– 84

– 12.1

612

604

689

– 85

– 12.3611
4,301

Integrated Rail System 1)

14,152

14,278

– 126

– 0.9

11,713

5,578

5,251

+ 327

+ 6.2

DB Arriva

255

267

– 12

– 4.5

718

226

249

– 23

– 9.2

683

DB Schenker 1)

946

842

+ 104

+ 12.4

662

946

842

+ 104

+ 12.4662

Consolidation other
DB Group

thereof investment grants

1)

–

–

–

–

–

–

–

–

–

–

15,353

15,387

– 34

– 0.2

13,093

6,750

6,342

+ 408

+ 6.4

5,646

8,603

9,045

– 442

– 4.9

7,447

–

–

–

–

–

	Figures for 2021 adjusted due to the intra-Group reallocation of the FLS business areaµ 130 .

96

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

Business environment

ENERGY MARKETSThe central hedging policy of DB Group aims to reduce energy price fluctuations. Our hedging activities noticeably
curbed the development in DB Group’s operating businessin 2022.

DEMAND FOR MOBILITY

The effects of the Covid-19 pandemic waned significantly in
2022, which had a positive impact on economic development.
At the same time, the outbreak of the war in Ukraine had anoticeable negative impact. As a result, the environmental
conditions developed to varying degrees. The demand formobility rose significantly, but was still below the preCovid-19 level. In freight transport, the increase in demand,
which was still strong at the beginning of the year, was significantly dampened from March 2022 onwards. With theoutbreak of the war in Ukraine, growth in industrial production and trade weakened, with noticeably negative effects.

Brent oil
ChangeBRENT / USD/barrel

COMPARED WITH THE PREVIOUS YEAR / %

2022

2021

2020

+ 4.5

+ 11.9

– 5.7

GDP

World

+ 3.1

+ 6.1

– 3.3

USA

+ 2.1

+ 5.9

– 2.8

China

+ 3.0

+ 8.1

+ 2.2

Japan

+ 1.3

+ 2.2

– 4.3

Europe

+ 3.3

+ 5.9

– 5.8

Eurozone

+ 3.5

+ 5.3

– 6.3

Germany

+ 1.9

+ 2.6

– 4.1

absolute%

Average price

99.0

71.0

+ 28.0+ 39.4Highest price

139.1

86.7

+ 52.4+ 60.4Lowest price

75.1

50.6

+ 24.5+ 48.4Year-end price

85.9

77.8

+ 8.1

+ 10.4

The first half of 2022 was marked by strong price markups asa result of the war in Ukraine. From mid-2022, concerns about
recession, interest rate hikes and Covid-19-related restrictions(in China, among others) significantly dampened the priceof oil again. Overall, the price of oil in 2022 has risen by 40%
on a dollar basis. This development was further exacerbated
for the Eurozone by a weak euro.
Fuel prices in Germany (+ 27%) in 2022 were driven not
only by the increase in oil prices, but also by an increase in
CO₂ taxes. Rising fuel prices strengthen the competitive situation of the railways. In 2022, however, motorized individ­­ualtransport continued to benefit from a preference for individual transport and the fuel discount from June to August.

G LO B A L T R A D E ( I N R E A L T E R M S )Trade in goods

2021

Figures are based on information and estimates available as of January 2023.
Source: Thomson Reuters

GLOBAL ECONOMY
DEVELOPMENT OF IMPORTANT MACROECONOMIC INDICATORS

2022

The data for 2020 to 2022, adjusted for price and calendar effects, are basedon information and estimates available as of February 2023.
Source: Oxford Economics

Electricity and emissions certificates

Despite numerous negative factors, the global economy
recorded slight growth in 2022. This was supported in particular by catch-up effects. Nevertheless, global growth intrade and economic output was significantly weaker than
expected, as the combination of the war in Ukraine, sharply
increased prices and regional lockdowns in China, with restrictions on global value chains, had a negative impact on
global development. In addition to Russia and Ukraine, industrialized countries in particular have been hit hardest.
In developing countries, the slump is not so significant due
to the lower share of industrial production.
The industrial sector was particularly affected by theeffects of high energy and purchase prices and disrupted
supply chains. As a result, industrial production developed
significantly worse in the second half of the year. Due tohigh inflation, the central banks have already respondedwith significant interest rate hikes. The service sector hada supportive effect, particularly in the form of an increase
in tourism, which once again increased significantly andstabilized noticeably.

Change2022

2021

absolute%

B A S E LOA D P O W E R ( F O L LO W I N G Y E A R)(€/MWH)

Average price

298.3

88.7

+ 209.6+ 236

Highest price

1,050

335.0

+ 715.0+ 213

Lowest price

108.8

47.9

+ 60.9+ 127

Year-end price

215.0

120.1

+ 94.9+ 79.0+ 51.2E M I S S I O N S C E R T I F I C AT E S ( € / T C O ₂ )Average price

81.2

53.7

+ 27.5Highest price

99.2

90.8

+ 8.4

+ 9.3

Lowest price

55.0

31.3

+ 23.7+ 75.7Year-end price

84.0

80.7

+ 3.3

+ 4.1

Figures are based on information and estimates available as of January 2023.
Source: Thomson Reuters

Prices on the futures market for electricity rose very sharply
in 2022. In addition to the prices for emissions allowances(European allowances under the European emissions trading
system), the main drivers were the sharp rise in the price of
natural gas and failures at French nuclear power plants.

97

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

Income situation◊ Effects from changes to the scope of consolidationµconsolidation
218 ff.
related to DB Schenker (€ + 227 million) and DB Netze
Track (€ + 2 million) in 2022, as well as DB Arriva (€ – 171mil­­lion) and DB Schenker (€ – 151 million) in 2021.
◊ Effects from exchange rate changes were mainly attributable to DB Schenker (€ + 818 million) and had a slightdampening effect on the increase in revenues.

Economic development improved significantly again.
Revenues significantly above pre-Covid-19 level,
operating profit significantly positive again.
The main driver is the continued very positive
development of DB Schenker and significantly lower

Revenue structure

Covid-19 impact on passenger transport.
Energy price increases were largely offset.

ADJUSTED EXTERNAL REVENUE STRUCTURE / %∏ C O M PA R A B I L I T Y W I T H T H E P R E V I O U S Y E A R
2022 again saw the income, financial and net assets situa­­tionof DB Group significantly impacted by the easing of measures
to contain the Covid-19 pandemic. The lifting of Covid-19 restrictions led to a continuation of the trend towards a recovery
in passenger transport.
Changes in the scope of consolidationµconsolidation
218 ff. did not significantly affect income and expense development in 2022.

REVENUES√REVENUES / € million

Revenues

2022

2021 absolute

%

2019

44,43056,29647,075+ 9,221+ 19.6

0

175

– 175

–

1

56,29647,250 + 9,046+ 19.144,431

thereof Integrated Rail System 1)

24,66020,479+ 4,181+ 20.422,220Changes in the scope of consolidation

– 229

– 322

+ 93

– 28.9‒Exchange rate changes

– 829

–

– 829

–

‒

Revenues comparable

55,23846,928 + 8,310+ 17.744,431

24,662

20,479+ 20.422,220Special items
Revenues adjusted

thereof Integrated Rail System 1)1)+ 4,183

2021

2019

DB Long-Distance

8.6

5.9

10.9

DB Regional

15.8

16.8

19.9

DB Cargo 1)

8.9

10.0

9.4

DB Netze Track

3.6

4.2

3.8

DB Netze Stations

1.1

1.1

1.3

DB Netze Energy

4.4

3.8

2.9

Other

1.2

1.2

1.3

Integrated Rail System 1)

43.6

43.0

49.5

DB Arriva

7.5

8.6

12.2

DB Schenker 1)

48.9

48.4

38.3

DB Group

100

100

100

1)

Change2022	Figures for 2021 adjusted due to the intra-Group reallocation of the FLS business areaµ 130.

As a result of the recovery, in particular in rail passenger transport, the revenue structure has shifted again somewhat infavor of the Integrated Rail System. DB Schenker share continues to account for almost half of Group revenues, which issignificantly above the pre-Covid-19 level.
EXTERNAL REVENUES ADJUSTED BY REGIONS / %2022 / 2021

Germany 51 / 51

	Figures for 2021 adjusted due to the intra-Group reallocation of the FLS business areaµ 130.

Europe (excluding Germany) 28 / 30
Asia/Pacific 11 / 10

The increase in revenues was broadly supported across all
business units. Freight rate development at DB Schenker had
a very significant effect. The business units in the Integrated Rail
Systemµ 112 ff. also recorded higher revenues, which also
Systemsignificantly exceeded the pre-Covid-19 level overall. The
main drivers were the recovery in demand at DB Long-Distance, higher concession fees and new transport services at
DB Regional, market-related price effects at DB Netze Energy
and growth at DB Cargo.
Revenues at DB Arriva increased mainly as a result ofCo­­vid-19 recovery effects. The sale of the activities in Sweden andPortugalµ 160 had a dampening effect.
Portugal◊ Adjustments of special items continued to be insignificant
for revenue development. In the previous year, these mainly
resulted from revenue discounts in connection with court

North America 8 / 7
Rest of world 2 / 2

ADJUSTED EXTERNAL REVENUESBY REGIONS / € million√

Change2022

2021 absolute

%

2019

Germany

29,00324,055 + 4,948+ 20.625,165

Europe (excluding Germany)

15,892

14,278+ 1,614+ 11.3

13,653

Asia/Pacific

5,983

4,957

+ 1,026+ 20.7

3,121

North America

4,417

3,180

+ 1,237+ 38.9

1,924

780

+ 221

+ 28.3568

47,250 + 9,046+ 19.144,431

Rest of world

1,001

DB Group

56,296Overall, regional revenue development was positive:◊ In Germany, in addition to the development in the Integrated Rail System, significant revenue growth at DB
Schenker also had an impact.

proceedings in infrastructure ((20212021 Integrated Reportµ
Report
51).
51
).

98

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

Transition to the adjusted statement of income◊ The positive revenue development in the other regions
was driven by the development of DB Schenker.

◊ Special issues are eliminated in the adjusted statementof income. The transition to the adjusted statement is a
two-step process: firstly, standard reclassifications arecarried out, then the figures are adjusted for individual
special items.
◊ The reclassifications essentially relate to two issues.
◊ The first issue is the reclassification of net interest
income components not related to net financial debt
and pension provisions: predominantly the compounding and discounting effects of long-term provisions(excluding pension obligations) and long-term liabilities (excluding financial debt). The non-operational
character of these components can also be seen in
the fact that their influence on net interest income
very much depends on the interest rates as of thebalance sheet date.
◊ The second significant reclassification relates to theamortization of intangible assets capitalized in thecourse of purchase price allocation (PPA) of acquisitions conducted during the assessment of long-term∏ INCOME DEVELOPMENT
Economic development was marked by the recovery in passenger transport and the strong development of our transport and logistics activities. Operating profit figures recorded
a noticeable improvement again. In passenger and rail freighttransport, however, the situation remained under pressure:◊ In the Integrated Rail System, income gains, in particular
due to the recovery in demand in passenger transportµtransport
112,, as112
well as higher concession fees and new transport services at DB Regional, exceeded additional burdens fromhigher expenses, in particular for materials (including
higher energy costs due to price increases and measures
for quality assurance) and personnel (capacity expansion and collective bargaining agreement increases).
◊ The operating profit development at DB Schenker was
once again extraordinarily strong, driven primarily by thedevelopment in air and ocean freight.
◊ DB Arriva also recorded a significant recovery in its operating profit figures.
Additional information is available in the section Developmentof business unitsµunits
112 ff.
ff.

ChangeTRANSITION TO THE ADJUSTED STATEMENT OF INCOME / € million

2022

Reclassifications

Adjustment for
specialitems

2022
adjusted

2021
adjusted

thereof
thereofscope ofconsolida- exchange
absolute tion effects rate effects%

2019
adjusted

44,431

Revenues

56,296–

056,29647,250+ 9,046

– 93

+ 829

+ 19.1Inventory changes and other internally produced and capitalized assets

4,129

–

–

4,129

3,884

+ 245

+2

–0

+ 6.3

3,166

Other operating income

4,541

–

– 446

4,095

3,722

+ 373

– 11

+5

+ 10.0

3,008

Cost of materials– 33,623––– 33,623– 28,399– 5,224

+ 46

– 588

+ 18.4– 22,259

Personnel expenses– 20,300–

137– 20,163– 19,126– 1,037

+ 37

– 121

+ 5.4

– 18,011

Other operating expenses– 5,777–253– 5,524– 5,044

– 480

–1

– 34

+ 9.5

– 4,899

EBITDA

5,266

–

– 56

5,210

2,287

+ 2,923

– 20

+ 91

+ 128

5,436

Depreciation– 3,99828

13– 3,957– 3,839

– 118

– 18

– 13

+ 3.1

– 3,599

Operating profit/loss (EBIT) | EBIT adjusted

1,268

28

– 43

1,253

– 1,552+ 2,805

– 38

+ 78

–

1,837

Net interest income | Operating interest balance

– 351

– 123

7

– 467

– 464

–3

–2

–2

+ 0.6

– 620

– 95

– 36

786

– 2,016+ 2,802

– 40

+ 76

–

1,217

Operating income after interest

917

Result from investments accounted for using the equity method |Net investment income

–5

3

–

–2

–8

+6

–

+0

– 75.0–9

Other financial result

20

120

–

140

24

+ 116

+2

– 34

–

‒72

PPA amortization customer contracts

–

– 28

–

– 28

– 39

+ 11

–

+1

– 28.2‒62

Extraordinary result

–

–

36

36

1,251

– 1,215––4– 97.1

– 393
681

932

–

–

932

– 788

+ 1,720

– 38

+ 39

–

Taxes on income

Profit/loss before taxes on income– 1,159––– 1,159– 123– 1,036

+9

– 21

–

–1

	Actual taxes on income

– 455

–

–

– 455

– 302

– 153

–

–

+ 50.7– 137

	Deferred tax burden (–)/income (+)

– 704

–

–

– 704

179

– 883

–

–

–

136

Net profit/loss for the year

– 227

–

–

– 227

– 911

+ 684

– 29

+ 18

– 75.1680

	
DB AG shareholders

– 274

–

–

– 274

– 946

+ 672

–

–

– 71.0

662

25

–

–

25

26

–1

–

–

– 3.8

5

22

–

–

22

9

+ 13

–

–

+ 144

13

Hybrid capital investors	Other shareholders (non-controlling interests)
Earnings per share (€)
Undiluted– 0.64––– 0.64– 2.20+ 1.56––– 70.9

1.54

Diluted– 0.64––– 0.64– 2.20+ 1.56––– 70.91.54

99

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

customer contracts. Existing transport contracts arean essential component of the purchase price valuation, in passenger transport in particular. In order tosafeguard the operating assessment and to preventthese contracts from being treated differently fromother contracts, these amortization components are
eliminated from the operating profit. The amount reclassified resulted mostly from acquisitions in the
DB Arriva business unit.
◊ Adjustments for special items involve issues which are
extraordinary based on the reasons for them and/or theamounts involved, and which would effect a materialchange on operating development over time. Book profits and losses from transactions with subsidiaries/financial assets are adjusted regardless of their amounts. Individual items are adjusted if they are extraordinary incharacter, can be accounted for and assessed precisely,
and are significant in volume.

◊ Personnel expenses also increased. In addition to wage
effects, the higher number of employees also impacted
the Integrated Rail System. There were additional effects
at DB Schenker from the positive development of business
operations. At DB Arriva, cost-reducing effects, includingfrom the sale of activitiesµactivities
160 were partially compensatedby measures to limit the effects of driver shortages.
◊ Other operating expenses increased due, among otherthings, to a higher demand for IT services. In addition,
among other things, another increase in travel activity
and higher rental expenses, in particular for freight carsand in connection with cross-border transport, had an
impact that increased expenses.
◊ Depreciation increased slightly due to capital expenditures.
Adjusted EBIT and adjusted EBITDA improved noticeably asa result. Adjusted EBIT was again positive.
◊ The slightly weaker operating interest balance resulted
from the development of interest rate levels. Higher ex­­pen­ses primarily in connection with pensions were largely
offset by higher interest income.
Operating income after interest also improved noticeably
and was positive again.
◊ Net investment income remained at a very low level, andthe change was mainly driven by lower losses at GHT
Mobility GmbH, and profit improvements at Aquabus BV.
◊ The significant increase in other financial result was
mainly due to positive effects from the compounding anddiscounting of provisions. This was counteracted by theeffects of hedge transactions concluded, which resulted
in an expense on balance (previous year: income) andnegative exchange rate effects.
◊ The extraordinary result declined significantly and waslargely driven by the significant reduction in the Covid-­199--

Development in the year under review

Overall, income development was very positive:
Revenuesµ 98 f. increased significantly.
◊ Revenues◊ Other operating income also increased. This was impacted, among other things, by higher income from thesale of real estate at DB Netze Track and changes in provisions. The grants were roughly at the previous year’slevel: declining effects, in particular at DB Netze Stations(previous year: support program of the German Federal
Government for the renovation of stations) and DB Arriva(primarily at UK Bus and in the Netherlands) were almost
completely compensated by higher grants at DB LongDistance (in part including Covid-19-related train-path
price support). At DB Regional, a decline in Covid-19
support services, among other things, exceeded positiveeffects, mainly from compensation payments for the
9-Euro-Ticketµ 36.
9-Euro-Ticket
Expenses also increased significantly, due in particular to thebusiness development at DB Schenker, increased energy costs
and higher personnel expenses in the Integrated Rail System,
though overall this increase was disproportionately small
compared to income:◊ Cost of materials increased noticeably, primarily due tohigher freight rates at DB Schenker. In the Integrated Rail
System, the main factors were price- and performance-related increases in expenses for energy and maintenance.
At DB Arriva, higher expenses, in particular for energy,
had a negative impact.

related­­lated train-path price support implemented ((20212021 Integrated R­ eportµ 4646)). The extraordinary effects in 2022 also resulted

primarily from restructuring measures, the revalua­tion ofprovisions and transactions with subsidiaries.

100Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

EXTRAORDINARY RESULT / € million

2022

thereofaffecting

EBIT

2021

337

337

1,826

1,826

DB Regional

0

0

2

2

DB Cargo

– 20

– 20

237

237

DB Netze Track

–9

–2

– 243

– 201

DB Netze Stations

–

–

–

–

DB Netze Energy

– 19

– 19

DB Long-Distance

Financial position

thereofaffecting

EBIT∏

A total of nine bond transactions (€ 3.1 billion).

Rating outlooks lifted again to “stable.”

I N T E R E S T R AT E E N V I R O N M E N T––

Other/consolidation
Integrated Rail System

– 90

– 90

– 639

– 639

YIELD ON TEN-YEAR FEDERAL BONDS / %Integrated Rail System

218

225

1,164

1,206

DB Arriva

– 177

– 177

1

1

Average yield

1.19– 0.31+ 1.50

DB Schenker

–6

–6

75

75

Highest yield

2.57– 0.06+ 2.63

1

1

11

11

Lowest yield– 0.19– 0.62+ 0.43Year-end yield

2.56– 0.18+ 2.74

DB Group

36

43

1,251

1,293

	thereof reimbursementsof train-path prices

Consolidation other

316

316

2,098

2,098

	thereof depreciation of assets
held for sale

– 198

– 198

–

–

	thereof restructuring measures

– 89

– 89

– 133

– 133

	thereof additions to provisions
for environmental burdens

–

–

– 515

– 515

With sharp increases in inflation rates, the world’s leading
central banks significantly tightened their interest rate policy
in 2022. The European Central Bank has increased its mainrefinancing rate from 0.0% to 2.5%. In addition, the central
banks began to phase out the various bond purchase programs, which led to a decline in demand for bond issues. As
a result and due to inflation expectations, capital market
yields rose sharply. As a result of significantly stronger movements in the short-term range, yields for short and medium-term bonds were above those for long-term euro bonds.

FINANCIAL MANAGEMENT SYSTEMFINANCIAL INSTRUMENTS AS OF DEC 31/ € billion

D E V I AT I O N S F R O M T H E F O R E C A S T
2022(Jul 2022
forecast)

2022

> 54

56.3

2022 FINANCIAL YEAR

2021

2022
(Mar 2022
forecast)

Revenues adjusted (€ billion)

47.3

> 48

EBIT adjusted (€ billion)

– 1.6

>0

>1

1.3

ROCE (%)

– 3.6

>0

~2

2.8

4.3

q

~10

13.1

Debt coverage (%)

2021

Source: Thomson Reuters

Profit before taxes on income was also positive again. However, the development of the income tax position had a verysignificant impact on development:◊ Actual income taxes rose due to higher results for someforeign Group companies (primarily at DB Schenker).
◊ The high deferred tax expenditure (previous year: deferred
tax income) resulted from changes in estimates regarding
the future use of loss carry-forwards (due among otherthings to expected high burdens on profits) at DB AG. Using a shorter planning horizon also increased expenses.
The net loss for the year (loss after income taxes) recovered
noticeably, but remained negative.

OUTLOOK FOR THE

2022

Change(percentage
points)Volume2022

thereof Utilization
rate
utilized

Volume2021

thereofutilized

Utilization
rate

European debt
issuance program

35.0

27.9

80%

35.0

26.4

75%

Australian debt
issuance program(AUD 5 billion)

3.2

0.9

28%

3.2

0.9

28%

Multi-currency
commercial
paper program

3.0

–

–

3.0

–

–

Guaranteed
credit facilities

2.0

–

–

2.6

0.5

19%

In addition to sustainably increasing the enterprise value,
the financial management of DB Group also aims to maintaina capital structure that is appropriate for ensuring a very
good credit rating.
DB AG contains DB Group’s Treasury center. Before obtaining funds from external sources, we first conduct intra-Group financing transactions. When borrowing externalfunds, DB AG takes out short-term loans in its own name,whereas long-term capital is generally obtained through theGroupʼs financing company, Deutsche Bahn Finance GmbH(DB Finance).

q above previous year’s figure
e at previous year’s levelw	  below previous year’s figure

Overall, the development of the income situation was somewhat better than we had forecast in the Integrated Interim
Report January–June 2022. The business development of DB
Schenker in particular was even better than expected, as aresult, among other things, of the development of the market environment. As a result, revenues and operating profit
rose somewhat more strongly than assumed.

101

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

The funds are passed on to the Group companies as shortterm credit lines, which can be utilized as part of cash pooling on internal current accounts and/or through fixed shortterm credit, or in the form of long-term loans at risk-adjusted
conditions. Further advantages of this concept arise fromthe consolidation of our know-how, realized synergy effects
and minimized refinancing costs.

◊ In addition, as of December 31, 2022, we were able to rely
on credit lines of € 2.6 billion for the operating business(as of December 31, 2021: € 2.5 billion). These credit lines
are made available to our subsidiaries around the world
and include provisions for financing working capital aswell as sureties for payment.

Bond issues

Sale and leaseback contracts are also concluded for the financing of rolling stock in regional rail passenger transport.
In the timetable change in December 2022, three transport
contracts went into operation (a total of 36 electric traction
units and five diesel vehicles) based on a sale and leaseback
contract.

Rolling stock financing

DB Group has a European debt issuance program (EDIP) andan Australian debt issuance program (Kangaroo Program)available for long-term debt financing. Nine senior bonds
were issued under the EDIP in 2022 (total volume: € 3.1 billion) and four senior bonds (total volume: € 1.6 billion) were
repaid. The funds were raised to refinance liabilities fallingdue and for ongoing general Group financing. All proceedsfrom senior bonds not issued in euros were converted into
euros. In 2022, demand for our bonds came primarily frominstitutional investors in Europe and Asia.

ISIN

IssuerDB

XS2434704123

Finance

XS2445114734 1)

Finance

XS2451376219
XS2484327999
XS2526829531
CH1204259811
XS2532383051
XS2541394750
CH1228838129
1)

DB

DB

FinanceDB

FinanceDB

FinanceDB

FinanceDB

FinanceDB

FinanceDB

Finance

Currency

Volume(million)

Volume(€ million)

AUD

300

191

EUR

200

200

EUR
EUR
SEK
CHF
NOK
EUR
CHF

750
900
550
300
500
500
150

750
900
52
308
51
500
151

Coupon(%) Maturity

Term(years)

3.350

Jan
2042

20.0

0.791

Feb
2027

5.0

1.375

Mar
2034

12.0

1.875

May
2030

8.0

3.511

Aug
2040

18.0

1.950

Sep
2032

10.0

4.370

Sep
2034

12.0

4.875

Oct
2042

20.0

2.285

Nov
2042

20.0

C R E D I T R AT I N G S
Ratings

DB AG CREDIT RATINGS

First
issuedLastpublished

ShorttermLongterm

Outlook

S&P Global Ratings

May 16,2000

Jul 29,
2022

A–1+

AA–

stableMoody’s

May 16,2000

Jan 31,
2023

P–1

Aa1

stable

The creditworthiness of DB Group is constantly monitored
and assessed by the rating agencies S&P Global Ratings(S&P) and Moody’s. Credit ratings provide an independent,
up-to-date assessment of a company’s creditworthiness.
Due to the ownership structure of DB AG, the approachesof the rating agencies take into account not only the quantitative and qualitative analysis of DB Group, but also anassessment of the relationship with our owner, the Federal
Government, and the potential support possibilities for
DB AG by the Federal Government. This means that the ratings given to the Federal Government are also significant
for the ratings given to DB AG.
In 2022, S&P confirmed the ratings of DB AG and raised
the outlook from “negative” to “stable,” due in part to therecovery in demand and the continued strong support fromthe Federal Government. Moody’s also confirmed the ratingsgiven to DB AG in 2022, and raised the outlook from “negative” back to “stable,” due in part to the expectation that therecovery from the consequences of the Covid-19 pandemic
will continue.
Additional information on the subject of ratings
ratings∞ andthe rating agencies’ full analyses of DB AG are available on
our Investor Relations Web site.

	Private placement.

Other financial instruments◊ In the area of short-term debt financing, we still have amulti-currency commercial paper program available tous. As of December 31, 2022, the program was not in use.
◊ As of December 31, 2022, we also had guaranteed credit
facilities with a residual term of up to two years. As of
December 31, 2022, all credit lines agreed for the interim
financing of the partial compensation for damages inconnection with the Covid-19 pandemic planned by theFederal Government had expired (as of December 31,
2021: € 0.5 billion).

102

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information∏ Key economic performance indicators

an ROCE whose multi-year average reaches the target
value, ensuring that the cost of capital is covered. ThisROCE target corresponds to the minimum required rateof return (MRR). The different business characteristics
result in different target values for our activities in passenger transport, in logistics and in rail freight transport
as well as in infrastructure. Since 2022, the cost of capitaland therefore also the expected return in the infrastructure business units have been based on the capital costs
approved by the Federal Network Agency. The derived
target value of the Integrated Rail System is based on thevalue-weighted return expectations for the allocated business units. The operating business is always controlled
before taxes and, accordingly, the reporting of key figures
is based mainly on pre-tax figures.
◊ Financial stability is an essential component for sustainable economic activity. For DB Group with its asset-intensive business, it is essential that it has access to the capital market under good conditions at all times. A major
objective is therefore to achieve adequate key debt ratios.
Our key figure for managing indebtedness is debt covercoverageµ 105
age105.. The target value is derived from credit rating
key figures and annual benchmarking with comparable
companies with an excellent credit rating.

The development of operating profit led to an
improvement in ROCE and debt coverage.

VALUE MANAGEMENT TARGETS / %ROCE

Redemption
coverage

DB Group

≥ 6.0

≥ 20

Integrated Rail System

≥ 5.4

≥ 15

Transport operators (Integrated Rail System), DB Arriva, DB Schenker≥ 11.0‒‒≥ 15

DB Netze Track

3.41

‒

DB Netze Stations

3.55

‒

DB Netze Energy 1)

5.50

‒

Infrastructure1)	Calculated using a capital asset pricing model (CAPM), as the Federal Network Agency has
not set any weighted cost of capital (WACC), but system-specific costs of equity.

In 2022, the ROCE targets for DB Group and the Integrated
Rail System were adjusted:
rates
101,, together with increased101◊ The increase in interest ratesµcapital market yields, led to higher cost of capital andtherefore an increase in the target returns for the transport operators in the Integrated Rail System, DB Arriva
and DB Schenker.
◊ Since 2022, the cost of capital (before taxes) approved by
the Federal Network Agency have been the target ROCE
for the regulated infrastructure business units.
At DB Group, profitability is a material requirement for finan­cing capital expenditures in our core business, further developing our businesses and seizing opportunities for future
growth.
In the context of our value management, we intend to
manage DB Groupʼs enterprise value over the long term suchthat we can finance capital expenditures in our core business.
DB Group’s financial leadership and management – and therefore also monitoring the success of our economic targets – iscarried out via a value management system based on key
performance indicators. The results are an important factor
for our strategic approach, our capital expenditure decisions
and employee and management remuneration.
◊ Profitability as an overarching target in value management aims to ensure a long-term reasonable rate of return
over several economic cycles. On the basis of market values, we calculate the annual cost of capitalµcapital
104 f. as aweighted average from risk-adequate market returns onequity and debt capital. The actual yield, the return on
capital employed (ROCE) is calculated as the ratio of operating profit before interest and taxes (EBIT adjusted)
to capital employed. The ROCE target is set higher thanthe cost of capital. The long-term objective is to achieve

ROCE√

ChangeROCE

EBIT adjusted (€ million)	Capital employed as of Dec 31 (€ million)
ROCE (%)

2022

2021 absolute

%

2019

1,253

– 1,552 + 2,805

–

1,837

45,28943,020 + 2,269+ 5.3

42,999

–

4.3

2.8

– 3.6

+ 6.4

ROCE increased noticeably as a result of the improvement inadjusted EBIT. The growth in capital employed resulted mainly
from the increase in property, plant and equipmentµequipment
108 f.
f.
YIELD SPREAD / %ROCECost of capital (pre-tax WACC 1))
Spread (percentage points)
1)

2023

2022

2021

2020

–

2.8

– 3.6

– 7.0

2019

4.3

6.0

6.2

6.2

5.9

6.4

–

– 3.4

– 9.8

– 12.9– 2.1

	Each value taken at the beginning of the year.

In 2022, the negative spread between ROCE and the cost ofcapital decreased further. The shortfall is mainly due to thepersistently tense, albeit significantly improved, profit situation in the Integrated Rail System.

103

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional informationC A P I TA L E M P L O Y E D

C O S T O F C A P I TA L

The cost of capital is updated annually to take account ofchanges in market parameters. We take the long-term focusof the controlling concept into consideration and balanceout short-term fluctuations. In 2022, the cost of capital for
DB Group fell slightly before and after taxes, driven by the
infrastructure.
We calculate DB Group’s cost of capital as a weighted
average interest rate of equity, hybrid capital, net financial
debt and pension obligations. Determined annually, this reflects current capital market parameters, the prevailing tax
framework and the value share of methods used to financecapital employed.
When determining the company-independent capital
market parameters, market risk premium and risk-free interest rate, short-term fluctuations in debt and equity market
returns are smoothed out in line with the long-term focus of

ChangeCAPITAL EMPLOYED AS OF DEC 31 / € million

Capital employed
thereof property, plant and equipment

2022

2021 absolute

%

2019

45,28952,26843,020 + 2,269+ 5.3

42,99950,100+ 4.3

46,591+ 2,168

Capital employedµemployed
220 f. equates to the assets deemed necessary for business and subject to the cost of capital, as derived
from the balance sheet. The growth in capital employed resulted mainly from a capital expenditure-related increase inproperty, plant and equipment in the Integrated Rail System.
Higher receivables and other assets were compensated by
the increase in miscellaneous and other liabilities.

DETERMINING COST OF CAPITAL
Capital market parameters
Unlevered Levered
0.38
0.79
0.59
1.22
Beta
0.85
1.76
0.32
0.66

Cost of capital

EquityTax factor
7.9
11.6
16.2
6.8

Cost of capital (WACC)
1.44
1.44
1.44
1.44

Market risk premium 8.5

Credit spread

3.2
3.7
3.7
3.2

1.04
1.04
1.04
1.04

1.2

1.00
1.50
1.50
1.00

11.4
16.7
23.3
9.8

Weighting 1)40.4

Hybrid capital

Risk-free interest

EquityDebt capital

2.2
2.7
2.7
2.2

1.04
1.04
1.04
1.04

Hybrid capital

3.3
3.8
3.8
3.3

Passenger transport
Freight transport and logistics
Integrated Rail System
1)	Impact of capital structure is reflected only in the tax
shield; because DB Group is a consolidated tax group,
the capital structure of DB Group is used. Individual
figures are rounded and therefore may not add up.
As of December 31, 2022 (%).

1.00
1.00
1.00
1.00

Tax shield

100 –30.5

2.3
2.8
2.8
2.3

WACC
after taxes

4.2
5.9
7.7
3.7

Net financial debt

Pensionobligations

2.2
2.7
2.7
2.2

Weighting 1)5.4

104

6.0
8.4
11.1
5.4

Weighting 1)3.4

Weighting 1)50.8

DB Group

Pre-tax WACC

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

Asset situation

our value management concept. The parameters are determined on the basis of the yields on long-term German Federal
bonds as well as the long-term average returns of the German
DAX equity index. The parameters used are also validated on
the basis of up-to-date recommendations given by well-known
valuation experts. The company-dependent capital market
parameters, beta and credit spread, measure the risk of ourdebt and equity financing in comparison with alternative forms
of investment. Beta reflects the risk of equity capital relative
to the risks of the equity markets. The determination is basedon comparable international companies at business unit level.
The credit spread corresponds to DB Groupʼs current issue
costs relative to German Federal bonds (term of 12 years).
The credit spread for transport and logistics is determinedin line with market conditions, using the current capital market data of companies with comparable creditworthiness.
Tax factors are calculated using a taxation rate of 30.5%.
The tax factor for net financial debt reflects the trade tax
applied to fixed debt interest to be credited. The taxes remaining after this are fully allocated to cost of equity. The
weighting of forms of financing is based on market values.
Net financial debt and pension obligations are valued at theircarrying amounts. Equity weighting is based on recognizedbusiness valuation methods.
The weighting of forms of financing is standardized, as
the tax shield resulting from the tax-deductible status of debt
interest arises, as a rule, from the fact that DB Group is a
consolidated tax group.

Net financial debt fell slightly compared with theend of the previous year.
Infrastructure and vehicle capital expenditures inGermany remained at a high level.
Equity ratio improved.

S TAT E M E N T O F C A S H F L O W S
SUMMARY STATEMENTOF CASH FLOWS / € million

Cash flow fromoperating activities

Change2022

2021 absolute

EBITDA adjusted

5,210

2,287

+ 2,923

%

2019

+ 128

5,436
– 620

Operating interest balance

– 467

– 464

–3

+ 0.6

	Original tax expenses

– 455

– 302

– 153

+ 50.7– 137

Operating cash flow after taxes

4,288

1,521

+ 2,767–

4,679

Net financial debt as of Dec 31

28,827

29,107

– 280

– 1.0

24,175

	Pension obligations as of Dec 31

2,970

5,031

– 2,061– 41.05,354

Hybrid capital 1) as of Dec 31

1,001

1,001

–

–

999

	Net debt as of December 31

32,79835,139– 2,341– 6.7

30,528

13.1

4.3

+ 8.8

–

15.3

Debt coverage (%)1)√

Change2022

2021 absolute

%

2019

5,644

3,900

+ 1,744+ 44.7

3,278

Cash flow from investing activities– 6,600– 5,116– 1,484+ 29.0– 3,853

Cash flow from financing activities

1,561

2,309

– 748

– 32.4993

Net change in cash and cash equivalents

547

1,180

– 633

– 53.6449

Cash and cash equivalents as of Dec 31

5,138

4,591

+ 547

+ 11.93,993◊ The very significant increase in cash flow from operating
activities was mainly due to the improved profit developdevelopmentµ 99 ff
ment
ff.. Negative working capital effects had a partially offsetting effect.
◊ The increase in cash outflow from investing activities
resulted mainly from higher net capital expendituresµexpenditures
106 ff.
ff.
Increased payments for the acquisition of companies
companiesµ 219
and for investments in financial assets, primarily for the
first-time acquisition of marketable securities (moneymarket funds), also contributed to the increase.
◊ Cash inflow from financing activities decreased significantly:◊ The decline in net inflows from senior bondsµ
bonds
102
(€ – 1,541 million) had a negative impact. The inflow
meaof funds from the German Federal Government’s capital measuresµ 109 (€ – 690 million) also declined, as two
suresannual rates had accrued from the Climate Action Program in the previous year (for 2021 and 2020).
◊ This was partly counteracted by the decline in repayments of financial loans (€ + 1,398 million), which led
to a significantly lower net outflow of funds. Cashoutflow for lease repayments also fell (€ + 105 million).
◊ On balance, as of December 31, 2022, cash and cash equivalents had increased significantly.

∏ DEBT COVERAGE

DEBT COVERAGE / € million∏

	As assessed by the rating agencies, half of the hybrid capital shown on the balance sheet istaken into account in the calculation of the adjusted net debt.

As of December 31, 2022, debt coverage increased significantly, due in particular to profit development:◊ The operating cash flow after tax increased as a result of
the improved operating profit.
◊ Net debt fell compared with December 31, 2021. This was
mainly the result of lower pension obligations. Net financial
debtµ 106 fell slightly.
debt

105

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

NET FINANCIAL DEBTNET FINANCIAL DEBT AS OF DEC 31
/ € million

COMPOSITION OF FINANCIAL DEBT AS OF DEC 31 / %Leasing liabilities 15 / 15

Change2022

2021 absolute

Bank borrowings/other 3 / 5%

2019

Senior bonds

28,802

27,403+ 1,399+ 5.1

20,966

Leasing liabilities

5,180

5,059

+ 121

+ 2.4

5,015

Commercial paper

–

–

–

–

890

Interest-free loans

298

446

– 148

– 33.2

707

Other financial debt

993

1,578

– 585

– 37.1

1,115

+ 2.3

28,693– 4,397

Financial debt

35,273

34,486+ 787

	Cash and cash equivalents, highly liquidcash investments and financial receivables – 6,323– 5,132– 1,191+ 23.2	Effects from currency hedges

– 123

– 247

+ 124

– 50.2– 121

28,827

29,107

– 280

– 1.0

24,175

Net financial debt

Interest-free loans 1 / 1

Senior bonds 81 / 79

The maturity structure of financial debt was virtually unchanged.
The composition of the financial debt has shifted slightly
toward senior bonds. The share of bank debt was down as aresult of repayments.

C A P I TA L E X P E N D I T U R E S

Net financial debt as of December 31, 2022, fell slightly compared with the end of the previous year. The significantly
improved profit situation and the inflow of funds from theGerman Federal Government’s capital measures (Climate
Action Program and Covid-19 compensation payments) had
a positive effect. This was offset, in part, by a high demandfor capital expenditures.
The increase in financial debt was more than offset byhigher cash and cash equivalents (including highly liquidcash investments).
◊ Financial debt increased slightly:
bonds
102
◊ The euro value of the outstanding senior bondsµwas somewhat higher due to issuing. Exchange rate
effects did not play a key role here as a result of closed
hedging transactions.
◊ Overall, the leasing liabilities were at the level of theend of the previous year. Effects from redemptions
were almost completely offset by the conclusion of
new lease agreements and the extension of existing
lease agreements.
◊ Interest-free loans fell as a result of repayments.
◊ Other financial debt also fell, due in part to the repayment of short-term bank borrowings.
◊ The foreign currency senior bonds are almost entirely
hedged by corresponding derivatives against exchange
rate fluctuations, so that exchange rate effects are mainlycompensated through the offsetting position of the hedging transaction.
MATURITY OF FINANCIAL DEBT AS OF DEC 31 / %∏ChangeCAPITAL EXPENDITURES / € million

2022

2021 absolute

Gross capital expenditures

15,353

15,387

%

2019

– 34

– 0.2

13,093	thereof Integrated Rail System 1)

14,152
8,603

14,278

– 126

– 0.9

11,713

9,045

– 442

– 4.9

	thereof Integrated Rail System

7,447

8,574

9,027

– 453

– 5.0

7,412

Net capital expenditures

6,750

6,342

+ 408

+ 6.4

5,646

	thereof Integrated Rail System 1)

5,578

5,251

+ 327

+ 6.2

4,301

Investment grants1)	Figure for 2021 adjusted due to the intra-Group reallocation of the FLS business areaµ 130 .

Gross capital expenditures were at the high level of the previous year. In the Integrated Rail System, higher capital expenditures, primarily in the vehicle fleet, were more thanoffset by somewhat lower infrastructure capital expenditures.
The increase in capital expenditure activities at DB Schenker(especially leasing activities in Europe and Asia) had a supporting effect.
Investment grants, which are almost exclusively attributable to the Integrated Rail System, fell at a high level as aresult of lower capital expenditures on the construction andexpansion of the rail network (mainly as a result of the completion of the Wendlingen—Ulm high-speed line). Accounting
for about 56% of gross capital expenditures (previous year:
about 59%).
Net capital expenditures increased. The main impact on
the Integrated Rail System was the increase in capital expenditures in vehicles at DB Long-Distance and DB Regional,
as well as the construction and maintenance of stations at
DB Netze Stations.

2022 / 2021
Up to 1 year 12 / 12

GROSS CAPITAL EXPENDITURES BY DIVISIONS / %1 to 2 years 8 / 82022 / 2021
DB Arriva 2 / 2

2 to 3 years 7 / 8

DB Schenker 6 / 5

3 to 4 years 8 / 7Over 5 years 58 / 57

2022 / 2021

4 to 5 years 7 / 8Integrated Rail System 92 / 93106

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

The focus of our capital expenditure activities continues tocenter on the Integrated Rail System for measures to improve
performance and efficiency in the track infrastructure area
as well as measures to develop our vehicle fleet.

GROSS CAPITAL EXPENDITURES

Regional capital expenditure priorities√

ChangeNET CAPITAL EXPENDITURESBY REGIONS / € million

2022

Germany2021 absolute

%

2019

14,27314,363

– 90

– 0.6

11,826

801

833

– 32

– 3.8

1,186

Asia/Pacific

247

258

– 11

– 4.3

133

North America

106

40

+ 66

+ 165

37

Rest of world

39

13

+ 26

–

13

Consolidation

– 113

– 120

+7

– 5.8

‒102

DB Group

15,353

15,387

– 34

– 0.2

13,093

Europe (excluding Germany)√

ChangeBY REGIONS / € million

2022

2021 absolute

%

2019

Germany

5,709

5,338

+ 371

+ 7.0

4,414

Europe (excluding Germany)

762

813

– 51

– 6.3

1,151

Asia/Pacific

247

258

– 11

– 4.3

133

North America

106

40

+ 66

+ 165

37

Rest of world

39

13

+ 26

–

13

Consolidation

– 113

– 120

+7

– 5.8

‒102

DB Group

6,750

6,342

+ 408

+ 6.4

5,646

In the regional breakdown of gross capital expenditures,the focus remained on Germany. They were at the level ofthe previous year. Net capital expenditures, on the other
hand, increased significantly as a result of higher capital
expenditures on vehicles.

INFRASTRUCTURE GRANTS AND CAPITAL EXPENDITURES (€ BILLION)
2022 / 2021

0.5 / 0.5
— Level crossings
0.1 / 0.1
— Floods (Reconstruction Fund 2021) 0.1 / 0.1< 0.1 / 0.1— FABB 1)— Other
0.2 / 0.2
Grants recognized as income

DB funds 		
— DB Netze Track— DB Netze Stations— DB Netze Energy

2.2 / 2.1
1.7 / 1.7
0.4 / 0.3
0.1 / 0.1

Grants

9.0  	/  	9.5Investment grants— DB Netze Track— DB Netze Stations— DB Netze Energy

8.5 / 9.0

7% | 11%92% | 88%

Federal Government 7.9 / 7.9— LuFV
5.2 /	  5.2— BSWAG
1.8 / 2.0
0.4 / 0.1
— GVFG
0.2 / 0.4
— ERTMS

7.2 / 7.6
1.0 / 1.1
0.2 / 0.3

Federal states/
municipalities— GVFGEU		— CEF— Other

0.6 / 1.0
0.4 / 0.4
0.2 / 0.6

— Other< 1% | < 1%

1% | 1%

0.1 / 0.1
0.1 / 0.1
– / <0.1

Other		— Other< 0.1 / <0.1
< 0.1 / <0.1

— Noise remediation 0.1 / 0.2— Other
0.2 /< 0.1

0.3
Other			

— Vehicles, works infrastructure, e tc.

0.4
0.3 / 0.2
0.3 / 0.2

2.0

0.1

0.1

1.6

Expansion/new construction lines 2)2.6 / 2.9— Oldenburg—Wilhelmshaven— Stuttgart—Augsburg— Nuremberg—Ebensfeld— Berlin Südkreuz—Blankenfelde— Other projects

Infrastructure capital expenditures

0.2
0.2
0.2
0.1
1.9

5.9

0.4

< 0.1

Existing network 3)— Superstructures— Railway stations— Bridges— Tunnels— Command and control technology— Other		

10.7 / 11.1

Individual figures are rounded and therefore may not add up.
1)	Funding Initiative to Increase the Attractiveness and Accessibility of Stations (Förderinitiative zur Attraktivitätssteigerung und Barrierefreiheit von Bahnhöfen; FABB).
2)	Includes projects under the requirement plan.
3)
	New and expansion projects may also include replacement capital expenditures within the framework of existing network measures.

107

< 0.1
7.9 / 8.0

2.2 / 2.0
1.3 / 1.3
1.0 / 1.0
0.8 / 1.1
0.8 / 0.8
1.8 / 1.8

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

BALANCE SHEETCapital expenditures have decreased in Europe (excluding
Germany). This was mainly due to lower capital expendituresat DB Cargo due to delivery-related delays in the procurement of freight cars.
The development of capital expenditures in the Asia/
Pacific, North America and rest of world regions was driven
by regional developments at DB Schenker.

ChangeBALANCE SHEET AS OF DEC 31 / € million

2022

2021 absolute

%

2019

76,303

71,843 + 4,460+ 6.2

65,828Long-term assets

59,04456,149+ 2,895+ 5.2

53,213

Short-term assets

17,25915,694+ 1,565+ 10.012,615

Total assets
ASSETSEQUITY AND LIABILITIESGROSS CAPITAL EXPENDITURES BY REGIONS / %2022 / 2021

Other 7 / 7

Equity14,67910,621 + 4,058+ 38.2

14,927Long-term liabilities

39,14539,631

– 486

– 1.2

32,820

Short-term liabilities

22,47921,591

+ 888

+ 4.1

18,081BALANCE SHEET STRUCTURE AS OF DEC 31 / %Germany 93 / 93Long-term assets
77.4 / 78.2

Investment grants

The most important funding sources for capital expenditures
on infrastructure are grants, mostly from the Federal Government and from Federal states and local authorities. Of
the investment grants received by DB Group in 2022, the vast
majority related to infrastructure.
◊ Most of these are based on the LuFVµ 262 f. and the Federal Rail Infrastructure Extension Act (Bundesschienenwegeausbaugesetz; BSWAG).
◊ Additional investment grants are received in accordancewith the Municipal Transport Financing Act (Gemeinde­verkehrsfinanzierungsgesetz; GVFG),
program77 f.
f.,, and◊ the Federal Government’s noise remediation programµ◊ to equip the infrastructure with the European Rail Traffic
Management System (ERTMS).
◊ Funds are also available from the 2021 Reconstruction
Fund to remedy flood-related infrastructure damage.
◊ The European Union allocates grants (Connecting Europe
Facility; CEF) for infrastructure capital expenditures on
Trans-European Networks (TEN).
In addition to investment grants, DB Group also receives (significantly lower) grants recognized as income, also mainly
in respect of infrastructure.
On the balance sheet, investment grants are directly deducted from the purchase and manufacturing costsµcosts
231f f. of theassets to which they relate. All grants are reported in such a
way that the competent Federal agencies can conduct comprehensive checks to ensure that they are spent in accordancewith their purpose and the law.
A description of the various forms of grants∞
grantsis available
online.

ASSETS

2022 / 2021
EQUITY AND LIABILITIES

Equity19.2 / 14.8
Long-term liabilities
51.3 / 55.2

Short-term assets
22.6 / 21.8

Short-term liabilities
29.5 / 30.0

In 2022, there were no material changes to the International
Financial Reporting Standards (IFRS ) regulations for DB
Group’s consolidation and accounting principles that would
result in any changes to the consolidated financial statements.
Since 2022, acknowledgment of debt to fulfill existingpurchase commitments (in particular for vehicle purchases
at DB Regional and DB Long-Distance) covered by claims of
the same amount was reported on the balance sheet (accounting for acknowledgment of debt).
Total assets increased significantly:◊ Long-term assets increased significantly, driven primarily
by higher property, plant and equipment (€ + 2,168 million). This was due to a persistently high level of net capital expenditures, particularly in the Integrated Rail System.
In addition, receivables and other assets rose (€ + 832 mil­lion), due in part to the first-time recognition of acknowledgment of debt and the increase in receivables fromtransport concessions under IFRIC 12. Intangible assets
also rose (€ + 467 million), in particular in connection withtransport concessions. This was partly offset by the signifi­
cant decline in deferred tax assets (€ – 795 million).
◊ Short-term assets increased somewhat more sharply. The
main factors were:◊ this was mainly due to an increase in cash and cashequi­­valents (€ + 547 million),◊ the increase in other investments and securities(€ + 501 million), due in part to higher short-term cash
investments, and108

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

OFF-BALANCE-SHEET FINANCINGINSTRUMENTS AND NON-RECOGNIZED ASSETS◊ higher other receivables and assets (€ + 445 million)
due in part to the first-time recognition of debt acknow­ledgments.
The structure of the assets side remained almost unchanged,with a very slight shift in favor of short term assets.
On the equity and liabilities side, equity increased signifi­
cantly as a result of the Federal Government’s equity measures in connection with the Climate Action ProgramµProgram264(€ + 1,125 million) and the partial offsetting of damages due to CovidCovid19µ 44 f. (€ + 860 million). The increase in the changes
19
recorded in the reserves in connection with the revaluationof pensions (€ + 2,061 million) and higher changes recordedin the reserves in connection with the market valuation of
cash flow hedges (€ + 275 million) also increased equity.
The net loss for the year (€ 274 million) had a counterbalancing effect.
The more significant increase in equity in comparison tototal assets led to a substantial improvement in the equity
ratio.
◊ Long-term liabilities fell slightly. For the most part, thisdevelopment was shaped by:◊ a decline in pension obligations (€ – 2,061 million),
mainly as a result of an increased interest rate following the revaluation,
debt
106◊ primarily due to higher long-term financial debtµ(€ + 864 million), and◊ an increase in other liabilities (€ + 592 million) was
largely consumed as a result of the first-time recognition of debt acknowledgments.
◊ Short-term liabilities increased. In essence, this development was characterized by:◊ higher other liabilities that become due in the shortterm (€ + 580 million), due in part to the first-time
recognition of debt acknowledgments, and◊ increased other provisions (€ + 277 million), mainly
due to additions for revenue discounts at DB Regional.
◊ The increase in liabilities held for sale (€ + 161 million)
provided support here, primarily due to the sale of
DB Arriva’s activities in Sweden.
◊ In contrast, the decline in trade liabilities (€ – 157 million), mainly at DB Schenker, partially compensatedfor this.
In terms of the structure of the equity and liabilities side, theincrease in equity resulted in a shift that reduced the shareof long-term liabilities.

In addition to the assets shown in the consolidated balance
sheet, DB Group also uses off-balance-sheet financial instruments and assets that are not recognized in the balance sheet.
◊ To a small extent, we lease assets of low value on a shortterm basis or with a variable for which no right of use orleasing liability must be taken into account under IFRS 16.
◊ We also sell smaller volumes of trade receivables, in whichcase the main opportunities and risks are split between
DB Group and the purchasing bank. Under such factoring
agreements, as of December 31, 2022, receivables amounting to € 260 million were still completely derecognized,and € 435 million (as of December 31, 2021: € 443 million)
partially derecognized.
◊ With regard to the company pension scheme for employees, the obligations under each retirement scheme are,to some extent, covered and netted by plan assets which
are eligible for netting out. As of December 31, 2022, total
obligations amounted to € 7,173 million (as of December
31, 2021: € 11,530 million) and the fair value of plan assets
was € 4,253 million (as of December 31, 2021: € 5,575 million). The balancing process leads to a reduction in total
assets. The net obligation recognized as of December 31,
2022, on the balance sheet was € 2,970 million (as of December 31, 2021: € 5,031 million).
Additional information is available in the section Basic principrinciples and methodsµmethods
216 ff.
ff.

D E V I AT I O N S F R O M T H E F O R E C A S T
2022(Jul 2022
forecast)2022/ € billion

2021

2022
(Mar 2022
forecast)

Gross capital expenditures

15.4

> 16

> 16

15.4

Net capital expenditures

6.3

> 6.5

> 6.5

6.8

Maturities

2.2

2.2

2.2

2.2

Bond issues (senior)

4.9

<5

<4

3.1

Net financial debt as of Dec 31

29.1

> 30

> 30

28.8

OUTLOOK FOR 2022 FINANCIAL YEAR

The development of net capital expenditures and maturities
was within the scope of our expectations.
Gross capital expenditures (due to the delay) and bondissues were slightly below our expectations. Indebtedness
also developed better than forecast as a result.

109

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information∏ Procurement

The share of local procurement volume in Germany was€ 21.5 billion in 2022 (previous year: € 18.3 billion).

Purchasing volume increased.
Procurement secures the supply of DB Groupin a difficult environment.

1)

2020

21,13721,51890

87

90

M AT E R I A L T O P I C S I N 2 0 2 2◊ Securing of DB Group supply: Despite the sharp increases
and volatility of the market prices of raw materials andgoods, sharply increased inflation, supply chain disruptions and production bottlenecks, our focused supplierand risk management has enabled us to secure the supplyof products and services to DB Group.
◊ Re-launch of DB Group’s supplier portal: With the relaunch, we have strengthened a vital level for structuring
our business relationships. Designed as a continuous
digital information platform, it is a central point of contact for existing suppliers and all those who would liketo become one in the future. Conceived consistently fromthe point of view of the users, we create an intuitive andconsistent user experience that simultaneously ensures
the greatest possible transparency: all the informationthat helps to expand and improve strong strategic andcollaborative cooperation, simply and conveniently on acentral platform.
◊ DB supplier awards: At InnoTrans, the leading international trade fair for the industry, in 2022 we awarded the
DB supplier award for the tenth time to companies thatstood out in the competition in their market segment,
who fulfill their contractual obligations in an exemplaryand sustainable manner and who support us in the implementation of our Group strategy with top performances.
We also presented the fourth DB Supplier Innovation
Award to commend particularly innovative efforts that
support our range of services, demonstrate a high degreeof innovation and are also sustainable.

2022 / 2021
Industrial products
18 / 18
Construction and engineering services
19 / 19

Cable- and pipe-bound power
and fuel 7 / 6

2021

23,885

Share of local procurement volume (%)

The procurement volume corresponds to the projections
and forecasts of requirements of the business units and thecontractual obligations to suppliers that DB Group has entered into. On subsequent realization these become capital
expenditures or expenses (mainly cost of materials andother operating expenses). The total procurement volume
in 2022 (excluding DB Arriva) was € 46.7 billion (previous
year: € 40.7 billion):◊ Freight and freight forwarding services rose significantly to € 18.7 billion, primarily due to pricing (previous
year: € 15.8 billion).
◊ Industrial products increased to € 8.5 billion (previous
year: € 7.3 billion), driven by the second order of ICE 3neo
vehicles.
◊ Construction and engineering services rose to € 8.9
billion (previous year: € 7.8 billion), which resulted
from higher material costs and the increased volume of
capital expenditures on track infrastructure in the next
few years.
◊ Third-party services rose to € 7.6 billion (previous year:€ 7.3 billion), which is due in particular to price effects
at DB Cargo.
◊ Cable- and pipe-bound power and fuel rose to € 3.1 billion (previous year: € 2.6 billion), which was attributable
to trends in energy prices in particular.

Freight and freight-forwarding
services 40 / 392022

Procurement volume in Germany 1)

The procurement volume is the total of all the net order values – fromindividual orders and from framework contracts – that have been completed.
1)	Excluding DB Schenker, excluding DB Arriva.

PROCUREMENT VOLUMEPROCUREMENT VOLUME STRUCTURE 1) / %PROCUREMENT VOLUME / € million

Third-party services 16 / 18

D I G I TA L I Z AT I O N A N D I N N O VAT I O N
IN PROCUREMENT	Excluding DB Arriva.

The further development of procurement is closely linked todigitalization and (partial) automation of processes based ona modern, networked IT landscape. The aim is to produce intuitive, digitalized and highly user-oriented end-to-end processes that provide guidance throughout. The user groups areinternal customers from all Group companies, procurement
suppliers and strategic and operational procurers.

110Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information∏ S U S TA I N A B I L I T Y I N T H E S U P P LY C H A I N
We make the greatest possible contribution to sustainablemobility development through strong partnerships in transparent supply chains. Our suppliers take an active role inensuring mutual business success with their sustainability
performance and capacity to innovate.
We have refined our social and environmental responsibility in many product group strategies and have embedded
it in our contract awarding practices in the form of suitability,
performance, evaluation and implementation criteria. Our
DB Code of Conduct ((Co
CoC) for business partners∞
partners
serves as a starting point for the sustainable design of supply chains and thespecific procurement decisions and the procurement policy.
Suppliers agree to the CoC during registration. In it, suppliers
declare, among other things, that they respect human rights,
including the core labor standards of the International
Labor Organization (ILO). On this basis, and on the basisof the legal requirements from the Act on Corporate Due Diligence
Obligations in Supply Chains ((Lieferkettensorgfaltsgesetz;
Lieferkettensorgfaltsgesetz; LkSG)µ189,
we check our strategic partners’ compliance with the require­ments on-site, insofar as the sector, the country in which
the company has its registered office or supply chains are
subject to increased risk. In addition, we are expanding ourrisk management to include the legal requirements of theprocedure.
LkSG and adapting the existing complaints procedure∞In October 2022, DB Group received the SustainabilityAward in the “Purchasing” category from the Berlin Instituteof Supply Chain Management and the auditing firm Price­waterhouseCoopers (PwC) for its “outstanding sustainability concept and the implementation of sustainability solutions in its operating strategy.”
We place great importance on conducting comprehensive
sustainability assessments on our suppliers with regard totheir management system, activities and results. We look atenvironmental aspects, occupational health and safety, humanrights, business practices and supply chains. Each of these
aspects is subject to minimum requirements.
In addition, DB Group approved a four-step plan in 2022
that gradually obliges our contractors in tender proceduresto present sustainability scores and to achieve minimumscores defined therein:◊ From 2023 onwards in EU tenders: Obligation to submit
a sustainability rating (without a minimum rate) in theevent of an order.
◊ From 2024 onwards in tenders over € 100,000: Obligation to submit a sustainability rating (without a minimumrate) in the event of an order.

◊ From 2025 onwards in EU tenders: Obligation to present
a sustainability rating with an industry standard minimum
quality.
◊ From 2026 onwards, in tenders over € 100,000: Obligation to present a sustainability rating with an industry
standard minimum quality.
More than 700 suppliers, which account for 61% (previous
year: 62%) of our procurement volume, have already submitted their assessments to us. The majority of reevaluated suppliers improved their sustainability performance. This allows
us to work together to reduce risks and increase resiliencein DB Group’s supply of goods and services. In many productgroups, our suppliers can benefit from a simplified qualifi­
cation process if they submit an up-to-date sustainability
assessment (such as Ecovadis or a comparable assessment).
We are continuing to develop sustainable performanceand decision-making criteria in a continuous dialog with industry associations and the Railsponsible
Railsponsible∞ initiative. All 15
Railsponsible members play a key role in making supply chains
more transparent with more than 3,000 supplier assessments.
Climate protection and safeguarding social minimum standards are the strategic focal points for responsible procurement management at Railsponsible.

N AT I O N A L A N D I N T E R N AT I O N A L A C T I V I T I E S

We continue to focus our procurement activities in Europe.
For competition reasons and to ensure reliability of supply,
we also work together with suppliers outside the EU. The
focus here is on Asia.
Since it opened, our International Procurement Office
Asia (IPO) in Shanghai has identified over 760 suppliers for
us and supported their development and participation intenders in accordance with the applicable processes.
In addition, the IPO in the Asian market identifies innovations for DB Group, for example in the areas of digitalizationand electromobility. In 2022, for example, we qualified thefirst Asian manufacturer for fuel cell buses.
In the spare vehicle parts project business in particular,
we regularly work in partnership with established suppliersin China. DB quality assurance employees monitor production
on-site on an ongoing basis. The reliable supply of products
from our international suppliers despite the difficult logistical conditions played an important role in maintaining thestable operation of our fleet.

111Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

DEVELOPMENT OF
BUSINESS UNITSBusiness units in the Integrated Rail System
DB Arriva business unit
DB Schenker business unit

protect against infection. In addition, the temporary fueldiscount introduced by the Federal Government had apositive effect.
◊ Domestic air transport also recorded an enormous increasein demand in 2022. In particular the summer months,
which are popular for travel, showed an increase in volume
sold of about 93% in 2022. Despite the strong recovery,
the market share remains at a very low level at 0.4%.
◊ Rail passenger transport recorded a very strong increasein volume sold of about 58% in 2022.
◊ Regional rail passenger transport benefited from the9-Euro-Ticket from June to August 2022.
◊ Long-distance rail passenger transport was characterized by the return of private and business travelers.
Development in 2022 was supported by extensive expansion of available offers of the railways. FlixTrain
expanded its rail network with three new lines fromMay 2022, offering travel to a total of 70 destinations.
◊ Public road passenger transport also increased significantly. The 9-Euro-Ticket made a significant contribution
to this, but public road passenger transport continued tosuffer as a result of the lower number of commuter journeys. The increase boosted both intra-Group and external
suppliers equally.
◊ Volume sold in long-distance bus transport more thandoubled in 2022. This was due, on the one hand, tothe severe supply restrictions of the previous year and,on the other hand, to the expansion of FlixBus services
over the course of 2022.
◊ The market share increased slightly again.

112

155
164

Business units in the Integrated Rail System
D E V E L O P M E N T S I N T H E R E L E VA N T M A R K E T S
German passenger transport market

In passenger transport, our objective is to maintain our strong
market position in the rail and bus transport market in Germanyin the long term and to take advantage of certain market
opportunities in Europe.
PASSENGER TRANSPORT MARKET IN GERMANY/ % based on volume sold

Growth rate
2022

Market share
2021

2022

2021

Motorized individual transport

+ 3.1

+ 0.7

84.1

88.4

Rail passenger transport+ 58.8

+ 0.3

9.5

6.5

DB Group+ 65.5

– 2.7

7.7

5.1

Non-Group railways+ 34.8+ 12.91.8

1.4

Public road passenger transport+ 32.5

+ 0.0

6.0

4.9

+ 11.9

+ 8.8

0.5

0.5

Air transport (domestic)+ 93.2– 20.30.4

0.2

Overall market

+ 8.4

+ 0.6

–

–

DB Group

The data for 2021 and 2022 are based on information and estimates available as of February 2023.

In 2022, German passenger transport was still impacted by
the effects of changing mobility behavior as a result of theCovid-19 pandemic. During the three years of the Covid-19
pandemic, people tended to prefer individual rather thanpublic modes of transport. In the first third of 2022 in particular, demand for transport was below the pre-Covid-19 level.
Demand for transport increased significantly during thecourse of 2022. In addition, measures such as the 9-Euro-Ticketµ 36 and the nationwide fuel discount boosted passenger
transport in the summer months. Overall, the German passenger transport market recorded noticeable growth in 2022.
However, the extent and dynamics of the development weredifferent in the individual market segments:◊ Motorized individual transport continued on the path torecovery in 2022. While the volume sold in motorized individual transport decreased by about 13% in 2020 compared with 2019, it increased by about 0.7% in 2021 andby about 3.1% in 2022. In the course of 2022, motorizedindividual transport continued to benefit from the preference for individual transport based on the desire toGerman freight transport market
FREIGHT TRANSPORT MARKET IN GERMANY

Growth rate

Market share/ % based on volume sold

2022

2021

2022

2021

Rail freight transport

+ 0.9

+ 9.4

19.0

18.7

DB Group

– 0.8

+ 8.1

8.0

8.0

Non-Group railways+ 2.2+ 10.4

11.0

10.7

Road freight transport

– 0.5

+ 3.8

72.0

72.2

Inland waterways

– 6.0

+ 4.0

6.5

6.9

Long-distance pipelines+ 12.2

– 5.7

2.5

2.2

Overall market

– 0.3

+ 4.5

–

–

Data are based on information and estimates available as of February 2023.
Volume sold in rail freight transport according to the Destatis definition of transport
services that are primary freight carriers.

After a strong start to 2022, marked by baseline effects, demand growth slowed intermittently. The beginning of thenegative trend was marked by the outbreak of the war in
Ukraine, with the burden on the market environment resulting from a combination of various disruptive factors.

112

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

Significant rises in energy and fuel costs adversely affectedtransport operators in terms of costs. Energy-intensive sectors adapted production volumes as the increased factor
costs on the market could not be passed on, which led tosignificant declines in transport volumes. Fossil energy carrier transport, on the other hand, showed strong growth asa result of increased use in power generation. The supply
chain problems already present in the Covid-19 pandemic
and the resulting shortages of materials, especially in theautomotive and construction sectors, continued in the firsthalf of 2022, but abated significantly as the year progressed.
In addition to global political and economic challenges,
there was an ongoing acute shortage of personnel in thetransport industry. Volume sold in freight transport in Germany
was weaker than expected and was at the previous year’slevel.

Due to rising interest rates in the second half of 2022, theconstruction sector, which is very important for the road
sector, recorded significant declines in orders.
As in the previous year, the performance of trucks registered outside Germany was significantly more positive thanthose registered in Germany, but overall performance on roaddeclined slightly in 2022 and remained just below the previous year’s level. Road market share declined slightly.
I N L A N D WAT E R WAY S

The intermodal market share of inland waterway transport
fell to a historic low in 2022. The first quarter saw strong
growth in the coal, ores, stone and earth sectors. Containertransport, which has less influence on the overall volume,
also developed positively. The effects of low water in the
Rhine from July, as a result of which vessels could either not
travel at all or not at full capacity, caused a dramatic decline
in volume sold. Although water levels did not quite reach thehistorical low level of 2018, they did not recover enough fora return to normal operations until September. Althoughvolume sold increased significantly again in the last quarterdue to strong demand for goods that are predisposed to inland
water­ways, inland waterway transport nevertheless closed
the year with a significant loss.

RAIL FREIGHT TRANSPORT

After a strong previous year marked by catch-up effects, rail
freight volume sold started 2022 just as strongly, but demand
waned significantly from March onwards. The performancein chemical and paper transport sectors which were primarily affected by the energy crisis was poor, but the steel industry also recorded significant declines. The expected strong
recovery of car transport, which had collapsed during theCovid-19 pandemic to half the pre-pandemic level, was weakerdue to the semiconductor shortage that was only resolved
from the second half of 2022. Coal and earth and mineral oil
transport, on the other hand, recorded a significant increasein volume. Transport of construction materials and combinedtransport also showed a moderate increase, with the trendleveling off markedly in the second half of 2022.
Overall, rail freight volume was slightly above the previous year’s level and market share also increased in 2022.
Non-Group railways were drivers of growth and benefitedparticularly from the growth of combined transport, among
other things. In contrast, the overall volume sold of DB Group
companies was slightly below the previous year’s level, as
these did not perform transport services to a large extent
to stabilize the operating situation.

European rail freight transport market

Development in the course of 2022 was noticeably influenced
by the consequences of the war in Ukraine. Material shortages, disrupted supply chains, cost increases due to highenergy prices and changed flows of transport had a negative
impact on the market, particularly from the second quarter
onwards. As a result, demand for transport fell, for example
in the sectors predisposed to rail transport, such as steel andchemicals. The market was also impacted by the decline intraffic from and to Russia, among other things. Due to achange in energy policy in countries such as Germany, Poland
and the Czech Republic, there was a sharp increase in coaltransport. According to our own calculations, volume sold ofEuropean rail freight transport (EU 27, Switzerland, Norway
and the United Kingdom) fell slightly overall. DB Cargo’s
volume sold in Europe also declined slightly, but thanks tothe positive development of DB Cargo companies in Poland,
Romania and Italy, the decline was not as strong as the overallmarket.

ROAD FREIGHT TRANSPORTRoad freight transport started 2022 almost as strongly as rail
freight transport. In addition to baseline effects, this was due
to positive economic stimulus and high order levels in theconstruction industry. Due to rising prices and weakening
demand, the further course of the year resulted in slight declines in some cases and significant declines in other cases.
The reasons for this were the weaker development in sectors
dominated by trucks, such as mechanical engineering andconsumer goods, but also in the chemicals sector.

Growth rate
INTERNATIONAL FREIGHT TRANSPORT AND LOGISTICS MARKETS / %

2022

2021

European rail freight transport (based on tkm)

– 0.8

+ 7.6

Figures are based on information and estimates available as of February 2023.

113

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

D B L O N G - D I S TA N C E B U S I N E S S U N I T
Business modelthrough offers tailored to different target groups, an increasein the number of service staff, a wide range of marketingmeasures and capacity expansion of the fleet.
In order to achieve the strategic objectives, both the increase and the stabilization of production and the further
development of attractive travel services are necessary.
Through this, DB Long-Distance contributes significantly tothe desired shift of traffic towards rail and to tackling climatechange. DB Long-Distance’s core identity – “Our drive: Connecting people, overcoming distances,” “Our mission: The
best possible journey – together with passion and excellence,”“Our promise: Arriving by the time of boarding” – continues
to be of central importance. By continuing to develop the
project portfolio along the strategic areas of the Strong Railstrategy, we have continued to drive the implementation of
our strategic targets.
◊ More robust: In order to meet increasing demand, DB
Long-Distance is expanding its vehicle fleet and maintenancecapacityµ 116
capacity
116,, and thus invested in the expansion of the
fleet in 2022. The maintenance capacities required forthis growth will be ensured, among other things, by expanding the existing depots in Hamburg and Berlin andby opening new depots in Dortmund. With about 1,000
new service employees, DB Long-Distance is once again
improving its personal service. Recruiting
Recruitingµ 83 f.
f.,, qualification and retention of employees have an important partto play in this significant expansion and in compensating
for fluctuations and age-related departures. Recruiting isparticularly focused on the rapid and qualified occupationof positions critical to operations and services, such as
multiple unit drivers and train attendants. DB Long-Distance is also working continuously on increasing employee
satisfactionµ 85 f.
satisfactionf.,, for example by improving work-lifebalance using innovative IT tools that give greater consideration to employees’ wishes during staff scheduling.
◊ More efficient: Improved processes are intended to provide all long-distance trains with high-quality equipment
and competitive costs. To increase vehicle availability andqualityµ116, production will be digitalized and optimized
qualityfurther. For example, in 2022, the digital workplace onboard service was introduced for train attendants. The
new system reduces the number of terminals required forthe on-board service and lays the foundation for leaner,
digital processes on board trains in the future.
◊ More modern: DB Long-Distance aims to build a flexible,
reliable and high-frequency long-distance transport network in line with Germany in sync (Deutschland-Takt).

DB Long-Distance offers customers comfortable and envi-

ronmentally friendly travel within Germany and into neighboring countries. Regularly scheduled daily services with the
ICE/Intercity/EC fleet form the backbone of long-distancetransport. Offerings are being expanded by island traffic to
Sylt and Wangerooge.
The key performance indicators are the number of passengers, passenger satisfaction, operational punctuality, employee satisfaction and operating profit (EBIT). Management
focuses in particular on the performance indicators volume
produced, volume sold and load factor. Costs largely correlatewith the planned volume produced, which is derived from theservices offered. Some of the costs, such as for train-paths,
station stops and energy, depend on the actual volume produced. Resource assignments of personnel and facilities arealigned with the annual schedule in order to optimize the unit
cost per train kilometer traveled. The key cost drivers here
are personnel, maintenance and infrastructure expenses,
which is why the business is fixed-cost intensive. Only a small
portion of expenses vary with the load factor.
The most important sources of income for long-distancetransport operated on a purely commercial basis are revenues
from the sale of tickets and BahnCards.
Our employees, a modern vehicle fleet and a high-quality
infrastructure are decisive for success. This is why intra-Group
infrastructure companies and service providers as well as thevehicle industry are important partners. Furthermore, cooperation with partner railways is very important for cross-borderconnections and night train services.
∏ Markets and strategy
The central objective for DB Long-Distance is to double thenumber of passengers to 260 million per year compared with2015. According to forecasts, the long-distance transport market will continue on its growth path in the aftermath of theCovid-19 pandemic. In order to achieve the climate policy
targets and against the backdrop of increasing environmental
awareness, DB Long-Distance intends to further expand its
rail market share through attractive offers despite increasing
competition. The proportion of the population living in urban
metropolitan areas in Germany will have increased by 2050,
making fast and direct connections between major cities evermore important. At the same time, the connection of people
in rural regions to long-distance transport must be ensured.
As an integral component of the Strong Rail strategyµ
strategy
51 ff. DB
Long-Distance makes an important social contribution in thisway. The number of passengers was significantly increased

114

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

DB LONG-DISTANCE – AT A GLANCE∏
Products

ICE (Intercity Express)— 		ICE trains are our high-speed trains, connecting
major cities and conurbations. DB Long-Distanceoffers national and cross-border transport inEurope with the ICE fleet.

Intercity— 		The Intercity trains are primarily used on routes
within Germany. They connect cities andconurbations with regional locations. Since 2015,
the fleet has been supplemented by double-deck
Intercity 2 trains, and since 2019 by additional
Stadler trains (KISS).

EC (Eurocity)— 		EC trains enable fast, cross-country travel.
In cooperation with other railways, we offer
numerous connections between major
European cities.

Structure
PASSENGERS (RAIL) / %VOLUME SOLD (RAIL) / %ICE FLEET (TRAINS) / %Intercity/EC 24

Intercity/EC 18

ICE 4 30

ICE 2 12

Other 2
ICE 74

ICE 1 16

ICE 82Other 0

ICE 3 23

ICE T 19

Business model
INPUTS
Employees— About 19,100

Vehicles— 367 ICE

Networks and infrastructure— 202 locomotives— 1,095 passenger cars

— 10 depots

Electricity and fuel— 2.6 billion kWh traction
current— 8.3 million liters diesel fuel— 1.1 million liters of HVO(biodiesel)

Additional production factors— 159 million train-path km— 3.0 million station stops

BUSINESS ACTIVITIESCustomer segments— Private customers— Business customers

OUTPUTS 1)
Passengers

Value proposition— 		DB Long-Distance offers

Customer access and retention

easy, relaxed, reliable andenvironmentally friendly
travel.

— 		Providing rail services— 		 Serving passengers— 		Providing and maintaining vehicles— 		Planning networks and services

Punctuality

OUTCOMES 2)— 132 million (rail)— €– 39 million

EBIT adjusted

Customer satisfaction— 		 SI of 74.8

Volume sold

Employee satisfaction— SI of 3.6

Final energy consumption— 42 billion pkm (rail)

Key activities— 		Online, mobile, travel centers, ticket
machines, agencies, call centers— 		BahnCard, BahnBonus programand apps— 65.2%— – 23.1% comparedwith 2006 (specific)

Status for 2022, or as of December 31, 2022.
1)	Key products and services.
2)	Internal and external consequences and results from business activities and outputs along the entire value-added chain.

By strengthening the metropolitan network and increasing the number of connections between the regions, thetarget is to enable 80% of the population in Germany tohave direct access to long-distance transport. DB Long-­
Distance is creating attractive and competitive offers by
expanding its lines, increasing frequencies and shortening
travel times. For example, Chemnitz was connected to thelong-distance transport network again in 2022. With the
opening of the high-speed line between Wendlingen and Ulmµ
Ulm
8 f.

115

in December 2022, travel time between Stuttgart and­Munich was reduced by about 15 minutes and the daily
service between the two cities increased by about 20 to
90 journeys. Digital customer channels support passengers on their journeys. As a digital platform, DB Navigator
provides access to the system and facilitates modern andtimely travel support along the entire travel chain. Since
autumn 2022, the next generation of DB Navigator has

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

been used as a test version. The host concept strengthens the personal service component, which is part of acompetitive travel experience. In addition, the new BahnBonus incentive program lowers the threshold for status
benefits and creates more incentives to opt for the climate-­friendly railway more frequently. The range of services
is rounded off by modern DB Lounges, which make iteasier for passengers to feel comfortable at stations.
◊Greener: Environmental protection is a matter of course†
for DB Long-Distance as a pioneer of green mobility inGermany. Since 2018, the trains have been using 100%
eco-power ∫ no. 1.
1. On lines where fuel remains necessary,
we will be switching completely to sustainable biofuelµbiofuel150
by 2025. All new maintenance facilities ∫ no. 48 are also climate-­
neutral. There are also further measures to achieve greater
sustainabilityµ 117 to complement these activities.
sustainability

Fleet development
VEHICLE PROJECTS AND PURCHASES◊ The ICE 1 modernization is progressing further. By theend of 2022, 18 ICE 1 trains had been modernized. Improved drive technology was implemented in parallel tothe modernization in order to optimize the robustnessof the drives. At the end of 2022, 42 modified multiple
unit end cars were in use.
◊ The redesign of ICE 3 has continued. By the end of 2022,
45 multiple units had gone through the redesign ∫ no. 87.
The redesign program (50 multiple units) will be completed by the second half of 2023. The long-distancetrains will be given a contemporary makeover with newly
designed seats, greater functionality, new colors andmodern, durable materials.
◊ The ICE T customer program will address the most important measures to improve customer satisfaction andthe marketability of the ICE T by replacing seats, partiallyrefurbishing WCs, upgrading the vehicle interior, and carrying out repainting work by the end of 2024.
◊ Additional Intercity 2 double-decker trains from Alstom
Transport will also be available by 2024.
◊ In 2020, the first nine Intercity 2 trains (KISS) were put
into operation. A further eight vehicles were prepared forpassenger use in 2022 and have been in use since the timetable change in December 2022.
◊ 22 ICE 4 trains were added in 2022. This makes the ICE 4
the largest ICE series in long-distance transport.

◊ In late 2022, the first four ICE 3neo trains were put into
operation as planned. DB Long-Distance will put 73 ICE
3neo trains into operation by the end of 2029. The daily
number of seats available for long-distance passengers
will increase by 32,000 with the new trains. With this increase, we are creating the necessary capacities for a
successful implementation of the Strong Rail strategy.
◊ The ICE L will gradually be put into operation, starting in
October 2024. In a first order, 23 trains were purchasedfrom the manufacturer Talgo. One of the features of the
trains is their ground level entry at platform height.
V E H I C L E AVA I L A B I L I T Y

In 2022, the vehicle availability of the ICE fleet was further
improved compared with the previous year. The systematic
modernization of the existing fleet has a positive effect on
operational stability. The delivery of new vehicles has also
contributed to an increase in vehicle availability. In order tocontinue the positive development, additional vehicle projects are being implemented. These include the inflow of newvehiclesµ 116 as well as continuous optimization measuresvehicleson existing fleets, particularly with a view to expanding diag­nostic capabilities.
There is also a positive development in terms of component
availability in the passenger sector (for example WiFi, reservations). Despite an increase in the size of the fleet, the number of malfunctions was kept stable, thus reducing the number of multiple units used.
In order to be able to continue the good development,
the findings are taken into account in addition to the above-­mentioned projects, as well as in the context of newly established procurement projects such as HGV 3.0. In addition,
new AI-based processes and predictive and condition-­based
maintenance will be used to further increase vehicle availability with existing automated systems.

Environmental measures◊ Since summer 2022, the Sylt Shuttle has been running on
the climate friendly biofuel HVO ∫ no. 164 (hydrotreatedvegetable oil) produced from residues and waste.
◊ Our goal is to switch the few remaining diesel-operated
long-distance trains to 100% HVO by 2025.
◊ A new, completely overhauled range of products has been
introduced for our on-board catering service ∫ no. 67. Morethan 50% of the food on offer is either vegan or vegetarian, which helps to save resources. Three 100% organic
seasonal promotional products are also available.

116∏Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

Other events

The punctuality of DB Long-Distance declined significantly
in 2022. The primary causes of this were capacity restrictions
due to construction work (including on the Riedbahn) whileat the same time increasing volume produced and increasing infrastructure disruptions as a result of outdated andfault-prone facilities (including damaged concrete tiesµ
ties
135).
135
).
In addition, disruptions on the busy rail connectionsµconnections
134 ledto disproportionately high congestion that had an impact
on the entire rail network. In addition, the series of storms
in February, a large number of hot days between June andAugust, the line closure due to the goods supply in Gifhorn
in November and other external individual events had anegative impact on punctuality. In addition, the very highsick leave at times had an impact on the operating quality.
On the other hand, increased ICE vehicle availabilityµavailability
116 andthe reduction of train cancellations had a positive effect.
In order to assess customer satisfaction, about 11,000
customers were asked how satisfied they were with theircurrent journey in six waves on board the trains in 2022. Customer satisfaction fell in 2022 due to the general operating
environment. Punctuality deteriorated significantly, particularly in the middle of the year. In addition, the sharp rise in
the number of passengers had an impact on capacity utilization and customer satisfaction.
After Covid-19-related declines, the number of BahnCards
rose again. This affected all types of BahnCard.

◊ The DB Group has become the world’s first intermodal
partner in the Star Alliance and is leading the way on thepath towards greater sustainability in the mobility sector.
This new cooperation will make it possible for DB customers and passengers of Star Alliance member airlines tobegin or end their journey on the climate-friendly railway
in the future. For the first time, Star Alliance’s intermodal
partnership model intelligently links flights, trains andother modes of transport with one another.
◊ As part of the Covid-19 support measuresµmeasures46, the Federal
Government temporarily subsidized train-path prices forlong-distance rail passenger transport in Germany until
December 31, 2022.
∏ Development in the year under review

Noticeable recovery in demand after Covid-19
restrictions leads to a significantly positive reduction

in revenues.
	Punctuality greatly affected by rising volume produced
and construction-related capacity restrictions in
the infrastructure; as a result, customer satisfaction
was also under significant pressure.
	Continued high capital expenditures in the vehicle fleet.
∏√

Change2022

DB LONG-DISTANCE

2021

absolute%

2019

Punctuality (rail) (%)

65.2

75.2

– 10.0–75.9

Customer satisfaction (SI)

74.8

77.8

– 3.0

–

76.5

BahnCards (thousand)

5,107

4,558

+ 549

+ 12.0

5,292

Passengers (rail) (million)

132.0

81.9

+ 50.1+ 61.2

150.7

Volume sold (rail) (million pkm)

41,72024,762+ 16,958+ 68.5

44,151

Volume produced (million train-path km)

158.9

144.4

+ 14.5+ 10.0145.7

Load factor (%)

45.9

31.4

+ 14.5–

56.1

Total revenues (€ million)

4,980

2,911

+ 2,069+ 71.1

4,985

External revenues (€ million)

4,845

2,792

+ 2,053+ 73.5

4,824

EBITDA adjusted (€ million)389– 1,434+ 1,823–

789

EBIT adjusted (€ million)– 39– 1,790+ 1,751– 97.8485

Gross capital expenditures (€ million)

1,667

1,507

+ 160

+ 10.6

1,241

Employees as of Dec 31 (FTE)

19,13918,790

+ 349

+ 1.9

17,289Annual average employees (FTE)

18,931

18,961

– 30

– 0.2

17,036

Employee satisfaction (SI)

3.6

–

–

–

‒

Share of women as of Dec 31 (%)

26.7

26.9

– 0.2

–

27.2

Specific final energy consumption compared to 2006 (based on pkm) (%)– 23.1+ 16.8– 39.9–– 31.5117

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

The positive trend continued in 2022, performance development recovered significantly and has largely reached preCovid-19 levels since April 2022:◊ Number of passengers and volume sold: Above all, thesuspension of the majority of measures to contain theCovid-19 pandemic led to a significant increase, particularly among private customers.
◊ Volume produced: Positive effects from fewer Covid-19
restrictions and the expansion of available offers outweighed the negative effects from construction activities
on the network.
◊ Load factor: Marked improvement again as a result of
the increased number of passengers.
Economic development improved significantly, but remains
challenging overall. Operating profit figures improved significantly, driven by a disproportionate increase in income
compared to expenses. Income rose sharply:◊ Revenues: The recovery in demand led to a very significant
rise in revenues.
◊ Other operating income: Also a significant increase(+ 71.6%/€ + 192 million), primarily as a result of the trainpath price reimbursements by the Federal Government
for the partial compensation of losses in connection with
the Covid-19 pandemic (in the previous year, these were
included in full in the extraordinary resultµresult
100 f.).
f.). This wascounteracted by lower income from vehicle sales, among
other things.
Expenses increased noticeably, primarily as a result of thesignificant increase in volume sold and volume produced, as
well as price increases:◊ Cost of materials: The increase (+ 8.8%/€ + 246 million)
was mainly due to higher volume-related infrastructureand energy expenses. In addition, price effects had a negative impact on infrastructure expenses. Additional cost
increases resulted from higher revenue-related use ofgoods in on-board catering, increased expenses for distribution services, vehicle cleaning and the recovery in cross-­border transport services. The weak operating quality
and higher number of passengers also led to additional
expenses in the area of customer service.
◊ Other operating expenses: The increase (+ 20.1%/€ + 123
million) resulted among other things from increased rental
expenses in connection with cross-border transport (resumption after Covid-19-related restrictions). In addition,
more intensive advertising activities to regain customers,
the implementation of IT projects, digitalization measuresand positive performance development increased expenses.

◊ Depreciation: The increase (+ 20.2%/€ + 72 million) was
primarily due to the addition of ICE 4 trains and the redesign of ICE 1 and ICE 3 trains. Partially counteracting effects
resulted from ICE 2 and Intercity 1 trains reaching the endof their useful lives.
◊ Personnel expenses: The development (+ 5.4%/€ + 65
million) resulted mainly from the collective bargaining
agreements and from allocations to provisions, primarily
for overtime.
Capital expenditure activities rose from a very high level,
resulting primarily from continued vehicle projectsµprojects
116..
116
The number of employees increased as of December 31,
2022, primarily for performance-related reasons.
Employee satisfaction has fallen compared with 2020.
The operational challenges had an impact on satisfaction,in particular in professions that are strongly influenced byoperations.
The proportion of women remained virtually unchanged.
In 2022, the change in the specific final energy consumption on rail has fallen compared with 2006 (based on passenger
kilometers). This improvement resulted from a further increasein the load factor and significantly higher energy efficiency
due to the continuous conversion of the long-distance transport fleet to new and more energy-efficient series, such as
the ICE 4. In addition, energy consumption was reduced using
the driving assistance system and the driving recommendations tailored to energy-efficient train runs, and the threephase converters were changed in the 40 ICE 1 stock. In addition, the drivers received extensive training on energy-­efficientdriving, and a higher energy recovery rate was achieved forthe 147 series by adapting the regulations.

DB REGIONAL BUSINESS UNIT
Business model

The core service of DB Regional is to bring millions of passengers in regional transport to their destination every day
on time and in a safe, comfortable and environmentallyfriendly manner, and in doing so, to meet the requirementsof the respective transport contract.
Our offerings cover both regional rail passenger transportwith regional express, regional railway and S-Bahn (metro)lines as well as regional and urban bus transport services.
This means that we offer passengers comprehensive mobility
services not only in metropolitan areas and conurbations,but also in rural areas. Our regional organizational structure
guarantees local transport services oriented towards therequire­ments of our local customers.

118

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

DB REGIONAL – AT A GLANCE∏

Lines of business
Regional (rail)

Regional (bus) undles the regional rail passenger transport activities in Germany and includes
B
regional express, regional rail and S-Bahn (metro) lines. This line of businessis divided into seven regions (North, North-East, Central, South-East, BadenWürttemberg, Bavaria and North Rhine-Westphalia), the five directly managed
S-Bahn (metro) lines Berlin, Hamburg, Munich, Rhine-Main and Stuttgart,
the six regional networks and the regional transport services Start Germany.

Bundles the regional and urban bus transport activities and the integration of
on-demand transport and rail replacement transport in Germany. There
are just under 30 bus companies, which are divided into six regions: North, East,
Central, North Rhine-Westphalia, Baden-Württemberg and Bavaria.

Structure
PASSENGERS / %REVENUES / %EMPLOYEES / %Regional (bus) 23

Regional (rail) 77

Regional (bus) 13

Regional (rail) 87

Regional (bus) 26

Regional (rail) 74

Business model
INPUTS
Employees— About 37,700

Vehicles— 498 locomotives— 4,031 multiple units— 11,688 rail cars
— 1,940 passenger cars
— 10,904 buses(including external buses)

Networks and infrastructure— 46 workshops (rail)— 63 workshops (bus)— 210 depots

Electricity and fuel— 2.9 billion kWh traction
current— 326 million liters of diesel
fuel (bus including
external and rail)— 0.7 million liters of HVO(biodiesel)— 0.5 million kg natural gas

Additional production factors— 112 million station stops

BUSINESS ACTIVITIESCustomer segments— Private customers— Business customers— Contracting organizations

OUTPUTS 1)
Passengers— 2.1 billion (rail and bus)
Volume sold— 34.8 billion pkm (rail)— 5.0 billion pkm (bus)Volume produced

Value proposition— DB Regional offers customer-

Customer access and retention

Key activities— Local sales outlets, travel centers,
agencies, ticket machines,
online, call center, on-board sales— Subscriptions, apps

— Operating rail and bus services— Looking after customers— Providing and maintaining vehicles— Creating competitive offers

EBIT adjusted

Customer satisfaction— SI of 70 (rail)— SI of 74 (bus)

Punctuality

Hit rate

Employee satisfaction— SI of 3.7

Energy consumption
compared with 2006 (specific)

focused, punctual, reliable
and environmentally friendly
mobility services.

OUTCOMES 2)— €– 31 million— 51% (rail)— 46% (bus)— 0.4 billion train-path km (rail)— 0.5 billion bus km (bus)
Status for 2022, or as of December 31, 2022.
1)	Key products and services.
2)	Internal and external consequences and results from business activities and outputs along the entire value-added chain.

119— 91.8% (rail)— 86.0% (bus)— – 23.8% (rail)— – 0.4% (bus)Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

As a rule, DB Regional provides its regional rail passenger trans­
port services within the framework of the Regionalization
Act as a public service and on behalf of the competent contract­
ing organizations. The contracting organizations are either
the Federal states or a state-owned company, or municipal
special-purpose associations. The contracting organizations
conclude long-term transport contracts and route concessions with transport companies, mainly within the frameworkof competitively awarded tenders. These contracts determine
the volume produced and contain detailed specifications on
quality and fare pricing. With integrated transport concepts,
high-quality mobility services and targeted capital expenditures on the vehicle fleet and digitalization, we aim to defend
our leading market position and strengthen our role as a quality and innovation leader in the field of regional rail passenger
transport.
Volume sold and volume produced are important key
performance figures. Transport contracts typically refer to thevolume produced. Concession fees, in addition to revenues
from ticket sales, are the most important source of income.
However, contracts where fare proceeds remain directly withthe contracting organization, while the transport company
is fully compensated by the public transport authority forthe entire range of services (gross contracts), are also of increasing importance.
Predefined terms in transport contracts and route concessions, combined with the extensive production system, resultin a cost structure with high fixed costs. The key drivers are
personnel, maintenance, energy and infrastructure expenses.
Only a small portion of expenses vary with the load factor.
In the rail sector, integrated bids covering vehicle procure­
ment, financing, fleet management, operation and maintenance were generally required by the contracting organizationsin the past. Nowadays, individual, fragmented tender models
are becoming more common. In such models, partial services
or even only the basic operation are put out to tender. In
these models, other partial services remain the responsibilityof the contracting organizations (financing, for example) or
the responsibility of the vehicle suppliers (maintenance, forexample). On the basis of its performance capability at allstages of the value-added chain, DB Regional is in a position
to tailor partial services as required and to operate successfullyon the market as a subcontractor for competitors.
Looking at the national bus market, competition in theregional bus market continues to be high, both in tenders
and in licensing auctions. In urban transport, bus services
are often awarded to local municipal companies in in-houseawards. The biggest challenges are the need for personnel/
skilled employees, price developments for the importantfactor costs of diesel/energy and the stronger integrationof scheduled and on-demand transport services. In future,
the efficient design of local transport on the roads will require
the more integrated use of smaller vehicles, particularly on
low-capacity routes. DB Regional Bus recognized this development early on and offers holistic solutions based on cooperation with the internal partners ioki and CleverShuttle
under the umbrella of DB Regional Road.

Markets and strategy

In 2022, the German regional rail passenger transport andpublic local transport market slowly recovered from Covid19-related restrictions. Demand increased gradually in thefirst half of 2022. In addition, the temporary introduction of
the 9-Euro-Ticket
9-Euro-Ticketµ 116 had a positive impact. Demand increased significantly during the period in which the 9-EuroTicket was available. We assume that its successor, the­ er­­manyGGer
any-Ticket
Ticketµ 47, will also have a positive effect on passenger numbers and the fare system in general.
In the medium term, we expect that the trends for furthertransport growth in local transport are intact. These include
the continued attractiveness of modern metropolitan areas,
the influx of families in particular into suburban areas, combined with a professional commute to the metropolitan areas,
and the continued high importance of environmental andclimate protection, as well as increasing acceptance of sharing
services. In the short-term, the industry solution proposed by theFederal Government and Federal StatesµStates
44 stabilized public transport during the Covid-19 pandemic. In the medium and longterm, only increasing allocations of regionalization funds will
create stability. DB Regional intends to continue to benefit
from this positive market environment as the largest provider.
DB Regional is oriented towards the Strong Rail strategy andinterprets it for local transport under the motto “Regional
and urban mobility.” DB Regional understands local public
transport as bridging different modes of transport and brings
together regional rail passenger transport, bus, on-demand,
sharing and pooling offers and, in the future, its platform solutions as well. This is carried out in collaboration with ioki,
Clever Shuttle or Mobimeo.
In order to achieve the objectives, the strategy of DB­Regional consists of the strategic building blocks of the Strong
Rail strategy:◊ More robust: Modernization and digitalization are key
factors for sustainable quality improvement and upgradesof public transport. To this end, DB Regional is investingin a gradual increase in fleet strength and a consistent redesign of120∏

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

the vehiclesµ
vehicles122.. Sufficient and qualified personnel are122◊ Greener: Shifting transport to energy-efficient rail is an
essential element in achieving the Federal Government’s
climate protection targets. In line with DB’s climate protection target, 100% of DB Regional’s traction current is
to come from renewable energies by 2038. In addition,
the use of fossil fuels will be scaled back further, for example through the energy-efficient driving style of ourdrivers and the use of supportive assistance systems. The
establishment of alternative drivesµdrives150 and the use ofalternative fuels will offer even greater opportunities infuture to reduce CO₂ emissionsµemissions71..
71

an equally important success factor for robust operations.
DB Regional continuously works on the recruitment andqualification of personnel and develops solutions, for example. through cooperations with public transport authorities and other train operating companies, as well as
cross-­sector campaigns and qualification concepts. DB
Regional is also increasingly looking to new business concepts and cooperations in other areas, thereby responding to a changing market. The increasing fragmentationof transport contracts is intended to enable as many companies in the industry as possible to take part in the tender proce­dures. We are responding to these changes byadapting our business model. By expanding our services
to third parties, for example in maintenance or pool andlife cycle manage­ment, we are increasingly developing
as a maintenance partner for competitors and public transport authorities.
◊ More efficient: Quality and control capability remain our
key issues. Achieving a high level of customer satisfaction
and avoiding contractual penalties and train cancellations
are critical to success. To increase operating quality andvehicle availability, we are implementing the DB excellence system as part of the stable processes building block.
In this way, we are laying the foundations for reliability
and punctuality and ultimately more customer satisfaction. Industrialization, automation, digitalization, platform
solutions and intelligently linked data of high quality andavailability are key levers here.
◊ More modern: The development of new mobility concepts is becoming increasingly important. Cities, outskirts
and rural areas each have different mobility requirements
and require close integration and cooperation with othermodes of transport. Together with other intra-Group partners, DB Regional is expanding its intermodal mobility
solutions and positioning them on the market. With thecontinuous expansion of competencies and partnerships,
DB Regional is continuing to reinforce its role as the driverof innovation in the industry. Due to the continuous devel­­­opment of new mobility solutions such as on-demand
services, DB Regional intends to prove itself in an increasingly intense competitive environment and meet thechanging needs of customers. Innovation and design
projects such as the IdeasTrain translate customer needs
into tangible concepts.

Development of the order book
AWA R D E D T R A N S P O R T C O N T R A C T S

GERMAN REGIONAL RAIL PASSENGER TRANSPORT

2022

2021

MARKET / million train-path km

p. a.

total

p. a.

Tender procedures (number)

24

–

40

–

thereof to DB Regional

8

–

15

–
1,278

Awarded tender volume

total

59.2

715.5

140.8

thereof DB services (%)

37

–

48

–

thereof to DB Regional

30.4

397.5

72.0

634.5

51

56

51

50

138.7

–

–
–

Hit rate (%)
S I G N I F I C A N T C O N T R AC T S W O N

North-South network (NOS2)

11.6

Niederrhein-Münsterland network,
sub-network 2 1)

4.0

55.7

–

MoselLux 1)

3.6

50.6

–

–

2026-Kinzigtal

3.3

49.3

–

–

Warnow II partial network 1)

3.4

46.7

–

–

2023-Taunus 1)

1.8

21.9

–

–

1)

Over the term of the contract, the annual performance is to be adjusted in accordance withthe relevant contractual provisions.

The volume of contracts awarded for regional rail passenger
transport was lower in 2022. The hit rate (entire contract term)
developed positively.

GERMAN PUBLIC ROAD PASSENGER TRANSPORT

2022

2021

MARKET / million commercial vehicle km

p. a.

total

p. a.

total

Tender procedures (number)

148

–

240

–

thereof including participation
by DB Regional

111

–

157

–

91.0

590.0

170.4

1,260

thereof DB services(%)

29

–

30

–

thereof including participation
by DB Regional

77.9

520.7

127.7

987.4

Hit rate (%)

46

–

27

–

Awarded tender volume

An unusually high volume of bus transport services was recorded in 2021. A lower level was again reached in 2022. The
hit rate was above-average in 2022. DB Regional Bus was able
to expand its market share.

121

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

N E W C O M M I S S I O N S A N D C E S S AT I O N S

ORDER BOOK PER YEAR AS OF DEC 31, 2022 / € billion

TermMilliontrainpath km
p. a.

Diesel network in Central Lower Saxony

Dec 2021–Dec 2029

4.5

+ 4.3

VVO diesel network

12/2021 – 12/2031

2.1

+ 2.0
+ 6.5

NEW COMMISSIONING (RAIL) 1) / 2021 – 2022

thereofversus2021 2)Rhine-Ruhr S-Bahn Lot B transfer

02/2022 – 12/2023

7.1

Ruhr-Sieg network transfer

02/2022 – 12/2023

3.4

+ 3.1

EBO Karlsruhe area network 7b (lots 1 and 2)

12/2022 – 12/2035

4.6

+ 0.2

2023-Taunus

12/2022 – 12/2034

2.1

+ 0.1

Network 59 pre-commissioning on new
construction line (Stg-) Wendlingen — Ulm

12/2022 – 12/2027

Total

2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
to 2040

0.8

+ 0.0

24.6

+ 16.2

ChangeGlauchau — Gössnitz

06/20210.1

Allgäu e-network

12/2021

1.8

– 1.7

Hanover S-Bahn (metro)

06/2022

9.3

– 5.0

(RAIL)

1)/ 2021 – 2022

thereofversus2021 2)< – 0.1

Augsburg network lot 1

12/2022

6.6

– 0.3

XMU network SH lot east

12/2022

4.2

– 0.2

Network 19 Singen — Schaffhausen

12/20220.5< – 0.1

Chiemgau — Berchtesgaden

12/20220.2< – 0.1

22.7

– 7.3

Total

In 2022, we continued to pursue comprehensive measures toimprove our vehicle fleet.
◊ These included the redesign of the interior, the installation of passenger information and video recording systems, WiFi and new paintwork. A total of 360 vehicles
were modified and modernized, mainly for the Berlin
S-Bahn (metro) and Elbe-Spree electric networks, as well
as for the Oberelbe and Neigetechnik Thüringen diesel
networks.
◊ We are further focusing on the procurement of new vehicles for acquired transport contracts. A total of 148 newvehicles were supplied in 2022, 57 of which were deployedthrough a leasing model. The majority of the new vehicles
delivered (89) are allocated to the Berlin and Stuttgart
S-Bahn (metro) networks.
Vehicle availability improved again in 2022. However, there
were also delays and restrictions relating to the delivery of
new trains. In addition, 86 new multiple units and one shunting locomotive were ordered.

	Services or parts of the network were previously provided by DB Regional.
2)	Effect of the change on the year-on-year comparison. The linear calculation is carriedout on a weekly basis by changing the operator in the middle of the month.
1)

ORDER BOOK
ChangeORDER BOOK AS OF DEC 31 / € billion

2022

2021

absolute%

DB Regional

83.1

secured

69.6

80.0

+ 3.1

+ 3.9

64.9

+ 4.7

+ 7.2

unsecured

13.5

15.1

– 1.6

– 10.6

11.6 / 0.7

Fleet development

Services or parts of the network were previously provided by non-Group train operating companies.
2)	Effect of the change on the year-on-year comparison. The linear calculation is carried out on a
weekly basis by commissioning in the middle of the month.

DISCONTINUED OPERATIONS

7.7 / 2.1
7.1 / 1.9
6.7 / 1.8
6.3 / 1.6
6.0 / 1.5
5.6 / 1.2
5.3 / 1.0
4.8 / 0.8
4.3 / 0.6
4.0 / 0.5

unsecured

Individual figures are rounded and therefore may not add up.

1)

Milliontrainpath km
p. a.

secured /Digitalization and innovation◊ IdeasTrain: In the summer of 2021, the IdeasTrainCity
IdeasTrainCity∞and two additional modules with solutions for optimized
bicycle carriage and a hygienic WC cabin were presented
to selected industry representatives for the first time. The
mock-ups were successfully presented to a broad groupof trade professionals at the Innotrans trade fair in September 2022. A modified double-decker wagon from theSoutheast Bavaria Railway was also presented, putting
into a practice a number of ideas from the IdeasTrainRegio, which was developed in 2017. In the course of the firsthalf of 2023, this vehicle will be in regular operation on
the Munich — Mühldorf line.
DB Zugportal
Zugportal))◊ Train portal: In 2022, the DB Train Portal app ((DB∞ was expanded to include 31 further transport networks. In addition to a revised user experience, a numberof new features are added on an ongoing basis.

Revenues that are directly connected with transport contracts or concessions areeither independent of (secured revenues, primarily concession fees) or dependent on(unsecured revenues, primarily revenues from fares) the number of passengers.

In 2022, DB Regional’s order book filled up. The additions
from transport contracts of about € 8.9 billion were offset bydisposals of about € 8.8 billion, mainly as a result of services
rendered. In addition, changes to assumptions had a positive
impact of about € 3.1 billion (mainly due to energy price andtariff developments). As most of the transport contracts
awarded include secured revenues, growth should be expectedin the secured order book, while unsecured revenues havedecreased as a result of services provided.

122Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information◊ Route agent: The DB Route Agent∞
Agent
app directly benefits
customer satisfaction with digital services for improved
passenger information. Route agent users receive an easy
and intuitive app with real-time information about delays
and alternative routes via push notifications. The relaunch
in 2022 laid the technical foundations for further upgradesof the app.

◊ Autonomous transport services: In Bad Birnbach, twoautonomous shuttles ∫ no. 41 carry passengers on demand.
The electric vehicles can be booked via an app. Booking
requests are grouped into car pools, allowing efficientand climate-neutral mobility over the last mile.
◊ Water consumption: In Berlin-Grünau, a new washing ­facility∫ no. 94 has been commissioned for the new S -Bahn(metro) trains in Berlin. Used service water is treated insuch a way that up to 90% can be reused.
◊ Mobility hubs: The scheduled bus service remains a central component of strong local public transport, but does
not fully realize its potential until it is linked to other mobility services, such as on-demand transport services,which can be used as needed. This is the conclusion of
the Mobility Transition 2030 Study from DB Regional Bus
and the Fraunhofer Institutes IESE (Fraunhofer Institutefor Experimental Software Engineering IESE) and IML(Fraunhofer Institute for Material Flow and Logistics IML).
We are pursuing this approach at mobility hubs, such as
the Stuttgart-Vaihingen S-Bahn (metro) station: here,
passengers can book and use many climate-friendly mobility services (including hire bikes, car sharing andcharging stations for electric cars) over a digital network.

∏ Environmental measures◊ Fuel consumption: The regional energy savings system software∫ no. 8 (RESY) is used in 21 diesel networks. A total of
840 DB Regional diesel trains and locomotives are equippedwith the software, which corresponds to a share of 67%.
Compared with 2019 (before the introduction of RESY),a total of 3 million liters of diesel and over 8,000 tons ofCO₂e were saved in 2022.
◊ Alternative drives:
goesRailµ 73 project, the newly de◊ As part of the H2goesRailsigned hydrogen train ∫ no. 53
53 Mireo Plus H was presented in May 2022 together with Siemens Mobility.
◊ Together with Alstom, DB Regional has successfully
tested the first battery-operated train ∫ no. 45 in passenger operations in cooperation with the Federal statesof Baden-Württemberg and Bavaria. Until early-May
2022, the train operated on the Stuttgart   —  Horb line
in Baden-Württemberg on week days.
◊ In 2022, another 49 electric buses ∫ no. 63 were put into
operation. The electric bus fleet will continue to be
expanded in the future, with an expected expansion
to about 150 electric and 25 fuel cell buses by the endof 2024.
◊ By concluding a framework contract with EBUSCO, up
to 230 electric buses can be ordered from 2023 to 2026.
This further reduces the greenhouse gas emissions of
the bus fleet.
◊ Biofuel: Since September 2022, 57 DB Regional trains havebeen using climate-friendly biofuel ∫ no. 164 on services
through Baden-Württemberg. To this end, we have completely switched the filling stations in Aulendorf to HVO.
By the end of 2023, trains are to be filled with 1.3 million
liters of biofuel here. The use of biofuel is an immediateclimate protection measure and an important step towards
the phase-out of diesel and achieving climate neutrality.
In most cases, diesel trains do not have to be speciallymodified to run on biofuel.

Development in the year under review
The waning negative effects of the Covid-19 pandemic,
new transport contracts and 9-Euro-Tickets are
the key to the development.
Increases in energy prices were compensated for byprice escalation clauses.
Operating profit development significantly improved.
Punctuality in rail transport has dropped. The main causesof this were the high network utilization, capacity restrictions
due to the high construction volume and infrastructure disruptions. From June to August 2022, the introduction of the9-Euro-Ticketµ36
9-Euro-Ticket
36 also led to a significant increase in excessive stopping times on tourist lines and at weekends in theoverall network. The most significant drops in punctuality
were recorded in these three months. Capacity bottlenecks
combined with a high primary disruption level also led to asignificant increase in delays of following trains. The tense
personnel situation due to high sick leave in key operational
areas also had a negative impact. Punctuality in bus transport has improved, however.
About 26,000 customers (rail) and about 2,300 customers(bus) were surveyed in two waves for the annual customer
satisfaction survey:

123∏Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information∏√

Change2022

DB REGIONAL

2021

absolute%

2019

Punctuality (rail) (%)

91.8

94.3

– 2.5

–

94.3

Punctuality (bus) (%)

86.0

83.9

+ 2.1

–

81.6

Customer satisfaction (rail) (SI)

70.1

71.6

– 1.5

–

66.1

Customer satisfaction (bus 1)) (SI)

74

75

–1

–

73

2,072

1,540

+ 532

+ 34.52,507

Passengers (million)
thereof rail
Volume sold (million pkm)
thereof rail

1,605

1,121

+ 484

+ 43.2

1,972

39,80425,921+ 13,883+ 53.647,90841,63334,754

21,407+ 13,347+ 62.3

Volume produced (rail) (million train-path km)

433.7

426.7

+ 7.0

+ 1.6

452.5

Volume produced (bus) (million bus km)

502.1

482.8

+ 19.3

+ 4.0

479.8

Total revenues (€ million)

9,039

8,043

+ 996

+ 12.4

8,945

External revenues (€ million)

8,921

7,929

+ 992

+ 12.5

8,830

Rail concession fees (€ million)

6,508

5,824

+ 684

+ 11.7

5,627

EBITDA adjusted (€ million)

619

218

+ 401

–

1,056

EBIT adjusted (€ million)

– 31

– 417

+ 386

– 92.6408

Gross capital expenditures (€ million)

716

480

+ 236

+ 49.2560

Employees as of Dec 31 (FTE)

37,73837,220

+ 518

+ 1.4

36,374

Annual average employees (FTE)

36,28537,59937,337

+ 262

+ 0.7

Employee satisfaction (SI)

3.7

–

–

–

‒

Share of women as of Dec 31 (%)

16.9

17.0

– 0.1

–

16.8

Specific final energy consumption (rail) compared to 2006 (based on pkm) (%)– 23.8+ 26.3– 50.1–– 30.0Specific final energy consumption (bus) compared to 2006 (based on bus km) (%)

– 0.4

– 2.5

+ 2.1

–

+ 1.7

1)

	Method changed since 2020.

◊ DB Regional (rail): Overall passenger satisfaction fellslightly in 2022. While the satisfaction figures for the
S-Bahn (metro) (SI of 70) remained stable, a significant
decline in regional transport (SI of 70) was observed. Satisfaction with the last journey fell slightly to an SI of 77(regional services SI of 77 and S-Bahn (metro), SI of 78).
The main driver of the deterioration is the developmentof punctuality and the reliability of the system.
◊ DB Regional (bus): Customer satisfaction is slightly below the previous year’s level, both in terms of satisfaction
with the bus company (SI of 74) and with the current
journey (SI of 77), but remains at a good level.
The performance development was very pleasing – in the
period from June to August 2022, the pre-Covid-19 level was
significantly exceeded as a result of additional stimulus fromthe introduction of the 9-Euro-Ticket:◊ DB Regional (rail): Development in the number of passengers and volume sold was significantly positive primarily as a result of the recovery in demand after the lifting ofmost measures to contain the Covid-19 pandemic in thefirst half of 2022. The effects of new transport contractsµcontracts
31
also exceeded the effects of discontinued transport services.

◊ DB Regional (bus): Here, too, the negative effects of theCovid-19 pandemic continued to wane. Performance gains
had a supporting effect, meaning that the performancedevelopment was also very positive.
The economic development of DB Regional remained underpressure, particularly in the bus line of business, due to special effects such as diesel price increases, even though theoperating profit figures improved again overall.
In view of the fact that passenger numbers are still lower
than pre-Covid levels overall, passenger revenues remain
below 2019 levels. Due to the high proportion of gross contracts, the revenue risk lies primarily with the public transport
authorities.
Revenue development was positive:◊ Revenues: The increase resulted primarily from higher
rail concession fees, a demand-driven increase in revenues
from fares and performance gains. The loss of revenues
from fares in connection with the temporary introductionof the 9-Euro-Ticket
9-Euro-Ticketµ36
36 partially countered this impact.
The compensation for the lost revenues due to the 9-EuroTicket is included in other operating income.
◊ Other operating income: The increase (+ 4.0%/€ + 37
million) due in part to the effects of a change in cost allo­
cation as a result of the introduction of the German Collective Bargaining Agreement (countereffect in the costof materials), as well as higher income from compensation

124

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional informationin connection with delayed vehicle deliveries, among
other things. In contrast, Government subsidies, among
other things, fell. Here, a decline in Covid-19 support payments, among other things, as a result of the recovery indemand exceeded positive effects, mainly from compensation payments for the 9-Euro-Ticket.
On the expense side, there were additional pressures primarily from demand- and price-related increases in the costof materials and higher personnel expenses, partly as a result of collective bargaining agreements:◊ Cost of materials: The increase in the cost of materials(+ 8.8%/€ + 500 million) mainly due to cost increases forenergy, among other things, and higher costs for the useof train-paths and stations in rail transport, partly as aresult of higher volume-related costs. In addition, higher
expenses for purchased transport services due to priceand performance factors led to additional charges.
◊ Personnel expenses: Noticeable increase (+ 4.7%/€ + 106
million) due in part to the higher number of employees
on average.
◊ Other operating expenses: Slight increase (+ 3.5%/€ + 31
million), due to the rail line of business.
◊ Depreciation: Also slight increase (+ 2.4%/€ + 15 million).
Capital expenditure activities developed in line with therequirements from transport contracts awarded and rose
considerably.
The number of employees increased as of December 31,
services
121 f.
f.
2022, driven by the takeover of the Abellio servicesµ
Employee satisfaction has fallen slightly compared with
2020. This was due to the operational challenges, among
other things.
The proportion of women was almost at the same levelas at the end of the previous year.
In 2022, the specific final energy consumption on rail basedon volume sold was lower than in the reference year 2006.
One of the drivers of this improvement was the sharp rise inpassenger numbers. On the other hand, further measures
were taken to improve the energy efficiency of train journeys.
The regional energy savings system ((RESY
RESY))µ 123 is used in 21 diesel
networks. In bus transport, the reduction in specific final
energy consumption in relation to volume produced (compared with 2006) was less pronounced than in the previous
year, as supply has increased significantly.

RAIL LINE OF BUSINESS

Waning negative effects of Covid-19, new transport
contracts and the introduction of the 9-Euro-Ticket areshaping this development.
Higher costs, especially for personnel, are weighing
on development.
Operating profit development improved significantly.
ChangeRAIL LINE OF BUSINESS

2022

2021 absolute

Passengers (million)

1,605

1,121

+ 484

thereof rail
Volume sold (million pkm)
thereof rail

%

2019

+ 43.2

2,010

1,605

1,121

+ 484

+ 43.2

1,972

34,754

21,407 + 13,347+ 62.342,204
41,63334,754

21,407 + 13,347+ 62.3

Volume produced (million train-path km)

433.7

426.7

+ 7.0

+ 1.6

452.5

Total revenues (€ million)

7,878

6,965

+ 913

+ 13.1

7,848

External revenues (€ million)

7,769

6,859

+ 910

+ 13.3

7,740

Rail concession fees (€ million)

6,508

5,824

+ 684

+ 11.7

5,626

EBITDA adjusted (€ million)

698

308

+ 390

+ 127

1,037

EBIT adjusted (€ million)

134

– 247

+ 381

–

454

Gross capital expenditures (€ million)

589

341

+ 248

+ 72.7496

28,076

27,737

+ 339

+ 1.2

27,715

Employees as of Dec 31 (FTE)

The trend of recovery of demand that began in the previous
year continued with the progressive lifting of measures tocontain the Covid-19 pandemic in 2022. In addition, the taketake-over of Abellio transport services µ 121 f. and the introduction of
the 9-Euro-Ticket
9-Euro-Ticketµ36
36 had a positive effect on volume sold.
As a result, the number of passengers and volume sold rosevery significantly. Volume produced increased slightly. Additional transport services in North Rhine-Westphalia andthe discontinuation of strike effects from the previous year
were partly compensated by construction and personnel-­related reductions in the timetable and the discontinuationof transport services of the Hanover S-Bahn (metro).
Operating profit figures also improved considerably. The
recovery in performance supported the positive income­development:◊ Revenues: Increase as a result of higher fare revenues
for performance-related reasons and higher concession
fees. In addition to general increases by public transport
authorities, in particular in connection with an increasein energy prices, new transport services also had an impact here. Transport losses, increased compensation payments due to worse operating quality, the withdrawal ofproceeds from fares from the 9-Euro-Ticket (compensation
payments included in other operating income) partiallycompensated for this.

125

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information◊ Other operating income: Development roughly on theprevious year’s level:◊ Negative effects resulted mainly from lower government subsidies as a result of the recovery in demand.
The decline exceeded the increase due to compensation payments for the 9-Euro-Ticket. Lower utilizationof provisions for impending losses, which was exceptionally high in the previous year due to Covid-19, also
had a negative effect.
◊ This was offset by the effects of a change in cost allocation as a result of the introduction of the Germancollective bargaining agreement (countereffect in thecost of materials).
On the expense side, there were additional negative effects,
primarily from price effects and additional traffic:◊ Cost of materials: The cost of materials rose, mainly asa result of higher costs for energy and volume-related
costs for the use of train-paths and stations.
◊ Personnel expenses: Increase due primarily to a higher
average number of employees based on performance anddue to collective bargaining agreements.
◊ Other operating expenses: The increase resulted mainly
from the implementation of digitalization measures andmeasures to tempt more customers to return. Lower additions to provisions for impending losses partially reduced
expenses.
◊ Depreciation: Capital expenditure-related increase. Effects resulting in higher expenses from completed vehicle projects were partially offset by cost-reducing effects
from reaching the end of the useful lives of vehicles inthe balance sheet.
Capital expenditure activities developed in line with the requirements from transport contracts awarded and was down
significantly.
The number of employees increased as a result of the
inclusion of the acquired Abellio transport services in particular. Transport losses had the opposite effect.

ChangeBUS LINE OF BUSINESS

2022

2021 absolute

Passengers (million)

467.2

418.9

%

2019

+ 48.3+ 11.5496.8

Volume sold (million pkm)

5,049

Volume produced (million bus km)

502.1

4,515

+ 534

+ 11.8

5,704

482.8

+ 19.3

+ 4.0

452.8

Total revenues (€ million)

1,344

External revenues (€ million)

1,152

1,191

+ 153

+ 12.8

1,162

1,069

+ 83

+ 7.8

1,090

EBITDA adjusted (€ million)

– 79

– 91

+ 12

– 13.2

20

EBIT adjusted (€ million)

– 165

– 170

+5

– 2.9

– 46

Gross capital expenditures (€ million)
Employees as of Dec 31 (FTE)

126

139

– 13

– 9.4

64

9,661

9,483

+ 178

+ 1.9

8,659

The significantly positive performance development in thebus line of business resulted from the recovery in demand
for Covid-19-related restrictions, performance gains and the9-Euro-Ticketµ 36
36..
temporary introduction of the 9-Euro-Ticket
The operating profit figures improved slightly. However,
the economic situation remains challenging.
The positive trend in volumes had an effect on income:◊ Revenues: Performance-related increase. The loss of revenues from fares as a result of the introduction of the9-Euro-Ticket (compensation payments included in otheroperating income) and the effects of provisions partially
offset this.
◊ Other operating income: The increase was mainly due
to the higher utilization of provisions for impending losses
and higher Government subsidies (including Covid-19
support payments as part of the local public transport industry
solutionµ44
solution
44 and compensation payments for the 9-EuroTicket).
There were additional negative effects on the expense side,mainly from the cost of materials and personnel expenses:◊ Cost of materials: The increase resulted mainly fromhigher expenses for purchased transport services andhigher costs for diesel, due price-related and performance-­
related factors.
◊ Personnel expenses: The increase is due to the higher
average number of employees and due to collective bargaining agreements.
◊ Depreciation: Increase due to capital expenditures in theprevious year.
In contrast, the decline in other expense items had a dampening effect:◊ Other operating expenses: Decrease mainly as a resultof lower additions to provisions for impending losses.
Gross capital expenditures fell due to delays in vehicle delivery. Net capital expenditures fell even more sharply due tohigher subsidies received (switch to alternative drives).
The number of employees increased for performance-­
related reasons.

BUS LINE OF BUSINESS

Recovery continues after Covid-19-related losses,
but has not yet been completed – performance gains
had a supporting effect in this case.
Additional charges due to cost increases.
Covid-19 support measures continue to have apositive effect.

126Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

DB CARGO BUSINESS UNIT
Business model

The aim of the Strong Cargo strategy is to strengthen DB
Cargoʼs position in the long term so that it can make the necessary contribution to achieving its goals. The action plan isdesigned according to the slogan “Europe needs a strong
rail logistics provider. For the climate and for a sustainableeconomy.” In this way, DB Cargo makes a significant contribution to increasing the modal share of rail in the German
and European transport mix, while also improving its own
economic sustainability. In 2022, DB Cargo therefore expanded
its position as a specialist in European rail logistics with the
130 business area
integration of the Full Load Solutions (FLS)µ130
of DB Schenker. With FLS’s vast expertise, DB Cargo is increas­
ingly offering tailor-made logistics and service solutions for
all customers and can therefore achieve real added value forclimate-friendly supply chains.
The development of energy costs, further price increases
and bottlenecks in track infrastructure in Germany are thechallenges for the next few years. Stabilization production
and operating results are key areas of action for the Strong
Cargo strategy in the three major business segments acrossEurope:◊ Rail logistics: To strengthen its market presence as a rail
logistics service provider, DB Cargo systematically offers
its customers industry-specific services in its customers’
supply chains. These are logistics solutions that essentially include rail performance and supplement these withadditional modules (for example road traffic, warehousing
and other individual logistics services).
◊ Combined transport: DB Cargo will synchronize the operating activities already offered in combined transportand expand them throughout Europe. In close contact
with its customers, DB Cargo will thus increase the attractiveness of rail services on the combined transport lines,
thereby bringing more transport from road to rail.
◊ Single wagon transport: The single wagon network is a
key component of rail freight transport in Germany andEurope, but operated on a purely commercial basis it cannot be offered as a full-coverage network given the current general framework. For this reason, single wagon
transport is being further developed, taking account of
the operating cost support provided for in the 2023 Federal
budget. In the medium and long term, the efficiency ofthe system will also increase with new technologies suchas the digital automatic coupling.

DB Cargo offers its customers in 17 European countries accessto one of the biggest rail networks in the world, extending
as far afield as China, and is the number one in European rail
freight transport.
Across its international network, DB Cargo◊ transports freight cars and groups of freight cars in the
single wagon transport system,◊ enables transport chains for containers or truck trailers
belonging to shipping companies and freight forwarders
using multiple modes of transport (rail, ships, trucks) in
combined transport, and◊ operates direct connections from siding to siding in block
train transport.
In addition to the pure transport service, DB Cargo creates
individual solutions with additional logistical services for its
customers. Owned or rented traction units and freight cars,
terminals and train formation yards, as well as in-house personnel resources, are used to provide services. Customers
include the manufacturing industry in the automotive, steel,
recycling and raw materials, chemicals and mineral oil andbuilding materials, industrial and consumer goods sectors,
as well as shipping companies, forwarding companies andcombined transport operators throughout Europe. Customers are increasingly making a conscious decision to use DB
Cargo to replace the more environmentally harmful optionof transport by truck.
Since DB Cargo generates the majority of its income bytransporting goods by rail, the leading performance indicatoris volume sold in ton kilometers. In addition to the depre­ciationof locomotives and freight cars, as well as personnel expenses,
the main cost components are energy, infrastructure andmaintenance expenses. The intra-Group infrastructure companies and service providers are important suppliers in thisrespect.
∏ Markets and strategy
With the Strong Rail strategyµ51
strategy
51 ff.
ff.,, DB Cargo is committing
to its social responsibility and making a meaningful contribution to the transport and climate policy targets in Germany
and Europe. It is DB Cargo’s goal to shift transport from roadto environmentally friendly rail for its customers. Thus DB
Cargo is in line with the guiding principle of the Strong Railstrategy, namely a shift in the mode of transport to rail fora sustainable climate and mobility transition.

127

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

DB CARGO – AT A GLANCE∏

Business segments
Block train transport—D irect siding-to-siding connections
for high-volume industrial products,
raw materials, etc.
— Share of volume sold: 48%— Share of revenues: 43%

Single wagon transport

Combined transport— Transport of freight cars andgroups of freight cars in a predominantly multi-level collection
and distribution network.
— Share of volume sold: 30%— Share of revenues: 29%

Full Load Solutions ( FLS)— Multimodal door-to-doortransport services for largescale full loads— Share of revenues: 9%— Transport of standardized load
units (such as containers and trailers) on the rails in long-distanceruns for transport services that do
not generally have sidings inreception and shipping.
— Share of volume sold: 22%— Share of revenues: 19%

Lines of businessCentral Europe

Includes activities in Germany (including production
companies), Sweden, Denmark, the Netherlands,
Belgium, Switzerland, Italy and DB Cargo Eurasia
for the trans-Eurasian corridor. In addition,companies are geared to special markets.

Western Europe

Eastern Europe

REVENUES / %EMPLOYEES / %Includes activities in the United Kingdom, France
and Spain.

Includes activities in Poland, Romania, Bulgaria,
Hungary and the Czech Republic.

Structure
VOLUME SOLD / %Eastern Europe 7

FLS 9

Eastern Europe 5
Western Europe 10

Western Europe 12

Central Europe 81

Central Europe 76

FLS 2

Eastern Europe 13
Western Europe 14

Central Europe 71

Business model
INPUTS
Employees— About 31,200

Vehicles— 2,576 locomotives— 82,974 freight cars (70,982
own cars and 11,992 rented/
leased cars)

Networks and infrastructure— Active in 17 European
countries— 2,172 customer sidingsin Germany— 9 train formation yards— 27 maintenance depots

Electricity and fuel— 1.9 billion kWh traction
current— 116 million liters diesel fuel— 0.9 million liters of HVO(hydrotreated vegetable oil)

Additional production factors— 169 million train-path km

BUSINESS ACTIVITIESCustomer segments— Business customers with a focus
on automotive, construction
materials, chemicals, industrial
goods, intermodal, consumer
goods and iron, coal and steel

OUTPUTS 1)
Freight carried

Value proposition— DB Cargo offers customer-oriented,

Customer access and retention

reliable and efficient transport andlogistics solutions across Europe.

Key activities— Segment sales with key
account management— Regional sales— Customer service center— Providing rail services— Designing European multimodal
logistics solutions— Providing and maintaining vehicles— Planning and operating networks— Providing supplemental
logistical services

OUTCOMES 2)— 222 million t— €– 665 million

EBIT adjusted

Customer satisfaction— SI of 67

Punctuality

Volume sold

Employee satisfaction— SI of 3.8

Final energy consumption

Quiet freight cars

— 84 billion tkm— – 26.0% compared with
2006 (specific)

Status for 2022, or as of December 31, 2022.
1)	Key products and services.
2)	Internal and external consequences and results from business activities and outputs along the entire value-added chain.
3)	Includes the entire fleet in Germany.

128— 66.3%— 77,800 3)

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information◊ Stabilization of production: Transport concepts are being planned to take greater account of capacity bottlenecks in order to ensure more stable production. The
management of national and international transport isbeing improved. The processes for the implementationof transport services will be consistently reorganized tofollow a departure-to-destination rationale that focuseson better quality, simpler and more efficient management
systems. DB Cargo reached an important milestone in
2022, with the establishment of the control tower. Here,customers and their supply chains are supported by integrated sales and production teams from a single source.
In addition, DB Cargo will make capital expenditures inmodern multisystem locomotives and new car technologies. Digitalization and automation will aid DB Cargo inoffering its customers easier access to the rail system andmore transparency about the shipment status, and will
significantly speed up the processes in rail transport, i.e.
train formation, car handling and maintenance.
◊ Expansion of European corridors: DB Cargo is established throughout Europe and is represented on the 13
major transport corridors. Along these corridors, DB Cargois accelerating the development of quality and growth.
Success factors include a high transport frequency withcoordinated schedules, faster cross-border transport withmultilingual train drivers, and fundamentally close cross-­national cooperation.
Thanks to modern transport equipment that precisely meets
market and customer requirements, DB Cargo is able to integrate itself deep into customers’ logistics chains. DB Cargois therefore advancing the development of its freight cars
intensively. For example (in addition to freight cars and super­
structures), loading and unloading facilities as well as handling technologies are designed and implemented together
with customers. DB Cargo relies both on its own equipment
developments and on cooperations with strategic partners.

Digitalization and innovation

DB Cargo is positioning itself on the market with, among

other things, the following measures to drive digitalizationand innovation:◊ DB Cargo is testing the new digital automatic couplings
that are an integral part of the digitalization of freighttrains. The digital automatic coupling enables freightcars to be automatically coupled. With the new couplingtechnology, freight trains can become longer and heavier.
This increases rail network capacity. To this end, around
500,000 freight cars across Europe will have to be fittedwith the digital automatic coupling by 2030. In order to129achieve this, DB Cargo is also carrying out installation in
pop-up workshops in addition to modifications performed
in its own workshops. With the help of these mobile workshop tents, freight cars can be equipped with the newtechnology in the immediate vicinity of their locations,for example for industrial customers, within a short periodof time. Together with partner companies, up to 150
pop-up locations are to be set up throughout Europe.

Environmental measures

DB Cargo is making a significant contribution to shifting traffic

to the rails, and thus to the achievement of European climate
protection targets.
◊ The DB Cargo fleet is becoming even greener and more
efficient. While energy-efficient electric locomotives alreadyperform 94% of freight transport in Germany (based onweight-related ton kilometers; Ltkm), the sustainable
drive concepts are now being expanded to shunting operations. This means that all diesel locomotives used here
will be replaced by modern machines with alternative
drives. Currently, 300 hybrid and dual-mode locomotives ∫no. 57 are in circulation. In the next few years, each of thearound 600 diesel locomotives will be replaced.
◊ After extensive field trials, the biofuel HVO ∫ no. 164 has
been approved for the entire DB Cargo Germany diesel
locomotive fleet since mid-2022. As a DBeco fuel, it extends
the Eco Solutions product range. DB Cargo UK already runs
part of its transport services on HVO. In 2022, DB Cargo
was able to replace about 900,000 liters of diesel with
HVO. Three filling stations were modified for HVO fuels,with others to follow. In future, this will also make it possible to cover the last mile in the supply chain of customers with diesel and shunting locomotives in a climate
neutral manner.
◊ Automobile manufacturers are transporting batteries with
DB Cargo on the green rail system: the state-of-the-art
Automotive Logistics Center of a German automobile
manufacturer is opening in Bremen for battery logistics
in direct proximity to customers. It is part of the climate-­
neutral logistics concept for battery systems. Since 2022,
DB Cargo has transported the systems over about 650 km
to the assembly line in Bremen with 100% eco-power fromthe Stuttgart facility. The logistics hub enables DB Cargo
to shunt trains right up to the production hall and unload
them there.

∏

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information∏√

ChangeDB CARGO

2022

2021

absolute%

2019

Punctuality (%)

74.0

66.3

69.5

– 3.2

–

Customer satisfaction (SI)

67

70

–3

–

61

Freight carried (million t)

222.3

226.5

– 4.2

– 1.9

232.0

Volume sold (million tkm)

85,00584,46884,850

– 382

– 0.5

Volume produced (million train-path km)

169.1

169.0

+ 0.1

+ 0.1

162.5

Capacity utilization (t per train)

499.4

502.0

– 2.6

– 0.5

523.2

Total revenues 1) (€ million)

5,244

4,982

+ 262

+ 5.3

4,449

External revenues 1) (€ million)

4,998

4,713

+ 285

+ 6.0

4,188

EBITDA adjusted 1) (€ million)

– 257

– 81

– 176

–

13

EBIT adjusted 1) (€ million)

– 665

– 467

– 198

+ 42.4– 308

EBIT margin (adjusted) 1) (%)– 12.7

– 9.4

– 3.3

–

– 6.9

452

527

– 75

– 14.2570

Employees 1) as of Dec 31 (FTE)

31,16730,753

+ 414

+ 1.3

29,525

Employees 1) annual average (FTE)

29,280Gross capital expenditures 1) (€ million)

31,02730,868

+ 159

+ 0.5

Employee satisfaction (SI)

3.8

–

–

–

–

Share of women as of Dec 31 (%)

13.0

12.0

+ 1.0

–

11.5

– 26.0– 23.2– 2.8–– 21.0Specific final energy consumption compared to 2006 (based on tkm) (%)1)

	Figure for 2021 or as of December 31, 2021, adjusted due to the intra-Group reallocation of the FLS business areaµ 130.

Development in the year under review◊ DB Cargo has achieved another milestone in green logistics
with a global leader in steel and mining. State-of-­­­­the-art,semi-automated unloading facilities at the Eisenhüttenstadt steel plant (Brandenburg) protect the environment
from fine dust and emissions in a highly efficient manner.
At the same time, lighter wagons and special containers
ensure even higher capacity utilization of freight trains.
More than 90% of the required raw materials can be delivered in this climate-friendly manner. The raw materials
used in steel production, such as ore, coke and limestone,
can be handled while producing almost no dust. In the
future, “green sponge iron,” an intermediate product forclimate-neutral steel production, will also be transported
in this way.

Severe restrictions on operations (scarcity ofresources, construction work in the network) placeda burden on quality and costs.
The effects of the war in Ukraine had an impact
on the transport portfolio.
Increasing factor costs and additional burdens continue to put economic development under pressure.
The punctuality of DB Cargo has decreased as a result of reductions in capacity due to construction measures, increased
primary disruptions, particularly in relation to infrastructure,and highly utilized freight transport corridors. The operating
situation was under a lot of strain in many train formation
yards. The high levels of sick leave at times also hampered
punctuality. As a result, there were increased disruptions inoperating procedures and a significant increase in tailbacks.
This also had an impact on customer satisfaction, whichfell in 2022.
Freight carried and volume sold dropped slightly. This
was largely influenced by the decline in steel transports in
the United Kingdom, a difficult operating situation due toconstruction and disruptions, particularly in Germany, andthe effects of the war in Ukraine. Positive effects from thefirst-time inclusion of DB Cargo Switzerland performancedata, the positive business development of intermodal transport (especially on the trans-Eurasian corridor at the beginning of the year) and increased automobile, wood and papertransport had a dampening effect in some cases.

Investments

The Full Load Solutions (FLS) business area with assigned
rail logistics activities was transferred from DB Schenker to
DB Cargo with economic effect from January 1, 2022. The pre­­vious year’s figures were adjusted accordingly. Transa GmbHand Multi-Modal-Solutions (MMS), units from the European
companies operating at country level of DB Schenker now
form DB Cargo Transa/FLS. The transfer of all activities belonging to FLS from the corresponding DB Schenker companies operating at country level will be completely finalized
by January 1, 2023.

130∏

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

Economic development was weaker. Operating profit figuresdecreased significantly as a result of additional burdens. The
growth in income was more than compensated for:
◊ Revenues: Significant increase, driven by the positive
development in all regions, driven above all by price-­
related factors.
◊ Other operating income: Decrease (– 5.0%/€ – 27 million),driven by lower Government grants (primarily facility
price support) and lower effects from the release of provisions. This was offset, among other things, by a refundof payments from the noise-based train-path pricing system in Germany and the sale of real estate in Great Britain.
On the expense side, there were significant additional burdens due to inflation and quality, driven primarily by increases
in the cost of materials:◊ Cost of materials: Significant increase (+ 9.4%/€ + 289
million), due in part to higher energy costs and higher
maintenance expenses due to inflation.
◊ Other operating expenses: Increase (+ 13.5%/€ + 91 million) primarily due to increased rentals of locomotives andfreight cars, as well as more purchased digital services.
◊ Personnel expenses: Increase (+ 3.5%/€ + 66 million)
primarily due to a higher average number of employees
and due to collective bargaining agreements.
◊ Depreciation: (+ 5.7%/€ + 22 million) mainly due to higher
vehicle rentals subject to mandatory capitalization (IFRS 16).
The decline in capital expenditures is due, on the one hand,to the war in Ukraine. On the other hand, the large-scale
modifications of locomotives that are due to be capitalized
for 2022 were delayed because the procurement processes
for materials took significantly longer than in previous years
due to an extreme increase in supplier costs.
The number of employees increased as a result of thefurther implementation of recruitment initiatives for operating personnel.
Employee satisfaction is virtually unchanged comparedwith 2020, despite operational requirements.
DB Cargo’s recruitment initiatives focused on the recruitment of women. The proportion of women has increasedslightly as a result of these targeted recruitment measures.
In 2022, we achieved a further reduction in the specificfinal energy consumption of rail (traction, based on tkm)
compared with 2006. This is largely due to the modernizationof the fleet. In addition, the energy-saving LEADER driving asassistance system ∫ no. 8 and the automatic start/
start/stop ∫ no. 98 on
shunting locomotives also had an effect.

131

CENTRAL EUROPE REGION

Performance gains due to intermodal transport(especially on the trans-Eurasian corridor) due to highocean freight rates.
Additional burdens due to the war in Ukraine,
rising factor costs (especially for energy) and lower
government subsidies.
Operating profit development still under pressure.

ChangeCENTRAL EUROPE REGION

2022

2021 absolute

Freight carried (million t)

232.7

231.5

+ 1.2

Volume sold (million tkm)

68,31368,414

Volume produced (million train-path km)

136.1

135.8

Total revenues (€ million)

5,375

External revenues (€ million)
EBITDA adjusted (€ million)
EBIT adjusted (€ million)

Gross capital expenditures (€ million)
Employees as of Dec 31 (FTE)

%

2019

+ 0.5

225.2

– 101

– 0.1

68,265

+ 0.3

+ 0.2

127.3

5,172

+ 203

+ 3.9

4,959

3,698

3,470

+ 228

+ 6.6

3,443

– 386

– 190

– 196

+ 103

– 112

– 678

– 459

– 219

+ 47.7

– 333

328

385

– 57

– 14.8456

22,171

21,882

+ 289

+ 1.3

21,433Overall, performance development in Central Europe was at
the previous year’s level. The positive business development
due to the increase in intermodal transport (especially on
the trans-Eurasian corridor at the beginning of the year) was
largely consumed by dampening effects from construction
and disruption-related restrictions on rail infrastructure, operational bottlenecks and the effects of the war in Ukraine(including the discontinuation of transport services to Russia
and declines in demand for steel and chemical transport).
Additional coal transports to secure energy supply in Germany had a positive effect from October onwards.
Economic development remains very challenging due tothe operational situation. The operating profit figures deteriorated significantly:◊ Revenues: Largely price-related increase. The slightly
positive performance development had a supporting­effect.
◊ Other operating income: Declines due to the reduced
funding volume for the facility pricing system in Germany
and the discontinuation of a positive one-off effect in theprevious year were only partially offset by a non-periodic
refund from the dissolution of the “noise bonus fund” asthe modification of freight cars has been completed.

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

On the expense side, there were additional expenses driven
by the cost of materials:◊ Cost of materials: This increase was primarily due tohigher train-path and energy expenses, due mainly tohigher prices.
◊ Other operating expenses: The increase resulted primarily from increased leasing of freight cars, higher IT costs,
higher costs for qualification measures and increased additions to provisions for impending losses.
◊ Personnel expenses: The increase is primarily due tocollective bargaining agreements, with a slight increasein the number of operating employees.
◊ Depreciation: The increase is among others a result ofadditional rentals of locomotives and freight cars.
Capital expenditures declined as DB Cargo did not follow
through with the purchase of 110 freight cars from a Russian
manufacturer due to sanctions.
The number of employees increased slightly. The addition and qualification initiative for operative personnel was
continued.

◊ Portfolio adjustments in the form of the replacement of
automotive transport services by intermodal transport
had a positive effect at DB Cargo France.
◊ In Spain, Transfesa was able to maintain its volume soldat the previous year’s level despite the continued tense
market for new and used car transport.
Economic development improved, but remained challenging.
Operating profit figures rose, driven by income growth:◊ Revenues: Increase, driven by the development in Spain.
Higher prices and better capacity utilization in particular
had an effect here. Adjusted for exchange rate effects,
the increase was somewhat less pronounced.
◊ Other operating income: Increase primarily as a resultof higher income from the sale of real estate by DB Cargo
UK. Low positive exchange rate effects had a supporting
effect.
The disproportionately small increase in expenses was driven
by the cost of materials:◊ Cost of materials: Increase primarily as a result of increased energy costs and higher maintenance expenses
at DB Cargo UK and DB Cargo France, as well as an increasein transport services purchased at Transfesa for price-­
related reasons.
◊ Personnel expenses: Increase due to the higher average
number of employees at DB Cargo UK. Adjusted for exchange rate effects, the increase was less significant.
◊ Other operating expenses: Increase due to additions toprovisions for impending losses in the United Kingdom,among other things.
In contrast, the decline in other expense items had a dampening effect:◊ Depreciation: Decline mainly due to the discontinuation of a one-off effect in the previous year in the United
Kingdom.
Capital expenditures declined, mainly due to decreased­investment activities at DB Cargo UK. The large-scale modifications of locomotives that are due to be capitalized for2022 were delayed because the procurement processes formaterials took significantly longer than in previous years
due to an extreme increase in supplier costs.
The number of employees increased significantly, in­particular at DB Cargo UK to compensate for the lack of­operating personnel that occurred in the previous year.

WESTERN EUROPE REGION

Burdens from strikes in the United Kingdom.
Burdens from higher energy prices.
Change
WESTERN EUROPE REGION

2022

2021 absolute

Freight carried (million t)

40.2

45.2

– 5.0

– 11.1

%

2019

46.4

Volume sold (million tkm)

10,535

11,562– 1,027– 8.9

11,906

Volume produced (million train-path km)

24.3

25.4

– 1.1

– 4.3

27.3

Total revenues (€ million)

748

708

+ 40

+ 5.6

675

External revenues (€ million)

549

535

+ 14

+ 2.6

546
91

EBITDA adjusted (€ million)

64

59

+5

+ 8.5

EBIT adjusted (€ million)

– 20

– 30

+ 10

– 33.3

15

45

84

– 39

– 46.4

82

4,369

4,231

+ 138

+ 3.3

4,190

Gross capital expenditures (€ million)
Employees as of Dec 31 (FTE)

Performance development in Western Europe was poor. Thisis mainly due to developments in the United Kingdom:◊ Steel transport at DB Cargo UK declined significantly
due to a sharp decline in steel production in Great Britain
due to the sharp rise in energy prices. In addition, since
the summer of 2022, a large number of strikes havecaused major disruption on the British railway systemand had an additional negative impact on performancedevelopment.

132

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

Gross capital expenditures increased slightly due to EU -­subsidized locomotive purchases in Poland.
The number of employees increased in Poland, the Czech
Republic and Romania.

EASTERN EUROPE REGION

New transport and expansion of available offers,
in particular in Poland and the Czech Republic.
Burdens due to the war in Ukraine and increased
factor costs, particularly for energy.

FLS

Special transport as a growth driver.

Change
EASTERN EUROPE REGION

2022

2021 absolute%

Freight carried (million t)

19.5

17.6

+ 1.9

+ 10.815.5

Volume sold (million tkm)

5,621

4,875

+ 746

+ 15.3

4,834

Volume produced (million train-path km)

8.8

7.9

+ 0.9

+ 11.4

7.9

Total revenues (€ million)

395

319

+ 76

+ 23.8304

External revenues (€ million)

242

190

+ 52

+ 27.4199

EBITDA adjusted (€ million)

42

31

+ 11

+ 35.5

34

EBIT adjusted (€ million)

15

8

+7

+ 87.511

Gross capital expenditures (€ million)
Employees as of Dec 31 (FTE)

Burden on Eurasian transport due to the war in Ukraine.

2019

57

55

+2

+ 3.6

32

4,021

3,944

+ 77

+ 2.0

3,902

ChangeThe performance development in eastern Europe was positive, driven by new transport (inland transport at DB Cargo
Polska and market entry in Austria by DB Cargo Czechia) andthe expansion of existing transport (chemistry, coke and automotive transport by DB Cargo Romania and new production
concepts at DB Cargo Hungaria), and was above the preCovid-19 level.
The economic development was pleasing: the operating
profit figures improved significantly. This was driven by agrowth in income:◊ Revenue: Significant increase, primarily due to demand.
Price effects and the expansion of available offers in Poland
also had a supporting effect. Adjusted for exchange rate
effects, the increase was even more pronounced.
◊ Other operating income: Slight decline at a low level.
At DB Cargo Polska, the positive effects from asset sales
and the reversal of provisions fell, among other things,
while higher insurance reimbursements in Romania almost
completely compensated for this.
In terms of expenses, there was a clear volume-related increase, although the increase was lower than the increase inincome:◊ Cost of materials: Significant increase mainly due to thedevelopment of demand, higher maintenance services
and rising energy costs. Exchange rate effects had a partially compensating effect.
◊ Personnel expenses: Increase primarily due to collective
bargaining agreements at DB Cargo Polska. In addition,
DB Cargo Romania and DB Cargo Czechia significantly
expanded their workforce.
◊ Other operating expenses: The increase is as a result ofhigher costs due to inflation and increased quantities.
◊ Depreciation: The increase is due to the higher volume
of capital expenditures.

FLS

2022

2021 absolute

Total revenues (€ million)

630

643

– 13

– 2.0

%

2019

–

External revenues (€ million)

510

518

–8

– 1.5

–

EBITDA adjusted (€ million)

23

20

+3

+ 15.0–EBIT adjusted (€ million)

18

14

+4

+ 28.6–Gross capital expenditures (€ million)

21

2

+ 19

–

–

Employees as of Dec 31 (FTE)

606

696

– 90

– 12.9–The economic performance of the FLS area was encouraging,driven by declining expenses. The operating profit figures
improved significantly. Income also fell, but to a lesser extent:◊ Revenues: Price effects and strong development in special transport partially compensated for the decline insales in Eurasia business as a result of the war in Ukraine.
◊ Other operating income: Declined at a low level due toreduced services for third parties.
On the expense side, there was a disproportionate decrease
driven by the cost of materials:◊ Cost of materials: The decline was driven by the development of demand, among other things. Rising energy
costs partially compensated for this.
◊ Other operating expenses: Decreased as a result of­­the dis­­continuation of the allocations to be made to DB
Schenker companies operating at country level.
◊ Personnel expenses: Decreased primarily as a result of
the lower average number of employees.
◊ Depreciation and amortization: Roughly at the previous
year’s level.
Gross capital expenditures increased significantly due to theextension of existing lease agreements for logistics centers(in Hamburg, among others).
The number of employees fell, due in particular to theintegration of FLS into the DB Cargo business unit, as FLS
employees from Switzerland, the Netherlands, Belgium,­Romania and Bulgaria were assigned to DB Cargo companies
operating at country level.

133Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

INFRASTRUCTURE
Development in the relevant markets◊ Consolidation of all future upcoming construction work
across all sub-sections.
◊ Increasing (residual) performance capability.
◊ No construction work for at least five years.
The experience gained from the general modernization involving greater consolidation, improved equipment standards and small and moderate measures for rapid capacity
expansion should also be applied to the rest of the network
wherever possible and sensible.
The general modernization of the first rail corridor will
begin in 2024 with the Riedbahn (Mannheim — Frankfurt line).
The Emmerich — Oberhausen and Hamburg — Berlin sections
were selected for 2025. The selection of further modernization from 2026 and concrete implementation should takeplace in close coordination with stakeholders from the rail
sector and the economy. The general modernization will
gradually increase the reliability and (residual) performancecapability of the infrastructure and increase punctuality.
DB Group has increased its annual preventive maintenancebudget by hundreds of millions of euros to stabilize and improve the operating situation before the start of the generalmodernization. The required suspensions of service are increasingly integrated into previously timed suspension times
in order to reduce changes to plans and disruptions during
the year. By communicating comprehensively at an earlystage, DB Group ensures greater planning predictability forthe public transport authorities, train operating companies
and their customers.

In Germany, we assume dual responsibility for rail transport
as a result of our integrated Group structure. We are boththe operator and primary user of the track infrastructure. The
resulting greater focus on customers and efficiency in our
infrastructure benefits all train operating companies without
discrimination. In addition to the Group’s internal code of
conduct, competitive neutrality of our track infrastructure isensured by means of regulation that is considered strict byinternational standards.

DB TRACK INFRASTRUCTURE IN GERMANY

Change/ selected key figures

2022

2021

absolute

Infrastructure customers

453

453

–

–

Intra-Group railways

17

18

–1

– 5.6

Non-Group railways

%

436

435

+1

+ 0.2

1,133

1,109

+ 24

+ 2.2

Intra-Group railways

713.2

694.4

+ 18.8+ 2.7

Non-Group railways

419.8

414.3

+ 5.5

+ 1.3

	Share of non-Group railways (%)

37.1

37.4

– 0.3

–

Station stops (million)

159.8

158.8

+ 1.0

+ 0.6

Intra-Group railways

114.7

112.7

+ 2.0

+ 1.8

Non-Group railways

45.1

46.1

– 1.0

– 2.2

Train-path demand (million train-path km)

Individual figures are rounded and therefore may not add up.

While the number of station stops is roughly at the previous
year’s level, train-path demand increased in 2022. The key
reason for this, in addition to the catch-up effects after the
Covid-19 pandemic, was the significantly lower impact ofunanticipated events (for example thunderstorms or omission of GDL strikes). Due to the partial takeover of Abellio
transport services by DB Regional and the expansion of services at DB Long-Distance, the intra-Group railways were able
to regain market share, contrary to the long-term trend.

Implementation of the performanceand financing agreement

The maintenance and modernization of the existing network
infrastructure is continued with the performance and financing
agreement (LuFV) IIIµ262 f., which has a term of ten years ending in 2029 and a total volume of € 86 billion. The renovationof the superstructure (tracks and switches) remains one of
the capital expenditure priorities in 2022. The current priceincreases represent challenges in the implementation of themodernization of the existing infrastructure.

Transformation into a high-performance network

In June 2022, the BMDV and DB Group presented plans fora new high-performance network to sustainably increase
the quality and reliability of the infrastructure. The high-performance network will include the most highly utilized rail
connections in Germany. Due to the forecasted traffic development, it will span over 9,000 km in length at the endof the decade.
One instrument for the transformation into the high-performance network is general modernization, in which all
outdated and fault-prone installations are replaced and improved. Three decisive and new elements are applicable to
the general modernization of the highly congested routes:

Stuttgart 21 cost review

On March 18, 2022, the Supervisory Board of DB AG discussed
the results of the schedule and cost review for the Stuttgart
21 project, which was conducted by experts. The backgroundto the review, which began in late fall 2021, included in particular the drastically increasing prices for construction services
and raw materials. The commissioning date of Stuttgart 21
has been confirmed as part of the timetable change in December 2025. This will significantly increase capacity at the
Stuttgart hub and halve the travel time from Stuttgart to Ulm
compared with today. As early as December 2022, when the134Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

Train accident in Leiferde

high-speed line between Wendlingen and Ulm went into operation, travel times on long-distance services were accelerated
by up to 15 minutes in the first stage. The total project costsof Stuttgart 21 has increased by € 950 million to € 9.15 billion.
The previous total cost framework of € 8.2 billion was determined by the Supervisory Board in January 2018. The reasonsfor the current development are, on the one hand, significant
price increases at construction companies, suppliers and for
raw materials, while the geologically demanding undergroundin the urban area has led to greater costs. In addition to the
new total project costs of € 9.15 billion, the Supervisory Board
resolved to establish an additional provision of € 640 million
to cover further risks and forecast uncertainties.

On November 17, 2022, two freight trains from non-Grouprailways collided near Leiferde (Gifhorn district). The damage
caused was so significant that it was only possible to operate
trains on the affected line again from December 11, 2022.
Tracks, ties and ballast rails had to be renewed on bothtracks, several overhead wire masts had to be reinstalled,about 1.5 km of overhead wires and almost 2 km of cable forcommand and control technology had to be replaced. In addition, the soil had to be replaced to a large extent, as oil had
spilled from the damaged locomotive.

Inspection and replacement of concrete ties

As a precaution, experts at DB Group reviewed about 200,000
ties of a specific construction type and manufacturer nationwide between July and late August 2022. These special inspections were completed in late August 2022. The work was
carried out as a precautionary measure, as ties of a specificconstruction type were also checked by the investigating
authorities in connection with the train accident in Garmisch-­­Partenkirchen on June 3, 2022. DB Group reacted without
delay wherever the experts discovered abnormalities: trains
traveled more slowly over the affected ties. Occasionally,
sections of the line also had to be closed. The renewal of theties identified as damaged is progressing as planned.
The results of the technical material tests and technicalreports from independent testing institutes initiated by DB
Group suggest that there could be a manufacturing error:
the ties sometimes show irregularities in the quality of thematerial. Further detailed investigations also show that a
specific type of rock used in the production of concrete ties
could also be responsible for the damage. Based on thesefindings, DB Group is currently investigating further concrete
ties from other manufacturers nationwide with the same typeof rock. According to current estimates, it is possible that, asa result of these ongoing investigations, supplementary measures in addition to the steps already taken will be arrangedin the near future.
DB Group will repair the damage that has actually occurredto all train operating companies concerned in connection
with the inspections of the ties and the resulting measures.

Preparation of the 2023 schedule

About 91,000 train-path applications have been received forthe 2023 working timetable (increase of 7%). The situation
surrounding existing train-path capacity therefore remains
tense. As in the previous year, there were application conflicts, which are characterized by the fact that several TOCs
have ordered the same time slot on the same infrastructure.
While the number of application conflicts remained stable,
capacity conflicts arose for the first time in 2022 (68 in total).
Triggered by construction-related restrictions, capacity conflicts led directly to a decision-making procedure with a­correspondingly high number of train-path reductions. As aresult, more train-path inquiries had to be rejected or shortened than in the previous year (+ 40%). The fact that compe­­tition on the rails is continuing to increase is demonstrated
above all by the train-path applications from non-Group TOCs.
For example, their share in long-distance rail passenger transport increased by 10%, despite the sector’s registrations
falling by 5% at the same time. By contrast, regional railpassenger transport saw applications increase by a total of
10% (applications from non-Group TOCs + 12%). The schedule process is subject to a strict regulatory framework andis monitored by the Federal Network Agency (Bundesnetz­
agentur; BNetzA). The working timetable for 2022/2023 hasbeen completed in due time. The timetable change completed
in mid-December 2022 went smoothly.

Train accident in Garmisch-Partenkirchen

Development of the infrastructure

A tragic train accident occurred in Burgrain near Garmisch-­­Partenkirchen
on June 3, 2022, in which five people died andseveral were injured. DB Group is deeply affected by this accident. Our thoughts are with the deceased and injured andtheir families and friends. DB Group is cooperating fully with
the investigative authorities in determining the cause of theaccident.

In 2022, we made capital expenditures in infrastructureµ
infrastructure
106 ff. forthe construction and renewal of the network, stations andenergy facilities amounting to € 10.7 billion. In addition, € 2.5
billion was spent on maintenance from DB funds. The negative impact of increases in the prices of materials and material bottlenecks on ongoing construction projects was limited
by effective crisis management and close coordination withthe construction industry. In many cases, close monitoring

135

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional informationand targeted countermeasures enabled us to resolve any
disruptions that occurred quickly in cooperation with theconstruction industry.
Two major projects went into operation in December 2022:◊ New construction line Wendlingen — Ulm: With the commissioning of the new construction line as part of the
Stuttgart — Ulm rail project, travel times for long-distancetransport between Stuttgart and Ulm were reduced byabout 15 minutes three years before the commissioningof the project as a whole. In regional transport, for the
first time the new Merklingen station will be served every
hour on the new construction line. The new construction
line is equipped with the European train control system
ETCS. A milestone was also reached at the Stuttgart hub:in early October 2022, the project for the seven railway
tunnels in the Stuttgart valley was completed. A total of
51 km of tunnels have been built in recent years.
◊ Railway connection to Jade-Weser-Port: The rail connection to Germany’s Jade-Weser-Port also went into oper­
ation in December 2022. The double-track, electrified­Oldenburg — Wilhelmshaven line provides a high-performance connection between the port and the national andEuropean rail network. To this end, the undersoil of theline was extensively upgraded and the line was continuously expanded to run on two tracks and electrified. A
44.5 km noise barrier lowers the rail transport noise forresidents.
An additional focus in 2022 was the repair of the damage
caused in North Rhine-Westphalia and Rhineland-Palatinate
by flooding in 2021. Most of the lines are already back in operation. In June 2022, just under one year after the flood, afinancing agreement was concluded with the states of North
Rhine-Westphalia and Rhineland-Palatinate to electrify thelines in the Ahrtal and the Eifel region.
Other milestones in the expansion and renewal of the rail
network in 2022 included:◊ Hamburg hub: In January 2022, a second eastern bypass
track near Maschen was put into operation in the Hamburg
hub. The railway line is one of the most important connections for Hamburg’s seaports. The second eastern
bypass track at Maschen is one of numerous measures toclear the bottlenecks at the Hamburg railway hub and to
make it more efficient in the future.
◊ Four-track expansion between Bamberg and Ebensfeld:
In April 2022, one year earlier than planned, the four-track
expansion between Bamberg and Ebensfeld (Hallstadt — ­Breitengüßbach expansion) on the Nuremberg — Erfurt
expansion line/new construction line (German unification

136

transport project (VDE ) no. 8.1) was completed. Thismeans that separate tracks for high-speed transport andregional and freight transport are available to the northof Bamberg. The new dual-track line heading toward Erfurt/Leipzig/Berlin and the dual-track line heading toward Lichtenfels/Saalfeld/Jena split at Ebensfeld.
◊ Fulda — Würzburg line renewal: Between June and De­­­cem­ber 2022, the next stage for the renewal of the Hanover   —Würzburg high-speed line was completed with the line
renewal in the Fulda   — Würzburg section.
◊ Gäubahn: The two-track expansion of the Horb — Neckar­hausen section on the Stuttgart-Singen — Germany/Switzerland border (Gäubahn) expansion line commenced inJune 2022.
CONSTRUCTION BEGAN IN 2022
PROJECT NAMEPROJECT DESCRIPTION

Stuttgart-Singen — border
between Germany/Switzerland(Gäubahn) expansion line

◊ Horb  — Neckarhausen dual-track expansion

Lines affected by flooding◊ Electrification, new construction and expansion ofsections on the Eifel line and the Ahrtal railway

Cologne hub◊ 6-track expansion south of Gummersbacher Straße
to the Cologne/Bonn Airport North branch(currently 4 tracks)

Knappenrode — Horka
expansion line

◊ Start of ETCS expansion

Munich S-Bahn (metro)(Erding Ring Closure)◊ 2nd construction phase: 1st construction area Munich
Airport—Schwaigerloh (construction of new dual-trackelectrified line including turning point in Schwaigerloh)

COMMISSIONED IN 2022
PROJECT NAMEPROJECT DESCRIPTION

Nuremberg — Erfurt expansion/
new construction line
(German unification transport
project no. 8.1)

◊ Hallstadt—Breitengüßbach 4-track expansion(plan approval section 23)

Hamburg hub◊ Eastern Maschen bypass (additional bypass track)

Oldenburg — Wilhelmshavenexpansion line

◊ Sande track relocation (new dual-track construction)◊ Fully electrified line

Wendlingen — Ulm new
construction line

◊ dual-track high-speed line between
Wendlingen and Ulm

Berlin — Dresden expansion line

◊ Expansion of Wünsdorf station with noise barriers,
replacement of a level crossing and renewal of switches,
tracks and overhead wires, construction of a newelectronic interlocking

In addition, in 2022, the following requirement plan and Municipal Transport Financing Act (Gemeindeverkehrsfinanzierungsgesetz; GVFG) projects were under construction:
PROJECTS UNDER CONSTRUCTION
IN 2022PROJECT NAMEPROJECT DESCRIPTION

Stelle — Lüneburg expansion line ◊ Fitting line with ETCS

Nürnberg — Erfurt expansion/
new construction line
(German unification transport
project no. 8.1)

◊ Forchheim  — Eggolsheim 4-track expansion(plan approval section 19)◊ Eggolsheim  — Strullendorf 4-track expansion(plan approval section 21)◊ Preliminary measures at the Bamberg hub (for example
interim construction status and platform extension)

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

At the end of 2022, a total of 203 requirement plan and Municipal Transport Financing Act projects were in planning andunder construction. Further information on the projects isavailable on the BauInfoPortal
BauInfoPortal∞ Web site.

PROJECTS UNDER CONSTRUCTION
IN 2022

Leipzig — Dresden expansion
line (German unificationtransport project no. 9)◊ 3rd construction phase: Zeithain — Leckwitz expansion
line (modern signaling plant adjustment, line speed
to 200 km/h)

Karlsruhe — Stuttgart —Nuremberg — Leipzig/Dresden
expansion line

◊ Chemnitz — Chemnitz-Kappel (renewal of overhead
wires, signaling equipment, noise protection)◊ Gaschwitz — Werdau expansion line (expansion withmodern electronic interlocking technology, renovationof superstructure and command and control technology for line speed to 160 km/h, overall commissioning)

Ludwigshafen — Saarbrücken
expansion line

◊ Fitting line with ETCS

Stuttgart — Ulm — Augsburg
expansion/new construction
line◊ Stuttgart 21 (including regional rail passenger
transport share according to GVFG)

Karlsruhe — Offenburg —Freiburg — Basel expansion/
new construction line
(1st and 2nd construction
phase)◊ Karlsruhe — Rastatt South 4-track expansion including
Rastatt tunnel (line section 1)◊ Müllheim — Auggen 4-track expansion(plan approval section 9.0)
◊ Haltingen — Basel 4-track expansion(plan approval section 9.2)
◊ Basel Bad station (plan approval section 9.3)

Amsterdam — German/
Dutch border — Emmerich —Oberhausen expansion line

◊ Oberhausen — Emmerich 3-track expansion andincrease in signaling block density, fitting with ETCS

Frankfurt am Main hub◊ 2nd construction phase(new construction third Niederrad bridge)

Berlin hub (Dresdner Bahn)◊ Reconstruction of the dual-track line between
Berlin-Südkreuz and Blankenfelde to run at 140 km/h

Combined transport◊ Rhine/Ruhr hub (unpowered train arrival rail-railtransshipment, rail-road-transshipment connection)◊ Karlsruhe subway station (extension of the trans­
shipment module to a crane-accessible length of 750 m
in two construction stages)

Hanau — Würzburg/Fulda —Erfurt expansion/new
construction line

◊ Gelnhausen electronic interlocking and preliminary
measures: new construction of road overpass,passenger underpass

Rhine-Ruhr-Express◊ Conversion of Dortmund Central Station◊ 4-track expansion of plan approval section 1.2:
Leverkusen (Chempark) — Leverkusen Küppersteg
and 4-track expansion of plan approval section 1.3:
Leverkusen Rheindorf — Langenfeld Berghausen◊ Electronic interlocking Düsseldorf

Angermünde — Szczecin
expansion line

◊ Electrification of Angermünde — Passow(plan approval section 1)

DB Netze Track business unit
BUSINESS MODEL

With more than 33,000 km of track, DB Netze Track operates
the largest rail network in Europe. Trains run more than one
billion train-path km on the rail network each year. The mostimportant sources of income are revenues from train-path
product (over 90% of total revenues). Train-path prices are
established on a transparent basis by a train-path pricing
system (TPS) regulated by the BNetzA.
DB Netze Track is also responsible for high infrastructure
quality and availability, and non-discriminatory access totrain-paths and service facilities. This includes preparingschedules in close cooperation with customers, operations
management, construction management and maintenance.
The cost structure has a high proportion of fixed costs.
The rail network in particular is one of the biggest cost drivers. The use of resources for the operation and maintenanceof infrastructure facilities is very much influenced by specificfacility characteristics, requirements relating to operational
opening hours and the degree of rationalization in operating
business activities. As the dimensions of the infrastructure
only change in the long term due to new construction or
expansion projects or targeted dismantling, the optimal capacity utilization of the infrastructure is of major importancefor economic success. Capacity utilization is measured bytrain kilometers on track infrastructure. In terms of relative
network capacity utilization, this figure can be compared to
track kilometers (length of line operated).
A high level of quality and availability also calls for a forward-looking integrated capital expenditure and maintenancestrategy. To reach our transport growth target of an increaseof more than 30% in train-path kilometers, it is essential thatnew construction and expansion projects concentrate on removing bottlenecks and on the creation of additional capacity for volume growth in the main corridors and metropolitan
areas.
A forecast of demand for 2040 is made as part of the Network Concept 2040 (Netzkonzeption 2040) project. The
demand forecast shows that growth will be concentrated in
the main corridors and metropolitan areas. Following the
publication of the final report on Germany in sync and thenecessary infra­­­­structure measures, the Germany in sync
(Deutschland-Takt) target schedule can also be taken into
account when assessing expansion requirements. On thisbasis, the Network Concept devises a bottleneck-free target
network for 2040. An implementation concept will then be

Uelzen — Stendal — Magdeburg —Halle expansion line
◊ Additional tracks in Schnega and Salzwedel stations(East Corridor North)
740 m network◊ Expansion of the passing loop to 740 m

Weddel loop

◊ Weddel — Fallersleben Station branch 2-line expansion

Hamburg hub◊ Dual-track expansion/one-track new constructionof S4 line Hamburg — Ahrensburg — Bad Oldesloe
including construction of new stations

Cologne — Aachen
expansion line

◊ Extension of track 13 at Aachen Rothe Erde station

Rhine-Main S-Bahn (metro)◊ Bad Vilbel — Frankfurt am Main West 4-track expansion,
1st construction phase

High-speed regional rail traffic
Rhine-Neckar◊ 1st and 2nd construction phase: station measures

Nuremberg S-Bahn (metro)◊ 2nd construction phase: Nuremberg S-Bahn (metro)   —
Forchheim — Bamberg 4-track expansion

Munich S-Bahn (metro)◊ Construction of a new main line between Laim Stationand Leuchtenbergring – 2nd S-Bahn (metro) tunnel(initial plan of Federal State of Bavaria)

Berlin S-Bahn (metro)◊ S21 (1st construction phase) – expansion of the
Berlin S-Bahn (metro) network through construction ofa north-south corridor – connecting Berlin Central
Station into the north-south corridor via two branches
to the North ring of the S-Bahn (metro)

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DB NETZE TRACK – AT A GLANCE∏
Portfolio
DB Netz AG

DB RegioNetz Infrastruktur Gmb H

Operates Europe’s largest rail
­infra­­structure. Responsible for ­themaintenance, modernization andfurther development of the rail network and the marketing of trainpaths and facilities.

Deutsche Umschlaggesellschaft
Schiene-Strasse Gmb H

Operates regional transport networks
in five Federal states (Erzgebirgsbahn, Kurhessenbahn, Oberweissbacher Berg- und Schwarzatalbahn,
Südostbayernbahn, Westfrankenbahn).

Operates in Germany independently
or via affiliated companies 25 combined transport terminals at the inter­face between rail and road modesof transport.

DB Fahrwegdienste Gmb H

Offers system services relating to rail
maintenance. These include vege­
tation maintenance, environmental
management and project ­man­agement, securing track construction
sites and track-linked construction
site logistics.

Structure
TRAIN-PATH DEMAND BY MODE OF TRANSPORT / %REVENUES / %Rail freight transport 24

Long-distance transport 14

Non-Group 32

Other 1

Local transport 61

Intra-Group 68

Business model
INPUTS
Employees— About 52,500

VehiclesNetworks and infrastructure— 732 maintenance vehicles— Rail network about 33,400 km in
length, operation-critical facilities

Electricity and fuel

— Electricity— FuelBUSINESS ACTIVITIESCustomer segments

Value proposition— 453 business customers(thereof 436 non-Groupcustomers)— DB Netze Track provides
non-­­discriminatory access toa safe, reliable rail networkin line with demand.

OUTPUTS 1)

OUTCOMES 2)

Train kilometers on track
infrastructure— About 1.1 billion train-path km

Customer access and retention

Key activities— Sales— E-services— Providing a safe, reliable infra­
structure in line with requirements— Planning and operating networks— Conducting train operations

EBIT— € 601 million

Customer satisfaction— SI of 54

Punctuality

Employee satisfaction— SI of 3.9

Track kilometers noise
remediated in total

Waste— 2,202 km— 89.7%— 		6,415 thousand t

Status for 2022, or as of December 31, 2022.
1)
	Key products and services.
2)	Internal and external consequences and results from business activities and outputs along the entire value-added chain.

developed to optimize the timing of the infrastructure expansion required to achieve the target network, factoring incoordination with the sector on the timing of the phases ofGermany in sync. The contributions made by the Federal
Government to the infrastructure financing are of material
importance to secure the competitiveness of rail as a modeof transport. The budgetary resources of public authorities,
in particular the Federal Government, are of considerable
relevance for the financing of replacement capital expenditures, as well as for the financing of new construction andexpansion projects. In order to implement Germany in sync,

there is a need for extensive infrastructure expansion that
goes significantly beyond the current Federal Transport Infra­
structure Plan. In addition, in order to implement the target
schedule for Germany in sync, it is also assumed that a large
number of local transport projects will be implemented by
the Federal states. We therefore assume that there will be asignificant increase in funds for infrastructure expansion fromthe German Federal Government, the Federal states and DB
Group as necessary.

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Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

ready for electronic interlockings/digital interlockings
and the implementation of Digital Rail for Germany. The
infrastructure, which will be more reliable and efficient
after the general modernization and digitalization, is intended, alongside other measures, to contribute to anincrease in operating quality and to enable initial capacity increases until the full effects of the new constructionand expansions measures on capacity take effect. This
also includes the further development of the new management philosophy, which focuses on utilization of capacity. When the targets are reached, greater transparency
about available capacities and the prevention of overloading will allow for a further increase in performance capability. In order to implement these projects and overcome
the challenges of the future, we recruit and train relevant
skilled employees in a targeted manner. This also includes
measures to modernize working methods and work equipment and to increase employer attractiveness.
◊ More efficient: We are implementing various measures,
including lean excellence and digitalization, which should
lay the foundations for effective and stable processes
oriented towards the customer and enable efficientorganization.
◊ More modern: DB Netze Track performs supporting tasks
for issues concerning Germany in sync and European
corridors. Rising robustness and therefore increasing
capacity are key prerequisites for this.
◊ Greener: Key levers in infrastructure on the path to a climate-neutral future include the further electrification oflines – including innovative approaches such as overhead
wire islandsµislands
73 and the redesign of our own production
processes. From 2023 onwards, we are focusing on sustainable vegetation management and the operation ofglyphosate-free rail traffic in Germany, environmental
protection measures such as bee cultivation on trainpaths, resource protectionµprotection
74 ff. through initiatives topromote circular economy approaches and noise reducreductionµ77 f. In addition, measures are being implementedtion
to reduce greenhouse gas emissions, for example inbuilding management.

∏ M A R K E T S A N D S T R AT E G Y
Demand in passenger and freight transport has increased
significantly over the last few years and has led to a higher
intensity of use of the infrastructure. Growth in demand in
freight transport and a significantly higher traffic volume inpassenger transport, and therefore a further increase in capacity requirements, are expected.
By developing infrastructure in line with customer andmarket requirements, we want to enable the entire rail transport sector to take advantage of growth potential. The Strong
Rail strategyµ
strategy
51 ff. incorporates DB Netze Track’s key strategic issues with this target in mind. As a capacity manager,
DB Netze Track intends to create the infrastructural and operational conditions for the implementation of the Strong
Rail strategy. The objective is to operate a highly condensed
and highly efficient network that is to be ensured throughsystematic renovation, targeted upgrading and the perspective expansion of network capacity. This is also supported­by DB Netze Track’s targeted implementation of Digital Rail for
Germanyµ 65 f., the improvement of the organization’s perforGermany
mance capability and improved use and availability of existing
capacities. In order to achieve the objectives, DB Netze Track’s
strategy essentially comprises the three strategic areas of theStrong Rail strategy:◊ More robust: Through the renewal, digitalization andexpansion of the infrastructure in line with requirements,
we are looking to increase network capacity in corridors
and hubs in order to eliminate existing bottlenecks andto be able to provide the necessary capacity for service
expansions. This counteracts the overloading and agingof the infrastructure and enables greater reliability andgrowth on the rails. The central element of the strategy
is the development of a high-performance networkµ
network
134,,
134
which aims to improve the customer experience and ability to plan the capital expenditure measures, as well as
boosting the reliability and performance of the infrastructure. The stated goal is to develop the highly utilized network into a high-performance network by 2030 through ageneral modernization of the most important rail corridors
and thus make it a bedrock of stability for the rail system.
There are several new and crucial elements here. For example, the construction work is to be consolidated inorder to keep one line almost free of construction formany years after a closure. In order to minimize the capacity restrictions, highly condensed and efficient construction procedures are implemented. In addition, as
part of the renewal work, preparatory work is alreadybeing carried out, where possible, for the implementationof Digital Rail for Germany, meaning the lines will be madeGENERAL FRAMEWORK
Train-path prices for 2023 approved

By resolution dated February 28, 2022, the BNetzA approved
the fees for the 2023 train-path pricing system (TPS). Trainpath usage fees will increase by 4.0% for long-distance railpassenger transport, 2.3% for rail freight transport and 1.8%

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Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

for regional rail passenger transport. The higher dynamic
rates in long-distance passenger rail transport and rail freighttransport result from the fact that, following an amendment
to section 13 AEG, other operating income from infrastructure
connection agreements amounting to about € 18 million was
factored into the TPS. DB Netz AG submitted the fee approval
application for train-path usage fees for the 2023/2024 network schedule period at the beginning of October 2022. The
BNetzA’s ruling on this is still pending.

◊ In addition to the continuation of noise protection activities, new resource protection targetsµ
targets
74 ff. with a particularfocus on our central resources, rail steel, concrete ties ∫no. 73 and track ballast ∫ no. 51 have been defined in 2022.
◊ We are preparing for the conversion of all locations stillheated with fossil fuels with the creation of energy supply
concepts ∫ no. 97 for currently 14 representatively selected
locations and one sleeper factory.
supply71 with heating◊ In 2022, we switched from a heat supplyµ
oil to heating with PEFC-certified wood pellets at one of
our larger interlockings in the Nuremberg marshaling
yard (savings: 63 t CO₂e per year).
◊ We have also stepped up our efforts to achieve efficiency
once again. The measures include, for example, the increased use of more efficient bulbs in the track fieldlighting or operational improvement when using switch
heaters.

∏ Initial level and upper limit for overall costs set
By resolution dated August 15, 2022, the initial level of theoverall costs for DB Netz AG and DB RegioNetz InfrastrukturGmbH was set at a total of € 6,421 million (€ 6,285 million
final and € 136 million provisional). On October 24, 2022,
BNetzA initiated proceedings for the final determination of
the provisionally determined costs. A decision has not yet
been made in these proceedings.

DEVELOPMENT IN THE YEAR UNDER REVIEW
Arbitration processes for the Rastatt Tunnel

Punctuality weaker due to construction and higher

Following the damage in the east tunnel of the Rastatt Tunnel, preparations to renovate have been underway since 2018.
In addition, since 2017 the evidence collection and mediation
proceedings agreed between DB Group and the Rastatt Tunnel consortium has been underway to clarify the cause of thedamage during tunnel boring and thus who is responsible.
The proceedings were suspended on a provisional basis forsettlement negotiations between the parties on the basis of
an interim report from the technical arbitration expert on
the causes of the accident and a proposal from the legal expert on the allocation of responsibilities. The aim is to reachan overall agreement in spring 2023. Further construction
was decoupled from the arbitration process. The Rhine Valley
Railway (Rheintalbahn) has been temporarily relocated inorder to be able to renovate the damaged east tunnel. The
first settlements were concluded with the TOCs affected by
the line closure as a result of the accident (in consultation
with the ARGE and its insurance companies). The ARGE andits insurance companies initially bear the settlement payments agreed with the TOCs in the amount of the proposal
made by the legal expert.

network utilization.
Increased revenues from price and volume effects
fuel positive operating profit development.
Personnel expenses increased as a result of collective
bargaining agreements, as a result of special Covid-19
payments and additional recruitment.
Higher expenses, in particular for improvements incapacity and quality.
Overall, punctuality of DB Group and rail in Germany declined
in 2022. The main reason for this was the insufficient quality,
particularly in the highly utilized bottleneck networkµ
network134. The
reasons for this were, among other reasons, increased construction activity and at the same time tense infrastructure
capacity due to growing traffic, highly utilized rail tracks, even
without construction activity, and the increase in primary
disruptions, mainly in the area of infrastructure, as a result of
outdated and fault-prone facilities. In addition, weather-­­­related events and external effects had a negative impact on
punctuality.
Customer satisfaction fell significantly in 2022. Feedback
from about 270 customers continued to produce critical results in the areas of construction work and infrastructure
availability, with the satisfaction of train-path availability
once again having deteriorated sharply.

∏ E N V I R O N M E N TA L M E A S U R E SWith its responsibility for the rail infrastructure, DB Netze
Track forms the backbone for a shift in the mode of transport to rail in Germany. In order to sustainably support thisrole, DB Netze Track is stepping up its efforts to protect theenvironment.

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Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information√

ChangeDB NETZE TRACK

2022

%

2019

Punctuality DB Group (rail) in Germany (%)
Punctuality (rail) in Germany 1) (%)

– 2.8

–

93.7

– 3.2

–

93.1

61

–7

–

65

33,35633,288

+ 68

+ 0.2

33,291

Train kilometer on track infrastructure (million train-path km)

1,132

1,108

+ 24

+ 2.2

1,089

	thereof non-Group railways

419.8

414.3

+ 5.5

+ 1.3

368.2

Customer satisfaction (SI)
Length of line operated as of Dec 31 (km)	Share of non-Group railways (%)

2021

absolute

90.9

93.7

89.7

92.9

54

37.1

37.4

– 0.3

–

33.8

Total revenues (€ million)

6,266

5,984

+ 282

+ 4.7

5,652

External revenues (€ million)

2,035

1,975

+ 60

+ 3.0

1,687

	Share of total revenues (%)

32.5

33.0

– 0.5

–

29.8

EBITDA adjusted (€ million)

1,244

1,010

+ 234

+ 23.2

1,443

EBIT adjusted (€ million)

601

334

+ 267

+ 79.9807

Operating income after interest (€ million)

505

225

+ 280

+ 124

628

Gross capital expenditures (€ million)

8,969

9,349

– 380

– 4.1

7,441

Net capital expenditures (€ million)

1,738

1,738

–

–

1,055

Employees as of Dec 31 (FTE)

52,51051,290+ 1,220+ 2.4

48,787

Annual average employees (FTE)

52,12851,270

+ 858

+ 1.7

48,114

Employee satisfaction (SI)

3.9

–

–

–

–

Share of women as of Dec 31 (%)

20.7

20.0

+ 0.7

–

19.2

Track kilometers noise remediated in total as of Dec 31 (km)

2,202

2,110

+ 92

+ 4.4

1,844

1)

	Non-Group and DB Group train operating companies.

Train kilometers on track infrastructure increased further.
The main drivers were fewer Covid-19-related train cancellations, fewer weather-related restrictions and an increasein freight transport. Demand increased even more significantly among intra-Group customers than among non-Groupcustomers which was partly due to the takeover of regionaltransport services and the absence of special items (in particular strikes).
Operating profit figures rose significantly. This resulted
in particular from price and performance-related increased
income that more than compensated for the increased expenses, for example for materials and personnel.
The income trend was very positive:◊ Revenue: Significant increase due to price and demand
development.
◊ Other operating income: Significant increase (+ 32.1%/€ + 334 million), among other things as a result of higher
income from real estate sales and increased grants, especially for the repair of flood damage. This was supported
by higher income from the release of provisions.
In terms of expenses, there were significant additional burdens, in particular due to measures to expand capacity, improve quality and in connection with the floods from theprevious year:◊ Cost of materials: Development (+ 7.6%/€ + 191 million)
is mainly due to higher maintenance services (in particular in connection with quality and capacity measures,the replacement of concrete tiesµ
ties
135 and the repair of flood
damage from the previous year). Lower expenses for
winter service helped to mitigate this.

◊ Personnel expenses: Significant increase (+5.8%/€ + 202
million), as a result of collective bargaining agreements
and the higher number of employees.
◊ Other operating expenses: Increase (+ 7.6%/€ + 105
million) was due, among other things, to higher expenses
for projects and for IT services. On the other hand, lower
impairments on receivables had the effect of reducing
expenses.
The slight decline in depreciation (– 4.9%/€ – 33 million) had
a dampening effect.
Gross capital expenditures fell slightly but remained at ahigh level due to lower capital expenditures in the existing
network, with net capital expenditures remaining at the previous year’s level.
The number of employees increased significantly to coverdemand and ensure succession planning, particularly in theareas of maintenance, construction projects and operations.
Employee satisfaction remained stable at the level of2020. This stability in challenging times is partly due to theimprovements in the critical areas of action identified in theprevious employee survey.
The share of women was somewhat higher.
The total number of track kilometers noise-remediatedincreased due to the continued implementation of measures.

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DB NETZE STATIONS – AT A GLANCE∏

Service portfolio
Station stops

Rental and leasing

Trains stopping at platforms for passengers to get off and on. As well as basic
services, additional services are also offered depending on the category of station,such as service employees, DB information or weatherproofing. Station fees
are charged for the services and published in station price lists.

Further offers

About 0.87 million m² of leasingarea on offer in stations. This makes
DB Netze Passenger Stations oneof Germany’s largest commercial
landlords.

Provision of additional services atstations and stops (including theoperation of lockers, parking garages,
as well as digital and analog services
for onward travel mobility andsupplies for passengers).

Structure
STATION STOPS BY MODE OF TRANSPORT / %STATION STOPS / %REVENUES / %Long-distance transport 2

Regional transport 98

Non-Group 29

Intra-Group 71

Non-Group 43

Intra-Group 57

Business model
INPUTS
Employees

Networks and infrastructure— About 7,000— About 5,400 stations— About 700 stops with marketing— About 9,300 platforms— About 6,700 passenger information systems— About 6,900 dynamic visual displays— About 2,500 elevators— About 1,000 escalators— About 300 parking garages and parking spaces

Additional production factors— 293.5 GWh electricity

BUSINESS ACTIVITIESCustomer segments

Value proposition— Private customers— Business customers, particularly
train operating companies(TOCs), tenants and mobility
service providers— Contracting organizations— DB Netze passenger stations offer
attractive stations and receptionbuildings with a wide range ofmobility and everyday offers, aswell as leasing spaces for retail,catering and services.

OUTPUTS 1)

OUTCOMES 2)

Station stops

EBIT adjusted

Rented space

Employee satisfaction— SI of 4.0— 155.9 million— About 0.9 million m²

Customer access and retention— € 29 million— Operating stations— Leasing out commercial space— Providing reliable infrastructure

Customer satisfaction

Facilities quality— Traffic station (passengers/
visitors) SI of 71— Traffic station (TOCs and public
transport authorities) SI of 68— Tenants SI of 79

Status for 2022, or as of December 31, 2022.
1)
	Key products and services.
2)	Internal and external consequences and results from business activities and outputs along the entire value-added chain.

142

Key activities— Key account management— Regional sales— Customer services at the station— Grade: 2.77

Primary energy consumption— – 30.6% compared to 2010
(absolute)Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

DB Netze Stations business unit
BUSINESS MODELDB Netze Stations is the largest station operator in Europe.

In addition to the core business – the development and operation of stations – the business unit offers a variety of mobility-­oriented services in stations. With about 866,000 m² of leased
space, we are among Germany’s largest commercial landlords.
Trains of about 125 TOCs operate daily at our stations. We
set particular priorities in the areas of quality of stay andcustomer offerings so that we can offer customers high quality standards. Our station managers also work hard on-site
to ensure seamless operations. Our station portfolio has aparticularly wide geographical coverage. The design of thedeveloped products and services and the structural dimensions of the stations are based on the needs of our customers
and the economic stability of the infrastructure.
Revenues are generated primarily from station stops (regulated, about 70% share) in the stations and from leasingout commercial space (not regulated). The expense side ischaracterized by a high fixed cost component. Our most important regulatory partners are the BNetzA and the EBA.
∏ M A R K E T S A N D S T R AT E G Y
We are facing a period of significant change. The mobility
market will keep growing and changing. Digital solutions are
significantly accelerating this development. New forms ofmobility are emerging and car transport is being questioned.
Social structures are also changing: the age gap is continuing
to expand; cities are growing and stretching their infrastructures to their limits; rural areas are shrinking but must nevertheless maintain their access to mobility.
We have therefore further developed key parts of thestrategy of DB Netze Stations. The basis for implementing
the strategy is restructuring the organization. All structuresand processes are aimed at the needs of passengers and visitors and feed into the Strong Rail strategyµ
strategy
51 ff.
ff.
◊ More robust: With uniform production standards, weare continuously improving the perceptible quality at
our stations and in the surrounding area. Through standardization and increasing digitalization, processes are
streamlined, maintenance measures are optimized and
we are switching to additional status-oriented and demand-oriented production concepts. We are investingin new construction projects and developing future-oriented capacity concepts to ensure our infrastructure isrobust, attractive and secure in order to help achieve
the desired shift in the mode of transport and support
the increase in passenger numbers.

143◊ More efficient: As part of the lean excellence transformation, we will establish a lean-thinking and lean-acting
organization that is characterized by further developed
cultural aspects and a pronounced lean mentality among
all employees. This lays the foundations for excellent
performance and continuous improvement of processes.
Our processes begin with customers and their requirements, and we develop effective solutions to increasecustomer satisfaction. With the new setup of our performance processes, we ensure that our actions are alignedwith the needs of our customers and systematically collect
their feedback. Through consistent end-to-end management, we increase our ability to control processes andour overall effectiveness. With the established systematic
derivation of targets, we focus and align business units
on the key elements for strategy implementation. The
introduction of comprehensive performance management
for all organizational units creates transparency about
relevant key figures and enables clear control along ourcustomer-oriented processes. This also includes the ongoing standardization and digitalization of core processes
to increase efficiency.
◊ More modern: We wish to improve the quality of ourguests’ stays at our stations. We intend to integrate stations even more comprehensively and effectively into
people’s everyday lives and make their stays attractive
by providing relevant offers. Comfortable waiting areas,a welcoming forecourt, redesigned concourse buildings
and improved service help make passengers and visitors
feel more at home at the station. We are optimizing ourpassenger information systemµsystem144 f. and further developing
our guidance systems so that passengers and guests fromthe neighborhood can find their way around as quickly
as possible. We are continuing to expanding WiFi avail­­ability­­
at stationsµstations
144 f. Through the Smart City Initiativeµ
Initiative147,
we are making stations and their surroundings more attractive. We are developing innovative usage concepts
for stations, rethinking station neighborhoods and ensuring interlinked, sustainable mobility. This includes
new everyday services such as smart lockers, options forremote working at stations, attractive forecourt designs
including sharing spaces for onward travel, and micro
hubs for city logistics.
◊ Greener: In order to improve our ecological footprint, we
aim to reduce CO₂ emissions, make our use of materials
greener in line with the principles of the circular economy
and expand biodiversity at our stations. As a result, weare continuously increasing our energy efficiency throughenergy-saving renovations and replacing lights with LEDs.
We are continuing to push for the use of eco-power at our
stations. By 2025, we will achieve a reduction in CO ₂eSetting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

emissions by 81% or respectively 137,000 t compared with2019 (Scopes 1 and 2) through the use of 100% eco-power
and increased energy efficiency. We are also focusing on
new concepts for onward travel mobility services, ranging
from digital services such as the DB Rad+
Rad+µ 146 app tobicycle repair service Radfix
Radfixµ 146. In addition, we are
testing a sustainable construction approach for small
stations with the little stationµstation146 project. Through the
BALINµ 74 research project, we are also researching thepossible effects of station lighting on insects.

Modernization, commissioning and construction of stations◊ Dortmund central station: After completion of the modernization (expected in the first quarter of 2025), thestation will have full step-free access and will enable barrier-free linkage of all modes of transport. In late May
2022, the fourth of the eight platforms to be modernized
went back into service after less than one year, and thefifth one is expected to go into service in April 2023.
◊ Hanover central station: Beginning in summer 2022, all
the platforms, platform roofs and some bridge structures
above the passenger tunnel level are being gradually renovated at Hanover central station. Work on the first partof the project began in summer 2022. As construction
work on the platforms is concentrating on the period oftime around the summer holidays, the overall work is expected to be completed in 2033.
◊ Berlin Ostbahnhof (East Station): Construction workon the hall roof is progressing at Berlin Ostbahnhof. Since
May 2021, scaffolding platforms have been set up to renovate the entire roof membrane, install new skylights andrenew the corrosion protection on all of the roof girders.
To this end, the components of the hall roof above theprotective structure will be gradually dismantled or reassembled and replaced by new components. The measuresare expected to be completed by the end of 2024.
◊ Hamburg-Altona station: The terminal station for
long-distance and regional transport in Hamburg-Altona
is being moved as a stop. The current Diebsteich S-Bahn(metro) station will be expanded to become a throughstation. The project is supported by the Free and Hanseatic City of Hamburg, which also expects urban development stimulus through cleared areas in Altona and the
new development at Diebsteich. A total of four platforms
and a concourse building will be constructed. Work has
already begun. The S-Bahn (metro) platform will be put
into operation by fall 2023, with the three long-distanceand regional platforms expected to be in operation in 2027.

∏ GENERAL FRAMEWORKApproval procedure for station fees for 2023

On September 21, 2022, following changes to the legal context (Railway Regulation Act Amendment; ERegG-Novelle),
the fee schedule for the 2023 station prices were approvedby resolution of the BNetzA. The Federal agency approved
the 2023 station prices with a small number of deductions.
Overall, average price increases of 2.34% (regional rail passenger transport) and 4.54% (long distance rail passenger
transport) were approved.
Station program

Based on the experience gained from the 2020 and 2021 economic stimulus and craftsmen program, a station program
was designed in 2022, the implementation of which is currently being discussed with the relevant partners. Experience
in recent years shows that customer satisfaction can be increased most significantly through holistic upgrading anddevelopment measures. This includes the actual transport
infrastructure, the concourse building and onward travel
mobility in the station concourse. The measures are also necessary in order to reduce the large backlog in remedial actions
required.
DEVELOPMENT OF THE INFRASTRUCTURE
Capacity and frequency management

Capacity management continues to becoming significantly
more important. To enable the anticipated growth in passenger numbers, steps must be taken to ensure the performance capability of capacity-critical stations. Germany insync (Deutschland-­Takt) is contributing significantly to thepassenger forecast for 2040, which forms the basis for categorizing stations by capacity. Since 2021, more than 200 stations have already been analyzed using a capacity check andcoordinated to identify potential bottlenecks. Simulations
were also carried out to verify and underpin the results. In
2022, a video-based frequency management system was successfully implemented and completed at the pilot station(Hamburg Central Station). The rollout at other stations will
be implemented for 2023/24.

D I G I TA L I Z AT I O N A N D I N N O VAT I O NPassenger information of the future

The “Travel information for the future (IRIS+)” will graduallycontrol passenger information facilities at stations. In combination with the travel information platform, passengers
receive the necessary information about their journey via
this platform. In 2022, more than 300 stations switched tothe platform (a total of 720 by the end of 2022).
In addition to station conversions, innovations in passenger information are currently being prepared. The capacity in­­­dicator and passenger information maps showing

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Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

disruptions in S-Bahn (metro) traffic, for example, should beemphasized here. These changes are expected to be introduced in the first quarter of 2023, to the Stuttgart and RhineMain S-Bahn (metro) networks.
It is also important to improve the quality of passenger
information. For this purpose, additional input signals andimproved consolidation of the various data supplies are implemented, in the data-supplying system travel information
platform, in order to increase the reliability of passenger information. The first improvements have already been visible
since summer 2022. At the same time, in the context of passenger information, preparations are currently underway forthe introduction of the new systems at smaller stations: thenext generation of dynamic visual displays (Dynamische
Schriftanzeiger; DSA+) at the station is also planned to run
through the new platform and is currently being introduced.

◊ DB Click&Collect service: Since late 2022, customers
have been able to pick up or return shipments directly
using the DB Click&Collect service “Box – Die Abhol­
station” at a train station, without being bound by specificdelivery and opening times. This means that for the firsttime, online shops and retailers can use the packing stations independently of the delivery company.
◊ Mobility hubs: In the mobility sector, further services atstations were put in place in 2022. Three mobility hubs were
implemented at the Berlin Zoologischer Garten station
together with Jelbi from the public transport company
Berliner Verkehrsbetriebe. An electric car charging point
was installed at the Plochingen and Bietigheim-­Bissingenstations. A total of five other mobility hubs are currently
being established in Berlin, Hamburg and Stuttgart. In
addition, in future, customers will have the opportunity
to book a car parking space at Stuttgart stations.
◊ Coworking service: The coworking service everyworks
has expanded its network to six locations. In addition,
cooperation locations have been established with partners in the immediate vicinity of the central stations inFrankfurt am Main, Karlsruhe and Nuremberg, which canalso be booked via the everyworks app.
◊ Micro Depot: With the Micro Depot, we are focusing ona sustainable last mile and climate-friendly forwarding of
shipments using small vehicles such as cargo bikes. In
2022, a Micro Depot was established in Hamburg as partof a European funding project, which also offers spacefor neighborhood services oriented towards the common
good. Other locations in Cologne, Munich and Dresden
are currently being prepared in cooperation with the respective cities and logistics partners.

WiFi at stations

In late December 2022, our customers and station visitors
were provided with free WiFi services at more than 600 stations. This includes both DB’s own network and partner networks. Our WiFi network WiFi@DB is currently available at
144 stations. This means that we are already reaching morethan half of all passengers each day and covering almost all
major transport hubs. A further 800 stations are to be gradually connected to the network.
Realignment of online channels

With a new setup of online channels, we made an important
contribution to a modern customer experience in 2022. In
doing so, the existing portal bahnhof.debahnhof.de∞ functions as acentral, digital gateway to the station ecosystem. It consolidates digital products in one location and provides information about infrastructure and services at stations. Informationand services are easier for interested parties to find, boostingcustomer satisfaction. In addition, the range of digital services will be significantly expanded and sales supported.

Consolidation of the Future Station approach

The integrated development of stations continued to pickup speed in 2022. Redesigned interiors, functional seating,advanced guidance systems and attractive forecourts aresome of the aspects that are important for creating futurestations where customers feel comfortable. Based on comprehensive findings, quality standards were developed foreach product line that describe the Future Station and are to
be implemented in numerous stations over the next few years.
The structured approach to Future Stations and the standards
behind them ensure a holistic consideration of our stations.
In 2022, further measures clearly visible to passengers were
implemented at about 70 stations, including funds from theFederal Government’s immediate action program. The rangeof services for families with children is also being expanded:in November 2022, the waiting and play area, which was created with Ravensburger, opened at Dresden Central Station.

Smart City at DB Station&Service

With Smart City | DB∞, we are seeking to improve everyday
life through smart and eco-friendly services and to better
integrate stations into municipalities and cities. In 2022, wewere able to implement further measures:◊ Packing stations at the train station: In March 2022,
together with Deutsche Post DHL , we announced theopening of the packing stations for third-party senders
and opened the first joint packing station at Leipzig Central Station. In the course of the cooperation, about 800
new packing stations will be established at stations by
the end of 2023. Some of the stations had already been
put into operation in 2022.

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Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

Coburg central station was named Station of the Year by the
Pro-Rail Alliance in 2022. The holistically enhanced station
was particularly impressive due to its outstanding comfort,
exceptional design and well-thought-through functionality
for passengers.

◊ DB Radfix: In 2022, DB Radfix ∫ no. 151 was introduced at
Berlin Südkreuz Station and Karlsruhe Central Station.
This allows passengers and residents to conveniently
book repairs and maintenance for their bicycles online,
take their bicycles there in the morning and pick up their­repaired bicycles in the evening. Further locations areplanned.
◊ “The Little Station” stands for a new generation of ­stationbuildings. These are designed and operated in a climate-­friendly way and are intended to make it easier for passengers to spend their time in rural areas. CO₂ emissions
are already being reduced by using natural, sustainable
and regional raw materials in construction. In October
2023, the Little Station in Zorneding will be opened andthe topping-out ceremony for the second Little Station
will be celebrated at Haar Station. Both stations will beequipped with photovoltaic systems. Other sites are currently being monitored in studies.
◊ Climate-neutral heat supply: In 2022, we used energy
supply concepts at 28 locations to examine how thesecan be switched to sustainable, emissions-free heat supply. In 2023, we will begin implementing the concepts.
◊ Green light to save energy: We are upgrading the lighting to climate-friendly LEDs ∫ no. 50 or other energy-­
efficient lighting. Thousands of new LEDs were alreadyin use in 2022. In the last five years, we have replaced
conventional lighting at about 1,600 stations. The replacement saves around 5 GWh of electricity and 2,700 t
of CO₂ every year. In the case of electricity, this corresponds to the annual requirements of about 1,250 four-­person households.
◊ Photovoltaic systems: Since 2021, we have been continuously assessing our existing buildings based on the general framework for the economically viable construction
and operation of photovoltaic systems. In future, thefocus will be on the use of photovoltaics for renovationor new construction projects. In contrast to the subsequent upgrades of an existing roof, the requirements canbe better taken into account and integrated in this way.
In addition to the roofs of the concourse buildings, theimplementation of photovoltaic systems on platform roofs
is also being tested.
◊ Tenant selection: In 2022, tenants in our stations wereagain selected according to standardized, predefined
criteria. In the area of sustainability, the following rules
apply: no single-use plastic bags, eco-power, LED bulbs
and (since 2022), the reduction of food waste (tenants
commit to take concrete measures to prevent food waste
as comprehensively as possible over the long term).

New vending machines for passengers

Passengers at six Munich stations, Berlin Ostbahnhof andHanover central station, receive fresh, healthy food from asmart vending machine under the Zugvogel brand. Thus, weare testing an additional range of stations where many commuters are on the move and micro-areas are available.
∏ E N V I R O N M E N TA L M E A S U R E S◊ Bike + Ride Initiative: The Bike + Ride Initiative ∫ no. 156
supports municipalities in creating additional spaces toleave bicycles at stations nationwide. Since the start ofthe program in early 2019, about 11,000 parking spaces
have been created as of the end of 2022. Finished concepts with coordinated spaces have been drawn up for
more than 40,000 bicycle parking spaces. The municipalities receive up to 70% of their funding from the Federal
Ministry for Economic Affairs and Climate Protection(BMWK) (municipal directive) and are supported in thesurface testing of both DB areas and municipal areas asthey are offered rent-free permission to use the areas.
The Bicycle Parking at the Station Information Center has
been in place since July 2021 to advise municipalities onquestions about bicycle parking facilities and bicycle parking garages. DB Netze Stations provides a comprehensive
range of information, initially with a fixed-term to the endof 2023. In 2022, we advised 50 municipalities and organized a two-day conference in June 2022, “Bahn.Rad.
Parken” (rail/bike/park), which brought the entire industry together for the first time to discuss the topic ofbicycle parking at stations.
◊ DB Rad+ app: With the DB Rad+ ∫ no. 110 app, we promoteintermodal travel chains combining bicycle and railway.
Cyclists collect cycling kilometers in participating cities
and can redeem them digitally from traders from the region and at the station in return for discounts and premiums. Together with the municipalities, we also reward
the total number of kilometers cycled with bicycle-friendly
infrastructure measures and events. At the same time,users of DB Rad+ generate important data on cycle traffic.
These are processed anonymously and made available tothe municipalities. This allows municipalities to gain an
insight into cycle traffic. In 2022, riders cycled more than
2.5 million km in 14 cities.

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Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information∏√

Change2022

DB NETZE STATIONS

2021

absolute%

2019

Passenger stations

5,401

5,399

+2

–

5,384

Facilities quality (grade)

2.77 1)2.77 1)

–

–

2.87

Customer satisfaction, traffic station (passengers/visitors) (SI)

71

73

–2

–

69

Customer satisfaction, traffic station (train operating companies
and public transport authorities) (SI)

68

69

–1

–

61

Customer satisfaction, tenants (SI)

79

79

–

–

79

Station stops (million)

155.9

155.5

+ 0.4

+ 0.3

153.3

	thereof non-Group railways

44.6

46.0

– 1.4

– 3.0

40.0

Total revenues (€ million)

1,384

1,285

+ 99

+ 7.7

1,339
905

	thereof station revenues

996

966

+ 30

+ 3.1

	thereof rental

350

302

+ 48

+ 15.9393

External revenues (€ million)

593

520

+ 73

+ 14.0590

EBITDA adjusted (€ million)

195

160

+ 35

+ 21.9349

EBIT adjusted (€ million)

29

1

+ 28

–

210

1,434

1,380

+ 54

+ 3.9

1,096

Gross capital expenditures (€ million)
Net capital expenditures (€ million)

397

297

+ 100

+ 33.7

262

Employees as of Dec 31 (FTE)

6,997

6,811

+ 186

+ 2.7

6,216

Annual average employees (FTE)

6,038

6,972

6,768

+ 204

+ 3.0

Employee satisfaction (SI)

4.0

–

–

–

–

Share of women as of Dec 31 (%)

44.0

44.1

– 0.1

–

44.7

Absolute primary energy consumption (stations) compared to 2010 (%)– 30.6– 27.4– 3.2–– 22.1

1)

	Preliminary figure.

◊ Revenues: Growth can be attributed in particular to a re­­­covery effect in the rental business following Covid-19related losses and to regularly increased, price-related
higher station revenues mainly from intra-Group customers.
◊ Other operating income: Significant decline (– 24.9%/€ – 73 million), mainly driven by lower grants in connection with support programs for the renovation of stations.
Growth in the marketing of advertising space to non-Groupcustomers, higher construction grants and an increase ­inservices for intra-Group customers had a mitigating positive effect on income.
On the expenses side, there were additional burdens, inparticular from personnel expenses:◊ Personnel expenses: Increase (+ 7.2%/€ + 32 million)
due to a higher number of employees and as a result ofcollective bargaining agreements.
◊ Other operating expenses: Increase (+ 8.7%/€ + 24 million) resulted mainly from increased expenses for rent
and IT projects. In addition, among other things, the increase in travel activity and higher other personnel-related
costs led to additional burdens.
◊ Depreciation: Investment-related increase (+ 4.4%/€ + 7
million).
◊ Cost of materials: Decline (– 7.0%/€ – 57 million), driven
by lower expenses for project-related maintenance andrenovations and a decline in Covid-19-related additional
hygiene and safety measures at our stations. Energy expenses also fell. Positive effects from energy-saving measures were partially offset by price effects.

∏ DEVELOPMENT IN THE YEAR UNDER REVIEW

Demand trend more or less stable.

Rental business continues to recover impressively
after Covid-19-related restrictions.
Additional burdens due to the effects of the collective
bargaining agreement, higher energy prices, measuresin connection with the 9-Euro-Ticket and caring forrefugees from Ukraine.
Measures implemented to save energy and to improve
quality and customer satisfaction.
Facilities quality remained unchanged.
Customer and visitor satisfaction declined. The survey isconducted on the basis of about 80,000 interviews per year.
Customer satisfaction among tenants has stabilized at a highlevel. The satisfaction of train operating companies and public transport authorities declined slightly.
Station stops were at the previous year’s level. Positiveeffects resulted mainly from the resumption of transport
services, which had been reduced due to Covid-19. Demand
for regional transport was almost at the previous year’s level.
Restrictions due to construction had a dampening effect here.
The economic trend was heartening and operating profit
figures improved significantly. The recovery of the rental
business and price effects were the key drivers of this. Higher
expenses, in particular for personnel, had a somewhat offsetting effect:147

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

Due to higher capital expenditures, mainly in the modernization of existing stations and the construction of new stations, net capital expenditures increased significantly, withinvestment grants virtually unchanged.
The number of employees increased as a result of an increase in personnel, particularly in the construction management sector.
Employee satisfaction remained at the high level of 2020.
Despite operational challenges, the mutual commitment in
the team in particular supported overall satisfaction.
The share of women remained almost unchanged at a
relatively high level.
With a further reduction in absolute primary energy consumption of stations in comparison to 2010, including throughthe use of energy-saving technologies, the positive trend of
the past years is continuing.

◊ More robust: DB Netze Energy relies on resilience and the
security of the stable power supply and ability to act in theevent of a disaster with pragmatic, intelligent and sustainable solutions. In addition to power generation on-site,these also include capital expenditures in mobile systems
and OT security, supported by modern communication.
◊ More efficient: In 2021, lean excellence was implemented
as part of two pilot projects and established at other locations in 2022. Additional locations will follow. It is also
important to further develop lean approaches and consolidate existing lean structures and maintain them at thepilot locations.
◊ More modern: DB Netze Energy ensures the power supply even if the supply of renewable energy is increasingly
volatile. This is of increasing relevance, in particular inview of the prospect of increasing traffic volumes. The
LuFV IIIµ 262 f. provides the financial basis for this, including for the construction of additional converter capacity. The expansion of the traction current grid will besupported by the driving forward of digitalization, forexample through the rollout of sensor technology in
traction current facilities.
◊ Greener: DB Netze Energy is a central driver of the TOC
in Germany for climate-neutral energy supply. In order toachieve the target of climate neutrality in full by 2040,
traction current supply will be switched to renewableenergies and CO₂-neutral high-capacity power plants will
be added. Sustainable alternatives are offered for non-­electrified lines with charging infrastructure for battery-­powered trains, hydrogen supply and biofuel. The climate-­friendly biofuel HVO has been offered at the first filling
stations since 2022.

DB Netze Energy business unit
BUSINESS MODELDB Netze Energy offers industry-standard energy products

related to traction energy and stationary energy supply. As
well as traction current and diesel, these also include supply
solutions for alternative drives and synthetic fuels in railtransport. Stations and other DB Group properties are supplied with electricity, gas and heat. The range of services also
includes energy economics-related and technical services.
The traction current grid is the technical backbone oftraction power provision in Germany, for which DB Netze
Energy as the network operator ensures a high level of supply reliability. The required electricity is generated in traction
current power stations using fossil and renewable energy
sources or fed via converters/transformers. In order to provide for diesel traction units, there is a network of filling stations across Germany, which can also be partially used byroad vehicles. In order to enable climate-neutral rail transport
in the future in sections without overhead wires, DB Netze
Energy is implementing energy supply solutions for rollingstock with alternative drives and alternative fuels. In addition,
DB Netze Energy operates 50 Hz medium-voltage networks
to supply energy to stations and provides a charging infrastructure for electric vehicles on the road. The infrastructureof DB Netze Energy is subject to different forms of regulationby the BNetzA.

GENERAL FRAMEWORK
Procedure for defining traction current grid access

The procedure for defining the further development of thebusiness processes for access to the traction current grid,
which was initiated by BNetzA in 2019, was finalized in lateJune 2022. Previously, the BNetzA had provided the market
with two versions of future automated business processes
for public consultation. The procedure for defining the measures improves the transparency and enforceability of theaccess rules, data formats and communication deadlines for
all market partners (electricity suppliers, train operatingcompanies, vehicle owners and traction current grid operators). The BNetzA has also increased the responsibility of theowners of the vehicles. In order to supply the traction current∏ M A R K E T S A N D S T R AT E G Y
DB Netze Energy is responsible for economically and environmentally efficient energy procurement and for reliableenergy provision for train operating companies. DB Netze
Energy also has a high-performance infrastructure for theprovision of electricity and fuel to mobile and stationary
consumers.

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DB NETZE ENERGY – AT A GLANCE∏
Products
Traction current

The supply of trains with energy.
We supply the 16.7 Hz rail traction­current throughout Germany
around the clock through our own
interconnected power grid.

Traction current pass-throughStationary energy

Pass-through of electricity purchased
externally by train operating com­panies within the DB Netze Energy
grid in order to supply trains.

Diesel fuelSupplying stations, plants, signal
towers and office buildings with electricity and heating. Stationary facilities for train operations, for example
pre-heating systems and switch
heaters, are supplied with electricity.

Supply of diesel fuel via 24-hour
self-service rail filling stations.
The offer also includes consumables
and supplies, heating and engine
oil and AdBlue®.

Structure
TRACTION CURRENT / %STATIONARY ENERGY / %DIESEL FUEL / %Non-Group 6

Intra-Group 8

Intra-Group 94

Non-Group 30

Non-Group 92

Intra-Group 70

Networks and infrastructure

Additional production factors

Business model
INPUTS
Employees— About 1,900— About 8,000 km of traction current grid
— About 1,830 transformer stations— 180 gas stations— 54 power plants/converters/transformers— Electricity— FuelBUSINESS ACTIVITIESCustomer segments— Business customers— Private customers

Value proposition— DB Netze Energy offers customer-­­

Customer access and retention

oriented and eco-friendly accessto products in the areas of traction
current and diesel, as well as
stationary energy.

— Providing reliable infrastructure— Procuring energy— Selling energy— Offering energy economics-related
and technical services

Supply reliability

OUTPUTS 1)

OUTCOMES 2)

Traction current(16.7 Hz and direct current)— 7,515 GWh— € 103 million

EBIT adjusted

Customer satisfaction— SI of 79

Employee satisfaction— SI of 4.0

Share of renewable energies inthe DB traction current mix

Stationary energy (50 Hz and 16.7 Hz)— 13,809 GWh

Key activities— Key account management— Regional sales— Online customer platforms— 99.99%— 65.2%

Diesel fuel— 382 million l
Status for 2022, or as of December 31, 2022.
1)
	Key products and services.
2)	Internal and external consequences and results from business activities and outputs along the entire value-added chain.

grid operator with binding usage data in due time, this information will be provided by vehicle owners in future. This will
improve the quality and speed of the access processes all theway through to settlement. DB Netze Energy welcomes thisfurther development in its role as the traction current grid
operator. Market participants are now required to implement
the determination in their IT systems by July 1, 2026.

E N V I R O N M E N TA L M E A S U R E S
Expansion of renewable energies in the traction current portfolio

Building a diversified portfolio for economically viable andsecure energy supply with a growing share of renewable energies is a core element of our green strategy:◊ Ensuring continued operation of nine wind farms ∫ no. 47,
which are more than 20 years old, with a total of 32 windturbines at different locations in Schleswig-Holstein,

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Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information­Saxony and Lower Saxony, which will save about 36,000 t
CO₂ p.a. compared with the electricity supplied from coal
power. The wind farms have a total installed capacity of
43 MW and provide about 65 GWh of electricity annually.
As a result, further on-land wind power plants will join
DB Netze Energy’s eco-power portfolio. In light of the ageof the facilities, the terms of the contracts are rather short.

DEVELOPMENT IN THE YEAR UNDER REVIEW

Significant increases in revenues from traction current
and stationary energy, primarily due to prices.
One-off effects from the sale of excess energy quantities
reduce the burden of higher energy purchase costs.
Hedging strategy limited the impact of significant priceincreases on the energy procurement market.

Energy supply for alternative drives

Supply reliability stable at a high level.

In addition to the further electrification of the rail network,
DB Netze Energy is also implementing supply solutions forrolling stock with alternative drives. To this end, DB Netze
Energy is pursuing various technological approaches:◊ With regard to the energy supply of battery-poweredtrains, construction began in 2022 as part of the implementation of the charging infrastructure for regional railpassenger transport in the Schleswig-Holstein battery
network. For the first time, overhead wire islands ∫ no. 45
including charging substations will be set up in cooperation with DB Netze Track to supply battery-poweredtrains with traction current. In addition, together withDB Netze Track, plans for the construction of charging
infrastructure in two networks have been further advanced. DB Netze Energy is also a cooperation partner
in a pilot project agreed at InnoTrans 2022 to implement
an innovative charging station for battery-powered trainsin Annaberg-Buchholz.
◊ DB Netze Energy is a project partner in a joint project
funded by the BMDV between DB Group and Siemens
Mobility for the approval and testing of the Mireo Plus H
fuel train, which has been newly developed by Siemens
Mobility, for regional rail passenger transport. DB Netze
Energy is responsible for developing an innovative supply
infrastructure for hydrogen ∫ no. 53. In 2022, the mobilehydrogen filling system was commissioned as part of theinnovative supply infrastructure and enables the Mireo
Plus H to be fueled with hydrogen during the test andapproval phase.
◊ Supply of climate-friendly biofuel HVO ∫ no. 164 to fuel rolling stock. In 2022, the first rail filling station upgrade toinclude facilities for fueling vehicles with HVO was commissioned in Westerland on the island of Sylt. At the endof 2022, HVO was available at five locations. The rail filling
station in Aulendorf is the first filling station of DB Netze
Energy to be fully converted to HVO. In 2023, the rangeof additional rail filling stations will be expanded.

The high level of supply reliability was maintained.
Customer satisfaction was stable at a very good level
overall. Intra-Group customers are very satisfied with theemployee behavior, service quality and settlement. Responses
from non-Group traction current customers were not as good,in particular due to the difficult and tense energy market
situation.
Development was uneven in volume terms:◊ Traction current: Sales increased primarily due to higher
demand in rail passenger transport. A decline in rail freighttransport and at external customers had a dampening
effect.
◊ Traction energy for non-Group customers: The increase
from the previous year’s level reflects transport growth.
◊ Stationary energy: Electricity sales fell due to reduced
portfolio optimization measures on the energy market.
◊ Diesel fuel: Demand also declined, driven by developments in freight transport.
Economic development was weaker. The gains on the income
side were more than wiped out by increased energy purchaseexpenses. Operating profit figures fell significantly.
Income increased noticeably:◊ Revenues: The increase was driven by a significantly
higher price level. In addition, in traction current, higher
demand played a key role. This was counteracted by the
decline in sales in the stationary energy and diesel fuelsectors.
◊ Other operating income: In addition to changes in allocation in reporting, the decline (– 53.8%/€ – 56 million)
resulted from the absence of positive one-off effects fromthe previous year.
On the expense side, there was an increase primarily due toprices:◊ Cost of materials: The significant increase (+ 28.4%/€ + 845 million) resulted from the energy purchase expenses as a result of higher purchase prices for traction
and stationary energy, as well as energy trading and CO₂
certificates. The price increase in diesel fuels clearly exceeded counteracting effects from declining demand.

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Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information∏√

Change2022

DB NETZE ENERGY

Supply reliability (%)

99.99

2021

99.99

absolute

%

2019

1)

–

–

99.99

Customer satisfaction (SI)

79

79

–

–

78

	Customer satisfaction, traction current and diesel

73

77

–4

–

71

	Customer satisfaction, electricity and gas plus (intra-Group customers)

79

80

–1

–

78
7,986

1)

Traction current (16.7 Hz and direct current) (GWh)

7,515

7,445

+ 70

+ 0.9

Pass-through traction current (16.7 Hz) (GWh)

2,353

2,281

+ 72

+ 3.2

1,566

Stationary energy (50 Hz and 16.7 Hz) (GWh)

13,80914,070

– 261

– 1.9

14,932

Diesel fuel (million l)

382.0

389.3

– 7.3

– 1.9

410.6

Total revenues (€ million)

4,200

3,366

+ 834

+ 24.82,812

External revenues (€ million)

2,451

1,808

+ 643

+ 35.6

1,308
128

EBITDA adjusted (€ million)

185

254

– 69

– 27.2

EBIT adjusted (€ million)

103

169

– 66

– 39.143

Gross capital expenditures (€ million)

303

340

– 37

– 10.9193

Net capital expenditures (€ million)

75

66

+9

+ 13.6

61

Employees as of Dec 31 (FTE)

1,943

1,900

+ 43

+ 2.3

1,772

Annual average employees (FTE)

1,751

1,915

1,892

+ 23

+ 1.2

Employee satisfaction (SI)

4.0

–

–

–

–

Share of women as of Dec 31 (%)

15.0

13.9

+ 1.1

–

13.3

Share of renewable energies in the DB traction current mix (%)

65.2

62.4

+ 2.8

–

60.1

1)

	Preliminary figure (not rounded).

Subsidiaries/other

Expenses from increases in provisions in connection with
the investment in the Neckarwestheim joint venture power
plant, due to continued operation until April 2023, had
an additional negative effect.
◊ Personnel expenses: The increase (+ 6.2%/€+ 9 million)
resulted both from wage increases and from an increasein the number of employees.
Other expense items decreased slightly:◊ Other operating expenses: Decline (– 6.3%/€– 8 million)
among other things due to the absence of additions toprovisions in the previous year and positive effects from
impairment on bad debt allowance. This was offset in partby expenses in connection with IT projects and services.
◊ Depreciation: Slight decline (– 3.5%/€ – 3 million) ofdepreciation on intangible assets.
Gross capital expenditures decreased. This was due to theabsence of a one-off effect from the activation of a lease contract in the previous year and a decline in project volume
from joint projects. Investment grants fell disproportionately
as a result of balance sheet date-related factors and higher
self-financed capital expenditures. As a result, net capital
expenditures increased.
The number of employees increased, primarily in order toimplement the higher project volume from the LuFV IIIµ 262 ff..
Employee satisfaction is stable at the high level of 2020.
The share of women increased.
The share of renewable energies in the DB traction current mix in
Germanyµ 67 f. has increased further.
Germany

The Subsidiaries/other area comprises the governance functions and the legally dependent service units of the holding
company DB AG. The legally independent service units of DB
Group and the independent operational services are also
bundled in this segment. These are service units, which act
in particular as internal service providers on behalf of thebusiness units of DB Group.
DB E .C.O. GROUP

The DB E.C.O. Group
Group∞ offers DB Group’s engineering, consulting and operations know-how from a single source. These
include DB Engineering&Consulting (DB E&C)∞, DB International
Operations (DB IO)∞, infraView
infraView∞, ESE ∞ and inno2grid
inno2grid∞.
DB Engineering&Consulting◊ DB E&C has been entrusted with preliminary planning forthe expansion of the Gäu railway (Gäubahn). The key
element is the two-tube, single-track Pfaffensteig tunnel,
which will connect the Gäubahn in the east-west direction
to the subterranean Stuttgart Airport long-distance station that is under construction. Spanning a length of about
11.5 km, it will be one of the longest railway tunnels inGermany.
◊ In Arnstadt, DB E&C is planning one of the most modern
green logistics hubs in Germany for DB Cargo. The logistics hub gives about 120 companies quick access to rail.
◊ DB E&C, as part of a consortium, was awarded the contract for the modernization of the Duisburg central station. The main construction work, such as the renovationof the station building including the roof and the basic

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Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

renewal of the platforms, began in August 2022. DB E&C
assumes technical leadership and, together with its partners, supports all construction monitoring services alongside environmental and geological services.
◊ The project for planning the Latvian section of Rail Baltica,
Vangazi — Salaspils — Misa, has entered the next phase. DB
E&C’s plans include a combined road and railway bridge.
There are only four bridges in the world where the track
for a high-speed line and a freeway are combined.
◊ DB E&C is working to ensure that the new ICE maintenancedepot in Dortmund Port can start operations in 2027.
◊ The BIM implementation is progressing further. In 2022,
BIM shall arrive on-site with the first projects. BIM standardization across the entire production chain remains a
focal point. Since 2018, almost 600 BIM projects have beenprocessed, some 250 of which are still in the portfolio.

infraView◊ Together with DB E&C, infraView is expanding the digitalization portfolio in the area of planning, construction
monitoring and commissioning. Automated image processing and BIM modeling of observation data are enabledthrough the UAS platform Drones2BIM, and processes are
digitalized and accelerated using the eBTB digital construction diary and commissioning tool IBN Infra. The useof AI is developing into another core area. Automatic object recognition and visual inspections of existing plans,
infrastructure and vehicle components supported manualtasks and opened up potential for automation.
◊ infraView supports the Swiss Federal Railways (SBB) and
its infrastructure monitoring by expanding its cloud platform for rail condition monitoring (RCM). RCM is a predictive maintenance product that uses rail sensor technology for infrastructure monitoring. The measurements
are stored in large data centers and processed using AI
techniques to assess the condition of the infrastructure.

DB International Operations◊ Canada: As the leading partner in Canada, DB IO assumes
joint ventures planning and operation and maintenanceof rail passenger transport in the metropolitan region ofToronto. The 450 km network line is to be fully modernized and expanded. With a volume of operations andmaintenance totaling a double-digit number in billionsof euros, this is the most important transport project inCanadian history.
◊ Uruguay: The consortium DBCC Transport, managed by
DB IO, was commissioned with the operation of a freighttransport line in Uruguay in 2020. Mobilization has now
begun in full and the qualification of operational staff wascarried out in 2022. The project is currently considered
one of the most important economic programs in Uruguay.
◊ India: In India, DB IO beat out the competition for a major
order for the first national high-performance transport
project and will take over the operation and maintenanceof a regional rapid transit system. The project will connect
the metropolises of Delhi, Ghaziabad and Meerut with an
82 km line. The order volume is in the three-digit million
euro range. After full operation, which begins in 2023, up
to 900,000 passengers are to be carried on a daily basis.
◊ Egypt: In a joint venture with the Egyptian company
Elsewedy Electric (EE), DB IO was commissioned to operate infrastructure and vehicles for high-speed, regionaland freight transport in Egypt, as well as the maintenanceof stations and depots. The new transport network, also
known as the “Suez Canal on rails,” will connect the Mediterranean Sea and the Red Sea, and is set to herald a new
era in Egypt’s passenger and freight rail transport. The
order value of the largest rail project in the history of thecountry is in the single-digit billion euro range. The startof operations is already scheduled for 2025.

ESE Engineering and Software Development◊ ESE is further expanding its conformity assessment activities. The ESE test laboratory has been certified according to DIN EN ISO/IEC 17025. In its test laboratory and its
activities in the field of expert services, ESE makes a significant contribution to the successful commissioning ofdriverless metro systems worldwide.
◊ ESE is largely involved in securing future vehicles withautonomous driving functions. On behalf of the commercial vehicle line of business of a German automobile manufacturer, ESE ensures the correct functioning of vehicles
with autonomous driving functions. This is the technological basis of future autonomous on-demand mobility
solutions that will be able to make a contribution to theshift in the mode of transport and mobility in rural areas
through the optimization of mobility chains in the future.
DB NEW MOBILITY

The DB New Mobility business ecosystem develops flexible
and digital solutions that can design local public transportthat are seamless, easy and convenient from door to door.
These include the offers from ioki
ioki∞,, Mobimeo
Mobimeo∞,, and Clever
Clever-­Shuttle
Shuttle∞, the Call a Bike∞,
Bike, Flinkster
Flinkster∞, Bonvoyo
Bonvoyo∞ products
and Curbside Management∞
Managementfrom DB Connect∞. DB New Mobility is aiming this offer at public transport authorities suchas municipalities and transport associations.

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Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

SUBSIDIARIES/OTHER – AT A GLANCE
Portfolio
DB Business Services— Legally independent entities (including
DB Zeitarbeit GmbH, DB JobService GmbHand DB Digital Ventures GmbH)— Legally dependent entities (including DB Real
Estate, DB Training and DB Procurement)

DB Operational Services— Legally independent operating service entities(including DB Fahrzeuginstandhaltung GmbH,DB Systel GmbH, DB Services GmbH, DB Bahnbau
Gruppe GmbH, DB Vertrieb GmbH, DB E.C.O.
Group, ioki GmbH)

Other— Corporate management governance functions(including Group development, finances, treasury
and human resources)— DB supporting functions (including Deutsche
Bahn Finance GmbH and Deutsche Bahn StiftunggGmbH)

Structure
REVENUES / %DB Vehicle Maintenance 22

EMPLOYEES / %DB Systel 22

DB AG 15

DB Systel 10
DB Sales 7

Other 5

DB Services 16

DB Sales 12

DB Services 15

DB E&C 11

DB Bahnbau Group 13

DB E&C 10
DB Bahnbau Group 6

DB Vehicle Maintenance 14

Other 22

Status for 2022, or as of December 31, 2022.

ioki and CleverShuttle are increasingly working together with
DB Regional Bus as DB Regional Road for an integrated mobility service. DB Connect has been developing solutions forinterlinked mobility in the Infrastructure Board division sinceAugust 1, 2022.
◊ CleverShuttle operates on-demand ride pooling in Germany. At the end of 2022, CleverShuttle ∫ no. 119 operated
18 transport services nationwide on behalf of cities, municipalities and transport companies. Users are very satisfied with their journeys (4.9 out of 5 stars on average).
From 2023 onwards, CleverShuttle will integrate autonomous vehicles into local public transport and will be
responsible for the operational implementation of theautonomous on-demand service planned by the RhineMain Transport Association.
◊ ioki has sustainably established its industry solution for
digital mobility: to date, more than two million passengers have used the platform, about 650 stations and about
6,000 km² have been connected to local public transport
using the ioki ∫ no. 142 software. In 2022, autonomous
shuttles with the ioki on demand software launched inGermany, Luxembourg and Switzerland. Further transport services are expected to follow in 2023. ioki’s innovative mobility concepts received multiple awards in 2022,
including the Passenger Award for Multimodal Travel,
the German Mobility Award and the German Transport
Transition Award.

◊ Mobimeo further expanded its own mobility platform
in 2022. Together with DB Regional, a new version of the
DB Route Agent∞
Agent
app was launched on this basis. In addition, together with the Mobility Inside Industry Initiative,
the first six multimodal apps were launched for the participating transport associations, which could be used tosearch routes, purchase local public transport tickets andbook ride-share vehicles.
◊ Bonvoyo, the mobility budget as a flexible and sustainable benefit for employees continues to develop. Since
April 2022, users have been able to track their CO₂ emissions directly in the app. Further long-distance transport
services were included and TIER was integrated as a mobility partner. The Hamburg Transport Association (hvv)
is already using the mobility budget as a payment method
in its app, with additional mobility apps set to follow.
◊ Call a Bike ∫ no. 14 has demonstrated that rail and bicycles
can be a real alternative to cars with summer campaignsin Munich and Berlin (pop-up stations at five S-Bahn (metro)
stations in each city). Tesla employees now also travelfrom the S-Bahn (metro) to their own Call a Bike station
at the Gigafactory in Grünheide. Since 2022, BahnBonus
status customers have been benefiting from 30 free minutes each time they rent a bicycle.

153Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information◊ DB Curbside Management has been supporting the cityof Munich in implementing its mobility planning since
fall 2022. The Curbside Cockpit app is used in the sharedmobility sub-strategy. Already in operation at the Stuttgart-Vaihingen mobility station, some 19 other stations
will follow based on the same model.
◊ Flinkster contributes to sustainable mobility in about
400 cities. It was honored with an award from the German
Institute for Service Quality in 2022. With the modernization of the fleet, Flinkster ∫ no. 7 continues to focus on
quality and safety.

Revenues from non-Group customers increased considerably
at a low level. This was mainly due to increased project business (DB Bahnbau Group, DB E.C.O. Group, DB Communication
Technology) and recovery-related growth at DB Connect andDB Sales.
The operating profit figures in the Other area are significantly affected by corporate management functions performed for the business units. There was no cost transfer on
the business units from Group chargesµ
charges
183 in 2022. The operating profit figures adjusted EBITDA and adjusted EBIT
were significantly weaker, as growth in income did not keep
up with the increase in expenses.
Burdens resulted, among other things, from higher personnel expenses (as a result of collective bargaining agreements and the increase in the average number of employees)
and IT (DB Systel), as well as increased energy costs. Rental
expenses were also above the previous year’s level. In addition, stronger effects from the impairment of stock material
and increased project costs (facility infrastructure) had anegative impact on development at DB Vehicle Maintenance.
Countermeasures and the positive business development,
including at DB Connect, could partly offset the effects.
The decline in capital expenditures resulted mainly fromless significant effects overall from extensions and amendments of existing rental and lease contracts at DB Real Estate.
Delivery shortages of vehicles led to less capital expenditure
activity at DB Connect in particular. In contrast, capital expenditures, primarily in the facilities infrastructureµ
infrastructure
54 ff. at DB
Vehicle Maintenance, rose.
The number of employees increased, driven mainly byincreased personnel at DB Operational Services companies,
in particular in the DB E.C.O. Group, DB Systel, DB Vehicle
Maintenance and DB Security resulting from expanded digitalization and quality measures, additional security requirements and an increase in the vertical range of production.
On the other hand, the number of employees at DB Group’s
HR service providers and corporate management fell and had
the opposite effect.

DEVELOPMENT IN THE YEAR UNDER REVIEW

Personnel expenses increased as a result of ahigher number of employees and as a result ofcollective bargaining agreements.
Digitalization and Group projects advanced.
Increased energy, rental and procurement costs placea significant burden on profits.
ChangeSUBSIDIARIES/OTHER

2022

2021 absolute

Total revenues (€ million)

6,123

5,685

DB Business Services

%

2019

+ 438

+ 7.7

5,192

2

3

–1

– 33.351

DB Operational Services

7,035

6,519

+ 516

+ 7.9

5,994
– 853

Other/consolidation

– 914

– 837

– 77

+ 9.2

External revenues (€ million)

696

593

+ 103

+ 17.4

581

EBITDA adjusted (€ million)

37

113

– 76

– 67.3– 62

EBIT adjusted (€ million)

– 546

– 472

– 74

+ 15.7– 575

DB Business Services

– 93

– 74

– 19

+ 25.7– 71

DB Operational Services

130

217

– 87

– 40.1

18

– 583

– 615

+ 32

– 5.2

– 522
714

Other
Gross capital expenditures (€ million)

724

815

– 91

– 11.2

DB Business Services

5

7

–2

– 28.6

5

DB Operational Services

438

414

+ 24

+ 5.8

429

Other

281

394

– 113

– 28.7

280

717

809

– 92

– 11.4713

59,992

58,345+ 1,647+ 2.8

55,497

Net capital expenditures (€ million)
Employees as of Dec 31 (FTE)DB Business Services

11,455

11,571

– 116

– 1.0

12,015

DB Operational Services

46,04544,299+ 1,746+ 3.9

40,907

Other
Annual average employees (FTE)

2,492

2,475

+ 17

+ 0.7

2,575

59,19358,255

+ 938

+ 1.6

54,973The increase in total revenues was driven by higher revenues
from intra-Group customers of DB Operational Services companies. This resulted mainly from a higher demand for digitalization and cybersecurity solutions (DB Systel), for construction projects (DB Bahnbau Group and DB E.C.O. Group)and vehicle projects (DB Vehicle Maintenance). In addition,
the performance of DB Sales, DB Connect, DB Services and
DB Security improved as a result of the recovery in demandfor passenger transport.

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DB Arriva business unit

◊ In April 2022, the UK government announced financing
packages for areas in England to help deliver on their Bus
Service Improvements Plans (BSIP) as part of the National
Bus Strategy to support the transformation of bus services. Operators and local authorities cooperated in theapplication for BSIP funds.
◊ On September 3, 2022, the UK Government announced
that it would be investing GBP 60 million to introduce a
GBP 2 fare cap on a single bus ticket on services in Englandoutside of London. The cap will be in place from January 1,
2023, and will run for three months.

D E V E L O P M E N T S I N R E L E VA N T M A R K E T S

After the Covid-19 restrictions were gradually lifted in theEuropean countries from March 2022, demand in passenger
transport increased again. The pent-up demand for travel
had a positive effect, especially on long-distance andcross-border traffic. Temporary service restrictions were withdrawn, and at the same time there was a gradual expansionof services in some countries, especially in leisure traffic totourist destinations. In summer 2022, demand for long-distance transport was again above pre-Covid levels for many
connections. Local rail passenger transport has not yet fully
reached 2019 demand levels in large parts.
Inflationary pressures across Europe, including the impactof the energy crisis, has led to pressure on wages. 2022 therefore saw some challenges from strike action, including in the
United Kingdom and the Netherlands.

France◊ DB Arriva continues to follow market opening developments in France very closely. The framework in which
operators will need to deliver rail services in future wasput in place in 2020/2021. The first regional rail transport
contract was confirmed by Region Sud in October 2021.
Other French regions are now in the process of opening
up their rail networks to competition. The results of several tenders are expected in 2023 as well as further tenderannouncements.

∏ United Kingdom◊ Following the Williams-Shapps plan for rail, the UK government is creating a new public body, Great British Railways (GBR), which will run and plan the rail network, own
the infrastructure, and receive the fare revenue. There
will remain a significant role for the private sector throughthe development and deployment of passenger service
contracts. The Department for Transport published a con­sultation which examines the legislative changes required
and seeks views.
◊ Since June 2022, industry-wide strike action has impacted
the UK rail industry as part of a dispute over wages, jobs
and conditions. Trade union members have taken part in
multiple strike days in response to the UK Government’s
proposals to reform the rail sector. In the latter part of
the year, difficult wage negotiations in response to thegrowing cost of living became the main cause of industrial
dispute.
◊ The Bus Recovery Grant (BRG), which is a government
funding mechanism for commercial bus operators in England to offset the ongoing impact of Covid-19, was extended twice during 2022. Initially the funding was due
to end in October 2022, but BRG was extended by the UK
government to provide an additional GBP 130 million to
the bus industry until the end of March 2023. BRG funding
requires operators to conduct network reviews in partnership with local authorities.

Mainland Europe◊ Recovery from Covid-19 has continued across Europe andwhilst some effects persist, Covid-19 is currently having
limited impact on operations.
◊ There is significant challenge across Europe due to fuelinflation and volatility. This is partly mitigated throughhedging and pricing, as well as DB Arriva’s transformation
programµ 157 which has provided overhead and operaprogram
tional cost reduction, plus much improved economic management in the selection of the best contracts to maintainprofitable growth.
◊ Driver shortages and wage pressures across Europe continue and this, coupled with general inflation, is providing
a challenging environment. There is continuing consideration into alternative ways to attract workers or offset
cost increases.

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DB ARRIVA – AT A GLANCE∏

Lines of business
UK BusUK Trainsof bus services in regional markets in
the United Kingdom, with rural, urban
and inter-urban bus services, and isa major operator in London. Our buses
operate across England and Wales.

(CrossCountry, Chiltern and London
Overground) and an open access
operation (Grand Central) in the
United Kingdom.

DB Arriva is the third-largest provider

Mainland Europe
DB Arriva is the leading private player

DB Arriva runs three rail contracts

Corporate center

The lines of business are supported
by central functions providing
specialist support across IT, Procurement, HR, Sales and Finance toleverage and share best practice.

across most of its markets in 11
European countries. In addition to
trains and buses, DB Arriva also
operates water buses and car-sharing
services.

Structure
PASSENGERS / %Mainland Europe 60

REVENUES / %UK Bus 31

EMPLOYEES / %Mainland Europe 49

UK Bus 23

UK Trains 9

Mainland Europe 52

UK Trains 28

UK Bus 35

UK Trains 12

Other 1Business model
INPUTS
Employees

Vehicles— About 38,100— 610 multiple units— 17 locomotives— 73 passenger cars
— 14,139 buses (including external buses)

Electricity and fuel— 346 million l fuel— 200 million kWh electricity— 18.6 million kg natural gas

BUSINESS ACTIVITIESCustomer segments

Value proposition— Private customers— Contracting organizations andother local authorities— DB Arriva offers customer-oriented,
efficient and affordable transport
solutions.

OUTPUTS 1)

OUTCOMES 2)

Passengers

Volume sold— 1.5 billion (bus and rail)— 6.2 billion pkm (rail)

Customer access and retention

Key activities— Local sales outlets, travel centers,
agencies, ticket machines,
online, call centers, on-board sales— Subscriptions, apps

— Providing train and bus services— Looking after customers— Providing and maintaining vehicles— Optimization of the networks
in the interest of the customers

EBIT adjusted— € 12 million

Customer satisfaction— SI of 73

Punctuality

Employee satisfaction— SI of 3.7

Greenhouse gas emissions
compared with 2006 (specific)— – 16.0% (rail)— – 28.0% (bus)Volume produced— 0.9 billion bus km and— 0.1 billion train-path km

Status for 2022, or as of December 31, 2022.
1)
	Key products and services.
2)	Internal and external consequences and results from business activities and outputs along the entire value-added chain.

156— 90.2%

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

BUSINESS MODEL

DB Arriva focuses on transport services with buses and trains.

The activities of DB Arriva are divided into three lines of business: UK Bus, UK Trains and Mainland Europe.
Volume sold and volume produced are important key
performance figures. In addition to revenues from fares, subsidies from national governments and contracting organizations are an important source of income. Commercial revenues
are generated mainly through ticket sales/fares. In addition,in many markets DB Arriva also generates revenues from private rentals, which complement the commercial business.
Predefined terms of transport contracts, concessions androute concessions, combined with the extensive production
system, result in a cost structure with a high proportion of
fixed or semi-fixed costs (costs related to production but
which need some time to adjust to fluctuations in production,such as personnel expenses). Alongside capital expendituresand depreciation, the key drivers are personnel, maintenance,energy and infrastructure expenses (in rail transport). Reacting quickly to changes in bus and train capacity can be a challenge in many of the markets in which DB Arriva operates.
Throughout Europe, DB Arriva works with local, regionaland national authorities to bring new and improved services
to customers. DB Arriva’s regional presence allows it to quickly
respond to changes, especially new regulatory requirements
and changing customer expectations. DB Arriva works closelywith its customers to develop efficient, reliable, safe andsustainable transport solutions.
Clients particularly appreciate the experience that DB
Arriva has with operating various transport solutions and­DB Arriva’s commitment to providing high-quality, reliable,
efficient and cost-effective transport services.
∏ M A R K E T S A N D S T R AT E G Y
DB Arriva continues to focus on its business transformationand performance improvement program to ensure a com­
petitive cost base and improved operational efficiency. This
continued to deliver good outcomes throughout 2022, withcost reductions and improved commercial governance forselecting the best contracts and ensuring longer-term sustainable growth. In 2022 DB Arriva introduced improvements
to its organizational structure to support a new KPI-driven
approach to managing operational and financial performanceacross the business. DB Arriva has also rolled out a new tenderand contract management process.

157

In 2020, DB Arriva’s strategic review identified core markets
where it can continue to thrive and grow in the future. In thisreview, portfolio adjustments were also defined in markets
classified as “not part of the core business.” In terms of focus, good progress has been made and, among other things,
the sale of activities in Sweden and Portugalµ
Portugal
160 was completed.
DB Arriva has also concluded contracts for the sale of activities in Denmark and Serbia, as well as the bus business in
Poland. These are expected to conclude in 2023. These transactions are part of the realignment of DB Arriva’s portfolio,
which is a key element of its forward-looking strategy. The
goal is to build a stronger, more competitive business in thelong term. This enables more innovation and sustainablegrowth, while DB Arriva is closely tailored to the needs of its
customers, passengers and the communities that it serves.
Customers are at the heart of the transformation program
to build stronger and deeper relationships with clients. To
achieve this, DB Arriva has, among other things, introduced
a structured approach to key account management, using
data and insights to build closer and deeper relationships
with customers. By the end of 2022, more than 95% of contracted revenue was underpinned by structured key accountmanagement plans which means improved quality of conversations with clients, and improved insight of client needs andexpectations.
Sustainability remains a core focus at DB Arriva as thebusiness unit strives towards climate neutrality. Each business in each country has clearly defined targets to contributeto the goal. Four workstreams have been established: zero
emissions buses and trains, ESG circularity (including buildings) and diversity and inclusion. DB Arriva launched its Zero
Emission InstituteµInstitute
159 in 2022 to support the transition tozero emissions bus fleets.
In October 2022, as part of its focus on sustainability, DB
Arriva launched its new Inclusion Strategy, marking a significant milestone on its journey to becoming a more inclusive
employer. The strategy, which has been developed with input
from employees from across DB Arriva, comes with a set ofclear targets and specifications that each of the DB Arriva
businesses will need to achieve in the coming years. Thesetargets include an increase in the number of leaders andmanagers from under-represented groups and an increase in
the number of leaders and managers who are women. Key
focus areas have been developed to improve its workforce,
workplace, the experience of passengers and to ensure DB
Arriva continues to support the communities it serves.

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

Major commissionings

In 2022, DB Arriva conducted the biannual DB-wide employee
survey as part of its employee engagement activities. Employee satisfaction has remained stable, with five DB Arriva
businesses now outperforming the external benchmark. A
key motivational driver for DB Arriva employees is the customer focus, which remains a strength. Employees are increasingly keen to invest in their personal development,
supported by DB Arriva.

MAJOR COMMISSIONINGS/ Bus 2021 –2022 1)

Slovakia

Term

Bratislava region

11/2021–11/2031

Total
1)

/ Rail 2021 –2022 1)

Volume(million train km)
Term

p. a.1)

Total 1)

Kuyavian-Pomeranian
Voivodeship region (KP
Diesel Part III and IV)

12/2022–12/2030

2.4

19.3

Czech Republic

MoT R21, R22, R24

12/2022–12/2027

2.0

10.1

Czech Republic

MoT R26 2)

12/2022–12/2027

0.7

3.7

5.1

33.1

PolandTotal/ Bus 2021 –2022

Volume(million bus km)
Term

p. a.

Total

Hungary

C7 and C8

05/2023–06/2033

10.4

103.5

Slovakia

Košice region

04/2022–03/2029

12.2

85.3

/ Bus 2022

1)

UnitedKingdom

TfL Contracts x 20 2)

variable

20.9

81.4

SlovakiaŽilina region (Orava)

06/2023–05/2033

6.3

63.4

SlovakiaŽilina region (Liptov)

06/2023 – 05/2033

4.4

43.7

The Netherlands

Friesland 3)

12/2022–12/2024

21.6

43.1

Italy

SIA 3)

01/2022–06/2024

17.0

42.5

The Netherlands

Zuid Holland Noord 3)

12/2022–12/2024

19.7

39.3

The Netherlands

Brabant Oost 3)

12/2024–12/2026

19.0

38.0

Czech Republic

Pardubice region

06/2022 – 06/2032

2.8

28.1

3 months–5 years

18.2

15.4

152.5

583.7

Other 3)Total

+ 12.8+ 12.8Milliontrainpath km
p. a.

thereofversus
2021

3.2

– 2.4

3.2

– 2.4

Millionbus kmp. a.

thereofversus2021

	Services were previously not provided by DB Arriva.

MAJOR CONTRACT CESSATIONS	Differences due to rounding are possible.
2)	Including extensions of existing transport contracts.

1)

04/2022

Total

1)

TRANSPORT CONTRACTS AWARDED

Cessation

E20 Train
Roslagsbanan

Sweden

1)

1)

15.3
15.3

	Services were previously not provided by DB Arriva.

MAJOR CONTRACT CESSATIONSTRANSPORT CONTRACTS AWARDED

thereofversus2021

Major contract cessations

ORDER BOOK
Awarded transport contracts/ Rail 2022

Millionbus kmp. a.

Cessation

1)

Portugal

North Portugal

12/2021

9.1

– 9.1

Slovakia

Nitra City

12/2021

4.2

– 4.2

Denmark

Movia A19

variable

4.8

– 2.9

Denmark

Movia A19X

02/2022

3.3

– 2.8

Czech RepublicÚstecký region

11/2021

2.9

– 2.7

Denmark

Movia A18

06/2021

5.0

– 2.5

Denmark

NT26.408/2021

3.0

– 2.0

Czech RepublicKrálovéhradecký
region02/2021

Total 2)
1)

6.9

– 1.2

39.2

– 27.4	Services were previously not provided by DB Arriva.
	Differences due to rounding are possible.

2)

Order book
ORDER BOOK AS OF DEC 31	Differences due to rounding are possible.
2)	Including extensions of existing transport contracts.
3)
	Extension of the existing transport contract.
1)

Change/ € billion

2022

2021

absolute%

DB Arriva

11.0

13.6

– 2.6

– 19.1secured

7.9

9.9

– 2.0

– 20.2

unsecured

3.1

3.7

– 0.6

– 16.2

Revenues directly related to transport contracts or concessions are either independentof (secured revenues, essentially concession fees) or dependent on (unsecured revenues,
essentially revenues from fares) the number of passengers.

◊ In 2022, DB Arriva Netherlands has won a bid for bus andtrain operations in Twente in the east of the Netherlands,
part of the province of Overijsse. From December 2023,
Arriva will operate the bus and train transport for four
years (with an option to extend for another year). This
strengthens DB Arriva’s position as the largest bus andregional train operator in the Netherlands. The window
for appeals has closed unused in February 2023.

Overall, in 2022 the order book declined. The additions fromtransport contracts awarded of about € 2.0 billion were offset
by disposals of about € 3.4 billion, mainly as a result of services rendered and changes in assumptions of € – 1.2 billion.
The changes in assumptions mainly include the sale of activities
in Sweden and Portugalµ
Portugal160.

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Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

ORDER BOOK PER YEAR AS OF DEC 31, 2022 / € billion

2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
to 2035

0.9 / 0.3
0.7 / 0.3
0.6 / 0.3
0.5 / 0.2
0.4 / 0.2
0.3 / 0.2
0.2 / 0.2
0.1 / 0.1
0.2 / 0.2

secured /1.6 / 0.5

◊ DB Arriva is working in Italy, Hungary, Slovakia, Croatia
and the Netherlands on environmental programs supported by the LIFE program (the EU’s financial instrument for the environment and climate action) with € 5.3
million. LIFE gives grants to projects that further the development of European policy in one of four areas: clean
energy transition, nature and biodiversity, circular economy and quality of life, climate change mitigation andadaptation. The three projects are called LIFE H20BUS(water saving), RE-BREATH (air quality) and LIFE-CICLE(circularity).
◊ In 2022, DB Arriva took further steps to expand alternative
drive technologies in the fleet, for example:◊ DB Arriva has placed an order for 64 new electric buses∫ no. 63 in the Netherlands. The buses are scheduled
to be put into operation towards the end of 2023 in
the Uden, Den Bosch and Tilburg regions.
◊ In March 2022, DB Arriva helped secure a UK Governmental funding for 74 new zero emissions buses inWest Yorkshire and Hertfordshire. DB Arriva UK Bus
is to benefit from funding in both regions, helping toaccelerate its sustainability ambitions and its drive
towards a zero-emissions fleet.
◊ In Spring 2022, DB Arriva Italy introduced 16 new buses
fueled by biomethane (CNG) in the regions of Friuli
Venezia Giulia and Veneto, among the first of suchvehicles in these regions to operate inter-urban andextra-urban services. In addition, new charging infrastructure was installed with the ambition to operate
a fully electric urban fleet (32 vehicles) in Cremonaby 2026. The first 11 electric vehicles will enter service
towards the end of 2023.
◊ DB Arriva partnered with the Czech fuel distributorČepro and Czech chemical company Spolchemie tolaunch a project to use hydrogen in rail transport. DB
Arriva is seeking to purchase and operate a hydrogentrain that could provide passenger transport primarily
on non-electrified lines in the Ústí nad Labem Region,
where it would partially replace diesel locomotives.

unsecured
2.6 / 0.6

D I G I TA L I Z AT I O N A N D I N N O VAT I O N◊ In the Netherlands Arriva has implemented OVpay, which
is a new way of checking in and out in public transport
by using contactless debit or credit cards, including mobile phones. This technology is already available in multiple locations across the country but will successively
become available nationwide. DB Arriva operates fourconcessions where Ovpay is now live.
◊ DB Arriva has created a new IT portal which has been
specifically designed to support a new innovation framework called “The Ideas Engine.” The new portal has beenlaunched across DB Arriva to encourage all employees tosubmit their ideas. The best ideas will be supported byreceiving funding for pilot schemes that will help to determine the business case.
◊ DB Arriva in Croatia has developed and launched a customer loyalty program. Customers can participate in the
programme via the DB Arriva mobile app, through the
Web site or by filling out the application form at the Arriva
ticket offices. Membership is free and enables the collection of reward points through a virtual or physical card.
This new tool will help attract new customers, as well as
retaining the existing ones.
∏ E N V I R O N M E N TA L M E A S U R E S◊ DB Arriva is committed to sustainability and has createda Zero Emission Institute (ZEI) to accelerate its transition
to cleaner fleets across all its European markets. The ZEI
acts as a center of excellence which all its business areas
can draw on. The Institute will be a key support for clientbodies and DB Arriva business units, sharing pan-European
knowledge, experience and best practice in trialing alternative fuels and transitioning fleets to reduce emissions.

OTHER EVENTS◊ DB Arriva in the Netherlands has started operating thefirst night trains from Maastricht to Schiphol. The nighttrain will connect Maastricht in the south of the country
with larger cities in the Netherlands and with Schiphol
Airport. A second connection will be launched in January

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ChangeDB ARRIVA

2022

2021

absolute%

2019

Punctuality (rail) (United Kingdom, Denmark, Sweden, the Netherlands,
Poland and the Czech Republic) 1) (%)

90.2

93.5

– 3.3

–

87.6

73

77

–4

–

78

1,546

1,308

+ 238

+ 18.2

2,214

Volume sold (rail) (million pkm)

6,167

4,663

+ 1,504+ 32.3

12,617

Volume produced (bus) (million bus km)

884.5

947.6

– 63.1

– 6.7

1,065

Volume produced (rail) (million train-path km)

100.0

109.2

– 9.2

– 8.4

168.9

Customer satisfaction for bus and rail in the United Kingdom (SI)
Passengers (bus and rail) (millions)

Total revenues (€ million)

4,214

4,069

+ 145

+ 3.6

5,410

External revenues (€ million)

4,212

4,067

+ 145

+ 3.6

5,405

EBITDA adjusted (€ million)

411

359

+ 52

+ 14.5752

EBIT adjusted (€ million)

12

– 73

+ 85

–

289

255

267

– 12

– 4.5

718

Employees as of Dec 31 (FTE)

Gross capital expenditures (€ million)

38,05943,189– 5,130– 11.952,331

Annual average employees (FTE)

52,85540,68844,187–3,499–7.9

Employee satisfaction (SI)

3.7

–

–

–

–

Share of women as of Dec 31 (%)

14.6

13.6

+ 1.0

–

14.9

Specific greenhouse gas emissions (rail) compared to 2006 (based on rail car units) (%)– 16.0– 17.3

+ 1.3

–

– 9.7

Specific greenhouse gas emissions (bus) compared to 2006 (based on bus km) (%)– 28.0– 14.9– 13.1–– 10.1

1)

	From July 2022, excluding the sold activities in Swedenµ 160
160..

DEVELOPMENT IN THE YEAR UNDER REVIEW

2023 from Groningen in the north-east of the country to
Schiphol. It is the first time that Open Access services will
be introduced in the Netherlands.
◊ In January 2022, DB Arriva in Italy started a new ten-year
contract to operate transport services for students with
reduced mobility in the capital city of Rome. DB Arriva isintroducing 246 new vehicles, including 25 electric small
buses, 20 of which were included in the fleet in October
2022. The buses are equipped with state-of-the-art monitoring and security systems.

Revenue and performance development driven
mainly by recovery effects – pre-Covid-19 levels not
yet reached.
Transformation program leads to cost reductions
and improved economic management.
2022 strongly influenced by a strategic decision
to withdraw from countries that are not part of thecore business, including the sale of activities
in Sweden and Portugal.

INVESTMENTS◊ Sweden: The sale of DB Arriva’s activities in Sweden to
the Finnish railway company VR Group was completed
on July 1, 2022, after the transaction was announced in
March 2022. The transaction resulted in a transfer of allactivities and all employees of DB Arriva in Sweden.
◊ Portugal: In May 2022, DB Arriva reached an agreementwith Israeli transport company Dan Group to acquire its
remaining bus business in Lisbon, Portugal. The transaction was completed on December 15, 2022.
◊ Denmark, Serbia and Poland: In September 2022, DB
Arriva agreed with the financial investor Mutares on thesale of the activities in Denmark and Serbia as well as thebus business in Poland (not including rail). Closing istargeted as soon as possible and expected for the second
quarter of 2023.

The development in 2022 was influenced by two key factors:◊ the recovery process from the effects of the Covid-19 pandemic and◊ the sale and effects of preparing to sell activities in noncore countries (in particular in Sweden, with an effect onrevenues of € – 171 million).
Punctuality in rail passenger transport decreased, mainly asa result of extreme weather events, infrastructure failuresand speed restrictions, as well as the impact of industrial
action across United Kingdom operations.
Customer satisfaction for UK Trains remained unchanged.
Reduced customer satisfaction in the UK Bus regions was a
result of strikes in the context of collective bargaining negotiations and the ongoing impact of driver shortages which
has affected service levels and punctuality.

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Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

The performance trend has recovered strongly, but the preCovid-19 level has not yet been reached again. Overall, therecovery effects led to an increase in passenger numbers (busand rail) and in rail transport volume produced. Dampening
effects resulted from sales of non-core activities.
Economic development has improved significantly, mainly
due to the ongoing recovery process, but remains strained.
The ongoing transformation program which has put a framework in place to actively manage the business and its portfolio, specific and focused capital expenditures and the divesting of markets that are less attractive and not core to
the growth strategy (non-core activities) had an additional
positive effect.
Overall, income development was positive:◊ Revenues: Increase mainly due to the Covid-19 recovery
effects in all lines of business as well as higher concession
fees due to general price adjustments. The sale of noncore activities, particularly in Sweden, had a dampening
effect.
◊ Other operating income: Significant decline (– 15.8%/€ – 68 million) due to lower government Covid-19 support
measures as a result of the recovery in demand.
The expense side remained mostly unchanged. Positive divestment effects were almost fully compensated by higher
fuel prices, performance-related increased costs and negative
exchange rate effects:◊ Personnel expenses: Noticeable decline (– 6.0%/€ – 129
million), mainly due to sale of activities in Sweden, business review in Denmark and the omission of pension-­
related one-off effects in the previous year.
◊ Depreciation: Decline (– 7.6%/€ – 33 million) mainly due
to divestment effects as well as due to a change in accounting for leased assets at Chiltern Railways. Partiallycompensated by effects from changes in the method ofdepreciation for buses.
◊ Other operating expenses: Decrease (– 1.1%/€ – 6 million), mainly due to the omission of provision-related onoff effects in the previous year. Effects from reclassificationof management fees for the centralization of departments
at UK Bus (which were offset in other operating income),recovery effects as well as negative exchange rate effects
had a partly offsetting effect.

The significant increase in the cost of materials almost fullycompensate the development:◊ Cost of materials: The significant increase (+11.6%/€ + 167
million) is mainly due to higher energy, maintenance andrail replacement expenses, as well as exchange rate effects. The divestment of non-core activities had a dampening effect.
Capital expenditures declined as a result of the absence ofhigh capital expenditures in the Netherlands and Slovakia
from the previous year. The sale of non-core activities also
had a reducing effect.
The number of employees decreased in all lines of business, above all in Mainland Europe due to divestment effects.
Corporate center restructuring commenced in 2022 resulting
in headcount reductions.
Compared to 2020, employee satisfaction remained stable.
The share of women increased slightly.
Specific CO₂ emissions compared to the reference year
2006 in rail transport have slightly declined, mainly as a result of the sale of electrified transports in Sweden. However,the level of bus traffic has improved significantly, mainly asa result of the decommissioning of old, inefficient buses.

UK Bus line of business

Recovery continuing, but the effects of the Covid-19
pandemic are still noticeable.
Lower government support measures balanced out therecovery effects to some extent.
Additional burdens due to strikes, driver shortages,
inflationary pressure, wage effects and higher fuelprices.
ChangeUK BUS LINE OF BUSINESS

2022

2021 absolute

Passengers (million)

539.0

402.3

+ 136.7

Volume produced (million bus km)

%

2019

+ 34.0

716.5

282.6

304.9

– 22.3

– 7.3

345.9

Total revenues (€ million)

943

861

+ 82

+ 9.5

1,076

External revenues (€ million)

943

861

+ 82

+ 9.5

1,074

EBITDA adjusted (€ million)

88

48

+ 40

+ 83.3

134

EBIT adjusted (€ million)

– 29

– 48

+ 19

– 39.6

44

62

50

+ 12

+ 24.064

13,161

13,398

– 237

– 1.8

15,130Gross capital expenditures (€ million)
Employees as of Dec 31 (FTE)UK Bus recorded an increase in passenger numbers following

the end of Covid-19-related restrictions, such as shutdowns
in early 2021.

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UK Trains line of business

Schedules have been adjusted to current service levels, reducing regional transport services.
The economic development has improved. Revenue
growth and lower expenses outpaced the negative impact
of declining Covid-19 government support and higher prices
on the cost side. Operating profit figures improved.
Overall, income development was positive:◊ Revenues: Development improved, mainly due to the recovery in demand as well as positive exchange rate effects.
◊ Other operating income: Significant decrease, mainly
as a result of lower Covid-19 support measures due to therecovery in demand. Positive exchange rate effects, among
others, had a dampening effect.
On the expense side, it was mainly lower personnel expenses
that led to a decrease:◊ Personnel expenses: Decrease driven by the omissionof previous years one-off effects from the closure of pension plans and effects from a lower headcount. Negative
exchange rate effects, among others, had a dampening
effect.
◊ Cost of materials: Decrease driven by lower maintenancecosts, that were partly offset by higher energy prices andnegative exchange rate effects.
The decrease in expenses was partially compensated by theincrease in depreciation:◊ Depreciation: Increased due to changes in bus depreciation accounting policy.
◊ Other operating expenses: Increase due to the reclassification of management fees for the centralization of
depart­ments (offset in other operating income) and negative exchange rate effects.
Capital expenditures increased significantly, mainly due to a
project for a new depot and the increase in capital expenditures in health and safety as well as the revaluation of assets(IFRS 16).
The number of employees decreased noticeably as a result of the reduced volume produced and ongoing challenges
related to sickness and operations.

Sustained recovery in revenues from fares after
Covid-19, partly offset by the effects of the rise in
the cost of living.
Lower government support measures largely offset
by Covid-19 recovery effects.
Additional expenses due to higher energy prices
due to the effects of the war in Ukraine.
Development influenced by structural changes dueto the new contract for Chiltern Railways.
ChangeUK TRAINS LINE OF BUSINESS

2022

2021 absolute

%

2019

Passengers (million)

173.1

118.6

+ 54.5+ 46.0354.8

Volume sold (million pkm)

4,658

2,863

+ 1,795+ 62.7

10,264

Volume produced (million train-path km)

49.4

48.0

+ 1.4

+ 2.9

115.8

Total revenues (€ million)

1,227

1,141

+ 86

+ 7.5

2,190

External revenues (€ million)

1,189

1,107

+ 82

+ 7.4

2,137

EBITDA adjusted (€ million)

46

34

+ 12

+ 35.3

220

EBIT adjusted (€ million)

27

0

+ 27

–

80

Gross capital expenditures (€ million)

11

6

+5

+ 83.3

277

4,747

4,844

– 97

– 2.0

11,215

Employees as of Dec 31 (FTE)

The performance development at UK Trains was mainly driven
by the effects of the Covid-19 recovery process.
The economic development has improved. Positive effects
seen from the ongoing recovery process were only partially
offset by lower government support and additional expenses.
As a result, operating profit figures rose.
Income development was significantly better:◊ Revenues: Increase due to higher revenues from fares
driven by higher volumes as well as positive exchange
rate effects. Lower government Covid-19 support measures partially offset this.
◊ Other operating income: Increase mainly due to negotiated commercial settlements and increased income inrelation to rail replacement services.
On the expenses side, price and volume-related higher expenses
as well as exchange rate effects led to increased expenses:◊ Cost of materials: Significant growth, mainly due to increased spot price and volume related fuel costs as well
as negative exchange rate effects.
◊ Personnel expenses: Remained unchanged. Negative
exchange rate effects were mostly offset by a lower number of employees.
◊ Other operating expenses: Also remained unchanged.

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The decrease in depreciation partially compensated for this:◊ Depreciation: Significant decrease due to a change inaccounting for leased assets at Chiltern Railways.
Capital expenditures rose, primarily due to significantly higher
investment grants for rolling stock capex at Chiltern Railways
regarding the new National Rail Contract.
The number of employees fell slightly due to voluntary
severance scheme and on-board catering attrition.

◊ Bus transport: The number of passengers increased, especially as a result of the recovery from Covid-19, partly
compensated by sales of non-core activities. Volume produced and volume sold decreased due to the effects ofsales of non-core activities.
The economic development was mainly driven by divestments,
effective portfolio management and the Covid-19 recovery
process. EBITDA adjusted fell while EBIT adjusted rose significantly:◊ Revenues: Remained mainly unchanged. Recovery indemand and higher concession fees due to contractualindexation in the Netherlands, Slovakia and the Czech
Republic were offset by the effects of sales of non-core
activities.
◊ Other operating income: Significant decrease mainly
driven by a reduction in government Covid-19 support in
the Netherlands and sales of non-core activities. Higher
government support in Italy has a dampening effect.
The expense side was strongly influenced by declines as aresult of sales of non-core activities which were partly offset
by higher energy costs as well as recovery effects:◊ Personnel expenses: Sharp decline. Effects from a decline
in the number of employees (mainly due to divestures)and positive exchange rate effects were partly offset byhigher costs due to the shortage of drivers.
◊ Depreciation: Decline mainly due to sales of non-core
activities.
◊ Other operating expenses: Decrease mainly due to theomission of provision related one-off effects of previous
year. Recovery-related higher expenses in the Netherlands
has a dampening effect.
The significant increase in the cost of materials had a dampening effect:◊ Cost of materials: This increase is mainly due to higher
fuel costs and higher expenses for purchased services asa result of the recovery from Covid-19. The sales of noncore activities and the transformation program resulted
in cost-reducing effects.
The decline in capital expenditures resulted from sales of
non-core activities and the largely completed capital expenditure projects in the previous year.
The number of employees fell significantly due to sales of
non-core activities and the review of the business in Denmark.

Mainland Europe line of businessContinued recovery from the effects of Covid-19(particularly in the Netherlands, the Czech Republic,
Italy and Croatia).
The sale of activities in Sweden and Portugal andpreparation for the sale of activities in Denmark, Serbia
and Poland have a dampening effect.
Additional burdens due to higher energy prices andfurther significant cost increases.
ChangeMAINLAND EUROPE LINE OF BUSINESS

2022

2021 absolute

%

2019

Passengers (bus) (million)

763.9

696.0

+ 67.9

+ 9.8

1,018

Passengers (rail) (million)

70.2

91.2

– 21.0– 23.0125.4

Volume sold (rail) (million pkm)

1,509

1,800

– 291

– 16.2

2,353

Volume produced (bus) (million bus km)

601.8

642.7

– 40.9

– 6.4

719.5

Volume produced (rail)(million train-path km)

50.6

61.2

– 10.6– 17.3

53.2

Total revenues (€ million)

2,259

2,258

+1

–

2,321

External revenues (€ million)

2,079

2,098

– 19

– 0.9

2,182

EBITDA adjusted (€ million)

324

340

– 16

– 4.7

402

EBIT adjusted (€ million)

65

44

+ 21

+ 47.7174

Gross capital expenditures (€ million)

181

210

– 29

– 13.8377

19,812

24,585– 4,773– 19.425,572

Employees as of Dec 31 (FTE)In 2022, activities in some countries that are not part of thecore business were sold (Sweden and Portugal) or preparedfor sale (Denmark, Serbia and the Polish bus business). This
results in limited comparability with previous years.
Performance development was differentiated. Positiveeffects, driven by a recovery in demand, were offset by thedivestment effects:◊ Rail transport: The decline in performance is due to thesale of activities in Sweden. Recovery effects in all countries had a positive effect.

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DB Schenker business unit

Air freight

After a strong start in 2022, in which the strong previous
year’s figures were exceeded in the first quarter, air freight
could not escape the general macroeconomic conditions
during the course of the year. In particular, declining demand
for transport, the war in Ukraine and Covid-19 restrictions in
China had a negative impact on the market. Overall, the volume transported in air freight fell slightly in 2022 (– 4.6%).
Signs of a slowdown in demand were already observed in
the summer months of 2022. This trend continued and accelerated in the last quarter of 2022. At the same time, as capacity increased, the market balance between supply anddemand shifted on most routes. In this increasingly challenging market environment, DB Schenker recorded a decline involume slightly above the level of the overall market.

D E V E L O P M E N T I N T H E R E L E VA N T M A R K E T S
Land transport
EUROPE◊ In 2022, the European land transport market was characterized by freight rates at record highs, scarce capacity
and continued high demand for transport.
◊ High demand was met by a shortage and an increase in
the price of transport supply, caused particularly by adriver shortage and rising diesel and energy prices. As aresult, the transport price level rose noticeably, fueled inparticular by the war in Ukraine and strong inflation. Shipment flows also changed slightly from intercontinental
to more intra-European flows. Investments in digital platforms for consolidating supply and demand of transportcapacities added to the existing pressure on margins
caused by intense competition. In late 2022, there wererecession expectations on the market, driven by the already falling figures for industrial production, which, however, had not yet had an impact on transport demand.
◊ DB Schenker maintained its market-leading position.

Ocean freight

After a successful first half of 2022, the second half of 2022
was characterized by sharply falling ocean freight rates andvolumes. The war in Ukraine put energy costs in Europe underpressure. Rising inflation and fully utilized warehouses also
weakened demand for transport as import volumes fell. At
the same time as transport capacity increased, freight rates
fell: after peaking in January 2022, freight rates on all main
trade routes from Asia have fallen by 80%, with rates almost
back at pre-Covid-19 levels in early 2023. The ending of strikes
and the easing of congestion at ports increased the reliability of shipping companies and the punctuality of transport.
The volumes at DB Schenker declined as a result of thechallenges that had arisen, but development was on an equal
footing with the competition.

AMERICAS◊ After very dynamic development in the first half of 2022,
the market in the USA and Canada has settled down considerably again. The availability of full-load capacity fortrucks increased significantly in the first nine months. As
a result, spot rates, i.e. non-contractually regulated transport prices, fell sharply. In the USA, inventory stocks ofconsumer goods were high until the end of the third quarter and in the fourth quarter. Combined with inflationarypressure and the slowdown in the housing market, thisleads to a further dampening of transport demand.
◊ Volumes in Mexico and Canada generally followed trends
in the USA, albeit to a much lesser extent than in North
America as a whole.

Contract logistics

After recovering to pre-Covid-19 levels, the market for contract logistics continued to grow in 2022. The e-commerce(omnichannel), healthcare, electronics (5 G, cloud, microchips) and consumer goods sectors developed positively.
The automotive industry, on the other hand, performed below
average.
Despite high investments in recent years, there has beena global shortage of available storage space, largely due tothe Covid-19-related growth in e-commerce and healthcare.
Investments in new storage capacities are currently declining
due to sharply higher prices for construction materials, scarce
construction space and rising cost of materials and financing.
DB Schenker recorded a slight increase in its market share
due to its geographically and sectorally diversified portfolio,
particularly in the Middle East and Africa and Asia/Pacificregions.

A S I A / PA C I F I C◊ Domestic transport business has seen a sharp increase indemand, in China in particular, following the lifting of
Covid-19-related restrictions. The opening of borders also
had a positive effect on intra-Asian land transport, but
the increase was somewhat dampened by price and capacity developments in air and ocean freight.
◊ The transport business in the Eurasian corridor has collapsed sharply since the beginning of the war in Ukraine
and recorded a decline in revenues of over 30%.

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Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

DB SCHENKER – AT A GLANCE∏

Lines of businessLand transport

Air and ocean freight— Parcel delivery— System freight— Direct freightContract logistics— Air freight: general air freight
products, charter services,intermodal solutions— Ocean freight: less-than-contain­erload (LCL) cargo shipments, fullload cargo shipments, intermodal
solutions, refrigerated ­containers— Other services include trade
fair and art logistics, systems andproject logistics, sports andevents logistics, special transport
services

Other— Aftermarket/reverse logistics— Finished goods— Cloud logistics— E-commerce— Medical devices/healthcare

S upporting the lines of businessthrough central functions suchas production, sales, finance, HR
and IT

Structure
REVENUES / %Land transport 28

EBIT / %Contract logistics 12

Air and ocean
freight 60

EMPLOYEES / %Land transport 9Contract logistics 9

Air and ocean
freight 82

Land transport 32

Air and ocean
freight 19

Contract logistics 29

Other 20

Business model
INPUTS
Employees— About 76,600

VehiclesNetworks and infrastructure— About 33,700 vehicles used on aregular basis (including external,
excluding spot market)— More than 1,850 sites in over
130 countries— Thereof about 430 sites in landtransport— About 550 global sites in air/ocean freight— About 8.6 million m² warehouse
space in contract logistics worldwide

Additional production factors— Fuel— Electricity— Water

BUSINESS ACTIVITIESCustomer segments

Value proposition— Business customers with a focus on
automotive, chemicals, consumer,
electronics, healthcare, industrial,
retail and semiconductors/solar— DB Schenker offers customeroriented, reliable and eco-friendly
integrated solutions in transport
and warehousing worldwide.

OUTPUTS 1)

OUTCOMES 2)

Land transport shipments

EBIT adjusted

Air freight volume (export)

Employee satisfaction— SI of 4.0— 103 million— 1.3 million t

Customer access and retention— € 1,841 million— Planning and operating global
networks— Providing/organizing transport
and warehousing services— Purchasing cargo space— Providing supplemental logisticalservices

Customer satisfaction— SI of 70

CO₂ emissions

Ocean freight volume (export)— 1.9 million TEU
Status for 2022, or as of December 31, 2022.
1)
	Key products and services.
2)	Internal and external consequences and results from business activities and outputs along the entire value-added chain.

165

Key activities— Branch offices with territorial
distribution— Key account management— E-services— – 29.4% (land transport)— – 16.2% (air freight)— – 67.2% (ocean freight) comparedwith 2006 (specific)

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

BUSINESS MODEL

represents an important factor for success and a value driver.
The same applies to managing fluctuations in freight rates
and the specific surcharges to these freight rates. One of theessential factors besides gross profit is the effective and efficient use of personnel. This is of particular importance incontract logistics. Here, know-how and experience relevantto the industry are an essential success factor in the optimal
design of intra-company logistics processes. Effective IT support is also especially important.
The most important sources of income are transportand logistics services, including services with added value
concentrating on the strategic areas of aftermarket, cloud,finished goods fulfillment, omnichannel and medical devices, with a focus on supporting the electronics, healthcare,industrial and e-mobility sectors.

DB Schenker serves established markets and emerging na-

tional economies as an integrated transport and logistics
services provider with a global network.
◊ Land transport: DB Schenker’s network connects themost important economic regions in Europe. Services include time- and cost-optimized services for general cargo,
partial and full load transport along with door-to-door
solutions across Europe. Land transport in America is
becoming an increasingly important area of activity. In
addition to serving the North American markets, activities in South America are being expanded. DB Schenker
is also expanding its land transport business in the growthmarket of Asia.
◊ Air and ocean freight: As one of the global leaders, DB
Schenker offers the entire range of services in this segment.
◊ Contract logistics: The services offered cover all stagesof the value-added chain from supplier to producer/trade,end customers and spare parts services. The core area ofexpertise is the planning and handling of complex global
supply chains, including sustainable logistics concepts.
DB Schenker has a global customer base in a wide range ofindustries and a focus on industrial customers. The verticalmarket approach is aimed at developing industry-specificsolutions. Major customers are supported with tailor-madesolutions.
In air and ocean freight, DB Schenker operates exclusively
as a freight forwarder without its own aircraft and vessels,
but in air freight with a time-diversified charter strategy on
the main trade lanes. In contrast, in some segments of landtransport, we use our own vehicles and containers. Transshipment terminals and warehouses are generally our own property or are leased over the longer term. In addition to airlines
and shipping companies in air and ocean freight, our major
partners include land transport subcontractors for the supplyof transport services.
The volume-based key figures depend on the line ofbusiness:◊ in land transport it is the number of shipments,◊ in air freight it is the tons billed, and◊ in ocean freight it is the freight volume measured in TEU.
There is no comparable volume-based KPI in the contract
logistics segment. In this case, market comparisons are usually made on the basis of revenues.
DB Schenker has a relatively low capital intensity and real
net output ratio. About 70% of revenues in the transportbusiness lines come from procured intermediate input services. Therefore, optimizing these purchase relationships
and balancing various influential success factors, such astransport relations, volume, weight and mode of transport,

M A R K E T S A N D S T R AT E G Y

DB Schenker is well positioned in all relevant market seg-ments. Its vision is to be the world’s leading integrated
supplier of transport and logistical services. To achieve this,DB Schenker intends to further strengthen and expand its
market positions.
With its new UNLEASH strategy, DB Schenker intends tomake its organization future-proof through customer orientation, high-performance employees and dynamic growth,and, most importantly, by placing customers at the centerof our actions. A comprehensive transformation program wasinitiated in early 2022 to drive change and focus on five critical success factors: market expertise, work culture, corporate
sustainability, digital and process excellence and economic
strength. These five success factors are supplemented byambitious ESG targets to become climate neutral by 2040.
In addition, digitalization is becoming increasingly important as a driver of disruption in the logistics industry. DB
Schenker is therefore concentrating on developing the latest
tools and processes in order to serve its customers. Initiatives
such as data-driven business models, online platforms andtechnical innovations are promoted on a global scale.

Progress in the implementation of the UNLEASH strategy

Numerous initiatives were implemented in 2022:◊ Market expertise: The goal is to master specific challenges and opportunities in the business areas in order
to always optimally meet customer needs. In 2022, DB
Schenker specifically expanded its activities in the US
market with the acquisition of USA Truck
Truckµ 168 in order tobetter serve the needs of customers and round out its
range of services on the market.

166∏Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information◊ Corporate sustainability: DB Schenker has expanded
and intensified its ESG efforts. In 2022, DB Schenker set
up a central ESG team and set itself important strategic
ESG targets. These include increasing the proportion of
women to 50% by 2030 (for executives: 30% by 2030),
establishing own ESG ratings by the end of 2023 and reducing carbon emissions by 50% for all areas of European
land transport by 2030.
◊ Our working culture: In 2022, DB Schenker introduced
new working methods to create an environment in which
employees can unlock their full potential. These also include “company hacks” (techniques and methods to promote the collaboration), which enable a more functionaland committed way of working and strengthen a culturethat is oriented towards decision-making and personal
responsibility.
◊ Digital and process excellence: As part of numerous
initiatives and projects, DB Schenker further expanded
its digital and process excellence in 2022. This concerns
both the optimization of processes in the individual business areas and the development of an overall digital strategy to secure and expand a leading position in this area.
◊ Economic strength: In particular, the “Organizational
Fitness” sub-project aims to reduce indirect costs, streamline the organization and rearrange reporting channels
in order to make DB Schenker more agile, leaner andmore efficient. While 2022 was dedicated primarily to
preparing the concept, the plan will be implemented from2023 onwards.

Covid-19 pandemic has triggered a boom in online shopping. Consumer brands around the world have adapted
their sales channels to the new market situation. This has
resulted in a large number of new variants of online shopping. Warehousing 1 picks up on this trend.

E N V I R O N M E N TA L M E A S U R E S◊ Sustainable aviation fuel (SAF) is currently available for
all flights to all airports worldwide, which represents asignificant enhancement of our existing CO₂e-neutral air
freight solutions. SAF is obtained from bio-waste, e.g.
from used cooking oil. DB Schenker bought 11,444 t SAF in
2022, saving more than 36,000 t CO₂e. In Lenovo, anothermajor customer from the IT sector joined DB Schenker andLufthansa Cargo in 2022 on the path to greener supply
chains and now allows 20 t of freight to be transported
from Shanghai to Frankfurt am Main on a weekly basis.
The CO₂e-neutral freight flight is the only regular full-charter connection in the world that is 100% covered by SAF.
◊ Eco warehouses: After a comprehensive modernization,
DB Schenker opened its 50th certified eco warehouse in
Tilburg, the Netherlands. Eco warehouses ∫ no. 112 are partof an integrated concept that makes it possible to operate
warehouses energy-efficiently, improve employee well-­being and significantly reduce CO₂ emissions. The green
Dubai Logistics Center III (DLC III) is a modern, eco-friendly
logistics hub with 37,000 m² of storage space (including
5,000 m² of mezzanine space for added-value services andreplacement parts warehouses), temperature-controlledareas and zones with ambient temperature. It is operatedusing 100% renewable energy. This increased the total areaof contract logistics in Dubai to 84,000 m² since June 2022.
◊ Sustainable Cities: The concept of Sustainable Cities wasdeveloped by DB Schenker to award cities that assume
local responsibility for a wide range of activities and arerole models for responsible action in the local environment. Since 2020, cities in which DB Schenker operates
have been able to apply to be named Sustainable Cities.
Candidates must demonstrate their performance in four
categories: reduction of environmental pollution, sustainable innovation, increased connectivity, partnerships andcommitment. Cities must be active in at least three of thefour sustainability areas and specific KPIs and goals mustbe achieved. Sustainable Cities in 2022 were: Oslo, Helsinki, Shanghai, Singapore, Paris, Helsinki, Rennes, Dubai
and Sydney.

D I G I TA L I Z AT I O N A N D I N N O VAT I O N◊ DB Schenker implemented AutoStore, an automatedgoods-to-customer system, in order to improve logistics
for MQ Marqet, a leading retailer for high-quality fashion in Sweden. The automated solution for online orderprocessing and returns handling, which is operated in
Gothenburg, sets standards for sustainable and agile
logistics, thereby strengthening DB Schenker’s positionin e-commerce.
◊ At its first product show, DB Schenker presented numerous digital innovations from all areas. This also included
a new virtual warehouse solution that relies on a networkof on-demand production service providers. The virtual
warehouse lowers delivery costs, reduces delivery times
and is good for the environment.
◊ Schenker Ventures invested in the Warehousing 1 start-up,
which offers a platform for e-commerce fulfillment. Thisis the first investment by DB Schenker’s new venture capital unit. Other well-known venture capital investors arealso taking part in the Warehousing 1 Series A round. The

167∏

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

INVESTMENTS◊ Climate-friendly ocean transport: DB Schenker is thefirst logistics provider in the world to regularly offer climate-friendly ocean transport in container transport.
Together with the French shipping company CMA CGM,
DB Schenker has ensured that more than 2,500 t of biofuelis available, which corresponds to the requirements for
all less than container load (LCL) transports and additional full container load (FCL) transports from DB Schenker by CMA. The fuel requirements for transport with CMA
are covered by climate-friendly biofuel, which eliminates
greenhouse gas emissions on the balance sheet by about
80% in comparison with diesel for shipping. The purchased
fuel volume enabled savings of about 7,000 t CO₂e andwas one of the most important purchases of biofuels inocean freight in 2022.
battery-­-­◊ Climate-friendly land transport: The number of battery
electric vehicles ƒ no. 122 driving for DB Schenker amounted
to around 130 vehicles in 2022. These include various models and manufacturers.
◊ DB Schenker commissioned the first series-produced
electric eActros in 2022.
◊ On the island of Gotland (Sweden), DB Schenker hastaken over responsibility for the entire distribution
and relies entirely on electric and hybrid vehicles. The
hybrids are operated with HVO if they are not in electric mode.
◊ In 2022, DB Schenker concluded a contract with theleasing start-up hylane for the takeover of the firsthydrogen-powered fuel cell electric vehicles (FCEV).
hylane is part of DEVK and specializes in providing
comprehensive hydrogen solutions in the logistics
sector. The first truck will be handed over in February
2023.

OTHER EVENTS◊ DB Schenker has offered additional charter capacities
across the Atlantic since August 2022. The new route starts
in the Netherlands and, after two intermediate stops in
the USA, reaches Brazil. Direct connections to Argentina
and Chile are available in South America. The weekly
freight charter flight offers 50 t capacity and extends theintercontinental flight network.
◊ DB Schenker celebrated its 150th company anniversary­in 2022. On July 1, 1872, Gottfried Schenker founded thefreight-forwarding company in Vienna. Today, DB Schenker
is one of the world’s leading transport and logistics service providers. January signaled the start of an anniversary
year in which the vision of DB Schenker was always at theforefront: connecting the world and advancing lives andbusinesses in the process.

168◊ USA Truck: As of September 15, 2022, DB Schenker and
USA Truck completed the takeover of all outstanding USA
Truck shares by DB Schenker. The merger underlines thegoal of DB Schenker and USA Truck to become the leading provider of transport solutions in North America. DB
Schenker will expand its common market position in landtransport in North America and use the expanded productrange to strengthen the other products in North America.
◊ Bitergo: DB Schenker acquired Bitergo GmbH ∞ in full on
May 31, 2022. Bitergo is a software company which offers
standardized and mobile cloud solutions with a focus on
warehousing, supply chain execution and mobile solutions. The company is the operator of the Logistics Mall,a digital platform on which users can use apps as needed,such as for warehouse management, shipping and transport management. The acquisition is a key element of DB
Schenker’s digital strategy. DB Schenker is therefore continuing to push the development of new digital businessmodels and is driving the digital transformation of its corebusiness forward.
◊ FLS: DB Schenker’s full load solution (FLS) business wastransferred to DB Cargo with economic effect from January 1, 2022. The previous year’s figures were adjusted
accordingly.
◊ MTS: As of August 1, 2022, DB Schenker and Wessels&­
Müller SE completed the takeover of all outstanding limited partner shares in MarkenTechnikService GmbH&Co.
KG (MTS). Wessels &Müller SE is already a long-standing
shareholder of the MTS Group.
◊ LTDO : DB Schenker completed the acquisition of Les­Triporteurs de l’Ouest (LTDO), Rennes/France, on October 6, 2022. LTDO specializes in deliveries in cities withe-cargo bicycles and electric cars. The acquisition supports
efforts to build up a nationwide delivery network for thelast mile in compliance with the latest inner-city emissions
regulations in France.
◊ DB Schenker Indonesia: As of December 6, 2022, DB
Schenker completed the acquisition of a further 29% in
PT Schenker Petrolog Utama (DB Schenker Indonesia),
Jakarta/Indonesia, from its previous co-shareholder andtherefore owns 100% of the shares in the company.
◊ EVAG: As of December 29, 2022, DB Schenker completed
the sale of EVAG Emder Verkehrs und Automotive Gesell­schaft mbH. The sale was completed in order to focus on
DB Schenker’s core business.

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information∏ DEVELOPMENT IN THE YEAR UNDER REVIEW◊ Other operating income: Increase (+ 18.4%/€ + 41 million) at a low level. The reasons for this included higher
income from the release of provisions.
Expenses were driven mainly by freight-rate developments.
In contrast, the effects of measures to improve productivity
had a lowering effect:◊ Cost of materials: Significant increase (+ 21.3%/€ + 3,375
million) as a result of freight rate developments, particularly in air and ocean freight. Exchange rate effects also
had the effect of increasing expenses.
◊ Personnel expenses: Increase (+ 12.2%/€ + 447 million)
due to a higher average number of employees and exchange rate effects.
◊ Other operating expenses: An increase (+ 10.9%/€ + 198
million) resulted, among other things, from increased
expenses for again more intensive travel activities, inconnection with projects and exchange rate effects.
◊ Depreciation: Increase (+ 13.3%/€ + 79 million) due tocapital expenditures (including leasing). In addition, exchange rate effects had the effect of increasing expenses.
Capital expenditure activities increased. The increase wasmainly due to leasing activities. The capital expenditure priorities were the Europe and Asia regions. Adjusted for exchange
rate effects, the increase was even more pronounced.
The number of employees increased slightly. More complex work processes related to Covid-19 resulted in additional
new hires, in particular in land transport and in air and ocean
freight.

The market environment remained very positive, butbecame somewhat more clouded at the end of the year.
Strong improvement in profits, particularly in air
and ocean freight.
Comprehensive measures to improve efficiency anddigitalization.
Customers in 30 countries were surveyed to assess customer
satisfaction. The survey is carried out annually, inviting morethan 200,000 participants. Customer satisfaction increased
in 2022.
Volume development declined overall. The absence ofcatch-up effects following the Covid-19 pandemic from theprevious year and the generally weak market developmentdue, among other things, to Covid-19-related restrictions in
Asia and disruptions in the supply chains could only be partially offset.
Economic development, driven by air and ocean freight,
was very encouraging: operating profit figures rose very significantly in all regions. As a result, gross profit also improved
noticeably (+ 16.7%). Adjusted for exchange rate effects, theincrease was somewhat less pronounced.
Income development was very positive, driven by strong
revenue growth:◊ Revenues: Sharp increase as a result of higher freightrates, in particular in air and ocean freight and as a resultof exchange rate effects. Demand development had adampening effect in the opposite direction.
∏√

ChangeDB SCHENKER

Customer satisfaction (SI)Land transport shipments (million)

2022

2021

absolute

%

70

68

+2

–

2019

71

102.8

110.7

– 7.9

– 7.1

107.1

Air freight volume (export) (thousand t)

1,326

1,438

– 112

– 7.8

1,186

Ocean freight volume (export) (thousand TEU)

1,909

2,003

– 94

– 4.7

2,294

Total revenues 1) (€ million)

27,60422,939+ 4,665+ 20.317,091

External revenues 1) (€ million)

27,54522,853+ 4,692+ 20.517,018Gross profit margin 1) ( %)

30.9

31.9

– 1.0

–

36.1

EBITDA adjusted 1) (€ million)

2,512

1,826

+ 686

+ 37.6

1,082

EBIT adjusted 1) (€ million)

1,841

1,234

+ 607

+ 49.2

538

EBITmargin (adjusted) 1) (%)

6.7

5.4

+ 1.3

–

3.1

Gross capital expenditures 1) (€ million)

946

842

+ 104

+ 12.4

662

Employees 1) as of Dec 31 (FTE)

76,59175,418+ 1,173+ 1.6

76,153

Employees 1) annual average (FTE)

75,90774,067+1,840+2.5

76,047

Employee satisfaction (SI)

4.0

–

–

–

–

Share of women as of Dec 31 (%)

36.7

36.5

+ 0.2

–

36.1

Specific greenhouse gas emissions (land transport) compared to 2006 (based on tkm) (%)– 29.4– 31.6+ 2.2–– 24.0Specific CO₂ emissions (air freight) compared to 2006 (related to tkm) (%)– 16.2– 17.4

+ 1.2

–

– 9.1

Specific CO₂ emissions (ocean freight) compared to 2006 (based on tkm) (%)– 67.2– 68.4+ 1.2–– 64.3

1)

	Figure for 2021 or as of December 31, 2021 adjusted due to the intra-Group reallocation of the FLS business areaµ 130.

169

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

Employee satisfaction has risen slightly compared with 2020.
This is due to improvements in customer focus and quality.
Specific CO₂ emissions were reduced in comparison withthe reference year 2006:◊ Land transport: The slight reduction in pure CO₂ efficiency
is due to datasets of biofuel upstream chains updated
by the Institute for Energy and Environmental Research(Institut für Energie- und Umweltforschung; ifeu).
◊ Air freight: Air transport once again shows a slight decline in efficiency. In comparison with the pre-Covid-19
level, however, major increases in efficiency continue tobe recorded.
◊ Ocean freight: The efficiency of ocean freight has fallenslightly due to a slight deterioration in the efficiency of
the relevant shipping companies and bottlenecks onheavily frequented trade lanes.

◊ Revenues: Increase due in particular to generally higher
sales prices. Demand development had a dampening effect in the opposite direction. Adjusted for exchange rate
effects, the increase was even more pronounced.
◊ Other operating income: Decline due, among otherthings, to lower income from the disposal of property,
plant and equipment.
Developments on the expenses side were characterized bymore cost-intensive processes in the areas of direct, systemand special transport due to the Covid-19 pandemic. Compared with income, however, the increase was disproportionately low:
◊ Cost of materials: Slight increase, in particular higher
prices and negative exchange rate effects were partially
offset by declines in demand.
◊ Personnel expenses: Increase due to a higher numberof employees.
◊ Other operating expenses: Increase due to reclassification of IT expenses within the business unit.
The number of employees increased significantly, due in partto the acquisition of USA Truck
Truckµ 168.

Land transport line of business
Increase in international transport services morethan compensated by the decline in domestic transport
services.
High freight rates drove development.

Air and ocean freight line of business

Quality improvements with positive effects.

Declines in demand in air freight due to weakFurther promoting digital transformation and optimizing

market momentum.

the product and customer mix, the network and an

Capacity shortages and Covid-19-relatedeven more sustainable product range.

uncertainties continue to shape development, inparticular in ocean freight.

ChangeLAND TRANSPORT LINE OF BUSINESS

2022

2021 absolute

Land transport shipments (million)

102.8

110.7

– 7.9

%

2019

– 7.1

107.1

1)

Total revenues (€ million)

7,852

6,952

+ 900

+ 12.97,125

External revenues 1) (€ million)

7,832

6,934

+ 898

+ 13.0

7,058

EBITDA adjusted 1) (€ million)

399

281

+ 118

+ 42.0341

EBIT adjusted 1) (€ million)

158

99

+ 59

+ 59.6

172

22,668 + 2,038+ 9.0

21,811

Employees 1) as of Dec 31 (FTE)
1)

24,706

Freight rates continued to be at a high level;significant weakening again at the end of the year.
Change	Figures for 2021 or as of December 31, 2021 adjusted due to the intra-Group
reallocation of the FLS business areaµ 130.

In land transport, demand declined, driven by declines inparcel and system transport in particular after the previous
year was marked by Covid-19-related catch-up effects. The
decline in shipment figures for direct freight is largely due
to the effect of the FLS transaction
transactionµ 130.
On the other hand, the economic development was very
encouraging: the operating profit figures developed positively
as a result of a disproportionate increase in income:

AIR AND OCEAN FREIGHT LINE OF BUSINESS

2022

2021 absolute

Air freight volume (export) (thousand t)

1,326

1,438

– 112

%

2019

– 7.8

1,186

Ocean freight volume (export)(thousand TEU)

1,909

2,003

– 94

– 4.7

2,294

Total revenues (€ million)

16,53012,963+ 3,567+ 27.5

7,218

External revenues (€ million)

16,521

12,957+ 3,564+ 27.5

7,213

EBITDA adjusted (€ million)

1,575

1,094

+ 481

+ 44.0342

EBIT adjusted (€ million)

1,503

1,028

+ 475

+ 46.2

287

Employees as of Dec 31 (FTE)

14,204

13,609

+ 595

+ 4.4

13,964

Performance development declined:◊ Air freight: Negative effects, mainly due to the war in
Ukraine and the lockdowns in China, were not able to becompensated for.

170

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information◊ Ocean freight: As a result of market developments, volumes were also slightly below the previous year’s low
level. Equipment and capacity shortages, alongside thetense market situation (especially in China) due to Covid19, were only partially offset by volume growth on transpacific routes and between Asia and Europe.
On the other hand, the economic development was very encouraging: the operating profit figures improved due to thesignificant increase in income:◊ Revenue: Significant increase, mainly due to the development of freight rates. Performance development had
a dampening effect. In air freight, the trends of the previous year were boosted by capacity-limiting measures(in particular airspace closures and sanctions). At the endof 2022, however, rising capacity and lower demand led
to a decline in freight rates, making it difficult to pass onhigher prices to customers in some cases. Scarce capacity
and high demand also led to significantly higher freightrates in ocean freight. At the end of 2022, however, freightrates were almost back to pre-Covid-19 levels as a resultof declines in demand. Adjusted for exchange rates, theincrease in revenues was weaker.
◊ Other operating income: Increase at a low level, partly
as a result of higher effects from the release of provisions.
On the expenses side, the development of freight rates wasparticularly noticeable:◊ Cost of materials: Increase mainly as a result of freightrate developments and due to exchange rates.
◊ Other operating expenses: Increase due to reclassification of IT expenses within the business unit.
◊ Personnel expenses: Personnel expenses increased asa result of a higher number of employees, partly due toperformance-related factors, and also as a result of exchange rate effects.
The number of employees rose. More complex work processes
brought about by Covid-19 resulted in additional new hires.

Change2022

2021 absolute

8.6

8.4

+ 0.2

+ 2.4

8.4

Total revenues (€ million)

3,195

2,965

+ 230

+ 7.8

2,734

CONTRACT LOGISTICS LINE OF BUSINESS

Warehouse space (million m²)

%

2019

External revenues (€ million)

3,193

2,963

+ 230

+ 7.8

2,733

EBITDA adjusted (€ million)

455

372

+ 83

+ 22.3

312

EBIT adjusted (€ million)

166

107

+ 59

+ 55.1

79

22,101

24,056– 1,955– 8.1

24,625

Employees as of Dec 31 (FTE)

The development in contract logistics followed the overallmarket thanks to its diversified portfolio that covers different geographic regions and market sectors. Developmentin Europe was positive despite restructuring measures andinfluences from the war in Ukraine.
The economic development was very encouraging in achallenging market environment: the operating profit figuresrose, driven by above-average income gains in particular:◊ Revenue: Sharp increase, driven by a continuing recovery
after Covid-19 restrictions. Revenue development is due
in particular to new business and additional volume in
the Asia/Pacific and Europe regions. The electronics andconsumer sectors in particular developed positively. Adjusted for exchange rate effects, the increase was lesspronounced.
◊ Other operating income: Increase due in part to reversals
from provisions at a low level.
In terms of expenses, the recovery in demand was noticeable:◊ Personnel expenses: Increase as a result of business development. Exchange rate effects also had the effect ofincreasing expenses.
◊ Other operating expenses: This increase is due, among
other things, to higher costs for temporary workers as aresult of the increased business development, as well as
higher IT expenses and energy costs. Exchange rate effects
also had the effect of increasing expenses.
◊ Depreciation: Depreciation increased significantly as aresult of the conclusion of lease contracts for storage
capacity.
The development of the cost of materials partially offset this
impact:◊ Cost of materials: Decrease due to lower operating costs
for the maintenance of warehouses. However, the performance-related increase in expenses for purchased freight
forwarding services had a partially compensating effect.
Adjusted for exchange rates, the decline was significantly
higher.
The number of employees fell slightly, due in part to higher
productivity and a tense labor market.

Contract logistics line of businessNew business performed better than expected,
particularly in Asia/Pacific and America.
Measures to improve productivity and profitability
are currently being implemented.

171

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

OPPORTUNITY ANDRISK REPORT

Based on the IDW PS 340 audit standard (“Audit of the earlyrisk detection system”), there are additional requirements
for DB Group’s risk management. Compared with the statusquo, existential risks must now be evaluated on the basis ofa defined risk-bearing capacity.
Our risk management system (RMS) maps all of the opportunities and risks in an opportunity and risk portfolio andalso individually in detail, factoring in materiality thresholds.
A catalog of opportunity and risk categories serves to identify the relevant financial and sustainability-related opportunities and risks as fully as possible. This also includes risks
that arise for companies in connection with the transition
to a lower-carbon economy (transition risks), as well as physical risks as defined by the Task Force on Climate-related
Financial Disclosures (TCFD). The opportunities and risks
considered within the risk report are categorized and classified according to probability of occurrence. Together withpossible consequences, the analysis also takes into accountthe starting position and the costs of countermeasures (grossand net disclosure). Opportunities and risks are reported in
the RMS depending on the probability of occurrence and thethreshold value (≥ � 50 million). An exception only applies
to regulatory information. The opportunities and risks areassessed against DB Group’s current mid-term planning,which is generally presented to the Supervisory Board of
DB AG in its last meeting of the year. It covers a period offive years. Accordingly, the topics that have already been

Opportunity and risk management
within DB Group

172
175

Opportunity and risk categories† Opportunity and risk management∏ within DB Group

Opportunity and risk management within DB Group comprises the systematic identification, assessment and management of opportunities and risks. The primary objectiveof opportunity and risk management is to ensure the longterm future of DB Group.
The principles of opportunity and risk management arelaid down by corporate management and implemented on
a Group-wide basis. Within the framework of our early warning system, opportunity and risk reports are submitted to
the Management Board and the Supervisory Board of DB AG
three times a year. Risk reporting covers the medium-term
period (five years). Major risks occurring outside of thisreporting cycle must be reported immediately. Planned
acquisitions are subject to additional specific monitoring.

OVERVIEW OF OPPORTUNITIES AND RISKS
Digitalization

Expansion of digital
services for internal
process and customer
offerings.

Product quality
improvements

On-demandtransport

Flexible solutions
complement theexisting offers.

Work environment

Opportunities

Shortage of skilledemployees

Longer-term changes
in demand due to the
Covid-19 pandemic.

Improving the user
experience andincreasing customer
satisfaction in
all business areas.

Climate protection

Expansion of state
support for climate-­friendly transport(for example Germany-Ticket, capital
expen­di­­­­tures on
infrastructure).

Demand structure

Increased competition for well-educated junior staff,
among others.

Market/Competition

Increasing our attractiveness as an employer, for example
through a life-phaseoriented HR policy.

Technologies

Economic development, changes
in the competitiveenvironment,
geopolitics.

Green products

Cost increases

Positive perceptionof DB services
based on uniqueenvironmental
characteristics.

Energy prices,purchase prices,wage increases,
general inflation.

172

Risks

Loss of the interface
to the customer,
greater price transparency. Reductionof flows of transport.

Climate change

Increasing frequencyof extreme weather
events.

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

included in our mid-term planning are not included in the
RMS. Assumptions are formulated as part of the planning
process, such as in relation to developments in prices, demand or costs. Measures are also defined, such as for theheat transition or the expansion of the ICE fleet. Although
future developments are generally subject to a certain degreeof uncertainty, planning covers all topics that are highly likely
to occur or be realized at the time of planning. Risk management, on the other hand, also includes issues with lower
probability and can accordingly also be understood as a supplement to planning.
Based on the opportunity and risk portfolio, an overallrisk position is also determined by means of a stochastic simulation, which is used to assess developments that could
jeopardize the company’s continued existence. In organizational terms, Group controlling is the central coordination
point for our opportunity and risk management.
Our strategic opportunity and risk management efforts
are mainly derived from the targets and strategies of ourbusiness units. Direct responsibility for early and regular
identification, analysis and management of strategic opportunities and risks lies primarily with operational manage­­ment personnel. These activities are an integral element of
the Group-wide planning and controlling systems. Alongside
the mid-term planning, a longer-term perspective is also
outlined. In principle, the planning process here is also basedon assumptions and measures that represent a continuationof the five-year planning, with a higher level of aggregation
used in the planning given the increasing time horizon. In
contrast, major developments, such as the trend towards
sustainable mobility and the shift towards rail, are particularly relevant. We focus on detailed analyses of our markets
and competitors, market scenarios, relevant cost drivers
and critical factors for success, including those within ourpolitical and regulatory environment.
DB Group’s business environment is in a state of constantchange. We use DB.Trend.Radar to monitor the most important external developments for DB Group so that we can takeadvantage of opportunities and react to risks in good time.
The focus is on the issue of how changes in society, politics,
technology and the economy affect our markets. The individual topics are all highly interconnected and of great importance for the future of DB Group. DB.Trend.Radar helps
DB Group to focus its business operations on the future andactively make use of opportunities.

In conjunction with Group financing, with its strict focus on
the operating business, Group Treasury is responsible forlimiting and monitoring the resulting credit, market priceand liquidity risks. The centralized handling of relevanttransactions (money market, securities, foreign exchange
and derivative transactions) means that potential risks canbe managed and limited centrally. The Group Treasury isorganized in line with the Minimum Requirements for Risk
Man­­­agement for Banks (Mindestanforderungen an das
Risiko­management; MaRisk), which means that it complies
with the resulting criteria of the Corporate Control and Transparency Act (Gesetz zur Kontrolle und Transparenz im Unter­nehmensbereich; KonTraG).

KEY CHARACTERISTICS OF ICS
AND RMS WITH REGARD TO THE GROUPACCOUNTING PROCESSOur Group-wide internal control system (ICS), which also
includes accounting-related processes, is an integral component of the RMS. To the extent that compliance is deemed
to be appropriate, the organization of our ICS takes into
account the recommended conduct set out by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in its publication “Internal Control – Integrated
Framework” in the revised version from 2013. On that basis,
our ICS – especially with regard to the accounting process –is a continuous process based on basic Group-wide principles and control mechanisms, such as system-based andmanual reconciliations, the separation and clear definitionof functions as well as the monitoring of compliance andfurther development of Group-wide guidelines and special
work instructions.
The accounting-related control mechanisms we use beyond the instruments outlined above include, among otherthings, standardized reporting throughout DB Group andthe regular updating of the relevant accounting directives
and accounting-related systems.
Subject to a binding schedule, business transactions of
the accounting-relevant units are processed in line with IFRS
principles and in compliance with Group-wide, uniform procedures. These are then transmitted to the centralized consolidation system.
The auditing activities of the intra-Group auditors, which
represent another element of our control mechanisms, arefocused on assessing the adequacy and effectiveness of our
ICS. In addition to our monitoring mechanisms, the Audit
and Compliance Committee and/or the Supervisory Board
are concerned with the effectiveness of the ICS.

173

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

ASSESSMENT OF RISK POSITION BY CATEGORIESOPPORTUNITY AND RISK PORTFOLIO FOR 2023 FINANCIAL YEAR AS OF DEC 31, 2022 / € billion

OPPORTUNITY AND RISK PORTFOLIO FOR 2022 FINANCIAL YEAR AS OF DEC 31, 2021 / € billion

RISKS OPPORTUNITIESRISKS OPPORTUNITIES

Economic climate, market
and competition
Covid-19 pandemic

Covid-19 pandemic

0.8

Production and technology

0.9Regulation

0.4

Production and technology

0.2

Procurement and energy markets

0.2

< 0.1
< 0.3

Likely (40% < probability of occurrence [PoO] ≤ 70%)
Highly likely (PoO > 70%)

0.1 / 0.2
0.3

0.1
0.2

Economic climate, market and competition

0.1

Procurement and energy markets

< 0.1

0.2

Likely (40% < PoO ≤ 70%)
Highly likely (PoO > 70%)

Without a possible impact of ongoing collective bargaining.

The management of the companies included in the scope offully consolidated companies and of the individual business
units of DB Group verifies the completeness and accuracyof the reporting data relevant to the financial statements
among other aspects, using a quarterly internal reporting
process. In addition, the responsible management confirms
compliance with the Group-wide ICS requirements, which
are supplemented where necessary by company-specific,
documented management and monitoring instruments.

Opportunities beyond the EBIT forecast amount to € 0.3 billion (of which very likely: € 0.3 billion). These opportunities
exist, for example, in the procurement and energy markets
category.
The risk assessment does not include any risks from thecollective bargaining negotiations in 2023.
In 2023, higher energy prices can no longer be fully commeasures
213 ff.
ff.
pensated by hedging measuresµThird-party evaluation is also an important indicator for
overall risk assessment. In addition to the internal risk assess­ment, DB Group’s creditworthiness and aggregate default
risk are assessed by credit rating agenciesµ
agencies
102 f.
f. Their external
assessments of the overall risk position of DB Group are reflected in the good credit ratings. In the area of sustainability, potential risks are externally assessed and evaluatedby ESG rating agenciesµ
agencies
44..
44
In terms of organization, we have created the conditions
necessary to enable the early identification of possible risks.
Our continuous risk management and the active management of key risk categories contribute to limiting risks. Key
strategic opportunities and risks were identified at the business unit level and recorded in the course of the strategic
process for operationalization with measures. Our analysesof opportunities and risks, countermeasures, hedging andprecautionary measures, together with the opinion of theManagement Board based on the current risk assessmentand our mid-term planning (MTP), indicate that there areno risks that, individually or jointly, could have an impact on
the net assets, financial position and results of operationsof DB Group and that would pose a threat to the Group as agoing concern.

A S S E S S M E N T O F T H E R I S K S I T U AT I O N

The risk situation is assessed on the basis of our RMS. Verylikely opportunities and risks (probability of occurrence > 70%)
have already been dealt with in the forecast of EBIT development in the 2023 financial year. The system is based on therequirements of the KonTraG and is continually evolving.
As of December 31, 2022, DB Group’s risk focus (probablerisks) was on the economic climate, market and competition
category, the Covid-19 pandemic, the production and technology category, and the procurement and en­­ergy market
category. Risks result mainly from market developments inlogistics (in particular the development of air and ocean
freight rates), the further development of procurement andenergy prices, and inflation as a whole. In addition, there arefurther risks from the development of demand in passenger
transport and from possible setbacks in overcoming the effects of the Covid-19 pandemic, in connection with ETCS
projects and the development of operational quality.
For the forecast of EBIT development in the 2023 financial year, risks (taking into consideration countermeasures)amounting to € 1.7 billion exist (thereof very likely: € 0.0
billion). The realization of the initial collective bargaining
requirements of EVG would result in a significant additio­­nal
burden.

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Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information† Opportunity and risk categories

offerings of cargo space with corresponding effects
on the purchase and sales prices. We are responding
to this by continuously optimizing our networks andimproving our cost structures, services and IT infrastructure. The dynamic development of freight rates
presents opportunities. A further drop in the extremely
high freight rates in air and ocean freight in the last
two years would have a significant negative impact
on net profit and loss.
Overall, a general risk is a loss of competitiveness. A key
component in facing the competition is improvements inservice quality. To this end, we are implementing the Strong
Rail strategyµ
strategy
51 ff. in the Integrated Rail System and the
UNLEASH strategy
strategyµ 166 f. at DB Schenker.
The trend towards digitalization is creating key opportunities for performance enhancements:◊ more efficient and customer-focused processes,◊ improved and new digital services, and◊ easier access with online portals and apps.
In the medium-term, changes in the competitive environment
may result from the following developments:◊ New competitors: Providers from outside of the industry, such as automobile manufacturers, IT companies andstart-ups, may also become increasingly active in ourmarkets.
◊ New platforms/data-driven business models: Digitalplatform providers are increasing the intensity of competition and transparency, and are also changing the perception of prices. Start-ups in particular are the driving
force behind the platform business and aim to occupy thedigital customer interface.
◊ Shifts in added value: Added value in the mobility andlogistics sector could shift towards additional services.
◊ Integrated on-demand mobility: Mobility-as-a-Service(MaaS) concepts will be part of the standard offering in
the long-term. The customer can order, book and pay fortransport easily and in real time.
◊ Cost pressure on the public sector could increase:Or­­dering behavior could also change and tenders could
expand to include on-demand, minibus and shuttle services. This increases the cost pressure on establishedproviders.
◊ Supply chain visibility: Transparency in the value-added
chain is one of the top trends in logistics. Start-ups andestablished players see data and analysis solutions as asignificant business opportunity.
◊ Goods structure effect: The production share of highly
specialized goods such as pharmaceuticals and high-tech
products is growing strongly. At the same time, types ofgoods with a generally lower weight and higher value

E C O N O M I C C L I M AT E , M A R K E T
AND COMPETITION

Demand for our mobility services and, in particular, our transport and logistics services depends, among other things, on
overall economic developments:◊ Economic growth fuels the trends underlying our strategy
in our markets.
◊ Macroeconomic shocks such as economic and financial
crises, disruptions to supply chains or economic downturns resulting from, amongst other things, geopoliticalconflicts or epidemics can have a significant negative
impact on our business.
◊ Risks arising from depleted public sector budgets in some
European countries could have negative effects (particularly in the form of spending cuts). The market volume
is greatly determined by the financial situation of thecontracting organizations. However, there is also the potential for new markets or market segments to be opened
for competition.
◊ Developments in the competitive environment are of particular importance for DB Group:◊ In long-distance transport, we are primarily exposed
to fierce intermodal competition, particularly withmotorized individual transport as the dominant competitor, but also with long-distance bus services andaviation.
◊ In regional transport, there is intense competition
throughout Europe for securing long-term transport
contracts. This means there is a risk of volume losses.
In order to remain competitive in this market, we areconstantly working to optimize our tender management and our cost structures. In addition, risks arise
from the implementation of transport contracts if theparameters of the underlying calculation do not materialize as planned. In order to continuously increase
quality and customer satisfaction and improve ourefficiency, we have put together appropriate programs.
◊ In rail freight transport, there is a high level of competitive pressure. Risks arise from the fact that, tosome extent, competitors can operate with less expensive cost structures while enjoying more flexible
working conditions. Further risks result from possible
future efficiency gains of trucks, for example by digitalization. Several measures are being implemented
to tackle these challenges.
◊ In the freight forwarding business, there is on the one
hand intense competition with other providers, andon the other hand a concentration of the market in
the carrier sector has brought about a change in the175Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

density, such as electronic components, are growing at
an above-average rate. Heavy, bulky goods, such as steel,paper and chemicals are becoming less important.
In order to adequately counter the resulting opportunities
and risks, we are using our digitalization strategyµ
strategy
63 ff.
ff.
We are also responding to opportunities and risks arisingfrom changing demand patterns and from shifts in traffic
patterns throughout DB Group with intensive market observation and by continuously upgrading our portfolio and our
products.
The demand for our products and services is partly dependent on the development of our customers:◊ Our customers’ economic development dictates their needfor storage and transport services, which in turn affects
our freight forwarding and logistics businesses. In addition, there may be structural changes in the production
structures of our customers. The rising costs and risks ofglobally distributed production make regional production
more efficient. Another reason for regionalization is theuse of production innovations such as automation, modularization and 3D printing with the potential to relativize
wage cost differences and economies of scale.
◊ Rail freight transport is partly dependent on industries
that are stagnating. In addition, disruptions in production
or even temporary shutdowns (for example as a resultof supply chain disruptions) can result in a drop in customers’ demand for transport services, at least temporarily.
◊ The development of demand in track infrastructure isdependent on rail transport’s ability to compete on the
upstream transport markets.

The intensity of use on the German rail network has increased
significantly. The capacity of the track infrastructure has not
expanded in line with growing demand. At the same time,
the condition of the infrastructure has deteriorated as many
tracks, switches, bridges and interlockings have become
prone to faults. Construction is being carried out at a very
high level in order to drive modernization. However, thisconstruction work requires the sacrifice of additional capacity while the work is in progress. As capacity utilization increases, the effects of traffic jams and delays are increasing
exponentially.
The intensity of construction activity in the network has
already increased noticeably and is expected to continue toincrease. This can also have a strong impact on the carriers’
schedules and production quality, some of which cannot becompensated for.
The range and quality of our services depend to a significant extent on the availability and reliability of the production resources used, intermediate services procured and thequality of our partners’ services. We therefore maintain an
intense dialog with our suppliers and business partners on
the subject of quality. This is of particular importance in thevehicle industry.
Sufficient availability of our vehicle fleet is particularly
critical. Significant restrictions endanger operating schedules. In regional transport, there is the additional risk ofpenalties if trains are canceled or punctuality is insufficient.
We try to minimize this risk by taking preventative actions
and also by minimizing the consequences should it happen,
such as by providing replacement vehicles or by organizing
substitute transport.
The technical production resources used in rail transport
must comply with applicable standards and requirements,
which are subject to change. As a result, we may receive
technical complaints concerning our vehicles. This leads to
the risk that we may not be permitted to use individual series or rail car types, or only under certain conditions, suchas limited speeds, shorter intervals between maintenanceor reduced wheel set loads. In addition, we cannot accept
new vehicles that have defects or for which the necessary
vehicle certification has not been granted.
As a result of technical defects or conditions, vehicles mayneed to be refitted, which could lead to significant restrictions
on availability or even temporary prohibition of use.
In regional transport, a risk can arise from the redundancyof vehicles following the expiry or re-tendering of a transport
contract. As a countermeasure, alternative possible uses areinvestigated.

PRODUCTION AND TECHNOLOGY

If the production quality of passenger transport services (inparticular punctuality) suffers, this has an impact on service
quality and can lead to the loss of customers. Postponed deliveries of new vehicles may result in revenue losses and additional expenses, for example, due to substitute transport
services or penalty payments.
The availability, capacity and the condition of the track
infrastructure are significant prerequisites for competitive
rail transport. In order to maintain the future viability of railin the long term, it is also necessary to digitalize and automate the infrastructure.

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HUMAN RESOURCES

Increasing digitalization means that dependence on secure
IT that is available around the clock is increasing. This resultsin IT, telecommunications and cyber risks, such as the interruption of the availability of IT systems, which can lead toserious business interruptions, or the unauthorized accessof third parties to customer data.
We combat these risks through forward-thinking IT security management, which provides the necessary security for
our IT-based business processes. A key instrument here isrisk management for information, IT applications, and IT infrastructure and services. The relevant risks are identified,analyzed, evaluated and reduced. The remaining risks are
documented and, if necessary, reported to and monitored bysuitable bodies. Our information security management system follows international standards in accordance with ISO
27001/27002:2022 and the NIST Cyber Security Framework.
In order to minimize critical technical vulnerabilities, numerous countermeasures (such as firewalls, encryption,
sealed server areas, and prompt software updates) have been
implemented. Appropriate redundancy of the IT systems(including across several locations) increases the overall resilience of critical business processes, applications and infrastructures. The network infrastructure also has a redundant
design where required for the purposes of IT security andbusiness continuity.
For the most important processes and IT applications,systematic and regular penetration tests and red-team stresstests are carried out in order to detect and eliminate weak
points at an early stage.
Overall, these measures reduce the risk of attacks, theresulting outages of IT systems, the disruption of communications and the theft of confidential information.
Punctualityµ 60 ff. is a key factor for our rail freight transPunctuality
port customers when selecting a mode of transport. In addition to this, irregularities can occur, such as customs offenses
and theft. We combat this, among other things, by involving
qualified customs coordinators and using an immediate
reporting system for tax assessment notices.

To implement the Strong Rail strategyµ
strategy
51 ff., we rely on adequate equipment and qualified, skilled employees. DB Group
has a high annual need for new employees. This is reinforcedby the age-related retirement of numerous employees aswell as the elective model for working hours agreed undercollective bargaining agreements.
The collective bargaining negotiations due for 2023 carryrisks associated with industrial action measures and unscheduled wage increases.
The shortage of skilled labor, reinforced by demographic
change, is a core risk for our business. It is becoming increasingly difficult and time-consuming to fill vacancies with qualified personnel. This in turn results in risks such as low personnel coverage to safeguard ongoing business and thelong-term loss of knowledge, especially for railway-specificprofessions.
We are working to counteract these risks in particular
by further developing our employment conditionsµconditions
86 ff.. This
increases the loyalty of our current employees and signals
our attractiveness as an employer on a competitive labormarket.
Through the further development of our learning infrastructure in the sense of an open, Group-wide learning process, the expansion and digitalization of qualification capacities, the new design of general and functional training(retraining) and the measures for strategic succession planning, we ensure sustainable and effective knowledge management and counteract the risk of a loss of knowledge.
DB Group’s green and digital transformations are critical
for the successful implementation of the Strong Rail strategy.
To provide the skills, qualifications and specializations that
we need in good time and in sufficient quantity and quality
is a challenge that we are counteracting through the further
development of our strategic workforce management andour foresight approach “Lab1 – professions of the future.”
From this, we derive implications for recruitment, hiring andfurther qualification at an early stage.
One important challenge here is to shape digital transformation in close cooperation with employees and stakeholders. Our goal is to offer all employees long-term andsustainable prospects within DB Group.
Appropriate measures for cross-generational and inter-­
cultural cooperation, as well as general conditions for theequalization of participation of all genders increase our appeal as an employer and reduce risks that may result from177

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

changes in employee structure and non-equal participationof employee groups. Our diversity management is committed
to this with the Group initiative “Uniquely different.” and thestrategic approach to increasing the proportion of women in
management positions.
Risks also arise if we could not respond quickly enoughto the changing requirements of a volatile market environment due to inflexible working methods and would therefore
not meet the requirements of our employees for a modern
working environment. We counter this by driving forward
modern working environments as part of numerous programs,
initiatives and communities within DB Group.
In order to continue to provide our executives with theappropriate skills and methods to be successful in modern,digitalized working environments, we are constantly developing the training and continuing education program forexecutives in the DB Academy.
Against the backdrop of economic crises with unclear
prospects, the personnel cost structure plays an importantrole in recruitment. In terms of the labor market and transport market, our target is therefore to always conclude competitive collective bargaining agreements. Strong additionalpressure on the development of wages can be expected fromthe surge in prices. Against this backdrop, we are attempting
to conclude collective bargaining agreements in the upcoming negotiations with the EVG and the GDL, which on the
one hand expresses the appreciation for employees, and at
the same time secures the future viability of the Integrated
Rail System.

Political risks concern in particular a tightening of existing
standards and regulations affecting the railways. The structure of DB Group may also be exposed to regulatory risks.
With regard to risks from changed legal and regulatory frameframework conditionsµconditions
30 ff. at a national and international level,
we are bringing our position into the preceding discussions
and debates. If political or regulatory risks occur, countermeasures are implemented at the corporate level, where
possible, in order to minimize the potential negative effects
on corporate goals and transport growth.
Opportunities arise from the promotion of green mobility, including to achieve government climate protection targets, such as the Climate Action ProgramµProgram
45..
45

PROCUREMENT AND ENERGY MARKET

Depending on the market conditions, the purchase prices for
raw materials, energy, and transport and construction services may fluctuate significantly. Since late 2022, we haveobserved a calming of raw material and trans­port prices after
the very strong increases since 2020. On the other hand, very
high and volatile energy prices are in­creasingly having a ­direct
or indirect impact on producer prices and are impacting DB
Group on many levels. Energy-oriented areas with a particular focus on materials in the infrastructure sector are particularly affected (due, among other things, to the energy-­
intensive production of steel, cement and concrete).
The war in Ukraine and, in particular, the sanctions imposed on Russia as a result and Russia’s reactions to them
resulted in significant price increases, not only for gas andoil, but also for raw materials. Depending on future developments, these developments could become even more
severe. This may result in further risks in terms of energy
costs and construction prices.
Among other things, we counter the risk of further increases in energy prices through a stringent price adjustment
strategy and the conclusion of long-term procurement contracts. However, these precautionary measures only have aneffect for a limited time and must be weighed against potential opportunities arising from falling energy prices.
Depending on the market and competitive situation, it
may not be possible or may only be possible to a very limited
extent to pass increased costs on to the customer in the shortterm. This in turn has a negative impact on margins.
The consolidation of requirements and the optimizationof long-term volume commitments result in opportunities
to raise potential for procurement prices, even in a challenging market environment.

∏ R E G U L AT I O N
Changes to the legal framework at the national or European
level could pose risks to our business. This general regulatory
risk could therefore result in tangible negative effects on
profit and loss.
These regulations govern, among other things, the individual components of the pricing systems and generalterms and conditions applied by our rail infrastructure companies. There are risks of complaints and intervention inthis regard. Measures that threaten or even prevent DBGroup from attaining reasonable yields in its infrastructurebusiness units (such as an intervention in pricing systems)
can therefore threaten financing contributions by DB Groupto capital expenditures in infrastructure.

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Compliance with current laws, company guidelines and recognized regulatory standards is the task and duty of every
DB Group employee. It is the mission of our compliance department to ensure compliance with such criteria.
With its very high procurement volume and about 20,000
suppliers, DB Group is one of the largest purchasers in Germany. Large-scale capital expenditures mean that the infrastructure business units in particular are exposed to a significant risk of becoming the target and victim of corruption,
cartel agreements or fraud. As a provider of grants, the Federal Government places high demands on DB Group with its
anti-corruption guidelines.
Opportunities arise from the discovery of cartels that operated in the past and the enforcement of claims for damages
against cartel members. DB Group is seeking compensation
for damages in over ten cases. This relates, amongst otherissues, to cartels in trucks, cars (known as the car cartel andemissions scandal), tracks, air freight, elevators and escalators, prestressing of steel, and girocard. In more than tenother cases, DB Group is still determining if damage has beencaused. DB Group has developed an innovative antitrust
screening tool, which has been in use since early 2022. Since
then, the tool has identified conspicuous patterns in pricing
or bidding behavior and can provide valuable information on
illegal supplier agreements. The results in the first year werepromising: in 2022, more than 2,500 ongoing or new tenders
were screened using this automated digital method. A second assessment was carried out for 120 tenders. In one casethe suspicions were confirmed, resulting in a report to theGerman Federal Cartel Office. DB Group is in discussions
with various competition authorities and the OECD on thisnew approach to antitrust prevention and detection.
There are also risks associated with ongoing proceedings(national authorities or the European Commission) againstcompanies in DB Group or the Federal Republic of Germany,
the outcome of which and the potential consequences ofwhich are not yet foreseeable.

The international nature of our business creates a currency
risk. This, however, is largely limited to the so-called transla­tion risk since there is usually a high regional congruence
between the production and sales markets. Among otherthings, we hedge interest rate and currency risks from ouroperating business through primary and derivative financial ininstrumentsµ  213struments
213 ff.
ff. Their use is only permitted in DB Group forhedging purposes. There is a risk that these hedging measures
will not pay off, or not in the way expected.
To prevent counterparty default risk from financial andenergy derivatives, we conclude credit support agreements(CSA) for all longer-term hedges.
Due to the long-term capital employed, we also use longterm, fixed-interest financial instruments. As a result, only
new issues are exposed to the risk of rising interest rates.
Liabilities from pensions and similar retirement benefit
obligations are partially covered by plan assets from stocks,
real estate, fixed-interest securities and other investments.
Losses of value in these assets reduce the cover of pension
obligations by plan assets, potentially resulting in DB Group
having to provide additional cover.
In addition, there are potential risks from back-tax payments from tax audits that are in progress and from amendments to tax laws. In order to minimize tax risks, we pursue
the prompt processing of tax audits and have introduced atax compliance management system in DB Group.

L AW A N D C O N T R A C T S

Delayed vehicle deliveries and vehicle defects can lead tooperating difficulties in regional and long-distance transport. In regional transport, this may result in contractual
violations or non-compliance toward the contracting organizations. Higher expenses, penalty payments and lower
fares are the result. Ensuing damage claims are asserted
against the manufacturers.
In addition, risks, in particular from warranty and otherliability provisions, may also arise from other contractual relationships. This relates, for example, to the sale of companies, real estate or other material assets.
Provisions have been made for existing legal and contractual risks based on an assessment of their probability ofoccurrence.

SIGNIFICANT EVENTS

Our activities are based on a technologically complex, networked production system. In general, we try to combat therisk of potential operational disruptions through regular maintenance and by taking on qualified employees, coupled with
continuous quality assurance and improvement of our processes. The nature of rail transport as an open system meansthat certain factors (such as natural disasters, accidents,

179Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

sabotage and theft), over which we have only limited influence, could have a negative impact on operations. Our efforts
in such cases focus on minimizing the potential effects. However, this could also result in cost risks from countermeasures.
Additional measures to increase public safety at passenger stations, for example, by expanding video surveillanceµsurveillance68,
may lead to additional costs.

In the following section, we list examples of climate-related
opportunities and risks in accordance with the TCFD classification of transitory and physical opportunities and risks,
which are short-term, medium-term and long-term.
◊ Transitory opportunities and risks: With the Green
Transformation of DB Group
Groupµ 69 ff., its anchoring in our Strong
Rail strategyµ
strategy
51 ff. and by a traffic shift to climate-friendly
rail, we are making a central contribution to achieving
the German and European climate protection targets. At
the same time, however, there is also an increased susceptibility to extreme weather conditions and an increased energy requirement, which in turn represents anenergy price and procurement risk for us. Making passenger and freight transport climate-neutral throughmeasures such as the use of renewable energies and alternative drive concepts or through robust climate-resilience management can enhance our reputation with ourcustomers. Our climate protection measuresµmeasures70 ff. aim to
reduce our greenhouse gas emissions, to see us become
climate-neutral by 2040 and to meet the Federal GovernGovernment’s climate protection targetµtarget45 for the transport sector.
In order to achieve the national climate protection targets, the Federal Government is adopting necessary regulations. These hold opportunities for DB Group, especially in rail transport, such as the permanent reductionof value-added tax for long-distance transport tickets.
However, individual environmental regulatory measures
may also have a negative impact on our activities. The
CO₂ price introduced by the Fuel Emissions Trading Act(Brennstoffemissionshandelsgesetz; BEHG) represents,for example, both an opportunity and a risk for us:◊ it gives us an opportunity when compared to othermodes of transport, as it makes fossil-fueled modesof transport more expensive and thus rail travel more
attractive,◊ it presents a risk for our purchasing, as we are one of
the largest energy consumers in Germany and still
have diesel-powered trains in operation.
In order to counteract the risks, we are driving the phase-out
of fossil fuelsµfuels
69. However, technological developments thatlead to other climate-friendly mobility solutions that do not
involve rail can also represent a risk for us.
◊ Physical risks: Extreme weather events resulting fromclimate change represent an acute physical risk for DB
Group, which we have been recording in more detail in
our risk catalog since 2021 and which we are responding∏ E N V I R O N M E N TA L M A N A G E M E N T
An elementary component of the Group-wide environmental
management system according to DIN ISO 14001
14001µ 80 is an opportunity and risk assessment. It is the starting point for DB Group’s
environmental risk provisioning. In future, the principle ofrisk provisioning will be supplemented by the risk management of due diligence obligations along our supply chains.
At the same time, our strategy is to use the (natural) resourcesof our economic activity efficiently (resource protection targetsµ 74 ff.).
ff.).

† C L I M AT E - R E L AT E D O P P O R T U N I T I E S∏ AND RISKS
Climate-related transitory opportunities and risks associatedwith the transition to a decarbonized economy and risks associated with climate change are recorded in our RMS and arereported in the affected risk categories if certain thresholdvalues and probabilities of occurrence are exceeded. As partof RMS and our mid-term planning, climate risks are treatedlike other risks.
Through the use of scenario analyses, for example as partof the PIK study
studyµ 73 and the strategic development of climate
resilience managementµmanagement
73 f., DB Group is paving the way forforward-looking management of acute and chronic physicalrisks related to climate change. In 2021, we commissioned
another external study that identified physical and transitory
risks in accordance with the TCFD recommendations in an
initial impact analysis on the activities of DB Group for two
extreme scenarios. The result shows, among other things,
that transitory risks from the political, market and technology categories according to the TCFD classification should
be classified as relevant for DB Group.

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Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

to with resilience measuresµmeasures73 ff.. These risks are both shortterm and long-term, because they are short-term when
they occur, but due to their more frequent occurrence
due to climate change, we must take them into accountover the long term. We also address physical climate risks
as part of our Group-wide business continuity management to ensure the continuation of critical business processes in the event of damage. The consequences of climate change are impacting our core business. Extreme
weather-related damage to our track infrastructure canlead to losses in revenues and penalties. It also requires
additional expenses and capital expenditures in order torepair damage and implement preventive measures. In
addition to the infrastructure, rail and road vehicles canalso be affected. In recent years, acute physical risks affecting operations and punctuality have increased significantly. Group Risk Management therefore consistently
monitors and records these risks. In this context, the importance of preventive vegetation work and track-related
safety work to ensure the smooth running of operations
has greatly increased. The potential financial impacts ofextreme weather events is taken into account in the RMS
or medium-term planning. In order to reduce acute physical risks, DB Group has increased its capital expenditureson vegetation control measuresµmeasures74 in recent years. Since
2019, the inspection of tree populations has been intensified and a large-scale tree removal measure has been
initiated for storm prevention. These measures are additionally funded from the climate protection package. We
also deal with chronic physical risks, such as rising temperatures, which place increased demands on our operational processes, vehicles, buildings and infrastructure.

risks. The networked production structure means that thesecan often affect a number of business units. For example, insuch cases, planned shifts in the mode of transport from roadto rail may not be feasible. We keep up to date with thesedevelopments by closely monitoring projects.
When implementing planned measures from various programs, such as the Strong Rail strategyµ
strategy
51 ff. for the Integrated
Rail System or the UNLEASH strategyµ 166 at DB Schenker,
there is the risk that it will either not be possible to realize
the planned effects, or only to a lesser extent and/or thatthese may be delayed. At the same time, however, there isalso the opportunity to exceed the planned effects.

INFRASTRUCTURE FINANCING

At the beginning of 2020, we concluded an agreement with
the Federal Government that sets out the financing of theexisting network until 2029. The LuFV IIIµ 134 and the associated long-term assurance of infrastructure quality and availability improve the attractiveness of rail as a mode of transport, which in turn results in more traffic and therefore higher
revenues for infrastructure companies. Risks result from apotential failure to achieve the contractual objectives set out
in the LuFV and from a possible reclaim by the Federal Government following audits of applications of funds for theintended purposes. Due to the sharply increasing construction costs, the volume targets of the L uFV are no longer
achievable with the current budget approach. New negotiations with the Federal Government have been initiated.
The economic sustainability of capital expenditures orfinancial contributions to projects funded with DB funds isessential if we are to ensure DB Group’s ability to invest in
the long term.
In addition, the budgetary resources of the Federal Government in particular are of decisive relevance for the expansion of infrastructure capacity in order to implement a
traffic shift in Germany. In order to implement Germany insync (Deutschland-Takt), there is a need for extensive infra­
structure expansion that goes significantly beyond the previous Federal Transport Infrastructure Plan. We therefore
assume that a significant increase in funds for infrastructure
expansion from the Federal Government is required. If theFederal funds for infrastructure are not increased significantly, there would be considerable risks for network quality,transport performance and economic development.

I M P L E M E N TAT I O N O F P R O J E C T S

Our measures involve not only large capital expenditurevolumes, but also a large number of highly complex projects.
Changes to the legal framework, delays in implementation(due among other things to more extensive public participation), necessary adjustments during terms often lasting
several years, deviations from the increase in funds for capital expenditures agreed with the Federal Government, orchanges to purchase prices may lead to project and liquidity

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Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

GOVERNANCE
Service and financial relationships in DB Group
Regulations in DB Group
Compliance
Human rights
Data protection

the market. The terms of financing transactions are basedon prevailing market conditions in the financial and capital
markets. Governance functions perform controlling and monitoring roles. These services are generally not charged. By
contrast, the services of the service units are generally charged
to the intra-Group recipients of the service, in relation to theservice provided.
The reasons and motivation for aligning intra-Group transactions with market conditions are as follows:◊ A value-based corporate management approach can only
be successful if it is embedded at all levels in DB Group.
This, in turn, can only be achieved through businessrela­tionships at fair market conditions. Success and failure must be transparent in order to facilitate economic
management.
◊ Rail infrastructure companies are legally required to provide their services without discrimination. The Federal
Network Agency (Bundesnetzagentur; BNetzA) assesses
whether prices are in line with the market. Prices aretransparent for everyone.
◊ Alignment of service relationships with market conditions is also both necessary and stipulated for tax reasons and from the perspective of minority shareholdersof subsidiaries.
The effects of domination and profit and loss transfer agreements within DB Group on net profits and payments are notqualified as service relationships, but are a consequence­of DB Group’s status as a domestic contract group and the­associated rights and obligations of all the incorporated
domestic companies.

182

185

186
188
189

Corporate Governance report

192

Service and financial relationships
in DB Group
Within DB Group, because of strong operational interconnections and dependencies, there are service and financial relationships between the management holding company DB AG
and the individual business units, as well as between business
units.
These can be organized into four groups:◊ Operational service relationships between two companies, which may arise through the use of infrastructure,such as when DB Regio AG uses train paths, for which it
pays train-path usage fees.
◊ Service relationships with Group management: DB AG
provides services to the operating companies, such as
central purchasing.
◊ Group financing: DB AG performs and consolidates thefinancing function in DB Group. In this context, DB AG
obtains funds on the capital market through its financing
subsidiary Deutsche Bahn Finance GmbH (DB Finance)
and transfers these funds to the Group companies asloans.
◊ Domination and profit and loss transfer agreements:
In Germany, domination and profit and loss transfer agreements are used for the formation of a consolidated tax
group that allows companies to offset tax losses against
profits. In DB Group, the company ultimately subject to
tax in Germany is DB AG.
The arm’s length principle is fundamental in the developmentof service relationships. This means that compensation isalways based on market prices. In DB Group this applies tocharges for operational service relationships, service units
and Group financing. Intra-Group customers pay the same
fees for utilizing train-paths as non-Group customers. The
prices of intra-Group services are reviewed regularly on thebasis of market analyses to ensure that they are in line withO P E R AT I O N A L S E R V I C E R E L AT I O N S H I P S

The most extensive operational service relationships result
from the use of the track infrastructure and the procurementof energy. As for non-Group customers, fees for the use of
infrastructure are based on the published pricing systems(train-path pricing system, facility pricing system and station
pricing system). The procurement of energy includes thepurchase of traction energy (diesel fuel and traction current)
as well as electricity for stationary facilities (such as switch
heaters and train preheating systems).

182Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

The main intra-Group service relationships in the area of
infrastructure utilization are shown in the following table:
INTRA-GROUP SERVICE RELATIONSHIPS FROM

DB LongDistanceRegional

DB Cargo

Other– 1,197– 2,348

– 383

–2

– 33

– 49

– 147

–2

Station use

– 119

– 616

–

–

Energy charges

– 366

– 821

– 273

– 285

INFRASTRUCTURE UTILIZATION IN 2022

/ € million

Train-path utilization
Use of local infrastructure

DB

SERVICE RELATIONSHIPSWITH GROUP MANAGEMENTGROUP MANAGEMENTDB Business Services— DB Shared Service Center
Accounting— DB Talent Acquisition— DB Real Estate— DB JobService GmbH
— DB Procurement—…

SIGNIFICANT OPERATIONAL BUSINESSRELATIONSHIPS (INTEGRATED RAIL SYSTEM)
DB OPERATIONAL SERVICES—D B FahrzeuginstandhaltungGmbH— DB Systel GmbH
— DB Sicherheit GmbH
— DB Services GmbH

— DB Vertrieb GmbH
— DB Engineering&Consulting
GmbH—…

TRAIN OPERATINGCOMPANIES

RAIL INFRASTRUCTURE
COMPANIES

DB Long-Distance

DB Netze Track

DB Regional

DB Netze Stations— Business trips— Journeys for employees— Business trips— Journeys for employees
DB Cargo— Construction transportand logistics— Other freight transportand logistics services

Governance functions— Compliance— Finance/Controlling— Communication— Group development— Group marketing— Technology and digitalization—…

BUSINESS UNITS

DB OPERATIONAL SERVICES— DB Long-Distance— DB Regional— DB Cargo— DB Netze Track—D B Netze Stations— DB Netze Energy— DB Arriva— DB Schenker— DB Services GmbH
— DB Systel GmbH
— DB Vertrieb GmbH
— DB Sicherheit GmbH— DB FahrzeuginstandhaltungGmbH— DB Connect GmbH—…

Service units, attributable and charged in case of direct service relationship.
Governance functions, not directly attributable and not charged.

The Group job market performs an important central function. DB JobService GmbH employs personnel whose jobs inGerman companies of DB Group have been lost, with the aimof finding another intra-Group job for them. It therefore plays
a key role in the functioning of the DB-internal labor market.

— Train-path utilization— Facility utilization— Station use

DB Netze Energy— Traction current— Stationary energy— Diesel

GROUP FINANCINGGroup Treasury at DB AG is responsible for DB Group financing. This ensures that all Group companies are able to borrowand invest funds at optimal terms and conditions. Before
obtaining funds from external sources, we first conduct intra-Group financing transactions. When borrowing non-Groupfunds, DB AG takes out short-term loans in its own name,whereas long-term capital is generally obtained through theGroup’s financing company, DB Finance. The funds are passed
on to the Group companies as short-term credit lines, which
can be utilized as part of cash pooling on internal current
accounts and/or through fixed short-term credit, or in theform of long-term loans.

Significant intra-Group transactions.

S E R V I C E R E L AT I O N S H I P S W I T H
GROUP MANAGEMENTGroup management incorporates various governance andservice functions that, with a few regulatory exceptions, perform functions for the entire DB Group. The costs of governance functions were generally not passed on to the business
units until 2022 (no Group charges). From 2023, intra-Groupsettlement will take place again.
Charges for DB Business Services are only transferred if
these result from direct transactions with the business units,
or expenses that are directly attributable to a tangible service. This applies in particular to expenses on the use of realestate, central procurement and technology services, andfor centrally consolidated insurance expenses.

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Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional informationC O N T R A C T S O F D O M I N AT I O N A N D P R O F I T
AND LOSS TRANSFER AGREEMENTS

The Group Treasury operates as an in-house bank, although
it provides a service function rather than acting as a profit
center. The Group companies conduct business dealings with
the Group Treasury (foreign exchange transactions, cash
pooling, cash investments and taking up of loans). The conditions are set in line with market rates according to the arm’s
length principle. Current interest rates will be agreed andwill also be quoted by banks if they had no profit forecast.
Market rates also mean that credit margins are adjusted inline with creditworthiness: the credit margin for the infrastructure companies is largely in line with the credit margins
of DB AG in the financial and capital market. The credit margins for non-infrastructure companies are higher and are
based on an internal metric-based credit rating and the credit
margins quoted on the capital market.
Consolidation of the Group finance function in DB AG
gives us a uniform market presence in the financial and capital markets, and allows us to achieve economies of scale andcost benefits. In addition, central Group financing enables
us to adequately monitor financial transactions and achievecomprehensive risk management.

Profit transfer and loss compensation between companies inGermany do not constitute intra-Group transactions. On thecontrary, the profit and loss transfer agreement stipulates
that the amount of profit distributed or the sum required tooffset losses is not reset every year but is calculated automatically. The cash flow is based on the shareholder’s right toprofits or obligation to compensate any losses. Notwithstanding this, DB Group ensures that Group companies have a sufficient equity base despite the commitment to offset potential
losses generated by other companies within the Group.
Investors are only willing to provide capital if amorti­zationand interest rates are ensured. A purely debt-based financ­ing
model is not commercially viable, as it is associated with toohigh risks. Profits are essential for maintaining DB Group’s
capital expenditure capacity. Profits generated are either
retained or distributed to the Federal Government as the sole
shareholder. The share of profit retained (accumulated) in
DB Group increases the capital expenditure and borrowing
capacity.

GROUP FINANCINGCONTRACTS OF DOMINATION AND PROFITAND LOSS TRANSFER AGREEMENTS

Money market

Capital market

Market interest

Market interest

Federal Republic of Germany (owner)
Dividends

DB FinanceMarket interest

Deutsche Bahn AG

Market interest

Passenger transport— DB Long-Distance— DB Regional— DB Arriva

Deutsche Bahn AG
Market interest + credit surcharge
Passenger transport— DB Long-Distance— DB Regional— DB Arriva

Infrastructure— DB Netze Track— 	DB Netze Stations— DB Netze Energy

Freight transport and logistics— DB Cargo— DB Schenker

Freight transport and logistics— DB Cargo— DB Schenker

Infrastructure— DB Netze Track— DB Netze Stations— DB Netze Energy
Profit transfer/capital measure.
 Consolidated tax group in Germany; integration into the DB AG profit and losstransfer agreement with automatic profit transfer or loss compensation.
Partial consolidated tax group in Germany.
Not a consolidated tax group in Germany.

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Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

CASH FLOWSDB AG ANDDB INFRASTRUCTURE
COMPANIES/ € million

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

+ 600

–

–

–

–

+ 620

–

–

+5

–

2016

2017

2018

2019

–

– + 1,000

–

–

2020

2021

2022

Total

F R O M C A P I TA L I N C R E A S E S BY D B AG

DB Netz AG

–

–

–

–

–

DB Station&
Service AG

–

–

–

–

–

–

–

+ 286

–

+ 28

+ 111

+ 14

–

–

–

–

–

–

–

–

– + 1,000

Total

–

–

–

–

–

+600

–

+286

–

+28

+731

+14

–

+5

–

–

– +1,000––– +2,125 +1,349 +6,138– + 1,125 + 1,300 + 4,650+ 49 + 1,488

F R O M P R O F I T A N D LO S S T R A N S F E R AG R E E M E N T S TO ( – ) / F R O M ( + ) D B AG

DB Netz AG

+ 790

+ 181

+ 548

+ 324

+ 183

+ 260

+ 212

– 146

– 338

– 768

+ 44

– 307

– 197

– 66

– 217

– 81

– 280

– 390

– 509

– 402

+ 23

+ 139

– 403 – 1,400

DB Station&
Service AG

+ 70

–0

+ 251

– 37

– 55

– 69

– 52

– 90

– 190

– 150

– 141

– 155

– 160

– 169

– 188

– 203

– 176

– 186

– 190

– 146

+ 32

+ 61

+ 2 – 1,941

DB Energie
GmbH

Total

– 34

–2

– 29

– 43

– 47

– 44

– 111

– 106

– 18

– 91

– 38

+ 38

– 62

+ 37

– 39

– 51

– 35

– 59

– 12

+3

+ 66

– 126

– 140

+ 826

+179

+770

+244

+81

+147

+49

–342

–546 –1,009

–135

–424

–419

–198

–444

–335

–491

–635

–711

–545

+121

+74

–541 –4,284

– 943

–

– 500

– 525

– 525

– 200

– 700

– 850

– 600

– 450

– 650

– 650

–

– – 5,650

D I V I D E N D PAY M E N T TO T H E F E D E R A L G OV E R N M E N T ( F O R P R E V I O U S Y E A R)

DB AG

–

–

–

–

–

–

–

–

–

–

(+) Cash inflow (–) Cash outflow∏ Regulations in DB Groupto ethical standards (principles and values), human rights,
corporate governance, competitive behavior, integrity, dataprotection and data security, as well as environmental protection, and for consistent prevention, clarification and punishment of corruption, antitrust and export control violations,and financial crime.
The management handbook is updated twice a year andis coordinated by the Group organization. The management
handbook is published in the Group regulations database,which is communicated via corporate communications, theinternal DB management portal on Group-wide regulations
on structure and process organization, and the intranet.

In order to ensure coordinated and targeted action in DB
Group, general guidelines are necessary for all employees.
One format used for this purpose are directives, which predominantly contain ideal rules and which prescribe binding
framework requirements for a defined scope. The Management Board sets out the inner ambitions, Group principles
and Group directives as a basis for the additional regulations.

INNER AMBITIONS, GROUP PRINCIPLESAND GROUP DIRECTIVESGroup directives contain the key requirements for Group-wide
leadership and management topics. They are decided by theManagement Board and are part of the management handbook. The management handbook includes the inner ambitions, four Group principles (strategy, management, strong
cooperation and ethics/code of conduct) and ten Group directives (organization, HR management, finance, marketing,communication, IT and telecommunications, procurement,competition and regulation, risk minimization, Integrated Rail
System in Germany) and the basic structure of DB Group andthe process map. In the Group principles on ethics, among
other things, it is noted that DB Group complies with internationally recognized human rights and basic freedoms as
part of its business activities in accordance with the principles
set out in the UN Global Compact. The Group directive onrisk minimization stipulates that DB Group is committed toacting in accordance with the rules, in particular with regard

FRAMEWORK GUIDELINESThe Group directives are subject to framework guidelines.
These are guidelines issued by Group management that
apply for several business units or service units. Individual
directives detail the rules on topics such as donations, environmental management, occupational health and safety
or data protection. When framework guidelines are introduced, updated or suspended, the framework regulations
coordinators for all relevant business units or service units
are integrated.

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Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information∏ Compliance

DB Group compliance management is typified by a combina-

tion of centralized and decentralized units at the operationaland organizational levels. The Chief Compliance Officer (CCO)
manages the further development of our CMS and reports
directly to the Chairman of the Management Board. The CCO
is assisted in his/her duties by more than 250 employees responsible for compliance issues (either full time or with divided
responsibilities). Corporate management focuses its compliance work on centralized governance activities in particular,
while operational responsibility is exercised in the businessand service units. The intensive dialog between centralized
and decentralized compliance officers is ensured through various formats, such as a conference, monthly compliance officer meetings, the use of a compliance cockpit as an employ­ment platform and virtual information events for complianceofficers and managers that take place at least quarterly.
DB Group is committed to compliance issues in the national and international environment. Corruption, in particular, may harm the confidence of the people in the functioningof the state and its institutions, among other things, and may
also lead to financial damage to the state. DB Group is involvedin the development of prevention strategies on corruption in
the “Corruption Prevention Initiative of the Federal Administration/Economy” of the Federal Ministry of the Interior
and Community, as well as through its cooperation with theGerman Institute for Compliance (DICO). Furthermore, DBGroup is an active member of Transparency International. DB
Group also participates in the regular exchange of experienceson compliance issues with other international companies.

M A N A G E M E N T A P P R O A C H A N D TA R G E T S

Compliance is an integral element of our corporate culture.
As part of the initiative for a strong compliance organization
mandated in 2019 by the Management Board, we continued
to develop the Compliance Management System (CMS) at
DB Group in 2022 in order to remain at the cutting edge andto develop effective compliance practices for the long term.
Compliance is embedded in the Strong Rail strategy.
Our CMS is based on national and international legal requirements and established standards, such as the Instituteof Public Auditors (Institut der Wirtschaftsprüfer; IDW) audit­
ing standard IDW PS 980 in Germany. DB Group also applies
the directive of the Federal Government on corruption prevention in the German Federal administration by analogy.
The CMS aims to ensure that compliance risks are identified
at an early stage and appropriate countermeasures are implemented. We continuously monitor the effectiveness of
our CMS and make any necessary adjustments. Compliance is
a component of the internal control system (ICS). As a result,intra-Group auditors examine, among other things, the CMS
within DB Group as part of the ICS audits under the German
Accounting Law Modernization Act (Bilanzrechtsmoderni­
sierungsgesetz; BilMoG).
An independent investigation by an auditing and consulting firm into DB Group’s CMS with regard to corruption
and corporate crime in the form of fraud and embezzlement
launched Group-wide in the previous year was continued in
2022 and completed in early 2023. While the previous audits
concentrated on appropriateness and implementation, the
CMS audits conducted in 2021 and 2022 included an additional
stage: as well as adequacy and implementation, the effectiveness of the CMS was evaluated. In addition, certification
with ISO 37001 standard is carried out, in particular for internationally active business units. The effectiveness audits
were completed in the business units (with the exception of
the DB Arriva business unit, for which the last audit procedures are still outstanding) and in corporate managementwith an unqualified audit opinion. Resulting recommendations are used to analyze existing processes in detail and to
improve them, where applicable. The ISO certification procedures are still ongoing in some cases.

COMPLIANCE INSTRUMENTS

Specific compliance instruments have been developed toprotect DB Group, its employees and executives. This includes
binding compliance regulations, risk and process analyses,
a compliance reporting system, training and communication
measures, and a whistle-blowing management system.
The DB Group Code of Conduct is the cornerstone of our
CMS. It defines standards and expectations for the day-today actions of our executive bodies, executives and employees and is provided to the employees via the Group rules
database and relevant pages on the intranet. In addition, thecompliance regulations are part of an app that is installed on
all centrally managed company mobile devices in DB Group.
As a rule, since 2018, the code of conduct has also been partof the employment contracts of DB Group employees. The
code of conduct∞
conduct
is also published on DB Group’s Web site inGerman and English. It is supplemented by binding directives
that specify applicable legal provisions governing national
and international business and contact with customers. In
2022, the donation policy was revised and adapted to thecurrent legal framework.

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Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

Compliance risk analyses are a key component of DB Grouprisk management and are conducted by the business andservice units. A Group-wide survey of compliance risks is
conducted in accordance with governance requirements set
by corporate management. The binding framework contains
minimum requirements for planning, implementation, reporting and follow-up. Within a three-year cycle, all Group
companies with operational activities must be audited forrisks of corruption. At the business unit level, reports on therelevant compliance risks are to be published annually in apredefined format. A compact compliance annual report provides the Management Board with information on compliancerisks related to DB Group’s business activities. The report
separately sets out the risk exposure of business units, service units and corporate management functions and highlights existing risk-reducing factors and countermeasures.
The Management Board is also kept regularly informed during
the business year about the further expansion of the compliance program and any significant compliance cases. The CCO
also reports on compliance issues, including Group-related
and critical issues, at least once a quarter in the Audit andCompliance Committee formed by the Supervisory Board.
Independently of this, the intra-Group auditors report the
key findings of the respective financial year – including the
key findings of the audit areas and the status of the executionof the audit program – to the Audit and Compliance Committee in March and presents the audit planning for the Groupaudit for the coming financial year in the December meeting.
The General Counsel of DB Group reports on significant legal
cases in the March meeting. Depending on the circumstances,the various committees are also informed directly about
Group-relevant/critical matters in individual cases.
We are continually optimizing our instruments and consulting on compliance matters so that we can achieve ourcompliance goals on a sustainable basis. This requires compliance specialists to be informed of current technical developments. For its regular qualification, the Compliance Academy is a learning area implemented within DB Group’s own
learning platform as a central instrument for knowledge transfer. The completion of defined courses is mandatory.
Executives have a particular role to play in shaping ourcorporate culture. Various programs have been implemented
in order to train them to comply with the rules in order toprotect DB Group and themselves from compliance risks. The
mandatory training program for senior executives was further

developed in 2022. This supplements the well-establishedcompliance coaching run by the heads of DB Group’s compliance, audit and legal functions. As part of the personnel
selection procedure, pre-employment checks were also carried out below the top level of management in 2022.
The compliance awareness plan takes a risk and needsbased approach, which determines the order in which all
executives and employees are to be trained. By holding in-­person events or conducting e-learning sessions, it is pos­sible to train almost all managers and employees who either
need to be trained or are exposed to medium and high risk,over a period of two to two and a half years. In 2022 alone,about 42,000 executives and employees attended eventswith instructors on the subject of preventing corruption, taking the total number since 2020 to about 117,000. E-learning
modules were also extensively used. Together with e-learningthat is specially developed by DB Schenker and DB Arriva,
about 106,000 e-learning units have been completed to prevent corruption; since 2020, that number has risen to about
299,000 units.
One key focus of consultation in 2022 was on economic
and financial sanctions on foreign trade law issues following
the Russian attack on Ukraine. In the course of this, processes
were adapted and new awareness-raising measures were introduced; among other things, the e-learning module “Export
control, scopes and sanctions” was revised.
There is a Group-wide whistle-blower system to obtain
information about potential violations of laws or internal
regulations. The way in which submitted tip-offs are handled
is regulated in detail. The processes implemented protect
the whistle-blowers. Clearly defined requirements regarding
the rigor and relevance of whistle-blowing tip-offs serve totake account of the interests of the persons concerned.
There are various ways of submitting a tip-off. These include three trusted legal practitioners, who are legally boundto secrecy, in addition to the compliance teams in the corporate management, business units and service units. There isalso a Group-wide electronic whistle-blower system, whichmakes it possible to submit tip-offs anonymously. It can beused in 22 languages and is available not just to employees,
but also to customers, suppliers and other stakeholders. In
2022, the whistle-blower system was used for the central
reporting of corruption incidents in fewer than ten cases. In
2022, there were no confirmations of allegations of corruption originating from DB Group. Accordingly, no labor law
measures were taken against employees in this respect.
There were also no ongoing court proceedings in 2022 forsuch corruption incidents.

187Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

The whistle-blower management system processes were analyzed in 2022. This was carried out by an auditing and consulting firm that was not involved in the CMS investigation
described above. The analysis did not result in any need foraction in relation to the existing intended or actual processes.
In view of the adopted European directive for better protection of whistle-blowers and the expected German implementing act law, a project has been set up to analyze the impact
and implementation of the requirements. In addition, anagreement was concluded in 2022 on a further multi-year
cooperation with a market-leading provider for electronic
whistle-blower systems.
Executives and employees are advised by colleagues ­inthe compliance organization on issues relating to compliance. To this end, DB Group has been operating a compliance help desk for many years.

In 2022, a newly developed concept for Group-wide, standardized and IT-supported compliance audits of business
partners was subjected to a proof of concept. In this process,more than 70,000 supplier data sets were reviewed and analyzed for the purpose of detecting anomalies and risks in a
multi-level process, and specific supplier-related measures
were or are taken as applicable.

C O M P L I A N C E W I T H A N T I T R U S T L AW S A N D
PREVENTING ANTITRUST DAMAGES∏

Human rights∏

Training courses with on-site instructors ensure that executives and employees are kept aware of antitrust legislation.
The formats of the training courses are individually tailoredto the requirements of the business units and the central
units. The target group includes all executives and employees
who are in contact with competitors or have other roles thatare critical with regard to competition. The training courses
are supplemented, in particular, by regulations specific to busi­
ness units and close cooperation with (antitrust) legal experts.
Measures to prevent antitrust damage are an importantcomponent of antitrust compliance. To this end, we operate
a comprehensive antitrust damage prevention system. An
important part of this system is to use contractual conditions
in markets where antitrust violations are most likely, which
obligate suppliers to introduce or maintain antitrust compliance programs.

∏ C O M P L I A N C E B U S I N E S S PA R T N E R S
Successful long-term business operations require the carefulselection of business partners and suppliers, who must thenbe informed of DB Group’s values and minimum requirements.
DB Group has developed various formats to increase awareness among its business partners and incorporate sustainablebusiness practices more firmly in the supply chain.
The e-learning on the DB code of conduct for business partners∞
partners
which, like the internal code of conduct, was passed by theManagement Board, is freely accessible on the Internet. It
provides information about integrity, binding legal standards,
and ethical matters and sets out clear compliance requirements as reflected in our Code of Conduct for Business Partners. Real-world examples demonstrate how our principles
should be applied.
Contracts and contractual partners are audited for compliance risks. Integrity clauses in the General Terms and Conditions of Purchase are used to counteract potential compliance risks. Other compliance regulations are agreed basedon risks. This applies to the appointment of intermediaries,
for example. If serious misconduct occurs, the group of decision makers for exclusions from tender procedures shalldecide to suspend the awarding of tenders on the basis ofclear criteria that stipulate how to deal with the contractor
or supplier. In case of a suspension, the earliest that a business partnership can be reestablished or continued is after
the suspension period expires or after the company takes
action to clean up its practices, which the orderer deems tobe sufficient and which can often take many years to complete. Nine exclusions from tender procedures were imposedin 2022, but none were due to corruption violations.

M A N A G E M E N T A P P R O A C H A N D TA R G E T S

Protecting and promoting human rights is of the utmost im­
portance to us. We report on how we safeguard human rights
with regard to working conditions, anti-discrimination measures, and occupational health and safety within DB Group,particularly in the chapter Employees
Employeesµ 81 ff
ff..
We expect our business partners to uphold human rights.
Our requirements in this regard are included in the DB code of
conduct for business partners∞
partners. This Code refers to the corelabor standards of the International Labor Organization (ILO),
such as protection against child and forced labor and against
discrimination in employment and occupation. It contains
regulations on adequate pay, regulated working hours, andthe preference for regular employment. The right to auditing
may be agreed in contracts with business partners, including
adverse legal consequences if the Code is not complied with.
The DB code of conduct is part of the contractual obligationsof our business partners. DB Group’s ethics principles set
appropriate requirements for our own employees and executives. These are legally binding under labor law.

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We oppose modern slavery in all its forms, be it forced orcompulsory labor, servitude, human trafficking, or child labor,
and we report on this in accordance with the provisions of
the UK Modern Slavery Act and from the 2023 financial yearin accordance with the Act on Corporate Due Diligence Obligations in
Supply Chains (LkSG)µ 189. Social minimum standards havebeen developed specifically for DB Schenker’s activities worldwide. These standards detail the overriding DB Group Codeof Conduct and provide, particularly in the international context, minimum standards for situations in which national andinternational legislation does not stipulate any appropriatesocial measures. Compliance with the Social Minimum Standards is regularly audited by intra-Group auditors at ­selected
locations.
If human rights violations are suspected, employees,
customers, suppliers and any other parties that may be ofconcern are provided with various channels to report such
violations, including the option to report anonymously. The
central whistle-blower managementµmanagement
186 ff.,ff., which was coordinated with the Group Works Council regarding its structure
concerning employee concerns, can also be used for humanrights-related matters. One channel is our electronic whistlewhistle-­
blower system∞.
system. In addition, reports can be made by post
and trusted legal practitioners. DB employees can also contact the employee ombudsman. In 2022, the whistle-blower
system reported suspected cases of human rights violationsin the medium double-digit range (mainly cases relating topotential problematic working conditions and potential
discrimination).

In 2022, the focus was on preparing the Group-wide risk analysis in order to create more transparency about human rights
and environmental risks both in the Company’s own businessarea and in the supply chain.
In addition, the existing whistleblower management wasreviewed and further developed on the basis of the requirements of the LkSG and has been available for use in relation
to all LkSG topics since January 1, 2023. This makes it possible
to report human rights and environmental risks, as well as
violations of human rights and environmental obligations.
In order to enable preventive measures to be implemented, preparations were also made in 2022, such as theadjustment of the general terms of business for procurementin DB Group, in particular those of the General Terms andConditions of Purchase.

Data protection
M A N A G E M E N T A P P R O A C H A N D TA R G E T S

Data protection and autonomy should be championed as ­thefoundation for free and democratic societies. Throughout DB
Group, we aim to establish exemplary, innovative and sustainable data protection processes and set a high level o­fdata protection as a mark of quality, allowing employees,
customers and business partners to associate DB Group withtrust, respect, transparency and integrity in relation to dataprotection. In doing so, we fulfill data protection regulations,particularly those of the EU General Data Protection Regulation (GDPR) and in-house data protection policies.
In order to suitably implement our vision, we are firmly
committed to meeting the overarching target of ensuringthat the flow of data, both within DB Group and with external
entities, is compliant with data protection regulations. We
are working toward achieving this by raising awareness ofdata protection issues throughout DB Group, in particular byinforming and training employees and by having a variety ofdigital and analog awareness-raising measures in place aswell as high-quality data protection consulting expertise.
Another focal point is the expansion of internal and external
networks to improve DB Group’s public image with regard todata protection.
We are also committed to innovation, the further development of existing instruments and methods, and the standardization of processes for professional data protection
management. In order to ensure that data protection is applied and implemented reliably within DB Group, we operate
a data protection management system that enables us to
fulfill information and disclosure rights and obligations tofurnish evidence at any time in a transparent and legally admissible manner. In addition, regular data protection audits
ensure a high standard of data protection.

∏ I M P L E M E N TAT I O N O F T H E A C T O N

C O R P O R AT E D U E D I L I G E N C E O B L I G AT I O N S
I N S U P P LY C H A I N S

From January 1, 2023, the Act on Corporate Due Diligence
Obligations in Supply Chains (Lieferkettensorgfaltspflichten­
gesetz; LkSG) obliges companies with more than 3,000 employees to prevent or minimize human rights and environmen­­­tal risks in their own business area and supply chains. The
aim of the Act is to improve the international human rights
situation, protect the environment and prevent environmental damage, strengthen social and corporate responsibility
and create enforcement potential in supply chains.
In DB Group, the implementation of the LkSG is being
prepared by means of a Group-wide project that is managed
by the area of sustainability and the environment, which is
responsible for the project. As LkSG officer, the head of theStrategy&Reporting Sustainability and Environment department monitors the implementation of legal obligations.

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Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

Data Protection Management System

We work toward achieving these objectives through a highly
effective data protection organization, which is divided into
central and local units within DB Group:◊ DB Group’s central data protection team supports andadvises the Group companies regarding compliance withdata protection, especially in regard to data protection
issues that are relevant to the Group. There are four departments within the central data protection organization, two of which work in different areas of responsibility within employee and customer data protection (onein administration or training, and the other in communication and management of the Group data committee).
Another department deals with audits, technical dataprotection and the internal data protection systems. The
fourth is responsible for the national and international
data protection directives and manages the entire local
data protection organization. At the national level, thisconsists of data protection experts, data protection officers and, at the international level, data protection
managers.
◊ Local data protection experts in DB companies all over
the world are available to employees and responsible
persons if they have any questions and concerns aboutdata protection. These experts ensure that the rules are
implemented and enforced in accordance with the law.
DB Group’s Data Protection Advisory Boardµ
Board
191 consists of renowned figures from science, politics, associations, independent organizations and employee representatives, ensuresthat data protection interests are taken into account, andadvises the Management Board on strategic and central dataprotection issues.
Customers, employees and applicants can therefore relyon us to ensure a high level of data protection, for example
when developing new business models and when introducing
and making changes to the processing of personal data.

Optimizing and further developing DB Group’s Data Protection Management System (DPMS) are among the core responsibilities of the Group Data Protection function. The
DPMS provides for systematic coordination between roles
and responsibilities for data protection, systematic processes,
detailed specifications, intensive training, advising businessdepartments, and monitoring implementation. It comprises
many small and large components, from one-page guidance
documents to top consulting projects.
In order to further simplify the integration of data protection into business processes, the DPMS think tank once
again focused on implementing the annual key issues in 2022.
The think tank provides support as a source of ideas andsupports the continuous improvement process of the DPMS,
for example by helping decide the key topics (2022: customer
data protection).

Data protection priorities

One of the focuses of the 2022 data protection program wascustomer data protection. Many different measures wereadvised, supported and implemented with those responsible
for this. In particular, the focus was on “Structuring and dealing with data subject rights from a central governance andoperational perspective.” The focus of our consulting was on“Group-wide standardized consent and analysis management
on Web sites and mobile apps” and the use of cloud service
providers for intra-Group and external processes, procedures,
services and IT applications. Although 2022 was marked by
the gradual withdrawal of legal obligations in connection
with the Covid-19 pandemic, a variety of legislative changes,
particularly at Federal states level, demanded a response inorder to give legal certainty in the implementation of theCovid-19 regulations within DB Group. In addition, we continue to consistently look at our internal processes and adapt
them to developments and circumstances in order to be optimally positioned in the areas of customer and employee
data protection.
Various international issues were also discussed in 2022.
On the one side, the focus was on Chinese data protection
laws and the extent to which, due to their strict requirements,
adjustments to important systems and processes of DB Groupand the relevant Group companies are necessary. Appropriate adjustments have been identified and addressed to those
responsible and are now in the process of phased implementation and ongoing review. On the other hand, one focus
remained on the impact of the ECJ ruling on cross-borderdata transfer (“Schrems II”). These effects were expressedin the fact that, Group-wide, necessary updates had to be
implemented where cross-border data transfer takes place

D ATA P R O T E C T I O N I N D B G R O U P

In addition to the General Data Protection Regulation (GDPR),
there were new or planned laws and regulations with requirements and effects on data protection on national and international levels. This increased the degree of regulation andmade it more complex. In particular, the structure of thecontent of the GDPR by data protection supervisory authorities and courts in Germany and Europe, as well as the decision of the ECJ ruling on cross-border data transfer (“SchremsII”) led to an increased need for internal consultation by thedata protection organization.

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Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

with the Mobile Security team in the area of checks for apps
has proven itself, and the testing process for mobile apps has
been updated. Advice was given on the app provision andquality assurance process was from a data protection andtechnical perspective. Particular attention was given to theimprovement of processes and the empowerment regarding
data protection issues of responsible bodies.
In addition, cooperation with the various audit units of IT
auditing and the Information Security division was intensified, so that regular coordination on audit programs andcurrent trends took place. The focus was on exchanges on
relevant findings on the audits between departments andensuring advice (for example identity access management,
AIP – handling highly confidential documents – and managing access management to the individual company tenants).

by the end of 2022. This concerned both contractual agreements and the implementation of stronger technical andorganizational measures. The necessary updates, in particular in the form of a replacement of the EU standard contract
clauses, were addressed to all responsible parties and those
involved. At the same time, templates for the new EU standard
contract clauses, transfer impact assessments and checklists
were created and distributed for reviewing the supplementary measures. Training was also carried out on how to deal
with these standard clauses so that all parties involved wereable to make the necessary adjustments in due time.
In addition, the focus was on raising awareness among
all employees. For example, increased focus was placed on
raising employee awareness through Group-wide campaigns
in cooperation with the areas of Group security, information
security and compliance (for example the digital “Security
Day” and “Data and Cyber Snacks” one-day events, or thelecture series “Simply Safe ...”). The provision of a new e-learning on the topic of “data protection for mobile working” also
helps here. In addition, employees were made aware of the
topic of “data protection for mobile working” in various formats (for example Lunch&Learn).
In 2022, technical data protection consulting focused,among other areas, on big data, tracking and analytics. In
addition, the topic of Microsoft Office 365 is associated withongoing technical advice through the further development
and introduction of new functions, particularly internally.
The support of tenders for telecommunications service providers, the advocacy tool in HR marketing, for media andmarket research agencies and the awarding of cloud contracts
presented challenging consulting tasks for technical dataprotection. Data protection support for the new SEMYOU
platform for employee surveys was also a key focus of consultation. The latter was also reviewed by the data protection
audit team in the run-up to its Group-wide introduction. In
2022, further focus was on auditing central processes in customer data protection (BahnCard, marketing analysis toolat MarTech) and employee data protection (KANDIS time
recording system and personnel postal processes). The new
HR management system SMART HR will be continuously­audited with supervision until its introduction in 2023.
Numerous apps were also reviewed, which were developed for customers and employees (for example DB Navigator,
BahnBonus, Flinkster). The focus of the app checks was on
the use of cookies, the scope and processing of personal data
as well as the technical safeguards in place for data transmission and storage. In this case, the intensive cooperation

Advisory board on data protection

The Advisory board on data protection supports the stakeholder dialog on data protection in DB Group. The membersof the Advisory board advise the Management Board on­
the current strategic and central data protection issues. The
objective is to promote the data protection interests of allparties involved, in particular employees and customers.
The Advisory board makes an important contribution to themost exemplary data protection in DB Group.
The consultations on the data protection-related aspectsof the digital transformation, as well as the specifications
and measures derived from the Strong Rail strategy serve toprotect the legitimate interests of the data subjects. The focus is on the challenges of modern, efficient and, among
other things, good data protection in DB Group. As part ofthe discussions and consultations with the Management
Board, the representatives of the specialist departments andthe data protection organization, there is a regular and intensive exchange on the relevant data protection-related
aspects. These include the numerous applications and digitalization projects in DB Group, including DB Navigator and
DB Enterprise Cloud. Further consulting focuses are on theareas of communication and training, data subject rights,
information security and data governance in DB Group.
For the eighth time in a row, the Advisory board on dataprotection presented the Data Protection Award, a prize for
employees who make an outstanding contribution to innovative and exemplary data protection in DB Group. In 2022,
the Gold Data Protection Award was awarded to the Covid-19
pandemic project team. Under particularly challenging conditions, the team succeeded in ensuring an optimal connection between health protection and employee data protection
during the Covid-19 pandemic. The Data Protection Award
makes an important contribution to raising awareness aboutdata protection issues within DB Group.

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Corporate Governance report

2. NO. 3.2 CLAUSES 1 TO 4

For some of the limited liability companies (GmbHs) within
DB Group, general meetings did not take place in person
once a year as recommended by the PCGK; instead, they
were held by way of a written resolution in accordance with
Section 48 of the Act on Limited Liability Companies (Gesetz
betreffend die Gesellschaften mit beschränkter Haftung;
GmbHG).
These companies are directly or indirectly wholly owned
by DB AG and are integrated into DB Group via a dominationand profit and loss transfer agreement. As part of DB Group,
meetings held in person to discuss the financial statementswith only one person present as shareholder representative
would have no added value in terms of content, but would
result in a significantly disproportionate administrative burden and additional expenses, due to the presence of theauditor, for example.

Corporate governance rules are intended to ensure good,
responsible and value-focused corporate management. The
Federal Government amended its Public Corporate Governance Code (Public Corporate Governance Kodex; PCGK) on
principles of good corporate and investment management
by resolution dated September 16, 2020. The PCGK sets out
the essential provisions of applicable law governing the management and monitoring of non-listed companies in which
the Federal Republic of Germany holds a majority stake, while
outlining the internationally and nationally acknowledged
principles of good and responsible corporate management.
The objective of the PCGK is to make the corporate man­agement and oversight of companies more transparent andeasier to understand as well as to establish more precisely
the role of the Federal Government as a shareholder in suchcom­panies. It also intends to increase awareness of good
corporate governance.
We are convinced that good corporate governance isfundamental to the success of DB Group. Our aim is to sustainably increase the enterprise value so as to promote theinterests of customers, business partners, investors, employees and the public, while maintaining and expanding
trust in D
­ B Group.
For corporations under uniform management, the executive bodies of the parent company must jointly issue thestatement of compliance for the parent company of the Groupand the companies under its uniform management which arerequired to apply the Code. Deutsche Bahn AG (DB AG) complies with this recommendation below. The statement ofcompliance is an essential part of the Corporate Governancereport, which is therefore also submitted in its entirety at thelevel of the Group’s parent company.

3 . N O . 4 . 1 . 2 PA R A . 1

A clause on the application of the PCGK, as amended, wasincluded in the relevant company documents during the reporting period. In the case of one company, this process could
not be finalized before the reporting date.
4 . N O . 4 . 1 . 3 PA R A . 2 C L A U S E 1 A N D N O . 4 . 1 . 3 PA R A . 4

Continuous quarterly reporting recommended by the PCGK
for the companies it covers in accordance with Section 90 of
the German Stock Corporation Act (Aktiengesetz; AktG) is
not implemented for four GmbHs (Para. 2) and six GmbHs(Para. 4). The previous cycle of semi-annual reporting has
proved successful in these companies. The proper, timely
and comprehensive information of the supervisory bodycontinues to be effectively ensured, even with the current
reporting period of at least one meeting per calendar halfyear. If there are additional events, written reports by theManagement Board or extraordinary meetings of the Supervisory Board may continue to take account of the reporting
requirements to the Supervisory Board.

S TAT E M E N T O F C O M P L I A N C E
I.

The Supervisory Board and the Management Board of DB AG
declare that since the last declaration was issued on March
30, 2022, the recommendations on the PCGK adopted by t­ heFederal Government on September 16, 2020, have been complied with, with the following exceptions:

5 . N O . 4 . 1 . 3 PA R A . 5 C L A U S E S 4 A N D 5

The respective rules of procedure for the companies coveredby the scope of application of the PCGK generally stipulatethat a 14-day period must be observed for convening the­Supervisory Board, including communication of agenda items.
Additions should be communicated no later than one week
before the meeting (by means of subsequent dispatch). In
justified exceptional cases, additions to the agenda or thesubmission of documents may be required at short notice sothat the Supervisory Board can also be informed in urgent
cases or can also make corresponding decisions. During ­thereporting period, some companies covered by the PCGK

1. NO. 3.1 CLAUSE 1

A clause on the application of the PCGK, as amended, wasincluded in the relevant company documents during the reporting period. In the case of one company, this process could
not be finalized before the reporting date.

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Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional informations­ ubmitted documents within less than 14 days’ notice inisolated cases. The companies strive to comply with the­­14-day deadline in principle.
6. NO. 4.3.2 CLAUSE 2

In its D&O insurance policy, DB Group does not comply withthe deductible recommended by the PCGK for members ofGmbH management bodies. DB AG has taken out a Groupwide D&O insurance policy for all its management bodymembers in fully consolidated companies. A deductible formanagement body members of GmbH companies is not prescribed by law. Unlike executives of stock corporations, forwhom the deductible is prescribed by law, there are hardly
any corresponding insurance offers on the market to coversuch a deductible for members of the management body ofGmbHs. DB AG continuously monitors the insurance market.
If the corresponding offers are available on the market, DB AG
will aim to implement this recommendation from the PCGK.

In a company, the compliance officer is indirectly subordinated to the management body, and the performance of thecompliance function only represents a small proportion of
their overall activity. However, there is a direct right to reportto the management body and professional independence,
meaning that in this case the indirect subordination is considered to be justifiable. In another case, responsibility forcompliance is assigned to the chairman of the management
body. The compliance officer assigned to him is responsible
for compliance issues across a number of companies in thisbusiness unit. As a result of the evaluation and audit, theoverall approach presented was considered to be efficientand therefore preferred to the establishment of complianceofficers in the respective legal entities, who then report directly
to the respective management body. In another company,­direct reporting to the management body is not feasible, as
the company does not have any employees, but only consistsof the members of the management body and the supervisorybody.

7. NO. 4.3.2 CLAUSE 3

In D&O insurance, there is no deductible for members of­supervisory bodies.
DB AG has taken out a Group-wide D&O insurance policy
for all its Board members in fully consolidated companies,
which also covers the members of the supervisory bodies.
A deductible makes it difficult to obtain suitably qualified
candidates for members of the supervisory bodies, especiallysince comparatively low remuneration is already paid.
A significant portion of the compensation paid to representatives on DB Group Supervisory Boards who are delegatedby/elected at the behest of the Federal Government is transferred to the Federal Treasury, unless they waive their compensation altogether. Members of the Supervisory Board
representing employees also transfer a significant amountof their compensation to the Hans Böckler Foundation. DB
executives who take on Supervisory Board mandates within
DB Group do not receive any separate compensation for DB
Group-internal Supervisory Board mandates. This being thecase, it does not seem appropriate to allow members of thesupervisory bodies to share in the risks arising from Directors’
and Officers’ liability cases.

9. NO. 5.2.2 CLAUSES 1 AND 3

As part of the implementation of the PCGK recommendations,a standard procedure/sample documents were developed
for a transparent selection procedure and gradually applied
during the reporting period. As these were established during
the reporting year, the sample documents were not yet usedin all companies during the entire reporting period. In companies with minority shareholdings, there are, in some cases,
rights to designate on the part of the minority shareholder forindividual management mandates. In these cases, there is noroom for DB AG to apply a structured selection procedure.
10. NO. 5.2.4 CLAUSE 3

In one company, a member of the management body was
reappointed 1.5 years before the end of their term and thecurrent mandate was simultaneously terminated in the reporting period. This was necessary to ensure continuity inthe general management.
1 1 . N O . 5 . 3 . 2 PA R A S . 1 A N D 2

The recommendations under No. 5.3.2 Clauses 1 and 2 of the
PCGK, in accordance with which remuneration of management body members should be decided by the responsible
corporate body, are, for the most part, complied with. In individual cases, there are still ongoing Group employment
contracts for historical reasons. In these cases, where thecontractual partner is not the corporate body, but rather
DB AG as management holding company, the recommendations of this section shall be deviated from during the termof these Group employment contracts. There are no plans toconclude new Group employment contracts in the future.

8. NO. 5.1.2 CLAUSE 4

DB Group has complied with the recommendation of the

PCGK to subject the entity responsible for compliance directly

to the management body, with three exceptions.

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1 2 . N O . 5 . 3 . 2 PA R A . 5

15. NO. 6.1.7

DB AG intends to comply with the recommendation to estab-

The majority of the relevant delegation clauses have been
deleted from company documents. Apart from one exception,
the deletion of which is planned for the next possible date,the PCGK is be complied with.

lish malus and clawback clauses in the employment contracts
for members of a management body. This recommendation
will be integrated into contractual regulations, predominantlyin the context of new appointments and reappointments.
Accordingly, it will take several years for the companies covered by the PCGK to fully comply with this recommendation.

1 6 . N O . 6 . 5 PA R A . 1

DB AG does not comply with the recommendation that allcompanies covered by the PCGK hold one regular meetingof the supervisory body per calendar quarter. DB AG believes
that holding meetings less frequently has proven to be effec­
tive, particularly in the case of smaller companies, and – given
the size of the companies and the smaller variety of topics
or reportable business transactions compared to large companies – it also constitutes proper monitoring of the management body. The proper, timely and comprehensive informationof the supervisory body continues to be effectively ensured,
even with the current reporting period of at least one meeting
per calendar half-year. If there are additional events, written
reports by the management body or extraordinary meetingsof the Supervisory Board may continue to take account of thereporting requirements to the Supervisory Board.

13. NO. 5.3.3 AND 5.3.4

The recommendations under Nos. 5.3.3 and 5.3.4 of the PCGK
with regard to the determination of variable compensation
components by the responsible corporate body are, for themost part, complied with. In individual cases, there are stillongoing Group employment contracts for historical reasons.
In these cases, where the contractual partner is not the corporate body, but rather DB Group Management is, the recommendations of this section shall be deviated from during
the term of these Group employment contracts, as the targets
in these cases are agreed with Group management. There
are no plans to conclude new Group employment contracts
in the future.
The methods for the variable remuneration/profit sharein DB Group were revised in the 2022 financial year. The established methodology meets the requirements of the PCGK.

1 7 . N O . 6 . 5 PA R A . 2

To date, circular resolutions have been documented in a separate resolution. Additional consideration was arranged in
the minutes of the subsequent meeting of the supervisory
body. The procedure was introduced during the reporting
year for three companies and has not yet been implemented
for the full reporting period.

1 4 . N O . 6 . 1 . 1 PA R A . 1

In the case of DB Projekt Stuttgart  —  Ulm GmbH, DB Group
does not comply with the PCGK’s recommendation to anchora supervisory body in the articles of association where thisis not provided for by law. In 2013, the Management Board
and Supervisory Board agreed to establish the project company DB Projekt Stuttgart  —  Ulm GmbH for the implementation of the major Stuttgart 21/Wendlingen  —   Ulm projects andto set up an advisory board of specialist experts to support
the company. The Advisory Board of DB Projekt Stuttgart  —  ­Ulm
GmbH does not have any tasks, rights or duties within themeaning of the German Stock Corporation Act (Aktienrecht).
However, the Chairman of the Advisory Board regularly brings
the committee’s positions into the deliberations of DB AG’s
Supervisory Board on the Stuttgart 21 project. ­In addition, theauditors PricewaterhouseCoopers GmbH Wirtschaftsprüfungs­
gesellschaft (PwC) and the engineering firm Emch + Berger
provide regular, independent support and quarterly reportingon the project status on DB AG’s Audit and Compliance Committee. There is, therefore, no intention to establish a separate supervisory board for DB Projekt Stuttgart — Ulm GmbH.

18. NO. 7.2.1 AND 7.2.2

DB AG does not follow the recommendation to disclose thecompensation of the executive bodies of the subsidiaries
covered by the PCGK on an individual basis in the Corporate
Governance report.
Publishing the compensation awarded to the respective
members of management bodies, especially without theirconsent, would be questionable with regard to data protection. As yet, relevant consents have not been contractuallyagreed for the members of management bodies, with the
exception of the DB Group Management Board.

II.
The Supervisory Board and the Management Board of DB AG
further declare that the Group parent company and thecompanies under its uniform management that are required
to apply the Code will, in principle, comply with the recommendations on PCGK 2020 adopted by the German Federal
Government on September 16, 2020, with the aforementioned exceptions.
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Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information∏ C O O P E R AT I O N B E T W E E N T H E M A N A G E M E N T

Board Division. The Infrastructure Board division has been
managed by Mr. Berthold Huber since July 1, 2022, thus succeeding Ronald Pofalla, who left DB Group on April 30, 2022.
Based on the recommendations of the Public Corporate
Governance Code and the corresponding regulations in thecompany documents, all Board members are required to reportconflicts of interest. Conflicts of interest that have occurred
are reported in the declaration of conformity to be issued
annually. Accordingly, the members of the Management
Board immediately disclose conflicts of interest to the Super­visory Board and inform their colleagues on the Management
Board about them. In the reporting period, no such incidents
arose.

BOARD AND THE SUPERVISORY BOARD

As a German joint stock corporation, DB AG is subject to a
two-tier management and monitoring structure in the formof the Management Board and Supervisory Board. These twobodies are strictly segregated in terms of both their membership and their competencies. The members of the Management Board bear joint responsibility for the management of
the company. The Supervisory Board monitors the activitiesof the Management Board and is responsible for appointing
members to, and dismissing members from, the Management
Board.
In the interests of optimum company management, we
see it as very important for the Management Board and theSupervisory Board to maintain continuous dialog with eachother and to work together efficiently and in an atmosphereof mutual trust for the benefit of the company. The Management Board takes part in meetings of the Supervisory Board
insofar as the Supervisory Board deems this necessary andprovides the Supervisory Board with regular, prompt, compre­
hensive information on all matters relevant to the company,
particularly those concerning planning, business development, risk exposure and risk management, as well as theinternal control system.
An overview of the members of the Management Board and of
the Supervisory Board of DB AGµ 273 ff., including the mandates
they hold, is provided in the Notes to the consolidated financial statements.

Supervisory Board

The Supervisory Board advises and monitors the Management
Board in its management of the company.
In line with the requirements of the Co-Determination Act(Mitbestimmungsgesetz; MitbestG), the Supervisory Boardof DB AG consists of 20 members, of whom ten members areshareholders’ representatives and ten members are employee
representatives. Some of the shareholders’ representatives
are seconded to the Supervisory Board and some are elected
at the Annual General Meeting. The selection process for themembers of the Supervisory Board is carried out by the ownerin accordance with the statutory provisions. The employees’
representatives on the Supervisory Board are elected in linewith the requirements of the Co-Determination Act. The
company is therefore not able to provide detailed information about a selection procedure or any underlying criteria(including diversity characteristics). An overview of the incumbent members of the Supervisory Board together with
their functions or job titles is shown in the consolidated financial

Management Board

The members of the Management Board bear joint responsibility for the management of the company. The Management Board is required to safeguard the interests of the company and is committed to achieving the sustainable growthof enterprise value. It specifies the business goals and defines
the strategies to be implemented in order to attain thesetargets. The Management Board is responsible for making
decisions on all matters of fundamental and key importancefor the company.
In its meeting on June 23, 2022, the Supervisory Board
decided to dissolve the previous Passenger Transport Board
division and to transfer both long-distance passenger transport and regional transport to a separate Board division. For
the period from July 1, 2022, to June 30, 2025, Ms. Evelyn Palla
was appointed member of the Management Board of DB AG
for the new Regional Transport Board division and Dr. MichaelPeterson for the new Long-Distance Passenger Transport

statementsµ 274 ff.
statementsff.

In the current term of office, Mr. Christian Schmidt resigned his Supervisory Board mandate with effect fromthe end of April 30, 2022, and Ms. Kirsten Lühmann and Mr.
Eckhardt Rehberg resigned their respective Supervisory Board
mandates with effect from the end of June 15, 2022. With
effect from June 16, 2022, Mr. Stefan Gelbhaar (Member of
the German Parliament), Ms. Dorothee Martin (Member of
the German Parliament) and Mr. Bernd Reuther (Member of
the German Parliament) were elected as members of theSupervisory Board of DB AG at the extraordinary general
meeting on June 16, 2022. With effect from the end of June15, 2022, Mr. Enak Ferlemann and Ms. Elisabeth Winkelmeier-­
Becker each resigned from their Supervisory Board mandates.
With effect from June 16, 2022, Parliamentary State Secretary
Susanne Henckel, Federal Ministry of Digital and Transport(BMDV), and Parliamentary Secretary of State Anja Hajduk,Federal Ministry of Economics and Climate Protection (BMWK),

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Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

were appointed to the Supervisory Board of DB AG for the remainder of the term of office. Former State Secretary Michael
Odenwald resigned his mandate and, in connection with this,also resigned from his position as Chairman of the Supervisory Board with effect from the end of July 22, 2022. Ms. Ingrid
Hengster resigned her Supervisory Board mandate with effectfrom August 19, 2022. At the Supervisory Board meeting on
September 28, 2022, State Secretary Werner Gatzer was
elected to the position of Chairman of the Supervisory Board.
At the extraordinary general meeting of September 29, 2022,
Ms. Daniela Mattheus was elected to the Supervisory Boardof DB AG with immediate effect from October 1, 2022, and at
the extraordinary general meeting of December 7, 2022, Mr.
Michael Sven Puschel was also elected to the Supervisory
Board of DB AG with immediate effect for the remaining termof office.
Mr. Jürgen Beuttler and Mr. Mario Reiss each resigned
their Supervisory Board mandates with effect from the endof July 31, 2022. Mr. Klaus-Dieter Hommel resigned his Supervisory Board mandate with effect from the end of September
30, 2022 and Mr. Jürgen Knörzer resigned his Supervisory
Board mandate with effect from the end of October 31, 2022.
Alexander Kaczmarek and Klaus-Peter Schölzke were appointed members of the Supervisory Board of DB AG witheffect from September 13, 2022, by way of a judicial appointment by the Charlottenburg District Court. By way of a judicial appointment with effect from December 8, 2022, Mr. Ralf
Damde and Mr. Manfred Scholze were also appointed members of the Supervisory Board of DB AG. At the Supervisory
Board meeting on December 15, 2022, Mr. Martin Burkert waselected Deputy Chair of the Supervisory Board.
Any personal or business relationships of individual members of the Supervisory Board with the company are statedin the Notes to the consolidated financial statements.
Based on the recommendations of the Public Corporate
Governance Code and the corresponding regulations in thecompany documents, all Board members are required to­report conflicts of interest. Conflicts of interest that haveoccurred are reported in the declaration of conformity to beissued annually. The members of the Supervisory Board mustalso disclose any conflicts of interest to the Supervisory Board
without delay and inform the Supervisory Board accordingly.
In the reporting period, no such incidents arose.
Transactions of fundamental importance and other Management Board decisions with a major impact on the business
operations and on the assets, financial or income situationof the company require the authorization of the Supervisory
Board. The Management Board reports to the DB Supervisory
Board on the business development and the position of DB
Group at least once every quarter. The Management Board

also reports to the Supervisory Board regularly on all measures
implemented within the company that are intended to ensurecompliance with laws and corporate regulations. In addition,
the tasks of the Supervisory Board include the auditing andapproval of the company’s annual financial statements andthe auditing of the company’s management report, the consolidated financial statements, and the DB Group management report. The Supervisory Board also monitors the accounting process, the effectiveness of the internal control
system, the risk management system and the internal audit
system, as well as the process of auditing the annual financial
statements.
The Chairman of the Supervisory Board is in regular contact with the Management Board and specifically the Chief
Executive Officer to discuss company strategy, businessdevelopment and risk management. The Chairman of theSupervisory Board receives regular reports from the Chief
Executive Officer on all events that are of key importancefor assessing the company’s situation and development, as
well as for its management.
There were no consultancy agreements or other comparable service agreements or contracts for services between
the members of the Supervisory Board and DB AG in the year
under review.

Supervisory Board committees∏

Share of women on the Management Board
and Supervisory Board∏

In order to enable it to carry out its monitoring activities tothe best of its abilities, the Supervisory Board of DB AG has
made use of the option of setting up further committees in
addition to the Mediation Committee, which has to be set
up in accordance with the Co-Determination Act, and has set
up an Executive Committee, an Audit and Compliance Committee and a Personnel Committee. An overview of the ­members
membersof the committeesµcommittees
276 can be found in the notes to the consolidated financial statements. Details of the work performedby the individual committeesµcommittees
27 f. in the year under review are
included in the report of the Supervisory Board. Details of thefunctions∞ of the individual committees can be found on
functions
our Web site.

As of the reporting date December 31, 2022, the Supervisory
Board of DB AG included, and still includes, seven women(35.0%). A target of a 50% share of women on the Supervisory Board of DB AG was set, with a deadline of June 30, 2027.
The Management Board of DB AG included, as at the reporting date of December 31, 2022, and still includes, two
women (37.5%). A target of a 50% share of women on theManagement Board of DB AG was set, with a deadline of June30, 2027.

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Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

At the other management levels of DB AG, the following targets have been set (deadline December 31, 2024): at the firstmanagement level below the Management Board, a 31.7%
share of women, and at the second management level below
the Management Board, a 40.2% share of women. As of December 31, 2022, a 21.6% share of women was realized at thefirst management level below the Management Board. At
the second level, 36.4% was achieved.
DB Group is committed to the equal participation of
women and men in management positions and, on the basisof the law, has decided to set a total target of 30% womenin management for all applicable subsidiaries at all levels(Supervisory Boards, Management Boards/management
bodies, first and second management levels), with a deadlineof December 31, 2024.
Comprehensive information on DB Group’s diversity andsustainability activities is provided in the non-financial section of the Integrated Report.

the Audit and Compliance Committee, concerning the adequacyand effectiveness of the internal control system. In addition,
the Management Board reports to the Audit and Compliance
Committee regarding risks of major importance to the Group
companies and the handling of these risks by the Management Board. It also controls whether the early warning system
for risks meets the requirements of Section 91 Para. 2 of theGerman Stock Corporation Act (Aktiengesetz; AktG).

COMPLIANCE

Compliance is an integral component of the corporate andleadership culture at DB Group. To us, compliance means
ensuring our business activities comply with the relevantlaws and regulations that apply to them.
Our compliance activities focus on preventing and consistently combating corruption and other corporate crime.
Mandatory compliance policies serve to protect DB Group,
our employees and our executives. Increasing awarenessamong our employees and executives remains of great importance, because only risk-aware employees can recognizerisks and successfully avoid or, at least, minimize them.
The compliance work of DB Group includes the early detection of compliance risks as well as the introduction of
relevant countermeasures. This work includes conducting
compliance programs, constant communication and process
improvements.

T R A N S PA R E N C Y

All important information regarding DB Group’s consolidated
and annual financial statements, the interim report, the financial calendar and information on security transactions subject
to a reporting obligation can be found on our Web site∞
site
. In
addition, we provide regular information on current developments within the framework of our investor relations activities
and corporate communication.

ACCOUNTING AND AUDITING† RISK MANAGEMENTOn March 30, 2022, the Annual General Meeting of DB AG
appointed the auditing firm PricewaterhouseCoopers GmbH
(PwC), Berlin, as auditor for the 2022 financial year. The Audit
and Compliance Committee prepared the proposal of theSupervisory Board regarding the election of the auditor and,following the election of the auditor by the Annual General
Meeting, defined the key audit aspects in conjunction withthe auditor. Once again this financial year it was agreed withthe auditor that the Chairman of the Audit and Compliance
Committee will be notified of any possible reasons for exclusion or prejudice that emerge in the course of the audit. It
was also agreed that the Chairman of the Committee will be
notified immediately by the auditor of any separate findings
and any irregularities in the statement of compliance.

Good corporate management also encompasses a responsible approach to the risks and opportunities arising in connection with business operations. The early identificationand limitation of business risks is therefore of paramountimportance to the Management Board and the Supervisory
Board.
The Management Board is responsible for ensuring, andcontinuously improving, adequate risk management andmonitoring of risks within the company. The Accounting Law
Modernization Act (Bilanzrechtsmodernisierungsgesetz;
BilMoG) precisely defines the responsibilities of the Supervisory Board with regard to monitoring the accounting process and ensuring the effectiveness of the internal control
system, the risk management system and the internal audit
system. For the Supervisory Board to be able to discharge
this responsibility, it must be provided with suitable information based on which it can form an opinion on the adequacyand effectiveness of systems. Regular reports are made to

EFFICIENCY AUDIT OF THE
SUPERVISORY BOARD

The Supervisory Board regularly monitors the efficiency of
its activities. The last efficiency audit took place in the 2021
financial year.

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The compensation report outlines the compensation system
and lists the individual compensation of the members of theManagement Board and the Supervisory Board.

also takes into account the income situation and respective
Board Division-specific issues. The annual bonus is calculatedon the basis of the total of five individual targets with equal
weightings. Three of these objectives relate to the areas of“Customer,” “Quality” and “Employees,” and another objective is the economic performance of DB Group. These four
objectives are common to all members of the Management
Board. In addition, a Board Division-specific target has been
agreed for each Board member. After the mathematical calculation of the STI, it is possible to modify the mathematicalresult by means of a discretionary factor and to allow extraordinary events that occurred during the reporting year andcannot be predicted at the start of the assessment period to
be included in the target achievement via a modifier. Furthermore, the STI is only paid out if DB AG is able to pay dividends. If this is not the case, the STI is completely canceled(knock-out). The STI payout may not amount to more than
200% of the STI target bonus. Extra premium and clawback
regulations were also agreed with Board members in accordance with the recommendations of the PCGK. The businessand personal targets of the Management Board members are
determined by the Supervisory Board annually, based onrecommendations from the Personnel Committee, and arethen agreed in writing with the Management Board members.
Together with the corporate plan adopted by the Supervisory Board, the personal targets form the basis for calculating
the annual bonus. This means that all of the key parameters
for total compensation are established at the beginning of thefinancial year. At the end of a financial year, the level of target
achievement is determined for each member of the Management Board on the basis of the Group results. The target
income is achieved if every target is 100% met. The final decision on this matter is made by the Supervisory Board andis prepared by the Personnel Committee.
The long-term incentive (LTI) for the Management Board
is focused on long-term transport volume and climate policy
targets and the sustainable creditworthiness and profitability of DB Group. After the end of the respective plan term offour years, the extent to which LTI targets have been achievedat the end of the tranche is measured using the average target
achievement for the individual years. The payment amountfor the long-term incentive plan has an upper limit and canvary between 0% and 200%. Claims from the long-term incentive plan are inheritable.
The Management Board members are entitled to an appropriate severance package if their contract is terminatedbefore the contractually stipulated termination date, provided
that the Management Board member was not personally­responsible for the termination through his or her actions.
The severance package is based on the remaining term of∏ Compensation system of the Management Board
The compensation system for the Management Board of†
DB AG aims to provide appropriate compensation to membersof the Management Board in accordance with their duties
and areas of responsibility.
The appropriate level of compensation is reviewed regularly using a comparison process. This review examines thelevel of Management Board compensation both in comparison to the external market (horizontal appropriateness) andin comparison to other levels of compensation within thecompany (vertical appropriateness). If the review shows aneed to adjust the compensation system or the level of compensation, the Personnel Committee of the Supervisory Board,which has equal representation of the stakeholders and shareholders involved through the shareholders and employee
representatives on the committee, submits corresponding
proposals in this regard to the Supervisory Board for approval.
The appropriateness of Management Board compensation
was last reviewed in the 2021 financial year.
∏ C O M P E N S AT I O N C O M P O N E N T S
The total compensation for Management Board members
consists of a fixed salary, a performance-linked annual bonus(short-term incentive, STI) and a long-term incentive plan
based on multi-year figures. Total compensation also includes
benefit commitments, other commitments and ancillary
benefits.
The fixed salary is cash compensation linked to the financial year. It is based on the scope of responsibility and theexperience of each Management Board member. The individually defined fixed income is paid out in 12 equal installments.
In December 2021, the Supervisory Board adopted anamendment to the STI methodology, which was applicablefor the first time in the 2022 financial year. In the interests oftransparent and uniform rules on profit-sharing in the Integrated Rail System, this also applies, as far as possible, toother Group subsidiaries and management levels from 2022.
The methodological revision of the STI takes into account inparticular the recommendations of the Federal Government’s
Public Corporate Governance Code, which was amended in2020. The main focus of the established STI methodology ison operating performance and customer satisfaction, but

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Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

the contract, the agreed target salary and, where applicable,
the pension benefits already owed by DB AG for the remainderof the contract.
In accordance with the recommendations of the PCGK, a
severance payment cap is included in all contracts of DB AG
Management Board members. This cap means that payments
made to a Management Board member due to prematuretermination of Management Board duties cannot, without
good cause as defined by section 626 of the German Civil
Code (Bürgerliches Gesetzbuch; BGB), exceed the value of
two years’ salary, including variable compensation components, and must not provide compensation for more than theremaining term of the employment agreement.
Management Board members do not receive any additional
compensation for mandates exercised in control bodies ofGroup companies or affiliated companies.

In some cases, given the regulatory requirements, DB Netz
AG is subject to separate regulatory requirements which takeeven greater account of the business success of DB Netz AG.
Pension entitlements

Group-wide compensation system for executives

In the interests of transparent and uniform rules on profit-­
sharing in the Integrated Rail System, the modified STI methodology adopted by the Supervisory Board of DB AG for theManagement Board in December 2021 was implemented forother Group subsidiaries and management levels from 2022.
The compensation system for executives aims primarily
to closely link compensation to the sustainable success ofthe company in the sense of the business success of the­Integrated Rail System and of DB Group, as well as the alignment of all divisions toward this target.
The annual bonus for executives and employees not subject to wage agreements in the Integrated Rail System isstructured as a profit share. Personal goals are then agreed
with executives as part of a regular process. The target
achievement and/or personal performance assessments arethen regularly included in the assessment, both in the profit
share and in decisions to increase the fixed salary.
If the executives are members of DB AG subsidiaries, therespective subsidiary’s supervisory board is responsible fordiscussing the personal goals, if possible by the end of afinancial year. Where applicable, the respective decision-­making will take place after the DB AG Supervisory Board
meeting in which the mid-term planning and the targets for
DB AG’s Management Board are adopted. This chronologicalsequence of the handling of personal goals in the Supervisory Boards of the subsidiaries is due to the Group structureof DB AG.

199

The Supervisory Board of DB AG has determined that theManagement Board should not include members who haveexceeded the standard retirement age of the statutory pension insurance. After leaving the company, Management
Board members are entitled to pension payments. At thelatest upon reaching the age of 65, Management Board members who were in office prior to 2017 are entitled to a lifelong
pension if the term of employment ends due to permanent
invalidity, or if the contract is terminated before the agreed
termination date or is not extended, without good cause, orif the Management Board member refuses to continue thecontract under the same or more beneficial conditions.
The system governing benefit commitments to Management Board members was amended in 2017. Members appointed to the Management Board for the first time in 2017
and thereafter receive a defined benefit commitment underwhich a capital stock is saved up for the Board member forthe duration of their employment and paid out when theyreach retirement age. The commitment is granted in the formof a capital account plan with an annual contribution derived
as a fixed percentage rate of the fixed salary.
Company pension commitments for Management Board
members already in office are based on a percentage of thebasic salary depending on the length of time that the Management Board member has been with the company. Pension commitments include lifelong retirement and surviving
dependent benefits. There is no lump sum payment option.
In addition, for Management Board member contracts
entered into before January 1, 2009, a reinsurance policy was
concluded to cover company pension benefits.
Contractual ancillary benefits

The contractual ancillary benefits for Management Board
members include a company car with driver for business andpersonal use, a personal BahnCard 100 First travel card andstandard insurance coverage. A housing allowance is provided
for second homes where these are required for business­purposes. Where these benefits in kind cannot be granted
on a tax-free basis, they are taxed as monetary benefits forwhich the Management Board members are fully responsible.
Management Board members, like any other member of theGroup’s executive personnel, can choose to take part in thecompany’s deferred compensation program.

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

The members of the Management Board are covered by liability insurance against financial losses incurred due to DB AG’s
business operations (D&O insurance). In the year under review, this insurance was designed as a Group insurance policy with the deductible provided for under law; it provides
coverage for financial losses that may occur during the performance of Management Board activities. The insurance
coverage of the existing D&O insurance policy is valid for aperiod of five years after the termination of activities as amember of the Management Board.

Pension benefits for the Management Board for the 2022 financial year

In the year under review, an amount of € 1,769 thousand wasadded to the pension provisions.
ADDITIONS TO PENSION PROVISIONS / € thousand

2022

I N C U M B E N T M A N AG E M E N T B OA R D M E M B E R S O F D B AG A S O F D E C 3 1 , 2 0 2 2

Dr. Richard Lutz

329

Dr. Daniela Gerd tom Markotten

176

Dr. Levin Holle

175

Berthold Huber

648

Dr. Sigrid Nikutta

171

Evelyn Palla
Dr. Michael Peterson

C O M P E N S AT I O N F O R T H E 2 0 2 2 F I N A N C I A L Y E A R

Martin Seiler

DB AG Management Board

Total

The director’s fee for the previous financial year is due at theend of the month in which the company’s Annual General
Meeting takes place.
The DB AG Management Board members will receive thefollowing compensation for their work during the year underreview:

–
–
270
1,769

M E M B E R S W H O L E F T T H E M A N AG E M E N T B OA R D O F D B AG
DURING THE YEAR UNDER REVIEW

Ronald Pofalla
Total

–
1,769

Pension provisions for former Management Board membersµ
members265
are shown in total in the Notes to the consolidated financial
statements.

Variable compensation

Compensation of the Supervisory Boardfor the 2022 financial year

Fixed
comppensation

Shortterm 1)

Longterm
payment

Dr. Richard Lutz

968

1,261

–

672

8

2,236

Dr. Daniela Gerd tom Markotten

400

482

–

97

15

896

Dr. Levin Holle

400

518

–

219

15

933

Berthold Huber

699

699

–

428

14

1,411

Dr. Sigrid Nikutta

400

473

–

225

9

881

Evelyn Palla

200

214

–

38

5

419

Dr. Michael Peterson

200

214

–

38

6

419

Martin Seiler

650

736

–

360

8

1,394

3,916

4,595

–

2,076

78

8,589

217

245

–

350

12

474

4,133

4,840

–

2,426

90

9,064

TOTAL COMPENSATION OF THE

MANAGEMENT BOARD / € thousand

Provision 2) Other 3)

The compensation of the Supervisory Board of DB AG wasmost recently regulated by the Annual General Meeting resolution of September 21, 2010. In addition to being reimbursed
for their cash outlays and the value-added tax due on theircompensation and cash outlays, the DB AG Supervisory Board
members each receive fixed annual compensation of € 20,000,
plus performance-linked annual compensation. The performance-based compensation is calculated based on the relationship between operating profit (EBIT) as disclosed in the
consolidated financial statements for the financial year compared to the previous year’s figures, and the attaining ofspecific operational performance figures. Performance-based
compensation is limited to a maximum of € 13,000. The Chairman of the Supervisory Board receives twice this amount,
while his deputy receives one and a half times the above figure. This compensation is increased by a quarter for every
position held on a committee by the individual Supervisory
Board member. This compensation increases by 100% for the
Chairman of the Executive Committee and the Chairman of
the Audit and Compliance Committee, and by 50% for the
Chairman of the Personnel Committee. This does not include
membership or chairmanship of the committee that is formed
under the terms of Section 27 Para. 3 of the Co-determination
Act (MitbestG).

Total 4)I N C U M B E N T M A N AG E M E N T
B OA R D M E M B E R S O F D B AG
AS OF DEC 31, 2022

Total
MEMBERS WHO LEFT THE
M A N AG E M E N T B OA R D O F D B AG
DURING THE YEAR UNDER REVIEW

Ronald Pofalla
Total

Individual figures are rounded and therefore may not add up.
1)	Subject to the resolution of the Supervisory Board.
2)Long-term variable compensation refers to the addition/release of provisions
for long-term incentives (LTI).
3)
Monetary benefits accruing from travel discounts, usage of company cars, andinsurance and housing allowances.
4)	Total without long-term variable compensation.

In the year under review, no Management Board member of
DB AG received benefits or promises of benefits from a third
party with regard to their activities as a member of the Management Board.

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Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

In addition, the members of the Supervisory Board of DB AG
receive an attendance fee of € 250 for each meeting of theSupervisory Board and its committees at which they are present. The members of the Supervisory Board also have thechoice between a personal BahnCard 100 First and five free
train tickets.
The members of the Supervisory Board are covered byliability insurance against financial losses incurred due to
DB AG’s business operations (D&O insurance). This insurance
is designed as a group insurance policy with no deductible
and provides coverage for financial losses that may occur
during the performance of Supervisory Board activities. Thereis also a Group accident insurance policy in place for membersof the Supervisory Board. The company pays the premiums
for these policies.
Supervisory Board members who have only been members for part of the respective financial year receive a twelfthof the total compensation for each month or part of a monthof their membership. This rule also applies to the increasein compensation for the Chairman of the Supervisory Boardand his or her deputy and to the increase in compensation
for membership and chairmanship of a Supervisory Board
committee.
Compensation is paid after the conclusion of the Annual
General Meeting that votes to ratify the Supervisory Board’s
activities in the previous financial year.
Taxes due on compensation received, including the personal BahnCard 100 First and the five free train tickets, are theindividual responsibility of each Supervisory Board member.
Supervisory Board members currently hold no shares in
the company, nor do they hold options entitling them topurchase shares in the company.
Subject to the approval of the activities of the Supervisory
Board by the Annual General Meeting on March 28, 2023, themembers of the Supervisory Board of DB AG will receive thefollowing compensation for their work during the year underreview:

Annual compensation 2022
TOTAL COMPENSATION
OF THE SUPERVISORY
BOARD / € thousand

Variable
Fixed
Meetingcompencompenatten3), 4)
sation sation
dance fee

Ancillary
benefits

Total

ON DECEMBER 31, 2022,
INCUMBENT SUPERVISORY BOARD
MEMBERS OF DB AG 1 )Werner Gatzer

40.0

26.0

3.0

–

69.0

Martin Burkert

21.7

14.1

2.8

–

38.5

Ralf Damde

1.7

1.1

0.3

–

3.0

Stefan Gelbhaar

11.7

7.6

1.0

–

20.3

Anja Hajduk 2)

–

–

–

–

–

Susanne Henckel

20.4

13.3

2.8

–

36.4

Jörg Hensel

25.0

16.3

3.3

0.9

45.4

Cosima Ingenschay

25.0

16.3

2.3

–

43.5

Alexander Kaczmarek

6.7

4.3

0.8

0.9

12.6

Prof. Dr. Susanne Knorre

20.0

13.0

1.5

6.6

41.1

Dorothee Martin

11.7

7.6

1.0

–

20.3

Daniela Mattheus

5.0

3.3

0.5

–

8.8

Heike Moll

20.0

13.0

1.5

6.6

41.1

Michael Puschel

1.7

1.1

0.3

–

3.0

Dr. Immo Querner

40.0

26.0

3.3

6.6

75.8

Bernd Reuther

11.7

7.6

1.0

0.9

21.1

Klaus-Peter Schölzke

6.7

4.3

0.5

–

11.5

Manfred Scholze

1.7

1.1

0.3

6.9

9.9

Jens Schwarz

30.0

19.5

3.5

6.6

59.6

Veit Sobek

20.0

13.0

1.3

6.6

40.8

Jürgen Beuttler

11.7

7.6

0.8

–

20.0

Enak Ferlemann 2)

–

–

–

–

–

Dr. Ingrid Hengster

13.3

8.7

0.8

–

22.8

Klaus-Dieter Hommel

30.0

19.5

2.5

–

52.0

Jürgen Knörzer

16.7

10.8

1.3

–

28.8

M E M B E R S W H O L E F T T H E S U P E R­
V I S O RY B OA R D O F D B AG D U R I N G
T H E Y E A R U N D E R R E V I E W 1)

Kirsten Lühmann

10.0

6.5

0.5

–

17.0

Michael Odenwald

40.8

26.5

2.0

–

69.4

Eckhardt Rehberg

10.0

6.5

0.5

–

17.0

Mario Reiss

11.7

7.6

0.8

–

20.0

Christian Schmidt

6.7

4.3

0.5

–

11.5

Elisabeth Winkelmeier-Becker 3)

8.3

5.4

0.8

–

14.5

Supervisory Board
remuneration for further
mandates in DB subsidiaries

108.4

Total

982.7

Individual figures are rounded and therefore may not add up.
1)	Some Supervisory Board members state that their compensation is to be donated to theHans Böckler Foundation in line with the directive of the German Trade Union Confederation(Gewerkschaftsbund).
2)
	Ms. Hajduk and Mr. Ferlemann waived the compensation they are due for their work as amember of the Supervisory Board in full.
3)	Ms. Winkelmeier-Becker waived the compensation she was due for her work as a memberof the Supervisory Board for the period from January 1, 2022 to March 15, 2022.
4)
	Payment of variable compensation components subject to the regulations of the Law on the
Introduction of a Price Brake on Electricity (StromPBG).

There are no pension obligations for members of the Supervisory Board.
The members of the Supervisory Board did not receive
any compensation in the year under review for any personallyprovided services.

201

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

EVENTS AFTER THE
BALANCE SHEET DATEBond issue

Procedure regarding additional financing
contributions for Stuttgart 21
The Stuttgart Administrative Court has announced the date
for the hearing. This is expected to take place on May 8, 2023.

202
202

Introduction of the Germany-Ticket

German Parliament passes Infrastructure
Acceleration Act

Procedure regarding additional financing
202

contributions for Stuttgart 21

German Parliament passes Infrastructure

On February 10, 2023, the German Parliament passed the law
to accelerate administrative court proceedings in the area of
infrastructure (Gesetz zur Beschleunigung von verwaltungsgerichtlichen Verfahren im Infrastrukturbereich; VwGO ),which is intended to significantly reduce the duration of court
proceedings in the case of projects with “high significancefor the economy or infrastructure.” These include the expansion of the rail network, wind energy plants, larger gas supply lines, long-distance roads and high-voltage lines. Overall,the VwGO should provide more flexibility for the courts andmore streamlined procedures.

202

Acceleration Act

Bond issue
In January 2023, we issued a senior bond through DB Finance:ISIN

XS2577042893

IssuerDB

Finance

Currency
EUR

Volume Volume(mil- (€ mil- Coupon
lion)
(%)
lion)

750

750

3.625

Maturity

Term(years)

Dec
2037

14.9

∏ Introduction of the Germany-Ticket
The launch of the Germany-Ticket
Germany-Ticketµ 47, which is to be offered
at an introductory price of € 49 per month in a subscriptionthat can be canceled on a monthly basis, has progressed one
further step forward. In early February 2023, the Federal Cabinet introduced a law governing, among other things, theFederal Government’s financial participation with the Ninth
Amendment to the Regionalization Act. The draft law mustbe passed by the German Parliament (Bundestag) and theUpper House of Parliament (Bundesrat). The European Commission must also approve the project.
The Germany-Ticket, which is valid on local public transport throughout Germany, is scheduled to start on May 1,
2023 and will be available for sale from April 3. As agreed
between the Federal Government and the Federal states, theFederal Government will provide the Federal states with anadditional € 1.5 billion for the years between 2023 and 2025.
The Federal states will pay the other half of the costs. The
Federal Government and Federal states each bear half of any
additional costs incurred by companies in the year of introduction of the ticket due to lower income. According to an
analysis, a new legislative procedure is scheduled for thefurther financing of the ticket in 2025.

202∏

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information∏

OUTLOOK
Overall statement of the Management Board
203

regarding economic development
Future direction of DB Group203

Economic outlook

204

Transport markets

204
206

Procurement markets
Financial markets
Development of DB Group

206
206

Despite the current clear upward trend, there are major uncertainties regarding, among other things, the further development of the war in Ukraine and inflation. Our forecasts are
based on the assumption that the effects of the Covid-19
pandemic on economic life will continue to decrease and that
there will be no further exacerbation of issues in the geopolitical situation. Furthermore, it cannot be estimated whether,to what extent and with what impact, industrial action could
take place in the 2023 financial year.

Overall statement of the Management Board
regarding economic development
After economic development in Germany and Europe wasstill dampened by the effects of the Covid-19 pandemic in
early 2022, the impact of the pandemic continued to subside
over the course of the year. In contrast, the war in Ukraine
in 2022 had negative effects. Disruptions to supply chains,
uncertainties in energy supply and high inflation rates, which
result in massive cost increases and place a burden on private
consumption, are expected to result in a stagnation of economic output in 2023, despite progress in containing theCovid-19 pandemic. New forms of work (for example mobilework) and the substitution of business trips with online formats became established on a large scale during the Covid-19
pandemic. In passenger transport, we therefore do not expect
a return to the pre-Covid-19 growth path everywhere. In
freight transport, growth is expected to recover only slightly.
Even if the recovery in passenger transport after the Covid-­­­19 pandemic takes longer, the drivers of growth in public
transport will continue to have an effect over the medium
and long term. In particular, Europe and Germany’s climate
policy targets cannot be achieved without a mobility transition in favor of public transport. Problems associated withroad freight and passenger transport will become more important again on the political agenda once the difficult environmental conditions have been overcome. In addition toemissions of harmful substances, these problems also include
the significant amount of land required by road vehicles,
which many cities are no longer willing to grant. The introduc­­­­­tion of a regional transport ticket valid throughout Germany(Ger
Germany
many-T-Ticketicketµ4747)) is proof of the fact that there is a general
will in politics to see a shift towards public transport.
For these reasons, the ramp-up of capital expenditures
required to implement the growth targets of the Strong Rail strategyµ 57 will be continued. This applies in particular in the areaof infrastructure, where capital expenditures often only pay
off after many years in the form of faster and more stableconnections.
The further development of global trade in goods and,above all, freight rates in air and ocean freight is associatedwith high levels of uncertainty and may have a significant
impact on profit development. Risks from the lingering effects of the Covid-19 pandemic continue to exist for 2023. It
cannot be ruled out that, with the number of infections or new
variants possibly rising, new measures may be taken that
could have a negative impact on the demand for mobility
and transport services. In addition, the further possible effectsof the war in Ukraine are virtually impossible to assess. It isalso difficult to estimate the medium-term development of
the currently sharply increased level of inflation. The current
strong price increase leads to high cost risks. In addition, it iscurrently scarcely possible to assess the effects of the collec­
tive bargaining negotiations in 2023. The Management Board
believes that DB Group has taken the necessary measures tomitigate existing risks and to take advantage of potential
opportunities.

203

Future direction of DB GroupThe Strong Rail strategyµ
strategy
51 ff., which was introduced in June
2019, continues to define the future direction of DB Group.

FUTURE SALES MARKETSOur opportunities for growth in the German passenger transport market are limited, both due to the high level of competition and restrictions imposed by antitrust laws. On theother hand, an increasing number of positive signals arecoming from decision makers who want to support rail as anSetting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

Transport markets

environmentally friendly mode of transport through targetedmeasures. As such, our focus is still on expanding capacity,and therefore on defending our strong market position andincreasing the share of rail in intermodal competition. In theGerman passenger transport market, we expect a continued
shift toward needs-oriented road transport in the medium
term. For example, autonomous driving will lead to ever fewer
people having to own their own car. Autonomous road transport also offers the potential to free certain elements of public transport from dependence on stops and schedules, thus
making them more flexible.
In the area of rail freight transport, our focus continues
to be on the European market. We are well-positioned in allof the central European corridors and offer service connections to locations as far afield as China.

PA S S E N G E R T R A N S P O R T

2022

2023

World trade

+ 4.5

– 1.0

GDP world

+ 3.1

+ 1.5

GDP Eurozone

+ 3.5

+ 0.5

GDP Germany

+ 1.9

– 0.0

2022

2023

German passenger transport (based on pkm)

+ 8.4

+ 4.5

As of February 2023.
Forecast for 2023 rounded to half percentage points.

In 2022, the German passenger transport market recovered
noticeably, but remained well below the pre-Covid-19 level.
The recovery effects are expected to continue in 2023, but
to a lesser extent. The development of demand for transport
strongly depends on the infection situation, regulatory measures, economic developments and the associated mobility
behavior of the population. Over the long term, commutertransport and business travel will be replaced noticeably bymobile work and digital communication.
◊ Motorized individual transport is expected to be close to
pre-Covid-19 performance levels in 2023. However, risingand persistently high fuel prices as a result of the war in
Ukraine and the increase in CO₂ tax dampen growth involume sold.
◊ Domestic air transport is expected to claw back further
Covid-19-related losses in 2023. However, the market shareis likely to remain at a low level.
◊ Public road passenger transport is expected to increase
noticeably again. The introduction of the Germany-Ticketµ47 on May 1, 2023, should have a positive effect on local
transport. Long-distance bus services are expected to
grow more slowly in comparison due to strong competition
from rail passenger transport.
◊ Continued growth in local and long-distance transport is
expected for rail passenger transport. Long-distance transport should also win passengers from the air and bus
long-distance transport sector and from the motorizedindividual transport sector if fuel prices continue to behigh. Local transport will benefit greatly from the Ger­
many-Ticket. The main premises for this development areconsistently low levels of Covid-19 infections and an again
increasing confidence in public transport, as well as thedesire for a shift in the mode of transport.
In European passenger transport, too, development will be
specific to the mode of transport and will vary from region
to region. Strategic realignment of providers makes a consolidation of the mobility market probable. However, theprogressive climate policy of the EU and its member statesremains the long-term engine powering the development ofenvironmentally friendly public mobility – and therefore railpassenger transport in particular.

Economic outlook
ANTICIPATED DEVELOPMENT / %ANTICIPATED MARKET DEVELOPMENT / %As of February 2023.
Forecasts for 2023 rounded to half percentage points.
Source: Oxford Economics

Economic output is expected to grow globally for 2023 as awhole. In industrialized countries in particular, however, theenergy crisis is having a noticeable impact on development,with global growth expected to be supported primarily bypositive developments in emerging markets. World trade isalso affected by the weakening of the economy and is therefore expected to decline slightly in 2023.
This high level of energy and purchase prices is having anegative impact on economic output growth, particularly inthe first half of 2023. This has a strong effect in the Eurozone
and Germany due to the high proportion of industrial production. Supply and demand disruptions continue to be assumed. On the supply side, the high costs are burdening
companies and in some cases forcing them to restrict theirproduction. On the demand side, the purchasing power ofprivate households is falling as a result of falling real wages,
and the willingness of companies to make investments is
declining due to high uncertainty and cost pressure. A noticeable recovery in economic development is not expecteduntil the second half of 2023 at the earliest.

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FREIGHT TRANSPORT AND LOGISTICSANTICIPATED MARKET DEVELOPMENT / %

2022

2023

German freight transport (based on tkm)

– 0.3

+ 0.8

European rail freight transport (based on tkm)

– 0.8

+ 0.6

European land transport (based on revenues)

+ 2.2

– 0.3

Global air freight (based on t)

– 4.6

– 4.3

Global ocean freight (based on TEU)

– 3.9

+ 1.5

Global contract logistics (based on revenues)

+ 7.1

+ 4.9

High energy prices and inflation are expected to continue toweigh on economic development and foreign trade in 2023,
so little growth is expected for European rail freight transport. Catch-up effects and an economic recovery are expected
to lead to moderate growth from 2024.
◊ Revenues for the European land transport market are
expected to be just below the previous year’s level in 2023.
High energy prices and inflation weaken economic development and foreign trade in 2023; catch-up effects andan economic recovery are not expected to bring backmoderate growth until 2024. It is expected that transport
rates will continue to rise slightly.
◊ In air freight, economic development in China continues
to contribute to uncertainties regarding the availability
and utilization of capacity on flight connections to andfrom China. The expected normalization of air traffic between Europe and North America and the associated expansion of the available cargo space continues to lead toincreasing pressure on air freight rates in transatlantictransport. The slowdown in global trade and general economic development are also likely to adversely affectdemand for air freight transport. After a poor start to thefirst quarter of 2023, a decline in transport volume is currently also expected for the full year.
◊ The development of the ocean freight market in 2023 ismarked by great uncertainty for all market participants.
It depends, among other things, on the unpredictabledevelopment of capacity, due to the emissions regulations
for older vessels, IMO 2023, falling freight rates, the possible impact of the Covid-19 pandemic, which is still ongoing globally, and changing consumer behavior as aresult of economic developments. Global transport volume
is expected to grow by 1.5% in 2023.
◊ The development of the global contract logistics market
strongly depends on the momentum of the global economy. The mix of an increasing risk of recession and rising
prices in all sectors, scarce inventory capacity and disruptions to supply chains continues to cause great uncertainty
and a slightly weakening development in contract logistics. Growth of just under 5% is expected. The high-growth
e-commerce, healthcare and electronics sectors in particular contribute to this. At the same time, there is a growing
demand for value-added services.

As of February 2023.
Forecasts for 2023 rounded to half percentage points.

Following a stagnation in freight transport performance in
2022, slight growth is expected in Germany in 2023. Uncertain
energy prices and high purchase prices in particular can continue to affect the development of freight transport. In thefirst half of 2023, a decline in demand for most industrial andconsumer goods is still assumed, with recovery expectedfrom the second half of the year at the earliest. Supply bottle­
necks that were still in place in 2022 should continue to diminish or be resolved entirely during 2023. The market will continue to be characterized by sustained competitive pressure.
In addition to prices, transport quality will become increasingly
important.
◊ Rail freight transport will grow slightly in 2023 at about
the previous year’s level. Automobile transport, which isabove average due to catch-up effects, and the continued
growth of combined transport are expected to offset the
declines in energy-intensive sectors. The growing importance of sustainable transport and the broader approvalof a traffic shift to rail transport should also contributeto growth. The development of coal transport remains
uncertain. If the volumes in 2023 are not at the previous
year’s level as expected, but instead collapse, the overall
development will be negatively affected.
◊ After a slight decline in 2022, road freight transport is
expected to be slightly above the previous year’s level in
2023. Positive effects from the construction industry andthe demand for consumer goods that recovered in thesecond half of the year are likely to have a stimulating
effect. The shortage of drivers remains acute.
◊ After the significant decline in inland waterway volume
sold in 2022, no significant catch-up effects are expected
for 2023, as the inland waterway transport sectors are
expected to remain only at the previous year’s level. Container transport, which is expected to develop positively,
but is rather insignificant for inland waterway transport,
and an economic recovery in the second half of 2023 are
expected to result in slight growth. Weather dependency
remains a risk.

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Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

INFRASTRUCTURE

further increase in the prices of electricity, coal and crude
oil. There is currently no foreseeable end to this development.
On the production side, there may be shortfalls and thus
further supply shortages.
There is likely to be little scope for prices of emissions
allowances (CO₂ certificates) to fall in the long term. The
political will of the Federal Government and the European
Commission to achieve a rapid climate-neutral transformationof the energy supply will make itself felt here.
Overall, significant easing of the energy markets is notexpected in 2023. Spot prices on the electricity market will
be significantly influenced by temperature changes and windvolume.

Train-path demand is forecast to develop positively in 2023.
In addition to further easing after the Covid-19 pandemic,
the planned increases in regionalization funds in regional railpassenger transport and the expansion of supply in the courseof the long-distance transport initiative in long-distance railpassenger transport are leading to increasing demand. Dueto the macroeconomic environment and the importance ofrail for energy transport, market growth is expected in rail
freight transport. The effects of the continuing war in Ukraine
may slow market growth. Bottlenecks and backlog in remedial actions required will not, however, allow any noticeable
increase in volume produced on the network.
The number of station stops is expected to stabilize further in 2023, as is the demand structure for station stops.
As a result of the recovery from Covid-19 in 2023, rental
income in stations should increase positively and be above
the level of 2022.

Financial markets
With a high level of uncertainty overall, we assume that thegeneral level of interest rates and yields will no longer increase as sharply as in 2022. If performance is favorable, lower
interest rates and yields are again possible. A correction is
likely to have more of an effect on the short side of the yield
curve, as the highest growth was previously recorded in thisarea. The overall financing environment is becoming morechallenging due to the discontinuation of net bond purchasesby the European Central Bank and recession concerns.

Procurement markets
As a baseline scenario, we continue to expect scarcely any
physical bottlenecks on the procurement side for DB Group
in 2023. However, it remains to be seen how the continued
high energy prices and the highly volatile commodity markets
in production will affect prices. Producer prices are currently
at a significantly higher level, due to inflation and raw materials prices. Forecasts predict a stabilization of the markets
for 2023 at a significantly higher level than before the sharp
increase in 2021.
Climate protection efforts are accelerating structuralchange in the energy sector. The expansion of renewableenergies is expected to further strengthen price fluctuations
on the electricity spot market due to their limited predictability. While the phase-out of nuclear power and coal powerhas created the potential for higher prices on the productionside, developments in the mobility sector will have a significant impact on demand dynamics. In the long term, after asuccessful switch to renewable energies, a favorable energy
source should be available, which is, however, in contrast to
the expenses for the urgently needed expansion of the networks and storage systems.
For 2023, it remains to be seen whether the fall in demand
among producers will continue at the end of 2022 as a resultof inflation, and what effects this will have. An ongoing shortage of key products such as chips and raw materials (for example iron ore, paper) is also expected. The situation on thegas market in Germany and Europe is expected to remaintense. Due to the war in Ukraine, there is still the risk of a

Development of DB Group
Progress in implementing the Strong Rail strategy.
Capital expenditure activities continue to grow.
Profit development is expected to be significantly
burdened by additional measures to improve
operational stability and general cost increases.
There are also burdens due to higher energy costs.
Our forecasts for the development of DB Group and the business units in the 2023 financial year are based on our expectations of developments in the market, competition and environment, and the implementation success of the planned
measures.
DB Group’s business development in 2023 is expected tobe largely characterized by burdens due to the implementation of additional measures for quality stabilization andquality improvements, particularly in track infrastructure.
These burdens are also due, among other things, to the fact

206

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information◊ In 2023, the results of the employee survey will be analyzed and processed as part of the follow-up process. In
autumn 2023, the culture barometer will be used as arandom sample survey. The target value of the compass
index 2023 is 52%.
◊ Due to the expected significant deterioration of adjusted
EBIT, along with a simultaneous increase in capital employed, the ROCE is expected to decline.
◊ Debt coverage is also expected to decline significantly asa result of the expected weaker operating profit.

that negotiations on the future financing of the track infrastructure with the Federal Government have not yet been
completed, but measures will be implemented already in 2023
and DB Group is therefore starting preliminary work. In addition, the development of inflation (especially higher energy
costs) and the normalization of freight rates at DB Schenker
will have a significant impact in the 2023 financial year.
Countermeasures will partially compensate for this.

S T R O N G R A I L T O P TA R G E T S
ANTICIPATED DEVELOPMENT

2022

2023

Passengers (rail) long-distance transport (million)

132.0

> 155

Passengers (rail) local transport (million)

1,605~ 1,900

Volume sold rail freight transport (Germany) (billion tkm)

59.6

~ 62

Train kilometers on track infrastructure (Germany)(million train-path km)

1,133> 1,130

Customer satisfaction DB Long-Distance (SI)

74.8

~ 77

Customer satisfaction DB Regional (rail) (SI)

70.1

~ 70

Customer satisfaction DB Cargo (SI)

67

~ 61

Punctuality DB Long-Distance (%)

65.2

> 70

Punctuality DB Regional (rail) (%)

91.8

> 92

Punctuality DB Cargo (Germany) (%)

66.1

> 67

Share of renewable energies in the DB traction current mix
in Germany (%)

65.2

Employee satisfaction (SI)

3.9‒

ROCE (%)

2.8

~– 2

Debt coverage (%)

13.1

~6

A D D I T I O N A L I N D I C AT O R S F O R
THE ASSETS, FINANCIAL POSITIONA N D R E S U LT S O F O P E R AT I O N S

67

ANTICIPATED DEVELOPMENT / € billion

2022

Revenues adjusted

56.3

2023

> 56

EBIT adjusted

1.3

~– 1

Gross capital expenditures

15.4

> 18

Net capital expenditures

6.8

> 8.5

Maturities

2.2

2.4

Bond issues (senior)

3.1

>3

Net financial debt as of Dec 31

28.8

> 33

The economic development of DB Group in 2023 will bemarked by additional burdens from the implementation of
additional measures for quality stabilization and quality increases, higher energy prices and tariff developments. In
addition, we expect the freight rate level at DB Schenker tonormalize, as well as additional burdens from inflation. A
further recovery in demand in rail passenger transport andthe implementation of countermeasures will partially compensate for this.
Revenue development is therefore likely to be considerably weaker in 2023 and could also lead to a slight decline.
Development of profits will be significantly negative. We willcontinue our quality and capital expenditure initiative for the
Integrated Rail System with large capital expenditures. We
thus intend to improve our quality and customer satisfaction,
drive forward digitalization (including IT security improvements) and increase our performance capability.

◊ Volume figures for rail passenger transport should continue to stage a noticeable recovery in 2023.
◊ We also expect positive trends in rail freight transportvolumes.
◊ Developments in volume produced should be stable, also
in order to avoid any further burden on the infrastructure.
◊ Following the significant deterioration in customer satisfaction due to operational quality in 2022, a consistentlevel is expected for 2023. The background to this is thecontinuing challenges in relation to operating quality. At
DB Cargo, we expect the customer satisfaction score to
be significantly lower at the next measurement in March2023 due to the significant drop in punctuality in 2022.
◊ Punctuality is expected to improve in 2023. In order toachieve these goals, quality-related measures will befurther promoted and intensified, particularly with regard to structurally sustainable improvements, with afocus on infrastructure. However, achieving punctuality
targets is a major challenge due to the further increasein volume of transport and capacity and aging problems
in infrastructure.
◊ We will continue our measures to reduce the greenhousegas intensity of the DB traction current mix in Germany
through a gradual increase in the share of renewableenergies.

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Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

Capital expenditures in 2023 are expected to be significantly
above the 2022 level. Among other things, higher vehicle
capital expenditures at DB Long-Distance and higher capital
expenditures on track infrastructure, as well as measures tostabilize quality and increase capacity, are noticeable here.
Efficient liquidity management is once again a top priority
for us in 2023. We are focusing on continually forecasting the
cash flow from operating activities, as this is our main sourceof cash and cash equivalents. We produce liquidity forecasts
every month on the basis of a 12-month liquidity plan.
In 2023, we must redeem financial liabilities (excluding
current bank liabilities) at about the same level as in 2022.
Funding needs for this are met by issuing public and non-­public bonds. Roadshows are planned in Europe and Asia in
conjunction with the bond issues. In addition, we are expecting to take out short-term loans in 2023 for advance financingof the measures to stabilize the operating quality of the infrastructure. The discussions with the Federal Government
regarding the future financing of the track infrastructure have
not yet been completed.
We continue to have adequate financial leeway for ourcapital market activities from our debt issuance programsµprograms
101 f.
and our commercial paper programµprogram
101 ff.. The guaranteed credit
facilitiesµ101 f. serve as a fallback in the event of interrupted
facilities
access to the capital market. At the beginning of 2023, we issued one senior bondµ
bond
202 through DB Finance. Our short- andmedium-term liquidity supply is therefore also secure in 2023.
The majority of our gross capital expenditures in 2023 willagain be covered by investment grants. In addition, a further
equity measure from the Federal Government is planned aspart of the Federal Government’s Climate Action Program.
The net capital expenditures to be financed by DB Group will
likely also not be fully covered by internal sources in 2023.
We still plan to divest DB Arriva in the medium term.
Net financial debt is expected to increase significantly asof December 31, 2023, taking into account increased net capital expenditures and measures to stabilize quality and increase
track infrastructure capacity.
We will also continue our M&A activities in a selective
and focused manner in 2023.

208

ADDITIONAL KEY FIGURES FOR THE
G R E E N T R A N S F O R M AT I O N
ANTICIPATED DEVELOPMENT

2022

2023

Specific greenhouse gas emissions in comparison to 2006 (%)– 42.1– 39.9Track kilometers noise-remediated in total as of Dec 31 (km)

2,202

2,255

Recycling rate (%)

96.7

> 95

◊ The slight decline in specific greenhouse gas emissions
compared with 2006, which is forecasted for 2023, is mainly
due to the changed energy mix (phase-out of nuclear
energy) in DB traction current.
◊ We will continue the noise remediation of lines as scheduled in 2023.
◊ We will continue to keep the recycling rate at a high levelin 2023.

Forward-looking statements
This management report contains statements and forecasts pertaining to the future development of DB Group, its business units and individual companies. These forecasts are
estimates based on information that is available at the current time. Actual developments
and profits may diverge from the current expectations as a result of the non-material­
ization of the assumptions upon which our forecasts are based or the materialization ofrisks such as those presented in the risk report.
		DB Group does not assume any obligation to update the statements made within thismanagement report.

Cross-references in the management report
This management report contains cross-references to additional information that is notpart of this management report. The corresponding parts are marked in the report withthe symbol term∞ and are not part of the management report.

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

CONSOLIDATED FINANCIAL
STATEMENTS
210

Consolidated statement of income

211

Consolidated balance sheet

212

Consolidated statement of cash flows

213

Consolidated statement of changes in equity

214

Notes to the consolidated financial statements

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information∏

CONSOLIDATED STATEMENT OF INCOME
JAN 1 THROUGH DEC 31 / € million

√
2021

Note

2022

Revenues(1)

56,296Inventory changes and other internally produced and capitalized assets

(2)

4,129

3,884

60,42550,959Overall performance

47,075

Other operating income

(3)

4,541

5,901

Cost of materials(4)– 33,623– 28,419

Personnel expenses(5)– 20,300– 19,219

Depreciation, amortization and impairments(6)– 3,998– 3,804

Other operating expenses(7)– 5,777– 5,716

1,268

– 298

Operating income (EBIT)
Result from investments accounted for using the equity method

(8)

–5

– 10

Net interest income

(9)

– 351

– 528

Other financial result(10)

Financial result
Profit/loss before taxes on income
Taxes on income(11)

Net loss for the year

20

48

– 336

– 490

932

– 788

– 1,159

– 123

– 227

– 911

Net loss for the year
– 274

– 946

thereof remuneration entitlement of hybrid capital investors

25

26

thereof net profit for the year attributable to non-controlling interests

22

9

Undiluted– 0.64– 2.20

Diluted– 0.64– 2.20

JAN 1 THROUGH DEC 31 / € million

2022

√
2021

Net loss for the year

– 227

– 911

thereof net loss attributable to shareholder of Deutsche Bahn AG

Earnings per share (€ per share)(12)

Reconciliation of consolidated comprehensive income

Changes due to the revaluation of defined benefit plans

2,164

1,482

2,164

1,482

Changes resulting from currency translation

19

101

Changes resulting from market valuation of securities

0

0

279

91

Change in items recognized directly in equity, which are not reclassified to the income statement

Changes resulting from market valuation of cash flow hedges and reclassifications–93

Change in profit items recognized directly in equity, which are reclassified to the income statement

Share of profit items not recognized in the income statement due to investments accounted for using the equity method

289

195

Balance of profit items covered directly in equity – other profits (before taxes)

2,453

1,677

Deferred taxes relating to revaluation of defined benefit plans
Changes in deferred taxes on profit items recognized directly in equity, which are not reclassified to the income statement
Deferred taxes relating to the change in the market valuation of cash flow hedges

– 102

– 51

– 102

– 51

–4

–7

–4

–7

Balance of profit items recognized directly in equity – other profits (after taxes)

2,347

1,619

Comprehensive income

2,120

708

Changes in deferred taxes on profit items recognized directly in equity, which are reclassified to the income statement

Comprehensive income
2,077

674

thereof remuneration entitlement of hybrid capital investors

25

26

thereof comprehensive income for the year attributable to non-controlling interests

18

8

thereof comprehensive income attributable to shareholder of Deutsche Bahn AG

210

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information∏

CONSOLIDATED BALANCE SHEET
Assets€ million

Note

Dec 31, 2022

Dec 31, 2021

NON-CURRENT ASSETS

Property, plant and equipment(13)

52,26850,100Intangible assets

(14)

2,854

2,387

Investments accounted for using the equity method

(15)

446

461

Other investments and securities

(17)

134

99

Receivables and other assets

(19)

2,273

1,441

Derivative financial instruments

(21)

559

356

Deferred tax assets

(16)

510

1,305

59,04456,1492,155

CURRENT ASSETSInventories

(18)

2,076

Other investments and securities

(17)

502

1

Trade receivables

(19)

6,334

6,476
2,358

Other receivables and other assets

(19)

2,803

Income tax receivables

(20)

65

63

Derivative financial instruments

(21)

189

50

Cash and cash equivalents

(22)

5,138

4,591

Held-for-sale assets

(23)

152

0

17,25915,69476,303

71,843

Dec 31, 2022

Dec 31, 2021

2,150

Total assets

Equity and liabilities€ million

Note

EQUITY

Subscribed capital

(24)

2,150

Reserves

(25)

4,901

978

Generated profits

(26)

5,489

5,357

12,5408,485

Equity attributable to shareholder of Deutsche Bahn AG
Non-controlling interests

(27)

137

134

Hybrid capital

(27)

2,002

2,002

14,67910,62130,322

NON-CURRENT LIABILITIESFinancial debt

(28)

31,186

Other liabilities

(29)

933

341

Derivative financial instruments

(21)

329

200

Pension obligations

(31)

2,970

5,031

Other provisions

(32)

2,960

3,163

Deferred items

(33)

526

406

Deferred tax liabilities

(16)

241

168

39,14539,631CURRENT LIABILITIESFinancial debt

(28)

4,087

4,164

Trade liabilities

(29)

7,940

8,097

Other liabilities

(29)

4,463

3,883

Income tax liabilities

(30)

243

252

Derivative financial instruments

(21)

76

19

Other provisions

(32)

4,610

4,333

Deferred items

(33)

899

843

Liabilities in connection with assets held for sale

(23)

161

–

22,47921,591

76,303

71,843

Total assets

211

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

CONSOLIDATED STATEMENT OF CASH FLOWS
JAN 1 THROUGH DEC 31 / € million

NoteProfit/loss before taxes on income

2022

√
2021

932

– 788

Depreciation on property, plant and equipment and intangible assets

3,998

3,804

Write-ups/write-downs on non-current financial assets

– 40

– 32

Result of disposal of property, plant and equipment and intangible assets

– 25

123

4

–4

Result of disposal of financial assets
Result of the sale of consolidated companies

– 36

0

Interest and dividend income

– 241

– 57

Interest expenses

589

583

Foreign currency result

– 10

– 27

Result of investments accounted for using the equity method

5

10

1,574

2,786

Changes in inventories, receivables and other assets– 10– 2,372

Changes in liabilities, provisions and deferred items

– 283

616

Cash generated from operating activities

6,457

4,642

Other non-cash expenses and income 1)

Interest received

74

40

Received (+)/paid (–) dividends and capital distribution

13–3

Interest paid

– 443

– 524

Paid (–)/reimbursed (+) taxes on income

– 457

– 255

Cash flow from operating activities

5,644

3,900

Proceeds from the disposal of property, plant and equipment and intangible assets

246

213

– 14,310– 14,182

Proceeds from investment grants

8,603

9,045

Payments for repaid investment grants

– 92

– 43

Payments for capital expenditures in property, plant and equipment and intangible assets

Proceeds from sale and disposal of financial assets
Payments for investments in financial assets
Proceeds from sale of shares in consolidated companies less net cash and cash equivalents soldPayments for acquisition of shares in consolidated companies less net cash and cash equivalents acquired
as well as for the acquisition of share in companies

56

82

– 892

– 185

47

0

– 272

– 45

Proceeds from disposal of investments accounted for using the equity method

170

Payments for additions of investments accounted for using the equity method–3–1– 6,600– 5,116

Proceeds from capital injections

1,985

2,675

Distribution of profits to non-controlling interests and hybrid capital investors

– 34

– 33

– 1,059– 1,164

Cash flow from investing activities

Payments for redemption of leasing liabilities
Payments for redemption of IFRIC 12 leasing liabilities

– 16

– 25

Proceeds from issue of senior bonds

3,083

4,860

Payments for redemption of senior bonds– 1,596– 1,832

Payments for redemption and repayment of interest-free loans

– 157

– 157

Proceeds from borrowings 2)

159

187

Payments for redemption of borrowings 2)– 804– 2,202

Cash flow from financing activities

1,561

2,309

Net change in cash and cash equivalents

605

1,093

Cash and cash equivalents as of Jan 1

(22)

4,591

3,411

Changes in cash and cash equivalents due to changes in the scope of consolidation

(23)

– 14

–

– 44

87

5,138

4,591

Changes in cash and cash equivalents due to changes in exchange rates
Cash and cash equivalents as of Dec 31(22)	Including additions to other provisions.
2)	Including change in short-term bank borrowings between reporting dates.
1)

212

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Reserves

Equityattributable toshareholder ofDeutscheBahn AG

HybridcapitalNon-controllinginterests€ million

Subscribed
capitalCapitalreserves

Currencytranslation

Fair value
valuation of
securities
and investments

Total

Generated
profits

As of Jan 1, 2021

2,150

871

– 75

2

– 171

– 3,930– 13– 3,316

6,302

5,136

2,002

132

7,270

	Capital increase/injection

–

2,675

–

–

–

–

–

2,675

–

2,675

–

1

2,676

Capital decrease

–

–

–

–

–

–

–

–

–

–

–

–

–

Dividend payment/
remuneration hybrid capital

–

–

–

–

–

–

–

–

–

–

– 26

–7

– 33

Withdrawal from capital reserve

–

–

–

–

–

–

–

–

–

–

–

–

–

Other changes

–

–

–2

–

–

–

1

–1

1

–

–

0

0

Comprehensive income

–

–

102

3

84

1,431

–

1,620

– 946

674

26

8

708
– 911

Fair value
valuationof cashflow
hedges

Revaluation ofpensions

Other
movements

Equitythereof net profit/loss(after taxes)

–

–

–

–

–

–

–

–

– 946

– 946

26

9

	thereof currency effects

–

–

102

–

–

–

–

102

–

102

–

–1

101

thereof deferred taxes

–

–

–

–

–7

– 51

–

– 58

–

– 58

–

–

– 58

thereof market valuation/
reclassification

–

–

–

0

91

–

–

91

–

91

–

–

91

–

–

–

–

–

1,482

–

1,482

–

1,482

–

–

1,482

	thereof revaluation ofdefined benefit plans	thereof share of items notrecognized in the income
statement from investments
accounted for using theequity method
As of Dec 31, 2021

–

–

–

3

–

–

–

3

–

3

–

–

3

2,150

3,546

25

5

– 87

– 2,499

– 12

978

5,357

8,485

2,002

134

10,621

Generated
Total
profits

Equityattributable toshareholder ofDeutscheBahn AG

HybridcapitalNon-controllinginterests

Equity134

10,621∏

Reserves
Fair value
valuation of
Currency securities
trans- and investlation
ments

Fair value
valuationof cashflow
hedges

Revaluation ofpensions

Other
movements

Subscribed
capitalCapitalreserves

2,150

3,546

25

5

– 87

– 2,499

– 12

978

5,357

8,485

2,002

	Capital increase/injection

–

1,985

–

–

–

–

–

1,985

–

1,985

–

–

1,985

Capital decrease

–

–

–

–

–

–

–

–

–

–

–

–1

–1
– 34

€ million

As of Jan 1, 2022

Dividend payment/
remuneration hybrid capital

–

–

–

–

–

–

–

–

–

–

– 25

–9

Withdrawal from capital reserve

–

– 413

–

–

–

–

–

– 413

413

–

–

–

–

Other changes

–

–

–

–

–

–

0

0

–7

–7

–

–5

– 12

Comprehensive income

–

0

24

–9

275

2,061

–

2,351

– 274

2,077

25

18

2,120
– 227

thereof net profit/loss(after taxes)

–

–

–

–

–

–

–

–

– 274

– 274

25

22

	thereof currency effects

–

–

24

–

–

–

–

24

–

24

–

–5

19

thereof deferred taxes

–

–

–

–

–4

– 102

–

– 106

–

– 106

–

–

– 106

thereof market valuation/
reclassification

–

–

–

0

279

–

–

279

–

279

–

–

279

–

–

–

–

–

2,163

–

2,163

–

2,163

–

1

2,164

	thereof revaluation ofdefined benefit plans	thereof share of items notrecognized in the income
statement from investments
accounted for using theequity method
As of Dec 31, 2022

–

–

–

–9

–

–

–

–9

–

–9

–

–

–9

2,150

5,118

49

–4

188

– 438

– 12

4,901

5,489

12,5402,002

137

14,679213

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Segment information according to segments
DB Long-Distance 1)

DB Regional

DB Cargo 2)

DB Netze

DB Netze

Stations

DB Netze Track

EnergyJAN 1 THROUGH DEC 31 OR RESPECTIVELY AS OF DEC 31 / € million

2022

2021

2022

2021

2022

2021

2022

2021

2022

2021

2022

2021

External revenues

4,845

2,792

8,921

7,929

4,998

4,713

2,035

1,975

593

520

2,451

1,808

Internal revenues

135

119

118

114

246

269

4,231

4,009

791

765

1,749

1,558

Total revenues

4,980

2,911

9,039

8,043

5,244

4,982

6,266

5,984

1,384

1,285

4,200

3,366

Other external income 1)

374

196

857

814

467

502

1,113

801

179

258

31

60

Other internal income

86

72

101

107

46

38

261

239

41

35

17

44

Inventory changes and other internally produced
and capitalized assets

5

9

59

54

65

30

1,488

1,372

120

112

27

28

5,445

3,188

10,056

9,018

5,822

5,552

9,128

8,396

1,724

1,690

4,275

3,498

Cost of materials– 3,056– 2,810– 6,162– 5,662– 3,361– 3,072– 2,689– 2,498

– 752

– 809

– 3,818– 2,973

Personnel expenses– 1,264– 1,199– 2,367– 2,261– 1,954– 1,888– 3,700– 3,498

– 476

– 444

– 154

– 145

– 736

– 613

– 908

– 877

– 764

– 673

– 1,495– 1,390

– 301

– 277

– 118

– 126

EBITDA389– 1,434

619

218

– 257

– 81

1,244

1,010

195

160

185

254

Depreciation 4)

– 428

– 356

– 647

– 634

– 408

– 383

– 665

– 690

– 166

– 159

– 82

– 84

Total income

Other operating expenses

Impairments recognized/reversed

–

–

–3

–1

0

–3

22

14

0

0

–

–1

EBIT (operating profit/loss)– 39– 1,790

– 31

– 417

– 665

– 467

601

334

29

1

103

169

Operating interest balance 5)

– 36

– 29

– 50

– 42

– 64

– 57

– 96

– 109

–3

– 37

–6

– 13

Operating income after interest 5)– 75– 1,819

– 81

– 459

– 729

– 524

505

225

26

– 36

97

156

Property, plant and equipment

1,133

7,819

6,584

5,754

6,076

3,050

3,120

22,923

21,788

3,847

3,602

1,133

	Intangible assets

60

56

405

57

217

201

243

199

71

63

1

4

		thereof goodwill

0

0

6

5

0

4

11

12

–

–

–

–

	Inventories

216

181

431

558

196

195

271

229

0

0

203

182

	Trade receivables 6)

29

26

1,176

992

652

554

189

137

41

37

167

205

	Receivables and other assets(excluding receivables from plan assets) 6)

553

131

1,478

1,004

225

181

682

590

39

44

192

170

Receivables from financing and earmarked bank deposits 6)

–

–

–

–

–

–

–

–

–

–

–

–

	Income tax receivables

–

–

0

0

0

2

0

0

–

–

0

0

	Held-for-sale assets 6)

–

–

–

–

–

–

–

–

–

–

–

–

Trade liabilities 6)

– 444

– 371

– 657

– 885

– 494

– 468

– 823

– 919

– 107

– 88

– 497

– 421

Miscellaneous and other liabilities 6)

– 618

– 167

– 1,435

– 843

– 215

– 230

– 853

– 694

– 191

– 182

– 90

– 61

Income tax liabilities

–

0

–1

–1

–5

–4

–

–

0

–1

–

–

Other provisions 7)

– 22

– 28

– 3,067– 2,693

– 177

– 179

– 871

– 959

– 33

– 37

– 31

– 33

Deferred items

– 499

– 407

– 342

– 241

– 20

– 14

– 164

– 170

– 97

– 100

–1

–1

Deferred liabilities 6)

– 107

– 69

– 179

– 164

– 212

– 187

– 297

– 232

– 28

– 17

– 12

–9

–

–

–

–

–

–

–

–

–

–

–

–

Capital Employed 6), 8)

Liabilities due to assets held for sale 6)

6,987

5,936

3,563

3,860

3,217

3,171

21,30019,969

3,542

3,321

1,065

1,169

Net financial debt

4,179

3,325

775

1,157

2,627

2,680

9,623

9,718

894

746

699

773

Investments accounted for using the equity method

0

0

5

5

28

34

3

2

0

0

–

–

Result from investments accounted for using the equity method

0

0

0

0

2

3

1

1

–

–

–

–

Gross capital expenditures

1,667

1,507

716

480

452

527

8,969

9,349

1,434

1,380

303

340

Investment grants received

–1

–

– 21

– 25

– 49

– 28

– 7,231– 7,611– 1,037– 1,083

– 228

– 274

Net capital expenditures

1,666

1,507

695

455

403

499

1,738

1,738

397

297

75

66

–

–

–

–

–

–

–

27

–

–

–

–

19,13918,79037,73837,22031,16730,75352,51051,290

6,997

6,811

1,943

1,900

Additions due to changes in the scope of consolidation(acquisition of companies)
Employees 9)

In H1 2022 train-path price support totalling 207 million was included in adjusted EBIT deviating from the previous year.
Figures for the previous year adjusted; see “Changes in segment allocation”
allocation”µ 218.
Relating to special items and reclassification PPA amortization of customer contracts as well as the reconciliation of capital employed to the external display.
4)
The non-cash items are included in the segment result shown.
5)
Key figure from internal reporting, no external figures.
6)
Content allocation in accordance with management reporting.
7)
Figures for the previous year for DB Arriva and Consolidation other adjusted.
8)
Profit transfer agreements were not assigned to segment assets or liabilities.
9)
The number of employees comprises the workforce, excluding vocational trainees, and dual degree students at the end of the reporting period(part-time employees have been converted to full-time employees).
1)

2)
3)

214

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

Subsidiaries/Other

Integrated
Rail System 2)

DB Arriva

DB Schenker

Consolidation other√

DB Group

adjusted

Reconciliation

Consolidation

2)

2022

2021

2022

2021

2022

2021

2022

2021

2022

2021

2022

2021

2022

2021

2022

2021

2022

2021

696

593

–

–

24,53920,330

4,212

4,067

27,54522,853––56,29647,2500– 175

56,29647,075

5,427

5,092

– 12,576– 11,777

121

149

2

2

59

86

– 182

– 237

–

–

–

–

–

–

6,123

5,685

– 12,576– 11,777

24,66020,479

4,214

4,069

27,60422,939

– 182

– 237

56,29647,2500– 175

56,29647,075

2)

2)

DB Group

3)

460

447

–

–

3,481

3,078

362

431

252

215

–

–2

4,095

3,722

446

2,179

4,541

5,901

1,656

1,331

– 2,108– 1,826

100

40

1

0

12

8

– 113

– 48

–

–

–

–

–

–

888

916

1,457

1,349

4,109

3,870

13

6

7

7

–

1

4,129

3,884

–

–

4,129

3,884

9,127

8,379

– 13,227– 12,254

32,35027,467

4,590

4,506

27,87523,169

– 295

– 286

64,52054,856446

2,004

64,96656,860– 3,354– 3,107

10,294

9,677 – 12,898– 11,254– 1,612– 1,445– 19,249– 15,874136

174 – 33,623– 28,3990– 20 – 33,623– 28,419– 4,137– 3,898–– – 14,052– 13,333– 2,010– 2,139– 4,101– 3,654–– – 20,163– 19,126– 137– 93 – 20,300– 19,219– 1,599– 1,261

2,811

2,439

– 3,110– 2,778

– 557

– 563

– 2,013– 1,815156

112– 5,524– 5,044

– 253

– 672

– 5,777– 5,716

37

113

– 122

– 138

2,290

102

411

359

2,512

1,826

–3

–

5,210

2,287

56

1,219

5,266

3,506

– 581

– 583

70

65

– 2,907– 2,824

– 398

– 432

– 670

– 587

3

2

– 3,972– 3,841

– 28

– 40

– 4,000– 3,881

–2

–2

–

–

17

7

–1

–

–1

–5

–

–

15

2

– 13

75

2

77

– 546

– 472

– 52

– 73

– 600

– 2,715

12

– 73

1,841

1,234

–

2

1,253

– 1,552

15

1,254

1,268

– 298

– 110

– 89

–

–

– 365

– 376

– 42

– 31

– 60

– 57

–

–

– 467

– 464

–

–

–

–

– 656

– 561

– 52

– 73

– 965

– 3,091

– 30

– 104

1,781

1,177

–

2

786

– 2,016

–

–

–

–

3,234

3,154

– 917

– 884

46,84344,573

1,745

2,343

3,702

3,204

– 22

– 20

52,26850,100––52,26850,100

288

296

– 84

– 70

1,201

806

125

180

1,529

1,402

–1

–1

2,854

2,387

–

–

2,854

2,387

28

28

–

–

45

49

0

0

1,227

1,170

–

–

1,272

1,219

–

–

1,272

1,219

722

633

– 37

– 32

2,002

1,946

64

85

10

124

–

–

2,076

2,155

–

–

2,076

2,155

441

346

–

–

2,695

2,297

259

289

3,353

3,872

–

–

6,307

6,458

27

18

6,334

6,476

1,447

1,232

– 1,545– 1,377

3,071

1,975

597

536

870

761

– 85

– 97

4,453

3,175

505

523

4,958

3,698

–

–

–

–

–

–

–

–

–

–

–

–

–

–

– 683

– 541

– 683

– 541

3

6

–

–

3

8

9

9

53

46

–

–

65

63

–

–

65

63

0

0

0

0

–

–

–

–

–

–

–

–

–

–

152

–

152

–

– 798

– 668

–

–

– 3,820– 3,820

– 519

– 603

– 3,395– 3,488––– 7,734– 7,911

– 206

– 186

– 7,940– 8,097

– 897

– 737

1,541

1,375

– 2,758– 1,539

– 367

– 282

– 687

– 699

86

96

– 3,726– 2,424– 1,670– 1,800– 5,396– 4,224

– 25

– 30

–

–

– 31

– 36

– 43

– 57

– 177

– 169

8

10

– 243

– 252

–

–

– 243

– 252

– 2,686– 2,799––– 6,887– 6,728

– 208

– 325

– 475

– 443

–

–

– 7,570– 7,496––– 7,570– 7,496– 1,249

– 69

– 40

3

3

– 1,189

– 970

– 217

– 268

– 19

– 11

–

–

– 1,425– 1,249––– 1,425

– 401

– 321

–

–

– 1,236

– 999

– 142

– 192

– 658

– 795

–

–

– 2,036– 1,986

2,036

1,986

–

–

–

–

–

–

–

–

–

–

–

–

–

–

–

–

– 161

–

– 161

–

1,259

1,072

– 1,039– 985

39,89437,513

1,303

1,715

4,106

3,804

– 14

– 12

45,28943,020––45,28943,020

8,131

8,570

–

–

26,92826,969

975

1,113

924

1,025

–

–

28,827

29,107––

28,827

29,107

357

355

–

–

393

396

43

54

10

11

–

–

446

461

–

–

446

461

– 11

– 14

–

–

–8

– 10

2

–1

1

1

–

–

–5

– 10

–

–

–5

– 10

724

815

– 113

– 120

14,152

14,278

255

267

946

842

–

–

15,353

15,387––

15,353

15,387

–7

–6

–

–

– 8,574– 9,027

– 29

– 18

–

–

–

–

– 8,603– 9,045––– 8,603– 9,045

717

809

– 113

– 120

5,578

5,251

226

249

946

842

–

–

6,750

6,342

–

–

6,750

6,342

–

–

–

–

–

27

–

–

499

57

–

–

499

84

–

–

499

84

59,992

58,345–– 209,486

205,109

38,05943,18976,59175,418––324,136

323,716––

324,136

323,716

215

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

Segment information according to segments
Information by regions

216

Notes to the statement of income

254

Notes to the statement of cash flows

216

Basic principles and methods
Notes to the balance sheet

214

Notes to the segment information according to segments

255

Risk management and derivative financial instruments

257

Additional disclosures relating to the financial instruments

222

Other disclosures

231

260

261

Information by regions
External
revenues

Non-current
assets 1)

Grosscapital expenditures

Capitalemployed 1)√

Net
capital expenditures

Employees

1)

2022

2021

2022

2021

2022

2021

2022

2021

2022

2021

2022

2021

Germany

29,00324,05548,93546,18740,23637,983

14,27314,363

5,709

5,338

212,188

209,763

JAN 1 THROUGH DEC 31 / € million

Europe (excluding Germany)

15,892

14,278

5,087

5,757

3,868

4,145

801

833

762

813

78,90884,260Asia/Pacific

5,983

4,957

1,408

1,291

1,120

1,139

247

258

247

258

18,006

16,985

North America

4,417

3,180

750

271

1,025

680

106

40

106

40

11,2999,256

Rest of world

1,001

780

58

37

93

82

39

13

39

13

3,735

3,452

Consolidation––– 1,024977– 1,053– 1,009

– 113

– 120

– 113

– 120

–

–

56,29647,25055,21452,56645,28943,02015,353

15,387

6,750

6,342

324,136

323,716

DB Group adjusted

Reconciliation
DB Group
1)

0

– 175

–

–

–

–

–

–

–

–

–

–

56,29647,07555,21452,56645,28943,02015,353

15,387

6,750

6,342

324,136

323,716

	As of balance sheet date.

∏ Basic principles and methods

The financial year of DB AG and its incorporated subsidiaries is the sameF U N D A M E N TA L I N F O R M AT I O N

in euros. Unless otherwise specified, all figures are stated in millions ofas the calendar year. The consolidated financial statements are prepared

Deutsche Bahn AG (DB AG), and its subsidiaries (together DB Group) pro-euros (€ million).

vide services in the fields of passenger transport, as well as transport andto non-Group users on a non-discriminatory basis. Whereas rail infrastruc-

STRUCTURE OF THE BALANCE SHEET AND
T H E S TAT E M E N T O F I N C O M E

ture activities are conducted primarily in the company’s domestic market

Assets and liabilities are stated in the balance sheet either as current orof Germany, business activities in passenger and freight transport are con-non-current items. Assets and liabilities are classified as current if they will

ducted on a Europe-wide basis and logistics activities are conducted on abe realized or are due within 12 months after the end of the year under re-worldwide basis.

view. The notes to the balance sheet take account of the requirements oflogistics, and operate an extensive rail infrastructure which is also available

DB AG, Potsdamer Platz 2, 10785 Berlin is an Aktiengesellschaft (stock

the ordinance relating to the structure of the annual financial statements

corporation); its shares are held entirely by the Federal Republic of Germanyof transport companies. The statement of income uses the structure of(Federal Government). The company is listed in the trade register of thetotal cost accounting.

Amtsgericht (local court) Berlin-Charlottenburg under the number HRB
clause 1 of the Securities Trading Act (Wertpapierhandelsgesetz; WpHG);C O N S O L I D AT I O N M E T H O D Sa) Consolidation principles

these securities are traded on organized markets in accordance with section

In the consolidated financial statements of DB AG, DB AG and all companies

2 (11) WpHG.

(subsidiaries) are fully consolidated in accordance with IFRS 10 from the50000. DB Group has issued securities in accordance with section 2 (1)These consolidated financial statements have been prepared by thetime at which DB AG acquires control.

Management Board, and will be submitted to the Supervisory Board for the

For the purpose of standardized accounting, the affiliated companies

Supervisory Board meeting on March 29, 2023.

have applied the accounting directives of the parent company.

P R I N C I P L E S O F P R E PA R I N G F I N A N C I A L S TAT E M E N T S

line with IFRS 3.

Capital is consolidated in accordance with the acquisition method in

The consolidated financial statements are prepared on the basis of section

The equity attributable to Group shareholders is shown separately

315e Commercial Code (Handelsgesetzbuch; HGB) and in accordance withfrom the non-controlling interests in the equity of subsidiaries. The amountthe International Financial Reporting Standards (IFRS) as applied in the EU

is calculated based on the non-controlling interests at the time of the ini-and their interpretation by the IFRS Interpretations Committee. The ac-tial consolidation and the changes in equity attributable to this interest

counting standards have been applied consistently throughout the entire

after that time.

reporting period with no changes compared with the previous year.

Non-controlling interests are calculated on a pro rata basis from theassets, liabilities and contingent obligations valued with their fair value.
Intra-Group liabilities as well as expenses and income and intercompany
results between fully consolidated companies are completely eliminated.

216

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional informationb) Business combinations

The consolidated financial statements are prepared in euros (reporting

All subsidiaries acquired after December 31, 2002, have been consolidated

currency); in accordance with IAS 21, the financial statements of subsid-

using the acquisition method under IFRS 3.

iaries whose functional currency is not the euro are converted into theAny difference between the acquisition costs of the business combi-

reporting currency.

nation and the acquired assets valued at fair value is shown as goodwill.

The following exchange rates are some of the rates used for currency

If the purchase price is lower than the fair value of the acquired assets,translation purposes:

the difference is recognized immediately in the statement of income after

as of Dec 31

reassessment.
The acquisition and sale of shares in an already fully consolidated

2021

2022

2021

1.56930

1.56150

1.51653

1.57495

Canadian Dollar (CAD)

1.44400

1.43930

1.36975

1.48267

Swiss Franc (CHF)

0.98470

1.033101.00475

1.08103

Australian Dollar (AUD)

company that do not result in a change of control are recognized in equity
transactions. In this respect, there have been no changes in the carrying
amounts of the assets and liabilities recognized from such transactions.

c) Joint ventures, joint operations and associated companies
Joint ventures are defined as companies which are managed by DB AG jointlywith another party either directly or indirectly, and in which the partners

Renminbi Yuan (CNY)7.35820

7.19470

7.07898

7.62671

Danish Krone (DKK)

7.436507.436407.43955

7.43703

Pound Sterling (GBP)

0.886930.840280.85268

0.85958

Hong Kong Dollar (HKD)

8.31630

8.83330

8.247459.19130140.66000

130.38000

138.02515

129.85488

Norwegian Krone (NOK)

10.51380

9.98880

10.09953

10.16329

Polish Zloty (PLN)

4.68080

4.596904.68564

4.56556

Swedish Krona (SEK)11.12180

10.25030

10.62887

10.14628

Singapore Dollar (SGD)

1.43000

1.52790

1.45127

1.58888

US Dollar (USD)

1.06660

1.13260

1.05335

1.18249

Japanese Yen (JPY)

own rights to the net assets of the company.
A joint operation is defined as agreements that are managed by DB AG

jointly with another party either directly or indirectly, and in which theparties involved in the joint operation have rights relating to the assets
and obligations relating to the liabilities attributable to the agreement.
Associated companies are defined as equity participations in whichannual average2022€ 1 EQUIVALENT TO

DB Group is able to exercise a major influence on the financial and businessC R I T I C A L E S T I M AT I O N S A N D A S S E S S M E N T S

policy. Major influence is normally defined as a situation in which DB AG

The consolidated financial statements are based on assessments and as-

directly or indirectly holds 20 to 50% of the voting rights in these compa-

sumptions relating to the future. Based on past experience and reasonable

nies and the related assumption of association is not refuted.

expectations of future events, the estimations and assessments that are

In exceptional cases, companies in which DB Group holds fewer thanderived are continuously reviewed and adjusted where appropriate. Nev-

20% of the voting rights are also classified as associates. Despite such aertheless, the estimations will not always correspond to the subsequent

low shareholding, a significant influence is deemed to exist in such cases,

actual circumstances.

for instance as a result of various rights of codetermination in major issues

The estimations and assessments that may involve a significant risk

concerning business policy or because members of general management

during the next year under review in the form of major adjustments toare appointed by DB Group.

the carrying amounts of assets and liabilities are discussed under the

Joint ventures and associates are accounted for using the equity

relevant items.

method in accordance with IAS 28 (Investments in Associates and Joint
Ventures). Alternatively, they are valued in accordance with IFRS 5 if the

C O M PA R A B I L I T Y W I T H T H E P R E V I O U S Y E A R

shares are classified as held-for-sale.

After due consideration is given to the following issues (in particular theIntercompany results attributable to transactions with associated com-

Covid-19 pandemic and the war in Ukraine), the financial information

panies or joint ventures are eliminated on a pro rata basis.

presented for the year under review is comparable with the financial in-

In the case of joint operations, the assets, liabilities, income and ex-formation for the previous year.

penses have to be recognized on a pro rata basis.

Accounting and valuation methods

C U R R E N C Y T R A N S L AT I O NA ) 	S TA N D A R D S , R E V I S I O N S O F S TA N D A R D S A N D I N T E R P R E TAT I O N S

Currency translation uses the concept of functional currency according

T H AT A R E T H E S U B J E C T O F M A N D AT O R Y F I R S T- T I M E

to IAS 21 (The Effects of Changes in Foreign Exchange Rates) or IAS 29

A D O P T I O N F O R R E P O R T I N G P E R I O D S S TA R T I N G J A N U A R Y 1 , 2 0 2 2 ,(Financial Reporting in Hyperinflationary Economies) for annual financial

O R E A R LY A D O P T I O N

statements of subsidiaries that are based in a hyperinflationary country.

In the year under review, the consolidated financial statements took ac-

No major subsidiary was domiciled in a hyperinflationary economy

count of all new and revised standards and interpretations which are thein the year under review or the previous year.

subject of mandatory first-time adoption starting on or after January 1,
2022, which are also relevant for DB Group and which have not been thesubject of early adoption in previous periods. The changes to the standards
have been recognized in accordance with the transitional regulations. The
impact of the new regulations is considered to be immaterial.

217∏

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

T H AT H A D B E E N A D O P T E D A S O F T H E E N D O F T H E Y E A R

Disclosures on material effects and business transactions
in connection with the war in UkraineU N D E R R E V I E W, B U T T H AT A R E N O T Y E T M A N D AT O R Y A N D D I D

In spite of price hedging, the increase in energy prices due to the war in

N O T H AV E E A R LY A D O P T I O N

Ukraine could not be fully compensated for and resulted in a higher costB ) 	S TA N D A R D S , R E V I S I O N S O F S TA N D A R D S A N D I N T E R P R E TAT I O N S

Various new accounting standards and interpretations have been pub-of materials.

lished, although they are not the subject of mandatory adoption for report­

We do not currently see any indications of impairment at the cash-gen-ing periods up to December 31, 2022, and have not been the subject oferating unit level in connection with the additional economic burdens

early adoption by DB Group. The impact of the new regulations is consid-

associated with the war in Ukraine. Energy price hedging, passing on priceered to be immaterial.

increases to our customers and long-term opportunities from the shift inthe mode of transport toward rail have so far compensated for the risks

Changes in segment allocationof the war in Ukraine.

As of January 1, 2022, the Full Load Solutions business area (FLS, bundlingof large-volume full load transport services in the European land transport

E S T I M AT I O N A N D F O R E C A S T U N C E R TA I N T Y

network) was transferred from DB Schenker to DB Cargo. This transfer

In view of the Covid-19 pandemic and the war in Ukraine, and also because

mainly relates to Transa Spedition GmbH and Hangartner Terminal S.r.l.,

it is extremely difficult for the corresponding consequences to be fore-

Verona, Italy. The previous year’s figures in Segment information by oper-

seen as of the end of the year under review, any estimations and forecasts

ating segment were adjusted accordingly.

in the year under review are subject to a particular degree of uncertainty.

Information regarding major events and transactions
in connection with the Covid-19 pandemic

loss-making passenger transport contracts (Note ((66)µ 225 ff.
ff.),), the valua-

In DB Group, revenues in the year under review increased to € 56,296 mil-

impairments of assets (Note ((3232))µ 251 ff.
ff.).
).

This applies, for example, to the determination of provisions fortion of doubtful receivables (Note ((1919))µ 236 ff.
ff.)) or to the audit of possible

lion (previous year: € 47,075 million). All segments reported positive revenue development compared with the previous year, the growth being

LIQUIDIT Y MANAGEMENT AND GOING-CONCERN ASSUMPTION

driven particularly by the DB Schenker 1) segment. Revenues in the remain­

As well as additional payments to the capital reserve of DB AG by the Fed-ing segments also reached or exceeded the pre-Covid-19 level, adjusted

eral Government, additional senior bond issues were made during the year

for changes in the scope of consolidation.

under review (Note ((2828))µ 242 ff.
ff.).
). In view of the unrestricted access ofWithin the framework of various state support programs, Federal

DB Group to the capital market and the financing commitments for infra-

grants continued to be awarded to DB Group in connection with thestructure capital expenditures which have been agreed, the going-concern

Covid-19 pandemic. These grants were extended to individual subsidiaries

assumption applies to DB Group for the foreseeable future without anyof DB Group, for instance, to maintain passenger services, particularly in

restrictions.

the segments DB Long-Distance, DB Regional and DB Arriva. If they are
not concession fees, these grants were disclosed in DB Group mainly un-

O B L I G AT I O N S F R O M D E L I V E R Y R E L AT I O N S H I P S

der other operating income.

In the case of some supply arrangements, there are independent admis-

In the year under review, income from government grants decreased

sions of guilt with regard to fulfilling the purchase commitment; these areto a total of € 1,779 million (previous year: €3,583 million; (Note ((33)µ 223 f.).
f.).

opposed by claims of the same amount, backed by bank guarantees andIn addition, DB AG was granted a contribution to the capital reserve by

insurance policies with good ratings. These obligations and claims havethe Federal Government to compensate for the loss of fare revenues

been recognized in the balance sheet since the year under review. This

amounting to € 860 million, of which € 215 million was passed on to DB

resulted in an extension of the balance sheet totaling € 771 million in theStation&Service AG, DB Netz AG and DB Energy GmbH (Note ((2525))µ 242
242).
).

items receivables and other assets (non-current) and other receivables

In addition, the DB AG dividend payment allocated in the financing cycle

and assets (current) as well as in the items other liabilities (long-term) andto replacement capital expenditures under the Performance and Financ-other liabilities (short term).

ing Agreement (€ 650 million) was replaced by additional Federal funds.

Scope of consolidation and investments in other companies

As a result of the continued positive business development and Federal support measures, EBIT improved significantly in the year under reviewA)to € 1,268 million (previous year: € – 298 million); operating cash flow

According to IFRS 3, the acquisition cost of a business combination is de-increased significantly to € 5,644 million (previous year: € 3,900 million).

termined by the fair values of the assets given and the liabilities incurred

SUBSIDIARIESor assumed at the date of the transaction. The acquired identifiable assets,
liabilities and contingent liabilities are valued under IFRS 3 with their fairvalue at the date of acquisition, irrespective of any non-controlling inter-1)

Previous year’s figures adjusted. See Changes in segment allocationµ 218
218..

218

∏

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

ests. Alternatively, acquired non-current assets or groups of assets which

The goodwill of USA Truck of € 51 million takes into account expected

are classified as held-for-sale in accordance with IFRS 5 are shown with theirsynergies and new business opportunities due to the strategic expansion

fair value less costs to sell.

of land transport capacities on the North American market and non-rec-

Changes in the scope of fully consolidated companies of DB Group are

ognized intangible assets (employee base). The goodwill was fully allo-

detailed in the following:cated to the DB Schenker segment. It is not tax-deductible.
On June 24, 2022, DB Group announced the conclusion of an agreement

Germany
2022

Rest of
world
2022

Total
2022

Total
2021

As of Jan 1

113

410

523

519

Additions

1

19

20

8

to acquire all USA Truck shares for USD 31.72 per share in cash. Contingent
considerations were not agreed. The transaction was concluded on September 15, 2022. The purchase price allocation was as follows:

F U L LY C O N S O L I DAT E D
SUBSIDIARIES

Additions from change
in the type of inclusion
Disposals
Disposals from change
in the type of inclusion
As of Dec 31

0

0

0

1

– 11

– 31

– 42

–5

0

0

0

0

103

398

501

523

€ million

Additions of companies and parts of companies

In the year under review, DB Group spent € 288 million (previous year:€ 52 million) on company acquisitions according to IFRS 3. This relates tothe following companies:

361

Intangible assets

72

Inventories

1

Trade receivables

97

Other receivables and other assets

19

Cash and cash equivalents

22

Assets572

Financial debt

180

Liabilities

80

Other provisions

19

Deferred income0

Deferred tax liabilities

62

Liabilities

341

thereof recognized contingent liabilities in accordance with IFRS 3

COMPANY

Activities

Segment

Bitergo GmbH,
Dortmund (Bitergo)

Services and productsin the field of warehouse management
and transportmanagement

DB Schenker

Les Triporteurs Group (Triporteurs),
Rennes/France

Delivery of goods
in urban areas withe-cargo bikes

DB Schenker

USA Truck Group (USA Truck),
Van Buren/USA

Transport services inNorth America

DB Schenker

Fair value

Property, plant and equipment

Non-controlling interests––

Net assets acquired

231

Purchase price paid in cash and cash equivalents

282

Cash and cash equivalents acquired

22

Outflow of cash and cash equivalents due to transaction

260

An amount of € 11 million was used for the portion of share-based compensation models that had not yet been granted. It is included in personnel
expenses. The fair value of trade receivables amounted to € 97 million, which
included impairments of € 0 million.

The additions also included the formations of four companies and two

For the period from September 15, 2022, to December 31, 2022, USA

acquisitions for which no business operation as defined by IFRS 3 was ac-

Truck contributed € 194 million to DB Group’s revenues. The net loss ofquired; this is not a business combination in the sense of IFRS 3.
With the exception of USA Truck, acquisitions were not significant€ – 23 million resulted mainly from higher depreciation due to the assets

from DB Group’s point of view. The goodwill recognized for the first time

identified and revalued in the purchase price allocation. If USA Truck had

in the year under review was as follows:

already been part of DB Group as of January 1, 2022, revenues would have€ million

been € 534 million higher. The forecast of a hypothetical net profit/loss

2022

thereof
BitergothereofTriporteurs

thereof
USA Truck

288

5

1

282

–

–

–

–

288

5

1

282

235

4

0

231

53

1

1

51

for this period was only possible with disproportionate effort, as thiswould have resulted in a significantly different purchase price allocation
and assumptions about the (in some cases share-based) compensation

PURCHASE PRICE

Payments madeOutstanding purchase price payments
Total transferred equivalent	Fair value of the net
assets acquired
Goodwillof the former management should have been made.
After initial consolidation, Bitergo has generated revenues of € 0 million and a net profit of € 0 million and Triporteurs has generated revenuesof € 1 million and a net profit of € 0 million.

219

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

B ) 	J O I N T V E N T U R E S , A S S O C I AT E D C O M PA N I E S A N D C O M PA N I E S W I T H

Disposals of companies and parts of companies

The disposals from the scope of consolidation include 12 mergers, sevenJ O I N T B U S I N E S S O P E R AT I O N S

liquidations and 23 sales. The sales resulted in cash inflow of € 47 million
Germany
2022

Rest of
world
2022

Total
2022

Total
2021

As of Jan 1

12

13

25

25

Additions

1

0

1

0

(previous year: none), which in particular concerned the sale of the MTS
Markentechnik Group, Rülzheim, EVAG Emder Verkehrs und Automotive
Gesellschaft mbH, Emden, and the Arriva Sverige AB Group, Nacka/Sweden.

J O I N T V E N T U R E S AC C O U N T E D

As was the case in the previous year, there were no major effects on

FOR USING THE EQUITY METHOD

profits due to the loss of control in the year under review.
The results are shown in the other operating expenses (Note ((77)µ228 f.f.))or other operating income (Note (3)µ 223223)).

Effects on the consolidated statement of income
Overall, the effects of the changes in the scope of consolidation on the
consolidated statement of income are not significant compared with thedated statement of income resulting from the changes in the scope of
consolidation which have taken place compared with the previous year:
thereof fromadditions to
Jan 1
the scope ofto 31 Dec
2022 consolidation

DB Group

56,296

Amounts
for disposals
from scope of
consolidation

229

4,129

2

0

Overall performance

60,425

231

– 322

4,541

2

– 13

Cost of materials– 33,623

– 122

168

Personnel expenses– 20,300

– 67

104

Scheduled depreciationand impairments– 3,998– 45

27

Other operating expenses– 5,777– 22

21

Operating profit (EBIT)

1,268

– 23

– 15

–5

–

–

Net interest income

– 351

–4

2

Other financial result

20

0

0

Result of investments
accounted for using the equity method

Financial result

– 336

–4

2

Profit before taxes on income

932

– 27

– 13

Taxes on income– 1,159

6

3

Net loss for the year

– 227

– 21

– 10

Disposals from change
in the type of inclusion

0

0

0

0

As of Dec 31

11

10

21

25

As of Jan 1

47

36

83

86

Additions

2

7

9

0

Additions from change
in the type of inclusion

0

0

0

0

Disposals

–1

–5

–6

–3

Disposals from change
in the type of inclusion

0

–1

–1

0

As of Dec 31

48

37

85

83

As of Jan 1

0

1

1

1

Additions

0

0

0

0

Additions from change
in the type of inclusion

0

0

0

0

Disposals

0

–1

–1

0

Disposals from change
in the type of inclusion

0

0

0

0

As of Dec 31

0

0

0

1

or company with joint business operations is significant, either individuallyor when viewed together.

C A P I TA L M A N A G E M E N T I N D B G R O U P
The purpose of financial management of DB Group is not only to achievesustainable growth in the enterprise value but also to comply with a capital
structure that is adequate for maintaining a very good credit rating.
Based on adjusted EBIT, return on capital employed (ROCE) is calculated as a key component of the value management concept. The capital
employed represents the use of capital provided by shareholders and debt

Revenues due toinvestors that is tied up in DB Group and that is associated with yield expectations. The parameter is derived on the basis of the respective closing

Additions to Disposals fromthe scope ofthe scope of
consolidation consolidation

Bitergo0–

Triporteurs

1––

USA Truck

194

Vähälä Group, Oulu/Finland 1)

32–

SIGNON Deutschland GmbH 1)

2–

MTS Markentechnik Group–151

Arriva Sverige AB Group, Nacka/Sweden

–

171

229

322

1)

0

From the perspective of DB Group, no joint venture, associated company

as follows:

Total

0

–5

B U S I N E S S O P E R AT I O N S

The revenues attributable to changes in the scope of consolidation were

JAN 1 THROUGH DEC 31 / € million

0–3

C O M PA N I E S W I T H J O I N T– 322

Inventory changes and other internallyproduced and capitalized assets
Other operating income

0–2

FOR USING THE EQUITY METHOD

The following table shows a summary of the effects on the consoli-

Revenues

0

Disposals

A S S O C I AT E D C O M PA N I E S AC C O U N T E D

previous year.

€ million

Additions from change
in the type of inclusionbalance sheet for the year under review. The following table shows theprocess of calculating capital employed, using the asset and liability items
shown in the balance sheet.

	Acquired during the previous year.

220

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

In the year under review, special items totaling € – 43 million (previous

ChangeAS OF DEC 31 / € million

year: € – 1,293 million) were adjusted in EBIT. This was mainly due to tem-

2022

2021

absolute%

Property, plant and equipment

52,26850,100+ 2,168+ 4.3

	Intangible assets/goodwill

2,854

2,387

+ 467

+ 19.6Inventories

2,076

2,155

– 79

– 3.7

	Trade receivables

6,334

6,476

– 142

– 2.2

price support for the period from January to May 2022 was not adjusted

	Receivables andother assets

5,076

3,799

+ 1,277+ 33.6

	Receivables from plan assets

– 118

– 101

– 17

+ 16.8

year. This was counteracted by depreciation on assets classified as held	Financial receivables and earmarkedbank deposits (excluding receivablesfrom finance lease)

– 683

– 541

– 142

+ 26.2

Income tax receivables

65

63

+2

+ 3.2

	Non-current assets held for sale

152

0

+ 152

–

	Trade liabilities– 7,940– 8,097

+ 157

– 1.9

	Miscellaneous and other liabilities– 5,396– 4,224– 1,172+ 27.7

– 243

– 252

+9

– 3.6

	Other provisions– 7,570– 7,496

– 74

+ 1.0

Deferred income– 1,425– 1,249– 176+ 14.1

– 161

–

– 161

–

45,28943,020+ 2,269+ 5.3

Capital employed

port as part of the implementation of the Federal Government’s Covid-19
support measures for the period from June to December 2022. Train-path
as a special item, as it was approved before the beginning of the financial
for sale. This mainly concerned companies in the DB Arriva segment, whichwere not part of the defined core markets and are in ongoing sales pro-

Income tax liabilities

	Liabilities in connection withassets held for saleporary train-path price reductions for long-distance rail passenger trans-

cesses. In connection with the tunnel accident, settlements were concludedin part, meaning that provisions have been partially liquidated and proportional insurance reimbursements have been made. Other special items resulted from the formation of provisions for excess obligations from employment relationships (Subsidiaries/Other segment). In addition, theamortization of customer and franchise agreements has been reclassified
from EBIT; these will be written down mainly at DB Arriva over the remaining term of the respective contracts as a result of being capitalized as intangible assets as part of the process of purchase price allocations (PPA)(€ 28 million; previous year: € 39 million).
The special items recorded are allocated to the following segments:

For further calculation, the adjusted EBIT and adjusted EBITDA in the following table is derived from the operating profit (EBIT) shown in the statement of income. The corresponding details at the segment level have been€ million

calculated using the same method.

DB Long-Distance

Change€ million

2022

2021

absolute

%

2022

337

thereofaffecting

EBIT

2021

337

1,826

thereofaffecting

EBIT

1,826

DB Regional

0

–

2

2

DB Cargo

– 20

– 20

237

237
– 201

DB Netze Track

–9

–2

– 243

–

–

–

–

DB Netze Energy

–

–

– 19

– 19

Operating profit/loss (EBIT)

1,268

– 298

+ 1,566–

DB Netze Stations

Income from the disposal of
financial instruments

– 37

–7

– 30

–

Expenses from the disposalof financial instruments

Other/consolidation
Integrated Rail System

– 90

– 90

– 639

– 639

6

3

+3

+ 100

Integrated Rail System

218

225

1,164

1,206

Train-path price support to tackle
the Covid-19 pandemic316– 2,098+ 1,782+ 84.9DB Arriva

– 177

– 177

1

1

Adjustment of provisions/
receivables from tunnel accident

DB Schenker

–6

–6

75

75

– 38

144

– 182

–

Restructuring/contract obligations(personnel)

90

133

– 43

– 32.3Adjustment of provisions for
dismantling obligations andreversals of impairment of real estate

20

– 122

+ 142

–

Depreciation on assets for sale

198

–

+ 198

–

Other

34

120

– 86

– 71.7

Operating profit/loss (EBIT)
adjusted for special items
PPA amortization customer contracts(depreciation)

1,225– 1,591+ 2,816

–

28

39

– 11

– 28.2

1,253– 1,552+ 2,805–

Scheduled depreciation and impairments

3,998

3,804

+ 194

+ 5.1

PPA amortization customer contracts(depreciation)

– 28

– 39

+ 11

+ 28.2

EBITDA adjusted

DB Group

1

1

11

11

36

43

1,251

1,293

The capital employed and the adjusted EBIT have resulted in the following

EBIT adjusted

Special items for scheduled depreciation,
recognized impairments/recoveries

Consolidation other

– 13

74

– 87

–

5,210

2,287

+ 2,923+ 128

figures for ROCE:
Change€ million

2022

2021

absolute%

EBIT adjusted

1,253– 1,552+ 2,805– 180.7

45,28943,020+ 2,269

+ 5.3

2.8

– 3.6

–

–

Capital employed as of Dec 31
ROCE (%)

221

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

Notes to the statement of income€ million

2022

2021

49,96541,683

thereof concession fees for rail transport

7,867

7,209

Revenues from operating track infrastructure

2,289

2,224

Revenues from freight and passenger transport services

As a general rule, all income and expenses are reported on an unnetted
basis, unless IFRS accounting rules permit or require offsetting.
Expenses are recognized in the income statement at the point at which
the service is used or at the point at which the expenses are incurred.
The special items detailed at income and expenses (“Total”) are issues
that are considered to be unusual either in terms of the amount involved

Revenues from rental and leasing

386

332

Revenues from sales of products

2,735

2,202

Other revenues

1,025

860

Revenue discounts

– 104

– 226

56,29647,075Total

and/or the actual reason behind the issue. Irrespective of the amount in-Special items

volved, this item comprises book profits and losses arising from transactions

Effects from changes in the scope of consolidation

with investments/financial assets as well as depreciation on long-term

Exchange rate effects

customer contracts that have been capitalized as part of the purchase priceTotal – comparable

allocation process in connection with company acquisitions. In addition,

0

175

– 229

– 322

– 829

–

55,23846,928the special items recognize individual issues if they are of an exceptional

The revenues from freight and passenger transport services were generated

nature, if they are definable for accounting purposes, if they can be mea-

mainly by companies operating in the DB Schenker, DB Regional, DB Long-

sured and if the amount involved is material. In addition to the special items,

Distance, DB Cargo and DB Arriva segments. They included a minor amounteffects from changes in the scope of consolidation and exchange rate effects

of revenues from sub-operating leases in the DB Schenker segment. Reve-are also disclosed separately. The item “Total – comparable” does not in-nues from operating track infrastructure related to the DB Netze Track andvolve IFRS figures; instead, it involves additional disclosures in accordance

DB Netze Stations segments. Rental and leasing revenues were generated

with internal reporting.

mainly in the DB Netze Stations segment, and revenues from product sales
were mainly generated in the DB Netze Energy and DB Schenker segments.

(1) REVENUES

Other revenues relate to virtually all segments.

Revenues generated in DB Group relate to the provision of passenger trans-

In the year under review, DB Group revenues increased by € 9,221 mil-port, freight transport and logistics services, the provision of rail infrastruc-lion to € 56,296 million (+ 19.6%). The increase in revenues resulted sig-

ture, the sale of goods and other services related particularly to rail oper-nificantly from the strong revenue development in the DB Schenker andations, less value-added tax, discounts and any price reductions. In addition,

DB Long-Distance segments. The main drivers at DB Schenker were sig­

revenues from the leasing of railway-related assets such as station spacenificant increases in freight rates in ocean and air freight, as well as theis also reported within revenues, while other rental revenues are recognizedrecovery in demand at DB Long-Distance, which has largely reached pre-within other operating income.

Covid-19 levels since April 2022. Significant revenue increases were also

In passenger transport, revenues from individual tickets are recorded

recorded in the DB Regional segments (due, among other things, to higher

in a simplified way on the first day of validity of the ticket. Revenues fromconcession fees) and DB Netze Energy (due in part to price effects andseason tickets are recorded over the validity period.

higher revenues from energy trading).

In the DB Regional and DB Arriva segments the order processing in the

Positive exchange rate effects of € 829 million, mainly from the DB

form of long-term transport contracts concluded with the contracting or-

Schenker segment, were included in revenues. This was mainly the result

ganizations of the Federal states in Germany and the franchisers in otherof strong performance of the US dollar and the Chinese renminbi against

European countries are very important for business development. Contrac-

the euro.

tual relations with customers covering several years also exist in the con-Significantly higher revenues at DB Energie GmbH had an impact on

tract logistics line of business in the DB Schenker segment, which accounts

the increase in revenues from goods sales. The sale of the MTS Brand Tech-for about 6  % of Group revenues. Revenues are realized accordingly overnology Group had a dampening effect.
Even when adjusted for special items, effects from changes in the scope

the contractual term of the respective long-term contract.

of consolidation and exchange rates, revenues were significantly higher

Revenue recognition in accordance with IFRS 15 is based on the prin-than in the previous year (€ + 8,309 million, + 17.7%).

ciple that revenues are recognized when control over a product or service
is transferred to the customers. Revenues from the provision of services

Movements in revenues broken down according to business segments

is recorded at the amount expected to be received by a company in ex-

and regions are set out in Segment information according to segmentsµsegments
214 f.
f.
As was the case in the previous year, revenue discounts from long-termchange for the transfer of promised goods or services to a customer (trans-

transport contracts (contractual penalties) were netted directly with theaction price).

revenues from freight and passenger transport services. The decline resulted from the loss of provisions formed in the previous year.
The order book of customer contracts with contractually agreed outstanding revenues (secured revenues) was broken down as follows:

222

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

ORDER BOOK SECURED AS OF DEC 31 / € million

Passenger transport contracts

2022

2021

87,18374,765

Logistics and freight transport contracts 1)

304

221

Other contracts 1)

1,657

1,195

89,14476,181Total( 2 ) I N V E N T O R Y C H A N G E S A N D O T H E R I N T E R N A L LY
P R O D U C E D A N D C A P I TA L I Z E D A S S E T S
€ million

Inventory changes

Contracts with a contract term of at least twelve months and a contract volume of at least € 5 million.

1) Most of the secured order book will be fulfilled within a period of ten years,
with percentages declining over a period of time.
In addition to the DB Regional segment, the increase in order books for

2021

–8

–3

Other internally produced and capitalized assets

4,137

3,887

Total

4,129

3,884

Special items––

Effects from changes in the scope of consolidation–20

Exchange rate effects

0

–

4,127

3,884

Total – comparable

passenger transport contracts mainly affected the Subsidiaries/Other seg-

2022

ment as a result of the conclusion of long-term contracts abroad. The order

Own investments relate mainly to construction and project business in railbook in the DB Arriva segment declined. In terms of other contracts, there

infrastructure and also the modernization of vehicles as well as the process-was a significant increase in the Subsidiaries/Other segment.

ing of appropriate spare parts. The increase compared to the previous year

The exemption regulation of IFRS 15.121 (a) has been used for the logis­

resulted from a higher construction volume in the track infrastructure.

tics contracts and the other contracts.

( 3 ) O T H E R O P E R AT I N G I N C O M E

Variable considerations of transport contracts as well as price adjustment clauses or contractual penalty are only taken into consideration in€ million

the estimation of secured revenues if they are highly likely.
Claims relating to contractual assets were recognized together with

Income from maintenance and repair

the other receivables and assets and developed as follows:
CONTRACTUAL ASSETS / € million

2022

2021

As of Jan 1

30

35

Currency translation effects–10Additions

215

147

Impairments
Fulfillment/payment
Other changes

0

0

– 165

– 24

17

– 140

Changes in the scope of consolidation–

12

As of Dec 31

96

30

2022

2021

S E R V I C E S F O R T H I R D PA R T I E S A N D S A L E O F M AT E R I A L S

1)

3

1

Sale of materials and energy

169

158

Other services for third parties

582

520

754

679

Leasing and rental income

181

169

Income from compensations for damages and refund of expenses

289

211

116

99

I N C O M E F R O M G OV E R N M E N T G R A N T S

Federal Government compensation payments
Other investment grants00Income from reversal of deferred items

072

Other Government grants

In particular, the clearing of advance payments received was included in
the other changes. A figure of € 24 million (as of December 31, 2021: € 9 mil­­lion) was attributable to long-term contractual assets.

1,663

3,412

1,779

3,583

Income from the disposal of property, plant and equipment
and intangible assets

275

147

Income from the disposal of non-current financial instruments

37

7

Income from the release of provisions

300

252

OT H E R I N C O M E

The contractual liabilities in DB Group include advance payments received as well as other payments received in advance in relation to revenues

Income from third-party fees

29

19

Income from the rehabilitation of existing ecological damage

45

48

for subsequent periods (for example for season tickets). Obligations from

Utilization of provisions for impending losses

156

197

contractual liabilities were shown under the trade liabilities and deferred

Miscellaneous other income

696

589

items and have developed as follows:

Total

CONTRACTUAL LIABILITIES / € million

2022

2021

As of Jan 1

1,101

1,120

–2

7

Currency translation effects
Additions

2,098

2,655

Fulfillment of liabilities– 1,873– 2,726

– 35

37

1

8

1,290

1,101

213

110

Other changes
Changes in the scope of consolidation
As of Dec 31
thereof long-term

Special items

926

853

4,541

5,901

– 446

– 2,179

Effects from changes in the scope of consolidation

–2

– 13

Exchange rate effects

–5

–

4,088

3,709

Total – comparable

Adjusted for special items, effects from changes in scope of consolidationand exchange rate effects, other operating income was higher than the previous year (€ + 379 million).
The decline before the adjustment for special items, effects fromchanges in the scope of consolidation and exchange rate effects was almost

The majority of the contractual obligations will be fulfilled in the following

entirely attributable to income from other Government grants. The grants

year.

included, among other measures, temporary train-path price support fromthe Federal Government to deal with the consequences of the Covid-19
pandemic for long-distance rail passenger transport (€ 519 million; previous
year: € 2,098 million). In addition, subsidiaries of DB Group were awarded

The contractual assets include, among other things, claims from work-in-progressfrom long-term orders.

1) 	

223

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

Covid-19 grants to compensate for the lack of revenues from fares among

Adjusted for special items, effects from changes in scope of consolidation

other things, particularly in the DB Regional and DB Arriva segments. In

and exchange rate effects, the cost of materials increased by € 4,682 million

addition, € 170 million was attributable to compensation payments fromcompared with the previous year (+ 16.6%).

the public sector as part of the 9-Euro-Ticket in the DB Regional segment.

The impairments on inventories recognized in cost of materials amountGovernment grants, for which the application and approval process to re-to € 24 million (previous year: € 43 million). Write-ups amounting to € 25 mil­ceive Covid-19 aid and for the 9-Euro-Ticket had not been completed as of­lion (previous year: € 3 million) were recognized, in particular due to changes

the end of the year under review, were accounted for at the expectedin estimates in the valuation of materials.

funding amount. The final approval may result in deviations from the es-

The energy expenses increased in the year under review as a result oftimated amount.

price and volume effects. Due to long-term procurement contracts and hedg­

Federal payments to DB Group were reported as Government grants,­ing transactions, the sharp rise in market prices only partially resulted inprovided these payments were not made on the basis of the Federal Gov-

additional charges in the year under review.

ernment’s legal status as a shareholder of DB Group and insofar as capital

The expenses for purchased services increased significantly by € 3,891

increases are to be reported.

million compared with the previous year (+ 20.4%). The purchased transport

The increase in income from the sale of materials and energy was mainly

services were higher than the corresponding previous year’s level, mainly

due to higher income from the sales of scrap in connection with construc-due to sharp increases in ocean and air freight rates and exchange ratetion work (DB Netze Track) due to increased scrap prices.

effects at DB Schenker.

The leasing and rental income included subletting income of € 31 mil-The expenses for maintenance and production increased by € 287 mil-lion (previous year: € 35 million).

lion (+ 5.5%), and were mainly attributable to the DB Netze Track and Sub-

The increase in income from the disposal of property, plant and equip-

sidiaries/Other segments.

ment and intangible assets was due, among other factors, to the sale of(5) PERSONNEL EXPENSES AND EMPLOYEES

non-operating real estate.
The miscellaneous other income comprises the reversal of liabilities as€ million

well as a range of individual issues that are individually of a minor nature.

2022

2021

15,663

14,682WAG E S A N D S A L A R I E S

for employees( 4 ) C O S T O F M AT E R I A L S
€ million

for assigned civil servants
2022

2021

for employees

AND PURCHASED PRODUCTS
ENERGY EXPENSES

2,904

2,259

Electricity tax

151

148

Diesel, other fuel

1,508

995

Other energies
Energy price derivatives
Other supplies and purchased goods
Price adjustments and impairments for materials

519

294

– 310

– 51

4,772

3,645

510

539

– 92

– 20

5,190

4,164

20,864

17,206

Cleaning, security, disposal, winter service

504

499

Commissions

205

92

Train-path usage

324

348

59

58

Use of local installations

0

0

383

406

964

826

22,92019,029

5,513

5,226

33,62328,4190– 20

Effects from changes in the scope of consolidation

– 122

– 168

Exchange rate effects

– 588

–

32,913

28,231Other purchased services
Expenses for maintenance and production
Total
Special items

Total – comparable

2,907

2,771

164

189

Expenses for personnel adjustment

199

155

Retirement benefit expenses

679

644

3,949

3,759

20,30019,219Special items

– 137

– 93

Effects from changes in the scope of consolidation

– 67

– 104

Exchange rate effects
Total – comparable

– 121

–

19,97519,022

The figure stated for personnel expenses (social security expenses) included
expenses of € 1,353 million for defined contribution plans (previous year:€ 1,293 million).
The amount shown for personnel adjustment mainly comprises ex-

EXPENSES FOR UTILIZATION OF INFRASTRUCTURE

Station usage

15,460for assigned civil servants

Total

EXPENSES FOR PURCHASED SERVICES

Purchased transport services

778

16,351
SOCIAL SECURITY EXPENSESE X P E N S E S F O R R AW M AT E R I A L S A N D S U P P L I E SElectricity

688

penses for restructuring costs, obligation surpluses relating to employment
agreements as well as costs of severance packages and semi-retirementagreements.
The retirement benefit expenses related to active persons as well as
persons who are no longer employed in DB Group or their surviving dependents. They were attributable primarily to service costs, employers’ contributions to the company top-up benefit scheme as well as the contributions
to Pensions-Sicherungs-Verein aG (pension backing association). The interest expense resulting from compounding the pension obligations andthe expected income from plan assets is shown in financial result. Detailed
explanations on the development of pension obligations can be found in
Note ((3131))µ 247 ff.
ff.

224

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

The activities of civil servants in DB Group are based on statutory allocation(6) D E P R E C I AT I O N A N D I M PA I R M E N T S

under Article 2, Section 12 of the Rail Restructuring Act (Eisenbahnneuord-

In the case of property, plants and equipment, depreciation is recognizednungsgesetz, ENeuOG). For the work of the allocated civil servants, DB AG

using the straight-line method over the expected useful life of the assets

reimburses the Federal Railway Fund (Bundeseisenbahnvermögen; BEV)

or, in the case of leased assets, over the shorter contract duration. The fol-

those costs which would be incurred if a tariff employee covered by collec-

lowing useful lives for the main groups of property, plant and equipment

tive bargaining arrangements were to be employed instead of the allocated

are taken as a basis:

civil servant in each case (pro forma calculation).

Years

The increase in wages and salaries in Germany was largely due to thePermanent way structures, tunnels, bridges, railway crossingscollective bargaining agreement 2020/2021: from 1 January 2022, scale wages
were increased by 1.5%. In addition to the payment made in 2021, Covid-19related aid was agreed for the period January to March 2022 in the amountof € 400 to € 500 (Railway and Transport Workers Union (EVG): € 500; German Train Drivers’ Union (Gewerkschaft Deutscher Lokomotivführer; GDL):€ 400), which was paid out in March 2022.
In addition, an energy bonus of € 150 per employee was paid out in
December 2022. Also, increased provisions for bonuses, holiday entitlements and overtime led to an increase in expenses.

15  – 100

Track infrastructure

13  – 30

Buildings, halls, roofs

10  – 85

Other structures5  – 60

Signaling equipment

7 – 40

Telecommunications equipment

5 – 20Traction current installations

10  – 52

Rolling stock10  – 30

Other technical equipment, machinery and vehicles

5  – 40

Operating and business equipment3  – 15The development in the number of employees in DB Group, converted
to full-time employees (FTE) in each case, is shown in the following:
as of Dec 31
FTE

Employees

The appropriateness of the chosen depreciation method and the useful
lives is subject to an annual review. Our expectations regarding the resid-

annual average

ual value are also updated annually.

2022

2021

2022

2021

311,800

309,402311,135

308,123

Civil servants

12,336

14,314

13,225

15,482

Employees

324,136

323,716

324,360

323,605

13,351

13,173

11,961

11,782

337,487

336,889

336,321335,387

Trainees and dual degree students
Total

Intangible assets are amortized using the straight-line method. The
following useful lives are used as the basis for scheduled amortization:Years

In the event of changes in the scope of consolidation, the employees areincluded on a pro rata basis up to the time of deconsolidation or after thedate of initial consolidation.
At the end of the year under review, the number of persons employed

Franchises, rights, etc.

Duration of contract

Brand names

Indefinite useful life

Customer base8  – 15

Purchased software3  – 10

Software produced in-house3  – 25

The adequacy of the amortization method and the useful life are subject

in DB Group was higher than at the end of the previous year. In the Subsid-

to an annual review.

iaries/Other segment, the increase resulted in particular from increased

Goodwill arises as a positive difference between the acquisition costs

business activities of the DB E.C.O. Group in Germany and abroad. At DB

of purchasing the shares and the fair values of the individually acquired

Systel, the expansion of innovative topics and the increased vertical pro-assets, absorbed liabilities and contingent liabilities. It, like brand names,

duction resulted in the higher number of employees. The increase in theis not depreciated; instead, it is subject to an annual impairment test.

DB Netze Track segment can be attributed to the increase in employees,

Impairment losses on goodwill are not recovered.

mainly in construction project management. The increase in personnel at
DB Cargo resulted in particular from the takeover of FLS from DB Schenker.

At DB Schenker, the increase was driven by the land transport line of business (due to the acquisition of USA Truck) and the positive business development in the air and ocean freight line of business. This was counteracted
by a lower number of employees in the DB Arriva segment, mainly due tothe sale of the Arriva Transportes Sul do Tejo S.A. Group, Almada/Portugal
and the Arriva Sverige AB Group, Nacka/Sweden.
The development in the number of employees, based on the numberof natural persons (NP), is shown in the following:
as of Dec 31
NP

Employees

2022

2021

324,174

322,261

Civil servants

12,71014,729

Employees

336,884

336,990

Trainees and dual degree students
Total

13,351

13,173

350,235

350,163

225

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

Impairment of assets

The flat tax rate for the CGUs of the Integrated Rail System remains un-

IAS 36 governs the impairment test for substantial and intangible assetschanged compared with the previous year at 30.5  %. Since the actual tax

with a certain useful life, which is carried out using a so-called indica-

rates outside Germany sometimes differ significantly from the tax rate of

tor-based asset impairment test. Such an asset impairment test has to be

30.5  %, the tax rates for the two CGUs operating mainly internationallycarried out when indicators (so-called triggering events) indicate a pos-

were adjusted in the 2022 financial year. Accordingly, a tax rate of 23.0  %

sible loss of value. In addition, according to IAS 36, goodwill as well as

is used for DB Arriva and 22.0  % for DB Schenker. The forecast of cash flows

intangible assets with an indefinite useful life have to be subjected at least

reflects previous experience, and takes account of corporate management

once a year to an impairment test.

expectations with regard to future market developments. This cash flow
forecast is based on the medium- and long-term planning adopted by the

D E F I N I T I O N O F C A S H - G E N E R AT I N G U N I T SManagement Board of DB AG, which covers a planning horizon that ex-

Goodwill impairment tests have to be carried out at the level of individual

tends until 2030. For cash flow forecasts beyond the planning horizon, aassets as part of the asset impairment test. If it is not possible to determine

sustainable free cash flow is derived and is extrapolated on the basis of

future cash flows, which are to a large extent independent, for an individ-a growth rate related to the specific market development. In order to takeual asset, so-called cash-generating units (CGUs) have to be formed as anaccount of increased inflation expectations, a growth rate of + 1.5  % p. a.

aggregation of assets whose future cash flows depend on each other. Withis expected for the carriers DB Long-Distance, DB Regional and DB Cargo.

no changes compared to the previous year, the CGU structure is fully in line

Due to the higher growth rates and expansion opportunities worldwide,with the planning and reporting structure of DB Group.

the international CGUs DB Arriva and DB Schenker are expected to achieve

Due to the congruence between management structure and legal

sustainable growth in free cash flow of + 2.0  % p. a. For the remaining rail

structure, the identified CGUs also always consist of at least one legal

infrastructure CGUs, the long-term growth rate is in line with the derivation

unit. This means that the data necessary for the asset impairment test

method used by the Federal Network Agency for Electricity, Gas, Telecom-

can be derived from annual financial statements and planning data. Re-

munications, Post and Railways (BNetzA) for costs of capital and remains

gardless of the presence of impairment indicators, an annual asset im-

unchanged compared with the previous year at + 1.0  % p. a.

pairment test is carried out at the level of the groups of CGUs, which

A weighted average cost of capital (WACC) is used for discounting thecorresponds to the operating segments of DB AG. In addition, a test is

free cash flows; this reflects the capital market interest rate request foralso performed if current issues arising from business development orproviding debt capital and shareholders equity to the relevant CGU. Be-changes in assumptions indicate that there has been a major deteriora-

cause free cash flow after taxes has been calculated, a WACC after taxes

tion in the value in use.

has also been used. Risks of free cash flows are recognized by a risk-equiv-

The impairment test on goodwill is carried out at the level of the groupalent capitalization rate.

of CGUs to which goodwill has been allocated. This is also applicable for

The WACC of the CGUs that are applicable for the 2021 and 2022 an-

the operating segments. Significant goodwill currently exists in the DB

nual financial statements are detailed in the following table:

Schenker CGU. With regard to the recognition of goodwill for each CGU,

2022

please also refer to Segment information according to segmentsµsegments
214 f.
f.

After
taxes

Before
taxes

After
taxes

DB Long-Distance

8.6

DB Regional

7.8

6.0

6.2

4.3

5.4

+ 5.3

DB Cargo

3.7

10.6

7.4

8.3

5.8

DB Netze Track

3.4

2.4

4.6

3.2

DB Netze Stations

3.6

2.5

6.1

4.2

DB Netze Energy

6.2

4.3

4.0

2.8

DB Arriva

7.8

6.0

5.8

4.0

DB Schenker

10.6

8.3

8.3

5.8

%

METHODIn the impairment test in accordance with IAS 36, the carrying amount ofan asset or a CGU has to be compared with the corresponding recoverable
amount. If the positive carrying amount is no longer covered by the recoverable amount, this results in a corresponding impairment requirement.
The carrying amount of a CGU is established by adding the carrying
amounts of the assets less the liabilities which are related to the relevant
assets (net position). In addition, for determining the carrying amount ofa CGU, it is also necessary to recognize corporate assets and corporate
liabilities jointly used by several CGUs, and the working capital necessary
for the corresponding CGU must also be taken into consideration.
The recoverable amount is defined as the higher of the fair value lesscosts of disposal and the value in use. In the impairment tests carried out
in DB Group, the recoverable amount is represented by the value in use.
The value in use is established as the present value of the free cash flows
before interest and after taxes attributable to the continuation of a CGU.

226

2021

Beforetaxes

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

The changes in the WACCs compared with the previous year are attribut-

G O O D W I L L I M PA I R M E N T T E S T

able to current expectations of medium- to long-term developments in

A goodwill impairment test must be carried out annually for all CGUs tothe capital market. For the CGUs of the rail infrastructure, DB Netze Track

which goodwill can be allocated. Because the goodwill which arises in DB

and DB Netze Stations, the WACC determined by BNetzA has been used

Group as a result of acquisitions is allocated to a CGU, this goodwill im-

to discount cash flows since this year. This change significantly reduces

pairment test is an integral element of the asset impairment test that is

the WACCs of DB Netze Track and DB Netze Stations CGUs compared withalways carried out annually for all CGUs.

the previous year. The reduction in WACCs reduced the value in use throughImpairment losses of € 13 million resulted from the transfer of thethe lower discounting of cash flows.

FLS business from the DB Schenker CGU to the DB Cargo CGU. The value

in use of the DB Cargo CGU amounted to € 2.1 billion as of the balance
A S S E T I M PA I R M E N T T E S T

sheet date.

Processes that comply with the specific requirements of IAS 36 have been

The respective recoverable amount is represented by the value in use

implemented in order to carry out the asset impairment test. The usefulof the CGU, which in turn has been derived from the planning of the rele-

lives of the individual CGUs used for the asset impairment test are based

vant segments. The details relating to methods for the asset impairment

on the useful life of the asset or a group of homogeneous assets which is

tests presented above are thus applicable correspondingly.

most significant for the particular CGU.
C R I T I C A L E S T I M AT I O N S A N D A S S E S S M E N T S

In addition, the process of establishing the value in use disregards assets or future cash flows that result from major structural changes, disin-

Impairment requirement at cash-generating units ( CGU s)

vestment measures or extension capital expenditures. Resultant adjustments

Within the framework of the impairment test, the key premises and as-

to the original plans relate mainly to the major new and expansion infra-

sumptions that have an impact on the impairment of a CGU were reviewed

structure projects, where it is assumed that the construction process willin the form of standardized sensitivity analyses. In the case of the DB

be completed beyond the observation period (2030) and for which most of

Cargo CGU, the sensitivity analysis was carried out based on the calcu-

the intended DB funds have not yet been invested. The cash flow forecasts

lated fair value less costs of the disposal of the material assets. Similarly

take account of internal transfer prices within DB Group on the basis ofto the previous year, there is no impairment requirement for a discountarmʼs length assessments of the companies involved. The published infra-of 10  % to the fair value less disposal costs. With the DB Netze Track CGU,

structure prices are applicable for service relationships between transport

it can be assumed that the fair value less costs of disposal has no scopeand infrastructure segments; price increases in the forecast period havefor sensitivities. The fair value derivation method outlined in the method-

also been taken into consideration.

ological statements ensures a correlation between achievable returns andAs of the balance sheet date, the value in use of the DB Netze Trackthe costs of capital, which makes it unlikely that the rail infrastructure

and DB Cargo CGUs is lower than the carrying amount of the assets used.

assets will require impairment.

The impairment requirement amounts to € –14,455 million at DB Netze

Rail infrastructure CGUs are also exposed to risks relating to the ex-

Track and € –1,522 million at DB Cargo. Subsequently, it was examined

tent of long-term investment grants for replacement capital expenditures

to what extent the identified shortfall can be allocated to individualin the existing network and the related scope of own funds at the infra-

assets. At the DB Netze Track CGU, the goodwill allocated to the CGU

structure companies. The investment grants included in the medium- andwas first written-off in full (see “Goodwill impairment test” below). Sincelong-term planning are based on the Performance and Financing Agree-

for all other assets of the DB Netze Track CGU a further recognition ofment signed by the Federal Ministry for Digital and Transport (Bunde-the calculated impairment would result in the carrying amounts of thesministerium für Digitales und Verkehr; BMDV , formerly the Federal

individual assets falling below their respective fair values, no further

Ministry of Transport and Digital Infrastructure (Bundesministerium fürimpairment loss was recognized in accordance with IAS 36.105. For the

Verkehr und digitale Infrastruktur; BMVI)) and DB Group as well as theassets of the DB Cargo CGU, it also applies that recognition of the cal-project and financing concept agreed between the Federal Government

culated impairment loss at the level of the individual assets would cause

and DB Group for setting out the objectives of the Climate Action Pro-the carrying amounts of the assets to fall below their respective fair val-

gram 2030.

ues. Here, too, no further impairment loss was recognized in accordancewith IAS 36.105.
During the period under discussion, all other CGUs were able to cover
their carrying amount with the value in use.
Independently of the impairment tests carried out in relation to the
CGUs, impairments are recognized in relation to individual assets which

are no longer capable of being used fully. These impairments are shown
under the disclosures for the respective balance sheet item.

227

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

Depreciation was broken down as follows in the year under review:

The sensitivities shown in the following relate merely to an impairment
test on the basis of the value in use. If a shortfall is identified in the courseof the scenario analyses, this does not necessarily result in an impairment
requirement. If the assumption set out in the respective scenario analysis materializes, a second step would be to analyze the coverage of carrying amounts via the fair value less costs of disposal, similar to DB Cargo€ million

2022

2021

Scheduled depreciation and amortization

4,000

3,881

Recognized impairments

22

14

Recognized reversals

– 24

– 91

3,998

3,804

Total

and DB Netze Track. A scenario analysis of the fair value is only carriedout if the fair value represents the relevant valuation variable in the financial year.

Special items

– 41

35

Effects from changes in the scope of consolidation

– 45

– 27

Exchange rate effects
Total – comparable

– 12

–

3,900

3,812

EBIT margin

For the scenario analysis of profit shortfalls, the risk of a 10  % reduction

In the year under review, depreciation was slightly higher than in the pre-in EBIT margin was considered. This model calculation identified a short-vious year, and related mainly to the property, plant and equipment usedfall at the DB Long-Distance (€ – 979 million) and DB Regional (€ – 665

as rail infrastructure as well as the rolling stock. It is shown in the statement

million) CGUs; this means that the value in use for these CGUs no longer

of income less any reversals recognized in the reporting period. The recorded

provides adequate cover for the carrying amount of the capital employed.

reversals of € 23 million related to write-ups of track infrastructure in the

The DB Long-Distance CGU can withstand a reduction of up to 5.8  % in the

DB Netze Track segment.

EBIT margin and the DB Regional CGU up to 5.5  %. The rest of the CGUs

Further explanations on the development of property, plant and equip-

report stable surplus coverage even if the EBIT margin is reduced by 10  %.

ment or intangible assets can be found under Notes ((1313))µ 231 ff. and (14
14))
µ 234
234..

Average real growth rate of cash flows( 7 ) O T H E R O P E R AT I N G E X P E N S E S

A reduction of 10  % in the long-term growth rate was simulated in order toassess the sensitivity of the impairment test result in relation to the assumed
long-term growth rate of cash flows. As was the case in the previous year,€ million

no impairment requirement was identified for any of the CGUs considered

LEASING, RENT AND LEASES

in this scenario.
Weighted average cost of capital

2022

2021

Leasing expenses

864

741

Variable leasing expenses

19

9

883

750

Risks relating to the assumptions of the capitalization rate, which is nor-

Legal, consultancy and audit costs

264

222

Fees and contributions

227

212

mally used for calculating the present value of the value in use, were ana-

Insurance expenses

190

171

lyzed by simulating the impairment of each CGU in conjunction with aAdvertising and sales promotion expenses

173

148

capital cost markup of 10  %. The basis for this simulation was the current
weighted cost of capital (after taxes). This model calculation resulted in ashortfall for the DB Long-Distance CGU (€ – 495 million). The maximum

Printing and stationery expenses

60

56

Travel and representation expenses

336

234

Research and non-capitalized development costs

31

44

Purchased IT services

718

654

Other communication services

56

57

1,040

931

OT H E R P U R C H A S E D S E R V I C E S

cost of capital surcharge up to which DB Long-Distance has surplus coverage is 7.0  %.

Other services
Useful life and residual value

With regard to the assumptions relating to useful life and residual value,
the effect of a 10  % reduction in the residual value at the end of useful life
(terminal value) was analyzed. This model calculation resulted in a shortfall for all the CGUs under investigation.

1,814

1,642

Expenses for compensation for damages

239

358

Impairments recognized in relation to receivables
and other assets 1)

42

76

Losses from the disposal of property, plant andequipment and intangible assets

250

270

Expenses from disposal of non-current financial instruments

63

Impairments from disposal groups

198–

Other operating taxes

59

87
126

OT H E R E X P E N S E S

Grants for third-party facilities

135

Concession fees for passenger transport–5

9

Other personnel-related expenses

292

230

Miscellaneous other expenses
Total

228

1,078
1,443

5,777

5,716

Special items

– 253

– 672

Effects from changes in the scope of consolidation

– 22

– 21

Exchange rate effects

– 34

–

5,468

5,023

Total – comparable
1)

583
1,005

Including payments for receivables written down in the previous year.

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information(9) N ET INTEREST INCOME

Other operating expenses only increased slightly overall by € 61 million(+ 1.1%). In most cases, price-related cost increases in almost all types of
expenses were contrasted with lower expenses due to the absence of€ million

special items from the previous year for other expenses and compensation

I N T E R E ST I N C O M E

for damages.
The decline in expenses for compensation for damages resulted fromthe effects of the reversal of provisions in the previous year in connection
with an accident (DB Netze Track segment).
addition to provisions from the revaluation of ecological burdens (Subsid-

2021

Net interest income from pension provisions

7

2

Other interest and similar income

62

29

Income from securities

1

1

Operating interest income

7032Interest income from the reversal of deferred items
and other interest income

The decline in miscellaneous other expenses resulted mainly from an

2022

168

23

238

55
– 430

I N T E R E ST E X P E N S E S

iaries/Other segment) in the previous year.
Leasing expenses increased by € 133 million (+ 17.7%) and, in addition
to the service element of capitalized leasing arrangements, also related
to short-term leases (€ 213 million; previous year: € 210 million) and alsoleased assets of minor value (€ 69 million; previous year: € 58 million).
This increase also resulted from higher rents for rolling stock at DB Re-

Other interest and similar expenses– 396

Net interest expenses for pension provisions

– 62

– 28

Interest expenses for leasing liabilities

– 86

– 80

Operating interest expenses

– 544

– 538

Compounding of long-term provisions and liabilities

– 45

– 45

– 589

– 583

Total

gional, DB Long-Distance and DB Cargo, software and ancillary rental
costs.
Travel and representation expenses have risen to pre-Covid-19 levels
again following the lifting of Covid-19-related restrictions.

– 351

– 528

Special items

742

Effects from changes in the scope of consolidation

4

2

Exchange rate effects

2

–

– 338

– 484

– 474

– 506

Total – comparable

The decline in other operating taxes in the year under review resulted

For information only:

from the partial release of provisions for revenues tax of € 40 million.

Operating interest balance

For information on impairments from disposal groups, see Note ((2323))
Interest income and interest expenses are recognized in the income state-µ 241 ff..

ment using the effective interest method in the period in which the income(8) R E S U LT F R O M I N V E S T M E N T S A C C O U N T E D
FOR USING THE EQUITY METHOD

arises.
The increase in other interest and similar income was due in particular

The following contributions to profits are recognized in the statement of

to increased interest income from banks as a result of increased market

income as a result of shares in companies over which significant influenceinterest rates.

can be exercised or which are managed as joint ventures:€ million

The increase in interest income from the reversal of deferred items and
2022

2021

1

1

other interest income is mainly attributable to the adjustment of the discount rate for other provisions.
The increase in net interest expenses for pension provisions resulted

JOINT VENTURES

Trieste Trasporti S.P.A., Trieste/Italy
Intercambiador de Transportes Principe PIO S. A., Madrid/Spain

2

2

Other

2

0

5

3

4

4

Barraqueiro SGPS SA, Lisbon/Portugal–3–3

GHT Mobility GmbH, Berlin

from an increase in the discount rate.

( 1 0 ) O T H E R F I N A N C I A L R E S U LTA S S O C I AT E D C O M PA N I E SEUROFIMA European Company for the Financing of Railroad
Rolling Stock (EUROFIMA), Basel/Switzerland€ million

– 16

– 18

Container Terminal Dortmund GmbH, Dortmund

1

1

TriCon Container-Terminal Nürnberg GmbH, Nuremberg

1

0

Other
Total

3

3

– 10

– 13

–5

– 10

2022

2021

Result from subsidiaries

3

2

Result from exchange rate effects

60

– 268

Result from currency-related derivatives

– 50

295

Result from other derivatives

6

9

Result from disposal of financial instruments

00Fair value change of financial instruments

29

32

Impairment losses and write-ups on financial instruments

10–

Other financial result

– 38

– 22

Total

20

48

Special items––

Effects from changes in the scope of consolidation

00

Exchange rate effects

33

–

53

48

Total – comparable

Dividend income is recognized at the point at which the right to receive thepayment arises.

229

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

The result from exchange rate effects was attributable to the conversion

In the year under review, there were new tax loss carryforwards for whichof foreign currency liabilities and receivables with an impact on the income

deferred tax assets were not recognized in full, as at the time of the fore-

statement using the spot rate applicable on the balance sheet date (IAS 21).

cast period sufficient taxable income was not expected for the loss carry-

The result from exchange rate effects has to be netted with the result fromforwards and temporary differences that existed in the previous year.

currency-related derivatives. The exchange rate fluctuations in the year

The reconciliation amount as detailed in IAS 12.33 related exclusively

under review are mainly attributable to the development of the exchange

to additional tax write-downs resulting from the fact that tax-free grants

rate between the euro and the British pound and the Swiss franc. The re-in the IFRS financial statements have been deducted directly from the as-sult from currency-related derivatives contains reclassifications in otherset acquisition costs. It is not permissible for deferred taxes to be createdincome from currency-induced fair value changes in cash flow hedges within relation to these temporary differences.

no impact on profit and loss. The result from other derivatives relates to

In the year under review, the other effects included in particular effects

the development in the fair value of derivatives that are not classified as

attributable to the difference in the assessment bases of different income

effective hedges in accordance with IFRS 9 (Financial Instruments).

tax bases, and additional local income taxes outside Germany.

The fair value changes to financial instruments related to the positive
performance from the fair value assessment of other investments (Note ((1717))(12) EARNINGS PER SHAREµ 235 f.
f.).
).

Under IAS 33 (Earnings per Share), undiluted earnings per share are calculated by dividing the net profit/loss of DB Group attributable to the( 1 1 ) TA X E S O N I N C O M Eshareholders of DB AG by the weighted average number of shares in issue€ million

2022

2021

Actual tax expense

– 509

– 321

Income due to discontinuation of tax obligations
Actual taxes on income
Deferred tax expense (previous year: deferred tax income)Taxes on income

54

19

– 455

– 302

– 704

179

– 1,159– 123

during the year under review. Undiluted earnings per share correspond to
diluted earnings per share.

The actual taxes on income in the year under review were incurred mainly

tional Group companies. Deferred taxes resulted in expense (previous year:
income). This is due to the significantly lower anticipated future utilizationof tax losses carried forward, whereas deferred tax income from the extension of the planning horizon was reported in the previous year.
Starting with the net profit/loss of DB Group before taxes on income
and the imputed taxes on income calculated using an imputed tax rateof 30.5%, the tax reconciliation to the actual income taxes is presented
below:
2022

2021

932

– 788

Group tax rate (%)

30.5

30.5

Anticipated tax revenue

– 284

240

Adjustment of the expected future use of loss carry-forwards
and new temporary differences that have arisen and loss
carry-forwards

– 868

– 411

Income not subject to tax

32

34

Tax effects related to IAS 12.33

29

40

– 69

– 35

Expenses not deductible for tax purposes
Differences in tax rates for foreign companies

83

63

Other effects

– 82

– 54

Taxes on income as reported
Effective tax rate (%)– 1,159

– 123

124.4

– 15.6

2021

– 227

– 911

	thereof due to shareholders of DB AG

– 274

– 946

	thereof attributable to providers of hybrid capital

25

26

	thereof attributable to non-controlling interests229430,000,000

430,000,000

Undiluted– 0.64– 2.20

Diluted– 0.64– 2.20EARNINGS PER SHARE (€/SHARE)

is attributable to higher contributions to profits made by some interna-

Loss before taxes on income

2022

Net loss for the year

Number of issued shares as of Dec 31

at foreign Group companies. The increase compared with the previous year€ million€ million

230

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

Notes to the balance sheet

Rights of use from leasing contracts
In the case of rented or leased assets, if they fall under the scope of IFRS 16,( 1 3 ) P R O P E R T Y, P L A N T A N D E Q U I P M E N T

a right of use (in accordance with IFRS 16.24) and a lease liability are rec-

Property, plant and equipment is measured at cost of purchase and cost

ognized as soon as the assets are available for use by DB Group. Depreci-of production in accordance with IAS 16 (Property, Plant and Equipment).

ation is recognized using the straight-line method over the economic use-

Cost of production comprises individual costs as well as indirect costs which

ful life of the asset or the shorter duration of the lease. This is not

are directly allocatable.

applicable for leasing contracts for minor-value assets (up to and includ-

If at least two years are required for manufacturing an asset in ordering € 5,000) and short-term leasing contracts with a duration of 12 months

to place it in its intended state in which it is capable of being used or sold,or less, the costs of which are recognized on a linear basis in the statement

any directly attributable costs of debt are capitalized as costs of produc-of income. Components of lease payments that do not relate to the use oftion of the asset. If a direct link cannot be established, the average cost

the asset are not included in the measurement of the right of use and theof debt rate for the year under review is used. Value-added tax incurredlease liability.

in connection with the purchase or production of property, plant andequipment is only capitalized to the extent that authorization to deduct

Critical estimations and assessments

pre-tax is not given.

With regard to defining the duration of the lease, management takes

Subsequent costs are capitalized if the expenses enhance the economic

account of all facts and circumstances that have an influence on the pos-

benefit of the property, plant and equipment and if the costs can be reliably

sible exercising of an extension option or termination option. This assess-measured. Other repairs or maintenance, on the other hand, are generally

ment is reviewed regularly.

recognized as an expense.

Leased assets

Components of property, plant and equipment that are significant inrelation to the total cost of purchase and cost of production are recognized

DB Group classifies every lease for which it is the lessor either as an oper-

separately and written down over their useful life using the straight-line

ating lease or as a finance lease. A lease is classified as a finance lease if

method.

it transfers essentially all risks and opportunities associated with the own-

Investment grants are deducted directly from the cost of purchase andership. If this is not the case, the lease is classified as an operating lease.

cost of production of the subsidized assets.

Track infraVehicles
structure,signaling and for passenger
and freightcontroltransport
equipment

Technical
equipment
andmachinery

Advance
Other
operating payments andand business assets underequipment construction

Land

Commercial,
operatingand otherbuildings

Permanentway
structures

4,675

13,74015,92816,60238,300

2,294

5,922

7,257

7

– 107

–

–

152

– 12

–4

–1

35

thereof additions in scope of consolidation

25

39

–

–

424

0

19

1

508

thereof disposals in scope of consolidation

– 18

– 146

–

–

– 272

– 12

– 23

–2

– 473

109

1,096

954

1,404

2,084

119

552

8,463

14,781PROPERTY, PLANT AND EQUIPMENT / € million

Total

C O ST O F P U R C H A S E A N D C O ST O F P R O D U C T I O N

As of Jan 1, 2022
Changes in the scope of consolidation

Additions
Addition of cost of debt
Investment grants

104,718

–

–

–

–

–

–

–

61

61

– 10

– 195

– 699

– 1,288

– 60

– 30

– 76

– 6,239– 8,597

Transfers

25

275

13

244

386

37

89

– 1,082– 13

Transfers of non-current assets held for sale

–5

– 69

0

–

– 408

–4

– 17

–1

– 504

Changes with no impact on profit and loss
Disposals

–

1

–

–

–

–

0

–

1

– 32

– 226

–7

– 272

– 764

– 55

– 340

66

– 1,630

Currency translation effects

– 15

– 50

–3

0

– 132

–4

– 12

–1

– 217

As of Dec 31, 2022

4,754

14,465

16,186

16,69039,558

2,345

6,114

8,523

108,635– 677– 6,008– 6,024– 13,012– 23,418– 1,505– 3,966–8– 54,618

5

76

–

–

55

8

2

–

146

0

– 19

–

–

– 105

0

– 16

–

– 140

AC C U M U L AT E D D E P R E C I AT I O N

As of Jan 1, 2022
Changes in the scope of consolidation
thereof additions in scope of consolidation

5

95

–

–

160

8

18

–

286

Depreciation

thereof disposals in scope of consolidation

– 51

– 898

– 204

– 335

– 1,713

– 130

– 498

–

– 3,829

Impairments

–

–1

0

0

–3

0

–1

–

–5

Reversals

–

–

–

23

0

0

1

–

24

Transfers

0

0

0

0

–1

0

3

6

8

Transfers of non-current assets held for sale

0

45

0

–

212

2

12

–

271

Disposals

9

176

5

262

707

51

303

0

1,513

Currency translation effects

2

31

2

0

76

4

8

0

123

As of Dec 31, 2022

– 712

– 6,579– 6,221– 13,062– 24,085– 1,570– 4,136–2– 56,367

Carrying amount as of Dec 31, 2022

4,042

7,886

9,965

3,628

15,473

775

1,978

8,521

52,268Carrying amount as of Dec 31, 2021

3,998

7,732

9,904

3,590

14,882

789

1,956

7,249

50,100231

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

PROPERTY, PLANT AND EQUIPMENT / € million

Permanent
way structures

Trackinfrastructure,signaling
and control
equipment

Vehicles forpassenger
and freighttransport

Technical
equipment
and machinery

Other
operatingand businessequipment

Advancepayments andassets underconstruction

Total

12,74815,78817,00736,431

2,214

5,723

5,623

100,113

23

–

–

13

1

4

0

42

27

–

–

13

1

4

0

46

Land

Commercial,
operatingand otherbuildings

4,579
1
1

C O ST O F P U R C H A S E A N D C O ST O F P R O D U C T I O N

As of Jan 1, 2021
Changes in the scope of consolidation
thereof additions in scope of consolidation
thereof disposals in scope of consolidation
Additions

–

–4

–

–

–

–

0

–

–4

122

1,109

806

1,435

2,219

122

524

8,811

15,148Addition of cost of debt

–

–

–

–

–

–

–

50

50

Investment grants

0

– 176

– 752

– 1,380

– 42

– 39

– 70

– 6,579– 9,038

Transfers

12

171

101

– 214

403

48

97

– 620

–2

Transfers of non-current assets held for sale

–

–

–

–

–

–

–

–

–

Changes with no impact on profit and loss

–

3

–

–

–

–

–

–

3

– 59

– 200

– 19

– 246

– 852

– 58

– 387

– 34

– 1,855

Disposals
Currency translation effects
As of Dec 31, 2021

20

62

4

0

128

6

31

6

257

4,675

13,74015,92816,60238,300

2,294

5,922

7,257

104,718– 717– 5,218– 5,831– 12,913– 22,517– 1,442– 3,755– 16– 52,409

–

2

–

–

0

0

–2

–

0

–

–2

–

–

0

0

–2

–

–4

AC C U M U L AT E D D E P R E C I AT I O N

As of Jan 1, 2021
Changes in the scope of consolidation
thereof additions in scope of consolidation
thereof disposals in scope of consolidation

–

4

–

–

–

–

0

–

4

Depreciation

– 45

– 890

– 203

– 346

– 1,580

– 128

– 496

–

3,688

Impairments

–1

–2

0

0

–7

0

–2

0

– 12

Reversals

75

0

–

14

2

–

0

–

91

Transfers

–1

– 20

0

0

2

16

– 14

7

– 10

Transfers of non-current assets held for sale

–

–

–

–

–

–

–

–

–

Disposals

17

141

13

233

755

54

326

1

1,540

Currency translation effects

–5

– 21

–3

0

– 73

–5

– 23

0

– 130

As of Dec 31, 2021

– 677

– 6,008– 6,024– 13,012– 23,418– 1,505– 3,966–8– 54,618

Carrying amount as of Dec 31, 2021

3,998

7,732

9,904

3,590

14,882

789

1,956

7,249

50,100Carrying amount as of Dec 31, 2020

3,862

7,530

9,957

4,094

13,914

772

1,968

5,607

47,704

The additions to the cost of debt contain an average cost of debt rate ofRights of use from leases ( IFRS 16)

1.34% (previous year: 1.44%).

DB Group leases mainly consist of real estate. Compared with a solution

The impairments of € 5 million (previous year: € 12 million) mainly

involving purchasing of such assets, leasing provides much greater flexi-

related to vehicles for passenger and freight transport.

bility and results in lower amounts of capital being tied up. DB Group simul-

Reversals of € 24 million (previous year: € 91 million) mainly relatedtaneously participates in positive market developments by regularly agree-

to track infrastructure of DB Netz AG.

ing extension options. In addition, DB Group rents rolling stock particularly

In the year under review, the carrying amount disposals for assets

if the economic useful life considerably exceeds the duration of the trans-

under construction included positive carrying amount disposals of € 75 mil-port contract for which the rolling stock is intended.

lion (previous year: € 7 million). These were attributable to the repayment
of investment grants that had been received in previous years and deducted from assets.
Restrictions to rights of disposal over property, plant and equipment(as of December 31, 2022: € 28 million; as of December 31, 2021: € 34 million) existed mainly in Arriva Italia s.r.l., Milan/Italy.

232

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

Property, plant and equipment contains rights-of-use from leases that are
shown separately in the following overview:

Rights of use for€ million

Land

Commercial,
operatingand otherbuildings

Track infrastructure,signaling andcontrolequipment

Permanentway
structures

Vehicles forpassenger
and freighttransport

Other
Technical
equipment operating andbusiness
andequipmentmachinery

Total

AS OF DEC 31, 2022

Additions

58

764

1

1

234

9

25

Depreciation

– 42

– 661

–2

–1

– 223

– 32

– 17

1,092
– 978

Carrying amount

391

3,492

1

14

615

142

37

4,692

1,090

AS OF DEC 31, 2021

Additions

51

788

0

14

199

18

20

Depreciation

– 38

– 655

–4

–1

– 196

– 33

– 16

– 943

Carrying amount

377

3,494

2

15

534

165

32

4,619

Further details of leasing-related liabilities, expenses and other financial

leased premises, the subletting income is not recognized in the income

obligations are set out in the Notes ((66)µ 225 ff.,
ff., (7)µ 228 f.,f., (9(9)µ 229
229,, (28(28))

statement; instead, this is recognized as a sub-financing lease. Income fromµ 242 ff. and (3535))µ 261 as well as the Notes to the statement of cash flowsµ
flows
254..
254

subletting amounted to € 31 million (previous year: € 35 million).

The decrease in carrying amounts for vehicles for passenger and freight

The assets which in certain cases are determined on the basis of retro-transport mainly resulted from the DB Arriva segment. In the case of com-

spective calculations and completed surveys and which are leased by way

mercial, operational and other buildings, as well as new contracts, termof operating leases have the following residual carrying amounts:

extensions in connection with existing real estate contracts resulted in an
increase in the carrying amounts.

RENTED ASSETS CLASSIFIED AS OPERATING LEASES / € million

Cost of purchase and cost of production

1,428

6,880

Rented assets

Accumulated depreciation– 511– 4,701

Carrying amount as of Dec 31, 2022

917

2,179

Cost of purchase and cost of production

1,393

6,889

Accumulated depreciation– 481– 4,580

Carrying amount as of Dec 31, 2021

912

2,309

The rental activities of DB Group related mainly to premises in stations aswell as the leasing of excess locomotive and rail car capacities. Agreements
are not normally made with regard to assuring any residual values.
Subletting activities are carried out to a minor extent mainly at DB
Schenker. Where appropriate, storage facilities are rented only for the pur-Real estate

Mobile assets

pose of fulfilling a logistics contract with a specific customer. If these cus-

The process of renting the assets is expected to generate rental and leasing

tomers take on the economic opportunities and risks with regard to the

inflows in future years as shown in the following overview:

Residual maturity
EXPECTED RENTAL AND LEASING INCOME (NOMINAL VALUES)/ € million

Up to 1 year

1 to 2 years

2 to 3 years

3 to 4 years

4 to 5 years

More than
5 years

Total morethan 1 year

Total

374

198

178

135

121

473

1,105

1,479

357

211

178

161

121

518

1,189

1,546

AS OF DEC 31, 2022

Minimum lease payments
AS OF DEC 31, 2021

Minimum lease payments( 1 4 ) I N TA N G I B L E A S S E T S

Intangible assets (excluding goodwill and the Arriva brand) are subse-

Purchased intangible assets are shown with their acquisition cost in accor-

quently valued at cost of purchase and cost of production less scheduled

dance with IAS 38 (Intangible Assets). Intangible assets manufactured in-amortization and impairments plus any reversals of previous impairments.

house are recognized with their cost of production, if the reporting criteria
are met, and consist mainly of software.
Costs of production mainly comprise costs for material and services,wage and salary costs as well as relevant indirect costs.

233

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

Capitalized
development costs
for products
under development

Capitalized
development costs
for products
currently in use

Purchased
intangible
assetsAdvancepayments

Goodwill

2022

2021

2022

2021

2022

2021

2022

2021

As of Jan 1

897

766

425

369

2,193

2,196

3,144

3,003

Changes in the scope of consolidation

– 21

2

0

–

28

26

– 27

17

thereof additions in scope of consolidation

1

2

–

–

77

28

53

17

thereof disposals in scope of consolidation

– 22

–

0

–

– 49

–2

– 80

–

INTANGIBLE ASSETS / € million

2022

Total
2021

2022

2021

1

1

6,660

6,335

–

–

– 20

45

–

–

131

47

–

–

– 151

–2

C O ST O F P U R C H A S E A N D C O ST O F P R O D U C T I O N

Additions

37

44

179

174

356

21

–

–

0

0

572

239

Investment grants

–2

–6

–4

–

0

–1

–

–

–

–

–6

–7

Transfers

86

138

– 95

– 100

23

– 36

0

–

–1

–

13

2

Transfers of non-current assets held for sale

–

–

0

–

– 49

–

– 127

–

–

–

– 176

–

Changes with no impact on profit and loss

–

–

–

–

–

0

–

–

–

–

–

0

Disposals

0

– 52

– 22

– 17

– 199

– 41

–

0

0

–

– 221

– 110

Currency translation effects

– 10

5

0

–1

– 31

28

– 34

124

–

–

– 75

156

As of Dec 31

987

897

483

425

2,321

2,193

2,956

3,144

0

1

6,747

6,660

– 390

– 298

0

0

– 1,958– 1,889– 1,925– 1,858––– 4,273– 4,045

12

–2

–

–

43

–1

70

–

–

–

125

–3

0

–2

–

–

0

–3

–

–

–

–

0

–5

AC C U M U L AT E D A M O R T I Z AT I O N

As of Jan 1
Changes in the scope of consolidation
thereof additions in scope of consolidation

12

–

–

–

43

2

70

–

–

–

125

2

Depreciation

thereof disposals in scope of consolidation

– 89

– 81

–

–

– 82

– 112

–

–

–

–

– 171

– 193
–2

Impairments

–3

–2

–

–

–1

0

– 13

–

–

–

– 17

Reversals

–

–

–

–

–

–

–

–

–

–

–

–

Transfers

–

– 26

–

–

–8

36

–

–

–

–

–8

10

Transfers of non-current assets held for sale

–

–

–

–

42

–

127

–

–

–

169

–

Disposals

0

22

–

–

199

34

–

–

–

–

199

56

Currency translation effects

5

–3

–

–

21

– 26

57

– 67

–

–

83

– 96

As of Dec 31

– 465

– 390

0

0

– 1,744– 1,958– 1,684– 1,925––– 3,893– 4,273

Carrying amount as of Dec 31

522

507

483

425

577

235

1,272

1,219

0

1

2,854

2,387

Carrying amount as of Dec 31 of previous year

507

468

425

369

235

307

1,219

1,145

1

1

2,387

2,290

The acquired intangible assets included an amount of € 340 million (previ-

The shares in the investments accounted for using the equity method haveous year: € 2 million) for claims from capital expenditures made for a trans-

developed as follows:

port contract that are to be taken into account in accordance with IFRIC 12.

million

Software is also recorded under this item (carrying amount as of December 31, 2022: € 92 million; as of December 31, 2021: € 103 million), concessions and rights (carrying amount as of December 31, 2022: € 69 million;
as of December 31, 2021: € 51 million) and acquired customer and franchisecontracts (carrying amount as of December 31, 2022: € 54 million; as ofDecember 31, 2021: € 79 million).
For the acquired Arriva brand (carrying amount as of December 31,
2022: € 27 million; as of December 31, 2021: € 32 million), there are no otherlegal, regulatory, contractual, competitive, economic or other factors that
limit the useful life.
The impairments of € 17 million (previous year: € 2 million) were in the
DB Cargo, DB Regional and Subsidiaries/Other segments.

2022

2021

As of Jan 1

461

458

Additions00

Disposals– 20

0

Share of DB Group in profit

11

8Capital increase

3

1

Other movements in capital

–2

–
–9

Dividends received–9

Impairments

0–

Reversals

11–0Currency translation effects

0

Other valuation–93

As of Dec 31

446

461

The allocation of the reported goodwill to the segments is shown in
Segment information according to segmentsµsegments
214 f.

The figure shown in the balance sheet as of December 31, 2022, was mainly
attributable to the shares held in the associated companies EUROFIMA( 1 5 ) I N V E S T M E N T S A C C O U N T E D F O R U S I N G
THE EQUITY METHOD

European Company for the Financing of Railroad Rolling Stock (EUROFIMA),
Basel/Switzerland and Trieste Trasporti S.P.A., Trieste/Italy. The shares

Shares in associated companies and joint ventures are accounted for using

in EUROFIMA are subject to restrictions in terms of being sold; new share-

the equity method in accordance with IAS 28. The carrying amount, based

holders must be railway administration entities which also require a guar-on the Group costs of purchase at the time of the purchase, is updated ac-

antee from their respective state guaranteeing their obligations.

cording to the DB Group share of changes in equity position of the company
accounted for using the equity method.

234

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information( 1 6 ) D E F E R R E D TA X E S

The following deferred tax assets and deferred tax liabilities shown in theDeferred taxes are calculated in accordance with IAS 12 (Income Taxes).

balance sheet were due to statement and valuation differences for the individual balance sheet items and tax losses carried forward:

The theoretical income tax rate for corporations of 30.5  % is used as
the basis for calculating deferred taxes for domestic companies. The income

Deferred tax assets

tax rate comprises the corporation tax rate plus solidarity surcharge andan average trade tax rate. Foreign subsidiaries use their relevant local tax

AS OF DEC 31 / € million

rates for calculating deferred taxes.

NON-CURRENT ASSETS

A deferred tax asset is recognized in accordance with IAS 12.24 or
IAS 12.34 if, after corresponding deferred tax liabilities have been deducted,

Deferred tax liabilities

2022

2021

2022

2021

Property, plant and equipment

80

108

122

153

Intangible assets

0

0

25

34

7

11

5

4

CURRENT ASSETS

it is likely that adequate taxable income is available. This is based on theTrade receivables

mid-term planning and a further year, taking into account supplementary

NON-CURRENT LIABILITIES

estimates for domestic companies. The international companies use medi-

Financial debt

0

2

0

0

um-term planning as the basis. Deferred tax assets relating to income which

Derivative financial instruments

0

7

0

0

Pension obligations

83

140

5

3

Other provisions

133

177

181

131

Trade liabilities

76

68

0

0

Other liabilities

29

32

0

0
12

can be generated after the forecast period are not recognized, on the
grounds that they cannot be reliably determined.

CURRENT LIABILITIESDeferred taxes are established on the basis of the tax rates that canbe expected for the period in which the deferred tax is realized on thebasis of existing laws or laws that have in essence been adopted.

Critical estimations and assessments
The calculation of deferred tax assets is based on the medium- and longterm planning. If the sum of net profits planned in the medium-term plan-

Other provisions

43

67

11

Losses carried forward

167

862

0

0

Subtotal

618

1,474

349

337

Balancing 1)

– 108

– 169

– 108

– 169

Amount stated in the balance sheet

510

1,305

241

168

1)

ning were to decline by 10  % in conjunction with otherwise unchanged tax

	To the extent permitted by IAS 12 (income taxes).

parameters, deferred tax assets would have to be reduced by € 14 million
Tax assets and liabilities are netted if they exist in relation to the same tax(previous year: € 100 million).

authority, if they are of congruent maturity and if they relate to the same
Deferred tax assets are broken down as follows:

tax subject.

AS OF DEC 31 / € million

2022

Of the deferred tax assets of € 618 million (as of December 31, 2021:

2021

Deferred tax assets in respect of temporary differences

343

443

Deferred tax assets in respect of tax losses carried forward

167

862

Total

510

1,305

€ 1,474 million), € 147 million (as of December 31, 2021: € 177 million) willprobably be realized in the course of the next 12 months. Of the deferred
tax liabilities of € 349 million (as of December 31, 2021: € 337 million), € 11 million (as of December 31, 2021: € 16 million) will probably be realized in thecourse of the next 12 months.

No deferred tax assets have been created in relation to the following losses

The deferred taxes recognized in the balance sheet include deferredcarried forward and temporary differences:

tax assets, set up with no impact on profit and loss, of € 71 million (as ofDecember 31, 2021: € 222 million) and deferred tax liabilities, set up with noAS OF DEC 31 / € million

2022

2021

Tax loss carry-forwards for which no deferred
tax asset has been created

23,531

20,514

Temporary differences for which no deferred
tax asset has been created(17) OTHER INVESTMENTS AND SECURITIES

2,853

5,653

Other investments are accounted for at fair value if the relevant informa-

Temporary differences that are not permitted to be recognizedin accordance with IAS 12.24b in conjunction with 12.33

1,771

1,868

28,15528,035

Total

impact on profit and loss, of € 8 million (as of December 31, 2021: € 7 million).

tion can be derived. Changes in the fair value with no impact on profit andloss are shown in the “Fair value securities and equity investments” reserve.
Long- or short-term securities are recognized at their fair values as of
the balance sheet date – where such values exist. Changes in fair value are

The losses carried forward are mainly attributable to the tax law treatment

taken into account with no impact on profit and loss in the reserve fromof Federal grants paid in the past to DB AG in accordance with section 21

the fair value assessment of securities.

(5) and section 22 (1) Deutsche Bahn Foundation Act (Deutsche Bahn
Gründungsgesetz; DBGrG) as a contribution as well as further tax losses
in recent years.
On the basis of current law, the domestic losses carried forward are
fully permissible in accordance with current legislation (in terms of theactual amount and justification).
The temporary differences which are not permitted to be recognizedin accordance with IAS 12.33 relate exclusively to additional tax depreciation from previously received tax-free investment grants.

235

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

Other investments and securities developed as follows:

The increase in raw materials, consumables and supplies was attributable,
among other things, to price increases for CO₂ certificates.

Other
investments

Securities

The decline in finished products and goods mainly resulted in the DB

Total€ million

2022

2021

2022

2021

2022

2021

As of Jan 1

97

55

3

3

100

58

Schenker segment as a result of the sale of the MTS-Markentechnik Groupand in the DB Regional segment.

Currency translation effects

0

0

0

0

0

0

Additions

8

18

501

–

509

18

Disposals

–3

–7

0

0

–3

–7

Fair value changes

30

31

0

0

30

31

tized acquisition cost. Finance lease receivables, advance payments made

Other

0

0

–

–

0

0

and plan assets in accordance with IAS 19 (Employee Benefits) are not al-

132

97

504

3

636

100

located to any category of IFRS 9. With regard to the measurement cate-	thereof at cost/acquisition cost

–

–

0

1

0

1

	thereof fair value (with no
impact on profit and loss)

31

29

2

2

33

31

As of Dec 31t hereof fair value (recognizedin the income statement)
Non-current share

101

68

502

–

603

68

132

97

2

2

134

99

–

–

502

1

502

1

Current share( 1 9 ) R E C E I VA B L E S A N D O T H E R A S S E T S
In general, receivables and other financial assets are measured at amor-

gories according to IFRS 9 (Additional disclosures relating to the financial instruinstrumentsµ 260
ments
260).
).

For trade receivables, DB Group uses the simplified approach according to IFRS 9 in order to measure the risk provision for the expected loan
losses. Accordingly, for all trade receivables, the loan losses expected overthe life of the receivables are used for this purpose. To this end, trade receivables were initially allocated to various collectives on the basis of

In the year under review, fair value changes resulted in other investments

common credit risk characteristics. The expected credit losses were thenamounting to € 30 million (previous year: € 31 million). As in the previous

estimated using impairment rates that take into account past data andyear, these related almost exclusively to the revaluation of the shares incountry-specific future-related risk characteristics.

Volocopter GmbH, Bruchsal.

For receivables from financing, other financial receivables and con-Additions to other investments at fair value related to € 2 million to

tractual assets, DB Group uses the general approach under IFRS 9 to mea-

Teralytics Holding AG, Zurich/Switzerland, and € 1 million each to Liefer-sure the expected loan losses. Receivables for which objective indications

grün GmbH, Münster, Utilities Allianz 450 Beteiligungs GmbH&Co. KG,

of impairment are available are individually impaired.

Bonn, Maniv Mobility II A, L.P., Santa Clara/USA, and Brighter Al Technol-

Any impairments that are recognized are deducted from financial

ogies GmbH, Berlin.

assets on the assets side of the balance sheet. Previous impairments are

The additions within the securities mainly related to acquisitions ofreversed if the reasons for the original impairments are no longer appli-

money-market funds by DB AG. Money market funds are available on acable. In DB Group, the maturities of the receivables and default risks aredaily basis and are comparable in liquidity to cash and cash equivalents.

monitored constantly.

Due to potential risks of changes in value, they are recognized under otherSome transport contracts include a handover obligation specifying

investments.

that the deployed assets owned by DB Group have to be handed over at theend of the contract. Other transport contracts include a clause specifying(18) INVENTORIES

that the deployed assets have to be rented from the contracting organiza-

All costs which are directly related to the procurement process are capital-tion or a capital service guarantee is to be provided by the contracting

ized as the acquisition costs of the inventories. The average method is usedorganization for leasing from independent financial service providers. In

as the basis for establishing the acquisition cost of fungible and homoge-

accordance with IFRIC 12 (Service Concession Arrangements), the corre-

neous raw materials and supplies. The costs of production comprise thesponding capital expenditures are capitalized as receivables from transportindividual costs and also the directly attributable indirect costs; borrowing

concession arrangements at the end of the contract, with the guaranteed

costs and idle costs are not capitalized, and instead are recognized as ex-

residual values being separated. The receivables are redeemed out of thepense in the period in which they are incurred.

concession fees, which means that not all of the concession fees result in

As of the balance sheet date, inventories are measured with the lower

revenues. The residual value receivables are disclosed at their present valueof cost or net realizable value.

under the financing receivables.

CO₂ certificates are also shown in inventories.

Critical estimations and assessments
Inventories are broken down as follows:

The calculation of expected credit losses to a considerable extent comprises
assessments and appraisals that are based on the creditworthiness of the

AS OF DEC 31 / € million

2022

2021

particular customer, current economic developments as well as an analy-

Raw materials, consumables and supplies

2,256

2,062

Unfinished goods, unfinished services

139

128

sis of historical bad debts at the portfolio level. If the provision for expected

Finished goods and products

145

413

0

11

Advance payments
Impairments

– 464

– 459

Total

2,076

2,155

credit losses is derived on the basis of historical default rates at the portfolio level, any decline in the overall volume of receivables results in acorresponding decrease in such provisions (and vice versa).

236

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

The receivables and other assets are broken down as follows:€ million

Tradereceivables

Financialreceivables
and earmarked bankbalances

Receivablesfromtransport
concessions

Advancepayments

Other assets

Total

11,626

AS OF DEC 31, 2022

Gross value

6,517

1,033

855

343

2,878

Impairments

– 163

– 10

–

–

– 43

– 216

Net value

6,354

1,023

855

343

2,835

11,410

41

2

–

0

221

264

10,514	thereof due to related parties
AS OF DEC 31, 2021

Gross value

6,681

875

682

304

1,972

Impairments

– 182

– 11

–

–

– 46

– 239

Net value

6,499

864

682

304

1,926

10,275

38

2

–

0

310

350

	thereof due to related parties

Commitments and claims from the independent acknowledgement of debt

DB Group continues to account for the remainder of the trade receivables

have been recognized in the balance sheet since the year under review. Thistransferred under factoring agreements for which the power of disposal

resulted in an extension of the balance sheet of € 771 million in total for thedoes not pass to the bank in the amount of its continued commitment, i.e.

other assets. The commitments correspond to equal amounts of receivables

the maximum amount in which DB Group is still liable for the credit risk

from supply contracts, hedged by bank guarantees, in the event of a claim.

and the late payment risk of the sold receivable, and has a corresponding

DB Group concluded factoring agreements with a bank; according to the

obligation within the other liabilities (continuing involvement). The re-terms of this agreement, the bank is obliged to purchase on a revolving basis

ceivables and the associated liabilities are derecognized to the extent thatcurrent trade receivables (denominated in euro and Swedish krona) in com-

DB Group’s sustained exposure is reduced due to the receipt of payments

panies of the DB Schenker segment up to a maximum volume of € 695 million

from customers.

(previous year: € 703 million) and under which rights or obligations remain

Disclosures on DB Group’s sustained exposure in partially derecognizedwith DB Group. The agreement has been concluded for an indefinite period

trade receivables:of time. DB Group will continue to be responsible for sales ledger accounting
and the dunning system on behalf of the bank until further notice. The risks

AS OF DEC 31 / € million

2022

2021

relating to the receivables that are sold and that are relevant for the risk as-

Receivables sold as of Dec 31

435

443

Remaining carrying amount of transferred receivables as of Dec 31 1)

114

97

Carrying amount of the associated liabilities as of Dec 31 1)

126

107

sessment are the credit risk and the risk of late payment. The purchase priceis equivalent to the nominal amount. DB Group bears credit-risk-related de-E F F E C T S O N T H E C O N S O L I DAT E D STAT E M E N T O F I N C O M E

fault and late payment risks from the various tranches up to a certain amountin each case. The other bad debts related to the credit risk are borne by thebank. Virtually none of the opportunities and risks associated with the receivables have been transferred or retained (breakdown of major risks between DB Group and bank).

Expenses in the year under review 2)

4

2

Expenses accumulated since the start of the contract 2)

13

9Expenses from the transfer within the scope ofthe factoring agreement 2)

2

2

The fair values of the receivables and the associated liabilities
essentially correspond to their carrying amounts.
2)	Previous years’ figures adjusted.
1)	For some of the receivables, the right of disposal over the receivables
that have been sold has been transferred to the bank as the bank has theactual ability to sell on the receivables. These receivables have been com-

Purchase price payments received by the bank in the year under review

pletely derecognized.

increased the cash flow from operating activities.

Disclosures on DB Group’s continuing involvement in fully derecognized

The financial receivables and earmarked bank deposits include residual

trade receivables:

values agreed with the public transport authorities of transport contractsof € 470 million (as of December 31, 2021: € 321 million). These residual value€ million

2022

2021

receivables mainly relate to rolling stock that is sold for a fixed price at theReceivables sold as of Dec 31

260

260

Carrying amount of liabilities recorded in the balance sheet,
which represent the sustained exposure as of Dec 31 1)

end of the transport contract to the public transport authority or to a third0

0

Maximum risk of loss from sustained exposure
to credit and late payment risks as of Dec 31

74

63

Expenses in the year under review 2)

2

1

Expenses accumulated since the start of the contract 2)

7

5

Expenses from the transfer within the scope ofthe factoring agreement 2)

1

1

party designated by the public transport authority. In addition, financial
receivables and earmarked bank deposits also disclosed a figure of € 340 million for finance lease receivables (as of December 31, 2021: € 323 million) as
well as a figure of € 27 million for earmarked funds (as of December 31, 2021:

E F F E C T S O N T H E C O N S O L I DAT E D STAT E M E N T O F I N C O M E€ 35 million) which can be used only as contributions for certain retirement
benefit plans. A further € 142 million (as of December 31, 2021: € 83 million)
relate to cash guarantees in the form of credit support agreements (CSA).
The other assets include contract fulfillment costs of € 6 million (De-

Essentially corresponds to the fair value.
Previous years’ figures adjusted.

1)	cember 31, 2021: € 13 million).

2)	

237

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

The recognized impairments for the financial instruments classified in accor-

Expenses decreased to € 50 million in the year under review for the complete

dance with IFRS 7 have developed as follows:derecognition of receivables and other assets (previous year: € 51 million).

€ million

FinancialreceivReceivables and ables from
Trade earmarked transport
concesreceivbank
sions
ables
deposits

Income of € 4 million was reported for payments received in relation
to previously derecognized receivables and other assets (previous year:€ 5 million).
The expected loan losses amounted to € 32 million as of December 31,

OtherassetsTotal

As of Jan 1, 2022

– 182

– 11

0

– 46

– 239

Additions

– 22

0

–

–3

– 25

Reversals

28

–

0

4

32

Amounts used

4

–

–

2

6

Changes in the scopeof consolidation

9

–

–

0

9

Currency translation
effects

0

1

–

0

1

As of Dec 31, 2022

– 163

– 10

–

– 43

– 216

As of Jan 1, 2021

– 164

– 11

0

– 47

– 222

Additions

– 55

–

–

–5

– 60

Reversals

28

0

0

3

31

Amounts used

8

–

–

2

10

Changes in the scopeof consolidation

0

–

–

–

0

Currency translation
effects

1

–

–

1

2

As of Dec 31, 2021

– 182

– 11

0

– 46

– 239

2022 (as of December 31, 2021: € 31 million).

AS OF DEC 31 / € million

Trade receivables

Net
carrying
amountExpectedloss rate
(%)

6,354

0.50

thereof
thereofrisk provi­- risk provisioning for sioning for
Risk prooverdue non-overduevisioning receivables receivables

32

19

13

As of December 31, 2022, a risk provision of € 3 million was formed for receivables from financing, other financial receivables and contractual assets(as of December 31, 2021: € 3 million).
The following overview shows the maturity structure of the receivables
for the financial instruments classified in accordance with IFRS 7 and theadvance payments that have been made:Residual maturity€ million

Up to 1 year

1 to 2 years

2 to 3 years

3 to 4 years

4 to 5 years

More than
5 years

Total morethan 1 year

Total

AS OF DEC 31, 2022

6,334

5

5

10

0

0

20

6,354

Financial receivables and earmarked bank deposits

Trade receivables

341

58

42

36

26

520

682

1,023

Receivables from transport concessions

78

87

77

76

76

461

777

855

Advance payments

278

65

–

–

–

–

65

343

Other assets

2,106

218

235

154

43

79

729

2,835

Total

9,137

433

359

276

145

1,060

2,273

11,410

1,160

231

167

153

42

77

670

1,830

thereof non-financial assets
AS OF DEC 31, 2021

6,476

14

4

4

1

0

23

6,499

Financial receivables and earmarked bank deposits

Trade receivables

341

84

37

32

27

343

523

864

Receivables from transport concessions

68

65

61

59

58

371

614

682

Advance payments

243

61

–

–

–

–

61

304

Other assets

1,706

60

32

19

2

107

220

1,926

Total

8,834

284

134

114

88

821

1,441

10,275

633

68

2

3

1

106

180

813

thereof non-financial assets

238

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

The trade receivables decreased slightly compared with the previous year.

Calculation of the fair value

The decline in the DB Schenker segment was partially offset by increases

The fair value of financial instruments that are traded in an active market

in the DB Regional, DB Cargo and Subsidiaries/Other segments.

is derived from the share price applicable on the balance sheet date.

The increase in other current assets resulted in particular from the first-

Common valuation methods such as option price or present value models

time capitalization of claims from independent debt recognitions and an

are used for determining the fair value of financial instruments which are

increase in the Subsidiaries/Other segment.

not traded in an active market. If valuation-relevant parameters are not

As a result of the large number of customers in the various operating

directly observable on the market, forecasts are used based on compara-segments, there is no evidence of concentration of credit risks with trade

ble financial instruments that are traded in an active market; these fore-

receivables.

casts are then adjusted by premiums or discounts on the basis of histori-

The fair values of the balance sheet items receivables and other assets,

cal data. The mean value of bid and offer rates is used. DB AG operates

trade receivables, as well as other receivables and assets essentially corre-

with long-dated financial derivatives on a hedged basis, and does not

spond to the carrying amounts.

perform any credit risk adjustment for the fair value for hedged trans­

The maximum default risk is essentially equivalent to the carrying

actions. For considerations of materiality, no credit risk adjustment isamount in each case. Collateral is not regularly held.

used for short-term derivatives. If credit risk adjustment is used, the rel-

As of the balance sheet date, there were no indications that debtors ofevant discounts are derived from the credit default swap (CDS) figures

the receivables that are neither impaired nor overdue will not meet theirobservable on the market.

payment obligations.

All derivatives used in DB Group are measured using common methods
such as option price or present value models, because their fair values are( 2 0 ) I N C O M E TA X R E C E I VA B L E S

not traded on an active market. No parameters from non-observable mar-

The income tax receivables relate to advance payments that have beenkets are used for assessment purposes.

made as well as allowable withholding taxes.
The volume of hedges that have been taken out is shown in the following( 2 1 ) D E R I VAT I V E F I N A N C I A L I N S T R U M E N T S

overview of nominal values:

Upon conclusion of a contract, derivative financial instruments are generally classified as hedging instruments for hedging the cash flows from conAS OF DEC 31

tractual obligations or anticipated transactions (cash flow hedge).

/ € million

Nominal value ofhedging instrument
2022

2021

Residual maturity
up to 1 year

Residual maturity
more than 1 year

2022

2022

2021

2021

I N T E R E ST- B A S E D

Cash flow hedges

C O N T R AC T SInterest swaps

Cash flow hedges are used to provide protection against fluctuations in
the cash flows of financial assets or liabilities or anticipated transactions.

800

–

–

–

800

–

800

–

–

–

800

–

C U R R E N C Y- B A S E D

When future cash flows are hedged, the hedging instruments are also

C O N T R AC T S

recognized with their fair value. Changes in value are initially recognizedin other comprehensive income with no impact on profit and loss, andCurrency swaps

260

803

260

803

0

0

Currency forwards

2,704

2,365

2,675

2,334

29

31

are only recognized in the statement of income at the point at which the

Cross-currency
swaps

corresponding losses or profits from the underlying transaction have an
impact on the statement of income or the transactions expire. Any in-­

8,925

8,181

622

176

8,303

8,005

11,88911,349

3,557

3,313

8,332

8,036

effectiveness is recognized in the statement of income in accordance withIFRS 9.
AS OF DEC 31/ 1,000 t

Fair value hedges

Volume2022

2021

Residual maturity
up to 1 year

Residual maturity
more than 1 year

2022

2022

2021

2021

OT H E R C O N T R AC T S

Fair value hedges are used to hedge assets or liabilities against the riskof a change in fair value. The results from the hedging instruments arereported in the consolidated statement of income, in which also the hedged

Diesel

428

364

94

26

334

338

Hard coal

1,380

1,408

1,092

928

288

480

Interest rate swaps were concluded to hedge interest rate risks. The changes

underlying transaction is shown.

in holdings of currency swaps and forwards vary in line with the corre-

Derivative financial instruments that do not meet the requirements foraccounting for hedging transactions in accordance with IFRS 9

sponding hedging requirements of the subsidiaries. The nominal value ofIf hedges that in economic terms are used for interest, currency or priceof foreign currency bonds in the year under review, the cash flows of which

hedging do not satisfy the requirements of IFRS 9 for being recognized aswere exchanged for euros.

the interest-rate currency swaps rose by € 744 million, due in part to issues

The scope of diesel hedges increased moderately due to higher levels

a hedge, the changes in fair value are immediately recognized in the state-of hedging. As of December 31, 2022, coal hedges remained unchanged

ment of income.

at 1.4 million t.

239

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

The following table shows the average hedging prices/hedging rates for

Cash flow hedges

the main derivative hedging instruments of DB Group (per currency):

In order to minimize the interest rate and exchange rate risk, foreign currency issues as well as intra-Group foreign currency loans are converted into

Hedging priceper 1,000 t

euros as a matter of principle, and floating-rate financial liabilities are gen-Hedging rate
Crosscurrency
swaps
(CCS)

Interest
rate
swaps
(IRS)

erally converted into fixed-interest financial liabilities. Energy price hedging
served to reduce price fluctuations attributable to energy sourcing.

Currency
swaps

The performance of the interest rate currency swaps was mainly based

Currency
forwards

Currency

DieselHard coal

EUR

657.29166.01

–

0.02

–

–

USD

–

–

1.13

–

1.05

1.07

GBP

578.03

–

0.87

–

–

0.87

CHF

–

–

1.12

–

–

0.99

JPY

–

–

119.66––143.56

NOK

–

–

9.18

–

–

10.52

SEK

–

–

10.16

–

–

10.98

DKK

3,010.00

–

7.45

–

–

7.44

CAD

–

–

–

–

–

1.45

AUD

–

–

1.55

–

–

1.57

NZD

–

–

1.65

–

–

1.66

HKD

–

–

–

–

–

8.22

MXN

–

–

–

–

–

21.05

SGD

–

–

1.56

–

1.42

1.43

PLN

4,237.35

–

4.41

–

–

4.73

CZK

17,058.50

–

26.08

–

–

25.05

HUF

–

–

–

–

–

425.73

RON

–

–

4.85

–

4.96

4.93

HRK

–

–

7.42

–

–

–

CNY

–

–

–

–

–

7.45

ILS

–

–

–

–

–

3.61

SAR

–

–

4.29

–

–

3.98

AED

–

–

4.25

–

–

3.91

ZAR

–

–

–

–

–

18.32

RUB

–

–

–

–

–

–

on the development of interest rates in the individual currencies, in particular against the Swiss franc and the Norwegian krone, as well as the devaluation of the euro against the Swiss franc. The appreciation of the euro
against the British pound and the Swedish krona had a partially compensating effect.
The positive market value of the energy price derivatives reflected thedevelopment on the underlying raw materials markets.
The fair values of the cash flow hedges are shown as follows underassets and liabilities:
AssetsAS OF DEC 31 / € million

2022

–

–

78

–

0

–

–

–

0

–

78

–

Energy price derivatives

Currency swaps

0

6

4

1

26

15

12

7

0

0

0

0

Cross-currency swaps

Other currency derivatives

608

313

239

209

	thereof effects from currency hedges

429

375

222

128

634

334

255

217

114

72

72

2

114

72

72

2

Total

748

406

405

219

Non-current share

559

356

329

200

Interest-based contracts

–

–

78

0

Currency-based contracts

507

314

225

198

Other contracts

52

42

26

2

189

50

76

19

Current share

–

–

–

0

6

4

1

608

313

223

189

608

319

227

190

114

72

72

2

–

–

0

0

114

72

72

2

722

391

299

192

Non-current share

179

558

355

235

Interest-based contracts

–

–

–

–

Currency-based contracts

506

313

209

177

Other contracts

52

42

26

2

164

36

64

13

Cash flow hedges are not classified under any category of IFRS 9.
The hedged cash flows of the underlying transactions will probably
materialize, and have an impact on the income statement, in 2023 to 2042
(interest payments and payments of principal) or in 2023 to 2026 (payments
for energy).
The underlying and hedging transactions, as well as the hedge reserveof cash flow hedges, developed as follows:
As of
Dec 31,
2022

2022

OT H E R C O N T R AC T S

Energy price derivatives

–

–

Total

Current shareC U R R E N C Y- B A S E D C O N T R AC T S

Currency forwards––

Miscellaneous/other derivatives

I N T E R E ST- B A S E D C O N T R AC T SInterest swaps–

OT H E R C O N T R AC T S

2021

Interest forwards

2021

Currency swaps
Cross-currency swaps

Liabilities
2021

2022

C U R R E N C Y- B A S E D C O N T R AC T S

balance sheet depending on the type of underlying hedge:
Assets2021

Interest swaps

date. The following overview shows the allocation of the item stated in the

2022

2022

I N T E R E ST- B A S E D C O N T R AC T S

All derivative financial instruments are marked-to-market on the reporting

AS OF DEC 31 / € million

Liabilities€ million

thereof
Changes
ineffecin hedges tive (withand underimpact­lying trans- on income­actions statement)

As of
Dec 31,
2021

2021

Statusof thehedging Changes inreserve hedges andcash flow underlying
hedges transactions

thereofineffective (withimpacton incomestatement)

Statusof thehedging
reserve
cash flow
hedgesI N T E R E ST- B A S E D
C O N T R AC T SInterest swaps

–

–

–

–

–

–

Currency swaps

–9

–

+2

+ 18

–

–

Cross-currency
swaps

+ 262

+3

+ 152

+ 232

–7

– 153

– 28

–

+ 38

+ 137

–

+ 66

C U R R E N C Y- B A S E D
C O N T R AC T S

OT H E R C O N T R AC T S

Energy pricehedges240

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

In the case of interest and cross-currency hedges, the effectiveness of the

The cross-currency swaps are based on a redesignation of hedges as a result

hedge is assessed using the critical terms match method. This method is usedof the transfer of transactions between banks. The conditions including the

because the major valuation parameters of the underlying transaction andcash flows of the derivatives were unchanged and the economic hedge ishedges are identical. Ineffectiveness is measured as of every balance sheet

thus still in place. The decline was attributable to the reversal of the redes-

date by means of the hypothetical derivative method. In this method, theignated amounts in line with the remaining maturities of the swaps.

development in value of the hedge which is actually taken out is compared

The non-hedge derivatives are classified under the “held-for-trading”

with the development in value of a theoretical hedge in which all valuation-category of IFRS 9.

relevant parameters are identical to those of the underlying transaction. In
the case of energy price derivatives, the effectiveness of the hedge is( 2 2 ) C A S H A N D C A S H E Q U I VA L E N T S

assessed using the linear regression. The ineffectiveness is calculated using

This item comprises cash in hand and checks, deposits at banks that are

the dollar-offset method. In this case, the fair value changes of the under-

due on sight, as well as time deposits with a maturity of up to three months.

lying transactions are compared with the fair value changes of the hedging

Cash and cash equivalents are recognized with their nominal value (atinstrument. The resultant quotient determines the ineffectiveness.

amortized cost).

As in the previous year, in the year under review the inefficiencies ofCash and cash equivalents are broken down as follows:

cash flow hedges of the energy price derivatives recognized in the income
statement were immaterial.

Fair value hedge derivatives

Assets

4,591

1

0

5,138

4,591

Liabilities
2021

2022

2021

Interest swaps

–

–

78

–

Total

–

–

78

–

Non-current share

–

–

78

–

–

–

78

–

–

–

–

–

The interest rates for short-term bank deposits were in a range of between– 0.58% and 2.00% (previous year: – 0.67% to 0.01%) and relate to euro-

I N T E R E ST- B A S E D C O N T R AC T S

Current share

2021

5,137

Total

2022

Interest-based contracts

2022

Cash in hand and bank deposits
Cash equivalents

The fair values are shown under assets and liabilities as follows:

AS OF DEC 31 / € million

AS OF DEC 31 / € million

denominated cash investments. The durations of the investments are between one day and three months.
For a definition of cash and cash equivalents, please refer to section
Notes to the statement of cash flowsµ
flows
254 .

€ 800 million. The effectiveness of the hedging relationship was checked( 2 3 ) N O N - C U R R E N T A S S E T S A N D L I A B I L I T I E S
H E L D FO R SA L E I N CONNECTION WITH ASSETSHELD FOR SALE

using the critical terms match method. There was no ineffectiveness in the

Under IFRS 5, non-current assets are classified as held-for-sale non-current

year under review.

assets if their carrying amount is to be realized by way of sale and not by

The interest rate swaps were used to hedge issued senior bonds (includedin the balance sheet item financial liabilities) with a nominal value of

In addition to rising interest rates in the Eurozone, the performance of

way of continued use. This can be an individual asset, a disposal group or

the interest rate swaps is due to the conclusion of interest rate swaps in thebusiness unit of a company. Non-current held-for-sale assets are measured

year under review.

at the lower of the carrying amount or the fair value, less costs of disposal
incurred.

Non-hedge derivatives
Currency forwards taken out to hedge operations are normally classified as

Non-current assets and liabilities held for sale in connection with assets

non-hedge derivatives.

held for sale have developed as follows:

The fair values of the non-hedge derivatives are shown under assets

2022

and liabilities as follows:
AssetsAS OF DEC 31 / € million€ million

Liabilities

2022

2021

2022

2021

–

–

–

–

–

–

–

–

26

15

12

7

I N T E R E ST- B A S E D C O N T R AC T SInterest forwards
C U R R E N C Y- B A S E D C O N T R AC T S

Currency forwards
Other currency derivatives

0

0

0

0

Cross-currency swaps

–

–

16

20

26

15

28

27

OT H E R C O N T R AC T S

Energy price derivatives

–

–

–

–

–

0

–

–

Total

26

15

28

27

Non-current share

1

1

16

21

1

1

16

21

25

14

12

6

Currency-based contracts
Current share

241

As of Jan 1

Addition

As of Dec 31

Property, plant and equipment

–

36

36

Intangible assets

–

7

7

Shares in companies accounted for using the equity
method–00

Available for sale financial assets

–

0

0

Inventories

–

17

17

Receivables and other assets

0

75

75

Cash and cash equivalents

–

14

14

Deferred tax assets

–

3

3

Assets

0

152

152

Financial debt

–

30

30

Other liabilities

–

69

69

Pension obligations

–

0

0

Other provisions

–

58

58

Deferred income

–

2

2

Deferred tax liabilities

–

2

2

Liabilities

–

161

161

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

The assets and liabilities related to the companies held for sale from the

OTHER CHANGES IN THE RESERVESDB Arriva segment (in Denmark, Poland and Serbia) and the DB Schenker

This item mainly shows amounts resulting from transactions in relation

segment (in Russia). Impairment expenses totaling € 198 million were in-to reductions or increases in non-controlling interests between the share-

curred in this context, which were recognized under other operating expenses.

holders of DB AG and the non-controlling interests.

( 2 4 ) S U B S C R I B E D C A P I TA L

( 2 6 ) G E N E R AT E D P R O F I T S

The share capital of DB AG is € 2,150 million. It consists of 430,000,000

The generated shareholders’ equity comprises the entire net profits gener-

no-par-value bearer shares. All shares are held by the Federal Republicated since January 1, 1994, less the goodwill offset under HGB up to Decem-of Germany.

ber 31, 2002, as well as the dividends paid to the shareholders.

(25) RESERVESa) Capital reservesto the first-time adoption of IFRS if they are not included in the reserves

This item also shows the impact on shareholders’ equity attributable
attributable to valuation with no impact on profit and loss.

Capital reserves comprise reserves that have not been part of profits. In
to the capital reserve due to damage compensation for Covid-19 damage,(27) N ON-CONTROLLING INTERESTSA N D H Y B R I D C A P I TA L

approved by the European Commission in 2020 and 2021. There was a

Non-controlling interests comprise the share of third parties in the net as-

payment of € 88 million for damages to DB Cargo AG, a payment of € 215

sets of consolidated subsidiaries. Third-party interests in the currency re-million for damages to the infrastructure companies DB Netz AG, DB Sta-

serve amounted to € – 19 million (as of December 31, 2021: € – 13 million).

the year under review, payments were made by the Federal Governmenttion&Service AG and DB Energie GmbH, and a payment of € 557 million

In October 2019, Deutsche Bahn Finance GmbH (DB Finance) issued

for damages to DB Fernverkehr AG. In addition, € 1.1 billion was paid to

two junior hybrid bonds with a total volume of € 2 billion. The hybrid bonds

DB Netz AG from funds under the Climate Action Program.

have undated durations with an initial termination right for the issuer after

In addition, a withdrawal from the capital reserve of DB AG amounting

5.5 years (coupon: 0.95%) and ten years (coupon: 1.6%) respectively; theto € 413 million was made to generate a net retained profit in the annual

issue proceeds amounted to € 997 million and € 995 million respectively.

financial statements of DB AG according to commercial law which was taken

The two hybrid bonds do not have a repayment obligation and do not haveinto account in the net profit and loss generated.

a termination right for the creditor. In addition, any retained interest payments only have to be made when a dividend is paid. According to IAS 32b) Reserve resulting from valuation with no impact on profit or loss

(Financial Instruments: Presentation), the hybrid bonds have to be clas-

R E S E R V E F O R C U R R E N C Y T R A N S L AT I O N D I F F E R E N C E S

sified entirely as equity as there is no regular repayment obligation for the

The currency translation effects resulting from the method of functional

hybrid bonds, nor is there any termination right for the bond holders. In-

currency (IAS 21) are shown separately as part of consolidated sharehold-terest payments to be made to the bond holders (less the taxes on income)ers’ equity.

are recognized directly in equity. Interest payments of € 25 million weremade in the year under review (previous year: € 26 million).

R E S E R V E F O R T H E FA I R VA L U E A S S E S S M E N T O F S E C U R I T I E SAND EQUIT Y INVESTMENTS(28) FINANCIAL DEBT

The reserve includes the changes in the fair value of financial instruments

In accordance with IFRS 9, the first-time assessment of financial debts /with no impact on profit and loss. The reserve is to be released to or derecog-

liabilities and other non-current liabilities is generally at fair value, taking

nized from profit or loss upon due date or disposal/maturity or reclassifi-

into account transaction costs or premiums / discounts. Subsequently, theycation of a financial instrument.

are stated using amortized acquisition costs using the effective interest
method. The differences between the disbursement amount less transac-

R E S E R V E F R O M T H E FA I R VA L U E A S S E S S M E N T O F C A S H F L O W H E D G E Stion costs and the repayment amount are recognized in profit or loss overThe development of the reserve is shown in the following:

the term.

€ million

2022

2021

As of Jan 1

– 87

– 171

Fair value change 1)

263

412

Financial result

50

– 295

Net interest income

– 34

– 26

Interest-free loans that are related to infrastructure capital expenditures are recognized with the present value of the amounts to be repaid,
and are adjusted to their nominal repayment amount over their life. The
difference between the nominal amount of the loan and the present value

R E C L A S S I F I C AT I O N S

is recognized as an interest benefit under accruals. The income from pro
rata reversal of these accruals is shown as other operating income.

00Liabilities from lease contracts for which a right of use has to be rec-Changes in deferred taxes–4–7

ognized in accordance with IFRS 16 are shown as the present value of the

As of Dec 31

188

– 87

following lease payments: fixed payments less payments of the lessor that

Cost of materials

1)

1)

are received, variable payments based on an index, expected payments

Previous year’s figures adjusted.

for residual value guarantees, the purchase price for probably exercised
R E S E R V E F O R T H E R E VA L U AT I O N O F P E N S I O N S

purchase options, probable compensation payments in the event of early

The effects resulting from the revaluation of defined benefit plans in accordance with IAS 19 (Employee Benefits) are recognized in other income withno impact on profit or loss.

242

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

termination. The assessment of the lease liability also includes lease pay-

Some transport contracts comprise the leasing particularly of rail vehicles

ments in relation to adequately certain utilization of extension options.

from transport authorities or from independent financial service providers,

The leasing installments are broken down into an interest component andwhereby the latter receive a capital service guarantee, a redeployment

a redemption component. The interest component of the leasing install-

guarantee or similar from the public transport authority. The present value

ment is recognized in the statement of income. The interest rate usedof these payment obligations is shown under the financing liabilities fromcorresponds to the implied interest rate of the lease contract or, if this istransport concessions.

not known, the maturity-related marginal borrowing rate. Liabilities arisThe financial debt comprises all interest-bearing liabilities including theing from leases are not classified under any category of IFRS 9.

interest-free loans stated with their present values. Financial debt has thefollowing maturity structure:

Residual maturity€ million

Up to 1 year

1 to 2 years

2 to 3 years

3 to 4 years

4 to 5 years

More than 5
years

Total morethan 1 year

Total

AS OF DEC 31, 2022

Interest-free loans
Senior bonds

153

145

–

–

–

–

145

298

1,982

1,962

1,966

2,188

2,181

18,523

26,82028,802

Bank borrowings

539

0

6

–

–

–

6

545

Leasing liabilities

1,120

801

641

504

391

1,723

4,060

5,180

Financing liabilities from transport concessions

20

19

19

19

18

69

144

164

Other financial liabilities

273

2

1

1

0

7

11

284

4,087

2,929

2,633

2,712

2,590

20,322

31,18635,273

153

146

–

–

–

–

146

299

Total
thereof due to related companies and persons
AS OF DEC 31, 2021

Interest-free loans

154

146

141

–

–

5

292

446

Senior bonds

1,575

1,958

1,948

1,983

2,288

17,651

25,82827,403

Bank borrowings

1,315

1

0

0

–

4

5

1,320

Leasing liabilities

1,031

812

595

480

376

1,765

4,028

5,059

Financing liabilities from transport concessions

19

19

19

19

18

86

161

180

Other financial liabilities

70

5

0

0

1

2

8

78

4,164

2,941

2,703

2,482

2,683

19,51330,322

34,486

161

146

141

–

–

5

292

453

Total
thereof due to related companies and persons

The following fair values are summarized in comparison with the carrying

Interest-free loans were also attributable almost exclusively to financing

amounts:

provided by the Federal Government for capital expenditures in expanding
2022

AS OF DEC 31 / € million

Interest-free loans
Senior bonds

Carrying
amountand replacing track infrastructure. This is based on the responsibility for the2021

transport needs of the public which is anchored in section 87e (4) of the

Fair value

Carrying
amountFair value

298

299

446

476

28,802

24,512

27,40328,269Bank borrowings

545

546

1,320

1,321

Leasing liabilities

5,180

4,787

5,059

5,247

Financing liabilities fromtransport concessions

164

151

180

196

Other financial liabilities

284

284

78

78

35,27330,57934,48635,587

Total

German Basic Law (Grundgesetz; GG) and specified in the Federal Rail Infrastructure Extension Act (Bundesschienenwegeausbau­gesetz; BSWAG).
The repayment of the loans is regulated in individual and collective
financing agreements. In general, the loans are repaid in equal annual installments, which are based on the corresponding annual depreciation applicable for the financed assets.
Interest-free loans have developed as follows:

The differences between the carrying amounts and the fair values of the€ million

2022

2021

AS OF JAN 1

446

580

Addition

–

0

– 157

– 157

Redemption

financial debt are due to the mostly changed market interest rates forfinancial debt with a comparable risk profile. In view of the short maturities involved and also in view of the fact that interest charged is closely
linked to market rates, there are no significant differences between the
carrying amounts and the fair values of other financial liabilities.

Reclassifications–7–

Compounding

16

23

As of Dec 31

298

446

As of the balance sheet date, the senior bonds are issued as follows:243Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

SENIOR BONDS AS OF DEC 31 / € million
U N L I ST E D S E N I O R B O N D S

DB FinanceTotal

L I ST E D S E N I O R B O N D S O F D B F I N A N C E

Bond 2010–2025
Bond 2010–2022
Bond 2012–2022
Bond 2012–2023
Bond 2012–2024
Bond 2012–2024
Bond 2012–2072
Bond 2013–2028
Bond 2013–2025
Bond 2013–2023
Bond 2013–2026
Bond 2013–2023
Bond 2014–2024
Bond 2014–2024
Bond 2014–2029
Bond 2014–2022
Bond 2014–2022
Bond 2015–2023
Bond 2015–2025
Bond 2015–2030
Bond 2015–2025
Bond 2015–2030
Bond 2015–2025
Bond 2016–2026
Bond 2016–2031
Bond 2016–2028
Bond 2016–2024
Bond 2017–2032
Bond 2017–2032
Bond 2017–2025
Bond 2017–2032
Bond 2017–2030
Bond 2017–2024
Bond 2018–2027
Bond 2018–2033
Bond 2018–2028
Bond 2018–2031
Bond 2018–2043
Bond 2019–2028
Bond 2019–2026
Bond 2019–2034
Bond 2019–2029
Bond 2019–2034
Bond 2019–2039
Bond 2020–2035
Bond 2020–2024
Bond 2020–2032
Bond 2020–2027
Bond 2020–2040
Bond 2020–2029
Bond 2020–2039
Bond 2020–2035
Bond 2020–2050
Bond 2021–2036
Bond 2021–2026
Bond 2021–2026
Bond 2021–2036
Bond 2021–2033
Bond 2021–2041
Bond 2021–2051
Bond 2021–2036
Bond 2021–2031
Bond 2021–2031
Bond 2022–2042
Bond 2022–2027
Bond 2022–2034
Bond 2022–2030
Bond 2022–2040
Bond 2022–2032
Bond 2022–2034
Bond 2022–2042
Bond 2022–2042
Total
Adjustments from derivatives

Issue
volumeIssue
currency

Maturity(years)1,185 AUD, JPY, EUR

1.4–9.8

500
500
496
400
83
500
75
50
202
386
497
500
59
246
500
300
300
600
600
366
115
650
161
500
750
500
41
79
500
341
55
261
300
1,000
750
346
500
125
1,000
340
103
310
133
47
500
300
150
900
750
850
650
48
1,000
370
339
494
1,000
296
168
1,000
196
750
279
191
200
750
900
52
308
51
500
151

EUR
EUR
GBP
EUR
CHF
EUR
GBP
EUR
NOK
CHF
GBP
EUR
AUD
CHF
EUR
EUR
EUR
EUR
EUR
NOK
AUD
EUR
CHF
EUR
EUR
EUR
HKD
NOK
EUR
GBP
SEK
CHF
EUR
EUR
EUR
CHF
EUR
EUR
EUR
GBP
NOK
CHF
CHF
SEK
EUR
EUR
EUR
EUR
EUR
EUR
EUR
SEK
EUR
CHF
GBP
SEK
EUR
CHF
AUD
EUR
NOK
EUR
CHF
AUD
EUR
EUR
EUR
SEK
CHF
NOK
EUR
CHF

Senior bonds, total amount

244

2.5
0.0
0.0
0.1
1.1
1.2
49.9
5.1
2.2
0.6
3.6
0.7
1.1
1.7
6.2
0.0
0.0
0.8
2.8
7.8
2.8
7.8
2.9
3.2
8.5
5.7
1.2
9.1
9.9
2.5
9.6
7.9
1.9
5.0
10.6
5.5
8.2
20.9
6.0
3.1
11.1
6.5
11.5
16.4
12.5
1.1
9.2
4.3
17.3
6.5
16.5
12.5
27.9
13.1
3.9
3.1
13.3
10.4
18.4
28.4
13.5
8.7
8.8
19.0
4.1
11.2
7.4
17.7
9.7
11.7
19.8
19.9

Effective
interest
rate (%)

3.870
3.464
2.821
2.116
1.586
3.119
4.524
2.707
4.017
1.425
3.351
2.578
5.395
1.522
2.886

FRN
FRN
FRN

1.391
2.760
3.864
1.707
0.143
0.880
0.964
0.765
2.100
2.514
1.541
1.437
2.226
0.463

FRN

1.086
1.680
0.470
1.508
1.866
1.235
1.944
2.732
0.135
0.516
2.025
0.819
– 0.062
0.257
0.639
1.433
0.411
0.977
1.544
0.656
0.100
0.523
0.524
0.759
0.211
3.124
1.159
2.241
0.393
0.241
3.350
0.791
1.389
1.992
3.511
1.903
4.370
3.924
2.285

2022

2021

Carrying
amount

Fair
value

Carrying
amount

Fair
value

1,180
1,180

1,088
1,088

1,192
1,192

1,262
1,262

499
–
–
400
101
499
67
50
143
482
476
500
57
305
496
–
–
600
598
323
114
646
178
498
745
496
42
66
498
338
48
305
301
996
746
407
495
125
994
338
95
355
152
45
496
300
150
895
743
848
640
45
992
407
336
449
983
330
165
992
190
747
305
190
199
747
891
49
305
47
495
151
27,706
– 84

507
–
–
400
101
501
65
48
142
482
457
500
57
304
480
–
–
600
572
295
112
559
171
465
596
429
41
59
408
315
40
268
300
893
606
375
416
87
879
313
83
314
125
34
348
290
108
800
523
698
421
34
483
305
288
401
669
267
116
548
154
566
257
137
181
580
804
47
297
49
502
152
23,424
–

498
500
476
399
97
498
71
50
150
460
501
499
58
290
495
300
300
600
596
340
115
646
169
497
744
495
40
70
498
356
52
290
301
995
746
388
494
125
993
356
100
338
145
49
496
300
150
894
743
848
639
49
991
388
354
487
982
315
166
991
200
747
291
–
–
–
–
–
–
–
–
–
26,211
–

567
515
481
411
101
536
129
57
158
473
547
523
61
304
591
301
300
604
628
347
122
719
171
514
775
516
40
69
548
359
54
298
303
1,049
831
399
538
138
1,062
366
100
338
148
49
495
301
143
917
789
857
631
47
861
372
341
479
959
311
168
980
187
739
290
–
–
–
–
–
–
–
–
–
27,007–28,802

24,512

27,40328,269

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

In the year under review, two fixed-interest listed senior bonds from DB

million (€ 50 million), € 500 million and CHF 150 million (€ 151 million). Part

Finance amounting to € 500 million and GBP 400 million (€ 495 million), asof the newly issued EUR bonds were swapped from fixed interest to floating

well as two floating-rate listed senior bonds (each amounting to € 300 mil-interest. As a result, the valuation of the bond portfolio resulted in a reduc-lion) with a total value of € 1,595 million were redeemed on schedule.

tion in carrying amount by € 84 million (as of December 31, 2021: none).

In the year under review, DB Finance issued nine fixed-interest, listed

Bank borrowings are detailed in the following table:senior bonds with a total value of € 3,102 million. These involve issues of
AUD 300 million (€ 191 million), € 200 million, € 750 million, € 900 million,
SEK 550 million (€ 52 million), CHF 300 million (€ 308 million), NOK 500

BANK BORROWINGS AS OF DEC 31 / € million

2022

2021

Currency

Maturityin years

Nominalinterest rate(%)

Carrying
amount

Fair
value

Carrying
amountFair
value

Bank loan 2002–2022

EUR

0.0

FRN

–

–

200

200

Bank loan 2003–2022

EUR

0.0

FRN

–

–

200

200

Bank loan 2021–2022

EUR

0.0

FRN

–

–

500

500

Other

545

546

420

421

Total

545

546

1,320

1,321

The decline in bank borrowing as of December 31, 2022, resulted mainlyof December 31, 2021: € 2,080 million). None of these back-up lines hadfrom the full scheduled repayment of two long-term loans and a short-term

been drawn down as of December 31, 2022. Global credit facilities totalingcredit facility.

€ 2,589 million (as of December 31, 2021: € 2,497 million) are used for work-

The increase in other bank borrowings was mainly attributable to an

ing capital and surety for payment financing of subsidiaries with operations

increase in short-term collateral (as of December 31, 2022: € 525 million; asworldwide, primarily in the DB Schenker and DB Arriva segments.

of December 31, 2021: € 272 million) resulting from collateral agreements

Liabilities attributable to leasing (Note ((1313))µ 231 ff.)ff.) are secured bywithin the framework of derivative transactions.

rights of the lessors in relation to the leased assets. As of December 31,

Liabilities are not secured in DB Group as a ground rule.

2022, the leased assets have a carrying amount of € 4,692 million (as of

As of December 31, 2022, further guaranteed credit facilities with a to-

December 31, 2021: € 4,619 million).

tal volume of € 4,589 million were available to DB Group (as of December

The nominal values of the leasing liabilities are broken down as follows:

31, 2021: € 4,577 million). Of this figure, € 2,000 million was attributable toback-up lines for the € 3.0 billion commercial paper program of DB AG (asResidual maturity
LEASING LIABILITIES / € million

Up to 1 year

1 to 2 years

2 to 3 years

3 to 4 years

4 to 5 years

More than
5 years

Total morethan 1 year

Total

1,136

902

720

566

442

2,063

4,693

5,829

1,058

884

653

528

416

2,085

4,566

5,624

Currency

Maturityin years

Carrying
amount

Fair
value

Carrying
amount

Fair
value

43

AS OF DEC 31, 2022

Nominal values of lease payments
AS OF DEC 31, 2021

Nominal values of lease payments

The financing liabilities from transport concessions in accordance withIFRIC 12 are detailed in the following:

2022
AS OF DEC 31 / € million

2021

Diesel network Allgäu diesel multiple units (2020)

EUR

7.0

35

34

40

S-Bahn (metro) Nuremberg electric multiple units (2020)

EUR

8.0

60

57

66

73

S-Bahn (metro) Rhine-Neckar electric multiple units (2020)

EUR

12.0

8

7

9

10

S-Bahn (metro) Rhine-Neckar electric multiple units (2021)

EUR

12.0

Total

61

53

65

70

164

151

180

196

Various multiple units were leased by the responsible contracting organi-In the previous year, the second operational stage for the Rhine-Neckar

zations for the fulfilment of regional rail passenger transport services.

S-Bahn (metro) was added with a term until 2034. Financial liabilities fromtransport concessions are opposed by receivables from transport concessions (Note ((1919))µ 236 ff.).
ff.).

245

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

The fair values of the long-term financial debt are allocated to the following
valuation categories:

2022
AS OF DEC 31 / € million

Level 1

Level 2

2021
Level 3

Total

Level 1

Level 2

Level 3Total

NON-CURRENT FINANCIAL DEBT

Interest-free loans
Senior bonds

–

146

–

146

–

322

–

322

2,335

20,194–

22,5295,332

21,342–

26,674

Bank borrowings

–

7

–

7

–

6

–

6

Leasing liabilities

–

3,667

–

3,667

–

4,216

–

4,216

Financing liabilities from transport concessions

–

131

–

131

–

177

–

177

Other financial liabilities

–

11

–

11

–

8

–

8

2,335

24,156–

26,491

5,332

26,071–

31,403Total

The interest-free loans shown at amortized acquisition cost are calculated(29) LIABILITIES

by discounting the nominal values of the interest-free loans, which are bro-

In accordance with IFRS 9, the first-time assessment of liabilities is gener-

ken down into maturity buckets using the DB interest curve (market interest

ally at fair value, taking into account transaction costs and premiums /curve plus current DB spread; source: Thomson Reuters or Bloomberg).

discounts. Subsequently, non-current liabilities are stated using amortizedMarket prices from an active market, multiplied by the foreign currency

acquisition cost using the effective interest method. The differences between

rates applicable on the balance sheet date, are used for senior bonds of DB

the disbursement amount less transaction costs and the repayment amountFinance that are classified as level 1. Various sources are used for these

are recognized in profit or loss over the term.

prices, including Thomson Reuters and Bloomberg. The senior bonds for

The fair values of the balance sheet items miscellaneous liabilities,

which the market activity does not meet the requirements of an active mar-trade liabilities and other liabilities essentially correspond to the carrying

ket have been allocated to level 2. For establishing the fair values of theseamounts.

senior bonds, binding offers were used from various sources, including

Severance package commitments for agreements made as of the bal-Thomson Reuters and Bloomberg; these have been verified on the basis ofance sheet date are recognized as other liabilities and – if they are not yet

the valuation models using the parameters that are observable on the mar-included in individual agreements and if they are part of a restructuringket, such as interest rate curves and exchange rates.

commitment in accordance with IAS 37 – are stated as other provisions.

The fair value of the leases and also of the financing liabilities fromtransport concessions is determined by discounting the outstanding lease

Movements in the liabilities are shown in the following:

payments with the corresponding DB interest rate curves (market interest
curve plus current spread; source: Thomson Reuters or Bloomberg).

Residual maturity€ million

Up to 1 year

1 to 2 years

2 to 3 years

3 to 4 years

4 to 5 years

More than
5 years

Total morethan 1 year

Total

8,057

AS OF DEC 31, 2022

Trade liabilities including advance payments received

7,940

76

21

6

6

8

117

Miscellaneous and other liabilities

4,463

170

160

167

17

302

816

5,279

Total

12,403

246

181

173

23

310

933

13,336

2,660

8

3

2

2

4

19

2,679

297

2

2

2

1

4

11

308

185

–

–

–

–

–

–

185

Trade liabilities including advance payments received

8,097

98

7

6

4

11

126

8,223

Miscellaneous and other liabilities

3,883

15

8

6

16

170

215

4,098

thereof non-financial liabilities
thereof advance payments received
	thereof due to related parties
AS OF DEC 31, 2021

Total

11,980

113

15

12

20

181

341

12,321

thereof non-financial liabilities

2,613

11

3

2

2

6

24

2,637

thereof advance payments received

280

2

2

1

1

6

12

292

152

0

–

–

–

–

0

152

	thereof due to related parties

246

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

The decline in trade liabilities was attributable to the DB Regional segment

In DB Group, there are defined benefit as well as defined contribution retire­at € 228 million, with an increase in the Subsidiaries/Other segment

ment pension systems. The defined benefit commitments are assessed and(€ + 134 million). Miscellaneous and other liabilities increased in the DB

accounted for in accordance with IAS 19. Major pension obligations exist

Regional segment (€ + 617 million) and in the DB Long-Distance segment

only in Germany and in the United Kingdom. For this reason, only these(€ + 467 million). Please also refer to Segment information according to segseg -pension obligations are described in greater detail in the following.

mentsµ 214 f.
ments

Non-financial liabilities and advance payments received are not classi-

Germany

fied under any category of IFRS 9.

DB Group’s pension obligations in Germany apply to both civil servants and

The miscellaneous and other liabilities were broken down as follows:
AS OF DEC 31 / € million

2022

2021

Unused holiday entitlements

318

314

Outstanding overtime liability

304

284

employees.
After they retire, civil servants assigned to DB Group companies receive
retirement benefits from the Federal Railway Fund under the Civil Servants

P E R S O N N E L- R E L AT E D L I A B I L I T I E S

Benefits Act (Beamtenversorgungsgesetz).
Only while the assigned civil servants are actively working for DB Groupare payments made to the Federal Railway Fund as part of a pro forma

Social security

129

137

Severance payments

36

25

Christmas bonuses

11

14

Vacation pay

25

28

tory pension insurance schemes as well as theoretical costs in accordance

1,163

1,129

with the collective bargaining agreements regarding the additional company

Value-added tax

81

91

Payroll and church taxes, solidarity surcharge

198

207

Miscellaneous other taxes

108

117

Interest payable

183

160

Revenue discounts

59

60

Deferred investment grants

286

243

Independent acknowledgement of debt
issued for delivery transactions

771–

Other personnel obligations

settlement in the same way as for newly recruited employees (section 21 (1)DBGrG). This also includes theoretical amounts for contributions to statu-

OT H E R TA X E S

Liabilities in accordance with the Railroad Crossings Act

pension scheme for employees of DB AG (Tarifvertrag über die betriebliche
Zusatzversorgung; ZVersTV) and company pension plan (Tarifvertrag überdie betriebliche Altersvorsorge; bAV-TV) of the employees of DB AG. The
payments made to the Federal Railway Fund for retirement pensions of civil
servants are defined contribution retirement schemes.
The pension obligations with regard to employees mainly relate to
the following:a) Employees who were employed by Deutsche Bundesbahn before
DB AG was established (January 1, 1994) enjoy supplementary benefits in

40

Miscellaneous liabilities

1,603

1,289

view of their former membership of the public sector. The employees are

Total

5,279

4,098

entitled to benefits from this additional pension insurance from Deutsche
Rentenversicherung Knappschaft-Bahn-See (KBS). As an official authority,

The increase in personnel-related liabilities resulted in particular from an

KBS has not only assumed responsibility for managing and paying theincrease in other personnel obligations in connection with the payment

statutory pension for DB Group employees; it also continues the additionalof pension obligations in Sweden and due to the increase in performance-

pension insurance for the transferred employees who are beneficiaries.

related bonuses in the DB Schenker segment.

During the active phase of the employment agreement, a pro forma

Liabilities as of December 31, 2022, were unchanged at € 0 million.

refund of expenses is also provided to the Federal Railway Fund for these

The miscellaneous other liabilities included existing risks for factoring

employees. When the employee retires, this payment is no longer made toagreements.

the Federal Railway Fund.

Commitments from issued independent acknowledgement of debt have

The Federal Railway Fund bears the costs of these additional benefits,

been recognized in the balance sheet since the year under review. This re-less the contribution made by the employees themselves (section 14 (2)sulted in an increase in miscellaneous and other liabilities of € 771 million.

DBGrG). Accordingly, DB AG does not set aside any provisions for these

The commitments correspond to equal amounts of receivables from supply

public sector benefits.

contracts that are hedged by bank guarantees in the event of a claim.

b) Employees of the former Deutsche Reichsbahn and the employees
who have been recruited after January 1, 1994, and before December 31,( 3 0 ) I N C O M E TA X L I A B I L I T I E S

2021, receive an additional company pension from DB AG within the frame-

Income tax liabilities as of December 31, 2022, related in particular to com-work of the ZVersTV. This supplementary company pension is a definedmitments to the tax authorities in the United Kingdom, India and Germany.

benefit scheme, which is linked to salary and length of service. The current
pension benefits are adjusted every year in line with the regulations of the∏ ( 3 1 ) P E N S I O N O B L I G AT I O N S
Company Pensions Act (Betriebsrentengesetz). Retirement benefits, inva-

DB Group grants post-employment benefits to its employees in numerous

lidity benefits and benefits to surviving dependents are provided in the form

countries. The form of the pension commitments depends on the legal,of a lifetime pension. No plan assets are created for this scheme.

economic and tax conditions applicable in the particular country.

In addition, the employees in most Group companies receive a monthly
contribution to the company retirement benefit scheme in the amount of
3.3  % of the employee’s monthly standard salary as well as of most of thesalary elements paid in the month. The monthly contribution is paid intoa pension plan (DEVK-Pensionsfonds). It is not necessary for provisions tobe created for this purpose.

247

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional informationc) Various defined benefit pension obligations exist with regard to senior

Some companies pay contributions within the framework of a franchise

executives in DB Group who were granted a senior executive commitment

agreement to the British Railway Pension Scheme for employees employed

before January 1, 2007. The extent of the benefits depends on the length offor the duration of the agreement (franchise period). The obligations toservice and the salary of the beneficiary. In general, retirement benefits,these employees as well as the plan assets are completely disclosed afterinvalidity benefits and benefits to surviving dependents are provided in the

deduction of the element financed by the employees (40  %). Within theform of a lifetime pension. With the exception of a small number of reinsur-

framework of recognizing the effect of franchise agreements, the present

ance policies, there are no plan assets.

value of the contributions payable for the duration of the franchise agree-d) Senior executives of DB Group who were granted a senior executive

ments for reducing a scheme deficit remains as a net liability recognizedcommitment after December 31, 2006, are provided with a retirement ben-in the balance sheet. The current contributions to the benefit scheme are

efit scheme in the form of a defined contribution commitment. For this pur-shown as personnel expenses.

pose, a benefit module is calculated in each year of service, depending on

In addition, individual companies of DB Arriva also issued defined con-the salary and age of the beneficiaries. These benefits are financed by way

tribution retirement benefit commitments to their employees. Under suchof a contractual trust arrangement (CTA), namely Deutsche Bahn Pension

arrangements, the employer does not enter into any obligations apart fromTrust e. V. The extent of the benefits depends on the yield of the CTA, whereby

paying contributions to an external benefit scheme. The extent of the futurea minimum return is guaranteed (guarantees up to and including 2014:

pension benefits depends exclusively on the amount of contributions paid

2.25  % p.a.; guarantees from 2015 onwards: only maintenance of contribu-

to the external benefit scheme, including the income generated by invest-tion). To avoid longevity risks, the benefits are granted in the form of a five-ing these contributions.

year installment. The assets of the CTA are classified as plan assets. The

In addition, some contributions have also been paid to social pension

pension obligation is covered by the plan assets on the assumption that thefunds within the context of statutory regulations (government schemes).

CTA produces a corresponding performance, thus minimizing investment

risks. There are no legal or regulatory obligations requiring Deutsche Bahn

Critical estimations and assessments

Pension Trust e. V. to make minimum payments into the scheme. The con-

In the case of the defined benefit pension obligations in Germany andtributions are invested in line with the fundamental assumption that theabroad, the actuarial risks are borne by DB Group. Actuarial methods havebenefit commitment is guaranteed by a corresponding guarantee element.

been used for measuring defined benefit pension commitments as well as

For each payment relating to an individual beneficiary, an age-related

benefit commitments which are similar to pensions and the resultant ex-

amount is invested in prime zero bonds. The investment amount remaining

penses and income. The valuations are based on actuarial assumptions.

after the payment has been made into the guarantee element is mainly in-

There are the following actuarial risks which are considered to be typicalvested in passively managed European equity and bond funds (or equivalent

for companies with defined benefit schemes:

products) with the aim of optimizing returns.

◊

Interest risk: The discount factors which are used reflect the intereste) Senior executives are able to participate in a deferred compensation

rates (giving due consideration to the duration of the underlying obli-

program. This employee-financed form of company pension plan constitutes

gation) which are achieved on the balance sheet date for high-quality

a defined benefit obligation.

fixed-interest senior bonds with a corresponding duration. A change inthe discount rate results in a change in the present value of the total

United Kingdom

obligation (DBO).
◊a) The company pension plan of DB Cargo (UK) Holdings Limited is essentially a defined benefit pension plan (linked to salary and length of

Inflation risk: Part of the pension obligations, particularly as a resultof adjustments to current pensions, is linked to the development ofservice) within the British Railway Pension Scheme. The plan assets are

inflation.
◊

managed by an independent trustee. The process of collating the data ofmembers in the plan for the purpose of compliance with legal requirements

Longevity risk: A longevity risk may occur in the form of extended periods in which pensions are paid out as a result of an increase in life

in relation to the members of the plan is generally carried out every three

expectancy in future.
◊

years. As of the intermediate valuation dates, the obligations in the plan

Investment risk: In the case of externally financed pension plans, theare measured on the basis of the correspondingly updated data. The pen-values of the corresponding plan assets or the refund claims are basedsion plan is based on final salary, and lifetime pensions are provided ason the fair values as of the balance sheet date. The capital investment

benefits. The pension obligations are essentially covered by plan assets.

is exposed to numerous risks, which may have an impact on the present

Capital is invested by the trustee of the plan assets following liaison withvalue recognized for the plan assets. In the case of pension schemes

DB Group.

with an obligation to pay into the scheme, the amount of future contri-b) At DB Arriva, there are mainly defined benefit retirement benefit

butions may be affected by the investment risk.

commitments. Important defined benefit plans (related to salary and length

Key assumptions for expenses and income attributable to pension commit-of service) relate to employees of DB Arriva within the Railway Pension

ments and benefit commitments similar to pensions are to some extent

Scheme in the United Kingdom. These are sections other than the DB Cargo

based on current market conditions. Expenses and income relating to pen-

UK plan within the Railway Pension Scheme. The costs of the pension planssion commitments and benefit commitments similar to pensions may

are reduced in a ratio of 60 : 40 (employer : employee) and accordingly rec-change as a result of changes to these underlying key assumptions.

ognized in the balance sheet. The pension plan is based on final salary,and lifetime pensions are provided as benefits. The corresponding pension
obligations are essentially covered by plan assets. Capital is invested by
the trustee of the plan assets following liaison with DB Group.

248

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

The figures stated for pension provisions in the balance sheet are detailed
in the following table:
Europe(excluding Germany)

Germany

Rest of world

Total

AS OF DEC 31 / € million

2022

2021

2022

2021

2022

2021

2022

2021

Commitments for funded benefits

339

424

3,943

6,586

40

62

4,322

7,072

Commitments for unfunded benefits

2,782

4,371

58

73

11

14

2,851

4,458

Total obligations

3,121

4,795

4,001

6,659

51

76

7,173

11,530– 5,575

Fair value of the plan assets

– 271

– 328

– 3,949– 5,207

– 33

– 40

– 4,253

Effects due to cost sharing

–

–

– 34

– 420

–

–

– 34

– 420

Effects due to franchise agreements

–

–

– 34

– 604

–

–

– 34

– 604

Amount not recognized as an asset as a result of the IAS 19.58 restriction

–

–

0

0

–

–

0

0

Asset recorded on the balance sheet as receivables from plan assets

–

–

118

100

–

–

118

100

2,850

4,467

102

528

18

36

2,970

5,031

Net obligations recognized in the balance sheet

The total pension commitment has developed as follows:
Europe(excluding Germany)

Germany

Rest of world

Total€ million

2022

2021

2022

2021

2022

2021

2022

2021

Commitments as of Jan 1

4,795

5,530

6,659

6,909

76

79

11,53012,518
304

189

228

48

72

3

4

240

Employee contributions

Service cost, excluding employee contributions

3

3

25

31

0

0

28

34

Interest expense

52

16

92

67

1

0

145

83
– 546

Payments

– 98

– 85

– 192

– 458

–7

–3

– 297

thereof pension payments

– 94

– 85

– 184

– 170

–7

–3

– 285

– 258

thereof payments for settlements

–4

0

–8

– 288

–

0

– 12

– 288

Past service costs and profit or losses from settlements

4

3

–2

– 60

0

–1

2

– 58

Transfers

1

2

0

0

–

–

1

2

–8

3

– 18

–

–

–

– 26

3

–

3

–

–

–

–

–

3

Changes in the scope of consolidation
thereof additions in scope of consolidation
thereof disposals in scope of consolidation
Actuarial gains (–)/losses (+)
from revaluations based on experiencefrom changes in demographic assumptions
from changes in financial assumptions
Exchange rate effects
Scope of commitments as of Dec 31

The amounts reported in the previous year under payments for settlements

–8

–

– 18

–

–

–

– 26

–

– 1,817– 905– 2,370

– 338

– 22

–8

– 4,209– 1,251

– 125

– 31

485

128

0

1

360

98

–2

–3

– 38

– 22

–1

0

– 41

– 25

– 1,690– 871– 2,817

– 444

– 21

–9

– 4,528– 1,324

–

–

– 241

436

0

5

– 241

441

3,121

4,795

4,001

6,659

51

76

7,173

11,530The development of the plan assets is detailed in the following overview:in the above and in the following tables mainly relate to the payment ofpension obligations at Arriva plc, Sunderland/United Kingdom.
Europe(excluding Germany)

Germany

Rest of world

Total€ million

2022

2021

2022

2021

2022

2021

2022

2021

Fair value of plan assets as of Jan 1

328

314

5,207

4,503

40

37

5,575

4,854

Employer contributions

30

31

79

85

2

1

111

117

Employee contributions

1

1

25

31

0

0

26

32

Notional return from plan assets

4

1

86

56

0

0

90

57

Payments

–5

–5

– 185

– 241

–7

–2

– 197

– 248

thereof pension payments

–5

–5

– 177

– 158

–7

–2

– 189

– 165

thereof payments for settlements

–

–

–8

‒83

–

–

–8

‒83

Transfers

–

–

–

–

–

–

–

–

Changes in the scope of consolidation

0

1

– 13

–

–

–

– 13

1

– 87

– 15

– 1,016

463

–2

2

– 1,105450– 11

Revaluation
Administrative costs: costs of pension assurance

–

–

– 10

– 10

0

–1

– 10

Exchange rate effects

–

–

– 224

320

0

3

– 224

323

271

328

3,949

5,207

33

40

4,253

5,575

Fair value of plan assets as of Dec 31

249

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

The reported plan assets are broken down as follows:
Europe(excluding Germany)

Germany
AS OF DEC 31 / € million

Stocks and other securities
thereof with market price listingRest of world

Total

2022

2021

2022

2021

2022

2021

2022

2021

12

12

1,866

2,288

10

12

1,888

2,312

12

12

1,866

2,288

10

12

1,888

2,312

158

213

1,426

2,115

21

24

1,605

2,352

158

213

1,426

2,115

21

24

1,605

2,352

68

69

96

121

–

–

164

190

thereof with market price listing

68

69

82

103

–

–

150

172

thereof without market price listing

–

–

14

18

–

–

14

18

–

–

158

220

–

–

158

220

Interest-bearing securities
thereof with market price listing
Reinsurance

Private equity
thereof without market price listing

–

–

158

220

–

–

158

220

–

–

167

210

–

–

167

210

–

–

167

210

–

–

167

210

33

34

236

253

2

4

271

291

thereof with market price listing

33

34

69

77

0

2

102

113

thereof without market price listing

–

–

167

176

2

2

169

178

271

328

3,949

5,207

33

40

4,253

5,575

–

–

– 118

– 100

–

–

– 118

– 100

271

328

3,831

5,107

33

40

4,135

5,475

Investments in infrastructure
thereof with market price listing
Cash and other assets

thereof assets recorded as receivables from plan assets

Changes in the net pension provisions are detailed in the following:
Europe(excluding Germany)

Germany

Rest of world

Total€ million

2022

2021

2022

2021

2022

2021

2022

2021

Provision as of Jan 1

4,467

5,216

528

1,259

36

42

5,031

6,517

Pension expenses

243

248

62

33

4

4

309

285

189

228

48

72

3

4

240

304

thereof service cost
thereof employee contributions

2

2

–

–

–

–

2

2

thereof interest income and interest expenses

48

15

6

11

1

0

55

26

thereof administrative expenses

–

–

10

10

0

1

10

11

4

3

–2

– 60

0

–1

2

– 58

	thereof past service costs and profits or losses from settlements
Employer contributions

– 30

– 31

– 79

– 85

–2

–1

– 111

– 117

Payments

– 93

– 80

–7

– 217

0

–1

– 100

– 298

thereof pension payments

– 89

– 80

–7

– 12

0

–1

– 96

– 93

thereof payments for settlements

–4

0

0

– 205

–

0

–4

– 205

Transfers
Changes in the scope of consolidation

1

2

0

0

–

–

1

2

–8

2

–5

–

–

–

– 13

2

thereof additions in scope of consolidation

–

2

–

–

–

–

–

2

thereof disposals in scope of consolidation

–8

–

–5

–

–

–

– 13

–

– 1,730

– 890

– 414

– 582

– 20

– 10

– 2,164– 1,482

– 125

– 31

405

83

0

1

280

53

–2

–3

– 36

– 20

–1

0

– 39

– 23

– 1,690– 871– 1,756

– 270

– 21

–9

– 3,467– 1,150

87

15

973

– 375

2

–2

1,062

– 362

Exchange rate effects

–

–

–6

42

0

2

–6

44

Change in recognized assets

–

–

23

78

–

–

23

78

2,850

4,467

102

528

18

36

2,970

5,031

Revaluationfrom revaluations based on experiencefrom changes in demographic assumptions
from changes in financial assumptions
Difference between actual income and theoretical income from plan assets

Provisions as of Dec 31

All other items were recognized under personnel expenses.

250

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

The actuarial parameters used for assessing the value of most of the pen-provision. The compounding expense attributable to other provisions ission provision are set out in the following:

recognized in net interest income. Provisions for impending losses are mea-

%

2022

sured as the lower of the amount of the expected costs for fulfilling the2021

agreement and the expected costs for terminating the agreement.

I N T E R E ST R AT E

Germany and abroad (excluding United Kingdom)

3.80

1.10

United Kingdom

4.75

1.90

Germany and abroad (excluding United Kingdom)

4.10

3.10

United Kingdom

3.30

3.50

Critical estimations and assessments
The process of determining all types of provisions is associated with esti-

E X P E C T E D R AT E O F S A L A RY I N C R E A S E S

mates regarding the extent and/or timing of obligations.
The environmental protection provisions relate primarily to the obligation of DB AG to remedy the ecological burdens which arose before Jan-E X P E C T E D R AT E O F P E N S I O N I N C R E A S E(DEPENDING ON GROUP OF PERSONNEL)

Germany and abroad (excluding United Kingdom)

2.00

1.75

United Kingdom

2.30

2.50

uary 1, 1994, on the land of the former Deutsche Bundesbahn and the former
Deutsche Reichsbahn. Ecological burdens are defined as contamination ofsoil and groundwater that requires rehabilitation and that pose risks, con-

The 2018 G mortality tables of Professor Dr. Klaus Heubeck have been usedsiderable disadvantages or considerable problems for private individuals

without changes for valuing the pension obligations for the German Groupor society at large. The legal basis for deriving remediation obligations arecompanies. Country-specific or benefit-scheme-specific mortality tables

summarized in the soil and water laws of the Federal Government and thehave been used for valuing the pension obligations of the other Group

Federal states. The process of dealing with ecological burdens also com-companies.

prises necessary remediation measures for existing sewers, in order to avoid

Sensitivities and additional information:
AS OF DEC 31 / € million

soil and groundwater contamination caused by leaks from the sewer sys2022

Total obligation for an interest rate increasedby 1 percentage point

6,225

9,528

Total obligation for an interest rate reducedby 1 percentage point

8,364

14,186

Total obligation with salary growth increased by 0.5%

7,239

11,673

Total obligation for pensions increased by 0.5%

7,473

12,288

Total obligation for life expectancy increased by 1 year

7,411

11,876

Total obligations

7,173

11,530

3,027

5,308

thereof active beneficiaries

tem, as well as measures for shutting down old landfill sites.

2021

The provision has been calculated on the basis of a discounting method
using the present value, where remediation measures are probable, theremediation costs can be reliably estimated and no future benefit is expected to be derived from these measures.
The estimation of future remediation costs is subject to various factors.
Major drivers in this respect can be the application of innovative rehabilitation measures, changes in legal conditions and also the development inmarket prices for disposing of legacy issues. In order to make a realistic
assessment of the remediation costs in individual cases, the working pro-thereof former employees

1,245

2,252

thereof pensioners

2,901

3,970

grams have included adjustments to cost estimates as a result of greater

Expected payments into plan assets for next year

110

107

knowledge and official agreements in the successive processing stages.

Direct pension payments for next year

116

116

Duration of benefit obligation (years)

15.5

20.2

For the valuation of provisions as of the balance sheet date, the investigation and rehabilitation obligations which are currently known havebeen used as the basis for estimating the expected costs in relation to the

The sensitivity figures have been established using the method which wascurrent price level. The provision is discounted on the basis of expected

used for calculating the extent of the commitment. One assumption was

cash outflows, using a risk-adjusted interest rate of 0.09  % (as of Dec 31,

modified while the other assumptions were retained, which means that2021: 0.00  %).

interdependencies between the individual assumptions were disregarded.

Provisions for impending losses from pending transactions are createdif a loss is probable and can be reliably estimated. In view of the uncertainty(32) OTHER PROVISIONS

associated with this assessment, the actual losses may differ from the

Other provisions are recognized if a legal or constructive commitment exists

original estimates and may thus also differ from the amount of the provi-

as a result of a past event, the probability of its utilization is greater thansion. In DB Group, such uncertainty results particularly from the estimates

5 0  % and it will lead to an outflow of resources, and if a reliable estimate ofof future income from transport contracts, the associated material- andthe extent of the commitment can be made (IAS 37 Provisions, Contingent

personnel-related expenses as well as any penalty payments. Changes in

Liabilities and Contingent Assets).

the estimations of these impending losses from pending transactions may

Non-current provisions are discounted using market interest rates.

have a considerable impact on the future income development.

Environmental protection provisions for the rehabilitation of existing eco-

The provisions for decommissioning are measured mainly on the basis

logical legacy issues are discounted on the basis of real interest rates, whichof estimations that, for decommissioning and disposal costs, are derived

are adjusted to reflect the risk and the period until fulfillment. The differ-mainly from sector-specific appraisals. The provisions are shown with theirence between the nominal value of the expected outflows and the present

discounted settlement amount at the point at which they originate.

value recognized for the environmental protection provisions of DB AG fortransferred liabilities for the elimination of legacy issues from the timeprevious to the foundation of DB AG is stated under deferred items, andrepresents the interest benefit resulting from the longer-term release of the251Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

Movements in other provisions are shown in the following:

Personnel-related
provisions

Revenue
discounts

Provisions for
impending losses

Decommissioning
obligations

Environmental
protection

Other
provisions

Total

€ million

2022

2021

2022

2021

2022

2021

2022

2021

2022

2021

2022

2021

2022

2021

As of Jan 1

910

942

2,254

1,785

590

604

433

409

1,443

985

1,866

1,316

7,496

6,041

Currency translation effects

0

1

0

0

–4

5

–

–

0

0

–4

9

–8

15

Changes in the scope of consolidation

–5

1

– 24

1

–

–

–

–

–

–

10

1

– 19

3

thereof additions in scope of consolidation

0

1

–

1

–

–

–

–

–

–

19

1

19

3

thereof disposals in scope of consolidation

–5

–

– 24

–

–

–

–

–

–

–

–9

–

– 38

–

Amounts used

– 250

– 295

– 485

– 371

– 164

– 204

– 44

– 18

– 45

– 51

– 253

– 193 – 1,241– 1,132

Reversals

‒83

– 52

– 202

– 138

– 38

– 35

–8

– 10

0

0

– 217

– 167

– 548

– 402

Reclassifications 1)

– 22

–6

13

5

– 32

–2

–

–

–1

–

– 35

–1

– 77

–4

Additions

310

319

1,048

972

212

222

89

19

1

509

442

903

2,102

2,944

Compounding and discounting

– 32

0

–

–

– 19

0

–5

33

– 15

–

– 64

–2

– 135

31

As of Dec 31

828

910

2,604

2,254

545

590

465

433

1,383

1,443

1,745

1,866

7,570

7,496

1)

	The reclassifications in the year under review related to the sale of DB Arriva’s activities in Denmark, Poland and Serbia as well as DB Schenker’s activities in Russia at a total of € 59 million.

The following table breaks down the other provisions into current and noncurrent amounts, and also details their estimated residual maturity:

Residual maturity€ million

Up to 1 year

1 to 2 years

2 to 3 years

3 to 4 years

4 to 5 years

More than 5
years

Total morethan 1 year

Total

AS OF DEC 31, 2022

Personnel-related provisions

336

143

98

62

46

143

492

828

2,604

–

–

–

–

–

–

2,604

Provisions for impending losses

241

97

93

43

35

36

304

545

Decommissioning commitments

79

45

45

45

45

206

386

465
1,383

Revenue discounts

55

58

59

57

52

1,102

1,328

Other provisions

Environmental protection

1,295

106

99

61

60

124

450

1,745

Total

4,610

449

394

268

238

1,611

2,960

7,570

AS OF DEC 31, 2021

Personnel-related provisions
Revenue discounts

356

143

101

65

49

196

554

910

2,254

–

–

–

–

–

–

2,254
590

Provisions for impending losses

255

97

100

72

31

35

335

Decommissioning commitments

37

45

44

44

44

219

396

433

Environmental protection

58

63

68

71

80

1,103

1,385

1,443

Other provisions

1,373

94

88

51

62

198

493

1,866

Total

4,333

442

401

303

266

1,751

3,163

7,496

Personnel-related provisions

Individual contractual agreements on part-time working in the lead-up to

Benefits arising on the occasion of the termination of employment agree-

retirement are usually based on the block model. The top-up amounts paid

ments (severance packages) become payable if employees are releasedin addition to salary by DB Group during the period of part-time working infrom their duties under the terms of an early retirement or semi-retirement

the lead-up to retirement, as well as additional contributions to the statu-

scheme before the regular retirement age (which would not involve any

tory pension insurance scheme, are collected in installments up to the end

reduction of retirement benefits) or if employees voluntarily terminateof the active phase of the semi-retirement period and are recognized as

their employment contract in return for a severance package. Severance

provisions in accordance with IAS 19. The compensation backlog (plus thepayments are recognized if there is a demonstrable commitment either to

employer’s contributions to social security insurance) for the additional work

terminate the employment agreements of current employees in accordance

performed during the employment phase is also shown with the present pro

with a detailed formal plan that cannot be reversed or to make severance

rata present value as another non-current employee benefit.

payments if the employment contract is voluntarily terminated by employ-

If certain conditions are satisfied, under the collective bargaining

ees within the framework of employment contract termination agreements.

agreement, DB Group offers its employees the opportunity to reduce their

Severance package commitments for agreements made as of the bal-working hours to a level below their regular working hours (special semi-

ance sheet date are recognized as other liabilities and – if they are not yet

retirement arrangement). In these cases, the number of working hours is

included in individual agreements and if they are part of a restructuring

reduced to 81  % of the reference or regular working hours, whereby thecommitment in accordance with IAS 37 – are stated as other provisions.

employees’ remuneration is topped up to 90  %. Payments into the company
retirement benefit scheme are granted on the basis of 100  % of the reference
or regular working hours.

252

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

Decommissioning provisions

The personnel-related provisions were structured as follows:
AS OF DEC 31 / € million

2022

2021

Personnel contractual commitments

385

431

Early retirement and semi-retirement obligations

184

187

Service anniversary provisions

92

114

Other

167

178

Total

828

910

The provisions for decommissioning commitments referred to the pro rata
decommissioning commitment in relation to a joint power generation plant.
The valuation of the provision considered a standard cost increase rate inthis sector of 3.25% (as of December 31, 2021: 2.50%) and a nominal interest rate of 3.00% (as of December 31, 2021: 2.50%). The 19th amendment
to the Atomic Energy Act, which regulates fixed-term line operation no later
than April 15, 2023, resulted in an additional allocation to decommissioning
provisions of € 33 million in the year under review.

The personnel-related provisions included commitments arising from employment agreements that result from the entitlement of many employees

Provisions for environmental protection

under labor law and the willingness of DB AG not to terminate employment

Of the provisions for environmental protection € 1,374 million were allo-

contracts for operational reasons. In such cases, DB Group will incur losses

cated to DB AG as of December 31, 2022, (as of December 31, 2021: € 1,434 mil-in the form of personnel expenses which will have to be borne until thelion). The change of € 60 million resulted from the utilization of restructur-

employment contract is terminated or the employee is placed with anothering obligations (€ 45 million) and an interest effect (€ 15 million). In ordercompany; no reciprocal benefit will be provided in return for these costs

to take account of the remedial action obligations recognized in the envi-(commitment surpluses relating to employment agreements). In addition,ronmental protection provisions, DB AG has set up various programs, in-personnel contractual commitments included restructuring provisions.

cluding the following:

A figure of about € 346 million was allocated to the provision for ob-◊

the 4-stage soil decontamination program

ligation surpluses from employment arrangements as of December 31,◊

the 3-stage sewerage network program

2022 (as of December 31, 2021: € 395 million); this item accounted for a◊

the 2-stage landfill shut-down program

considerable percentage of the personnel-related provisions in DB Group.

The structured processing ensures that the procedure for recognizing,

This provision recognizes the personnel-related commitments of DB AG

assessing the risk and taking appropriate remedial action is consistent withfor the employment guarantee included in the collective bargaining agree-

all legal requirements and optimized in terms of costs.
In the 4-stage soil decontamination program, existing soil and/or

ment designed to address demographic change (Demografietarifvertrag;

groundwater contamination is localized via the stages “historic explora-

DemografieTV).
The provisions for semi-retirement and early retirement commitmentstion,” “orienting investigation” and “detailed investigation,” and is assessedtake into account the commitments arising from collective bargaining

on the basis of the relevant statutory testing criteria. If any negative change

agreements, and have been calculated on the basis of actuarial reports. The

in soil conditions or ecological burdens is identified, implementation ofregulations of DemografieTV on special part-time work in old age included

the necessary remedial action is planned by the steps feasibility study,

an amount of € 86 million (as of December 31, 2021: € 82 million) for the en­model planning and approval planning. The process of carrying out thetitlement of employees with many years of service and also many years ofre­­medial action is supported by a binding remedial action plan or a public-

shift working to enjoy special semi-retirement benefits.

sector agreement with defined remedial action objectives.

Revenue discounts

nation of soil and/or groundwater resulting from leaks. The program also

The increase in revenue discounts was mainly due to reductions at DB Re-

involves a plan to optimize the existing sewerage network to ensure that it

gional in connection with concession fees as a result of the effects of theis capable of meeting future requirements and to ensure that the need to

Covid-19 pandemic and the introduction of the temporary 9-Euro-Ticket andtake remedial action can be limited to this future network. The network that

repayment risks from the industry solution for local public transport, which

is not necessary for operation will be decommissioned. The sewerage pro-is intended to cushion the impact of Covid-19 for the industry.

gram will be carried out via the stage 1 “recording,” stage 2 “inspection” andThe 3-stage sewerage network program aims to remedy any contami-

stage 3 “remedial action/decommissioning.” Legal requirements are set out

Provisions for impending losses

in the Water Resources Accounting Act (Wasserhaushaltsgesetz; WHG), theWater Acts of the Federal states and the in-house control regulations.

The provisions for impending losses mainly relate to transport contracts

The 2-stage program “shut-down of landfill sites” systematically records

in which commitment surpluses build up over the duration of the contracts.

all legacy landfill sites operated by DB Group (stage 1). The requirements

The additions related mainly to DB Regional and DB Arriva.

resulting from the Recycling Accounting Act (Kreislaufwirtschaftsgesetz;

As of December 31, 2022, an amount of € 164 million (as of December
31, 2021: € 183 million) was allocated to DB Regional and € 8 million (as of

KrWG) and the Landfill Site Regulation (Deponieverordnung; DepV) are

December 31, 2021: € 17 million) to DB Arriva. This was due to various fac-used as the basis for planning and implementing the processes of decommis­

tors, including assumptions regarding reduced revenues from fares in futuresioning and recultivating the areas (stage 2a) and the subsequent mainte-

as well as higher maintenance expenses and higher energy prices. In par-nance (stage 2b).

ticular, the estimates regarding the development of future revenues from

Other provisions

fares are subject to particular uncertainty due to the Covid-19 crisis.

The other provisions comprised provisions for project risks, compensation
for damages, real estate risks, decommissioning and demolition obligations,guarantee and warranty obligations, insurance and project risks, third-party
obligations for maintenance and other tax risks as well as numerous otherissues which individually are of minor significance.

253

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information(33) DEFERRED ITEMSC A S H F L O W F R O M O P E R AT I N G A C T I V I T I E S

DB Group receives various public-sector grants, which are generally granted

The cash flow from operating activities is calculated by adjusting the net

in relation to assets or income. The grants are recognized in the balance

profit/loss for the period before taxes by items that are not cash-effective

sheet as soon as it is certain that they will be provided and as soon as the(in particular additions to and reversals of other provisions) and by adding

conditions necessary for receiving the grants have been satisfied. The

other changes in current assets, in liabilities (excluding financial debt) andgrants related to assets, and in particular investment grants, are deducted

provisions. The cash flow from operating activities is then established after

directly from the assets for which the grants have been received. The in-due consideration is given to interest and tax payments.

terest benefit (spread between nominal value and present value) of

In accordance with IFRS 16, outflows related to leases are recognized ininterest-free loans is deferred on the basis of the contractual grant condi-

cash flow from financing activities if they are redemption payments, andtions. The income from pro rata reversal of these accruals is shown as otherare recognized in cash flow from operating activities if they are payments

operating income.

of interest.

The deferred items contained the following:

the year under review. This was due to a significantly higher net profit for

The cash flow from operating activities has increased considerably inA S OF DEC 31 / € million

2022

2021

Deferred public-sector grants

137

145

Deferred revenues

904

724

Other

384

380

Total

1,425

1,249

Non-current share

526

406

Current share

899

843

the year, adjusted for reduced depreciation on property, plant and equipment and intangible assets, lower trade liabilities and reduced non-cash
expenses.
Non-cash expenses and income decreased in the year under review,
particularly as a result of a significantly lower balance of expenses fromadditions to and reversals of other provisions (€ + 553 million).

CASH FLOW FROM INVESTING ACTIVITIESThe changes to deferred revenues resulted from the DB Long-Distance and

The cash flow from investing activities is calculated as the cash inflow pro-

DB Regional segments.

vided by the disposal of property, plant and equipment and intangible as-€ million

2022

2021

As of Jan 1

067

Reversals–– 67

As of Dec 3100sets as well as by investment grants, and the cash outflow for capital expenditures in property, plant and equipment and intangible assets, as wellas cash flow from the addition and disposal of non-current financial assets.
Payments received from investment grants are shown under investing
activities due to the close connection between investment grants received
and the payments made for capital expenditures in property, plant andDeferred revenues constituted that part of compensation that is attribut-

equipment assets.

able to the period after the balance sheet date.

The significant increase in cash outflow from investing activities resulted
in particular from increased payments for investments in financial assets,

Notes to the statement of cash flows

especially for investments in short-term money-market funds (€ 501 million)
and from the acquisition of shares in consolidated companies (in the year

The statement of cash flows shows the changes in cash and cash equiva-

under review: € 272 million; previous year: € 45 million). Capital expendi­

lents in the year under review, and was prepared in accordance with IAS 7tures on property, plant and equipment increased slightly by € 128 million.

(Statement of Cash Flows). The indirect method has been used for show-

In contrast, the net inflow from investment grants fell (€ – 491 million;

ing cash flow from operating activities.

– 5.5%). On balance, inflows and outflows for investments in financial

Interest income and interest payments, dividend income as well as tax

assets included outflows of € 326 million to pay for investments from theacquisition of transport concessions (IFRIC 12).

payments are stated under operating activities.
Cash and cash equivalents include the cash and cash equivalents statedWhen changes take place in the scope of consolidation as a result ofin the balance sheet with a residual maturity of up to three months (cashthe acquisition or sale of companies, the acquisition price paid (excluding

in hand, cash at banks as well as security investments). As of December

any liabilities that are transferred) less the acquired or sold financial re-31, 2022, € 1,277 million of the cash and cash equivalent (as of December

sources are stated as cash flow from investing activities.

31, 2021: € 1,162 million) was subject to restrictions mainly as a result ofprovisions of the rail franchises in the United Kingdom as well as due to

CASH FLOW FROM FINANCING ACTIVITIES

country-specific and contractual restrictions particularly in international

The cash flow from financing activities is due to additions to capital, thelogistics business.

net inflows and outflows attributable to senior bonds issued, changes in

Current receivables due from banks (as of December 31, 2022: € 142 mil-bank borrowings and loans as well as outflows for the redemption of financelion; as of December 31, 2021: € 83 million), resulting from collateralleasing liabilities and interest-free loans.

agreements in connection with financial futures, are shown under current

The cash inflow from financing activities decreased by a further € 748

other receivables and assets. Because it is becoming increasingly difficult

mil­­lion. This was due in particular to a decline in the net outflow from theto predict the development in the value of the financial futures, it canraising and repayment of funds of, mainly from the repayment of bankonly be assumed to a limited extent that such hedges represent current

debts and a reduced net inflow from the issue and redemption of seniorliquidity.

bonds. In addition, there were lower proceeds from capital injections andreduced redemption payments for leases.

254

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

I N F O R M AT I O N R E G A R D I N G T H E C H A N G E S
IN FINANCIAL LIABILITIES (IAS 7)
Non-cash changes€ million

Financial receivables

As of Jan 1, 2022

Cash changes(inflow [+]/
outflow [–])

Acquisition (+)/
disposal (–)
of companies

Exchange rate
effects

Addition (+)/
disposal (–)
of liabilities
and financial
receivables

‒83

– 59

–

–

–

–

Compounding 1)

As of Dec 31, 2022

– 142

LIABILITIES FROM FINANCINGInterest-free loans

446

– 157

–

–

–7

16

298

Senior bonds

27,403

1,487

–

– 105

–

17

28,802

Bank borrowings

1,320

735

– 40

0

–

–

545

EUROFIMA loan

–

–

–

–

–

–

–

5,059

– 1,059

59

– 29

1,148

2

5,180

Liabilities from transport concessions

180

– 16

–

–

–

–

164

Other financial liabilities

78

149

65

– 11

3

–

284

Leasing liabilities 1)

Liabilities from financing

34,486

– 331

84

– 145

1,144

35

35,273

Total

34,403

– 390

84

– 145

1,144

35

35,1311)

	The outflows for leasing liabilities including interest paid amounted to € 1,147 million as of December 31, 2022. For the statement of cash flows,these were broken down into an interest component and a redemption component. This interest element is netted under compounding.

Non-cash changes€ million

Financial receivables

As of Jan 1, 2021

Cash changes(inflow [+]/
outflow [–])

Acquisition (+)/
disposal (–)
of companies

Exchange rate
effects

Addition (+)/
disposal (–)
of liabilities
and financial
receivables

Compounding 1)

As of Dec 31, 2021

– 856

187

–

–

586

–

‒83

LIABILITIES FROM FINANCINGInterest-free loans

580

– 157

–

–

–

23

446

Senior bonds

24,021

3,028

–

337

–

17

27,403
1,320

Bank borrowings

3,304– 1,986

–

2

–

–

EUROFIMA loan

200

– 200

–

–

–

–

–

Leasing liabilities 1)

4,931– 1,164

35

55

1,202

0

5,059

Liabilities from transport concessions

191

– 25

–

–

14

–

180

Other financial liabilities

97

– 16

1

0

–4

–

78

Liabilities from financing

33,324

– 520

36

394

1,212

40

34,486

Total

32,468

– 333

36

394

1,798

40

34,4031)	The outflows for leasing liabilities including interest paid amounted to € 1,244 million as of December 31, 2021. For the statement of cash flows,these were broken down into an interest component and a redemption component. This interest element is netted under compounding.

Notes to the segment informationaccording to segments

In this context, management reporting is addressed to the Management
Board in its function as the primary decision maker. Management reportingin DB Group is based on the accounting principles in accordance with IFRS.

The DB Group segment reporting has been prepared in accordance with

With regard to reconciling the segment data with the corresponding cor-

IFRS 8 (Operating Segments). The operating segments of DB Group result

porate data, it is accordingly mainly necessary to take account of consol-from the aggregation of fully consolidated legal entities; these legal entities

idation effects. For this reason, a consolidation column is used for recon-

have been allocated to specific segments on the basis of the company-spe-

ciliation purposes. The operations of the business segments are coveredcific operational performance on a defined market. The Management Boardin the reporting format in line with the corporate organization structure

takes its decisions and carries out economic analyses as well as assessmentsof DB Group. The main regions covered by DB Group are detailed in theat the level of the operating segments (“management approach”).

segment information by regions.

The allocation of legal entities to operating segments in external accounting is consistent with the allocation in internal management reporting. This means that the management and legal structure of DB Group arecongruent. As a result of this allocation principle, there are no partial balance sheets or partial income statements within a legal entity that areallocated to different segments.

255

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

DB Group includes the following segments of the Integrated Rail System:

column. This column also reconciles the balance sheet items of capital◊

DB Long-Distance: The DB Long-Distance segment comprises all cross-

employed (contents allocated in accordance with management reporting)regional transport and service operations and other passenger transport

and the external presentation in accordance with the consolidated balanceservices. Most of these transport services are provided in Germany.

sheet of DB Group.

◊◊

DB Regional: The DB Regional segment combines the activities for the

Segment reporting is based on the key business figures used for theGerman transport and general services in regional rail and road local

internal management of the operating segments. These key figures form

passenger transport. These activities also comprise the S-Bahn (metro)the basis of the value-oriented management concept (see Capital
Capital management

operations in Berlin and Hamburg.

in DB Group
Groupµ 220 f.).
f.).

DB Cargo: All European rail freight transport activities are pooled in

The external revenues and other income consist exclusively of income

the DB Cargo segment. In addition, the multimodal activities in thegenerated by the segments with non-Group parties. The internal revenues

large-volume full load transport of the European land transport net-and other income show the income with other segments of DB Group (inter-work are included (Changes in segment allocationµ
allocation
218).
218
). It operates pri-segment income). The intercompany prices for intra-Group transactions

marily in Ger­­­many, Denmark, the Netherlands, Italy, the United King-are determined on a market-related basis.

dom, France, Poland and Spain.
◊

◊

◊
◊

EBITDA (earnings before interest, taxes, depreciation and amortization)

DB Netze Track: The DB Netze Track segment is responsible for install­is used for assessing the pure earning power of the operating segments.

ing, maintaining and operating our track-related rail infrastructure in

It does not include any costs of capital employed in the form of depreciation

Germany.

and interest. Accordingly, EBITDA is not influenced by segment-specific

DB Netze Stations: The DB Netze Stations segment comprises thefinancing structures and long-term capital expenditure cycles (in particular

operation, development and marketing of passenger stations andin the infrastructure segments); consequently, depreciation is incurred

retail facilities in stations in Germany.

sooner than the positive returns generated by these capital expenditures.

DB Netze Energy: The DB Netze Energy segment provides all standard

EBITDA thus has the character of pre-tax cash flow.

energy products in the fields of transport energy and stationary energy.

On the other hand, EBIT additionally comprises depreciation recognized

Subsidiaries/Other: DB AG with its numerous management, financing

in relation to fixed assets (property, plant and equipment and intangible

and service functions in its capacity as the management holding com-

assets). EBIT represents the operating profit generated that is available topany of DB Group is shown in this segment. This also includes thesatisfy the interest yield claims on the investor side.

service companies which mostly render the services within DB GroupThe costs of financing that are incurred as a result of the (in certainin the fields of transport, logistics, information technology and tele-cases) very high amounts of capital tied up in the operating segments ofcommunications. The other subsidiaries and remaining activities are

DB Group (particularly in the infrastructure segments) are also relevant

classified under Subsidiaries/Other as well.

for a long-term assessment of results. This is the reason why the operating

In addition to the Integrated Rail System, there are the following segments:

interest balance is also taken into consideration in the key figure operat-◊

ing income after interest.

DB Schenker: All global logistics activities of DB Group are classified

under the DB Schenker segment. These comprise freight forwarding,◊

The essential assets that are used (capital employed) also have to betransport and other services in commodity and goods transport.

taken into consideration in addition to the above-mentioned parameters

DB Arriva: All European local transport activities (rail and bus) outside

for internal management of the operating segments. The capital employed

Germany are pooled in the DB Arriva segment.

comprises the essential capital which is used by providers of equity and

The data concerning the segments are shown after intra-segment relations

debt investors and for which interest has to be paid.

have been eliminated. The transactions between the segments (inter-seg-

Net financial debt corresponds to the balance of external liabilities

ment relations) are eliminated in the column consolidation.

subject to interest as well as cash and cash equivalents, interest-bearing

The income and expenses detailed on the basis of operating segments

external receivables and short-term cash investments in money-market

in the segment information according to segments are adjusted by issues

funds. The net financial debt of the segments also comprises the receiv-

which are of an exceptional nature in terms of the amount involved or inables and liabilities attributable to Group financing as well as from domi-

terms of the reason for the specific issue. A general adjustment is recog-

nation and profit-and-loss transfer agreements.

nized for book profits and losses attributable to transactions with invest-

Gross capital expenditures consist of capital expenditures in property,

ments/financial assets and in the amount of the depreciation on long-term

plant and equipment and intangible assets excluding capitalized costs ofcustomer contracts that have been capitalized as part of the purchase pricedebt. Net capital expenditures are calculated by deducting the participa-

allocation process during company acquisitions. In addition, an adjustment

tion of third parties in the financing of specific capital expenditure projects

is recognized for individual issues if they are of an exceptional nature, if(essentially the investment grants of the Federal Government and the Fed­they are definable for accounting purposes, if they can be measured and­eral states).

if the amount involved is material. They are shown in the reconciliation

Additions from changes in the scope of consolidation are shown aspart of segment gross capital expenditures, and comprise exclusively thecapital expenditures in property, plant and equipment and intangible assets, including the goodwill acquired as part of company acquisitions or
included in the consolidated financial statements for the first time.

256

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

The number of employees comprises the workforce, excluding trainees andI N T E R E S T R AT E R I S K S

dual degree students, at the end of the reporting period (part-time employ-

The interest rate risks are attributable to borrowings at variable interest

ees have been converted to full-time equivalents).

rates.

The segments are subject to the same accounting principles (Basic

In accordance with IFRS 7, the effects of theoretical changes in mar-principles and methodsµmethods
216 ff.
ff.)) which are applicable for the remainder of the

ket interest rates on net profit and loss and shareholders’ equity are in-consolidated financial statements. Intra-Group segment transactions are

vestigated by means of a sensitivity analysis. For this purpose, the follow­

generally conducted at market prices.

ing financial instruments are considered:◊E X P L A N AT I O N S C O N C E R N I N G T H E I N F O R M AT I O N
BY R E G I O N S

Derivatives designated in cash flow hedges (interest hedges andcross-currency hedges) have an impact on the hedge reserve in shareholders’ equity and are therefore taken into consideration in the sen-External revenues are stated on the basis of the registered offices of thesitivity calculations relating to shareholders’ equity.

Group company providing the service.

◊

Non-current assets are also allocated on the basis of the location of

The sensitivity calculations for net interest income include financial
instruments with variable interest (bank deposits, short-term borrow-the company. The non-current assets comprise intangible assets, property,

ings/investments, cross-currency swaps, loans).

plant and equipment as well as non-current receivables and other assets

If the level of market interest rates for the exposure had been 100 basis(excluding financial instruments, deferred tax assets, rights from insurance

points higher (lower) as of the balance sheet date, the comprehensive in-policies as well as assets in conjunction with benefits after termination ofcome would have been affected as follows:

the employment agreement).

2022

I N F O R M AT I O N C O N C E R N I N G M A J O R C U S T O M E R S

2021

Changes in market level of interest rates

In the year under review, once again, no single customer accounted for more€ million

than 10% of overall revenues of DB Group.

Impact on comprehensive income

Risk management and derivative
financial instruments1)	+ 100 BP 1)– 100 BP 1)+ 100 BP 1)– 100 BP 1)

–5

+6

–6

+5

thereof net profit/loss for the year

+ 14

– 14

– 12

+ 12

thereof other net profit and loss

– 19

+ 20

+6

–7

Basis points.

MANAGEMENT OF FINANCIAL AND ENERGY PRICE RISKSFOREIGN CURRENCY RISKSAs a mobility, transport and logistics group with international operations,

The foreign currency risks are attributable to financing measures and op-

DB Group is exposed to financial risks in the form of changes in interest

erating activities.

rates and exchange rates. In addition, there are also energy price risks on

In order to avoid interest rate and foreign currency risks, the foreign

the procurement side as a result of fluctuations in the prices of diesel fuelcurrency bonds issued and loans within the framework of DB Group treasury

and electricity. One of the aspects of corporate policy is to actively man-are converted into euro liabilities and receivables by means of cross-cur-

age and thus limit these risks by means of the use of derivative financial

rency swaps. However, it is not necessary for such bonds to be converted

instruments.

in individual cases if there is a guarantee that the bond can be serviced out

DB AG is responsible for all financing and hedging transactions of DB

of inflows of foreign currency payments.

Group with its central Group Treasury, and operates in close cooperation

Subsidiaries hedge all significant foreign currency positions in theirwith the subsidiaries, where the risk positions primarily arise. Group Trea-functional currency via Group Treasury. In exceptional cases and to a limitedsury follows the relevant regulations for risk management (Minimum re-extent, subsidiaries are permitted to hedge foreign currency positions withquirements for risk management (Mindestanforderungen an das Risikoman-banks themselves.

agement; MaRisk), Corporate Sector Supervision and Transparency Act

The currency sensitivity analysis in accordance with IFRS 7 is based on(Gesetz zur Kontrolle und Transparenz im Unternehmensbereich; KonTraG)).

the following assumptions:Speculation is not permitted. Ongoing market and risk assessment takes◊

place as part of risk management.

The cross-currency swaps which are concluded and the current currencytransactions are always allocated to original underlying transactions.

◊

Derivative financial instruments are used exclusively for hedging in-

All major foreign currency positions arising from business operations
are always 100% hedged. If exchange rate changes are 100% hedged,

terest, currency and energy price risks. All individual transactions correspond to on-balance-sheet or anticipated underlying transactions (forthey do not have any impact on net profit and loss or equity capital.

example, issue of senior bonds, purchasing of diesel fuel and electricity).

◊

Foreign currency risks can only occur if a 100% hedge does not exist in

The aim is to achieve qualification as an effective hedge in accordance

justified exceptional cases; for instance if a conservative estimate iswith IFRS 9.

made for hedge volumes for anticipated foreign currency cash flows inorder to avoid overhedging.
◊On-balance-sheet foreign currency risks may result from energy
price hedging which is not denominated in the respective functional
currency.

257

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

If the following foreign currencies for currency hedges had weakened orDiesel price risks are, for instance, limited by the conclusion of diesel swaps

strengthened by 10% as of the balance sheet date, comprehensive income(usually by means of hybrid hedging of diesel price and currency risks).

would not have been significantly affected:

The following assumptions have been made for performing the sensi-

2022

tivity analyses in accordance with IFRS 7:

2021

◊

The effective part of the change in the fair values of energy price swaps
is recorded in equity without affecting profit or loss, whereas the inef-

Percentage change in foreign currency exchange rates
€ million

+ 10%

– 10%

+ 10%

– 10%

USD

+ 27

– 27

+ 13

– 13

CNY

+3

–3

+3

–4

CZK

0

0

–1

+2

GBP

+1

–1

0

0

SGD

– 12

+ 13

–4

+4

HKD

– 31

+ 31

+1

–1

HUF

–2

+2

0

0

BDT

+1

–2

0

0

VND

–1

+2

0

0

PHP

–2

+3

0

0

TWD

–2

+2

–5

+6

IDR

+2

–2

0

0

TRY

–3

+3

–3

+3

fective portion is recorded in the statement of income.
◊

If options are used (collars), the intrinsic value constitutes the effective
part of the hedge, so that the intrinsic value is shown in shareholders’equity. On the other hand, the fair value is not part of the hedge, andis shown in the statement of income.

If the energy prices at the end of the year had been 10% lower (or higher),comprehensive income would have been affected as follows:
2022

2021

Changes in market prices€ million

+ 10%

– 10%

+ 10%

– 10%

Impact on comprehensive income

+ 52

– 52

+ 32

– 32

+ 52

– 52

+ 32

– 32

		Diesel

+ 29

– 29

+ 20

– 20

		 Hard coal

+ 23

– 23

+ 12

– 12

thereof other net profit and loss

DB Group has numerous equity investments in foreign subsidiaries whose

net assets are exposed to a translation risk. This translation risk is not per-R I S K O F D E FA U LT O F I N T E R E S T, C U R R E N C Y
A N D E N E R G Y D E R I VAT I V E S

ceived to be a foreign currency risk for the purposes of IFRS 7, and is nothedged.

The counterparty default risk is actively managed by way of strict require-

ENERGY PRICE RISKS

ments relating to the creditworthiness of the counterparty at the point at

The Energy Price Risk Management Committee (ERMC) is responsible forwhich the transactions are concluded and also throughout the entire dura-

managing and minimizing energy price risks; this committee is responsibletion of the transactions, and also by way of defining risk limits.

for ensuring the implementation of the risk policy of DB Group specifically

In order to minimize the credit risk of derivatives, DB Group has con-with regard to energy price risks (in particular for the procurement of die-cluded credit support agreements (CSAs) with its core banks. In the CSAs,

sel and electricity). The ERMC adopts specific hedging strategies and mea-

it was agreed that both parties would mutually provide cash securities forsures in which financial and energy derivatives are used.

interest and cross-currency swaps as well as energy derivatives. Securities

Swaps relating to the commodities underlying the price formulae areare exchanged daily with all relevant banks.

used as hedges for the risks of price changes for sourcing electricity.

Related amounts that are not netted in the balance sheet:

Related amounts that are not netted in the balance sheet
Amounts subject toframework netting agreement

Financial assets/liabilities
shown in the balance sheet

Cash securities
received/provided

Net amounts

AS OF DEC 31 / € million

2022

2021

2022

2021

2022

2021

2022

2021

Derivative financial instruments – assets

748

406

– 223

– 134

– 525

– 272

–

–

Derivative financial instruments – liabilities

405

219

– 223

– 134

– 142

‒83

40

2

The assets of financial derivatives and thus the maximum counterparty

Liquidity risk

default risk have increased as a result of exchange rate fluctuations of theLiquidity management involves maintaining adequate cash and cash equiv-

euro against other currencies, particularly against the Swiss franc, thealents, constantly checking the commercial paper market to ensure ade-

British pound sterling and the Norwegian krone. At the same time, the lia­

quate market liquidity and depth, and the constant availability of financial­bilities from derivative financial instruments have decreased. The cash

resources via guaranteed credit facilities of banks (Note ((2828))µ 242 ff.
ff.).
).

securities received were predominant. The maximum individual risk (de-The following table shows the contractually agreed undiscounted in-

fault risk in relation to individual contract partners) was € 151 million (asterest payments and redemption payments relating to the original financialof December 31, 2021: € 68 million) and existed in relation to a bank withliabilities as well as the derivative financial instruments with a positive andan S&P rating of A–. For transactions with durations of more than one year,

negative fair value of DB Group:

as of December 31, 2022, all contractual partners with whom there is acounterparty default risk, have at least a rating of Baa1/BBB+.

258

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

2023
MATURITY ANALYSIS OF FINANCIAL LIABILITIESAS OF DEC 31, 2022 / € million

Fixed/
variableinterest

2025 – 2027

2024
Redemption

Fixed/
variableinterest

Redemption

Fixed/
variableinterest

2028 – 2032

Redemption

Fixed/
variableinterest

2033 ff.

Redemption

Fixed/
variableinterest

Redemption

ORIGINAL FINANCIAL LIABILITIESInterest-free loans
Senior bonds

–

156

–

155

–

–

–

–

–

–

419

1,982

379

1,962

896

6,380

965

9,736

1,056

8,963
–

Bank borrowings

0

539

0

–

–

6

0

–

–

EUROFIMA loan

–

–

–

–

–

–

–

–

–

–

Leasing liabilities

96

1,040

77

825

153

1,575

124

1,092

177

670

Financing liabilities from transport concessions

3

20

3

19

6

56

3

60

0

9

Other financial liabilities

–

273

–

2

–

2

–

7

–

–

Trade liabilities

–

7,643

–

74

–

28

–

4

–

–

Other and miscellaneous liabilities

–

2,100

–

164

–

342

–

302

–

–

Interest rate/currency derivatives in connection with cash flow hedges

61

259

51

138

123

1,344

115

949

58

151

Interest derivatives in connection with cash flow hedges

12

–

16

–

28

–

10

–

–

–

Currency derivatives in connection with cash flow hedges

–

218

–

–

–

–

–

–

–

–

Currency derivatives without connection to hedges

–

987

–

3

–

12

–

–

–

–

Energy price derivatives

50

–

17

–

4

–

0

–

–

–

Interest rate/currency derivatives in connection with cash flow hedges

67

434

57

697

118

1,480

124

1,822

79

1,653

Currency derivatives in connection with cash flow hedges

–

42

–

–

–

–

–

–

–

–

Currency derivatives without connection to hedges

–

1,679

–

13

–

2

–

–

–

–

– 103

–

– 22

–

–3

–

–

–

–

–

DERIVATIVE FINANCIAL LIABILITIES (NET/GROSS SETTLED)DERIVATIVE FINANCIAL ASSETS (GROSS SETTLED)

VO L U N TA RY D I S C LO S U R E S A B O U T D E R I VAT I V E SDERIVATIVE FINANCIAL ASSETS (NET SETTLED)

Energy price derivatives
INFLOW OF FUNDS FROM DERIVATIVE FINANCIAL INSTRUMENTS (GROSS SETTLED)

Interest rate/currency derivatives in connection with cash flow hedges

– 150

– 784

– 136

– 884

– 298

– 2,709– 286– 2,879– 198– 1,870

Currency derivatives in connection with cash flow hedges

–

– 257

–

0

–

–

–

–

–

–

Currency derivatives without connection to hedges–– 2,677

–

– 18

–

– 13

–

–

–

–

–

16

–

–

–

–

–

–

–

–

Redemption

Fixed/
variableinterest

Redemption

Fixed/
variableinterest

Redemption

Fixed/
variableinterest

Redemption

Fixed/
variableinterest

F I N A N C I A L WA R R A N T I E S

Financial warranties

2022
MATURITY ANALYSIS OF FINANCIAL LIABILITIESAS OF DEC 31, 2021 / € million

Fixed/
variableinterest

2023

2024 – 2026

2027 – 2031

2032 ff.
Redemption

ORIGINAL FINANCIAL LIABILITIESInterest-free loans
Senior bonds

–

157

–

156

–

157

–

5

–

–

364

1,576

336

1,960

811

6,238

774

9,543

829

8,222

Bank borrowings

0

1,315

0

1

–

–

0

4

–

–

EUROFIMA loan

–

–

–

–

–

–

–

–

–

–

Leasing liabilities

75

983

60

824

125

1,472

110

1,076

183

716

Financing liabilities from transport concessions

3

19

3

19

7

56

4

72

0

14

Other financial liabilities

–

70

–

5

–

1

–

2

–

–

Trade liabilities

–

7,817

–

96

–

13

–

5

–

–

Other and miscellaneous liabilities

–

1,550

–

6

–

27

–

170

–

–
134

DERIVATIVE FINANCIAL LIABILITIES (NET/GROSS SETTLED)

Interest rate/currency derivatives in connection with cash flow hedges

33

325

32

124

78

692

58

576

2

Interest derivatives in connection with cash flow hedges

0

–

–

–

–

–

–

–

–

–

Currency derivatives in connection with cash flow hedges

–

28

–

–

–

–

–

–

–

–

Currency derivatives without connection to hedges

–

1,189

–

9

–

0

–

–

–

–

Energy price derivatives

0

–

0

–

1

–

0

–

–

–
1,553

DERIVATIVE FINANCIAL ASSETS (GROSS SETTLED)

Interest rate/currency derivatives in connection with cash flow hedges

69

14

68

417

145

2,820

109

1,715

53

Currency derivatives in connection with cash flow hedges

–

784

–

–

–

–

–

–

–

–

Currency derivatives without connection to hedges

–

1,335

–

16

–

5

–

–

–

–

– 51

–

– 23

–

–6

–

–

–

–

–
– 1,725

VO L U N TA RY D I S C LO S U R E S A B O U T D E R I VAT I V E SDERIVATIVE FINANCIAL ASSETS (NET SETTLED)

Energy price derivatives
INFLOW OF FUNDS FROM DERIVATIVE FINANCIAL INSTRUMENTS (GROSS SETTLED)

– 130

– 328

– 129

– 618

– 306

– 3,558– 222– 2,376– 109

Currency derivatives in connection with cash flow hedges

Interest rate/currency derivatives in connection with cash flow hedges

–

– 818

–

0

–

–

–

–

–

–

Currency derivatives without connection to hedges–– 2,532

–

– 26

–

–5

–

–

–

–

–

18

–

–

–

–

–

–

–

–

F I N A N C I A L WA R R A N T I E S

Financial warranties

259

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

This includes all instruments which were held as of December 31, 2022, andthe relevant standards and not allocated to any of the valuation categories

for which payments had already been agreed. Foreign currency amountsof IFRS 9.

have been translated using the spot rate applicable as of the balance sheet

The carrying amounts as well as the net result per valuation categorydate. The variable interest payments attributable to the financial instrumentsof IFRS 9 are shown in the following. The fair values and the details of

have been calculated on the basis of the interest rates applicable on Decem-

individual classes of financial instruments are shown within the notes tober 31, 2022 (previous year: on December 31, 2021). Financial liabilities thatthe respective balance sheet items.

can be repaid at any time are allocated to the earliest possible time segment.

In DB Group, financial assets that are allocated to a valuation category

The financial liabilities were opposed by cash and cash equivalents ofaccording to IFRS 9 mainly comprise trade receivables and cash and cash

€ 5,138 million as of December 31, 2022 (as of December 31, 2021: € 4,591 mil-equivalents.
In DB Group, financial liabilities that are allocated to a valuation cat-lion), consisting of positive account balances and current fixed-term deposits.

egory according to IFRS 9 mainly comprise senior bonds, EUROFIMA loans,

Additional disclosures relating
to the financial instrumentsbank borrowings, trade liabilities and other liabilities.

Classification of financial assets and liabilities

If covered by the scope of IFRS 9, the financial assets and liabilities are

The valuation categories of IFRS 9 are set out in the following:

categorized and measured in accordance with IFRS 9. Financial assets andliabilities not covered by the scope of IFRS 9 are valued in accordance withCARRYING AMOUNT / € million

Recog- With no impact on profit
nized inand loss at fair value
the income
statement
withwithout
at fair value
recycling
recycling

DerivaAt
tives inhedging amortized Not withinacquisi- the scopetrans-­of IFRS 7
actions tion costs

Fair value
Totalof whichfair value

Level 1

Level 2

Level 3

AS OF DEC 31, 2022

Non-current financial assets

102

2

31

558

1,880

393

2,966

693

2

559

132

Current financial assets

526

822

–

164

12,2101,396

15,118

1,512

502

189

821

Non-current financial liabilities

16

–

–

313

28,0404,079

32,448

329

–

329

–

Current financial liabilities

12

–

–

64

12,7103,941

16,727

76

–

76

–

Net result

41

–

–

– 53

– 369

–

–

–

–

–

–

A S O F D E C 3 1 , 2 0 2 1 1)

Non-current financial assets

69

2

29

355

1,085

356

1,896

455

2

356

97

Current financial assets

14

819

–

36

11,827780

13,476

869

0

50

819

Non-current financial liabilities

21

–

–

179

26,610

4,053

30,863

200

–

200

–

Current financial liabilities

6

–

–

13

12,501

3,643

16,163

19

–

19

–

Net result

44

–

–

33

– 535

–

–

–

–

–

–

Figures have been adjusted in accordance with the presentation in the year under review.

1)	The net result according to valuation categories in particular contains

In addition, those receivables are also included in the Level 3 valuation thatinterest income of € 79 million (previous year: € 47 million 1)) and interest

meet certain criteria relevant to a sale and are therefore valued at fair value

expenses of € 429 million (previous year: € 461 million 1)) from the financial

using country-weighted credit spreads. If the credit risk increases or de-assets or liabilities that are not recognized in the statement of income at

creases, this would result in proportional valuation effects in the fair value

fair value.

of these receivables.

If observable market values are not available, a non-market-based

There have been no reclassifications between the valuation levels in

valuation (Level 3 valuation) was carried out, e.g. on the basis of similar

the year under review.

transactions at normal market conditions in sufficient time. This includes,

For establishing the fair values of the derivative financial instruments,

in DB Group, the valuation of the investment in Volocopter GmbH, Bruch-

contractually agreed or most probable cash flows are discounted using thesal, where the share price was to be used as of December 31, 2022, notappropriate market interest rate, whereby due consideration is given toadjusted for the assessment, based on the last financing rounds. If these

the credit risk by means of credit spreads. No credit risk markdowns haveshare prices were to change by +/– 10%, this would result in a change inbeen recognized in the case of secured exposures. The credit risk resulting

fair value of € 9 million. For non-material other investments, amortizedfrom the derivative portfolio is treated on a net basis. Credit support an-

acquisition costs has been used for simplification purposes.

nexes, which are still subject to daily security settlement with a thresholdvalue of € 0, were concluded to minimize the credit risk of long-term interest and cross-currency transactions.

1)

Figure adjusted.

260

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

Other disclosuresdelivery relationshipsµrelationships218)). The order commitment for the acquisition of218

property, plant and equipment also contains future obligations for rolling( 3 4 ) C O N T I N G E N T R E C E I VA B L E S A N D L I A B I L I T I E S ,A N D G U A R A N T E E O B L I G AT I O N S

stock in connection with transport contracts to be recognized in accordance with IFRIC 12.

Contingent receivables (as of December 31, 2022: € 16 million; as of

The order commitment for leasing property, plant and equipment re-

December 31, 2021: € 26 million) mainly comprised a recovery claim inlates to leases that had been concluded as of the balance sheet date but

conjunction with construction grants provided but that had not been suf-

for which the duration has not yet commenced. Possible lease payments

ficiently determined as of the balance sheet date in terms of the specificfor unlikely lease extensions or for periods in which the leased asset willamount and the time at which the claim would become due. Potential

not be used as a result of a likely termination have not been included infurther compensation payments by public authorities in connection withthe measurement of leasing liabilities.

the Covid-19 pandemic are not included in the contingent receivables as

The figure of € 477 million shown for the acquisition of financial assets

the absence of a legal basis means that neither their timing nor their extent(as of December 31, 2021: € 455 million) related to unpaid capital contri-

can be estimated.

butions at EUROFIMA that have not been called in. This increase was due

As of December 31, 2022, the case remained that no contingent receiv-

to exchange rate effects.

ables had been recognized for all injunction proceedings in view of the highlevel of uncertainty relating to refund claims, the timing of refunds and the( 3 6 ) S T R U C T U R E D C O M PA N I E S

probability of refunds.

DB AG holds 100% of the shares in DB Barnsdale AG and DB Competition

The contingent liabilities were broken down as follows:
AS OF DEC 31 / € million

Claims GmbH. The purpose of these structured companies is to enforce
2022

2021

Negotiation and transfer of bills of exchange

112Provisions of warranties–

0

Other contingent liabilities

111

109

Total

122

111

claims for compensation from cartel operations; they are included as subsidiaries in the consolidated financial statements. There are profit and losstransfer agreements with DB AG.

(37) INFRASTRUCTURE AND TRANSPORT CONTRACTS
The following notes and information refer to the requirements of SIC-29(Disclosure – Service Concession Arrangements).

Other contingent liabilities also comprise risks arising from litigation that
had not been stated as provisions because the expected probability of

Infrastructure contracts

occurrence is less than 50%. This relates to numerous individual cases of

The main rail infrastructure companies (RIC) of DB Group are DB Netz AG,

minor significance.

DB Station&Service AG and DB Energie GmbH.

There are also contingencies of € 16 million from guarantees as of

On the basis of section 6 of the General Railways Act (Allgemeines

December 31, 2022 (as of December 31, 2021: € 18 million). Property, plant

Eisenbahngesetz; AEG), the RIC that operate track, control and safeguard-

and equipment with carrying amounts of € 3 million (as of December 31,

ing systems or platforms require approval for such operations. This is2021: € 5 million) were also used as security for loans. The reported figure

applicable particularly for DB Netz AG and DB Station&Service AG, whose

related to rolling stock used at the operating companies in the DB Arriva

approvals are valid until the end of December 31, 2048.

segment.

The rights of the RIC to operate the rail infrastructure is connected to

DB Group acts as guarantor mainly for equity participations and con-various commitments. In particular, they are obliged to ensure that theirsortiums, and is legally subject to joint and several liability for all consor-

operations are managed safely and that all rail infrastructure is constructed

tiums in which it is involved.

safely and maintained in a safe condition (section 4 (3) AEG). With regard

Potential claims for compensation that are not recognized in the bal-

to compliance with this regulation, the RIC of DB Group are regulated byance sheet are not included in contingent liabilities as they cannot cur-

the Federal Railway Authority (Eisenbahn-Bundesamt; EBA).

rently be quantified.

In addition, the RIC also have to observe statutory duties in the caseof any new or expansion projects, for instance with regard to noise abate-( 3 5 ) O T H E R F I N A N C I A L O B L I G AT I O N S

ment. DB Group voluntarily participates in the rail noise abatement program

Capital expenditures in relation to which DB Group has entered into con-of the Federal Government with regard to existing lines.

tractual commitments as of the balance sheet date, but for which no con-

The RIC provide non-discriminatory access to the rail infrastructure insideration has yet been received, were broken down as follows:
AS OF DEC 31 / € million

accordance with sections 10 ff. Railway Regulation Act (Eisenbahnregu-

2022

2021

20,43921,196

Intangible assets

39

35

Acquisition of financial assets

477

455

20,955

21,686lierungsgesetz; EReG) and charge the train operating companies (TOCs)
for this access. The fees of DB Netz AG and DB Station&Service AG mustcomply with the requirements of the EReG. The fees for the usage of trac-

P U R C H A S E C O M M I T M E N T F O R T H E AC Q U I S I T I O N O F

Property, plant and equipment

Total
Order commitment for leasing property, plant and equipment
Possible but unlikely lease payments

190

212

2,509

2,204

tion current lines of DB Energie GmbH have to comply with the requirements of the Energy Industry Law (Energiewirtschaftsgesetz; EnWG).
In the year under review, DB Netz AG, DB Station&Service AG and DB
Energie GmbH generated overall revenues of € 11,618 million (previous
year: € 10,268 million); thereof € 4,978 million (previous year: € 4,052 million) was generated with non-Group customers.

The decline in purchase commitments in property, plant and equipment was

The assets of the rail infrastructure are the legal and economic prop-

due in particular to the activation of independent acknowledgement of debt

erty of the companies.

in the year under review for individual delivery relationships (ObliObligations
gations from261∏

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

Transport contracts

Transactions with related parties are conducted on an arm’s length basis.

DB Regio AG and its subsidiaries provide transport services on the basis of

Figures attributable to related companies and persons are stated un-ordered services of the contracting organizations. These so-called trans-

der the corresponding notes to the balance sheet with the designation

port contracts for regional rail passenger transport services are signed with“thereof.” Individual figures are set out in the Notes ((1919))µ 236 ff.,
ff., (2828))

the public transport authority of the transport services authorized by theµ 242 ff. and (2929))µ 246 ff..

Federal states (for example, special purpose association, local transport

Notes and explanations of transactions between DB Group andcompany); these contracts determine the volume and the quality level ofthe Federal Government are set out in the Notes (3)µ 223 f.,f., (5)µ 224 f.,f.,

the transport service, the future development as well as the payment (con-(9)µ 229
229,, (1313))µ 231 ff.,
ff., (3131))µ 247 ff.,
ff., (3535))µ 261 and (3737))µ 261 f.
f.

cession fees).

Significant economic relations that need to be reported separately

The funds necessary for this purpose are made available to the Fed-between DB Group and related companies and persons are explained ineral states by the Federal Government in accordance with the regulations

the following:of the Regionalization Act (Regionalisierungsgesetz; RegG). The total

Relations with the Federal Government

concession fees received by DB Regio AG and by the subsidiaries of the
DB Regional segment for rail transport amounted to € 6,508 million inFederal Government

the year under review (previous year: € 5,824 million) (Note ((11)µ 222 f.).
f.).
This amount included a figure of € 1,489 million in the year under review

AS OF DEC 31 / € million(previous year: € 1,392 million) for revenues from fares which had to be

S E R V I C E S R E C E I V E D BY D B G R O U P

Purchase of goods and services

netted against the claims for concession fees within the framework ofgross contracts.
In addition, there are similar transport contracts with international

967

1,079

0

0

Other services

3

1

8,049

8,055

Other income grants

million in the year under review (previous year: € 1,386 million) (Note ((11)µ 222 f.
f.).
).

2021

Rents and leases
Investment grants 1)

contracting organizations in the DB Arriva segment, with a volume of € 1,359

2022

1,147

2,777

10,166

11,912

Sale of goods and services

447

362

Sale of real estate, buildings, rail facilities
and other assets–20

Rents and leases

16

16

S E R V I C E S R E N D E R E D BY D B G R O U P

About 68% of all secured transport agreements have a duration up
to at least 2026; about 43% have a duration until at least 2031, and about
28% have a duration until at least 2034. The transport contracts can only
be terminated by the contracting organization during the term of thecontract for a compelling reason.
In many cases, the companies enjoy legal and beneficial ownership of

Other services

45

47

Repayment of loans

157

157

Repayment of investment grants

the assets necessary for providing the services, and in particular the rolling

57

22

720

604

OT H E R D I S C LO S U R E S

stock. Some transport contracts include commitments whereby the assetsthat are deployed have to be handed over at the end of the term of thecontract. In addition, DB Group is recording an increasing share of transport contracts in which the rolling stock are either leased by the contract-

Unsecured receivables 2)

221

310

Unsecured liabilities 2)

480

589

Current total of guarantees received 2), 3)

1,074

1,024

Including € 144 million EU subsidies paid out via the Federal Government (previous year: € 52 million).
2)	
As of the balance sheet date.
3)	Previous year’s figures adjusted.
1)	ing organization or for which the leasing arrangement is supported bycapital service guarantees by the contracting organization.

 E L AT E D - PA R T Y D I S C L O S U R E S∏ (38) R

Purchases of goods and services mainly comprise the fees paid to the Fed-

The following parties are deemed to be related parties of DB Group ineral Government within the framework of the pro forma billing of the allo-­accordance with IAS 24 (Related Party Disclosures):cated civil servants as well as refund of expenses for staff secondments in◊the service provision field.

the Federal Government in its capacity as the owner of all shares in
DB AG,◊◊◊

Since 2009, financing for the existing network has been governed be-companies controlled and jointly controlled by the Federal Government,

tween DB AG, the RIC and the Federal Government by way of so-called Per-as well as companies over which the Federal Government can exert

formance and Financing Agreements (Leistungs- und Finanzierungsver­

significant influence,einbarung; LuFV). The use of Federal funds within the framework of theaffiliated, non-consolidated and associated companies as well as joint

LuFV has been managed in a quality-oriented manner since that time. The

ventures of DB Group, as well as

LuFV improved the predictability, efficiency and transparency of fund­­ing

the members of the Management Board and the Supervisory Board offor maintaining the infrastructure.

DB AG and their close relatives.

The third agreement of this type, namely LuFV III, came into force asof January 1, 2020. The agreement has a volume of € 86.2 billion and, forthe first time, has a duration of ten years – twice as long as that of theprevious agreement LuFV II.

262

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

The infrastructure contribution of the Federal Government increased to

On July 25, 2017, the RIC and the Federal Government signed the Require-

an average of € 5.143 billion per calendar year (L uFV II : an average ofment Plan Implementation Agreement (Bedarfsplanumsetzungsvereinba-€ 3.316 billion per calendar year). There was also an increase agreed of therung; BUV). This entered into force on January 1, 2018, and regulates themaintenance expenses to be provided by the RIC to an average of € 2.278 bil-financing of requirement plan projects. Key elements include a readjust-lion per calendar year. The RIC’s own contribution increased to an averagement of planning costs, a stipulation of the RIC’s own contribution to theof € 137.5 million per calendar year.

projects as well as an agreement regarding binding commissioning dates
which are subject to penalties if not met.

Within the framework of the bridge program, it was agreed that a total of 2,000 bridges would be comprehensively modernized in the period

The Federal Government covers all the costs of the projects, including

2020 to 2029.

the entire planning costs. The previous regulation in the form of a fixed

In addition, resources are provided for requirements that go beyond

amount for planning costs equivalent to 18% of the construction costs has

the technical need, for instance for improving accessibility and weather

been canceled.

protection as well as additional funds for customer-friendly construction.

The RIC contribute to all costs of the project in accordance with their

In addition, the LuFV III provides a total of € 7 billion for earmarked capitalown economic benefit, i.e. including the total construction costs. This pro-expenditures in signaling equipment for the years 2020 to 2029.

vides a powerful incentive to avoid increases in construction costs.

The LuFV III also for the first time contains a contractual regulation

The RIC give the Federal Government a commitment for milestones

regarding the reduction of backlog demand. Although the considerablyand binding commissioning dates for the projects. The penalties in theincreased volume of resources of the LuFV III does not yet enable theevent of failure to meet these deadlines provide an incentive for complying

backlog demand to be completely reduced, the total of € 4.506 billion

with the deadlines.

means that there is a defined sum available, at least two-thirds of which

On August 25, 2020, the Federal Government and RIC concluded a newmust be used for reducing the backlog of particularly critical parts (track,framework agreement regarding the financing and implementation of cap-

switches, railway bridges, tunnels, culverts, signaling equipment and pe-ital expenditures in the rail infrastructure of the Federal railways (Rahmen-

destrian underpasses). A new parameter for substance value (not subject

vereinbarung über die Finanzierung und Durchführung von Investitionen

to any penalties) is to be used as an indicator for the development of

in die Schienenwege der Eisenbahnen des Bundes). It governs the financing

backlog demand.

and implementation of capital expenditure projects of the Federal Govern-

With regard to the ten-year duration, the LuFV III also includes a pro-ment in expanding the rail network, if not covered under the scope of thevision for the application of a “renegotiation clause” which can trigger

LuFV, BUV or the previous agreement (1999 framework agreement). With

discussions for adjusting the LuFV III in the event of major changes, forthe exception of the so-called starter package, the framework agreement

instance considerable price increases for construction services in the rail

is not applicable for financing agreements that relate to the Digital Rail for

infrastructure. At the end of July 2022, in view of the developments that

Germany project. In the case of measures covered by the framework agree-

have occurred, DB AG indicated to the Federal Government that there is ament, the RICs agree to cofinance the eligible costs. The extent of suchneed for talks. In this context, DB AG intends to present the current pricecofinancing depends on the effectiveness of the measure for the infrastruc-developments in detail and discuss the possibilities of adapting the con-ture companies. Four different categories with a contribution of 0 – 15%

tractual rights and obligations.

have been agreed for this purpose.

During the life of the LuFV III, the parties to the agreement will inves-

Further investment grants are provided under the Municipal Transport

tigate whether different or additional quality parameters can be used for

Financing Act (Gemeindeverkehrsfinanzierungsgesetz; GVFG) for measures

the LuFV III (starting January 1, 2025) or for the succeeding LuFV IV (start-of the traffic program, in accordance with the noise abatement program ofing January 1, 2030) in order to bring about an improvement in the infor-

the Federal Government in relation to existing rail tracks and within themative value in terms of the status of the track.

framework of the European Rail Traffic Management System (ERTMS) for

In addition, DB Netz AG and DB Station&Service AG established a sci-

equipping German sections of the trans-European rail network.

entific basis for the cause and effect connection between available resources

For infrastructure projects within the framework of priority measuresand thus achievable quality as of December 31, 2022. The subsequent im-

for the expansion of the trans-European network (Connecting Europe Fa-

plementation will be agreed upon with the Federal Government in the course

cility; CEF funds), DB Netz AG has received grants from the Europeanof 2023. If the parties to the agreement fail to reach agreement regarding

Union.

the application of other or additional quality parameters by no later thanThe grants recognized in the income statement also relate to payments

June 30, 2024, or if there is no robust cause and effect correlation on theprovided by the Federal Government for covering excessive charges borne

basis of the mutually agreed model, the Federal Government is authorized

by DB Group as a result of operating and maintaining level crossings withto terminate the LuFV III at the end of the 2024 calendar year.

roads of all construction authorities.
Sales of products and services also comprise services for carrying severely disabled persons, and German Armed Forces soldiers and traffic.
During the year under review, as in the previous year, interest-freeloans in accordance with the BSWAG of € 157 million were repaid to theFederal Government within the framework of the agreed annual standard
redemption payment.

263

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

The liabilities due to the Federal Government comprised the extended loans,

DB AG has also agreed with the Federal Government that they will jointly

which are shown here with their present values, and other liabilities ofbear any consequences of the Covid-19 pandemic on the DB Group. The€ 182 million (as of December 31, 2021: € 143 million).

Federal Government continued the measures to compensate for Covid-19-

The guarantees received from the Federal Government primarily re-related losses in 2022:

lated to the loans received from EUROFIMA as well as the outstanding◊

contributions and liabilities arising from the collective liability of DB AG

The Covid-19-related support for train-path prices in long-distancetransport were extended until the end of 2022.

with EUROFIMA. The guarantees that have been received included a max-◊

The Federal funds intended for the maintenance of tracks of Federal

imum commitment of € 1,153 million from the Federal Government for

Government railways were also increased to compensate for the loss

EUROFIMA loans. As of December 31, 2022, there were no EUROFIMA loans.

of DB AG’s dividend payment for 2022.

Twenty-one new financing contracts were concluded in the year under◊

Following approval of the European Commission, further damage com-◊

The industry solution for regional transport in Germany was also con-review in addition to the Adjustment Agreement 2020 (Anpassungsver­

pensation for Covid-19-related damage was paid out to DB AG.

einbarung; APV). The Federal Government has provided finance totaling
about € 5,562 million for the new agreements. The financing agreements

tinued in 2022, with the Federal Government and the Federal states

have different durations, which in certain cases extend to the year 2034.

continuing to share the costs for this equally. DB Group companies

Financing is provided entirely in the form of investment grants that do

operating in regional transport benefited proportionally from this.

not have to be repaid.

Relations with Federal companies

The joint implementation of the Deutsche Bahn Foundation Act (Deutsche
Bahn Gründungsgesetz; DBGrG) is based on an agreement in accordance

Most of the transactions carried out in accordance with IAS 24 in the yearwith section 21 (8) DBGrG in relation to section 21 (5) No. 2 and (6) DBGrG

under review and in the previous year related to operations, and were ofof June 10/17, 2015, between the Federal Railway Fund on the one hand andminor overall significance for DB Group. The receivables and liabilities

DB AG on the other. On June 24/July 28, 2015, the BMDV and the German

incurred had been settled almost in full as of the end of the balanceFederal Ministry of Finance (BMF) gave their consent to this agreement.

sheet date.

The agreement states that DB AG shall provide evidence (with documentacivil servant or tariff employee satisfying certain criteria at the foundation

Relations with affiliated, non-consolidated companies,
associations and joint ventures

in 1994) was affected by a rationalization measure and employment else-

In the year under review, DB Group purchased goods and services worth

where is not possible. The personnel expenses plus an additional amount€ 159 million (previous year: € 130 million), mainly for purchasing passen-of 10% of the personnel expenses to cover costs shall be reimbursed only

ger transport and freight services. At € 102 million (previous year: € 84 mil-after each individual case has been reviewed by the Federal Railway Fund.

lion), most of the total figure was attributable to transactions with asso-

As of June 3, 2021, the Act Amending the Provisions of the DBGrG on

ciated companies. In addition, rental and lease payments amounting totion of each individual case) that an employee of DB JobService GmbH (a€ 6 million continued to be made.

the Reimbursement of Staff Costs for Allocated Civil Servants (Gesetz zurÄnderung der Vorschriften des Deutsche Bahn Gründungsgesetzes überIn the year under review, no interest payments were made (previous

die Personalkostenerstattung für zugewiesene Beamtinnen und Beamte;

year: € 7 million) were made in the year under review. The interest pay-

DBGrGÄndG) entered into force. Under this, the Federal Government will

ments in the previous year resulted almost exclusively from loans granted

only reimburse the costs for rationalization measures completed before

by EUROFIMA, which were completely repaid in the previous year (NoteJanuary 1, 2020.

(2828))µ242
242 f.
f.).
).

The 2022 annual financial statements of DB JobService GmbH disclosed

In the year under review, DB Group generated an income of € 384 mil-reimbursement claims of DB AG against the Federal Government in thelion from the sale of goods and services (previous year: € 337 million). The

total amount of € 30.7 million (including 10% reimbursement of costs) on

income was generated mainly in the DB Cargo segment and related tothe basis of section 21 (5) and (6) DBGrG.

income generated by transport services provided.

On the basis of the Federal Government’s Climate Action Program

As of December 31, 2022, as in the previous year, guarantees totaling

2030, additional Federal funds totaling € 11 billion will be made available€ 3 million were granted, of which € 3 million (as of December 31, 2021:

by 2030 to strengthen the rail system. At the end of January 2020, the BMF€ 3 million) to joint ventures. Transactions with related companies were

and the BMDV, and DB AG, DB Netz AG, DB Station&Service AG and DB

carried out to a comparable extent in the previous year.

Energie GmbH, agreed on the inflow and use of the funds in a joint letterof intent. The funds will be used exclusively for infrastructure; half will be

Relations with the Management Board and Supervisory Board of DB AG

paid as equity and half as grants to DB Netz AG and DB Station&Service

The following section sets out the transactions between DB Group and theAG. In terms of content, the funds will be used in the categories of a robust

members of the Management Board and the Supervisory Board, as well as

network, digital rail, attractive stations and infrastructure measures oper-

the companies in which members of the Management Board or the Super-ated on a purely commercial basis. Following the coordination with thevisory Board hold a majority interest.

European Commission with respect to state aid law, in the previous year
the Federal Government paid out the tranches for 2020 and 2021 in the€ thousand

amount of € 2.125 billion in total to DB AG, which passed the funds directly

DB GROUP BENEFICIARIES

Purchase of goods and services

to DB Netz AG (€ 1.125 billion) and DB Station&Service AG (€ 1 billion).

2022

2021

926

674

The tranche of € 1.125 billion in 2022 was passed on directly and completely
to DB Netz AG. Further equity increases of € 1.125 billion each are planned

The figures relate to the amounts received by the employees’ representa-

for 2023 and 2024.

tives on the Supervisory Board.

264

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

Compensation of the Management Board

centage of the basic salary depending on the length of time that the€ thousand

2022

2021

Benefits due in the short term

9,063

4,129

Post-employment benefits

1,769

1,880

Other benefits due in the long term 1)

2,426

1,894

Total compensation of the Management
Board according to IFRS

13,258

7,903

Fixed

5,992

6,009

Variable 1)

7,266

1,894

Pension provisions for active members of theManagement Board 2) as of Dec 31

14,10026,575

Provisions for long-term incentives (LTI) as of Dec 31

6,541

Total compensation of the Management Board
according to HGB
Compensation of former Management Board members
and their surviving dependents
Retirement benefit obligations in respect of former membersof the Management Board and their surviving dependents 2)

Management Board member has been with the company. Pension commitments include lifelong retirement and surviving dependent benefits.

Compensation of the Supervisory Board€ thousand

2022

2021

Total compensation of the Supervisory Board

983

1,010

983

1,010

		 thereof fixed

480

496

		 thereof performance-related share 1)

311

323

3,842

		 thereof attendance fees

42

45

9,034

4,102

		 thereof benefits in kind from discounted travel

42

54

10,0709,619

		thereof remuneration for Supervisory Board/
Advisory Board activities at subsidiaries of DB AG(including attendance fee)

108

92

140,382

thereof short-term1)	

164,086

Two Supervisory Board members waived the variable remuneration due to them for 2022.

No compensation was incurred for former members of the Supervisory

The long-term variable compensation relates to the additions toand reversals of provisions for long-term incentives (LTI).
2)	
Defined benefit obligation.
1)	Board and their surviving dependents. There are no pension obligations forformer Supervisory Board members and their surviving dependents as of

In addition to the aforementioned provisions, as of December 31, 2022,

December 31, 2022. The members of the Supervisory Board only receive

there were no other receivables and liabilities to the members of the Man-

benefits due in the short term.

agement Board. Nor did the company take on any contingencies for the

No loans and advances were extended to members of the Supervisory

benefit of Management Board members. In addition, due to plan changes

Board in the year under review. The company also did not take on any con-

for retirement benefit commitments in the year under review, there is atingencies for the benefit of members of the Supervisory Board.

service cost of € 1,329 thousand (previous year: € 1,604 thousand).

The total amount of compensation for the Management Board and

The total compensation for Management Board members consists ofSupervisory Board in the year under review was € 14,241 thousand (previ-a fixed salary, a performance-linked annual bonus and a long-term incen-

ous year: € 8,913 thousand). Individual details as well as further details

tive plan based on multi-year figures. Total compensation also includes

concerning the payments to the members of the Management Board andbenefit commitments, other commitments and ancillary benefits.

Supervisory Board are included in the Corporate Governance report in the

The fixed salary is cash compensation linked to the financial year. It is

Group management report.

based on the scope of responsibility and the experience of each Manage-(39) A UDITOR’S FEES AND SERVICES

ment Board member.
The performance-linked annual director’s fee is calculated using a

The fees for the Group auditor amounted to € 25.5 million (previous year:

factor linked to the achievement of business targets (director’s fee factor)€ 22.1 million); this figure comprised auditing services of € 12.1 million (pre-and the achievement of individual targets (performance factor).

vious year: € 7.9 million), other certification services of € 7.7 million (previ-

The business and personal targets of the Management Board mem-ous year: € 7.9 million), tax advice services of € 0.4 million (previous year:

bers are determined by the Supervisory Board annually based on recom-€ 0.2 million) as well as other services of € 5.3 million (previous year:

mendations from the Personnel Committee, and are then agreed in writing€ 6.1 million). Of the figure shown for the other rendered services, € 2.6 mil-with the Management Board members.

lion (previous year: € 3.5 million) were attributable to services provided by

The long-term incentives for the Management Board now also focus

affiliated companies of the auditor of the consolidated financial statements.

on long-term transport and climate policy targets and the sustainable
tive plan term of four years, the extent to which LTI targets have been

( 4 0 ) E V E N T S A F T E R T H E B A L A N C E S H E E T D AT E
Senior bond issues

achieved at the end of the tranche is measured using the average target

Up to the point at which the consolidated financial statements were pre-achievement for the individual years.

pared, the following senior bond was issued by DB Finance in 2023:

creditworthiness and profitability of DB Group. After the end of the respec-

After leaving the company, Management Board members are entitledto pension payments. The system governing benefit commitments to Man-VOLUME OF ISSUE

Duration in years

Coupon (%)

Placing

3.625

Institutional
investors primarilyin Europe

agement Board members was amended in 2017. Members appointed to theManagement Board for the first time in 2017 and thereafter receive a de-€ 750 million

fined benefit commitment under which a capital stock is saved up for the
Board member for the duration of their employment and paid out when
they reach retirement age. The commitment is granted in the form of acapital account plan with an annual contribution derived as a fixed percentage rate of the fixed salary. Company pension commitments for Management Board members already in office beforehand are based on a per-

265

14.9

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information( 4 1 ) E X E M P T I O N O F S U B S I D I A R I E S F R O M T H E
DISCLOSURE REQUIREMENTS OF THE GERMANCOMMERCIAL CODE (HGB)◊ESE Engineering und Software-Entwicklung GmbH, Brunswick◊

Friedrich Müller Omnibusunternehmen GmbH, Schwäbisch Hall◊

Haller Busbetrieb GmbH, Walsrode

The following subsidiaries intend to utilize the simplification provisions of◊infraView GmbH, Mainz

section 264 (3) and section 264b HGB and to exempt themselves from the◊ioki GmbH, Frankfurt am Main

disclosure provisions of sections 325 to 329 HGB:◊

Mitteldeutsche Eisenbahn GmbH, Schkopau◊

Autokraft GmbH, Hamburg◊

NVO Nahverkehr Ostwestfalen GmbH, Münster◊

BRN Busverkehr Rhein-Neckar GmbH, Ludwigshafen am Rhein◊

Omnibusverkehr Franken GmbH (OVF), Nuremberg◊

BVO Busverkehr Ostwestfalen GmbH, Bielefeld◊

ORN Omnibusverkehr Rhein-Nahe GmbH, Mainz◊

BVR Busverkehr Rheinland GmbH, Düsseldorf◊

Railway Approvals Germany GmbH, Minden◊

DB Bahnbau Gruppe GmbH, Berlin◊

RBH Logistics GmbH, Gladbeck◊

DB Barnsdale AG, Berlin◊

RBO Regionalbus Ostbayern GmbH, Regensburg◊

DB broadband GmbH, Frankfurt am Main◊

Regional Bus Stuttgart GmbH RBS, Stuttgart◊

DB Cargo BTT GmbH, Mainz◊

Regionalbus Braunschweig GmbH – RBB –, Hamburg◊

DB Cargo Eurasia GmbH, Berlin◊

Regionalverkehr Alb-Bodensee GmbH (RAB), Ulm◊

DB Cargo Logistics GmbH, Kelsterbach◊

Regionalverkehr Allgäu GmbH (RVA), Oberstdorf◊

DB Cargo Vermögensverwaltungs-Aktiengesellschaft, Mainz◊◊

DB Competition Claims GmbH, Berlin◊

DB Dialog GmbH, Berlin◊

Regionalverkehre Start Deutschland GmbH, Frankfurt am Main◊

DB Engineering&Consulting GmbH, Berlin◊

RVS Regionalbusverkehr Südwest GmbH, Karlsruhe◊

DB Fahrwegdienste GmbH, Berlin◊

S-Bahn Berlin GmbH, Berlin◊

DB Fahrzeuginstandhaltung GmbH, Frankfurt am Main◊

S-Bahn Hamburg GmbH, Hamburg◊

DB Gastronomie GmbH, Frankfurt am Main◊

S-Bahn Hamburg Service GmbH, Hamburg◊

DB Intermodal Services GmbH, Mainz◊

SBG SüdbadenBus GmbH, Freiburg im Breisgau◊

DB JobService GmbH, Berlin◊

Schenker Aktiengesellschaft, Essen◊

DB Kommunikationstechnik GmbH, Eschborn◊

Schenker Dedicated Services Germany GmbH, Essen◊

DB Projekt Stuttgart — Ulm GmbH, Stuttgart◊

Schenker Deutschland AG, Frankfurt am Main◊

DB Regio Bus Bayern GmbH, Ingolstadt◊

Schenker Europe GmbH, Frankfurt am Main◊

DB Regio Bus Mitte GmbH, Mainz◊

Schenker Flight Services GmbH, Frankfurt am Main◊

DB Regio Bus Nord GmbH, Hamburg◊

Schenker Global Management&Services GmbH, Essen◊

DB Regio Bus Ost GmbH, Potsdam◊

Schenker GmbH für Beteiligungen, Essen◊

DB Regionalverkehr Bayern GmbH, Ingolstadt◊

Schenker Technik GmbH, Essen◊

DB RegioNetz Infrastruktur GmbH, Frankfurt am Main◊

SIGNON Deutschland GmbH, Berlin◊

DB RegioNetz Verkehrs GmbH, Frankfurt am Main◊

TFG Transfracht GmbH, Mainz◊

DB Services GmbH, Berlin◊

TRANSA Spedition GmbH, Offenbach am Main◊

DB SEV GmbH, Berlin◊

UBB Usedomer Bäderbahn GmbH, Heringsdorf◊

DB Sicherheit GmbH, Berlin◊

Verkehrsgesellschaft mbH Untermain – VU –, Aschaffenburg◊

DB Systel GmbH, Frankfurt am Main◊

WB Westfalen Bus GmbH, Münster◊

DB Systemtechnik GmbH, Minden◊

Weser-Ems Busverkehr GmbH (WEB), Hamburg◊

DB Vertrieb GmbH, Frankfurt am Main◊

DB Zeitarbeit GmbH, Berlin◊

Deutsche Bahn Connect GmbH, Frankfurt am Main◊

Deutsche Bahn Digital Ventures GmbH, Berlin◊

Deutsche Bahn International Operations GmbH, Berlin◊

Deutsche Umschlaggesellschaft Schiene – Straße (DUSS) mbH,
Bodenheim◊◊

Regionalverkehr Oberbayern Gesellschaft mit beschränkter Haftung,
MunichDSD Digitale Schiene Deutschland GmbH, Berlin
DVA Deutsche Verkehrs-Assekuranz-Vermittlungs-GmbH,

Bad Homburg v. d. Höhe

266

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information(42) LIST OF SHAREHOLDINGSThe list of shareholdings is set out on the following pages.

Equity(€ thousand) 1)

Investment(%)

FSN Fahrzeugservice Neunkirchen GmbH, Neunkirchen 2), 4)

221

47.50

Kahlgrund-Verkehrs-Gesellschaft mit beschränkter Haftung,
Schöllkrippen 2), 4)

10,281

28.00

4

50.00

Kreisbahn Aurich GmbH, Aurich 2), 4)

999

33.33

Niedersachsentarif GmbH, Hanover 2), 4)

72

12.50

NSH Nahverkehr Schleswig-Holstein GmbH, Kiel 2), 4)

274

48.39

SUBSIDIARY/COMPANY AND REGISTERED OFFICE

Breakdown of shareholdings of DB AG(in accordance with section 313(2) HGB)

Kitzinger Nahverkehrsgemeinschaft (KiNG), Kitzingen 2), 5)
SUBSIDIARY/COMPANY AND REGISTERED OFFICE

Equity(€ thousand) 1)

Investment(%)

D B LO N G - D I STA N C E
FULLY CONSOLIDATEDDB Bahn Italia S.r.l., Verona/Italy
DB Fernverkehr Aktiengesellschaft, Frankfurt am Main
DB Reise&Touristik Suisse SA, Basel/Switzerland

11,489100.002,815,357

100.002,866

100.00AT EQUITY

Railteam B.V., Amsterdam/the Netherlands 2), 3)

150

20.00

Rheinalp GmbH, Frankfurt am Main 2), 4)

338

50.00

DB REGIONALFULLY CONSOLIDATEDAutokraft GmbH, Hamburg

38,618100.00BRN Busverkehr Rhein-Neckar GmbH, Ludwigshafen am Rhein

17,813100.00Busverkehr Märkisch-Oderland GmbH, Fürstenwalde

4,073

51.17

Busverkehr Oder-Spree GmbH, Fürstenwalde

7,549

51.17

BVO Busverkehr Ostwestfalen GmbH, Bielefeld

13,060100.00BVR Busverkehr Rheinland GmbH, Düsseldorf

9,200

100.002,388,766

100.00

DB Regio Bus Bayern GmbH, Ingolstadt

8,240

100.00

DB Regio Bus Mitte GmbH, Mainz

57,698100.00

DB Regio Bus Nord GmbH, Hamburg

2,404

100.00

DB Regio Bus Ost GmbH, Potsdam

16,518100.00

DB Regio Bus Rhein-Mosel GmbH, Montabaur– 2,200

74.90

DB Regio Aktiengesellschaft, Frankfurt am Main

DB Regionalverkehr Bayern GmbH, Ingolstadt

409

100.00

DB RegioNetz Verkehrs GmbH, Frankfurt am Main

65,224100.00

DB SEV GmbH, Berlin

2,154

100.00Friedrich Müller Omnibusunternehmen GmbH, Schwäbisch Hall

22,294100.00Haller Busbetrieb GmbH, Walsrode

5,223

100.00KOB GmbH, Oberthulba

2,448

70.00

NVO Nahverkehr Ostwestfalen GmbH, Münster

1,002

100.00Omnibusverkehr Franken GmbH (OVF), Nuremberg

25,388100.00

ORN Omnibusverkehr Rhein-Nahe GmbH, Mainz

14,069100.00

RBO Regionalbus Ostbayern GmbH, Regensburg

19,378100.00Regional Bus Stuttgart GmbH RBS, Stuttgart

21,399100.00Regionalbus Braunschweig GmbH – RBB –, Hamburg

12,142100.00Regionalverkehr Alb-Bodensee GmbH (RAB), Ulm

31,824100.00Regionalverkehr Allgäu GmbH (RVA), Oberstdorf

5,784

70.00

Regionalverkehr Oberbayern Gesellschaft
mit beschränkter Haftung, Munich

27,121100.00Regionalverkehre Start Deutschland GmbH, Frankfurt am Main

7,670

100.00rhb rheinhunsrückbus GmbH i.L., Simmern, Germany

84

48.69

RMV Rhein-Mosel Verkehrsgesellschaft mbH, Koblenz

1,805

74.90

OstalbMobil GmbH, Aalen 2), 4)

278

19.65

RBP Regionalbusverkehr Passau Land GmbH, Bad Füssing 2), 6)

482

33.33

Regio-Verkehrsverbund Freiburg GmbH (RVF),
Freiburg im Breisgau 2), 4)

253

46.55

Saarländische Nahverkehrs-Service GmbH, Saarbrücken 2), 6)

51

16.67

stadtbus Ravensburg Weingarten GmbH, Ravensburg 2), 4)

25

39.80

TGO – Tarifverbund Ortenau GmbH, Offenburg 2), 4)

203

49.00

Verkehrsgemeinschaft am Bayerischen Untermain – VAB
GmbH, Aschaffenburg 2), 4)

78

32.80

Verkehrsgemeinschaft Mittelthüringen GmbH (VMT), Erfurt 2), 4)

309

11.11

Verkehrsunternehmen Hegau-Bodensee Verbund GmbH
(VHB), Konstanz 2), 4)

30

15.05

Verkehrsunternehmens-Verbund Mainfranken GmbH – VVM,
Würzburg 2), 4)

30

22.04

Verkehrsverbund Großraum Nuremberg GmbH (VGN),
Nuremberg 2), 4)

54

25.93

Verkehrsverbund Neckar-Alb-Donau GmbH (naldo),
Hechingen 2), 4)

440

19.62

Verkehrsverbund Schwarzwald-Baar GmbH (VSB),
Villingen-Schwenningen 2), 4)

226

32.00

Verkehrsverbund Süd-Niedersachsen GmbH (VSN),
Göttingen 2), 6)

141

31.16

VGC Verkehrsgesellschaft Bäderkreis Calw mbH, Calw 2), 6)

666

32.60

VHN Verkehrsholding Nord GmbH&Co. KG, Schleswig 2), 4)

720

20.00

VHN Verwaltungsgesellschaft mbH, Schleswig 2), 4)

606

20.00

WNS Westpfälzische Nahverkehrs-Service GmbH,

Kaiserslautern 2), 4)

117

45.00

WTV Waldshuter Tarifverbund GmbH, Waldshut-Tiengen 2), 4)

129

40.00

Regio Verkehrsverbund Lörrach GmbH (RVL), Lörrach 2), 4)

292

54.00

Verkehrsverbund Rottweil GmbH (VVR),
Villingen-Schwenningen 2), 4)

169

70.20

VVW Verkehrsverbund Warnow GmbH, Rostock 2), 6)

27

20.63

vgf Verkehrs-Gemeinschaft Landkreis Freudenstadt GmbH,
Waldachtal 2), 4)

244

51.42

FAIR VALUE

DB CARGOFULLY CONSOLIDATED

Compañía Aragonesa de Portacoches S.A.,
Saragossa/Spain

6,996

67.22

Container-Terminal Púchov s.r.o., Púchov/Slovakia

108

100.00Corridor Operations DB Cargo B Logistics N.V. i.L.,
Brussels/Belgium

1,674

51.00

DB Cargo (UK) Holdings Limited,RVS Regionalbusverkehr Südwest GmbH, Karlsruhe

22,513100.00

Doncaster/United Kingdom

248,144

100.00S-Bahn Berlin GmbH, Berlin

178,511100.00

DB Cargo (UK) Limited, Doncaster/United Kingdom

429,507100.00S-Bahn Hamburg GmbH, Hamburg

154,008

100.00

DB Cargo Aktiengesellschaft, Mainz

651,232

100.0038

100.00

DB Cargo Belgium BV, Antwerp/Belgium

6,901

100.0020,349100.00

DB Cargo Border Agent Sp. z o. o., Małaszewicze/Poland

1,241

100.00S-Bahn Hamburg Service GmbH, Hamburg
SBG SüdbadenBus GmbH, Freiburg im Breisgau

Verkehrsgesellschaft mbH Untermain – VU –, Aschaffenburg

4,211

100.00

DB Cargo BTT GmbH, Mainz

22,363100.00WB Westfalen Bus GmbH, Münster

12,230100.00

DB Cargo Bulgaria EOOD, Sofia/Bulgaria

8,817

100.00Weser-Ems Busverkehr GmbH (WEB), Hamburg

20,123100.00

DB Cargo Czechia s.r.o., Ostrava/Czech Republic

3,509

100.00

DB Cargo Eurasia GmbH, Berlin

16,516100.00AT EQUITY“ZOB” Zentral-Omnibus-Bahnhof Gesellschaft
mit beschränkter Haftung, Bremen 2), 3)

25

25.60

Bodensee-Oberschwaben Verkehrsverbund GmbH,
Ravensburg 2), 4)

676

28.02

Connect-Fahrplanauskunft GmbH, Hanover

278

42.51

Deutschlandtarifverbund-GmbH (DTVG),
Frankfurt am Main 2), 4)

257

30.24

Filsland Mobilitätsverbund GmbH, Geislingen an der Steige,
Germany 2), 4)

101

20.00

2), 4)DB Cargo France SAS, Aubervilliers/France

22,755100.00

DB Cargo Hungaria Kft., Györ/Hungary

30,180100.001,302

100.00

Doncaster/United Kingdom

35,066100.00

DB Cargo Italia S.r.l., Milan/Italy

37,60860.00

DB Cargo Information Services Limited,

Doncaster/United Kingdom

DB Cargo International Limited,267

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

Equity(€ thousand) 1)

SUBSIDIARY/COMPANY AND REGISTERED OFFICE

Investment(%)

DB Cargo Italy S.r.l., Milan/Italy

11,629100.00

DB Cargo Logistics GmbH, Kelsterbach

97,432100.00

DB Cargo Maintenance Limited, Doncaster/United Kingdom

6,048

100.00

DB Cargo Nederland N.V., Utrecht/the Netherlands

16,002100.00

DB Cargo Polska S.A., Zabrze/Poland

94,904100.00

DB Cargo Scandinavia A/S, Taastrup/Denmark

33,089100.00

DB Cargo Schweiz GmbH, Opfikon/Switzerland

3,507

100.00

DB Cargo Services Limited,216

Doncaster/United Kingdom

4,772

100.00

DB Cargo Transa – Full Load Solutions Italia S.r.l., Milan/Italy

3,487

100.002,279

100.0050

100.00DB Intermodal Services GmbH, Mainz

9,787

100.00

DB PORT SZCZECIN Sp. z o.o., Stettin/Poland

8,730

96.82

Forwarding Shanghai Co., Ltd., Shanghai/China

DB Cargo Vermögensverwaltungs-Aktiengesellschaft, Mainz

Lokomotion Gesellschaft für Schienentraktion mbH,
Munich 2), 4)
OPTIMODAL NEDERLAND B.V.,

Deutsche Bahn Cargo Romania S.R.L., Bucharest/Romania– 10,811

100.00Deutsche Bahn Iberica Holding, S.L., Barcelona/Spain

44,989100.00Deutsche TRANSFESA GmbH Internationale
Eisenbahn-Spezial-Transporte, Kehl/Rhein

1,560

84.03

HANGARTNER Terminal S.r.l., Verona/Italy

1,370

100.00Infra Silesia S.A., Rybnik/Poland

4,321

100.00

KombiTerminal Burghausen GmbH, Mainz

1,923

68.86

Locomotive 6667 Ltd, Doncaster/United Kingdom

156,135

100.00Locomotive Operating Leasing Partnership,
Doncaster/United Kingdom

88,546100.00

MDL Distribución y Logistica S.A., Madrid/Spain

1,934

84.03

Mitteldeutsche Eisenbahn GmbH, Schkopau

5,493

80.00

OOO DB Cargo Russija, Moscow/Russia

3,974

100.00Pool Ibérico Ferroviario A.I.E., Madrid/Spain

903

55.12

Rail Express Systems Ltd, Doncaster/United Kingdom

21,452100.00Rail Service Center Rotterdam B. V.,
Rotterdam/the Netherlands

2,195

76.09

11,941

20.55

Stifa S.A. i.L., Malveira/Portugal 4), 7)

– 85

42.01

Terminal Singen TSG GmbH, Singen 2), 4)

249

52.41

Xrail AG, Basel-City/Switzerland 2), 4)

813

36.80

DB broadband GmbH, Frankfurt am Main

7,426

100.00DB Fahrwegdienste GmbH, Berlin

2,866

100.0011,625,316

100.00

DB RegioNetz Infrastruktur GmbH, Frankfurt am Main

4,089

100.00Deutsche Umschlaggesellschaft Schiene – Straße (DUSS) mbH,
Bodenheim

5,814

94.02

25

100.00D B N E T Z E T R AC K
FULLY CONSOLIDATEDDB Netz Aktiengesellschaft, Frankfurt am Main

DSD Digitale Schiene Deutschland GmbH, Berlin

MegaHub Lehrte Betreibergesellschaft mbH, Bodenheim

1,620

87.05

SIGNON Deutschland GmbH, Berlin

24,846100.00BahnflächenEntwicklungsGesellschaft NRW mbH, Essen 2), 4)

538

49.90

EEIG Corridor Rhine – Alpine EWIV, Frankfurt am Main 2), 4)

0

25.00

EWIV Atlantic Corridor, Bordeaux/France 2), 4)

0

25.00

Güterverkehrszentrum Entwicklungsgesellschaft DresdenmbH, Dresden 2), 4)

5,151

24.53

TriCon Container-Terminal Nürnberg GmbH, Nuremberg 2), 4)

3,106

36.55

AT EQUITYD B N E T Z E STAT I O N S
FULLY CONSOLIDATEDDB BahnPark GmbH, Berlin
DB Station&Service Aktiengesellschaft, Berlin
MEKB GmbH, Berlin789

100.00

RBH Logistics GmbH, Gladbeck

25,756100.00Sociedad de Estudios y Explotacion de Material Auxiliar deTransportes, S.A. (“SEMAT”), Madrid/Spain

6,802

51.54

TFG Transfracht GmbH, Mainz

7,436

100.00OT H E R S U B S I D I A R I E SFULLY CONSOLIDATED

100.00

3,574

84.03

Transfesa France SAS, Aubervilliers/France

2,115

84.03

Transfesa Logistics, S.A., Madrid/Spain

59,192

84.03

Transfesa Portugal Lda., Lisbon/Portugal

379

84.03

41.78

SLASKIE CENTRUM LOGISTYKI S.A., Gliwice/Poland 2), 4)

51.79– 7,305

16,053

63.42

2,460

Transervi S.A., Madrid/Spain

Investment
(%)

1,737

Rail Terminal Services Limited,
Doncaster/United Kingdom

TRANSA Spedition GmbH, Offenbach am Main

Equity(€ thousand) 1)

PKV Planungsgesellschaft kombinierter Verkehr
Duisburg mbH, Duisburg 2), 4)

Rotterdam/the Netherlands 2), 4)

100.00

DB Cargo Spedkol Sp. z o.o., Kędzierzyn-Koźle/Poland
DB CARGO TRANSASIA International Freight

SUBSIDIARY/COMPANY AND REGISTERED OFFICE

8,960

51.00

2,632,905

100.0032

100.00200

25.00

377,667

100.00AT EQUITY

Clever Order Services GmbH, Berlin 2), 8)
D B N E T Z E E N E R GY
FULLY CONSOLIDATEDDB Energie GmbH, Frankfurt am Main45

100.00Arriva Investments Limited, Sunderland/United Kingdom

Arriva Holding N.V., Amsterdam/the Netherlands

539,936

100.00BAX Global Inc., Norfolk/USA

81,359100.00DB Bahnbau Gruppe GmbH, Berlin

76,883100.00Transfesa UK Ltd., Rainham (Essex)/United Kingdom

674

84.03

DB Barnsdale AG, Berlin

6,636

100.00Transfracht Polska Sp. z o.o., Szczecin/Poland

269

96.82

DB Competition Claims GmbH, Berlin

18,125100.00

DB Dialog GmbH, Berlin

1,378

100.00

3,715

50.00

DB E.C.O. North America Inc.,
Wilmington/NC/Delaware/USA

845

100.00AT EQUITY

ATN Auto Terminal Neuss GmbH&Co. KG, Neuss 2), 4)baymodal Bamberg GmbH, Bamberg 2), 6)

872

25.10

CD-DUSS Terminal, a.s., Lovosice/Czech Republic 2), 4)

1,447

49.00

Container Terminal Dortmund GmbH, Dortmund 2), 4)

5,152

30.88

Container Terminal Enns GmbH, Enns/Austria 2), 4)

14,35449.00

CTS Container-Terminal GmbH Rhein-See-Land-Service,

DB Engineering&Consulting GmbH, Berlin

79,596100.00DB Fahrzeuginstandhaltung GmbH, Frankfurt am Main

243,939100.00

DB Gastronomie GmbH, Frankfurt am Main

1,472

100.00DB International (Beijing) Co., Ltd., Beijing/China– 191

100.00Cologne 2), 4)

1,762

22.50

DB JobService GmbH, Berlin

29,992100.00

DCH Düsseldorfer Container-Hafen GmbH, Düsseldorf 2), 4)

2,331

62.02

DB Kommunikationstechnik GmbH, Eschborn

19,170100.00Dörpener Umschlaggesellschaft für den
kombinierten Verkehr mbH (DUK), Dörpen 2), 4)

5,485

35.00

DB Projekt Stuttgart-Ulm GmbH, Stuttgart

2,364

100.00DB RRTS Operations India Private Limited, Bangalore/India

865

100.0025

29.61

DB Services GmbH, Berlin

13,067100.00329

39.20

DB Sicherheit GmbH, Berlin

2,502

100.00

DB Systel GmbH, Frankfurt am Main

85,499100.001,619

100.00Development Agency for Sustainable Freight Transport
Hamm GmbH, Hamm 2), 7)
EP Merseburg Transport und Logistik GmbH, Merseburg
INTERCONTAINER – INTERFRIGO SA i. L.,

Sint-Agatha-Berchem/Belgium 2), 4)

KombiRail Europe GmbH, Duisburg 2), 4)
Kombiverkehr Deutsche Gesellschaft für kombinierten
Güterverkehr mbH&Co. Kommanditgesellschaft,Frankfurt am Main 2), 4)2), 4)– 21,392

36.77

25

75.34

19,65052.18

DB Systel UK Limited, Doncaster/United Kingdom
DB Systemtechnik GmbH, Minden

13,563100.00DB US Corporation, Tarrytown/USA

434,449

100.00DB US Holding Corporation, Tarrytown/USA

443,008

100.00

DB Vertrieb GmbH, Frankfurt am Main

96,492100.00386

100.00

DB Zeitarbeit GmbH, Berlin

268Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

Equity(€ thousand) 1)

SUBSIDIARY/ company and registered office

Investment(%)

Deutsche Bahn Connect GmbH, Frankfurt am Main

87,962100.00Deutsche Bahn Digital Ventures GmbH, Berlin

28,646100.002,073,004

100.00Deutsche Bahn International Operations GmbH, Berlin

4,841

100.00Deutsche Bahn Stiftung gGmbH, Berlin

3,739

100.00Deutsche Bahn Finance GmbH, Berlin

DVA Deutsche Verkehrs-Assekuranz-Vermittlungs-GmbH,

Bad Homburg v. d. Höhe

Equity(€ thousand) 1)

Investment(%)

Arriva Durham County Limited,
Sunderland/United Kingdom

26,446100.00Arriva East Herts&Essex Ltd,
Sunderland/United Kingdom

SUBSIDIARY/ company and registered office0

100.00Arriva Finance Lease Limited,
Sunderland/United Kingdom

1,770

100.00Arriva Galicia S.L., Ferrol/Spain

19,382100.0058

100.00100.00

5,671

65.00

Dublin/Ireland

4,657

65.00

Arriva Hrvatska d.o.o., Osijek/Croatia

35,907

Engineering Support Group Ltd,
Doncaster/United Kingdom

Arriva Hungary Zrt., Budapest/Hungary

99,993100.001,486

100.00Arriva Insurance A/S, Kastrup/Denmark

7,900

100.00Braunschweig

22,156100.00Arriva Insurance Company (Gibraltar) Limited,
Gibraltar/Gibraltar

4,687

100.00infraView GmbH, Mainz

2,113

100.00Innovationszentrum für Mobilität und gesellschaftlichen
Wandel (InnoZ) GmbH i.L., Berlin

Arriva International (Northern Europe) Limited,
Sunderland/United Kingdom0

100.00– 3,81176.99

ioki GmbH, Frankfurt am Main

12,420100.00Arriva International (Southern Europe) Limited,
Sunderland/United Kingdom0

100.00528

49.00

21,756100.00386

72.00– 27,067

100.00Railway Approvals Germany GmbH, Minden

246

100.00Railway Approvals Ltd, Doncaster/United Kingdom

254

100.0086,401100.0068

49.00

UBB Polska Sp.z o.o., Swinemünde/Poland

390

100.00UBB Usedomer Bäderbahn GmbH, Heringsdorf

8,771

100.00

DVA REINSURANCE DESIGNATED ACTIVITY COMPANY,

ESE Engineering und Software-Entwicklung GmbH,

Liropa S.A., Montevideo/Uruguay 9)
Mobimeo GmbH, Berlin
ONxpress Operations Inc., Toronto/Canada

Precision National Plating Services, Inc., Delaware/USA

Schenker (BAX) Holding Corp., Delaware/USA
Thelo DB (Pty) Ltd., Johannesburg/South Africa 9)

Arriva Holding ApS, Kastrup/Denmark

Arriva International Limited,
Sunderland/United Kingdom

896,608

EUROFIMA European Company for the Financing of Railroad

24.90

Rolling Stock, Basel/Switzerland 4)

1,556,340

22.60

GHT Mobility GmbH, Berlin 2), 4)– 40,771

86.00

235

50.00

Mobility inside Holding GmbH&Co. KG, Frankfurt am Main 2), 4)

inno2grid GmbH, Berlin 2), 4)

6,661

20.78

Mobility inside Verwaltungs GmbH, Frankfurt am Main 2), 4)

52

20.02

ONxpress Transportation Partners Inc., Toronto/Canada2), 7)

458

25.00

Rail Technology Company Limited, Jeddah/Saudi Arabia 2), 3)

312

24.90

1,948

25.50

137

53.00

SSG Saar-Service GmbH, Saarbrücken

2), 4)

Stinnes Holz GmbH, Berlin 2), 4)

Eurail Group G.I.E., Luxembourg/Luxembourg

2,132

28.72

0

24.47

TREMA Grundstücks-Vermietungsgesellschaft mbH&Co.
Objekt Bahnhöfe West KG, Berlin 2), 4)

4,215

94.00

TRENTO Grundstücks-Vermietungsgesellschaft mbH&Co.
Objekt Bahnhöfe Ost KG i.L., Düsseldorf 2), 4)0

100.002), 4)

Ambuline Limited, Sunderland/United Kingdom605
0

100.001,114

100.000100.000100.00Arriva ABC Scottish Limited Partnership,
Edinburgh/United Kingdom– 158

100.00

ARRIVA autobusy a.s., Chrudim/Czech Republic

56,591100.000100.004,011

100.00Arriva Bus Abu Dhabi Limited,
Sunderland/United Kingdom

100.00Arriva Kent&Surrey Limited,
Sunderland/United Kingdom

5,020

100.00Arriva Kent Thameside Limited,
Sunderland/United Kingdom

11,749100.00

ARRIVA Liorbus, a. s., Ružomberok/Slovakia

13,02260.42

43100.006,298

100.00– 24,706

100.000100.00Arriva London Pension Scheme Trustee Limited,
Sunderland/United Kingdom
ARRIVA LONDON SOUTH LTD,

Sunderland/United Kingdom

95,359100.00

ARRIVA MADRID MOVILIDAD S.L., Madrid/Spain

35,296100.00Arriva Manchester Limited,
Sunderland/United Kingdom0

100.00Arriva Merseyside Limited, Sunderland/United Kingdom

55,431100.00

ARRIVA METROPOLITANA S.L., Paseo de la Estacion/Spain

148

100.00

ARRIVA Michalovce, a.s., Michalovce/Slovakia

7,660

60.14

Arriva Midlands Limited, Sunderland/United Kingdom

17,207100.00Arriva Midlands North Limited,
Sunderland/United Kingdom

3,519

100.00Arriva Mobility Solutions, s.r.o., Bratislava/Slovakia

6,277

100.00Arriva Motor Holdings Limited,
Sunderland/United Kingdom

0

ARRIVA NITRA a.s., Nitra/Slovakia

100.00Arriva ABC GP Limited, Edinburgh/United Kingdom

Arriva Bus&Coach Ltd, Sunderland/United Kingdom259,575

Arriva Multimodaal BV, Heerenveen/the Netherlands

APS (Leasing) Ltd, Sunderland/United Kingdom

Arriva Bus&Coach Holdings Limited,
Sunderland/United Kingdom

100.00Arriva Italia s.r.l., Milan/Italy

Sunderland/United Kingdom

FULLY CONSOLIDATED

Alliance Rail Holdings Ltd, Sunderland/United Kingdom

100.00685

ARRIVA LONDON NORTH LTD,D B A R R I VA

00741078 Limited, Sunderland/United Kingdom

1,634

Arriva Italia Rail S.R.L., Milan/Italy

Arriva LITAS d.o.o. Požarevac, Požarevac/Serbia

FAIR VALUE

Eurail B.V., Utrecht/the Netherlands 2), 4)

100.00

ARRIVA LISBOA TRANSPORTES SA, Almada/Portugal

AT EQUITY

BwFuhrparkService GmbH, Troisdorf 2), 4)

1,132,452

Arriva International Trains (Leasing) Limited,
Sunderland/United Kingdom

Arriva Bus Transport Polska Sp. z o.o., Toruń/Poland– 21,594

99.80

Arriva City s.r.o., Prague/Czech Republic

17,328100.00Arriva Cymru Limited, Sunderland/United Kingdom

16,509100.00Arriva Danmark A/S, Kastrup/Denmark

20,172100.00100.00

25

60.48

7,124

100.00Arriva North West Limited, Sunderland/United Kingdom

3,105

100.00Arriva Northumbria Limited,
Sunderland/United Kingdom

10,492100.00

ARRIVA Nové Zámky, a.s., Nové Zámky/Slovakia

11,06260.36

0100.00Arriva Personenvervoer Nederland BV,
Heerenveen/the Netherlands

344,612100.00Arriva plc, Sunderland/United Kingdom

989,478

100.00Arriva Polska Sp. z o.o., Warsaw/Poland

3,150

100.00

ARRIVA PORTUGAL – TRANSPORTES LDA, Guimaraes/Portugal

3,841

100.000100.0032,285100.00Arriva Rail East Midlands Limited,
Sunderland/United Kingdom
Arriva Rail London Limited,
Sunderland/United Kingdom
Arriva Rail North Limited, Sunderland/United Kingdom
Arriva Rail XC Limited, Sunderland/United Kingdom
Arriva RP Sp. z o.o., Toruń/Poland

269

100.0018

Arriva North East Limited, Sunderland/United Kingdom

Arriva Passenger Services Pension Trustees Limited,
Sunderland/United Kingdom

100.00109,755– 69,862

100.000100.0012,999100.00Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

Equity(€ thousand) 1)

Investment(%)

Arriva Letbane ApS, Kastrup/Denmark

2,334

100.00Arriva Scotland West Limited, Glasgow/United Kingdom

1,841

100.00Arriva Service A/S, Kastrup/Denmark273

100.00Arriva Service s.r.o., Komárno/Slovakia

11,489100.00Arriva Services a.s., Králův Dvůr/Czech Republic

2,967

100.00

ARRIVA Slovakia a.s., Nitra/Slovakia

30,703100.000100.0059,888100.00SUBSIDIARY/ company and registered office

Arriva South Eastern Rail Limited,
Sunderland/United Kingdom
ARRIVA SPAIN HOLDING, S.L., Madrid/Spain

Arriva Spain Rail S.A., Madrid/Spain

SUBSIDIARY/ company and registered officeGrand Central Railway Company Limited,
Sunderland/United Kingdom

Equity(€ thousand) 1)

Investment(%)– 47,010

100.00Great North Eastern Railway Company Limited,
Sunderland/United Kingdom0

100.00Great North Western Railway Company Ltd,
Sunderland/United Kingdom0

100.00

Green Line Travel Limited, Sunderland/United Kingdom

9100.00INTEGRAL AVTO prodaja, servisi in tehnični

pregledi vozil d.o.o., Jesenice/Slovenia

3,343

100.00KD SERVIS a.s., Kladno/Czech Republic

2,528

100.00London and North Western Railway Company Limited,
Sunderland/United Kingdom

23,996100.00

M40 Trains Limited, Sunderland/United Kingdom

91,223100.00

MTL Services Limited, Sunderland/United Kingdom

130,791

100.00421

100.00154

100.0038,690100.00Arriva Techniek BV, Heerenveen/the Netherlands

1,254

100.00Arriva the Shires Limited, Sunderland/United Kingdom

10,776100.00Arriva Tog A/S, Kastrup/Denmark

3,125

100.00Arriva Touring BV, Heerenveen/the Netherlands

4,814

100.00

Heerenveen/the Netherlands

Panturist dioničko društvo za prijevoz putnika i turizam d.d.,
Osijek/Croatia

– 905

99.88

Premier Buses Ltd, Sunderland/United Kingdom

2,255

100.00SAD INVEST, s.r.o., Trnava/Slovakia

685

60.50

Arriva Středni Čechy s.r.o., Kosmonosy/Czech Republic

Arriva Trains Holdings Limited,
Sunderland/United Kingdom

128,920100.00Arriva Trains Romania SRL, Bucharest/Romania

4,505

100.00Arriva Trains Wales/Trenau Arriva Cymru Limited,
Sunderland/United Kingdom

8,338

100.00152,710100.00Arriva Transport Česká Republika a.s., Prague/Czech Republic

NV Personeel de Noord-Westhoek,

Stevensons of Uttoxeter Limited,
Sunderland/United Kingdom

1100.00Teamdeck Limited, Sunderland/United Kingdom0

100.00Arriva Transport Solutions Limited,
Sunderland/United Kingdom– 772

100.00

ARRIVA Trnava, a. s., Trnava/Slovakia

15,52960.50

0100.00Arriva Trustee Company Limited,
Sunderland/United Kingdom

TGM Group Limited, Sunderland/United Kingdom

1,349

100.000100.00Arriva Udine S.P.A., Udine/Italy

81,281

60.00

The Chiltern Railway Company Limited,
Sunderland/United Kingdom

33,867100.00Arriva UK Bus Holdings Limited,
Sunderland/United Kingdom

Transcare Solutions Limited, Sunderland/United Kingdom

1,065

100.00

483,046

100.00TRANSURBANOS DE GUIMARAES TP, LDA, Guimaraes/Portugal

1,102

100.00

Trasporti Brescia Nord S.c.a.r.l., Brescia/Italy

100

92.00

Trasporti Brescia Sud S.c.a.r.l., Brescia/Italy

100

93.00

Arriva UK Bus Investments Limited,
Sunderland/United Kingdom

84,032100.00Arriva UK Bus Limited, Sunderland/United Kingdom

2,163

100.00Arriva UK Bus Properties Limited,
Sunderland/United Kingdom

1,445

100.00282,037

100.00

110

50.00

337

100.00Arriva vlaky s.r.o., Prague/Czech Republic

13,847100.00Arriva Yorkshire Ltd, Sunderland/United Kingdom

27,436100.00Arriva, druzba za prevoz potnikov, d.o.o., Kranj/Slovenia

63,823100.00ArrivaBus Kft., Székesfehérvár/Hungary

59,454

99.00

Arriva UK Trains Limited, Sunderland/United Kingdom
Arriva Veneto S.r.l., Venice/Italy

9)

ARRIVA VIAJES AGENCIA OPERADORA S.L., Madrid/SpainAt Seat Catering (2003) Limited,
Sunderland/United Kingdom
Autobusni kolodovr d.o.o. Karlovac, Karlovac/Croatia

0

100.00794

68.06

Autocares Mallorca, s.l., Alcudia/Spain

3,667

100.00Autos Carballo, S.L., Paseo de la Estacion/Spain

3,494

100.00Autotrans d.d., Cres/Croatia

TGM (Holdings) Limited, Sunderland/United Kingdom

TUF-TRANSPORTES URBANOS DE FAMALICAO, LDA,

Vila Nova de Famalicao/Portugal

–4

66.67

UCPLUS A/S, Kastrup/Denmark

1,236

100.000100.00White Rose Bus Company Limited,
Sunderland/United Kingdom
XC Trains Limited, Sunderland/United Kingdom

47,993100.00Yorkshire Tiger Limited, Sunderland/United Kingdom

3,600

100.00

Zeta Automotive Limited, Bicester/United Kingdom0

100.00Aquabus BV, Heerenveen/the Netherlands 2), 4)

7,917

50.00

Autopromet d.d. Slunj, Slunj/Croatia 2), 4)

1,009

20.37

Bergamo Trasporti Ovest S.c.a.r.l., Bergamo/Italy 2), 4)

10

65.76

Bergamo Trasporti Sud Scarl, Bergamo/Italy 2), 4)

10

25.57

Estacion Autobuses de Pobra, Ferrol/Spain 2), 10)

3

33.33

Explotacion Gasoleos de la Coruna, s.l., Ferrol/Spain 2), 3)

177

40.00

EXTRA.TO S.c.a.r.l., Turin/Italy 2), 4)

115

30.01

16,15930.00

AT EQUITY

16,35873.18

Autotrans Lika d.d., Otočac/Croatia

298

58.14

Bergamo Trasporti Est S.c.a.r.l., Bergamo/Italy

10

93.67

Bus Nort Balear s.l., Alcudia/Spain283

100.00

Budapest/Hungary

10,041

99.00

Busdan 32.1 A/S, Kastrup/Denmark

5,258

100.00

BUSDAN 35 ApS, Kastrup/Denmark

13,313100.00

BUSDAN 37 ApS, Kastrup/Denmark

26,366100.00

BUSDAN 38 ApS, Kastrup/Denmark

6,018

100.00

BUSDAN 39 ApS, Kastrup/Denmark

2,620

100.00

BUSDAN 40 ApS, Kastrup/Denmark

6,424

100.00

BUSDAN 42 ApS, Kastrup/Denmark

2,053

100.00Pordenone/Italy 2), 4)

883

9.81

Centrebus Holdings Limited,
Sunderland/United Kingdom

TPL FVG Scarl s.r.l., Gorizia/Italy 2), 4)

132

24.98

1,049

100.00Train Information Services Limited,
London/United Kingdom 2), 4)

– 12

20.00

Trieste Trasporti S.P.A., Trieste/Italy 7)

60,361

39.94

2

50.00

BUS Service Járműjavitó es Szolgáltató Kft.,

Classic Coaches (Continental) Limited,
Sunderland/United Kingdom0

100.009,765

100.00Sunderland/United Kingdom– 1,645100.00EMPRESA DE BLAS Y COMPANIA S.A., Madrid/Spain

59,150100.00Estacion de autobuses de Ferrol S.A., Ferrol/Spain

280

80.14

CSAD MHD Kladno a.s., Kladno/Czech Republic
DB Regio Tyne and Wear Limited,

Intercambiador de Transportes Principe PIO S.A.,
Madrid/Spain 2), 4)
Lecco Trasporti S.c.a.r.l., Lecco/Italy 2), 4)

10

58.73

NRES Limited, London/United Kingdom 2), 4)

80

20.00

Omnibus partecipazioni S.R.L., Milan/Italy 6), 7)

9,861

50.00

Rail Settlement Plan Limited,
London/United Kingdom 2), 4)
Rail Staff Travel Limited, London/United Kingdom 2), 4)
S.I.T. VALLEE SOC. CONS. AR.L.,
Charvensod (AO)/Italy 2), 4)
S.T.I. Servizi Trasporti Interregionali SpA,

Viajeros del Eo, Ferrol/Spain 2), 3)

270

177

20.00

– 2,411

20.00

56

33.33

West Yorkshire Ticketing Company Limited,
Altrincham/United Kingdom 2), 4)

0

42.47

WSMR (Holdings) Limited, London/United Kingdom 2), 4)

23

50.00

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

SUBSIDIARY/ company and registered office

Equity(€ thousand) 1)

Investment(%)

SUBSIDIARY/ company and registered office

Equity(€ thousand) 1)

Investment(%)

100.00DB SCHENKER

Kiinteistö Oy Tir-Trans, Joentaustankatu/Finland

1,386

FULLY CONSOLIDATED

Kiinteistö Oy Turun Nosturinkatu 6, Turku/Finland

658

100.00Kiitoterminaali Oy, Oulu/Finland

618

100.00Air Terminal Handling SAS, Tremblay en France/France

1,899

100.00Almoayed Schenker W.L.L., Manama/Bahrain 9)

2,022

49.00

Langtradaren i Jämtland AB, Gothenburg/Sweden

1,042

100.00Anterist + Schneider Zeebrugge BVBA, Zeebrugge/Belgium

1,606

100.00Lauri Vähälä Oy, Oulu/Finland

5,705

100.00

AO Schenker, Moscow/Russia

3,843

100.00Les Triporteurs Francais SAS, Rennes/France

1,019

100.00AS Schenker, Tallinn/Estonia

8,426

100.00

Luxemburger Transport Logistik Diekirch S.A.,
Wilwerdange/Luxembourg

2,288

100.00678

100.00PT. Schenker Logistics Indonesia, Jakarta/Indonesia

22,995100.00ASIMEX Anterist + Schneider Import – Export SAS,

Stiring-Wendel/France

1,383

100.00Redhead Freight Limited, Hounslow/United Kingdom

6,642

100.00

B&G Leasing LLC dba Pro-Lease Trucking, Carnesville/USA0

100.00Redhead Holdings Limited, Hounslow/United Kingdom– 394

100.00BAX Global (Pty) Ltd., Johannesburg/South Africa

78

86.75

Rengaslinja Oy, Nokia/Finland

Bischof Gesellschaft mbH., Vienna/Austria

71

100.00ATLANTIQUE EXPRESS SAS, Montaigu Cedex/France

736

100.00SCHENKER&CO AG, Vienna/Austria

164,764100.00

Bitergo GmbH, Dortmund

4,819

100.00Schenker (Asia Pacific) Pte. Ltd., Singapore/Singapore

593,881100.00BTL Reinsurance S.A., Luxembourg/Luxembourg

3,334

100.00Schenker (H.K.) Ltd., Hong Kong/China

87,608100.00100.009100.00Schenker (Ireland) Ltd., Shannon/Ireland

78,121

Davis Transfer, Inc., Carnesville/USA

49,395100.00Schenker (LLC), Dubai/United Arab Emirates 9)59,86649.00

DB France Holding SAS, Gennevilliers Cedex/France

296,921100.00Schenker (Lao) Sole Co., Ltd., Vientiane/Laos

65

100.00Transfer Logistics, Inc., Carnesville, USA

DB Schenker (Cambodia) Limited, Phnom Penh/Cambodia
DB Schenker FLLC, Minsk/Belarus
DB Schenker GBS Bucharest S.R.L., Bucharest/Romania
DB Schenker Global Services Asia Pacific Inc.,

Taguig City/Philippines

DB Schenker Logistics Campus MEA (Pty) Ltd.,

Kempton Park/South Africa

9)

DB Schenker, Kiev/Ukraine

2,988

100.00Schenker (NZ) Limited, Auckland/New Zealand

5,501

100.00150

100.00Schenker (Thai) Holdings Ltd., Bangkok/Thailand 9)

12,124

49.00

6,822

100.00Schenker (Thai) Ltd., Bangkok/Thailand 9)

58,87849.00

Schenker A.E., Athens/Greece

3,015

100.00

9,334

99.94

3,615

47.00

– 1,920100.00Engelberg Transportes Internacionales C.A. (Entra),Caracas/Venezuela

1,191

100.00

Fastighets Aktiebolaget Orbyn, Gothenburg/Sweden

603

100.00Fullerö 67:2 Uppsala Aktiebolag, Gothenburg/Sweden

6,326

100.00International Freight Services, Inc., Van Buren/USA

322

100.00Intreprinderea Mixta “S.C. Schenker” S.R.L.,Chişinău/Moldova

172

96.75

Karpeles Freight Services, Inc., Chesapeake/USA

773

100.00

KB Ädelgasen 1 -Jönköping, Jönköping/Sweden

7,538

100.00

KB Älghunden Jönköping, Jönköping/Sweden

1,516

100.00KB Arbetsbasen 4 -Stockholm, Stockholm/Sweden

2,817

100.00

KB Ättehögen Östra 1 -Helsingborg, Helsingborg/Sweden

6,199

100.00KB Backa 107:3, Gothenburg/Sweden

11,155100.00KB Baggböle 2:35 -Umeå, Umeå/Sweden

2,246

100.00KB Benkammen 12 -Malmö, Malmö/Sweden

11,721100.00KB Bleket 1 -Karlstad, Karlstad/Sweden

4,286

100.00KB Distributören 3 och 4 -Örebro, Örebro/Sweden

7,126

100.00KB Forsmark 2 -Stockholm, Stockholm/Sweden

4,563

100.00KB Forsmark 3 -Stockholm, Stockholm/Sweden

15,367100.0019

100.001,132

100.00KB Forsmark 5 Stockholm, Gothenburg/Sweden
KB Frysen 1 Visby, Visby/Sweden
KB Fryshuset 3-Visby, Visby/Sweden

Schenker A/S, Hvidovre/Denmark

21,151100.00Schenker AB, Gothenburg/Sweden

187,978

100.00176

100.0017,210100.00Schenker AG&Co. Beteiligungsverwaltungs OHG, Essen
Schenker Åkeri AB, Gothenburg/Sweden
Schenker Aktiengesellschaft, Essen

1,748,157

100.00Schenker Americas, Inc., Miami/USA

477,072

100.00Schenker Angola, Limitada, Luanda/Angola

869

99.90

Schenker Argentina S.A., Buenos Aires/Argentina

5,769

100.00Schenker AS, Oslo/Norway

69,791100.00Schenker Australia Pty. Ltd., Alexandria/Australia

100,981100.00151

70.00

Schenker BITCC Customs Broker (Beijing) Co. Ltd.,
Beijing/China
Schenker BITCC Logistics (Beijing) Co., Ltd., Beijing/China

19,66070.00

Schenker Business Services LLC, Moscow/Russia

5,617

100.00Schenker Chile S.A., Santiago/Chile

10,111100.00Schenker China Ltd., Pudong/Shanghai/China

422,396

100.00Schenker Consulting AB, Gothenburg/Sweden

1,095

100.00Schenker d.d., Ljubljana/Slovenia

23,335100.00943

100.00Schenker d.o.o., Zagreb/Croatia

3,110

100.00Schenker d.o.o., Novi Banovci/Serbia

3,545

100.00977

100.0013,208100.0056

100.00Schenker Distribution Solutions, Inc.,
Paranaque City/Philippines

3,429

98.51

Schenker do Brasil Transportes Internacionais Ltda.,
São Paulo/Brazil

34,657100.00SCHENKER DOOEL, Skopje/Macedonia

1,914

100.00SCHENKER d.o.o., Sarajevo/Bosnia-Herzegovina

Schenker Dedicated Services Germany GmbH, Essen
Schenker Dedicated Services Sweden AB, Gothenburg/Sweden
Schenker Deutschland AG, Frankfurt am Main93

100.003,032

100.00KB Langtradaren 2 Borlänge, Borlänge/Sweden

3,102

100.00KB Lertaget 1, Skara, Skara/Sweden

3,862

100.00KB Malmö Hamnen 22 Malmö, Malmö/Sweden

5,137

100.00KB Maskinen 3 -Linköping, Linköping/Sweden

5,946

100.00

KB Önnestad 108:4 -Kristianstad, Kristianstad/Sweden

3,832

100.00

KB Överön 1:66 -Örnsköldsvik, Örnsköldsvik/Sweden

937

100.00KB Pantern 1 -Växjö, Växjö/Sweden

3,379

100.00KB Reläet 8 -Norrköping, Norrköping/Sweden

2,290

100.00KB Sörby 24:3 -Gävle, Gävle/Sweden

3,326

100.00KB Storheden 1:8 -Luleå, Luleå/Sweden

2,672

100.00KB Transporten 1 -Hultsfred, Hultsfred/Sweden

1,655

100.00Schenker Flight Services International (H.K.) Limited,Hong Kong/China

1,710

100.00KB Transportören 1 -Värnamo, Värnamo/Sweden

7,798

100.00SCHENKER FRANCE SAS, Montaigu Cedex/France

209,524100.00– 20,727

100.001,885

100.00KB Köpmannen 10 -Västerås, Västerås/Sweden

Schenker Egypt Ltd., Cairo/Egypt

4,853

100.00Schenker Eiendom Bergen AS, Oslo/Norway

4,344

100.00SCHENKER EOOD, Sofia/Bulgaria

36,729100.00Schenker Equipment AB, Gothenburg/Sweden

7,288

100.0025

100.00Schenker Filen 8 Aktiebolag, Gothenburg/Sweden

Schenker Europe GmbH, Frankfurt am Main

1,374

100.00Schenker Flight Services GmbH, Frankfurt am Main

1,695

100.00KB Tveta-Valsta 4:5 Södertälje, Stockholm/Sweden

1,282

100.00Schenker Global Management&Services GmbH, Essen

KB Vindtrycket 1 -Borås, Borås/Sweden

5,684

100.00KB Vivstamon 1:13 -Timrå, Timrå/Sweden

Schenker Global Management&Services Pte. Ltd.,Singapore/Singapore

4,047

100.00Kiinteistö Oy Seinäjoen Kiitolinja-asema, Seinäjoki/Finland

983

100.00Kiinteistö Oy Tampereen Rahtiasema, Tampere/Finland

1,883

100.00271

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

Equity(€ thousand) 1)

Investment(%)

Schenker Global Management&Technology
Center Americas Inc., Miami/USA

1,993

100.00Schenker GmbH für Beteiligungen, Essen

155

100.00SUBSIDIARY/ company and registered office

SCHENKER INDIA PRIVATE LIMITED, New Delhi/India

77,176100.00Schenker International (HK) Ltd., Hong Kong/China

307,417100.00Schenker International (Macau) Ltd., Macau/Macau

3,843

100.00Equity(€ thousand) 1)

Investment(%)

Schenker Singapore Pte. Ltd., Singapore/Singapore

356,256

100.00Schenker South Africa (Pty) Ltd., Isando/South Africa

12,872

86.75

Schenker Sp. z o.o., Warsaw/Poland

77,334

99.69

SCHENKER spol. s r.o., Prague/Czech Republic

48,746100.00Schenker Technik GmbH, Essen

6,051

100.00SUBSIDIARY/ company and registered office

Schenker International S.A. de C.V., Mexico City/Mexico

62,617100.00Schenker Technology Center (Warsaw) sp. z o.o.,
Warsaw/Poland

Schenker Italiana S.p.A., Peschiera Borromeo (MI)/Italy

126,095

100.00Schenker Transitarios, S.A., Loures/Portugal

Schenker Jinbei Logistics (Shenyang) Co. Ltd.,
Shenyang/China 9)21,53350.00

Schenker Kazakhstan LLP, Almaty/Kazakhstan– 303

100.00Schenker Khimji's LLC, Muscat/Sultanate of Oman

1,626

60.00

Schenker Korea Ltd., Seoul/Republic of Korea

68,194100.00Schenker Limited, London/United Kingdom

61,850100.00Schenker Limited, Nairobi/Kenya– 2,435

100.00Schenker Logistics (Bangladesh) Limited,
Dhaka/Bangladesh 9)

8,098

40.00

Schenker Logistics (Chengdu) Co., Ltd., Chengdu/China

4,084

100.00Schenker Logistics (Chongqing) Co., Ltd., Chongqing/China

2,303

100.00Schenker Logistics (Guangzhou) Company Ltd.,Guangzhou/China

14,220100.00Schenker Logistics (Jiaxing) Co., Ltd., Jiaxing/China

41,504100.00Schenker Logistics (Kunshan) Co., Ltd., Kunshan/China

6,313

100.00Schenker Logistics (Malaysia) Sdn Bhd.,
Kuala Lumpur/Malaysia 9)86,71440.00

Schenker Logistics (Shanghai) Co., Ltd., Shanghai/China

17,815100.00Schenker Logistics (Shenzhen) Co. Ltd., Shenzhen/China

2,020

100.00Schenker Logistics (Suzhou) Company Ltd., Suzhou/China

17,273100.00Schenker Logistics (Thai) Ltd., Bangkok/Thailand

9)– 4,369

49.00

Schenker Logistics (Xiamen) Co. Ltd., Xiamen/China

12,067100.00Schenker Logistics AB, Gothenburg/Sweden

8,782

100.00334

100.00Schenker Logistics Inc., City of Calamba/Philippines

10,37449.00

Schenker Logistics Nederland B.V.,
Rotterdam/the Netherlands

Schenker Logistics L.L.C., Abu Dhabi/United Arab Emirates

106,142100.00Schenker Logistics Romania S.A., Bucharest/Romania

70,436

99.53

Schenker Logistics S.A., Barcelona/Spain

127,323100.00Schenker Logistics Vietnam Co., Ltd.,
Ho Chi Minh City/Vietnam

4,583

51.00

Schenker Logistics W.L.L., Doha/Qatar 9)

1,697

49.00

SCHENKER LUXEMBOURG GMBH, Contern/Luxembourg

6,965

100.00Schenker Manila Administrative CompetenceCenter Inc., Taguig City/Philippines

6,871

99.94

9)

Schenker Maroc S.A.S, Casablanca/Morocco

1,023

100.00Schenker Middle East FZE,
Dubai/United Arab Emirates

74,145100.00Schenker Myanmar Co., Ltd., Yangon/Myanmar

3,267

100.00Schenker Namibia (Pty) Ltd., Windhoek/Namibia

310

100.00Schenker Nederland B.V., Tilburg/the Netherlands

24,988100.00Schenker Nemzetközi Szállitmányozási és Logisztikai Kft.,
Szigetszentmiklós/Hungary

21,939Schenker NV, Antwerp/Belgium

49,136

Schenker Ocean Freight Services WLL, Doha/Qatar9)100.00Schenker Vietnam Co., Ltd., Ho Chi Minh City/Vietnam

67,872100.00Schenker, Inc., New York/USA

567,477

100.00Schenker-Arkas Nakliyat Ve Tic. A.S., Zincirlikuyu/Turkey

17,96555.00

922

100.00Schenkerocean Ltd, Wanchai/Hong Kong/China
Schenker-Seino Co. Ltd., Tokyo/Japan

62,40460.00

SIA Schenker, Riga/Latvia

6,356

100.00100.00

Sky Partners OÜ, Tallinn/Estonia

577

Skyraider Risk Retention Group, Inc., Charleston/USA

104

100.00SW Zoll-Beratung GmbH, Furth im Wald

5,774

100.00

The Great Ocean Line Pte. Ltd., Singapore/Singapore

70

100.00Trafikaktiebolaget NP Kagström, Gothenburg/Sweden

107

100.00Transworld Asig– Broker de Asigurare SRL,
Bucharest/Romania
UAB “Schenker”, Vilnius/Lithuania

70

99.53

1,995

100.00

USA Truck Fleetco LLC, Van Buren/USA0

100.00

USA Truck Logistics LLC, Van Buren/USA0

100.00

USA Truck, Inc., Van Buren/USA

239,096

100.00

USA Truck, LLC, Van Buren/USA0

100.0010,753100.00Vähälä Logistics Oy, Oulu/Finland
AT EQUITYADRIA KOMBI d.o.o., Ljubljana, Ljubljana/Slovenia 2), 4)

12,591

33.72

ATS Air Transport Service AG, Zurich/Switzerland 2), 4)

3,381

26.00

Bäckebols Akeri AB, Gothenburg/Sweden 2), 4)

5,474

35.00

BTU – Bilspedition Transportörer Utvecklings AB,

1,422

50.00

54

50.00

Express Air Systems GmbH (EASY), Kriftel 2), 4)

3,151

50.00

Gardermoen Perishables Center AS,
Gardermoen/Norway 2), 4)

2,055

33.30

Germans Corbalan&Alvarez, S.L.,
Manresa (Barcelona)/Spain 2), 4)

1,214

20.00

I.M. “Moldromukrtrans” S.R.L., Chişinǎu/Moldova 2), 4)

614

Solna/Sweden 2), 4)

Elevator-Gesellschaft mit beschränkter Haftung, Hanover 2), 4)

33.17

Les Triporteurs Montpellierains SAS, Montpellier/France

20.00

Les Triporteurs Parisiens SAS, Paris/France

20.00

Les Triporteurs Rochelais SARL, La Rochelle/France

30.00

Les Triporteurs Tourangeaux SARL, Tours/France

20.00

Les Triporteurs Vannetais SAS, Vannes/France

25.00
22.30
20.00

100.00Volla Eiendom AS, Oslo/Norway 2), 4)

1,492

50.00

100.001)

49.00

Schenker OY, Helsinki/Finland

91,197100.00Schenker Panama S.A., Panama City/Panama

1,460

100.00Schenker Peru S.R.L., Lima/Peru

1,311

100.00Schenker Philippines (Subic) Inc., Subic/Philippines

1,153

100.00Schenker Philippines, Inc., City of Makati/Philippines

18,175100.00Schenker Property Sweden AB, Gothenburg/Sweden

61,022100.00Dublin/Ireland

45,410100.00Schenker S.A., Guatemala City/Guatemala– 2,463100.006,971

100.00Schenker Shared Services (Nanjing) Co. Ltd., Nanjing/China

100.00

5,598

1,159

100.00Schenker Schweiz AG, Zurich/Switzerland

1,995

Schenker Transport Groep B.V., Tilburg/the Netherlands

Trans Jelabel S.L., Aldeamayor de San Martín/Spain 2), 4)

835

Schenker Saudi Arabia LLC, Riyadh/Saudi Arabia

Schenker Transport Aktiebolag, Gothenburg/Sweden

156

113,694SCHENKER s.r.o., Bratislava/Slovakia

100.00100.00Stream Finance GmbH, Berlin 2), 7)

Schenker of Canada Ltd., Toronto/Canada

SCHENKER RE DESIGNATED ACTIVITY COMPANY,

1,595
15,3177,163

100.00102,069

100.007,492

100.00IFRS data.

Disclosures comply with local accounting principles.
Data: 2019 financial year.
4)
Data: 2021 financial year.
5)
Data: 2015 financial year.
6)
Data: 2020 financial year.
7)
Preliminary data.
8)
Data: 2018 financial year.
9)
Consolidation is based on agreements under corporation law,which gives DB Group control over the relevant activities.
10)
Data: 2017 financial year.
2)
3)

272

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information(43)MANAGEMENT BOARD, SUPERVISORY BOARD
AND SUPERVISORY BOARD COMMITTEES

D R . S I G R I D N I K U T TA

Details of the names and memberships in (a) other supervisory boards that

Berlinare legally required to be created and (b) equivalent domestic and interna-a) ◊tional control bodies of commercial enterprises of members of the Manage-◊

ment Board and the Supervisory Board of DB AG are set out in the following.

b) ◊Freight Transport,

Management Board

Deutsche Bank Ost (Advisory Board)◊

Deutsches Zentrum für Luft- und Raumfahrt (DLR)(Deputy Chairwoman of the Senate)◊

Chief Executive Officer and Chairman of the Management Board,
BerlinDB Cargo AG (Chairman)
DB Long-Distance AG (since August 1, 2022; Chairman)◊

DB Regional AG (since August 1, 2022; Chairman)◊◊

Kombiverkehr Deutsche Gesellschaft für kombinierten
Güterverkehr mbH&Co. KG (Administrative Board)

DEVK Deutsche Eisenbahn Versicherung

E V E LY N PA L L A ( S I N C E J U LY 1 , 2 0 2 2 )Lebensversicherungsverein a. G.

Regional Transport,

Betriebliche Sozialeinrichtung der Deutschen Bahn

Vienna

DEVK Deutsche Eisenbahn Versicherunga) ◊Sach- und HUK-Versicherungsverein a. G.

S-Bahn Berlin GmbH(since September 22, 2022; Chairman since October 5, 2022)b) ◊Betriebliche Sozialeinrichtung der Deutschen Bahnb) ◊Association of Berlin Merchants and Industrialists (VBKI)(Executive Board)◊◊

DEVK Allgemeine Versicherungs-AG (Advisory Board)◊

DR. RICHARD LUTZa) ◊DB Cargo Polska S.A. (Chairwoman)

Knorr-Bremse AG (since May 24, 2022)

Arriva plc, Sunderland/United Kingdom

Arriva plc, Sunderland/United Kingdom(Member of the Board of Directors)(until July 31, 2022; Member of the Board of Directors)◊

DB Stiftung gGmbH (Advisory Board, Chairman)

D R . M I C H A E L P E T E R S O N ( S I N C E J U LY 1 , 2 0 2 2 )Long-Distance Passenger Transport,
DR . DANIELA GERD TOM MARKOTTENHeidelberg

Digitalization and Technology,a) ◊Dallgow-Döberitz
a) ◊

◊
b) ◊

Schenker AG

DB Systel GmbHDB Vertrieb GmbH (since August 9, 2022; Chairman)
DB Bahn Italia S.r.l. (Chairman of the Board of Directors)◊

DB Fahrzeuginstandhaltung GmbH (since January 14, 2022;

Chairwoman)

R O N A L D P O FA L L A ( U N T I L A P R I L 3 0 , 2 0 2 2 )◊DB Systel GmbH (since January 25, 2022; Chairwoman)

Infrastructure,◊

DB Systemtechnik GmbH (since February 1, 2022; Chairwoman)

Essen

◊

DEVK Rückversicherungs- und Beteiligungs-AG (since July 6, 2022)

a) ◊

b) ◊
◊

DB broadband GmbH (Chairwoman)◊

Hermann von Helmholtz-Gemeinschaft Deutscher Forschungs­b) ◊zentren e. V./Deutsches Zentrum für Luft- und Raumfahrt (DLR)◊

DB Netz AG (Chairman)
DEVK Rückversicherungs- und Beteiligungs-AG

Verband der Sparda-Banken e. V. (Advisory Board)
Initiativkreis Ruhr GmbH (Advisory Board)(since January 1, 2023; Member of the Senate)◊

IUHHOO GmbHMARTIN SEILER

Human Resources and Legal Affairs,
DR. LEVIN HOLLE

BerlinFinance and Logistics,a) ◊Schenker AG◊

DB Cargo AG

Berlin
a) ◊
◊
b) ◊
◊

Schenker AG (Chairman)◊

DB Gastronomie GmbH (Chairman)

DEVK Allgemeine Versicherungs-AG◊

DB JobService GmbH (Chairman)

Arriva plc, Sunderland/United Kingdom◊

DB Zeitarbeit GmbH (Chairman)(Chairman of the Board of Directors)◊

DB Station&Service AG (Chairman)

BwConsulting GmbH (Advisory Board)◊

DB Energie GmbH (Chairman)◊

Betriebliche Sozialeinrichtung der Deutschen Bahn

Infrastructure division (since July 1, 2022),◊

Weilheima) ◊DB Netz AG (since August 1, 2022; Chairman)◊

DB Long-Distance AG (until July 31, 2022; Chairman)◊

DB Regional AG (until July 31, 2022; Chairman)◊

DB Vertrieb GmbH (until July 31, 2022; Chairman)◊

DEVK Allgemeine Lebensversicherungs AG

DEVK Deutsche Eisenbahn Versicherung

Lebensversicherungsverein a. G.

BERTHOLD HUBER

DEVK Deutsche Eisenbahn Versicherung

Sach- und HUK-Versicherungsverein a. G.
Betriebliche Sozialeinrichtung der Deutschen Bahn
b) ◊

273

DB Stiftung gGmbH (Advisory Board)Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

Supervisory BoardSUSANNE HENCKEL (SINCE JUNE 16, 2022)

W E R N E R G AT Z E R

State Secretary in the Federal Ministry of Transport

Chairman of the Supervisory Board (since September 28, 2022)

and Digital Infrastructure,

Secretary of State in the Federal Ministry of Finance,

BerlinTeltowa) ◊Flughafen Berlin Brandenburg GmbHb) ◊Agora Transport Transformation gGmbH (Advisory Board)a) ◊PD – Berater der öffentlichen Hand GmbH(until November 14, 2022; Chairman)◊

Flughafen Berlin Brandenburg GmbH (until October 4, 2022)

DR . INGRID HENGSTER (UNTIL AUGUST 19, 2022)

Bundesanstalt für Immobilienaufgaben (BImA)

Country Chief Executive Office Germany Global Chairwoman(Chairman of the Administrative Board)

Investment Banking Barclays,◊

Fritz Thyssen Stiftung (Member of the Board of Trustees)Frankfurt am Main◊

DB Stiftung gGmbH (Advisory Board) (since December 22, 2022)b) ◊J Ö R G H E N S E L*
MARTIN BURKERT*

Chairman of the Central Works Council of DB Cargo AG,

Deputy Chairman of the Supervisory Board (since May 15, 2022)

Chairman of the Works Council of DB Cargo business unit,

Chairman of the Railway and Transport Workers Union (EVG),

Chairman of the European Works Council of DB AG,

Nuremberg

Hamm

a) ◊

a) ◊

DB Cargo AG (until November 30, 2022; Deputy Chairman)◊

S-Bahn Berlin GmbH (Deputy Chairman)◊

DB JobService GmbH◊DB Regio AG (since December 1, 2022; Deputy Chairman)◊

DEVK Vermögensvorsorge- und Beteiligungs-AG (Chairman)◊◊

DEVK Pensionsfonds-AG
DEVK Allgemeine Lebensversicherungs-AG◊

Adler Versicherung AGb) ◊DEVK Deutsche Eisenbahn Versicherung

Sach- und HUK-Versicherungsverein a. G.

(until November 30, 2022; Deputy Chairman)◊

DB Cargo AG

Betriebliche Sozialeinrichtung der Deutschen Bahn◊

DEVK Deutsche Eisenbahn Versicherung

Lebensversicherungsverein a. G.
Betriebliche Sozialeinrichtung der Deutschen Bahnb) ◊Signal Iduna Gruppe (Advisory Board)

DEVK Pensionsfonds-AG (Advisory Board)

K L A U S - D I E T E R H O M M E L* ( U N T I L S E P T E M B E R 3 0 , 2 0 2 2 )Chairman of the Railway and Transport Workers Union (EVG),J Ü R G E N B E U T T L E R * ( U N T I L J U LY 3 1 , 2 0 2 2 )Großefehn-Felde

Head of Purchasing, Real Estate, Compliance of DB Fernverkehr AG,a) ◊DEVK Deutsche Eisenbahn Versicherung

Lebensversicherungsverein a. G.

Wiesbaden

Betriebliche Sozialeinrichtung der Deutschen Bahn◊

RALF DAMDE* (SINCE DECEMBER 8, 2022)

Chairman of the Central Works Council of DB Regio AG,

DEVK Deutsche Eisenbahn Versicherung

Sach- und HUK-Versicherungsverein a. G.

Ensdorf/Saar

Betriebliche Sozialeinrichtung der Deutschen Bahn◊

DEVK Pensionsfonds-AG

ENAK FERLEMANN (UNTIL JUNE 15, 2022)◊

DEVK Rechtsschutz-Versicherungs-AG

Member of the German Parliament,◊

DB Fernverkehr AG

Cuxhaven◊

DB Regio AG

a) ◊

◊

DB Vertrieb GmbH◊

Siedlungsgesellschaft Cuxhaven AG
Cuxhavener Hafen Entwicklungsgesellschaft GmbHC O S I M A I N G E N S C H AY *STEFFEN GELBHAAR (SINCE JUNE 16, 2022)

Federal Director of the Railway andMember of the German Parliament,

Transport Workers Union (EVG),

BerlinBerlina) ◊DB Station&Service AG (Deputy Chairwoman)

ANJA HAJDUK (SINCE JUNE 16, 2022)◊

DEVK Allgemeine Versicherungs-AG (Chairwoman)

State Secretary in the Federal Ministry of Economic Affairs and◊

DEVK Vermögensvorsorge- und Beteiligungs-AG◊

DEVK Rechtsschutz-Versicherungs-AG◊

DGB Rechtsschutz GmbH

Climate Action,(Deputy Chairwoman)

Berlina) ◊Deutsche Investitions- und Entwicklungsgesellschaft mbH (DEG)(since May 18, 2022)

◊

b) ◊

Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ)

DEVK Allgemeine Versicherungs-AG(Chairwoman of the Advisory Board)GmbH (since February 24, 2022)

274

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

ALEXANDER KACZMAREK* (SINCE SEPTEMBER 13, 2022)

M I C H A E L O D E N WA L D ( U N T I L J U LY 2 2 , 2 0 2 2 )Group representative for the states of Berlin, Brandenburg,

Chairman of the Supervisory Board, Former State Secretary,

Mecklenburg-Western Pomerania,

Kleinmachnow

Berlina) ◊Fraport AGb) ◊DB Stiftung gGmbH (until September 29, 2022; Advisory Board)

a) ◊
b) ◊
◊

S-Bahn Berlin GmbH

Usedomer Bahn GmbH (Advisory Board, Deputy Chairman)
DEVK Deutsche Eisenbahn Versicherung

MICHAEL PUSCHEL (SINCE DECEMBER 7, 2022)

Lebensversicherungsverein a. G.

Federal Ministry of Transport and Digital Infrastructure,

Betriebliche Sozialeinrichtung der Deutschen Bahn

Head of the Federal Roads Department,(Advisory Board)

Nieder-Olma) ◊Hafenbetriebe Rheinland-Pfalz GmbHP R O F. D R . S U S A N N E K N O R R E◊

Hafenbetriebe Ludwigshafen am Rhein GmbHManagement consultant,◊

Trierer Hafengesellschaft mbHb) ◊Hanovera) ◊Salzgitter AG◊

Norddeutsche Landesbank◊

Rain Carbon Germany GmbH

Landeseigene Anlagen an Wasserstraßen (BLAW)(Administrative Board)◊ivm GmbH (integrated transport and mobility management)

DR. IMMO QUERNER
JÜRGEN KNÖRZER* (UNTIL OCTOBER 31, 2022)

Managing Partner of KoppaKontor GmbH,

Speaker of the General Works Council of DB Regio AG

Celle(since June 1, 2022),a) ◊BÖAG Börsen AG

Chairman of the General Works Council of DB Regio AGb) ◊Arriva plc, Sunderland/United Kingdom(until May 31, 2022),(Member of the Board of Directors)

Schwarzacha) ◊DB Regio AGb) ◊DEVK Allgemeine Versicherungs-AG (Advisory Board)◊

Caplantic GmbH (until December 27, 2022; Chairman)◊

Insr Insurance Group ASA, Oslo/Norway◊

Assenagon Asset Management S.A. (Administrative Board)◊

Fonds zur Finanzierung der kerntechnischen Entsorgung(until May 20, 2022; Administrative Board)

KIRSTEN LÜHMANN (UNTIL JUNE 15, 2022)

Representative Deutscher Beamtenbund und Tarifunion(Chairman of the Investment Committee)(German Civil Service Federation),◊

Hermannsburga) ◊◊Akinn Group SPF Sàrl, Luxembourg (since November 10, 2022;
Member of the Board of Directors)

Nürnberger Beamten-Lebensversicherung AG
Nürnberger Beamten Allgemeine Versicherung AG

ECKHARDT REHBERG (UNTIL JUNE 15, 2022)

Marlow
DOROTHEE MARTIN (SINCE JUNE 16, 2022)

Member of the German Parliament,

M A R I O R E I S S * ( U N T I L J U LY 3 1 , 2 0 2 2 )Hamburg

Chairman of the Works Council of DB Cargo AG, NL South-East,
Süptitz

D A N I E L A M AT T H E U S ( S I N C E O C T O B E R 1 , 2 0 2 2 )a) ◊DB Cargo AG

Lawyer and management advisor,b) ◊Deutsche Eisenbahn Versicherung
Lebensversicherungsverein a. G.

Berlina) ◊Betriebliche Sozialeinrichtung der Deutschen Bahn

Commerzbank AG◊

Die Autobahn GmbH des Bundes◊

Yunex GmbH (since June 30, 2022)(Advisory Board)◊

Sparda-Bank Berlin eG

H E I K E M O L L*

BERND REUTHER (SINCE JUNE 16, 2022)

Chairwoman of the Central Works Council of DB Station&Service AG,

Member of the German Parliament,

Munich

Wesel

a) ◊

DB Station&Service AGa) ◊Toll Collect GmbHb) ◊DEVK Deutsche Eisenbahn Versicherungb) ◊DeltaPort GmbH&Co. KG

Sach- und HUK-Versicherungsverein a. G.
Betriebliche Sozialeinrichtung der Deutschen Bahn
(Advisory Board)

275

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

CHRISTIAN SCHMIDT (UNTIL APRIL 30, 2022)

Supervisory Board committees

Federal Minister (retired),

MEMBERS OF THE EXECUTIVE COMMITTEEHigh Representative for Bosnia and Herzegovina,◊

Werner Gatzer (Chairman) (since September 28, 2022)

Fürth

◊

Michael Odenwald (Chairman) (until July 22, 2022)◊

Martin Burkert (since December 15, 2022)

MANFRED SCHOLZE* (SINCE DECEMBER 8, 2022)◊

Enak Ferlemann (until June 15, 2022)

Chairman of the General Works Council of DB Long-Distance AG,◊

Susanne Henckel (since June 23, 2022)

Ebersbach-Neugersdorf◊

Klaus-Dieter Hommel (until September 30, 2022)

a) ◊

◊

Jens Schwarz

DB Fernverkehr AG (Chairman)

KLAUS-PETER SCHÖLZKE* (SINCE SEPTEMBER 13, 2022)

MEMBERS OF THE AUDIT COMMITTEE AND COMPLIANCE COMMITTEE

Chairman of the Central Works Council of DB Regio AG,◊

Dr. Immo Querner (Chairman)

Dresden◊Enak Ferlemann (until June 15, 2022)◊

Susanne Henckel (since June 23, 2022)

J E N S S C H WA R Z *◊Jörg Hensel

Chairman of the Group Works Council of Deutsche Bahn AG,◊

Cosima Ingenschay

Chemnitza) ◊◊DEVK Deutsche Eisenbahn Versicherung

MEMBERS OF THE PERSONNEL COMMITTEE

Lebensversicherungsverein a. G.

◊

Werner Gatzer (Chairman) (since September 28, 2022)

Betriebliche Sozialeinrichtung der Deutschen Bahn◊

Michael Odenwald (Chairman) (until July 22, 2022)(Deputy Chairman)◊

Martin Burkert (since December 15, 2022)

DEVK Deutsche Eisenbahn Versicherung◊

Enak Ferlemann (until June 15, 2022)

Sach- und HUK-Versicherungsverein a. G.

◊

Susanne Henckel (since June 23, 2022)

Betriebliche Sozialeinrichtung der Deutschen Bahn◊

Klaus-Dieter Hommel (until September 30, 2022)(Advisory Board)◊

Jens Schwarz

VEIT SOBEK*M E M B E R S O F T H E M E D I AT I O N C O M M I T T E E

Chairman of the Central Works Council of DB Netz AG,◊

Werner Gatzer (Chairman) (since September 28, 2022)

Halberstadt◊

Michael Odenwald (Chairman) (until July 22, 2022)b) ◊Bundesbahn-Wohnungsbaugesellschaft Kassel GmbH◊

Martin Burkert (since December 15, 2022)◊

DB broadband GmbH (until July 31, 2022)◊

Enak Ferlemann (until June 15, 2022)◊

DEVK Deutsche Eisenbahn Versicherung◊

Susanne Henckel (since June 23, 2022)

Lebensversicherungsverein a. G.

◊

Klaus-Dieter Hommel (until September 30, 2022)

Betriebliche Sozialeinrichtung der Deutschen Bahn◊

Jens Schwarz(Advisory Board)
E L I SA B ET H W I N K E L M E I E R- B EC K E R ( U N T I L J U N E 1 5 , 2 0 2 2 )Member of the German Parliament,
Siegburga) ◊Deutsche Investitions- und Entwicklungsgesellschaft mbH(DEG)* Employees’ representative on the Supervisory Board.

276

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

ADDITIONAL INFORMATION
278

Independent Auditor’s Report

280

Independent Practitioner’s Report on a Limited Assurance
Engagement on Non-Financial Reporting

282

Global Reporting Initiative (GRI) Index

286

UN Global Compact Index

286

Task Force on Climate-related Financial Disclosures (TCFD) Index

287

Glossary291

  List of abbreviations292

  Contact information/Financial calendar

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information∏

INDEPENDENT AUDITOR’S REPORTTo Deutsche Bahn Aktiengesellschaft, Berlin

Audit Opinions
We have audited the consolidated financial statements of Deutsche Bahn

the Audit of the Consolidated Financial Statements and of the Group Man-

Aktiengesellschaft, Berlin, and its subsidiaries (the Group), which compriseagement Report” section of our auditor’s report. We are independent of thethe consolidated balance sheet as of December 31, 2022, and the consoli-group entities in accordance with the requirements of German commercial

dated statement of income and the reconciliation of consolidated compre-

and professional law, and we have fulfilled our other German professional

hensive income, consolidated statement of changes in equity and consoli-

responsibilities in accordance with these requirements. We believe that thedated statement of cash-flows for the financial year from 1 January to 31

audit evidence we have obtained is sufficient and appropriate to provide a

December 2022, and notes to the consolidated financial statements, includ-basis for our audit opinions on the consolidated financial statements anding a summary of significant accounting policies. In addition, we have auditedon the group management report.

the group management report of Deutsche Bahn Aktiengesellschaft for the

Other Information

financial year from 1 January to 31 December 2022. In accordance with theGerman legal requirements, we have not audited the content of those partsof the group management report listed in the “Other Information” section

The executive directors are responsible for the other information. The otherof our auditor’s report.

information comprises the following non-audited parts of the group man-◊

In our opinion, on the basis of the knowledge obtained in the audit,

agement report:

the accompanying consolidated financial statements comply, in all◊material respects, with the IFRSs as adopted by the EU and the addi-

eral Public Corporate Governance Code included in section “Corporate

tional requirements of German commercial law pursuant to § [Article]

Governance Report” of the group management report

315e Abs. [paragraph] 1 HGB [Handelsgesetzbuch: German Commercial◊

the sections of the Group management report highlighted in gray andheaded “FURTHER INFORMATION”

Code] and, in compliance with these requirements, give a true and fair◊the corporate governance report pursuant to No. 7 of the German Fed-view of the assets, liabilities, and financial position of the Group as at

The other information comprises further all remaining parts of the “Inte-

31 December 2022, and of its financial performance for the financial

grated Report” – excluding cross-references to external information – withyear from 1 January to 31 December 2022, andthe exception of the audited consolidated financial statements, the audited

the accompanying group management report as a whole provides angroup management report and our auditor’s report.

appropriate view of the Group’s position. In all material respects, thisOur audit opinions on the consolidated financial statements and on thegroup management report is consistent with the consolidated financialgroup management report do not cover the other information, and conse-statements, complies with German legal requirements and appropri-

quently we do not express an audit opinion or any other form of assurance

ately presents the opportunities and risks of future development. Our

conclusion thereon.

audit opinion on the group management report does not cover the

In connection with our audit, our responsibility is to read the othercontent of those parts of the group management report listed in theinformation mentioned above and, in so doing, to consider whether the“Other Information” section of our auditor’s report.

other information

Pursuant to §322 Abs. 3 Satz [sentence] 1 HGB, we declare that our audit◊

has not led to any reservations relating to the legal compliance of the con-is materially inconsistent with the consolidated financial statements,
with the group management report disclosures audited in terms ofcontent or with our knowledge obtained in the audit, or

solidated financial statements and of the group management report.
◊

Basis for the Audit Opinions

otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material
misstatement of this other information, we are required to report that fact.

We conducted our audit of the consolidated financial statements and of theWe have nothing to report in this regard.

group management report in accordance with § 317 HGB in compliance withGerman Generally Accepted Standards for Financial Statement Audits promulgated by the Institut der Wirtschaftsprüfer [Institute of Public Auditorsin Germany] (IDW). We performed the audit of the consolidated financial
statements in supplementary compliance with the International Standards
on Auditing (ISAs). Our responsibilities under those requirements, principles
and standards are further described in the “Auditor’s Responsibilities for

278

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

Responsibilities of the Executive Directors andthe Supervisory Board for the Consolidated Financial
Statements and the Group Management Report

Reasonable assurance is a high level of assurance, but is not a guaranteethat an audit conducted in accordance with § 317 HGB and in compliancewith German Generally Accepted Standards for Financial Statement Audits
promulgated by the Institut der Wirtschaftsprüfer (IDW) and supplemen-

The executive directors are responsible for the preparation of the consoli-tary compliance with the ISAs will always detect a material misstatement.

dated financial statements that comply, in all material respects, with IFRSs

Misstatements can arise from fraud or error and are considered material if,

as adopted by the EU and the additional requirements of German commer-

individually or in the aggregate, they could reasonably be expected to in-cial law pursuant to § 315e Abs. 1 HGB and that the consolidated financial

fluence the economic decisions of users taken on the basis of these consol-statements, in compliance with these requirements, give a true and fairidated financial statements and this group management report.

view of the assets, liabilities, financial position, and financial performance

We exercise professional judgment and maintain professional skepticism

of the Group. In addition, the executive directors are responsible for suchthroughout the audit. We also:internal control as they have determined necessary to enable the preparation◊

Identify and assess the risks of material misstatement of the consoli-of consolidated financial statements that are free from material misstatement,

dated financial statements and of the group management report,

whether due to fraud (i.e., fraudulent financial reporting and misappropria-

whether due to fraud or error, design and perform audit procedurestion of assets) or error.

responsive to those risks, and obtain audit evidence that is sufficient

In preparing the consolidated financial statements, the executive direc-

and appropriate to provide a basis for our audit opinions. The risk oftors are responsible for assessing the Group’s ability to continue as a going

not detecting a material misstatement resulting from fraud is higher

concern. They also have the responsibility for disclosing, as applicable,

than for one resulting from error, as fraud may involve collusion, forgery,matters related to going concern. In addition, they are responsible for finan-

intentional omissions, misrepresentations, or the override of internalcial reporting based on the going concern basis of accounting unless there

controls.

is an intention to liquidate the Group or to cease operations, or there is no◊

Obtain an understanding of internal control relevant to the audit of theconsolidated financial statements and of arrangements and measuresrealistic alternative but to do so.
Furthermore, the executive directors are responsible for the prepara-(systems) relevant to the audit of the group management report intion of the group management report that, as a whole, provides an appro-order to design audit procedures that are appropriate in the circum-

priate view of the Group’s position and is, in all material respects, consistent

stances, but not for the purpose of expressing an audit opinion on theeffectiveness of these systems.

with the consolidated financial statements, complies with German legal
requirements, and appropriately presents the opportunities and risks of◊future development. In addition, the executive directors are responsible

Evaluate the appropriateness of accounting policies used by the executive directors and the reasonableness of estimates made by the executive

for such arrangements and measures (systems) as they have considereddirectors and related disclosures.

necessary to enable the preparation of a group management report that is◊Conclude on the appropriateness of the executive directors’ use of thein accordance with the applicable German legal requirements, and to be

going concern basis of accounting and, based on the audit evidence

able to provide sufficient appropriate evidence for the assertions in theobtained, whether a material uncertainty exists related to events orgroup management report.

conditions that may cast significant doubt on the Group’s ability to

The supervisory board is responsible for overseeing the Group’s finan-

continue as a going concern. If we conclude that a material uncertainty

cial reporting process for the preparation of the consolidated financial

exists, we are required to draw attention in the auditor’s report to thestatements and of the group management report.

related disclosures in the consolidated financial statements and in thegroup management report or, if such disclosures are inadequate, to

Auditor’s Responsibilities for the Auditof the Consolidated Financial Statements andof the Group Management Report

modify our respective audit opinions. Our conclusions are based on theaudit evidence obtained up to the date of our auditor’s report. However,
future events or conditions may cause the Group to cease to be able tocontinue as a going concern.

Our objectives are to obtain reasonable assurance about whether the con-◊

Evaluate the overall presentation, structure and content of the consol-

solidated financial statements as a whole are free from material misstate-

idated financial statements, including the disclosures, and whether thement, whether due to fraud or error, and whether the group management

consolidated financial statements present the underlying transactions

report as a whole provides an appropriate view of the Group’s position and,and events in a manner that the consolidated financial statements givein all material respects, is consistent with the consolidated financial state-a true and fair view of the assets, liabilities, financial position and fi-

ments and the knowledge obtained in the audit, complies with the Germannancial performance of the Group in compliance with IFRSs as adopted

legal requirements and appropriately presents the opportunities and risks

by the EU and the additional requirements of German commercial lawof future development, as well as to issue an auditor’s report that includes

pursuant to § 315e Abs. 1 HGB.

our audit opinions on the consolidated financial statements and on thegroup management report.

279

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information◊

Obtain sufficient appropriate audit evidence regarding the financial

We communicate with those charged with governance regarding, among

information of the entities or business activities within the Group toother matters, the planned scope and timing of the audit and significant

express audit opinions on the consolidated financial statements andaudit findings, including any significant deficiencies in internal control thaton the group management report. We are responsible for the direction,

we identify during our audit.

supervision and performance of the group audit. We remain solely­responsible for our audit opinions.
◊

Evaluate the consistency of the group management report with the

Berlin, March 7, 2023

consolidated financial statements, its conformity with German law, and◊the view of the Group’s position it provides.

PricewaterhouseCoopers GmbH

Perform audit procedures on the prospective information presented

Wirtschaftsprüfungsgesellschaft

by the executive directors in the group management report. On thebasis of sufficient appropriate audit evidence we evaluate, in particular,

Thomas Kieper

the significant assumptions used by the executive directors as a basis

Wirtschaftsprüfer

Wirtschaftsprüfer

for the prospective information, and evaluate the proper derivation of(German Public Auditor)(German Public Auditor)

Philipp Medrowthe prospective information from these assumptions. We do not express
a separate audit opinion on the prospective information and on theassumptions used as a basis. There is a substantial unavoidable risk that
future events will differ materially from the prospective information.

I NDEPENDENT PRACTITIONER’S REPORT ON A LIMITED ASSURANCEENGAGEMENT ON NON-FINANCIAL REPORTING 1)∏ 

To Deutsche Bahn AG, Berlin

Independence and Quality Control of the Audit Firm

We have performed a limited assurance engagement on the disclosures madein the sections “To our Stakeholders – Open Stakeholder Dialog”, ­“To our
Stakeholders – Charitable Commitment by the Deutsche Bahn Foundation”

We have complied with the German professional provisions regarding

and the sections highlighted with a gray background and titled “FURTHER­independence as well as other ethical requirements.

INFORMATION” of the Integrated Report 2022 of Deutsche Bahn AG, Berlin,

Our audit firm applies the national legal requirements and professional(hereinafter the “Company”) for the period from 1 January 2022 to 31 De-

standards – in particular the Professional Code for German Public Auditors

cember 2022 (hereinafter the “Report”).

and German Chartered Auditors (“Berufssatzung für Wirtschaftsprüfer undNot subject to our assurance engagement are the external sourcesvereidigte Buchprüfer”: “BS WP/vBP”) as well as the Standard on Qualityof documentation or expert opinions mentioned in the Report.

Control 1 published by the Institut der Wirtschaftsprüfer (Institute of Public Auditors in Germany; IDW): Requirements to quality control for audit

Responsibility of the Executive Directors

firms (IDW Qualitätssicherungsstandard 1: Anforderungen an die Qualitätssicherung in der Wirtschaftsprüferpraxis – IDW QS 1) – and accordingly

The executive directors of the Company are responsible for the preparation

maintains a comprehensive system of quality control including documentedof the Report in accordance with the principles set out in the Sustainability

policies and procedures regarding compliance with ethical requirements,

Reporting Standards of the Global Reporting Initiative (hereinafter the “GRI

professional standards and applicable legal and regulatory requirements.

criteria”).
This responsibility includes the selection and application of appropriate
non-financial reporting methods and making assumptions and estimates
about individual non-financial disclosures of the Company that are reasonable in the circumstances. Furthermore, the executive directors are responsible for such internal control as the executive directors consider necessary
to enable the preparation of a Report that is free from material misstatement
whether due to fraud or error.

1)	PricewaterhouseCoopers GmbH has performed a limited assurance engagement on the German
version of the report and issued an independent practitioner’s report in German language, which
is authoritative. The following text is a translation of the independent practitioner’s report.

280

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

Responsibility of the Assurance Practitioner

Restriction of Use

Our responsibility is to express a conclusion with limited assurance on the

We draw attention to the fact that the assurance engagement was con-disclosures in the Report based on our assurance engagement.

ducted for the Company’s purposes and that the report is intended solely

We conducted our assurance engagement in accordance with Interna-

to inform the Company about the result of the assurance engagement.

tional Standard on Assurance Engagements (ISAE) 3000 (Revised): Assur-

Consequently, it may not be suitable for any other purpose than the afore-

ance Engagements other than Audits or Reviews of Historical Financial

mentioned. Accordingly, the report is not intended to be used by third

Information, issued by the IAASB. This Standard requires that we plan andparties for making (financial) decisions based on it. Our responsibility is­

perform the assurance engagement to obtain limited assurance about

to the Company. We do not accept any responsibility to third parties. Our

whether any matters have come to our attention that cause us to believe

assurance opinion is not modified in this respect.

that the disclosures in the Company’s Report, other than the externalsources of documentation or expert opinions mentioned in the Report, have
Berlin, 7 March 2023

not been prepared, in all material aspects, in accordance with the relevant
GRI criteria.

In a limited assurance engagement the procedures performed are lessPricewaterhouseCoopers GmbHextensive than in a reasonable assurance engagement, and accordingly­

Wirtschaftsprüfungsgesellschaft

a substantially lower level of assurance is obtained. The selection of theassurance procedures is subject to the professional judgement of the as-

Hendrik Fink

surance practitioner.

Wirtschaftsprüfer

In the course of our assurance engagement, we have, amongst other(German Public Auditor)

things, performed the following assurance procedures and other activities:◊

Gain an understanding of the structure of the Company’s sustainability
organisation and stakeholder engagement◊

Inquiries of the executive directors and relevant employees involvedin the preparation of the Report about the preparation process, about
the internal control system relating to this process and about selecteddisclosures in the Report◊

Identification of likely risks of material misstatement in the Report◊

Review of processes for the collection, control, analysis and aggrega-under consideration of the GRI criteriation of selected data from different locations of the Company on asample basis◊

Analytical procedures on selected disclosures in the Report◊

Reconciliation of selected disclosures with the corresponding data in
the financial statements and management report◊

Inquiries on the relevance of climate-risks◊

Evaluation of the presentation of the Report

Assurance Opinion
Based on the assurance procedures performed and evidence obtained,
nothing has come to our attention that causes us to believe that the disclosures in the Company’s Report for the period from 1 January 2022 to 31
December 2022 have not been prepared, in all material aspects, in accordance with the relevant GRI criteria. We do not express an assurance opinion on the external sources of documentation or expert opinions mentioned
in the report.

281

ppa. Nicola Jung

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

GLOBAL REPORTING INITIATIVE(GRI) INDEXStatement of use

DB Group has reported in accordance with the GRI Standards for the period from January 1, 2022 to December 31, 2022.

GRI 1 used

GRI 1: Foundation 2021

Applicable GRI Sector Standard(s)None				Omission
GRI STANDARD

Page(s)Requirement(s)omittedReasonExplanation

General disclosures
G R I 2 : G E N E R A L D I S C LO S U R E S 2 0 2 1
1 . T H E O R G A N I Z AT I O N A N D I T S R E P O R T I N G P R AC T I C E S

2-1

Organizational details

37–38, 267–272

2-2	Entities included in the organization’s sustainability
reporting42, 216–217,
267–2722-3	Reporting period, frequency and contact point

42, 292

2-4

Restatements of information

42–43, 98,
217–220

2-5

External assurance

28, 42, 278–281

2 . AC T I V I T I E S A N D W O R K E R S

2-6	Activities, value chain and other business relationships

37–38, 38–40,
110–111, 114–116,
119–121, 127–129,
138–139, 142–143,
148–149, 156–157,
165–167, 188, 211,
218–220

2-7

89, 92, 117–118,
123–125, 130–131,
140–141, 147–148,
150–151, 160–161,
169–170

b. iii–a., b., c.

Information
not available/
incomplete

Not all companies outside of Germany have a central
data warehouse to consolidate and process the individual
data from the different companies.

a.

Information
unavailable/
incomplete

A more detailed description of the procedure for review

a.

Information
unavailable/
incomplete

Questions of long-term training for Supervisory Board
members, in particular on sustainability issues, will be includedin the upcoming efficiency audit in 2023.

a., b., c.

Information
unavailable/
incomplete

Not all companies outside of Germany have a central
data warehouse to consolidate and process the individual
data from the different companies.

2-8

Employees

Workers who are not employees

Information
unavailable/
incomplete

Not all companies outside of Germany have a central
data warehouse to consolidate and process the individual
data from the different companies.

3. GOVERNANCE

2-9

Governance structure and composition

2-10

Nomination and selection of the highest governance body 195–197

2-11

Chair of the highest governance body

2-12 	Role of the highest governance body in overseeing themanagement of impacts

37–38, 195–197
195
40–41

2-13 	Delegation of responsibility for managing impacts

40–41, 195

2-14 	Role of the highest governance body in sustainability
reporting

42–43, 216

2-15

Conflicts of interest

195–196

2-16

Communication of critical concerns

28

2-17

Collective knowledge of the highest governance body–

2-18 	Evaluation of the performance of the highest
governance body

198

2-19

Remuneration policies

41, 198–201

2-20

Process to determine remuneration

198

2-21

Annual total compensation ratio–282

and approval is planned for future reporting years.

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

Omission
GRI STANDARD

Page(s)Requirement(s)omittedReasonExplanationa.

Information
unavailable/
incomplete

There are currently no comprehensive commitments toremedy this situation. Through the policy declaration of the
LKSG, there will be a commitment to remedy human rights
and environmental obligations in 2023.

a., b.

Information
unavailable/
incomplete

Information system not yet available. In development.

a., b.

Information
unavailable/
incomplete

Not all companies outside of Germany have a central
data warehouse to consolidate and process the individual
data from the different companies.

a. v.

Information
unavailable/
incomplete

Costs for managing climate-related opportunities and risks
are set out in various items of the statement of income in
the reporting. However, they have not yet been combined
under this aspect.

4 . ST R AT E GY, P O L I C I E S A N D P R AC T I C E S

2-22 	Statement on sustainable development strategy

22–24

2-23 	Policy commitments

110–111, 180, 185,
186–188, 188–189

2-24

Embedding policy commitments

110–111, 185,
186–188, 188–189

2-25

Processes to remediate negative impacts

111, 186–188,
188–189

2-26 	Mechanisms for seeking advice and raising concerns

186–187, 188–189

2-27

Compliance with laws and regulations

51, 186–188, 188

2-28

Membership associations

30, 325 . STA K E H O L D E R E N G AG E M E N T

2-29

Approach to stakeholder engagement

30–32

2-30

Collective bargaining agreements

91–92

Material topics
G R I 3 : M AT E R I A L TO P I C S 2 0 2 1

3-1

Process to determine material topics

31, 42–43

3-2

List of material topics

42–43

Economic performance capability
3-3Management of material topics

30–32, 51–57,
101–102, 103–105,
105–109, 203–208

GRI 201: ECONOMIC PERFORMANCE 2016

201-1	Direct economic value generated and distributed

99–101, 210, 213

201-2 	Financial implications and other risks
and opportunities due to climate change

180–181201-3 Defined benefit plan obligations and		other retirement plans

105, 247–251

201-4 Financial assistance received from government

36, 44–47,
106–108, 155,
262–264

G R I 2 0 3 : I N D I R E C T E C O N O M I C I M PAC T S 2 0 1 6

203-1 	Infrastructure investments andservices supported

106–108, 181, 261

203-2 Significant indirect economic impacts

51–57

Corporate management and compliance
3-3Management of material topics

186–188

G R I 2 0 5 : A N T I- C O R R U P T I O N 2 0 1 6

205-1 	Operations assessed for risks related to corruption

44, 172–174, 186a.

Information
unavailable/
incomplete

Quantitative survey in accordance with requirements is notmaterial from DB Group perspective and therefore undue.
Within a three-year cycle, all Group companies with operating
activities are to be examined for risks of corruption. Compliancerisks must be reported annually on business units level.

205-2 	Communication and training about anti-corruption
policies and procedures

111, 186–188, 188a., b., c., d., e.

Information
unavailable/
incomplete

Quantitative survey in accordance with requirements is notmaterial from DB Group perspective and therefore undue.
Communication and training on anti-corruption are describedunder “Compliance instruments”. Upon conclusion of thecontract, suppliers are informed of and obliged to meet anticorruption requirements.

205-3 	Confirmed incidents of corruption and actions taken

186–188, 188283

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

Omission
GRI STANDARD

Page(s)Requirement(s)omitted–ReasonExplanationa.

Information
unavailable/
incomplete

The total number is currently not available and will be reported
in the future.

b.

Not applicable

No completed proceedings during the reporting period.

G R I 2 0 6 : A N T I- C O M P E T I T I V E B E H AV I O R 2 0 1 6

206-1 	Legal proceedings due to anti-competitive behavior,anti-trust and monopoly practices

Sustainable resource use
3-3Management of material topics

74–75, 180

G R I 3 0 1 : M AT E R I A L S 2 0 1 6

301-1 Materials used by weight or volume

74–75, 75a.

Information
unavailable/
incomplete

According to the material flow analysis conducted in 2021, thematerials used in track infrastructure (rail steel, gravel, concreteties) are the main resources of DB Group. The materiality ofadditional resources is checked continuously.

301-2 Recycled input materials used

74–75, 75a.

Information
unavailable/
incomplete

According to the material flow analysis conducted in 2021, thematerials used in track infrastructure (rail steel, gravel, concreteties) are the main resources of DB Group. The materiality ofadditional resources is checked continuously.

301-3 	Reclaimed products and their packaging materials

74–75, 75a.

Information
unavailable/
incomplete

According to the material flow analysis conducted in 2021, thematerials used in track infrastructure (rail steel, gravel, concreteties) are the main resources of DB Group. The materiality ofadditional resources is checked continuously.

G R I 3 0 6 : WA ST E 2 0 2 0306-1 	Waste generated and significant waste-related impacts

76306-2 	Management of significant waste-related impacts

74–75, 76

306-3 Waste generated

76

306-4 Waste diverted from disposal

76, 76–77

b., c.

Information
unavailable/
incomplete

The data on “Preparation for reuse” is not collected by
DB Group or by the commissioned disposal companies because
it is not currently part of the waste law system.

306-5 Waste directed to disposal

76, 76–77

b., c.

Information
unavailable/
incomplete

Excluding DB Arriva. DB Cargo AG is the only part of the
DB Cargo business unit included. The extent to which the datac.

Information
unavailable/
incomplete

In the context of the Scope 3.3 emissions that are currently notreported in accordance with the GHG protocol, accounting
for biogenic CO₂ emissions does not make sense. The aim is toexpand in the medium term.

d.

Not applicable

No separate scope targets are stated in the Group climate
protection target for the base year 2006.

c.

Information
unavailable/
incomplete

In the context of the Scope 3.3 emissions that are currently notreported in accordance with the GHG protocol, accounting
for biogenic CO₂ emissions does not make sense. The aim is toexpand in the medium term.

can be collected in the medium term is being examined.

Climate protection
3-3Management of material topics

70–74, 117, 123,
124, 129, 130, 140,
146, 147, 149,
149–150, 151, 159,
160, 167–168, 169,
180–181

GRI 305: EMISSIONS 2016305-1 Direct (Scope 1) GHG emissions

78, 78–79

305-2 Energy indirect (Scope 2) GHG emissions

70, 78, 78–79

305-3 Other indirect (Scope 3) GHG emissions

70, 78, 78–79

305-4 GHG emissions intensity

71, 78, 78–79

305-5 Reduction of GHG emissions

70, 71, 78, 78–79

a.

Information
unavailable/
incomplete

No quantitative information is available at the time ofdata collection. In addition to qualitative data, quantitative
data is also being reported in the medium term.

305-6 Emissions of ozone-depleting substances (ODS)–

a., b., c., d.

Not applicable

If used, refrigerants are used in such small quantities thatmateriality is not given.

305-7	Nitrogen oxides (NOx), sulfur oxides (SOx)and other significant air emissions

80

284

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

OmissionPage(s)Requirement(s)omitted302-1 Energy consumption within the organization

72, 78–79

302-2 Energy consumption outside the organization

72, 78–79

GRI STANDARD

ReasonExplanationb., c., d.

Information
unavailable/
incomplete

Total fuel consumption is reported, but the fuel types used cannot
be broken down at present. A breakdown by fuel type is only
available for the DB traction current mix. Further information
will be reported in the medium term.

a.

Information
unavailable/
incomplete

The primary energy consumption reported includes the energy
consumption of the main Scope 3.4 transport services inaccordance with the GHG Protocol (DB Schenker, DB RegionalBus, rail freight transport to China). Additional Scope 3
categories are specified in the medium term.

a., b., c.

Information
unavailable/
incomplete

No quantitative information is available at the time of datacollection. In addition to qualitative data, quantitative data isalso being reported in the medium term.

G R I 3 0 2 : E N E R GY 2 0 1 6

302-3 Energy intensity

72

302-4 Reduction of energy consumption

70, 72, 78–79

302-5 	Reductions in energy requirements ofproducts and services

70, 72, 78–79

Customer safety
3-3Management of material topics

67–68

G R I 4 1 0 : S E C U R I T Y P R AC T I C E S 2 0 1 6

410-1 	Security personnel trained in human rights policies
or procedures

67

G R I 4 1 6 : C U STO M E R H E A LT H A N D S A F E T Y 2 0 1 6

416-1 	Assessment of the health and safety impacts of productand service categories–

a.

Information
unavailable/
incomplete

Information cannot currently be reported due to the complex
business structure.

416-2 	Incidents of non-compliance concerning the healthand safety impacts of products and services–

a., b.

Information
not available/
incomplete

Information cannot currently be reported due to the complex
business structure.

Capacity expansion of the infrastructure and vehicle fleet
3-3Management of material topics

52–54, 54, 55–56

G R I 4 1 3 : LO C A L C O M M U N I T I E S 2 0 1 6

413-1 	Operations with local community engagement, impact
assessments, and development programs–a.

Information
unavailable/
incomplete

Percentage can currently not be represented due to the complex
Group structure and extensive infrastructure.

413-2 	Operations with significant actual and potential negative
impacts on local communities–

a.

Information
unavailable/
incomplete

Information can currently not be represented due to the complex
Group structure and extensive infrastructure.

a., b.

Not applicable

Contributions of any kind to political parties, their representatives,political leaders, elected representatives and candidates forpolitical office are generally prohibited.

Dealing with politics and regulations
3-3

Management of material topics

30, 44–51,
139–140, 140, 144,
148–149, 178, 202

GRI 415: PUBLIC POLICY 2016415-1 Political contributions

30

Solutions for modern and digital mobility,
logistics and service
3-3Management of material topics

63, 64

Customer benefit and product quality
3-3Management of material topics

59, 60–62

285

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

UN GLOBAL COMPACT INDEXThe UN Global Compact is the largest and most important initiative in theworld for responsible corporate management. Upon joining the UN Global
Compact in 2009, DB Group made a commitment to support its ten principles, and regularly reports on its activities and services in a Communication
on Progress.

Page
HUMAN RIGHTS

Principle 1

Support and respect for international human rights

32–34, 42–51, 110–111, 188–189

Principle 2

Exclusion of human rights abuses

110–111, 188–189

L A B O R STA N DA R D S

Principle 3 	 Preserving freedom of association and law on collective bargaining

81–94, 188–189

Principle 4

Elimination of all forms of forced labor

110–111, 188–189

Principle 5

Elimination of child labor

110–111, 188–189

Principle 6

Elimination of discrimination

42–51, 81–94

E N V I R O N M E N TA L P R OT E C T I O N

Principle 7

Preventive environmental protection

Principle 8

Initiative for greater environmental awareness

30–32, 40–57, 69–80, 149–150
30–32, 40–57, 69–80, 117, 123, 129, 140, 145–146, 149–150, 159, 167–168

Principle 9

Development and dissemination of eco-friendly technologies

30–32, 40–41, 51–57, 69–80, 110–111, 116–117, 122–123, 129, 140,
144–146, 149–150, 159, 166–168, 208

A N T I- C O R R U P T I O N

Principle 10 Measures against corruption

30–32, 110–111, 185–189

TASK FORCE ON CLIMATERELATED FINANCIALDISCLOSURES (TCFD) INDEX
DB Group supports the recommendations of the TCFD on reporting climate-

The index table shows in which chapters and sub-chapters relevant topics

related information. In this Integrated Report, we publish content recom-

can be found. The table is broken down according to the TCFD recommen-

mended by the TCFD at various points.

dations into the four core areas of governance, strategy, risk management,
as well as key figures and targets.

Page 1)

TCFD RECOMMENDED DISCLOSURESG OV E R N A N C E

Disclose the organization’s governance aroundclimate-related risks and opportunities.

a. 	Describe the Board’s oversight of climate-related risks and opportunities.

40–41, 51–54, 56–57, 172–173, 180, 197b. 	 Describe management’s role in assessing and managing climate-related risks
and opportunities.

30, 40–41, 73

ST R AT E GY

Disclose the actual and potential impacts ofclimate-related risks and opportunities on
the organization’s businesses, strategy andfinancial planning.

a. 	Describe the climate-related risks and opportunities the organization has identified
over the short, medium and long term.

73, 172–173, 175–181

b. 	Describe the impact of climate-related risks and opportunities on the organization’s
businesses, strategy and financial planning.

45–46, 51–54, 56–57, 69–73,
175–181c.	Describe the resilience of the organization’s strategy, taking into consideration different
climate-related scenarios, including a 2 °C or lower scenario.

45–46, 51–54, 56 – 57,
69–73, 180

a. Describe the organization’s processes for identifying and assessing climate-related risks.

73, 172–173, 175–181

b. Describe the organization’s processes for managing climate-related risks.

73, 175–181

c. 	Describe how processes for identifying, assessing and managing climate-related risks areintegrated into the organization’s overall risk management.

172–173, 175–181

a. 	Disclose the metrics used by the organization to assess climate-related risks andopportunities in line with its strategy and risk management process.

40–41, 56–57, 69–73, 92,
116–117, 198–199

b. 	Disclose Scope 1, Scope 2 and, if appropriate, Scope 3 greenhouse gas (GHG) emissions,and the related risks.

78–79, 290

c. 	Describe the targets used by the organization to manage climate-related risks andopportunities and performance against targets.

56–57, 69–73

R I S K M A N AG E M E N T

Disclose how the organization identifies,
assesses and manages climate-related risks.

M E T R I C S A N D TA R G E T S

Disclose the metrics and targets used toassess and manage relevant climate-relatedrisks and opportunities.

1)

Page references refer to the chapters and sections in the report containing TCFD-relevant information.

286

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

GLOSSARYA

At the same time, a maximum of 10% of emissions may

Credit rating

Accessibility

be neutralized, i.e. removed from the atmosphere

Credit rating assigned by rating agencies that affect a

Understood as universal design, meaning a design ofand permanently bound by technical or natural solu-

company’s refinancing options and costs.

products, environments, programs and services in suchtions. DB Group’s ambitious reduction path is consistent

a way that they can be used by all people. Accessibility

with the objective of holding global warming to 1.5 °C

at train stations covers a wide range of aspects, from

(1.5 °C compliant path) until the 2040 targets haveinformation and service to structural design. The

been achieved in full.

over­­all objective is to dismantle all attitude-based andenvironmental barriers that prevent passengers fromfull, effective and equal participation in the rail system.
Airborne pollutants

Natural substances or airborne substances caused byhuman activities which may have a detrimental effecton the environment. Examples of airborne pollutants

Germany-wide random sample survey in the Integrated
Rail System in Germany. Short, compact and digital
instrument as a supplementary format in the years

Combined transport

between the more comprehensive employee survey.

Combined transport of containers or entire trucks on

The focus of the survey is the compass index – whichrail and road.

measures corporate culture in relation to the “com­-Commercial paper program ( CP program)pass for strong teamwork.”

Contractual framework or model documentation for

Customer satisfaction

the issue of short-term commercial papers.

Satisfaction of customers and partners with a product/offer or a service, surveyed on a representativecaused by combustion are soot particles, nitric oxides,

Compass index

hydro­­carbons or sulfur dioxide.

Measures the implementation of the “compass for

B

Culture barometerstrong teamwork” in DB Group. It is a key indicator forthe transformation of the organization as part ofbasis and evaluated on behalf of DB Group by independent market research institutes by telephone, in
person or online.

Biofuelthe Strong Rail strategy. It is collected annually as part

Fuel that is produced from biomass and is a climate-of the employee survey and the culture barometer

This index is generally rated on a grading scale of 1

friendly alternative compared to diesel. Biofuels that(from 2021).

(very satisfied) to 6 (very dissatisfied). These grades

are produced exclusively from waste and residues
and without the use of cultivated biomasses are also
known as advanced biofuels. HVO (hydrogenatedvegetable oil) is an example of an advanced biofuel.
Bond

Interest-bearing security which is used to borrow funds
on the capital market. Helps mid-term to long-term debt
financing by companies.
Bus kilometers (bus km)

The journey of a bus over a distance of 1 km.

C
Capital employed

Includes property, plant and equipment (including
intangible assets) and net current assets.
Climate

The entirety of the meteorological events (for example
temperature, precipitation, wind), which describe
the average condition of the atmosphere at a certain
location for a duration of at least 30 years.

Customer satisfaction index

are converted and shown on a scale of 0 to 100 (0 points

Compliance

An important component of corporate governance. Thisis understood as compliance with laws and directives,
as well as voluntary codes of conduct in the company.

= grade 6; 20 points = grade 5; 40 points = grade 4;
60 points = grade 3; 80 points = grade 2; 100 points =grade 1).

D

Contracting organizations

In general, the Federal states are responsible for

DB eco plus

ordering regional rail passenger transport services

Service for rail freight transport customers to havefrom transport companies. This is carried out by

their goods transported in a climate-neutral way on alla total of 27 different public transport authorities.

electrified lines within Germany and Austria.

Contract logistics

DB traction current

Service packages comprising multiple logistics activi-

Electric traction current, with which DB Netze Energy

ties. The service provider not only organizes transport

supplies intra-Group train operating companies inorders, but also independently assumes parts of theGermany.

value-added chain.

Debt coverage

Costs of capital

Key financial indicator that describes the relationship

Based on fair values as a weighted average of risk-

between the company’s current financing power and its

adequate market returns for the minimum return

financial obligations (adjusted net financial debt).

requirement calculated for debt and equity capital.

Debt issuance program

Credit facilities

Contractual framework or sample documentation for

Credit facilities granted by banks which can be utilized

the issuance of bonds. This guarantees a high degree of

Climate neutrality

if necessary. These are firm commitments of credit

flexibility in issue activity.

DB Group’s climate neutrality target is based onlines with different maturities, some of which serve as

the net-zero standard of the Science Based Targets

liquidity reserves that are available at all times, while

initiative (SBTi) and thus an established standard.

the umbrella credit lines are available in particular

DB Group follows the principle of “avoid, reduce,

to foreign subsidiaries for working capital financing andneutralize.” Essentially, this means reducing all green-

as a guarantee line.

Derivative financial instruments (derivatives)

Financial instruments, the price or value of which
depends on the future rates or prices of other goods,
assets or reference values (interest rates, indices).
These are contracts in which the contracting parties

house gas emissions (Scopes 1–3) for which it isagree to buy, sell or swap assets at specified conditions

technically possible and economically reasonable toin the future, or alternatively make value equalization

do so, and to neutralize the remaining emissions.

payments.

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Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

Diversity

ESG rating

Greenhouse gas emissions ( CO ₂ equivalents [ CO ₂e])Refers to the variation within the workforce with regard

Assessment of sustainability, for example of a company.

Emissions of trace gases that contribute to the green-

to gender, ethnicity and social background, age, reli-

The degree of sustainability is assessed on the basis ofhouse effect on Earth. According to the Kyoto Protocolgion, sexual orientation and identity, as well as physicalthe fulfillment of environmental, social and governanceand GHG Protocol, this includes the following com-and mental ability. Diversity also encompasses em-(ESG) criteria.

pounds: carbon dioxide (CO₂), methane (CH₄), nitrous

European Train Control System (ETCS)

perfluorinated hydrocarbons (HFCs/PFC), sulfur

Train control system, through which the interaction

hexafluoride (SF₆) and nitrogen trifluoride (NF₃). The

ployees’ variety of perspectives, values, professional
experience and skills.

E
Earnings before interest and taxes ( EBIT )Operating profit/loss before interest and tax.
Earnings before interest, taxes, depreciation andamortization ( EBITDA )Operating profit/loss before interest, taxes, depreciation
and amortization.
Ecosystem (digital)

Ecosystems are networks of partners who work on com-oxide (N₂O), hydrochlorofluorocarbons (H-FKW/HFC),

between the vehicle and line is standardized across

CO₂ equivalent (unit: CO₂e) is used as a measure ofEurope. The migration to ETCS affects vehicles

the relative contribution to the greenhouse effect. Thisand lines. ETCS offers a modular system of functions,is also referred to in international standards as GWP

clustered in levels and operating modes, the use(global warming potential).

of which depends on the rules and use cases of therespective infrastructure.

ated value exceeds the sum of the isolated value-added
chains, for example, through a simple and better customer experience or increased efficiency in production.

A globally-recognized standard for the quantification

Existing networkand management of greenhouse gas emissions which

Existing rail network and therefore core of theis used by many companies, non-governmental organiza-­infrastructure.

tions (NGOs) and governments.

mon (or competing) value-added chains for a value
proposition. In partnership-based value chains, the cre-Greenhouse Gas ( GHG ) Protocol

Gross capital expenditureF

Total capital expenditures in property, plant and equip-

Facilities quality

To ensure maintenance funds are used according to
demand and to assess improvements stemming fromment and intangible assets – irrespective of the typeof financing.

implemented measures, the condition of structural

Gross profit

Electricity mix

and technical facilities undergo periodic and event-Amount of revenues remaining after deduction of theComposition of electricity by type of energy generation

based evaluations.

(for example renewable energies, gas and others).

variable (= sales-related) costs or direct (= contractrelated) costs.

Fast-track program ( SLP )Employee satisfaction index ( SI )Economic stimulus program from the Federal Govern-

As part of the Group-wide employee survey conducted

ment, DB Group and industry to renew signaling,

every two years, the index is calculated using

interlocking and level crossing technology within a veryquestions about motivation, job satisfaction andshort time.

(emotional) loyalty to the company on a scale from
1 to 5 (best possible value).

H
Hybrid bonds

A corporate bond which, under certain conditions, iscounted as equity within the scope of the IFRS accounting
regulation. Hybrid bonds usually have very long matur-

Final energy

The energy form for which an end consumer receives

ities or no fixed redemption dates, but may be terminatedEmployee survey

an invoice, for example the quantity of fuel added,by the issuer after the expiry of a predefined minimum

It has been conducted within DB Group every two years

or the traction current obtained.

term.

since 2012. The aim of the employee survey is to givethe individual divisions, business units and the entire
DB Group a status update for various organizational andFloating rate notes ( FRN )Bonds with variable interest rates.

cultural frameworks. Another objective of the survey
is the subsequent improvement processes, which are
triggered by the discussion of the results.

An accounting rule of the International Accounting

G
Global Reporting Initiative ( GRI )An international organization committed to the distribu-

Equity method/at-equity accounting

tion and improvement of sustainability reporting. The

Procedures for the accounting of affiliated companies

GRI standards are regarded as the most widely used andwhich are not included in the consolidated financial

most internationally recognized reporting standard forstatements on the basis of full consolidation with all

sustainability.

assets and liabilities. The book value of the subsidiary is adjusted by the development of the pro rata
equity in the holding.

I
IFRS 16

Standards Board (IASB), which, since 2019, has obligated companies preparing balance sheets in accordance with IFRS to record all lease agreements with acontract term of more than one year in their balance
sheets.
Interest-free loans

Global warming potential ( GWP )The global warming potential of a climate-effective
chemical compound such as methane describes theLoans from the Federal Government that have to be
repaid, but are not interest-bearing. These result fromfinancing contributions from the Federal Republic of
Germany for capital expenditures for track expansion

Equity ratio

relative warming effect on the Earth’s atmosphere over

Key financial indicator based on the balance sheeta period of 100 years (as a rule). The dimensionlessstructure: proportion of equity in the balance sheet

figure describes the number of times a greenhouse gas

Intermodal competition

total as a percentage.

contributes to global warming in comparison with CO₂.

Competition between different modes of transport, forIn the example of methane, it is 28 times this figure.

example between rail and air transport.

The respective status reports of the IPCC are decisivein this.

288

and replacement.

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

International Financial Reporting Standards ( IFRS )Net financial debt

Preferred carriersInternationally recognized accounting standards. Since

Balance from interest-bearing external liabilities andKey transport partners (freight carriers) of our logistics

2002, IFRS has been regarded as the overall concept

leasing liabilities as well as cash and cash equivalents

provider DB Schenker.

of standards adopted by the International Accounting

and interest-bearing external receivables.

Standards Board. Previously adopted standards arestill cited as International Accounting Standards (IAS).
Interoperability (multisystem capability)

Ability of rolling stock to adapt to different technicalstandards (for example track gauges or power systems)
so as to run as consistently as possible between different rail networks of individual countries.
Investment grants

Financing contributions from third parties in specified
capital expenditures projects without future repayment
requirements.

KK brake shoe

Brake shoe made from composite materials (K), seealso V brake shoes.

L
LL brake shoe

Brake shoe made from composites (LL: low noise,
low friction), see also V brake shoe.
Load factor

Load factor describes the share of the capacity usedof the production equipment (for example train, bus)in the total available capacity.
Local transport

Transport services with the products IRE, RB, RE and
S-Bahn (metro).
Long-distance transport

DB Transport services with ICE and Intercity/Eurocity

Energy which is available in its original energy form

Assets that are offset against gross pension obligations

or source, such as coal, natural gas, sun, wind andin the balance sheet.

nuclear fuel.

Noise

Procurement volume

Noise which disturbs people and the environment or

Net total of all order values from individual orders andwhich in extreme cases is damaging to health.

batches from framework contracts that were concludedby the respective product areas.

Noise barrier

Installation of active noise protection on rail lines,

Punctuality

mostly made from materials such as aluminum, wood,

Share of on-time stops in relation to all stops along andconcrete or wire baskets filled with stones (gabions).
Noise prevention

Noise remediation measures on new and expanded/
upgraded lines based on legal claims.

on time, with retroactive effect.

(for example brake shoes made of composite materials

Renewable energies

passive noise protection measures (for example

Energy from renewable sources that are theoreticallysoundproof windows).

unlimited in supply, such as water, wind or sunlight.

Noise remediation program

Renewable Energy Sources Act

Voluntary program of the Federal Government im­(Erneuerbare-Energien-Gesetz – EEG )plemented by DB Group to reduce the noise on exist­ing

Federal law to promote the supply of electricity fromFederal rail lines.

renewable energy.
Requirement planO

New construction and expansion/upgrade projects

On-demand services

Services that are provided to the customer when theyneed and request them.

rented assets.
Key earnings figure that also takes financing costs into

hours.

account for a sustainable assessment of earnings

from third parties, for example for infrastructure
investments.

structure Plan.
Aid, fund, reserve, raw material.
Return on capital employed ( ROCE )and hours actually worked based on one million working

Gross capital expenditures less investment grants

set out in the Federal Government’s Transport Infra-

Resource

Operating profit after interest

Net capital expendituresR

on freight cars, known as whisper brakes) and tostop the spread (for example noise barriers) as well as

Describes the relationship between accident frequency

N

DB Regional Bus has also evaluated buses that have

Noise reduction through active measures at the source

Off-balance-sheet financial instruments: leased or

The type of transport, for example road or rail.

16 minutes in freight transport. In addition, since 2020,
been operated more than one minute too early as notoperating companies.

Mode of transport

than six minutes in passenger transport or less than

Noise reduction

Operating leasesM

at the end of routes in Germany. A stop is consideredon time if the scheduled arrival time is exceeded by lessproducts. There are also offers from non-Group train

Lost time injury frequency ( LTIF )Primary energy

Nettable plan assets(particularly relevant in the infrastructure businessfields). Therefore, in comparison with EBIT, theoperating interest balance is also taken into account.

Key performance indicator for value-based management. Corresponds to the yield on capital employed.
Percentage ratio of (adjusted) EBIT to the capital
employed.

S
Science Based Targets initiative ( SBT i)

The Science Based Targets initiative is a partnership

Overall punctuality

Covers all rail transport on DB Netz AG infrastructure

between the Carbon Disclosure Project (CDP), theat DB Netze Track.

United Nations Global Compact, the World Resources
Institute (WRI) and the World Wide Fund for Nature

P(WWF). It defines methodologies for defining science-

Passenger kilometers (pkm)­­based targets in accordance with the latest findings

Unit of measurement for transport volume or volume

in climate science, and defines and promotes best

sold in passenger transport: product of the number ofpractice for emissions reductions and net zero targets.

passengers transported and the average travel distance.

289

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information† Scope 1 – 3 (according to GHG protocol)

Sustainability

Transport contract

As part of carbon accounting based on the Greenhouse

Guiding principle of reconciling ecological, social andAgreement between the contracting organization andGas (GHG) Protocol, emissions are divided into

economic objectives for sustainable and generationallytrain operating company on the provision of regional

three scopes. For DB Group: Scope 1 = greenhouse gas

equitable development.

passenger transport services.

emissions from our own combustion-powered vehicles
or stationary heat generation plants, Scope 2 =electricity, district heating and cooling supply, Scope 3 =third-party emissions from business relationships,
for example transport services provided by our sub­con­tractors (commissioned transport services). Due toour business model, we report on the main transport­­related emissions within Scope 3.
Scope of consolidation

Subsidiaries of a group which are included in the con­solidated financial statements.

Sustainable Development Goals ( SDG s)

Political targets set by the United Nations with a viewto ensuring sustainable development on an economic,
social and environmental level. The goals took effect onJanuary 1, 2016, and will run until 2030, and apply to
all member states.

governance. On the basis of its ten universal principles,
it pursues the vision of an inclusive and sustainable
and markets, today and in future.

The basic concept for financial instruments that involveVthe exchange of future cash flows. This allows financial
risks (interest, currencies, raw materials) to be hedged

V brake shoein a targeted manner.

Brake shoe made from composites (V) which halves
the rolling noise of freight cars. Collective term for K and

T

Bond that is serviced in the event of insolvency before

LL brake shoes.

other issued bonds of the same company with a lower

Task Force on Climate-related Financial Disclosure ( TCFD )rank (for example hybrid bonds) and therefore has a

The Task Force on Climate-related Financial Disclosure

higher level of security, but also a lower interest rate.

is an initiative established in 2015 to make recommenda­

The sickness rate shows the share of labor that is lost

The world’s largest initiative for responsible corporate

global economy to the benefit of all people, communities

Swap

Senior bondSickness rate

U
United Nations Global Compact

tions for reporting material financial opportunities
and risks that result from climate change for companies.

Vegetation control

Vegetation control includes all vegetation-related maintenance and traffic safety measures to ensure thesafety of railway operations and third parties. These
include checking and cutting/removing vegetation

due to illness in relation to overall labor and therefore

Ton kilometers (tkm)in and on the tracks using mechanical and chemical (onlyonly includes employees who are still paid a salary.

Unit of measurement for the transport volume or volume

in the immediate vicinity of the tracks) procedures.

Specific

Relative to a certain (reference) quantity, for example
based on the volume sold.
Stakeholders

Interest groups and representatives.

sold in freight transport: product of the freight carried(tons) and the distance traveled (kilometers).

the rail network. Measurement: train-path kilometers

Propulsion to move trains. Depending on the(train-path km).

energy source, drive machine and power transmission,a distinction is made, among other things, between
electric, diesel-electric, and diesel-hydraulic traction.

Buildings and facilities such as depots and train stations.

Traction units that, in addition to electric traction,

Transparent and non-discriminatory pricing system forDistance covered by train operating companies on

Traction

Stationary facilities

Station pricing system

Volume produced

also have diesel-assisted traction are also referred toas hybrid vehicles.

Volume soldKey performance indicator for measuring the transport
services provided in passenger and freight transport.
Units of measurement: passenger kilometers (pkm), ton
kilometer(tkm).

W

the use of passenger stations. The station prices depend

Traction current

largely on the volume level and standard of amenities/

Composition of the traction current of all train operating

Weight-related ton kilometers (Ltkm)

facilities at the respective station.

companies in Germany supplied by DB Netze Energy

Indicator for the provided transport performance in(in addition to other suppliers) through the tractionrail passenger and freight transport. Product from the

Supply chain

The stages of production illustrated as an orderly

current grid.

gross weight of the entire train, including the traction unit (weight-related tons) and the distance covered

sequence of activities. These activities add value, con-

Train-path

sume resources and are connected with each otherThe share of the rail track capacity that is required

in processes.

for a train to be able to travel between two places in a

Well-to-wheel ( WTW )set time.

Method for calculating emissions considering the entire

Supply reliability

Measure of the reliability of the energy supply. Can also

Train-path kilometers (trkm)

be used for sub-areas, such as security of the energy

See “Volume produced.”

supply in Germany or the energy supply of rail operations.

(kilometers).

chain of effects from extraction and provision to theconversion and use of energy (in vehicles or facilities).
Whisper brakes

Train-path pricing system

DB Netz AG’s transparent and non-discriminatory

fee system for train-path use by customers, dependent
on the relevant market segments and the train-pathkilometers traveled.

290

See K and LL brake shoes.

Setting the course for change To our stakeholders Group management report Consolidated financial statements Additional information

LIST OF ABBREVIATIONSAABS Expansion line
AEG General Railways Act
AGV MOVE Mobility and Transport Services Association
AI Artificial Intelligence
AktG Stock Corporation Act
ATO Automatic train operation
AUD Australian dollar

bAV
bbl
BDI
BEV
BGB
BGH
BilMoGBIM
BKartA
BMAS
BMDV
BMF
BMI
BMUV

BMWK
BNetzA
BSWAG
Bund
Buskm
BVerfG

CCO
CEF
CEO
CER
CHF
CO₂
CO₂e
COSO
CP
CSA
CSO
CSR
CSR-RUG
CTA

B

Company pension plan
BarrelFederal Association of German Industry
Federal Railway Fund
German Civil CodeGerman Federal Supreme Court
German Accounting Law Modernization Act
Building information modelingFederal Cartel Office
Federal Ministry of Labor and Social Affairs
Federal Ministry of Transport andDigital Infrastructure
Federal Ministry of FinanceFederal Ministry of the Interior
Federal Ministry for the Environment,
Nature Conservation, Nuclear Safety andConsumer Protection
Federal Ministry for Economic Affairs
and Climate Protection
Federal Network Agency
Federal Rail Infrastructure Extension Act
Bundesrepublik Deutschland(Federal Republic of Germany)
Bus kilometers
Federal Constitutional Court

C

Chief Compliance Officer
Connecting Europe Facility
Chief Executive Officer
Community of European Railway
and Infrastructure Companies
Swiss francs
Carbon dioxide
CO₂ equivalentCommittee of Sponsoring Organizationsof the Treadway Commission
Commercial paper
Credit Support Agreements
Chief Sustainability Officer
Corporate Social Responsibility
CSR Directive Implementation Act
Contractual Trust Arrangement

D

DAC Digital automatic coupling
DB AG Deutsche Bahn AG
DB E&C Deutsche Bahn Engineering&Consulting GmbHDB Finance Deutsche Bahn Finance GmbHDB Group Deutsche Bahn GroupDB IO Deutsche Bahn International Operations
DGCN German Global Compact Network
DKS Stuttgart Digital Hub
DSD Digital Rail for Germany
DSTW Digital interlocking

E

Profit and loss transfer agreement
Federal Railway Authority
Earnings before interest and taxes
Earnings before interest, taxes,
depreciation and amortization
EC Eurocity

EAV
EBA
EBIT
EBITDA

ECB
ECJ
EDIP
EEG
EFA
ERA
ERegG
ERTMS
ESG
ESTW
ETCS
EU
EVG

European Central Bank
European Court of Justice
European Debt Issuance Program
Renewable Energy Sources Act
Emission factors
European Union Agency for Railways
Railway Regulation Act
European Rail Traffic Management System
Environmental, Social, GovernanceElectronic interlocking
European Train Control System
European Union
Railway and Transport Workers’ Union

F

Full container load
Ferrovie dello Stato (Italian state-owned
railway)FTE Full-time employees
FüPoG II Second Act for the Equal Participation of Womenand Men in Management Positions
FCL
FS

GBP
GDL
GDP
GDPR
GHG
GRI
GVFG
GWh

HR
HVO

IC
ICE
ICS
IFRS
IMO
ISO

G

British pound sterling
German Train Drivers’ Union
Gross domestic product
General Data Protection Regulation
Greenhouse gas
Global Reporting Initiative
Municipal Transport Financing Act
Gigawatt hourH

Human Resources
Hydrotreated vegetable oil

I

Intercity
Intercity Express
Internal control system
International Financial Reporting Standards
International Maritime Organization
International Organization for Standardization

K

Group Employer/Works Council Agreement
Corporate Sector Supervision
and Transparency Act
kWh Kilowatt hour

KBV
KonTraG

LCL
LKSG
LTI
LTIF
Ltkm
LuFV

m²
MaaS
MaRiskMitbestG
MJ
MRR
MWh

L

Less than container load
German Supply Chain Act
Long-term incentive
Lost time injury frequency
Weight-related ton kilometers
Performance and Financing Agreement

M

Square meters
Mobility as a service
Minimum requirements for risk management
German Co-Determination Act
Megajoule
Minimum required rate of returnMegawatt hourN

Nature and Biodiversity Conservation Association (Naturschutzbund Deutschland e. V.)
NBS New construction line
NFS Non-financial statement
Nkm Commercial vehicle kilometers

NABU

291

No.
NOK
NOx
NP
NPM
NS

ÖPNV

NumberNorwegian krone
Nitrogen oxide emissions
Natural persons
National Platform for the Future of Mobility
Nederlandse Spoorwegen(Dutch state-owned railway)

O

Local public transport

P

Paragraph
Federal Public Corporate Governance CodeFinancing agreement
Passenger kilometers
Polskie Koleje Państwowe(Polish state-owned railway)
PPA Power purchase agreements
PwC PricewaterhouseCoopers

Para.
PCGK
PFA
Pkm
PKP

RB
RE
RegG
RESY
RIC
RMS
ROCE

S.
SAF
SBB
SBTi
SDGs
SGV
SI
SNCF
SO₂
S&P
SPNV
Sts(in)
SWP

t
TCFD
TEE
TEN
TEU
TJ
tkm
TOC
TPS
Trkm

UBA
UNGC
USD

VDB
VDE

WACC
WiFi
WSF

R

Regional railway
Regional Express
Regionalization Act
Regional energy-saving system
Rail infrastructure company
Risk management system
Return on capital employedS

ClauseSustainable aviation fuelSwiss Federal Railways
Science Based Targets initiative
Sustainable development goals
Rail freight transport
Satisfaction indexSociété Nationale des Chemins de fer Français(French state-owned railway)
Sulfur dioxide emissions
S&P Global Ratings
Regional rail passenger transport
Secretary of State
Strategic workforce planning

T

Tons
Task Force on Climate-related Financial Disclosures
TransEuropExpress
Trans-European Network
Twenty-foot equivalent unit
TerajouleTon kilometers
Train operating company
Train-path pricing system
Train-path kilometers

U

German Environment Agency
United Nations Global Compact
US dollar

V

Association of the Railway Industry
German unification transport projects

W

Weighted average cost of capital
Wireless local area network
Economic Stabilization Fund

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292

10-YEAR SUMMARY€ million

To the interactive
key figure comparison

2022

2021

2020

2019

2018

2017

2016

2015

2014

√
2013

STAT E M E N T O F I N C O M E

Revenues

56,29647,07539,90144,43044,06542,69340,55740,40339,728

39,107Overall performance

60,42550,95943,46547,59647,15645,59343,298

43,10242,422

41,756

Other operating income

4,541

5,901

3,439

3,030

2,998

2,954

2,834

2,772

2,824

2,853

Cost of materials– 33,623– 28,419– 22,757– 22,262– 22,258– 21,457– 20,101– 20,208– 20,250– 20,414

Personnel expenses– 20,300– 19,219– 18,297– 18,152– 17,301– 16,665– 15,876– 15,599– 14,919– 14,383

Depreciation 1)– 3,998– 3,804– 5,372– 3,671– 2,688– 2,847– 3,017– 4,471– 3,190– 3,228

Other operating expenses 1)– 5,777– 5,716– 5,235– 5,157– 6,088– 5,890– 5,677– 5,750– 5,057– 4,817

Operating profit/loss (EBIT)

1,268

– 298

– 4,757

1,384

1,819

1,688

1,461

– 154

1,830

1,767

Result from investments accounted
for using the equity method

–5

– 10

– 21

– 12

12

14

33

22

8

3

Other financial result

20

48

– 91

– 36

– 14

– 30

– 16

0

–3

– 15

Net interest income 1)

– 351

– 528

– 615

– 655

– 645

– 704

– 772

– 800

– 898

– 879

Profit/loss before taxes on income

932

– 788

– 5,484

681

1,172

968

706

– 932

937

876

Net profit/loss for the year

– 227

– 911

– 5,707

680

542

765

716

– 1,311

988

649

–

–

650

650

450

600

850

700

200

525

Dividend payment (for previous year)
VA L U E M A N AG E M E N T

EBITDA adjusted 1)

5,210

2,287

1,002

5,436

4,739

4,930

4,797

4,778

5,110

5,139

EBIT adjusted

1,253– 1,552– 2,903

1,837

2,111

2,152

1,946

1,759

2,109

2,236
33,08645,28943,02041,76442,99936,65735,09333,06633,45933,683Return on capital employed (ROCE) 1) (%)

2.8

– 3.6

– 7.0

4.3

5.8

6.1

5.9

5.3

6.3

6.8

Debt coverage (%)

13.1

4.3

0.8

15.3

17.6

18.7

18.1

19.0

20.3

20.8

Capital employed as of Dec 31 1)

C A S H F LO W/ C A P I TA L E X P E N D I T U R E S

Cash flow from operating activities 1)

5,644

3,900

1,420

3,278

3,371

2,329

3,648

3,489

3,896

3,730

Gross capital expenditures 1)

15,353

15,387

14,402

13,093

11,205

10,464

9,510

9,344

9,129

8,224

Net capital expenditures 1)

6,750

6,342

5,886

5,646

3,996

3,740

3,320

3,866

4,442

3,412

45,29045,19945,53043,949BALANCE SHEET AS OF DEC 31

59,04456,14952,96453,21346,64645,625	thereof property, plant and equipment
and intangible assets 1)

Non-current assets 1)

55,12252,48749,99450,48544,487

43,20742,57542,821

43,217

41,811

Current assets

17,25915,694

12,471

12,615

11,881

10,811

11,034

10,86010,3538,945

	thereof cash and cash equivalents

5,138

4,591

3,411

3,993

3,544

3,397

4,450

4,549

4,031

2,861

Equity14,67910,621

7,270

14,927

13,592

14,23812,657

13,445

14,525

14,912Equity ratio 1) (%)

19.2

14.8

11.1

22.7

23.2

25.2

22.5

24.0

26.0

28.2

Non-current liabilities 1)

39,14539,631

37,68632,82029,10427,51028,52528,091

28,52726,284	thereof financial debt 1)

31,18630,322

27,07023,977

20,626

19,716

20,042

19,753

19,17318,066	thereof pension obligations

2,970

5,031

6,517

5,354

4,823

3,940

4,522

3,688

4,357

3,164

Current liabilities

22,47921,591

20,47918,081

15,831

14,68815,142

14,523

12,831

11,698	thereof financial debt 1)

4,087

4,164

6,254

4,716

2,618

2,360

2,439

2,675

1,161

1,247

Net financial debt 1)

28,827

29,107

29,34524,175

19,54918,623

17,624

17,491

16,212

16,362

Total assets 1)

76,303

71,84365,43565,82858,52756,43656,32456,05955,88352,894

1,980

1,413

1,499

2,603

2,581

2,564

2,365

2,251

2,254

2,235

132

82

81

151

148

142

139

132

129

131

	Regional transport

1,848

1,331

1,418

2,452

2,433

2,422

2,226

2,119

2,125

2,104

Volume sold (million pkm)

82,64250,831

51,933

98,402

97,707

95,85491,651

88,636

88,40788,746

41,72024,762

23,54244,15142,82740,54839,51636,975

36,102

36,77740,922

26,06928,391

54,25154,88055,30652,13551,66152,30551,969RAIL TRANSPORT PERFORMANCE FIGURESPASSENGER TRANSPORT

Passengers (million)
Long-distance transport

Long-distance transport
	Regional transport
FREIGHT TRANSPORT

Freight carried (million t)

222.3

226.5

213.1

232.0

255.5

271.0

277.4

300.2

329.1

390.1

Volume sold (million tkm)

84,46884,85078,67085,00588,23792,651

94,69898,445

102,871

104,259

Train kilometers on track infrastructure(million train-path km)

1,133

1,109

1,066

1,090

1,086

1,073

1,068

1,054

1,044

1,035

	thereof non-Group railways

420

414

386

368

349

331

322

290

261

247

324,136

323,716

322,768

323,994

318,528

310,935

306,368

297,202295,763295,653

3.9

–

3.9

–

3.7

–

3.7

–

3.7

–

42.1

– 36.1– 34.4– 34.8– 33.2– 29.5– 27.3– 24.5– 22.8– 18.5INFRASTRUCTURE

SOCIAL

Employees as of Dec 31 (FTE)
Employee satisfaction (SI)E N V I R O N M E N TA L

Specific greenhouse gas emissions
in comparison to 2006 (%)1)

	Since 2019, limited comparability with the previous years’ figures due to the IFRS 16 effect ((20192019 Integrated Reportµ 101101)).

OUR STRATEGIC TOP TARGETS
Germany needs a strong rail system – and that is our inner ambition! At Deutsche Bahn,
we are committed to achieving that goal. A strong rail system encompasses everythingthat we represent and advocate, what we devote our full attention to and combine ourstrengths for. The Strong Rail strategy will help our country to overcome existential
challenges: Germany will only achieve its climate protection targets if it succeeds inshifting large amounts of its traffic to rail in the next decade. In addition, Germany will
only continue to be economically successful if people and goods remain mobile and are
not increasingly stuck in traffic jams.

OUR FOCUS IS ON SHIFTING THE MODE OF TRANSPORT TO
R A I L A N D C R E AT I N G T H E C A PA C I T Y R E Q U I R E D T O D O S O .

T O G E T H E R W I T H T H E F E D E R A L G O V E R N M E N T, W E A R E

I N V E S T I N G AT R E C O R D L E V E L S T H I S D E C A D E I N O R D E R T O
MAKE THE RAIL NETWORK FIT FOR GROWTH.

A F T E R O V E R C O M I N G T H E C O V I D - 1 9 PA N D E M I C , W E A R E
C O N T I N U I N G O N O U R G R O W T H PAT H .

T H E T R E N D T O WA R D S C L I M AT E - F R I E N D LY M O B I L I T Y A N D

L O G I S T I C S C O N T I N U E S U N A B AT E D . R A I L B E N E F I T S F R O M
T H I S A S T H E G R E E N E S T M O D E O F T R A N S P O R T.

W E H AV E S E T A M B I T I O U S TA R G E T S F O R I M P L E M E N T I N GO U R G R E E N T R A N S F O R M AT I O N A N D WA N T T O B E C L I M AT E NEUTRAL BY 2040.

Deutsche Bahn AG
Potsdamer Platz 210785 Berlin
Germany
www.deutschebahn.com

COVER IMAGE
Wendlingen — Ulm new construction line

In Filstal, a two-part concrete bridge has been built at
an altitude of 85 m for the Wendlingen  —  Ulm new construction line. That makes it the third-highest railway
bridge in Germany and an outstanding building bothin terms of its engineering and visual impression.