Deutsche Bahn
2021 Integrated ReportABOUT THIS REPORT
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CONTENTS
1	O U R C O N T R I B U T I O N T O C L I M AT E
PROTECTION23

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

24Chairman’s letter

27

The Management Board of
Deutsche Bahn AG

28

Report of the Supervisory Board

32

Open stakeholder dialog

34

Social commitments

37

GROUP MANAGEMENT REPORT

38

Overview

39

DB Group

44

Fundamentals

52

Strong Rail58

Product quality and digitalization

66

Green Transformation

74

Employees

83

Business development

99

Development of business units

155

Opportunity and risk report

164

Events after the balance sheet date

165

Outlook

171

Governance

185

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

186Consolidated statement of income

187

Consolidated balance sheet

188

Consolidated statement of cash flows

189

Consolidated statement of changes
in equity

190

Notes to the consolidated financial
statements

251	Independent Auditor’s report

253

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

254

Sustainability reporting

254

Governance260

Procurement

261

Green Transformation

263

Employees

268

Independent Practitioner’s Reporton a Limited Assurance Engagement
on Sustainability Information

269

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

270

Global Reporting Initiative (GRI) Index

271

UN Global Compact Index

272

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

273

Glossary

277

List of abbreviations

278

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

2021

2020

absolute%

2019

44,430KEY FINANCIAL FIGURES (€ MILLION)

Revenues

47,07539,901+ 7,174+ 18.0

Profit/loss before taxes on income– 788– 5,484+ 4,696– 85.6681

Net profit/loss for the year

– 911

– 5,707+ 4,796– 84.0680
5,436

EBITDA adjusted

2,287

1,002

+ 1,285+ 128

EBIT adjusted– 1,552– 2,903+ 1,351– 46.5

1,837

Equity as of Dec 31

10,621

7,270+ 3,351+ 46.1

14,927

Net financial debt as of Dec 31

29,107

29,345

– 238

– 0.8

24,175

Total assets as of Dec 31

71,84365,435+ 6,408+ 9.8

65,828

Capital employed as of Dec 31

42,99943,02041,764+ 1,256+ 3.0

Return on capital employed (ROCE) (%)

– 3.6

– 7.0

+ 3.4

–

4.3

Debt coverage (%)

4.3

0.8

+ 3.5

–

15.3

Gross capital expenditures

15,387

14,402

+ 985

+ 6.8

13,093

Net capital expenditures

6,342

5,886

+ 456

+ 7.7

5,646

Cash flow from operating activities

3,900

1,420

+ 2,480

+ 175

3,278

2,931

2,866

+ 65

+ 2.3

4,874

93.8

95.2

– 1.4

–

93.9

75.2

81.8

– 6.6

–

75.9

1,413

1,499

‒86

– 5.7

2,603

thereof in Germany

1,203

1,297

‒94

‒7.2

2,123

thereof DB Long-Distance

81.9

81.3

+ 0.6

+ 0.7

150.7

Volume sold (million pkm)

50,831

51,933‒1,102‒2.1

98,402

Volume produced (million train-path km)

680.3

677.8

+ 2.5

+ 0.4

767.3

KEY PERFORMANCE FIGURES

Passengers (million)
R A I L PA S S E N G E R T R A N S P O R T

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

RAIL FREIGHT TRANSPORT

Freight carried (million t)

226.5

213.1

+ 13.4

+ 6.3

232.0

Volume sold (million tkm)

84,85078,670+ 6,180+ 7.9

85,005

92.9

94.5

– 1.6

–

93.1

93.7

95.1

– 1.4

–

93.7

TRACK INFRASTRUCTURE

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

1,109

1,066

+ 43

+ 4.0

1,090

thereof non-Group railways

414.3

385.5

+ 28.8

+ 7.5

368.3

Share of non-Group railways (%)

37.4

36.2

+ 1.2

–

33.8

158.8

155.4

+ 3.4

+ 2.2

156.4

46.1

44.2

+ 1.9

+ 4.3

40.2

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

Passengers (million)

1,518

1,367

+ 151

+ 11.02,271Volume sold 2) (million pkm)

4,523

4,207

+ 316

+ 7.5

6,462

Volume produced (million bus km)

1,432

1,388

+ 44

+ 3.2

1,554

F R E I G H T F O R WA R D I N G A N D LO G I S T I C SLand transport shipments (million)

110.7

108.2

+ 2.5

+ 2.3

107.1

Air freight volume (export) (thousand t)

1,438

1,094

+ 344

+ 31.4

1,186

Ocean freight volume (export) (thousand TEU)

2,003

2,052

– 49

– 2.4

2,294

Warehouse space contract logistics (million m²)

8.4

8.8

‒0.4

– 4.5

8.4

ADDITIONAL KEY FIGURES

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

93.6

84.7

+ 8.9

+ 10.587.9

Length of line operated (rail network) as of Dec 31 (km)33,40133,399+2–

33,423Passenger stations as of Dec 31

5,693

5,691

+2

–

5,679

Rating Moody’s/S&P Global Ratings

Aa1/AA–

Aa1/AA–––

Aa1/AA

Employees as of Dec 31 (FTE)

323,716

322,768

+ 948

+ 0.3

323,944

Share of women as of Dec 31 (%)

24.4

24.3

+ 0.1

–

24.3

–

3.9

–

–

–

– 36.1– 34.4– 1.7–– 34.8

Employee satisfaction (SI)Specific greenhouse gas emissions compared to 2006 3) (%)
Share of renewable energies in the DB traction current mix 4) (%)

62.4

61.4

+ 1.0

–

60.1

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

2,110

2,039

+ 71

+ 3.5

1,844

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

2)
3)

Our contribution toclimate protection

To ourstakeholders

Groupmanagement report

Consolidated
financial statements

Notes tosustainability

Additional
information

OUR
CONTRIBUTION
TO CLIMATEPROTECTION

Our contribution toclimate protection

To ourstakeholders

Groupmanagement report

Consolidated
financial statements

Notes tosustainability

DEUTS CH E BAH N GROUP > 2 0 2 1 IN T EG R AT E D R E PO RT > O U R CO N T R IB U T IO N TO CLIM AT E PROT ECT IO N

Additional
information

The Federal Government’s
climate protection targets
In order to meet the national and European
climate protection targets, the Federal

Government and the German Parliament
passed a comprehensive climate protec­-tion package in 2021. It has set legally binding
climate protection targets and annually

decreasing emissions levels for the energy,
industry, buildings, transport, agriculture

and waste management sectors.

Binding measures
Fulfilment of national
and European climate
protection targets

CO₂ reduction targets

for all economic andsocially relevant areas

2

Annual performance
review and theobligation to perform
comprehensive post-­
control

Implementation of acompletely climate-­
neutral Federal Admin­
istration by 2030

Our contribution toclimate protection

To ourstakeholders

Groupmanagement report

Consolidated
financial statements

Notes tosustainability

DEUTS CH E BAH N GROUP > 2 0 2 1 IN T EG R AT E D R E PO RT > O U R CO N T R IB U T IO N TO CLIM AT E PROT ECT IO N

Additional
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Federal Government CO₂ reduction targets
In 2019, the Federal Government designated the decarbonization ofindustry, green hydrogen, energy-efficient building renovation,
sustainable forestry and agriculture, and climate-friendly mobility
as funding targets with its Climate Action Program 2030 and a
supplementary immediate action program. The new Federal Government has confirmed the targets and announced an immediate
action program for 2022 to step up its climate protection efforts. The
goal is to achieve climate neutrality for Germany by 2045.

–65% –88% –100%
by 2030

by 2040

by 2045

By 2030, Germany aims to reduce
its greenhouse gas emissions by
65% compared to 1990.

A reduction target of at least

By the year 2045 Germany
is to achieve greenhouse gas
neutrality.

88% compared to 1990 has been
set for 2040.

Share of greenhouse gas emissions in Germany in 1990 by sector
Total: 1,249 million t of CO₂e
Energy industry:
37%

Other: 10%
Transport: 13%

Industry: 23%

Buildings: 17%32019 (before Covid-19)	– 35% (2020: – 41%)
greenhouse gas emissions
compared to 1990
	0% (2020: – 11%)greenhouse gas emissions
in the transport sector
compared to 1990

Our contribution toclimate protection

To ourstakeholders

Groupmanagement report

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financial statements

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Additional
information

DEUTS CH E BAH N GROUP > 2 0 2 1 IN T EG R AT E D R E PO RT > O U R CO N T R IB U T IO N TO CLIM AT E PROT ECT IO N

Our contribution to climate
protection
Germany and Europe’s climate protection targets can only be achieved if there
is a shift in mobility towards a strong rail. For this reason, we have brought ourown climate protection target forward by ten years: we aim to be climate-neutral
by 2040. Compared with other modes of transport in Germany, only rail has
made a consistently positive contribution to climate protection since 1990. Overthe past 30 years, we have made a significant contribution to climate protection
by reducing CO₂ emissions by about 70%. On the path to climate neutrality, we
have set ourselves ambitious milestones.

100% eco-power in all
depots, office buildings
and stations in Germany

Reduce specific CO₂e emissions by 50% compared
to 2006 and achieve 80%
renewable energies inthe traction current mix

100% renewableenergies in the entire
traction current mix

Climate-neutralcompany

2025

2030

2038

2040

4

Our contribution toclimate protection

To ourstakeholders

Groupmanagement report

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DEUTS CH E BAH N GROUP > 2 0 2 1 IN T EG R AT E D R E PO RT > O U R CO N T R IB U T IO N TO CLIM AT E PROT ECT IO N

Additional
information

Our key measures
Expansion of the share of renewable energies
to 100% eco-power by 2038
Further electrification of our infrastructure
Phasing out of fossil fuels and introduction ofalternative drives
Expansion of climate-neutral freight andlogistics services
From 2022: start of the heat transition, for example by developing
concepts for climate-neutral heat supply for our top 50 locations andgradually replacing oil-fired heating systems.

5Our contribution toclimate protection

To ourstakeholders

Groupmanagement report

Consolidated
financial statements

Notes tosustainability

DEUTS CH E BAH N GROUP > 2 0 2 1 IN T EG R AT E D R E PO RT > O U R CO N T R IB U T IO N TO CLIM AT E PROT ECT IO N

Additional
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With a tailwind from Helgoland: the traction
current mix is becoming even greener
DB Group is consistently transforming its electricity mix in a sustainable way

with even more wind power. With the 15-year agreement to purchaseenergy supplied by the Amrumbank-West offshore wind farm off Helgoland,
about 190 GWh of additional power will be purchased each year from 2025.
This quantity alone corresponds to the electricity needs for almost six days ofelectric rail operations throughout Germany. With the conclusion of thisagreement, DB Group currently accounts for about one-third of the Germanmarket for eco-­power contracts not subsidized by the Renewable Energy
Sources Act (Erneuerbare-Energien-Gesetz; EEG), known as PPA contracts.
The agreement will also save up to 153,000 t of CO₂ each year in comparison
to electricity supplied by coal power.

100%
share of renewable
Expansion of theeco-power in 2038

energies to 100%

eco-power by 2038

6

62.4 %
eco-power in 2021

Our contribution toclimate protection

To ourstakeholders

Groupmanagement report

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financial statements

Notes tosustainability

DEUTS CH E BAH N GROUP > 2 0 2 1 IN T EG R AT E D R E PO RT > O U R CO N T R IB U T IO N TO CLIM AT E PROT ECT IO N

Additional
information

Further electrificationof our infrastructure

Electrification of the Southern
Railway completed
About 90% of DB Group’s passenger and freighttransport services are already provided elec­trically. A key step on the path to climate neutrality
is the electrification of further lines. For example,
the trains on one of the oldest railway lines in BadenWürttemberg are now running continuously onelectricity. After four years of construction, electri­
fication of the Southern Railway along the Ulm―Friedrichshafen―Lindau section was completed in
December 2021.

7

Our contribution toclimate protection

To ourstakeholders

Groupmanagement report

Consolidated
financial statements

Notes tosustainability

DEUTS CH E BAH N GROUP > 2 0 2 1 IN T EG R AT E D R E PO RT > O U R CO N T R IB U T IO N TO CLIM AT E PROT ECT IO N

Additional
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Alternative fuels for greater sustainability
DB Group operates two advanced TrainLabs to test the latest

rail transport technologies. These currently run on renewable
fuel without requiring any adjustments to the vehicle or fuelinfrastructure. The fuel, known as HVO (hydrogenated vegetableoil) consists of 100% converted biological residues and wastematerials, such as used cooking oil. Modern chemical processes
put the waste products into the tank: they are filtered, cleaned
and processed into a high-quality synthetic fuel.

Phasing out of fossil

fuels and introductionof new drives

8

Our contribution toclimate protection

To ourstakeholders

Groupmanagement report

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financial statements

Notes tosustainability

DEUTS CH E BAH N GROUP > 2 0 2 1 IN T EG R AT E D R E PO RT > O U R CO N T R IB U T IO N TO CLIM AT E PROT ECT IO N

Additional
information

Innovative hybrid shunting locomotive
DB Cargo’s locomotive fleet is becoming more modern andefficient. Gradually, all existing diesel locomotives will be
replaced by modern, climate-friendly machines with alternative
drives. In addition to the 146 dual-power track locomotives
ordered from Siemens and the up to 100 Toshiba hybrid locomotives, a framework agreement was concluded in December
2021 for up to 250 locomotives from Vossloh Locomotives GmbH.
50 vehicles of these have been ordered for 2024. The new shunting locomotives are plug-in hybrid models and have ample engine
power with state-of-the-art emissions control. The drive
systems have a modular design and can be exchanged when thetechnology develops. The Federal Government is participatingin the initial order with funding of up to € 15 million.
9

Our contribution toclimate protection

To ourstakeholders

Groupmanagement report

Consolidated
financial statements

Notes tosustainability

DEUTS CH E BAH N GROUP > 2 0 2 1 IN T EG R AT E D R E PO RT > O U R CO N T R IB U T IO N TO CLIM AT E PROT ECT IO N

Expansion ofclimate-neutral
freight andlogistics services

Climate-neutral transport solutions
The state-of-the-art Automotive Logistics Center was officially opened
in February 2022. The Center for Battery Logistics is the hub of the climateneutral logistics concept for the battery systems of the new Mercedes EQmodel. Starting in 2022, DB Cargo will transport the systems using climateneutral solutions over about 650 km to the assembly line at the MercedesBenz factory. The logistics hub enables DB Cargo to shunt trains right up to the
production hall and unload them there.

10

Additional
information

Our contribution toclimate protection

To ourstakeholders

Groupmanagement report

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financial statements

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DEUTS CH E BAH N GROUP > 2 0 2 1 IN T EG R AT E D R E PO RT > O U R CO N T R IB U T IO N TO CLIM AT E PROT ECT IO N

Additional
information

Expansion of the electric fleet
DB Schenker and Volta Trucks have agreed on a partner­ship,and DB Schenker has pre-ordered about 1,500 full-electric
Volta Zero commercial vehicles – the biggest order for large
emissions-free trucks in Europe to date. As part of thepartnership, DB Schenker will use the first prototypes of Volta
Zero trucks in real distribution conditions in 2022. The
findings from these tests will be incorporated into the serial
production of the vehicles. The full-electric 16 ton Volta Zerowill be used, among other things, in the Ruhrgebiet region andat other DB Schenker European terminals to transport goods
from distribution centers to inner cities and urban areas.

11Our contribution toclimate protection

To ourstakeholders

Groupmanagement report

Consolidated
financial statements

Notes tosustainability

DEUTS CH E BAH N GROUP > 2 0 2 1 IN T EG R AT E D R E PO RT > O U R CO N T R IB U T IO N TO CLIM AT E PROT ECT IO N

Additional
information

Innovations increase theattractiveness of the green rails
For DB Group, building a bridge between tradition and innovation is a key factor
for success. Technological innovation and the digitalization of processes and customeroriented services will determine what happens in the next few years. A substantial
contribution to climate protection in Germany and Europe is made by shifting the modeof transport to climate-friendly rail.

Our targets
Doubling passenger
numbers in long-distancetransport toIncrease in passenger
numbers in local
transport by260 million

1 billion(compared to 2015)(compared to 2015)12

Our contribution toclimate protection

To ourstakeholders

Groupmanagement report

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financial statements

Notes tosustainability

DEUTS CH E BAH N GROUP > 2 0 2 1 IN T EG R AT E D R E PO RT > O U R CO N T R IB U T IO N TO CLIM AT E PROT ECT IO N

Increase in volume
sold in rail freighttransport by

Additional
information

Increasing the capacityof the rail network by
more than

70%

30%

(compared to 2015)(compared to 2015)13

Our contribution toclimate protection

To ourstakeholders

Groupmanagement report

Consolidated
financial statements

Notes tosustainability

DEUTS CH E BAH N GROUP > 2 0 2 1 IN T EG R AT E D R E PO RT > O U R CO N T R IB U T IO N TO CLIM AT E PROT ECT IO N

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information

New high-speed trains
With the ICE 3neo, our ICE fleet will grow to a total of
about 450 trains by the end of the decade. The 73 newtrains will increase the daily number of seats available
to DB Long-Distance passengers by a further 32,000.
With this increase in fleet, we will have the capacity to
run the schedule envisaged for Germany in sync by2030. The first ICE 3neo will be in use by the end of 2022 .

Expansion of
the ICE fleet

14

Our contribution toclimate protection

To ourstakeholders

Groupmanagement report

Consolidated
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Notes tosustainability

DEUTS CH E BAH N GROUP > 2 0 2 1 IN T EG R AT E D R E PO RT > O U R CO N T R IB U T IO N TO CLIM AT E PROT ECT IO N

Additional
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Shaping the regionaltransport of the future

IdeasTrainCity: the S-Bahn (metro)of the future
The situation in public transport, and thus passengers’
needs, varies depending on the time of day. In orderto master the balancing act between capacity and a comfort, the IdeasTrainCity (IdeenzugCity) concept wasdeveloped and demonstrates innovative solutions thatcan be used to increase the quality and capacityof climate-friendly rail transport in local transport.

15

Our contribution toclimate protection

To ourstakeholders

Groupmanagement report

Consolidated
financial statements

Notes tosustainability

DEUTS CH E BAH N GROUP > 2 0 2 1 IN T EG R AT E D R E PO RT > O U R CO N T R IB U T IO N TO CLIM AT E PROT ECT IO N

Increased productivity
in rail freight transport

Digital automatic coupling will strengthen
single wagon transport in the future
In European rail freight transport, the coupling process for freight cars
is almost exclusively still carried out manually – this is both difficult
and time-consuming. Digital automatic coupling (DAC) auto­maticallyconnects two freight cars to each other. It establishes a mechanicalconnection between the cars without the employees having to shuntthem manually. There is now a technical agreement across Europe forthe DAC standard – but the financing for this task of the century has yet
to be determined. DB Cargo alone couples about 54,000 cars and trains
each day in Germany. By 2030, this is to be changed to digital coupling.
In total, about 400,000 coupling processes are completed each day
in European rail freight transport.

16

Additional
information

Our contribution toclimate protection

To ourstakeholders

Groupmanagement report

Consolidated
financial statements

Notes tosustainability

DEUTS CH E BAH N GROUP > 2 0 2 1 IN T EG R AT E D R E PO RT > O U R CO N T R IB U T IO N TO CLIM AT E PROT ECT IO N

Additional
information

First highly automated S-Bahn (metro)in passenger service
Demand for local public transport, especially in metropolitan
areas, is set to rise sharply. In order to create the necessary
capacity for rising demand, S-Bahn (metro) operations must
be digitalized. DB Group and Siemens unveiled the first four
modified trains at the ITS World Congress in October 2021. On
a 23-km-long line equipped for this purpose, one of the trainson the S21 line ran in highly automated passenger operations.
The four modified trains will commence regular operationsin 2022, with another 64 vehicles being fitted with “ATO over
ETCS” in future.

Automation ofrail transport

17

Our contribution toclimate protection

To ourstakeholders

Groupmanagement report

Consolidated
financial statements

Notes tosustainability

Additional
information

DEUTS CH E BAH N GROUP > 2 0 2 1 IN T EG R AT E D R E PO RT > O U R CO N T R IB U T IO N TO CLIM AT E PROT ECT IO N

With record capital expenditures,
we create the basis for growthMore train-paths and more trains: we are

massively expanding our capacity to achievesustainable growth and high quality.

In the next five years, we will invest:€ 12 billion € 65 billion € 3 billion
in passenger transport

in infrastructure

18

in freight transport

Our contribution toclimate protection

To ourstakeholders

Groupmanagement report

Consolidated
financial statements

Notes tosustainability

DEUTS CH E BAH N GROUP > 2 0 2 1 IN T EG R AT E D R E PO RT > O U R CO N T R IB U T IO N TO CLIM AT E PROT ECT IO N

Additional
information

Our challenges in the coming years
The rail infrastructure has already reached its load limit at key hubs.
The growth in rail transport forecast for the next few years will
temporarily exacerbate the situation. We intend to use extensive
measures to avoid any impairment of service quality.
In order to create the necessary capacity for further growth, together
with the Federal Government we are investing at a record level thisdecade. The expansion of our fleet is also a top priority.
Construction activity in the network is therefore likely to remain
at a very high level, presenting major challenges to infrastructure,
the construction industry and transport companies.
In order to increase transport density and reliability, the shift todigital rail operations and digitalization of infrastructure and vehicles
is essential.

19

Our contribution toclimate protection

To ourstakeholders

Groupmanagement report

Consolidated
financial statements

Notes tosustainability

DEUTS CH E BAH N GROUP > 2 0 2 1 IN T EG R AT E D R E PO RT > O U R CO N T R IB U T IO N TO CLIM AT E PROT ECT IO N

The DB team is thedriving force behindthe shift in themode of transport
The recruitment of new employees and theimprovement of working conditions are afundamental part of our Strong Rail strategy,
and a key prerequisite for the growth ofrail transport.

Future-proof working environment
We are working intensively on improving ourworking environments and drawing on experiencesfrom the Covid-19 pandemic. Mobile working
is firmly integrated into everyday working life.

Diversity as a strength
We are as colorful as society. More than 330,000
people from more than 100 different nationalities
currently work together at DB Group. Diversity
is anchored as an overarching interdisciplinary
theme in the Strong Rail strategy and is taken
into account in all decisions.

20

Additional
information

Our contribution toclimate protection

To ourstakeholders

Groupmanagement report

Consolidated
financial statements

Notes tosustainability

DEUTS CH E BAH N GROUP > 2 0 2 1 IN T EG R AT E D R E PO RT > O U R CO N T R IB U T IO N TO CLIM AT E PROT ECT IO N

Additional
information

Facing challenges together
The Covid-19 pandemic, the floods in Germany and the ongoingflow of refugees as a result of the war in Ukraine have presented
Team DB with challenges of historic proportions within a very
short space of time. Our employees have risen to these challenges
with impressive resolve. Ensuring mobility and logistics during
the Covid-19 pandemic, repairing flood damage, transporting andcaring for refugees, and building a rail bridge to transport aid
supplies to Ukraine are evidence of their tremendous commitment
and readiness to help.

21

Our contribution toclimate protection

To ourstakeholders

Groupmanagement report

Consolidated
financial statements

Notes tosustainability

DEUTS CH E BAH N GROUP > 2 0 2 1 IN T EG R AT E D R E PO RT > O U R CO N T R IB U T IO N TO CLIM AT E PROT ECT IO N

German and European climate protection
targets can only be achieved by a shift in themode of transport towards rail. Achieving
this ambitious target requires a joint effort
from us, the entire industry and politicians.
By implementing our Strong Rail strategy, we
are realizing central transport and climate
policy projects of the Federal Government inorder to meet our social responsibility andresponsibility towards future generations.

22

Additional
information

Our contribution toclimate protection

To ourstakeholders

Groupmanagement report

Consolidated
financial statements

Notes tosustainability

Additional
information

24

Chairman’s letter

27

The Management Boardof Deutsche Bahn AG

28

Report of the Supervisory Board

32

Open stakeholder dialog

34

Social responsibility

TO OURSTAKEHOLDERS

Our contribution toclimate protection

DR. RICHARD LUTZ

To ourstakeholders

CEO and Chairman of the Management Boardof Deutsche Bahn AG

Groupmanagement report

Consolidated
financial statements

Notes tosustainability

Additional
information

Our contribution toclimate protection∏
102-14

To ourstakeholders

Groupmanagement report

Consolidated
financial statements

Notes tosustainability

Additional
information

CHAIRMAN’S LETTER
Dear readers,
The Covid-19 pandemic has been receiving far less public attention in recent weeks, but the optimism wewere all hoping for has not materialized. Europe is facing a situation that most people would have considered impossible. The impending political and economic consequences of the war in Ukraine are impossible
to assess at the current time.
At Deutsche Bahn, we stand for a peaceful, free and democratic Europe. We bring people together and takegoods to their destination. Supporting refugees, transporting aid and alleviating suffering are therefore, asever, a self-evident part of what we do. I would like to take this opportunity to offer my heartfelt thanks to
all those who have offered their help and continue to do so.
With the Covid-19 pandemic, natural events such as the flood catastrophe and long-lasting strikes, we faced
more adversity in 2021 than we had hoped. Despite the pandemic, however, we welcomed more passengers
to our long-distance trains in 2021 than in 2020, despite the fact that in the first months of the previous year
there were no Covid-19 restrictions and record numbers of passengers.

People who want toprotect the climate
while remaining mobile

Demand at our rail freight transport business unit also increased, despite many adversities. DB Cargo transported more goods and recorded a higher volume sold in 2021. In
December, we were significantly above the previous two years, and for 2021 as a whole
we were at the same level as in 2019. Our logistics subsidiary, DB Schenker, has had
another good year with record revenues and profits creating stability for DB Group.

take the train.

In 2021, DB Regional was a consistently reliable player in the German regional transport market. As some competitors withdrew from the market, DB Regional remained
reliable. In early 2022, for example, DB Regional managed to acquire parts of the Abellio
transport providers in North Rhine-Westphalia in an organizational tour de force.
So we feel an ongoing confidence in DB Group, the railways, our logistics services and Strong Rail.
It is undeniable, however, that conditions in 2021 were once again challenging. Although our results have
improved significantly compared to 2020, our net position is still a loss. We have nonetheless continued toinvest, modernize and provide qualifications at a record level in 2021. We intend to continue on this path andreturn to profitable growth from 2022.

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Rail is crucial to ensuring a wide variety of green mobility and logistics options in Europe. People who wantto protect the climate while remaining mobile take the train. People who need to be on the move during
difficult times can rely on rail. Over the last two years, the railway has shown itself to be crisis-proof. The
same is true of our strategy: before the Covid-19 pandemic, Strong Rail was the rightstrategy for people, the economy and the climate. It has stood the test of the pande­mic,
In 2022 we are investing
and will continue to guide us beyond it.

13.6

Significantly increasing our capacity on the rail network will be crucial. That is why weare investing together with the Federal Government as never before. Having invested
billion euros in stations
about 12.8 billion euros in stations and the rail network in 2021, our investments forand the rail network.
2022 will amount to more than 13.6 billion euros. We are also working on our fleet: atthe end of 2022, our customers will be able to experience thefirst ICE 3neo series trains between North Rhine-Westphalia and Munich. We have reOur ICE fleet will growcently ordered another 43 trains in this series from Siemens. Our ICE fleet will grow toto about
about 360 trains by the end of 2022, compared to about 270 five years ago.

360

We took an important climate protection step in 2021: we have brought our target forclimate neutrality forward to 2040. Our commitment to greater climate protection istrains by the end of 2022.
attracting interest: for the fifth time in a row, we have featured on the “A-List 2021 –Climate Change” published by the globally oriented charitable organization CDP. The
report at hand has been drawn up for the first time in accordance with the recommendations of the Task
Force on Climate-related Financial Disclosure (TCFD). Deutsche Bahn also expressly upholds the principlesof the UN Global Compact.
In 2021 we were once again able to prove ourselves to be a reliable provider of sustainable mobility forpeople and goods, even under difficult conditions. We are an anchor of stability and will continue to bein the future.
Sincerely,

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

26

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information

THE MANAGEMENT BOARD OF DEUTSCHE BAHN AG

DR. RICHARD LUTZ

CEO and Chairman of the Management Board

DR. LEVIN HOLLE

BERTHOLD HUBER

Passenger Transport

DR. SIGRID NIKUTTA

DR. DANIELA GERD TOM MARKOTTENMARTIN SEILER

Digitalization and Technology

RONALD POFALLA

Finance and Logistics

Freight Transport

Infrastructure

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

Human Resources and Legal Affairs

27

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MICHAEL ODENWALD∏
102-18Group
management report

Consolidated
financial statements

Notes tosustainability

Additional
information

Chairman of the Supervisory Board of Deutsche Bahn AG

REPORT OF THE SUPERVISORY BOARD
Meetings of the Supervisory Board

29

Meetings of the Supervisory Board committees
Corporate governance
Annual financial statements

29

30
31

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

31

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 managementof the company and business operations. The Management Board reported regularly, without delay and indetail 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
Board and the responsible committees based on reports of the Management Board. Significant deviationsin actual business development were explained by the Management Board and reviewed by the Supervisory
Board. The Chairman of the Supervisory 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.

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Meetings 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 one extraordinary meeting, as well as
one strategy meeting. The 2020 annual financial statements were also presented in detail to the Supervisory Board at an information event in preparation for the resolution at the financial statements meeting.
In two further information events, the Supervisory Board discussed the methodical revision of the ShortTerm Incentive (STI) for the Management Board as a blueprint for a revision of the profit share throughout
the Integrated Rail System. In the year under review, all members of the Supervisory Board attended atleast half of the meetings in full. In the 2021 financial year, the Supervisory Board adopted six resolutions
by written procedure. Meetings of the Executive Committee, the Personnel Committee and the Audit andCompliance Committee were held in preparation for the scheduled meetings of the Supervisory Board of
DB AG. In the reporting period, the main focus of the deliberations in the full meetings remained the significant impact of the Covid-19 pandemic on the development of DB Group. In this context, issues relating
to developments in revenues, profit and employment in the individual business units and developments insignificant capital expenditure and investment projects were also discussed. During the reporting period,
the Supervisory Board regularly discussed the progress and the cost development of the major Stuttgart
21/Wendlingen  —  Ulm project in its scheduled meetings, on each occasion joined by the Chairman of theAdvisory Board of DB Projekt Stuttgart  —  Ulm GmbH. In the annual strategy discussion, the Board discussed
the concepts submitted by the Management Board for a “green rail group” for Europe and for further European growth initiatives particularly at DB Long-Distance and DB Cargo and in infrastructure.
The Supervisory Board also consulted on individual material issues, such as the procurement of additional ICE trains through a second high-speed transport (Hochgeschwindigkeitsverkehr; HGV) 2.0 batchorder or the foundation of companies following the award of a tender for S-Bahn Berlin, and adopted thenecessary resolutions. In the reporting period, the Supervisory Board also approved the reappointment of
three Members of the Management Board and the appointment of a new member of the Management
Board of DB AG.
Its main topic in the reporting period was the severe consequences of the Covid-19 pandemic for DB
Group, which continued to have a significant impact on the economic situation of the Group in 2021. The
Management Board discussed the economic situation of the Group, the impact on revenue and profit development in the business units and the corporate planning as well as the planned measures to compensate
for the economic impact together with the Supervisory Board. In December, the Supervisory Board discussed the medium-term planning for DB Group from 2022 to 2026 and initially approved DB Group’s budget for the 2022 financial year and DB Group’s project and capital expenditure plan for the medium-term
period. The Group’s medium and long-term planning was noted.

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 met five times 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 six meetings, and in preparation for the
discussions in the full sessions of the Supervisory Board, focused particularly on the effects of the Covid-19
pandemic on the economic situation of DB Group and its individual business units using the current monthlyor half-year figures respectively. In line with its agenda, the committee discussed the progress and, in29

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particular, the cost development of the major Stuttgart 21 project on the basis of the quarterly reports of
the Management Board, each of which was reviewed by the auditors and an engineering firm. The cost development was also considered in an extraordinary meeting. In its December meeting, the committee also
discussed in detail the risk report, the budget and capital expenditure plan presented and DB Group’s medium
and long-term planning. The committee also continued to address updates in corporate governance and theinternal control system necessitated by the German Accounting Law Modernization Act (Bilanzrechtsmo­
dernisierungsgesetz; BilMoG). The Audit and Compliance Committee also received regular information oncompliance issues and the findings of audits by the intra-Group auditors. In addition, the committee discussed
the hiring of the auditor for the financial statements and the progress of the auditing process for the reporting period. The committee was also informed of individual issues of economic significance, including thecurrent status of the implementation of the recommendations of the Federal Government’s revised 2020
Public Corporate Governance Code (PCGK) by the Corporate Governance Officer of DB Group. The Chairman of the Audit and Compliance Committee was in regular contact with the Management Board and theexternal auditor, and reported regularly and in detail on the committee’s work to the full Supervisory Board.
In the year under review, the Personnel Committee held a total of nine – two regular and seven extra­
ordinary – meetings or telephone conferences 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.
The Mediation Committee established in accordance with section 27 (3) of the Co-Determination Act(Mitbestimmungsgesetz; MitbestG) did not have occasion to meet in the year under review.

Corporate governanceDuring the year under review, the Management Board and Supervisory Board of DB AG again considered
the further development of corporate governance. In a Cabinet decision on July 1, 2009, the Federal Government adopted the PCGK and revised it in its resolution of September 16, 2020. The PCGK sets out theessential 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 andnationally acknowledged principles of good and responsible corporate governance. The Supervisory Boardof DB AG dealt with the application of the PCGK within DB Group and adopted the necessary resolutions.
The implementation of the requirements resulting from the amendment to the PCGK was examined. At thetime of reporting, the about 100 recommendations have been largely implemented. The Super­visory Board
will continue to address this matter in the 2022 financial year and discuss the progress of its implementation with the Management Board.

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Additional
information∏ Annual financial statements
102-56

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, 2021 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 and Compliance Committee in its meeting held on March 25,
2022, and was discussed in full at the Supervisory Board’s financial statements meeting held on March 30,
2022, in the presence 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 concurred with the audit findings.
The Supervisory Board reviewed the annual financial statements and management report of DB AG, the consolidated financial statements and Group management report for the year under review, and the proposal
for the disposition of profit, noting no objections. The DB AG annual financial statements for the 2021 financial year were approved 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, raising noobjections concerning the Management Board’s concluding declaration contained in the report or the resultof the audit conducted by PwC.

Changes in the composition of the Supervisory Board and the Management Board
In the reporting period, the following changes were made to the Management Board and Supervisory Boardof DB AG:
With effect from May 31, 2021, the appointment of Prof. Dr. Sabina Jeschke as a member of the Management Board of DB AG was terminated by mutual agreement. The Supervisory Board appointed Dr. Daniela
Gerd tom Markotten as her successor as Member of the Management Board responsible for Digitalization
and Technology in its regular meeting on June 15, 2021, with effect from September 15, 2021.
Dr. Tamara Zieschang resigned her mandate on the Supervisory Board with effect from September 16,
2021. Mr. Enak Ferlemann (Member of the German Parliament; former Parliamentary State Secretary) was
appointed as her successor on the Supervisory Board of DB AG with effect from October 11, 2021.
The Supervisory Board thanks the departing members of the Supervisory Board and the Management
Board for their committed and constructive support to 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 their achievements in the year under review.
Berlin, March 2022
For the Supervisory Board

Michael Odenwald
Chairman of the Supervisory Boardof Deutsche Bahn AG

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OPEN STAKEHOLDERDIALOG

Additional
information

Advisory Board for a Quieter Middle Rhine Valley

Another meeting of the Advisory Board for a quieter Middle
Rhine Valley was held on October 21, 2021. 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 72 f. of the Federal Government and DB Group, thetargetsuccessful refitting of freight cars and whisper brakes andthe implementation of the Rail Noise Protection Act. The Ad­­visory Board for a quieter Middle Rhine Valley is composedof 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 theMid­dle Rhine Valley.

∏ Clear guidelines for stakeholder dialog
102-16102-42102-43

Notes tosustainability

We believe in partnership-based dialog and trusting engagement with all relevant stakeholders and engage in open discussion of their expectations and our positions.

D I A L O G O N T H E G R E E N T R A N S F O R M AT I O N

We exchange views with our stakeholders, both bilaterally
and through committees and discussion formats, on the Green
Transformation of DB Group. We arrange our own multi-stakeholder formats, such as the Environmental Forum. We also
carry out structured environmental monitoring and analysis.
We use these to systematically identify relevant issues anddetermine their significance for the Green TransformationµTransformation
66 ff.
of DB Group. We also answer questions from stakeholders on
matters of sustainability.

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. 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 for political discourse (in alphabetical order) based on German designation:
Schiene; ApS)∞◊ Pro-Rail Alliance (Allianz pro Schiene;◊ Mobility and Transport Services Association

Environmental ForumIn recent years, the DB Group Environmental Forum has become established as the central platform for sustainablemobility. Decision makers in politics, industry, civil society
and science meet once a year in Berlin to discuss current
challenges, expectations and developments in sustainablemobility. The 2021 Environmental Forum was held on October 7 for invited guests at St. Elisabeth Church in Berlin.
Representatives of the Management Board of DB Group as
well as from politics, industry, science and civil society took
to the podium.

(Arbeitgeber- und Wirtschaftsverband der Mobilitäts- und

Summit meeting with environmental associations

Verkehrsdienstleister;; AGV MOVE)∞
Verkehrsdienstleister

On April 20 and October 20, 2021, the Chief Executive Officer
of DB AG, Dr. Richard Lutz, met with the following environmen­
tal associations: the Federation for the Environment and Nature Con­

◊ Comité international des transports ferroviaires (CIT)∞◊ Community of European Railway and Infrastructure Companies(CER)∞◊ German Transport Forum ((Deutsches
Deutsches Verkehrsforum;
Verkehrsforum; DVF)∞◊ Union Internationale des Chemins de Fer (UIC)∞◊ Association of German Transport Companies ((Verband
Verbandservation Germany
German y (Bund( Bund für Umwelt und Naturschutz Deutschland;
Deutschland;BUND)∞, the German Nature Conservation Association ((Deutscher
Deutscher Natur­

schutzring;; DNR)∞, German Environmental Action ((Deutsche
schutzring
Deutsche Umwelt­
hilfe;; DUH)∞, Greenpeace
hilfeGreenpeace∞, the German Nature and Biodiversity
Biodiversit y

Deutscher Verkehrsunternehmen;
Verkehrsunternehmen; VDV)∞

Conservation Union ((Naturschutzbund
Naturschutzbund Deutschland;
Deutschland; NABU)∞, the German

The principles of the stakeholder charter also apply to dialog
with policymakers. In addition, we have set strict internal
standards for participation in political processes, which aresummarized as “Group Principles Ethics – Code of Conduct”
and which are binding Group-wide. In addition, the Lobby
Register Act came into force in Germany on January 1, 2022,
and its provisions are observed by DB Group.

Transport and Environmental Association ((Verkehrsclub
Verkehrsclub Deutschland;
Deutschland;VCD)∞ and the World Wide Fund For Nature (WWF)∞. The topics

discussed included current issues facing DB Group, environmental protection and sustainable mobility.

32∏
102-12102-13Our contribution toclimate protection

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financial statements

Notes tosustainability

Additional
information∏ O V E R V I E W O F S TA K E H O L D E R D I A L O G
102-40102-44 STAKEHOLDERS

2021 topics

The most important dialog and communication formats◊ Stimuli and incentives after travel restrictions◊ Punctuality and connection reliability◊ Improvements to schedules, cycles and services◊ Contribution to sustainability◊ Passenger Advisory Board◊ Improvement and digitalization of ticket offers

Passengers(private and business)◊ New service offerings◊ Online dialog platforms/social networks◊ Improvement of passenger and construction
site information◊ Customer dialog (over-the-phone)/customer inquiries◊ Virtual and/or hybrid dialog formats and product conferences◊ Vehicle modernization/IdeasTrain◊ Digital road shows/product presentations◊ Maintaining operations during the pandemic◊ New strategic orientation (Strong Cargo)

Business customers(freight transport)◊ Green logistics◊ Direct exchange with customers (including trade fairs and congresses
as well as digital formats)◊ Initiative for further development of production◊ Own dialog and customer events◊ Punctuality and reliability◊ Customer workshops◊ Digitalization/digital automatic coupling◊ Annual customer satisfaction survey◊ Innovative freight cars

◊ Monthly satisfaction check◊ m² freight cars

◊ Social networks◊ “We are goods” campaign◊ link2rail digital customer platform (e-services for customers)◊ Pandemic management◊ Contribution to sustainability/Green Transformation◊ Infrastructure development and financing

Policymakers/regulators◊ Digitalization◊ Parliamentary evenings◊ Germany in sync (Deutschland-Takt)◊ Association activities◊ Intermodal competition◊ Participation in discussion rounds and expert presentations◊ Financing public transport◊ Participation by the Federal Government in dialog formats◊ Regulatory frameworks◊ Own events (for example competition symposium)◊ Covid-19 crisis management and vaccination campaign

Employees◊ Strikes, Collective Agreement Uniformity Act
and collective bargaining◊ Employee strategic building blocks within the framework of Strong Rail◊ Contribution to sustainability/Green Transformation◊ “Mobile working of tomorrow” project◊ New forms of cooperation and mobile work

◊ Events and networks on the topic of new work and diversity◊ Women in management◊ Internal digital information and exchange platform and internal virtual learning platform◊ Digitalization◊ “My Performance Management” as an instrument for feedback and performance review◊ Global employee survey and follow-up process with collaborative workshops◊ Dividend policy/capital measures/Covid-19
support measures

Investors◊ Indebtedness/profitability◊ Virtual road shows◊ Development of factor costs/collective bargaining◊ Virtual one-on-ones◊ Competitive situation/regulatory environment◊ Email contacts◊ Contribution to sustainability/Green Transformation◊ Investor relations Web site
◊ Railway Forum

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

◊ Shortage of skilled labor◊ 2021 Environmental 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

Associations/specialist public

Media◊ Contribution to sustainability/Green Transformation◊ Member of the Administrative Board of the German Compliance Institute(Deutsches Institut für Compliance; DICO)◊ Infrastructure development and financing◊ Corporate member of Transparency International Germany◊ Acceleration of planning and construction processes◊ Stakeholder events and product presentations◊ Innovations◊ Development of digital communication channels (RegioSignals)◊ Increasing employer attractiveness◊ Press Web site

◊ Upgrade of digital services◊ Press and photo events, including digital and hybrid formats◊ Expansion and digitalization of infrastructure◊ Background discussions, in some cases also digitally◊ Expansion of fleet or procurement of trains◊ Interviews, in some cases also digitally◊ Green transformation◊ Social networks

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

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SOCIAL RESPONSIBILITYPA S S E N G E R A D V I S O R Y B O A R D

The 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 2021, the involvement of the DB Passenger Advisory Board was once again predominantly digital – the DB Passenger Advisory Board was involved in various
DB Long-Distance, DB Regional, DB Sales and DB Station&
Service projects, bringing customers’ direct perspective into
the discussions.

Activities of Deutsche Bahn Foundation∏
102-16

Deutsche Bahn Foundation (Deutsche Bahn Stiftung gGmbH)gGmbH)∞ wasfounded in 2013 to combine our charitable commitment andthe DB Museum under one roof. The Foundation seeks tococreate an equitable society and improve social cohesion.
Deutsche Bahn Foundation supports charitable projects.
Like other sectors, the charitable sector has faced challenges in 2021 as a result of the Covid-19 pandemic. Projects
have had to be adapted and events postponed or cancelled.
There has been a rise in the development and expansion ofdigital projects.

∏ M E M B E R S H I P S I N S U S TA I N A B I L I T Y
102-13

Notes tosustainability

NETWORKS◊ 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). In addition, we are committed to the German Global Compact Network (Deutsches
Global Compact Netzwerk; DGCN), the forum for German
multi-stakeholders to implement and promote the princi­
ples of the UNGCµ 271
271,, as well as the SDGsµ 45.
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.
◊ We are represented on The Conference Board∞Board, a global,
in­­dependent economic association.
◊ As a member, we support the German CEO Alliance for Climate
and Economy
Economy (Stiftung(Stiftung KlimaWirtschaft)
KlimaWirtschaft)∞ in its aim of developing cross-sector solutions for the transition to a climateneutral 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.
◊ As a member of Transparency International∞International, we are commit­
ted to fighting corruption.

CHARITABLE PROJECTS IN GERMANY

2021

2020

2019

Deutsche Bahn Foundation

33

26

25

1)

	Preliminary figure.

EXPENSES FOR CHARITABLE PROJECTSI N GERMANY / € thousand

Deutsche Bahn Foundation
1)

1)

2021

2020

2019

2,797 1)

2,569

2,687

	Preliminary figure.

In response to donation requests, Deutsche Bahn Foundation has also made donations of funds from its general response budget.
DONATIONS IN GERMANY / € thousand

2021

2020

2019

Deutsche Bahn Foundation

155

123

136

1)

1)

	Preliminary figure.

The expenses for DB Museum amounted to € 6.4 million in
2021 (previous year: € 5.9 million).

COVID-19 EMERGENCY SUPPORTThe measures to contain the Covid-19 pandemic have had
effects on the education and mental health of children andyoung people, particularly those with socially disadvantaged
living conditions. For this reason, Deutsche Bahn Foundation
has initiated the emergency support program “Mind the gap –making up for learning lags and strengthening mental health.”
Through this program, it supports four projects that are aimed
at making up for the enormous learning lags while taking into
account the mental impacts of the pandemic on young people, strengthening mental health and motivation and countering the loss of social skills. In addition, Deutsche Bahn
Foundation increased its support to projects to counteract
the polarization of society, hate and violence.

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E D U C AT I O N A N D I N T E G R AT I O N

Notes tosustainability

Additional
information

SUPPORT FOR PEOPLE IN NEED

Deutsche Bahn Foundation, together with the Reading Founda­tion (Stiftung Lesen)
Lesen)∞,, is heavily involved in reading and language support. This joint commitment is expressed in thereading aloud study and the nationwide reading aloud day.
In addition, 300 medical institutions across Germany, suchas children’s hospitals and hospices, were endowed withnew reading aloud boxes, and the digital reading offer atwww.einfachvorlesen.de∞ was enhanced with reading/learnwww.einfachvorlesen.deing materials for home schooling.
For the third year, Deutsche Bahn Foundation worked
with the Open Knowledge Foundation∞
Foundation
to strengthen digitalskills for children and adolescents in structurally weak regions. Local workshops known as “Jugend hackt” (youth
hacking) labs have been opened at 15 locations nationwide
with the support of Deutsche Bahn Foundation in order tohelp improve equality in education. There are plans to set
up more labs.

Deutsche Bahn Foundation works closely with the German
Association of Railway Station Missions (Verein Bahnhofsmission Deutschland) and the roughly 100 railway station missions. This partnership has enabled a series of projects to
be developed.
Under the mission statement “Learning for Life,” Deutsche
Bahn Foundation is funding low-threshold, participative educational opportunities for regular visitors to the missions.
The “Motivators at the Station” project developed at the
Berlin central station is being rolled out nationwide as a quali­
fication program for employees of various railway station
missions. The objective is to provide qualified advice to people under mental strain.
The video interpretation project established at major stations helps foreign-language-speaking passengers obtain
answers to queries by making
it possible to consult videointerpreters in more than 60
languages via tablet.
Deutsche Bahn Foundation also supported a walk-in
clinic near the Berlin central
station, where people without
health insurance could receive
medical assistance at any timeof the year free of charge. Dur­Foundation book
The book “Johnny, Flora and theing Covid-19, the clinic expand­
Quiet Heroes” was published in 2021­­ed its service offering with aand presents the charitable com­quarantine station, vaccinamitment of Deutsche Bahn Founda­tion. It addresses serious subjects
tion campaigns and tests insuch as depression, youth homeemergency shelters.
lessness or humanitarian aid in a
Through Deutsche Bahn
child-friendly way in order to raisechildren’s awareness of socially
Foundation’s “wish fulfiller”
relevant issues.
(Wünscherfüller:in) project,
thousands of employees give
gifts to people in need in the lead-up to Christmas. At DB
sites, there were wish fulfiller Christmas trees with more than
3,000 wishes for children, women and men in need from charitable organizations.

P R O F E S S I O N A L I N T E G R AT I O N

In the project “Appointed heroes – learning through engagement for career opportunities” (Berufene Helden – Ler­nendurch Engagement für Chancen im Beruf), students organize
their own project and gain specific training expertise andskills in the process. Working with the Learning through Engagement 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 the intercultural umbrella association of
60 migrant organizations, this year Deutsche Bahn Foundation is again supporting women with refugee and migrantbackgrounds with their professional integration.

STRENGTHENING VOLUNTEERING

Employees who are involved in non-profit organizations intheir free time can apply for a grant. These grants have enabled 193 projects to be funded and implemented. Deutsche
Bahn Foundation, as one of the three main sponsors of theGerman Engagement Prize, supported the Top Prize for
Civic Engagement in Germany.

HELP FOR HOMELESS CHILDRENThe Covid-19 pandemic, social distancing regulations andliving in close quarters led to an increase in conflicts, domes­
tic violence and mental problems. Together with the nationwide Off Road Kids Foundation∞
Foundation
and using the online platformsofahopper.de∞, young people at risk of homelessness cansofahopper.de
access qualified contact and advice points all over Germany.
This enables young people to discuss problems with street
advisors and get help anonymously.

35

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To ourstakeholders

Groupmanagement report

Consolidated
financial statements

P R O M O T I N G M E N TA L H E A LT H

DB MUSEUM

Deutsche Bahn Foundation is involved in working to destigma­­tize depression as a mental illness in society and enables thoseaffected to receive assistance. Together with the German Depres­sion Aid Foundation (Stiftun
Stiftungg Deutsche Depressionshilfe)
Depressionshilfe)∞,, it sup­ports
the German Federation against Depression (Deut­sches Bündnis gegen Depression) in over 80 cities and regions. In 2021,
the annual German Depression Barometer study by Stif­­tung
Deutsche Depressionshilfe examined the main theme “Depression in the world of work.”
Through Deutsche Bahn Foundation’s annual tender on
the subject of “Strengthening the mental health of children
and young people in the Covid-19 crisis,” 14 more charitableorganizations carrying out projects for children and young
people were funded.
The prevention and early identification initiative “Masters
of tomorrow – mentally healthy through education” by thefoundation “Achtung!Kinderseele” is supported by Deutsche
Bahn Foundation in its nationwide expansion. It aims to raiseawareness of mental illness among trainees.

Notes tosustainability

Additional
information

Deutsche Bahn Foundation operates the DB Museum
Museum∞ in
Nuremberg and its branches in Koblenz and Halle (Saale),which are supported by volunteer employees in cooperation
with the BSW&EWH Foundation Family (Stiftungsfamilie
BSW&EWH).
The DB Museum was once again hit hard by the pandemic
restrictions in 2021: as the duration of the closure was significantly longer than in the previous year, its visitor numbers
declined more than 20%. However, the museum was able tocompensate for this decline with success in other areas: forthe first time, significant funds were successfully raised forinvestments at all the sites. New online services were developed, such as streamed live tours, speeches and workshops,
and became a fixed element of the program. After the reopening of the sites in June/July 2021, new open air programs
welcomed over 30,000 guests within just a few weeks. The
first research exhibition in many years, “Design&Bahn,” wasopened on September 30, 2021, and received a very positive
response from the public and press.

H U M A N I TA R I A N A I D

In cooperation with the Development Helps Association (Bünd­­­nis Ent­­­wicklung Hilft
Hilft))∞,, Deutsche Bahn Foundation supports people

in acute humanitarian emergencies.
◊ Deutsche Bahn Foundation provided disaster relief after
a powerful earthquake in Haiti. The funded project included supplying water to 15,000 people, distributing
860 hygiene kits and providing hygiene education toprevent cholera and transmissible diseases.
◊ In the Indian Nai Disha aid project, preventive and educational work for truck drivers is being done with thesupport of DB Schenker employees to avoid the spreadof tuberculosis and other infectious diseases.
◊ The Covid-19 pandemic has worsened the situation forstreet children worldwide. Deutsche Bahn Foundation
has supported two homeless children’s projects in Zimbabwe together with Terre des hommes and in India together with MISEREOR.

36

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Groupmanagement report

Consolidated
financial statements

Notes tosustainability

Additional
information

38

Overview

39

DB Group

44

Fundamentals

52

Strong Rail58

Product quality and digitalization

66

Green Transformation

74

Employees

83

Business development

99

Development of business units

155

Opportunity and risk report

164

Events after the balance sheet date

165

Outlook

171

Governance

GROUP
MANAGEMENTREPORT

Our contribution toclimate protection

To ourstakeholders

Groupmanagement report

Consolidated
financial statements

OVERVIEW
Impact of the Covid-19 pandemic
Important events

Additional
information◊ Compensation for losses incurred by DB Long-Distanceover the course of the first shutdown in spring 2020 (€ 550
million).
Further support measures are still in consultation with theEuropean Commission and the Federal Government.
In 2021, DB Regional also received funds from the industrindustryy
solution for regional transportµtransport
46 in Germany (about € 0.5 billion).
DB Arriva also received Covid-19 supportµsupport139 in various
countries.

38

Covid-19-related compensation measures

Notes tosustainability

38

38

Impact of the Covid-19 pandemic

Important events

In 2021 passenger transport continued to be heavily impacted
by the effects of the Covid-19 pandemic.
◊ At the beginning of the year, due to official measures,
recommendations to minimize social contact, restrictions
on trade and services, and a general reluctance regarding
mobility, the number of passengers was below the respective months of the previous year, which had not yet been
influenced by the effects of the Covid-19 pandemic.
◊ As the vaccine campaign continued, demand recovered
markedly from March 2021.
◊ Demand has not yet returned to pre-Covid-19 levels.
Demand for rail freight transport increased sharply, driven by
global economic development, almost returning to its preCovid-19 level.
DB Group will continue to be affected by the Covid-19
pandemic in 2022. However, we are sticking to the growthtar­­gets for rail and our own growth targets within our Strong
Rail strat­­egy. For this reason, we consistently continued our
expansion of capacity, primarily in infrastructure, in 2021.

FLOODSWith extremely high levels of rain over multiple days, Storm
Bernd led to severe floods in mid-July 2021, particularly inNorth Rhine-Westphalia and Rhineland-Palatinate, causing
catastrophic damage to the affected regions. This also includes serious damage to our infrastructure. Tracks, switches,signal technology, bridges, stations, interlockings and vehicles were badly damaged. A total of about 600 km of trackas well as more than 50 bridges and dozens of stations andstops were affected. A collective financing agreement ondamage rectification has been concluded with the Federal
Government. About 80% of the significant flood damages
were able to be remedied in 2021. Further reconstruction ofdamaged lines and facilities continues.

CONCLUSION OF THE COLLECTIVEBARGAINING PROCESSThe agreement with the Railway and Transport Workers
Union (Eisenbahn- und Verkehrsgewerkschaft; EVG) at the
beginning of October 2021 concluded the collective bargaining
agreement 2020/
2020/2021
2021µ 79 in DB Group, during the course ofwhich strikes were waged by the German Train Drivers’ Union(Gewerkschaft Deutscher Loko­motivführer; GDL) (strikes
were called on a total of 16 days in 2021). Less than 1% of em­­ployees took part in the strikes.

Covid-19-related compensation measures
Deutsche Bahn AG (DB AG) and the Federal Republic of Germany (Federal Government) have agreed to jointly bear theeffects of the Covid-19 crisis on Deutsche Bahn Group (DBGroup). We plan to compensate for half of the impact on the
Integrated Rail System by implementing countermeasures.
In 2021, the Federal Government implemented various
measures to partially compensate for Covid-19-related losses:◊ Extensive support for train-path prices (retroactively fromMarch 2020) in long-distance and freight transport (DBshare: about € 2.1 billion).
◊ Compensation for the canceled dividend payment by DB AG
for the 2020 financial year (€ 650 million). As the dividend
payment is planned in accordance with the Performanceand Financing Agreement (Leistungs- und Finan­zierungs­
vereinbarung; LuFV) to finance replacement capital expen­
ditures in infrastructure, it was replaced in full by Federal
funds (additional investment grants) in 2021.

I M P L E M E N TAT I O N O F T H E C L I M AT E
ACTION PROGRAM

Following the conclusion of discussions with the European
Commission regarding the planned measures to promoterail transport as part of the Climate Action Program 2030µ
2030
47 –
adopted by the Federal Government in autumn 2019 – theFeder­­al Government implemented the first equity measurefrom the Climate Action Program 2030 at DB AG, amounting
to € 2.125 billion, for the years 2020 and 2021. The funds werepassed on directly to DB Netz AG (€ 1.125 billion) and DB Sta­­tion&Service AG (€ 1 billion).

38

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DB GROUP
Organizational structure

39

Sustainability management

43∏ Organizational structure
102-1
102-2
102-3
102-4
102-5
102-6
102-7
102-18Additional
information

Our national and international services give us leading market positions in our relevant markets.
DB AG is the parent company of DB Group. It has been astock 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. The sole owner is the Federal Government of Germany.
The changes in the composition of the Supervisory Board and the Management Boardµ
Board
31 are presented in the Supervisory Board report.
In DB Group, DB AG runs all business units as an operating management holding company and supports the business units through various central group functions (including legal, cor­­porate development, corporate accounting,taxes and insurance as well as finan­ces, and treasury) as
well as administrative service unitsµunits
171 ff.. In addition, operational
service unitsµunits
171 f.,
f., as legally independent DB AG subsidiaries, primarily provide service for internal customers. These
include DB Systel GmbH, DB Sicher­heit GmbH, DB Services
GmbH and DB Kommunikations­technik GmbH.
DB Group train operating companies are legally independent companies with separate balance sheets and state­­ments of income, and thus fulfill all unbundling requirements
under European 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.
The coalition agreement of the new Federal GovernmentµGovernment
46 provides for a merger of DB Netz AG and DB Station&Service

41

Business model

Notes tosustainability

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 about 340,000 people. Our business operations arefocused 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 of transport and rail infrastructure, the economicallyand environmentally intelligent linkage of all modes of transport, as well as cooperation in German and European networks. At about 33,000 km, our rail network in Germany isEurope’s longest. We are also one of the largest energy sup­­pliers in Germany.

DB GROUP ORGANIZATION CHART
DB GROUPMANAGEMENT BOARD
CEO and Chairman

Digitalization andTechnology

Human Resourcesand Legal Affairs

Passenger
Transport

Infrastructure

Freight Transport

DB Schenker

DB Long-Distance

DB Netze

DB Cargo

DB Arriva

DB Regional

DB Netze

Finance andLogistics

BUSINESS UNITS
TrackStations

DB Netze

EnergyMajor investments  

Integrated Rail System

39

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To ourstakeholders

Groupmanagement report

Consolidated
financial statements

Notes tosustainability

Additional
information

MARKET POSITIONSPASSENGER TRANSPORT		NO.
2 IN EUROPEAN LONG-DISTANCE
2RAIL PASSENGER TRANSPORT 1)

		NO.
1 IN EUROPEAN REGIONAL RAIL
1
PASSENGER TRANSPORT 1)

		NO.
3 IN EUROPEAN PUBLIC
3
ROAD PASSENGER TRANSPORT 1)

1.	Société Nationale des Cheminsde fer Français (SNCF)
2. DB Group
3. Swiss Federal Railways (SBB)
4. Ferrovie dello Stato (FS)5.	Austrian Federal Railways (ÖBB)

1.
2.
3.
4.
5.

DB Group
SNCF

1.
2.

FS

3.
4.
5.

/ based on revenues/ based on revenues

Nederlandse Spoorwegen (NS)First Group/ based on revenues

SNCF égie autonome des transports
R
Parisiens (RATP)
DB Group
Transdev
National Express

FREIGHT TRANSPORT AND LOGISTICS
		NO.
1 IN EUROPEAN RAIL FREIGHT
1
TRANSPORT / based on tkm

		NO.
1 IN EUROPEAN LAND TRANSPORT
1

		NO.
4 IN WORLDWIDE AIR FREIGHT
4

1.
2.
3.
4.
5.

1.
2.
3.
4.
5.

1.
2.
3.
4.
5.

DB Cargo

Rail Logistics Europe 2)
Rail Cargo GroupPKP Cargo
Mercitalia Rail/ based on revenues

DB Schenker

Dachser

DHL
DSV

Kuehne + Nagel		NO.
5 IN WORLDWIDE OCEAN FREIGHT
5		NO.
5 IN WORLDWIDE CONTRACT5LOGISTICS / based on revenues

1.
2.
3.
4.
5.

1.
2.
3.
4.
5.

/ based on TEU

Kuehne + Nagel
Sinotrans

DHL
DSV
DB Schenker/ based on t

DHL

Kuehne + NagelDSVDB Schenker
UPSDHL
XPO Logistics

Kuehne + Nagel

CEVA Logistics
DB Schenker

	Excluding Russia.
	Formerly Fret SNCF.
Data for competitors based on annual reports, analysts’ research and our own calculations.
Market positions relate to the calendar year 2020.

1)

2)◊ Strategically relevant subsidiaries such as DB Schenker
will therefore continue to be held as financial investments.
Joint operational initiatives focus on achieving synergies
within the network.
◊ DB Arriva only accounts for a small amount of operationaland strategic added value in Strong Rail. DB Arriva serves
local markets in other European countries. Synergies with
the Integrated Rail System on the customer, production
or product side are currently non-existent or insignificant.
The intention to sell remains unchanged.

AG within DB Group. Reliability and stability form the basisof a high-quality infrastructure. The essential cornerstones
for profitable business are sustainable financing of the existing infrastructure and its necessary expansion. The Performance and Financing Agreement (Leistungs- und Finanzie­
rungsvereinbarung; LuFV) makes a significant contribution
to ensuring the maintenance of the existing network.
With its Strong Rail strategy, DB Group focuses on thebusiness operations of the Integrated Rail System.
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 the Strong Rail strategy:40

Our contribution toclimate protection

To ourstakeholders

Groupmanagement report

Consolidated
financial statements∏ Business model
102-2
102-6

Notes tosustainability

Additional
information◊ Our business activities in the freight transport and logistics market were moved to an international platformvery early on. DB Cargo and DB Schenker operate predominantly in the business-to-business segment. We
offer our customers industry-specific solutions in European rail freight transport and global land transport, in
global air 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 pandemic developments, demand for passenger transport is driven first and foremost by the growthof major cities, the size of the population, the number ofpeople in employment, and real disposable incomes.
Competitiveness relative to car transport is heavily influenced by the trend in fuel prices.

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.
DB GROUP BUSINESS MODELINPUTS
Employees

Networks andinfrastructure

VehiclesElectricity
and fuel

Additional production
factors

BUSINESS ACTIVITIESCustomer segments

Customer access and retention

Key activities

EBITµ87 ff.

Customer satisfactionµ60

Employee satisfactionµ78 f.

Noiseµ72 f.

Share of renewableenergies in the DB traction
current mixµ67 f.

Greenhouse gas emissionsµ68

Punctualityµ60 ff.

Wasteµ71 f.

—D
 B Group offers attractive,
customer-focused andenvironmentally friendly mobility,transport and logistics solutions
from a single source.

OUTPUTS 1)

OUTCOMES 2)

Passenger numbers/
quantities/volumes
Volume sold
Volume produced

1)

Value proposition— Private customers— Business customers— Contracting organizations— Direct customer access— Digital offers— Customer loyalty programs

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

2)41— Transport services
across all modes of transport— Customer care
— Fleet management— Operating and optimizing
regional and global networks— Managing interfaces— Providing additional corebusiness services

Our contribution toclimate protection

To ourstakeholders

Groupmanagement report

Consolidated
financial statements◊ 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 business climate 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
our market activities and resources. Opportunities and risks
can therefore be recognized early on, and, as a result, shortterm controlling activities and long-term positioning focusedaccordingly. At the same time, we work systematically on
optimizing our operating value drivers.
Operating transport networks often necessitates a highlevel of 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 ouractivities. By expanding what we offer our customers, particularly digital services and customer loyalty programs, andintegrating new forms of mobility and intelligently linking
with other modes of transport, we intend to gain additionalcustomers 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).

Notes tosustainability

Additional
information

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 and DB Arriva, the order book in the formof long-term transport contracts entered into with 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 developmentof DB Group, which are a central component of our business model.
◊ Corporate social responsibility: As a state-owned provider of mobility and logistics solutions, DB Group has amajor 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 toachieve climate protection targets, promotes integrationand quality of life, and makes areas more attractive forbusiness, as well as empowering Europe’s people andeconomy. In short, society as a whole benefits from strong
rail transport. 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 courseof the German rail reform, DB Group has established itself
as a commercial enterprise. Noteworthy achievements inthis 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.

42

Our contribution toclimate protection

To ourstakeholders

Groupmanagement report

Consolidated
financial statements◊ 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 a strong rail system for Europe, Europe will continue as our main field of action in the future. In order totake into account customers’ needs for cross-border solutions, we continue to position ourselves at the European
level with our passenger transport activities. Due to theEuropean and worldwide orientation of our freight transport and logistics activities, we offer our customers theaccess they need to global networks.
◊ Digitalization: We use the technologies and methodsof digitalization to offer customers an attractive range of
products. 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.

∏

Additional
informationand implementing Group-wide transformation projects. The
respective specialist departments in the unit are responsible
for the content of specific sustainability issues. The development of further environment monitoring tools, our involvementin sustainability networksµ
networks
34 and our participation in national
and international committees ensure that trends and drivers,
as well as opportunities and risksµrisks
155 ff. in the field of sustainability and the environment, including climate protectionµprotection
67 ff.
and climate resilience managementµmanagement
69 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 GroupManagement Board receive quarterly updates on the statusof the Environment and 100% green electricity
electricity building block for theGreen Transformation and thus about sustainability, environmental and climate issues. Progress in greenhouse gas reductionµ 68 f. and noise reductionµtion
reduction
72 f. is reviewed at regu­lar
performance review meetings held during the year, which
are attended by the Group Management Board and the executives of the business units. The achievement of greenhousegas emissions targets is included in the calculation of the† Sustainability management102-16102-42

Notes tosustainability

The great importance that sustainability, the environmentand climate-related topics have at DB Group is reflected not
only in our anchoring in the Strong Rail strategy
strategyµ52 ff.,
ff., but alsoin our sustainability organization. The Chief Sustainability
Officer (CSO) is responsible for the issues of sustainability
and the environment – and therefore also for climate-related
opportunities and risks. The role is exercised by the Chairmanof the Management Board of DB AG. Overarching coordination is the responsibility of the Sustainability and Environment organizational unit with its five specialist departmentsin the division of the Chairman of the Management Board.
The Sustainability and Environment unit designs DB Group’s
Green TransformationµTransformation
66 ff. and ensures its implementation.
In particular, it is responsible for defining the integrated sustainability and environmental strategy, the associ­a­ted Groupwide targets and key figures, and for planning, managing

variable compensation for members of the Management Boardµ
Board
181

and other executives as well as certain employee groupsµgroups266..
266
The management of Sustainability and Environment at
DB Group is the highest position responsible for sustainability and climate-related issues under DB Group’s Management Board and reports directly to the Chairman of theManagement Board. The unit advises and supports theManagement Board of DB Group in the strategic management and implementation of the Green Transformation.
Regular meetings ensure close communication about sustainability, environmental and climate issues at Management Board level. Specific tasks include the preparation ofrecommendations for action for DB Group, its business units
and service units. In addition, among other things, the division is responsible for planning and monitoring theachievements of the respective targets, for example in relation to our climate protection and noise reduction targets.
The business units are responsible for implementing thetargets, strategies and measures.

43

Our contribution toclimate protection

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Groupmanagement report

Consolidated
financial statements

FUNDAMENTALS
Sustainability reporting
Legal topics

46

50∏ Sustainability reporting

102-46102-47102-49S 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

strategy
52 ff., we have set the sched­∏ Through our Strong Rail strategyµ102-43 ule for DB Group for the coming years. It forms the super­
102-44
ordinate framework for our reporting.
We are also reliant on the support and acceptance of our
stakeholdersµ 33 in order to successfully implement the
stakeholders
Strong Rail strategy. In 2019, as part of the comprehensive
materiality analysis (2019 Integrated Reportµ
Report51)), we therefore
51
asked them for an assessment of 16 important areas of action
for sustainability. These 16 areas of action reflect the focus
points of our strategy and supplement them with other top­
ics that our stakeholders deem relevant. In 2021, we verified
whether our set of material topics remain the same for our
stakeholders and so surveyed representatives of our stake­∏

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

In 2021, we expanded our reporting for the first time by in­cluding the recommendations of the Task Force on Cli­
mate-Related Financial Disclosures (TCFD). The initiative,
launched by the Financial Stability Board (FSB) following
the adoption of the Paris Climate Agreement, has drafteda cross-industry, international framework for the disclosureof climate-related risks and opportunities. Its purpose is toin­crease awareness of the financial impacts of climate changeµ69 f. in order to guide investments in sustainable solutions
and business models. The TCFD promotes the disclosure bybusinesses of information on climate-related opportunities andrisksµ 162 f. It requires companies to account for how theyrisks
are structured in the areas of governance, strategy, risk man­agement through the use of metrics and targets in order totake advantage of significant climate-related oppor­­tuni­ties
and to reduce climate-related risks. In doing so, companies
are required to take into account not only how their businessactivities affect climate change, but also how climate change
is affecting companies. A content summary can be found inindexµ 272
272..
the TCFD index
The TCFD recommendations for substantiated financerelated climate reporting were published in June 2017. By in­cluding the TCFD recommendations in our reporting for the
first time, we are continuing to provide transparent report­ing on climate protection and in addition provide our stake­holders with a better understanding to what extent our busi­
ness is affected by climate change and the implications wederive from this.

DB SUSTAINABILITY TOPICS

102-47

ADDITIONAL TOPICS— Social responsibilityµ 34 f.
— Sustainable supply chainsµ 261

OUR
SUSTAINABILITY
TOPICS

MATERIAL TOPICS
ACCORDING TO THE GRI— Solutions for modern anddigital mobility, logistics
and serviceµ 62 ff.
— Capacity expansion of theinfrastructure and vehicle
fleetsµ 54 ff.
— Customer benefit andproduct qualityµ 60 ff.
— Sustainable resourceuseµ 71 f.
— Climate protectionµ 67 ff.
— Economic performancecapabilityµ 91 ff.

Additional
information

holder groups as part of a validation process. The executivesof DB Group’s Sustainability unit were also informed of thesurvey results. The results show that our set of relevant sus­
tainability topics continues to apply. Our sustainability topics
are made up of:◊ the material topics under the Global Reporting Initiative(GRI),◊ an internal materiality assessment (additional topics),
and◊ our comprehensive transparency aspiration towards our
stakeholders (topics from the transparency aspiration).

44

Development of business environment

Notes tosustainability

TOPICS FROM THE
TRANSPARENCY ASPIRATION— Corporate management andcomplianceµ 254 ff.
— Customer safetyµ 258 f.
— Data protection and IT securityµ 256 ff.
— Noise reduction in rail transportµ 72 f.
— Nature conservationµ 70— Attractive employer and responsible
leadership of employeesµ 75 ff.

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financial statements

We have also decided to become a TCFD supporter
supporter∞.. For us,
this is a clear commitment to transparent climate reportingas part of our climate-protection efforts and climate-resil­­ience management.

Risk management

In connection with the requirements of the CSR-RUG, we were
not able to identify any material risks associated with ourbusiness activities, 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 effects listed in this Integrated Report.
Our risk managementµmanagement
155 ff. also takes into account theeffects on the non-financial aspects and issues.

We are committed to meet the objectives of the 2030 Agen­­da
and Sustainable Development Goals (SDGs) of the United
Nations. We have identified five focus SDGs that most closely
match our strategic focus points and material topics:◊ 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
The set of material topics in 2021 has been validated and theresulting five focus SDGs continue to apply.

E S G R AT I N G S

The feedback of ESG (environmental, social and governance)
rating agencies is very important to us as a benchmark andan indicator of our stakeholders’ main concerns.

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-finan­­cial statement (NFS). As part of our integrated reportapproach, we provide comprehensive reports on all material
sustainability issues.
Three areas of action were identified in the materiality
analysis as material within the meaning of the CSR Directive
Implementation Act (CSR-Richtlinie-Umsetzungsgesetz; CSRRUG); these also remained material in 2021:
fleet
54 ff.
◊ Capacity expansion of the infrastructure and vehicle fleetµ◊ Climate protectionµprotection
67 ff.
◊ Economic performance capability
capabilityµ 91 ff.
COMPONENTS OF THE NFR

DB topics

Business modelBusiness modelµ 41 ff.

Environmental mattersClimate protectionµ 67 ff.

Social mattersCapacity expansion of the infrastructure and vehicle
fleetµ 54 ff.,µ 103,µ 108,µ 119 ff.,µ 129

Other matters(economic performance capability)

Business developmentµ 83 ff.
Nature conservationµ 70, Air quality
controlµ 26, Water consumptionµ 262

Employee matters

Work of the futureµ 79 ff., Employment
conditionsµ 79 ff., Group securityµ 258 f.,
Transformationµ 264 f.

Respect for human rights

Human rightsµ 255 f.

Combating corruption
and bribery

Complianceµ 254 f.

ESG RATINGS

2021

2020

2019

Last update

Scale

CDP (climate rating)

A

A

A

Dec 2021

A to F

EcoVadis

61

61

59

Oct 2020

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

ISS ESG

C+

B–

B–

Dec 2021

A+/4.00 to D –/1.00

Dec 2021

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

Aug 2021

Risk assessment:
negligible (0 – 10)
low (10 – 20)
medium (20 – 30)
high (30 – 40)
severe (40 – 100)

Sep 2021

advanced (60 – 100)robust (50 – 59)
limited (30 – 49)
weak (0 – 29)

MSCI 1)

Sustainalytics 2)

V.E

A

19.7

52

A

19.5

46

A

25.7

44

In alphabetical order.
1)	In February 2022, MSCI raised DB Group’s ESG rating to “AA.”2)	In February 2022, Sustainalytics adjusted the ESG risk of DB Group to 24.4 (medium risk).

V O L U N TA RY A D D I T I O N A L I N F O R M AT I O N

Environmental matters

Additional
information

taking into account the reporting requirements of the United
Nations Global Compact (UNGC). In addition, we provide
additional voluntary disclosures on further matters.

∏ S 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
102-12102-16

Notes tosustainability◊ Our ISS ESG corporate rating∞ratingworsened slightly. This wasin part due to our performance in the eco-efficiency cate­gory resulting from decreased capacity utilization causedby the Covid-19 pandemic.
rating∞ improved in 2021, placing us above the◊ Our V.E rating
average for the industry.
More information on our ESG ratings are available on our

The contents of the NFS can be found in the relevant chap­ters of the Group management report and in the Notes onsustainability, and were prepared in accordance with theinternational standards of the GRI in the core option andinvestor relations Web site∞.
site
.

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Additional
information◊ This sum was carried over to 2021 in the 2021 Federal bud­get because the coordination with the European Commis­
sion (EU Commission) with respect to state aid law had
not yet been completed in 2020.
◊ Based on the progress made in the negotiations with the
EU Commission, the 2021 supplementary budget adopted
by the German Parliament in April 2021 reduced the funds
that had been intended for the equity increase by justunder € 3.1 billion and reallocated that amount:◊ The Federal funds intended for the maintenance of
tracks of the Federal railways were increased by € 650
million to compensate for the omission of DB AG ’s
dividend payment for the 2020 financial year.
◊ The expenditure to subsidize train-path prices in rail
freight transport was increased by € 600 million, anda further € 27 million was allocated to a commitment
appropriation for 2022 to pay for services provid­ed in
December 2021. To subsidize train-path prices inlong-distance rail passenger transport, about € 1.8 bil­lion was also included in the Federal budget, plus a
commitment appropriation for 2022 totaling € 279 mil­lion to pay for services provided in December 2021 andto continue subsidizing train-path prices in long-dis­tance rail passenger transport until May 2022.
The coordination regarding state aid law with the EU Com­mission on subsidizing train-path prices in long-distance railpassenger transport and rail freight transport was adopted
in 2021 with retroactive effect from March 2020, as was thecompensation for losses in long-distance rail passenger trans­
port for the first shutdown in spring 2020. The corresponding
measures were implemented in 2021. The coordination regard­
ing state aid law on compensation for losses in rail freighttransport was also completed. The coordination with the
EU Commission regarding additional compensation for losses
is still ongoing.
The Act on Accompanying Measures for the Implementa­tion of the Economic Stimulus and Crisis Management Pack­­age (Gesetz über begleitende Maßnahmen zur Umset­zungdes Konjunktur- und Krisenbewältigungspakets) provided
for an additional one-time increase of € 2.5 billion in regio­n­al­ization funds in 2020, with which the Federal Government
contributed half of the industry solution for local public
transport. For 2021, the Federal Government has also prom­ised to contribute € 1 billion (half of the total amount) tothe continuation of the industry solution, provided that theFederal states contribute the same amount as in 2020. The
industry solution for local public transport is also set to con­tinue in 2022.
Further information on the economic stimulus package of the

N AT I O N A L E N V I R O N M E N T
DB Group
COALITION AGREEMENT OF THE NEW FEDERAL GOVERNMENTIn their coalition agreement of November 24, 2021, the Social
Democratic Party of Germany (Sozialdemokratische Partei
Deutschland; SPD), Alliance 90/the Greens (Bündnis 90/
Die Grünen) and the Free Democratic Party (Freie Demokra­
tische Partei; FDP) declared their commitment to an efficientrail system and to the integrated DB Group:◊ By 2030, the new Federal Government aims to increase
the market share of rail freight transport to 25% and to
double the rail passenger transport volume sold.
◊ Rail is to receive significantly more capital expenditures
than roads.
◊ Within DB Group, the infrastructure units DB Netz AG and
DB Station&Service AG are to be “merged into a new infra­
structure division focused on public welfare.”◊ The financing opportunities of the infrastructure area of
DB Group are to be strengthened and improved.
◊ Other key projects for the sector include the rapid im­
plementation of the Master Plan for Rail Transport andof Ger­­many in sync, a “rapid capacity expansion” pro­gram, the consolidation and strengthening of the station
programs, the digitalization of vehicles and lines, theaccelerated introduction of digital automatic coupling,
the strengthening of single wagon transport and com­bined transport, an increase in regionalization funds andan expansion and modernization package for local pub­lic transport.
◊ To speed up implementation, the coalition wants to set
up a rail acceleration commission.
E C O N O M I C S T I M U L U S PA C K A G E O F T H E F E D E R A L G O V E R N M E N T

In June 2020, the Federal Government agreed on comprehen­sive measures in relation to the topic of “Tackling the Covid19 Impact, Securing Prosperity, Strengthening Readiness for
the Future.” These included a number of general relief mea­sures for the German economy, while simultaneously provid­
ing industry-specific stimuli in 2020 and 2021. Progress wasmade in this area in 2021, particularly with regard to thecompensation measures for DB Group related to Covid-19:◊ In the 2020 supplementary budget, the strengthening of
DB AG’s equity by € 5 billion for the partial compensationof losses was intended.

Federal GovernmentµGovernment
62 (2020 Integrated Report).
Report).

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Consolidated
financial statements† I M P L E M E N TAT I O N O F T H E C L I M AT E A C T I O N P R O G R A M 2 0 3 0
On the basis of the Federal Government’s Climate Action
Program 2030, additional Federal funds totaling € 11 billion
will be made available by 2030 to strengthen the rail system.
At the end of January 2020, the Federal Ministry of Finance(Bundesministerium für Finanzen; BMF) and the Federal
Ministry for Digital and Transport (Bundesministerium fürDigitales und Verkehr; BMDV), and DB AG, DB Netz AG, DB
Station&Service AG and DB Energie GmbH, agreed on the
inflow and use of the funds in a joint letter of intent. The
funds will be used exclusively for infrastructure; half will be
paid as equity and half as grants to DB Netz AG and DB Sta­tion&Service AG. In terms of content, the funds will be usedin the categories of a robust network, digital rail, attractive
railway stations and economically self-reliant infrastructure
measures. Following the completion of coordination with the
EU Commission, the equity increases set out in the 2021 Fed­
eral budget for 2020 and 2021, totaling € 2.125 billion, were
implemented in November 2021. For 2022 to 2024, further
equity measures of € 1.125 billion per year are scheduled aspart of the Climate Action Program 2030 and will also be used
entirely for infrastructure.

Notes tosustainability

Additional
information

N AT I O N A L P L AT F O R M F O R T H E F U T U R E O F M O B I L I T Y∏
In the Federal Government’s National Platform for the Future 102-13
of Mobility (NPM), DB Group is represented in the steeringcommittee, as well as in the working groups for climate pro­tection in transport and digitalization for the mobility sector.
In June 2021, the working group for climate protection intransport presented a report on how the measures alreadytaken under the Climate Protection Program 2030 can befurther accelerated and expanded in order to meet the re­quirements for climate protection in transport. Measures tostrengthen and further electrify the rail system and public
transport will play a leading role. In the framework of otherworking groups, in-depth elaborations were prepared onelectromobility and digitalization in transport, for example.
In this context, DB Group is part of the RealLab Hamburg
project which investigates the challenges and needs of inter­
modal and autonomous mobility. In October 2021, the NPM
submitted a report of its results for 2018 to 2021. The workof the NPM has therefore ended for the time being.
MASTER PLAN FOR RAIL TRANSPORT AND GERMANY IN SYNC∏
As a result of the work of the Rail Future Alliance, the BMDV 102-13
published the Master Plan for Rail Transport in June 2020,
which is broadly supported by the industry. The implemen­tation of the plan as a whole and of key elements such as
Germany in sync is being handled by bodies that continue tooperate under the direction of the Federal Government with
the involvement of DB Group.
The Federal Government’s annual rail summits will pub­
licly discuss the current status and remaining challenges. On
May 17, 2021, the third rail summit focusing on European
transport took place. Several EU member states signed a let­ter of intent to create TransEuropExpress (TEE) 2.0 for crossborder, high-speed and night rail traffic. This is expected to
become part of a networked and synchronized Euro­peanschedule.
On August 18, 2021, the BMDV announced its positive eco­­nomic assessment of a range of measures for Germany in sync.
Some 180 measures have become urgent priorities in the rail
requirement plan. This is linked to a basic ability to financethe measures under the requirement plan. The assessment isbased on the target schedule 2030+ drafted by independent
Federal Government experts, the final report for which was
submitted in September 2021.

† A M E N D M E N T T O T H E G E R M A N F E D E R A L C L I M AT E C H A N G E A C T
A N D I M M E D I AT E C L I M AT E - P R O T E C T I O N A C T I O N P R O G R A M

On April 28, 2021, the Federal Constitutional Court publisheda resolution on the Climate Change Act confirming the legit­
imacy of the admissibility of the fixing of targets for reduc­­ing greenhouse gas and emissions limits. At the same time,
it calls for the targets to be made more ambitious and therequirements for the period after 2030 to be made more spe­cific. In compliance with this requirement, the legislator has
passed an amendment to the law. The targets for national
greenhouse gas reduction for 2030 will be increased from
– 55% to – 65%. At – 88% a specific target for 2040 was set
for the first time. Germany’s target year for climate neutral­
ity is being brought forward from 2050 to 2045. For the trans­
port sector, the annual maximum amount of greenhouse gas
emissions will be reduced from its previous level of 95 million
to 85 million tons of CO₂ equivalents in 2030. Emissions in
the transport sector must therefore fall by at least 48% (pre­viously: 42%).
In addition to amending the Climate Change Act, theFederal Government also adopted an immediate action pro­gram in June 2021 amounting to € 8 billion by 2025. The main
focus is on 2022 and 2023. For the rail system, a total of € 200
million has been earmarked for additional digitalization proj­
ects. These funds are subject to the final approval of the2022 Federal budget, which is expected to take place at theend of the second quarter of 2022.

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Additional
information

The amendment to the Railway Regulation Act (Eisenbahn­regulierungsgesetz; ERegG) which entered into force onJune 18, 2021, adapted the national legal framework to de­velopments in EU law and provides the basis for new mod­els for capacity allocation and schedule preparation, includ­ing for Germany in sync. These models will be developed
further in a national legislative decree on the conductingof pilot projects.

We have reached an agreement with Deutsche Telekom on
an overachievement of the 2019 supply requirements. It wasagreed that Deutsche Telekom would expand its mobile
network on DB rail routes as quickly as possible, close ex­
isting gaps and significantly increase the performance ofthe network. By 2026 at the latest, there are to be no more
supply gaps along the long-distance and regional rail routes.
Together, both companies are investing a three-digit mil­lion euro amount.

Infrastructure

Freight transport

R A I L WAY L AW R E F O R M A C T

MASTER PLAN FOR RAIL FREIGHT TRANSPORTThe Railway Law Reform Act (Eisenbahnrechtsbereinigungs­
gesetz; EbRbG) entered into force on July 1, 2021. 1. In addi­
tion to more editorial adjustments in various laws, the EbRbG
fundamentally reorganized the laws relating to sidings in the
General Railway Act (Allgemeinen Eisenbahngesetz; AEG),
and creation of new regulations on vegetation control, par­ticularly with regard to threats to safe railway operations
originating from third-party land.

The implementation of the Master Plan for Rail Freight Trans­
port 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. Follow­
ing the initial funding of the program in the 2020 Federal
budget in the amount of € 30 million, the program will con­tinue with the same financial backing in 2021. As a further
measure to strengthen rail freight transport, facility pricesupport has been assigned in the Federal budget since 2020;
the amount granted in 2021 was € 80 million. The funding
guidelines for sidings were evaluated and published with new
funding options in March 2021; € 34 million was allocated to
it in 2021. The evaluation of the combined transport funding
guidelines is currently taking place; the new directive is ex­pected to be published in 2022.

R A I L WAY R E G U L AT I O N L AW

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 in 2021 was on implementing the supply require­ments from the 5G auction in 2019. These requirements in­clude a better supply throughout rail routes. As per the auc­
tion 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 fi­
ber-optic capacity along the rail routes. The amendment to
the Telecommunications Act (Telekommunikationsgesetz),
which was passed with the approval of the Upper House of
Parliament (Bundesrat) on May 7, 2021, which largely com­plies with the previous regulations, contains regulations on
the shared use of rail infrastructure. A new addition is theobjective of frequency regulation to ensure uninterrupted
connectivity along transport routes by 2026, if possible. The
competencies of the Federal Network Agency (Bundesnetz­
agentur; BNetzA) to enforce the supply requirements werealso expanded.

I M P L E M E N TAT I O N O F T H E N AT I O N A L R A I L N O I S E
PROTECTION ACT

Since the schedule change in 2020/2021, the Rail Noise Pro­
tection Act has generally prohibited the use of noisy freightcars on the German rail network. DB Netz AG has updated
the rail network terms and conditions of use to implement
the law. In a formal notice to the Federal Government, the
EU Commission expressed its opinion that the Rail Noise
Protection Act contradicts EU law and it considers the act to
be in breach of interoperability requirements. The process
has not yet been completed.

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EUROPEAN ENVIRONMENT
DB Group

Notes tosustainability

Additional
information

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 EU Commission presented a compre­
hensive package of legislation as part of its Green Deal. The
proposed regulations are intended to achieve a 55% reduc­tion in net greenhouse gas emissions compared to 1990 acrossthe EU by 2030. This Fit for 55 package particularly concerns
energy and transport policy. It includes, among others, pro­posals for a new EU emissions trading system for road traffic
and buildings, stricter rules on CO₂ emissions for new ap­
proved cars and light commercial vehicles (with the resultthat all new vehicles approved from 2035 will need to beemissions-free), and a marginal CO₂ tax. Furthermore, freecarbon trading certificates and the kerosene tax exemption
for air traffic are to be gradually abolished. The proposals
primarily provide opportunities for climate-friendly rail trans­
port. They are an important step toward uniform CO₂ emis­
sions pricing in the transport sector and a standardized in­ternalization of external costs. The next stage for thelegislative package is consultation in the Council and Euro­pean Parliament. The whole Fit for 55 package is not expected
to be finalized before 2023.

R E L A U N C H O F T H E C O N N E C T I N G E U R O P E FA C I L I T Y

The new Connecting Europe Facility (CEF) Regulation (EU)2021/1153 entered into force on July 15, 2021. The € 33.7 bil­lion facility for the period from 2021 to 2027 is the EU’s mostimportant rail funding program. The transport sector has
been allocated € 25.8 billion, of which € 11.2 billion may berequested from non-cohesion countries such as Germany.
This can be used to fund infrastructure projects in order toexpand cross-border connections, increase capacity and per­formance on existing lines and rail hubs, connect freightterminals to the TEN-T network and electrify lines. It is also
used to support projects related to smart and sustainablemobility such as the European Rail Traffic Management Sys­tem (ERTMS), innovations in capacity or traffic management,or the reduction of noise from rail freight transport. In addi­tion, a further € 1.7 billion is reserved for all 27 member states
to be used on projects relating to civil and military mobility(“dual use”). The first call to apply for CEF funding was pub­lished on September 16, 2021. On the DB side, a total portfo­
lio of 19 measures totaling about € 3.1 billion is planned for
application.Taking into account the different rates of funding(ranging between 30% and 50%), this means a potential
funding amount of up to about € 1.2 billion.

T R A D E A N D C O O P E R AT I O N A G R E E M E N T

The trade and cooperation agreement between the United
Kingdom and the EU entered into force with final effect on
May 1, 2021.The agreement does not provide for customs
duties or quotas for the trade in goods between the EU andthe United Kingdom, and instead contains far-reaching reg­ulations to guarantee fair competition. With regard to trans­
port, the agreement provides for permanent networking in
the areas of air, road and maritime transport, although mar­ket access is not at the same level as the domestic market.
Rail traffic through the Channel Tunnel is secured until March
31, 2022 in line with an extension of the EU’s contingency
measures which had already been approved. During thattime, France and the United Kingdom are to conclude across-border agreement in order to secure tunnel traffic in
the long term.

G E R M A N E X PA N S I O N A N D R E S I L I E N C E P L A N

To tackle the Covid-19 pandemic, the European institutions
have, in addition to the multi-year financial framework, also
agreed on a fixed-term crisis management instrument to­taling € 750 billion (NextGenerationEU). As part of Next­
GenerationEU, an expansion and resilience facility has been
set up to provide member states with financial support be­
tween 2021 and 2026 totaling € 312.5 billion for reforms andinvestments. To do this, member states must submit devel­
opment plans with projects to the European Commission
for assessment. Projects were selected for the German ex­
pansion and resilience plan (Aufbau- und Resilienzplan;
DARP) on the condition that the funds available to Germanyof about € 25.6 billion would be used for projects in the eco­nomic stimulus and future readiness package. Grants havebeen allocated for the rail system for capital expendituresin digital signaling technology (€ 500 million) and for pro­motion of alternative drives in rail transport (€ 227 million).
The EU Council gave the DARP its final approval on July 13,2021. On August 26, 2021, € 2.3 billion of preliminary financ­ing was paid out to Germany.

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Infrastructure

Notes tosustainability

Additional
information

national approach to optimized capacity utilization and al­
location as part of digitalized processes. Cross-border oper­
ational processes are to be harmonized across Europe. The
mandatory application of scheduling standards, supported
by an integrated IT system to map international train routes,
is paramount.

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
TRANSPORT NETWORKOn December 14, 2021, the EU 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-T comprehensive network by 2050. The initiative intends
to achieve this by creating a multimodal, EU-wide TEN-T net­
work with high-quality standards. The focus is on setting up
nine European transport corridors which will include TEN-T
core network corridors, rail freight transport corridors andpassenger transport connections. At the same time, the ini­
tiative proposes a third TEN-T level: the “extended TEN-T core
network,” involving the implementation of two new technicalinfrastructure parameters by 2040. In view of the announced
efficiency gains in links with the European rail freight trans­
port corridors, the draft’s proposals include adjustments formore efficient governance. Following consultation by the Par­liament and Council, the dossier is expected to be completed
in the first half of 2023. The revision of the TEN-T guidelines
is also relevant to Germany: almost one-third of the DB net­
work is part of the TEN-T core network.

Passenger transport
AGREEMENT ON THE REVISION OF THE EUROPEAN
PA S S E N G E R R I G H T S R E G U L AT I O N

The revised European Passenger Rights Regulation enteredinto force on June 6, 2021 and will be applicable from June 7,
2023. The new version provides that the currently applicabledelay compensation levels remain unchanged (25% of thefare after one hour delay, 50% after two hours). In future, inthe event of exceptional circumstances (such as extreme
weather conditions, special circumstances like the Covid-19
pandemic, or for other force majeure reasons), a train oper­
ating company will be able to release itself from the obliga­
tion to pay compensation for delays.The strict obligation toprovide assistance to passengers with disabilities and pas­
sengers with limited mobility is generally restricted to staffed
stations. Four years after the effective date of the regulation,
train operating companies s will also have to provide a man­datory number of bicycle stands when procuring new or sub­stantially modernizing trains.

Freight transport

Legal topics

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

PROCEDURE REGARDING ADDITIONALFINANCING CONTRIBUTIONS FOR
STUTTGART 21

FOR COMPETITIVE FREIGHT TRANSPORTThe regulation to create a European rail network for com­
petitive freight transport, adopted in 2010, was the first in­strument to improve the operation of the most importantinternational railway routes 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 the EU
Commission’s Sustainable and Smart Mobility Strategy. An
initiative with proposals for operating the rail freight trans­
port corridors is planned for late 2022. The focus is in parton increasing efficiency by means of a standardized inter­

At the end of 2016, in order to avoid risks under the statuteof limitations, we initiated proceedings in the Stuttgart Ad­
ministrative Court against the project partners seeking ad­
ditional 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.

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

Notes tosustainability

Additional
information

C L A I M F O R D A M A G E S A G A I N S T T R U C K M A N U FA C T U R E R S

In December 2017, DB Competition Claims GmbH filed an
action against DAF, Daimler, Iveco, MAN and Volvo/Renault
Groups in the District Court of Munich for the “truck cartel.”In addition to its own claims, DB Competition Claims GmbHis also asserting the claims of the German Armed Forces andover 40 companies. The action is seeking compensation fordamages totaling about € 500 million. The claims of the Ger­
man Armed Forces have since been split off into separate
negotiations in order to address issues that are specific to
procurements by the German Armed Forces. Otherwise, theproceedings are already in the evidence-taking stage sothat the experts appointed by the court can determine thedamage caused by the cartel.

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 could be reviewed by civil courts
for their equitableness using Section 315 of the German Civil
Code on the basis of the legal situation before the entry into
force of the ERegG, even if they were effective under regu­
latory law. The European Court of Justice (ECJ) ruled in 2017that a review of the equitableness of infrastructure charges
by civil courts in accordance with Section 315 German Civil
Code (Bürgerliches Gesetzbuch; BGB) is incompatible with
European railway law. However, the BGH continued to stip­
ulate an antitrust law review by the civil courts. On February
8, 2022, the BGH issued final rulings requiring DB Netz AG
to repay regional factor fees. At the same time, the questionof whether civil courts may conduct antitrust-law reviews ofregulated rail infrastruc­ture charges in the absence of a final
decision by the regulatory body is still pending before the
ECJ. A decision by the ECJ is likely to be made in 2022.

ANTITRUST FINE IN RAIL FREIGHT TRANSPORTOn April 20, 2021, the EU Commission imposed a fine of about€ 48 million on DB AG, DB Cargo AG and DB Cargo BTT GmbHfor agreements in breach of antitrust law in cross-border rail
freight transport between Germany, Austria and Belgium
during the period from late 2008 to mid-2014.
The agreements disputed by the EU Commission related
to transport operated jointly by the rail companies involved,
namely the Austrian ÖBB Group and the Belgian SNCB (nowLineas). The DB companies affected have cooperated with
the EU Commission and supported it continuously in clarify­
ing the issue.

Antitrust topics
C L A I M S F O R C O M P E N S AT I O N F O RDAMAGES AGAINST AIRLINES

DB Group is pursuing compensation claims for damages

against the airlines that were part of the air freight cartel,
which, according to the findings of various competition au­
thorities around the world, agreed on kerosene and security
surcharges, among other things, from 1999 to at least 2006
at the expense of freight forwarders such as DB Schenker.
US actions filed by DB Schenker have now ended in outof-court settlements. Furthermore, DB Barnsdale AG, whichis pooling DB Group’s claims for compensation with thoseof non-Group parties, has so far concluded out-of-court set­tlements relating to proceedings pending in Germany withnine airlines in proceedings before the District Court of
Cologne. Settlement negotiations are to be conducted withthe remaining airlines in the case in order to settle theseproceedings.

51

Our contribution toclimate protection

To ourstakeholders

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Consolidated
financial statements

STRONG RAIL
Our inner ambition
Strong Rail targets

Additional
information

senger numbers in rail passenger transport and thus fivemillion fewer car journeys and 14,000 fewer air journeys
in Germany per day. The five million car trips a day correspond to about half of all daily shopping trips made bycar. In the case of air travel, every sixth domestic flightwould be replaced.
◊ For the economy. Demand for freight transport is expected
to 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 tohigher 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 rail system 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 arecompeting 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 from
18% in the early 2020s 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 Northand South. It is not only an important instrument for cultural understanding between the individual countries, it
is also a decisive factor for the joint achievement of theset goals. In concrete terms, Strong Rail for Europe
means: working together to realize a European network.

52
52

Implementing Strong Rail

Notes tosustainability

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. No other motorized transport today is asclimate-friendly as the rail system. In addition, no othermeans of transport is as electromobile – and therefore
as low in greenhouse gases and pollutants – as rail, whichholds 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 our traction current in Germany to 100% ecopower. A strong rail system is therefore an essential prerequisite for meeting the climate protection targets of
the Federal Government and the EU, because a reductionin emissions in the transport sector cannot be achieved
without a massive shift in the mode of transport towards
the climate-friendly rail system. Strong Rail is a crucial
beacon of hope for our climate. In concrete terms, theshift in the mode of transport and other climate protection measures through Strong Rail means: annual savingsof up to 10.5 million tons of CO₂ per year in the transport
sector in Germany.
◊ For people. By 2050, almost 85% of the population of Germany is expected to live in metropolitan areas, compared
to about 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. In the future, a strong rail system can continue
to enable vibrant, urban coexistence and the accessibilityof rural regions, because it will enable real mobility andallow travel time to be used in a variety of ways, without
wasting valuable hours in our days. In concrete terms, astrong rail system for people means a doubling of pas-

Implementing Strong RailWe have set ourselves the goal of harmonizing the economic
economic,,social and environmental factors with our business goals. Sustainability is anchored in our guiding principles and an integral part of our DNA. In response to the rapidly changing
environmental, social and political framework as well asinternal challenges, we have formulated a new structuralaspiration – our inner ambition – with the Strong Rail strategy at its heart. With the Strong Rail strategy, we expressly

52†Our contribution toclimate protection

To ourstakeholders

Groupmanagement report

Consolidated
financial statements

acknowledge our social responsibility and define our concrete
contribution to achieving the Federal Government’s central
transport and climate policy objectives. We are also concentrating more on the core business of the railway in Germany
to address the internal challenges and growing expectationsof all stakeholders, from customers to politics to the citizens
in Germany, with regard 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 contri­
bution to a strong rail system. This also includes our subsidiaries. Subsidiaries with strategic significance for Strong Rail,such as DB Schenker, will continue to be held as financial
investments. Joint operational initiatives will focus on achieving synergies within the integrated network. Subsidiaries
without strategic relevance for the 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 creating 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 with theGreen TransformationµTransformation
66 ff. of DB Group. In order to create
the necessary conditions for the shift in the mode of transport, we have identified three strategic areas within the Strong
Rail framework:◊ More robust: We are committed to the extensive expansionof performance-critical capacities. With a long-term focus
on growth and technological innovations, we are creating
the necessary capacities in infrastructure, vehicles andpersonnel. Among other things, together with the Federal Government, we are investing billions in the expansion and construction of lines and hubs, additional terminals for freight transport and the purchase of newvehicles. We achieve more capacity through the digital­
ization 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 and sus­
tainable performance level in the long term, we will also
carry out structural changes. We are simplifying the orga­
nization and aligning it systematically with the com­­mon goal of Strong Rail. In order to be more customercentric and respond more quickly to employees, we rely

Notes tosustainability

Additional
information

on a strong line organization and functional organization,
the in­­troduction of customer-oriented collaborative processes to improve cross-business unit cooperation, andan engaging process philosophy with common standards
and methods. With simple processes and clear responsibilities, we achieve greater implementation disciplineand speed.
◊ More modern: We will increase the pace of innovation forour customers. By expanding our activities in the areaof new mobility
mobilityµ 137 f.
f.,, we provide our customers withan integrated offer that almost extends the rail line rightup to their doorstep and complements local public transport in a meaningful way. By using digital technologies,
we will 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 forour customers. In this way, we take into account risingcustomer expectations and create an attractive offer
for sustainable mobility and logistics, both in cities andrural areas.
THE BUILDING BLOCKS OF THE STRONG RAIL STRATEGYBUILDING BLOCKS FOR
ORGANIZING THE SHIFT IN
THE MODE OF TRANSPORT53

BUILDING BLOCK
OF THE GREEN
TRANSFORMATION

MORE
ROBUST

MORE
POWERFUL

MORE
MODERNInfra­
structure
expansion

Strong line
organiza­tion

Germany
in sync

DigitalRail forGermany

Integrated
account­
ability

Focus ongrowthsegments

Network
capacity
manage­ment

Strongadmin

Digitalplatforms

Fleet anddepot
expansion

Stableprocesses

New
forms ofmobility

100,000
employees

15 em­
ployeebuilding
blocksSmartservices

Environ­ment and100% green
electricity

Our contribution toclimate protection

To ourstakeholders

Groupmanagement report

Consolidated
financial statements

Notes tosustainability

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

We have identified five central topics for each of the threestra­­tegic areas, 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 inthe mode 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.

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. Strong Rail envisages an increase involume produced of about 350 million train-path km, andthus by more than 30%, for passenger and freight transport
combined. According to available forecasts, growth will bedisproportionately realized on the existing rail network,
which is already highly utilized. At the same time as expanding infrastructure, we also need to ensure a high level of
network reliability and capacity, even during the expansion
phase. We can only achieve a high level of performance andgrowth in the network in cooperation with the Federal Government. The LuFV IIIµ 237 guarantees the financing of theexisting network. 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
119 ff. is a key factor
for additional network capacity. We have the potential tocreate an additional 180 million train-path km, 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 andwill be implemented successively. Additional measures
supplement these projects, such as further expansion
measures to enable Germany in sync or route ex­­tensions
as part of the Structural Development Act (Strukturstär­
kungsgesetz). Small and medium-sized measures 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 digitalinterlockings and digital rail operations, we are increasing capacity by an additional 100 million train-path km –without building new tracks. DSDµ 64 f. includes thecompletion of ongoing ETCS projects, the implementationof the so-called starter package and the industrialized
comprehensive roll-out. In addition to capacity, the program increases the reliability, productivity and inter­
operability of the railways in Germany and Europe.
◊ Capacity management and capacity-efficient construction: With additional measures, we will be able toincrease the volume produced by another 70 million trainpath km. Improved capacity management is an importantcomponent of this. This includes coordinating capacity

M O B I L I Z AT I O N O F E M P L O Y E E S

Our 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. The building blocks are developed in a sixmonth 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 block within DB
Group.
In addition to the building blocks driven forward in 2020 (2020Integrated Reportµ
Report70),
70), there were three other employ­ee building blocks in 2021:◊ “Knowing how railways run” aims to provide system andGroup knowledge for all executives and employees. A
cross-business unit curriculum on basic railway know­­ledge
has already been developed for this purpose.
◊ “Just ask me” was developed in various virtual formats
together with a total of 315 “developers.” The aim is tofurther increase the involvement of employees in decision-making processes in order to make better use of theirpractical knowledge and thus to make better decisions.
◊ In June 2021, the building wave Team DB started. By
December 2021, solutions were sought with 450 “developers” to strengthen (cross-business unit) cooperation
within DB Group.

54

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financial statements

increases, capacity-efficient construction, traffic optimization and disruption minimization. With LuFV III, a budget for capacity-efficient construction has been planned
for the first time since 2020 in order to ensure fewer restrictions for train operating companies in the future.

We are expanding our maintenance depots and investing in
new trains to ensure we build a strong rail system. We arealso investing in the modernization of our vehicles. We wantto further increase our vehicle availability.
By the end of 2030, we will be investing just under € 2 bil­­lion in the maintenance depots of DB Long-Distance and thus
in improving the punctuality and quality of ICE and Intercity
trains. Larger halls, expanded workshops and warehouses,
as well as new maintenance depots, will ensure faster andbetter train maintenance in the future.

102-4
102-6

Additional
information

In order to further increase vehicle availability and to create
additional capacity in our depots, digitalization and automation are also being developed further. Innovative technologies are being piloted in individual depots and gradually
expanded to other sites. Our focus is on optimizing maintenance for our largest fleet (ICE 4), to increase vehicle availability through shorter downtime.
In addition to our depots, we also invest in our vehicles.
By the end of 2026, the long-distance transport fleet will
expand to over 420 ICE trains. This will include 137 ICE 4
trains. Our first sub-fleet of the 12-part ICE 4 trains has beendelivered in full. Our portfolio also comprises 19 seven-partand 21 13-part ICE 4 trains. We receive a new 13-part ICE 4
roughly every three weeks.

Fleet and depot expansion∏

Notes tosustainability

DB LONG-DISTANCE MAINTENANCE DEPOTS AND EXPANSION PLANNING
HAMBURG-EIDELSTEDT

2019

2027

HAMBURG-LANGENFELDE

144

187

HANOVER

2023

2024

2018

2028

STRALSUND
Stralsund136

23

Hamburg

DORTMUND

2019

2020

BERLIN

Planned
2025

2027

403

402

BerlinHanover

COLOGNE

2024

34

DARMSTADT

2024

2026

2026

1.000

Dortmund

2027

FRANKFURT AM MAIN

62

46

PlannedDarmstadt
Nuremberg

352022 2030

NUREMBERG

Frankfurt am Main

418

BASEL

2018

2022

CologneHALTINGEN

2025

2026

COTTBUS 1)
Cottbus

2023

2017

2025

2028

MUNICH

2020

Haltingen

13

23

Munich

2021

2023

Basel
DB Vehicle Maintenance facility for the
maintenance of high-speed trains.

1)	Capital expenditures in € million

Start of construction

Completion

55

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2026
2021

58
58

ICE 2

2026
2021

44
44

ICE 3

2026
2021

79
79

ICE 4

2026
2021

137

90

ICE T

2026
2021

70
70

ICE 3NEO

2026
2021 030

INTERCITY 2

2026
2021

71

86

INTERCITY 1

2026 0
2021
ICE L

2026
2021 0Additional
information

In regional transport, too, we continue to invest in our fleet
and depots. Over the next few years, vehicles on the Berlin,
Hamburg, Stuttgart and Munich S-Bahn (metro) lines will be
modernized extensively. 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
is scheduled to be expanded with contracting organizations
by the end of 2024. Additional single or multi-level 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, thevehicles of the Stuttgart S-Bahn (metro) will be equippedwith this technology. The vehicles of the Hamburg metro(S-Bahn) will then be equipped from 2024.
Over the next few years, there will also be capital expenditures in regional transport workshop infrastructure to
maintain and expand maintenance capacities. Up to 2025,
these measures will focus on workshops for the S -Bahn(metro) networks in Berlin, Freiburg, Ludwigshafen, Munich
and Tübingen.

DEVELOPMENT OF THE LONG-DISTANCE TRANSPORT FLEET AS OF DECEMBER 31 
ICE 1

Notes tosustainability

100
23

From 2022, the first of the 73 new high-speed ICE 3neo trainsµ
trains164 will be delivered. In addition, we will receive 23 ICE L,
which will gradually replace the existing Eurocity fleet, as wellas other Intercity 2 trains.
In the long-term, the vehicle fleet for DB Long-Distancewill be increased by about 25% to up to 600 trains. The increasing number of new vehicles will create operational scheduling leeway to enable us to better react to unforeseen disruptions in rail operations.
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 increaseavailability and refitting to ETCS Baseline 3 in order to enable
use on the corresponding line networks. A modernization
program begins in 2022, which also includes the modernization of the ICE T interior. One element of the modernizationis the replacement of seat covers and restroom facilities.
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.

Strong Rail targets
Concrete measures are at the basis of every building block of
the Strong Rail. A “construction manager” was named for theoperational management of each building block, who is accountable to the Management Board for designing the measures 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 passenger numbers in rail passenger transport,◊ increasing freight transport market share held by rail from
18% to 25%, and◊ generating traction current from 100% renewable energies by 2038.
We aim to achieve the objectives of the Strong Rail strategy
through a to­­tal of ten DB-specific target figures. Our primaryobjective is our contribution to the shift in the mode of trans­
port. To this end, we are focusing equally on growth in railpas­senger and rail freight transport.

56†

Our contribution toclimate protection

To ourstakeholders

Groupmanagement report

Consolidated
financial statements

Notes tosustainability

Additional
information

TOP TARGETS OF THE STRONG RAIL STRATEGY
WHAT DO WE WANTTO ACHIEVE?

HOW DO WE
MEASURE THIS?

WHAT ARE WE DOINGTO ACHIEVE THIS?

SHIFT IN THE MODE OF TRANSPORT

Doubling passenger numbers
in long-distance transport

260 million passengers at
DB Long-Distance (+ 100%
compared to 2015)— Introduction of Germany in sync – more railway services for major cities and regions with reliable,
faster and more frequent connections.
— Shorter travel time between many major cities thanks to additional ICE Sprinter connections.
— 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.
— Expansion of stations.

Increase in passenger
numbers in local transport+ 1 billion passengers inlocal transport (compared
to 2015), thereof 0.7 billion at DB Regional (rail)and 0.3 billion in the
New Mobility— More reliable, faster and more frequent connections.
— 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.
— Expansion of stations.

+ 70% volume sold at
DB Cargo (Germany)(compared to 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 cross-border management of traffic with coordinated schedules.

+> 30% train kilometerson track infrastructure(compared to 2015)— Expansion of network capacity. This also includes measures in the 2030 Network Concept
and Germany in sync.
— Advancing the digitalization of the network, for example through the comprehensive rollout of ETCS,
digital interlockings and digital rail operations.
— Make better use of existing capacities: fewer disruptions, capacity-saving driving and construction,
traffic optimization and better utilization of under-used infrastructure.

> 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 by improving cleanliness and safety, expanding
the range of services offered and integrating new forms of mobility.

> 85% at DB Long-Distance> 95% at DB Regional> 77% at DB Cargo— Short-term alleviation of bottlenecks, among other things through upgrading heavily usedinfrastructure with targeted maintenance measures.
— Optimization of construction site management.
— Increasing vehicle availability and quality, among other things through expanding maintenance capacity.
— Introduction of supporting systems, among other things implementation of intelligent forecasting
systems (Big Data) for an early response to disruptions.

3.8 SI— Anchoring of “compass for strong collaboration” (Kompasses für ein Starkes Miteinander).
— Employee participation in the building block “15 employee building blocks.”— Development of modern working and employment conditions, among other things the integrationof Covid-19 research findings.
— Continuation of the employee survey and the introduction of a culture barometer, as well as thestart of collaboration 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 thecost of capital

ROCE ≥ 6.5%

— Implementation of all the capital expenditures and 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 structures and 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 sold in
rail freight transport

Increasing the capacityof the rail network

CUSTOMERS

Increase of customer
satisfaction

Improvement ofoperational punctuality

EMPLOYEES

Improving employee
satisfaction

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

PROFITABILITY

57

Our contribution toclimate protection

To ourstakeholders

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financial statements

Notes tosustainability

Additional
information

PRODUCT QUALITYAND DIGITALIZATION
Overview of key figures (rail in Germany)

59
60

The customer is at the center of our actions
Digitalization

62

Rail&Fly

Lufthansa and DB Group are optimizing their joint offers for
the Rail&Fly service. The Lufthansa Express Rail network is
being expanded by a further five cities. Since December 2021,
Sprinter trains have also been running to Frankfurt Airport.
With this product offensive, we and Lufthansa are setting a new
standard for the environmentally friendly networking of modesof transport. The new Sprinter connections provide an even bet­­
ter link between Germany’s largest airport and the rail network.
Travel by train is becoming faster and more comfortable.

New XXL ICE
in useSince June 2021, in the event of a delay, customers
have been able to claim compensation digitally via
their customer account for tickets purchased online
or via mobile. Most of the data is prepopulated inadvance, so customers do not need to search for train
numbers or submit tickets.

The new XXL ICE, which has space for more than 900
passengers, is in regular use for the first time. The XXL ICE
runs from Hamburg to Basel, Zurich and Chur in Switzerland via Hanover and Frankfurt am Main. The 374-meter-longtrains are also operating on the Hamburg  —  Dortmund  —  Cologne  —  Frankfurt Airport  —  Stuttgart  —  Munich route. The
ICE 4 fleet is also becoming faster. The first trains witha maximum speed of 265 km/h have been in service sinceAugust 2021. Previously, the maximum speed was 250 km/h.

Simplification
through
digitalization

58

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financial statements

Notes tosustainability

Additional
information

Overview of key figures (rail in Germany)
SHIFT IN THE MODE OF TRANSPORTPASSENGERS LONG-DISTANCE TRANSPORT / million

2026
2021
2020
2019
2018
2017

Target: 260

150.7
147.9
142.2

VOLUME SOLD RAIL FREIGHT TRANSPORT / million tkm

1)

2026
2021
2020
2019
2018
2017

~200

81.9
81.3

2026
2021
2020
2019
2018
2017

PASSENGERS LOCAL TRANSPORT / million

Target: 120,000 1)

1,121
1,215

> 2,100

1,972
1,940
1,933

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

> 70,000
60,32456,22460,70264,16967,566

2026
2021
2020
2019
2018
2017

+ 70% compared to 2015.
Short/mid-term target

Target: 2,500

1)Target: 1,400 1)> 1,160
1,109
1,066
1,090
1,085
1,073

+> 30% compared to 2015.

Long-term target

CUSTOMERSCUSTOMER SATISFACTION DB LONG-DISTANCE / SI

Target: > 80

CUSTOMER SATISFACTION DB REGIONAL / SI

> 81

77.8
80.2
76.5
77.1
77.2

2026
2021
2020
2019
2018
2017

2026
2021
2020
2019
2018
2017



CUSTOMER SATISFACTION DB CARGO / SI 

2026
2021
2020
2019
2018
2017








> 74
71.6
69.0
66.1
66.3
68.1

Target: >70







Short/mid-term target

Target: > 75

> 69
70
68
61
60
67

Long-term target

PUNCTUALIT Y
PUNCTUALITY DB LONG-DISTANCE / %

2026
2021
2020
2019
2018
2017

Target: >85







PUNCTUALITY DB CARGO (GERMANY) / %

2026
2021
2020
2019
2018
2017

2026
2021
2020
2019
2018
2017

Target: >77






Short/mid-term target

PUNCTUALITY DB REGIONAL / %

> 82
75.2
81.8
75.9
74.9
78.5

> 74
69.8
 77.6
73.8
72.9
73.4

Long-term target

59

Target: >95
> 95
94.3
 95.6
 94.3
 94.0 94.4Our contribution toclimate protection

To ourstakeholders

Groupmanagement report

Consolidated
financial statements

The customer is at the center of our actions

Notes tosustainability

Additional
information

target is to provide our products at a reasonable price-performance ratio in order to meet the expectations of our customers. The focus is on measures that increase the qualityof our services and the efficiency of our processes. In order
to assess the success of our measures from our customers’
perspective, we use direct indicators such as revenues andthe number of passengers. In addition to this, we use theresults of regular customer surveys to measure our successand find potential 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 S
For us, increasing punctuality is the most important lever
for improving product quality. Internal punctuality management is based on lost units (number of delays) and will be
expanded in future with additional key figures that take into
account network utilization. To measure punctuality, we
compare the target arrival time to the actual arrival time forevery train/bus journey. A stop is considered on time if thescheduled arrival time is exceeded by less than six minutesin passenger transport or less than 16 minutes in freighttransport. We use a punctuality rate to summarize the arrivalof trains/buses on schedule or up to a defined maximum
delay. In addition, DB Regional Bus also evaluates buses thathave departed more than one minute too early as not punctual. The figures are recorded daily and are made available
to executives and employees online, together with the lost
units and other management key figures, allowing remedialaction to be taken. In addition, punctuality data, together
with the associated indicators, are prepared regularly andused by the Management Board to determine current points
requiring action and where decisions are required. Punctuality is the key indicator of product quality in terms of theStrong Rail strategy
strategyµ 52 ff., and is a determining factor in calculating the variable compensation amount for executives
at DB Group.
Other important levers for increasing product quality include the use of modern vehicles, reliable and comprehensive
customer and transport information, the quality and reliability of services offered, as well as reasonable travel and transport times. That is why we continually invest in our fleet andinfrastructureµ 54 ff., and optimize cooperation with our supinfrastructure
pliers and sector partners. We also place a strong emphasison tapping into the opportunities of digitalization. Our initiatives for increasing product quality and improving customer satisfaction are an important part of the plan to implement our strategy.
In addition to the various aspects of product quality, thecontinuous optimization of the price-performance ratio andproduct innovations, especially in digitalization
digitalizationµ 62 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

103-1
103-2
103-3

C 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

2021

2020

2019

DB Long-Distance

77.8

80.2

76.5

DB Regional (rail)

71.6

69.0

66.1

DB Regional (bus) 1)

75

71

73

DB Cargo

70

68

61

DB Netze Stations (passengers/visitors)

73

72

69

DB Arriva (bus and rail, United Kingdom)

77

80

78

DB Schenker

68

74

71

1)

	Change in method from 2020 onwards.

Regular evaluation of customer satisfaction is hugely important to us. The surveys are conducted anonymously and byindependent market research institutes. Details on development in the individual business units can be found in thechapter Business unit developmentµdevelopment
99 ff.
ff.

PUNCTUALIT Y
Development in the year under review
PUNCTUALITY / %DB Group (rail) in Germany
DB rail passenger transport in Germany

2021

2020

93.7

95.1

93.7

93.8

95.2

93.9

DB Long-Distance
		

75.2

81.8

75.9

		
DB Regional

94.3

95.6

94.3

69.8

77.6

73.8
87.6

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

the Netherlands, Poland and the Czech Republic) 1)

93.5

92.3

DB Regional (bus)

83.9

83.4

81.6

DB Cargo

69.5

76.9

74.0

To measure punctuality, we compare the target arrival time to the actual arrival time forevery train/bus run. We summarize the arrival of trains/buses on schedule or up to a defined
maximum delay using a degree of punctuality.
1)	Change in method in UK Trains line of business in 2021, previous years’ figures
retroactively adjusted.

60

2019

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To ourstakeholders

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Consolidated
financial statements

In 2021, punctuality in German rail transport was below thehigh level of the previous year. The main reason for this was
the reduction in positive effects in terms of capacity, which
therefore increased punctuality, due to the low volume produced in 2020 as a result of Covid-19.
◊ Positive effects resulted from a further reduction in primary disruptions thanks to improved system availability.
◊ Major structural and external challenges, in contrast, hada strong negative impact on punctuality. Structurally,strong traffic growth, primarily in existing bottlenecks(top connection hubs and lines), together with an expansion of construction volume in these areas, placed a significant strain on capacity. To counteract this development, measures have been adopted to contribute to anincrease in quality in the coming years.
◊ A large number of external special events also led totemporary slumps in punctuality during the course of theyear: the severe cold spell in February 2021, high temperatures in June 2021, the severe floods in July 2021µ2021
38 andstorms in October 2021.
strikesµ 38 also had a negative effect.
◊ The GDL strikes

Notes tosustainability

Additional
information

control elements to increase punctuality on the important Rail
Freight Corridor (RFC) 1 between Rotterdam and Genoa. In
addition, since the second half of 2021, there has been intensified international coordination of construction measuresin order to reduce negative effects on rail freight transport.
The implementation of the measures was started and has al­­ready been partially completed. The implementation andeffectiveness of the measures are reviewed regularly, andcoun­ter­measures and further developments are formulated
if necessary. Additional priorities for rail freight transport,
both reactively (disruptions) and preventatively (impend­
ing risks), were examines (such as cross-border freight transport, train preparation in shunting yards and schedules for
freight transport in construction projects), and recommendations for ac­­tion were created.
E X PA N S I O N O F F O R E C A S T I N G S K I L L S

We are expanding our expertise in the area of forecasting
quality indicators with the aim of detecting punctuality-related developments at an early stage and taking measures.
The focus is on the medium-term planning horizon. This willshow to what extent the planned quality measures are sufficient to achieve our punctuality targets. The models forthe punctuality forecast during the business year were continuously expanded in 2021, so that they better take into
account key drivers such as weather developments, the availability of vehicles, infrastructure issues and the utilizationof our products.

Significant measures for improvement

In 2021, DB Group again implemented a large number ofmeasures to reduce the level of disruptions in vehicles andnetwork systems, which have a direct impact on punctuality.
This reduced the number of primary disruptions. The impactof a primary disruption depends heavily on network utilization. The greater the utilization of a particular network section, the higher the probability that several trains will beaffected by a disruption. Due to the increase in train-pathdemand and the extensive construction activities in infrastructure, the capacity utilization of the network has increased so sharply that, despite a lower level of disruption,
the effects of traffic jams have increased sharply. As a result,punctuality targets were missed. Owing to this development,in addition to continued improvement of disruption levels,
measures focusing on better capacity management are also
being developed and implemented.

O P T I M I Z AT I O N O F S - B A H N ( M E T R O ) S Y S T E M S

The S-Bahn (metro) systems in major cities play a key rolein Germany’s transition to more sustainable mobility. They
will have to cope with significant growth over the next few
years while also increasing the quality of service. In particular, punctuality must increase significantly over the next
five years, and train cancellations must be reduced. For thispurpose, the Strong S-Bahn (metro) program was launchedwith the aim of developing and implementing the requirements for high-performance S-Bahn (metro) systems. As
part of this program, locally tested approaches, such as theprevention of track crossings on the Munich S-Bahn (metro),
are being implemented as standards for the major cities.
The focus of the Strong S-Bahn (metro) program is on thecore resources of S-Bahn (metro) systems, in particular track

MEASURES FOR RAIL FREIGHT TRANSPORT

Significant growth in rail freight transport is indispensablefor the success of Germany’s transition to more sustainablemobility and transport. In 2021, measures were developed
designed to have short-term and medium-term effects on
quality and punctuality in rail freight transport. For example, it was decided to pilot an additional plan corridor with61

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To ourstakeholders

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Consolidated
financial statements

Notes tosustainability

Additional
information

Digitalization

infrastructure, platforms, vehicles, system technologies and,not least, our personnel. In order to improve operatio­nal
quali­­ty, the core processes of rail production are to bestrengthened, primarily planning and control, operating
and maintenance. The experience we gained in 2020, andwhich contributed to an increase in punctuality, is also being incorporated into this. For example, findings from thereduced number of passengers are being used to create
measures for the period following the Covid-19 pandemic,
such as adjusting platform design, timetable adjustments
and infrastructure improvements. These activities will help
to achieve the S-Bahn (metro) punctuality targets.

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, automated and customer-oriented. In the future, travel should
essentially “plan itself” and adapt to changing circumstancesin real time 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 core tasks under the Strong Rail strategy:◊ fully connected,◊ self-organized development, and◊ making it easier for customers to use mobility services.
In six strategic areas, digitalization and technology are thestrategyµ 52 ff.:
key to success for the Strong Rail strategy◊ Digital rail operations are making us more robust, forexample by using automated timetable planning andscheduling.
◊ Digital maintenance is making us more efficient, for example as a result of real-time transparency and moreproactive planning.
◊ The digital customer experience is making us more modern, for example by using more efficient travel chains andmore intuitive booking options.
◊ The high availability of rail technology is making us morerobust – by increasing the availability of infrastructure
and vehicles.
◊ Flexible rail technology is making us more efficient, forexample through the comprehensive modernization of
the fleet and infrastructure.
◊ Green rail technology is making us more modern, forexample through emissions-free and environmentallyfriendly rail operations.
All of these initiatives will help to steadily increase capacity,
efficiency and quality. Implementing the digital and technicalstrategy also requires a culture that supports ideas and plans
for a new working environment, and inspires enthu­siasm for
new technologies and new forms of working (together).
IT infrastructure is the basis for driving digitalization.
The digital infrastructure concept for a Strong Rail comprises
five components:

WORK OF THE MANAGEMENT CENTERS◊ Construction management center: In 2021, cascading
performance dialogs were introduced, which facilitatecon­­tinuous control of issues such as construction-related
restrictions on infrastructure, and also enable cross-division­al and cross-level control. The increased volume oftraf­­­­fi c in connection with impending supply and sched­ulebottlenecks, as well as extreme weather events, placedhigh demands on construction implementation in 2021.
The management center for construction and construction
operations technology now intervenes earlier in the overall optimization of construction activities, for example
through predictive optimization of required track closuresor early identification of critical constellations by analyzing track-kilometer downtime. Joint regional and central
efforts have contributed to achieving the annual objectives for construction-related restrictions in scheduled
long-distance rail passenger transport, despite additional
infrastructure measures.
◊ Punctuality management center: Its core tasks include
the analysis of punctuality discrepancies during the year,
the identification and management of measures andmonitoring the implementation of measures. The punctuality management center relies on an established earlywarning system for punctuality-related (construction)planning and (construction) operating processes: PlanRadar and the construction risk radar. In 2021, the earlywarning sys­tem was expanded to include rail freighttransport. Concrete measures for a sustainable improvement in punctuality were derived and initiated. This includes the development of a four-month construction
preview for the Rail Freight Corridor 1 between Rotterdam
and Genoa.

62

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Notes tosustainability

Additional
information

E C O S Y S T E M S A N D PA R T N E R S H I P S◊ Connectivity: Connectivity is the most basic requirementfor data transfer and exchange, because a Strong Railneeds high-speed communication.
◊ Cloud services: Cloud services help provide dynamic,
scalable and on-demand IT services, because a Strong
Rail needs resilient IT resources.
◊ Cybersecurity: The area of cybersecurity will also continue to be improved, because only a secure rail system
is a strong rail system. Cybersecurity means comprehensive protection of all (digital) assets, systems, data andprocesses.
◊ Development platforms: Our development platforms
offer modular services to help speed up the developmentof software.
◊ Data management: The objective within data management is to provide tools and standards for the generaluse of all data within the Group.
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.

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 first partnerships will be established in the following four areas:◊ Production Tech: The digitalization of production processes makes it possible to increase the efficiency andeffectiveness of operating processes. This means, among
other things, that capacity increases and an increase in
the availability of trains and cost savings can be achievedin the Integrated Rail System. We are currently placing
particular focus on this ecosystem in line with the Strong
Rail strategy.
◊ Sustainability Tech: Partnerships for the developmentof innovative, environmental and customer-oriented solutions, particularly in the areas of climate protection andgreenhouse gas emissions.
◊ Logistics: Innovative, value-driven aspirations and competitive value-added chains also require integrated transport and logistics solutions with partners.
◊ New Mobility: NeMo
NeMoµ 137 f. is committed to providing
robust public transport which is climate-friendly, simple
and comprehensive. Together with traditional passenger
transport, the unit with its New Mobility companies offers integrated mobility from a single source for contracting organizations and municipalities.

DB Data Intelligence Center
Our Data Intelligence Center (DICe) is working on the implementation of Group-wide standardized data management
and the innovative use of this data by AI. To this end, DICeleads the Data Council as a Group-wide body for data and AI.
It creates the general framework and conditions for making
data legally compliant, available and usable.
◊ The House of Data makes our data searchable throughthe DB data catalog and also usable, thanks to a modern,automated process. This is based on a standardized data
governance policy with clear roles and responsibilities.
◊ The House of Artificial Intelligence uses available datafor innovative projects in order to optimize our core competencies, with a focus on customers and employees.
◊ The House of 3C (Communication, Community andChange) is dedicated to communication and change management in order to anchor data and AI projects sustainably in the organization and to support employees withprocess integration.

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 2021, the focus was on expanding digital skills.
◊ We created the DB Digital Base in Berlin, a central location for digitalization within DB Group. This provides
executives and employees with free access to a wide
range of events and workshops on digital topics.

63

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Notes tosustainability

Additional
information

Digital Rail for Germany(Digitale Schiene Deutschland; DSD)◊ In order to achieve the goals of the Strong Rail, we want
to implement digital business models for DB Group. In
2021, DB Intrapreneurs validated a product-market fit for
two project teams and transferred them to DB Bahnbau
as an internal foundation.
◊ In 2021, the Digital Transformation Academy was developed to foster employees’ digital skills. More than 80 participants from seven business units were equipped withskills in agile working and agile product development.
◊ Since the beginning of 2018, we have been promoting ourdigital talent in the areas of digitalization and businessmodel development through our digitalization trainee
program, as well as building digital skills for the whole
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. The main focus
is on the power of start-ups and technology partnerships
to change the market and their ability to establish trendsetting customer and industrial solutions.
◊ As a start-up hub and innovation driver, DB mindbox works
closely with business units and start-ups to support innovative technologies and digital applications within DB
Group. Innovative solutions from start-ups are adapted to
the needs of DB Group and live-tested through various
start-up programs and open data initiatives. More than
190 start-ups have already participated in the support
program. For about 60% of the start-ups, specific products and innovations were pursued as part of follow-up
partnerships after the DB mindbox process.

Our target is to offer more attractive rail transport with morecapacity of a higher quality, without the need for additional
tracks. We will do this with the creation of a digital platform
for the rail system, and by equipping the system with digitalinterlockings ∫ no. 145 and the European Train Control System(ETCS). This platform will then be used to operate new technologies to enable the rail operations of the future.
After reaching a consensus on the implementation of theDigital Rail for Germany program with the Federal Railway
Authority (Eisenbahn-Bundesamt; EBA) and the German
Railway Industry Association (Verband der Bahnindustrie;
VDB), followed by the signing of a letter of intent in Septem­
ber 2020, we are on the way to speeding up the rollout ofDigi­tal Rail for Germany. As a result, the network can be fully
equipped with digital command and control technology by2035. In addition to securing financing (for infrastructure
and vehicle equipment), this will require, among other things,
series-ready technology, optimized processes for planning,
implementation and commissioning, sufficient radio capacity and the securing of personnel resources. Implementation
is discussed in five regular working groups together with
the Federal Government and the sector players, as part ofa Digital Rail for Germany project.
As part of the 2020 launch package, the concrete planningand installation of ETCS and digital interlockings has begunin the context of the Stuttgart Digital Hub (Digitaler Knoten
Stuttgart; DKS), the Cologne    —  Rhine/Main high-speed line
and the accessibility of the Trans-European Scandinavia —  
Mediterranean corridor. Stuttgart will be the first region inGermany to receive the digital train control and interlock­ing technology. In early 2021, the BMDV published a vehicle
funding directive for the corresponding refitting of the relevant vehicles in the Stuttgart Digital Hub, and made funds
available in the budget.
In order to accelerate the switch to digital interlockings,
the Federal Government provided additional funds for afast-track program, amounting to € 500 million by the endof 2021. In a total of seven projects, the existing signaling
and level crossing security technology will be replaced by

N E W D I G I TA L I Z AT I O N P R O J E C T S
AND CONCEPTS
Artificial intelligence in rail operations◊ AI supports the dispatchers on the S-Bahn (metro) Stuttgart in controlling traffic as efficiently as possible in theevent of a disruption. This helps improve punctuality andrelieves the strain on busy routes. The AI tool was developed in-house and is being gradually rolled out on other
S-Bahn (metro) networks.
◊ In maintenance, we use AI to visually identify damage to
ICEs. This technology will be used in several ICE depots
in the future. The project has also been expanded to include regional transport and freight trains.

64Our contribution toclimate protection

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financial statements

modern and digital interlocking elements. This program will
be used for developing and testing new processes and technologies together with the railway industry in order to equip
the network comprehensively with digital interlockings.
Key milestones have also been reached in the digitalization of the rail system:◊ As part of the “Digital S-Bahn (metro) Hamburg” pilot
project, highly automated rail operations based on Auto­matic Train Operation (ATO) and ETCS were demonstrated
at the ITS World Congress in October 2021. Four existingvehicles on the Hamburg S-Bahn (metro) network were
equipped with digital technology, and 23 km of track were
upgraded. In addition, the fully automated shunting process was demonstrated at the ITS World Congress atBergedorf station in Hamburg. Training and qualifications
are also being run for additional train drivers. The ATO
and ETCS journeys are scheduled to start in daily passenger operations from April 2022.
◊ Together with our project partners Siemens Mobility,
Bosch Engineering, ibeo automotive and HERE Technologies, we have equipped another S-Bahn (metro) Ham­
burg train with state-of-the-art sensors as part of our joint
project Sensors4Rail. The 14 sensors record information
about the train environment using the radar, lidar andcamera systems. The sensor information can be matchedwith a digital map to precisely position the vehicle. In
future, based on this data, trains will be able to be controlled optimally and run at shorter intervals. This should
allow an increase in network capacity. At the ITS World
Congress, the Sensors4Rail project was put to the test for
the first time on the S 21 S-Bahn (metro) line between
Bergedorf and Hamburg Dammtor stations. From 2022 to2023, we will continue testing the technology in continuous operations. Data will be collected and scenario tests
will be carried out to improve the (AI-based) functions.
◊ At the “Digital Rail Test Site” in the Erzgebirge region,
switches and signals for the Erzgebirgsbahn are alreadybeing provided digitally in the Annaberg  —  Buchholz section. This is complemented by the expansion of a 5G test
network along the Markersbach  —  Schlettau section. In
2021, the development of a research environment witheight 5G radio masts along the line was completed andcommissioned. In addition, various innovative technolo­
gies relating to the new Future Railway Mobile Communication System (FRMCS)/5G standard were tested foruse in operation. For example, innovative antenna technologies for the railway network of the future were tested

Notes tosustainability

Additional
information

together with Ericsson and Rohde &Schwarz. Findings
from the tests serve to optimize radio network planningwith regard to future digital rail applications.

New agreement on digital cooperation

Four years after the start of the digitalization cooperation
program between the French state-owned railway SNCF andDB Group, further steps were agreed to push ahead with theautomation of rail operations and to increase the quality,
performance and attractiveness of rail transport. The cooperation program also focuses on energy management andreducing carbon emissions. The aim is to speed up the integra­
tion of new solutions and to meet the requirements of theEuropean Green Dealµ
Deal
49.

WiFi @ DB

We have launched a new WiFi@DB WiFi network as part our
free Internet service.Over 141 stations, all DB lounges, theentire ICE fleet, and the first regional trains and buses are al­­ready connected. We are continuously expanding our WiFi
infrastructure.

High-speed Internet access for digital rail transport

We are working with partners to develop innovative cables
for expanding our fiber-optic network. These cables are resis­
tant to external influences, can be installed quickly andeasily and can be laid directly in the earth. This reduces thenumber of construction sites and avoids additional line closures. The new fiber-optic cables will first be used on the
Odenwald railway.

65

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To ourstakeholders

Groupmanagement report

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financial statements

Notes tosustainability

Additional
information

GREEN TRANSFORMATION
Overview of key figures

66

Green Transformation of DB Group
Climate protection

67

Nature conservation

70
71

Resource conservation
Noise reduction

Climate change
impact study

67

72

Climate-neutral
by 2040 —greener traction
current

A study by the Potsdam Institute for Climate Impact Research(Potsdam Institut für Klimafolgenforschung; PIK), which wecommissioned, showed that Germany can expect to experiencesignificantly more heatwaves and fewer cold winters, alongwith more frequent extreme weather conditions such as torrential
rain and hail. The study examined how climate change willaffect the weather in Germany between now and 2060. We areusing this scientific forecast data to underpin the strategic
de­velop­ment of our climate-resilience management throughconcrete measures to better shield against the impacts ofclimate change, particularly in terms of rail infrastructure, vehicles, energy facilities and stations.
By 2038 at the latest, we intend to source 100% of our traction current from renewable energy sources in order to meet
our target of climate neutrality by 2040. The solar power parkat Gaarz near Plau am See went into operation in May 2021.
DB Netze Energy now receives about 80 GWh of eco-power
annually, thereby saving up to 40,000 t of CO₂ per year incom­parison to gray energy from the 50 Hz markets, and up to
60,000 tons of CO₂ when compared to sourcing power froma coal-fired power plant.

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) / %2026 – 44.9
2021
2020
2019
2018
2017

– 36.1– 34.4– 34.8– 33.2

Target: ≥– 50 (2030)

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

2026
2021
2020
2019
2018
2017

– 29.5RECYCLING RATE 3) / %

2026
2021
2020
2019
2018
2017

44.0

62.4
61.4
60.1
57.2

TRACK KILOMETERS NOISE REMEDIATED IN TOTAL AS OF DEC 31 / km>95 96.2

95.6
 97.7
 98.0 98.0

2026
2021
2020
2019
2018
2017

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

3)

66

2,110
2,039
1,844
1,758
1,701

Period: October 1 to September 30.
DB Cargo AG is the only part of the DB Cargo business unit included.
Short/mid-term target
Long-term target>72

Target: 3,250 (2030)
2,670

Our contribution toclimate protection

To ourstakeholders

Groupmanagement report

Consolidated
financial statements† Green Transformation of DB Group

Additional
information

In 2021, we made our climate protection target even more
ambitious, and want to become climate-neutral by 2040.
This means that we intend to achieve our climate protection
target ten years earlier than previously planned. Our target
year is therefore five years ahead of the Federal Government’s target year for the climate neutrality of Germany
Germanyµ 47. Inline with our strategic focus, the greenhouse gas emissions
from DB Arriva’s business operations are no longer factored
into DB Group’s climate protection target. Nevertheless, DB
Arriva has also set itself the target of becoming climateneutral by 2040.
In order to achieve our climate protection target, we havelaid out a number of ambitious milestones: by 2030, we will
have more than halved specific greenhouse gas emissions(i.e. emissions in relation to performance figures such asvolume sold) worldwide compared to 2006. Within Germany,
the implementation of the Strong Rail strategy and transport
policy measures could help to achieve a noticeable shift inthe mode of transport by 2030. This and other measures inrail transport could also save up to 10.5 million tons CO₂ in
the transport sector in Germany per year.
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 fully converted DB train
operating companies in Germany to eco-power. 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 and stations ∫ no. 147 in Ger­
­many will be fully eco-powered.

Achieving sustainability requires a holistic approach. We are
ensuring our sustainable ecological alignment for the DB
Group with the Green Transformation. That is why it is also
anchored in our Strong Rail strategy
strategyµ52 ff
ff.. We are continuously
making all of our products, services and the way we workgreener. To help advance the Green Transformation, we havedefined four environmental areas of action: climate protection, nature conservation, reThis is green.
source conservation and noise
The environmental brand “This is
reduction. We at DB Groupgreen.” represents DB Group’s
also recognize our social reenvironmental strategy, the Green
sponsibility and involve ourTransformation and more than
150 supporting measures in climate
stakeholders in our actions.
protection, nature and resource
We among other things ac­conservation, noise reduction,ti­vely focus on our responsibili­
and social responsibility. The individual measures demonstrateties relating to a solid cooperhow DB Group firmly anchors susative spirit, diversity along
tainability into its operationalwith our responsibilities invalue chain.
the historical realms. In particular, we focus on the people
who shape us and our core business on a daily basis: ouremployees, customers, business partners and society.
† Climate 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
103-1
103-2
103-3
305-5

Notes tosustainability

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

We are seeking to create incentives to shift traffic towards
rail. Achieving a shift in the
Climate-neutral DB
mode of transport is key to
In order to achieve our climate promeeting Germany’s climate
tection target, we are uniting theprotection targets in therelated activities across the Grouptransport sector. Even as theunder the umbrella of “Climateneutral DB.” The project is developtransport sector moves toing greenhouse gas reduction pathwards electrification, the low
ways (phase-out plans), improving
levels of friction generated by
the transparency of planned measures and optimizing the solutions
wheel-rail contact mean thattothe overarching challenges ofrail travel will continue to begreenhouse gas reduction. In addithe most efficient form of ention to emissions from rail androad transport operations, emissions
ergy use.
from buildings and stationary
In 2020, the Science-Basedfacilities are also considered. New,
Targets Initiative (SBTi) pro­­climate-friendly technologies
are being tested and piloted acrossvided us with scientific confir­
all business units. The imple­­­mation that: our targets formentation of our starter packagesre­­­ducing greenhouse gas e­mis­
for diesel phase-out and heattransition are also managed by the­­­sions contribute to achiev­­ing
project team.
the goals of the Paris Climate
Agreement.

S 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 / %Renewable energies 1)
62.4 / 61.4

2021 / 2020
Nuclear energy 10.7 / 12.0
Black coal 13.9 / 11.2
Natural gas 6.3 / 8.1
Lignite 6.4 / 7.0
Other 0.3 / 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 accounta forecast based on the German Renewable Energy Sources Act (Erneuerbare-EnergienGesetz; EEG) subsidy.

In 2021, we also increased the share of renewable energies
in the traction current mix. We concluded additional electricity purchase agreementsµagreements
134 for renewable energies.

67

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To ourstakeholders

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financial statements

The expansion of renewable energies also entails 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 LuFVµ 237 enables us to carry out necessary
infrastructure measures in the traction current grid. DB Netze
Energy, for example, will set up seven new converters by
2028. We also use sensors and AI so that we can continue tomanage the increased complexity of the traction current gridin future with high supply reliability.
∏ 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.
2021

2020

2019

DB Group– 36.1– 34.4‒34.8

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

As part of our Group climate protection target, we were able
to further reduce specific greenhouse gas emissions and are
therefore significantly ahead of our forecast from the 2020 Integrated Reportµ
Report182.. Our absolute greenhouse gas emissionsµ182
emissions261 f.
have increased again following a sharp decline resulting from
Covid-19, but are still well below the level of 2019.
∏ SPECIFIC CO₂e EMISSIONS FROMJOURNEYS AND TRANSPORTS OF

Change305-4 DB GROUP BY MODE OF TRANSPORT

2021

Regional rail passenger
transport (g/pkm)

76.5

	in Germany

74.1

Long-distance rail passenger
transport (g/pkm)

absolute

%

2019

72.6

+ 3.9

+ 5.4

48.9

67.9

+ 6.2

9.1

47.6

2020

1.4

1.5

– 0.1

– 6.7

0.9

Bus transport (g/pkm)

100.4

105.6

– 5.2

– 4.9

73.8

	in Germany

117.2

123.1

– 5.9

– 4.8

90.9

Rail freight transport (g/tkm) 1)

17.2

17.0

+ 0.2

+ 1.2

19.2

Road freight transport(g/tkm) 2)

82.0

87.3

– 5.3

– 6.1

87.9

Air freight (g/tkm) 3)

657.3

669.5

– 12.2

– 1.8

723.7

5.5

5.6

– 0.1

– 1.8

6.2

Ocean freight (g/tkm) 3)

Additional
information

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 biofuels ∫ no. 164.
164. Under an overall strategy tophase out diesel, we will be investing about € 40 million in
the use of alternative drives and fuels over the next five years
as part of a starter package. In terms of alternative fuels, weare focusing on biofuels that are produced from biomassbased residual and waste materials and are therefore not incompetition with food and feed production. In addition, it
is important to us that the fuel used is free from palm oil andpalm fatty acid distillates.
◊ From May 2022, the Sylt Shuttle will run on climate-friendly
biofuel made from hydrogenated vegetable oil (HVO).
Conversion work on the asso­ciated tank infrastructure iscurrently underway on the island of Sylt.
◊ The “Alternative Fuels@DB Cargo” project will continue
to promote the use of alternative fuels at DB Cargo. The
project includes reviewing the technical and operational
feasibility of using HVO and eFuels (synthetic fuels) andthe expansion of the EcoSolutions portfolio (DBeco fuel)for DB Cargo customers. The first motor bench tests took
place at the beginning of August 2021. In September 2021,
field trials of the shunting locomotives under real operating conditions began. The trials were expanded in De­­cember 2021 to include the diesel mainline locomotivesof the 266 series.
We are also speeding up the heat transition with a newstarter package. We intend to ensure our buildings areheated in an environmentally friendly manner and are investing about € 12.5 million over the next five years toachieve this. For example, from 2022 onwards, at the endof their life cycles, oil heating systems will only be replacedby environmentally friendly alternatives. In 2022, we willdevelop supply concepts for climate-neutral heating of
our top 50 locations in Germany.

305-5

SPECIFIC CO₂e EMISSIONS IN COMPARISON TO 2006 / %Notes tosustainability

ENERGY EFFICIENCY∏
Increasing energy efficiency is another component of achiev- 302-1
302-3
ing our climate protection target. In the short and medium 302-4
term, we are also focusing on the use of hybrid drives in our 302-5
locomotives and multiple units. In addition, we are continuously investing in the research and use of alternative drives
and fuels, following the principle of being open to newtechnologies. Our measures to increase energy efficiency
in­­clude, in particular, further electrifying our track infrastructure and reducing our energy consumption.

Well-to-wheel (WTW); Scope 1–3; rail transport companies are included with their own energy
mix and/or European country mixes.
1)	Up to and including 2020 excluding rail freight transport from/to China by DB Cargoand DB Schenker.
2)	Up to and including 2020 excluding pre- and onward carriage from land, air and ocean freight.
3)	
2021 excluding pre- and onward carriage.

68

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To ourstakeholders

Consolidated
financial statements

Notes tosustainability

Additional
information

Stationary energy consumption

ChangeSPECIFIC PRIMARY ENERGYCONSUMPTION BY DB GROUP

Group
management report

JOURNEYS AND TRANSPORTS

2021

2020

absolute%

2019

Regional rail passenger
transport (MJ/pkm)

1.37

1.29

+ 0.08

+ 6.2

0.84

	in Germany

1.34

1.23

+ 0.11

+ 8.9

0.83

Long-distance rail passenger
transport (MJ/pkm)

0.35

0.40

– 0.05– 12.5

0.23

Bus transport (MJ/pkm)

1.49

1.56

– 0.07

– 4.5

1.07

	in Germany

1.66

1.74

– 0.08

– 4.6

1.29

Rail freight transport(MJ/tkm) 1)

0.30

0.29

+ 0.01+ 3.4

ABSOLUTE PRIMARY ENERGY

ChangeCONSUMPTION OF DB GROUPSTATIONARY FACILITIES

absolute

%

2019

– 486

– 8.0

6,002

– 1,053– 28.5

3,856

– 468

– 15.6

2,978

+ 12

+ 0.3

2,854

– 1,995– 11.815,690I N GERMANY / TJ

2021

2020

Rail network operation

5,600

6,086

Passenger stations

2,640

3,693

Maintenance of rollingstock (depots)

2,539

3,007

Other

4,157

4,145

0.33

Total

14,936

16,931

By using primary energy as a reference, 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 6.5% of DB Group’s total primary energy consumption. In order to identify potential savings and measure energy consumption over the long term,
energy audits were carried out at the Group companies aspart of implementing the EU Energy Efficiency Directive. DB
Energie GmbH, DB Fernverkehr AG, DB Station&Service AG
and DB Regio AG as well as many of their subsidiaries op­er­
ate a certified energy management system ∫ no. 78 in accordancewith ISO 50001.

Road freight transport(MJ/tkm) 2)

1.23

1.26

– 0.03

– 2.4

1.25

Air freight (MJ/tkm) 3)

9.29

9.06

+ 0.23

+ 2.5

9.79

Ocean freight (MJ/tkm) 3)

0.07

0.07

–

–

0.08

Well-to-wheel (WTW); Scope 1 –3; rail transport companies are included with
their own energy 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.
2)	Up to and including 2020 excluding pre- and onward carriage from land, air, and ocean freight.
3)	
2021 excluding pre- and onward carriage.

Due to the slump in train utilization caused by the Covid-19
pandemic, energy efficiency in passenger transport remained
below the 2019 level in 2021. Compared to 2020, however, it
has improved somewhat. We expect that as utilization increases, the 2019 level will be reached again and the positiveeffect of the fleets’ efficiency improvements will continue
into the next few years. Since rail passengers in DB Long-Distance travel on 100% eco-power in Germany, DB long-distancerail passenger transport remained the most climate-friendly
mode of transport in 2021. In addition, efficiency improvements were achieved in logistics.
Main levers for reducing our energy consumption are
equipping our freight train locomotives with driving assistancesystems ∫ no. 08 such as LEADER at DB Cargo
Cargoµ 115
115,, RESY at DB
Regionalµ 109 or the Eco app at DB Regional BusµRegional
Bus
109.. We are
109
modernizing our electric vehicle fleets by adding new series
that achieve greater energy efficiency. Our modern electric
locomotives and multiple units also make a signi­ficant contribution to increasing energy efficiency by recovering brakeenergyy ∫ no. 19.
energ
19. In 2021, the energy recovery rate increasedslightly to 16.7% (previous year: 16.5%). The fleet of vehicles
equipped with recovery technology is currently growing, forexample through the addition of ICE 4 trains to passenger
transport.

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

In the Global Climate Risk Index (Klima-Risiko-Index; KRI)
pub­­lished annually by German Watch, Germany ranked 18th
worldwide. This relates to the period from 2000 to 2019,
during which Germany was much more affected by extreme
weather conditions than most other countries. As an infrastructure operator, our core business – the railway in Germany – is affected more than any other major company inGermany by the impacts of climate change. This was demonstrated by our first study commissioned from the Potsdam
Institute for Climate Impact Research (PIK) in 2018.
We were again confronted with several extreme weather
events in 2021. In addition to Storm Tristan in February, thefloods in summerµsummer38 in North Rhine-Westphalia and Rhineland-Palatinate highlighted how heavily affected rail trans­
port is by physical climate risks.

Analysis of climate scenarios

In 2021, we received the results of another study from the PIK
PIK∞,
that we had commissioned. This time, the Institute examinedclimate changes between now and 2060 using two climate
scenarios developed by the Intergovernmental Panel on Climate Change (best and worst case). The results showed significantly more heatwaves and fewer harsh winters along69†

Our contribution toclimate protection

To ourstakeholders

Groupmanagement report

Consolidated
financial statements

Notes tosustainability

Additional
information

Nature conservation

with increasing extreme weather conditions such as torrential rain and hail. For the first time, this study provides detailed forecasts on specific climate-related characteristics for
34 individual DB Group transport regions in Germany. Thesestatements, which are based on climate science, form an important basis for the further strategic development of ourclimate-resilience management, the purpose of which is tofurther increase our resilience to extreme weather conditions.

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∏
We consider protecting biodiversity to be an essential task 103-1
103-2
and integrate it at every stage from planning and construc- 103-3
tion through to operating our facilities. In our activities, forexample in the construction and expansion of the rail 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. We
use wildlife detection dogs ∫ no. 162 to help generate the spe­
cies mapping of a construction site and in order to detectsand li­­zards, grass snakes or other protected animal species.
We also set ourselves ambitious targets on protecting biodi­
versity in our operations: we are planning to operate our railtransport glyphosate-free from 2023 onwards. To achieve this,
we are developing the existing vegetation control measures
for tracks into a sustainable vegetation management.

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:◊ Newly purchased trains at DB Long-Distance are designed
to provide a stable indoor climate even in high temperatures, with the ICE 4 air-conditioning systems capable ofcoping with temperatures of up to 45°C, thus ensuring
sufficient cooling for comfortable travel. We test the systems at least every six months. We spend tens of millionsof euros per year in order to guarantee the stability of the
air-conditioning systems in our long-distance trains.
◊ At DB Netz AG, the natural hazard management-depart­
ment 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 has identified and integrated three coretasks, namely winter management, vegetation management for storm protection, and heat prevention. Timely
inspection of all 6,300 heating systems for the 49,000
switches with switch heaters and the early provision ofremoval and safety personnel are important componentsof the winter strategy. In response to Storm Tristan in
February 2021, additional potential for improvement
during extreme winter events was identified.
◊ In order to facilitate proactive heat prevention, newair-conditioning systems will be installed to protect
the heat-sensitive command and control technology,
temperature sensors will be fitted at critical points,
and new construction components and buildings will
be designed to withstand higher temperatures. We
are also actively working on the existing network andare additionally deploying new methods, materials
and knowledge – such as phase-change materials orthermally optimized coatings developed in space technology research.
◊ Another focus is on storm protection and vegetation
management on the tracks. An average of € 150 million per year has been made available for these tasks
from 2021 to 2025. Vegetation management is constantly being improved.

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 climate and environmental pro­tection are our highest priorities. This is why we plan to phaseout the use of glyphosate. We have reduced the use of gly­pho­sate by more than half compared to 2018. From 2023
on­wards, we plan to make our rail transport operate entirely
glyphosate-free.
We have been working to develop alternative methods,
products and application strategies for vegetation control
for several years. We are pursuing a holistic approach andinvestigating active procedures for controlling existing vegetation, preventive measures to avoid vegetation in the
tracks, and approaches to dramatically reduce the amountof vegetation control required. In order to optimize planningand implementation, a digital vegetation management isbeing developed that will help to identify necessary actions,plan processes and monitor vegetation. In addition, we arepushing forward with the technological enhancement of
mechanical methods such as semi-autonomous mowers androbotics. The use of alternative herbicides is also being
tested. As things currently stand, innovative procedures will
not yet be available or will only be available to a limited
extent by 2023.

BALIN RESEARCH PROJECTThe BALIN research project investigates the effects of stationnocturnal lighting on insects in the Westhavelland Naturpark,and potential countermeasures. The effects on insect fauna
are being investigated at six stations by switching to insectfriendly lighting ∫ no. 61
61.. The project started in January 2021.

70

Our contribution toclimate protection

To ourstakeholders

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Consolidated
financial statements

Resource conservation

Notes tosustainability

Additional
information

through to final disposal. The contractual terms and management of external disposal services is carried out centrally
by the Group function procurement
procurementµ70
70.. Fundamentally, specialist waste disposal companies are appointed that have theappropriate waste-related management and economic competences in accordance with section 56 (2) of the Circular
Economy Act (Kreislaufwirtschaftsgesetz; KrwG).
Our target is to keep the recycling rate for our total waste
steady at over 95%. Valuable resources such as metals andmineral construction materials are used in the construction
and maintenance of our track infrastructure and vehicle fleet
in particular, and waste is produced in the course of our business operations, such as used ballast and concrete fromdemolished structures. The majority of these resources are
already recycled.

∏ 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
Circular economy principles frame our thinking about how
we deploy, use and dispose of resources. Recycled materials
are used and our material cycles are being optimized. Using
our internal waste management system, we collect and dispose of almost every type of waste separately by individual
fractions on the output side. For our other waste, in particular municipal waste, we will increase the recycling rate overthe next few years by developing an improved waste management. In order to support the tasks necessary to the circular economy, we use a central IT tool called ZEDAL for
hazardous and non-hazardous waste. 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 madeand monitored at a local level.
We are redesigning ∫ no. 87 our production resources, especially our rolling stock, thereby extending their life cycle.
Through the use of innovative 3D printing processes ∫ no. 149,
149,
we are contributing to efficient and resource-saving component production. In particular, this means that componentsthat in the worst case could result in train downtimes can be
manufactured at the touch of a button. We have now printed
over 25,000 (replacement) parts in more than 300 different
applications. At our maintenance depots, we are currently
testing a new 3D printing material, known as a filament, thatis made of 100% recycled plastic and is intended to be usedin future to print tools and other implements.
We are looking at our entire value-creation chain – fromprocurement and operational use through to disposal. We
are currently examining our resource flows in both procurement and waste management from a circular economy perspective. As part of this, in 2021, we conducted an extensive
material flow analysis to identify the quantities and recirculation potential of DB Group’s main resources. We are alsoa member of the World Business Council for Sustainable
Development (WBCSD) and apply its Circular Transition Indi­
cators initiative, which is a framework for determining company-specific circular economy indicators.
As part of our environmental management system in accordance with DIN ISO 14001, clear rules regarding the circular economy have been laid out. For example, when materials
and substances are no longer needed, we check whether they
can be recycled and how they leave DB Group. For the Integrated Rail System in Germany, 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

103-1
103-2
103-3
301-1
301-2
301-3
306-2

R E C Y C L I N G R AT E∏
By accounting and collecting certain types of waste sepa­- 306-3
306-4
ra­tely, we can recycle them and generate revenues for spe- 306-5
cific waste.
VOLUME OF WASTE ACCORDING TO TYPE OF WASTE
AND DISPOSAL PROCEDURE / thousand t

2021

2020

2019

Construction waste

8,342

7,656

10,838Recycling

8,069

–

‒

273

–

‒

327

331

309

Recycling

327

–

‒

Thermal utilization and disposal

0.1

–

‒

3.8

1.8

0.9

Thermal utilization and disposal
Scrap

Electronic scrap
Recycling

3.3

–

‒

Thermal utilization and disposal

0.5

–

‒

Municipal waste

55.3

53.6

57.6

Recycling

23.7

–

‒

Thermal utilization and disposal

31.6

–

‒

37.9

31.4

25.4

Recycling

37.2

–

‒

Thermal utilization and disposal

0.7

–

‒

1.7

1.8

1.7

Recycling

1.4

–

‒

Thermal utilization and disposal

0.2

–

‒

61.7

58.1

55.6

Recycling

32.5

–

‒

Thermal utilization and disposal

29.2

–

‒

8,830

8,134

11,288

8,495

7,771

11,025

335

–

‒

Paper

Waste oil

Other 1)

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: October 1 to September 30.
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.
1)	For example paint, varnish, sludge and other maintenance-related waste.

In 2021, about 0.7 million tons more waste was generated.
The main driver was the construction waste, which increased
by about 9%. At 96%, the recycling rate remains at the previous year’s level. By using targeted measures, such as selec­
tive decommissioning and contractual binding of sorting and71

Our contribution toclimate protection

To ourstakeholders

Groupmanagement report

Consolidated
financial statements

recycling facilities, we kept the share of recyclable waste highand the share of waste destined for disposal or incineration
at a very low level.
The new strategy for disposing of mixed municipal waste,
which aims to recycle as much of the recyclable material
contained therein as possible, is showing signs of success.
For example, the amount of municipal waste recycled increased significantly. Municipal waste only accounts for asmall share of our total waste generation, but it is the mostvisible fraction in our trains and stations. Since the beginningof 2019, we have been reassigning contracts for waste disposal nationwide, with contracts mainly being awarded forsorting services at pretreatment plants. Qualified waste disposal companies sort the mixed waste in state-of-the-art
sorting facilities, thereby increasing the amount of reusable
materials to be sent for high-grade recycling. Thanks tostate-of-the-art sorting methods, at least 85% of recyclable
material contained in all the waste delivered to the facilities
can now be clearly separated for recycling.
USE OF MATERIALS IN TRACK INFRASTRUCTURE

2021

2020

2019

Ballast (thousand t)

3,638

3,186

2,782

10.7

16.2

13.3

Share of recycling (%)
Machine ballast processing (million t)

1.3

1.5

1.4

	thereof directly recycled

0.7

0.7

0.7

2,590

2,400

2,143

10.4

10.0

5.7

Concrete ties (thousand)Share of recycling (%)

Notes tosustainability

Additional
information

VOLUME OF HAZARDOUS AND NON-HAZARDOUS WASTE / thousand t

Hazardous waste
Share of recycling (%)
Share of thermal utilization and disposal (%)
Non-hazardous waste
Share of recycling (%)
Share of thermal utilization and disposal (%)
Total waste

2021

477
67.9
32.1
8,352
97.8
2.2
8,830

First recorded in 2021 according to the new GRI Standard 306:
Waste, hence no previous year’s figures available.
Period: October 1 to September 30.
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 2021, about 95% was classified as
non-hazardous. This includes, for example, municipal waste
and the majority of construction waste. The remainder, about
5%, includes waste that presents a risk to health or the environment – for example waste oil or contaminated waste
wood. Special procedures ensure that this waste is disposedof safely. Here, too, we consider the conservation of resources
and look at oppor­tunities for recycling or thermal utilizationof waste.

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

∏
103-1
103-2

Further reducing the impacts of rail transport noise on local 103-3
residents is an essential prerequisite for the further shift inthe mode of transport towards rail. We are therefore continuing to work on implementing our 2030/2050 noise reduction target:◊ In continuing the Federal Government’s noise remediation program, we will reduce rail transport noise on ato­­tal of 3,250 km of existing lines by 2030. By 2020, we
had already completed about 2,000 km, and over the nextten years, about 1,250 km of existing line will also be
added. This means that the impact of the noise pollution
caused by rail transport on about 800,000 people, i.e.
half of the residents living near lines affected by railtransport noise, will be remedied by 2030.
◊ By 2050, we will have completely remedied the noise pollution caused by rail transport on the total of about
6,500 km of existing lines. This means that we will have
remedied the noise pollution for all of the about 1.6 million people affected.
A prerequisite for achieving these targets is the adequate
provision of funds by the Federal Government in the noise
reduction item of the Federal budget. We are improving pub­lic acceptance of the shift in the mode of transport towards railµ
rail52
through our two-pillar noise reduction stra­te­­gy, which focuses
firstly on on-site measures (infrastructure) and secondly on
at-source measures (vehicles).

Period: October 1 to September 30.

We have established a material cycle for the ballast and concrete ties used in the maintenance of the track network.
◊ In 2021, about 2.8 million tons of worn-out ballast fromthe track network was removed and processed into recycled ballast ∫ no. 51 in certified disposal facilities for us
to use or as grit or crushed sand for road construction.
As part of our maintenance measures, some of the ballast
was processed in machines on-site by track-bound ballast
cleaning machines or mobile processing plants and immediately reused. This significantly reduces the amountof new ballast required and the associated transport-related greenhouse gas emissions.
◊ In 2021, about 1.8 million concrete ties that could no longer be used were removed. The concrete ties ∫ no. 73 are,where feasible, reused in the track network. Concrete ties
that are not suitable for reuse in the track network arerecycled by certified disposal companies and used forother applications, such as road or path construction.

72

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To ourstakeholders

Groupmanagement report

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financial statements

In 2020, the BMDV announced that the trigger values fornoise remediation on existing Federal rail tracks would be
reduced by a further 3 dB(A) to 54 dB(A). The corresponding
reduction was set out in the 2021 Federal budget. The BMDV
announced the publication of the new funding guidelines
and the overall noise remediation program for 2022.

I N N O VAT I V E F R E I G H T C A R S

As part of the “innovative freight cars” research project initiated by the BMDV, DB Cargo and the railway freight car
lessor VTG tested technologies for a quieter, more energyefficient, smart freight car. The BMDV provided funds amounting to € 21.5 million. The project was completed in April 2019.
Various innovative components were combined and installed.
For instance, the effects of noise skirts, innovative brake systems, and wheel dampers were tested on selected freight car
types. The results from testing and practical trials show thatthe innovative freight cars ∫ no. 54 use between 2% and 3% lessenergy. These results have also been incorporated into DB
Cargo’s fleet strategy and have resulted, among other things,
in the procurement of an innovative automobile transportcar. There were very promising results in noise reduction,
particularly where wheel-mounted noise absorbers and ringelements were concerned. However, it was also determinedthat the relevant products are still not sufficiently mature to
make them suitable for use in real operations. For this reason, DB Cargo, together with the manufacturer – separatelyfrom the research project – has further developed the product and has now started the corresponding field testing.

N O I S E R E M E D I AT I O N A N D P R E V E N T I O N
2021

2020

2019

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

44.2

75.1

53.4

Homes with passive measures

1,820

1,485

1,628

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

2,110

2,039

1,844

Noise remediation areas relieved
by noise prevention (km)

52.1

49.9

49.9

NOISE PREVENTION (NEW CONSTRUCTION AND
E X PA N S I O N / U P G R A D E P R O J E C T S )Noise barriers completed (km)

41.2

18.4

59.7

Homes with passive measures

590

1,173

2,261

Additional
information

Reduction of trigger values◊ Since 2001, DB Cargo has been procuring new freight carsthat are exclusively fitted with quiet brake shoes ∫ no. 05,
05,
and completed the conversion of the existing German
freight cars to quiet brakes in 2020.
◊ By 2025, our electric track locomotives on DB Cargo freighttrains in Germany will also be running with quiet brakesystems.
◊ DB Cargo will retire the 232/233 series diesel locomotives
by 2030. After that, only class77 series locomotives withblock brakes will be in use.
◊ DB Long-Distance will replace all diesel-powered shunting
locomotives with particularly quiet and climate-friend­ly
hybrid shunting locomotives ∫ no. 44 by 2025.
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 reduction measures for
track infrastructure and vehicles so that we can implement
more effective noise reduction measures.

NOISE REMEDIATION AND PREVENTION IN GERMANY

Notes tosustainability

I N N O VAT I V E N O I S E R E D U C T I O N
PROJECT I-LENA

Since 1999, we have reduced noise pollution for residents
liv­­­ing near rail lines through the voluntary noise remediation program for existing Federal rail lines. We are renovating par­­ticularly heavily affected lines by means of fixed noise
reduction measures ∫ no. 25
25,, such as noise barriers, soundproof win­­­­dows or noise-proof ventilators in residential build­ings. Progress on implementing these measures on affectedlines was slightly above our forecast from the 2020 Integrated

In order to expand the portfolio for noise reduction measures ∫no. 54 on infrastructure, the BMDV and DB Netz AG launched

the initiative “Innovative and application-oriented noise
reduction testing” (Initiative Lärmschutz-Erprobung neu
und anwendungsorientiert; I-LENA) in April 2016, which wascompleted in 2020. The project gave manufacturers ofnoise reduction technologies the opportunity to have theirinnovations tested under real operating conditions on test
lines in order to examine the acoustic effectiveness of theirsolutions. In 2021, the last reports on the acoustic measurements were completed. Given the project’s positive experience with an established measurement concept and suitable
test sections, we welcome the activities currently being
planned by the German Center for Rail Transport Research(Deutsches Zentrum für Schienenverkehrsforschung; DZSF)
as part of LärmLab 21.

Reportµ 182
Report182..

Federal budget utilization

In 2021, about € 150 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 passive measures. In addition, Federal Government
funding is being used to finance other special issues in noise
reduction, such as the implementation of the measures feaValleyµ 32
32..
tured in the feasibility study in the Middle Rhine Valley73

Our contribution toclimate protection

To ourstakeholders

Groupmanagement report

Consolidated
financial statements

Notes tosustainability

Additional
information

EMPLOYEES
Overview of key figures

74

Management approach and targets

Conclusion ofcollective bargaining
process
2020/2021

75

Personnel planning
Recruiting

75

76
76

Management, qualification and transformation
Work of the future

79

Employee numbers and structure

82

With the agreement with the Railway and Transport
Workers Union (Eisenbahn- und Verkehrsgewerkschaft;
EVG) and the German Train Drivers’ Union (Gewerkschaft Deutscher Lokomotivführer; GDL), collective wage
agree­ments were concluded, expressing appreciationfor employees and, at the same time, securing the futureof the Integrated Rail System.

Personnel
campaign andyoung talent
recordImplementationof mobile working

In line with our Strong Rail strategy, we continued
our major recruitment campaign in Germany in 2021.
Thanks to our innovative recruiting approach, despitea tense labor market, about 23,000 employees completed their first working day in 2021, thereof about
4,500 were vocational trainees and dual students.

Good work can happen almost
anywhere – with this conviction
we are consistently improving ourworking conditions. Mobile work
is a natural part of our day-to-day
working world. After creating therequisite conceptual guidelines,
mobile work is now set to become
anchored in the business. We arealso beginning the gradual implementation of desk sharing andactivity-oriented office concepts
at all German office locations.

Overview of key figures
EMPLOYEESEMPLOYEE SATISFACTION / SI

Target: 3.82026
2021 –
20202019 –
20182017 –
Short/mid-term target



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

3.8

2021
2020
2019
2018
2017

 3.9


3.7

Long-term target

74

18,45016,06421,70022,75820,815Our contribution toclimate protection

To ourstakeholders

Groupmanagement report

Consolidated
financial statements

Management approach and targets

Notes tosustainability

Additional
information

Findings on employee satisfaction and cultural developmentin the sense of the “compass for strong teamwork” are gained
through the Group-wide employee survey (MAB ) and the
Culture Barometer for the Integrated Rail System in Germany.
In 2021, we ran “cooperation workshops” to identify changes
and improvement measures Group-wide, across all teams.
Diversity and open-mindedness are immutable values inour corporate culture. We want to be an exemplary employer
who values the different perspectives, values and experi­en­ces of its diverse workforce and uses them for innovationand customer orientation. For this purpose, we have an active diversity management. Appropriate measures and activities are implemented under the framework of the Groupinitiative “Uniquely different” (“Einziganders”) and promoted
within DB Group.
Our work on tackling important topics of the future todaymeans that we will continue to be an attractive employer inthe future. We are concerned with the impact of digitalchange, the implications of the Covid-19 pandemic and key
HR trends. The Group initiative “People. Make. The Future.”
serves as a framework for this, with its future labs, dialogs
and partnerships.

Strategyµ 52 ff.
ff.,, we intend to create the∏ With the Strong Rail Strategy
con­­ditions for a sustainable change in the mobility sector.
Only by pooling our expertise, sharing new ideas and having
moti­vated employees can we overcome the challenges
of tomorrow. Our Human Resources (HR) strategy provides
us with an important framework for this and is an integral
part of the Strong Rail system.
We are sticking to our strategic goal of recruiting, qual­
ify­ing, integrating and retaining for long-term employment“100,000 employees.” This approach is still the appropri­ate response to the challenges faced by DB Group – demographic change, a shortage of skilled employees and digitaltransformation.
We focus our actions on four strategic areas, which arederived from our HR strategy:◊ forward-looking personnel planning,◊ innovative recruiting,◊ a holistic approach to management, qualification andtransformation,◊ actively designing the work of the future, and diversity.
These targets are a core component of the “100,000 employees” goal from the Strong Rail strategy, and are also interconnected with the 15 employee building blocksµ
blocks54..
54
Making DB Group fit for the future means proactively
managing human resources. It is the responsibility of our per­­sonnel planning systems to have employees at the right timein the right place and to identify potential capacity bottle­
necks at an early stage. This is something we are developing
further and anchoring in DB Group.
In order to inspire potential employees for our diverse job
profiles and entry opportunities in the competitive labormarket, we are further improving our employment conditions,which we advertise to the target groups with our innovative
recruitment approaches. This enables us to meet our existing
personnel needs despite the tense labor market.
The professional qualifications of our employees are an
important success factor. We use our onboarding processes
to prepare new employees for their role, ensuring they are
orientated and can act with confidence. We promote the expansion of knowledge and knowledge transfer through ourmodern qualification architecture, which we systematicallydevelop and which set up on a modern, digital foundation.
A culture of appreciative, results-oriented cooperation is
critical to success in our dynamic market environment andwith the complex challenges facing us. As a cultural element,
the “compass for strong teamwork” gives managers and employees direction and promotes the assumption of responsibility, cooperation and knowledge transfer.

103-1
103-2
103-3

Personnel planning
In order to ensure that DB Group is robustly positioned, weneed effective and efficient personnel planning and management throughout the entire HR value chain, from differentiated planning to recruitment, qualification and functional
training, right through to considering actu­­al performance
effectiveness. As a key part of holistic resource management,
we work to close capacity and skills gaps and optimize theefficiency 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 foranalyzing our longer-term personnel policy challenges. This
gives us a uniform and systematic view of strategically relevant activities over the next decade.
We are currently working on further developing our SWP.
The aim is to create a 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.

75

Our contribution toclimate protection

To ourstakeholders

Groupmanagement report

Consolidated
financial statements

Recruiting

Notes tosustainability

Additional
information

We have improved our employer rankings:◊ In the trendence Expert Barometer, we improved by 15
places to 7th place.
◊ For academic professionals, we moved up the rankings to
9th place on the trendence Professional Barometer.
◊ In the trendence Student Barometer, we were able to im­prove our ranking to 15th place.

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

In 2021, we continued our major recruitment campaign. Dueto the Covid-19 pandemic, job interviews and events predominantly took place online (virtually).
The Covid-19 pandemic has forced companies to partiallyrestructure and reduce their personnel. We offer affected
people prospects, and fill positions using both direct hiringand lateral entry. As part of our recruiting strategy, a process
standard and procedure was established and an end-to-end
approach was enabled in business partnerships, covering theentire process from identifying potential candidates to hiring. DB Group cooperated with a total of 56 companies in
2021, including eight from the aviation industry. Since theend of 2020, about 1,250 applications have been received
from the cooperating air carriers, which led to about 200 hiring commitments. Most of the hires were on-board train attendants, followed by lateral entries (such as drivers, traffic
controllers or car inspectors). Positions were also filled in
the vehicle maintenance division (for example electronics
technicians, mechatronics technicians).
We have once again carried out numerous image and recruitment campaigns. The ongoing employer branding campaign “Welcome, you are one of us.” was further developed.
The image campaign for students “No stress. Do something.
At DB.” won a trendence Award in the category “Best Employer Brand Campaign for Students,” the German Prize forOnline Communication in the “Employer Branding Campaign”
category and the HR Excellence Award in the “Em­plo­yer Branding” category. In addition, our “Jobs for Germany”
image campaign for skilled employees received the Bronze
award in the “Employer Branding & Recruiting” category at
the Effie Germany Awards.
We further developed our women’s recruitment strategy
to improve our visibility as a leading employer for womenand achieve the target of 30% women in leadership by 2024.
One of the 30 measures is to celebrate World Women’s Day
in the form of a DB World Women’s Month. With over 200
digital campaigns and events, 474 recruitments of female
candidates were made in March 2021. In addition, two Guinness World Records™ titles on equal opportunities were created, in which more than 6,200 people participated. The world
women’s month was awarded by trendence as the best digital recruiting campaign/event, and also received an HR Excellence Award in the “Recruiting campaign” category.

NEW HIRES

In 2021, in spite of the Covid-19 pandemic, about 23,000 new
employees (including vocational trainees and dual-degree
students) in Germany completed their first working day at
DB Group (pre­vious year: about 26,300). These new hires
include about 3,600 maintenance technicians, more than
2,000 mainline locomotive drivers and about 1,600 signal
station employees.
EXTERNAL NEW HIRES IN GERMANY (EXCLUDING YOUNG PROFESSIONALS) / NP

Other 7,005
Service on train/station and safety 981
Shunting service/train preparation 645
IT specialists 1,004
Signal station employees 911

2021

Construction supervisors 1,969
Bus drivers 1,298
Mainline locomotive drivers 1,376
Cleaning personnel 886
Maintenance technicians 2,375

In 2021, we had 18,450 external new hires, excluding young
professionals (previous year: 21,700). This is an important
contribution to the implementation of our central strategic
HR objective and to the robustness of DB Group.

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 educationand training in Germany, and offer training in 50 apprenticeship professions. Even in uncertain times, we provide young
people with secure career prospects, and typically offer apermanent contract to vocational trainees and dual-degree
students after successfully passing the final examination.
The Covid-19 pandemic does not change this, because committed young professionals continue to be needed for aStrong Rail system and a successful transition to more sustainble mobility and transport. In light of this need, thenumber of trainees and dual-degree students increased byover 10% from 2019 to 2021.

76

Our contribution toclimate protection

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YOUNG PROFESSIONALS IN GERMANY AS OF DEC 31 / NP

Vocational trainees 1)
Dual-degree studentsGroupmanagement report

Consolidated
financial statements

2021

2020

2019

11,668

11,356

10,676
1,081

1,316

1,237

Graduate trainees 2)

128

151

146

Interns 2)

667

683

664

1)

“Chance plus” participants 3)
Total 3)

184

211

195

13,963

13,63812,762

New approaches and efficient processes for employee retention and development are crucial to the assumption of greater
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. Based on
the experience in the area of executives, the instruments“My performance” and “My incentive feedback” were introduced in 2021 for more than 200,000 employees. This
was the first time that all employees had the opportunity,
among other things, to collect feedback about their workfrom colleagues and business partners and to provide
their executives with feedback. With the introduction ofa mandatory contribution to performance in the “Womenin leadership” dimension for all executives from the levelof 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)).
◊ Learning: In 2021, we expanded the Group-wide offer
of DB Academy and DB Training. DB Learning World has
fur­ther established itself as a central learning platform.
In addition to business unit-specific content, more than
230,000 registered users can access over 500 learning units
on strategy, digitalization, lean management/DB ex­­­cel­
lence, and environment and sustainability. DB LearningWorld enables employees to learn autonomously and independently, and to develop further. The newly integrated“Employees for employees” unit offers employees theopportunity to prepare and present their own knowledge
and make it available to everyone.
◊ 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 2021,
succession planning related to over 1,000 management
roles. With our three career pathways – leadership, expert and project careers – we are committed to the futureand offer attractive alternatives to traditional management careers. The DB “specialists” career path is currently	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.
3)	Previous years’ figures adjusted.

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

IN GERMANY / NP

Other 1,553

2021

Mainline locomotive drivers 634
Signal station employees 686

Service on train/station and safety 433

Additional
information

E M P L O Y E E L O YA LT Y A N D D E V E L O P M E N T

1)

EXTERNAL NEW HIRES, VOCATIONAL TRAINEES AND DUAL-DEGREE STUDENTS

Notes tosustainability

Maintenance technicians 1,223

Figures correspond to respective career objective.

In 2021, about 4,500 vocational trainees and dual-degree students started their apprenticeships or studies at DB Group(previous year: about 4,600). In 2021, we received about
103,000 applications for training places in the Integrated Rail
System (previous year: about 94,000). This shows that weare 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 reorganization of the most impor­tant apprenticeships in rail transport with social partners.
For example, in 2021, the focus was on the restructuring of
the apprenticeship for railway employees in operational services. From August 2022, it is expected that new railway employees in operational services will be trained with the newcontent.
All young professionals in the first year of teaching/study
received a mobile end device in 2021. The provision of mobile
end devices was a key factor for the successful continuationof the young talent programs during the Covid-19 pandemic.
Further information can be found in the section Securing
young talentµtalent264.

77

Our contribution toclimate protection

To ourstakeholders

Groupmanagement report

Consolidated
financial statements

Notes tosustainability

Additional
information

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

being implemented and will be introduced to DB Groupin all business units by the end of 2022. In addition, in
2021, we realigned our talent management with DB
Careers Lab (DB Karriere Lab) in order to better rewardini­­tiative and individuality and make talent more visible
across all career paths.
◊ Onboarding and transfers: Once an appointment decision has been made, a structured onboarding management helps the starter prepare for their new role andensure that they feel comfortable on arrival in the new
department or company. With our onboarding platform,
we provide relevant information about how to get started.
Structured and integrated knowledge transfer processes
help new recruits to familiarize themselves with theirtasks, processes and the Integrated Rail System. Personal
support from executives and colleagues plays an impor­tant role in social integration. Our Group-wide mentoring
program and intergenerational management promotes
integration and mutual learning for experienced and new
employees. In addition to the entry of new employees, areentry management supports colleagues in ensuring the
successful reentry into work after temporary absences.
In doing so, we promote women in leadership and/or
women with leadership ambitions, and make an impor­tant contribution to achieving the target of 30% womenin leadership by 2024.
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 impor­tant 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 is available in the section Personnel
devel­­­­op­­­mentµent
263 f.

2021

2020

Employee satisfaction 1) (SI)

–

3.9

‒

Compass index 2) (%)

49

–

–

EMPLOYEE SATISFACTION

2019

	The employee satisfaction survey is conducted every two years on a scale of 1 to 5
(with 5 being the highest 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 theculture barometer sample survey.
1)

Group-wide employee satisfaction is determined every two
years as part of the employee survey. Since 2021, the compass
index for the Integrated Rail System in Germany has been
calculated in the interim years as part of the culture barometer sample survey. From 2021, the compass index will replace
the key figure “Follow-up workshop implementation rate.”
We conduct the Group-wide employee survey every two
years in accordance with the new motto “Participate – beinvolved.” It was most recently conducted in 2020. The employee survey has established itself as an instrument in DB
Group and provides concrete indications of improvement at
all levels. In addition to transparently sharing the results withall employees, working with the results in the subsequent
process is an essential part of our handling of employee survey results. At the beginning of 2021, all executives acrossthe Group had access to their aggregated employee survey
results and shared them with their employees. The crossteam “collaboration workshops” then started as a central
element of the employee survey follow-up process. Despitedifficult conditions caused by the Covid-19 pandemic, morethan 3,000 “collaboration workshops” were held in 2021.
In September 2021, in addition to the employee survey,
the culture barometer was conducted for the first time – asample survey in the Integrated Rail System in Germany. It
measures the Group culture in the sense of the “compass forstrong teamwork” and covers employee satisfaction and thesuccess of the Strong Rail strategy in view of a strong DB
team. A total of 16,500 employees were randomly selected
and invited to participate. In line with the motto “One formany – your voice for the culture barometer,” they were able
to provide feedback on the topics of cooperation, satis­faction,
Team DB and the Strong Rail System on behalf of themselves
and their colleagues.

15 EMPLOYEE BUILDING BLOCKSIn 2021, additional employee building blocksµ
blocks
54 were identified
and expanded upon. Within this framework, the most impor­tant concerns of employees are prioritized and implemented
with Management Board support.

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Notes tosustainability

Additional
information◊ In 2021, employees will receive € 600 and a further € 500
in March 2022 as a Covid-19 bonus. Solutions have beenfound in the areas of extra pay, education, housing andmobility. For example, additional funds have been madeavailable for employee mobility.
◊ The regulations apply in DB Group operations in which
the EVG organizes the majority of employees in accordance with the German Collective Bargaining Agreement
Act (Tarifeinheitsgesetz, TEG).
◊ The collective wage agreements concluded by DB Groupand EVG in September 2020 will continue to apply those
operations. In addition to an increase in remuneration of
1.5% as of January 1, 2022, these also include extended
protection against dismissal for employees. The agreements have a total term of 24 months to February 2023.
After several rounds of negotiations, we reached a wage agree­­ment with the GDL in September 2021:◊ Remuneration will increase by 1.5% as of December 1,
2021, and by a further 1.8% on March 1, 2023. A total
term of 32 months was agreed between March 2021 andOctober 2023.
◊ As of December 1, 2021, employees will receive a Covid-19
bonus of € 600, € 400 or € 300 depending on the pay category. A second Covid-19 bonus of € 400 was agreed forMarch 1, 2022.
◊ DB Group and GDL have concluded collective bargain­­ing
agreements for train staff and for the first time also for
employees in the workshops and administration of thesix train operating companies DB Fernverkehr AG, DB
Cargo AG, DB Regio AG, DB RegioNetz Verkehrs GmbH,S-Bahn Berlin GmbH and S-Bahn Hamburg GmbH.
◊ DB Group and GDL agree that the TEG is the basis for theapplication of collective bargaining agreements within
DB Group. Accordingly, in companies where different
collective labor agreements overlap in their scope, thecollective labor agreement of the trade union that organizes the most members in an employment relationshipin the relevant company (majority collective bargaining
agreement) shall apply.
The conclusions take into account the interests of passengers, employees and DB Group in equal measure. They include, among other things, a wage agreement that takes
the damaging effects of the Covid-19 pandemic into accountand acknowledges the commitment of our employees, especially during the pandemic.

The representative results of the culture barometer enablea reassessment of our situation in the interim years of theemployee survey, with a focus on the corporate culture. The
culture barometer focuses on the compass index.
The results still reflect the support for a Strong Rail System, and employee satisfaction fell only slightly. Overall,however, Team DB experienced a setback in contrast to theresults of the 2020 employee survey and the optimism there.
The compass index, which we first collected with the 2020
employee survey, measures how cooperation and corporate
culture have developed. After the results of the 2020 employee survey, where the index was 57%, in 2021 it fell to 49%.
The results of the culture barometer were used as an opportunity, particularly at strategic levels, to analyze in more detail the reasons behind the low scores given to certain topics.
The results are designed to provide a guide for further action
in DB Group with regard to a strong Team DB.

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 contribute to success inoperating activities and in direct customer contact.

EMPLOYMENT CONDITIONS

We are continuing to improve employment conditions within
the framework of the Strong Rail strategy, based on current
and future social developments, as well as employees’ andapplicants’ expectations of a modern employer. Issues suchas flexibility, participation and individualization are highly
important.
∏ Collective bargaining process 2020/2021 completed
Railwayµ 93
102-43 In May 2020, DB Group signed the Alliance for Our Railway(2020 Integrated Report)
Report) together with the Federal Transport
Minister, the EVG, the Group Works Council and the Ger­­man
Mobility and Transport Services Association (Arbeitgeberund Wirtschaftsverband der Mobilitäts- und Verkehrsdienst­
leister e. V.; AGV MOVE). Against this backdrop, we reached
an agreement with the EVG on a comprehensive collective
bargaining package in September 2020. In addition to regulations for moderate wage increases in 2022 and a period up
to February 2023, the overall package includes numerous
agreements on 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 agreementson the Alliance for Our Railway:

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financial statements

Flexible design of working hours

Notes tosustainability

Additional
information

Mobility services and supported living space

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 loyalty and recruitment. In this context
we offer, for example, the elective working hours model. Employees can decide whether to reduce their working hours by
one or two hours per week, take six or 12 additional vacation
days per year or receive an increased salary. In 2021, about
two-thirds of the employees covered collective bargaining
agreements opted for a model with additional vacation within
the scope of the regulation.
There are also several options for our employees whenusing 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 long-term
account and take paid leave at a later date. At the end of 2021,
more than 60,000 employees were using a credit account.
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 or additional vacation for rotating shift work, shift work and nightwork, into the company pension plan (CPPs) in full or 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.
In the companies with shift and rotating shift work, weare strengthening the participation of employees in the planning and individualization of working hours within the framework of operational working hours projects. As part of astandardized project approach and a project template agreed
with the collective bargaining parties and business units,
employees are actively involved in the search for suitable,feasible, customer-oriented and sustainable solutions – always in line with employees’ wishes and operational andeconomic requirements. In 2021, for example, solutions forindividual shift planning for on-board staff were introduced
at DB Long-Distance with the apps “My time” and “My exchange.” They make it possible to align shift plans as closely
as possible to employees’ individual wishes.
Further information can be found in the section Social andfringe benefitsµ
benefits
265 f.

With 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. In 2020, we concluded
cooperation agreements with six housing companies thatprovide 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 locationof the apartments. In addition, we analyze the needs of ouremployees 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 and digitally manageable services. DB company bikes
and fare reductions, especially in DB Long-Distance Transport,
are the foundations we have laid for employees in this regard.
Employees not subject to collective wage agree­ments andexecutive employees can also use our bike-sharing service
Call a Bike and our Flinkster car-sharing service, with special
conditions, 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 theircommute to work. To this end, we are concluding successive
cooperation agreements with transport associations.

Modern health management

We were able to guarantee important mobility services
throughout the Covid-19 pandemic. Our crisis management
team in the area of occupational health management in particular has played an important role in this regard. With its
activities and protective measures, our occupational healthmanagement follows the German National Pandemic Plan,
the occupational health and safety regulations of the Federal
Ministry of Labor and Social Affairs (Bundesministerium fürArbeit und Soziales; BMAS), and the precautionary recommendations of the Robert Koch Institute. The objectives of
the crisis management team include minimizing the risk ofinfection at the workplace, maintaining operational processes, maintaining operational infrastructure and ensuring
basic supply. The health management team is in constantcommunication with the health authorities of the Federal
Government and the Federal states, the German Federal
Ministry of the Interior and Community (Bundesministerium
des Innern und für Heimat; BMI ) and the BMDV . Healthmanage­ment offers employees and executives assistance,
information and support services in order to cope with theCovid-19 pandemic together. The digitalization of health80

Our contribution toclimate protection

To ourstakeholders

Groupmanagement report

Consolidated
financial statements

services also makes a contribution to the design of modern
employment conditions in this context. In addition, we arefocusing particularly on the side effects of the Covid-19 pandemic, such as “long- or post-Covid,” and also how to deal
with mental stress during the pandemic. To address this andfor ergonomic advice, offers were developed with the helpof the social partnership with the BSW & EWH Foundation
Family (Stiftungsfamilie BSW & EWH ), the Association ofGerman Railway Sports Associations (Verband Deutscher
Eisenbahner-Sportvereine; VDES), BAHN-BKK and Knapp­
schaft-Bahn-See (KBS Social insurance for railway employees
and seafarers).
Further information can be found in the section Occupa­
tional safety and health managementµmanagement
266 f.

Notes tosustainability

Additional
information

We are building on the positive experiences of intensive digital collaboration due to the Covid-19 pandemic, the diverseand many years of experience in designing more modern office structures, and the needs of employees for flexible working conditions.

THE WORK OF THE FUTURE, AND DIVERSITY

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 order toderive measures, projects and initiatives.
In 2021, we organized our innovative digital conference“Week of new work.” An interactive program was organizedwith over 70 virtual program topics from all over DB Group,with the motto “By employees, for employees.” It offered
the opportunity to exchange ideas across the Group on topics such as new forms of collaboration, modern leadership,
agile working and independent organization, as well as
future job profiles.
Two H-FutureLabs work under the umbrella of the initiative “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 therail industry”) is developing a method of identifying future changes in DB professions and initiating timely measures to track and train employees. In 2021, numerous
professional profiles were reviewed and recommendations made.
◊ In H-FutureLab 2 (“New forms of collaboration”), experts
demonstrate how agile working and self-organization
can create more scope for action and decision-making.
More than 7,000 employees work in agile organizational
units or are in transformation. In 2021, this expertise wasincorporated into a management guide and a Group-widecommitment to new forms of collaboration in the administrative and operating division.
The Group-wide Diversity Week – under the banner “#UniquelyDifferent ways of thinking, feeling, working and living.” –revolved around the topic of diverse perspectives. The aimof the digital event was to show and discuss diversity within
DB Group, and to network. Various Group-specific products,
such as the diversity podcast “May I do that?” (“Darf ich das?”)shared specific opportunities for promoting diversity in everyday working life.

DB internal vaccine offer
We offer our employees vaccines to support the Covid-19 vaccination campaign in Germany. To this end, we have set up
our own vaccine centers at ten central locations (Hamburg,
Hanover, Berlin, Leipzig, Frankfurt am Main, Cologne, Duisburg, Karlsruhe, Nuremberg and Munich) and operate these
independently with the support of the company medical service providers PIMA and ASAM prevent. DB’s in-house vaccine
centers were initially open from June 2021 until the end of
August 2021. As we had sufficient resources of vaccines andmedical staff available, the vaccine offer was also expanded
to include family members of DB employees and employeesof the social partners. A total of about 32,000 vaccines wereadministered.
DB’s in-house vaccine centers opened again on December
6, 2021. In addition to basic immunization, it is also possible
to receive a booster vaccine. The service was again aimed at
employees, but was expanded to include family members andemployees of social partners as early as mid-December 2021.

Mobile working

We are consistently taking further steps towards establishing
new and flexible forms of collaboration. In summer 2021, thefundamental 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.

81

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To ourstakeholders

Groupmanagement report

Consolidated
financial statements

30% women in leadership

Notes tosustainability

Additional
information

Schenker, mainly as a result of the positive business development and a slightly higher number of employees in the Integrated Rail System. Measures to increase capacity and quality
at DB Netze Track and DB Netze Stations was the main factor
here. In the Other area, the number of employees also increased due, among other things, to expanded digitalizationand quality measures, additional hygiene and safety requirements as a result of the Covid-19 pandemic, and the increase
in in-house production.

In October 2021, the FüPoG II was used as an opportunity toadopt a new management practice with corresponding targets to increase the proportion of women in leadership. The
proportion of women in management-level roles in companies subject to FüPoG II is expected to increase to a total of
30% at the Supervisory Board, Management Board and firstand second management levels by the end of 2024. The proportion of women in management positions in the companies
concerned is 25.4% across all levels based on the organizational structure valid as of December 31, 2021. External recruit­
ment of all target groups, attractive working conditions andinternal measures to ensure employee retention and development are also intended to increase the proportion of womenin the overall workforce.

EMPLOYEES BY REGIONSAS OF DEC 31 / FTES 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, in which
employees can use HR products any time and anywhere. We
are currently in the design phase. The implementation will
run until 2024 and will take place in two waves. The first golive should take place in mid-2023.

Change2021

2020

absolute%

2019

202,328

Germany

209,763

207,996+ 1,767+ 0.8

Europe (excluding Germany)

84,26085,699– 1,439– 1.7

92,106

Asia/Pacific

16,985

16,764

+ 221

+ 1.3

16,8909,285

North America

9,256

9,027

+ 229

2.5

Rest of world

3,452

3,282

+ 170

+ 5.2

3,335

DB Group323,716

322,768

+ 948

+ 0.3

323,944EMPLOYEE LOYALTY / years

2021

2020

2019

Average length of service

16

17

17

Average age

45

45

45

SHARE OF WOMEN AS OF DEC 31 / %

2021

2020

2019

DB Group

24.4

24.3

24.3

23.4

23.3

23.3

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

∏ Employee numbers and structurein Germany

102-7
ChangeEMPLOYEES AS OF DEC 31 / FTE

DB Long-Distance

2021

2020

absolute%

2019

18,79018,794–4–

17,28936,374

DB Regional

37,22037,159

+ 61

+ 0.2

DB Cargo

30,05730,052+5–

29,525

DB Netze Track

51,29050,330

+ 960

+ 1.9

48,787

DB Netze Stations

6,811

6,525

+ 286

+ 4.4

6,216

DB Netze Energy

1,900

1,861

+ 39

+ 2.1

1,772

Other

58,34557,878

+ 467

+ 0.8

55,497

Integrated Rail System

204,413202,599+ 1,814+ 0.9

195,460

DB Arriva

43,18946,008– 2,819– 6.1

52,331

DB Schenker

76,114

74,161+ 1,953

2.6

76,153

DB Group323,716

322,768

+ 948

+ 0.3

323,944	Changes in the scopeof consolidation

– 605

–

– 605

–

‒

DB Group – comparable

323,111

322,768

+ 343

+ 0.1

323,944

Further information can be found in the section Number of em­
ploy­ees and employee structureµ
structure267.

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 theirshare of the regular annual working time.

As of December 31, 2021, the number of employees was at
the same level as at the end of the previous year. Declines
at DB Arriva, mainly due to the Covid-19-related decline indemand for UK Bus, were fully offset by an increase at DB

82

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To ourstakeholders

Groupmanagement report

Consolidated
financial statements

Notes tosustainability

Additional
information

BUSINESS DEVELOPMENT
Overview of key figures

83

Business environment

85

Income situation

86

Financial position

90
91

Key economic performance indicators
94

Asset situation

Overview of key figures
ECONOMICREVENUES ADJUSTED / € billion

EBIT ADJUSTED / € million

2021
2020
2019
2018
2017

39.9

ROCE 1) / %2026		
2021
2020 – 7.0
2019
2018
2017

47.3

2021
2020 – 2,903
2019
2018
2017

44.4
44.0
42.7

Target: ≥6.5

4.3


2026
2021
2020
2019
2018
2017

5.8
 6.1

GROSS CAPITAL EXPENDITURES 1) / € billion

2021
2020
2019
2018
2017

13.1

14.4

15.4

15.3

17.6
18.7

3.7

4.0

5.6

5.9

6.3

EQUITY RATIO AS OF DEC 31 1) / %
 29.1

19.5
18.6

24.2

2021
2020
2019
2018
2017

 29.3

	Beginning in 2019, limited comparability to previous year figures dueto the IFRS 16 effect (2019 Integrated Reportµ 101 ).
Short/mid-term target

> 15

4.3

2021
2020
2019
2018
2017

NET FINANCIAL DEBT 1) AS OF DEC 31 / € billion

1)

0.8

Target: ≥20

NET CAPITAL EXPENDITURES 1) / € billion

11.2
10.5

2021
2020
2019
2018
2017

1,837
2,111
2,152

DEBT COVERAGE / %

~5.0

– 3.6

– 1,552

Long-term target

83

11.1

14.8
22.7
23.2

25.2

Our contribution toclimate protection

To ourstakeholders

Groupmanagement report

Consolidated
financial statements

Notes tosustainability

Additional
information

OVERVIEW

Total revenues
ChangeREVENUES ADJUSTED / € million√

External revenues
Change2021

2020

absolute%

DB Long-Distance

2,911

2,879

+ 32

+ 1.1

DB Regional

8,043

7,662

+ 381

+ 5.0

2019

2021

2020

absolute

%

2019

4,985

2,792

2,753

+ 39

+ 1.4

4,824

8,945

7,929

7,553

+ 376

+ 5.0

8,830

DB Cargo

4,487

4,119

+ 368

+ 8.9

4,449

4,195

3,854

+ 341

+ 8.8

4,188

DB Netze Track

5,984

5,660

+ 324

+ 5.7

5,652

1,975

1,808

+ 167

+ 9.2

1,687

DB Netze Stations

1,285

1,258

+ 27

+ 2.1

1,339

520

525

–5

– 1.0

590

DB Netze Energy

3,366

2,724

+ 642

+ 23.6

2,812

1,808

1,297

+ 511

+ 39.4

1,308
581

5,685

5,375

+ 310

+ 5.8

5,192

593

523

+ 70

+ 13.4

Consolidation Integrated Rail System

Other– 11,741– 11,166

– 575

+ 5.1

– 11,154

–

–

–

–

–

Integrated Rail System

20,02018,511+ 1,509+ 8.2

22,22019,812

18,313+ 1,499+ 8.2

22,008DB Arriva

4,069

3,990

+ 79

+ 2.0

5,410

4,067

3,988

+ 79

+ 2.0

5,405

DB Schenker

23,443

17,671+ 5,772+ 32.7

17,091

23,371

17,601+ 5,770+ 32.817,018

Consolidation other
DB Group

– 282

– 270

– 12

+ 4.4

– 290

–

–

–

–

–

47,25039,902+ 7,348+ 18.444,43147,25039,902+ 7,348+ 18.444,431

EBITDA adjusted√

EBIT adjusted

ChangeChangeOPERATING PROFIT FIGURES / € million

2020212020

absolute

%

2019

2021

2020

absolute%

DB Long-Distance– 1,434– 1,337

– 97

+ 7.3

789

– 1,790– 1,681

– 109

+ 6.5

485

DB Regional

218

184

+ 34

+ 18.5

1,056

– 417

– 451

+ 34

– 7.5

408

DB Cargo

– 100

– 321

+ 221

– 68.8

13

– 481

– 728

+ 247

– 33.9– 308

DB Netze Track

1,010

1,086

– 76

– 7.0

1,443

334

409

– 75

– 18.3807

DB Netze Stations

160

171

– 11

– 6.4

349

1

24

– 23

– 95.8210

DB Netze Energy

254

91

+ 163

–

128

169

5

+ 164

–

43

Other/consolidation Integrated Rail System

– 25

– 220

+ 195

– 88.6

– 162

– 545

– 753

+ 208

– 27.6– 622

Integrated Rail System

83

– 346

+ 429

–

3,616

– 2,729– 3,175+ 446– 14.01,023

DB Arriva

359

51

+ 308

–

752

– 73

– 431

+ 358

– 83.1289

DB Schenker

1,845

1,307

+ 538

+ 41.2

1,082

1,248

711

+ 537

+ 75.5

538

–0

– 10

+ 10

– 100

– 14

2

–8

+ 10

–

– 13

DB Group

2,287

1,002

+ 1,285

+ 128

5,436

– 1,552– 2,903+ 1,351– 46.5

1,837

Margin (%)

4.8

2.5

–

–

12.2

– 3.3

– 7.3

–

–

4.1

Consolidation other

Gross capital expenditures√

Net capital expenditures

Change2019

ChangeCAPITAL EXPENDITURES / € million

2021

2020

absolute

%

2019

2021

2020

absolute%

2019

DB Long-Distance

1,507

1,290

+ 217

+ 16.8

1,241

1,507

1,250

+ 257

+ 20.6

1,241

DB Regional

480

434

+ 46

+ 10.6

560

455

418

+ 37

+ 8.9

548

DB Cargo

525

452

+ 73

+ 16.2

570

497

438

+ 59

+ 13.5523

DB Netze Track

9,349

8,480

+ 869

+ 10.2

7,441

1,738

1,363

+ 375

+ 27.5

1,055

DB Netze Stations

1,380

1,338

+ 42

+ 3.1

1,096

297

253

+ 44

+ 17.4262

DB Netze Energy

340

273

+ 67

+ 24.5

193

66

51

+ 15

+ 29.461

Other/consolidation Integrated Rail System

695

861

– 166

– 19.3

612

689

861

– 172

– 20.0611
4,301

Integrated Rail System

14,276

13,128+ 1,148+ 8.7

11,713

5,249

4,634

+ 615

+ 13.3

DB Arriva

267

457

– 190

– 41.6

718

249

435

– 186

– 42.8683

DB Schenker

844

817

+ 27

+ 3.3

662

844

817

+ 27

+ 3.3

662

Consolidation other
DB Group

thereof investment grants

–

–

–

–

–

–

–

–

–

–

15,387

14,402

+ 985

+ 6.8

13,093

6,342

5,886

+ 456

+ 7.7

5,646

9,045

8,516

+ 529

+ 6.2

7,447

–

–

–

–

–

84

Our contribution toclimate protection

To ourstakeholders

Groupmanagement report

Consolidated
financial statements

Business environment

INDICATORS COMPARED TO THE PREVIOUS YEAR / %

2021

2020

2019

+ 11.7

– 5.6

+ 0.5
+ 2.6

G LO B A L T R A D E ( I N R E A L T E R M S )Trade in goods
GDP

World

+ 5.8

– 3.5

USA

+ 5.7

– 3.4

+ 2.3

China

+ 8.1

+ 2.2

+ 6.0
– 0.2

Japan

+ 1.6

– 4.5

Europe

+ 5.7

– 5.8

+ 1.7

Eurozone

+ 5.2

– 6.5

+ 1.6

Germany

+ 2.8

– 4.9

+ 1.1

Additional
information

Trade recovered very quickly in comparison to total global
economic output, managing to significantly exceed thepre-pandemic level in 2021. As a result, some transport capa­
cities became scarce, leading to significant increases in freightrates. There was also strong demand for many raw materials
and other intermediate goods, pushing up prices. This also
applied to the price of oil. In some intermediate goods suchas semiconductors, the shortages were so severe that growthin other sectors, such as automobile production, was restricted. Rising inflation is restricting the ability of the European Central Bank (ECB) to further stimulate the European
economy through an expansionary monetary policy.

ECONOMIC FRAMEWORKDEVELOPMENT OF IMPORTANT MACROECONOMIC

Notes tosustainability

ENERGY MARKETSThe data for 2019 to 2021, adjusted for price and calendar effects,
are based on information and estimates available as of February 2022.
Source: Oxford Economics

The central hedging policy of DB Group aims to reduceener­gy price fluctuations. Our activities are therefore notexposed to the full impact of changes in market prices, atleast not in the short term.

The global economy recorded strong growth in 2021. Froma global point of view, the Covid-19-related slump has alreadybeen more than compensated for, meaning that economic
performance is only slightly below the growth trajectory it
was on before the Covid-19 pandemic. However, the recovery has varied in strength between regions and has in somecases been delayed. This has reinforced asymmetries thatexisted even before the Covid-19 pandemic. For example,
China and other Far East economies, which had already been
growing strongly before the Covid-19 pandemic, were lessseverely impaired, or began to recover more rapidly. The same
applies to other emerging markets around the world, whereas developing countries were generally hit harder by the
pandemic and began to recover later. Among industrializedcountries, countries such as the USA recovered very quickly
from the slump.
By comparison, European economies were hit relatively
hard by the Covid-19 pandemic. The major industrializedcountries of Western Europe in particular experienced very
severe slumps. Although it began at the end of 2020, the recovery was not as strong as expected. In Germany, the Federal Government implemented greater measures to stimulate
the economy than in many other countries, which softened
both the recession in 2020 and the subsequent recovery in
2021. Germany also benefited from the renewed increase inglobal demand for consumer and capital goods.
While Covid-19-related restrictions affected industrial
production to a comparatively limited extent, some service
sectors, in particular tourism, were very severely restricted.
This also had a strong impact in 2021 as passengers avoided
booking journeys due to the pandemic restrictions and thepervading uncertainties.

Brent oil
ChangeBRENT CRUDE / USD/bbl

2021

2020

absolute%

Average price

71.0

43.2

+ 27.8+ 64.4Highest price

86.7

71.8

–

–

Lowest price

50.5

16.0

–

–

Year-end price

77.8

51.8

+ 26.0+ 50.2

Source: Thomson Reuters

The price of oil increased significantly in 2021 due to the rapid
recovery of the global economy and the growing demand
this entailed, all whilst production volumes were limited. Thisdevelopment was somewhat weakened for the Eurozone
by exchange rate effects.
Apart from the increase in the price of oil, fuel prices inGermany were pushed up by the introduction of the CO₂ tax
and the reversal of the temporary reduction in value-added
tax at the beginning of 2021. In 2021, fuel prices were about
22% higher than in the previous year.
Rising fuel prices usually strengthen the competitive­­nessof the railways in comparison to cars. However, given theCovid-19-related restrictions that continued to apply in 2021
and the associated preference for more individual means oftransport (due to the smaller amount of contact involved),
the development of fuel prices in 2021 was of minor im­
portance for passengers choosing their mode of transport.

85

Our contribution toclimate protection

To ourstakeholders

Groupmanagement report

Consolidated
financial statements

Notes tosustainability

Additional
information

REVENUESElectricity and emissions certificates
Change2021

2020

absolute%

REVENUES / € million

Revenues

BASE LOAD POWER(FOLLOWING YEAR) (€/MWH)

Average price

89.0

40.5

+ 48.5√

ChangeSpecial items+ 120

Highest price

325.2

50.0

–

–

Lowest price

48.7

33.9

–

–

Year-end price

120.5

50.0

+ 70.5+ 141

Revenues adjusted

E 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

53.7

24.8

+ 28.9+ 117

Highest price

90.8

33.5

–

–

Lowest price

31.3

14.3

–

–

Year-end price

80.7

32.7

+ 48.0

+ 147

2021

2020 absolute

%

2019

44,43047,07539,901+ 7,174+ 18.0

175

1

+ 174

–

1

47,25039,902+ 7,348+ 18.444,431

thereof Integrated Rail System

20,02018,511+ 1,509+ 8.2

22,220Changes in the scope of consolidation

– 39

–6

– 33

–

‒

Exchange rate changes

– 36

–

– 36

–

‒

Revenues comparable

47,17539,896 + 7,279+ 18.244,431

19,98818,505+ 8.0

22,220

thereof Integrated Rail System+ 1,483

Revenues increased mainly as a result of the developmentof freight rates at DB Schenker. With the exception of DB
Netze Stations (renting business declined due to the Covid-19
pandemic), the business units in the Integrated Rail Systemµ
System
99 ff.
also recorded increasing revenues. The main drivers were
the recovery in demand at DB Cargo, market-related priceeffects at DB Netze Energy and higher concession fees at DB
Regional. Covid-19-related passenger declines in the firstquarter of 2021 and the wage dispute with the GDLµ 38 curbed
this development. However, the fact that the first quarter of2020 was still largely unaffected by Covid-19 should also
be taken into account when comparing.
Revenues at DB Arriva increased slightly, mainly as aresult of recovery effects, greater government support measures and exchange rate effects. The cessation of the Rail North(ARN) Franchise (2020 Integrated Reportµ
Report157)) in 2020 curbed
157
this development.
The special items remained irrelevant to the revenue development and in 2021 resulted mainly from revenue dis­­counts
in connection with court proceedings in the infrastructureµ
infrastructure
51..
51
Changes in the scope of consolidationµconsolidation
194 f. and exchange ratechanges also had no material impact:◊ The effects from changes to the scope of consolidation
related to the Other area (€ + 21 million), DB Schenker(€ + 12 million) and DB Netze Track (€ + 6 million) in 2021,
and to DB Long-Distance (€ – 4 million) and DB Netze
Stations (€ – 2 million) in 2020.
◊ The effects of exchange rate changes applied primarily
to DB Arriva (€ + 82 million), DB Cargo (€ + 6 million) andDB Schenker (€ – 51 million).

Source: Thomson Reuters

Prices on the futures market for electricity rose very sharply
in 2021. The most important price drivers were the prices foremissions allowances (European allowances as part of theEuropean Emissions Trading System) and the price increase
for natural gas. Our hedging activities in DB Group’s operating business curbed this development.

Income situation
Economic development still under pressure
due to the effects of the Covid-19 pandemic on		passenger transport.
Continuing very positive developmentof DB Schenker.
Revenues above pre-Covid-19 level, operating profit
figures improve significantly compared to 2020.
∏ 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
102-48 2021 again saw the income, financial and net assets situationof DB Group significantly impacted by measures to containthe Covid-19 pandemic. Pandemic-related restrictions at the
beginning of 2021 resulted in a sharp drop in passenger numbers in comparison with the corresponding months of theprevious year, which had not yet been affected by the Covid-19
pandemic. A significant recovery in demand for passenger
transport began in March 2021, resulting among other thingsfrom the progress made in the vaccination campaign.
Changes in the scope of consolidationµconsolidation
194 f. did not significantly affect income and expense development in 2021.

86

Our contribution toclimate protection

To ourstakeholders

Groupmanagement report

Consolidated
financial statements

Notes tosustainability

Additional
information

INCOME DEVELOPMENT

Revenue structure
EXTERNAL REVENUE STRUCTURE ADJUSTED / %

2021

2020

2019

DB Long-Distance

5.9

6.9

10.9

DB Regional

16.8

18.9

19.9

DB Cargo

8.9

9.7

9.4

DB Netze Track

4.2

4.5

3.8

DB Netze Stations

1.1

1.3

1.3

DB Netze Energy

3.8

3.3

2.9

Other

1.2

1.3

1.3

Integrated Rail System

41.9

45.9

49.5

DB Arriva

8.6

10.0

12.2

DB Schenker

49.5

44.1

38.3

DB Group

100

100

100

∏
The economic development of DB Group continued to be 201-1
shaped by the impact of the Covid-19 pandemic on passenger
transport and the strong development of our transport andlogistics activities. Operating profit figures again recorded a
noticeable improvement. In passenger and rail freight transport, however, the situation remained under pressure:◊ In the Integrated Rail System, revenue growth exceeded
additional expenses from higher personnel expenses (capacity expansion and wage increases) and cost of materials (including higher energy expenses due to volumeand tariff-related increases), owing mainly to the recovery
of demand in pas­­senger and rail freight transport as wellas the effects of countermeasures. The wage dispute with the
GDLµ 38 and the consequences of the floods
floodsµ 38 also
curbed this development.
◊ The operating profit development at DB Schenker was
once again very strong, driven primarily by the development in air and ocean freight.
◊ DB Arriva also recorded a significant recovery in its operating profit figures.
Additional information is available in the section Development

As a result of the very strong increase in revenues, the revenue structure has shifted noticeably in favor of DB Schenker.
Its share increased to just under half of consolidated revenues.
EXTERNAL REVENUES ADJUSTED BY REGIONS / %2021 / 2020
Europe (excluding Germany) 30 / 30
Asia/Pacific 10 / 9

Germany 51 / 54

North America 7 / 6of business unitsµunits
99 ff.

Rest of world 2 / 1

Transition to the adjusted statement of income

EXTERNAL REVENUES ADJUSTEDBY REGIONS / € million√

Change2021

2020 absolute

%

2019

Germany

24,055

21,568+ 2,487+ 11.525,165

Europe (excluding Germany)

14,27812,031+ 2,247+ 18.7

13,653

Asia/Pacific

4,957

3,519

+ 1,438+ 40.93,121

North America

3,180

2,236

+ 944

+ 42.2

1,924

548

+ 232

+ 42.3568

39,902 + 7,348+ 18.444,431

Rest of world
DB Group780
47,250Overall, 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.
◊ The positive revenue development in the other regions
was driven by the development of DB Schenker.

87◊ 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 non-current provisions(excluding pension obligations) and non-current 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 the balance 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
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 preventOur contribution toclimate protection

To ourstakeholders

Groupmanagement report

Consolidated
financial statements

Notes tosustainability

Additional
information

ChangeTRANSITION TO THE ADJUSTED STATEMENT OF INCOME / € million

2021

Reclassifications

Adjustment for
specialitems

2021
adjusted

2020
adjusted

thereof
thereofdue toscope ofconsolida- exchange
absolute tion effects rate effects%

2019
adjusted

44,431

Revenues

47,075–

175

47,25039,902+ 7,348

+ 33

+ 36

+ 18.4Inventory changes and other internally produced and capitalized assets

3,884

–

–

3,884

3,564

+ 320

+7

+0

+ 9.0

3,166

Other operating income

5,901

–

– 2,179

3,722

3,391

+ 331

–4

+9

+ 9.8

3,008

Cost of materials– 28,419–20– 28,399– 22,683– 5,716–5+ 13+ 25.2– 22,259

Personnel expenses– 19,219–93– 19,126– 18,167

– 959

– 33

– 36

+ 5.3

– 18,011

Other operating expenses– 5,716–672– 5,044– 5,005

– 39

+2

– 19

+ 0.8

– 4,899

EBITDA3,506–– 1,219

2,287

1,002

+ 1,285

+0

+3

+ 128

5,436

– 3,80439– 74– 3,839– 3,905

+ 66

–6

–6

– 1.7

– 3,599

Operating profit/loss (EBIT) | EBIT adjusted

– 298

39

– 1,293– 1,552– 2,903+ 1,351–6–3– 46.5

1,837

Net interest income | Operating interest balance

– 528

22

42

– 464

– 541

+ 77

+0

–1

– 14.2– 620

61– 1,251– 2,016– 3,444+ 1,428–6–4– 41.5

1,217

Depreciation

Operating income after interest– 826

Result from investments accounted for using the equity method |Net investment income

– 10

2

–

–8

– 20

+ 12

–

+0

– 60.0–9

Other financial result

48

– 24

–

24

– 165

+ 189

–0

–2

–

– 72

PPA amortization customer contracts

–

– 39

–

– 39

– 55

+ 16

–

+0

– 29.1– 62

Extraordinary result

–

–

1,251

1,251

– 1,800+ 3,051

–

+2

–

– 393
681

Profit/loss before taxes on income

– 788

–

–

– 788

– 5,484+ 4,696–6–4– 85.6

Taxes on income

– 123

–

–

– 123

– 223

+ 100

+0

+2

– 44.8–1

	Actual taxes on income

– 302

–

–

– 302

– 180

– 122

–

–

+ 67.8

– 137

179

–

–

179

– 43

+ 222

–

–

–

136

Net profit/loss for the year	Deferred tax expense (–)/income (+)

– 911

–

–

– 911

– 5,707+ 4,796–6–2– 84.0680

	
DB AG shareholders

– 946

–

–

– 946

– 5,710+ 4,764––– 83.4

662

26

–

–

26

26

–

–

–

–

5

9

–

–

9

– 23

+ 32

–

–

–

13

Hybrid capital investors	Other shareholders (non-controlling interests)
Earnings per share (€ per share)
Undiluted– 2.20––– 2.20– 13.28+ 11.08––– 83.4

1.54

Diluted– 2.20––– 2.20– 13.28+ 11.08––– 83.4

1.54

these 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 in character, can be accounted for and assessed precisely, and are
significant in volume.

◊ Other operating income also increased. This was mainly
due to changes in provisions (including for impendinglos­­ses), increased subsidies, including at DB Netze Stations
from the economic stimulus packageµ
package
46 and DB Cargo primar­
ily for facility price supportµsupport48,, and increased scrap reve­48
nues at DB Netze Track. In contrast, the Covid-19-related
sup­­­­­port services received from the industry solution for region­­al transportµtransport
46 at DB Regional decreased somewhat.
Expenses also increased significantly, due in particular to thebusiness development at DB Schenker 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 driven
by an increase in purchased transport services and higher
freight rates at DB Schenker. In the Integrated Rail System, the main factors were a price- and volume-related
increase in expenses for energy, maintenance and winterservices, and a volume-related increase in purchased transport services at DB Cargo. At DB Arriva, higher expenses
for energy, among other things, were almost completely
offset by cost-reducing effects from the cessation of theRail North franchise (ARN franchise).

Development in the year under review

Overall, income development was very positive:
revenues
86 f. was primarily◊ The significant increase in revenuesµ
driven by the development of DB Schenker. Overall, a
growth in revenues was again recorded in the Integrated
Rail System.

88

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To ourstakeholders

Groupmanagement report

Consolidated
financial statements◊ 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, expense-reducing effects
from the cessation of the ARN franchise were more thancompensated by negative exchange rate effects, among
other things.
◊ Other operating expenses were close to the previous year’slevel. Higher expenses for purchased services resulting
from volume development at DB Schenker and expenses
related to flood damage at DB Netze Track were almost
completely offset by, among other things, the effects ofthe cessation of the ARN franchise at DB Arriva. Lower
additions to provisions for impending losses at DB Region­­al and DB Arriva also had a cost-reducing effect.
◊ Depreciation fell slightly. At DB Arriva, the cessation of
the ARN franchise had an expense-reducing effect. In the
Integrated Rail System, higher depreciation resulting from
capital expenditures was more than offset by the countereffects of vehicles reaching the end of their useful life,
among other things.
Adjusted EBIT and adjusted EBITDA improved noticeably asa result.
◊ The development of interest rates supported the positive
development of the operating interest balance.
Operating income after interest also improved, but remained
negative.
◊ Net investment income remained at a very low level, andthe change was mainly driven by lower losses at GHT Mobility GmbH.
◊ The increase in the other financial result was mainly due
to the net positive sum from hedging transactions andthe increase in value of other investments from fair value
assessment.
◊ Extraordinary result improved significantly, driven by the
implementation of Covid-19-related train-path price support
supportµ46,, particularly at DB Long-Distance, and had a strong over­46­all positive effect. This was curbed by the effects fromthe adjustment of provisions (in particular for ecologicalburdensµ 226 ff. and in connection with civil proceedings
burdens
on infrastructure feesµ
fees
51).
51
). In 2020, sig­­nificant extraordinary
charges, particularly for impair­­­ments at DB Arriva wererecorded.

Notes tosustainability

Additional
information

thereofaffectingthereofaffecting

EXTRAORDINARY RESULT / € million

2021

EBIT

2020

DB Long-Distance

1,826

1,826

1

1

2

2

–4

–4

DB Regional
DB Cargo
DB Netze Track

EBIT

237

237

– 13

– 13

– 243

– 201

– 142

– 141

DB Netze Stations

–

–

3

3

DB Netze Energy

– 19

– 19

– 72

– 72

Other/consolidation
Integrated Rail System

– 639

– 639

– 193

– 193

Integrated Rail System

1,164

1,206

– 420

– 419
– 1,380

DB Arriva

1

1– 1,380

DB Schenker

75

75

0

0

Consolidation other

11

11

0

0

DB Group

1,251

1,293

– 1,800– 1,799	thereof reimbursements
for train-path prices

2,098

2,098

–

–

	thereof additions to provisions
for environmental burdens

– 515

– 515

–

–

	thereof impairment of goodwill––– 1,411– 1,411

Despite the growth, profit before taxes on income remained
negative, but again increased significantly. The income tax
po­­sition improved:◊ Actual income taxes rose due to higher results for someforeign Group companies.
◊ The significant increase in deferred tax income (previous
year: deferred tax expense), which more than compensated for this, resulted primarily from changes to estimateswith regard to the future use of loss carry-forwards.
The net loss for the year (loss after income taxes) also recovered noticeably, but remained negative.

D E V I AT I O N S F R O M T H E F O R E C A S T
2021(Jul 2021
forecast)

2021 FINANCIAL YEAR

2020

2021
(Mar 2021
forecast)

Revenues adjusted (€ billion)

39.9

> 41

> 42

47.3

EBIT adjusted (€ billion)

– 2.9

~2

~2

– 1.6

ROCE (%)

– 7.0

q

q

– 3.6

Debt coverage (%)

0.8

q

q

4.3

OUTLOOK FOR THE

2021

q above previous year’s figure
e at previous year’s level
w 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 2021. 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 more strongly than assumed.

89

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Consolidated
financial statements

Financial position
A total of ten bond transactions

Credit rating assessments from S&P and
Moody’s remain unchanged.

I N T E R E S T R AT E E N V I R O N M E N T
Change(percentage
points)

2021

2020

Average yield– 0.31– 0.48+ 0.17Highest yield– 0.06– 0.14+ 0.08Lowest yield– 0.62– 0.91+ 0.29Year-end yield– 0.18– 0.58+ 0.40Source: Thomson Reuters

Yields in the Eurozone were no longer at the historical lows
they had reached in 2020, but still remained very low. Highinflation rates in the second half of 2021 raised the interest
rate somewhat. However, the bond purchasing programs ofcentral banks significantly curbed the impact of this.

FINANCIAL MANAGEMENT SYSTEM
Volume2021

thereofutilized

Volume2020

thereofutilized

European debt
issuance program

35.0

26.4

30.0

23.3

Australian debt issuanceprogram (AUD 5 billion)

3.2

0.9

3.1

0.9

Multi-currency commercial
paper program

3.0

–

3.0

–

Guaranteed credit facilities

2.6

0.5

5.0

2.9

FINANCIAL INSTRUMENTS
AS OF DEC 31 / € billion

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.
◊ DB Group has access to a European debt issuance program(EDIP) for long-term debt financing, the volume of which
increased in 2021. Ten senior bonds were issued under the
EDIP in 2021 (total volume: € 4.9 billion) and five senior
bonds were redeemed (total volume € 1.8 billion). As of
December 31, 2021, the utilization rate decreased slightly
to about 75% (as of December 31, 2020: about 78%) as aresult of the program volume increasing.
◊ An Australian debt issuance program (Kangaroo Program)is also available, but was not used for new issues in 2021.
As no senior bonds were due for redemption, the utilization rate as of December 31, 2021 remained unchanged atabout 28%.
◊ In the area of short-term debt financing, we still have amulti-currency commercial paper program available tous. As of December 31, 2021, the program was not in use(utilization rate as of December 31, 2020: ‒%).
◊ As of December 31, 2021, we also had guaranteed credit
facilities with a residual term of up to two years (unchangedat € 2.0 billion). In the previous year, we had agreed shortterm credit lines for the interim financing of the measuresplanned by the Federal Government to partially offset
losses associated with the Covid-19 pandemic, of which€ 0.5 billion was still pending as of December 31, 2021 (asof December 31, 2020: € 2.9 billion). As of December 31,
2021, we continued to have an additional guaranteed unutilized credit facility (€ 0.1 billion).
◊ In addition, as of December 31, 2021, we were able to rely
on credit lines of € 2.5 billion for the operating business(as of December 31, 2020: € 2.6 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.

(total volume about € 4.9 billion).

YIELD ON TEN-YEAR GERMAN FEDERAL BONDS / %Notes tosustainability

In addition to aiming for a sustained rise in enterprise value,
DB Group’s financial management focuses on maintaining acapital structure that will ensure excellent credit ratings.
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).

90

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To ourstakeholders

Groupmanagement report

Consolidated
financial statements

C R E D I T R AT I N G S

CREDIT RATINGS DB AG

First
issuedS&P Global Ratings

May 16,2000

Jun 11,
2020

A–1+

AA–

Negative

Moody’s

May 16,2000

Oct 19,
2021

P–1

Aa1

Negative

ShorttermLongterm

OutlookKey economic performance indicators

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-todate assessment of a companyʼs creditworthiness. Due to theownership structure of DB AG, the approaches of the rating
agencies take into account not only the quantitative and qualitative analysis of DB Group, but also an assessment of therelationship with our owner, the Federal Government, andthe 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 2021, S&P and Moody’s left their ratings and rating out­
­look unchanged.
Additional information on the subject of ratings
ratings∞ andthe rating agencies’ full analyses of DB AG are available on
our Investor Relations website.

ISIN

CH0581947808
XS2295280411
XS2299091186
XS2331271242
CH0522158887
XS2343565698
XS2357951164
XS23625669321)
XS2391406530
CH1137122797
1)

IssuerDB

FinanceDB

FinanceDB

FinanceDB

FinanceDB

FinanceDB

FinanceDB

FinanceDB

FinanceDB

FinanceDB

FinanceVolume(million)

Volume(€ million)

CHF

400

370

GBP
SEK
EUR
CHF
AUD
EUR
NOK
EUR
CHF

300
5,000
1,000
325
260
1,000
2,000
750
300

339
494
1,000
296
168
1,000
196
750
279

Coupon(%) Maturity

Term(years)

0.100

Jan
2036

15.0

0.375

Dec
2026

5.8

0.478

Feb
2026

5.0

0.625

Apr
2036

15.0

0.200

May
2033

12.0

3.100

May
2041

20.0

1.125

May
2051

29.9

2.215

Jul
2036

15.0

0.350

Sep
2031

10.0

0.250

Oct
2031

10.0

∏
103-1
103-2
103-3

ROCE and debt coverage improved, but continued tobe negatively impacted by the effects of Covid-19.
Freighttransport andlogistics

Infrastructure

Integrated
Rail
SystemVALUE MANAGEMENT TARGETS / %Passenger
Group transport

ROCE

≥ 6.5

≥ 9.0

≥ 11.05.5≥ 6.0

Debt coverage

≥ 20

≥ 50

≥ 50

≥ 20

≥ 20

DB

At DB Group, profitability is a material requirement for financ­
ing capital expenditures in our core business, further developing our businesses and seizing opportunities for future
growth. Entrepreneurial management is crucial for improv­­­­ing
profitability.
In the context of our value management, we intend to
manage DB Groupʼs enterprise value over the long term suchthat we can finance capital expenditure 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
92 ff. as a weighted
average from risk-adequate market returns on equity anddebt 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 than the cost of capital. The longterm objective is to achieve an ROCE whose multi-year
average reaches the target value, ensuring that the cost of

BONDS ISSUES
Currency

Additional
information

We issued ten new senior bonds through DB Finance in 2021
(total volume of about € 4.9 billion). The funds were raised
to refinance liabilities falling due and for ongoing general
Group financing. All revenues from senior bonds not issued
in euros were converted into euros. In 2021, demand for ourbonds came primarily from institutional investors in Europe
and Asia.

Ratings

Last
publication

Notes tosustainability	Private placement.

91

Our contribution toclimate protection

To ourstakeholders

Groupmanagement report

Consolidated
financial statements

ChangeCAPITAL EMPLOYED AS OF DEC 31 / € million

EBIT adjusted (€ million)	Capital employed as of Dec 31 (€ million)
ROCE (%)

2021

2020 absolute– 1,552– 2,903+ 1,351– 46.5

1,837

41,764+ 1,256+ 3.0

42,999

– 3.6

– 7.0

+ 3.4

–

4.3

Cost of capital (pre-tax WACC 1))
Spread (percentage points)
1)

2022

2021

2020

2019

–

– 3.6

– 7.0

4.3

5.8

6.2

6.2

5.9

6.4

7.0

–

– 9.8

– 12.9

– 2.1

– 1.2

47,704+ 2,396+ 5.0

46,591

2,387

2,290

+ 97

+ 4.2

3,894

	Inventories

2,155

1,937

+ 218

+ 11.3

1,520

	Trade receivables

6,476

4,849

+ 1,627+ 33.64,871

	Receivables and other assets

3,799

3,345

+ 454

+ 13.6

2,792

Receivables from plan assets 1)

– 101

–

– 101

–

‒

	Financial receivables and earmarkedbank deposits (not including receivablesfrom finance leases)

– 541

– 625

+ 84

– 13.4– 404

Income tax receivables

63

55

+8

+ 14.560

	Assets held for sale

0

0

–

–

0

	Trade liabilities– 8,097– 6,312– 1,785+ 28.3– 5,789	Miscellaneous and other liabilities– 4,224– 4,042

– 182

+ 4.5

– 3,770

– 252

– 191

– 61

+ 31.9– 190– 7,496– 6,041– 1,455+ 24.1– 5,098

Deferred income– 1,249– 1,205

– 44

+ 3.7

– 1,478

Capital employed

43,02041,764 + 1,256+ 3.0

42,999	Change in definition from 2021: Receivables from plan assets
are no longer allocated to capital employed.

Capital employed equates to the assets deemed necessary
for business and subject to the cost of capital, as derived fromthe balance sheet. The growth in capital employed resulted
mainly from a capital expenditure-related increase in property,
plant and equipment in the Integrated Rail System. In contrast,
higher other provisionsµprovisions
226 ff. had a compensat­ing effect.

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 2021, the pre-tax cost of capital for DB Group remained
the same. After taxes, the cost of capital remained at 4.3%.
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 ofour value management concept. The parameters are determined on the basis of the yields on long-term German Federal

ment in adjusted EBIT. Capital employed also increased asof December 31, 2021, though less markedly.

ROCE

2019

50,100

1)

ROCE increased noticeably again as a result of the improve-

YIELD SPREAD / %%	Intangible assets/goodwill

Other provisions

2019

43,0202020 absolute

Property, plant and equipment

Income tax liabilities

√
%

2021

BASED ON ASSETS

ROCE

ROCE

Additional
informationC A P I TA L E M P L O Y E D

capital is covered. This ROCE target corresponds to the minimum required rate of return (MRR). The different businesscharacteristics result in different target values for our activities in passenger transport, in logistics and in rail freighttransport as well as in infrastructure. The cost of capital andthus the expected returns from the infrastructure business
units are lower than in passenger transport, logistics and rail
freight transport owing to our projection of continuing lower
profit volatility. The derived target value of the Integrated
Rail System is based on the value-weighted return expec­
tations for the allocated business units. The operating business is always controlled before taxes and, accordingly, thereporting of key figures is based mainly on pre-tax figures.
Financial stability is an essential component for sustainable economic activity. For DB Group as an asset-intensive
company, it is essential that we have access to the capitalmar­­ket at all times under favorable conditions. A major objective is therefore to achieve adequate key debt ratios. Our
key figure for managing indebtedness is debt coverageµ
coverage
94..
94
The target value is derived from key credit rating figures
and annual benchmarking with companies with a strong
creditworthiness.

ChangeNotes tosustainability

2018	Each value taken at the beginning of the year.

In 2021, the negative spread between ROCE and the cost ofcapital decreased again. This shortfall is mainly due to pandemic-related effects.

92Our contribution toclimate protection

To ourstakeholders

Groupmanagement report

Consolidated
financial statements

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 of recognizedvaluation 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 based on comparable international companies at business
unit level. The credit spread corresponds to DB Groupʼs current issue costs relative to Federal Government bonds with
an imputed term of 12 years. The credit spread for transportand logistics is determined in line with market conditions,using the current capital market data of companies withcomparable creditworthiness.

Notes tosustainability

Additional
information

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 weightingof forms of financing is based on market values. Net finan­­cial
debt and pension obligations are valued at their carrying
amounts. Equity weighting is based on recognized businessvaluation methods.
The weighting of forms of financing for passenger transport, rail freight transport, logistics, infrastructure and theIntegrated Rail System corresponds to that of DB Group, as
the tax shield resulting from the tax-deductible status ofdebt interest arises, in general, from the fact that DB Groupis a consolidated tax group.

DETERMINING COST OF CAPITALCAPITAL MARKET
PARAMETERS
Unlevered
0.59
0.57
Beta
0.79
0.50
0.53

COST OF CAPITAL
Levered
1.26
1.21
1.68
1.06
1.13

EquityTAX FACTOR

9.3
8.9
12.1
7.9
8.4

1.44
1.44
1.44
1.44
1.44

Market risk premium 6.8

0.70

Credit spread

0.80
1.10
1.10
0.80
0.80

Equity

13.3
12.8
17.5
11.4
12.0

Weighting 1)39.1

Hybrid capital

Risk-free interest

COST OF CAPITAL(WACC )

2.0
2.3
2.3
2.0
2.0

1.04
1.04
1.04
1.04
1.04

Hybrid capital

2.0
2.4
2.3
2.0
2.0

Weighting 1)3.3

Debt capital

1.5
1.8
1.8
1.5
1.5

1.04
1.04
1.04
1.04
1.04

Net financial debt

1.6
1.9
1.9
1.6
1.6

Weighting 1)49.4
DB Group

Passenger transport
Freight transport and logistics
Infrastructure
Integrated Rail System
1)	Impact of capital structure is reflected only inthe tax shield; because DB Group is a consolidated
tax group, the capital structure of DB Group isused. Individual figures are rounded and therefore
may not add up.
As of December 31, 2021 (%).

1.00
1.00
1.00
1.00
1.00

Pensionobligations

1.5
1.8
1.8
1.5
1.5

Weighting 1)8.3

93

6.2
6.2
8.0
5.4
5.7

Pre-tax WACC

Tax shield

100 – 30.5

WACC after taxes

4.3
4.3
5.5
3.8
3.9

Our contribution toclimate protection

To ourstakeholders

Groupmanagement report

Consolidated
financial statements

DEBT COVERAGE√

ChangeDEBT COVERAGE / € million

2021

2020 absolute

EBITDA adjusted

%

2019

2,287

1,002

+ 1,285

+ 128

5,436

Operating interest balance

– 464

– 541

+ 77

– 14.2– 620

	Original tax expenses

– 302

– 180

– 122

+ 67.8– 137

Operating cash flow after taxes

1,521

281

+ 1,240–

4,679

Net financial debt as of Dec 31

29,107

29,345

– 238

– 0.8

24,175

	Pension obligations as of Dec 31

5,031

6,517

– 1,486– 22.85,354

Hybrid capital 1) as of Dec 31

1,001

1,001

–

–

999

Net debt as of Dec 31

35,13936,863– 1,724– 4.7

30,528

4.3

0.8

+ 3.5

–

15.3

Debt coverage (%)1)

	As assessed by the credit rating agencies, half of the hybrid capital shown on the balance sheet
is taken into account in the calculation of the adjusted net debt.

Debt coverage increased as of December 31, 2021, but remained at a very low level:◊ The operating cash flow after taxes increased, mainly asa result of improved operating profit.
◊ Net debt fell, due in part to lower pension liabilities. The
slight decline in net financial debtµ
debt
  94
94 f. also had supporting effect.

Asset situation

Notes tosustainability

Additional
information◊ Cash outflow from investing activities increased further,due primarily to higher net capital expendituresµexpenditures
95 ff
ff.. In
addition, higher payments for investments in financial
assets, primarily for the leasing of rolling stock fromcontracting organizations as part of service concessionagreements, had an effect.
◊ Cash inflow from financing activities decreased:◊ The higher redemption of financial loans led to a
net outflow of cash (€ – 2,015 million; previous year:
net inflow of cash amounting to € 1,286 million). The
redemption of interim financing for the Covid-19 support
measures of the Federal GovernmentµGovernment
46 issued in 2020
had a notable effect. In addition, the decline in net
inflow of cash from senior bondsµ
bonds
91 (€ – 221 million)
and the increase in cash outflows for lease redemptions (€ – 194 million) reduced the inflow.
◊ This was offset by the equity measures of the Federal Govern­
mentµ 46 f. (€ + 2,675 million) as part of the Climate
ment
Action Program and to partially offset losses result­ing
from Covid-19, as well as the cessation of the dividend
payments to the Federal Government (€ + 650 million).
◊ On balance, as of December 31, 2021, cash and cash
equivalents had increased significantly.

NET FINANCIAL DEBTNet financial debt declined slightly.
Infrastructure and vehicle capital expenditures inGermany drove an increase in capital expenditures.

NET FINANCIAL DEBT 

AS OF DEC 31 / € million

The equity ratio improved due to Covid-19
support measures.

S TAT E M E N T O F C A S H F L O W S
SUMMARY STATEMENT√

ChangeOF CASH FLOWS / € million

2021

2020 absolute

%

2019

Cash flow from operating activities

3,900

1,420 + 2,480

+ 175

3,278

Cash flow from investing activities– 5,116– 4,649– 467+ 10.0– 3,853

Cash flow from financing activities

2,309

2,706

– 397

– 14.7993

Net change in cash and cash equivalents

1,180

– 582

+ 1,762–

449

Cash and cash equivalents as of Dec 31

4,591

3,411

+ 1,180+ 34.6

3,993

Change%2019

Senior bonds

27,40324,021+ 3,382+ 14.1

20,966

Leasing liabilities

5,059

4,931

+ 128

+ 2.6

5,015

Commercial paper

–

–

–

–

890

Interest-free loans

446

580

– 134

– 23.1

707

Other financial debt

1,578

3,792

– 2,214– 58.4

1,115

Financial debt

2021

2020 absolute

34,48633,324+ 1,162+ 3.5

28,693	Cash and cash equivalents andreceivables from financing– 5,132– 4,036– 1,096+ 27.2– 4,397	Effects from currency hedges

– 247

57

– 304

–

‒121

29,107

29,345

– 238

– 0.8

24,175

Net financial debt

Net financial debt fell slightly as of December 31, 2021. The
profit development at DB Schenker, the cessation of thedividend payment to the Federal Government and the Federal◊ The significant increase in cash flow from operating activities was mainly due to the improved profit develop­
mentµ87 ff.
ment
ff. This was countered by working capital effects
resulting in particular from business development at DB
Schenker.

Government’s measures to partially offset losses resulting from Covid19µ 46 were largely offset by a funding need, mainly in the
19

Integrated Rail System, resulting primarily from the continued Covid-19-related strain on profit developmentµdevelopment
87 ff.
ff.,, coupled with a simultaneously high funding need forcapital expenditures.

94

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To ourstakeholders

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Consolidated
financial statements◊ Financial debt increased:bonds
91◊ The euro value of the outstanding senior bondsµwas significantly higher due to the new issues. Exchange rate effects did not play a key role here as aresult of closed hedging transactions.
◊ Leasing liabilities increased slightly. The conclusionof new leasing contracts and the extension of exist­­ing
leasing contracts exceeded redemptions.
◊ Interest-free loans fell as a result of redemption.
◊ Other financial debt fell sharply, primarily as a resultof the redemption of interim financing for the Covid-19
support measures of the Federal GovernmentµGovernment
46 in the previous year.
◊ 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.
◊ Net financial debt fell slightly, as the increase in financial
debt was lower than the significant increase in cash andcash equivalents.
MATURITY OF FINANCIAL DEBT AS OF DEC 31 / %C A P I TA L E X P E N D I T U R E S∏
203-1
ChangeCAPITAL EXPENDITURES / € million

2021

2020 absolute

%

2019

Gross capital expenditures

15,387

14,402

+ 985

+ 6.8

13,093	thereof Integrated Rail System

14,276

13,128+ 1,148+ 8.7

11,713

9,045

8,516

+ 529

+ 6.2

7,447

	thereof Integrated Rail System

9,027

8,494

+ 533

+ 6.3

7,412

Net capital expenditures

6,342

5,886

+ 456

+ 7.7

5,646

	thereof Integrated Rail System

5,249

4,634

+ 615

+ 13.3

4,301

Investment grants

The increase in gross capital expenditures was driven by
the Integrated Rail System and resulted mainly from higher
capital expenditure in the infrastructure and vehicle fleet.
The decline in capital expenditure activities at DB Arriva(mainly completed vehicle projects for new transport contracts and the cessation of the ARN franchise) partially countered this impact.
Investment grants, which are almost exclusively allocated to the Integrated Rail System, also increased sig­
nificantly. They accounted for about 59% of the gross­capitalex­penditures.
Net capital expenditures were also significantly higher.
The effects on the Integrated Rail System included the increase in capital expenditures in the existing network at DB
Netze Track and in vehicles, particularly at DB Long-Distance.

2021 / 2020

1 to 2 years 8 / 9
2 to 3 years 8 / 8
3 to 4 years 7 / 7

COMPOSITION OF FINANCIAL DEBT AS OF DEC 31 / %Additional
information◊ The composition of the financial debt has shifted significantly toward senior bonds. The share of bank debts inparticular was down as a result of redemptions. The shareof interest-free loans also declined further.

Up to 1 year 12 / 19

Over 5 years 57 / 50

Notes tosustainability

4 to 5 years 8 / 72021 / 2020
GROSS CAPITAL EXPENDITURES BY DIVISION / %Leasing liabilities 15 / 15
Bank borrowings/other 5 / 11

2021 / 2020
DB Arriva 2 / 3Interest-free loans 1 / 2

DB Schenker 5 / 6

Senior bonds 79 / 72

Integrated Rail System 93 / 91

The maturity structure and the composition of financial debt
has changed:◊ Current financial debt (up to one year) fell significantly
as a result of the almost complete redemption of the interim financing for the measures planned by the Federal
Government to partially offset losses resulting from
Covid-19. In contrast, the share of financial debt with amaturity of one to five years increased.

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 sector
as well as measures to develop our vehicle fleet.

95

Our contribution toclimate protection

To ourstakeholders

Groupmanagement report

Consolidated
financial statements

Notes tosustainability

Additional
information

Regional capital expenditure priorities
GROSS CAPITAL EXPENDITURESBY REGIONS / € million

Germany√

Change2021

2020 absolute

%

2019

14,363

13,282+ 1,081+ 8.1

11,826

Europe (excluding Germany)

833

1,012

– 179

– 17.7

1,186

Asia/Pacific

258

182

+ 76

+ 41.8133

North America

40

38

+2

+ 5.3

37

Rest of world

13

8

+5

+ 62.5

13

Consolidation

– 120

– 120

–

–

‒102

DB Group

15,387

14,402

+ 985

+ 6.8

13,093√

ChangeNET CAPITAL EXPENDITURESBY REGIONS / € million

2021

2020 absolute

Germany

5,338

4,788

+ 550

%

2019

+ 11.5

4,414Europe (excluding Germany)

813

990

– 177

– 17.91,151

Asia/Pacific

258

182

+ 76

+ 41.8133

North America

40

38

+2

+ 5.3

37

Rest of world

13

8

+5

+ 62.5

13

Consolidation

– 120

– 120

–

–

‒102

DB Group

6,342

5,886

+ 456

+ 7.7

5,646

In the regional breakdown of gross capital expenditures, thefocus remained on Germany. The increase is due primarily to
infrastructure measures and vehicle purchases.

INFRASTRUCTURE GRANTS AND CAPITAL EXPENDITURES (€ BILLION)

Grants recognized as income
0.5 / 0.3
— Level crossings
0.1 / 0.1
— FABB 1)0.1 / 0.1— Floods (2021 Reconstruction Fund)
0.1 / ‒— Other0.2 / 0.1

2021 / 2020

DB funds — DB Netze Track— DB Netze Stations— DB Netze Energy

2.1 / 1.7
1.7 / 1.4
0.3 / 0.3
0.1 / < 0.1

Grants

9.5 / 8.7

Investment grants
— DB Netze Track— DB Netze Stations— DB Netze Energy

9.0 / 8.4
7.6 / 7.1
1.1 / 1.1
0.3 / 0.2

88% | 84%
Federal Government 7.9 / 7.1— LuFV5.2 / 5.2— BSWAG2.0 / 1.4— ERTMS0.4 / 0.2— Noise remediation 0.2 / 0.2— GVFG0.1 / 0.1— Other
< 0.1 / < 0.1

0.2
Other0.2 / 0.2— Vehicles, works infrastructure, e tc. 
0.2 / 0.2

11% | 14%1% | 2%Federal states/
municipalities

1.0 / 1.2
— GVFG0.4 / 0.5— Other0.6 / 0.7

0.3

2.4

0.1

Expansion/new construction lines 2)

—Stuttgart — Augsburg—High-speed program initiative—Oldenburg — Wilhelmshaven—Karlsruhe — Basel—Other projects

Infrastructure capital expenditures< 1% | < 1%EU0.1 / 0.2

Other

— CEF0.1 / 0.2— Other
< 0.1 / < 0.1< 0.1
2.9 / 2.1

0.5
0.3
0.2
0.2
1.7

1.6

— Other

5.5

0.9

< 0.1

< 0.1

Existing network 3)8.0 / 7.8— Superstructure2.0 / 1.9— Stations1.3 / 1.2— Tunnels1.1 / 1.1— Bridges1.0 / 1.1— Command and control technology
0.8 / 0.8
— Other1.8 / 1.7

11.1 / 10.1

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.

96< 0.1 / < 0.1< 0.1 / < 0.1

Our contribution toclimate protection

To ourstakeholders

Groupmanagement report

Consolidated
financial statements

Additional
information

BALANCE SHEETCapital expenditures have decreased in Europe (excluding
Germany). This was mainly due to lower capital expendituresat DB Arriva, particularly in the Czech Republic and Denmark.
In the Asia/Pacific region, DB Schenker invested moreheavily in logistics facilities in China (including Hong Kong)and Japan.
GROSS CAPITAL EXPENDITURES BY REGIONS / %Notes tosustainability

ChangeBALANCE SHEET AS OF DEC 31 / € million

2021

2020 absolute

%

2019

71,84365,435 + 6,408+ 9.8

65,828Non-current assets

56,14952,964+ 3,185+ 6.0

53,213Current assets

15,694

12,471+ 3,223+ 25.8

12,615

Total assets
ASSETS

2021 / 2020

EQUITY AND LIABILITIESOther 7 / 8

Equity10,621

7,270+ 3,351+ 46.1

14,927

Non-current liabilities

39,631

37,686+ 1,945+ 5.2

32,820Current liabilities

21,591

20,479+ 1,112+ 5.4

18,081

Germany 93 / 92

BALANCE SHEET STRUCTURE AS OF DEC 31 / %Investment grants

Non-current assets
78.2 / 80.9

ASSETS

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 2021, the vast
majority related to infrastructure.
◊ The main bases for these grants are the LuFVµ 237 andthe Federal Rail Infrastructure Extension Act (Bundesschie­
nenwegeausbaugesetz; BSWAG).
◊ Additional investment grants are received in accordancewith the Municipal Transport Financing Act (Gemeinde­verkehrsfinanzierungsgesetz; GVFG),
program
72 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 decosts
205 f. of the205
ducted from the purchase and manufacturing costsµ  
assets 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.

2021 / 2020
EQUITY AND LIABILITIESCurrent liabilities
30.0 / 31.3
Equity14.8 / 11.1

Current assets
21.8 / 19.1

Non-current liabilities
55.2 / 57.6

In 2021, 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.
Total assets were significantly above the level at the endof the previous year:◊ Non-current assets increased significantly, driven pri­marily
by higher property, plant and equipment (€ + 2,396 mil­­­lion). This was due to a persistently high level of net capital expenditures, particularly in the Integrated Rail System. The increase in receivables and other assets (€ + 301
million) also had a supporting effect, due in part to theincrease in receivables from transport concessions per
IFRIC 12 at DB Regional, as well as derivative financial
instruments in connection with hedging transactions forforeign currencies and energy (€ + 205 million).
◊ Current assets increased somewhat more sharply. In particular, higher trade receivables (€ + 1,627 million) mainly
resulting from the positive business development at DB
Schenker, as well as an increase in cash and cash equivalents (€ + 1,180 million) and inventories (€ + 218 million),
mainly at DB Regional, were critical here.
On the assets side, this resulted in a slight structural shift infavor of current assets.
On the equity and liabilities side, equity increased significantly as a result of the Federal Government’s equity measures in connection with the Climate Action ProgramµProgram47(€ + 2,125 million) and the partial offsetting of losses resulting from
Covid-19µ46 (€ + 550 million). The increase from the changes
Covid-19

97

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To ourstakeholders

Groupmanagement report

Consolidated
financial statements

Notes tosustainability

Additional
informationO F F- B A L A N C E- S H E E T F I N A N C I N G I N ST R U M E N T S
AND NON-RECOGNIZED ASSETS

recorded in the reser­ves in connection with the revaluationof pensions (€ + 1,431 million) also increased equity. The
net loss for the year (€ – 946 million) had a counterbalancing effect.
The more significant increase in equity in comparison tototal assets led to an improvement in the equity ratio.
◊ Non-current liabilities also increased. In essence, this development was characterized by:debt
94 f. (€ + 3,252 mil◊ higher non-current financial debtµlion) and◊ an increase in other long-term reserves (€ + 587 million) primarily associated with the revaluation of remedial

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 or on ashort-term basis for which no right of use or leasing 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, 2021, receivables amounting to€ 260 million (as of December 31, 2020: € 224 million) had
been completely derecognized, and € 443 million (as ofDecember 31, 2020: € 388 million) partially derecognized.
With regard to the company pension scheme for employees, the obligations under each retirement scheme are, tosome extent, covered and netted by plan assets which are
eligible for netting out. As of December 31, 2021, total obligations amounted to € 11,530 million (as of December 31,
2020: € 12,518 million) and the fair value of plan assets was€ 5,575 million (as of December 31, 2020: € 4,854 million). Thebalancing process leads to a reduction in total assets. The
net obligation recognized as of December 31, 2021 on thebalance sheet was € 5,031 million (as of December 31, 2020:€ 6,517 million).
Additional information is available in the section Basicaction obligations ((ecologicalecological burdens)burdens)µ 228
228..

◊ This was counteracted by a decline in pension obliga­
tions (€ – 1,486 million), mainly as a result of an in­­creased interest rate following the revaluation, and◊ lower other liabilities (€ – 393 million).
◊ Current liabilities also increased. In essence, this develop­
ment was characterized by:◊ higher trade liabilities (€ + 1,785 million) mainly at DB
Schen­­­ker as a result of the positive business develop­
ment,◊ increased other provisions (€ + 868 million), mainly
due to allocations for revenue discounts at DB Regional,
a possible repayment of infrastructure fees, and◊ the increase in other liabilities (€ + 575 million), due
in part to the redemption of defined benefit pension
obligations at DB Schenker in Sweden and an increasein customs liabilities at DB Schenker.
◊ In contrast, current financial debt fell significantly(€ – 2,090 million). The main driver was the decline inbank loans due in the short term (€ – 1,585 mil­­lion) andbonds (€ – 234 million) as well as the redemption of
the last outstanding EUROFIMA loan (€ – 200 million).
In terms of the structure of the equity and liabilities side, theincrease in equity resulted in a shift that reduced the shareof non-current and current liabilities.

principles and methodsµmethods
192 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
2021(Jul 2021
forecast)2021/ € billion

2020

2021
(Mar 2021
forecast)

Gross capital expenditures

14.4

> 15

> 15

15.4

Net capital expenditures

5.9

>6

>6

6.3

Maturities

2.3

2.2

2.2

2.2

Bond issues (senior)

5.4

>5

>5

4.9

Net financial debt as of Dec 31

29.3

< 30

~31

29.1

OUTLOOK FOR 2021 FINANCIAL YEAR

The development of capital expenditures and maturities wasin line with our expectations.
Indebtedness developed better than expected as a resultof better operating profit development and due to reporting
date effects. Bond issues were also slightly below our expectations.

98

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financial statements

DEVELOPMENT OF
BUSINESS UNITSBusiness units in the Integrated Rail System
DB Arriva business unit
DB Schenker business unit

99

139
147

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
German passenger transport market

In passenger transport, our objective is to maintain our strong
market position in the rail and bus transport market in Germany in the long term and to take advantage of market opportunities in Europe.
Growth rate

/ % based on volume sold

2021

Motorized private transport
Rail passenger transport

Market share
2020

2021

2020

+ 5.0

– 9.0

89.4

89.0

+ 1.4

– 44.7

5.8

6.0

DB Group– 2.7– 44.6

4.7

5.0

Non-Group railways+ 23.1– 45.1

1.1

1.0

Public road passenger transport– 0.8– 37.6

4.5

4.7

+ 8.8

– 35.70.5

0.4

DB Group

Air transport (domestic)– 20.3– 73.90.2

0.3

Overall market+ 4.4– 14.8––Additional
information◊ Motorized individual transport increased markedly in
2021 after a sharp decline in the previous year. While volume sold on long-distance routes fell in 2020, pre-Covid-19
levels were significantly exceeded during the summer
months of 2021. During the course of 2021, motorizedindividual transport continued to benefit from the preference for individual modes of transport to protect against
infection. The trend towards vacation within Germany
also had a positive effect.
◊ Domestic German air transport remained on a subdued
recovery path. Even in August, which was a strong monthfor travel, it only reached about 30% of its pre-Covid-19
levels. Supply and demand recovered extremely slowly,
keeping the market share at a very low level.
◊ Rail passenger transport declined by up to 90% in someweeks of 2021 due to a lack of demand for commuter,
private and business travel. The floods and the wage
dispute with the German Train Drivers’ Union (Gewerkschaft Deutscher Lokomotivführer; GDL) also had a negative impact on volume sold. The market share held byrail passenger transport declined slightly.
◊ Regional rail passenger transport recorded noticeable
losses due to a lack of private and commuter travel.
◊ Long-distance rail passenger transport was also characterized by the lack of demand for private and business journeys in 2021 due to the Covid-19 pandemic.
The trend in 2021 was supported by gains in air andbus long-distance transport and the expansion ofavailable rail offers. FlixTrain suspended its service
for several months until May 2021.
◊ Public road passenger transport continued to suffer fromthe lack of private and commuter journeys and fromschool closures, which resulted in the loss of many school
journeys.
◊ With the support of the contracting organizations,however, a reliable basic service was provided at all
times.
◊ Long-distance bus services came to a standstill forseveral months in 2021. FlixBus, BlaBlaBus and Pinkbus resumed a limited service, and Roadjet started
as a new supplier with luxury buses.
◊ The market share of public road passenger transport
fell slightly.

Business units in the Integrated Rail System

PASSENGER TRANSPORT MARKET IN GERMANY

Notes tosustainability

Figures are based on information and estimates available as of February 2022.

In 2021, the Covid-19 pandemic had again a serious impact
on the German passenger transport market: ongoing contact
and travel restrictions in the first half of 2021 led to a reduction in demand for transport compared to the first half of2020. The trend finally reversed later in 2021, leading to
growth for the entire passenger transport market on an annual basis. However, volume sold remained sig­nificantly
lower than pre-Covid-19 levels. During the two years of theCovid-19 pandemic, people tended to prefer individual rather
than public modes of transport. Mobility providers therefore
reduced their services or suspended them altogether. The
extent to which this happened differed across individual
market segments.

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German freight transport market
FREIGHT TRANSPORT MARKET IN GERMANY

Growth rate
2021

2020

2021

2020

Rail freight transport

+ 8.3

– 7.3

18.5

17.9

DB Group

+ 8.1

– 7.1

8.0

7.7

Non-Group railways

+ 8.5

– 7.4

10.5

10.1

Road freight transport

+ 4.0

– 2.2

72.4

72.7

Inland waterways transport

+ 3.7

– 9.0

6.9

6.9

Long-distance pipelines

– 5.7

– 5.5

2.2

2.5

Overall market

+ 4.5

– 3.7

–

–

Additional
information

port again performed weakly, recording double-digit declines
due in large part to the shortage of chips. Mineral oil transportalso fell markedly, as in the sector as a whole. Based on theinformation available at the time of reporting, however, it canbe assumed that the freight railways have already reachedpre-Covid-19 levels and that above-average performance has
allowed them to increase their market share following thelosses in the previous year.
The development of non-Group railways lagged behind
the intra-Group companies until autumn 2021. This is because iron, coal and steel transport, which are of much lesser
impor­tance for non-Group railways, recorded double-digit
growth in some cases. Based on the currently available information, development across the entire year was somewhat stronger. According to our calculations on the basisof currently published figures, this is mainly attributable tocombined transport.

Market share/ % based on volume soldNotes tosustainability

Figures are based on information and estimates available as of February 2022.
Volume sold in rail freight transport according to the Destatis definition of transport
services that are primary freight carriers.

As expected, the overall strong development of freight transport lost momentum in the second half of 2021 as a result of
decreasing baseline effects following the start of the recovery in late summer 2020. The demand for transport was
stimulated by strong momentum from trading and industries
such as steel and construction. Coal transport, which is important for rail and inland waterway transport, also recorded
strong growth as a result of the increased use of coal in power
generation. On the other hand, problems with the procurement of intermediate products and raw materials in the second half of 2021 had a detrimental effect. This was felt particularly strongly in the automotive industry. There were also
downturns in mineral oil transport. Negative preemptive
responses triggered by the introduction of the carbon tax
at the start of the year and the expiration of the valueadded tax (VAT) reduction at the end of 2020 were among
the most noticeable effects. In addition, numerous extraordinary factors not associated with the macroeconomic environment also had a dampening effect. These included
Storm Tristan in February 2021, disruptions to maritime
transport, restrictions on freight train lines in the Middle
Rhine Valley following a rockslide, and the GDL strikes.
Nevertheless, freight transport performance in Germany
recorded a strong rise for the year as a whole and exceeded
its pre-Covid-19 level.

ROAD FREIGHT TRANSPORTRoad freight transport recorded a weak start to 2021. In addition to the effects of the Covid-19 pandemic, this was also
due in part to negative weather effects on the constructionin­­dustry, which is of significant importance for the roadtransport sector.
As the economy recovered over the course of the year,
however, growth gained noticeable momentum. Growth wasboosted primarily by dynamic foreign trade and sustained
positive effects from the consumer goods industry and e-commerce. Above-average growth was recorded for trucks registered abroad. Positive baseline effects also made a contribution, following the strict Covid-19 restrictions at borders
in the previous year. Overall, road freight transport in 2021
exceeded pre-Covid-19 levels. The market share fell slightly
compared to 2020.
I N L A N D WAT E R WAY S

After a weak start to the year, the development of inland
waterway transport gained noticeable momentum overall
from May 2021 onward. In industries that had declined severely in the previous year, such as coal, iron ore and stone/
earth, the data published at the time of reporting for theperiod up to November 2021 showed strong growth. Although container transport tonnage increased slightly, volumes remained below the previous year’s level. However,its share of the total volume is too low to have a noticeable
effect. Sharp declines in foodstuffs, drinks and tobacco, andin particular in coke/mineral oil products, one of the mostimportant types of goods for inland waterway transport,
had a negative effect. Development was also slowed by

RAIL FREIGHT TRANSPORT

The weak performance of rail freight transport in the previous year was primarily driven by sharp declines in the iron,coal and steel, bulk cargo and automotive sectors. In 2021,
however, there was an above-average increase in volumes.
This dynamic development is mainly attributable to the recovery in the iron, coal and steel industry. There was strong
growth in the transport of iron ore, steel and secondary raw
material (such as scrap). Combined transport also contributed strongly to growth following the decline in the previous
year. The coal/coke, chemicals and timber sectors also saw
positive development. On the other hand, automotive trans-

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several weeks of low water on the Rhine in the autumn, whichmeant that ships were only able to sail with partial loads orwere unable to sail at all. The sector has not yet returned topre-Covid-19 levels.

The effects of the Covid-19 pandemic caused volume soldin European rail freight transport (EU 27, Switzerland, Norway and the United Kingdom) to decline sharply in the previous year. In contrast, the European rail freight transport
market saw very positive development in 2021, almost returning to pre-Covid-19 levels. This positive development
was caused by the recovery of industrial production andtrade as well as baseline effects following the sharp declines
in the previous year. In 2021, strong momentum was recordedin the iron, coal and steel sector and the combined transport
sector in particular, which was severely impacted in 2020.
The recovery in international trade was mainly supported
by growth on the European corridors to the North Sea portsof Antwerp, Rotterdam and Hamburg, the southern ports,
and on the Eurasian axis.

Markets and strategy∏
According to forecasts, the long-distance transport market 102-6
will continue on its growth path in the aftermath of theCo­vid-19 pandemic. This assumption has been confirmed by
the rapid recovery of demand as soon as the Covid-19 restrictions were loosened and by the Glasgow commitment∞
commitment
toclimate-friendly mobility on the part of many companies.
Despite the intense intramodal as well as intermodal competition, DB Long-Distance intends to use attractive services
to further expand the market share of rail. 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 ever more important. At the sametime, the connection of people in rural regions to long-distance transport must be ensured.
As an integral component of the Strong Rail strategy
strategyµ52 ff.,
DB Long-Distance makes an important social contribution.
In 2021 we continued to pursue our activities in this field. By
adapting the project portfolio along the strategic areas of
the Strong Rail strategy, we have continued to drive the implementation of our strategic targets. DB Long-Distance’s
core identity – “Our drive: Connecting people, overcoming
distances,” “Our mission: Best possible journey – together
with passion and excellence,” “Our promise: Arriving by thetime of boarding” – continues to be of central importance.
The central objective is to double the number of passengers to 260 million per year compared to 2015. This requires
the expansion and stabilization of production, as well as thefurther development of attractive travel services. Throughthis objective, DB Long-Distance is making a significant contribution to the desired shift in the mode of transport towards
rail and to tackling climate changeµchange52.. In order to achieve52
the objectives set for DB Long-Distance, measures are be­­ing implemented in the strategic areas:

Growth rate
2021

2020

European rail freight transport (based on tkm)

+ 7.2

– 6.9

Additional
information

personnel, maintenance and infrastructure expenses, meaning the business is very fixed-cost intensive. Only a small
portion of expenses vary with train capacity utilization.
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 intraGroup infrastructure companies and service providers as wellas the vehicle industry are important partners. Furthermore,cooperation with partner railways is very important forcross-border connections and night train services.

European rail freight transport market

INTERNATIONAL FREIGHT TRANSPORT AND LOGISTICS MARKETS / %Notes tosustainability

Figures are based on information and estimates available as of February 2022.

The positive development is also reflected in Germany, France,
the United Kingdom and Poland, all of which are key markets
for DB Cargo. Like DB Cargo, all other major rail­ways in Europe significantly increased their volume sold.

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 model

DB Long-Distance offers customers comfortable and environ­mentally friendly travel within Germany and into neighboring
countries. Regularly scheduled daily services with the ICE/Intercity/EC fleet form the backbone of long-distance transport. Offerings are being expanded by island routes to Sylt
and Wangerooge.
The most important target figures are number of passengers, passenger satisfaction, operational punctuality, employee satisfaction and operating profit (EBIT). The steering
focuses in particular on the performance indicators volume
sold, volume produced and load factor. Costs largely correlatewith the planned volume produced, which is derived fromthe services offered. Some of the costs, such as for trainpaths, station stops and energy, depend on the actual volume
produced. Resource assignments of personnel and facilities
are aligned with the annual schedule in order to optimize theunit cost per train kilometer traveled. The key drivers are101

Our contribution toclimate protection

∏
102-6
102-7

To ourstakeholders

Groupmanagement report

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financial statements

Notes tosustainability

Additional
information

DB LONG-DISTANCE – AT A GLANCEPRODUCTS
ICE (Intercity Express)— 		ICE trains are our high-speed trains, connecting
major cities and conurbations. Since 2017, the fourth
generation of the ICE has been in use on the rails.
DB Long-Distance offers national and cross-bordertransport in Europe with the ICE fleet.

Intercity— 		Intercity trains are primarily used on routes within
Germany.They connect cities and conurbations
with regional locations. The fleet has been expandedwith new double-deck Intercity 2 trains since2015, and used Stadler double-deck trains (KISS)
since 2019.

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) / %Other 2

Intercity/EC 21

ICE 1 17

ICE 4 26

Intercity/EC 28
ICE 2 13
ICE 70

ICE 79Other 0ICE T 21

ICE 3 23

BUSINESS MODELINPUTS
Employees— About 18,800

Vehicles— 341 ICE

Networks and infrastructure— 210 locomotives— 1,174 passenger cars

— 12 works depots

Electricity and fuel— 2.3 billion kWhtraction current— 9.4 million litersof diesel fuelAdditional production factors— 144 million train-path km— 2.8 million station stops

BUSINESS ACTIVITIESCustomer segments— Private customers— Business customers

Value proposition— 		DB Long-Distance offers easy,

OUTCOMES 2)

Passengers

EBIT

Volume sold

Employee satisfaction— SI of 3.9 (2020)— 25 billion pkm (rail)— 		Travel centers, agencies,
ticket machines, online, call center— 		BahnCard, BahnComfort and
BahnBonus programs, apps

relaxed, reliable andenvironmentally friendly travel.

OUTPUTS 1)— 82 million (rail)

Customer access and retention

Customer satisfaction— € – 1,790 million— 		 SI of 77.8

Key activities— 		Providing train services— 		 Serving passengers— 		Providing andmaintaining vehicles— Planning networks and services

Punctuality— 		 75.2%

Final energy consumption— + 16.8% compared to2006 (specific)

As of 2021 respectively December 31, 2021.
1)
	Key products and services.
2)	Internal and external consequences and results from business activities and outputs along the entire value-added chain.

◊ More robust: In order to meet growing demand, DB Long-Distance is increasing the vehicle fleet and maintenance capacity ofthe depotsµdepots
55 f.
f. To achieve this goal, in 2021 over 30 new
ICE 4 and Intercity 2 trains were commissioned and theconstruction of two additional new ICE maintenance depots in Nuremberg and Dortmund was approved. We alsoplan to increase personnel capacity by 2025. Recruitingµ 76 and qualification and retention of employees
inghave an important part to play in this expansion and incompensating for fluctuations and age-related departures.
Recruiting is particularly focused on the rapid and qualified occupation of positions critical to operations andservices, such as multiple unit drivers and train attendants.
This is supported by the development of modern training
measures and innovative learning strategies. We are also
working continuously on increasing employee satisfac-

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Consolidated
financial statementstionµ 78 f.
tionf.,, for example by improving work-life balance

Notes tosustainability

Additional
information◊ The redesign of the ICE 3 (403 series) is also continuing,
with 35 of the 49 ICE 3s being redesigned by the endof 2021.
◊ As well as the redesign measures, there are extensive fleet
expansionµ 55 f. measures in progress.
expansionusing innovative IT tools that give greater consideration
to employees’ wishes during staff scheduling.
◊ More powerful: Our objective is to provide all long-distancetrains with the highest quality and at competitive costs
through improved processes. To increase vehicle availability and quality
qualityµ 103
103,, production will be digitalized andop­timized further. Innovative technologies (such as 3D
printing and AI) will form the basis for rapid and reliable processes.
◊ More modern: DB Long-Distance aims to build a flexible,
reliable and high-frequency long-distance transport network in line with Germany in sync. By strengthening themetropolitan network and increasing the number ofconnections between the regions, the target is to enable
80% of the population in Germany to have direct accessto long-distance transport. We are creating attractive
and competitive offers not only by expanding routes andincreasing frequency, but also through shorter travel
times. Our digital customer channels support our passen­
gers during their journey. Passengers have been able
to assert their passenger rights online since June 2021.
At the same time, we are facilitating access to our system via the digital platform, offering modern and up-todate journey support throughout the travel chain andestablishing a personal service component throughthe hosting concept, making us sustainable and competitive. In addition, modern DB Lounges provide increased comfort at stations.
◊ Greener: As pioneers of green mobility in Germany, we see
environmental and climate protection as a self-evident partof our work. Since 2018, we have been using 100% ecopower and supplying new maintenance depots, such as
the Cologne-Nippes depot ∫ no. 48,
48, with climate-neutral energy. Our activities are supported by additional measures
for greater sustainability: for example we use microplasticfree hand soap ∫ no. 146 on board all long-distance trains,
and we offer Fairtrade-certified hot drinks ∫ no. 67 and wooden
cutlery for to-go products in our on-board restaurants.

V E H I C L E AVA I L A B I L I T Y

The vehicle availability of the ICE fleet increased in 2021
compared to the previous year. The thorough modernizationof the existing fleet (as a result of the ICE 1 modernizationand the ICE 3 redesign, for example) had a positive effect on
the stability of operations. The delivery of new vehicles has
also contributed to vehicle availability. In order to continue
the positive development, additional vehicle projects arealso being implemented. These include the supply of newvehiclesµ 55 f. such as the ICE 3neo
vehicles
3neoµ 164 and the ICE L, as
well as continuous measures to optimize the existing fleets.

Digitalization and innovation◊ DB Group and Google are intensifying their cooperation
to make it even more user-friendly to plan travel on railusing Google Maps. Live data from rail operations and a
direct link to the DB portals make it easier to plan andbook a trip. Google Maps is extending the availability ofthese features for long-distance travel. As part of this newcooperation, we are incorporating real-time data on all
long-distance trains into Google Maps for the first time.

Environmental measures◊ About 10,000 t of waste is generated on our trains eachyear. Waste is frequently disposed of in the wrong receptacles, making recycling more difficult. For this reason,
about 6,000 waste receptacles on our long-distance trains
and in the stations have been converted from the exist­
ing system of four waste categories to a two-categorysystem. To ensure that waste is properly separated, sorting is handled by 25 certified waste disposal companies.
This allows 85% of waste to be recovered as clean, separated materials for recycling, an improvement of over 50%
compared to the previous process.
◊ On-board catering has been using FSC-certified wooden
cutlery since June 2021, which replaced the plastic cutlery
that had previously been used for to-go products. Thismeasure supplements the existing reusable supply.

Development of our fleet
VEHICLE PROJECTS AND PROCUREMENTS◊ The first nine multiple units (prototype and pre-production trains) in the ICE 1 modernization have been completed. Series production began in May 2021, and thetrains are being fitted with new seat covers, carpets, amodern passenger information system and improved drive
technology, as well as other modifications.

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Other events

Notes tosustainability

Additional
information

primary disruptions (including in command and control technology and in vehicles) thanks to improved availability ofvehicles and infrastructure had a compensating effect.
As a result, customer satisfaction has also declined. As
well as the decrease in punctuality, there was also a negative
effect from the wage dispute with the GDL and service restric­
tions (including in the catering service) due to the decreased
demand caused by Covid-19. To assess customer satisfaction,
about 20,000 customers were asked in six waves about theirsatisfaction with the current journey.
The number of BahnCard holders also decreased further
as a result of the Covid-19 pandemic. This affected all typesof BahnCard.
The performance development only experienced a slightrecovery, although it should be noted that the first quarterof 2020 was not significantly impacted by the Covid-19 effects:◊ The extension of the Covid-19 pandemic containment
measures in early 2021 led to a significant decline in thenumber of passengers and volume sold. Increases indemand, which were significant at times, were recorded
as the measures were increasingly loosened from April
2021 onwards. In addition, the wage dispute with the
GDL and the effects of extreme weather events had anegative impact.
◊ Volume produced also increased slightly. Positive ef­fects from fewer Covid-19 restrictions and the expansionof available services were greater than the negative ef­­fects from construction activities on the network and
the GDL strikes.

◊ We are working with Lufthansa to optimize our joint Rail
&Fly services. Five cities have been added to the Lufthansa
Express Rail network, and more Sprinter trains have beenrunning to Frankfurt Airport since December 2021. The
new Sprinter connections provide an even better link between Germany’s largest airport and the rail network.
◊ As part of the Covid-19 support measuresµmeasures46, the FederalGo­vernment is temporarily subsidizing train-path prices
for long-distance rail passenger transport in Germany (fromMarch 1, 2020 to May 31, 2022). The resulting train-path
result89
price refunds are included in the extraordinary resultµand not in adjusted operating profit.

Development in the year under review
	There was a marked recovery in demand since April,although the trend was hampered by floods, a wage dispute and new Covid-19 restrictions.
Punctuality was impacted by increased utilization,
capacity bottlenecks and extreme weather events.
The punctuality of DB Long-Distance declined in 2021. In addition to higher capacity bottlenecks on the network as aresult of increased construction activity and higher capacity
utilization, there were also negative impacts from extreme
weather events (including a severe winter, storms and floods)
and the wage dispute with the GDL. The further reduction of√

Change2021

DB LONG-DISTANCE

2020

absolute

%

2019

75.9

Punctuality (rail) (%)

75.2

81.8

– 6.6

–

Customer satisfaction (SI)

77.8

80.2

– 2.4

–

76.5

BahnCards (thousand)

4,558

4,833

– 275

– 5.7

5,292

Passengers (rail) (million)

81.9

81.3

+ 0.6

+ 0.7

150.7

–

0.2

– 0.2

– 100

0.7

24,762

23,542+ 1,220+ 5.2

44,151

Passengers (long-distance bus) 1) (million)
Volume sold (rail) (million pkm)
Volume sold (long-distance bus) 1) (million pkm)

–

48.3

– 48.3

– 100

173.2

Volume produced (million train-path km)

144.4

141.7

+ 2.7

+ 1.9

145.7

Load factor (%)

31.4

30.7

+ 0.7

–

56.1

Total revenues (€ million)

2,911

2,879

+ 32

+ 1.1

4,985

External revenues (€ million)

2,792

2,753

+ 39

+ 1.4

4,824

EBITDA adjusted (€ million)– 1,434– 1,337

– 97

+ 7.3

789

EBIT adjusted (€ million)– 1,790– 1,681

– 109

+ 6.5

485

Gross capital expenditures (€ million)

1,507

1,290

+ 217

+ 16.81,241

Employees as of Dec 31 (FTE)

18,79018,794–4–

17,289Annual average employees (FTE)

18,961

18,332

+ 629

+ 3.4

17,036

–

3.9

–

–

‒

Share of women as of Dec 31 (%)

Employee satisfaction (SI)

26.9

27.3

– 0.4

–

27.2

Specific final energy consumption compared to 2006 (based on pkm) (%)+ 16.8+ 18.9– 2.1–– 31.51)	Bus services were discontinued in late 2020.

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Consolidated
financial statements◊ Load factor increased again as a result of the increased
number of passengers.
As a result of the disproportionate increase particularly incost of materials and personnel expenses compared to income, the operating profit figures fell.
Income increased mainly as a result of increased demand:◊ The recovery in demand led to a slight increase in revenues.
◊ Other operating income (+ 28.8%/€ + 60 million) increased
significantly, particularly as a result of higher income frominsurance benefits (for loss events in previous years),
international transport and sales of vehicles.
Expenses increased, largely as a result of higher material
costs due to price and volume increases and increased personnel costs:◊ The increase in the cost of materials (+ 3.7%/€ + 99 million) was largely a result of higher infrastructure and energy expenses due to price and volume increases, as well
as more intensive maintenance activities. Reductions in
expenses resulted from a reduced use of goods in onboard catering due to the Covid-19 pandemic, commissions and the disposal of Ameropa in the previous year.
The discontinuation of long-distance bus activities also
had a dampening effect.
◊ The increased personnel expenses (+ 7.1%/€ + 80 million)
resulted primarily from increases in collective bargaining
agreements and a greater average number of employees.
◊ Depreciation rose slightly (+ 3.5%/€ + 12 million). Higher
depreciation due to the addition of ICE 4 and Intercity 2
trains was largely compensated for by the effects of ICE
and Intercity trains reaching the end of their useful life
for accounting purposes.
◊ Other operating expenses remained virtually unchanged(+ 0.7%/€ + 4 million). Higher expenses, including fromlosses from disposals of facilities and for marketing, werelargely offset, mainly by decreased project costs.
Capital expenditure activities rose to a very high level, result­ing primarily from continued vehicle projectsµprojects
103..
103
The number of employees as of December 31, 2021 wasslightly above the previous year’s level.
The share of women decreased slightly.
The specific final energy consumption was still above its
level in the reference year, 2006, as a result of persistently
low demand due to the Covid-19 pandemic, although it improved slightly compared to the previous year. Nevertheless,the energy efficiency of train journeys improved, mainly
thanks to a continuous shift of the long-distance fleet to new,Notes tosustainability

Additional
information

more energy-efficient series. Thus there were, for example,
more ICE 4s, which consume less energy on average, in use in
2021. As well as the changes to the fleet mix, we conducted
more training in energy-saving driving styles.

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.
We therefore offer passengers comprehensive mobility services in major cities and metropolitan areas, but also especially in rural areas. Our regional organizational structure
guarantees local transport services oriented towards therequirements of our local customers.
As a rule, DB Regional provides its regional rail passen­
ger transport services within the framework of the Regionali­
zation Act as a public service and on behalf of the competentcontracting 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 androute concessions with transport companies, mainly within
the framework of 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 anddigitalization, we aim to defend our leading market positionand 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 tothe volume produced.
Concession fees, in addition to revenues from ticket
sales, are the most important source of income. However,contracts where fare proceeds remain directly with the contracting organization, while the transport company is fullycompensated by the public transport authority for the 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,re­­sult in a cost structure with high fixed costs. The key drivers

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Additional
information

In order to achieve the objectives, the strategy of DB Regio­
nal consists of the strategic building blocks of the Strong Railstrategy:◊ More robust: Thanks to modern vehiclesµ
vehicles
108 and the increasing use of the possibilities of digitalization and automationin operations and maintenance, DB Regional contributes
to a sustained improvement in quality and an appreciationin the value of regional rail passenger transport. In addition to these aspects, more capacity is also required. To
this end, DB Regional, in consultation with the contracting
organizations, intends to gradually increase the strengthof its fleet and systematically invest in the redesign ofexisting vehicles, as well as in a sustainable improvement
in quality. Sufficient and qualified personnel are also ofgreat importance for a robust operation.
◊ More powerful: DB Regional is strengthening its functional
operation, maintenance and vehiclesµ
vehicles
56 with the aim offurther improving quality and achieving economies ofscale through standardization and transparency. This increases competitiveness and prepares DB Regional forthe possible increase in fragmented awarded tenders. At
the same time, the DB Excellence System will continue
to be implemented in operations and maintenance. Driving assistance systems are increasingly being used, platforms and IT systems are being developed to allow customer assistants to be digitally networked, and new
AI-powered planning and scheduling systems are beingrolled out. In maintenance, DB Regional combines operations and maintenance by automating data on the technical vehicle condition and transmitting it to maintenanceduring the journey. The fleet is equipped with sensors
and transmission facilities.
◊ More modern: Together with its intra-Group partners, DB
Regional is expanding cross-mobility solutions and making it possible to connect regional rail passenger transport and local public transport to facilitate intelligent expansion. DB Regional intends to defend its position as theleading provider of urban and regional mobility in Ger­­many in future and to strengthen it with innovations anda greater customer focus.
◊ Greener: To improve our climate footprint, we are reduc­ing
the use of fossil fuels wherever possible, for example withan energy-efficient driving style ∫ no. 08 on the part of ourvehicle drivers and by using supportive assistance systems.
The establishment of alternative drivesµdrives
134 f. and the useof alternative fuels offer even greater opportunities to for
reducing greenhouse gas emissions
emissionsµ 68 f. in future. We see ourenvironmental responsibility as an integrated duty, andwe are therefore also committed to conserving resources,
protecting nature and noise protection.

are personnel, maintenance, energy and infrastructure expenses. Only a small portion of expenses vary with the loadfactor.
In the rail sector, integrated bids covering vehicle procurement, financing, fleet management, operation and maintenance were generally required by the contracting organizations in the past. Nowadays, individual, fragmented tendermodels 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 responsibility of the contracting organizations (financing, forexample) or the responsibility of the vehicle suppliers (maintenance, for example). On the basis of its performance capability at all stages of the value-added chain, DB Regional
is in a position to tailor partial services as required and also
to operate successfully on the market as a subcontractor
for competitors.
In the national bus market, competition in the regional
bus sector continues to increase, both as a result of tenders
and of licensing auctions. In urban transport, bus services
are often awarded to local municipal companies in in-houseawards.
∏ Markets and strategy
102-6 In 2021, the German regional rail passenger transport andpublic transport market continued to suffer from the restrictions related to Covid-19 and the associated changes in demand for mobility among commuters and leisure passengers.
In the medium term, however, we expect that the trends forfurther transport growth in local transport are intact. These
include the continued attractiveness of modern metropolitan areas, the influx of families in particular into suburban
areas, who commute to the metropolitan areas, and thecontinued importance of climate protectionµprotection
67 ff.,
ff., as wellas increasing acceptance of sharing services. In the shortterm, the industry solution for local public transportµ 46 is serving
to stabilize local public transport during the Covid-19 pandemic. In the medium and long term, increasing regionali­
zation funds will create stability for the coming years. We
also expect positive stimuli for German local transport fromthe Climate Action ProgramµProgram
47.. DB Regional intends to con47
tinue to benefit from this positive market environment as
the largest provider. DB Regional is oriented towards theStrong Rail strategy
strategyµ 52 ff. and interprets it for local transport
under the motto “Regional and urban mobility.” DB Regio­nal understands local transport as bridging different modesof transport and brings together regional rail passenger
transport, bus, sharing and pooling offers and, in the future,platform solutions as well. This is done in cooperation with
Mobilityµ 137 f. area.
the activities in the New Mobility

106

Our contribution toclimate protection

∏
102-6
102-7

To ourstakeholders

Groupmanagement report

Consolidated
financial statements

Notes tosustainability

Additional
information

DB REGIONAL – AT A GLANCELINES OF BUSINESSRegional (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 business isdivided 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 city bus transport activities and the integration of
on-demand transport and rail replacement transport in Germany. There are justunder 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) 27

Regional (rail) 73

Regional (bus) 13

Regional (rail) 87

Regional (bus) 25

Regional (rail) 75

BUSINESS MODELINPUTS
Employees— About 37,200

Vehicles— 556 locomotives— 4,031 multiple units— 11,559 rail cars
— 1,958 passenger cars
— 9,803 buses (including
external buses)

Networks and infrastructure— 46 workshops (rail)— 60 workshops (bus)— 210 depots

Electricity and fuel— 2.9 billion kWh traction
current— 321 million liters ofdiesel fuel (bus including
external and rail)— 0.5 million kg natural gas

Additional production factors— 109 million station stops

BUSINESS ACTIVITIESCustomer segments

Value proposition— Private customers— Business customers— Contracting organizations— DB Regional offers customerfocused, punctual, reliable andenvironmentally friendly
mobility services.

OUTPUTS 1)

OUTCOMES 2)

Passengers— 1.5 billion (rail and bus)
Volume sold— 21.4 billion pkm (rail)— 4.5 billion pkm (bus)Customer access and retention

Key activities

Customer satisfaction

Punctuality

Employee satisfaction

Energy consumption— Local sales outlets, travel centers,
agencies, ticket machines, online,
call centers, on-board sales— Subscriptions, apps

EBIT

— € – 417 million— SI of 72 (rail)— SI of 75 (bus)

Hit rate— 51% (rail)— SI of 3.8 (2020)

Volume produced— 0.4 billion train-path km (rail)— 0.5 billion bus km (bus)

As of 2021 respectively December 31, 2021.
1)
	Key products and services.
2)	Internal and external results and outcomes from business activities and outputs along the entire value chain.

107— Providing train and bus services— Looking after customers— Providing and maintaining vehicles— Creating competitive offers— 94.3% (rail)— 83.9% (bus)— + 26.3% (rail)— – 2.5% (bus) compared to2006 (specific)

Our contribution toclimate protection

To ourstakeholders

Groupmanagement report

Consolidated
financial statements

Development of the order bookNotes tosustainability

Additional
information

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
ChangeGERMAN REGIONAL RAIL PASSENGER TRANSPORT

2021

2020

ORDER BOOK AS OF DEC 31 / € billion

2021

2020

absolute%

MARKET / million train-path km

p. a.

total

p. a.

total

DB Regional

80.0

70.3

+ 9.7

+ 13.8Tender procedures (number)

40

–

13

–

secured

64.9

53.9

+ 11.0+ 20.4

thereof to DB Regional

15

–

10

–

unsecured

15.1

16.4

– 1.3

– 7.9

Awarded tender volume

140.8

1,278

35.3

310.0

thereof DB services 1) (%)

48

–

64

–

thereof to DB Regional

72.0

634.5

30.3

260.9

51

50

86

84

Munich S-Bahn (metro)(first Munich S-Bahn contract)

20.9

333.4

–

–

Palatinate network

5.9

83.7

–

–

Northeast Bavaria express transport

8.6

60.2

–

–

Maas-Wupper-Express RE 13

2.6

36.4

–

–

Hit rate 1) (%)

Revenues that are directly connected with transport contracts or concessions
are either independent of (secured revenues, primarily concession fees) or dependenton (unsecured revenues, primarily revenues from fares) the number of passengers.

In 2021, DB Regionalʼs order book rose significantly. The addi­
tions of € 18.3 billion are in contrast to losses – mainly as aresult of services rendered – of about € 8.2 billion. In addition,changes in assumptions of about € – 0.4 billion had a negative impact.

S I G N I F I C A N T C O N T R AC T S W O N

1)	The previous year’s figures were adjusted.

GERMAN PUBLIC ROAD PASSENGER TRANSPORT

2021

ORDER BOOK PER YEAR AS OF DEC 31, 2021 / € billion 

2020

MARKET / million commercial vehicle km

p. a.

total

p. a.

total

Tender procedures (number)

240

–

164

–

	thereof including participation
by DB Regional

157

–

105

–

170.4

1,260

102

732

thereof DB services (%)

30

–

42

–

	thereof including participation
by DB Regional

127.7

987.4

74

518

27

–

40

–

Awarded tender volume

Hit rate (%)

2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
to 2040

6.9 / 2.0
6.8 / 2.0
6.4 / 1.9
6.1 / 1.7
5.6 / 1.6
5.2 / 1.4
4.8 / 1.2
4.5 / 1.0
4.1 / 0.8
3.6 / 0.6

secured / unsecured

11.0 / 1.0

Individual figures are rounded and therefore may not add up.

N E W C O M M I S S I O N I N G S A N D C E S S AT I O N S

NEW COMMISSIONINGS (RAIL) 1)
2020 –2021
Development of our fleet

Milliontrain-path
km p. a.
Term

D-Network Allgäu IR 25 South (Lot 2)

Dec 2020–Dec 2021

1.7

+ 1.6

Network 4 Rhine Valley (Lot 2)

Jun 2020–Dec 2032

0.1

+ 0.0

VVO diesel network

Dec 2021–Dec 2031

2.1

+ 0.1

Diesel network Central Lower Saxony

Dec 2021–Dec 2029

4.5

+ 0.2

8.4

+ 1.9

Total

In 2021, 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, and renewal of the paintwork. A total of 296 vehicles
were redesigned and modernized, mainly for the S-Bahn(metro) lines in Hamburg, Munich and Berlin, as well as
the on the Lower Saxony and Allgäu diesel networks, theMainfranken e-networks and the Euregiobahn, and for
double-deck cars on the Taunus line.
◊ We are further focusing on the procurement of new vehicles for acquired transport contracts. A total of 44 newvehicles were supplied in 2021 (of which 22 vehicles were
deployed through a leasing model).
Vehicle availability improved again in 2021. However, there
were also delays and restrictions relating to the delivery of
new trains.

thereofversus2020 2)	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.
1)

CESSATIONS (RAIL) 1)
2020 –2021
Milliontrain-path
km p. a.
Termthereofversus2020 2)Rhine-Ruhr-Express lines Lot 1 (RE 1)

Jun 2020–Dec 2033

3.6

– 1.7

Stuttgart Network Lot Neckartal

Jun 2020–Dec 2032

2.1

– 1.0

Rhine-Ruhr-Express lines Lot 3 (RE 4)

Dec 2020–Dec 2033

2.4

– 2.3

Glauchau — Gößnitz

Jun 2021–Dec 2025

0.1

– 0.1

Allgäu e-network

Dec 2021–Dec 2033

1.8

– 0.1

Hanover S-Bahn (metro) (S3, S6, S7) 3)

Dec 2021–Jun 2022

1.0

– 0.0

11.0

– 5.2

Total

Digitalization and innovation	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 carried out
on a weekly basis by commissioning in the middle of the month.
3)	Train-path km relate only to the specified contract term from December 2021 to June 2022.
1)◊ In July 2021, DB Group presented a walk-through modelof an S-Bahn (metro) of the future.The IdeasTrainCity (Ideen­­zugCity)ugCity)∞ is DB Regional’s second 1:1 model financedwith DB funds that makes it possible for contracting

108

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Consolidated
financial statements

organizations and operators in regional transport to experience innovations. In 2021 two modules were added
to IdeasTrainRegio (IdeenzugRegio), which was originallypresented in 2018. The first phases of this model havebeen implemented on the Munich and Hamburg S-Bahn(metro) lines.
Zugportal))∞ was expanded◊ In 2021, the DB Train Portal app (DB Zugportal
to include 20 further transport networks. The portal has
also been accessible online since May 2021. It has beenaccessed about six million times since then.
Streckenagent))∞ app is the second◊ The DB Route Agent (DB Streckenagent
Navigator∞ and provides
largest DB Group app after DB Navigator
digital services to improve passenger information andthereby make a direct contribution to customer satisfaction. The number of downloads rose to about 2.9 mil­­lion
in 2021. Route agent users receive push notifications
containing real-time information on delays and alternative routes. A relaunch with more features is scheduled
for spring 2022.

Notes tosustainability

Additional
information

drivers to employ an efficient driving style. This saved 0.9
million liters of diesel in 2021. All bus drivers received the
Fairfleet Eco app to promote stress-free and economical
driving. The app obtains travel data from the telematics
systems on the buses. The system detects the driving style,evaluates it and provides feedback on driving behav­­­­ior. This reduced fuel consumption by more than 5%. In
2021, more than 11,000 t CO₂e were saved in this way.
◊ DB Regional Bus added two hydrogen-powered buses ∫ no. 53
to its alternative energy fleet in Schleswig-Holstein. These
are operated with green hydrogen, which is produced us­
ing regional wind energy. There were also 13 new batterypowered ∫ no. 63 rigid buses supplied with eco-power commissioned in Baden-Württemberg, Bavaria and Lower
Saxony for climate-neutral travel.

Development in the year under review
Continuing effects of the Covid-19 pandemic,
floods and a wage dispute with the GDL had a negative
effect on demand.

Environmental measures

Operating profit figures improved.

◊ A total of 830 diesel trains and locomotives in the DB Regional fleet have now been fitted with telematics systems.
This corresponds to 60% of the entire fleet. The Regio Energy Saving System (RESY) software ∫ no. 08 is in use on one inevery two journeys to provide support for traction unit

Punctuality did not see a repeat of its level in the previous
year, which was characterized by the impact of the Covid-19
pandemic; it was at the same level as in 2019. This was driven√

ChangeDB REGIONAL

2021

2020

absolute%

2019

Punctuality (rail) (%)

94.3

95.6

– 1.3

–

94.3

Punctuality (bus) (%)

83.9

83.4

+ 0.5

–

81.6

Customer satisfaction (rail) (SI)

71.6

69.0

+ 2.6

–

66.1

Customer satisfaction (bus) 1) (SI)

75

71

+4

–

73

1,540

1,604

– 64

– 4.0

2,507

Passengers (million)
thereof rail
Volume sold (million pkm)
thereof rail

1,121

1,215

– 94

– 7.7

1,972

25,921

28,048– 2,127– 7.6

47,90841,633

21,40723,897– 2,490– 10.4

Volume produced (rail) (million train-path km)

426.7

424.8

+ 1.9

+ 0.4

452.5

Volume produced (bus) (million bus km)

482.8

456.7

+ 26.1

+ 5.7

479.8

Total revenues (€ million)

8,043

7,662

+ 381

+ 5.0

8,945

External revenues (€ million)

7,929

7,553

+ 376

+ 5.0

8,830

Rail concession fees (€ million)

5,824

5,292

+ 532

+ 10.1

5,627

EBITDA adjusted (€ million)

218

184

+ 34

+ 18.5

1,056

EBIT adjusted (€ million)

– 417

– 451

+ 34

– 7.5

408

Gross capital expenditures (€ million)

480

434

+ 46

+ 10.6560

Employees as of Dec 31 (FTE)

37,22037,159

+ 61

+ 0.2

36,374

Annual average employees (FTE)

37,33736,945

+ 392

+ 1.1

36,285

–

3.8

–

–

‒

17.0

16.9

+ 0.1

–

16.8

Specific final energy consumption (rail) compared to 2006 (based on pkm) (%)+ 26.3+ 13.2+ 13.1–– 30.0Specific final energy consumption (bus) compared to 2006 (based on bus km) (%)

– 2.5

– 1.4

– 1.1

–

+ 1.7

Employee satisfaction (SI)Share of women as of Dec 31 (%)

1)

	Change in method from 2020 onwards.

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by a return to higher utilization of the rail network and theoperational impact of high construction volumes. Extreme
weather events (mainly a harsh winter, storms and floods)
and the wage dispute with the GDL also had negative effects.
For these reasons, punctuality fell significantly in the second
half of 2021 after a strong first half of the year. The implementation of a number of regional improvement measures had apositive effect. The punctuality of Regional Bus improved.
About 26,000 customers (rail) and about 2,300 customers(bus) were surveyed in two waves for the annual customer
satisfaction survey:◊ Overall passenger satisfaction with DB Regional Rail increased. The satisfaction figures for regional transport(73 SI) and S-Bahn (metro) (70 SI) improved. Satisfaction
with the most recent journey remained unchanged at
79 SI for DB Regional Rail (regional transport and S-Bahn(metro)). Significant improvements were achieved in
all performance dimensions.
◊ Customer satisfaction with bus transport improved significantly, both in terms of satisfaction with the bus company (75 SI) and with the current journey (78 SI).
The performance development differed between rail and bus
transport, although it should be noted that the first quar­terof 2020 was not significantly impacted by the effects of theCovid-19 pandemic:◊ The number of passengers and volume sold in rail transport fell significantly as a result of the Covid-19 pandemic.
The extension of the measures to contain the Covid-19
pandemic led to a significant decline, particularly in early2021. As the measures were increasingly lifted, increases
in demand were again recorded from April 2021 onward.
There were also negative effects from the floods and thewage dispute with the GDL.
◊ Covid-19 effects also had a significant negative impact on
demand for bus transport, particularly at the beginningof 2021. Overall, however, demand increased as a resultof a higher volume produced.
From a financial perspective, DB Regional remained underpres­­sure, although operating profit figures improved slightly.
The decline in passenger numbers did not fully feedthrough to revenue development. Because of the higher shareof gross contractsµcontracts
105,, revenue risk predominantly lies with105
the contracting organizations:

Notes tosustainability

Additional
information◊ The increase in revenues was primarily due to higher concession fees in rail transport, which more than compensated for the decreased revenues from fares (resulting inpart from a change in the Munich S-Bahn (metro) contractfrom a net contract to a gross contract) and from performance gains in bus transport.
◊ This was counteracted by a decline in other operating in­come (– 4.5%/€ – 43 million), largely caused by a decreasein Covid-19 support payments due to lower Covid-19related losses than in the previous year.
On the expenses side, there were additional pressures pri­marily from increases in the cost of materials and personnel
expenses resulting from increases in prices and collective
bargaining agreements:◊ Cost of materials rose (+ 5.0%/€ + 268 million), largely asa result of increases in costs for the use of infrastructureand for energy in rail transport, as well as higher maintenance expenses.
◊ Personnel expenses increased (+ 4.1%/€ + 89 million),large­­ly as a result of collective bargaining agreements.
◊ Depreciation remained unchanged overall.
In contrast, the decline in other operating expenses had adampening effect:◊ Other operating expenses decreased (– 5.0%/ € – 46 million), mainly due to smaller effects from the revaluationof provisions for impending losses.
Capital expenditures increased, primarily as a result of tender-related vehicle purchases.
The number of employees as of December 31, 2021 wasat the same level as in the previous year.
The share of women increased slightly.
The specific final energy consumption in rail transportremained above the level of the reference year, 2006, as aresult of ongoing Covid-19 effects. The increase in volume
produced led to a further increase of this figure in 2021. Nonetheless, the energy efficiency of diesel vehicles improved
thanks to the further rollout of the RESY telematics systemµsystem109..
109
This has reduced the energy consumption of the vehicles by
up to 10%. In bus transport, specific final energy consumption improved further.

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The Covid-19 pandemic has continued to have an
impact on the development of the business.
There were additional negative effects from floods
and the wage dispute with the GDL.
Development of profits was impacted by price effects.
Change2021

2020 absolute

Passengers (million)

1,121

1,241

thereof rail
Volume sold (million pkm)
thereof rail

– 120

%

2019

– 9.7

2,010

1,121

1,215

– 94

– 7.7

1,972

21,407

24,298– 2,891– 11.942,204
41,633

21,40723,897 – 2,490– 10.4

Volume produced (million train-path km)

426.7

424.8

+ 1.9

+ 0.4

452.5

Total revenues (€ million)

6,965

6,696

+ 269

+ 4.0

7,848

External revenues (€ million)

6,859

6,593

+ 266

+ 4.0

7,740

Rail concession fees (€ million)

5,824

5,293

+ 531

+ 10.0

5,626
1,037

EBITDA adjusted (€ million)

308

342

– 34

– 9.9

EBIT adjusted (€ million)

– 247

– 226

– 21

+ 9.3

454

341

329

+ 12

+ 3.6

496

27,73728,090

– 353

– 1.3

27,715Gross capital expenditures (€ million)
Employees as of Dec 31 (FTE)

Additional
information

On the expense side, there were additional negative effects
primarily from price effects and additional expenses for maintenance:◊ Cost of materials increased, mainly as a result of higher
costs for energy and the use of train-paths and stations.
Higher maintenance expenses also had a negative effect.
◊ Personnel expenses rose, largely as a result of collective
bargaining agreements.
In contrast, the decline in other expense items had a dampen­
ing effect:◊ Declines in other operating expenses mainly resulted fromsignificantly smaller effects from the revaluation of provisions for impending losses. These expenses were unusually high in 2020 due to the Covid-19 pandemic. Thiseffect was partly counteracted by higher expenses for
intra-Group services.
◊ Depreciation decreased, largely as a result of vehicles
reaching the end of their useful life.
Capital expenditure activities increased slightly in connection
with awarded transport contracts.
The number of employees fell slightly. Adjusted for the
RAB effect, there was a slight increase as a result of new
operations.

RAIL LINE OF BUSINESSRAIL LINE OF BUSINESS

Notes tosustainability

Since 2021, the bus transport activities of Regionalverkehr
Alb-Bodensee GmbH (RAB) have been reported under thebus line of business. This has resulted in immaterial limitations in the comparability of the previous year’s figures(RAB effect).
Overall, the development of performance in the rail lineof business declined. In addition to restrictions resulting
from floods
floodsµ38 and the wage dispute with the GDLµ38
38,, Covid19-related declines had an effect in early 2021 in particular,
as the corresponding months in the previous year had notbeen impacted by the Covid-19 pandemic. The number ofpassengers and volume sold recorded sig­nif­icant declines
as a result. These have improved again since April 2021. Volume produced remained fairly stable.
Overall, operating profit figures declined. Adjusted for
the RAB effect, the decline was even greater. The weak performance had a dampening effect on income development:◊ Driven by higher concession fees, revenues rose despite
the lower revenues from fares due to Covid-19. As well as
general increases from the contracting organizations,revenues were also affected by a change in the Munich
S-Bahn (metro) contract. In contrast, the wage disputewith the GDL and the effects of the floods had a dampening effect.
◊ Other operating income fell, largely due to fewer Covid-19
support payments under the industry solution for local public
transportµ 46 owing to lower Covid-19 losses than in theprevious year. This was partly offset, primarily by a greater
utilization of provisions for impending losses.

BUS LINE OF BUSINESSRevenue losses related to the Covid-19 pandemic.
Integration of RAB’s bus transport activities.
ChangeBUS LINE OF BUSINESS

2021

2020 absolute

Passengers (million)

418.9

363.0

%

2019

+ 55.9+ 15.4496.8

Volume sold (million pkm)

4,515

Volume produced (million bus km)

482.8

3,750

+ 765

+ 20.4

5,704

429.1

+ 53.7+ 12.5452.8

Total revenues (€ million)

1,191

External revenues (€ million)

1,069

1,042

+ 149

+ 14.3

1,162

960

+ 109

+ 11.4

1,090

EBITDA adjusted (€ million)

– 91

– 158

+ 67

– 42.4

20

EBIT adjusted (€ million)

– 170

– 226

+ 56

– 24.8– 46

Gross capital expenditures (€ million)
Employees as of Dec 31 (FTE)

139

106

+ 33

+ 31.1

64

9,483

9,069

+ 414

+ 4.6

8,659

Since 2021, the bus transport activities of Regionalverkehr
Alb-Bodensee GmbH (RAB) have been reported under thebus line of business. This resulted in limitations in the comparability of the previous year’s figures (RAB effect).
The performance development in the bus line of busi­­nessincreased. In 2021, Covid-19-related declines in the first few
months of the year, which were not impacted by Covid-19
effects in 2020, were more than offset by the RAB effectand increases in volumes.

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Operating profit figures also improved. However, the economic situation remains challenging.
The positive trend in volumes had an effect on income:◊ Revenues increased mainly for performance-related reasons.
◊ Other operating income increased significantly, largely
due to the utilization of provisions for impending losses.
There were additional negative effects on the expense side,mainly from the cost of materials and personnel expenses:◊ The increase in the cost of materials resulted mainly fromincreased procurement of transport services for volumerelated reasons and from the rise in diesel prices.
◊ Personnel expenses increased due to the higher average
number of employees and due to collective bargaining
agreements.
◊ The increase in depreciation resulted from capital expenditures in the previous year.
◊ Other operating expenses increased. Adjusted for the
RAB effect, they decreased as a result of lower additions
to provisions for impending losses.
Capital expenditure activities increased, particularly in connection with awarded transport contracts.
The number of employees increased, largely due to the
RAB effect.

Additional
information

sectors, as well as shipping companies, forwarding companies, postal and parcel services and combined transport operators throughout Europe. Customers are increasingly making a conscious decision to use DB Cargo to replace the moreenvi­ronmentally harmful option of transport by truck.
Since DB Cargo generates the majority of its income bytransporting goods by rail, the leading performance indica­
tor is volume sold in ton kilometers. In addition to the depreciation of locomotives and cars, as well as personnel costs,
the main cost components are energy, infrastructure, rent
for facilities and maintenance expenses. The intra-Group infrastructure companies and service providers are important
suppliers in this respect.

Markets and strategy∏
The year 2021 was characterized by economic recovery, al- 102-4
though the effects of the Covid-19 pandemic remained noticeable. Rail freight transport came close to returning to
pre-Covid-19 levels. As part of its growth strategy, DB Cargo
has successfully expanded the range of climate-friendly rail
freight transport services in its Europe-wide network andgrown its customer base, primarily in the consumer goods
and battery logistics sectors. This means that DB Cargo ismaking a significant contribution to shifting transport to therailway, and thus to the achievement of European climate
protection targets.
With the Strong Rail strategy
strategyµ52 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. This is inline with the guiding principle of the Strong Rail strategy,
namely a shift in the mode of transport to rail for a sustainable climate and mobility transition.
The aim of the Strong Cargo strategy is to strengthen
DB Cargoʼs position in the long term so that it can make thenecessary contribution to achieving its goals. The action
plan is designed according to the slogan “Europe needs astrong rail logistics provider. For the climate and for a sustainable economy.” 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. The Strong Cargo strategy includes the following measures:

DB CARGO BUSINESS UNIT
∏ Business model
102-4

Notes tosustainability

With about 4,200 sidings and additional services in 17 European countries, DB Cargo offers its customers access to oneof the biggest rail networks in the world, extending as far
afield as China, and is thus the number one in European rail
freight transport.
Across its international network, DB Cargo◊ transports freight cars and groups of freight cars in single
wagon transport,◊ enables transport chains for containers or truck trailersbe­­­longing to shipping companies and freight forwarders using multiple modes of transport 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, battery manufacturing, chemicals andmineral oil, building materials, industrial and consumer goods

112

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∏
102-6
102-7

To ourstakeholders

Groupmanagement report

Consolidated
financial statements

Notes tosustainability

Additional
information

DB CARGO – AT A GLANCE
BUSINESS SEGMENTS
Block train transport— Direct siding-to-siding connections for highvolume industrial products, raw materials, etc.
— Share of volume sold: 48%— Share of revenues: 46%— Transport of freight cars and groups of freightcars in a predominantly multi-level collection anddistribution network.
— Share of volume sold: 31%— Share of revenues: 33%

Single wagon transport

Combined transport— 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 in reception and shipping.
— Share of volume sold: 21%— Share of revenues: 21%

Western Europe

Eastern Europe

LINES OF BUSINESS
Central Europe

Includes activities in Germany (including production
companies), Sweden, Denmark, the Netherlands,
Belgium, Switzerland, Italy and DB Cargo Eurasia forthe trans-Eurasian corridor. In addition, companies
are geared to special markets.

Includes activities in the United Kingdom,France and Spain.

Includes activities in Poland, Romania, Bulgaria,
Hungary, Czech Republic, Austria and Russia.

STRUCTURE
REVENUES / %VOLUME SOLD / %EMPLOYEES / %Eastern Europe 6

Eastern Europe 4

Western Europe 13

Western Europe 13

Eastern Europe 13

Western Europe 14

Central Europe 83

Central Europe 81

Central Europe 73

BUSINESS MODELINPUTS
Employees— About 30,100

Vehicles— 2,566 locomotives— 80,517 cars
(70,755 own cars and9,762 rented/leased
cars)

Networks and infrastructure— Active in 17 European
countries— about 4,200 customer
sidings— 9 train formation yards— 26 maintenance depots

Electricity and fuel— 2.1 billion kWh traction
current— 131 million liters diesel fuel— 0.031 million liters HVO(biodiesel)

Additional production factors— 169 million train-path km

BUSINESS ACTIVITIESCustomer segments

Value proposition

Customer access and retention— Business customers with a focus
on automotive, construction
materials, chemicals, industrial
goods, intermodal, consumer
goods and iron, coal and steel— DB Cargo offers customeroriented, reliable and efficienttransport and logistics
solutions across Europe.

OUTPUTS 1)

OUTCOMES 2)

Freight carried

EBIT adjusted— € – 481 million— SI of 70

Volume sold

Employee satisfaction— SI of 3.9 (2020)

Final energy consumption— 227 million t— 85 billion tkm— Segment sales withkey account management— Regional sales— Customer service center

Customer satisfaction— – 23.2% compared to2006 (specific)

As of 2021 respectively December 31, 2021.
1)
	Key products and services.
2)	Internal and external results and outcomes from business activities and outputs along the entire value-added chain.

113

Key activities— Providing rail services— Designing European multimodal
logistics solutions— Providing and maintaining
vehicles— Planning and operating networks— Providing supplemental
logistical services

Punctuality— 69.5%

Quiet freight cars

— 75,188

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Groupmanagement report

Consolidated
financial statements◊ A strong rail logistics service provider: To strengthen
its market presence as a rail logistics service provider, DB
Cargo systematically offers its customers industry-specificservices in its customers’ supply chains. Logistics solutions have been developed that contain a rail solution attheir core and that can be supplemented with additional
modules, such as road transport, storage and other individual logistics solutions.
◊ Strong combined transport: DB Cargo will synchronize
the operating activities already offered in combined transport and expand them throughout Europe. In close contact with its customers, DB Cargo will thus increase theattractiveness of rail services on the combined transportlines, thereby bringing more transport from road to rail.
◊ Strong single wagon transport: Single wagon transport
is a central component of the growth strategy, and DB
Cargo will therefore work in a focused way to develop thesingle wagon transport network, as a unique environmental feature, into a multimodal network. This includes setting up new express products for customers without sidings. In the medium and long term, the efficiency of thesystem will also increase with new technologies such as
Digital automatic couplingµ
coupling
114 f. and automated train formation yards.
◊ Strong service management: Service management supports sales and operational services in offering customers
tailor-made, attractive services and thereby optimizing
the necessary use of resources. DB Cargo combines theaspiration of being large, green and efficient with the goalof producing rail transport itself if an economic and qualitatively appropriate performance can be produced with
its own resources.
◊ Further development of production: The managementof national and international transport is being improved.
The processes for the implementation of transport services will be consistently reorganized to follow a departure-to-destination rationale that focuses on better quality, simpler and more efficient management systems. In
addition, DB Cargo will make capital expenditures in modern multisystem locomotives and new car technologies.
Digitalization and automation will aid DB Cargo in offering its customers easier access to the rail system and moretransparency about the shipment status, and will significantly speed up the processes in rail transport, i. e. train
formation, car handling and maintenance.

Notes tosustainability

Additional
information◊ Strong European corridors: DB Cargo is establishedthroughout Europe and is represented on the 13 majortransport corridors. Along these corridors, DB Cargo isaccelerating 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 crossnational cooperation.

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 developing the Munich-North marshaling
yard into Germany’s first digital freight yard. It aims toachieve largely automated train dispatching. This will in­crease the capacity of the marshaling yard by up to 40%.
In future, freight trains will be able to depart more quickly,
flexibly and frequently.
◊ In 2020, DB Cargo and the rail freight car lessor VTG constructed a modular and multi-functional carrier car thatoffers new opportunities for vehicle design. This is the
only one of its kind in Europe. The aim is to adapt the cars
to customer needs more quickly and in a more tailoredway, thereby achieving greater flexibility. The freight car
system is capable of single wagon transport and was fully
approved by DB Cargo in June 2021. Since then, DB Cargo
has been driving the market launch of the carrier car withvarious containers and superstructures in four industries,
and will be investing in the innovative freight car system in its new and replacement purchases. The aim is
to offer tailored logistics solutions for customers in thetransport and logistics industry. The market launch of
the first pre-production series for various types of goods
is partly funded by the BMDV program “Future of Rail
Freight Transport.”◊ Digital automatic coupling (DAC) is one of the most important innovations for a green transport transition. The
research project DAC4EU∞ , which has received € 13 million in funding from the BMDV, has been running sinceJune 2020. The decision to use the Scharfenberg design
as a standard for coupling in freight transport in Europe
was made by the European DAC Delivery Program (EDDP)
in September 2021. Thanks to the ongoing process tests,
the DAC demonstration train is making significant headway in the second phase of the project: in shunting operations under realistic conditions and on various line runs.
The introduction of DAC, combined with digitali­zation

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financial statements

and workflow automation, will lead to capacity in­­creasesof up to 15% in the existing rail network. The most important conditions required for this are a uniform European
standard, viable funding and financing for the introductionof the DAC, and intensive planning and long-term preparation for the refitting of freight cars and traction units in
Europe without major impacts for customers.

Notes tosustainability

Additional
information◊ The driver assistance system LEADER ∫ no. 08,
08, which is in­­stalled on 650 e-locomotives (about 66% of the e-locomotive fleet), was developed further in 2021. LEADER supports
traction unit drivers in saving energy when driving.

Other events◊ As part of the Covid-19 support measuresµmeasures46, the Federal
Government temporarily (March 1, 2020 to December 31,2021) subsidized train-path prices for rail freight transport in Germany in addition to the existing train-path
price subsidies. The Covid-19-related train-path price refunds are included in the extraordinary resultµresult89 andnot in adjusted operating profit.

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 associated environmental
measures include:◊ Procurement of the first 100 dual-power track locomotives ∫no. 57 of the 249 series. Dual-power locomotives are a special design of e-locomotive that take their energy fromthe overhead wires on electrified sections of track andfrom a diesel generator on the locomotive on non-electrified sections of track.
◊ Procurement of the first 50 Toshiba hybrid locomotives ∫no. 44.
44. Preparations for assembly at DB Cargo’s Rostock
maintenance depot began in 2021. The hybrid locomotives
are set to replace 61 old locomotives.
◊ To secure the required replacements for the shunting
locomotive fleet, hybrid shunting locomotives were tendered across Europe. The tender ended in December, anda framework contract for up to 250 locomotives was signedwith Vossloh Locomotives GmbH; 50 vehicles have beenordered for 2024. The new shunting locomotives areplug-in hybrid models and have sufficient engine powerwith state-of-the-art emissions control. The drive systems
have a modular design and can be easily replaced to keep
pace with technological developments. The Federal Government is participating in the initial order with fundingof up to € 15 million.
◊ In 2021, DB Cargo set up a national rail freight network
for Coca-Cola, linking 13 of the beverage company’s sites.
Switching this transport to rail will prevent emissions ofabout 1,900 t CO₂ each year.
◊ New connections are set to be used to transport more
DHL packages by rail. The proportion of packages sent
to their recipients in this way increased from under 2%
to 6%. In the long term, about 20% of main package runs
(connections between package centers) will be transported by rail.

Development in the year under review
Positive performance development due toimproved economic environment for sectors
predisposed to rail transport.
Revenue growth was recorded in block train,
single wagon and combined transport.
Extraordinary events dampened development.
The punctuality of DB Cargo declined significantly. This largely
relates to the companies in Germany, and is mainly due tothe increased again utilization of the rail network and higher
construction activity. There were further restrictions resulting from multiple extraordinary events (a severe cold snap
in February 2021, a landslide in the Middle Rhine Valley inMarch 2021, infrastructure damage from heavy rain in the
Munich North marshaling yard in June 2021 and floods
floodsµ 38
strikesµ 38 also had a nega­tive effectin July 2021). The GDL strikes
on operations. Punctuality also declined significantly for thecompanies in Eastern Europe.
In the annual survey carried out in March 2021, customer
satisfaction was at the highest level measured to date sincesurvey results started to be collected across Europe. Per­
formance during the Covid-19 pandemic was rated highly
by customers.
The performance development was positive. The trend
from the second half of 2020 continued. Growth in foreign
trade, the significant increase in online shopping due to the
Covid-19 pandemic and economic stimuli, particularly fromthe steel and chemical industry, led to significant improvements over the previous year’s weak figures, which were115

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Consolidated
financial statements

Notes tosustainability

Additional
information√

ChangeDB CARGO

2021

2020

absolute%

2019

Punctuality (%)

74.0

69.5

76.9

– 7.4

–

Customer satisfaction (SI)

70

68

+2

–

61

Freight carried (million t)

226.5

213.1

+ 13.4

+ 6.3

232.0

Volume sold (million tkm)

84,85078,670+ 6,180+ 7.9

85,005

Volume produced (million train-path km)

169.0

156.8

+ 12.2

+ 7.8

162.5

Capacity utilization (t per train)

502.0

501.7

+ 0.3

+ 0.1

523.2

Total revenues (€ million)

4,487

4,119

+ 368

+ 8.9

4,449

External revenues (€ million)

4,195

3,854

+ 341

+ 8.8

4,188

EBITDA adjusted (€ million)

– 100

– 321

+ 221

– 68.8

13

EBIT adjusted (€ million)

– 481

– 728

+ 247

– 33.9– 308

EBIT margin (adjusted) (%)– 10.7– 17.7

+ 7.0

–

– 6.9

525

452

+ 73

+ 16.2570

Employees as of Dec 31 (FTE)

30,05730,052+5–

29,525

Annual average employees (FTE)

30,19230,007

+ 185

+ 0.6

29,280

–

3.9

–

–

–

Share of women as of Dec 31 (%)

12.0

11.5

+ 0.5

–

11.5

Specific final energy consumption compared to 2006 (based on tkm) (%)– 23.2– 23.1– 0.1–– 21.0Gross capital expenditures (€ million)

Employee satisfaction (SI)heavily impacted by the Covid-19 pandemic. This more thancompensated for the negative effects from extreme weather
events, the landslide on the Rhine line, the consequencesof the semiconductor shortage in the automotive industry,
the temporary closure of the Great Belt Bridge to trailer traffic and the wage dispute with the GDL.
The economic development improved noticeably, but
remains under severe strain. Operating profit figures rosesignificantly as a result of the increase in income.
◊ Revenues increased significantly to above pre-Covid-19
levels:◊ The main drivers in block train transport were transports of steel, coal, building materials and fertilizers.
Among the dampening factors were the decrease indemand for transport of mineral oil products and thewage dispute with the GDL.
◊ There was growth in single wagon transport, mainly
as a result of development in the iron, coal and steel,timber and paper transport sectors. There were also
dampening effects from restrictions from the previous­­ly mentioned extraordinary events and the temporary
closure of the Great Belt Bridge to trailer traffic.
◊ The increase in combined transport was primarily
driven by sustained positive development of transport
to and from China. New transport services in Germany
also increased revenues.
◊ Other operating income (+ 23.9%/€ + 103 million) increased largely as a result of higher subsidies (mainly
from facility price supportµsupport48).
48).

On the expense side, there were additional burdens, driven
by performance in the cost of materials and increased person­nel expenses:◊ Cost of materials (+ 5.9%/€ + 148 million) increased due
to higher expenses for purchased transport services, energy and train paths. This was counteracted in part bypositive exchange rate effects.
◊ Personnel expenses (+ 4.2%/€ + 74 million) increased in
all regions, mainly as a result of collective bargaining
agreements.
◊ Other operating expenses (+ 2.9%/€ + 18 million) rose inpart due to higher IT expenses and higher costs for training measures.
In contrast, the development of other expense items had
a dampening effect:◊ The significant decrease in depreciation (– 6.4%/€ – 26
million) was driven by the absence of one-off effects fromthe previous year.
Capital expenditures increased, mainly as a result of leasing
activities for freight cars.
The number of employees was at the same level as in theprevious year.
The share of women increased slightly.
The specific final energy consumption on the rails (traction) compared to the reference year, 2006, remained virtually unchanged.

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Notes tosustainability

Additional
information

In contrast, the decrease in depreciation had a dampening
effect:◊ Depreciation decreased significantly, largely due to theabsence of special items from the previous year (unscheduled software depreciations).
The growth in capital expenditures resulted mainly from higher
additions of freight cars.
The number of employees was at the same level as in theprevious year.

CENTRAL EUROPE REGION

Performance gains were achieved due to theeconomic recovery, particularly in the steel andchemical industry.
New transport services were introduced in
Belgium, and existing services in trans-Eurasiantransport were expanded.
Extraordinary events had a dampening effect.

WESTERN EUROPE REGION

ChangeCENTRAL EUROPE REGION

2021

2020 absolute

%

2019

Positive effects from recovery-driven increase in demandFreight carried (million t)

231.5

214.1

+ 17.4

+ 8.1

225.2

Volume sold (million tkm)

68,41463,886+ 4,528+ 7.1

68,265and train-path price reductions in France.

Volume produced (million train-path km)

135.8

125.7

+ 10.1

+ 8.0

127.3

Total revenues 1) (€ million)

5,172

4,792

+ 380

+ 7.9

4,959

External revenues 1) (€ million)

3,470

3,192

+ 278

+ 8.7

3,443

EBITDA adjusted 1) (€ million)

– 190

– 386

+ 196

– 50.8– 112

EBIT adjusted 1) (€ million)

– 459

– 678

+ 219

– 32.3

– 333

385

326

+ 59

+ 18.1456

21,882

21,865

+ 17

+ 0.1

21,433Gross capital expenditures 1) (€ million)
Employees as of Dec 31 1) (FTE)
1)

Restrictions caused by Brexit in the United Kingdom,
the semiconductor shortage and economic weakness
in Spain had a dampening effect on development.
Restructuring was driven forward in France.
Change	Previous years figures adjusted due to changes in the presentation of Eurasian transport(from the Eastern Europe region to the Central Europe region).

WESTERN EUROPE REGION

With respect to performance development in Central Europe,
the recovery trend in the steel and chemical industry and incombined transport since the second half of 2020 continued.
This was supported by expansions of available offers in Belgium and Italy and on the trans-Eurasian corridor. The effectsof the extreme weather events in Germany, the wage dispute with
the GDLµ38 and the Covid-19-related semiconductor shortagein the automotive industry had a dampening effect. Overall,volumes were higher than before the Covid-19 pandemic.
However, the economic development remains very challenging. Although operating profit figures improved as aresult of income gains, they remained negative.
◊ Revenues increased noticeably due to higher volumes.
◊ Other operating income increased, mainly as a result of
increased subsidies, predominantly from facility pricesupport.
On the expense side, there was a slight increase driven by
the cost of materials:◊ Cost of materials increased, driven by increased purchasesof transport services, as well as train-path and energy
expenses as a result of higher volumes. Conversely, lower
maintenance costs were among the factors that had amitigating effect on expenses.
◊ Personnel expenses also increased, largely as a result ofcollective bargaining agreements and a higher average
number of employees, especially in Germany and Belgium.
◊ Other operating expenses were at virtually the same level
as in the previous year.

2021

2020 absolute

%

2019

Freight carried (million t)

45.2

40.9

+ 4.3

+ 10.5

46.4

Volume sold (million tkm)

11,562

10,197+ 1,365+ 13.4

11,906

Volume produced (million train-path km)

25.4

23.5

+ 1.9

+ 8.1

27.3

Total revenues (€ million)

708

618

+ 90

+ 14.6675

External revenues (€ million)

535

483

+ 52

+ 10.8546
91

EBITDA adjusted (€ million)

59

37

+ 22

+ 59.5

EBIT adjusted (€ million)

– 30

– 53

+ 23

– 43.4

15

84

60

+ 24

+ 40.0

82

4,231

4,248

– 17

– 0.4

4,190

Gross capital expenditures (€ million)
Employees as of Dec 31 (FTE)

The performance development in Western Europe also grew:◊ Developments at DB Cargo UK were positive despite theeconomic consequences of Brexit, although volumes did
not return to pre-Covid-19 levels.
◊ The situation at DB Cargo France reflects the successesof the restructuring program, which were also bolsteredby the economic recovery in France.
◊ There was a dampening effect from a decline in transport
services in Spain. This was attributable both to temporary
factory closures in the automotive industry caused by
the semiconductor shortage, and to the economic consequences of Brexit for transport between Spain and theUnited Kingdom.

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financial statements

The economic development improved as a result of increases
in volume, but remained challenging. Operating profit figuresrose as a result of the increase in income:◊ The recovery in demand had a positive effect on revenue
development.
◊ There were dampening effects from lower other operating
income as a result of reduced maintenance services forthird parties at DB Cargo UK.
Expenses rose slightly:◊ Cost of materials increased, largely for volume reasons(higher costs for energy and service procurement). Thiswas partially counteracted by a reduction in train-pathpri­­ces in France. Adjusted for exchange rates, the increase
was less significant.
◊ Personnel expenses increased as a result of higher pension costs at DB Cargo UK and wage increases.
◊ Other operating expenses increased for exchange rate
reasons; adjusted, they were at the previous year’s level.
◊ Depreciation was at the previous year’s level.
Capital expenditures increased due to leasing activities.
The number of employees was slightly below the previous
year’s level due to restructuring measures in France.

Covid-19 recovery effects and new transport
services had a significantly positive effect, particularlyin the Czech Republic.
Optimization of the product and transport portfolio
driven forward.
Change2021

2020 absolute

Freight carried (million t)

17.6

14.8

+ 2.8

+ 18.9%15.5

Volume sold (million tkm)

4,875

4,587

+ 288

+ 6.3

4,834

2019

Volume produced (million train-path km)

7.9

7.6

+ 0.3

+ 3.9

7.9

Total revenues 1) (€ million)

319

293

+ 26

+ 8.9

304

External revenues 1) (€ million)

190

179

+ 11

+ 6.1

199

EBITDA adjusted 1) (€ million)

31

28

+3

+ 10.7

34

EBIT adjusted 1) (€ million)

8

2

+6

–

11

Gross capital expenditures 1) (€ million)

55

37

+ 18

+ 48.6

32

3,944

3,939

+5

+ 0.1

3,902

Employees as of Dec 31 1) (FTE)
1)

Additional
information

The performance development in Eastern Europe, driven byrecovery effects following the decline in transport in 2020 due
to the Covid-19 pandemic, increased significantly and ex­­­ceeded pre-Covid-19 levels. These developments were alsobolstered by new transport services in Romania.
The economic development was pleasing: operating profit
figures recovered significantly. This was driven by a growth
in income:◊ Revenues increased significantly, partly as a result of demand. The expansion of available offers in the Czech
Re­public and additional transport services in Romania
also supported this. Exchange rate effects had a dampening effect.
◊ Other operating income increased, partly as a result ofasset sales.
In terms of expenses, there was a clear volume-related increase, although the increase was lower than the increasein volumes.
◊ Cost of materials increased significantly, largely as a result of the recovery in demand, an increase in purchasedtransport services and rising energy costs. Exchange rate
effects had a partially compensating effect.
◊ Personnel expenses increased, largely as a result of collective bargaining agreements. This was also partiallycompensated for by positive exchange rate effects.
◊ Other operating expenses also increased. In particular,
additional rentals of rolling stock had an effect.
In contrast, the decline in other expense items had a dampening effect:◊ Depreciation decreased as a result of lower capital expenditure activities during the business year.
Capital expenditures increased significantly, mainly as a resultof the acquisition of locomotives and freight cars in Poland.
The number of employees was at the same level as in theprevious year. A volume-related increase in personnel in the
Czech Republic and Romania was almost entirely offset by
effects from supply adjustments in Poland and Bulgaria.

EASTERN EUROPE REGION

EASTERN EUROPE REGION

Notes tosustainability	Previous years figures adjusted due to changes in the presentation of Eurasian transport(from the Eastern Europe region to the Central Europe region).

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INFRASTRUCTURE
Development in the relevant markets

Change/ selected key figures

2021

2020

absolute%

Infrastructure customers

453

456

–3

– 0.7

Intra-Group railways

18

18

–

–

Non-Group railways

435

438

–3

– 0.7

1,109

1,066

+ 43

+ 4.0

Intra-Group railways

694.4

680.2

+ 14.2+ 2.1

Non-Group railways

414.3

385.4

+ 28.9+ 7.5

Train-path demand (million train-path km)

	Share of non-Group railways (%)

37.4

36.2

+ 1.2

–

Station stops (million)

158.8

155.4

+ 3.4

+ 2.2

Intra-Group railways

112.7

111.2

+ 1.5

+ 1.3

Non-Group railways

46.1

44.2

+ 1.9

+ 4.3

Additional
information

In order to make a reliable assessment of the possible impacts
on cost development, DB Group has undertaken a review of
the total expense forecast for the Stuttgart 21 rail project,
the results of which will be available in spring 2022. A significant increase in costs is anticipated.
In connection with the public allegations made in 2021
regarding mismanagement, corruption and lack of information provided to the auditor of the consolidated financial
statements in connection with the Stuttgart 21 project andbased on allegations reported via our whistle-blower system
in 2016, we, supported by our auditor of the consolidated
financial statements and as part of the annual audit, carriedout an inquiry and found no results that indicate concretematerial compliance violations or misappropriation of assets.

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

Notes tosustainability

Preparation of the 2021/2022 schedule

About 83,000 train-path requests have been received for the2022 network schedule. There were an increased number ofregistration conflicts, the result of several train operatingcompanies ordering the same time slot on the same infrastructure. 50% of the 130 conflicts in total were resolved bymutual agreement with the affected parties with accessrights. All the remaining conflicts were decided in a dispute
resolution procedure, with the amount of full-year train-pathusage fees being the decisive factor for awarding the trainpath. The increase in train-path registrations by non-Group
train operating companies in long-distance and freight transport in particular shows that competition on the rails continues to increase. The schedule process is subject to a strict
regulatory framework and is monitored by the Federal Network Agency (Bundesnetzagentur; BNetzA).

Individual figures are rounded and therefore may not add up.

The train-path demand and the number of station stops increased significantly again in 2021. This was mainly the resultof the catch-up effects following the Covid-19 pandemic. In
addition, there was general market growth in all types oftransport, though this was partly counteracted by special
events (harsh winter, floods
floodsµ 38 and strikes
strikesµ 3838)). In linewith the long-standing trend, the non-Group railways continued to gain market share, while demand from intra-Grouprailways declined.

Development of the infrastructure

In 2021, about € 12.8 billion was invested in renewing andmaintaining the network, stations and energy facilities. This
includes LuFV funds (grants and DB funds) amounting to€ 5.5 billion and € 2.7 billion for maintenance.
The impact of the Covid-19 pandemic on construction
projects was kept to a minimum by means of effective crisis
management. In many cases, close monitoring and targetedcountermeasures enabled us to resolve any disruptions
that occurred quickly in cooperation with the constructionindustry.
In 2021, the following construction starts and commissions
took place as part of the requirement plan and the Municipal
Transport Financing Act (Gemeindeverkehrsfinanzierungsgesetz; GVFG):

Performance and Financing Agreement ( Lu FV) III

The Infrastructure Status and Development Report for 2020
was provided to the Federal Government on April 30, 2021.
Despite the Covid-19 pandemic, the agreed quality targets
were achieved, subject to the review of the Federal Railway
Authority (Eisenbahn-Bundesamt; EBA). The maintenanceand modernization of the existing network infrastructure willcontinue with the LuFV IIIµ 237, which has a duration of ten
years ending in 2029 and a total volume of € 86 billion. Oneof the capital expenditure priorities in 2021 was the renovation of the superstructure (tracks and switches).

Stuttgart 21 cost review

Market prices for construction services and raw materials roseat an increasing rate in 2021. In addition, there were additionalcosts resulting from supplementary requirements and the
optimization of construction processes at the central station.

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PROJECTS UNDER CONSTRUCTIONCONSTRUCTION BEGAN IN 2021
PROJECT NAMEPROJECT DESCRIPTION

Nuremberg — Erfurt expansion
line and new construction line
(German unification transport
project no. 8.1)

◊ Eggolsheim — Strullendorf 4-track expansion(plan approval section 21)◊ Preliminary measures at the Bamberg hub (for example
interim construction status and platform extension)

Halle/Leipzig hub(2nd construction phase)◊ New construction of Angersdorf electronicinterlocking outpost with track diagram conversion(plan approval section 4)

Rhine-Ruhr-Express◊ Düsseldorf electronic interlocking

Angermünde — Stettin
expansion line

◊ Electrification of Angermünde — Passow(plan approval section 1)

Karlsruhe — Offenburg—
Freiburg — Basel expansion line
and new construction line (1stand 2nd construction phases)◊ Basel Bad station (plan approval section 9.3)

Uelzen — Stendal — Magdeburg — Halle expansion line
(East corridor North)◊ Additional tracks in Schnega and Salzwedel stations

Weddel loop

◊ 2-track expansion at Weddel — Fallersleben
station branch line

New construction of S-Bahn(metro) line S4 (East)
Hamburg — Bad Oldesloe◊ Plan approval section 1(Hamburg- Hasselbrook — Luetkensallee)

IN 2021

Stuttgart — Ulm — Augsburg
expansion line andnew construction line

◊ Stuttgart 21 (including Municipal Transport Financing
Act local transport share)◊ Wendlingen — Ulm high-speed line new construction◊ Karlsruhe — Rastatt South 4-track expansion including
Rastatt tunnel (line section 1)
Karlsruhe — Offenburg —◊ Müllheim — Auggen 4-track expansion
Freiburg — Basel expansion(plan approval section 9.0)
line and new construction line
◊ Haltingen — Basel 4-track expansion(1st and 2nd construction phase)(plan approval section 9.2)

COMMISSIONED IN 2021

Oldenburg — Wilhelmshaven/
Langwedel — Uelzen expansion
line◊ 2nd construction phase(Sande track-laying new construction – LuFV)◊ 3rd construction phase (electrification and expansion line)(Amsterdam)—German/
Dutch border — Emmerich —Oberhausen expansion line

◊ Oberhausen — Emmerich 3-track expansion
and increase in signaling block density, fittingwith European train control system

Frankfurt am Main hub◊ 2nd Frankfurt am Main construction phase(new construction, 3rd Niederrad Bridge)

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 line
and 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, plan approval section 1.2:
Leverkusen (Chempark) — Leverkusen Küppersteg
and 4-track expansion, plan approval section 1.3:
Leverkusen Rheindorf — Langenfeld Berghausen

740 m network◊ Expansion of the passing loop to 740 m

Hamburg hub◊ 2-track expansion/1-track new construction
on S4 line Hamburg — Ahrensburg — Bad Oldesloe
including new construction of stations

PROJECT NAMEPROJECT DESCRIPTION

Halle/Leipzig hub(2nd construction phase)◊ West side of Halle central station: conversion ofpassenger transport facility (plan approval section 1,
construction phase 4.2)
◊ New construction of Angersdorf electronic interlocking
with track diagram conversion (plan approval section 4)

Hamburg hub◊ 2-track expansion of Kornweide north curve

Rhine-Ruhr-Express◊ Mülheim (Ruhr)-Styrum — Mülheim (Ruhr)-Heißen:
Installation of junction (plan approval section 4)

Cologne — Aachen expansion line

◊ Extension of track 13 at Aachen Rothe Erde station

Nuremberg — Ingolstadt —Munich expansion line and new
construction line

◊ Pfaffenhofen station: electronic interlocking andtrack diagram adjustment

Rhine-Main S-Bahn (metro)◊ Bad Vilbel— Frankfurt am Main West 4-track expansion,
1st construction phase

Rhine-Neckar local fast transport◊ 1st and 2nd construction phase: station measures

Berlin hub◊ 2nd Nordkreuz — Karow construction phase: 2-track
expansion between Blankenburg and Karow, speed
increase to 160 km/h

Nuremberg S-Bahn (metro)◊ 2nd construction phase: Nuremberg S-Bahn (metro) —Forchheim — Bamberg 4-track expansion

Frankfurt am Main hub◊ 2-track expansion of Homburger Damm

Ulm — Friedrichshafen — Lindau
expansion line

◊ Southern Railway electrification, speed increase
to 160 km/h

Munich S-Bahn (metro)◊ Construction of a new main line between Laim stationand Leuchtenbergring – second S-Bahn (metro) tunnel(initial plan of Federal state of Bavaria)

Breisgau S-Bahn (metro)◊ Electrification of Denzlingen — Elzach line (Elztal railway)
Berlin S-Bahn (metro)◊ S21 (1st construction phase) – expansion of the
Berlin S-Bahn (metro) network through constructionof a north-south corridor – connecting Berlin central
station into the north-south corridor via two branches
to the Nordring of the S-Bahn (metro)

In addition, the following requirement plan and Municipal Transport Financing Act projects were under construction in 2021:

At the end of 2021, a total of 176 requirement plan and Muni­
cipal Transport Financing Act projects were in planning andunder construction. Further information on the projects areavailable on the Construction Information Portal ((BauInfoPortal
BauInfoPortal))∞Web site.

PROJECTS UNDER CONSTRUCTION
IN 2021
PROJECT NAMEPROJECT DESCRIPTION

Stelle — Lüneburg expansion line ◊ Fitting line with European Train Control System
Berlin — Dresden expansion
line (1st and 2nd construction
phase)◊ Wünsdorf station conversion (tracks, switches,
overhead wire, new side platforms, new underpassfor cyclists and pedestrians)

Nuremberg — Erfurt expansion
line and new construction line
(German unification transport
project no. 8.1)

◊ Hallstadt — Breitengüssbach 4-track expansion(plan approval section 23)◊ Forchheim — Eggolsheim 4-track expansion(plan approval section 19)

Leipzig — Dresden expansion
line (German unificationtransport project no. 9)◊ 3rd construction phase: Zeithain — Leckwitz expansion
line (modern interlocking adjustment, line speed to
200 km/h)Karlsruhe — Stuttgart —Nuremberg — Leipzig/
Dresden expansion line

◊ Chemnitz — Chemnitz Kappel (renovation of overheadwire, signal systems, noise reduction)◊ 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 with European Train Control System

KEY DEVELOPMENTS IN 2021:
Projects under construction◊ Stuttgart 21: The project involves restructuring the Stuttgart rail hub to include four new stations and over 57 km
of new lines, which will enable shorter travel times, more
frequent journeys and a greater number of direct con­nections. By the end of 2021, a total of 18 chalice-shaped
pillars had been constructed in the station hall of the newcentral station, and expansion work had begun at thenorthern end of the station. At over 54 km in length, more120

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than 92% of the tunnels have been bored and excavated.
Starting in mid-2021, some tunnel structures were handed
over to the slab track phase and railway engineering.
Wendlingen —  Ulm new construction line: The new lineof about 60 km will merge seamlessly with Stuttgart 21,
connecting Stuttgart to Ulm at speeds of up to 250 km/h.
Combined with Stuttgart 21, travel times between the twocities will be cut in half. In July 2021, the superstructureof the second bridge construction of the Filstal Bridge
was completed, meaning that there is now a seamlessconnection between Ulm and Wendlingen. The work on
the slab track phase and railway engineering was largely
completed, and trial operations are scheduled to commence in February 2022.
Cologne hub: The Cologne hub is to be expanded througha total of 17 infrastructure measures. In the Cologne—Aachen
expansion line project 4, work in the Aachen-Rothe Erdearea is still in the implementation phase. Previously completed work was damaged by the floods in July 2021, as
was the Aachen — Mönchengladbach detour line. The restoration of the damaged infrastructure and the rescheduling of the track closures required for construction operations will result in a postponement of the commissioning
date. Construction work in the S13 Troisdorf — Bonn-Beuelexpansion line project is progressing as scheduled.
Oldenburg — Wilhelmshaven expansion line: Since
2011, the two-track expansion and electrification of the
Oldenburg—Wilhelmshaven line to provide a high-volume
connection to the deep-water port of Jade-WeserPort has
been carried out in several phases of construction. Trackconstruction at Sande station has been completed, andthe bypass track to facilitate the construction of the new
Alexanderstrasse bridge has gone into operation in Oldenburg. Overhead wire work has started on all sections.
Construction of the new Rastede substation, the Oldenburg switching station and the two autotransformer stations commenced in June 2021. The most recent plan approval decision (plan approval section 6.2) was issued inJune 2021; construction began in July 2021.
Dresdner Bahn: The Dresdner Bahn is being made fit
for modern local, regional and long-distance transport.
This will reduce the burden on the Berlin railway hub andfacilitate shorter travel times. The main construction
work is currently underway in all sections. Among otherthings, construction began in 2021 on the connection
curve that will link the Dresden railway to Berlin Brandenburg Airport, and the substitute platform in Lichtenrade was commissioned.
Berlin  —  Dresden expansion line: 125 km of the line from
Berlin to Dresden will be upgraded to support speeds of
up to 200 km/h. The first construction phase is currently

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being implemented. The construction financing agreement for Zossen station was concluded in February 2021.
Draft planning is currently in progress for the second
construction phase (performance phase 3).
Leipzig —  Dresden (German Unification Transport Project No. 9): Once the works are complete, higher speedsof up to 200 km/h and therefore shorter travel times, will
be possible. In addition, some of the burden on the existing infrastructure will be relieved. Starting in September 2021, the first track in the Zeithain — Leckwitz section
is being newly constructed in its final location. Train traffic can continue rolling on the other track. The commandand control technology required for this was commissioned in September 2021.
Nuremberg  — Ebensfeld expansion line: The aim is torenew the existing two-track expansion line for the S-Bahn(metro)/regional and freight transport to support speedsof 160 km/h and to construct two additional tracks to op­e­­rate at a speed of 230 km/h. The construction permit was
granted for the 10 km line in plan approval section 21(Eggol­­­sheim — Strullendorf) in May 2021. Construction
started in June 2021. In plan approval section 23 (Hallstadt — Breitengüssbach), platforms and new tracks aroundthe Hallstadt station, among other elements, were commissioned in March 2021. Further outstanding track construction work was completed and went into operation by
December 2021. The four-track section of plan approval
section 23 (Hallstadt — Breitengüssbach) will be commissioned in April 2022.
Outer Halle hub: The overall conversion project at the
Halle (Saale) hub will increase the volume capacity of the
hub for future traffic growth. The old bridges in the Merseburger Strasse area were removed in February 2021. The
new segments were inserted in July 2021. In addition, tracks
and platforms were renewed and the mechanical interlockings replaced by a new electronic interlocking. The sectionof line was cleared for operation again in December 2021.
Expansion line 46/2 (Emmerich  — Oberhausen): In
order to handle the increased international freight andpassenger transport, DB Group will make extensive structural changes to the line over the next few years. The
core element of the project is the three-track expansionof the line in order to increase line capacity and optimize
operational processes. Five out of 12 plan approval decisions have now been granted. Construction work on the
expansion line has begun and will be expanded as theother decisions are granted.
Angermünde  —  Szczecin expansion line: The expan­sion for speeds up to 160 km/h, end-to-end electrificationand the construction of a second track will facilitate shorter
travel times, more trains on the line and climate-friendlyOur contribution toclimate protection

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transport. The Federal Government and DB Group signed
the financing agreement in March 2021. The first construction permit for the upgrade of the line between Angermünde and Stettin was granted in April 2021. Work between Angermünde and Passow was started in November
2021 as planned.
◊ Relocation of the Hamburg-Altona train station: The
new Hamburg-Altona station will provide a better andmore comprehensive service for passengers. The ground-­breaking ceremony took place in July 2021. Undergroundcabling work was carried out in 2020, with various temporary cable bridges being set up and structures decommissioned. All construction work proceeded on schedule.

◊◊

Projects in planning◊ Frankfurt am Main hub: The railway hub in Frankfurt am
Main is one of the most heavily used transport hubs in theGerman rail network:◊ In the Nordmain S-Bahn (metro) project plan approval
section 1 (Frankfurt) and plan approval section 2 (Maintal), the consultation procedures have been concluded,
paving the way for the EBA to issue the plan approval
decision. The plans for the Nordmain S-Bahn (metro)in plan approval section 3 (Hanau) have been published.
◊ The plan approval documents for the third construction phase of the Frankfurt-Stadion hub project were
submitted in March 2021. In addition, the plan approval
decision for the second construction stage was issued
in October 2021; preparatory measures are alreadyunderway. The purpose of the expansion to four tracks
is to increase the capacity for traffic traveling from
Mannheim to Frankfurt central station.
◊ The feasibility study for the new Frankfurt long-distance railway tunnel has been completed. Project work
began at the end of June 2021.
◊ Dresden — Prague new construction line: The line between Dresden and Prague is an important part of the
Orient/East-Med corridor between the seaports on the
North Sea and the Baltic Sea, as well as the Black Sea andthe Mediterranean. As part of the preliminary planning,two variants with subvariants will be examined. At least
25 km of cross-border tunnel will be built (at least 14 kmof which will be on the German side). This will make it
Germany’s longest railway tunnel. The planning services,
issued together with the Czech rail infrastructure company Správa železnic, were awarded in August 2021.
◊ Dresden  — Görlitz expansion line: The Dresden — Bautzen — Görlitz — German/Polish border (— Zittau) line is tobe electrified. The regional planning process for the traction current line was initiated in April 2021 as part of thepreliminary planning fully financed by the Free State of

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Saxony. Financing and project implementation terms arebeing coordinated with the Federal Government and theFree State of Saxony.
Bamberg hub: The Federal Transport Infrastructure Plan
includes a multi-track expansion of the Bamberg hub. The
public consultation of the plan approval documents forthe four-track expansion was completed in April 2021.
Extensive amendment requests from the City of Bamberg
and changes to the regulations related to surface water
seepage are being superimposed on the approval procedure. Upstream work on extending two platforms wascompleted in December 2021.
Fürth   — Nuremberg freight train line: The line will create a new freight transport connection, which will therefore no longer need to cross passenger transport traffic.
The publication required for plan approval section 13(Nuremberg marshaling yard) took place in 2021. The plan
documents for plan approval section 16 (Fürth — Eltersdorf) are currently being revised. A series of regulatory
adjustments related to the discharge of surface water are
being superimposed on the approval procedure, which
may impact the timeline of the plan approval decision.
Construction of new S4 S-Bahn (metro) line (Hamburg —  Bad Oldesloe): For the new S-Bahn (metro) line,
the route will be expanded over a length of 20 km alongside the existing tracks. The plan approval documents forplan approval section 2 (Luetkensallee  —Hamburg/Schles­
wig-Holstein state border) and plan approval section 3(Hamburg/Schleswig-Holstein state border—AhrensburgGartenholz) are currently being updated. In plan approvalsec­tion 1 (Hasselbrook — Luetkensallee), the main construction work began with the official groundbreak­ing
ceremony in May 2021. The plan approval decision was
finalized at the end of 2021. In addition, an importantmilestone was reached in December 2021 with the construction of the module building of the Ohlsdorf electronic interlocking.
Fehmarn Belt fixed link: The aim is to provide a highvolume rail connection to connect to the Fehmarn Belt
Tun­­­nel. The public consultation for plan approval section
4 (Oldenburg in Holstein and Göhl) took place in September/October 2021. In 2020, the documents for plan
approval section 6 (Fehmarn including bridge area) were
initially published in consultation with the authorities
without the changes resulting from the German Parliament resolution of July 2, 2020. These will be factored
into the procedure as part of a second consultation in
January/February 2022. The draft and approval planningfor the combined Fehmarnsund immersed tunnel wasstarted in 2021.

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Consolidated
financial statements◊ Rhine-Ruhr-Express: The aim is to significantly improve
regional transport in the most heavily-populated Federal
state. The plan approval procedure has been initiated for
12 of the 15 plan approval sections. Construction permits
have been granted for a total of eight plan approval sections. The plan approval documents for plan approval
section 3.1 (Düsseldorf-Angermund) were submitted andpublished in 2021. The 2021 summer track closure wascompleted as scheduled in plan approval section 1.2(Leverkusen) and plan approval section 1.3 (Langenfeld).
With the start of construction (construction preparation)
for the Düsseldorf electronic interlocking, the first workon the Düsseldorf city area has begun. Plan approval section 4.0 (Mülheim) was commissioned together with the
Duisburg electronic interlocking.
◊ Four-track expansion of Heidelberg-Wieblingen  —  Heidelberg central station: The four-track expansion
is the most extensive project on the line between Mannheim and Heidelberg. The preliminary planning was completed by September 2021. At the end of 2021, the preliminary planning specification was handed over to the EBA,
which means that draft planning can begin from 2022.
Planning for the three other projects between Mannheim
central station and Friedrichsfeld South has been resumed.
◊ Karlsruhe  —  Durmersheim third track: The announcement of additional local transport services by the Stateof Baden-Württemberg requires a sensitivity analysis fora fourth track. ETCS level 2 without signals is also to be
included in the capacity analyses. The financing agreement for conducting the sensitivity analysis is scheduled
for the first quarter of 2022.
◊ Berlin-Brandenburg i2030 projects: Working with theFederal states and the Transport Association of Berlin
Brandenburg (Verkehrsverbund Berlin Brandenburg; VBB),
the track infrastructure in Berlin and Brandenburg will befurther developed. To this end, expansion measures forlong-distance and regional transport and a package ofmeasures for the S-Bahn (metro) are being planned andimplemented in eight project corridors.

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. More than one billion trainpath kilometers are traveled each year on the tracks in Germany. The most important sources of income are revenues
from train-path products, which constitute over 90% of total
revenues. Train-path prices are established on a transparent
basis by a train-path pricing system regulated by the BNetzA.

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DB Netze Track is also responsible for managing infrastruc-ture operations as well as for securing long-term infrastructure quality and availability, and non-discriminatory accessto train-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 existing infrastructure is of major
importance for economic success.
A high level of quality and availability for customers also
calls for a forward-looking integrated capital expenditureand predictive maintenance strategy. Capacity utilization ismeasured by train kilometers on track infrastructure. In termsof relative network capacity utilization, this figure can becompared to track kilometers. To reach our transport growthtarget of an increase of more than 30% in train-path kilometers, it is essential that new construction and expansion/up­­grade projects concentrate on removing bottlenecks and on
the creation of additional capacity for growth in transport 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. Now that thethird expert draft on Germany in sync and the necessary infrastructure measures have been published, the Germany insync target schedule can also be taken into account whenassessing expansion requirements. On this basis, the Network Concept devises a bottleneck-free target network for2040. An implementation concept will then be developed to
optimize the timing of the infrastructure expansion required
to achieve the target network, factoring in coordination withthe sector on the timing of the phases of Germany 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 mode of transport. The
budgetary resources of public authorities, in particular theFederal Government, are of considerable relevance for thefinancing of replacement capital expenditures in the existing
infrastructure, as well as for the financing of new constructionand expansion/upgrade projects. In order to imple­ment Germany in sync, there is a need for extensive infrastructure expansion that goes significantly beyond the previous Federal

Our contribution toclimate protection

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DB NETZE TRACK – AT A GLANCEPORTFOLIODB Netz AG

Operates the largest track infrastructure in Europe. Responsible forthe maintenance, modernizationand further development of the rail
network and the marketing of trainpaths and facilities.

DB RegioNetz Infrastruktur Gmb H

Deutsche Umschlaggesellschaft
Schiene-Straße Gmb H

Operates regional transport networks
in five Federal states (Erzgebirgsbahn,
Kurhessenbahn, Oberweißbacher
Berg- und Schwarzatalbahn, Südostbayernbahn, Westfrankenbahn).

Provides operational management
either independently or through thesubsidiary MegaHub Lehrte (scheduling, crane services and processing) for
23 transshipment stations in Germany.

DB Fahrwegdienste Gmb H

Offers system services relating to themaintenance of rail lines. These include vegetation maintenance, environmental and project management,
and securing track construction sites.

STRUCTURE
VOLUME PRODUCED BY MODE OF TRANSPORT / %REVENUES / %Long-distance transport 13

Rail freight transport 24

Non-Group 33

Other 1
Local transport 62

Intra-Group 67

BUSINESS MODELINPUTS
Employees— About 51,300

VehiclesNetworks and infrastructure— 745 maintenance vehicles— Rail network about 33,300 km in
length, operation-critical facilities

Value proposition— DB Netze Track provides non-dis-Customer access and retention

Electricity and fuel

— Electricity— FuelBUSINESS ACTIVITIESCustomer segments— 453 business customers(thereof 435 non-Groupcustomers)

criminatory access to a safe, reliable
rail network in line with demand.

OUTPUTS 1)

OUTCOMES 2)

Volume produced

EBIT— About 1.1 billion train-path km— Sales— E-services

Customer satisfaction

Key activities— Providing a safe, reliable infrastructure in line with requirements— Planning and operating networks— Conducting train operations

Punctuality— € 334 million— SI of 61— 92.9%

Employee satisfaction— SI of 3.9 (2020)

Track kilometers noise
remediated in total— 		6,317 thousand t— 2,110 km

Waste

As of 2021 respectively December 31, 2021.
1)	Key products and services.
2)	Internal and external results and outcomes from business activities and outputs along the entire value-added chain.

Transport Infrastructure 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. DB Netz AG therefore
assumes that a significant increase in annual funds for infrastructure expansion will need to be provided by the Federal
Government, the Federal States and DB Group.

use of the rail infrastructure. In the coming years, we expect
growth in demand for freight transport and a significantly
increased traffic volume in passenger transport, and therefore a further increase in capacity needs, supported by measures such as increasing regionalization funds, service expansions in passenger transport and the partial subsidizingof train-path prices in freight transport.
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∏ 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 (with the exception of
the Covid-19-related decrease in 2020) and has led to greater

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Rail strategy
strategyµ 52 ff. incorporates DB Netze Track’s strategic

Notes tosustainability

Additional
information

GENERAL FRAMEWORK

topics. As a capacity manager, DB Netze Track intends tocreate the infrastructural and operational conditions for the
implementation of the Strong Rail strategy. The objectives
are to expand network capacity, to digitalize, and to improvethe use of capacity. DB Netze Track is also striving for thecontinuous renovation of the existing network and an increasein the performance of the organization. In order to achievethese objectives, DB Netze Track’s strategy comprises thestrategic areas of the Strong Rail strategy:◊ More robust: By expanding the infrastructure in line withdemand (new construction and expansion projects) and
implementing the Digital Rail for Germany program (Digi­tale Schiene Deutschland; DSD), DB Netze Track aims toincrease network capacity of corridors and hubs in order
to eliminate existing bottlenecks and provide the capacity needed to expand services. As part of the strategy
implementation, there is a focus on increasing the quality of the existing network. The aim is to improve profitability and the facilities’ quality. In addition to infrastructural measures, and as part of its capacity management
strategy, DB Netze Track is striving to establish a newcontrol philosophy focused on the utilization of capacity.
To this end, DB Netze Track has launched several projects
and initiatives to develop the necessary business capabilities for better capacity management. These capacity
assessment tools will improve the performance of thecompany by providing a clear overview of capacity. In
addition to the planned expansion and new constructionof infrastructure, DB Netze Track focuses on further levers for increasing capacity, such as the more efficientuse of track closures during construction activities or the
avoidance of overloading usable capacities. To overcome
the challenges of the future, DB Netze Track recruits andqualifies appropriately skilled employees in a targetedway.
◊ More powerful: DB Netze Track is implementing measures
such as lean excellence to establish a basis for powerfuland stable processes and to create as efficient an organization as possible.
◊ More modern: DB Netze Track performs supporting tasks
for issues concerning the Germany in sync and European
corridors.
◊ Greener: DB Netze Track is moving towards a green future.
Firstly, it is electrifying and implementing noise remediation measures on further lines. Secondly, DB Netze Trackis committed to sustainable vegetation maintenanceµ
maintenance70,
conservation measures such as bee cultivation ∫ no. 10 ontrain-paths, and resource conservationµconservation
71 f. through initiatives to promote circular economy approaches.

Train-path prices for 2022 and 2023

In its decision of March 5, 2021, the BNetzA approved thefees for the train-path prices for 2022. Train-path usage fees
will increase by 3.8% for long-distance transport, 0.5% for
freight transport and 1.8% for local transport. In the fee application, a fee increase of 4.6% for long-distance transportcompared to the 2021 schedule and a reduction in fees of
0.6% for freight transport was planned. Deviating from theapplication, the BNetzA assumed a higher economic viability for freight transport, thereby adjusting a significant input
para­meter. As a result, the changes made to the fees are at
the expense of freight transport and in favor of long-distancetransport. DB Netz AG submitted the fee approval application
for train-path usage fees for the 2022/2023 network schedule
period at the beginning of October 2021. The BNetzA’s rulingon this is still pending.
Arbitration processes for the Rastatt Tunnel

Following the damage in the east tunnel of the Rastatt Tunnel, preparations to renovate have been underway since 2018.
At the same time, the evidence collection and mediation
proceedings agreed between DB Group and the Rastatt Tunnel consortium have been ongoing since 2017 to clarify thecause of the damage during tunnel boring and thus who is
responsible. The procedure is still ongoing due to numerous
potential causes of damage that need to be determined. It
was agreed that the construction work could resume without
the mediation procedures being resolved. The breakthroughof the western tunnel was completed in December 2021.
INVESTMENTS∏

DB Netz AG completed the full acquisition of SIGNON Deutsch- 102-10

land GmbH on March 31, 2021. In particular, this will help us
to secure expertise for projects such as the construction ofdigital interlockings and track equipment with the European
Train Control System (ETCS).
E N V I R O N M E N TA L M E A S U R E S◊ On July 16, 2021, the Regulation introducing a Substitute
Building Materials Regulation (framework regulation;
Mantelverordnung) was passed. The Regulation enters
into force on August 1, 2023, after a two-year transitional
phase. The framework regulation provides for uniform
national and legally binding regulations on the utilizationof mineral waste. Its aim is to promote the circular economy and to improve the acceptance of substitute construction materials. This will help to reduce the use of
primary construction materials and conserve natural

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Notes tosustainability

Additional
information√

Change2021

DB NETZE TRACK

2020

absolute%

2019

Punctuality DB Group (rail) in Germany (%)

93.7

95.1

– 1.4

–

93.7

Punctuality (rail) in Germany 1) (%)

92.9

94.5

– 1.6

–

93.1

61

66

–5

–

65

Length of line operated as of Dec 31 (km)33,28833,286+2–

33,291

Train kilometers on track infrastructure (million train-path km)

1,108

1,064

+ 44

+ 4.1

1,089

	thereof non-Group railways

414.3

385.4

+ 28.9

+ 7.5

368.2

Customer satisfaction (SI)	Share of non-Group railways (%)

37.4

36.2

+ 1.2

–

33.8

Total revenues (€ million)

5,984

5,660

+ 324

+ 5.7

5,652
1,687

External revenues (€ million)

1,975

1,808

+ 167

+ 9.2

	Share of total revenues (%)

33.0

31.9

+ 1.1

–

29.8

EBITDA adjusted (€ million)

1,010

1,086

– 76

– 7.0

1,443

EBIT adjusted (€ million)

334

409

– 75

– 18.3807

Operating income after interest (€ million)

225

266

– 41

– 15.4628

Gross capital expenditures (€ million)

9,349

8,480

+ 869

+ 10.2

7,441

Net capital expenditures (€ million)

1,738

1,363

+ 375

+ 27.5

1,055

Employees as of Dec 31 (FTE)

51,29050,330

+ 960

+ 1.9

48,787

Annual average employees (FTE)

51,27050,008+ 1,262+ 2.5

48,114

–

3.9

–

–

–

Share of women as of Dec 31 (%)

20.0

19.4

+ 0.6

–

19.2

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

2,110

2,039

+ 71

+ 3.5

1,844

Employee satisfaction (SI)1)

	Non-Group and DB Group train operating companies.

resources. Fixed or mobile processing plants for mineralsubstitute construction materials are included in all of
our construction projects. The introduction of the framework regulation will therefore have far-reaching effects
on regulations and our construction processes in Germany.
Within the upcoming two-year transition period, the necessary adjustments and changes will be made as part ofa Group-wide project and employees will be informed
and receive the necessary training.

which affected multiple regions, and the floods
floodsµ 38 in July
2021, as well as numerous storms caused by low-pressure
systems.
Customer satisfaction fell significantly. About 270 customers were surveyed in 2021. In particular, the areas of construction work and infrastructure availability continued to
be viewed very critically.
Train kilometers on track infrastructure increased signi­
ficantly again. The drivers were, in particular, fewer Covid-19related outages and expansions in regional and freight transport. Special events such as the floods and the strikes by the
GDLµ 38 had a dampening effect. Demand at non-Group customers increased even more than at intra-Group customers.
Economic development was weaker, with operating profit
figures decreasing significantly. This was the result of higher
expenses for personnel and for measures to expand capacity, improve quality and remedy flood damage.
Higher expenses were partly offset by growth in income:◊ Revenues increased significantly due to demand. Positive
price effects also increased revenues. Counteracting effects resulted from special events such as the floods andthe GDL strikes.
◊ The increase in other operating income (+ 6.3%/€ + 62
million), due among other things to increased subsidies
and higher income from scrapping due to price effects,
had a supporting effect.

DEVELOPMENT IN THE YEAR UNDER REVIEW

Increased revenues from price and volume effects.
Personnel expenses increased as a result of collective
bargaining agreements and personnel expansion.
Higher expenses, in particular in connection
with infrastructure damage and winter service.
High project volumes.
The punctuality of both non-Group train operating companies
in Germany and of intra-Group train operating companies
declined in 2021. The main reasons for this were a renewedsignificant increase in train services and a high construction
volume, leading to increased capacity utilization. This led toan overload, particularly at the existing bottlenecks, causing
a detrimental impact on operating quality. In addition, individual events led to longer phases of limited facility availability. These mainly included the cold spell in February 2021,

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In terms of expenses, there were significant additional costs,
in particular for measures to expand capacity, improve quality and in connection with the floods:◊ The increased cost of materials (+ 15.9%/€ + 343 million)
was mainly due to increased maintenance services, theremedying of flood damage, a harsher winter and higher
energy expenses.
◊ Personnel expenses (+ 5.8%/€ + 192 million) increased
significantly due to the higher number of employees andas a result of collective bargaining agreements.
◊ The increase in other operating expenses (+ 8.3%/€ + 107
million) resulted, among other things, from higher expenses for projects and for asset disposals, partly inconnection with infrastructure destroyed by floods. In
addition, expenses for training rose following a significant fall in 2020 due to Covid-19. The increase was partly
offset by lower administrative costs.
◊ Depreciation (– 0.1%/€ – 1 million) remained almost
unchanged.
The significant increase in gross and net capital expendi­­tures
resulted in particular from higher capital expenditures in new
construction and expansion projects.
The number of employees increased significantly to coverdemand and ensure succession planning, particularly in theareas of maintenance, construction projects and operations.
The share of women was somewhat higher.
The total number of track kilometers noise-remediatedincreased further due to the implementation of measures.

Notes tosustainability

Additional
information

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 continue to grow and change. Digital solutions
are significantly accelerating this development. New formsof mobility are emerging and car transport is increasingly
being questioned. Social structures are also changing:◊ the population continues to age;◊ cities are growing and pushing their infrastructure to its
limits;◊ rural areas are shrinking but still require access to mobility.
We have further developed our strategy in key areas. The
basis for implementing the strategy is restructuring theorga­nization. All structures and processes are aimed at theneeds of passengers and visitors and feed into the Strong Railstrategyyµ 52 ff
strategff..

◊ More robust: We are continuously improving the tangible
fundamental quality of our stations and of the station environment for our customers. We consistently ensure thatstandardized production concepts are applied through­out Germany, optimize our maintenance measures andrely on digitalized status- and demand-oriented solutions.
We are investing in new construction projects and developing future-oriented capacity concepts to ensure ourinfrastructure is robust and secure in order to help achieve
the desired modal shift and support the corresponding
increase in passenger numbers.
◊ More powerful: As part of the lean excellence transformation, we intend to establish a lean-thinking and lean-acting organization. By cultivating the lean mindset among
all employees, we are creating the basis for excellent value
generation and continuous improvement of processes.
Our processes begin with customers and their requirements, and we develop solutions to increase customer
satisfaction. With the creation of our performance processes, we ensure that our actions are aligned with theneeds of our customers and systematically collect their
feedback. We implement consistent, end-to-end responsibility for all our processes. In doing so, we focus on theeffect on the end customers. The introduction of comprehensive performance management for all organizational
units creates transparency about relevant key figures andenables clear control along our customer-oriented processes. This also includes the ongoing standardizationand digitalization of core processes to increase efficiency.

DB Netze Stations business unit
BUSINESS MODELDB Netze Stations is the largest station operator in Europe.

In addition to the core business – the development andoperation of stations – the business unit offers a variety ofmo­bility-oriented services in stations. With about 0.9 million
m² of leased space, we are among Germany’s largest commercial landlords.
Trains from 114 train operating companies stop at our
stations every day. We set particular priorities in the areas ofservice, safety and cleanliness so that we can offer customers
high quality standards. Our station managers also work hardon-site to ensure seamless operations. Our station portfolio
has a particularly wide geographical coverage. The infrastructure required is characterized by high fixed costs. A provisionof equipment and infrastructure in line with needs is crucial
to our commercial success.
Revenues are generated primarily from station stops (regulated, pre-pandemic share: about 70%) in the stations andfrom leasing out commercial space (not regulated). Our mostimportant regulatory partners are the BNetzA and the EBA.

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∏
102-6
102-7

To ourstakeholders

Groupmanagement report

Consolidated
financial statements

Notes tosustainability

Additional
information

DB NETZE STATIONS – AT A GLANCESERVICE PORTFOLIO
Station stops

RentalTrains 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.

Other

About 0.9 million m² of leasing area
on offer in stations. This makes
DB Netze Stations one of Germany’s
largest commercial landlords.

Provision of additional services atstations and stops (including the operation of lockers, parking garages).

STRUCTURE
STATION STOPS BY MODE OF TRANSPORT / %STATION STOPS / %REVENUES / %Long-distance transport 2

Regional transport 98

Non-Group 30

Non-Group 40

Intra-Group 70

Intra-Group 60

Networks and infrastructure

Additional production factors— 303.6 GWh electricity

BUSINESS MODELINPUTS
Employees— About 6,800— About 5,400 stations— About 700 stops with marketing— About 9,300 platforms— About 6,500 passenger information systems— About 6,800 dynamic visual displays— About 2,500 elevators— About 1,000 escalators— About 300 parking garages and parking spaces

BUSINESS ACTIVITIESCustomer segments— Private customers— Business customers, particularly
train operating companies(TOCs), tenants and mobility
service providers— Contracting organizations

Value proposition— DB Netze Stations provides

OUTCOMES 2)

Station stops

EBIT adjusted

Rented space

Employee satisfaction— SI of 4.0 (2020)— About 0.9 million m²— Key account management— Regional sales— Customer services at the station

attractive stations and concourse
buildings with a wide range ofmobility and everyday offers, aswell as leasing spaces for retail,catering and services.

OUTPUTS 1)— 155.5 million

Customer access and retention

Customer satisfaction— € 1 million— Traffic station (passengers/
visitors) SI of 73— Traffic station (TOCs andcontracting organizations) SI of 69— Tenants SI of 79

Key activities— Operating stations— Leasing out commercial space— Providing reliable infrastructure

Facilities quality— Grade: 2.77

Primary energy consumption— – 27.4% compared to 2010
(absolute)

As of 2021 respectively December 31, 2021.
1)	Key products and services.
2)	Internal and external results and outcomes from business activities and outputs along the entire value-added chain.

◊ More modern: We wish to improve the quality of our guests’
stays at our stations. We intend to integrate stations evenmore comprehensively and effectively into people’s everyday lives and make their stays attractiveµ
attractive
129 f. by providing relevant offers. Comfortable waiting areas, a welcoming forecourt, redesigned concourse buildings andimproved service help make passengers and visitors feel

more at home at the station. We are optimizing our pas-

senger information systemµsystem
129 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 further expanding Wi-Fi access at

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financial statements

stations and are focusing on new concepts and digital
services, such as the DB Rad+ appµapp
130 and Zugvogel Auto­mats∞. Through the Smart City Initiativeµmats
Initiative
130,, we are mak­130­­ing 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 for remote working at stations, attractive forecourt design including sharing spaces
for onward travel, and micro hubs for city logistics.
◊ Greener: In order to improve our environmental footprint,
we are continuously increasing our energy efficiency
through energy-saving renovations and replacing lights
with LEDs. We continue to promote the use of renewable energies, including the use of eco-power at manyof our stations. We are also testing a sustainable construction approach for small stations at the Zornedin
Zornedingg
siteµ 131 f. Through the BALIN research projectµsite
project
70, weare also research­ing the possible effects of nocturnal sta­­tion lighting on insects.

Notes tosustainability

Additional
information

DEVELOPMENT OF THE INFRASTRUCTURE
Capacity and frequency recording

To enable the anticipated growth in passenger numbers, operational and structural measures must be taken to ensure theperformance capability of capacity-critical stations. Germany
in sync is contributing significantly to the passenger forecast
for 2040, which forms the basis for categorizing stations bycapacity. The first step is to create transparency about possible bottlenecks and their causes. Video-based frequency management is being introduced in selected stations. This will
generate real-time data for assessing the capacity of stations
and allow passenger flows to be managed directly.
Modernization and construction of stations◊ Dortmund central station is expected to provide barrierfree links between all modes of transport by 2025. The
third of the eight platforms to be modernized went into
operation at the end of July 2021.
◊ Beginning in summer 2022, all the platforms, platform
roofs and some bridge structures above the passenger
tunnel level will be renovated at Hanover central station.
Due to the need to concentrate the construction work on
the platforms to the relevant periods around the annual
summer holidays, the modernization is expected to becompleted in 2033.
◊ Construction work on the hall roof has begun at Berlin
Ostbahnhof (East Station). Since May 2021, scaffolding
platforms have been set up to renovate the entire roof
membrane, install new skylights and renew the corrosion
protection on all of the roof girders. Train traffic is largely
unaffected and can continue as scheduled.
◊ The complete renovation of the Berlin Zoologischer Garten station is being implemented in several construction
phases. In 2021, the areas of the first construction phaseincluding the long-distance rail hall and the intermediatelevel to the tracks were recommissioned following renovation. Planning services are currently being carried out
for further areas and construction phases. The measuresin the S-Bahn (metro) hall that form part of the second
construction phase will begin in mid-2022.
◊ In the Frankfurt am Main central station project (completerenovation of the B level and northern building), the firstand second construction phases, the complete renovationof the feeder level below the station forecourt (“B level”)
and the (supply) levels below, began in 2021. Anotherconstruction phase, which will include changing the guidance systems for passengers, will begin in the second
quarter of 2022.

GENERAL FRAMEWORKApproval of station fees for 2022

On September 17, 2021, following changes to the legal context (Railway Regulation Act Amendment; ERegG-Novelle),
the fee schedule for the 2022 station prices were approvedby resolution of the BNetzA. The Federal agency approved
the 2022 station prices with a small number of deductions.
As in the previous year, DB Station&Service AG filed an action
with the Cologne Administrative Court against the deductions
made by the BNetzA to station fees for canceled station stops.
In total, an average price increase of 2.46% was approved.
Federal Government economic stimulus program for attractive stations

As part of an economic stimulus/trade program, an additional€ 120 million was made available by the Federal Government
in 2021, as an extension of the 2020 economic stimulus program, to support small and medium-sized businesses whilst
at the same time making stations more attractive. In 2021,
over 2,000 measures were planned and implemented using
this additional funding at about 1,000 stations.
At the same time, we are working together with the Federal Government to increase the sustainability of our stations:at about 90 stations, the lighting has been switched to LEDs
and the energy efficiency of the heating systems was improved at about 50 stations.

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Additional
information

D I G I TA L I Z AT I O N A N D I N N O VAT I O N

New services at future stations

Passenger information of the future

Our project “Future Station” (Zukunftsbahnhof) stands fora test of innovative offerings at 16 future stations∞
stations. We aredoing this to find out how to make life for passengers or station visitors easier and improve the comfort of their stayat the station. We use various offers and services to better
integrate the stations into their surroundings and to makethem pleasant places to stay. In 2021, we implemented thefollowing measures, among others:◊ In cooperation with Edeka Südwest, the first 24/7 digitalsupermarket was opened at the station in Renningen in
February 2021.
◊ In Ahrensburg, a digital 24/7 service store was also openedin 2021 on the station platform.
◊ In Halle (Saale), a new waiting area was opened with new
furniture and greening elements.
◊ At Coburg station, there are new design elements andwaiting furniture in the reception hall and the station has
been connected to the Rad+ appµ
app
130..
130
◊ In Heilbronn, a new hall lighting system with strip lights
provides a pleasant atmosphere and a clean appearance.
We are working on the holistic design and implementationof successful products from the future stations ∫ no. 74 andSmart City projects at more than 100 stations across Germany.
Funds from the economic stimulus package were also used
to this end in 2021.

As part of the renewal of passenger information systems, a
new central management and publication system (IRIS+) is
being developed. In combination with the passenger information (Reisendeninformations; RI) platform, it will be used
to provide passengers with information at the station. In 2021,
the number of stations operating with the new systems increased to 387.
In 2021, regional and long-distance stations and platforms inparticular were added in Berlin, in the area around Erfurt andin the Darmstadt and Mannheim regions. In addition, theconversions in North Rhine-Westphalia continued with thestations around Aachen and Düsseldorf as well as stations in
Münster. This means that about 40% of all major stations
have been converted to the new system.
The ability, established at the end of 2020, to communicate between multimodal connections, i.e. to provide a displayof local timetable-linked connections, was tested at several
stations in 2021.
The software development for the next generation of the
Dynamic Visual Display (DSA+) is also being driven forwardwith a view to operational testing in 2022.
Smart City at DB Station&Service

With Smart City
City | DB∞, we are seeking to improve everyday
life through smart and environmentally friendly services andto better integrate stations into municipalities and cities. In
2021, we were able to take further innovative development
steps, for example:◊ Increased quality of stay: The specially developed“Freiraum Kit” improves the quality of stay on the forecourts. The Freiraum Kit offers a combination of seatingwith shading elements, a playground for children andgreen islands as an urban plant laboratory.
◊ More flexible mobility options: In October 2021 welaunched the first DB Mobility Hub at the Stuttgart-Vaihingen station. This allows us to bundle all of our sharing
offers into one place, and commuters can reserve car
parking spaces directly at the station. The Mobility Hubis a joint project of Smart City | DB, DB BahnPark andthe Stuttgart S-Bahn (metro).
◊ Sustainable last mile: The idea of the micro-hub is tomake the last mile of a journey sustainable and provide
climate-neutral onward journeys using small vehicles. In
2021, another micro hub was opened in Berlin in cooperation with logistics partners.
◊ Coworking offer: In October 2021, the coworking service
everyworks was opened at Hanover central station. The
first two locations were opened in cooperation with an
external partner (Design Offices).

E N V I R O N M E N TA L M E A S U R E S◊ The Bike+Ride campaign ∫ no. 156 is intended to help create
up to 100,000 additional parking spaces, thereby initiating an expansion of the Bike+Ride infrastructure. To date,
about 70 facilities with more than 7,000 parking spaces
have been constructed. Finished concepts with agreed
and approved spaces are available for about 45,000 parking spaces. The municipalities are financially supportedby the German Federal Ministry for the Environment,
Nature Conservation, Nuclear Safety and Consumer Protection (Bundesministerium für Umwelt, Naturschutz,
nukleare Sicherheit und Verbraucherschutz; BMUV) andoperationally supported by us through space testing andrent-free permits. The program has been extended to2027. In order to advise municipalities on issues and tosupport them with projects, we also set up an information
center in July 2021. DB Netze Stations received the tenderas part of a Federal Government process and, initially fora fixed term until the end of 2023, will provide interested
municipalities with a comprehensive range of information.
Location-specific consultation is also possible.

130Our contribution toclimate protection

To ourstakeholders

Groupmanagement report

Consolidated
financial statements

Notes tosustainability

Additional
information√

Change2021

DB NETZE STATIONS

2020

absolute%

2019

Passenger stations

5,399

5,397

+2

–

5,384

Facilities quality (grade)

2.77 1)2.83 1)

–

–

2.87

Customer satisfaction, traffic station (passengers/visitors) (SI)

73

72

+1

–

69

Customer satisfaction, traffic station(train operating companies and contracting organizations) (SI)

69

68

+1

–

61

Customer satisfaction, tenants (SI)

79

77

+2

–

79

Station stops (million)

155.5

152.2

+ 3.3

+ 2.2

153.3

	thereof non-Group railways

46.0

44.0

+ 2.0

+ 4.5

40.0

Total revenues (€ million)

1,285

1,258

+ 27

+ 2.1

1,339

	thereof station revenues (€ million)

966

917

+ 49

+ 5.3

905

	thereof rental (€ million)

302

332

– 30

– 9.0

393

External revenues (€ million)

520

525

–5

– 1.0

590

EBITDA adjusted (€ million)

160

171

– 11

– 6.4

349

EBIT adjusted (€ million)

1

24

– 23

– 95.8

210

1,380

1,338

+ 42

+ 3.1

1,096

Gross capital expenditures (€ million)
Net capital expenditures (€ million)

297

253

+ 44

+ 17.4

262

Employees as of Dec 31 (FTE)

6,811

6,525

+ 286

+ 4.4

6,216

Annual average employees (FTE)

6,768

6,375

+ 393

+ 6.2

6,038

–

4.0

–

–

–

44.1

44.2

– 0.1

–

44.7

– 27.4– 25.7– 1.7–– 22.1

Employee satisfaction (SI)Share of women as of Dec 31 (%)
Absolute primary energy consumption (stations) compared to 2010 (%)1)

	Preliminary figure.

◊ Through the DB Rad+ app ∫ no. 10 we are promoting intermodal journey chains that combine cycling and the railway.
The app counts the number of kilometers cycled within
an area of action, and these can be redeemed for discounts
and rewards from retailers in the region and at the station.
Users of the app have already traveled more than one million km in 14 cities. Further locations are to follow.
◊ A new approach to construction is being trialed at thesta­­tion in Zorneding, which will enable us to reduce greenhouse gas emissions. The special feature of this new approach is the high degree of prefabrication and the useof wood as a renewable, recyclable construction material,
which reduces greenhouse gas emissions. A total of
41.8 m3 is being installed, and 48% of greenhouse gas
emissions are being saved compared to conventional
construction using reinforced concrete. This will enable
us to create an attractive station offer at locations thathave small passenger numbers.

The facilities quality remained at a good level.
Customer satisfaction among passengers/visitors increased again, especially at the stations in the economic stimulus
programµ129
program129.. The survey is conducted on the basis of about
80,000 interviews per year. Customer satisfaction for train
operating companies and contracting organizations also
improved slightly. Despite the ongoing Covid-19 pandemic,
customer satisfaction among tenants increased and returned
to its pre-pandemic level.
The increase in station stops resulted mainly from theresumption of transport services, which were temporarily
reduced due to Covid-19. The main driver was the higher demand from intra-Group and external customers in regionaltransport. Overall, the pre-Covid-19 level was exceeded.
On the other hand, the economic development continued
to prove challenging, with operating profit figures declining
significantly due to additional expenses, in particular becauseof support measures for tenants in connection with theCovid-19 pandemic. These were only partially offset by income growth:◊ The increase in revenues was due to higher station fees asa result of price and volume factors. Lower rental revenues
had a dampening effect, due in particular to Covid-19. Lower
rental revenues due to renovation measures at stations
placed an additional strain on income growth.
◊ Other operating income (+ 54.2%/€ + 103 million) increased significantly, driven by higher grants in connection with support programs for the renovation of stations(Federal Government’s trade programµprogram129)).
129

DEVELOPMENT IN THE YEAR UNDER REVIEW

Positive development of demand, mainly as a resultof the resumption of transport services.
Rental business continues to be greatly burdened byeffects of the Covid-19 pandemic.
Additional burdens due to effects of collective bargaining and external influences such as severe weather.
Measures were implemented to save energy and to ensure
and improve the quality of customer satisfaction.

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In terms of expenses, there were considerable additionalburdens from the cost of materials and personnel expenses:◊ The costs of materials (+ 17.1%/€ + 118 million) increased,in part because of additional hygiene and safety measures at our stations made necessary by Covid-19, andalso because of the Federal Government’s trade program
stimulus package, though this did not affect profits overall. Price increases, including for energy and services,
resulted in additional burdens.
◊ Personnel expenses (+ 10.7%/€ + 43 million) increased asa result of a higher number of employees and collective
bargaining agreements.
◊ Depreciation (+ 8.2%/€ + 12 million) increased significantly due to capital expenditures.
◊ Other operating expenses (+ 1.1%/€ + 3 million) increasedslightly. In addition to the absence of a one-time effectthat reduced expenses in 2020, expenses rose due tohigher expenses for rent and IT projects, among otherthings. This was offset partly by the effects of lower impairments on receivables and a decline in travel activity
due to Covid-19 effects.
Due to higher gross capital expenditures, mainly in the modernization of existing stations and the construction of new
stations, net capital expenditures increased significantly,
with investment grants virtually unchanged.
As of December 31, 2021, the number of employees increased, mainly as a result of an increase in personnel inconstruction and facilities management.
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.

Notes tosustainability

Additional
information

ply 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, DB Netze Energy offers a network of filling stations across Germany, which can also be
partially used by road vehicles. To enable climate-neutral
rail transport in future as an alternative to diesel, even on
sections without overhead lines, DB Netze Energy is implementing energy supply solutions for traction units with alternative drives and synthetic fuels. In addition, DB Netze
Energy operates 50 Hz medium-voltage networks to supply
energy to stations and provides a charging infrastructure forelectric vehicles on the road. The infrastructure operated by
DB Netze Energy is to a high degree and in varying forms
subject to regulation by the BNetzA.
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 envi- 102-6

ronmentally 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 diesel to mobile and stationary
consumers.
◊ More robust: DB Netze Energy is securing its power supply
in view of potential increases in traffic volume and increasing volatility in the supply of renewable energies.
The LuFV IIIµ 237 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 at DB
Energy, for example through the rollout of sensor technology in traction current facilities, which began in 2020.
◊ More powerful: In 2021, lean excellence was implemented
as part of two pilot projects. In subsequent projects, further processes and areas will be reviewed using lean approaches and, if applicable, made more efficient.
◊ More modern: As an energy supplier to train operating companies in Germany, DB Netze Energy is a central driverfor switching to climate-friendly practices. In order tocompletely switch DB traction current to renewable energies by 2038 at the latest, existing fossil fuel power
plant contracts will henceforth be replaced by environmentally sustainable renewable energies. To enable climate-neutral rail transport in future even on non-elec­
trified lines, DB Netze Energy is working together withvehicle manufacturers, contracting organizations andFederal agencies to pilot suitable supply solutions.
◊ Greener: The infrastructure is being modified for alter­native
drives and synthetic fuels in order to ensure the climateneutral provision of transport services previously run on

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. In addition, the supplyof certified eco-power is offered to private customers nationwide. 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 sup-132

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Traction current pass-throughStationary energy

Notes tosustainability

Additional
information

DB NETZE ENERGY – AT A GLANCEPRODUCTS
Traction current

Supplying trains with energy. We supply the 16.7 Hz rail traction current
throughout Germany around the clock
through our own interconnected
power grid.

Pass-through of electricity purchased
externally by train operating companies within the DB Netze Energy grid inorder to supply trains.

Diesel fuelSupplying stations, plants, interlockings and office buildings with electricity and heating. Stationary train
operation facilities, such as facilities
for pre-heating trains or 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 7

Intra-Group 93

Intra-Group 9

Non-Group 30

Non-Group 91

Intra-Group 70

Networks and infrastructure

Additional production factors

BUSINESS MODELINPUTS
Employees— 1,900— About 7,900 km of traction current grid
— About 1,810 transformer stations— 185 gas stations— 53 power plants/converters/transformers— Electricity— FuelBUSINESS ACTIVITIESCustomer segments— Business customers— Private customers

Value proposition
DB Netze Energy offers a customer-— Key account management— Regional sales— Online customer platforms

oriented and environmentally friendly
access to products in the areas oftraction current and diesel, as well as
stationary energy.

OUTPUTS 1)

OUTCOMES 2)

Traction current(16.7 Hz and direct current)— 7,445 GWh

EBIT adjusted

Stationary energy (50 Hz and 16.7 Hz)— 14,070 GWh

Customer access and retention

Customer satisfaction— € 169 million— SI of 79

Employee satisfaction— SI of 4.0 (2020)

Share of renewable energies in the
DB traction current mix in Germany

Key activities— Providing reliable infrastructure— Procuring energy— Selling energy— Offering energy economics-related
and technical services

Supply reliability— 99.99%— 62.4%

Diesel fuel— 389 million l

As of 2021 respectively December 31, 2021.
1)	Key products and services.
2)	Internal and external results and outcomes from business activities and outputs along the entire value-added chain.

diesel. Implementation of the “Green energy for a strong
rail system” business unit strategy continued in 2021, instrategyµ 52 ff.
ff.
terlinked with the Strong Rail strategy

GENERAL FRAMEWORK
Procedure for defining traction current grid access

The determination procedure already initiated by the BNetzA
in 2019 for the further development of the business processes
for access to the traction current grid is nearing completion.
In April 2021, the BNetzA submitted a revised document on
future automated business processes for public consultation.

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The defining procedure aims to improve transparency andenforceability of the access rules, data formats and communication deadlines for all market partners (electricity suppliers, train operating companies, vehicle owners and DB Netze
Energy). The BNetzA’s intention by introducing this pro­cedure
is to strengthen the responsibility of the owners of railway
vehicles. In order to supply the traction current 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 the way
through to settlement. DB Netze Energy welcomes thisfurther development in its role as the traction current grid
operator. After the BNetzA has evaluated numerous statements, the business processes defined by the Federal
agency are expected to be adopted in 2022. As part of thisprocess, an appropriate transitional period will be required
to allow the necessary IT systems to be developed by all
market partners involved.

Notes tosustainability

Additional
information

power plants will join DB Netze Energy’s eco-power portfolio. To date, there is little knowledge about how reliablewind turbines are after 20 years of operation. The agreement terms are short in order to enable experience tobe gathered first.
◊ The solar power park ∫ no. 30 in Gaarz near Plau am See
went into operation on May 31, 2021. DB Netze Energy
receives about 80 GWh of eco-power annually from the
Enerparc facility. The electricity supply has been agreed
for 30 years. Compared to gray power consumption fromthe 50 Hz markets, this saves up to 40,000 t of CO₂ p.a.,
and up to 60,000 t CO₂e p.a. compared to sourcing froma coal-fired power plant. This is equivalent to 4,500 times
the annual per capita CO₂ emissions in Germany.
◊ For ten years from 2023, the Mågeli hydroelectric power
plant in Norway will supply almost 190 GWh p.a. of ecopower. This quantity will cover the energy requirementsof the about 40,000 trains in Germany each day for about
one week. It is therefore the first cross-border, long-term
eco-power agreement (Cross-Border PPA ) to be concluded. The partner is the state-owned Norwegian ener­gy company Statkraft. Compared to electricity from coal,
this hydroelectric power from Norway will save up to146,000 t of CO₂e p.a., equivalent to 16,000 times theannual per capita CO₂ emissions in Germany.

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 mix

Building a mixed portfolio for a secure energy supply while
increasing the share of renewable energies under an economically sustainable general framework is a core element of ourgreen strategy:◊ In 2021, DB Netze Energy concluded an additional 15-year
agreement for the purchase of electricity from offshore
wind farm ∫ no. 47 Amrumbank West off Helgoland. From
2025, about 190 GWh of additional electricity will be purchased each year. As a result, every fourth wind turbineon the Amrumbank wind farm will be working for DB
Group. Up to 153,000 t of CO₂e p.a. will be saved comparedwith obtaining energy from a coal-fired power plant, equivalent to 17,000 times the annual per capita CO₂ emissions
in Germany.
◊ An agreement for supply from the Schluchsee hydroelectric power plant complex has been finalized with RWE.
This is a pumped-storage power plant which, due to its
natural inflow, can also supply electricity from renewableenergies (RE electricity) from hydroelectric power ∫ no. 16.
16.
The ten-year agreement covers an annual supply of 93
GWh from 2023. Up to 72,500 t of CO₂e p.a. can be savedin comparison to sourcing from a coal-fired power station.
This is equivalent to 8,000 times the annual per capita
CO₂ emissions in Germany.
◊ DB Netze Energy is securing the continued operationof two wind farms in Lower Saxony that are more than
20 years old, thereby saving about 50,000 t CO₂e p.a. incomparison with electricity supplied by a coal-fired power
plant. From 2022, the two wind farms will supply about
90 GWh of electricity annually. As a result, on-land wind

Energy supply for alternative drives

In addition to the further electrification of railway lines, DB
Netze Energy is also implementing supply solutions for rolling stock with alternative drives. To this end, DB Netze Ener­gy is pursuing various technological approaches:◊ In terms of supplying energy to battery-powered trains ∫no. 45,45, planning services for the construction of the necessary charging infrastructure in Schleswig-Holstein andRhineland-Palatinate were further advanced in 2021 incooperation with DB Netze Track. Since spring 2021, planning has been in progress for the construction of thecharging infrastructure in the Lower Rhine-Münsterland
network in North Rhine-Westphalia.
◊ 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. Within thisproject, DB Netze Energy is responsible for developing
an innovative supply infrastructure for hydrogen ∫ no. 53.
DB Netze Energy is also constructing a hydrogen filling
station in Frankfurt am Main as a pilot facility to supply
our fuel cell road vehicles. This facility, which is designed
not only to supply hydrogen but also to generate it onsite, is scheduled for completion in the second quarter

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Notes tosustainability

Additional
information√

Change2021

DB NETZE ENERGY

Supply reliability (%)

99.99

2020

%

2019

–

–

99.99

79

77

+2

–

78

	Customer satisfaction, traction current and diesel (SI)

77

71

+6

–

71

	Customer satisfaction, electricity and gas plus (intra-Group customers) (SI)

80

76

+4

–

78

	Customer satisfaction, electricity and gas plus (non-Group customers) (SI)Traction current (16.7 Hz and direct current) (GWh)99.99

absolute

1)

Customer satisfaction (SI)

1)

80

85

–5

–

86

7,445

7,263

+ 182

+ 2.5

7,986

Pass-through traction current (16.7 Hz) (GWh)

2,281

1,985

+ 296

+ 14.9

1,566

Stationary energy (50 Hz and 16.7 Hz) (GWh)

14,07014,063+7–

14,932

Diesel fuel (million l)

389.3

385.7

+ 3.6

+ 0.9

410.6

Total revenues (€ million)

3,366

2,724

+ 642

+ 23.62,812

External revenues (€ million)

1,808

1,297

+ 511

+ 39.4

1,308

EBITDA adjusted (€ million)

254

91

+ 163

–

128

EBIT adjusted (€ million)

169

5

+ 164

–

43

Gross capital expenditures (€ million)

340

273

+ 67

+ 24.5

193

66

51

+ 15

+ 29.4

61

Employees as of Dec 31 (FTE)

Net capital expenditures (€ million)

1,900

1,861

+ 39

+ 2.1

1,772

Annual average employees (FTE)

1,892

1,821

+ 71

+ 3.9

1,751

–

4.0

–

–

–

Share of women as of Dec 31 (%)

13.9

14.4

– 0.5

–

13.3

Share of renewable energies in the DB traction current mix (%)

62.4

61.4

+ 1.0

–

60.1

Employee satisfaction (SI)1)

	Preliminary figure (not rounded).

Volumes grew, primarily as a result of recovery effects after
the pandemic-related decrease in the previous year:◊ Traction current sales increased, mainly as a result ofhigher demand from intra-Group customers in long-distance passenger and freight transport. A shift in demand
from non-Group customers to pass-through traction current curbed this development slightly.
◊ The traction energy passed-through for non-Group customers increased significantly. In addition to recovery
effects, increased traffic and shifts away from full supply
models also led to an increase.
◊ In stationary energy, electricity sales remained virtuallyunchanged. The decline in portfolio optimization measures on the energy market almost completely eliminatedthe recovery effects and growth of the private customer
business.
◊ The increased demand for diesel fuels is due to intra-Groupcustomers in regional and freight transport.
Economic development improved. The increases in revenues
were only partly offset out by higher energy procurement
expenses. The operating profit figures improved significantly.
The driver for these developments was noticeable income
growth:◊ Revenues increased significantly, due mainly to higher
prices in energy trading and revenues from CO₂ certificates. Higher sales prices for diesel fuel and stationary
energy also had an effect. Higher sales volumes and prices
also led to an increase in revenues from traction current.

of 2022. Last but not least, DB Netze Energy is involved
through regional rail passenger transport tenders in various Federal states with the planning and implementationof supply solutions for the use of local fuel cell trains.
◊ In addition, DB Netze Energy supports the testing andregular use of alternative fuels within DB Group. This includes a field test conducted by advanced TrainLab ∫ no.
159, in which 100% HVO fuel (consisting entirely of hydrogenated vegetable oil produced from plant and waste
residues) is provided via a mobile tank container. The test
supply and operation of the mobile tank container was
extended by another year until at least mid-2022.
DEVELOPMENT IN THE YEAR UNDER REVIEW

Recovery after Covid-19-related challenges – demand
for traction energies increased significantly.
Hedging strategy limits the impact of significant priceincreases on the energy procurement market.
Increased capital expenditures in traction current supply.
Supply reliability stable at a high level.
The high level of supply reliability was maintained.
Customer satisfaction was at a very high level. Across all
product areas, customers are very satisfied with employee
behavior, service quality and settlement. There were improvements in traction energy in particular, resulting from optimizations to the reporting and settlement processes comparedto the previous year.

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Consolidated
financial statements◊ Increase in other operating income (+ 36.8%/€ + 28 million) resulted, among other things, from higher income
from the release of provisions. In addition, income fromtechnical services provided to internal and external customers also increased.
In terms of expenses, there were additional challenges related to the cost of materials, due in particular to the recovery in demand and price factors:◊ Cost of materials increased significantly (+ 20.5%/€ + 505
million). Increased sales volumes, price effects in energy
trading and in CO₂ certificates as well as higher procurement prices led to an increase in energy procurement
expenses.
◊ Personnel expenses (+ 8.2%/€ + 11 million) increased asa result of a higher number of employees and collective
bargaining agreements.
The remaining expense items remained almost unchanged:◊ Other operating expenses (– 3.8%/€ – 5 million) declined
slightly. In addition to fewer IT services, lower impairmentson receivables in particular had a cost-reducing effect.
This was countered by increased rental expenses andlicense costs for software.
◊ Depreciation (– 1.2%/€ – 1 million) decreased primarily
due to the absence of negative one-time effects in theprevious year.
Capital expenditures increased significantly as a result of anincreased volume as part of the LuFV III and increased capital expenditures in joint projects (requirement plan). Net
capital expenditures also increased as a result of a one-time
effect from the capitalization of a lease contract.
The number of employees increased slightly, primarily inorder to implement the higher project volume arising fromthe LuFV III and through insourcing IT services.
The share of women declined.
The share of renewable energies in the DB traction current
mix in Germany
Germanyµ 67 f. continued to grow.

Notes tosustainability

Additional
information

DB E .C.O. GROUP

The DB E.C.O. Group∞Group
acts as a single-source partner, offering
DB Group’s engineering, consulting and operations expertiseto its customers.
Investments∏
With 50 employees, inno2grid GmbH (i2g) supports the ac- 102-10
tivities of the DB E.C.O. Group. i2g’s areas of activity include
urban electric mobility, energy management and the digital
networking of mobility and energy provision.
DB Engineering &Consulting

DB Engineering &Consulting (DB E&C)∞ was awarded planning

services for a section of the Ruhr-Sieg line in Hesse thatstretches about 75 km. In order to meet increasing freighttransport demand, this line is being expanded. The special
feature of the line is its numerous tunnels. The expansion
will enable freight trains, especially from combined transport, to run through the tunnels. In addition, passing loops
for freight trains and increases to signal block density areplanned.
◊ Since January 2021, DB E&C has been responsible for a section of the second S-Bahn (metro) main line in Munich. The
first major project milestone – inserting the tied-arch bridge
into the project location – was completed in July 2021.
◊ The Wallauer Spange new construction line will create a
4-km-long connection line between the Breckenheim  —
Wies­baden rail lines and the Cologne  —  Rhine/Main highspeed line. DB E&C has been commissioned to provide
geotechnical advice and groundwater monitoring, and toprepare a specialist model of the building site for use inbuilding information modeling (BIM) throughout the entire project area.
◊ In April 2021, DB E&C was commissioned, with partners
from Spain and Italy, to act as the electrification engineer(ENE engineer) for Rail Baltica. The Rail Baltica Global
Project is a major project to connect the Baltic states tothe European rail network.
◊ DB E&C and JSC Ukrzaliznytsia (Ukrainian Railway) havesigned a consultancy agreement relating to passenger
transport. Its objective is to improve the planning anddevelopment of rail passenger transport, to optimize purchasing and to modernize the vehicle fleet.
◊ At DB E&C, the main objectives that BIM was used for in
2021 were increasing efficiency and partially automating
further production steps. To this end, a great deal of work
went into standardizing BIM throughout the entire production chain. The project portfolio has grown by 173 new
BIM projects. About 240 BIM projects are currently being
processed.

Subsidiaries/other

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.

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Notes tosustainability

Additional
information

SUBSIDIARIES/OTHER – AT A GLANCE

102-7

PORTFOLIODB Business Services— Legally independent entities (including
DB Zeitarbeit GmbH, DB JobService GmbH and
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 23

EMPLOYEES / %DB Systel 22

Other 6
DB Sales 11

DB Services 16

DB E&C 11

DB Bahnbau Group 11

DB AG 15

DB Systel 9

DB Services 16

DB E&C 10

DB Sales 7

DB Bahnbau Group 6
DB Vehicle Maintenance 14

Other 23

As of 2021 respectively December 31, 2021.

winning a Europe-wide tender, CleverShuttle has been
operating the HeinerLiner
HeinerLiner∞ in Darmstadt since April 2021
on behalf of the transport company HEAG mobilo.
◊ In 2021, ioki launched a total of 24 new on-demand transport services in close cooperation with contracting organizations and transport companies, including the largest
on-demand service in Germany, with an innovative booking app in the Rhine-Main area (RMV app) and the EVA
shuttle∞ in Karlsruhe, which for the first time combined
shuttleautonomous driving in an area-based service and on-demand bookings. An ioki study showed that, in rural areasin particular, there is a gap in public transport services
that could be closed with the introduction of on-demand
services.
◊ Using the example of Bonvoyo, DB Connect’s mobility
budget offer, the potential of mobility budgets to act as
behavior-influencing measures to increase sustainablemobility was investigated in the Reallabor Hamburg
Hamburg∞ research project, which was sponsored by the BMDV: in thecase of both the Bonvoyo app itself and the use of Bonvoyo as a payment option in the HVV switch app, there
was evidence of increased use of sustainable mobility
services among the pilot customers.
◊ As a technology partner, Mobimeo is working with theindustry initiative Mobility inside to develop a mobility
platform and the corresponding regionally branded mobility apps for the 13 participating transport companies

DB International Operations◊ Following the completion of a 273-km-long freight transport line in Uruguay, which is scheduled to happen in
2023, DB International Operations (DB IO)∞, together withtwo partners, will take over the operation and maintenance of the line for 22 years. The formation and mobilization of the operating company began in October 2020
and will run for three years.
◊ Etihad Rail DB is bringing its experience and expertise
gained from the first phase to the preparation of operations
for the phase 2 line in the United Arab Emirates, which
covers about 600 km and is currently under construction.
◊ The DB E.C.O. Group North America, together with DB IO,
is advising the California High-Speed Rail Authority in the
US on preparing for operations.
DB NEW MOBILITY

DB New Mobility combines DB Group’s range of new mobil-

ity solutions. These include the offers from ioki
ioki∞, Mobi­
meo∞, and CleverShuttle
meo
CleverShuttle∞, the Call a Bike∞
Bike, Flinkster
Flinkster∞,
Bonvoyo∞ products and Curbside Management∞
BonvoyoManagementfrom DB Connect ∞. DB New Mobility is directing this integrated offer
to contracting organizations such as municipalities and transport associations.
◊ CleverShuttle had won tenders for a total of 13 on-demandtransport services by the end of 2021 and also brought
the largest all-electric on-demand transport service ofa German public transport company onto the road. After

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financial statements

and associations. The platform will facilitate the reciprocal sale of public passenger transport tickets throughout
Germany as well as multimodal connections through sharing and on-demand services. The market launch is scheduled for the end of the first quarter of 2022.

Personnel expenses increased, mainly as a resultof a higher number of employees.
Digitalization and Group projects advanced.
Significant income gains drive improved profit.
Change2021

2020 absolute

%

2019

Total revenues (€ million)

5,685

5,375

DB Business Services

3

4

+ 310

+ 5.8

5,192

–1

– 25.0

DB Operational Services

6,519

6,203

51

+ 316

+ 5.1

5,994
– 853

Other/consolidation

– 837

– 832

–5

+ 0.6

External revenues (€ million)

593

523

+ 70

+ 13.4

581

EBITDA adjusted (€ million)

113

– 98

+ 211

–

– 62

EBIT adjusted (€ million)

– 472

– 690

+ 218

– 31.6– 575

DB Business Services

– 74

– 85

+ 11

– 12.9– 71

DB Operational Services

217

32

+ 185

–

18

– 614

– 637

+ 23

– 3.6

– 522
714

Other
Gross capital expenditures (€ million)

815

981

– 166

– 16.9DB Business Services

7

5

+2

+ 40.05

DB Operational Services

414

390

+ 24

+ 6.2

429
280

Other
Net capital expenditures (€ million)
Employees as of Dec 31 (FTE)

394

586

– 192

– 32.8

809

981

– 172

– 17.5713

58,34557,878

+ 467

+ 0.8

55,497

DB Business Services

11,571

11,792

– 221

– 1.9

12,015

DB Operational Services

44,29943,330

+ 969

+ 2.2

40,907

Other
Annual average employees (FTE)

2,475

2,756

– 281

– 10.2

2,575

58,25556,847+ 1,408+ 2.5

54,973

Additional
information

Revenues from non-Group customers increased slightly. Thiswas mainly the result of recovery-related growth at DB Sales
and an increase in project business at the DB E.C.O. Group.
The operating profit figures in the Other area were significantly affected by corporate management functions performed for the business units. There was no cost transfer tothe business units by means of intra-Group allocations. The
operating profit figures adjusted EBITDA and adjusted EBIT
were significantly better, as growth in income exceeded theincrease in expenses.
These extra costs were due to higher expenses for personnel, mainly resulting from an increase in the number of
employees in response to capacity and quality measures.
Rental expenses and IT costs were also above the previous
year’s level. In addition to countermeasures, the positive
business development at DB Systel, DB Vehicle Maintenance,
DB Sales and DB Connect, among others, more than compensated for these effects.
The decline in capital expenditures resulted mainly fromless significant effects from extensions of existing rental andlease contracts at DB Real Estate.
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, DB Security, DB Services and DB Bahnbau, resulting from expanded digitalization and quality measures,
additional hygiene and safety requirements as a result of theCovid-19 pandemic and the increase in in-house productionlevels. Due to changes in demand, on the other hand, thenumber of employees working for DB Sales and the humanresources service providers of DB Group fell. The number of
employees at the Group headquarters also fell.

DEVELOPMENT IN THE YEAR UNDER REVIEWSUBSIDIARIES / Other

Notes tosustainability

The 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 Covid19-related cleaning and hygiene services (DB Services),
mobility (DB Connect) and security services (DB Security).
A higher project volume for DB Vehicle Maintenance and the
DB E.C.O. Group also had a revenue-increasing effect.

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DB Arriva business unit

Notes tosustainability

Additional
information

Mainland Europe◊ Operations in the Netherlands will continue to be supported by central and local governments in 2021 and into
2022. Discussions with contracting organizations regarding support through to September 2022 and the potential
for extension of support beyond that date are continuing.
◊ A new government coalition has been in office in the Netherlands since January 2022 and has released a coalition
program. Discussions around further liberalization of public transport are taking place and, after a two-year periodof emergency contract extensions due to the impact of
Covid-19, competitive tenders are expected to resume.
◊ In Mainland Europe, mechanisms of government support
in response to Covid-19 impacts have varied by market,
and have included direct support (the Netherlands, Croatia, Serbia, Denmark, Italy, Hungary, Czech Republic),
adjustments to contractual pricing mechanisms (Sweden,
Spain, Portugal) and previously agreed support such ascost plus contracts (Slovakia) and a farebox guarantee(Slovenia).

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

The environment for European passenger transport deteriorated significantly from spring 2020 due to the Covid-19 pandemic. The official contact and travel restrictions continued
in 2021. These were only gradually eased before being reintroduced as the number of infections increased in the lastquarter of 2021. In some places, the restrictions were stricter
than in Germany. These effects also led to a substantial decline in volume sold in 2021 compared to pre-Covid-19 levels.
In many European countries, the transport sector and transport providers received financial support from public authorities to (partially) compensate for the large losses causedby the Covid-19 pandemic.

United Kingdom◊ The United Kingdom (UK) government is taking forward
its plans for reforming rail following the publication of
the Williams-Shapps plan, in May 2021. The reforms willtake a few years to implement. A new public institution,
the Great British Railways (GBR), will be set up to implement the new model as a management institution in close
cooperation with private operators. The previous franchise model for rail transport contracts is being reformed.
◊ The UK government moved to a further stage of support
for bus services in England and the emergency scheme
was replaced by GBP 226.5 million of recovery funding
payable to local authorities and operators until April 5,
2022. The funding is closely aligned to the policy aimsof the national bus strategy (NBS), which focuses on increasing passenger numbers and comprises GBP 3 billion
after 2021.
◊ At the end of October 2021, local transport authorities
published a local Bus Service Improvement Plan, develop­ed in collaboration between operators and authorities.
It sets targets for punctuality and passenger growth, highlights important bus transport measures and consider is­sues such as carbon reduction targets, and plans for revised
networks, fares and ticketing together with priorities forgovernment funding allocated under the NBS.

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 public transport autho­rities
are an important source of income. Commercial revenues are
generated mainly through ticket sales/fares. In addition, inmany markets DB Arriva also generates revenues from private
rentals, which complement the commercial business.
Predefined terms of transport contracts, concessions androute authorizations, combined with the complex produc­tion system, result in a cost structure with a high proportionof 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 expenditure and depreciation, the major drivers are personnel,
maintenance, energy and infrastructure expenditure (in railtransport). Reacting quickly to changes in bus and train capacity can be a challenge in many of the markets in which
DB Arriva operates.

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102-7

To ourstakeholders

Groupmanagement report

Consolidated
financial statements

Notes tosustainability

Additional
information

DB ARRIVA – AT A GLANCELINES OF BUSINESSUK 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 andLondon Overground) and an openaccess 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, Commercial and Finance, using
knowledge and experience to leverageand share best practice.

across most of its markets in 13 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 / %UK Bus 21

Mainland Europe 52

UK Trains 9

Mainland Europe 57

UK Trains 27

UK Bus 31

UK Trains 11

Other 1

BUSINESS MODELINPUTS
Employees

Vehicles— About 43,200— 813 multiple units— 18 locomotives— 73 passenger cars
— 15,676 buses (including external buses)

Electricity and fuel— 454 million l fuel— 271 million kWh electricity

BUSINESS ACTIVITIESCustomer segments— Private customers— Contracting organizations andother local authorities

Value proposition— DB Arriva offers customer-

Customer access and retention

oriented, efficient and affordable
transport solutions.

— Providing train and bus services— Looking after customers— Providing and maintaining vehicles— Operation and optimizationof local networks

Punctuality

OUTPUTS 1)

OUTCOMES 2)

Passengers— 1.3 billion (bus and rail)

EBIT adjusted— € – 73 million

Customer satisfaction— SI of 77

Volume sold

Employee satisfaction— SI of 3.8 (2020)

Greenhouse gas emissions— 4.7 billion pkm (rail)

Key activities— Local sales outlets, travel centers,
agencies, ticket machines,
online, call center, on-board sales— Subscriptions, apps

— 93.5%— – 17.3% (rail)— – 14.9% (bus) compared to2006 (specific)

Volume produced— 0.9 billion bus km and— 0.1 billion train-path km

As of 2021 respectively December 31, 2021.
1)
	Key products and services.
2)	Internal and external consequences and results from business activities and outputs along the entire value-added chain.

Throughout Europe, DB Arriva works with local, regional andnational authorities to bring new and improved services tocustomers. 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 and DB Arriva’s
commitment to providing high-quality, reliable, efficient andcost-effective transport services.

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financial statements∏ M A R K E T S A N D S T R AT E G Y
102-6 DB Arriva connects communities in various European countries, and continuously invests in new vehicles, improving
passenger information systems and developing new mobility
solutions to complement traditional passenger modes. Thisin turn helps the company achieve sustainable positions acrossits core markets. Furthermore, DB Arriva continues to improve
its position by participating in tenders across its markets.
Some examples of such investment in technology, products
and new tenders are:
◊ UK Bus has introduced a standardized operating model
under a new function that creates a foundation for operational excellence and unlocks additional potential. UK
Bus has appointed a national Operations Director, supported by a team to improve operational excellence
through various programs of changes.
◊ UK Trains and Mainland Europe were successful in various
tender processesµprocesses
141 f. The successes included directawarding and extensions of existing contracts, such as
those for Chiltern Railwaysµ
Railways141.
Employees are a critical component in DB Arriva’s success.
Each year DB Arriva continues to evolve its approach to continually improve engagement with employees, including
through a wide range of opportunities for employees to share
their ideas and views. This feeds the development of action
planning to enable our continual development, making Arriva
an even better place to work.
In 2021, DB Arriva was able to maintain the level of employee satisfaction, benchmarking well against external comparisons and supporting our employer of choice vision.
DB Arriva’s commitment to the environment and to thewider sustainability agenda is an integral part of its corporate
culture. Central to this is transitioning to zero emissions vehicles where possible, reducing fuel consumption, improving
air quality and reducing carbon emissions. DB Arriva hascommitted to helping shape a sustainable future and in 2021
began developing a new sustainability strategy which will
be rolled out in 2022. The strategy will set ambitious tar­­getswith a focus on zero emissions vehicle transition for both bus
and rail operations in Europe, circularity, green procurement,
and diversity and inclusion.
In 2020, DB Arriva undertook a strategic review to ensure
the business can continue to thrive and grow in the future.
The majority of European markets have been evaluated ascore and there will be no change, however certain markets
identified as non-core are under evaluation to establish divestment opportunities. The outcome will be a more focusedbusiness facilitating even greater innovation and sustain­-Notes tosustainability

Additional
information

able growth, whilst also closely aligning their business tothe needs of their clients, passengers and the communities
they serve. This process is ongoing, and no decisions have
yet been made.
In 2021, DB Arriva continued to take appropriate management actions to reduce its cost base to make it more competitive, and throughout the year maintained discipline aroundits capital expenditures. Such action included, for example,
success­­fully closing its three defined benefit pension schemes
to future accrual, resulting in one-off closure costs of € 30
million. As a result of the management actions taken, DB
Arriva is able to invest in its growth markets.
In addition, DB Arriva launched a company-wide performance improvement program to identify and implement
cost savings and commercial initiatives to build a more efficient and competitive business for the long term. In 2021,
DB Arriva began to roll out new tender and contract manage­­ment processes and introduced a key performance indicator
approach to drive performance across the business. Customers sit at the heart of this improvement program, with DB
Arriva focused on using data and building insights in orderto build closer and deeper relationships to meet DB Arriva’s
customers’ needs and expectations.

ORDER BOOK
Awarded transport contracts
Volume(million train km)

TRANSPORT CONTRACTS AWARDED/ Rail 2021

Term

p. a. 1)

Total 1)

United Kingdom

Chiltern

12/202 1– 03/2025

10.4

33.8

Czech Republic

MoT Trains (R14)

12/2022–12/2027

1.7

8.5

Sweden

E20 Train
Roslagsbanan 2)

06/2021–04/2022

3.2

2.4

PolandKujawsko-Pomorskie 2)

12/2021–12/2022

2.2

2.2

17.5

46.9

Total 1)
1)

	Differences due to rounding are possible.
	Including extensions of existing transport contracts.

2)◊ A new contract (National Rail Contract) for Chiltern Railways has been agreed with the Department for Transport.
The new contract started on December 31, 2021, and runs
until the end of 2027, with a guaranteed core term of 3.25
years (the remainder is subject to the discretion of theSecretary of State).

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TRANSPORT CONTRACTS AWARDED

Termp. a. 1)

Total 1)

11/2021 – 11/2031

14.5

145.0

Slovakia

Bratislava
Regional Transport

UnitedKingdomLondon(35 separate lines) 2)

2 – 5 years

37.3

83.1

Slovenia

Regional Transport 3)

12/2021 – 12/2023

23.1

46.2

SwedenKristianstad

12/2022 – 12/2028

7.0

41.6

The Netherlands

Noord Brabant West 3)

07/2023 – 07/2025

17.9

35.8

Italy

SAB 3)

01/2022 – 12/2023

13.7

27.4

SwedenE20 Bus Norrort 3)

06/2021 – 11/2022

17.2

22.9

HungaryBKK A7+BKK A8 3)

22.4

06/2021 – 06/2023

11.2

Italy

SIA

3)

01/2021 – 12/2021

15.9

15.9

Italy

SADEM 3)01/2022 – 03/2023

9.9

12.4

Czech RepublicCity of Třinec

01/2022 – 12/2031

1.2

12.0

Slovakia

City of Trnava

07/2021 – 06/2031

1.2

11.6

Slovakia

Zilina region

12/2021 – 09/2022

10.5

8.7

SerbiaBosch passenger
transport 3)

02/2022 – 01/2024

1.6

3.1

The Netherlands

Lelystad 3)

01/2022 – 12/2024

1.4

2.8

SerbiaLeoni personnel
transport 3)

02/2021 – 01/2022

SerbiaCity of Kragujevac 3)

06/2021 – 05/2022

2.5

2.5

0.2 – 10 years

11.4

12.7

198.7

507.3

3)

Other 2)
Total

1.2

Additional
information

Major contract cessations

Volume(million bus km)/ Bus 2021

Notes tosustainability

MAJOR CONTRACT CESSATIONSMilliontrain-paththereofkm p. a. versus 2020
Cessation

United Kingdom

03/2020/ Rail 2020 –2021 1)

Rail North

Total 2)
1)

56.5

– 9.0

56.5

– 9.0

	Services were previously not provided by DB Arriva.
	Differences due to rounding are possible.

2)

MAJOR CONTRACT CESSATIONS
/ Bus 2020 –2021

Cessation1)

SwedenHalland South(Halmstad City)

06/2020

5.9

– 3.0

Czech RepublicHradec Králové region

02/2021

6.9

– 5.8

Denmark

Movia A18

06/2021

5.0

– 2.5

Denmark

NT26.408/2021

3.0

– 1.0

Czech RepublicÚstecký kraj region

11/2021

2.9

– 0.5

Slovakia

Nitra City

12/2021

4.2

– 0.4

27.9

– 13.2

Total 2)1)

1.2

Million
thereofbus kmp. a. versus 2020	Services were previously provided by DB Arriva.
	Differences due to rounding are possible.

2)

Order book	Differences due to rounding are possible.
	Including extensions of existing transport contracts.
3)	Extension of the existing transport contract.
1)

Change2)◊ DB Arriva mobilized the first part of its bus contract in Kristianstad/Sweden for the provision of 54 city buses in December 2020. The second part of the contract involving 31
regional buses successfully commenced in December 2021.
The contract will be operated until December 2028.

/ Rail 2020 –2021

Czech Republic

MOT (R14)

12/2020 – 12/2027

Total 2)
1)

1.7

+ 1.7

1.7

+ 1.7

	Services were previously not provided by DB Arriva.
	Differences due to rounding are possible.

2)

MAJOR COMMISSIONINGS/ Bus 2020 –2021

Term

1)

Millionbus kmthereofp. a. versus 2020

Czech Republic

Pilsen region

06/2020 – 06/2030

18.2

+ 8.3

SwedenKristianstad

12/2020 – 12/2028

3.5

+ 3.2

Slovakia

Bratislava

11/2020 – 11/2031

Total 2)
1)

15.3

+ 1.9

37.0

+ 13.4

DB Arriva

2020

absolute

%

13.6

14.4

– 0.8

– 5.6

secured

9.9

10.2

– 0.3

– 2.9

unsecured

3.7

4.2

– 0.5

– 11.9In 2021, the order book declined in total. The additions fromtransport contracts won of about € 2.4 billion are offset bydisposals – mainly as a result of services rendered – of about€ 3.4 billion. In addition, changes in premises of + € 0.2 billion
had a positive effect.
This was primarily due to the development in Mainland
Europe (– 7%). There has been tendency in many markets
to defer tender processes and extend existing contracts.
DB Arriva expects the tender volume to increase again in
the second half of 2022 and in 2023.

Milliontrain-paththereofkm p. a. versus 2020
Term

1)

2021

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.

Major commissionings
MAJOR COMMISSIONINGS

ORDER BOOK AS OF DEC 31 / € billion

ORDER BOOK PER YEAR AS OF DEC 31, 2021 / € billion

2022
2023
2024
2025
2026
2027
2028
2029
2030
to 2035

	Services were previously not provided by DB Arriva.
	Differences due to rounding are possible.

2)

142

0.8 / 0.3
0.6 / 0.3
0.5 / 0.3
0.4 / 0.2
0.3 / 0.2
0.2 / 0.2
0.3/0.4

secured /1.5 / 0.6

unsecured

2.8 / 0.6
2.5 / 0.6

Our contribution toclimate protection

To ourstakeholders

Groupmanagement report

Consolidated
financial statements

D I G I TA L I Z AT I O N A N D I N N O VAT I O N

Notes tosustainability

Additional
information◊ In February 2021, DB Arriva awarded Solaris its first orderin the Netherlands for ten new hydrogen buses, the firstof which was delivered in October 2021. The capital expen­
diture of about € 6.4 million will be supported by theprovince of Gelderland and the EU.
◊ DB Arriva opened a new energy-efficient combined depot
and head office building in Madrid/Spain. The design ofthe depot accommodates a transition to zero emissions
vehicles, with new infrastructure installed to sup­­port the
charging of hybrid, electric and gas-powered vehicles,planned for the future.
◊ DB Arriva has tested several types of electric buses in
Hungary (MAN Lion’sCity E, Mercedes eCitaro, BYD K9
UB solo, Ikarus 120.EL CityPioneer). Plans for similar tests
in the future will also be developed in close cooperation
with the public transport authority.

◊ DB Arriva launched its first Mobility as a Service (MaaS)
glimble∞.. The new mobile app enables passengers
app glimble
to plan, book and pay with a smartphone for most travel
options. The app works in the Netherlands for all modes
and means of transport, thus ensuring fully interlinked
multimodal travel planning.
◊ DB Arriva’s shared mobility service in Denmark, SHARE
NOW, has extended its area of operation to the cityof Lyngby.

E N V I R O N M E N TA L M E A S U R E S◊ In 2021, Udine will be the first Italian city to introduce fivenatural gas vehicles on its suburban lines, with an investment of about € 1.3 m financed by DB Arriva.
◊ Chiltern Railways trialed the use of its first hybrid train
in June 2021. The re-engineered train has been fitted withan innovative system that allows it to operate under battery power while entering or leaving stations before
switching to diesel engines. It will be used in passenger
transport from the beginning of 2022 and is the fastest
hybrid train to operate in passenger service on the UK
national network. This will help to reduce noise and pollutants in and around stations and could also lead toshorter travel times for customers.
◊ DB Arriva has commissioned 18 new WINK trains in the
Netherlands. In addition to a modern design, the newly
designed articulated rail cars (GTW) are also fitted withbatteries that can store the trains’ braking energy, making
them quieter in the station. Storing braking energy means
the train does not have to idle when stationary to keep
its systems, including lighting and air-conditioning, operational, reducing the environmental impact.
◊ ProRail, DB Arriva and the provinces of Overijssel, Gelderland and Fryslân are working together to achieve climateneutral local public transport and are testing a new battery powered train. On three non-electrified rail routes a
WINK train from DB Arriva will be tested to (part­­­ly) run
electrically. By making technical adjustments to thetrain, it can run on a battery instead of diesel.
◊ DB Arriva has fitted its bus fleet in the Dutch region of
Achterhoek to operate with hydrotreated vegetable oil(HVO). This is in addition to the HVO buses operated in
Friesland and Schiphol and it is also used to power theheating on board buses in Limburg. In addition, the 18
new WINK trains in the north of the Netherlands will also
be operated with HVO, and tests will be carried out on
HVO use on two existing GTW trains.

OTHER EVENTS◊ The application by DB Arriva for two open-access nightconnections in the Netherlands has been approved by
the market authorities. In a unique move within the Dutch
market, DB Arriva is applying for three new Open Accessroutes of which two will serve Schiphol Airport withnight-time links, allowing travel by rail during the nightfor the first time and connecting with early morning
flight departures.

DEVELOPMENT IN THE YEAR UNDER REVIEW
Performance development at the beginning of theyear still significantly influenced by Covid-19 effects.
Revenue decline, partially mitigated throughgovernment support payments.
Cessation of the Rail North franchise (ARN effect).
Punctuality in rail passenger transport increased, partly as aresult of the Rail North effect and due to the reduced standing times at stations due to the lower passenger numbers.
In the UK the customer satisfaction survey was paused
due to the Covid-19 pandemic and was only resumed in the
fourth quarter of 2021. DB Arriva’s activities achieved goodresults, with Arriva London Overground and Chiltern Railways in particular showing good improvements in over­all customer satisfaction. Customer satisfaction at UK Bus
fell slightly as a result of lower supply due to Covid-19 andreduced punctuality.

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financial statements

Notes tosustainability

Additional
information√

ChangeDB ARRIVA

2021

2020

absolute%

2019

Punctuality (rail) (United Kingdom, Denmark, Sweden,
the Netherlands, Poland and the Czech Republic) 1) (%)

93.5

92.3

+ 1.2

–

87.6

77

80

–3

–

78

Passengers in bus and rail (millions)

1,308

1,179

+ 129

+ 10.92,214

Volume sold (rail) (million pkm)

4,663

4,494

+ 169

+ 3.8

12,617

Volume produced (bus) (million bus km)

947.6

927.7

+ 19.9

+ 2.1

1,065

Volume produced (rail) (million train-path km)

109.2

111.3

– 2.1

– 1.9

168.9

Total revenues (€ million)

4,069

3,990

+ 79

+ 2.0

5,410

External revenues (€ million)

4,067

3,988

+ 79

+ 2.0

5,405

Customer satisfaction for bus and rail in the United Kingdom (SI)EBITDA adjusted (€ million)

359

51

+ 308

–

752

EBIT adjusted (€ million)

– 73

– 431

+ 358

– 83.1

289

267

457

– 190

– 41.6718

Employees as of Dec 31 (FTE)

Gross capital expenditures (€ million)

43,18946,008– 2,819– 6.1

52,331

Annual average employees (FTE)

44,18747,180– 2,993– 6.3

52,855

–

3.8

–

–

–

13.6

14.7

– 1.1

–

14.9

Employee satisfaction (SI)Share of women as of Dec 31 (%)
Specific greenhouse gas emissions (rail) compared to 2006 (based on rail car units) (%)– 17.3– 12.2

– 5.1

–

– 9.7

Specific greenhouse gas emissions (bus) compared to 2006 (based on bus km) (%)– 14.9– 16.2+ 1.3–– 10.11)	Change of methods in the UK Trains line of business in 2021 with retroactive adjustment in previous years.

The performance development recovered only slowly andremained at a low level. Overall, recovery effects and new
traffic led to an increase in the number of passengers (busand rail). Offsetting effects resulted from the Covid-19 pandemic, especially at the beginning of 2021, and the ARN effect. Thus, the volume produced in rail transport declined.
The economic development improved, mainly as a resultof additional government support measures, but remains
strained.
Overall, income development was slightly positive:◊ Revenue increased, due in part to government support
services, new transport services, recovering effects in
Mainland Europe and due to exchange rate effects. The
ARN effect and the effects of Covid-19, especially in theUK, countered this impact.
◊ Other operating income (+ 8.8%/€ + 35 million) in­creased
as well. Higher Covid-19-related government support measures and positive exchange rate effects were partially
offset by the ARN effect.
On the expense side, there was a noticeable decline:◊ Other operating expenses (– 30.1%/€ – 242 million) decreased significantly, due in part to the ARN effect andlower franchise payments. Exchange rate effects hada countereffect.
◊ Depreciation (– 10.4%/€ – 50 million) decreased as aresult of one-off effects and due to the ARN effect. Thiswas counteracted by an increase due to new traffic in
Mainland Europe and exchange rate effects.

The increase in other expense items had a partially compensating effect:◊ The increase in personnel expenses (+ 1.4%/€ + 30 million) resulted mainly from exchange rate effects and oneoff effects from the closure of pension plans, partially
offset by the ARN effect. Adjusted for exchange rate effects, personnel expenses fell slightly.
◊ The increase in the cost of materials (+ 1.0%/€ + 15 million) is also largely due to exchange rate effects and increased energy and maintenance costs. The ARN effecthad a dampening effect.
DB Arriva took a cautious approach to capital expenditure
activities, which subsequently declined significantly. The
ARN effect and the conclusion of projects for new transport
services in Mainland Europe also contributed to this.
The number of employees decreased as a result of the
reduced volume of services and driver turnover at UK Bus.
The share of women decreased slightly.
Specific CO₂ emissions in relation to the reference year
2006 continued to decline in rail transport. The level in bus
transport has deteriorated slightly. Telematics system support is a significant lever for reducing emissions, as it reduces
heavy acceleration and braking processes in both bus andrail transport. The increasing share of Euro VI engines ismaking the bus fleet increasingly efficient and more environmentally friendly.

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financial statements

UK Bus line of business

Further government support measures.
Change2021

2020 absolute

%

2019

Passengers (million)

402.3

366.9

+ 35.4

+ 9.6

716.5

Volume produced (million bus km)

304.9

298.0

+ 6.9

+ 2.3

345.9

Total revenues (€ million)

861

838

+ 23

+ 2.7

1,076

External revenues (€ million)

861

837

+ 24

+ 2.9

1,074

EBITDA adjusted (€ million)

48

29

+ 19

+ 65.5

134

EBIT adjusted (€ million)

– 48

– 69

+ 21

– 30.4

44

50

36

+ 14

+ 38.964

13,39814,806– 1,408– 9.5

15,130Gross capital expenditures (€ million)
Employees as of Dec 31 (FTE)

Additional
information◊ Capital expenditures increased due to vehicle projects
that were postponed in the previous year because of
the Covid-19 pandemic.
The number of employees fell noticeably, due in part to driver
turnover as a result of Brexit and the reduced service offer­ing due to the Covid-19 pandemic.

Recovery has begun, Covid-19 effects persist.

UK BUS LINE OF BUSINESS

Notes tosustainability

UK Trains line of businessContinued negative effects due to Covid-19, mitigatedby government support measures.
Services of Grand Central temporarily suspended until
March 2021 during the shutdown.
Cessation of the ARN franchise on March 1, 2020.

The number of passengers at UK Bus increased due to Covid19 recovering effects. After a decline in demand at the be­­ginning of 2021, demand has recovered since March. It should
be noted that the first months of 2020 were not yet impacted
by Covid-19 effects.
Volume produced increased again, as fewer transport services were cancelled due to the Covid-19 pandemic.
The economic development was better. Increasing revenues and higher levels of support led to an improvement in
operating profit figures.
Income development was slightly positive:◊ Revenue development improved, mainly driven by exchange rate effects and the recovery in demand. The discontinuation of the bus sales and hire business of Arriva
Bus and Coach had a dampening effect.
◊ Other operating income also increased, mainly as a resultof higher Covid-19 support measures such as state bus
service support grants as well as positive exchange rate
effects.
On the expense side, negative exchange rate effects, among
other things, led to an increase:◊ Personnel expenses increased. Negative exchange rate
effects and one-off effects from the closure of pension
plans were partially offset by lower driver costs due tothe effects of Covid-19.
◊ Other operating expenses increased, mainly due to exchange rate effects. After adjusting for these effects, otheroperating expenses remained virtually unchanged.
In contrast, the decline in other expense items had a partiallycompensating effect:◊ Cost of materials decreased mainly due to lower expenses
in connection with the discontinuation of bus sales andhire business of Arriva Bus and Coach. This was partly
offset by negative exchange rate effects.
◊ Depreciation increased slightly as a result of lower capital
expenditures in the previous year.

ChangeUK TRAINS LINE OF BUSINESS

2021

2020 absolute

%

2019

Passengers (million)

118.6

120.5

– 1.9

– 1.6

354.8

Volume sold (million pkm)

2,863

2,943

– 80

– 2.7

10,264

Volume produced (million train-path km)

48.0

57.7

– 9.7

– 16.8

115.8

Total revenues (€ million)

1,141

1,286

– 145

– 11.32,190

External revenues (€ million)

1,107

1,255

– 148

– 11.82,137

EBITDA adjusted (€ million)

34

38

–4

– 10.5

220

EBIT adjusted (€ million)

0

– 36

+ 36

–

80

Gross capital expenditures (€ million)

6

47

– 41

– 87.2

277

4,844

4,948

– 104

– 2.1

11,215

Employees as of Dec 31 (FTE)

The performance development at UK Trains was influenced
by the ARN effect. It should also be noted that the start of2020 was not affected by the Covid-19 pandemic.
The economic development continued to be shaped byCo­­vid-19 effects. Operating profit figures improved due tothe significant decline in expenses.
The income situation was significantly weaker:◊ Revenues fell sharply, due in part to the ARN effect andthe decline in passenger numbers. Government Covid-19
support measures and positive exchange rate effects
partially compensated for this.
◊ Other operating income also declined sharply, due in partto the ARN effect.
On the expenses side, the ARN effect and changes in the treat­­ment of leasing expenses at CrossCountry led to a significant
decline:◊ Other operating expenses fell significantly, mainly as aresult of the ARN effect, lower franchise payments due togovernment support, reduced rental expenses due to thechanged treatment of leased assets at CrossCountry, andthe loss of a negative one-time effect at Grand Central.
◊ The decrease in personnel expenses resulted mainly fromthe ARN effect, partially compensated by exchange rate
effects.

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Consolidated
financial statements◊ Cost of materials also fell significantly, mainly due to the
ARN effect. Negative exchange rate effects had a partially
offsetting effect.
◊ Depreciation fell significantly, primarily due to the ARN
effect as well as change in accounting treatment of leaseassets at Chiltern Railways.
Capital expenditures fell significantly, primarily due to the
ARN effect. In addition, capital expenditures of so-called
emergency recovery measures agreements (ERMA) are gener­
ally grant-funded.
The number of employees fell slightly.

Recovery has begun, Covid-19 effects persist.
Further government support measures.
New transport services in the Czech Republic withpositive effect.
Change2021

2020 absolute

%

2019

Passengers (bus) (million)

696.0

610.2

Passengers (rail) (million)

91.2

81.5

+ 85.8+ 14.1

1,018

+ 9.7

+ 11.9Volume sold (rail) (million pkm)

1,800

125.4

1,551

+ 249

+ 16.1

2,353

Volume produced (bus) (million bus km)

642.7

629.7

+ 13.0

+ 2.1

719.5

Volume produced (rail)(million train-path km)

61.2

53.6

+ 7.6

+ 14.2

53.2

Total revenues (€ million)

2,258

2,034

+ 224

+ 11.02,321

External revenues (€ million)

2,098

1,894

+ 204

+ 10.82,182

EBITDA adjusted (€ million)

340

50

+ 290

–

402

EBIT adjusted (€ million)

44

– 220

+ 264

– 120

174

Gross capital expenditures (€ million)

210

370

– 160

– 43.2377

24,58525,897– 1,312– 5.1

25,572

Employees as of Dec 31 (FTE)

Additional
information

The expense side was significantly influenced by the omission of Covid-19-related effects:◊ Other operating expenses fell significantly, primarily due
to lower effects of creation of provisions for impending
losses, which were exceptionally high in 2020 due to the
Covid-19 pandemic.
The increase in other expenses was partly compensating:◊ The increase in costs of materials was driven in particularby higher fuel costs as a result of the expansion of services.
In addition, new transport services in the Czech Republicalso contributed to higher expenses.
◊ Depreciation increased significantly, mainly due to capital expenditures for new transport services in the Czech
Republic and the impairments on diesel buses in connection with the EU Directive on the Promotion of Clean andEnergy-Efficient Road Transport Vehicles.
◊ Personnel expenses increased as a result of the expansionof services and exchange rate effects.
The decline in capital expenditures also resulted from theconclusion of capital expenditure measures for new trans­
port services.
The number of employees fell due to delays in the reemployment of temporary staff after the Covid-19 pandemic
and the impact of strategic decisions in non-core countries.

Mainland Europe line of business

MAINLAND EUROPE LINE OF BUSINESS

Notes tosustainability

EXTERNAL REVENUE STRUCTURE BY COUNTRIES / %	THE NETHERLANDS

16.1
16.3

DENMARK

14.4
14.6

CZECH REPUBLIC

11.5
10.6

I TA LY

9.1
9.2

S LOVA K I A

H U N G A RY

4.8
5.0
3.6
3.9

S PA I N

3.1
OTHER

2020
26.5
27.7

SWEDENThe performance development in Mainland Europe was positive overall, driven by new transport services and a recovery
in demand, as well as the sustained Covid-19 effects, particularly at the beginning of the year:◊ In rail transport the effects from new traffic in the Czech
Republic and recovery effects exceeded the Covid-19related declines.
◊ In bus transport, the development was regionally differentiated. The Covid-19 impact varied by region, depending on the extent of the restrictions. Overall, the numberof passengers and the volume produced increased, mainly
driven by partial Covid-19 recovery and new transport
services in the Czech Republic and in Italy.
The economic development was much more positive again,
driven by a noticeable growth in income:◊ The significant increase in revenues resulted mainly fromthe partial recovery in demand and new transport services in the Czech Republic. Exchange rate effects also
had an impact.

2021 /

4.1

9.9
9.6

The revenue structure changed only slightly, due in part tothe effects of new transport services in the Czech Republic.
The share of revenue in Spain also increased, while the sharein the Netherlands declined.

146

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Consolidated
financial statements

DB Schenker business unit

Additional
information◊ On the geopolitical level, trade restrictions also presented
further obstacles.
◊ Nevertheless, the market was able to increase significant­­ly in tonnage compared to the crisis-shaken previous year.
The recovery was also helped by the extreme turbulence
affecting the ocean freight market. Many companies tried
to compensate for supply-chain bottlenecks by using air
freight. According to the international industry association IATA, demand has now exceeded pre-pandemic levels, although capacity is still significantly lower.
◊ DB Schenker recorded significant volume growth in 2021.
This was made possible by the early purchase of charter
freight capacities, which, in the current situation of scarce
capacity, enables not only existing customers to ensure
the smooth running of their transport chain, but also enables us to attract new customers.

∏ 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
102-6

Notes tosustainability

Land transport
EUROPE◊ After the slump in European land transport in 2020 due
to the Covid-19 pandemic, there was a noticeable recovery in 2021.
◊ 2021 was marked by an increase in demand in European
land transport as a result of the economic recovery. The
increased demand was met by a shortage and an increasein the price of transport services, caused in part by a lackof drivers and an increase in the price of diesel. Prices fortransport services increased noticeably, and were exacerbated by unstable supply chains in air and ocean freight
and the resulting waiting times.
◊ Shipment flows also changed slightly from intercontinental to more intra-European flows.
◊ Investments in digital platforms for consolidating supply
and demand of transport capacities added to the ex­­istingpressure on margins caused by intense competition.
◊ Despite the tense market situation, DB Schenker maintained its market-leading position.

Ocean freight◊ Truck load capacity in North America remained very low,
initially mainly in the US, then also in Mexico and Canada.
The ongoing lack of drivers, the availability of equipment
and parts, as well as the rising costs of fuel, tires and insurance, caused prices to rise further.
◊ In South America, the market was less tense – disruptions
to land transport were much less frequent and were causedby pandemic-related problems or general port congestion.

◊ The market situation remained very tense in 2021. The
reliability of global schedules reached a low point, marked
by delayed port arrivals, longer handling times and a record number of overbooked container spaces. This led topersistently high rates from the beginning of the year.
◊ This situation was caused by many far-reaching restrictions, starting with the incident in the Suez Canal, followed by the Covid-19-related closure of the terminal in
the port of Ningbo and the delays in the port of Los
Angeles/Long Beach, with subsequent further equipment bottlenecks and delays.
◊ The development of the market in 2021 was thus marked
by great uncertainty for all participants.
◊ Thanks to preferential access to capacity, DB Schenker
has held up well in this challenging market environment.

A S I A / PA C I F I CContract logistics

AMERICAS◊ Domestic business in most countries was affected by restrictions related to the Covid-19 pandemic from February
to July 2021. International business in Asia and Eurasia
increased by 75%, due to restrictions in international air
and shipping.

◊ The global contract logistics market recorded a recovery
in 2021, mainly from the APAC and Americas regions,while the Europe region was not able to recover to prepande­mic levels.
◊ The positive development in the e-commerce, healthcare, electronics and consumer goods sectors was still
very pronounced and contributed significantly to strong
market growth. The situation in industry also improved
significantly.
◊ The automotive and consumer electronics sectors experienced a short-term increase in demand volatility due tosupply bottlenecks for microchips and inventories caused
by capacity bottlenecks and/or delays in ocean freight.

Air freightAs in the previous year, 2021 was heavily influenced by pandemic-related factors on all trade routes.
◊ Since the beginning of the pandemic, the air freight market has been faced with a lack of capacity, triggering strong
momentum in terms of rising freight prices.

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financial statements

Notes tosustainability

Additional
information◊ There is no comparable volume measurement 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 line come from procured intermediate input services.
Therefore, optimizing these purchase relationships and balancing various influential success factors such as transport
relations, volume, weight and mode of transport represents
an important factor for success and a value driver. The same
applies to managing fluctuations in freight rates and thespecific surcharges to these freight rates. One of the essential factors besides gross profit is the effective and efficientuse of personnel. This is of particular importance in the contract logistics line of business. Here, know-how and experience relevant to 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 transport andlogistics 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, indus­
trial and e-mobility sectors.

◊ Stronger price increases were observed in individual segments, including wages, steel, industrial trucks, as well asother material handling equipment and real estate.
◊ DB Schenker recorded a slight increase in its market share
due to its geographically and sectorally diversified portfolio, particularly in the Americas and Asia/Pacific regions.

BUSINESS MODEL

DB Schenker serves established markets and emerging na­

tio­nal economies as an integrated transport and logistics
services provider with a global network.
◊ In land transport, the network connects the most important economic regions in Europe. Services include timeand cost-optimized services for general cargo, partial andfull load transport along with door-to-door solutions
across Europe. Land transport in America is becoming
an increasingly important area of activity. In addition toserving the North American markets, activities in SouthAmerica are being expanded. DB Schenker is also continuously expanding its land transport business in thegrowth market of Asia.
◊ As one of the global leaders in air and ocean freight, DB
Schen­­­­­ker offers the entire range of services in this segment.
◊ In 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 acts solely as a freight
forwarder without our own aircraft and ships. In some segments of land transport, 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 supply of transport services.
Performance is measured specifically for each line ofbusiness:◊ in land transport, this is measured by the numberof shipments,◊ air freight is calculated by tons billed, and◊ the volume of ocean freight is measured in TEU.

M A R K E T S A N D S T R AT E G Y∏

DB Schenker is well positioned in the relevant market seg- 102-6

ments. Our vision is to be the leading integrated transportand logistics services provider with a global reach. In orderto achieve this objective, DB Schenker intends to further
strengthen and expand its leading market position.
With its Primus strategy, DB Schenker intends to increase
its profitability and focus its portfolio more on international
growth markets. A comprehensive transformation program
has been introduced to drive change in six dimensions (global
market leader, customers’ first choice, employer of choice,sustainability leader, digital value generator and relentless
productivity driver).
The individual business areas devise the measures andimplement them. Overarching issues are managed centrally. Examples include comprehensive programs to increaseeffi­ciency, which include implementing new management
practices.
Digitalization is gaining increasing importance as a driverof disruption in the logistics industry. DB Schenker therefore
has a dedicated digitalization unit. Initiatives such as datadriven business models, online platforms and technical innovations are promoted on a global scale.

148

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∏
102-4
102-6
102-7

To ourstakeholders

Groupmanagement report

Consolidated
financial statements

Notes tosustainability

Additional
information

DB SCHENKER – AT A GLANCELINES OF BUSINESSLand transport

Air and ocean freight— Parcel— System freight (LTL)— Direct freight(LTL and FTL)
— Multimodal solutions

Contract logistics— Air freight: general air freight products, charter services, intermodal
solutions— Ocean freight: less-than-container
load (LCL) cargo shipment, full loadcontainers, intermodal solutions,refrigerated containers— Other services include trade fair andart logistics, systems and project
logistics, sports and events logistics,
special transport services

Other— Aftermarket/reverse logistics— Finished goods— Cloud logistics— E-commerce— Medical devices/healthcare— Supporting the lines of businessthrough central functions suchas production, sales, finance, HR
and IT

STRUCTURE
REVENUES / %Land transport 32

EBIT / %Contract logistics 13

Air andocean freight 55

EMPLOYEES / %Land transport 9Contract logistics 9

Air andocean freight 82

Land transport 31

Air andocean freight 18

Contract logistics 32

Other 19

BUSINESS MODELINPUTS
Employees— About 76,100

VehiclesNetworks and infrastructure

Additional production factors

Value proposition

Customer access and retention

Key activities— About 33,700 vehicles used ona regular basis (including
external, excluding spot market)— More than 1,850 sites in over
130 countries— thereof about 430 sites
in land transport— about 550 global sites in
air/ocean freight— More than 8 million m² warehouse
space in contract logistics— Fuel— Electricity— Water

BUSINESS ACTIVITIESCustomer segments— Business customers with a focus on
automotive, chemicals, consumer,
electronics, healthcare, industrial,
retail and semiconductors/solar— DB Schenker offers customer-­oriented, 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 3.9 (2020)— 111 million— 1.4 million t— Branch offices with sales network
Key account management— E-services

Customer satisfaction— € 1,248 million— SI of 68

Ocean freight volume (export)— 2.0 million TEU

As of 2021 respectively December 31, 2021.
1)
	Key products and services.
2)	Internal and external consequences and results from business activities and outputs along the entire value chain.

149— Planning and operating
global networks— Providing/organizing transport
and warehousing services— Purchasing cargo space— Providing supplemental
logistical services

CO₂ emissions— – 31.6% (land transport)— – 17.4% (air freight)— – 68.4% (ocean freight)
compared to 2006 (specific)

Our contribution toclimate protection

To ourstakeholders

Groupmanagement report

Consolidated
financial statements

Implementation of PRIMUS

Notes tosustainability

Additional
information◊ Major new activities in contract logistics:◊ USA: Reverse logistics hub in Houston, Texas, together
with a leading global player in the electronics market.
◊ Germany: Distribution activities in healthcare andstorage of PPE.
◊ Sweden: Omnichannel operations with a high degreeof automation for customers in the cosmetics, consumer and retail markets.
◊ United Kingdom, China: Activities for a world-leading
manufacturer in the e-mobility industry.
◊ Global: various locations focusing on global server andcloud logistics to support leading industrial companies.

Numerous initiatives were implemented in 2021:◊ Global market leader: Schenker Ventures was established to drive innovations in the logistics and supply
chain industry. Founders and start-ups are supported withcapital and industry knowledge. The network was further expanded, for example by beginning construction of
the third expansion of a logistics hub in the Dubai South Logistics
Districtµ 150
District
150..

◊ Customers’ first choice: DB Schenker has expanded its
global aviation network and offers its customers freight
connections between America, Europe and Asia. The 43
weekly flights can carry freight with capacity corresponding to 135 large passenger aircraft.
◊ Employer of choice: The new Avature recruitment system is improving recruitment efficiency and the recruitment experience, simplifying the management process
and reducing administrative costs.
◊ Sustainability leader: In cooperation with Lufthansa
Cargo, DB Schenker has launched the first regular, climateneutral freight flightµflight151 from Frankfurt to Shanghai. For
this service, DB Schenker uses sustainable aircraft fuelproduced from biomass. This initiative saves 174 tons offossil fuel every week.
◊ Digital value generator: DB Schenker’s visibility plat­­
form offers cost-effective and scalable solutions for shipment transparency. We fit assets (trucks, trailers, ships,
aircraft) with sensors and link them with shipment data.
◊ Relentless productivity driver: DB Schenker aims toachieve maximum profitability and sustainable financial
performance by constantly identifying opportunities foradded value. These include a competitive cost structure
based on a common cost culture and optimized cash flow
management. This enables us to improve our financial
competitiveness and be more successful than other logis­
tics companies.

D I G I TA L I Z AT I O N A N D I N N O VAT I O N◊ With the Microsoft Azure platform, DB Schenker is making
logistics more intelligent and supply chains more efficient.
In future, cloud-based services will be connected to physical logistics solutions. DB Schenker has already launched
the first cloud projects in the Azure migration program.
The goal is to optimize volume, capacity and supply chain
performance in real time with new big-data solutions.
◊ DB Schenker uses its own IT innovations to achieve improved efficiency and fewer empty spaces in all modes oftransport. With the new BinPACKER algorithm, the loadplanning process is managed in such a way that different
sized objects are stacked more intelligently. Algorithms
are used to calculate the best loading solution, for example for truck loads or pallets in warehouses. Pilot tests on
container and truck loading have shown that BinPACKER
helps to increase capacity utilization by up to 10%.
◊ DB Schenker is involved in the Croatian start-up Gideon
Brothers, which specializes in robotics and AI solutions
in warehouse logistics, and is participating in the USD 31
mil­lion Series A financing round, which will advance thedevelopment and marketing of the AI and 3D-view based
au­­­tonomous robots (AMR). The technology has alreadybeen implemented in DB Schenker’s warehouse in Leipzig.
◊ The heavy-load VoloDrone successfully completed its
first public flight at the ITS World Congress 2021. In coop­e­ration with DB Schenker, Volocopter used a freight transport demonstration to showcase how VoloDrone can be
integrated into logistics supply chains. The test flightreached a maximum flight height of 22 m.

Development of the network◊ Construction has begun on Dubai Logistics Center III(DLC III) – a modern, green logistics hub with a storage
area of 37,000 m², including 5,000 m² of mezzanine spaceintended for value-added services and spare part transactions. Temperature-controlled areas and zones with
ambient temperatures will be included and will be operated using 100% renewable energy. This will in­crease thetotal space of DB Schenker’s mega-logistics hub in Dubai
to 84,000 m² from June 2022.

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Consolidated
financial statements◊ DB Schenker, Dachser, duisport and Rhenus have founded
the Open Logistics Foundation. The purpose of the nonprofit foundation is to build a European open-source community with the aim of advancing digitalization in logistics
and supply chain management on the basis of open source,
as well as standardizing logistics processes. The Foundation is an appeal to pool thinking and expertise on logistics, technology and processes and to actively participate
in the open-source community. It is aimed at all logistics-­
oriented companies and their IT developers. The Foundation was founded in cooperation with the Fraunhofer
Institute for Material Flow and Logistics (IML).

Notes tosustainability

Additional
information

the concept. In Oslo, only zero-emissions vehicles are used
in inner-city traffic. For overland transport, 50% of freightis transported by train and 50% with sustainable biofuel.
	
In 2019, DB Schenker developed a “Sustainable City”
concept, which allowed cities in the DB Schenker network to apply for this status with a defined integrated
concept and bundles of measures consisting of sustainable mobility concepts for freight transport and employees, energy and material-use reduction, waste reduction,
as well as local social commitments and partnerships
with science and environmental associations. Paris andOslo made a start in 2020, with a particular focus on integrated city logistics focusing on electric mobility.

E N V I R O N M E N TA L M E A S U R E S

OTHER EVENTS◊ DB Schenker and Lufthansa Cargo have implemented aregular, climate-neutral air freight connection between
Frankfurt am Main and Shanghai. 100% of energy consumption is covered by sustainable aviation fuel (SAF),
which consists mainly of biomass waste such as used
vegetable and cooking oil. In 2021, 6,669 t SAF was purchased as part of the cooperation with Lufthansa Cargo.
The emissions reduction is more than 20,700 t CO₂e.
◊ In Hamburg, we presented two new vehicle types that are
making city logistics more climate-friendly. We have also
expanded upon a special supply chain of an all-electric
Fuso eCanter truck and two XXL cargo bikes. Together,
these three vehicles replace two 7.5 t diesel-powered trucks.
◊ In 2021, another 36 Fuso eCanter electric trucks were delivered, expanding the eCanter fleet to a total of 41 vehicles. DB Schenker now operates the world’s largest eCanter
fleet. Besides these, the electric DB Schenker fleet ∫ no. 122
also includes four electric trucks from Volvo Trucks.
◊ DB Schenker has secured production capacity for about
1,500 full-electric Volta Zero vehiclesµ11
vehicles11 – Europe’s mostsignificant order to date for large zero-emissions trucks.
As part of the partnership, DB Schenker will use the first
prototypes in spring and summer 2022. The findings fromthese tests will be incorporated into the series produc­­tion of the vehicles.
◊ The number of eco warehouses ∫ no. 73 at DB Schenker increased by 10, to 49 in 2021.
◊ With Avatour, DB Schenker has developed a virtual inventory inspection that enables virtual audits. This allows us
to save up to 130 tons of CO₂e each year.
◊ In 2021, the number of Schenker “Sustainable Cities” grew
to seven: in addition to Oslo and Paris, Dubai, Singapore,
Gothenburg, Helsinki and Rennes are among the cities
that have sustainable mobility concepts and local sustain­
ability commitments. In Norway, all the larger cities follow◊ Against the backdrop of the Covid-19 pandemic, DB Schenker has expanded its global network of full-charter connections in air freight. With a total of 2,333 flights, DB
Schenker was able to counter the continuing lack of freightcapacity caused by the grounding of many passenger
aircraft. This means that the number of full-charter flights
has increased more than tenfold since the start of theCo­­vid-19 pandemic.
◊ DB Schenker relies on a partnership with SkyCell to use
special containers for life-saving pharmaceutical products.
The hybrid pharmaceutical containers are able to maintain an internal temperature of – 80 °C to – 15 °C for at least
five days and temperatures from + 2 °C to + 8 °C and + 15 °C
to + 25 °C for more than eight days – without an externalenergy supply.

INVESTMENTS∏◊ DB Schenker completed its acquisition of the Vähälä 102-10
Group in Finland on October 14, 2021. DB Schenker has
thus achieved nationwide coverage in land transport fornational and international transport and package deliveries, enabling it serve customers throughout Finland.
◊ On December 1, 2021, and December 2, 2021, respectively,
DB Schenker completed the acquisition of Transportes
Santos Campos S.A. and the Loserco Group in Spain. The
two transactions strengthen DB Schenker’s position in
the Spanish land transport market.

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DEVELOPMENT IN THE YEAR UNDER REVIEW

Notes tosustainability

Additional
information◊ Revenues increased significantly as a result of growth involumes. Higher freight rates also had a positive effect,
particularly in air and ocean freight. Negative currency
effects, in contrast, had a revenue-reducing effect.
◊ Other operating income (– 15.1%/€ – 41 million) fell signi­
ficantly at a low level. This was due, among other things,
to lower income from Covid-19 support and for operat­ing
leases.
Expenses were driven, in part, by volume and freight-rate
developments. In contrast, the effects of measures to improve
productivity had a lowering effect:◊ The cost of materials (+ 40.7%/€ + 4,718 million) increased
significantly due to the development of freight rates andincreased volumes, particularly in air freight. Exchange
rate effects and declines in other business areas, on theother hand, had an expense-reducing effect.
◊ Personnel expenses increased (+ 7.6%/€ + 260 million),
due in part to growth in volumes. Exchange rate effects,
in contrast, had an expense-reducing effect.
◊ The significant increase in other operating expenses(+ 13.4%/€ + 217 million) was also mainly driven by increased volumes. Exchange rate effects, in contrast, had
an expense-reducing effect.
◊ Depreciation (+ 0.2%/€ + 1 million) was at the same level
as in the previous year. Higher depreciation due to increased capital expenditures (including leasing) was
almost completely eliminated by exchange rate effects
that reduced expenses.

Very positive market environment after burdensfrom the Covid-19 pandemic in 2020.
Strong improvement in profits, particularly in air
and ocean freight.
Extensive measures to improve efficiency
and digitalization.
Customer satisfaction declined significantly. The main drivers
were capacity bottlenecks, closed ports and steep price increases. Customers in 18 countries were surveyed to assesscustomer satisfaction. The survey is carried out annually, in­vit­­ing more than 200,000 participants.
Volume development reflected the overall macroecono­mic
recovery. Volumes increased significantly, particularly in air
freight, and in some cases they rose above pre-pandemic
levels. In addition to the positive market effects, DB Schenker
was also able to profit from its own measures, such as en­
suring transport activities at an early stage.
The economic development, driven by air and ocean freight,
was also very encouraging: operating profit figures rose signi­
ficantly in all regions. As a result, gross profit also improved
noticeably (+ 17.6%). Adjusted for exchange rates, the increase
was even stronger.
Income development was very positive, driven by strong
revenue growth:√ChangeDB SCHENKER

Customer satisfaction (SI)Land transport shipments (million)

2021

2020

absolute

%

68

74

–6

–

2019

71

110.7

108.2

+ 2.5

+ 2.3

107.1

Air freight volume (export) (thousand t)

1,438

1,094

+ 344

+ 31.4

1,186

Ocean freight volume (export) (thousand TEU)

2,003

2,052

– 49

– 2.4

2,294

Total revenues (€ million)

23,443

17,671+ 5,772+ 32.7

17,091

External revenues (€ million)

23,371

17,601+ 5,770+ 32.817,018Gross profit margin (%)

31.2

35.2

– 4.0

–

36.1

EBITDA adjusted (€ million)

1,845

1,307

+ 538

+ 41.2

1,082

EBIT adjusted (€ million)

1,248

711

+ 537

+ 75.5

538

EBIT margin (adjusted) (%)

5.3

4.0

+ 1.3

–

3.1

Gross capital expenditures (€ million)

844

817

+ 27

+ 3.3

662

Employees as of Dec 31 (FTE)

76,114

74,161+ 1,953+ 2.6

76,153

Annual average employees (FTE)

74,74474,373

+ 371

+ 0.5

76,047

–

3.9

–

–

–

Share of women as of Dec 31 (%)

Employee satisfaction (SI)

36.5

36.3

+ 0.2

–

36.1
– 24.0Specific greenhouse gas emissions (land transport) compared to 2006 (based on tkm) (%)– 31.6– 26.0– 5.6–

Specific greenhouse gas emissions (air freight) compared to 2006 (based on tkm) (%)– 17.4– 15.9

– 1.5

–

– 9.1

Specific CO₂ emissions (ocean freight) compared to 2006 (based on tkm) (%)– 68.4– 67.6– 0.8–– 64.3152

Our contribution toclimate protection

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Groupmanagement report

Consolidated
financial statements

Capital expenditure activity increased. The increase was mainly
due to leasing activities. The focus of capital expenditurescontinued to be on the Europe and Asia regions. Adjusted forexchange rates, the increase was less significant.
Due to adjustments driven by growth in volumes, the number of employees was slightly above the level as of December
31, 2021. On an annual average basis, the number of employees was at the previous year’s level.
As of December 31, 2021, the share of women had increased slightly.
Specific CO₂ emissions were further reduced in comparison with the reference year 2006:◊ Land transport once again recorded an increase in volume
and emissions, with a significant shift to direct transport,in­­­cluding the integration of port/airport feeder services
from other lines of business (air, sea, contract logistics).
This in turn increased the average weight of shipments
and significantly improved greenhouse gas efficiency.
◊ The trend towards freight aircraft, which was observedin the wake of the Covid-19 pandemic, continued in 2021
and reduced greenhouse gas efficiency. However, thecorresponding effects were more than compensated forby the strong volume increase.
◊ In ocean freight, the trend towards cleaner fuels with increased greenhouse gas efficiency largely offset the spe­cif­ic reduction of greenhouse gases, with only a small im­­­­provement and slightly lower overall volumes.

Notes tosustainability

Additional
information◊ Revenues increased significantly, due in part to volume-related factors. Adjusted for exchange rates, the increase
was somewhat less significant.
◊ Other operating income fell slightly as a result of lower
state aid for Covid-19, primarily in Germany, Austria, France
and Sweden.
Trends in expenses were driven by rising volumes in the costintensive areas of direct, system and special transport services. Compared to income, the increase was significantly
stronger:◊ The costs of materials increased noticeably in line withde­mand. Rising prices and exchange rate effects exacerbated this trend.
◊ Other operating expenses increased due to the reclassification of IT expenses within the business unit with noeffect on income.
◊ Personnel expenses increased due to growth in volumes
and exchange rates.
The number of employees increased significantly, partly due
to growth in volumes.

Air and ocean freight line of business
Strong recovery in demand for air freight.
Capacity bottlenecks and pandemic-related uncertainties
suppress growth in ocean freight.
Significant increase in freight rates.
Air freight: various measures implemented to ensure

Land transport line of business

transport operations, standardization, and productivity

Further increase in demand.

improvements.

Quality improvements with positive effects.

Ocean freight: implementation of projects to improve

Further increase in demand for the digital platforms

efficiency and optimize organization worldwide.

Connect4land and Drive4Schenker.

ChangeChangeLAND TRANSPORT LINE OF BUSINESS

2021

2020 absolute

%

2019

Land transport shipments (million)

110.7

108.2

+ 2.5

+ 2.3

107.1

Total revenues (€ million)

7,517

6,716

+ 801

+ 11.97,125

External revenues (€ million)

7,452

6,651

+ 801

+ 12.0

7,058

EBITDA adjusted (€ million)

300

339

– 39

– 11.5

341

EBIT adjusted (€ million)

113

158

– 45

– 28.5

172

23,25521,807+ 1,448+ 6.6

21,811

Employees as of Dec 31 (FTE)

Demand for land transport increased, driven by growth indi­­rect, system and special transport services. In contrast,
declines in package transport had a dampening effect.
Economic development was weak. Operating profit figures dropped as a result of a noticeable increase in expenses.
This outweighed the positive profit development.

AIR AND OCEAN FREIGHT LINE OF BUSINESS

2021

2020 absolute

Air freight volume (export) (thousand t)

1,438

1,094

+ 344

%

2019

+ 31.4

1,186

Ocean freight volume (export)(thousand TEU)

2,003

2,052

– 49

– 2.4

2,294

Total revenues (€ million)

12,962

8,228+ 4,734+ 57.5

7,218

External revenues (€ million)

12,957

8,223+ 4,734+ 57.6

7,213

EBITDA adjusted (€ million)

1,094

511

+ 583

+ 114

342

EBIT adjusted (€ million)

1,028

448

+ 580

+ 129

287

Employees as of Dec 31 (FTE)

13,60913,185

+ 424

+ 3.2

13,964The performance development differed for air and ocean
freight.
◊ In air freight, the trend was very positive, with volumes
rising above the pre-pandemic level, driven by higher
demand for the transport of electronics, automotive andmedical goods. A temporary, large-scale shift in transportdemand from ocean freight had a supporting effect.

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Consolidated
financial statements◊ For ocean freight, volumes were slightly below the lowlevel of the previous year. Equipment and capacity shortages, alongside the tense market situation due to Covid-19,
were only partially offset by volume growth in the Asia/
Pacific region and temporary recovery trends.
The economic development was very encouraging: the adjusted profit figures improved due to the significant increase
in income:◊ Revenue increased significantly, mainly due to the growthin freight rates. Volume growth also had a very positiveeffect in air freight. Adjusted for exchange rates, the increase was even stronger.
◊ Other operating income was virtually unchanged. Volume
and price trends in air and ocean freight offset each otheralmost entirely.
In terms of expenses, volume growth in air freight and theincrease in freight rates had a notable impact:◊ The costs of materials increased significantly, mainly asa result of higher volumes in air freight and higher freightrates. Exchange rate effects, in contrast, had an expensereducing effect.
◊ Other operating expenses increased due to the reclassification of IT expenses within the business unit with noeffect on income.
◊ Personnel expenses increased as a result of a higher number of employees, partly due to growth in volumes. Exchange rate effects, in contrast, had an expense-reducing effect.
The number of employees increased as a result of the in­creasein volumes. More complex work processes due to Covid-19
resulted in additional new hires in ocean freight.

Significant recovery of business activities following
stricter restrictions as a result of the Covid-19 pandemic.
The growth drivers are Asia/Pacific and America – a lackof semiconductors is slowing development in Europe.
Productivity improvement measures are being
implemented.
ChangeWarehouse space (million m²)

2021

2020 absolute

%

2019

8.4

8.8

– 0.4

– 4.5

8.4

Total revenues (€ million)

2,964

2,715

+ 249

+ 9.2

2,734

External revenues (€ million)

2,963

2,714

+ 249

+ 9.2

2,733

EBITDA adjusted (€ million)

372

358

+ 14

+ 3.9

312

EBIT adjusted (€ million)

107

105

+2

+ 1.9

79

24,05624,382

– 326

– 1.3

24,625

Employees as of Dec 31 (FTE)

Additional
information

The development in contract logistics followed overall market trends thanks to the business line’s geographically andsectorally diversified portfolio. There was also a slight increasein overall market share (primarily in the Asia/Pacific region
and the Americas). Developments in Europe were slowed by
the semiconductor shortage and the greater dependence on
the automotive industry.
The economic development was somewhat better, despite
the challenging market environment. Adjusted profit figuresrose slightly, driven by income gains. In terms of revenues,
the pre-pandemic level was exceeded by a significant margin:◊ Revenues increased significantly again, driven by recovery effects following the tighter restrictions resulting fromthe Covid-19 pandemic. Trends in the automotive sector
stabilized, although the ongoing semiconductor shortage
acted as a brake on activity. The electronics and consumer
sectors in particular developed positively. Adjusted forexchange rates, revenue increased even more sharply.
◊ In contrast, other operating income fell to a low level as aresult of lower pandemic-related government benefits.
In terms of expenses, the recovery in demand was noticeable:◊ The costs of materials increased in line with revenue
development. Exchange rate effects, in contrast, had apartially expense-reducing effect.
◊ Other operating expenses increased due, among otherthings, to the reclassification of IT costs within the business unit with no effect on income, and as a result of business development. Exchange rate effects, in contrast, hada partially expense-reducing effect.
◊ Personnel expenses also increased as a result of businessdevelopment. In addition, one-off bonus payments tooperational employees increased expenses. Exchange
rate effects, in contrast, had an expense-reducing effect.
◊ Depreciation increased significantly as a result of the con­clusion of leasing agreements for storage capacity.
The number of employees fell slightly, due in part to higher
productivity and a tense labor market.

Contract logistics line of business

CONTRACT LOGISTICS LINE OF BUSINESS

Notes tosustainability154

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financial statements

OPPORTUNITY ANDRISK REPORT
155

Opportunity and risk categories

157† Opportunity and risk management∏ within DB Group

102-11

Additional
information

Following the release of a new version of the IDW PS 340 audit standard (“Audit of the early risk detection system”),
there are now additional requirements for DB Group’s risk
management. Compared to the status quo, existential risks
must now be evaluated on the basis of a defined risk-bearing
capacity; the previous risk aggregation has also been adjusted. All other requirements of IDW PS 340 were alreadymet by the existing risk management system.
Our risk management system (RMS) maps all of the opportunities and risks in an opportunity and risk portfolio
and also 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 Climaterelated Financial Disclosures (TCFD). The opportunities andrisks considered within the risk report are categorized andclassified according to probability of occurrence. Together
with possible consequences, the analysis also takes into
account the starting position and the costs of countermeasures (gross and net result). Opportunities and risks arereported in the RMS depending on the probability of occurrence and the threshold value ( ≥ � 50 million). An exception

Opportunity and risk management
within DB Group

Notes tosustainability

Opportunity and risk management within DB Group comprises
the systematic identification, assessment and managementof opportunities and risks. The primary objective of opportunity and risk management is to ensure the long-term futureof DB Group.
The principles of opportunity and risk management arelaid down by Group management and implemented on aGroup-wide basis. Within the framework of our early-warning
system, opportunity and risk reports are submitted to theManagement Board and the Supervisory Board of DB AG threetimes a year. Risk reporting covers the medium-term period(five years). Major risks occurring outside of this reporting
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

OPPORTUNITIESShortage of skilledemployees

Longer-term change­sin demand dueto the Covid-19 pandemic.

Improving the user
experience and increasing customer
satisfaction in all
business areas.

Liberalization

Opening up of themarkets in Europe
offers opportunities for growth.

Demand structure

Increased competition, such as forskilled junior staff.

Competition

Increasing employer
attractiveness,for example througha life-phase-oriented
HR policy.

Changes in the competitive environment, for example
due to newcompetitors.

Green products

Market changes

Positive perceptionof the company
based on uniqueenvironmental
characteristics.

Macroeconomic
trends, rising inflation, energy prices,geopolitics.

155

Technologies

RISKS

Loss of the interface
to the customer,
greater price transparency. Reductionof flows of transport.

Climate change

Dealing with more
extreme weather
events.

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Consolidated
financial statements

Notes tosustainability

Additional
information

KEY CHARACTERISTICS OF ICS
AND RMS WITH REGARD TO THE
G RO U P ACCOUNTING PROCESS

only applies to regulatory information. The opportunities
and risks are assessed against DB Group’s current medium-term planning, which covers a period of five years. Basedon the opportunity and risk portfolio, an overall risk positionis 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 ouropportunity and risk management. Risks included in our
medium-term planning are not included in the RMS. This
relates to opportunities and risks with a probability of occurrence (PoO) > 70% (highly likely).
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 theGroup-wide planning and controlling systems. We focus on
detailed analyses of our markets and competitors, market
scenarios, relevant cost drivers and critical factors for success, including those within our political and regulatory environment. Concrete opportunities are identified and analyzed
from these activities.
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 relevant trans­
actions (money market, securities, foreign exchange andderivative transactions) means that potential risks can be
managed and limited centrally. Group Treasury is organizedin line with the Minimum Requirements for Risk Management for Banks (Mindestanforderungen an das Risikomanagement; MaRisk), which means that it complies with theresulting criteria of the Act on Supervision and Transparency
in the Corporate Sector (Gesetz zur Kontrolle und Transparenz im Unternehmensbereich; KonTraG).

Our Group-wide internal control system (ICS), which also includes accounting-related processes, is an integral part of theRMS. 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 therevised version from 2013. On that basis, our ICS – especiallywith regard to the accounting process – is a continuous process based on basic Group-wide principles and control mechanisms, such as system-based and manual reconciliations, theseparation and clear definition of functions as well as themonitoring of compliance and further development of Groupwide 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 and theregular updating of the relevant accounting directives andaccounting-related systems.
Subject to a binding schedule, business transactions of
the accounting-relevant units are processed in line withIFRS 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 andCompliance Committee and/or the Supervisory Board areconcerned with the effectiveness of the ICS.
The management of the companies included in the scopeof fully consolidated companies and of the individual business units of DB Group verifies the completeness and accuracy of 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 aresupplemented where necessary by company-specific, documented management and monitoring instruments.

156

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Notes tosustainability

Additional
information

ASSESSMENT OF RISK POSITION BY CATEGORIESOPPORTUNITY AND RISK PORTFOLIO FOR 2022 FINANCIAL YEAROPPORTUNITY AND RISK PORTFOLIO FOR 2021 FINANCIAL YEARAS OF DEC 31, 2021 / € billion

AS OF DEC 31, 2020 / € billion

RISKS OPPORTUNITIES

Covid-19 pandemic

0.8

Production and technology
Regulation

RISKS OPPORTUNITIES

0.1 / 0.2
0.3

Covid-19 pandemic
Regulation

0.1
0.2

Law and contracts 	

Economic climate, market and competition

0.1

Procurement and energy markets

< 0.1

0.7

0.2

Likely (40% < probability of occurrence (PoO) ≤70%)
Higly likely (PoO >70%)

0.2
0.2
0.1

Production and technology

< 0.1

< 0.1

Economic climate, market and competition

< 0.1

< 0.1

Likely (40% < PoO ≤70%)

Without factoring in the possible impacts of the Ukraine conflict.

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

assessments of DB Group’s total risk position are reflectedin the good credit ratings. In the area of sustainability, poten­
tial risks are externally assessed and evaluated by ESG rating
agenciesµ 45.
agencies
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.

The main risks for DB Group result primarily from the further
course of the Covid-19 pandemic and the speed of the recovery process in terms of the demand for passenger transport.
Recovery in demand is of fundamental importance for improving the financial situation. Risks from the Ukraine crisis
are not yet represented here.
The risk situation is assessed on the basis of our RMS.
Opportunities and risks that are highly likely (PoO > 70%)
have been dealt with in the mid-term planning. The system
is based on the requirements of the German Act on Corporate Control&Transparency (KonTraG) and is continually
evolving. In 2021, the methodology was expanded to include
the definition of a risk-bearing capacity and a statement on
existential risks based on simulation-based risk aggregation.
As of December 31, 2021, DB Group’s main risks (probablerisks) not only concerned the Covid-19 pandemic, but also
the areas of production, technology and regulation, as wellas the economy, the market and competition.
Opportunities beyond the EBIT forecast primarily include
other public support for passenger transport as a result of
the Covid-19 pandemic, as well as opportunities associatedin the area of economic climate, market and competition,
particularly at DB Schenker.
Due to hedging measuresµmeasures
213 ff., energy price increases
only had a minor impact on our expectations for the 2022
financial year. In subsequent years, however, there may bemajor effects on profits.
Third-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
91. Their external

Opportunity and risk categories
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.

157

†
∏
102-11Our contribution toclimate protection

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Groupmanagement report

Consolidated
financial statements◊ 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), especially on DB
Arriva activities. The market volume is greatly determinedby the financial situation of the contracting organizations.
However, there is also the potential for new markets ormarket 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
at DB Regional and DB Arriva.
◊ 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 greater flexibility. Further risks result from possible future efficien­cy gains of trucks, for example by digitalization.
Several measures have been implemented to tackle
these challenges.
◊ In the freight forwarding business, there is, on the
one hand, intense competition with other providers
and, on the other hand, a concentration of the market in the carrier sector that causes changes in the
supply of cargo space with corresponding effects on
the purchase and sales prices. We are responding tothis by continuously optimizing our networks andimproving our cost structures, services and IT infrastructure. The dynamic development of freight rates
presents opportunities.

Notes tosustainability

Additional
information

Overall, a general risk is a loss of competitiveness. A key
component in facing the competition is improvements inservice quality. For the Integrated Rail System, we are implementing the Strong Rail strategy
strategyµ 52 ff., in particular to significantly improve product quality.
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: In our markets, providers from outside of the industry, such as automobile manufacturers, ITcompanies and start-ups, may become increasingly active.
◊ New platforms/data-driven business models: Digitalplatform providers are increasing the intensity of competition and transparency, and are also changing theperception of prices. Start-ups in particular are thedriving force behind the platform business and aim tooccupy the digital 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 offeringin the long-term. The customer can order, book andpay for transport easily and in real time.
◊ Increasing cost pressure from the public sector. Order­
ing behavior could also change and tenders could
expand to include on-demand, minibus and shuttle
services. This would increase the cost pressure on established providers.
◊ Supply chain visibility: Transparency in the value-added
chain is one of the top trends in logistics. Start-ups
and established players see data and analysis solu­
tions as a significant business opportunity.
◊ Goods structure effect: The production share of highly
specialized goods such as pharmaceuticals and hightech products is growing strongly. At the same time,
types of goods with a generally lower weight andhigher value 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.
Among other things, we have developed our digitalization
strategyyµ 62 ff. in order to adequately address the resulting
strateg
oppor­tunities and risks.

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We are also responding to opportunities and risks arisingfrom changing demand patterns and from shifts in traffic
patterns throughout the Group with intensive market obser­
vation 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. The decline of coal as an energy
source, for example, is having an effect. In addition, disruptions in production or even temporary shutdowns(e.g. as a result of supply chain disruptions) can resultin 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.

Notes tosustainability

Additional
information

Sufficient availability of our vehicle fleet is particularly critical. Significant restrictions endanger operating schedules.
In regional transport, there is the additional risk of penalties
if trains are canceled or punctuality is insufficient. We try tominimize this risk by taking preventative actions and also
by minimizing the consequences should it happen, such asby 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, such as
limited speeds, shorter intervals between maintenance or
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.
Increasing digitalization means that dependence on secure IT that is available around the clock is increasing. This
results in IT, telecommunications and cyber risks such as theinterruption of the availability of IT systems, which can leadto serious 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
27001/27002:2013 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.

PRODUCTION AND TECHNOLOGY

If the production quality of passenger transport services suffers, this has an impact on service quality and can lead to theloss 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.
The intensity of construction activity on the network has
increased noticeably and can have a strong impact on the
carriers’ schedules and production quality, some of whichcan­­not be compensated 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.

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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 communica­
tions and the theft of confidential information, thereby avoiding damage to DB Group.
Punctualityyµ 60 ff. is a key factor for our rail freight transPunctualit
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, byinvolving qualified customs coordinators and using an immediate report­ing system for tax assessment notices.

Notes tosustainability

Additional
information

market, our target is therefore to always conclude competitive collective bargaining agreements. Additional pressure
on the development of wages can be expected from thesurge in prices.
The agreement between DB Group and the Railway andTransport Workers Union (Eisenbahn- und Verkehrsgewerkschaft; EVG) and the German Train Drivers’ Union (Gewerkschaft Deutscher Lokomotivführer; GDL) has made it possible to conclude collective bargaining agreements that express
appreciation for employees while at the same time safeguarding the future viability of the Integrated Rail System.
DB Group’s digital transformation is critical for the successful implementation of the Strong Rail strategy. The digitalization of DB Group must be driven forward in a way thatmaintains the employability of our employees. The challenge
is to identify the emerging changes in professions and job
profiles in a timely manner and to address the resulting implications for qualifications and training accordingly. To thisend, we are developing future prospects for railway professions in an R-Future Lab, among other things, and updating
the content of our qualification offerings and programs.
In the course of digital transformation, business-criticalknowledge and competencies are becoming more diverse,
and in many places more specific and fast-paced. This is placing new demands on our qualification and knowledge architecture. The challenge is to get new employees up to speed
quickly, to facilitate access to relevant knowledge and thus
to empower employees from all working areas and from different generations to be equally capable in a changing working environment. Accordingly, we are looking ahead anddeveloping a modern knowledge architecture in the context
of a learning ecosystem within the framework of the “Learning@DB” project.
Another challenge is to promote digital cooperation,
innovative strength and resilience in the context of a modern corporate culture. Major risks could arise if we as a company were unable to react flexibly to the changing requirements of a volatile market environment and failed to meet
our employees’ requirements in a modern working environment. We counter this by driving forward modern working
environments as part of numerous programs, initiatives andcommunities within DB Group, for example “People. Make.
The Future.”, “Digital transformation”, “Mobile working of

HUMAN RESOURCES

To implement the Strong Rail strategy
strategyµ 52 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 as wellas the elective model for working hours agreed under collective bargaining agreements.
Due to demographic changes and the associated lack ofskilled employees, it is becoming increasingly difficult to fillvacancies with qualified employees. This in turn results inrisks such as low personnel coverage to safeguard ongoing
business and the long-term loss of knowledge, especially for
railway-specific professions.
We are counteracting these risks in particular by improving our employer attractiveness, implementing extensive
recruiting measures, redesigning vocational and functional
training (retraining), and expanding and digitalizing thequalification capacities and measures for strategic succession
planning as well as for effective knowledge management.
In addition, automation potential must be tapped in order
to counteract the risks of a shortage of skilled employees.
Increased cross-generational and intercultural cooperation as well as a general framework to equalize the participation of men and women within DB Group reduce the risks
that result from a change in employee structure and increase
employer attractiveness. This is where our diversity management comes in with the Group initiative “Uniquely Different”(“Einziganders”) and the strategic program “Women in Management Positions” (“Frauen in Führungspositionen”).
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 transport160

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financial statements

tomorrow”, the “New forms of cooperation” R-Future Lab,the internal “Agile Islands” (“Agi­len Inseln”) net­­­work andthe Office 365 Supported Learning Community.
The digitalization of the working environment, new formsof cooperation, but also increasing potential for social debate
and conflict mean that the number of demands placed on
executives is increasing. In order to provide our executives
with the appropriate competencies and methods in the future, we are further developing the training and further education program for executives at the DB Academy to create
a new leadership program.

Notes tosustainability

Additional
information

Among other things, we counter the risk of energy price ininstruments
creases by using appropriate derivative financial instrumentsµ213 ff. and concluding long-term procurement contracts. However, these safeguards only have an effect for a limited period,and limit opportunities arising from falling energy prices.
This means that, 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 short term. This in turn has a negative impact
on margins.
The bundling of requirements and the optimization of
procurement processes create opportunities for leveraging
further potential in procurement prices.

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 revenues and profit.
These regulations govern, among other things, the individual components of the pricing systems and general terms
and conditions applied by our rail infrastructure company.
There are risks of complaints and intervention in this regard.
Measures that threaten or even prevent DB Group from attaining reasonable returns in our infrastructure business units(such as an intervention in pricing systems) can therefore
threaten financing contributions by DB Group to capital ex­pen­ditures in infrastructure.
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.
In order to respond to risks resulting from changing legal
framework conditions on either a national or an international
level, we take an active part in the discussions and debatesthat take place ahead of this type of change.
Opportunities arise from the promotion of green mobility,
including to achieve government climate protection targets,
such as the Climate Action ProgramµProgram
47.

C A P I TA L M A R K E T S A N D TA X E S

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 instrumentsµ 213 ff.
struments
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.

PROCUREMENT AND ENERGY MARKET

Depending on the market conditions, the purchase prices for
raw materials, energy, and transport and construction services may fluctuate significantly. In addition, there is the riskof sustained price momentum, particularly in the construction and logistics sectors.
The Ukraine war and, in particular, the sanctions imposedon Russia as a result and Russia’s possible reactions to them
are already resulting in significant price increases, not only
for gas and oil, but also for raw materials. These developments may be significantly exacerbated by further shortages
in supply quantities, the suspension of deliveries or bans onimports. This may result in significant risks in terms of energy costs and construction prices.

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L AW A N D C O N T R A C T S

Notes tosustainability

Additional
information

could have a negative impact on operations. Our efforts insuch 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 surveillanceµsurveillance
259,, may lead to additional costs.
259

Delayed vehicle deliveries and vehicle defects can lead tooperational challenges in regional and long-distance transport. In regional transport, this may result in contractual
violations or non-compliance with 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.
Compliance with current laws, company guidelines andrecognized 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, theFederal 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
other issues, to cartels in trucks, cars (known as the car
cartel and emissions scandal), tracks, air freight, elevatorsand escalators, prestressing of steel, and girocard. In morethan ten other cases, DB Group is still determining if damage
has been caused.

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 associated 201-2
with the transition to a decarbonized economy and risks associated with climate change are recorded in our RMS andare reported in the affected risk categories if certain threshold values and probabilities of occurrence are exceeded.
Through the use of scenario analyses, for example as partof the PIK stud
studyyµ 66 and the strategic development of climate
resilience managementµmanagement
69 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 should be classified as relevant for DB Groupaccording to the TCFD classification.
In the following section, we list examples of climaterelated opportunities and risks for DB Group in accordancewith the TCFD classification of transitory and physical oppor­
tunities and risks.

Transitory opportunities and risks

With the Green Transformation of DB Groupµ 66 ff.
ff.,, its anchoringin our Strong Rail strategy
strategyµ 52 ff. and by shifting the mode oftransport to climate-friendly rail, we are making a central
contribution to achieving the German and European climate
protection targets. Making passenger and freight transport
climate-neutral through measures such as the use of renewable energies and alternative drive concepts can enhance our reputation with our customers. Our climate protection measuresµmeasures67 ff. aim to reduce our greenhouse gas emissions, to see us become climate-neutral by 2040 and to meet
the Federal Government’s climate protection targetµtarget47 for thetransport sector. In order to achieve the national climate

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, sab­­o­­tage and theft), over which we have only limited influence,162

Our contribution toclimate protection

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financial statements

protection targets, the Federal Government is adopting necessary regulations that hold opportunities for DB Group, especially in rail transport, such as the permanent reduction ofvalue-added tax for long-distance transport tickets. However,individual environmental regulatory measures may also havea negative impact on our activities. The CO₂ price introducedby 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 other modesof transport, as it makes fossil-fueled modes of transport
more expensive and thus rail travel more attractive,◊ it presents a risk for our purchasing, as we are one of thelargest energy consumers in Germany and still have diesel-powered locomotives in operation.
In order to counteract the risks and promote the phase-out
of fossil fuels, the various approaches to phasing out diesel
have been bundled, among other things, with the starter package for diesel phase-outµphase-out
68. To make our fleet green, we arefocus­ing on technology developments and investing in alternative drives and fuels. However, technological developmentsthat lead to other climate-friendly mobility solutions can also
represent a risk for us.

Notes tosustainability

Additional
information

its expenses on vegetation control measures and has been
control
70 program since
implementing a special vegetation controlµ2019. We also deal with chronic physical risks, such as risingtemperatures, which place increased demands on our operational processes, vehicles, buildings and infrastructure.

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
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 strategy
strategyµ52 ff. for the Integrated
Rail System or Primus
Primusµ 150 at DB Schenker, there is the riskthat it will either not be possible to realize the planned effects, or only to a lesser extent and/or that these may bedelayed. At the same time, however, there is also the opportunity to outperform and exceed the planned effects.

Physical risks

Extreme weather events resulting from climate change represent an acute physical risk for DB Group, which we havebeen recording in more detail in our risk catalog since 2021
and which we are responding to with resilience measuresµmeasures
69 f.
f.
We also address physical risks as part of our Group-widebusiness continuity management to ensure the continuationof critical business processes in the event of damage. The
effects of climate change, such as storms, floods and heatwaves, impact our core business. Extreme weather-related
damage to our track infrastructure can lead to losses in revenues and penalties. It also requires additional expenses andcapital expenditures in order to repair damage and implement preventive measures. In addition to the infrastructure,rail and road vehicles can also 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 thiscontext, the importance of preventive vegetation work andtrack-related safety work to ensure the smooth running ofoperations has greatly increased. The potential financial
impacts of extreme weather events is taken into account in
the RMS or medium-term planning. In order to reduce acutephysical risks, since 2017, DB Group has significantly increased

INFRASTRUCTURE FINANCING∏
At the beginning of 2020, we concluded an agreement with 203-1
the Federal Government that sets out the financing of theexisting network until 2029. The LuFV IIIµ 119 and the associated long-term assurance of infrastructure quality andavailability improve the attractiveness of rail as a mode oftransport, which in turn results in more traffic and therefore
higher revenues for infrastructure companies. Risks arise
from a potential 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 the intended purposes.
The economic sustainability of capital expenditures orfinancial contributions to capital expenditure projects fundedwith DB funds is essential if we are to ensure DB Group’s
ability to invest in the long term.

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EVENTS AFTER THE
BALANCE SHEET DATE
Three bond issues

With the ICE 3neo, the ICE fleet
fleetµ 55 f. of DB Long-Distancewill grow to a total of about 450 trains by the end of the decade. From 2022, the first of the 30 new high-speed trains(ICE 3neo) will gradually be delivered, with the first ICE 3neo
scheduled to enter into service at the end of 2022. In total,
73 ICE 3neo trains will be delivered by 2029.

EU Commission initiates investigation into support

164

Further expansion of the ICE fleet

164

Judgment on civil proceedings forinfrastructure utilization fees

Judgment on civil proceedings for infrastructure164

utilization fees

S-Bahn (metro) accident in Munich

164

In the BGH rulings dated February 8, 2022, a final decision
was made against DB Netz AG in two court proceedings.
The BGH rulings that have been issued are expected to havean impact on pending civil proceedings relating to infrastructure
utilization feesµ
fees
51.

164

War in Ukraine

164

Change to the Management Board of DB AG

Three bond issues

S -Bahn (metro) accident in Munich

Through DB Finance, we issued three senior bonds with a
total volume of € 1.1 billion at the beginning of 2022:

ISIN

XS2434704123
XS2445114734 1)
XS2451376219
1)

IssuerCurrency

DB Finance

AUD

DB Finance
DB Finance

EUR
EUR

Volume Volume(mil- (€ mil- Coupon
lion)
(%)
lion)

300
200
750

191
200
750

Additional
information

Further expansion of the ICE fleet

164

measures for DB Cargo

Notes tosustainability

Maturity

Term(years)

3.350

Jan
2042

20.0

0.791

Feb
2027

5.0

1.375

Mar
2034

12.0

On February 14, 2022, a head-on collision between two commuter trains occurred on a single-track section of line near
the Ebenhausen-Schäftlarn station. One passenger died in
the accident and 18 people were injured, some seriously,
including the two locomotive drivers. The relevant authorities have launched an investigation. At the time of report­ing,
no statement can be made about the causes of the accident.
The line is equipped with an intermittent train control system(punktförmige Zugbeeinflussing; PZB).

	Private placement.

War in Ukraine

EU Commission initiates investigation into
support measures for DB Cargo

On February 24, 2022, the Russian Federation’s armed forces
launched an invasion of Ukraine. The specific effects of the
Ukraine crisis on DB Group are currently not fully foreseeable
and quantifiable. Until now, DB Group has only been active
in Ukraine with its logistics subsidiary DB Schenker, which
employs about 90 employees in the country. We have discontinued operations at the logistics offices in Ukraine. Other
effects will include those resulting from sanctions against
Russia. In addition, the increase in energy and raw material
prices will have an impact on DB Group.

In its decision of January 31, 2022, the EU Commission initiated a formal investigation into the Federal Government inrelation to support measures provided to DB Cargo AG. The
investigation is based on a complaint from a competitor. The
competitor believes the profit transfer agreement between
DB Cargo AG and DB AG, as well as certain other measures,
represents competition-distorting aid from DB AG. The purpose of the investigation that has now been initiated is toclarify the questions raised. The EU Commission is conducting the examination without prejudging the outcome. The
Federal Government and DB Group had already rejected theallegations in the preliminary proceedings on the grounds
that the measures did not actually include any aid.

Change to the Management Board of DB AG
Management Board member Ronald Pofalla, responsible for
the Infrastructure division, is leaving DB AG and intends toterminate his Management Board contract prematurely on
April 30, 2022.

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OUTLOOK
165

Future direction of DB Group

165

Economic outlook

166

Transport markets

166
168

Procurement markets
Financial markets
Development of DB Group

Additional
information

associated with road freight and passenger transport willregain significance once the restrictions related to Covid-19,
from which private motorized transport in particular has
benefited, have been lifted. In addition to emissions 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.
For these reasons, the increase in capital expenditures
resulting from the Strong Rail strategy will continue. Thisapplies in particular in the area of infrastructure, where capital expenditures often only pay off after many years in
the form of faster and more stable connections.
Risks from the lingering effects of the Covid-19 pandem­­ic continue to exist for the 2022 financial year. It cannot be
ruled out that with increasing infection numbers, especiallyin the autumn/winter of 2022, restrictions will continue toapply or new measures will be taken that will have a negative
impact on the demand for mobility and transport services.
The Management Board believes that DB Group has taken
the necessary measures to protect itself against existingrisks and to take advantage of potential opportunities.

Overall statement of the Management Board regarding
the economic development

Notes tosustainability

168
169

The specific effects of the Ukraine crisis on DB Group are
currently not fully foreseeable and are not included in our
forecasts. It can be assumed that the war in Ukraine will reduce Ukrainian imports and exports. As a result of the sanctions against Russia and its reactions to them, it is likely thattransport between Russia and the EU will also be affected,
as well as rail traffic to China, which has increased significantly in recent times. It is also likely that the conflict willcontinue to affect the prices of gas, oil and other raw materials in the short and medium term, which will have a negative
impact on the wider economy and private households. However, it is not currently possible to estimate how severe theimpact will be.

Future direction of DB GroupThe Strong Rail strategy, presented in June 2019, continues
to define the future direction of DB Group.

FUTURE SALES MARKETSOverall statement of the Management Board
regarding the economic development

Our 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, there are increasing positive signals promising
the promotion of environmentally friendly modes of transport through targeted measures. As such, our focus is stillon expanding capacity, and therefore on defending our strong
market position and increasing the share of rail in intermodal
competition. In the German 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 freecertain elements of public transport from dependence on
stops and schedules, thus making them more flexible.

Contrary to expectations from the previous year, economic
development in 2021 was still strongly influenced by further
waves of Covid-19 in Germany and Europe, DB Group’s largest markets.
Full order books in the industry, increasing private consumption and, above all, progress in the fight against
Covid-19 are expected to boost economic output in 2022.
However, passenger transport is still not expected to fully
return to pre-Covid-19 levels. The pace of growth in freighttransport is expected to slow down.
Even if the recovery in passenger transport takes longer
than initially forecast, the drivers of growth in public transport will continue to have an effect over the medium andlong term. In particular, Europe and Germany’s climate policy targets cannot be achieved without a mobility transitionin favor of public transport. In addition, other problems

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In the area of rail freight transport, our focus continues to beon the European market. We are well-positioned in the central
European corridors and offer connections to locations as far
afield as China.

2021

World trade+ 11.7+ 5.0

GDP world

+ 5.8

+ 4.0

GDP Eurozone

+ 5.2

+ 3.5

GDP Germany

+ 2.8

+ 3.5

2022

As of February 2022 (before the outbreak of the war in Ukraine).
Forecasts for 2022 rounded to half percentage points.
Source: Oxford Economics

Current expectations point to a significant recovery in the
global economy for 2022, meaning that even countries andregions that have not yet returned to pre-Covid-19 levels of
economic output will be able to overcome the slump induced
by Covid-19.
A long-term effect of the Covid-19 pandemic is that many
countries have taken on large amounts of debt to support
their economies and due to a shortfall in tax revenues. This
could reduce their room for maneuver in future crises. The
monetary policy measures taken to support the economy
also have their downside: inflation in the Eurozone, for example, has increased massively as a result of the ECB’s continued expansionary monetary policy. A further surge in inflation is expected as a result of the war in Ukraine.

Transport markets
PA S S E N G E R T R A N S P O R T
ANTICIPATED MARKET DEVELOPMENT / %

2021

2022

German passenger transport (based on pkm)

+ 4.4

+ 8.0

Additional
information

by remote working and digital communication to a noticeable,
but probably modest, extent. Individual forms of transport
where there is a low risk of infection – traveling by car, bicycleor on foot, for example – should bene­­fit from the ongoing
Covid-19 pandemic compared to public transport.
◊ Under these circumstances, private motorized transport
in particular is likely to reach pre-Covid-19 levels. Risingfuel prices, partly as a result of the CO₂ pricing that enter­ed into force in 2021, will initially remain of minor importance. Further significant increases in 2022 as a resultof the war in Ukraine will dampen the increase and fa­­­­vor the shifts in the mode of transport to rail.
◊ Domestic German air transport is facing a lengthy recovery in view of subdued demand due to Covid-19 control
measures, climate change policies and a steep drop in
supply. In 2022, it will only make up for some of the losses
sustained as a result of Covid-19.
◊ Public road passenger transport is expected to increaseagain, but will continue to suffer from substitution effects
from cars and bicycles in local transport. Long-distancebus services are expected to grow more slowly in comparison due to the reduced supply and strong competi­tion from rail passenger transport.
◊ A noticeable recovery in local and long-distance transport
is expected for rail passenger transport. Long-distancetransport is likely to benefit from gains from air andlong-distance bus transport, as well as an improved service offering. The main premises for this development
are a decline in infection numbers, the loosening or liftingof restrictions related to Covid-19, and increasing confidence in public transport, as well as the desire for a shift
in the mode of transport.
Also in European passenger transport, the development willbe specific to the mode of transport and will vary from region
to region. Financial weaknesses and strategic realignmentof individual providers make it probable that the mobility
market will undergo consolidation. However, the progressive
climate policy of the EU and its member states remains thelong-term motor for the development of climate-friendly
public mobility – and therefore rail passenger transport inparticular.

Economic outlook
ANTICIPATED DEVELOPMENT / %Notes tosustainability

As of February 2022. Forecast for 2022 rounded to half percentage points.

Compared to pre-Covid-19 levels, performance fell in 2020
and 2021 as a result of Covid-19. However, the German passenger transport market is expected to recover significantly
in 2022. Nevertheless, volume sold in all sectors, with the
exception of private motorized transport, will remain below
pre-Covid-19 levels on an annual basis. The trend in demand
for transport services depends heavily on occurrence of infection, regulatory measures and associated mobility patterns. Community and business travel are being replaced

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FREIGHT TRANSPORT AND LOGISTICSANTICIPATED MARKET DEVELOPMENT / %

2021

2022

German freight transport (based on tkm)

+ 4.5

+ 3.0

European rail freight transport (based on tkm)

+ 7.2

+ 3.0

European land transport (based on revenues)

+ 7.6

+ 5.0

Global air freight (based on t)+ 18.4+ 4.0

Global ocean freight (based on TEU)

+ 5.0

+ 3.0

Global contract logistics (based on revenues)

+ 8.4

+ 5.5

Notes tosustainability

Additional
information

Assuming further economic stabilization, the European rail
freight transport market is expected to return to a moderate
growth path in 2022. Combined transport in particular will
benefit from the continued dynamic development of European foreign and domestic trade and will play a growthdriving role.
◊ Revenues in the European land transport market are expected to return to pre-Covid-19 levels in 2022. The driver
for this development is the economic recovery in Europe.
Revenues from international land transport business are
expected to exceed pre-Covid-19 levels, while domestictransport services are expected to remain just below preCovid-19 levels. The effects of the war in Ukraine may
have a dampening effect here, particularly in the firsthalf of 2022.
◊ For American land transport, the current conditions are
expected to continue in 2022. All indicators point to acontinued shortage of truck capacity, with freight forwarders increasing their rates and being much more selective in awarding contracts. The spot market will most
likely grow more strongly than the contract market, atleast in the first half of 2022, as freight forwarders willtake advantage of high rates before making long-term
commitments.
◊ Intra-Asian land transport will benefit from the economic
recovery, after the Covid-19 pandemic has been overcome.
◊ The continued slow resumption of (air) travel activities
in 2022 is unlikely to be sufficient to cause a noticeable
reduction in extraordinarily high air freight rates throughincreased freight capacities. The uncertainties and travel
restrictions caused by the Covid-19 pandemic remain too
great. The ongoing capacity bottlenecks in ocean freight
will also continue to lead to a tense order situation for airtransport. Developments from political decisions may
also influence market developments, such as further sanctions against Russia.
◊ The outlook for the global ocean freight market is heavily
dependent on the extent to which the container shipcongestion in ports, which continues to exist and is increasing as a result of short-term Covid-19 restrictions,can be relieved. As long as the demand for transport spaceexceeds capacity, rates are not expected to recover inthe short term.

As of February 2022. Forecasts for 2022 rounded to half percentage points.

The freight market is expected to see a more moderate, yetstill strong, increase in output in 2022 compared to 2021. It
is generally assumed that the supply chain bottlenecks that
occurred in 2021 will weaken over the course of the year.
However, aggravations are expected from the war in Ukraine.
The delayed recovery in some sectors will also have knockon effects on demand for transport and will continue to havean impact up to 2023. The market will continue to be characterized by sustained competitive pressure. In addition to
prices, the quality of transport services will become increasingly important as resources become scarcer.
Rail freight transport will return to a growth path follow­
ing the declines from 2018 to 2020 and the strong increasein performance in 2021. Combined transport will once again
play a key role if the impetus from the coal and steel industry is expected to weaken. This trend is also being driven by
the increasing importance of sustainable transport and thegrowing customer demand for a shift in the mode of transport to rail.
Following the dynamic development in 2021, growth inroad freight transport will slow in 2022, but will remain strong
overall. Stimulating factors will include robust consumer
sentiment, a dynamic foreign trade environment and positiveeffects from the construction sector. The war in Ukraine will
have a dampening effect.
In 2021, inland waterway transport was still unable to offset the previous year’s losses, meaning that the recovery
should continue in 2022. This applies in particular to the areaof mineral oil transport. However, as a result of the weakening impetus from the coal and steel industry and the low
importance of container transport in terms of the freight
structure, the overall trend is again likely to be below average. Weather dependency remains a risk.

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Consolidated
financial statements◊ The contract logistics market expects subdued growth in
2022. The Asia-Pacific and American markets will continue
to see single-digit growth, while the European market
is expected to recover to pre-Covid-19 levels.
◊ In the e-commerce, healthcare and electronics divisions,
we expect solid business development, while the automotive market will continue to suffer from the negative impact of chip supply bottlenecks. Risks continue
to result from the unpredictable development of theCovid-19 pandemic and its impact on the global macroeconomy, as well as from the increasing challenges in
the areas of high inflation, the real estate market andthe labor market.

Notes tosustainability

Additional
information

Climate protection efforts are accelerating structural change
in the energy sector. The expansion of renewable energies
is expected to further strengthen price fluctuations on theelectricity spot market due to their limited predictability.
While the phase-out of nuclear power and coal power has
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, however,a cheap supply of energy should become available following
the successful transition to renewable energies.
For 2022, an imbalance of very rigid demand and a shortage of key products such as chips and raw materials (suchas iron ore) is expected. On the production side, there may
be shortfalls and thus further supply shortages. In Ger­­many,
coal-fired power generation remains attractive due to thecontinued high gas prices. The situation on the gas market
will remain extremely tense. Due to the current developments in the Russia-Ukraine conflict, the prices of electricity, coal and crude oil are likely to undergo a further sig­nifi­
cant increase. There is currently no foreseeable end to thisdevelopment.
There is likely to be little scope for prices of emissions
allowances (CO₂ certificates) to fall in the next few months.
The political will of the Federal Government and the European Commission to achieve a rapid climate-neutral transformation of the energy supply will make itself felt here.
Overall, the market conditions suggest that electricity
prices will remain high in the first few months of 2022. Here,spot prices will be influenced by the temperatures and windvolume even more than in previous years.
Crude oil prices are also not expected to ease in the near
future. In addition, as the Covid-19 pandemic eases, demandfor oil products will increase significantly and the war in
Ukraine will cause supply disruptions.

INFRASTRUCTURE

Train-path demand is forecast to develop positively in 2022.
In addition to further easing after the Covid-19 pandemic,
the expansion of supply as part of the long-distance transport initiative is leading to an increase in demand. The increase in demand for local transport is primarily attributable
to the lower basis in 2021 as a result of unanticipated events(floods, strikes). Volume growth is expected in rail freighttransport due to the macroeconomic environment.
The number of station stops will further stabilize in 2022
and continue the positive trend of the years before 2020.
The share of station stops of non-Group railways will contin­ue
to increase.
Rental income in stations should stabilize slowly overthe course of 2022 as a result of a moderate recovery fromthe effects of the Covid-19 pandemic, and should be slightly
above 2021 levels.

Procurement markets
Despite the uncertainties from the war in Ukraine in thefirst half of 2022, we only expect DB Group to experience a
few physical bottlenecks on the procurement side. In manymarkets, however, there is still an imbalance resulting fromstrong demand and an additional supply shortage due tothe Covid-19 pandemic and the war in Ukraine. In addition
to the highly volatile commodity markets, we continue toobserve unprecedented price dynamics, including in theconstruction and logistics sectors.

Financial markets
As inflation rates continue to rise, interest rates are likely
to increase further. The movement in the Eurozone is being
slowed by the European Central Bank’s countermeasures
to support the economy.

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Development of DB Group
Capital expenditure activity continues to grow.
Ongoing uncertainty regarding the momentum of
the recovery process in passenger transport.
	Profit development probably to be significantly
above the previous year’s level.
Our forecasts for the development of DB Group and the business units in the 2022 financial year are based on our expectations of developments in the market, competition andenvironment, and the implementation success of planned
measures.
In 2022, the business development of DB Group is once
again expected to be significantly influenced by the ongoing
Covid-19 pandemic, the length and intensity of which are
currently unforeseeable. The consequences of the war in
Ukraine are not quantified and are not taken into account inthese forecasts. Consequently, the following forecasts are
subject to greater uncertainty than in previous years.

T O P TA R G E T S S T R O N G R A I L
ANTICIPATED DEVELOPMENT

2021

2022

Passengers (rail) long-distance transport (million)

81.9

~130

Passengers (rail) local transport (million)

1,121~ 1,400

Volume sold rail freight transport (Germany) (billion tkm)

60.3

> 62

Train kilometers on track infrastructure (Germany)(million train-path km)

1,109> 1.130

Customer satisfaction DB Long-Distance (SI)

77.8

80

Customer satisfaction DB Regional (rail) (SI)71.6

Additional
information◊ At DB Cargo, we expect the customer satisfaction score
to be significantly lower at the next measurement in March2022 due to the significant drop in punctuality over thecourse of 2021.
◊ Punctuality is expected to improve in 2022. In order toachieve these goals, the quality measures initiated in
2021 will be continued and intensified. However, punctuality targets are under pressure due to the further increase in traffic volumes and a continued very high levelof construction activity.
◊ We will continue our measures to reduce the greenhousegas intensity of the DB traction current in Germany througha consequent increase in the share of renewable energies.
◊ In 2022, we will conduct our sixth Group-wide employee
survey to detect trends and changes and to find out whichmeasures are effective and where we still need to takeaction. We expect this to stabilize at our long-term target level.
◊ Due to the expected significant improvement of adjusted
EBIT, along with a simultaneous increase in capital employed, the ROCE is expected to improve.
◊ Debt coverage is also expected to increase significantly
as a result of the expected improvement in operating
profit.

Progress in implementing the Strong Rail strategy.

		

Notes tosustainability

ADDITIONAL KEY FIGURES FOR INCOME,
F I N A N C I A L A N D A S S E T S I T U AT I O N
ANTICIPATED DEVELOPMENT / € billion

2021

2022

Revenues adjusted

47.3

> 48

EBIT adjusted

– 1.6

>0

72

Gross capital expenditures

15.4

> 16

Customer satisfaction DB Cargo (SI)70

67

Net capital expenditures

6.3

> 6.5

Punctuality DB Long-Distance (%)

75.2

~80

Maturities

2.2

2.2

Punctuality DB Regional (rail) (%)

94.3

~95

Bond issues (senior)

4.9

<5

Punctuality DB Cargo (Germany) (%)

69.8

~72

Net financial debt as of Dec 31

29.1

> 30

Share of renewable energies in the DB traction current mix
in Germany (%)

62.4

64

–

3.8

– 3.6

>0

4.3

q

Employee satisfaction (SI)ROCE (%)

Debt coverage (%)

The economic development of DB Group in 2022 will continue
to be largely influenced by the momentum of the ongoingrecovery in demand for passenger transport. We therefore
expect a continued positive development in revenues andprofit, but the extent of this is fraught with uncertainty, especially regarding the future development of the Covid-19
pandemic. In terms of the development of net profit for theyear, a significantly lower special effect from pandemic-related train-path price subsidies will have a dampening effect.

q above previous year’s figure
e at previous year’s level
w below previous year’s figure◊ Performance in regional and long-distance rail passenger
transport should continue to stage a noticeable recovery
in 2022. The exact extent of the recovery will be largely
influenced by the future development of the Covid-19
pandemic.
◊ We also expect positive trends in rail freight transportvolumes and train-path demand.

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Notes tosustainability

Additional
information

ADDITIONAL KEY FIGURES FOR THE
G R E E N T R A N S F O R M AT I O N

We will continue 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. Capital expenditures in 2022 are expected to be above the 2021
level. This is mainly due to higher capital expenditures inrolling stock at DB Long-Distance and DB Regional, as wellas increased investments in rail infrastructure within the framework of the LuFV IIIµ 237.
Efficient liquidity management is once again a top priority for us in 2022. We are focusing on continually forecasting
the cash flow from operating activities, as this is our main
source of cash and cash equivalents. We produce liquidity
forecasts every month on the basis of a 12-month liquidity
plan. In 2022, we must redeem financial liabilities (excludingcommercial paper and current bank liabilities) at about thesame level as in 2021. Funding needs for this are met by issu­
ing public and non-public bonds. Roadshows are planned inEurope and Asia in conjunction with the bond issues.
For our capital market activities, we continue to have adequate financing scope from our debt issuance programsµprograms
90
and our commercial paper programµprogram
90.. The guaranteed credit
90
facilitiesµ 90 serve as a fallback in the event of a disruption
facilities
to capital market access. At the beginning of 2022, we issued
three senior bondsµ
bonds
164 through DB Finance. Our short- andmedium-term liquidity supply is therefore also secure in 2022.
The majority of our gross capital expenditures in 2022
will again be covered by investment grants. In addition, a fur­ther equity measure from the Federal Government is planned
as part of the Climate Action ProgramµProgram
47.. The net capital ex47
penditures to be financed by DB Group will likely also
not be fully covered by internal sources in 2022.
We still plan to divest DB Arriva in the medium term. We
assume that this will take place after 2022.
Net financial debt is expected to rise again as of December 31, 2022, taking into account even higher net capital expenditures and the continuing impact of the Covid-19 pandemic. The fact that DB AG will not make a dividend payment
to the Federal Government in 2022 will have a positive offsetting effect.
We will also continue our M&A activities in a selective
and focused manner in 2022.

ANTICIPATED DEVELOPMENT

2021

Specific greenhouse gas emissions in comparison to 2006 (%)– 36.1

2022‒39

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

2,110

2,200

Recycling rate (%)

96.2

> 95

◊ Due to the continuing impact of the Covid-19 pandemic,
in particular on passenger transport, our expectationsof further reducing specific greenhouse gas emissions
in 2022 are subdued compared to 2006.
◊ We will continue the noise remediation of lines as scheduled in 2022.
◊ We will continue to keep the recycling rate at a high levelin 2022.

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GOVERNANCE
171

Corporate Governance report

174∏ Service and financial relationships
102-18Additional
information

By contrast, the services of the service units are generally
charged to the intra-Group recipients of the service, in rela­tion to the service 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 on the basis of intraGroup transactions that operate on the basis of 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 andfrom the perspective of minority shareholders.
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 consequence of
DB Group’s status as a domestic contract group and the associated rights and obligations of all the incorporated domestic companies.

Service and financial relationships
in DB Group

Notes tosustainability

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
as loans.
◊ 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 development of service relationships. This means that compensationis always based on market prices. In DB Group this applies
to charges 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 withthe market. The terms of financing transactions are basedon prevailing market conditions in the financial and capital
markets. Governance functions perform controlling andmonitoring roles. These services are generally not charged.

O 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).
The main intra-Group service relationships in the area of
infrastructure utilization are shown in the following table:
INTRA-GROUP SERVICE RELATIONSHIPSFROM INFRASTRUCTURE UTILIZATION IN 2021
/ € million

Train-path utilization

171

DB LongDistanceRegional

DB Cargo

Other

DB

– 1,073– 2,273– 368–2

Use of local infrastructure

– 32

– 51

– 142

–3

Station use

– 114

– 598

–

–

Energy charges

– 351

– 641

– 264

– 297

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financial statements

SIGNIFICANT OPERATIONAL BUSINESSRELATIONSHIPS (INTEGRATED RAIL SYSTEM)GROUP MANAGEMENT— DB Vertrieb GmbH
— DB Engineering&Consulting
GmbH—…

TRAIN OPERATINGCOMPANIES

RAIL INFRASTRUCTURE
COMPANIES

DB Long-Distance

DB Netze Track— Business trips— Journeys for employees
DB Regional— Business trips— Journeys for employees
DB Cargo— Construction transportand logistics— Other freight transportand logistics services

Additional
information

SERVICE RELATIONSHIPS WITHGROUP MANAGEMENT

DB OPERATIONAL SERVICES— DB FahrzeuginstandhaltungGmbH— DB Systel GmbH
— DB Sicherheit GmbH
— DB Services GmbH

Notes tosustainability

DB Business Services— Train-path utilization— Facility utilization— Compliance— Finance/Controlling— Communication— Group development— Group marketing— Technology and digitalization—…

BUSINESS UNITS

DB OPERATIONALSERVICES— DB Long-Distance— DB Regional— DB Cargo— DB Netze Track—D B Netze Stations— DB Netze Energy— DB Arriva— DB Schenker

DB Netze Stations— Station use

DB Netze Energy— Traction current— Stationary energy— Diesel

Governance functions— DB Shared Service Center
Accounting— DB Talent Acquisition— DB Real Estate— DB JobService GmbH
— DB Procurement—…

— 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.

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 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.
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. This means that the agreed interest rates
are in line with those quoted by banks, assuming they wereGroup management incorporates various governance andservice functions that, with a few regulatory exceptions, perform functions for the entire DB Group. The costs of governance functions are generally not passed on to the business
units (no Group charges).
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.
The Group job market performs an important central
function. DB JobService GmbH employs personnel whosejobs in German companies of DB Group have been lost, withthe aim of finding another intra-Group job for them. It therefore plays a key role in the functioning of the DB-internal
labor market.

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Profit transfer and loss compensation between companies inGermany do not constitute intra-Group transactions. On thecontrary, the profit and loss transfer agreement stipulates thatthe amount of profit distributed or the sum required to offset
losses is not reset every year but is calculated automatically.
The cash flow is based on the shareholder’s right to profits
or obligation to compensate any losses. Notwithstanding
this, DB Group ensures that Group companies have sufficient
capital stock despite the obligation to offset potential losses
generated by other companies within the Group.
Investors are only willing to provide capital if amortization and returns are ensured. A purely debt-based financing
model is not commercially viable, as it is associated with highrisks. Profits are essential for maintaining DB Group’s capital
expenditure capacity. Profits generated are either retainedor distributed to the Federal Government as the sole shareholder. The share of profit retained in DB Group increases
the capital expenditure and borrowing capacity.

GROUP FINANCING

Capital market
Market interest
Market interest

DB Finance

DOMINATION AND PROFIT AND
LOSS TRANSFER AGREEMENTS

Market interest

DEUTSCHE BAHN AG
Market interest + credit surcharge
Passenger Transport— 		 DB Long-Distance— 		 DB Regional— 		 DB Arriva

Additional
information

D O M I N AT I O N A N D P R O F I T A N D L O S S
TRANSFER AGREEMENTS

not intended to yield a profit. Market rates also mean thatcredit margins are adjusted in line with creditworthiness:the credit margin for the infrastructure companies is largely
in line with the credit margins of DB AG in the financial andcapital market. The credit margins for non-infrastructurecompanies are higher and are based on an internal metric-based credit rating and the credit margins quoted on thecapital 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 scaleand cost benefits. In addition, central Group financing enables us to adequately monitor financial transactions andachieve comprehensive risk management.

Money market

Notes tosustainability

Market interest
Federal Republic of Germany (owner)

Infrastructure— 		 DB Netze Track— 		DB Netze Stations— 		 DB Netze Energy

Dividends

DEUTSCHE BAHN AG

Freight Transportand Logistics— 		 DB Cargo— 		 DB Schenker

Passenger Transport— 		 DB Long-Distance— 		 DB Regional— 		 DB Arriva

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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Notes tosustainability

Additional
information

CASH FLOWS BETWEEN DB AG AND
DB 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

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––– +1,125 + 3,350

DB Station&
Service AG

–

–

–

–

–

–

–

+ 286

–

+ 28

+ 111

+ 14

–

–

–

–

–

–

–

–

– +1,000 + 1,439

Total

–

–

–

–

–

+600

–

+286

–

+28

+731

+14

–

+5

–

–

– +1,000––– +2,125 +4,789

F R O M P R O F I T A N D L O S S T R A N S F E R A G R E E M E N T S T O ( – ) / 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

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 – 1,943– 997

DB Energie
GmbH

– 34

–2

– 29

– 43

– 47

– 44

– 111

– 106

– 18

– 91

– 38

+ 38

– 62

+ 37

– 39

– 51

– 35

– 59

– 12

+3

+ 66

– 126

Total

+826

+ 179

+ 770

+ 244

+ 81

+ 147

+ 49

– 342

– 546 –1,009

– 135

– 424

– 419

– 198

– 444

– 335

– 491

– 635

– 711

– 545

+ 121

+ 74 –3,743

–

– 500

– 525

– 525

– 200

– 700

– 850

– 600

– 450

– 650

– 650

– – 5,650– 803

D I V I D E N D PAY M E N T T O 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∏ Corporate Governance report102-16102-18S TAT E M E N T O F C O M P L I A N C E
I.

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 themanagement and monitoring of non-listed companies inwhich 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 and easier to understand as well as to establish more
precisely the role of the Federal Government as a shareholder
in such companies. It also intends to increase awareness ofgood 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 DB Group.
For corporations under uniform management, the executive bodies of the parent company must jointly issue thestatement of compliance for the parent company of theGroup and the companies under its uniform management
which are required to apply the Code. DB AG complies withthis recommendation in the following statement. The statement of compliance is an essential part of the Corporate
Governance Report, which is therefore also submitted in its
entirety at the level of the Group’s parent company.

The Supervisory Board and the Management Board of DB AG
declare that since the last declaration was issued on March24, 2021, the recommendations on the PCGK adopted by theFederal Government on September 16, 2020, have been complied with, with the following exceptions:
1 . N O . 3.1 S E N T E N C E 1

A sample clause about the application of the PCGK as amended

was developed and scheduled for inclusion in the company
documents. The adoption of amended articles of associationand partnership agreements is still in the implementation
phase. It may be that by the time the statement of compliance is issued, resolutions of the corporate bodies or notarial
deeds have not yet been finalized in the individual companies, with the result that this recommendation of the PCGK
may not yet have been fully complied with at that time.
2 . N O . 3.2 S E N T E N C E S 1 T O 4

For some of the limited liability companies (GmbHs) within
DB Group, shareholder’s 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 withsection 48 of the German Limited Liability Company Act (Gesetz betreffend die Gesellschaften mit beschränkter Haftung;
GmbHG).

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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 Groupin companies mentioned above, meetings held in person to
discuss the financial statements with 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 the auditor, for example.

Notes tosustainability

Additional
information

6 . N O . 4.1.3 PA R A . 5 S E N T E N C 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 additional communication). In justified exceptional cases, additions to theagenda or the submission of documents may be required atshort notice so that the Supervisory Board can also be informed in urgent cases or can also make corresponding decisions. During the reporting period, some companies covered by the PCGK submitted documents within less than 14
days’ notice in isolated cases.The companies shall continue
to endeavor to comply with the specified notice periods asfully as possible.

3 . N O . 4.1.2 PA R A . 1

A sample clause for anchoring approval conditions was de-veloped and scheduled for inclusion in the company documents. The adoption of amended articles of association andpartnership agreements is still in the implementation phase.
It may be that by the time the statement of compliance isissued, resolutions of the corporate bodies or notarial deeds
have not yet been finalized in the individual companies, withthe result that this recommendation of the PCGK may not
yet have been fully complied with at that time.

7 . N O . 4.3.2 S E N T E N C E 2

In its D&O insurance policy, DB Group does not comply withthe deductible recommended by the PCGK for executives ofGmbH companies. DB AG has taken out a Group-wide D&O
insurance policy for all its Board members in fully consolidated companies. A deductible for executives of GmbH companies is not prescribed by law and is not customary in theindustry. Unlike executives of stock corporations, for whom
the deductible is prescribed by law, there are hardly any
corresponding insurance offers on the market to cover sucha deductible for the executives of GmbHs. As a result, therespective executives would have to pay the economic riskof such a deductible directly from their own resources, without being able to adequately insure it, potentially leading
to demands for higher remuneration. Furthermore, establishing a corresponding deductible for the executives ofGmbHs would place DB Group at a significant competitive
disadvantage in terms of recruiting qualified executives.

4 . N O . 4.1. 3 PA R A . 2 S E N T E N C 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 13 GmbHs.
In these companies, this is not considered to be expedient, as the extension to a quarterly cycle would not lead toany added value or meaningful reporting depth for the supervisory body in view of the nature and scope of the business operations. The proper, timely and comprehensive information of the supervisory body continues to be effectively
ensured, even with the current reporting period of at least
one meeting per calendar half-year.
5 . N O . 4.1.3 PA R A . 5 S E N T E N C E 2

A sample clause was developed to define the general man-

8 . N O . 4.3.2 S E N T E N C E 3

agement’s information and reporting obligations and wasscheduled for inclusion in the company documents. The
adoption of amended company documents is still in theimplementation phase. It may be that by the time the statement of compliance is issued, resolutions of the corporate
bodies or notarial deeds have not yet been finalized in theindividual companies, with the result that this recommendation of the PCGK may not yet have been fully compliedwith at that time.

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.

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In principle, a deductible is not a suitable way of improving
the quality of the Supervisory Board’s activities. Instead, it
reduces the attractiveness of the Supervisory Board mandate and therefore makes it more difficult to attract appropriately qualified candidates, especially as the compensation
paid is already relatively low.
A significant portion of the compensation paid to representatives on DB Group Supervisory Boards who are delegated by/elected at the behest of the Federal Govern­ment
is transferred to the Federal Treasury, unless they waive theircompensation altogether. Members of the Supervisory Board
representing employees also transfer a significant amountof their compensation to the Hans Böckler Foundation (HansBöckler-Stiftung). 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 the case, it does not seem appropriate toallow members of the supervisory bodies to share in the risks
arising from Directors’ and Officers’ liability cases.

Notes tosustainability

Additional
information

1 2 . N O . 5.2.4 S E N T E N C E 3During the reporting period, in two cases at different DBGroup companies, reappointments were made before one
year had elapsed and before the end of the appointment
term. In one case, this was necessary to ensure the successof an exposed project of the company. In the other case, thisapproach was necessary to ensure continuity and stability
in the company’s management.
1 3 . N O . 5.2.5

A sample clause for the establishment of an age limit formembers of management in line with statutory provisions
on old-age pensions has been developed and scheduled forinclusion in company documents. The adoption of amended
rules of procedure is still in the implementation phase. It
may be that by the time the statement of compliance is issued, resolutions of the corporate bodies have not yet been
finalized in the individual companies, with the result that
this recommendation of the PCGK may not yet have been
fully complied with at that time.

9 . N O . 5.1.2 S E N T E N C E 4

DB Group has largely complied with the PCGK’s recommen-

1 4 . N O . 5.3.1 S E N T E N C E S 1 T O 3

dation that the entity responsible for compliance shouldreport directly to the management, or implemented this in
2021 where it was not yet the case.
Some of the reorganization processes required for thisin a few of the companies covered by the PCGK had yet tobe fully completed at the time of the printing of this report,so this recommendation may not yet be fully complied with.

The remuneration system in DB Group will be methodicallyoverhauled from the 2022 financial year. The envisaged methodology meets the requirements of the PCGK. At the timeof printing this report, some of the relevant resolutions had
not yet been adopted by the bodies.
1 5 . N O . 5.3.2 PA R A S . 1 A N D 2

The recommendations under no. 5.3.2 (1) and (2) of the
PCGK , in accordance with which executive remuneration
should be decided by the responsible corporate body, are,for the most part, complied with. In certain cases, there arestill ongoing Group employment contracts for historical reasons. In these cases, where the contractual partner is not
the corporate body, but rather DB AG as management holding company, the recommendations of this section shall bedeviated from during the term of these Group employment
contracts. There are no plans to conclude new Group employment contracts in the future.

1 0 . N O . 5.2.2 S E N T E N C E 3

In the course of implementing the PCGK recommendations,a standard procedure/model document for a transparent
selection procedure was developed in the reporting period
and will be used in the future. These were not yet fully applied in 2021.
1 1 . N O . 5.2.4 S E N T E N C E 2

In one case, a managing director of a DB Group company
covered by the PCGK was appointed for five years upon theirinitial appointment. Exceeding the recommended initial
appointment period of three years was necessary to ensure
the success of an exposed project of the Company.

1 6 . N O . 5.3.2 PA R A . 5

DB AG intends to comply with the recommendation to es-

tablish malus and clawback clauses in the employment contracts of executives. This recommendation will be integrated
into contractual regulations, predominantly in 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.

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Additional
information

support and quarterly reporting on 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.

1 7 . N O S . 5.3.3 A N D 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 AG as management holding company 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 Groupmanagement. There are no plans to conclude new Group
employment con­tracts in the future.
The variable compensation/profit share in DB Group will
be methodically overhauled from the 2022 financial year.
The envisaged methodology meets the requirements of the
PCGK. At the time of printing this report, some of the relevant resolutions had not yet been adopted by the bodies.

2 0 . N O . 6.1.2

A sample document for the rules of procedure for the super-visory body has been developed and, where it does not yet
exist, should be established promptly. The adoption ofamended corporate documents is still in the implementation
phase. It may be that by the time the statement of compliance is issued, resolutions of the corporate bodies have notyet been finalized in the individual companies, with the resultthat this recommendation of the PCGK may not yet have been
fully complied with at that time.
2 1 . N O . 6.1.7

Provision has been made for the deletion of the relevant delegation clauses from the company documents. The adoptionof adapted company documents is currently still being implemented. It may be that, by the time the statement ofcompliance is issued, resolutions of the corporate bodies ornotarial deeds have not yet been finalized in the individualcompanies, with the result that this recommendation of the
PCGK may not yet have been fully complied with at that time.

1 8 . N O . 5.4.3 S E N T E N C E S 2 A N D 3 A N D N O . 5.4.4

A corresponding sample clause has been developed andscheduled for inclusion in the company documents. The adoption of adapted company documents is currently still being
implemented. It may be that by the time the statement ofcompliance is issued, resolutions of the corporate bodies ornotarial deeds have not yet been finalized in the individualcompanies, with the result that this recommendation of the
PCGK may not yet have been fully complied with at that time.

2 2 . N O . 6.1.9

A sample clause about checking the efficiency and qualityof the supervisory body’s activities was developed and, where
not yet available, scheduled for inclusion in the company
documents. The adoption of adapted company documents
is currently still being implemented. It may be that by thetime the statement of compliance is issued, resolutions of
the corporate bodies or notarial deeds have not yet been
finalized in the individual companies, with the result that
this recommendation of the PCGK may not yet have been
fully complied with at that time.

1 9 . 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 anchor a supervisory body in the articles of association where
this is not provided for by law. In 2013, the Management
Board and Supervisory Board agreed to establish the projectcompany DB Projekt Stuttgart—  Ulm GmbH for the implemen­tation of the major Stuttgart 21/Wendlingen   —  Ulm projects
and to 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 orduties within the meaning of the German Stock Corporation
Act (Aktienrecht). However, the Chairman of the Advisory
Board regularly brings the committee’s positions into thedeliberations of DB AG’s Supervisory Board on the Stuttgart
21 project. In addition, the auditors PricewaterhouseCoopers
GmbH Wirtschaftsprüfungsgesellschaft (PwC) and the engineering firm Emch + Berger provide regular, independent

2 3 . N O . 6.2.2

A sample clause for setting an appropriate age limit for mem-bers of the supervisory body that complies with legal requirements was developed and scheduled for inclusion in
the company documents. The adoption of amended company
documents is still in the implementation phase. It may bethat by the time the statement of compliance is issued, resolutions of the corporate bodies or notarial deeds have notyet been finalized in the individual companies, with the result that this recommendation of the PCGK may not yet havebeen fully complied with at that time.

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Additional
informationC 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 AND SUPERVISORY BOARD

2 4 . N O . 6.5 PA R A . 1

DB Group does not comply with the recommendation that

all companies covered by the PCGK hold one regular meeting of the supervisory body per calendar quarter. DB AG believes that holding meetings less frequently has proven tobe effective, 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 monitoringof the management. From the point of view of the companies concerned, it would be disproportionate to increase thenumber of meetings and thus the administrative burden
without there being significant added value.

As a German Aktiengesellschaft (joint stock corporation),
DB AG is subject to a two-tier management and monitoring
structure in the form of the Management Board and Supervisory Board. These two bodies are strictly segregated interms 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 activities of 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 provides the Supervisory Board with regular,
prompt, comprehensive information on all matters relevantto the company, particularly those concerning planning,business development, risk exposure and risk management,
as well as the internal control system.
An overview of the members of the Management Board and of theSupervisory Board of DB AGµ248 ff.
ff.,, including the mandates theyhold, is provided in the Notes to the consolidated financial
statements.

2 5 . 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 in the reporting period and will be implemented gradually. This has not yet been done exhaustively for 2021.
2 6 . N O S . 7.2.1 A N D 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, especially without their consent,
would be questionable with regard to data protection. As
yet, relevant consents have not been contractually agreed
for the members of management, with the exception of the
DB Group Management Board.

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 15, 2021, the Supervisory Board of
DB AG appointed Dr. Daniela Gerd tom Markotten to theManagement Board of DB AG as head of the Digitalization
and Technology division for the period from September 15,
2021, to September 14, 2024. She succeeds Prof. Dr. Sabina
Jeschke, who resigned from her mandate on May 31, 2021.
Management Board members must disclose any conflictsof interest with the Supervisory Board immediately and mustalso provide their colleagues on the Management Board withinformation about any such conflicts.

2 7 . N O . 8.2.1 PA R A . 3

For one company, this recommendation was not compliedwith in the year under review.

II.
The Supervisory Board and the Management Board of DB AG
further declare that the Group parent company and the companies under its uniform management that are required toapply the Code will, in principle, comply with the recommendations on PCGK 2020 adopted by the German Government
on September 16, 2020, with the aforementioned exceptions.

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In accordance with this provision, Dr. Sigrid Nikutta informed
the bodies at the beginning of her Management Board mandate that she has a familial relationship with a member ofthe general management of a rail vehicle manufacturer. She
has therefore not participated in procurement processes withthis rail vehicle manufacturer in order to avoid any conflictsof interest. A change in the management of the rail vehicle
manufacturer resolved the potential conflict of interest in
the reporting period.

Notes tosustainability

Additional
information

addition, the tasks of the Supervisory Board include the auditing and approval of the company’s annual financial statements and the auditing of the company’s management report,
the consolidated financial statements, and the DB Groupmanagement 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, business development and risk management. The Chairman of the Super­visory Board receives regular reports from the Chief Executive
Officer on all events that are of key importance for 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

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 employees’ representatives on the Supervisory Board are elected in line with therequirements of the Co-Determination Act.
In the current term of office, Dr. Tamara Zieschang resigned
her mandate on the Supervisory Board with effect from September 16, 2021. Mr. Enak Ferlemann (Member of the German
Parliament; former Parliamentary State Secretary) was appointed as her successor on the Supervisory Board of DB AG
with effect from October 11, 2021.
Any personal or business relationships of individual members of the Supervisory Board with the company are statedin the Notes to the consolidated financial statements.
Supervisory Board members must immediately disclose any
conflicts of interest with the Supervisory Board and must also
provide the Supervisory Board with information about any
such conflicts. 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 toensure compliance with laws and corporate regulations. In

Supervisory Board committees

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 of the committeesµcommittees
250 can be found in the Notes to theconsolidated financial statements. Details of the work performedby the individual committeesµcommittees
29 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.
SHARE OF WOMEN ON THE MANAGEMENT BOARD
AND SUPERVISORY BOARD

Six women currently serve on the Supervisory Board of DB AG(30.0%). A target of a 30% share of women on the Supervisory Board of DB AG was set, with a deadline of June 30, 2022.
The Management Board of DB AG included, as at thereporting date of December 31, 2021, and still includes, two
women (28.6%). A target of a 30% share of women on theManagement Board of DB AG was set, with a deadline ofJune 30, 2022.

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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, 2021, a 23.8% share of women was
realized at the first management level below the Management Board. At the second level, 33.3% was achieved.
DB Group is committed to the equal participation of womenand men in management positions and, on the basis of thelaw, has decided to set a total target of 30% women in management for all applicable subsidiaries at all levels (Supervisory Boards, Management Boards/general management,
first and second management levels), with a deadline ofDecember 31, 2024.
Comprehensive information on DB Group’s diversity andsustainability activities is provided in the non-financial section of the Integrated Report.

Notes tosustainability

Additional
information

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 adequacy and effectiveness of systems. Regular reports are
made to the Audit and Compliance Committee concerning
the adequacy and 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 theserisks by the Management Board. It also controls whether
the early warning system for risks meets the requirementsof section 91 (2) of the German 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, continuous communication and process improvements.

T R A N S PA R E N C Y

All important information regarding the consolidated andannual 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.
† RISK MANAGEMENTGood corporate management also encompasses a responsible approach to the risks and opportunities arising inconnection with business operations. The early identification and limitation of business risks is therefore of paramount importance 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

ACCOUNTING AND AUDITINGOn March 24, 2021, the Annual General Meeting of DB AG
appointed the auditing firm PricewaterhouseCoopers GmbH
(PwC), Berlin, as auditor for the 2021 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.

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EFFICIENCY AUDIT OF THE
SUPERVISORY BOARD

Notes tosustainability

Additional
information

the performance factor. The business factor depends on theextent to which the business targets set out by corporate
planning are achieved. The parameters for this factor are
operational success (operating income after interest) andreturn on capital employed (ROCE), with equal weighting.
The performance factor reflects success in meeting personal targets. The target bonus corresponds to the annual
bonus paid to the Management Board member in a “normal
financial year” for meeting performance targets in full. If theGroup results do not meet planned objectives, the businessfactor can, in extreme cases, be reduced to zero, regardlessof personal performance. This means that the annual bonus
can be zero. If planned objectives are exceeded and the maximum performance factor is also achieved, the annual bonus
can be as high as 2.6 times the target bonus.
The business and personal targets of the Management
Board members are decided by the Supervisory Board eachyear based on recommendations from the Personnel Committee, and are then 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 the financial year.
At the end of each financial year, the business and personal performance factors are calculated for each Management Board member based on Group results. Target income
is attained if both business goals and individual targets havebeen met in full. The final decision on this matter is madeby the Supervisory Board and is prepared by the Personnel
Committee.
In December 2021, the Supervisory Board adopted anamendment to the short-term incentive (STI) methodology,
which is applicable for the 2022 financial year. In the interestsof transparent and uniform rules on profit-sharing in the Integrated Rail System, this should also apply, as far as possible,
to other Group subsidiaries and management levels from 2022.
The long-term incentives (LTI ) for the Management
Board now also focus on long-term transport and climate
policy targets and the sustainable creditworthiness andprofitability of DB Group. After the end of the respective
plan term of four years, the extent to which LTI targets havebeen achieved at the end of the tranche is measured using
the average target achievement for the individual years.
The payment amount for the long-term incentive plan has
an upper limit and can vary between 0% and 200%. The
entitlement arising from the LTI commitment is heritable.

The Supervisory Board regularly monitors the efficiency of
its activities. The last efficiency audit took place in the 2021
financial year.

C O M P E N S AT I O N R E P O R T

The compensation report outlines the compensation system
and lists the individual compensation of the members of theManagement Board and the Supervisory Board.
† 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, while at the same time directly
taking into account the performance of each Management
Board member and the success of the company.
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) and incomparison to other levels of compensation within the company (vertical appropriateness). If the review shows a needto adjust the compensation system or the level of compensation, the Personnel Committee of the Supervisory Board submits its proposals in this regard to the Supervisory Board forapproval. 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
and a long-term incentive plan based on multi-year figures.
Total compensation also includes benefit commitments, othercommitments 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.
The performance-linked annual bonus is calculated basedon the achievement of business targets (business factor) andthe achievement of individual targets (performance factor).
There is a multiplicative link between the business factor and181

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The Management Board members are entitled to an appropriate severance package if their contract is terminated before 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
the contract, the agreed target salary and, where applicable,
the pension benefits already owed by DB AG for the remainder of 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 of Group companies or affiliated companies.

Notes tosustainability

Additional
information

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.
In the interests of transparent and uniform rules on profitsharing in the Integrated Rail System, the modified STI methodology adopted for 2022 by the Supervisory Board in Decem­ber 2021 should also apply, as far as possible, to other Groupsubsidiaries and management levels from 2022.
Pension entitlements

The Supervisory Board of DB AG set a general retirement ageof 65 for Management Board members. In the previous year,in accordance with the provisions of the PCGK 2020, thisregulation was modified to stipulate that the Management
Board should not include any members who have exceeded
the statutory retirement age. After leaving the company,
Management Board members are entitled to pension payments. At the latest upon reaching the age of 65, Management Board members who were in office prior to 2017 areentitled to a lifelong pension if the term of employment ends
due to permanent invalidity, or if the contract is terminatedbefore the agreed termination date or is not extended, without good cause, or if the Management Board member refuses
to continue the contract 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. An annual amount derived as a speci­
fic percentage of fixed salary is paid into the defined contribution plan.
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.

Group-wide compensation system for executives

The compensation system for executives aims primarily toclosely link compensation to the sustainable success of thecompany in the sense of the business success of the Integrated Rail System and of DB Group, as well as the alignmentof 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 achievementof the goals is regularly included in the assessment when
making decisions on increases to 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 a finan­cial year. Where applicable, the respective decision-making
will take place after the DB AG Supervisory Board meeting inwhich the mid-term planning and the targets for the Group’s
Management Board are adopted. This chronological sequenceof the handling of personal goals in the Supervisory Boardsof the subsidiaries is due to the Group structure of DB AG.

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 free travel cardand standard insurance coverage. A housing allowance isprovided for second homes where these are required for182

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business purposes. Where these benefits in kind cannot be
granted on a tax-free basis, they are taxed as non-cash benefits for which the Management Board members are fully
responsible. Management Board members, like any othermember of the Group’s executive personnel, can choose to
take part in the company’s deferred compensation program.
The members of the Management Board are covered byliability 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 a period of five years after the termination of activities
as a member of the Management Board.

Pension benefits for the Management Board for the 2021 financial year

In the year under review, an amount of € 1,880 thousand wasadded to the pension provisions.
ADDITIONS TO PENSION PROVISIONS / € thousand

Dr. Richard Lutz

/ € thousand

Provision 3) Other 4)685

Dr. Sigrid Nikutta

177

Ronald Pofalla

0Martin Seiler

275

Total

1,768

shown in total in the Notes to the consolidated financial
statements.

Compensation of the Supervisory Boardfor the 2021 financial year

Compensation of the Supervisory Board of DB AG was mostrecently regulated by the Annual General Meeting resolutionof September 21, 2010. In addition to being reimbursed fortheir cash outlays and the value-added tax due on their compensation 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 (3) of the Co-determination
Act (MitbestG).

AS OF DEC 31, 2021

900

–

–

495

11

911

Dr. Daniela Gerd tom Markotten

118

–

–

22

6

124

Dr. Levin Holle

400

–

–

144

15

415

Berthold Huber

650

–

–

315

12

662

Dr. Sigrid Nikutta

400

–

–

150

9

409

Ronald Pofalla

650

–

–

315

12

662

Martin Seiler

650

–

–

255

9

659

3,768

–

–

1,696

75

3,843

271

–

–

198

15

286

4,039

–

–

1,894

90

4,129

112
1,880

Pension provisions for former Management Board membersµ
members
239 areTotal 5)

Dr. Richard Lutz

MEMBERS WHO LEFT THE MAN­AG E M E N T B O A R D O F D B AG D U R I N G
THE YEAR UNDER REVIEW

Total

Berthold Huber

Prof. Dr. Sabina Jeschke

B O A R D M E M B E R S O F D B AG

Prof. Dr. Sabina Jeschke

183

DURING THE YEAR UNDER REVIEWI N C U M B E N T M A N AG E M E N T

Total

58

Dr. Levin HolleM E M B E R S W H O L E F T T H E M A N A G E M E N T B O A R D O F D B AG

Variable compensation

OF THE MANAGEMENT BOARD

390

Dr. Daniela Gerd tom Markotten

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:Longterm
payment 2)

2021

I N C U M B E N T M A N AG E M E N T B O A 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 1

DB AG Management Board

Fixed
compensaShorttion term 1), 2)

Additional
information

In the year under review, no Management Board members 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.

C O M P E N S AT I O N F O R T H E 2 0 2 1 F I N A N C I A L Y E A R

TOTAL COMPENSATION

Notes tosustainability

Individual figures are rounded and therefore may not add up.
1)	Subject to the resolution of the Supervisory Board.
2)	All Board members have waived their variable compensation components for 2021.
3)
	Long-term variable compensation refers to the addition/release of provisions
for long-term incentives (LTI).
4)	Non-cash benefits from travel discounts, usage of company cars,and insurance and housing allowances.
5)	Total without long-term variable compensation.

183

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To ourstakeholders

Groupmanagement report

Consolidated
financial statements

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 members of 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 30,
2022, the members of the Supervisory Board of DB AG will
receive the following compensation for their work during
the year under review:Notes tosustainability

Additional
information

Annual compensation 2021

TOTAL COMPENSATION OF THE

SUPERVISORY BOARD / € thousand

Fixedcompensation

VariablecompenAttensation 1) dance fee

Ancillary
services

Total

I N C U M B E N T S U P E R V I S O RY
B O A 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 1 2)

Michael Odenwald

70.0

45.5

4.5

0.9

120.9

Klaus-Dieter Hommel

40.0

26.0

3.8

6.4

76.1

Jürgen Beuttler

20.0

13.0

1.5

–

34.5

Martin Burkert

20.0

13.0

3.0

–

36.0

–

–

–

–

–

Werner Gatzer

20.0

13.0

2.5

–

35.5

Dr. Ingrid Hengster

20.0

13.0

1.3

6.4

40.6

Jörg Hensel

25.0

16.3

2.8

0.9

44.9

Cosima Ingenschay

25.0

16.3

2.8

–

44.0

Prof. Dr. Susanne Knorre

20.0

13.0

1.5

6.2

40.7

Jürgen Knörzer

20.0

13.0

1.5

6.2

40.7

Kirsten Lühmann

20.0

13.0

1.5

0.9

35.4

Heike Moll

20.0

13.0

1.3

6.4

40.6

Dr. Immo Querner

40.0

26.0

2.8

6.4

75.1

Mario Reiß

20.0

13.0

1.3

–

34.3

Eckhardt Rehberg

20.0

13.0

1.3

–

34.3

Christian Schmidt

20.0

13.0

1.5

0.9

35.4

Jens Schwarz

30.0

19.5

4.3

6.2

60.0

Veit Sobek

20.0

13.0

1.5

6.4

40.9

–

–

–

–

–

26.3

17.1

4.5

–

47.8

Enak Ferlemann 3)

Elisabeth Winkelmeier-Becker 3)
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 O A 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 2)

Dr. Tamara ZieschangCompensation for further
Supervisory Board mandates
in DB subsidiaries

92.4

Total

1,010

Individual figures are rounded and therefore may not add up.
1)	All Supervisory Board members waived the variable compensation due to them for 2021.
2)	Some Supervisory Board members request that their compensation is donated to theHans Böckler Foundation (Hans-Böckler-Stiftung) in line with the directive of the German
Trade Union Confederation (Gewerkschaftsbund).
3)
	Ms. Winkelmeier-Becker and Mr. Ferlemann waived the compensation they are due for
their work as a member of the Supervisory Board.

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.

Forward-looking statements

Cross-references in the management report

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-materializationof the assumptions upon which our forecasts are based or the materialization of risks suchas those presented in the risk report.
		DB Group does not assume any obligation to update the statements made within thismanagement 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.

184

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To ourstakeholders

Groupmanagement report

Consolidated
financial statements

Notes tosustainability

Additional
information

186

Consolidated statement of income

187

Consolidated balance sheet

188

Consolidated statement of cash flows

189

Consolidated statement of changes in equity

190

Notes to the consolidated
financial statements

251Independent Auditor’s report

CONSOLIDATEDFINANCIALSTATEMENTS

Our contribution toclimate protection

∏

201-1

To ourstakeholders

Groupmanagement report

Consolidated
financial statements

Notes tosustainability

Additional
information

CONSOLIDATED STATEMENT OF INCOME
JAN 1 THROUGH DEC 31 / € million

√
2020

Note

2021

Revenues(1)

47,075Inventory changes and other internally produced and capitalized assets

(2)

3,884

3,564

50,95943,465Overall performance

39,901Other operating income

(3)

5,901

3,439

Cost of materials(4)– 28,419– 22,757– 18,297

Personnel expenses(5)– 19,219

Depreciation and impairments(6)– 3,804– 5,372

Other operating expenses(7)– 5,716– 5,235– 298– 4,757

Operating income (EBIT)
Result from investments accounted for using the equity method

(8)

– 10

– 21

Net interest income

(9)

– 528

– 615

Other financial result(10)

Financial result
Loss before taxes on income
Taxes on income(11)

Net loss for the year

48

– 91

– 490

– 727

– 788

– 5,484

– 123

– 223

– 911

– 5,707– 946– 5,710

Net loss for the year
thereof net loss attributable to shareholder of Deutsche Bahn AG
thereof remuneration entitlement of hybrid capital investors

26

26

thereof net profit/loss for the year attributable to non-controlling interests

9

– 23

Undiluted– 2.20– 13.28

Diluted– 2.20– 13.28

Earnings per share (€ per share)(12)

Reconciliation of consolidated comprehensive income√
2020

JAN 1 THROUGH DEC 31 / € million

2021

Net loss for the year

– 911

– 5,707

1,482– 1,067

1,482– 1,067

101

– 173

Changes due to the revaluation of defined benefit plans
Change in items recognized directly in equity, which are not reclassified to the income statement
Changes resulting from currency translation
Changes resulting from market valuation of securities/reclassifications of cash flow hedges

01Changes resulting from market valuation of cash flow hedges

91

– 23

Share of profit items not recognized in the income statement due to investments accounted for using the equity method

3

–

195

– 195

Balance of profit items covered directly in equity (before taxes)

1,677– 1,262

Deferred taxes relating to revaluation of defined benefit plans

– 51

– 21

– 51

– 21

Change in profit items recognized directly in equity, which are reclassified to the income statement

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
Changes in deferred taxes on profit items recognized directly in equity, which are reclassified to the income statement

–7

1

–7

1

Balance of profit items recognized directly in equity (after taxes)

1,619– 1,282

Comprehensive income708– 6,989– 6,987

Comprehensive income
thereof comprehensive income attributable to shareholder of Deutsche Bahn AG

674

thereof remuneration entitlement of hybrid capital investors

26

26

thereof comprehensive income for the year attributable to non-controlling interests

8

– 28

186

Our contribution toclimate protection

∏

102-7

To ourstakeholders

Groupmanagement report

Consolidated
financial statements

Notes tosustainability

Additional
information

CONSOLIDATED BALANCE SHEET
Assets€ million

Note

Dec 31, 2021√
Dec 31, 2020

NON-CURRENT ASSETS

Property, plant and equipment(13)

50,10047,704

Intangible assets

(14)

2,387

2,290

Investments accounted for using the equity method

(15)

461

458

Other investments and securities

(17)

99

57

Receivables and other assets

(19)

1,441

1,140

Derivative financial instruments

(21)

356

151

Deferred tax assets

(16)

1,305

1,164

56,14952,964
1,937

CURRENT ASSETSInventories

(18)

2,155

Other investments and securities

(17)

1

1

Trade receivables

(19)

6,476

4,849

Other receivables and other assets

(19)

2,358

2,205

Income tax receivables

(20)

63

55

Derivative financial instruments

(21)

50

13

Cash and cash equivalents

(22)

4,591

3,411

Held-for-sale assets(23)

Total assets

00

15,694

12,471

71,84365,435

Liabilities€ million

Note

Dec 31, 2021√
Dec 31,2020

EQUITY

Subscribed capital

(24)

2,150

2,150

Reserves

(25)

978

– 3,316

Generated profits

(26)

5,357

6,302

8,485

5,136

Equity attributable to shareholder of Deutsche Bahn AG
Non-controlling interests

(27)

134

132

Hybrid capital

(27)

2,002

2,002

10,621

7,270

NON-CURRENT LIABILITIESFinancial debt

(28)

30,322

27,070

Other liabilities

(29)

341

734

Derivative financial instruments

(21)

200

319

Pension obligations

(31)

5,031

6,517

Other provisions

(32)

3,163

2,576

Deferred items

(33)

406

316

Deferred tax liabilities

(16)

168

154

39,631

37,686
6,254

CURRENT LIABILITIESFinancial debt

(28)

4,164

Trade liabilities

(29)

8,097

6,312

Other liabilities

(29)

3,883

3,308
191

Income tax liabilities

(30)

252

Derivative financial instruments

(21)

19

60

Other provisions

(32)

4,333

3,465

Deferred items(33)

Total assets

187

843

889

21,591

20,47971,84365,435Our contribution toclimate protection

To ourstakeholders

Groupmanagement report

Consolidated
financial statements

Notes tosustainability

Additional
information

CONSOLIDATED STATEMENT OF CASH FLOWS
JAN 1 THROUGH DEC 31 / € million

Note

2021

√
2020

Loss before taxes on income– 788– 5,484

Depreciation on property, plant and equipment and intangible assets

3,804

5,372

Write-ups/write-downs on non-current financial assets

– 32

56

Result of disposal of property, plant and equipment and intangible assets

123

96

Result of disposal of financial assets–4–1

Result of the sale of consolidated companies

0–3Interest and dividend income

– 57

– 115

Interest expenses

583

729

Foreign currency result

– 27

25

Result of investments accounted for using the equity method

10

21

Other non-cash expenses and income 1)

2,786

2,233

Changes in inventories, receivables and other assets– 2,372– 831

Changes in liabilities, provisions and deferred items

616

– 29

4,642

2,069

Interest received

40

28

Received (+)/paid (–) dividends and capital distribution

–3

0

– 524

– 519

Cash generated from operating activities

Interest paid
Paid (–)/reimbursed (+) taxes on income

– 255

– 158

Cash flow from operating activities

3,900

1,420

Proceeds from the disposal of property, plant and equipment and intangible assets

213

228

– 14,182– 13,284

Proceeds from investment grants

9,045

8,516

Payments for repaid investment grants

– 43

– 48

Proceeds from sale and disposal of financial assets

82

0

– 185

– 24

Payments for capital expenditures in property, plant and equipment and intangible 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

0

4

– 45

– 40

Proceeds from disposal of investments accounted for using the equity method

00

Payments for additions of investments accounted for using the equity method–1–1Cash flow from investing activities– 5,116– 4,649

Proceeds from capital injections

2,675

–

–

–2

–

– 650

Payments for the acquisition of non-controlling interests
Distribution of profits to shareholder
Distribution of profits to non-controlling interests and hybrid capital investors
Payments for redemption leasing liabilities
Payments for the settlement of IFRIC 12 leasing liabilities

– 33

– 27

– 1,164

– 995

– 25

–

Proceeds from issue of senior bonds

4,860

5,327

Payments for redemption of senior bonds– 1,832– 2,078

Proceeds from interest-free loans from the public sector
Payments for redemption and repayment of interest-free loans

0

8

– 157

– 163

187

2,795

Payments for redemption of borrowings and commercial paper 2)– 2,202– 1,509

Cash flow from financing activities

2,309

2,706

Proceeds from borrowings and commercial paper 2)

Net change in cash and cash equivalents
Cash and cash equivalents as of Jan 1

(22)

1,093

– 523

3,411

3,993

Changes in cash and cash equivalents due to changes in the scope of consolidation–

4

Changes in cash and cash equivalents due to changes in exchange rates

87

– 63

4,591

3,411

Cash and cash equivalents as of Dec 31
1)
2)

(22)

Including additions to other provisions.
	Including change in short-term bank borrowings between reporting dates.

188

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To ourstakeholders

Groupmanagement report

Consolidated
financial statements

Notes tosustainability

Additional
information

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Reserves
Fair value
valuationof cashflow
hedges

Revaluation ofpensions

Other
movements

Equityattributable toshareholder ofDeutscheBahn AG

HybridcapitalNoncontrollinginterests

Equity155

14,927

Subscribed
capitalCapitalreserves

Currencytranslation

Fair value
valuation of
securities

Total

Generated
profits

2,150

6,310

94

1

– 149

– 2,843

– 13

3,400

7,225

12,775

1,997

	 Capital increase/injection

–

–

–

–

–

–

–

–

–

–

–

10

10

Capital decrease

–

–

–

–

–

–

–

–

–

–

–

–1

–1

Dividend payment/
remuneration hybrid capital

–

–

–

–

–

–

–

–

– 650

– 650

– 21

–6

– 677

Withdrawal from capital reserve–– 5,439

–

–

–

–

–

– 5,439

5,439

–

–

–

–

Other changes

–

–

–

–

–

–

0

0

–2

–2

–

2

0

Comprehensive income

–

0

– 169

1

– 22

– 1,087–– 1,277– 5,710– 6,98726– 28– 6,989€ million

As of Jan 1, 2020

thereof net profit/loss(after taxes)

–

–

–

–

–

–

–

–

– 5,710– 5,71026– 23– 5,707	thereof currency effects

–

–

– 169

–

–

–

–

– 169

–

– 169

–

–4

– 173

thereof deferred taxes

–

–

–

–

1

– 21

–

– 20

–

– 20

–

–

– 20

thereof market valuation/
reclassification

–

–

–

1

– 23

–

–

– 22

–

– 22

–

–

– 22

–

–

–

–

–

– 1,066–– 1,066–– 1,066––1– 1,067	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, 2020

–

–

–

–

–

–

–

–

–

–

–

–

–

2,150

871

– 75

2

– 171

– 3,930– 13– 3,316

6,302

5,136

2,002

132

7,270

Generated
Total
profits

Equityattributable toshareholder ofDeutscheBahn AG

HybridcapitalNon-controllinginterests

Equity∏Reserves

201-1
Fair value
valuaCurrency
tion oftranslation securities

Fair value
valuationof cashflow
hedges

Revaluation ofpensions

Other
movements

Subscribed
capitalCapitalreserves

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

€ million

As of Jan 1, 2021

thereof 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

10,621189

Our contribution toclimate protection

To ourstakeholders

Groupmanagement report

Consolidated
financial statements

Notes tosustainability

Additional
information

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Segment information according to segments
DB Long-Distance

DB Regional

DB Cargo

DB Netze Track

DB Netze Stations

DB Netze Energy

JAN 1 THROUGH DEC 31 OR RESPECTIVELY AS OF DEC 31 / € million

2021

2020

2021

2020

2021

2020

2021

2020

2021

2020

2021

2020

External revenues

2,792

2,753

7,929

7,553

4,195

3,854

1,975

1,808

520

525

1,808

1,297

Internal revenues

119

126

114

109

292

265

4,009

3,852

765

733

1,558

1,427

Total revenues

2,911

2,879

8,043

7,662

4,487

4,119

5,984

5,660

1,285

1,258

3,366

2,724

Other external income

196

140

814

850

497

386

801

713

258

160

60

36

Other internal income

72

68

107

114

37

45

239

265

35

30

44

40

Inventory changes and other internally produced
and capitalized assets

9

15

54

47

30

40

1,372

1,192

112

89

28

24

3,188

3,102

9,018

8,673

5,051

4,590

8,396

7,830

1,690

1,537

3,498

2,824

Cost of materials– 2,810– 2,711– 5,662– 5,394– 2,675– 2,527– 2,498– 2,155

– 809

– 691

– 2,973– 2,468

Personnel expenses– 1,199– 1,119– 2,261– 2,172– 1,845– 1,771– 3,498– 3,306

– 444

– 401

– 145

– 134

– 613

– 609

– 877

– 923

– 631

– 613

– 1,390– 1,283

– 277

– 274

– 126

– 131

– 1,434– 1,337

218

184

– 100

– 321

1,010

1,086

160

171

254

91

– 356

– 344

– 634

– 631

– 378

– 363

– 690

– 685

– 159

– 147

– 84

– 84
–2

Total income

Other operating expenses
EBITDA

Depreciation 2)
Impairments recognized/reversed 2)

–

–

–1

–4

–3

– 44

14

8

0

–

–1

EBIT (operating profit/loss)– 1,790– 1,681

– 417

– 451

– 481

– 728

334

409

1

24

169

5

Operating interest balance 3)

– 29

– 19

– 42

– 46

– 57

– 58

– 109

– 143

– 37

– 31

– 13

– 16

– 1,819– 1,700

– 459

– 497

– 538

– 786

225

266

– 36

–7

156

– 11

Operating income after interest 3)
Property, plant and equipment

6,584

5,456

6,076

6,296

3,112

3,037

21,78820,676

3,602

3,476

1,133

1,144

Intangible assets

56

48

57

37

198

185

199

160

63

48

4

10

		thereof goodwill

0

0

5

6

1

1

12

–

–

–

–

–

Inventories

181

172

558

527

195

188

229

229

0

0

182

104

Trade receivables 4)

26

37

992

727

507

456

137

153

37

71

205

112

Receivables and other assets(excluding receivables from plan assets) 4)

131

125

1,004

964

181

190

590

453

44

51

170

159

	Receivables from financing and earmarked bank deposits 4)

–

–

–

–

–

–

–

–

–

–

–

–

Income tax receivables

–

–

0

1

2

2

0

–

–

–

0

0

Held-for-sale assets 4)

–

–

–

–

–

–

–

–

–

–

–

–

Trade liabilities 4)

– 371

– 299

– 885

– 967

– 429

– 407

– 919

– 666

– 88

– 96

– 421

– 422

Miscellaneous and other liabilities 4)

– 167

– 244

– 843

– 894

– 222

– 219

– 694

– 613

– 182

– 241

– 61

– 44

0

0

–1

–1

–4

–2

–

–

–1

0

–

–

Other provisions

– 28

– 31

– 2,693– 2,200

– 173

– 197

– 959

– 482

– 37

– 41

– 33

– 28

Deferred items

– 407

– 385

– 241

– 110

– 14

–5

– 170

– 238

– 100

– 104

–1

–1

Deferred liabilities 4)

– 69

– 74

– 164

– 158

– 184

– 172

– 232

– 235

– 17

– 15

–9

–8

Capital employed 5)

5,936

4,805

3,860

4,222

3,169

3,056

19,96919,437

3,321

3,149

1,169

1,026

Net financial debt

3,325

2,335

1,157

1,623

2,530

2,503

9,718

10,454

746

1,600

773

608

Income tax liabilities

Investments accounted for using the equity method

0

1

5

4

34

33

2

2

0

0

–

0

Result from investments accounted for using the equity method

0

0

0

0

3

4

1

1

–

–

–

0

Gross capital expenditures

1,507

1,290

480

434

525

452

9,349

8,480

1,380

1,338

340

273

Investment grants received

–

– 40

– 25

– 16

– 28

– 14

– 7,611– 7,117– 1,083– 1,085

– 274

– 222

Net capital expenditures

1,507

1,250

455

418

497

438

1,738

1,363

297

253

66

51

–

–

–

–

–

16

27

1

–

–

–

–

18,79018,79437,22037,15930,05730,052

51,29050,330

6,811

6,525

1,900

1,861

Additions due to changes in the scope of consolidation(acquisition of companies)
Employees 6)

	Relating to special items and reclassification PPA amortization of customer contracts as well as the reconciliation of capital employed to the external display.
2)
	The non-cash items are included in the segment result shown.
3)
	Key figure from internal reporting, no external figures.
4)	Content allocation in accordance with management reporting.
5)	Profit transfer agreements were not assigned to segment assets or liabilities.
6)
	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)190Our contribution toclimate protection

Subsidiaries/OtherTo ourstakeholders

Groupmanagement report

Integrated
Rail System

Consolidation

DB Arriva

Consolidated
financial statements

DB Schenker

Notes tosustainability

Additional
information√

DB Group

adjusted

Consolidation other

Reconciliation

DB Group

1)

2021

2020

2021

2020

2021

2020

2021

2020

2021

2020

2021

2020

2021

2020

2021

2020

2021

2020

593

523

–

–

19,812

18,313

4,067

3,988

23,371

17,601––47,25039,902– 175–147,07539,901

5,092

4,852

– 11,741– 11,166

208

198

2

2

72

70

– 282

– 270

–

–

–

–

–

–

5,685

5,375

– 11,741– 11,166

20,02018,511

4,069

3,990

23,443

17,671

– 282

– 270

47,25039,902– 175–147,07539,901

447

450

–

–

3,073

2,735

431

395

220

261

–2

–

3,722

3,391

2,179

48

5,901

3,439

1,331

1,270

– 1,825– 1,760

40

72

0

1

10

10

– 50

– 83

–

–

–

–

–

–

916

822

1,341

1,306

3,862

3,535

6

9

7

5

9

15

3,884

3,564

–

–

3,884

3,564

8,379

7,917

– 12,225– 11,620

26,99524,853

4,506

4,395

23,68017,947

– 325

– 338

54,85646,8572,004

47

56,86046,904– 3,107– 3,132

9,652

9,205 – 10,882– 9,873– 1,445– 1,430– 16,297– 11,579

225

199 – 28,399– 22,683– 20– 74 – 28,419– 22,757– 3,898– 3,718–– – 13,290– 12,621– 2,139– 2,109– 3,697– 3,437–– – 19,126– 18,167– 93– 130 – 19,219– 18,297– 1,261– 1,165

2,435

2,293

– 2,740– 2,705

– 563

– 805

– 1,841– 1,624100

129– 5,044– 5,005

– 672

– 230

– 5,716– 5,235

113

– 98

– 138

– 122

83

– 346

359

51

1,845

1,307

–

– 10

2,287

1,002

1,219

– 387

3,506

615

– 583

– 551

65

59

– 2,819– 2,746

– 432

– 446

– 592

– 586

2

2

– 3,841– 3,776

– 40

– 52

– 3,881– 3,828

–2

– 41

–

–

7

– 83

–

– 36

–5

– 10

–

–

2

– 129

75

– 1,41577– 1,544

– 472

– 690

– 73

– 63

– 2,729– 3,175

– 73

– 431

1,248

711

2

–8

– 1,552– 2,9031,254– 1,854– 298– 4,757

– 89

– 133

–

–

– 376

– 446

– 31

– 37

– 57

– 58

–

–

– 464

– 541

–

–

–

–

– 561

– 823

– 73

– 63

– 3,105– 3,621

– 104

– 468

1,191

653

2

–8

– 2,016– 3,444

–

–

–

–

3,154

3,026

– 884

– 840

44,56542,271

2,343

2,518

3,212

2,938

– 20

– 23

50,10047,704––

50,10047,704

296

288

– 69

– 52

804

724

180

215

1,405

1,352

–2

–1

2,387

2,290

–

–

2,387

2,290

28

27

–

–

46

34

0

0

1,173

1,111

–

–

1,219

1,145

–

–

1,219

1,145

633

570

– 32

– 20

1,946

1,770

85

88

124

79

–

–

2,155

1,937

–

–

2,155

1,937

346

314

–

–

2,250

1,870

289

294

3,919

2,677

–

–

6,458

4,841

18

8

6,476

4,849

1,232

1,186

– 1,372– 1,447

1,980

1,681

536

516

762

618

– 103

– 88

3,175

2,727

523

618

3,698

3,345

–

–

–

–

–

–

–

–

–

–

–

–

–

–

– 541

– 625

– 541

– 625

6

6

–

–

8

9

9

14

46

32

–

–

63

55

–

–

63

55

0

0

0

0

0

0

–

–

–

–

–

–

0

0

–

–

0

0

– 668

– 621

–

–

– 3,781– 3,478

– 603

– 563

– 3,527– 2,435––– 7,911– 6,476

– 186

164

– 8,097– 6,312

– 737

– 791

1,369

1,446

– 1,537– 1,600

– 282

– 277

– 707

– 511

102

88

– 2,424– 2,300– 1,800– 1,742– 4,224– 4,042

– 30

– 36

–

–

– 36

– 39

– 57

– 62

– 169

– 99

10

9

– 252

– 191

–

–

– 252

– 191

– 2,799– 2,292––– 6,722– 5,271

– 235

– 351

– 449

– 409

– 90

– 10

– 7,496– 6,041––– 7,496– 6,041– 1,205

– 40

– 45

3

–

– 970

– 888

– 268

– 306

– 11

– 11

–

–

– 1,249– 1,205––– 1,249

– 321

– 315

–

–

– 996

– 977

– 192

– 150

– 798

– 450

–

–

– 1,986– 1,577

1,986

1,577

–

–

1,072

1,290

– 985

– 913

37,511

36,072

1,805

1,936

3,807

3,781

– 103

– 25

43,02041,764––43,02041,764

8,570

7,315

–

–

26,81926,438

1,113

1,208

1,175

1,699

–

–

29,107

29,345––

29,107

29,345

355

353

–

–

396

393

54

54

11

11

–

–

461

458

–

–

461

458

– 14

– 26

–

–

– 10

– 21

–1

–1

1

1

–

–

– 10

– 21

–

–

– 10

– 21

815

981

– 120

– 120

14,276

13,128

267

457

844

817

–

–

15,387

14,402––

15,387

14,402

–6

0

–

–

– 9,027– 8,494

– 18

– 22

–

–

–

–

– 9,045– 8,516––– 9,045– 8,516

809

981

– 120

– 120

5,249

4,634

249

435

844

817

–

–

6,342

5,886

–

–

6,342

5,886

–

16

–

–

27

33

–

–

57

–

–

–

84

33

–

–

84

33

58,34557,878––204,413202,599

43,18946,00876,114

74,161––

323,716

322,768––

323,716

322,768191

Our contribution toclimate protection

To ourstakeholders

Groupmanagement report

Segment information according to segments
Information by regions

190

Notes tosustainability

Additional
information

Notes to the segment reporting

230

Risk management and derivative financial instruments

192

Notes to the statement of income

229

Notes to the statement of cash flows

192

Basic principles and methods
Notes to the balance sheet

Consolidated
financial statements

232

Additional disclosures relating to the financial instruments

196

Other disclosures

205

235

235

Information by regions
External
revenues

Non-current
assets 1)

Grosscapital expenditures

Capitalemployed 1)√

Net
capital expenditures

Employees 1)

2021

2020

2021

2020

2021

2020

2021

2020

2021

2020

2021

2020

Germany

24,055

21,56846,18743,811

37,98336,671

14,363

13,282

5,338

4,788

209,763

207,996

JAN 1 TO DEC 31 / € million

Europe (excluding Germany)

14,27812,031

5,757

5,799

4,145

4,472

833

1,012

813

990

84,26085,699Asia/Pacific

4,957

3,519

1,291

1,109

1,139

1,026

258

182

258

182

16,985

16,764

North America

3,180

2,236

271

243

680

483

40

38

40

38

9,256

9,027

Rest of world

780

548

37

36

82

60

13

8

13

8

3,452

3,282

Consolidation

–

–

– 977

– 919

– 1,009

– 948

– 120

– 120

– 120

– 120

–

–

47,25039,902

52,56650,07943,02041,764

15,387

14,402

6,342

5,886

323,716

322,768

DB Group adjusted

Reconciliation
DB Group
1)

– 175

–1

–

–

–

–

–

–

–

–

–

–

47,07539,901

52,56650,07943,02041,764

15,387

14,402

6,342

5,886

323,716

322,768	As of balance sheet date.

Basic principles and methods

STRUCTURE OF THE BALANCE SHEET AND
T H E S TAT E M E N T O F I N C O M E

F U N D A M E N TA L I N F O R M AT I O NAssets and liabilities are stated in the balance sheet either as current or

Deutsche Bahn AG (DB AG), and its subsidiaries (together DB Group) pro-non-current items. Assets and liabilities are classified as current if they willvide services in the fields of passenger transport, freight transport andbe realized or are due within 12 months after the end of the year underlogistics, and operate an extensive rail infrastructure which is also available

review. The notes to the balance sheet take account of the requirements

to non-Group users on a non-discriminatory basis. Whereas rail infrastruc-of the ordinance relating to the structure of the annual financial statements

ture activities are conducted primarily in the company’s domestic marketof transport companies. The statement of income uses the structure ofof Germany, business activities in passenger and freight transport are con-

total cost accounting.

ducted on a Europe-wide basis and logistics activities are conducted on a

C O N S O L I D AT I O N M E T H O D Sa) Consolidation principles

worldwide basis.
DB AG, Potsdamer Platz 2, 10785 Berlin is an Aktiengesellschaft (stock

corporation); its shares are held entirely by the Federal Republic of Ger-In the consolidated financial statements of DB AG, DB AG and all companies

many (Federal Government). The company is listed in the trade register(subsidiaries) are fully consolidated in accordance with IFRS 10 from theof the Amtsgericht (local court) Berlin-Charlottenburg under the number

time at which DB AG acquires control.
For the purpose of standardized accounting, the affiliated companies

HRB 50000. DB Group has issued securities in accordance with section 2(1) clause 1 of the Securities Trading Act (Wertpapierhandelsgesetz;

have applied the accounting directive of the parent company.

WpHG); these securities are traded on organized markets in accordanceCapital is consolidated in accordance with the acquisition method inwith section 2 (11) WpHG.

line with IFRS 3.

These consolidated financial statements have been prepared by the

The equity attributable to Group shareholders is shown separately

Management Board, and will be submitted to the Supervisory Board for thefrom the non-controlling interests in the equity of subsidiaries. The amountSupervisory Board meeting on March 30, 2022.

is calculated based on the non-controlling interests at the time of the initial consolidation and the changes in equity attributable to this interest

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

after that time.

The consolidated financial statements are prepared on the basis of section

Non-controlling interests are calculated on a pro rata basis from the315e Commercial Code (Handelsgesetzbuch; HGB) and in accordance withassets, liabilities and contingent obligations valued with their fair value.

the International Financial Reporting Standards (IFRS) as applied in the EU

Intra-Group liabilities as well as expenses and income and intercompany

and their interpretation by the IFRS Interpretations Committee. The ac-

results between fully consolidated companies are completely eliminated.

counting standards have been applied consistently throughout the entire
reporting period with no changes compared with the previous year.
The financial year of DB AG and its incorporated subsidiaries is the sameas the calendar year. The consolidated financial statements are preparedin euros. Unless otherwise specified, all figures are stated in millions ofeuros (€ million).

192

Our contribution toclimate protection

To ourstakeholders

Groupmanagement report

Consolidated
financial statements

Notes tosustainability

Additional
informationb) Business combinations

The following exchange rates are some of the rates used for currency trans-

All subsidiaries acquired after December 31, 2002, have been consolidated

lation purposes:

using the acquisition method under IFRS 3.

as of Dec 31

Any difference between the acquisition costs of the business combination and the acquired assets valued at fair value is shown as goodwill.
If the purchase price is lower than the fair value of the acquired assets,
the difference is recognized immediately in the statement of income after
reassessment.
The acquisition and sale of shares in an already fully consolidated
company that do not result in a change of control are recognized in equity
with no impact on profit and loss. In this respect, there have been nochanges in the carrying amounts of the assets and liabilities recognizedannual average

2021

2020

2021

2020

Australian Dollar (AUD)

1.56150

1.58960

1.57495

1.65541

Canadian Dollar (AUD)

1.43930

1.56330

1.48267

1.52961

Swiss Franc (CHF)

1.033101.08020

1.081031.07041€ 1 EQUIVALENT TO

Renminbi Yuan (CNY)7.19470

8.022507.62671

7.87213Danish Krone (DKK)

7.436407.440907.437037.45438

Pound Sterling (GBP)

0.84028

0.899030.85958

0.88936

Hong Kong Dollar (HKD)

8.83330

9.51420

9.19130

8.85331130.38000

126.49000

129.85488

121.79628
10.72502

Japanese Yen (JPY)from such transactions.

Norwegian Krone (NOK)

9.98880

10.47030

10.16329

Polish Zloty (PLN)

4.596904.55970

4.565564.44356c) Joint ventures, joint operations and associated companies

Swedish Krona (SEK)

10.25030

10.03430

10.14628

10.48882

Singapore Dollar (SGD)

1.52790

1.62180

1.58888

1.57364

US Dollar (USD)

1.13260

1.227101.18249

1.14148

Joint ventures are defined as companies that are managed by DB AG jointlywith another party either directly or indirectly, and in which the partners
own rights to the net assets of the company.

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

A joint operation is defined as agreements that are managed by DB AG

jointly with another party either directly or indirectly, and in which the par-The consolidated financial statements are based on assessments and as-ties involved in the joint operation have rights relating to the assets andsumptions relating to the future. Based on past experience and reasonableobligations relating to the liabilities attributable to the agreement.

expectations of future events, the estimations and assessments that are

Associated companies are defined as equity participations in which DB

derived are continuously reviewed and adjusted where appropriate. Nev-

Group is able to exercise a major influence on the financial and businessertheless, the estimations will not always correspond to the subsequent

policy. Major influence is normally defined as a situation in which DB AG

actual circumstances.

directly or indirectly holds 20 to 50% of the voting rights in these companies

The estimations and assessments that may involve a significant risk

and the related assumption of association is not refuted.

during the next year under review in the form of major adjustments to the

In exceptional cases, companies in which DB Group holds fewer thancarrying amounts of assets and liabilities are discussed under the relevant

20% of the voting rights are also classified as associates. Despite such aitems.

low shareholding, a major influence is deemed to exist in such cases, forinstance as a result of various rights of codetermination in major issues

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

concerning business policy or because members of general management

After due consideration is given to the following issues (in particular theare appointed by DB Group.

Covid-19 pandemic), the financial information presented for the year under

Joint ventures and associates are accounted for using the equity method

review is comparable with the financial information for the previous year.

in accordance with IAS 28 (Investments in Associates and Joint Ventures).
Alternatively, they are valued in accordance with IFRS 5 if the shares are

Accounting and valuation methods

classified as held-for-sale.

A ) 	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 T H AT

Intercompany results attributable to transactions with associated com-

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 A D O P T I O N F O Rpanies or joint ventures are eliminated on a pro rata basis.

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 1 , O R E A R LY A D O P T I O N

In the case of joint operations, the assets, liabilities, income and ex-

In the year under review, the consolidated financial statements took accountpenses have to be recognized on a pro rata basis.

of all new and revised standards and interpretations which are the subjectof mandatory first-time adoption starting on or after January 1, 2021, whichC U R R E N C Y T R A N S L AT I O N

are also relevant for DB Group and which have not been the subject of earlyCurrency translation uses the concept of functional currency according to

adoption in previous periods. The changes to the standards have been rec-IAS 21 (The Effects of Changes in Foreign Exchange Rates) or IAS 29 (Finan­

ognized in accordance with the transitional regulations. The impact of thecial Reporting in Hyperinflationary Economies) for annual financial state-

new regulations is considered to be immaterial.

ments of subsidiaries that are based in a hyperinflationary country.
No major subsidiary was domiciled in a hyperinflationary economy inB)

the year under review or the previous year.

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 T H AT
H A D B E E N A D O P T E D A S O F T H E R E P O R T I N G D AT E , B U T T H AT A R E

The consolidated financial statements are prepared in euros (reporting

N O T Y E T T H E S U B J E C T O F M A N D AT O R Y A D O P T I O N A N D E A R LY A D O P T I O N

currency); in accordance with IAS 21, the financial statements of subsid-

Various new accounting standards and interpretations have been published,iaries whose functional currency is not the euro are converted into the re­although they are not the subject of mandatory adoption for reporting

porting currency.

periods up to December 31, 2021, and have not been the subject of early
adoption by DB Group. The impact of the new regulations is considered to
be immaterial.

193

Our contribution toclimate protection

To ourstakeholders

Groupmanagement report

Consolidated
financial statements

Notes tosustainability

Additional
information

Information regarding major events and transactions, particularly
in connection with the Covid-19 pandemic

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

In DB Group, revenues in the year under review increased to € 47,075 million

for the corresponding consequences to be foreseen as of the end of the(previous year: € 39,901 million). All segments with the exception of DB

year under review, any estimations and forecasts in the year under review

Netze Stations reported positive revenue development compared to theare subject to a particular degree of uncertainty. We consider such estima-

previous year, the growth being driven particularly by the DB Schenker seg-tion uncertainty in detail under the respective notes.

In view of the Covid-19 pandemic, and also because it is extremely difficult

ment. Revenues from the DB Long-Distance, DB Regional, DB Netze Stations
and DB Arriva segments have not yet returned to pre-pande­mic levels.

LIQUIDIT Y MANAGEMENT AND GOING-CONCERN ASSUMPTION

In conjunction with various government support programs, DB GroupAs well as additional payments to the capital reserve of DB AG by the Fed-

companies have received Federal grants in connection with the Covid-19

eral Government, additional senior bond issues were made during the year

pandemic, largely in the form of compensation payments for temporary

under review (Note ((2828))µ 216 ff.).
ff.). In view of the unrestricted access of DB

train-path price reductions and income grants. If such grants are not con-Group to the capital market and the financing commitments of the Federal

cession fees, they are mainly shown under other operating income in DB

Government which have been agreed for infrastructure capital expenditures,Group (Note (3)µ 198198)). DB AG was also awarded a payment to the capitalas well as the implementation of measures to partly offset losses due toreserve by the Federal Government as compensation for losses of revenues

Covid-19, the going-concern assumption is appli­cable for DB Group for thefrom fares at DB Long-Distance totaling € 550 million (Note (2525))µ 216
216).
). In

foreseeable future without any restrictions.

addition, the DB AG dividend payment allocated in the financing cycle toreplacement capital expenditures under the Performance and Financing

Statement of cash flows

Agreement (€ 650 million) was replaced by additional Federal funds.

Of the financial receivables and earmarked bank deposits recognized, only

As a result of the positive business development and government sup-the cash flows from cash securities for derivative financial instruments

port measures, EBIT improved significantly in the year under review to(credit support agreements) are allocated to cash flow from financing ac-€ – 298 million (previous year: € – 4,757 million); operating cash flow in-tivities. Receivables from financing to third parties and the cash changes

creased significantly to € 3,900 million (previous year: € 1,420 million).

to receivables from transport concessions are shown under cash flow from

Major events and transactions, and the corresponding impact on theinvesting activities (payments for investments in financial assets). The re-consolidated financial statements, are described in greater detail in themaining financial receivables (in particular finance lease receivables) were

following.

allocated to cash flow from ordinary business operations.

I M P L E M E N TAT I O N O F T H E M E A S U R E S F R O M

the year under review by € 197 million and the outflow of funds from invest-

T H E C L I M AT E A C T I O N P R O G R A M 2 0 3 0

ing activities increased by € 92 million, while cash flow from ordinary busi-

On the basis of the Federal Government’s Climate Action Program 2030,

ness operations decreased by € 105 million.

As a result, the inflow of funds from financing activities increased inadditional Federal funds totaling € 11 billion will be made available by 2030
to strengthen the rail system. At the end of January 2020, the Federal

Scope of consolidation and investments in other companies

Ministry of Finance (BMF) and the Federal Ministry for Digital and Trans-A)

port (BMDV), and DB AG, DB Netz AG, DB Station&Service AG and DB

According to IFRS 3, the acquisition cost of a business combination is deter­

Energie GmbH, agreed on the inflow and use of the funds in a joint letter

mined by the fair values of the assets given and the liabilities incurred orof intent. The funds will be used exclusively for infrastructure; half will beassumed at the date of the transaction. The acquired identifiable assets,

paid as equity and half as grants to DB Netz AG and DB Station&Service

liabilities and contingent liabilities are valued under IFRS 3 with their fair

AG. In terms of content, the funds will be used in the categories of a ro-value at the date of acquisition, irrespective of any non-controlling inter-bust network, digital rail, attractive railway stations and infrastructure

ests. Alternatively, acquired non-current assets or groups of assets whichmeasures operated on a purely commercial basis. Following the comple-

are classified as held-for-sale in accordance with IFRS 5 are shown with theirtion of coordination with the EU Commission, the equity measures set out

fair value less costs to sell.

in the 2021 Federal budget for 2020 and 2021, totaling € 2.125 billion, were∏

SUBSIDIARIES

102-10Changes in the scope of fully consolidated companies of DB Group are

implemented in November 2021.

detailed in the following:

Germany
2021

Rest of
world
2021

Total
2021

Total
2020

As of Jan 1

115

404

519

542

Additions

1

7

8

3

P R O V I S I O N S R E L AT I N G T O O N E R O U S C O N T R A C T S

Particularly in connection with the Covid-19 pandemic, lower revenues fromfares from transport contracts meant that it was necessary for further ad-

F U L LY C O N S O L I D AT E D S U B S I D I A R I E S

ditions to be made to provisions for onerous contracts. At DB Regional,
the additions to provisions for pending losses amounted to € 183 million
as of December 31, 2021 (as of December 31, 2020: € 280 million); at DB
Arriva, the corresponding figure was € 17 million (as of December 31, 2020:€ 118 million); (Note (3232))µ 226 ff.
ff.).
).

Additions due to changes in typeof incorporation

0

1

1

3

Disposals

–3

–2

–5

– 29

Disposals due to changes in typeof incorporation
As of Dec 31

194

0

0

0

0

113

410

523

519

Our contribution toclimate protection

To ourstakeholders

Groupmanagement report

Consolidated
financial statements

Notes tosustainability

Additional
information

Additions of companies and parts of companies

Effects on the consolidated statement of income

The additions of companies to the scope of consolidation consist of three

Overall, the effects of the changes in the scope of consolidation on theacquired groups of companies, one newly established company and the ac-

consolidated statement of income which have occurred compared with thequisition of the remaining 95% of the shares in another subsidiary. From theprevious year are not of a material nature.

portfolio point of view of DB Group, none of the acquisitions was significant.
Overall, a total figure of net € 52 million was spent on company acquisi­

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

tions according to IFRS 3 in the year under review (previous year: € 16 mil­­W I T H J O I N T B U S I N E S S O P E R AT I O N Slion). They are set out in the following:
COMPANY

Activities

SIGNON Deutschland GmbH
(SIGNON), Berlin

Planning, consulting,engineering andtesting services forrailways in Germany

Vähälä Group (Vähälä), comprising:
Vähälä Logistics Oy, Oulu/Finland,
Lauri Vähälä Oy, Oulu/Finland,
Kiitoterminaali Oy Oulu/Finland

Full-service logistics
companies with national land transport
services in Central
and Northern Finland

Loserco Group (Loserco), comprising:
Loserco Andalucía, S.L., Córdoba/Spain,
Loserco Logística y Servicios de Córdoba, S.L.,
Córdoba/Spain, Loserco Malaga, S.L.,Land transport
Córdoba/Spain, Transportes Santos Campos
S.A., Benicarlo/Spaincompanies in Spain

DB Schenker

Outstanding purchase price payments
Total transferred equivalent
Fair value of net assets acquired
Goodwill

Total
2020

As of Jan 1

12

13

25

26

Additions

0

0

0

0

Additions due to changes in typeof incorporation

0

0

0

0

Disposals

0

0

0

0

Disposals due to changes in typeof incorporation

0

0

0

–1

As of Dec 31

12

13

25

25

As of Jan 1

49

37

86

88

Additions

0

0

0

3

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
FOR USING THE EQUITY METHODDB Schenker

SIGNON

thereofdue toVähälä

thereofdue toLoserco

52

24

18

10

–

–

–

–

52

24

18

10

35

13

14

8

17

11

4

2

thereofdue toAdditions due to changes in typeof incorporation

0

0

0

0

Disposals

–2

–1

–3

–3

Disposals due to changes in typeof incorporation

0

0

0

–2

As of Dec 31

47

36

83

86

C O M PA N I E S W I T H J O I N T B U S I N E S SO P E R AT I O N S

PURCHASE PRICE

Payments made

Total
2021

USING THE EQUITY METHODDB Netze Trackfor the period after the acquisition. The findings are as follows:

2021

Rest ofworld
2021

J O I N T V E N T U R E S AC C O U N T E D F O R

Goodwill is to a large extent substantiated by the synergy effects expected€ million

Germany
2021

Segment

After initial consolidation, SIGNON has generated revenues of € 6 million

As of Jan 1

0

1

1

1

Additions

0

0

0

0

Additions due to changes in typeof incorporation

0

0

0

0

Disposals

0

0

0

0

Disposals due to changes in typeof incorporation

0

0

0

0

As of Dec 31

0

1

1

1

and a net loss of € – 2 million, Vähälä has generated revenues of € 10 million
and a net loss of € – 2 million, and Loserco has generated revenues of € 2

From the perspective of DB Group, no joint venture, associated company

million and a net profit of € 0 million.

or company with joint business operations is significant, either individuallyor when viewed together.

Disposals of companies and parts of companies

The disposals from the scope of consolidation relate to two mergers andC A P I TA L M A N A G E M E N T I N D B G R O U P

three liquidations; there were no sales. In the previous year, there was a

The purpose of financial management of DB Group is not only to achieve

cash inflow from sales of € 4 million.

sustainable growth in the enterprise value but also to comply with a capital

As was the case in the previous year, there were no major effects on

structure that is adequate for maintaining a very good credit rating.

results due to the loss of control in the year under review.

Based on adjusted EBIT, return on capital employed (ROCE) is calcu-

The results are shown in the other operating expenses (Note (7)µ202 f.f.))

lated as a key component of the value management concept. The capitalor other operating income (Note (3)µ 198
198).
).

employed represents the use of capital provided by shareholders and debt
investors that is tied up in DB Group and that is associated with yield expectations. The parameter is derived on the basis of the respective closingbalance 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.

195

Our contribution toclimate protection

To ourstakeholders

Groupmanagement report

Consolidated
financial statements

2021

2020

absolute%

Property, plant and equipment

50,10047,704+ 2,396+ 5.0

	Intangible assets/goodwill

2,387

2,290

+ 97

+ 4.2

Inventories

2,155

1,937

+ 218

+ 11.3

	Trade receivables

6,476

4,849

+ 1,627+ 33.6

	Receivables and other assets

3,799

3,345

+ 454

+ 13.6

	Receivables from plan assets 1)

– 101

–

– 101

–

	Financial receivables and earmarkedbank deposits (excluding receivables		from finance lease)

– 541

– 625

+ 84

– 13.4

Income tax receivables

63

55

+8

+ 14.5	Assets held for sale

0

0

0

–

	Trade liabilities– 8,097– 6,312– 1,785+ 28.3	Miscellaneous and other liabilities– 4,224– 4,042

– 182

+ 4.5

– 252

– 191

– 61

+ 31.9	Other provisions– 7,496– 6,041– 1,455+ 24.1

Deferred income– 1,249– 1,205

– 44

+ 3.7

Capital employed

43,02041,764+ 1,256+ 3.0

Income tax liabilities

1)

Additional
information

Special items totaling € – 1,293 million (previous year: € 1,799 million) were

ChangeAs of Dec 31 / € million

Notes tosustainability

adjusted in EBIT in the year under review. These are mainly attributable totemporary train-path price reductions for long-distance rail passenger transport and rail freight transport included in the Federal Government’s Covid-19
support measures (with retroactive effect from March 2020). This was partially offset by additions to provisions from the revaluation of ecologicalburdens (subsidiaries/other) and for settlement proceedings relating to atunnel accident (DB Netze Track). Other special items resulting from theadjustment of provisions for real estate risks and restoration obligations
and from real estate write-ups (DB Netze Track) and the formation of provisions for obligation surpluses relating to employment agreements (subsidiaries/other). In addition, the amortization 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 asa result of being capitalized as intangible assets as part of the process ofpurchase price allocations (PPA) (€ 39 million; previous year: € 55 million).
The capital employed and the adjusted EBIT have resulted in the following figures for ROCE:	Starting in the year under review, receivables from plan assets
are deducted when calculating the capital employed.

ChangeFor further calculation, the adjusted EBIT and adjusted EBITDA in the follow­€ million

ing table is derived from the operating profit (EBIT) shown in the statement

EBIT adjusted

Capital employed as of Dec 31

of income. The corresponding details at the segment level have been calcu­

ROCE (%)

lated using the same method.

2021

2020

absolute%– 1,552– 2,903+ 1,351+ 46.543,02041,764+ 1,256

+ 3.0

– 3.6

– 7.0

–

–

Notes to the statement of income

Change€ million

2021

2020

absolute%

Operating loss (EBIT)– 298– 4,757+ 4,459+ 93.7

Income from the disposal of
financial instruments

–7

–4

–3

– 75.0

Expenses from the disposalof financial instruments

3

0

+3

–

the service is used or at the point at which the expenses are incurred.

– 2,098–– 2,098–

that are considered to be unusual either in terms of the amount involved

Train-path price subsidy to tackle
the Covid-19 pandemic

201-1

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 special items detailed at income and expenses (“Total”) are issues

Allocation to provision for ecological burdens

515

–

+ 515

–

Adjustment of provisions/receivablesfrom tunnel accident

144

59

+ 85

–

volved, this item comprises book profits and losses arising from transactions

Restructuring/contractual personnel
obligations

133

114

+ 19

+ 16.7

Adjustment of provisions for restoration
obligations and real estate write-ups(DB Netze Track)

customer contracts that have been capitalized as part of the purchase price

– 122

79

– 201

–

Energy expenses attributableto other periods

19

72

– 53

– 73.6

Impairment goodwill DB Arriva

–

1,411

– 1,411

– 100

120

68

+ 52

+ 76.5effects from changes in the scope of consolidation and exchange rate effects– 1,591– 2,958+ 1,367+ 46.2

volve IFRS figures; instead, it involves additional disclosures in accordance

Other
Operating loss (EBIT)
adjusted for special items
PPA amortization customer contracts

39

55

– 16

– 29.1

EBIT adjusted– 1,552– 2,903+ 1,351+ 46.5

Scheduled depreciation and impairments

3,804

5,372

– 1,568– 29.2

– 39

– 55

+ 16

+ 29.174– 1,412+ 1,486

–

2,287

1,002

+ 1,285+ 128

PPA amortization customer contracts(depreciation)

Special items for scheduled depreciation,
recognized impairments/recoveries
EBITDA adjusted

and/or the actual reason behind the issue. Irrespective of the amount inwith investments/financial assets as well as depreciation on long-term
allocation process in connection with company acquisitions. In addition,(depreciation)∏

the special items recognize individual issues if they are of an exceptional
nature, if they are definable for accounting purposes, if they can be measured and if the amount involved is material. In addition to the special items,
are also disclosed separately. The item “Total – comparable” does not inwith internal reporting.

196

Our contribution toclimate protection

To ourstakeholders

Groupmanagement report

Consolidated
financial statements

Notes tosustainability

Additional
information(1) REVENUES

Even when adjusted for special items, effects from changes in the scope of

Revenues generated in DB Group relate to the provision of passenger trans-

consolidation and exchange rates, revenues were significantly higher thanport, freight transport and logistics services, the provision of rail infrastruc-in the previous year (€ + 7,279 million, + 18.2  %).
Movements in revenues broken down according to business segments

ture, the sale of goods and other services related particularly to rail oper-

and regions are set out in segment reportingµ 190 f.f.

ations, less value-added tax, discounts and any price reductions. They are

As was the case in the previous year, revenue discounts from long-term

recognized with their fair value.
Services provided by DB Group are normally completed within a few

transport contracts (contractual penalties) were netted directly with thehours/days. Accordingly, with the exception of season tickets, revenues inrevenues of transport and passenger services. The separately disclosed

regional and long-distance transport services are recognized at the timerevenue discounts (€ 226 million) also related mainly to revenues fromat which the tickets are sold. Exceptions in this respect are the DB Regionaltransport and passenger transport services (for instance passenger rights).
The order book of customer contracts with contractually agreed out-

and DB Arriva segments, where order processing in the form of long-term

standing revenues (secured revenues) was broken down as follows:transport contracts concluded with the contracting organizations of theFederal states in Germany and the franchisers in other European countries

ORDER BOOK SECURED AS OF DEC 31 / € million

are very important for business development. Contractual relations with

2021

2020

74,76564,142

Logistics and freight transport contracts 1)

221

248

Other contracts 1)

1,195

197

76,18164,587

Passenger transport contracts

customers covering several years also exist in the contract logistics line ofbusiness in the DB Schenker segment, which accounts for about 6 % of Grouprevenues.

Total

Revenue recognition in accordance with IFRS 15 is based on the prin-1)

ciple that revenues are recognized when control over a product or service

	Contracts with a duration of at least 12 months and a total volume of at least € 5 million.

is transferred to the customers. Revenues generated by the rendering ofservices are recognized with the amount which is expected as the consid-

Most of the secured order book will be fulfilled within a period of ten years,

eration as soon as control over the services has been transferred.

with percentages declining over a period of time.

€ million

Revenues from freight and passenger transport services

2021

2020

41,68335,058

thereof concession fees for rail transport

7,209

6,529

Revenues from operating track infrastructure

2,224

2,050

Revenues from rental and leasing

332

374
1,690

Revenues from sales of products

2,202

Other revenues

860

805

Revenue discounts

– 226

– 76

Total

47,07539,901

Special items

175

1

Effects from changes in scope of consolidation

– 39

–6

Exchange rate effects
Total – comparable

– 36

0

47,17539,896The increase in the order book for passenger transport contracts only
affected the DB Regional segment; the order book in the DB Arriva segment
declined slightly. In terms of other contracts, there was a significant increasein the Subsidiaries/Other segment.
The exemption regulation of IFRS 15.121 (a) has been used for the logis­
tics contracts and the other contracts.
Variable considerations of transport contracts as well as price escalation clauses or contractual penalty are only taken into consideration in theestimation of secured revenues if they are highly likely.
Claims relating to contractual assets 1) were recognized together withthe other receivables and assets and developed as follows:
CONTRACTUAL ASSETS / € million

The revenues from freight and passenger transport services were generated

2021

2020

As of Jan 1

35

29

Currency translation differences

0

0

147

131

Additionsmainly by companies operating in the DB Schenker, DB Regional, DB Cargo,

Impairments

DB Arriva and DB Long-Distance segments. They include a minor amountof revenues from sub-operating leases in the DB Schenker segment. Reve-

0–

Fulfillment/payment

– 24

– 55

Other changes

– 140

– 70

nues from operating track infrastructure related to the segments DB Netze

Changes in the scope of consolidation

12–

Track and DB Netze Stations. Rental and leasing revenues were generated

As of Dec 31

30

35

mainly in the DB Netze Stations segment, and revenues from product sales
were mainly generated in the DB Netze Energy and DB Schenker segments.

In particular, the clearing of advance payments received was included in

Other revenues related to virtually all segments.

the other changes. A figure of € 9 million (as of December 31, 2020: € 15

In the year under review, revenues increased by € 7,174 million (+ 18.0  %)

million) was attributable to long-term contractual assets.

to € 47,075 million. The increase in DB Group revenues resulted largely fromThe contractual liabilities in DB Group include advance payments re-the strong revenue development in the DB Schenker segment. The main

ceived as well as other payments received in advance in relation to revenues

drivers were significant increases in ocean and air freight rates, as well as

for subsequent periods (for example for season tickets). Obligations fromvolume increases in land transport, air freight and contract logistics. Sig-

contractual liabilities were shown under the trade liabilities and deferrednificant revenue increases were also recorded in the following segments:

items and have developed as follows:

DB Netze Energy (primarily due to higher volumes in certificate trading

and general price effects), DB Regional (due, among other things, to higher
concession fees) and DB Cargo (primarily for performance-related reasons).
Revenues include positive exchange rate effects of € 36 million. In the
DB Arriva segment, the strong British pound had a particularly positiveeffect, while the weak US dollar had a negative effect in the DB Schenker
segment.
1)

197

	The contractual assets include claims relating to work-in-progress from long-term orders.

Our contribution toclimate protection

To ourstakeholders

Groupmanagement report

Consolidated
financial statements

CONTRACTUAL LIABILITIES / € million

2021

2020

As of Jan 1

1,120

1,308

7

–9

Currency translation differences 1)

Notes tosustainability

Additional
information

The increase before the adjustment for special items, effects from changes
in the scope of consolidation and exchange rate effects was almost entirely
attributable to income from other Government grants. The grants mainly
included temporary train-path price subsidies from the Federal Government

Additions

2,655

2,353

Fulfillment of liabilities 1)– 2,726– 2,500

Other changes

37

– 32

rail passenger transport and rail freight transport (€ 2,098 million; retro­

Changes in the scope of consolidation

8

–

1,101

1,120

actively from March 2020), of which € 1,826 million was attributable to the

110

111

As of Dec 31
thereof long-term
1)

to deal with the consequences of the Covid-19 pandemic for long-distance

DB Long-Distance segment and € 272 million to the DB Cargo segment. In

addition, subsidiaries of DB Group were awarded Covid-19 grants to compensate for the lack of revenues from fares among other things, particularly	Previous year figure adjusted.

in the DB Regional and DB Arriva segments. Additional Government grants( 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

for which the application and approval process to receive Covid-19 aid had
not been completed as of the end of the year under review were accounted

2021

2020

–3

1

Other internally produced and capitalized assets

3,887

3,563

Total

Inventory changes

3,884

3,564

Special items––

Effects from changes in scope of consolidation–6

1

Exchange rate effects
Total – comparable

0

–

3,878

3,565

for at the expected funding amount. The final approval may result in deviations from the estimated amount.
The increase in income from the sale of materials and energy was mainly
due to higher income from the sales of scrap in connection with construction work (DB Netze Track).
The leasing and rental income included subletting income of € 35 million (previous year: € 23 million).
The miscellaneous other income comprises the reversal of liabilities aswell as a range of individual issues that are individually of a minor nature.

Own investments relate mainly to construction and project business in rail

( 4 ) C O S T O F M AT E R I A L S

infrastructure and also the modernization of vehicles as well as the processing of appropriate spare parts. The increase compared with the previous€ million

year was attributable to a higher construction volume in track infrastructure.

2021

2020

2,259

1,906

E 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 S
AND OF PURCHASED PRODUCTS( 3 ) O T H E R O P E R AT I N G I N C O M E€ million

ENERGY EXPENSES

2021

Electricity

2020

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

3Sale of materials and energy

Income from maintenance and repair

158

98

Other services for third parties

520

527

679

628

Leasing and rental income

169

176

Income from compensations for damages and refund of expenses

211

174

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

99

94

Other investment grants00Income from reversal of deferred items

72

143

3,412

1,181

3,583

1,418

Other Government grants
Income from the disposal of property, plant and equipment
and intangible assets

147

121

Income from the disposal of non-current financial instruments

7

4

252

130

Income from the reversal of provisions
Income from third-party fees

19

21

48

51

Utilization of provisions for impending losses

197

152

Miscellaneous other income

589

564

853

788

5,901

3,439

2,179

– 48

–1

–5

Total
Special items
Effects from changes in scope of consolidation
Exchange rate effects
Total – comparable

–9

–

3,712

3,386

148

145

Diesel, other fuel 1)

995

805

Other energies

294

185

Energy price derivatives 1)

– 51

78

3,645

3,119

Other supplies and purchased goods

539

647

Price adjustments and impairments for materials

– 20

– 31

4,164

3,735

EXPENSES FOR PURCHASED SERVICES

Purchased transport services

17,206

12,470Cleaning, security, disposal, winter service

499

410

Commissions

92

80

EXPENSES FOR UTILIZATION OF INFRASTRUCTURE

Train-path usage

348

367

Station usage

58

63

Use of local installations

0

3

406

433

Other purchased services

OTHER INCOME

Income from remediation of ecological burdens

Electricity tax

Expenses for maintenance and production

5,226

4,780
22,757

Special items

– 20

– 74

Effects from changes in scope of consolidation–8–3

Exchange rate effects

13–

28,404

22,680Total – comparable

Adjusted for special items, effects from changes in scope of consolidationand exchange rate effects, other operating income was higher than theprevious year (€ + 326 million).

198

849
14,242

28,419

Total

1)

826
19,029	Previous year figure adjusted.

Our contribution toclimate protection

To ourstakeholders

Groupmanagement report

Consolidated
financial statements

Notes tosustainability

Additional
information

Adjusted for special items, effects from changes in scope of consolidation

The increase in wages and salaries in Germany was largely influenced byand exchange rate effects, the cost of materials increased by € 5,724 million

the 2020/2021 collective bargaining agreement: it ruled that, for the period

compared with the previous year (+ 25.2 %).

from March to November, a Covid-19 premium of € 300 to € 600 (Railway

The impairments on inventories recognized in cost of materials amountand Transport Workers Union (Eisenbahn- und Verkehrsgewerkschaft; EVG):

to € 43 million (previous year: € 87 million).

€ 600; German Train Driversʼ Union (Gewerkschaft Deutscher Lokomo-

The energy expenses increased in the year under review as a result oftivführer; GDL): € 300 to € 600 depending on the pay grade) would be paid;

price and volume effects. In addition to higher procurement prices, the in-these premiums were paid out in December 2021. A collective scheme calledcreased volume produced in the DB Cargo and DB Long-Distance segments“Fonds Wohnen und Mobilität (Wo-Mo-Fonds)” (Housing and Mobility

also led to a higher demand for traction current.

Fund) was established, and the endowments for the existing collective

The expenses for purchased services increased significantly by € 4,787

schemes (the social security fund and the “FairnessPlan”) were increased.

million compared with the previous year (+ 33.6  %). The purchased trans-

Furthermore, wage increases had the effect of increasing expenses.

port services were higher than the corresponding previous year level mainly

In addition, performance-related bonuses in the DB Schenker segment

due to sharp Covid-19-related increases in ocean and air freight rates atincreased as a result of the positive business development.

DB Schenker. In the DB Cargo segment, purchased transport services wereIn addition, a slight increase in the number of employees in Germany

also above the previous yearʼs level due to the increased traffic to China.

led to an increase in personnel expenses.

The expenses for maintenance and production increased by € 446

In the 2021 financial year, pension expenses included income from themillion (+ 9.3  %), and were mainly attributable to the DB Netze Track andplan payments amounting to € 69 million.

DB Long-Distance segments.

The development in the number of employees in DB Group, converted
to full-time employees (FTE) in each case, is shown in the following:(5) PERSONNEL EXPENSES AND EMPLOYEES€ million

as of Dec 31
2021

2020

FTE

Employees

WAG E S A N D S A L A R I E S

for employees
for assigned civil servants

14,682

13,836778

856

15,46014,692

2020

2021

2020

309,402306,131

308,123

303,925

Civil servants

14,314

16,637

15,482

17,964

Employees

323,716

322,768

323,605

321,889

Trainees and dual degree students
Total

SOCIAL SECURITY EXPENSES

annual average

2021

13,173

12,796

11,782

11,201

336,889

335,564

335,387

333,090

for employees

2,771

2,594

for assigned civil servants

189

204

In the event of changes in the scope of consolidation, the employees are

Expenses for personnel adjustment

155

155

Retirement benefit expenses

644

652

included on a pro rata basis up to the time of deconsolidation or after the

3,759

3,605

19,21918,297

Special items

– 93

– 130

Effects from changes in scope of consolidation

– 34

–1

Total

Exchange rate effects
Total – comparable

– 36

–

19,05618,166date of initial consolidation.
At the end of the year under review, the number of persons employedin DB Group was slightly higher than at the end of the previous year. This
increase can be seen at segment level at DB Schenker as a result of businessdevelopment. In the Integrated Rail System, the number of employees increased, particularly in the DB Netze Track segment in maintenance/construction projects and in operational services, as well as through the purchase of SIGNON Deutschland GmbH. A higher project volume within the

The figure stated for personnel expenses (social security expenses) included
expenses of € 1,293 million for defined contribution plans (previous year:

framework of the Performance and Financing Agreement (Leistungs- und€ 1,238 million).

Finanzierungsvereinbarung; LuFV) III resulted in an increase in the number

The amount shown for personnel adjustment mainly comprises expensesof employees, especially relating to construction projects in the DB Netze

for restructuring costs, obligation surpluses relating to employment agree-

Stations segment. In the Subsidiaries/Other segment, the number of em-

ments as well as costs of severance packages and semi-retirement agreements.

ployees increased as a result of an increased order volume and the expan-

The retirement benefit expenses related to active persons as well assion of innovative areas, in particular at DB Fahrzeuginstandhaltung GmbH,persons who are no longer employed in DB Group or their surviving depen-

DB E.C.O. Group and DB Systel GmbH. This was offset by a lower number

dents. They were attributable primarily to service costs, employersʼ contri-of employees in the DB Arriva segment as a result of the effects of thebutions to the company top-up benefit scheme as well as the contributions

Covid-19 pandemic.
The development in the number of employees, based on the number

to Pensions-Sicherungs-Verein aG (pension backing association). The in-of natural persons (NP), is shown in the following:

terest expense resulting from compounding the pension obligations andthe expected income from plan assets is shown in financial result. For de-as of Dec 31

tailed explanations regarding the development of pension obligations,

NP

please refer to Note (3131)µ 221 ff.
ff. The activities of civil servants in DB Group

Employees

are based on statutory allocation under article 2, section 12 of the Rail Restructuring Act (Eisenbahnneuordnungsgesetz; ENeuOG). For the work of
the allocated civil servants, DB AG reimburses the Federal Railroad Fund

employed instead of the allocated civil servant (pro forma calculation).

199

319,185

Civil servants

14,72917,093336,990336,278Total

an employee covered by collective bargaining arrangements were to be2020

322,261

Employees
Trainees and dual degree students(Bundeseisenbahnvermögen; BEV) those costs which would be incurred if

2021

13,173

12,796350,163

349,074

Our contribution toclimate protection

To ourstakeholders

Groupmanagement report

Consolidated
financial statements

Notes tosustainability

Additional
information( 6 ) S C H E D U L E D D E P R E C I AT I O N A N D I M PA I R M E N T S

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 S

In the case of property, plant and equipment, depreciation is recognized

Goodwill impairment tests have to be carried out at the level of individual

using the straight-line method over the expected useful life of the assets

assets as part of the asset impairment test. If it is not possible to determineor, in the case of leased assets, over the shorter contract duration. The fol-

future cash flows, which are to a large extent independent, for an individ-

lowing useful-service lives for the main groups of property, plant and equip-

ual asset, so-called cash-generating units (CGUs) have to be formed as anment are taken as a basis:

aggregation of assets whose future cash flows depend on each other. Withno changes compared to the previous year, the CGU structure is fully in line

Years

Permanent way structures, tunnels, bridges, railway crossings

15 – 100

Track infrastructure

13 – 30

Buildings, halls, roofs

10 – 85

Other structures

5 – 60with the planning and reporting structure of DB Group.
Due to the congruence between management structure and legal structure, the identified CGUs also always consist of at least one legal unit. Thismeans that the data necessary for the asset impairment test can be derived
from annual financial statements and planning data.

Signaling equipment

7 – 40

Telecommunications equipment

5 – 20The impairment test for goodwill is carried out at the level of the CGU

Traction current installations

10 – 52

or group of CGUs to which the goodwill has been allocated. This is appli-

Rolling stock

10 – 30

Other technical equipment, machinery and vehicles

5 – 40cable for the operating segments. Significant goodwill currently exists in

Operating and business equipment

3 – 15the DB Schenker CGU. However, a small amount of goodwill is also recognized in the DB Netze Track, DB Regional, DB Cargo and Subsidiaries/Other
segments. With regard to the recognition of goodwill for each CGU, pleasealso refer to Segment information according to segmentsµ190
segments
190 f.
f

The appropriateness of the chosen depreciation method and the useful
lives is subject to an annual review. Our expectations regarding the residual
value are also updated annually.

METHOD

Intangible assets are depreciated using the straight-line method. The

In the impairment test in accordance with IAS 36, the carrying amount ofan asset or a CGU has to be compared with the corresponding recoverable

following useful lives are used as the basis for scheduled depreciation:amount. If the positive carrying amount is no longer covered by the recov-

Years

Franchises, rights, etc.

erable amount, this results in a corresponding impairment requirement.

Duration ofcontract

Trademarks

Economic life

Customer base

Economic life

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 ofPurchased software

3 – 10a CGU, it is also necessary to recognize corporate assets and corporate li-

Software produced in-house3 – 25abilities jointly used by several CGUs, and the working capital necessary
for the corresponding CGU must also be taken into consideration.

Goodwill arises as a positive difference between the acquisition costs of

The recoverable amount is defined as the higher of the fair value lesspurchasing the shares and the fair values of the individually acquired

costs of disposal and the value in use. In the impairment tests carried out

assets, absorbed liabilities and contingent liabilities. It, like brand names,in DB Group, the recoverable amount is represented by the value in use.

is not depreciated; instead, it is subject to an annual impairment test. Im-

The value in use is established as the present value of the free cash flows

pairment losses in relation to goodwill are not reversed.

before interest and after tax attributable to the continuation of a CGU. A

The adequacy of the depreciation method and the useful life are sub-flat tax rate of 30.5  % has again been used in relation to EBIT. The forecast

ject to an annual review.

of cash flows reflects previous experience, and takes account of corporate
management expectations with regard to future market developments. This

Impairment of assets

cash flow forecast is based on the medium and long-term planning adopted

IAS 36 governs the impairment test for substantial and intangible assets

by the Management Board of DB AG, which covers a planning horizon thatwith a certain useful life, which is carried out using a so-called indica-extends until 2030. If cash flow forecasts are necessary beyond the planningtor-based asset impairment test. Such an asset impairment test has to be

horizon, a sustainable free cash flow is derived from the planning and is

carried out when indicators (so-called triggering events) indicate a possible

extrapolated on the basis of a growth rate related to the specific market

loss of value. In addition, according to IAS 36, goodwill as well as intangi-

development. As was the case in the previous year, a uniform average

ble assets with an indefinite useful life have to be subjected at least once

growth rate of 1  % p. a. has been assumed in DB Group.

a year to an impairment test.

A weighted average cost of capital is used for discounting the free cash

flows; this reflects the capital market interest rate request for providing
debt capital and shareholders equity to the relevant CGU. Because free
cash flow after taxes has been calculated, a cost-of-capital rate after tax
has also been used. Risks of free cash flows are recognized by a risk-equivalent capitalization rate.
The Weighted Average Cost of Capital (WACCs) of the CGUs that are
applicable for the 2020 and 2021 annual financial statements are detailed
in the following table:

200

Our contribution toclimate protection

To ourstakeholders

Groupmanagement report

2021

Consolidated
financial statements

Before
taxes

After
taxes

DB Long-Distance

6.2

4.3

6.7

4.7

DB Regional

5.3

3.7

5.6

3.9

DB Cargo

8.3

5.8

8.2

5.7

DB Netze Track

4.6

3.2

4.8

3.4

%

Additional
information

In the observed period, all CGUs, with the exception of DB Cargo, were able

2020
Beforetaxes

Notes tosustainability

to cover their carrying amounts with the usage value.

After
taxes

DB Netze Stations

6.1

4.2

5.8

4.0

DB Netze Energy

4.0

2.8

4.0

2.8

DB Arriva

5.8

4.0

6.1

4.2

DB Schenker

8.3

5.8

8.4

5.9

Independently of the impairment tests carried out in relation to the
CGUs, impairments are recognized in relation to individual assets that are

no longer capable of being utilized fully. These impairments are shown
under the disclosures for the respective balance sheet item.
G O O D W I L L I M PA I R M E N T T E S T

A goodwill impairment test must be carried out annually for all CGUs towhich goodwill can be allocated. Because the goodwill which arises in DB
Group as a result of acquisitions is generally allocated to a CGU, this goodwill impairment test is an integral element of the asset impairment test thatis always carried out annually for all CGUs.

The changes in the WACCs compared with the previous year are attributable

The goodwill impairment tests carried out for the segments which are

to current expectations of medium- to long-term developments in the capital market.

carrying goodwill did not identify any impairment requirement for the CGUs.

A S S E T I M PA I R M E N T T E S T

of the CGU, which in turn has been derived from the planning of the rele-

The respective recoverable amount is represented by the value in use
Processes that comply with the specific requirements of IAS 36 have beenvant segments. The details relating to methods presented above are thus

implemented in order to carry out the asset impairment test. The useful

applicable correspondingly. At DB Schenker it should also be borne in mind

lives of the individual CGUs used for the asset impairment test are basedthat separate assumptions relating to the development of the economy,on the useful life of the asset or a group of homogeneous assets which ismarket and competitive environment as well as currency relations havemost significant for the particular CGU.

been made for the relevant international markets. These assumptions havebeen based on the external and internal expert assessments available at

In addition, the process of establishing the value in use disregards as-

the time of planning.

sets or future cash flows that result from major structural changes, disinvestment measures or extension capital expenditures. Resultant adjustments
to the original plans relate mainly to the major new and expansion infra-

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

structure projects, where it is assumed that the construction process will

Impairment of cash-generating units ( CGU s)

be completed beyond the observation period (beyond 2030) and for which

Within the framework of the impairment test, the key premises and assump-

most of the intended DB funds have not yet been invested. The cash flow

tions that have an impact on the impairment of a CGU were reviewed in theforecasts take account of internal transfer prices within DB Group on theform of standardized sensitivity analyses. As was the case in the previous

basis of armʼs length assessments of the companies involved. The publishedyear, the sensitivity analysis at the DB Cargo CGU was carried out in rela-infrastructure prices are applicable for service relationships between trans-

tion to the fair values established for the main assets. Similar to the situa-

port and infrastructure segments; price increases in the forecast periodtion in the previous financial year, it can be assumed that there is no im-have also been taken into consideration.

pairment requirement even in conjunction with a reduction of 10 % in
relation to the market value.

The calculation takes account of a long-term growth rate of 1.0 % in
relation to the capital employed. The purpose of growth retention is toInfrastructure CGUs are also exposed to risks relating to the extent ofpresent an inflation-adjusted reinvestment rate. This ensures that a steadylong-term investment grants for replacement capital expenditures in thestate is reflected in the perpetual yield in the extrapolation of cash flows.

existing network and the related scope of own funds at the infrastructure

After completion of planning, a regular check is carried out to assesscompanies. The investment grants included in the medium- and long-term

whether it is necessary for impairments to be recognized at the CGU level.

planning are based on the Performance and Financing Agreement signed

In addition to this annual cycle, a test is also performed if current issues

by the Federal Ministry for Digital and Transport (Bundesministerium fürarising from business development or changes in assumptions indicate that

Digitales und Verkehr; BMDV, formerly the Federal Ministry of Transport

there has been a major deterioration in the value in use.

and Digital Infrastructure (Bundesministerium für Verkehr und digitale

At the DB Cargo CGU, there is a shortfall in the value in use compared

Infrastruktur; BMVI)) and DB Group as well as the project and financing

with the carrying amount of the assets employed as of the balance sheet

concept agreed between the Federal Government and DB Group for setting

date. In this case, it is also necessary for the fair value less the costs to sellout the objectives of the Climate Action Program 2030.

to be determined for the affected assets. If this exceeds the carrying amountThe sensitivities shown in the following relate merely to an impairmentof the assets, there is no need for impairment. In 2021, DB Cargo determined

test on the basis of the value in use. If a shortfall is identified in the course

market values for most of its assets (in particular locomotives and freightof the scenario analyses, this does not necessarily result in an impairmentcars). Overall, no shortfall in the carrying amounts was identified, meaning

requirement. If the assumption set out in the respective scenario analysis

that no impairment had to be recognized as of the balance sheet date.

materializes, a second step would be to analyze the coverage of carrying
amounts via the fair values (fair value less costs of disposal). The scenario
analyses detailed here do not make any statement regarding the development of the fair values or a risk in the development of fair values.

201

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To ourstakeholders

Groupmanagement report

Consolidated
financial statements

Notes tosustainability

Additional
information

EBIT margin

In the year under review, depreciation – even taking into account the com-

For the scenario analysis of profit shortfalls, the risk of a 10  % reduction inplete write-down of the goodwill previously recognized by DB Arriva (€ 1,411

EBIT margin was considered. This model calculation identified a shortfall

million) in the previous year – was below the previous yearʼs figure andat the DB Long-Distance (€ – 89 million), DB Regional (€ – 825 million), DB

mainly related to property, plant and equipment used as rail infrastructure

Netze Track (€ – 1,560 million) and DB Netze Stations (€ – 613 million) CGUs;

as well as rolling stock. It is shown in the statement of income less any re-this means that the value in use for these CGUs no longer provides adequate

versals recognized in the reporting period. The recorded reversals of € 75

cover for the carrying amount of the capital employed. The DB Long-Dis-

million related to write-ups of real estate in the DB Netze Track segment.

tance CGU can withstand a reduction of up to 9.7 % in the EBIT margin; theFurther explanations on the development of property, plant and equip-

corresponding figures applicable for other CGUs are up to 6.5 % (DB Re-

ment or intangible assets can be found under Notes (1313))µ 205 ff. and (1414))

gional), up to 7.4 % (DB Netze Track) and up to 3.4  % (DB Netze Stations).

µ 207 f.
f.

The rest of the CGUs report stable surplus coverage even if the EBIT margin
is reduced by 10 %.

( 7 ) O T H E R O P E R AT I N G E X P E N S E S

Average real growth rate of cash flows€ million

A reduction of 10 % in the long-term growth rate was simulated in order to

LEASING, RENT AND LEASES

Leasing expenses 1)

assess the sensitivity of the impairment test result in relation to the assumed

Variable leasing expenses 1)

long-term growth rate of cash flows (1  %). As was the case in the previous
year, no impairment requirement was identified for any of the CGUs considered in this scenario.
Weighted average cost of capital

Risks relating to the assumptions of the capitalization rate, which is normally used for calculating the present value of the value in use, were analyzed by simulating the impairment of each CGU in conjunction with a

2021

2020

741

751

9

7

750

758

Legal, consultancy and audit costs

222

219

Fees and contributions

212

221

Insurance expenses

171

159

Advertising and sales promotion expenses

148

115

Printing and stationery expenses

56

57

Travel and representation expenses

234

243

Research and non-capitalized development costs

44

40
580

OTHER PURCHASED SERVICES

capital cost markup of 10  %. The basis for this simulation was the current
weighted cost of capital (after taxes). This model calculation resulted in

Purchased IT services

654

Other communication services

57

51

a shortfall for the DB Netze Stations CGU (€ – 287 million). The maximum

Other services

931

790

capital cost markup for which DB Netze Stations covers the carrying
amount is 5  %.
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 short-

1,642

1,421

Expenses for compensation for damages

358

239

Impairments recognized in relation to receivables
and other assets 2)

76

91

Losses from the disposal of property, plant and equipment
and intangible assets

270

217

Expenses from disposal of non-current financial instruments

30

Other operating taxes

87

73

126

127

OTHER EXPENSES

fall for the DB Netze Stations CGU (€ – 112 million). DB Netze Stations

Grants for third-party facilities

shows surplus cover upon a reduction in the residual value at the end ofConcession fees for passenger transport

the useful life of up to 7.4  %. All other CGUs show stable surplus cover inOther personnel-related expenses

the scenario analysis.

Miscellaneous other expenses

2021

2020

Scheduled depreciation

3,881

3,828

Recognized impairments

14

1,558

Recognized reversals

– 91

– 14

3,804

5,372

Special items

35

1,467

Effects from changes in scope of consolidation

–6

0

Total

Exchange rate effects
Total – comparable

971
1,382

5,716

5,235

– 672

– 230

Effects from changes in scope of consolidation–1–3

Exchange rate effects

– 19

–

5,024

5,002

–6

–

3,827

3,905

Total – comparable
1)
2)

260

1,078

Special items€ million

24

230
1,443

Total

Depreciation was broken down as follows in the year under review:

9

Previous year figure adjusted.
	Including payments for receivables written down in the previous year.

Other operating expenses rose by a total of € 481 million (+ 9.2  %), particularly as a result of higher expenses for purchased services and compensation for damage.
The increase in other purchased services resulted from higher purchased
IT services across almost all segments and a greater need for temporary

employees in the DB Schenker segment as a result of the positive businessdevelopment.

202

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To ourstakeholders

Groupmanagement report

Consolidated
financial statements

Notes tosustainability

Additional
information(9) NET INTEREST INCOME

The increase in expenses for compensation for damages resulted from provisions in connection with an accident (DB Netze Track segment).

€ million

The increase in miscellaneous other expenses resulted, among otherthings, from additions to provision from the revaluation of ecological bur-

2021

2020

INTEREST INCOME

dens (Subsidiaries/Other segment). This was offset by lower expenses forthe creation of provisions for impending losses (DB Regional and DB Arriva
segments). Adjusted for these circumstances, miscellaneous other expenses
were at the same level as the previous year.
Expenses from leasing, rent and leases were at the same level as theprevious year and, in addition to the service element of capitalized leasing

Net interest income from pension provisions

2

5

Other interest and similar income

29

25

Income from securities

1

1

Operating interest income

3231Interest income from the reversal of deferred items
and other interest income

23

83

55

114

INTEREST EXPENSES

arrangements, also related to short-term leases (€ 210 million; previous
year: € 233 million) and also leased assets of minor value (€ 58 million; previous year: € 48 million).
Travel and representation expenses were at the low level of the previous year due to Covid-19-related factors and the increased use of Web andOther interest and similar expenses

– 430

– 427

Net interest expenses for pension provisions

– 28

– 65

Interest expenses for leasing liabilities

– 80

– 81

Operating interest expenses

– 538

– 573

Compounding of long-term provisions
and liabilities

video conferences.
The concession fees for passenger transport declined because the con-

Total

tracting organizations of The Chiltern Railway Company Limited, Sunderland/United Kingdom, and XC Trains Limited, Sunderland/United Kingdom(both segments of DB Arriva) waived their entitlement to part of the con-

– 156
– 729

– 528

– 615

Special items

421

Effects from changes in scope of consolidation

00

Exchange rate effects

cession fees in 2021 as a result of contractual adjustments relating to

– 45
– 583

Total – comparable

1

–

– 485

– 614

– 506

– 542

For information only:

Covid-19.

Operating interest balance

The fees for the Group auditor amounted to € 22.1 million (previous
year: € 20.9 million); this figure comprised auditing services of € 7.9 million(previous year: € 8.8 million), other certification services of € 7.9 million

Interest income and interest expenses are recognized in the income state-(previous year: € 7.3 million), tax advice services of € 0.2 million (previous

ment using the effective interest method in the period in which the income

year: € 0.3 million) as well as other services costing € 6.1 million (previous

arises.

year: € 4.5 million). Of the figure shown for the other rendered services,

The decline in interest income from the reversal of deferred items and€ 3.5 million (previous year: € 2.8 million) were attributable to services pro-other interest income is mainly attributable to the adjustment of the dis-

vided by affiliated companies of the auditor of the consolidated financial

count rate for provisions for ecological burdens in the previous year.
The decline in net interest expenses for pension provisions resulted

statements.

from the adjustment of the discount rate. Both the net pension provisions( 8 ) 	N E T P R O F I T 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

in the year under review and the previous yearʼs interest rate applicable to
the respective net interest expense fell.

The following contributions to profits are recognized in the statement of

The reduction in the expenses for the compounding of long-term pro-income as a result of shares in companies over which significant influence

visions and liabilities was mainly attributable to the adjustment to the dis-can be exercised or which are managed as joint ventures:count rate for the provision for the rectification of ecological burdens as€ million

2021

2020

1

1

Intercambiador de Transportes Principe PIO S. A., Madrid/Spain

2

2

Other

–

1

3

4

well as the discontinuation of the effects from a provision for the pro rata
costs relating to the decommissioning of a joint power generation plant in
the previous year.

JOINT VENTURES

Trieste Trasporti S.P.A., Trieste/Italy( 1 0 ) O T H E R F I N A N C I A L R E S U LT€ million

A 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

Result from subsidiaries
4

Barraqueiro SGPS SA, Lisbon/Portugal–3–4

GHT Mobility GmbH, Berlin 1)

– 18

– 32

4

5

– 13

– 25

– 10

– 21

Other
Total
1)

Result from exchange rate effects

6

Result from currency-related derivatives

1

– 268

120

295

– 145

9

–2

Result from disposal of financial instruments

00Fair value change of financial instruments

32

– 11

–

– 45

Other financial result

– 22

–9

Total

48

– 91

Special items––

Effects from changes in scope of consolidation

00

Exchange rate effects

2

–

50

– 91

Total – comparable

203

2020

2

Result from other derivatives

Impairments on financial instruments	In the previous year, the cumulative losses (€ 32 million) in excess of the acquisition costs of theshares were deducted from the financial receivables due from GHT Mobility GmbH.

2021

Our contribution toclimate protection

To ourstakeholders

Groupmanagement report

Consolidated
financial statements

Notes tosustainability

Additional
information

Dividend income is recognized at the point at which the right to receive theIn the year under review, there were new tax loss carryforwards for which

payment arises.

deferred tax assets were not recognized in full, as at the time of the forecast

The result from exchange rate effects was attributable to the conver-period sufficient taxable income was not expected for the loss carryforwards

sion of foreign currency liabilities and receivables with an impact on theand temporary differences that existed in the previous year.

income statement using the spot rate applicable on the balance sheet date

The reconciliation amount as detailed in IAS 12.33 related exclusively(IAS 21). The result from exchange rate effects has to be netted with theto additional tax write-downs resulting from the fact that tax-free grants

result from currency-related derivatives. The strong exchange rate fluctu-

in the IFRS financial statements have been deducted directly from the asset

ations in the year under review are mainly attributable to the development

acquisition costs. It is not permissible for deferred taxes to be created inof the exchange rate between the euro and the British pound and the Swiss

relation to these temporary differences.

franc. The result from currency-related derivatives comprises reclassifica-

In the year under review, the other effects included in particular effects

tions of currency-related changes in the market value of cash flow hedges

attributable to the difference in the assessment bases of different income

recognized under shareholdersʼ equity with no impact on profit and loss.

tax bases, and additional local income taxes outside Germany.

The result from other derivatives relates to the development in the market
value of derivatives that are not classified as effective hedges in accordance(12) EARNINGS PER SHARE

with IFRS 9 (Financial Instruments).

Under IAS 33 (earnings per share), undiluted earnings per share are calcu-

The changes in the fair value of financial instruments related to thelated by dividing the net profit/loss of DB Group attributable to the share-

positive performance from the fair value assessment of other investments.

holders of DB AG by the weighted average number of shares in issue during
the year under review. Undiluted earnings per share correspond to diluted( 1 1 ) TA X E S O N I N C O M E

earnings per share.

€ million

2021

2020

€ million

2021

2020

Actual tax expense

– 321

– 213

Net loss for the year

– 911

– 5,707	thereof due to shareholders of DB AG– 946– 5,710

Income due to discontinuation of tax obligations
Actual taxes on income
Deferred tax income (previous year: deferred tax expense)
Taxes on income

19

33

– 302

– 180

	thereof attributable to providers of hybrid capital

26

26

179

– 43

	thereof attributable to non-controlling interests

9

– 23

– 123

– 223

Number of issued shares as of Dec 31

430,000,000

430,000,000

Undiluted– 2.20– 13.28

Diluted– 2.20– 13.28EARNINGS PER SHARE (€/SHARE)

The actual taxes on income in the year under review were incurred mainly
at foreign Group companies. The increase compared with the previous year
is attributable to higher contributions to profits made by some international
Group companies as well as lower income from the discontinuation of tax
obligations. Deferred taxes resulted in income (previous year: expense).
This is due to the increased anticipated future utilization of tax losses
carried forward, whereas deferred tax income from the extension of theplanning 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 rate of
30.5 %, the tax reconciliation to the actual income taxes is presented below:€ million

2021

2020

Loss before taxes on income– 788– 5,484

Group tax rate ( %)

30.5

30.5

Anticipated tax income

240

1,673

Adjustment of the expected future use of loss carry-forwards and new
temporary differences that have arisen and loss carry-forwards– 411– 1,398

Income not subject to tax

34

24

Tax effects related to IAS 12.33

40

40

Expenses not deductible for tax purposes

– 35

– 372

Differences in tax rates for foreign companies

63

– 154

Other effects

– 54

– 36

Taxes on income as reported

– 123

– 223

Effective tax rate ( %)– 15.6– 4.1

204

Our contribution toclimate protection

To ourstakeholders

Groupmanagement report

Consolidated
financial statements

Notes to the balance sheet

Notes tosustainability

Additional
information

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 useful

Cost of production comprises individual costs as well as indirect costs whichlife of the asset or the shorter duration of the lease. This is not applicableare directly allocatable.

for leasing contracts for minor-value assets (up to and including € 5,000)

If at least two years are required for manufacturing an asset in orderand short-term leasing contracts with a duration of 12 months or less, theto place it in its intended state in which it is capable of being used or sold,costs of which are recognized on a linear basis in the statement

any directly attributable costs of debt are capitalized as costs of productionof income. Components of lease payments that do not relate to the use ofof the asset. If a direct link cannot be established, the average cost of debt

the asset are not included in the measurement of the right of use andrate for the year under review is used. Value-added tax incurred in con-the lease liability.

nection with the purchase or production of property, plant and equipment
is only capitalized to the extent that authorization to deduct pre-tax

Critical estimations and assessments

is not given.

With regard to defining the duration of the lease, management takes ac-

Subsequent costs are capitalized if the expenses enhance the economic

count of all facts and circumstances that have an influence on the possible

benefit of the property, plant and equipment and if the costs can be reliably

exercising of a extension option or termination option. This assessment ismeasured. Other repairs or maintenance, on the other hand, are generally

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 recog-

DB Group classifies every lease for which it is the lessor as either an oper-

nized separately and written down over their useful life using the straight-

ating lease or a finance lease. A lease is classified as a finance lease if itline method.

transfers essentially all risks and opportunities associated with the owner-

Investment grants are deducted directly from the cost of purchase andship. If this is not the case, the lease is classified as an operating lease.

cost of production of the subsidized assets.

PROPERTY, PLANT AND EQUIPMENT / € million

Permanentway
structures

Track infrastructure,signaling
and control
equipment

Vehicles forpassenger
and freighttransport

Technical
equipment andmachinery

12,74815,78817,00736,431

2,214

5,723

5,623

23

–

–

13

1

4

0

42

27

–

–

13

1

4

0

46

Land

Commercial,
operatingand otherbuildings

4,579
1
1

Advance
Other
operating payments andand business assets underequipment construction

Total

COST OF PURCHASE AND COST OF PRODUCTION

As of Jan 1, 2021
Changes in the scope of consolidation
thereof additions in scope of consolidation
thereof disposals in scope of consolidation
Additions100,113

–

–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

Changes with no impact on profit and loss

–

3

–

–

–

–

–

–

3

– 59

– 200

– 19

– 246

– 852

– 58

– 387

– 34

– 1,855

Disposals
Currency translation differences
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

–

4

–

–

–

–

0

–

4

Depreciation

thereof disposals in scope of consolidation

– 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
1,540

Disposals

17

141

13

233

755

54

326

1

Currency translation differences

–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

47,704205

Our contribution toclimate protection

To ourstakeholders

PROPERTY, PLANT AND EQUIPMENT / € millionGroupmanagement report

Consolidated
financial statements

Notes tosustainability

Additional
information

Permanent way
structures

Trackinfrastructure,signaling
and control
equipment

Vehicles forpassenger
and freighttransport

Technical
equipment
and machinery

Other
operatingand businessequipment

Advancepayments andassets underconstruction

Total

11,575

15,69016,96235,670

2,220

5,613

4,693

96,934

11

0

–

24

1

8

–

55

11

0

–

24

1

18

1

66

Land

Commercial,
operatingand otherbuildings

4,511
11
11

COST OF PURCHASE AND COST OF PRODUCTION

As of Jan 1, 2020
Changes in the scope of consolidation
thereof additions in scope of consolidation
thereof disposals in scope of consolidation
Additions

–

0

–

–

–

–

– 10

–1

– 11

106

1,314

909

1,601

1,919

135

530

7,654

14,168Addition of cost of debt

–

–

–

–

–

–

–

44

44

Investment grants

0

– 167

– 886

– 1,459

– 78

– 39

– 59

– 5,825– 8,513

Transfers

4

183

89

151

316

55

96

– 904

– 10

Changes with no impact on profit and loss

–

0

–

–

–

–

0

–

0

– 33

– 102

– 11

– 247

– 1,260

– 145

– 429

– 34

– 2,261

Disposals
Currency translation differences

– 20

– 66

–3

–1

– 160

– 13

– 36

–5

– 304

As of Dec 31, 2020

4,579

12,74815,78817,00736,431

2,214

5,723

5,623

100,113– 702– 4,413– 5,634– 12,797– 21,708– 1,404– 3,676–9– 50,343

–4

–5

0

–

– 22

–1

– 11

–

– 43

thereof additions in scope of consolidation

–4

–5

0

–

– 22

–1

– 15

–

– 47

thereof disposals in scope of consolidation

–

0

–

–

–

–

4

–

4

– 42

– 845

– 201

– 360

– 1,569

– 130

– 472

–1

– 3,620

impairments

0

–6

–4

–2

– 14

–1

0

0

– 27

Reversals

–

0

–

13

1

–

0

0

14

Transfers

12

– 29

0

0

9

0

9

–6

–5

Disposals

13

59

6

233

707

86

371

0

1,475

Currency translation differences

6

21

2

0

79

8

24

0

140

As of Dec 31, 2020

– 717

– 5,218– 5,831– 12,913– 22,517– 1,442– 3,755– 16– 52,409

Carrying amount as of Dec 31, 2020

3,862

7,530

9,957

4,094

13,914

772

1,968

5,607

47,704

Carrying amount as of Dec 31, 2019

3,809

7,162

10,056

4,165

13,962

816

1,937

4,684

46,591

AC C U M U L AT E D D E P R E C I AT I O N

As of Jan 1, 2020
Changes in the scope of consolidation

Depreciation

The additions to the cost of debt contain an average cost of debt rate ofRights of use from leases ( IFRS16)

1.44% (previous year: 1.71%).

DB Group leases mainly consist of real estate. Compared with a solution

The impairments of € 12 million (previous year: € 27 million) mainly

involving purchasing of such assets, leasing provides much greater flexibil-

related to vehicles for passenger and freight transport.

ity and results in lower amounts of capital being tied up. DB Group simul-

Reversals of € 91 million (previous year: € 14 million) were mainly at-taneously participates in positive market developments by way of regularly

tributable to real estate and rights equivalent to real property.

agreeing extension options. In addition, DB Group rents rolling stock par-In the year under review, the carrying amount disposals for assets un-ticularly if the economic useful life considerably exceeds the duration of

der construction included positive carrying amount disposals of € 7 million

the transport contract for which the rolling stock is intended.

(previous year: € 20 million). These were attributable to the repayment of

Property, plant and equipment contains rights-of-use from leases thatinvestment grants that had been received in previous years and deducted

are shown separately in the following overview:

from assets.
Restrictions to rights of disposal over property, plant and equipment(as of December 31, 2021: € 34 million; as of December 31, 2020: € 35 million)
existed mainly in Arriva Italia s.r.l., Milan/Italy.

206

Our contribution toclimate protection

To ourstakeholders

Groupmanagement report

Consolidated
financial statements

Notes tosustainability

Additional
information

Rights of use for€ million

Land

Commercial,
operatingand otherbuildings

Track infrastructure,signaling
and control
equipment

Permanentway
structures

Vehicles forpassenger
and freighttransport

Other
Technical
equip- operating andbusinessment andequipmentmachinery

Total

AS OF DEC 31, 2021

Additions

51

788

0

14

199

18

20

Depreciation

– 38

– 655

–4

–1

– 196

– 33

– 16

1,090
– 943

Carrying amount

377

3,494

2

15

534

165

32

4,619

1,316

AS OF DEC 31, 2020

Additions

58

988

1

0

239

14

16

Depreciation

– 33

– 630

–3

–1

– 230

– 36

– 18

– 951

Carrying amount

359

3,380

5

2

631

181

27

4,585

Further details of leasing-related liabilities, expenses and other financial

The assets which in certain cases are determined on the basis of retrospec-

obligations are set out in the Notes (6)µ 200 ff.,
ff., (7(7)µ 202 f.,f., (9(9)µ203
203,,

tive calculations and completed surveys and which are leased by way of(2828))µ216
216 ff.
ff.,, and (3535))µ 235 f.
f.,, as well as the Notes to the statement of cash-

operating leases have the following residual carrying amounts:

flowsµ 229 ff..
flows

RENTED ASSETS CLASSIFIED AS OPERATING LEASES / € million

The decrease in carrying amounts for vehicles for passenger and freighttransport mainly resulted from the DB Arriva segment. In the case of commercial, operational and other buildings, higher additions as well as term
extensions in connection with real estate contracts resulted in an increasein the carrying amounts.

Rented assets
The rental activities of DB Group related mainly to premises in stations as

Real estate

Mobile assets

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

Cost of purchase and cost of production

1,349

7,059

Accumulated depreciation– 448– 4,845

Carrying amount as of Dec 31, 2020

901

2,214

well as the leasing of excess locomotive and rail car capacities. Agreements

In the case of real estate which is leased on a pro rata basis, the carrying

are not normally made with regard to assuring any residual values.

amounts are also recognized on a pro rata basis. The carrying amount ofSubletting activities are carried out to a minor extent mainly at DB

the leased mobile assets related to all assets leased in the year under review

Schenker. Where appropriate, storage facilities are rented only for the pur-irrespective of the lease duration. The residual carrying amounts and thepose of fulfilling a logistics contract with a specific customer. If these cus-accumulated depreciation of the mobile assets (mainly rolling stock)

tomers take on the economic opportunities and risks with regard to theincreased, particularly at DB Long-Distance, due to capital expenditures inleased premises, the subletting income is not recognized in the income

new vehicles. The process of renting the assets is expected to generate ren­statement; instead, this is recognized as a sub-financing lease. Revenues

tal and leasing inflows in future years as shown in the following overview:

from subletting amounted to € 35 million (previous year: € 23 million).

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

357

211

178

161

121

518

1,189

1,546

356

184

158

143

129

594

1,208

1,564

AS OF DEC 31, 2021

Minimum lease payments
AS OF DEC 31, 2020

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 ac-

quently valued at cost of purchase and cost of production less scheduled

cordance with IAS 38 (Intangible Assets). Intangible assets manufactured

depreciation and impairments plus any reversals of previous impairments.

in-house are recognized with their cost of production, and consist mainlyof software.
Costs of production mainly comprise costs for material and services,wage and salary costs as well as relevant indirect costs.

207

Our contribution toclimate protection

To ourstakeholders

Groupmanagement report

Consolidated
financial statements

Capitalized
development costs
for products
under development

Capitalized
development costs
for products in use

Notes tosustainability

Purchased
intangible assets 1)

Additional
information

Goodwill

Advance payments

2021

2020

2021

2020

2021

2020

2021

2020

766

564

369

447

2,196

2,260

3,003

3,106

2

5

–

–

26

2

17

13

thereof additions in scope of consolidation

2

5

–

–

28

4

17

13

thereof disposals in scope of consolidation

–

–

–

–

–2

–2

–

0

INTANGIBLE ASSETS / € million

2021

Total

2020

2021

2020

1

0

6,335

6,377

–

–

45

20

–

–

47

22

–

–

–2

–2

COST OF PURCHASE AND COST OF PRODUCTION

As of Jan 1
Changes in the scope of consolidation

Additions

44

54

174

162

21

17

–

–

0

1

239

234

Investment grants

–6

–2

–

–

–1

–1

–

–

–

–

–7

–3

Transfers

138

222

– 100

– 212

– 36

0

–

–

–

0

2

10

–

–

–

–

0

0

–

–

–

–

0

0

– 52

– 73

– 17

– 28

– 41

– 46

0

–

–

–

– 110

– 147

Changes with no impact on profit and loss
Disposals
Currency translation differences

5

–4

–1

0

28

– 36

124

– 116

–

0

156

– 156

897

766

425

369

2,193

2,196

3,144

3,003

1

1

6,660

6,335

– 298

– 178

0

–1

– 1,889– 1,818– 1,858

– 486

–

–

– 4,045– 2,483

–2

–

–

–

–1

–

–

–

–

–

–3

–

–2

–

–

–

–3

–1

–

–

–

–

–5

–1

As of Dec 31
AC C U M U L AT E D D E P R E C I AT I O N

As of Jan 1
Changes in the scope of consolidation
thereof additions in scope of consolidation

–

–

–

–

2

1

–

–

–

–

2

1

Depreciation

thereof disposals in scope of consolidation

– 81

– 76

–

–

– 112

– 132

–

–

–

–

– 193

– 208

Impairments

–2

– 78

–

– 27

0

– 15

–

– 1,411–––2– 1,531

Reversals

–

–

–

–

–

0

–

–

–

–

–

0

Transfers

– 26

–7

–

–

36

12

–

–

–

–

10

5

Disposals

22

40

–

28

34

36

–

–

–

–

56

104

–3

1

–

–

– 26

28

– 67

39

–

–

– 96

68

As of Dec 31

Currency translation differences

– 390

– 298

0

0

– 1,958– 1,889– 1,925– 1,858––– 4,273– 4,045

Carrying amount as of Dec 31

507

468

425

369

235

307

1,219

1,145

1

1

2,387

2,290

Carrying amount as of Dec 31 of previous year

468

386

369

446

307

442

1,145

2,620

1

0

2,290

3,894

1)

	This includes intangible assets with indefinite useful lives (carrying amount: € 5 million), which were reported separately as of December 31, 2020 and derecognized in 2021.

The purchased intangible assets mainly included software (carrying amountThe shares in the investments accounted for using the equity method

as of December 31, 2021: € 103 million; as of December 31, 2020: € 129 mil-developed as follows:lion), concessions and rights (carrying amount as of December 31, 2021:€ 51 million; as of December 31, 2020: € 61 million) and acquired customer
and franchise contracts (carrying amount as of December 31, 2021: € 79 mil­lion; as of December 31, 2020: € 110 million).
For the acquired Arriva brand (carrying amount as of December 31,
2021: € 32 million; as of December 31, 2020: € 31 million), there are no otherlegal, regulatory, contractual, competitive, economic or other factors that
limit the useful life.
The impairments of € 2 million (previous year: € 1,531 million) were in
the DB Schenker and Subsidiaries/Other segments.
The allocation of the reported goodwill to the segments is shown in
Segment information according to segments µ 190 ff..

€ million

2021

2020

As of Jan 1

458

501

Additions01

Disposals

0–5

Share of DB Group in profit

8

11Capital increase

1–

Other movements in capital–0

Dividends received–9–7

Impairments

–

– 44

Currency translation differences

00

Other valuation

3

1

As of Dec 31

461

458

( 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

The figure shown in the balance sheet as of December 31, 2021, was mainly

Shares in associated companies and joint ventures are accounted for usingEuro­pean Company for the Financing of Railroad Rolling Stock (EUROFIMA),

the equity method in accordance with IAS 28. The carrying amount, based

Basel/Switzerland and Trieste Trasporti S.P.A., Trieste/Italy. The shares inon the Group costs of purchase at the time of the purchase, is updated

EUROFIMA are subject to restrictions in terms of being sold; new sharehold-accord­ing to the DB Group share of changes in equity position of the com-

ers must be railway administration entities which also require a guaranteepany accounted for using the equity method.

from their respective state guaranteeing their obligations.

attributable to the shares held in the associated companies EUROFIMA

208

Our contribution toclimate protection

To ourstakeholders

Groupmanagement report

Consolidated
financial statements

Notes tosustainability

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

IAS 12.34 if, after corresponding deferred tax liabilities have been deducted,

it is likely that adequate taxable income is available. This is based on the

2020

2021

2020

108

61

153

162

Intangible assets

0

0

34

29

Investment property 1)

–

–

–

–

11

8

4

6

Financial debt

2

0

0

0

Derivative financial instruments

7

9

0

0

Property, plant and equipment 1)

A deferred tax asset is recognized in accordance with IAS 12.24 orDeferred tax liabilities

2021

CURRENT ASSETS

medium-term planning and a further two years, taking into account sup-Trade receivables

plementary estimates for domestic companies. The international companies

NON-CURRENT LIABILITIES

use medium-term planning as the basis. Deferred tax assets relating toincome which can be generated after the forecast period are not recognized,on the grounds that they cannot be reliably determined.
Deferred taxes are established on the basis of the tax rates that canbe expected for the period in which the deferred tax is realized on the basis

Pension obligations

140

190

3

0

Other provisions

177

125

131

68

Deferred income

0

0

0

7

Trade liabilities

68

50

0

0

Other liabilities

32

75

0

18

CURRENT LIABILITIESof 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 planning were to decline by 10 % in conjunction with otherwise unchanged tax
parameters, deferred tax assets would have to be reduced by € 100 million

Other provisions

67

30

12

0

Losses carried forward

862

752

0

0

Subtotal

1,474

1,300

337

290

Balancing 2)

– 169

– 136

– 169

– 136

Amount stated in the balance sheet

1,305

1,164

168

154

	Previous year’s figure adjusted for deferred tax liabilities.
2)	To the extent permitted by IAS 12 (income taxes).
1)(previous year: € 97 million).
Deferred tax assets are broken down as follows:
AS OF DEC 31 / € million

2021

2020

Deferred tax assets in respect of temporary differences

443

412

Deferred tax assets in respect of tax losses carried forward

862

752

1,305

1,164

Total

Tax assets and liabilities are netted if they exist in relation to the sametax authority, if they are of identical maturity and if they relate to thesame tax subject.
Of the deferred tax liabilities of € 1,474 million (as of December 31, 2020:€ 1,300 million), a figure of € 177 million (as of December 31, 2020: € 163 mil­­­lion) will probably be realized in the course of the next 12 months. Of the

No deferred tax assets have been created in relation to the following losses

deferred tax liabilities of € 337 million (as of December 31, 2020: € 290 mil-carried forward and temporary differences:lion), a figure of € 16 million (as of December 31, 2020: € 24 million) will

AS OF DEC 31 / € million

2021

probably be realized in the course of the next 12 months.

2020

Deferred tax assets of € 222 million (as of December 31, 2020: € 183

Tax loss carry-forwards for which no deferred tax asset
has been created

20,514

18,735

Temporary differences for which no deferred tax asset
has been created

5,653

5,998

in the deferred taxes shown in the balance sheet.

1,868

1,981

28,03526,714(17) OTHER INVESTMENTS AND SECURITIES

Temporary differences that are not permitted to be recognizedin accordance with IAS 12.24b in conjunction with 12.33
Total

million) shown directly in equity and deferred tax liabilities of € 7 million(as of December 31, 2020: € 10 million) shown directly in equity are included

Other investments are shown with their fair value.
Long- or short-term securities are recognized with their fair values as

The losses carried forward are mainly attributable to the tax law treatmentof the balance sheet date – where such values exist. Changes in fair valueof Federal grants paid in the past to DB AG in accordance with section 21

are recognized directly in equity in the reserve from the fair value measure-(5) and section 22 (1) Deutsche Bahn Foundation Act (Deutsche Bahn

ment of securities.

Gründungsgesetz; DBGrG) as a contribution as well as the tax losses of theyear under review that were incurred as a consequence of the impact of theCovid-19 pandemic.
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.

209

Our contribution toclimate protection

To ourstakeholders

Groupmanagement report

Consolidated
financial statements

Other investments and securities developed as follows:

Notes tosustainability

Additional
information

The increase in finished goods and products in addition to merchandise in
the DB Schenker segment mainly related to rolling stock that had only been

Other
investments

Securities

provisionally accepted and that had not yet been transferred to the cus-

Total€ million

2021

2020

2021

2020

2021

2020

As of Jan 1

55

42

3

3

58

45

tomer and contracting organizations as of the balance sheet date. Corresponding long-term trade liabilities were also reported.

Currency translation differences

0

0

0

0

0

0

Additions

18

24

–

–

18

24

Disposals

–7

0

0

–

–7

0

In general, receivables and other financial assets are measured at amor-

Change in fair value

31

– 11

0

0

31

– 11

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-

As of Dec 31

97

55

3

3

100

58

	thereof at cost/acquisition costlocated to any category of IFRS 9. With regard to the measurement cate-

–

–

1

0

1

0

	thereof fair value (with no
impact on profit and loss)

29

25

2

3

31

28

( 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

gories according to IFRS 9, please refer to the section Additional disclosuresrelating to the financial instruments µ 213 ff.
ff.

Receivables for which there are substantial objective indications of an	thereof fair value(recognized in the income
statement)

68

30

–

–

68

30

Non-current portion

97

55

2

2

99

57

default rates. In DB Group, the maturities of the receivables and default

Current portion

–

–

1

1

1

1

risks are monitored constantly.

impairment are adjusted appropriately. Portfolio-based impairments arerecognized in relation to groups of assets also on the basis of historicalSome transport contracts include a handover obligation specifying
As of December 31, 2021 changes in the fair value of other investmentsthat the deployed assets owned by DB Group have to be handed over atamounted to a total of € 31 million (previous year: € – 11 million). At

the end of the contract. Other transport contracts include a clause speci-€ 38 million, this increase was mainly due to the revaluation of shares infying that the deployed assets have to be rented from the contracting

Volocopter GmbH, Bruchsal.

organization or a capital service guarantee is to be provided by the con-

The additions mainly related to a € 6 million investment in Gideon

tracting organization for leasing from independent financial service pro-

Brothers, City of Dover/USA, € 4 million investment in InstaDeep Limited,viders. In accordance with IFRIC 12 (Service Concession Arrangements),

London/United Kingdom, € 3 million increased investment in Volocopter

the corresponding capital expenditures are capitalized as receivables from

GmbH, Bruchsal, and a € 2 million investment in VA 450 Beteiligungs

transport concession arrangements at the end of the contract, with the

GmbH&Co. KG, Bonn/Germany.

guaranteed residual values being separated. The receivables are redeemedout of the concession fees, which means that not all of the concession fees(18) INVENTORIES

result in revenues. The residual value receivables are disclosed at their

All costs which are directly related to the procurement process are capital-present value under the financing receivables.

ized as the acquisition costs of the inventories. The average method is usedas the basis for establishing the acquisition cost of fungible and homo­

Critical estimations and assessments

geneous raw materials and supplies. The costs of production comprise the

The impairment of doubtful receivables to a considerable extent comprises

individual costs and also the directly attributable indirect costs; borrow­assessments and appraisals of individual receivables that are based on­ing costs and idle costs are not capitalized, and instead are recognized

the creditworthiness of the particular customer, current economic devel-

as expense in the period in which they are incurred.

opments as well as an analysis of historical bad debts at the portfolio level.

As of the balance sheet date, inventories are measured with the lower

If the impairment is derived on the basis of historical default rates at theof cost or net realizable value.

portfolio level, any decline in the overall volume of receivables results ina corresponding decrease in such provisions (and vice versa).

Inventories are broken down as follows:
AS OF DEC 31 / € million

2021

2020

Raw materials, consumables and supplies

2,062

1,849

Unfinished goods, unfinished services

128

122

Finished goods and products

413

365

11

41

Impairments

Advance payments

– 459

– 440

Total

2,155

1,937

The increase in raw materials, consumables and supplies was attributable,
among other things, to price increases for CO₂ certificates.

210

Our contribution toclimate protection

To ourstakeholders

Groupmanagement report

Consolidated
financial statements

Notes tosustainability

Additional
information

The receivables and other assets are broken down as follows:

Tradereceivables€ million

Financialreceivables
and earmarked bankbalances

Receivablesfromtransport
concessions

Advancepayments

Other assets

Total

10,514AS 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

8,416

	thereof due to related parties
AS OF DEC 31, 2020

Gross value

5,045

867

626

270

1,608

Impairments

– 164

– 11

–

–

– 47

– 222

Net value

4,881

856

626

270

1,561

8,194

37

2

–

–

305

344

	thereof due to related parties

DB Group concluded factoring agreements with a bank; according to the

The receivables and the associated liabilities are derecognized to the extent

terms of this agreement, the bank is obliged to purchase on a revolving

that DB Group’s sustained exposure is reduced due to the receipt of pay-basis current trade receivables (denominated in euro and Swedish krona)ments from customers.

in companies of the DB Schenker segment up to a maximum volume ofDisclosures on DB Group’s sustained exposure in partially derecognized€ 703 million and under which the rights and obligations remain with DB

trade receivables:

Group. The agreement has been concluded for an indefinite period of time.
DB Group will continue to be responsible for sales ledger accounting andthe dunning system on behalf of the bank until further notice. The risks
relating to the receivables that are sold and that are relevant for the risk
assessment are the credit risk and the risk of late payment. The purchase

AS OF DEC 31 / € million

2021

2020

Receivables sold

443

388

Remaining carrying amount of transferred receivables 1)

97

96

Carrying amount of the associated liabilities 1)

107

102

1)

price is equivalent to the nominal amount. DB Group bears credit-risk-related default and late payment risks from the various tranches up to a

	The fair values of the receivables and the associated liabilities
essentially correspond to their carrying amounts.

certain amount in each case. The other bad debts related to the credit risk

Purchase price payments received by the bank increased the cash flow fromare borne by the bank. Virtually none of the opportunities and risks asso-

operating activities.
The financial receivables and earmarked bank deposits include residual

ciated with the receivables have been transferred or retained (breakdown

values of € 321 million (as of December 31, 2020: € 257 million) agreed withof major risks between DB Group and bank).
For some of the receivables, the right of disposal over the receivables

the awarding authorities of the public transport authorities. These residualthat have been sold has been transferred to the bank as the bank has thevalue receivables mainly relate to rolling stock that is sold for a fixed priceactual ability to sell on the receivables. These receivables have been com-at the end of the transport contract to the public transport authority or

pletely derecognized.

to a third party designated by the public transport authority. In addition,
financial receivables and earmarked bank deposits also disclosed a figure

Disclosures on DB Group’s continuing involvement in fully derecognizedof € 323 million for finance lease receivables (as of December 31, 2020:

trade receivables:€ million

2021

2020

Receivables sold as of Dec 31

260

224

Carrying amount of liabilities recorded in the balance sheet,
which represent the sustained exposure 1) as of Dec 3100Maximum risk of loss from sustained exposure
to credit and late payment risks as of Dec 31

63

63€ 231 million) as well as a figure of € 35 million for earmarked funds (as ofDecember 31, 2020: € 38 million) which can be used only as contributions
for certain retirement benefit plans. A further € 83 million (as of December
31, 2020: € 271 million) relate to cash guarantees in the form of credit support agreements.
The other assets include contract fulfillment costs of € 13 million (asof Decem­ber 31, 2020: € 16 million).

EFFECTS ON THE CONSOLIDATED STATEMENT OF INCOME

1)

Expenses in the year under review

2

4

Expenses accumulated since the start of the contract

14

12

Expenses from the transfer within the scopeof the factoring agreement

3

3

The recognized impairments for the financial instruments classified
in accordance with IFRS 7 have developed as follows:	Essentially corresponds to the fair value.

DB Group continues to account for the remaining portion of trade receivablestransferred under factoring agreements in the amount of its sustained exposure and recognizes a corresponding commitment within other liabilities.

211

Our contribution toclimate protection

To ourstakeholders

Groupmanagement report€ million

FinancialreceivReceivables and ables from
Trade earmarked transport
concesreceivbank
sions
ables
deposits

As of Jan 1, 2021

– 164

– 11

Additions– 55–

Reversals

28

0Amounts used

8

Changes in the scopeof consolidation
Currency translationdifferences

Consolidated
financial statements

Notes tosustainability

Additional
information

Income of € 5 million was reported for payments received in relation topreviously derecognized receivables and other assets (previous year:€ 5 million).
For trade receivables, DB Group uses the simplified approach accord-

Other
assetsTotal

ing to IFRS 9 in order to measure the expected loan losses. Accordingly,

0

– 47

– 222

for all trade receivables, the loan losses expected over the life of the re-

–

–5

– 60

0

3

31

–

–

2

10

0

–

–

–

0

pairment matrices. These are determined on the basis of the individual

1

–

–

1

2

As of Dec 31, 2021

– 182

– 11

–

– 46

– 239

markups traded on the market have been updated. The expected loan

As of Jan 1, 2020

– 145

–9

0

– 46

– 200

Additions

– 42

–2

–

–7

– 51

Reversals

17

–

–

3

20

Amounts used

3

0

–

2

5

Changes in the scopeof consolidation

1

0

–

0

1

Currency translationdifferences

2

0

–

1

3

As of Dec 31, 2020

– 164

– 11

0

– 47

– 222

ceivables are used for this purpose. For measuring the expected loan losses,
trade receivables are pooled on the basis of common credit risk features.
The expected loan losses are determined on a collective basis using imsegments within DB Group. During the Covid-19 pandemic, the credit risk
losses amounted to € 31 million as of December 31, 2021 (as of December
31, 2020: € 29 million).

AS OF DEC 31 / € million

Trade receivables

Net
carrying
amountExpected
loss
rate (%)

6,499

0.48

thereof
thereofrisk provi- risk provisioning for sioning for
Risk prooverdue receivables
visioning receivables not overdue

31

16

15

For receivables from financing as well as other financial receivables, theReceivables for which there are substantial objective indications of an im-

expected impairment requirement for major items was determined inpairment are adjusted appropriately. Risk provisioning for anticipated credit

relation to specific receivables. Risk provisioning totaling € 3 million was

losses is also created for equivalent receivables (portfolios of receivables)

created for this purpose as of December 31, 2021 (as of December 31,

which cannot individually be identified as impaired. Any impairments that

2020: € 6 million).

are recognized are deducted from financial assets on the assets side of the

The following overview shows the maturity structure of the receiv-

balance sheet. Previous impairments are reversed if the reasons for theables for the financial instruments classified in accordance with IFRS 7 andoriginal impairments are no longer applicable.

the advance payments that have been made:Expenses decreased to € 51 million in the year under review for thecomplete derecognition of receivables and other assets (previous year:€ 66 million).

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, 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

4,881

thereof non-financial assets
AS OF DEC 31, 2020

4,849

13

10

5

4

0

32

Financial receivables and earmarked bank deposits

Trade receivables

426

86

56

12

8

268

430

856

Receivables from transport concessions

76

56

54

53

52

335

550

626

212

58

–

–

–

–

58

270

Other assets

Advance payments

1,491

17

21

1

2

29

70

1,561

Total

7,054

230

141

71

66

632

1,140

8,194

584

73

1

1

1

29

105

689

thereof non-financial assets

212

Our contribution toclimate protection

To ourstakeholders

Groupmanagement report

Consolidated
financial statements

Notes tosustainability

Additional
information

The trade receivables increased significantly compared with the previous

financial derivatives on a hedged basis, and does not perform any credit

year. This increase was mainly in the DB Schenker segment.

risk adjustment for the fair value for hedged transactions. For considerations

The current other assets also included increased customs receivablesof materiality, no credit risk adjustment is used for short-term derivatives.

of the DB Schenker segment compared to the previous year. Other assets

If credit risk adjustment is used, the relevant discounts are derived fromincreased in almost all segments, though there was a decline in the DB

the credit default swap (CDS) figures observable on the market.

Cargo and DB Netze Energy segments.

All derivatives used in DB Group are measured using common methods

As a result of the large number of customers in the various operatingsuch as option price or present value models, because their fair values aresegments, there is no evidence of concentration of credit risks with trade

not traded on an active market. No parameters from non-observable mar-receivables.

kets are used for assessment purposes.

The fair values of the balance sheet items receivables and other assets,
trade receivables, as well as other receivables and assets essentially corre-

The volume of hedges that have been taken out is shown in the following

spond to the carrying amounts.

overview of nominal values:

The maximum default risk is essentially equivalent to the carrying
amount in each case. Collateral is not regularly held.
As of the balance sheet date, there were no indications that debtors of

AS OF DEC 31/ € million

the receivables that are neither impaired nor overdue will not meet their

Nominal value ofhedging instrument
2021

2020

Residual maturity
up to 1 year

Residual maturity
more than 1 year

2021

2021

2020

2020

I N T E R E S T- B A S E D

payment obligations.

C O N T R AC T SInterest swaps( 2 0 ) I N C O M E TA X R E C E I VA B L E S

–

74

–

74

–

0

–

74

–

74

–

0

C U R R E N C Y- B A S E D

The income tax receivables relate to advance payments that have been

C O N T R AC T S

made as well as allowable withholding taxes.

( 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

Currency swaps

803

592

803

585

0

7

Currency forwards

2,365

1,762

2,334

1,722

31

40

Cross-currency
swaps

Upon conclusion of a contract, derivative financial instruments are generally classified as hedging instruments for hedging the cash flows from con-

8,181

6,290

176

230

8,005

6,060

11,349

8,644

3,313

2,537

8,036

6,107

tractual obligations or anticipated transactions (cash flow hedge).

Cash flow hedges
AS OF DEC 31

Cash flow hedges are used to provide protection against fluctuations in the/ 1,000 t

cash flows of financial assets or liabilities or anticipated transactions. When

Volume2021

2020

Residual maturity
up to 1 year

Residual maturity
more than 1 year

2021

2021

2020

2020

O T H E R C O N T R AC T S

future cash flows are hedged, the hedging instruments are also recognizedwith their fair value. Changes in value are initially recognized in shareholders’ equity with no impact on profit and loss, and are only recognized in

Diesel

364

638

26

78

338

561

Hard coal

1,408

2,782

928

1,054

480

1,728

the statement of income at the point at which the corresponding losses or

There were no interest rate swaps as of December 31, 2021 – the last trans-

profits from the underlying transaction have an impact on the statement

action expired during the year under review, and no new transactions wereof income or the transactions expire. Any ineffectiveness is recognized inentered into. The changes in holdings of currency swaps and forwards

the statement of income in accordance with IFRS 9.

vary in line with the corresponding hedging requirements of the subsidiaries. The nominal value of the cross-currency interest rate swaps roseby € 1,891 million, mainly due to the issue of foreign currency bonds in

Derivative financial instruments that do not satisfy the requirements
for recognizing hedges in accordance with IFRS 9

the year under review, the cash flows of which were exchanged for euros.

If hedges that in economic terms are used for interest, currency or price

The volume of diesel hedges declined by 0.2 million t to 0.4 million t,

hedging do not satisfy the requirements of IFRS 9 for being recognized asas the volume of expiring transactions exceeded that of the new transac-

a hedge, the changes in fair value are immediately recognized in the state-

tions concluded. The volume of coal hedges decreased as of December 31,

ment of income.

2021, by 1.4 million t to 1.4 million t and results from a decline in expectedconsumption.
The implementation of the European Union’s Benchmark Regulation,

Calculation of the fair value
The fair value of financial instruments that are traded in an active market

which provides for a new regulation on the use of benchmark interest rates,

is derived from the share price applicable on the balance sheet date. Com-

did not have a direct impact on DB AG’s derivatives, as there were no trans-

mon valuation methods such as option price or present value models areactions in the portfolio that referenced the no longer published benchmark

used for determining the fair value of financial instruments that are notinterest rates. In the year under review, the interest rate on cash collateral

traded in an active market. If valuation-relevant parameters are not directlyfor collateralized derivatives was changed from the EONIA to the euro short-observable on the market, forecasts are used based on comparable finan-term rate (€ STR).

cial instruments that are traded in an active market; these forecasts arethen adjusted by premiums or discounts on the basis of historical data. The
mean value of bid and offer rates is used. DB AG operates with long-dated

213

Our contribution toclimate protection

To ourstakeholders

Groupmanagement report

Consolidated
financial statements

Notes tosustainability

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

Hedging priceper 1,000 t

into euros as a matter of principle, and floating-rate financial liabilities are

Hedging rate
Crosscurrency
swaps
(CCS)

Interest
rate
swaps
(IRS)

generally converted into fixed-interest financial liabilities. Energy pricehedging served to reduce price fluctuations attributable to energy sourcing.

Currency
swaps

Currency

DieselHard coal

EUR

468.18

60.40

–

–

–

–

USD

–

–

1.18

–

1.17

1.14

GBP

390.60

–

0.87

–

0.84

0.85

CHF

–

–

1.17

–

–

1.04

JPY

–

–

119.66––128.85

NOK

–

–

9.12

–

–

10.16

SEK

–

–

10.11

–

–

10.26

DKK

3,010.00

–

7.45

–

–

7.44

CAD

–

–

–

–

–

1.44

AUD

–

–

1.54

–

–

1.58

NZD

–

–

1.65

–

–

1.67

HKD

–

–

–

–

–

8.82

MXN

–

–

–

–

–

24.42

SGD

–

–

1.56

–

1.56

1.54

PLN

1,348.61

–

4.40

–

–

4.61

CZK

10,425.42

–

26.11

–

25.71

25.50

HUF

–

–

–

–

–

365.34

RON

–

–

4.51

–

–

4.96

HRK

–

–

7.43

–

–

7.53

CNY

–

–

–

–

7.24

7.36

ILS

–

–

–

–

–

3.55

SAR

–

–

4.29

–

–

4.23

AED

–

–

4.25

4.38

4.14

ZAR

–

–

–

–

18.19

RUB

–

–

–

–

83.83

–

As of December 31, 2021, there were no interest-related transactions in

Currency
forwards

the portfolio. The performance of the cross-currency interest rate swaps
was predominantly due to the depreciation of the euro against the Swiss
franc, the British pound and the Norwegian krone, as well as the expiry ofold transactions.
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 under assets and liabilities:
AssetsAS OF DEC 31 / € million

Liabilities

2021

2020

2021

2020

–

–

–

0

–

–

–

0

I N T E R E S T- B A S E D C O N T R A C T SInterest swaps
C U R R E N C Y- B A S E D C O N T R AC T S

Currency swaps
Cross-currency swaps

6

0

1

13

313

150

189

258

319

150

190

271
72

O T H E R C O N T R AC T S

Energy price derivatives

72

5

2

Miscellaneous/other derivatives

–

–

0

0

72

5

2

72

Total

All derivative financial instruments are marked-to-market on the reporting
date. The following overview shows the structure of the item stated in the

391

155

192

343

Non-current portion

355

151

179

292

		 Interest-based contracts

–

–

0

0

		 Currency-based contracts

313

148

177

236

		 Other contracts

42

3

2

56

Current portion

36

4

13

51

balance sheet depending on the type of underlying hedge:
AssetsAS OF DEC 31 / € million

Cash flow hedges are not classified under any category of IFRS 9.

Liabilities

2021

2020

2021

2020

Interest swaps

–

–

–

0

Interest forwards

–

0

–

–

–

0

–

0

Currency swaps

6

0

1

13

Currency forwards

15

9

7

11

The hedged cash flows of the underlying transactions will probably
materialize, and have an impact on the income statement, in the years 2022
to 2041 (interest payments and payments of principal) or in the years 2022

I N T E R E S T- B A S E D C O N T R A C T S

to 2025 (payments for energy).

Disclosures for hedges and underlying transactions in accordance with IFRS 9C U R R E N C Y- B A S E D C O N T R AC T S

Other currency derivatives
Cross-currency swaps
	thereof effects from currency hedges

0

0

0

0

313

150

209

283

375

85

128

142

334

159

217

307

2021

O T H E R C O N T R AC T S

Energy price derivatives

72

5

2

72

72

5

2

72

406

164

219

379

Non-current portion

356

151

200

319

		 Interest-based contracts

–

–

0

0

Total

		 Currency-based contracts

314

148

198

263

		 Other contracts

42

3

2

56

Current portion

50

13

19

60

As of
Dec 31,2021

Currency

thereofineffecChanges
in hedges tive (withand underimpact
lying trans- on income
actions statement)

As of
Dec 31,
2020

2020

Statusof thehedging Changes inreserve hedges andcash flow underlying
hedges transactions

thereofineffective (withimpacton incomestatement)

Statusof thehedging
reserve
cash flow
hedgesI N T E R E S T- B A S E D
C O N T R AC T SInterest swaps

–

–

–

+5

–

+1

Currency swaps

+ 18

–

–

+2

–

–

Cross-currency
swaps

+ 232

–7

– 153

– 123

–6

– 107

+ 137

–

+ 66

– 50

–

– 71

C U R R E N C Y- B A S E D
C O N T R AC T S

O T H E R C O N T R AC T S

Energy pricehedges214

Our contribution toclimate protection

To ourstakeholders

Groupmanagement report

Consolidated
financial statements

Notes tosustainability

Additional
information

In the case of interest and cross-currency hedges, the effectiveness of the

The fair values of the non-hedge derivatives are shown under assets andhedge is assessed using the critical terms match method. This method is

liabilities as follows:

used because the major valuation parameters of the underlying transaction

Assetsand hedges are identical. Ineffectiveness is measured as of every balance
sheet date by means of the hypothetical derivative method. In this method,

AS OF DEC 31 / € million

2021

the development in value of the hedge which is actually taken out is com-

I N T E R E S T- B A S E D C O N T R A C T SInterest forwards

pared with the development in value of a theoretical hedge in which all
valuation-relevant parameters are identical to those of the underlying

Liabilities

2020

2021

2020

–

0

–

–

–

0

–

–
11

C U R R E N C Y- B A S E D C O N T R AC T S

transaction. In the case of energy price derivatives, the effectiveness ofthe hedge is assessed using the linear regression. The ineffectiveness iscalculated using the dollar-offset method. In this method, the changes in
the fair values of the underlying transaction are compared with the changes
in the fair value of the hedging instrument. The resultant quotient deter-

Currency forwards

15

9

7

Other currency derivatives

0

0

0

0

Cross-currency swaps

–

–

20

25

15

9

27

36

–

0

–

–

–

0

–

–

15

9

27

36

O T H E R C O N T R AC T S

Energy price derivatives

mines the ineffectiveness.
As in the previous year, in the year under review the inefficiencies of

Totalcash flow hedges of the energy price derivatives recognized in the income
statement were immaterial.

Non-current portion

1

0

21

27

		 Currency-based contracts

1

0

21

27

14

9

6

9

Current portion

Non-hedge derivatives
Currency forwards taken out to hedge operations are normally classified as

The cross-currency swaps are based on a redesignation of hedges as a result

non-hedge derivatives.

of the transfer of transactions between banks. The conditions including the
cash flows of the derivatives were unchanged and the economic hedge isthus still in place. The decline was attributable to the reversal of the redesignated amounts in line with the remaining maturities of the swaps.
The non-hedge derivatives are classified under the “held-for-trading”
category of IFRS 9.
The financial instruments recognized at fair value are classified undervaluation level 2 and to a lesser extent under valuation level 1.

2021
AS OF DEC 31 / € million

Level 1

2020

Level 2

Level 3

Total

Level 1

Level 2

Level 3Total

ASSETS

Financial assets (securities at fair value)

3

–

–

3

3

–

–

3

Derivatives – non-hedging

–

15

–

15

–

9

–

9

Derivatives – hedging

–

391

–

391

–

155

–

155

Total

3

406

–

409

3

164

–

167

LIABILITIES

Derivatives – non-hedging

–

27

–

27

–

36

–

36

Derivatives – hedging

–

192

–

192

–

343

–

343

Total

–

219

–

219

–

379

–

379

There have been no reclassifications between the valuation levels in the

Cash and cash equivalents are broken down as follows:

year under review.
For establishing the fair values of the derivative financial instruments,
contractually agreed or most probable cash flows are discounted using the

AS OF DEC 31 / € million

2021

2020

Cash in hand and bank deposits

4,591

3,411

Cash equivalents

appropriate market interest rate, whereby due consideration is given to

Total

the credit risk by means of credit spreads. No credit risk markdowns have

0

0

4,591

3,411

been recognized in the case of secured exposures. The credit risk resulting
from the derivative portfolio is treated on a net basis. Credit support an-

The interest rates for short-term bank deposits were in a range of between

nexes, which are subject to daily security settlement with a threshold value– 0.67% to 0.01% (previous year: – 0.60% to 0.05%) and relate to euro-of € 0, were concluded to minimize the credit risk of long-term interest

denominated cash investments. The durations of the investments are be-

and cross-currency transactions.

tween one day and three months.

( 2 2 ) C A S H A N D C A S H E Q U I VA L E N T S

Notes to the statement of cash flowsµflows
229 f.
f.

For a definition of cash and cash equivalents, please refer to section

This item comprises cash in hand and checks, deposits at banks that are
due on sight, as well as time deposits with a maturity of up to three months.
Cash and cash equivalents are recognized with their nominal value(at amortized cost).

215

Our contribution toclimate protection

To ourstakeholders

Groupmanagement report

Consolidated
financial statements

Notes tosustainability

Additional
information( 2 3 ) H E L D - FO R- SA L E A S S ET SOTHER CHANGES IN THE RESERVES

Under IFRS 5, non-current assets are classified as held-for-sale non-current

This item mainly shows amounts resulting from transactions in relation toassets if their carrying amount is to be realized by way of sale and not by

reductions or increases in non-controlling interests between the sharehold-way of continued use. This can be an individual asset, a disposal group or

ers of DB AG and the non-controlling interests.

part of a company. Non-current held-for-sale assets are measured at the( 2 6 ) G E N E R AT E D P R O F I T S

lower of the carrying amount or the fair value, less costs incurred.

The generated shareholders’ equity comprises the entire net profits generAs of December 31, 2021, no held-for-sale assets were shown in the balance

ated since January 1, 1994 less the goodwill offset under HGB up to Decem-

sheet.

ber 31, 2002 as well as the dividends paid to the shareholders.

( 2 4 ) S U B S C R I B E D C A P I TA L

to the first-time adoption of IFRS if they are not included in the reserves

The share capital of DB AG is € 2,150 million. It consists of 430,000,000

attributable to valuation with no impact on profit and loss.

This item also shows the impact on shareholders’ equity attributableno-par-value bearer shares. All shares are held by the Federal Republic of( 2 7 ) 	 N O N - C O N T R O L L I N G I N T E R E S T S
A N D H Y B R I D C A P I TA L

Germany.

(25) RESERVESa) Capital reserves

Non-controlling interests comprise the share of third parties in the net assets of consolidated subsidiaries. Third-party interests in the currency re-Capital reserves comprise reserves that have not been part of profits. In

serve amounted to € – 13 million (as of December 31, 2020: € – 12 million).

the year under review, the Annual General Meeting of DB AG decided to

In October 2019, Deutsche Bahn Finance GmbH (DB Finance) issued

make an additional payment to the capital reserve of € 2.675 billion. This

two junior hybrid bonds with a total volume of € 2 billion. The hybrid bonds

in­­cluded € 550 million from the damage compensation for Covid-19 damage

have undated durations with an initial termination right for the issuer afterat DB Long-Distance in the period from March to June 2020, which was

5.5 years (coupon: 0.95%) and ten years (coupon: 1.6%) respectively; theapproved by the EU Commission on August 10, 2021, and € 2.125 billion

issue proceeds amounted to € 997 million and € 995 million respectively.

from the 2030 Climate Action Program for the years 2020 and 2021.

The two hybrid bonds do not have a repayment obligation and do not havea termination right for the creditor. In addition, any retained interest pay-b) Reserve resulting from valuation with no impact on profit or loss

ments only have to be made when a dividend is paid. According to IAS 32

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(Financial Instruments), the hybrid bonds have to be classified entirely as

The currency translation differences resulting from the method of func-

equity as there is no regular repayment obligation for the hybrid bonds,

tional currency (IAS 21) are shown separately as part of consolidated share-

nor is there any termination right for the bond holders. Interest payments

holders’ equity.

to be made to the bond holders (less the taxes on income) are recognized

R E S E R V E F O R M A R K E T VA L U AT I O N O F S E C U R I T I E S

under review (previous year: € 21 million).

directly in equity. Interest payments of € 26 million were made in the year
The reserve includes the changes in the fair value of financial instruments
to be recognized directly in equity. The reserve is to be released to or(28) FINANCIAL DEBT

derecognized from profit or loss upon disposal or disposal/maturity or

Liabilities are normally recognized in accordance with IFRS 9 with theirreclassification of a financial instrument.

nominal amount, which corresponds to the fair value at the point at which
the liability is initially recognized and the amortized acquisition costs up

R E S E R V E AT T R I B U TA B L E T O T H E M A R K E T VA L U AT I O N O F C A S H F L O W H E D G E S

to the date at which the liability is settled. Financial debt and other non-cur-

The development of the reserve is shown in the following:

rent liabilities, when initially recognized, are stated with the amount whichcorresponds to the fair value of the received assets, where appropriate less€ million

2021

2020

As of Jan 1

– 171

– 149

Change in fair value

463

– 244

Financial result

– 295

145

Net interest income

– 26

–2

Cost of materials

– 51

78

are recognized with the present value of the amounts to be repaid, and aretransaction costs. Subsequently, they are stated using amortized acquisition costs using the effective interest method. The differences between theamount paid out less transaction costs and the amount repaid are recog-

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

nized in the income statement over the life of the liability.
Interest-free loans that are related to infrastructure capital expenditures

Changes in deferred taxes–71

adjusted to their nominal repayment amount over their life. The difference

As of Dec 31

– 87

– 171

between the nominal amount of the loan and the present value is recognized
as an interest benefit under accruals. The income from pro rata reversal of

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

these accruals is shown as other operating income.

The effects resulting from the revaluation of defined benefit plans in accor-

Liabilities from lease contracts for which a right of use has to be recog­

dance with IAS 19 (Employee Benefits) are recognized directly in equity.

nized in accordance with IFRS 16 are shown as liabilities at the beginningof the contract duration with the lower of fair value and the present valueof the following lease payments: fixed payments less payments of the lessor
that are received, variable payments based on an index, expected payments216

Our contribution toclimate protection

To ourstakeholders

Groupmanagement report

Consolidated
financial statements

Notes tosustainability

Additional
information

for residual value guarantees, the purchase price for probably exercisedSome transport contracts comprise the leasing particularly of rail vehicles

purchase options, probable compensation payments in the event of early

from transport authorities or from independent financial service providers,termination. The assessment of the lease liability also includes lease pay-whereby the latter receive a capital service guarantee, a redeployment

ments in relation to adequately certain utilization of extension options. The

guarantee or similar from the public transport authority. The present valueleasing installments are broken down into an interest component and aof these payment obligations is shown under the financing liabilities fromredemption component. The interest component of the leasing installment

transport concessions.

is recognized in the statement of income. The interest rate used corresponds
to the implied interest rate of the lease contract or, if this is not known, theThe financial debt comprises all interest-bearing liabilities including thematurity-related marginal borrowing rate. Liabilities arising from leases

interest-free loans stated with their present values. The maturity structure

are not classified under any category of IFRS 9.

of financial debt is as follows:

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, 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
1,320

Bank borrowings

1,315

1

0

0

–

4

5

EUROFIMA loan

–

–

–

–

–

–

–

–

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
AS OF DEC 31, 2020

Interest-free loans

153

147

139

136

–

5

427

580

Senior bonds

1,809

1,543

1,937

1,925

1,942

14,86522,212

24,021
3,304

Bank borrowings

2,900

402

0

0

0

2

404

EUROFIMA loan

200

–

–

–

–

–

–

200

Leasing liabilities

1,078

739

611

434

356

1,713

3,853

4,931

Financing liabilities from transport concessions

27

27

27

26

25

59

164

191

Other financial liabilities

87

2

6

0

0

2

10

97

6,254

2,860

2,720

2,521

2,323

16,646

27,07033,324

360

147

139

136

–

5

427

787

Total
thereof due to related companies

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 expanding2021

and replacing track infrastructure. This is based on the responsibility for2020

the transport needs of the public which is anchored in section 87e (4) ofCarrying
amount

Fair
value

Carrying
amountFair
value

the German Basic Constitutional Law (Grundgesetz; GG) and specified in

446

476

580

633

Senior bonds

27,40328,26924,021

26,113baugesetz; BSWAG).

Bank borrowings

1,320

1,321

3,304

3,305

AS OF DEC 31 / € million

Interest-free loans

EUROFIMA loan

–

–

200

207

Leasing liabilities

5,059

5,247

4,931

5,349

Financing liabilities fromtransport concessions

180

196

191

208

Other financial liabilities

78

78

97

97

34,48635,58733,32435,912Total

the Federal Rail Infrastructure Extension Act (BundesschienenwegeausThe 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 thefinancial debt are due to the mostly changed market interest rates for fi-€ million

2021

2020

As of Jan 1

580

707

Addition

0

8

– 157

– 163

Redemption

nancial 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.

Compounding

23

28

As of Dec 31

446

580

The issued senior bonds consist of the following transactions:217

Our contribution toclimate protection

SENIOR BONDS AS OF DEC 31 / € million
UNLISTED SENIOR BONDS

DB FinanceTotal

To ourstakeholders

Groupmanagement report

Consolidated
financial statements

Issue
currency

Residualmaturity(years)1,185 AUD, JPY, EUR

2.4 –10.8

Issue
volumeNotes tosustainability

Effective
interest
rate (%)

Additional
information

2021

2020

Carrying
amount

Fair
value

Carrying
amount

Fair
value

1,192
1,192

1,262
1,262

1,178
1,178

1,318
1,318

–
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

600
498
499
700
444
399
92
498
66
50
143
439
467
499
57
125
35
278
495
300
300
599
596
324
113
645
162
497
743
350
495
37
67
498
333
53
278
302
994
745
371
494
125
992
333
95
323
139
50
495
300
150
892
743
847
638
50
991
–
–
–
–
–
–
–
–
–
–
22,843

621
589
533
712
462
419
98
550
130
59
156
462
543
537
63
125
35
298
620
302
301
605
642
341
127
760
166
525
817
351
533
38
68
583
349
57
293
303
1,084
879
390
566
162
1,101
358
98
331
145
55
538
302
152
942
884
881
703
50
1,001
–
–
–
–
–
–
–
–
–
–
24,79527,40328,26924,021

26,113

LISTED SENIOR BONDS OF DB FINANCE

Bond 2009 –2021
Bond 2010 –2025
Bond 2010 –2022
Bond 2011 –2021
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 –2021
Bond 2014 –2021
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 –2021
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
Total

600
500
500
700
496
400
83
500
75
50
202
386
497
500
59
142
40
246
500
300
300
600
600
366
115
650
161
500
750
350
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

EUR
EUR
EUR
EUR
GBP
EUR
CHF
EUR
GBP
EUR
NOK
CHF
GBP
EUR
AUD
SEK
SEK
CHF
EUR
EUR
EUR
EUR
EUR
NOK
AUD
EUR
CHF
EUR
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

Senior bonds, total amount

218

0.0
3.5
0.8
0.0
0.5
1.1
2.1
2.2
50.9
6.1
3.2
1.6
4.6
1.7
2.1
0.0
0.0
2.7
7.2
0.7
0.1
1.8
3.8
8.8
3.8
8.8
3.9
4.2
9.5
0.0
6.7
2.2
10.1
10.9
3.5
10.6
8.9
2.9
6.0
11.6
6.5
9.2
21.9
7.0
4.1
12.1
7.5
12.5
17.4
13.5
2.1
10.2
5.3
18.3
7.5
17.5
13.5
28.9
14.1
4.9
4.1
14.3
11.4
19.4
29.4
14.5
9.7
9.8

4.445
3.870
3.464
3.797
2.821
2.116
1.586
3.119
4.524
2.707
4.017
1.425
3.351
2.578
5.395
2.940

FRN

1.522
2.886

FRN
FRN
FRN

1.391
2.760
3.864
1.707
0.143
0.880
0.964
0.039
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

Our contribution toclimate protection

To ourstakeholders

Groupmanagement report

Consolidated
financial statements

During the year under review, three fixed-interest listed senior bonds issued

Notes tosustainability

Additional
information(€ 494 million), € 1,000 million, CHF 325 million (€ 296 million), AUD 260

by DB Finance for € 600 million, € 700 million, and SEK 1,250 million (€ 142 mil­mil­­­lion (€ 168 million), € 1,000 million, NOK 2,000 million (€ 196 mil­­­lion),­­­­lion), a floating-rate listed senior bond for SEK 350 million (€ 40 mil­­­lion)€ 750 million and CHF 300 million (€ 279 million).

and a listed zero-coupon senior bond for € 350 million were redeemed as

Bank borrowings are detailed in the following table:

scheduled, for a total of € 1,832 million.
In the year under review, DB Finance issued ten fixed-interest, listed
senior bonds with a total value of € 4,892 million. These involve issues of
CHF 400 million (€ 370 million), GBP 300 million (€ 339 million), SEK 5,000

BANK BORROWINGS AS OF DEC 31 / € million

2021

2020

Currency

Residualmaturity(years)Nominalinterest
rate (%)

Carrying
amount

Fair
value

Carrying
amount

Fair
value

200

Bank loan 2002 –2022

EUR

0.7

FRN

200

200

200

Bank loan 2003 –2022

EUR

0.7

FRN

200

200

200

200

Bank loan 2020 –2021

EUR

0.0

FRN

–

–

1,000

1,000

Bank loan 2020 –2021

EUR

0.0

FRN

–

–

1,000

1,000

Bank loan 2020 –2021

EUR

0.0

FRN

–

–

500

500

Bank loan 2020 –2021

EUR

0.0

FRN

–

–

350

350

Bank loan 2021 –2022

EUR

0.2

FRN

500

500

–

–

Other

420

421

54

55

Total

1,320

1,321

3,304

3,305

The decrease in bank borrowing as of December 31, 2021 essentially resulted

As of December 31, 2021, further guaranteed credit facilities with a total

from the complete repayment of four short-term credit facilities for a total

volume of € 4,577 million were available to DB Group (as of December 31,

of € 3,000 million (as of December 31, 2020: € 3,000 million), which were

2020: € 4,676 million). Of this figure, € 2,080 million was attributable to back-designed to bridge liquidity until the measures planned by the Federal

up lines for the € 3.0 billion commercial paper program of DB AG (as of De-

Government to strengthen the shareholders’ equity of DB AG were imple-

cember 31, 2020: € 2,080 million). None of these back-up lines had been drawn

mented. These measures were mainly implemented in the year under review

down as of December 31, 2021. Global credit facilities totaling € 2,497 mil­­­­lion (as of December 31, 2020: € 2,596 million) are used for working capital(see Note (2525))µ 216
216).
).

The increase in other bank borrowings was mainly attributable to anand surety for payment financing of subsidiaries with operations worldwide,

increase in short-term collateral (as of December 31, 2021: € 272 million; as

primarily in the DB Schenker and DB Arriva segments.

of December 31, 2020: € 18 million) resulting from collateral agreements

The liabilities due to EUROFIMA are detailed in the following:

within the framework of derivative transactions.
Liabilities are not secured in DB Group as a ground rule.

LIABILITIES DUE TO EUROFIMA AS OF DEC 31 / € million

2021

2020

Currency

Residualmaturity(years)Nominalinterest
rate (%)

Carrying
amount

Fair
value

EUR

0.0

4.050

–

–

200

207

–

–

200

207

Loan 2010 –2021
Total

Carrying
amount

Fair
value

There were no EUROFIMA loans as of December 31, 2021. In the year under

As of December 31, 2021, the leased assets have a carrying amount ofreview, the last outstanding EUROFIMA loan amounting to € 200 million€ 4,619 mil­­­lion (as of December 31, 2020: € 4,585 million).

was repaid on schedule.

The nominal values of the leasing liabilities are broken down as follows:

Liabilities attributable to leasing (Note (1313))µ 205 ff.)ff.) are secured byrights of the lessors in relation to the leased assets.

Residual 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

1,058

884

653

528

416

2,085

4,566

5,624

1,093

807

665

477

390

1,975

4,314

5,407

AS OF DEC 31, 2021

Nominal values of lease payments
AS OF DEC 31, 2020

Nominal values of lease payments219

Our contribution toclimate protection

To ourstakeholders

Groupmanagement report

Consolidated
financial statements

Notes tosustainability

Additional
information

The financing liabilities from transport concessions in accordance withIFRIC 12 are detailed in the following:

AS OF DEC 31 / € million

2021

2020

Currency

Residualmaturity(years)Carrying
amount

Fair
value

Carrying
amount

Fair
value

27

Network West locomotives (2016)

EUR

4.0

–

–

26

Network West rail cars (2016)

EUR

4.0

–

–

6

7

Network West passenger cars (2019)

EUR

4.0

–

–

31

33

Diesel network Allgäu diesel traction units (2020)

EUR

8.0

40

43

44

49

S-Bahn (metro) Nuremberg electric traction units (2020)

EUR

9.0

66

73

74

81

S-Bahn (metro) Rhine-Neckar electric traction units (2020)

EUR

13.0

9

10

10

11

S-Bahn (metro) Rhine-Neckar electric traction units (2021)

EUR

13.0

65

70

–

–

180

196

191

208

Total

In order to fulfill the regional rail passenger transport services in the

In the year under review, the second operational stage for the Rhine-Neckar

Schleswig-Holstein network, various locomotives, rail cars and (since 2019)

S-Bahn (metro) was added with a term until 2034. Financial liabilities fromalso passenger cars were leased from the responsible contracting organi-transport concessions are opposed by receivables from transport conces-

zation until the end of the service contract in 2025.

sions (Note ((1919))µ 210 ff.).
ff.).
The fair values of the long-term financial debt are allocated to thefollowing valuation categories:

2021
AS OF DEC 31 / € million

Level 1

Level 2

2020
Level 3

Total

Level 1

Level 2

Level 3Total

NON-CURRENT FINANCIAL DEBT

Interest-free loans
Senior bonds

–

322

–

322

–

480

–

480

5,332

21,342–

26,674

4,949

19,322–

24,271405

Bank borrowings

–

6

–

6

–

405

–

EUROFIMA loan

–

–

–

–

–

207

–

207

Leasing liabilities

–

4,216

–

4,216

–

4,271

–

4,271

Financing liabilities from transport concessions

–

177

–

177

–

181

–

181

Other financial liabilities

–

8

–

8

–

10

–

10

5,332

26,071–

31,403

4,949

24,876–29,825Total

The interest-free loans shown at amortized acquisition cost are calculated(29) OTHER LIABILITIES

by discounting the nominal values of the interest-free loans, which are bro-

Liabilities are normally recognized in accordance with IFRS 9 with their

ken down into maturity buckets using the DB interest curve (market interest

nominal amount, which corresponds to the fair value at the point at whichcurve plus current DB spread; source: Thomson Reuters or Bloomberg).

the liability is initially recognized and the amortized acquisition cost up toMarket prices from an active market, multiplied by the foreign currency

the date at which the liability is settled, where applicable less transaction

rates applicable on the balance sheet date, are used for senior bonds of DB

costs. Subsequently, non-current liabilities are stated using amortized ac-

Finance that are classified as level 1. Various sources are used for these

quisition cost using the effective interest method. The differences between

prices, including Thomson Reuters and Bloomberg. The senior bonds forthe disbursement amount less transaction costs and the repayment amountwhich the market activity does not meet the requirements of an active mar-are recognized in profit or loss over the term.

ket have been allocated to level 2. For establishing the market prices of

The fair values of the balance sheet items miscellaneous liabilities,

these senior bonds, binding offers were used from various sources, includ-trade liabilities and other liabilities essentially correspond to the carrying

ing Thomson Reuters and Bloomberg; these have been verified on the ba-

amounts.

sis of the valuation models using the parameters that are observable on

Severance package obligations for agreements made as of the balance

the market, such as interest rate curves and exchange rates.

sheet date are recognized as other liabilities and – if they are not yet in-

The fair value of the leases and also of the financing liabilities fromcluded in individual agreements and if they are part of a restructuringtransport concessions is determined by discounting the outstanding leaseobligation in accordance with IAS 37 – are stated as other provisions.

payments with the corresponding DB interest rate curves (market interest
curve plus current spread; source: Thomson Reuters or Bloomberg).

220

Our contribution toclimate protection

To ourstakeholders

Groupmanagement report

Consolidated
financial statements

Notes tosustainability

Additional
information

Movements in other liabilities are shown in the following:
Residual maturity€ million

Up to 1 year

1 to 2 years

2 to 3 years

3 to 4 years

Trade liabilities including prepayments received

8,097

98

7

6

Miscellaneous and other liabilities

3,883

15

8

6

More than
5 years

Total morethan 1 year

4

11

126

8,223

16

170

215

4,098

4 to 5 years

Total

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 prepayments received

280

2

2

1

1

6

12

292

	thereof due to related parties

152

0

–

–

–

–

0

152

6,883

AS OF DEC 31, 2020

Trade liabilities including prepayments received

6,312

478

71

6

4

12

571

Miscellaneous and other liabilities

3,308

6

6

6

6

139

163

3,471

Total

9,620

484

77

12

10

151

734

10,354

2,287

4

3

3

2

8

20

2,307

364

2

2

1

1

8

14

378

245

–

–

–

–

–

–

245

thereof non-financial liabilities
thereof advance payments received 1)	thereof due to related parties1)

	Value of all non-current liabilities and “Total” adjusted.

€ 1,092 million of the increase in trade liabilities (+ € 1,340 million) was( 3 0 ) I N C O M E TA X L I A B I L I T I E S

attributable to the DB Schenker segment. Please also refer to Segment infor-

Income tax liabilities as of December 31, 2021, related in particular to obliga­

mation according to segmentsµ190
segments
190 ff..

tions to the tax authorities in China, the United Kingdom and India.

Non-financial liabilities and advance payments received are not classi-( 3 1 ) P E N S I O N O B L I G AT I O N S

fied under any category of IFRS 9.
The miscellaneous and other liabilities were broken down as follows:
AS OF DEC 31 / € million

2021

2020

Unused holiday entitlements

314

292

Outstanding overtime

284

258

Social security

137

124

Severance payments

25

29

DB Group grants post-employment benefits to its employees in numerous

countries. The form of the pension commitments depends on the legal,
economic and tax conditions applicable in the particular country.

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

In DB Group, there are defined benefit as well as defined contribution
retirement pension systems. The defined benefit commitments are assessed
and accounted for in accordance with IAS 19. Significant pension obligations
only exist in Germany and in the United Kingdom. For this reason, only thesepension obligations are described in greater detail in the following.

Christmas bonuses

14

11

Holiday pay

28

25

1,129

799

Value-added tax

91

71

Payroll and church taxes, solidarity surcharge

207

176

Miscellaneous other taxes

117

143

Interest payable

160

164

Revenue discounts

60

46

Only while the assigned civil servants are actively working for DB

Deferred investment grants

243

262

Group are payments made to the Federal Railroad Fund as part of a pro

Other personnel obligations

Germany

O T H E R TA X E S

Liabilities in accordance with the Railroad Crossings Act

03

Miscellaneous other liabilities

1,289

1,068

Total

4,098

3,471

DB Group’s pension obligations in Germany apply to both civil servants andemployees.
After they retire, civil servants assigned to DB Group companies receive
retirement benefits from the Federal Railroad Fund under the Civil Servants
Benefits Act (Beamtenversorgungsgesetz).

forma settlement in the same way as for newly recruited employees (section 21 (1) DBGrG). This also includes theoretical amounts for contributions
to statutory pension insurance schemes as well as theoretical costs in

The increase in personnel-related liabilities resulted in particular from anaccordance with the collective bargaining agreements regarding the ad-increase in other personnel obligations in connection with the payment ofditional company pension scheme for employees of DB AG (Tarifvertragpension obligations in Sweden and due to the increase in performance-über die betriebliche Zusatzversorgung; ZVersTV) and the company pen-related bonuses in the DB Schenker segment.

sion plan (Tarifvertrag über die betriebliche Altersvorsorge; bAV-TV) of

Other liabilities as of December 31, 2021, were unchanged at € 0 million.

the employees of DB AG. The payments made to the Federal Railroad Fund

The miscellaneous other liabilities included existing risks for fac­­­tor­

for retirement pensions of civil servants are defined contribution retire-i­ ng agreements.

ment schemes.

221

Our contribution toclimate protection

To ourstakeholders

Groupmanagement report

Consolidated
financial statements

Notes tosustainability

Additional
information

The pension obligations with regard to employees mainly relate to

Deutsche Bahn Pension Trust e.V. to make minimum payments into thethe following:

scheme. The contributions are invested in line with the fundamental as-a) Employees who were employed by Deutsche Bundesbahn before

sumption that the benefit commitment is guaranteed by a corresponding

DB AG was established (January 1, 1994) enjoy supplementary benefits inguarantee element. For each payment relating to an individual beneficiary,

view of their former membership of the public sector. The employees arean age-related amount is invested in prime zero bonds. The investment

entitled to benefits from this additional pension insurance from Deutsche

amount remaining after the payment has been made into the guarantee

Rentenversicherung Knappschaft-Bahn-See (KBS). As an official authority,element is mainly invested in passively managed European equity and bondKBS has not only assumed responsibility for managing and paying the stat-funds (or equivalent products) with the aim of optimizing returns.

utory pension for DB Group employees; it also continues the additionale) Senior executives are able to participate in a deferred compensation

pension insurance for the transferred employees who are beneficiaries.

program. This employee-financed form of company pension plan constitutes

During the active phase of the employment agreement, a pro forma

a defined benefit pension obligation.

reimbursement of costs is also provided to the Federal Railroad Fund forthese employees. When the employee retires, this payment is no longer

United Kingdom

made to the Federal Railroad Fund.

a) The company pension plan of DB Cargo (UK) Holdings Limited is essen-

The Federal Railroad Fund bears the costs of these additional benefits,

tially a defined benefit pension plan (linked to salary and length of service)less the contribution made by the employees themselves (section 14 (2)within the British Railway Pension Scheme. The plan assets are managed by

DBGrG). Accordingly, DB AG does not set aside any provisions for these

an independent trustee. The process of collating the data of members in the

public sector benefits.

plan for the purpose of compliance with legal requirements in relation to theb) Employees of the former Deutsche Reichsbahn and the employees

members of the plan is generally carried out every three years. As of the in-

who have been recruited after January 1, 1994, receive an additional com-termediate valuation dates, the commitments in the plan are measured onpany pension from DB AG within the framework of the ZVersTV. This sup-the basis of the correspondingly updated data. The pension plan is based

plementary company pension is a defined benefit scheme, which is linked

on final salary, and lifetime pensions are provided as benefits. The pension

to salary and length of service. The current pension benefits are adjusted

obligations are essentially covered by plan assets. Capital is invested by the

every year in line with the regulations of the Company Pensions Act (Betriebs­

trustee of the plan assets following liaison with DB Group.

rentengesetz). Retirement benefits, invalidity benefits and benefits to sur-b) At DB Arriva, there are mainly defined benefit retirement benefit

viving dependents are provided in the form of a lifetime pension. No plan

commitments. Important defined benefit plans (related to salary and length

assets are created for this scheme.

of service) relate to employees of DB Arriva within the Railway Pension

In addition, the employees in most Group companies receive a monthly

Scheme in the United Kingdom. These are sections other than the DB Cargo

contribution to the company retirement benefit scheme in the amount of

UK plan within the Railway Pension Scheme. The costs of the pension plans

3.3 % of the employee’s monthly standard salary as well as of most of theare shared between the employer and the employee in the ratio 60 : 40 andsalary elements paid in the month. The monthly contribution is paid into

accordingly recognized in the balance sheet. The pension plans are baseda pension plan (DEVK-Pensionsfonds). It is not necessary for provisions to

on final salary, and lifetime pensions are provided as benefits. The pension

be created for this purpose.

obligations are essentially covered by plan assets. Capital is invested byc) Various defined benefit pension obligations exist with regard to se-

the trustee of the plan assets following liaison with DB Group.

nior executives in DB Group who were granted a senior executive commit-

Some companies pay contributions within the framework of a franchisement before January 1, 2007. The extent of the benefits depends on theagreement to the British Railway Pension Scheme for employees employedlength of service and the salary of the beneficiary. In general, retirement

for the duration of the agreement (franchise period). The obligations tobenefits, invalidity benefits and benefits to surviving dependents are pro-these employees as well as the plan assets are completely disclosed after

vided in the form of a lifetime pension. With the exception of a small num-deduction of the element financed by the employees (40 %). Within theber of reinsurance policies, there are no plan assets.

framework of recognizing the effect of franchise agreements, the presentd) Senior executives of DB Group who were granted a senior executive

value of the contributions payable for the duration of the franchise agree-

commitment after December 31, 2006, are provided with a retirement ben-ments for reducing a scheme deficit remains as a net liability recognizedefit scheme in the form of a defined contribution commitment. For thisin the balance sheet. The current contributions to the benefit scheme are

purpose, a benefit module is calculated in each year of service, depending

shown as personnel expenses.

on the salary and age of the beneficiaries. These benefits are financed by

In addition, individual companies of DB Arriva also issued defined con-way of a contractual trust arrangement (CTA), namely Deutsche Bahn

tribution retirement benefit commitments to their employees. Under such

Pension Trust e.V. The extent of the benefits depends on the yield of thearrangements, the employer does not enter into any commitments apart

CTA, whereby a minimum return is guaranteed (guarantees up to and in-from paying contributions to an external benefit scheme. The extent of thecluding 2014: 2.25 % p. a.; guarantees from 2015 onwards: only maintenancefuture pension benefits depends exclusively on the amount of contributionsof contribution). To avoid longevity risks, the benefits are granted in thepaid to the external benefit scheme, including the income generated byform of a five-year installment. The assets of the CTA are classified as plan

investing these contributions.

assets. The pension obligation is covered by the plan assets on the assump-

In addition, some contributions have also been paid to social pension

tion that the CTA produces a corresponding performance, thus minimizing

funds within the context of statutory regulations (government schemes).

investment risks. There are no legal or regulatory obligations requiring

222

Our contribution toclimate protection

To ourstakeholders

Groupmanagement report

Consolidated
financial statements◊

Critical estimations and assessments
In the case of the defined benefit pension obligations in Germany andNotes tosustainability

Additional
information

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

abroad, the actuarial risks are borne by DB Group. Actuarial methods haveexpectancy in future.
◊

been used for measuring defined benefit pension commitments as well as

Investment risk: In the case of externally financed pension plans,benefit commitments which are similar to pensions and the resultant ex-

the values of the corresponding plan assets or the refund claims arepenses and income. The valuations are based on actuarial assumptions.

based on the fair values as of the balance sheet date. The capital in-

There are the following actuarial risks which are considered to be typicalvestment is exposed to numerous risks, which may have an impact onfor companies with defined benefit schemes:

the present value recognized for the plan assets. In the case of pension◊

plans with an obligation to pay into the scheme, the amount of futureInterest risk: The discount factors which are used reflect the interest

contributions may be affected by the investment risk.

rates (giving due consideration to the duration of the underlying obli-◊

gation) which are achieved on the balance sheet date for high-quality

Key assumptions for expenses and income attributable to pension commit-

fixed-interest senior bonds with a corresponding duration. A changements and benefit commitments similar to pensions are to some extent

in the discount rate results in a change in the present value of the total

based on current market conditions. Expenses and income relating to pen-obligation (DBO).

sion commitments and benefit commitments similar to pensions may change

Inflation risk: Part of the pension obligations, particularly as a result

as a result of changes to these underlying key assumptions.

of adjustments to current pensions, is linked to the development of
The figures stated for pension provisions in the balance sheet are detailed

inflation.

in the following table:

Europe(excluding Germany)

Germany

Rest of world

Total

AS OF DEC 31 / € million

2021

2020

2021

2020

2021

2020

2021

2020

Commitments for funded benefits

424

427

6,586

6,511

62

66

7,072

7,004

Commitments for unfunded benefits

4,371

5,103

73

398

14

13

4,458

5,514

Total obligations

4,795

5,530

6,659

6,909

76

79

11,53012,518Fair value of plan assets– 4,854

– 328

– 314

– 5,207– 4,503

– 40

– 37

– 5,575

Effects due to cost sharing

–

–

– 420

– 477

–

–

– 420

– 477

Effects due to franchise agreements

–

–

– 604

– 690

–

–

– 604

– 690

Amount not recognized as an asset as a result of the restriction of IAS 19.58

–

–

0

0

–

–

0

0

Assets recognized in the balance sheet as pension assets

–

–

100

20

–

–

100

20

4,467

5,216

528

1,259

36

42

5,031

6,517

Net obligations recognized in the balance sheet

The total pension commitment has developed as follows:
Europe(excluding Germany)

Germany

Rest of world

Total€ million

2021

2020

2021

2020

2021

2020

2021

2020

Commitments as of Jan 1

5,530

4,671

6,909

7,997

79

81

12,51812,749Service cost, excluding employee contributions

250

228

178

72

68

4

4

304

Employee contributions

3

2

31

33

0

0

34

35

Interest expense

16

51

67

84

0

1

83

136

Payments
thereof pension payments
thereof payments for settlements

– 85

– 87

– 458

– 173

–3

–5

– 546

– 265

– 85

– 87

– 170

– 173

–3

–5

– 258

– 265
0

0

0

– 288

–

0

0

– 288

Past service costs and profit or losses from settlements

3

7

– 60

0

–1

0

– 58

7

Transfers 1)

2

2

0

– 2,009–2

2– 2,005–

Changes in scope of consolidation

3

–

–

–

–

–

3

thereof additions in scope of consolidation

3

1

–

–

–

–

3

1

thereof disposals in scope of consolidation

–

–1

–

–

–

–

–

–1
1,996

Actuarial gains (–)/losses (+)

– 905

706

– 338

1,289

–8

1

– 1,251

Revaluations based on experience

– 31

5

128

14

1

–8

98

11

Due to change in demographic assumptions

–3

–4

– 22

– 18

0

0

– 25

– 22

– 871

705

– 444

1,293

–9

9

– 1,324

2,007

–

–

436

– 380

5

–5

441

– 385

4,795

5,530

6,659

6,909

76

79

11,53012,518Due to change in financial assumptions
Exchange rate effects
Scope of commitments as of Dec 31
1)

	The values in the previous year are largely related to the cessation of the Rail North franchise in the previous year.

223

Our contribution toclimate protection

To ourstakeholders

Groupmanagement report

Consolidated
financial statements

Notes tosustainability

Additional
information

The payments for settlements take account of the payment of pension ob-

in Sweden was agreed in return for a payment of € 205 million. Pending theligations at Arriva plc, Sunderland/United Kingdom, totaling € 83 million.

completion of this payment in 2022, this commitment will be recognizedMoreover, during the financial year, the assumption of pension obligations

under liabilities as of December 31, 2021.
The development of the plan assets is detailed in the following overview:

Europe(excluding Germany)

Germany€ million

Rest of world

Total

2021

2020

2021

2020

2021

2020

2021

2020

Fair value of plan assets as of Jan 1

314

273

4,503

5,722

37

39

4,854

6,034
118

Employer contributions

31

30

85

84

1

4

117

Employee contributions

1

1

31

33

0

0

32

34

Expected return from plan assets

1

3

56

72

0

1

57

76

Payments

–5

– 10

– 241

– 161

–2

–4

– 248

– 175

thereof pension payments

–5

– 10

– 158

– 161

–2

–4

– 165

– 175

thereof payments for settlements

–

–

– 83

–

–

–

– 83

–

–

0

–

– 1,210–––– 1,210

Transfers 1)
Changes in scope of consolidation
Revaluation

1

0

–

–

–

–

1

0

– 15

17

463

263

2

1

450

281

Administrative costs: costs of pension assurance

–

–

– 10

–9

–1

–1

– 11

– 10

Exchange rate effects

–

–

320

– 291

3

–3

323

– 294

328

314

5,207

4,503

40

37

5,575

4,854

Fair value of plan assets as of Dec 31
1)

	The values in the previous year are largely related to the cessation of the Rail North franchise in the previous year.

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 listing
Interest-bearing securities
thereof with market price listing
Reinsurance

Rest of world

Total

2021

2020

2021

2020

2021

2020

2021

2020

12

10

2,288

2,334

12

14

2,312

2,358
2,358

12

10

2,288

2,334

12

14

2,312

213

202

2,115

1,482

24

19

2,352

1,703

213

202

2,115

1,482

24

19

2,352

1,703

69

70

121

192

–

–

190

262

thereof with market price listing

69

70

103

174

–

–

172

244

thereof without market price listing

–

–

18

18

–

–

18

18

–

–

220

173

–

–

220

173

–

–

220

173

–

–

220

173

–

–

210

178

–

–

210

178

Private equity
thereof without market price listing
Investments in infrastructure
thereof with market price listing

–

–

210

178

–

–

210

178

34

32

253

144

4

4

291

180

thereof with market price listing

34

32

77

62

2

2

113

96

thereof without market price listing

–

–

176

82

2

2

178

84

328

314

5,207

4,503

40

37

5,575

4,854

Cash and other assets

thereof assets classified as pension assets

224

–

–

– 100

– 20

–

–

– 100

– 20

328

314

5,107

4,483

40

37

5,475

4,834

Our contribution toclimate protection

To ourstakeholders

Groupmanagement report

Consolidated
financial statements

Notes tosustainability

Additional
information

Changes in the net pension provisions are detailed in the following:
Europe(excluding Germany)

Germany

Rest of world

Total€ million

2021

2020

2021

2020

2021

2020

2021

2020

Provisions as of Jan 1

5,216

4,398

1,259

914

42

42

6,517

5,354

Pension expenses

248

234

33

89

4

5

285

328

thereof service cost

230

179

72

68

4

4

306

251

thereof interest income and interest expenses

15

48

11

12

0

0

26

60

thereof administrative expenses

–

–

10

9

1

1

11

10

3

7

– 60

0

–1

0

– 58

7

– 31

– 30

– 85

– 84

–1

–4

– 117

– 118

thereof past service costs and profits or losses from settlements
	
Employer contributions
Payments
thereof pension payments
thereof payments for settlements

– 80

– 77

– 217

– 12

–1

–1

– 298

– 90

– 80

– 77

– 12

– 12

–1

–1

– 93

– 90

– 205
–

0

0

0

Transfers 1)

2

2

Changes in scope of consolidation

2

–

–

0

0

– 205

0

–4

–

2

2

–

–

–

–

–

2

–

thereof additions in scope of consolidation

2

1

–

–

–

–

2

1

thereof disposals in scope of consolidation

–

–1

–

–

–

–

–

–1

Revaluation

– 890

689

– 582

378

– 10

0

– 1,482

1,067

Revaluations based on experience

– 31

5

83

– 42

1

–8

53

– 45

Due to change in demographic assumptions

–3

–4

– 20

– 13

0

0

– 23

– 17

– 871

705

– 270

682

–9

9

– 1,150

1,396

Due to change in financial assumptions

15

– 17

– 375

– 249

–2

–1

– 362

– 267

Exchange rate effects

Difference between actual income and theoretical income from plan assets

–

–

42

– 18

2

–2

44

– 20

Change in recognized assets

–

–

78

–4

–

–

78

–4

4,467

5,216

528

1,259

36

42

5,031

6,517

AS OF DEC 31 / € million

2021

2020

Total obligation for an interest rate increasedby 1 percentage point

9,528

10,252

Total obligation for an interest rate reducedby 1 percentage point

14,186

15,563

Total obligation with salary growth increased by 0.5%

11,673

12,678

Total obligation forpensions increased by 0.5%

12,28813,393

Total obligation for life expectancy increased by 1 year

11,876

12,935

Total obligations

11,53012,519Provisions as of Dec 31
1)

	The values in the previous year are largely related to the cessation of the Rail North franchise in the previous year.

The effects of cost splitting and franchise agreements decreased by € 219

Sensitivities and additional information:mil­­­­lion as of December 31, 2021, as a result of revaluations (as of December
31, 2020: increase of € 648 million). The interest expense and expected income from the plan assets were recorded under interest income.
All other items were recognized under personnel expenses.
The actuarial parameters used for assessing the value of most of thepension provision are set out in the following:
%

2021

2020

I N T E R E S T R AT E

Germany and abroad (excluding United Kingdom)

1.10

0.30

United Kingdom

1.90

1.30

Germany and abroad (excluding United Kingdom)

3.10

3.10

United Kingdom

3.50

3.10

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

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( D E P E N D I N G O N G R O U P O F P E R S O N N E L)

Germany and abroad (excluding United Kingdom)

1.75

1.75

United Kingdom

2.50

2.10

thereof active beneficiaries

5,308

6,322

thereof former employees

2,252

2,052

thereof pensioners

3,970

4,145

Payments into plan assets expected for next year

107

109

Direct pension payments for next year

116

89

Duration of benefit obligation (years)

20.2

20.5

The sensitivity figures have been established using the method which wasused for calculating the extent of the commitment. One assumption was
modified while the other assumptions were retained, which means that

The 2018 G mortality tables of Professor Dr. Klaus Heubeck have been usedinterdependencies between the individual assumptions were disregarded.

without changes for valuing the pension obligations for the German Group
companies. Country- or benefit-scheme-specific mortality tables have beenused for valuing the pension obligations of the other Group companies.

225

Our contribution toclimate protection

To ourstakeholders

Groupmanagement report

Consolidated
financial statements

Notes tosustainability

Additional
information(32) OTHER PROVISIONS

existing sewers, in order to avoid soil and groundwater contamination

Other provisions are recognized if a legal or constructive commitment exists

caused by leaks from the sewer system, as well as measures for shutting

as a result of a past event, the probability of its utilization is greater than

down old landfill sites.

50 % and it will lead to an outflow of resources, and if a reliable estimate

The provision has been calculated on the basis of a discounting methodof the extent of the commitment can be made (IAS 37 (Provisions, Contin-

using the present value, where remediation measures are probable, thegent Liabilities and Contingent Assets)).

remediation costs can be reliably estimated and no future benefit is ex-

Non-current provisions are discounted using market interest rates. En-

pected to be derived from these measures.

vironmental protection provisions for the remediation of existing ecologicalThe estimation of future remediation costs is subject to various factors.

damage are discounted on the basis of real interest rates that are adjusted

Major drivers in this respect can be the application of innovative remedia-

to reflect the risk and the period until fulfillment. A difference between thetion measures, changes in legal conditions and also the development innominal value of the expected outflows and the present value recognizedmarket prices for disposing of legacy issues. In order to make a realistic

for the environmental protection provisions of DB AG for transferred com-

assessment of the remediation costs in individual cases, the working pro-mitments for the elimination of legacy issues from the time previous to thegrams have included adjustments to cost estimates as a result of greater

foundation of DB AG would be stated under deferred items, and would thus

knowledge and official agreements in the successive processing stages.

represent the interest benefit resulting from the longer-term liquidation of

For the valuation of provisions as of the balance sheet date, the inves-the provision. The compounding expense attributable to other provisions istigation and rehabilitation obligations which are currently known have beenrecognized in net interest income. Provisions for impending losses are mea-used as the basis for estimating the expected costs in relation to the current

sured as the lower of the amount of the expected costs for fulfilling theprice level. The provision is discounted on the basis of expected cash out-agreement and the expected costs for terminating the agreement.

flows, using a risk-adjusted rate of 0.00 % as in the previous year.

Critical estimations and assessments

if a loss is probable and can be reliably estimated. In view of the uncertainty

The process of determining all types of provisions is associated with esti-

associated with this assessment, the actual losses may differ from themates regarding the extent and/or timing of obligations.

original estimations and may thus also differ from the amount of the pro-

Provisions for impending losses from pending transactions are created

The provisions for environmental protection relate primarily to thevision. In DB Group, such uncertainty results particularly from the estima-commitment of DB AG to remedy the ecological burdens which arose be-tion of future income from transport contracts, the associated material- andfore January 1, 1994, on the land of the former Deutsche Bundesbahn andpersonnel-related expenses as well as any penalty payments. Changes in

the former Deutsche Reichsbahn. Ecological burdens are defined as con-the estimations of these impending losses from pending transactions may

tamination of soil and groundwater that requires rehabilitation and thathave a considerable impact on the future results of operations.

pose risks, considerable disadvantages or considerable problems for

The provisions for decommissioning are measured mainly on the basis

private individuals or society at large. The legal basis for deriving reme-of estimations that, for decommissioning and disposal costs, are derived

diation obligations are summarized in the soil and water laws of themainly from sector-specific appraisals. The provisions are shown with theirFederal Government and the Federal states. The process of dealing withdiscounted settlement amount at the point at which they originate.

ecological burdens also comprises necessary remediation measures for
Movements in other provisions are shown in the following:

Personnel-related
provisions

Revenuereductions

Provisions for
impending losses

Decommissioning
commitments

Environmental
protection

Other
provisions

Total

€ million

2021

2020

2021

2020

2021

2020

2021

2020

2021

2020

2021

2020

2021

2020

As of Jan 1

942

941

1,785

1,356

604

405

409

368

985

971

1,316

1,057

6,041

5,098

Currency translation differences

1

–1

0

0

5

– 11

–

–

0

0

9

– 10

15

– 22

Changes in scope of consolidation

1

0

1

–

–

1

–

–

–

–

1

2

3

3

thereof additions in scope of consolidation

1

–

1

–

–

1

–

–

–

–

1

2

3

3

thereof disposals in scope of consolidation

–

0

–

–

–

–

–

–

–

–

–

0

–

0

Amounts used

– 295

– 281

– 371

– 321

– 204

– 234

– 18

– 37

– 51

– 48

– 193

– 180 – 1,132– 1,101

Reversals

– 52

– 39

– 138

– 58

– 35

– 12

– 10

–

0

0

– 167

– 70

– 402

Reclassifications

–6

14

5

1

–2

0

–

–

–

0

–1

6

–4

21

Additions

319

304

972

807

222

453

19

5

509

1

903

502

2,944

2,072

Compounding and discounting
As of Dec 31

– 179

0

4

–

–

0

2

33

73

–

61

–2

9

31

149

910

942

2,254

1,785

590

604

433

409

1,443

985

1,866

1,316

7,496

6,041

226

Our contribution toclimate protection

To ourstakeholders

Groupmanagement report

Consolidated
financial statements

Notes tosustainability

Additional
information

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, 2021

Personnel-related provisions

356

143

101

65

49

196

554

910

2,254

–

–

–

–

–

–

2,254

Provisions for anticipated losses

255

97

100

72

31

35

335

590

Decommissioning commitments

37

45

44

44

44

219

396

433

Environmental protection

58

63

68

71

80

1,103

1,385

1,443

Revenue discounts

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

369

143

101

65

50

214

573

942

Revenue discounts

1,785

–

–

–

–

–

–

1,785

Provisions for anticipated losses

296

84

63

65

51

45

308

604

Decommissioning commitments

30

35

37

37

37

233

379

409

Environmental protection

58

58

58

57

57

697

927

985

Other provisions

927

38

30

29

39

253

389

1,316

3,465

358

289

253

234

1,442

2,576

6,041

AS OF DEC 31, 2020

Total

The personnel-related provisions were structured as follows:

Personnel-related provisions
Benefits arising on the occasion of the termination of employment agree-

AS OF DEC 31 / € million

ments (severance packages) become payable if employees are released fromtheir duties under the terms of an early retirement or semi-retirement scheme
before the regular retirement age (which would not involve any reductionof retirement benefits) or if employees voluntarily terminate their employment contract in return for a severance package. Severance payments arerecognized if there is a demonstrable commitment either to terminate the

2021

2020

Personnel contractual commitments

431

442

Early retirement and semi-retirement obligations

187

202
123

Service anniversary provisions

114

Other

178

175

Total

910

942

employment agreements of current employees in accordance with a detailed

The personnel-related provisions include commitments arising from em-

formal plan that cannot be reversed or to make severance payments if theployment agreements that result from the entitlement of many employees

employment contract is voluntarily terminated by employees within theunder labor law and the willingness of DB AG not to terminate employment

framework of employment contract termination agreements.

contracts for operational reasons. In such cases, DB Group will incur losses

Severance package commitments for agreements made as of the bal-in the form of personnel expenses which will have to be borne until theance sheet date are recognized as other liabilities and – if they are not yet

employment contract is terminated or the employee is placed with anotherincluded in individual agreements and if they are part of a restructuring

company; no reciprocal benefit will be provided in return for these costscommitment in accordance with IAS 37 – are stated as other provisions.

(commitment surpluses relating to employment agreements). The personnel contractual commitments also include restructuring provisions.

Semi-retirement agreements are based on the so-called block model.
The top-up amounts paid in addition to salary by DB Group during the

A figure of about € 395 million was allocated to the provision for com-semi-retirement period as well as additional contributions to the statutory

mitment surpluses from employment arrangements as of December 31,

pension insurance scheme are collected in installments up to the end of the2021 (as of December 31, 2020: € 374 million); this item accounted for a

active phase of the semi-retirement period and are recognized as provisions

considerable percentage of the personnel-related provisions in DB Group.

in accordance with IAS 19. The compensation backlog (plus the employer’s

This provision recognizes the personnel-related commitments of DB AG

contributions to social security insurance) for the additional work performed

for the employment guarantee included in the collective bargaining agree-

during the employment phase is also shown with the present pro rata pres-ment designed to address demographic change (Demografietarifvertrag;

ent value as another non-current employee benefit.

DemografieTV).

If certain conditions are satisfied, DB Group offers its employees the

In the DB Schenker segment, there were personnel-related restructur-

opportunity to reduce their working hours to a level below their regularing provisions of € 7 million as of December 31, 2021 (as of December 31,

working hours (special semi-retirement arrangement). In these cases, the2020: € 36 million), mainly for the global restructuring program Boost de-number of working hours is reduced to 81 % of the reference or regular work­

signed to enhance profitability.

­ing hours, whereby the employees’ remuneration is topped up to 90 %. Pay-

The provisions for semi-retirement and early retirement commitments

ments into the company retirement benefit scheme are granted on the basis

take into account the commitments arising from collective bargainingof 100 % of the reference or regular working hours.

agreements, and have mostly been calculated on the basis of actuarial
reports. In the regulations of the DemografieTV, this includes an amountof € 82 million (as of December 31, 2020: € 87 million) for the entitlementof employees with many years of service and also many years of shift working to enjoy special semi-retirement benefits.

227

Our contribution toclimate protection

To ourstakeholders

Groupmanagement report

Consolidated
financial statements

Notes tosustainability

Additional
information

Revenue discounts

The 3-stage sewerage network program aims to remedy any contamination

The considerable increase in the revenue discounts was mainly attributableof soil and/or groundwater resulting from leaks. The program also involves

to reductions at DB Regional in connection with concession fees due to thea plan to optimize the existing sewerage network to ensure that it is capa-

impact of the Covid-19 pandemic as well as repayment risks from the sector

ble of meeting future requirements and to ensure that the need to takesupport for local public transport which is intended to alleviate the impact

remedial action can be limited to this future network. The network that isof the Covid-19-related consequences for the sector.

not necessary for operation will be decommissioned. The sewerage program
will be carried out via the stage 1 “recording,” stage 2 “inspection” andProvisions for impending losses

stage 3 “remedial action/decommissioning.” Legal requirements are set

The provisions for impending losses mainly relate to transport contracts

out in the Water Resources Accounting Act (Wasserhaushaltsgesetz; WHG),

in which commitment surpluses build up over the duration of the contracts.

the Water Acts of the Federal states and the in-house control regulations.

The additions related mainly to DB Regional and DB Arriva.

The 2-stage program “shut-down of landfill sites” systematically re-

As of December 31, 2021, amounts of € 183 million (DB Regional) andcords all legacy landfill sites operated by DB Group (stage 1). The require-€ 17 million (DB Arriva) were allocated to these provisions. This was due

ments resulting from the Recycling Accounting Act (Kreislaufwirtschafts-

to various factors, including assumptions regarding reduced revenues

gesetz; KrWG ) and the Landfill Site Regulation (Deponieverordnung;from fares in future as well as higher maintenance expenses and higher

DepV) are used as the basis for planning and implementing the processes

energy prices. In particular, the estimates regarding the development ofof decommissioning and recultivating the areas (stage 2a) and the sub-future revenues from fares are subject to particular uncertainty due to thesequent maintenance (stage 2b).

Covid-19 crisis.

Other provisions

Decommissioning provisions

As of December 31, 2021, € 276 million (DB Netze Track) was allocated to

The provisions for decommissioning commitments referred to the com-the restoration of a railway tunnel on the new construction line Karlsruhe —pany’s pro rata decommissioning commitment in relation to a joint powerBasel near to Rastatt. Because the expenditures necessary in order to ful-

generation plant. Similarly to the situation in the previous year, the pro-fill the provision commitment are expected to be reimbursed in part byvision was valued on the basis of a cost increase rate of 2.50%, as is stan-another party, a reimbursement claim for the amount of € 149 million has

dard for this sector, and a nominal interest rate of 2.50%.

been activated to offset this.

Provisions for environmental protection

compensation for damage, litigation risks, decommissioning and demoli-

Of the figure stated for provisions for environmental protection, as oftion obligations, real estate risks, guarantee and warranty commitments,

December 31, 2021, € 1,434 million (as of December 31, 2020: € 976 million)

liability pensions, project risks and insurance, third-party commitments

relate to remedial action commitments of DB AG. A new valuation of thefor maintenance and other tax risks, as well as numerous other issues thatprovision requirement was carried out in the year under review. This

individually are of minor significance.

The other provisions comprise additional provisions for claims forshowed, among other things, a need to adjust the assumptions that had
previously been applied regarding the financing of own contributions with

(33) DEFERRED ITEMS

revenues, the development of construction costs, capacity requirements

DB Group receives various public-sector grants, which are provided in re-and the level of in-house production. As a result, there was an additionallation to specific assets or on the basis of a specific performance. The grants

provision requirement of € 508 million and an associated term extension

are recognized in the balance sheet as soon as it is certain that they willby five years until 2047. The addition to provisions and the term extension

be provided and as soon as the conditions necessary for receiving the grants

were implemented accordingly as of December 31, 2021. In order to takehave been satisfied. The grants related to assets, and in particular investment

account of the remedial action commitments recognized in the provisions

grants, are deducted directly from the assets for which the grants havefor environmental protection, DB AG has set up various programs, includ-

been received. The interest benefit (spread between nominal value anding the following:present value) of interest-free loans is deferred on the basis of the contrac-◊

the 4-phase program for soil remediationtual grant conditions. The income from pro rata reversal of these accruals◊

the 3-stage sewerage network programis shown as other operating income.

◊the 2-stage landfill shut-down program

The structured processing ensures that the procedure for recognizing,

The deferred items contained the following:assessing the risk and taking appropriate remedial action is consistent withAS OF DEC 31 / € million

all legal requirements and optimized in terms of costs.
In the 4-stage soil decontamination program, existing soil and/or
groundwater contamination is localized via the stages “historic exploration,” “orienting investigation” and “detail investigation,” and is assessedon the basis of the relevant statutory testing criteria. If any negative change
in soil conditions or ecological burdens is identified, implementation of
the necessary remedial action is planned by the steps feasibility study,
model planning and approval planning. The process of carrying out theremedial action is supported by a binding remedial action plan or a public-sector agreement with defined remedial action objectives.

228

2021

2020

Deferred public-sector grants

145

271

Deferred revenues

724

648

Other

380

286

Total

1,249

1,205

Non-current share

406

316

Current share

843

889

Our contribution toclimate protection

To ourstakeholders

Groupmanagement report

Consolidated
financial statements

Notes tosustainability

Additional
information

The change in the deferred revenues is attributable to various factors, in-

The cash flow from operating activities has increased considerably in thecluding the lower net deferrals for special offerings for specific periods

year under review. This was primarily due to a significantly lower net loss

(mainly BahnCards, flexible tickets as well as discount tickets) in the DB

for the year, adjusted for a reduction in depreciation recognized in relation

Long-Distance segment despite higher opposite deferrals for vouchers.

to property, plant and equipment and intangible assets (discontinuation

The deferred public-sector grants included the interest benefit (dif-of the full amortization of goodwill previously recognized by DB Arriva inference between the nominal value and present value) attributable tothe previous year of € 1,411 million), higher trade receivables and higher

the interest-free loans; this has developed as follows during the year

non-cash-effective expenses.

under review:Non-cash-effective expenses and income increased in the year under€ million

2021

2020

As of Jan 1

67

211

Reversals

– 67

– 144

–

67

As of Dec 31

review, particularly as a result of a significantly higher balance of expenses
from additions to and reversals of other provisions (€ + 553 million).

CASH FLOW FROM INVESTING ACTIVITIESThe cash flow from investing activities is calculated as the cash flow provided by the disposal of property, plant and equipment and intangible as-

Of the figure shown for reversals in the year under review, € 30 million

sets as well as by investment grants, and the cash outflow for capital ex-(previous year: € 59 million) was attributable to the annual reversal of de-penditures in property, plant and equipment and intangible assets as wellferred items. The remainder was attributable to the reversal of amortized

as cash flow from the addition and disposal of non-current financial assets.

deferrals relating to premature one-off repayments at the present value inPayments received from investment grants are shown under investing

1999, 2004 and 2011.

activities due to the close connection between investment grants received

Deferred revenues constituted that part of compensation that is attrib-

and the payments made for capital expenditures in property, plant andutable to the period after the balance sheet date.

equipment assets.

Notes to the statement of cash flows

mainly attributable to higher outflows for capital expenditures in property,

The statement of cash flows shows the changes in cash and cash equiva-

inflows of cash from investment grants increased (€ + 534 million; + 6.3%).

lents in the year under review, and was prepared in accordance with IAS 7

The outflows for the acquisition of shares in consolidated companies (year(Cash Flow Statements). The indirect method has been used for showing

under review: € 45 million; previous year: € 40 million) have only increased

cash flow from operating activities.

slightly compared with the previous year and were attributable to the

The slight increase in outflows of cash from investing activities wasplant and equipment (€ + 898 million; + 6.8%). On the other hand, net

Interest income and interest payments, dividend income as well as tax

acquisitions and also to subsequent purchase price payments for ESE En-

payments are stated under operating activities.

gineering und Software-Entwicklung GmbH, Brunswick. On balance, in-Cash and cash equivalents include the cash and cash equivalents statedflows and outflows for investments in financial assets included outflows

in the balance sheet with a residual maturity of up to three months (cashof € 107 million to pay for investments from the acquisition of transportin hand, cash at banks as well as security investments). As of December

concessions (IFRIC 12).

31, 2021, of the total figure stated for cash and cash equivalents, € 1,162

When changes take place in the scope of consolidation as a result of

million (as of December 31, 2020: € 981 million) was subject to restrictions

the acquisition or sale of companies, the acquisition price paid (excluding

mainly as a result of provisions of the rail franchises in the United Kingdom

any liabilities that are transferred) less the acquired or sold financial re-as well as country-specific and contractual restrictions particularly in thesources are stated as cash flow from investing activities.

international logistics business.

CASH FLOW FROM FINANCING ACTIVITIESCurrent receivables due from banks (as of December 31, 2021: € 83 million; as of December 31, 2020: € 271 million), resulting from collateral agree-

The cash flow from financing activities is due to additions to capital, thements in connection with financial futures, are shown under current othernet inflows and outflows attributable to senior bonds issued, changes inreceivables and assets. Because it is becoming increasingly difficult tobank borrowings and loans as well as outflows for the redemption of financepredict the development in the value of the financial futures, it can only

leasing liabilities and interest-free loans.

be assumed to a limited extent that such hedges represent current liquid-

The cash inflow from financing activities decreased by € 397 million.

ity. See Comparability with the previous yearµyear
193 ffff..

This was primarily made up of a net outflow from the raising and repaymentof funds (previous year: net inflow), primarily from the repayment of bank

C 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

borrowings, reduced net inflows from the issue and redemption of senior

The cash flow from operating activities is calculated by adjusting the net

bonds and increased redemption payments for leases, combined with higher

profit/loss for the period before taxes by items that are not cash-

inflows from additions to capital and the absence of the dividend payment

effective (in particular additions to and reversals of other provisions) and by

to the Federal Government (previous year: € 650 million).

adding other changes in current assets, in liabilities (excluding financial
debt) and provisions. The cash flow from operating activities is then established after due consideration is given to interest and tax payments.
In accordance with IFRS 16, outflows related to leases are recognizedin cash flow from financing activities if they are redemption payments, andare recognized in cash flow from operating activities if they are payments
of interest.

229

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To ourstakeholders

Groupmanagement report

Consolidated
financial statements

Notes tosustainability

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-effective changes€ million

Financial receivables 1)

Currency
effects

Addition (+)/
disposal (–) of
leasing liabilities
and financial
receivables 1)

Compounding 1)

As of Dec 31, 2021

–

586

–

– 83

–

–

–

23

446

–

337

–

17

27,403As of Jan 1, 2021

Cash-effective
changes(inflow [+]/
outflow [–])

Acquisition (+)/
sale (–) ofcompanies

– 856

187

–

580

– 157

24,021

3,028

LIABILITIES FROM FINANCINGInterest-free loans
Senior bonds
Commercial paper

–

–

–

–

–

–

–

Bank borrowings

3,304– 1,986

–

2

–

–

1,320

EUROFIMA loan

200

– 200

–

–

–

–

–

Leasing liabilities 2)

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

34,403

Addition (+)/
Disposal (–)
Liabilities andCurrency effects financial receivables

	The disposals from financial receivables follow the changes of presentation in the statement of cash flows.
2)
	The outflows for leasing liabilities including interest paid amounted to € 1,244 million as of December 31, 2021.
This interest element is netted under compounding.
1)

Non-cash-effective changes€ million

Financial receivables and earmarked bank deposits

As of Jan 1, 2020

Casheffective changes(inflow [+]/
outflow [–])

Acquisition (+)/
disposal (–)
of companies

– 393

– 511

7

Compounding 1)

As of Dec 31, 2020

– 10

51

–

– 856

LIABILITIES FROM FINANCINGInterest-free loans

707

– 155

–

–

–

28

580

20,966

3,249

–

– 209

–

15

24,021

Commercial paper

890

– 890

–

–

–

–

–

Bank borrowings

626

2,678

3

–3

–

–

3,304

Senior bonds

EUROFIMA loan

200

–

–

–

–

–

200

Leasing liabilities 1)

5,015

– 995

–

– 60

972

–1

4,931
191

Liabilities from transport concessions

77

114

–

–

–

–

Other financial liabilities

212

– 105

10

–2

– 18

–

97

Liabilities from financing

28,693

3,896

13

– 274

954

42

33,324

Total

28,300

3,385

20

– 284

1,005

42

32,4681)

	The outflows for leasing liabilities including interest paid amounted to € 1,076 million as of December 31, 2020.
This interest element is netted under compounding.

Notes to the segment reporting

In this connection, management reporting is addressed to the Management

The segment reporting of DB Group has been prepared in accordance within DB Group is based on the accounting principles in accordance with IFRS.

IFRS 8 (Operating Segments). The operating segments of DB Group result

When reconciling the segment data to the corresponding company data,from the aggregation of fully consolidated legal entities; these legal entities

consolidation effects must therefore be taken into account. For this reason,

have been allocated to specific segments on the basis of the company-spe-

a consolidation column is used for reconciliation purposes. The operationscific operational performance on a defined market. The Management Boardof the business segments are covered in the reporting format in line with

Board in its function as the primary decision maker. Management reporting

takes its decisions and carries out economic analyses as well as assessments

the corporate and organizational structure of DB Group.The main regionsat the level of the operating segments (“management approach”).

covered by DB Group are detailed in the 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.

230

Our contribution toclimate protection

To ourstakeholders

Groupmanagement report

Consolidated
financial statements

Notes tosustainability

Additional
information

DB Group uses the following primary segments of the Integrated Rail System:

Segment reporting is based on the key business figures used for the inter-◊

DB Long-Distance: The DB Long-Distance segment comprises allnal management of the operating segments. These key figures form thecross-regional transport and service operations and other passenger

basis of the value-oriented management concept (see Capital management intransport services. Most of these transport services are provided in

DB GroupGroupµ 195 f.).
f.).

Germany.
◊

◊

◊

◊

The external revenues and other income consist exclusively of income

DB Regional: The DB Regional segment combines the activities forgenerated by the segments with non-Group parties. The internal revenues

German transport and services in regional passenger transport by railand other income show the income with other segments (inter-segment

and road. These activities also comprise the S-Bahn (metro) services

income). The intercompany prices for intra-Group transactions are deter-

in Berlin and Hamburg.

mined on a market-related basis.

DB Cargo: All European rail freight transport activities are pooled in

EBITDA (earnings before interest, taxes, depreciation and amortiza-

the DB Cargo segment. It operates primarily in Germany, Denmark, thetion) is used for assessing the pure earning power of the operating seg-

Netherlands, Italy, the United Kingdom, France, Poland and Spain.

ments. It does not include any costs of capital employed in the form of

DB Netze Track: The DB Netze Track segment is responsible for in-

depreciation and interest. Accordingly, EBITDA is not influenced by seg-stalling, maintaining and operating our track-related rail infrastructure

ment-specific financing structures and long-term capital expendituresin Germany.

cycles (in particular in the infrastructure segments); consequently, depre-

DB Netze Stations: The DB Netze Stations segment comprises theciation is incurred sooner than the positive returns generated by these

operation, development and marketing of passenger stations and retail

capital expenditures. EBITDA thus has the character of pre-tax cash flow.

facilities in stations in Germany.
◊◊On the other hand, EBIT additionally comprises depreciation recognized

DB Netze Energy: The DB Netze Energy segment provides all standard

in relation to fixed assets (property, plant and equipment and intangible

energy products in the fields of transport energy and stationary energy.

assets). EBIT represents the operating profit generated that is available to

Subsidiaries/Other: DB AG with its numerous management, financing

satisfy the interest yield claims on the investor side.

and service functions in its capacity as the management holding of DB

The costs of financing that are incurred as a result of the (in certain

Group is shown in this segment. This also includes the service compa-

cases) very high amounts of capital tied up in the operating segments ofnies, which provide their services mainly within DB Group in the areas

DB Group (particularly in the infrastructure segments) are also relevantof transport, logistics, information technology and telecommunications.

for a long-term assessment of results. This is the reason why the operat­ing

The other subsidiaries and remaining activities are classified underinterest balance is also taken into consideration in the key figure operating

Subsidiaries/Other as well.

income after interest.
The essential assets that are used (capital employed) also have to be

In addition to the Integrated Rail System, there are the following segments:◊◊

DB Schenker: All global logistics activities of DB Group are managed

taken into consideration in addition to the above-mentioned parametersin the DB Schenker segment. These comprise the freight forwarding,for internal management of the operating segments. The capital employedtransport and other services in commodity and goods transport.

comprises the essential capital that is used by providers of equity and debt

DB Arriva: All European local transportation activities (rail and bus)

investors and for which interest has to be paid; unlike in the previous year,

outside Germany are pooled in the DB Arriva segment.

it no longer includes receivables from plan assets.

The data concerning the segments are shown after intra-segment relations

Net financial debt is defined as the balance of interest-bearing external

have been eliminated. The transactions between the segments (inter-seg-

liabilities as well as cash and cash equivalents and interest-bearing exter­

ment relations) are eliminated in the column consolidation.

­nal receivables. The net financial debt of the segments also comprises the

The income and expenses presented in the segment information byreceivables and liabilities attributable to Group financing as well as profit
and loss transfer agreements.

business segment have been adjusted for issues that are exceptional innature and/or amount. A general adjustment is recognized for book prof-

Gross capital expenditures consist of capital expenditures in property,

its and losses attributable to transactions with investments/financial in-plant and equipment and intangible assets excluding capitalized borrow­vestments and in the amount of the depreciation on long-term customer

ing costs. Net capital expenditures are calculated by deducting the par­contracts that have been capitalized as part of the purchase price alloca-

ticipation of third parties in the financing of specific capital expendituretion process of company acquisitions. In addition, an adjustment is recog­

projects (essentially the investment grants of the Federal Government andnized for individual issues if they are of an exceptional nature, if they are

the Federal states).

definable for accounting purposes, if they can be measured and if theAdditions from changes in the scope of consolidation are shown as partamount involved is material. They are shown in the reconciliation column.

of segment gross capital expenditures, and comprise exclusively the capi-This column also reconciles the balance sheet items of capital employed

tal expenditures in property, plant and equipment and intangible assets,(contents allocated in accordance with management reporting) andincluding the goodwill acquired as part of company acquisitions or included

the external presentation in accordance with the consolidated balancein the consolidated financial statements for the first time.

sheet of DB Group.

The number of employees comprises the workforce, excluding trainees
and dual degree students, at the end of the reporting period (part-time
employees have been converted to full-time equivalents).
The segments are subject to the same accounting principles which aredescribed in the section Basic principles and methodsµmethods
192 ff. and which areapplicable for the remainder of the consolidated financial statements. Intra-Group segment transactions are generally conducted at market prices.

231

Our contribution toclimate protection

To ourstakeholders

Groupmanagement report

Consolidated
financial statements

Notes tosustainability

Additional
information

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 B Y R E G I O N S

If the level of market interest rates for the exposure had been 100 basis

External revenues are stated on the basis of the registered offices of thecome would have been affected as follows:

points higher (lower) as of the balance sheet date, the comprehensive in-Group company providing the service.

2021

Non-current assets are also allocated on the basis of the location of
the company. The non-current assets comprise intangible assets, property,

2020

Changes in market level of interest rates

plant and equipment as well as non-current receivables and other assets€ million+ 100 BP 1)– 100 BP 1)+ 100 BP 1)– 100 BP 1)(excluding financial instruments, deferred tax assets, rights from insurance

Impact on comprehensive income

–6

+5

+ 13

– 14

	thereof net profit/loss for the year

– 12

+ 12

–4

+4

	thereof covered directly in equity

+6

–7

+ 17

– 18

policies as well as assets in conjunction with benefits after termination of
the employment agreement).

1)

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

Basis points.

In the year under review and the previous year, no single customer accounted

FOREIGN CURRENCY RISKS

for more than 10% of overall revenues of DB Group.

The foreign currency risks are attributable to financing measures and operating activities.

Risk management and derivative
financial instruments

currency bonds issued and loans within the framework of DB Group trea-

MANAGEMENT OF FINANCIAL AND ENERGY PRICE RISKS

ren­cy swaps. However, it is not necessary for such bonds to be converted

In order to avoid interest rate and foreign currency risks, the foreignsury are converted into euro liabilities and receivables by means of cross-cur-

As a mobility, transport and logistics group with international operations,in individual cases if there is a guarantee that the bond can be serviced

DB Group is exposed to financial risks in the form of changes in interest rates

out of inflows of foreign currency payments.

and exchange rates. In addition, there are also energy price risks on theSubsidiaries hedge all significant foreign currency positions in theirprocurement side as a result of fluctuations in the prices of diesel fuel andfunctional currency via Group Treasury. In exceptional cases and to a lim-electricity. One of the aspects of corporate policy is to actively manage andited extent, subsidiaries are permitted to hedge foreign currency positions

thus limit these risks by means of the use of derivative financial instruments.

with banks themselves.

DB AG is responsible for all financing and hedging transactions of

The currency sensitivity analysis in accordance with IFRS 7 is based on

DB Group with its central Group Treasury, and operates in close coopera­

the following assumptions:tion with the subsidiaries, where the risk positions primarily arise. Group◊

Treasury follows the relevant regulations for risk management (Minimum

The cross-currency swaps that are concluded and the current currencytransactions are always allocated to original underlying transactions.

requirements for risk management [Mindestanforderungen an das Risiko­◊management; MaRisk], Corporate Sector Supervision and Transparency Act

All major foreign currency positions arising from business operations
are always 100% hedged. If exchange rate changes are 100% hedged,
they do not have any impact on profits or equity capital.

[Gesetz zur Kontrolle und Transparenz im Unternehmensbereich; KonTraG]).
Speculation is not permitted. Ongoing market and risk assessment takes◊

place as part of risk management.

Foreign currency risks can only occur if a 100% hedge does not exist
in justified exceptional cases; for instance if a conservative estimate

Derivative financial instruments are used exclusively for hedging inter-is made for hedge volumes for anticipated foreign currency cash flows

est, currency and energy price risks. All individual transactions correspondin order to avoid overhedging.

to on-balance-sheet or anticipated underlying transactions (for example◊

senior bonds, purchasing of diesel fuel and electricity). The aim is to achieve

On-balance-sheet foreign currency risks may result from energy pricehedging which is not denominated in the respective functional currency.

qualification as an effective hedge in accordance with IFRS 9.

If the following foreign currencies for currency hedges had weakened (orstrengthened) by 10% as of the balance sheet date, comprehensive income

I N T E R E S T R AT E R I S K S

would not have been significantly affected:

The interest rate risks are attributable to borrowings at variable interest rates.

2021

In accordance with IFRS 7, the effects of theoretical changes in market
interest rates on net profit and loss and shareholders’ equity are investi-

2020

Percentage change in foreign currency exchange rates

gated by means of a sensitivity analysis. For this purpose, the following€ million

+ 10%

– 10%

+ 10%

financial instruments are considered:

USD

+ 13

– 13

+9

–9

◊

CNY

+3

–4

+5

–6

CZK

–1

+2

0

0

SAR

0

0

–2

+2

SGD

–4

+4

–3

+3

HKD

+1

–1

–8

+8

HUF

0

0

–2

+2

RON

0

0

+5

–7

TWD

–5

+6

–2

+3

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 sensi­
tivity calculations relating to shareholders’ equity.

◊

The sensitivity calculations for net interest income include financial
instruments with variable interest (bank deposits, short-term borrowings/investments, cross-currency swaps, loans).

232

– 10%

KRW

0

0

–1

+1

TRY

–3

+3

–2

+3

Our contribution toclimate protection

To ourstakeholders

Groupmanagement report

Consolidated
financial statements

Notes tosustainability

Additional
information

DB Group has numerous equity investments in foreign subsidiaries whose

If the energy prices at the end of the year had been 10% lower (or higher),net assets are exposed to a translation risk. This translation risk is notcomprehensive income would have been affected as follows:

perceived to be a foreign currency risk for the purposes of IFRS 7, and is2021

not hedged.

2020

Changes in market prices

ENERGY PRICE RISKS€ million

+ 10%

– 10%

+ 10%

– 10%

The Energy Price Risk Management Committee (ERMC) is responsible for

Impact on comprehensive income

+ 32

– 32

+ 38

– 38

	thereof covered directly in equity

+ 32

– 32

+ 38

– 38

		Diesel

+ 20

– 20

+ 22

– 22

		 Hard coal

+ 12

– 12

+ 16

– 16

managing and minimizing energy price risks; this committee is responsible
for ensuring the implementation of the risk policy of DB Group specificallywith regard to energy price risks (in particular for procurement of diesel
and electricity). The ERMC takes decisions with regard to specific hedging

C O U N T E R PA R T Y D E FA U LT R I S K O F T H E 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

strategies and measures in which financial and energy derivatives are used.
Swaps relating to the commodities underlying the price formulae areused as hedges for the risks of price changes for sourcing electricity.

The counterparty default risk is actively managed by way of strict require-

Diesel price risks are for instance limited by the conclusion of diesel

ments relating to the creditworthiness of the counterparty at the point at

swaps (usually by means of hybrid hedging of diesel price and currency risks).

which the transactions are concluded and also throughout the entire dura-

The following assumptions have been made for performing the sensi-

tion of the transactions, and also by way of defining risk limits.

tivity analyses in accordance with IFRS 7:◊◊

In order to minimize the counterparty default risk of derivatives, DB

In the case of energy price swaps, the effective part is recognized inGroup has concluded credit support agreements (CSAs) with its core banks.

shareholders’ equity, and the ineffective part is recognized in the state-

In the CSAs, it was agreed that both parties would mutually provide cash

ment of income.

securities for interest and cross-currency swaps as well as energy deriva-

If options are used (collars), the intrinsic value constitutes the effec-

tives. Securities are exchanged daily with all relevant banks.

tive part of the hedge, so that the intrinsic value is shown in share-

Related amounts that are not netted in the balance sheet:holders’ equity. On the other hand, the fair value is not part of thehedge, and is shown in the statement of income.

Related amounts which are not netted in the balance sheet

Financial assets/
liabilities shown in thebalance sheet

Cash securities
received/provided

Financial instruments

Net amounts

AS OF DEC 31 / € million

2021

2020

2021

2020

2021

2020

2021

2020

Derivative financial instruments – assets

406

164

– 134

– 108

– 272

– 18

–

38

Derivative financial instruments – liabilities

219

379

– 134

– 108

– 83

– 271

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, the Brit-

alents, constantly checking the commercial paper market to ensure ade-

ish pound sterling and the Norwegian krone. At the same time, the liabilities

quate market liquidity and depth, and the constant availability of financial

of derivative financial instruments have decreased. The cash securities re-resources via guaranteed credit facilities of banks (Note (2828))µ 216 ff.
ff.).
).

ceived were predominant. The maximum individual risk (default risk in

The following table shows the contractually agreed undiscounted in-

relation to individual contract partners) was € 68 million (as of December

terest payments and redemption payments relating to the original financial

31, 2020: € 31 million) and existed in relation to a bank with a Moody’s rat-

liabilities as well as the derivative financial instruments with a positive anding of Aa3. As of December 31, 2021, all contract partners that are exposed

negative fair value of DB Group:

to a credit risk had a Moody’s rating of at least Baa1 for transactions withterms of more than one year.

233

Our contribution toclimate protection

To ourstakeholders

Groupmanagement report

Consolidated
financial statements

2022
MATURITY ANALYSIS OF FINANCIAL LIABILITIESA S OF DEC 31, 2021 / € million

Fixed/
variableinterest

Notes tosustainability

2023
Redemption

Fixed/
variableinterest

Additional
information

2024 –2026

Redemption

Fixed/
variableinterest

2032 ff.

2027 –2031

Redemption

Fixed/
variableinterest

Redemption

Fixed/
variableinterest

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

3

19

3

19

7

56

4

72

0

14

	Other financial liabilities

Financing liabilities from transport concessions

–

70

–

5

–

1

–

2

–

–

Trade liabilities

–

7,817

–

96

–

13

–

5

–

–

Other and miscellaneous liabilities

–

1,550

–

6

–

27

–

170

–

–

Interest rate/currency derivatives in connection with cash flow hedges

33

325

32

124

78

692

58

576

2

134

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

–

–

–

DERIVATIVE FINANCIAL LIABILITIES (NET/GROSS SETTLED)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

1,553

Currency derivatives in connection with cash flow hedges

–

784

–

–

–

–

–

–

–

–

Currency derivatives without connection to hedges

–

1,335

–

16

–

5

–

–

–

–

– 51

–

– 23

–

–6

–

–

–

–

–
– 1,725

V O L U N TA RY D I S C L O S U R E S A B O U T D E R I VAT I V E S
D ERIVATIVE 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

– 130

– 328

– 129

– 618

– 306

– 3,558– 222– 2,376– 109

Currency derivatives in connection with cash flow hedges

–

– 818

–

0

–

–

–

–

–

–

Currency derivatives without connection to hedges–– 2,532

–

– 26

–

–5

–

–

–

–

–

18

–

–

–

–

–

–

–

–

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

2021
MATURITY ANALYSIS OF FINANCIAL LIABILITIESA S OF DEC 31, 2020 / € million

Fixed/
variableinterest

2023 –2025

2022

2026 –2030

2031 ff.
Redemption

ORIGINAL FINANCIAL LIABILITIESInterest-free loans

–

157

–

157

–

313

–

5

–

–

Senior bonds

381

1,809

325

1,545

800

5,816

722

8,583

567

6,384

Bank borrowings

–2

2,900

–

402

–

–

–

2

–

–

EUROFIMA loan

8

200

–

–

–

–

–

–

–

–
670

Leasing liabilities

69

1,024

54

753

109

1,423

101

1,061

143

Financing liabilities from transport concessions

3

27

3

27

6

78

3

56

0

3

Other financial liabilities

–

87

–

2

–

6

–

2

–

–

Trade liabilities 1)

–

5,948

–

476

–

77

–

4

–

–

Other and miscellaneous liabilities 1)

–

1,385

–

4

–

14

–

139

–

–
212

DERIVATIVE FINANCIAL LIABILITIES (NET/GROSS SETTLED)

Interest rate/currency derivatives in connection with cash flow hedges

55

244

46

201

130

609

106

1,631

8

Interest derivatives in connection with cash flow hedges

0

–

–

–

–

–

–

–

–

–

Currency derivatives in connection with cash flow hedges

–

91

–

1

–

–

–

–

–

–

Currency derivatives without connection to hedges

–

2,438

–

1

–

0

–

–

–

–

Energy price derivatives

37

–

20

–

17

–

0

–

–

–
447

DERIVATIVE FINANCIAL ASSETS (GROSS SETTLED)

Interest rate/currency derivatives in connection with cash flow hedges

47

63

45

28

100

1,611

60

1,208

22

Currency derivatives in connection with cash flow hedges

–

0

–

–

–

–

–

–

–

–

Currency derivatives without connection to hedges

–

40

–

0

–

0

–

–

–

–

–3

–

–2

–

0

–

–

–

–

–
– 642

V O L U N TA RY D I S C L O S U R E S A B O U T D E R I VAT I V E S
D ERIVATIVE FINANCIAL ASSETS (NET SETTLED)

Energy price derivatives
INFLOW OF FUNDS FROM DERIVATIVE FINANCIAL INSTRUMENTS (GROSS SETTLED)

– 117

– 289

– 109

– 231

– 287

– 2,234– 208– 2,821– 47

Currency derivatives in connection with cash flow hedges

Interest rate/currency derivatives in connection with cash flow hedges

–

– 24

–

0

–

–

–

–

–

–

Currency derivatives without connection to hedges–– 2,581

–

0

–

– 39

–

–

–

–

–

16

–

–

–

–

–

–

–

–

F I N A N C I A L WA R R A N T I E S

Financial warranties
1)

Figure adjusted.

234

Our contribution toclimate protection

To ourstakeholders

Groupmanagement report

Consolidated
financial statements

Notes tosustainability

Additional
information

This includes all instruments which were held as of December 31, 2021 andlia­bilities not covered by the scope of IFRS 9 are valued in accordance withfor which payments had already been agreed. Foreign currency amounts

the relevant standards and not allocated to any of the valuation categories

have been translated using the spot rate applicable as of the balance sheetof IFRS 9.

date. The variable interest payments attributable to the financial instruments

The carrying amounts as well as the net result per valuation category

have been calculated on the basis of the interest rates applicable on Decem-of IFRS 9 are shown in the following. The fair values and the details of in-ber 31, 2021 (previous year on December 31, 2020). Financial liabilities that

dividual classes of financial instruments are shown within the notes to thecan be repaid at any time are allocated to the earliest possible time segment.

respective balance sheet items.

The financial liabilities were opposed by cash and cash equivalents of

In DB Group, financial assets that are allocated to a valuation category€ 4,591 million as of December 31, 2021 (as of December 31, 2020: € 3,411

according to IFRS 9 mainly comprise trade receivables and cash and cash

million), consisting of positive account balances and current fixed-term

equivalents.

deposits.

In DB Group, financial liabilities that are allocated to a valuation category according to IFRS 9 mainly comprise senior bonds, EUROFIMA loans,

Additional disclosures relating to the financial instrumentsbank borrowings, trade liabilities and other liabilities.

If covered by the scope of IFRS 9, the financial assets and liabilities are

Classification of financial assets­categorized and measured in accordance with IFRS 9. Financial assets and

The valuation categories of IFRS 9 are set out in the following:

Fair value(recognized in statement of income)Fair value (recognized directly in equity)with recycling

without recycling

Derivatives
in hedges

At amortized cost

Not in scopeof IFRS 7

2021

2021

2020

Total

2021

2020

2021

2020

2021

2020

2021

2020

Non-current financial assets

69

30

2

2

29

25

355

151

1,085

902

356

238

1,896

1,348

Current financial assets

14

9

1

1

–

–

36

4

12,645

9,781

780

684

13,476

10,479Non-current financial liabilities

21

27

–

–

–

–

179

292

26,61023,931

4,053

3,873 30,863

28,123Current financial liabilities

6

9

–

–

–

–

13

51

12,501

12,5093,643

3,365 16,163

15,934

Net result

8

–2

–

–

–

–

–

–

38

–5

– 510

– 543

– 550

AS OF DEC 31 / € million

2020

2021

2020

C A R RY I N G A M O U N T– 464

The net result according to valuation categories in particular contains inter-

There are also contingencies of € 18 million from guarantees as of December

est income of € 16 million (previous year: € 20 million) and interest expenses

31, 2021 (as of December 31, 2020: € 16 million). Property, plant and equip-of € 449 million (previous year: € 429 million) from the financial assets orment with carrying amounts of € 5 million (as of December 31, 2020:

liabilities that are not recognized in the statement of income at fair value.

€ 19 million) were also used as security for loans. The reported figure related
to rolling stock used at the operating companies in the DB Arriva segment.

Other disclosures

DB Group acts as guarantor mainly for equity participations and con-sortiums, and is legally subject to joint and several liability for all consor-( 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

tiums in which it is involved.
Potential claims for compensation that are not recognized in the bal-Contingent receivables (as of December 31, 2021: € 26 million, as of Decem-

ance sheet are not included in contingent liabilities as they cannot currently

ber 31, 2020: € 33 million) mainly comprised a recovery claim in conjunction

be quantified.

with construction grants provided but that had not been sufficiently determined as of the balance sheet date in terms of the specific amount and the(35) OTHER FINANCIAL COMMITMENTS

time at which the claim would become due. Potential further compensation

Capital expenditures in relation to which DB Group has entered into con-payments by the public authorities in connection with the Covid-19 pan-tractual commitments as of the balance sheet date, but for which no con-demic are not included in the contingent receivables as the absence of asideration has yet been received, were broken down as follows:legal basis means that neither their timing nor their extent can be estimated.

AS OF DEC 31 / € million

As of the balance sheet date, no contingent receivables had been recognized for all injunction proceedings in view of the high level of uncertainty

Property, plant and equipment

relating to refund claims, the timing of refunds and the probability of refunds.
The contingent liabilities were broken down as follows:
AS OF DEC 31 / € million

Negotiation and transfer of bills of exchange

2021

2020

2

–

Provisions of warranties

0–

Other contingent liabilities

109

132

Total

111

132

2021

2020

21,196

18,499P 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	Intangible assets

35

32

Acquisition of financial assets

455

435

21,686

18,966

Total
Order commitment for leasing property, plant and equipment
Possible but unlikely lease payments

212

370

2,204

2,648

The increase in the order commitment in property, plant and equipment wasparticularly due to the planned capital expenditure projects relating to own

Other contingent liabilities also comprise risks arising from litigation that

construction services and the procurement of new vehicles. In the case of

had not been stated as provisions because the expected probability ofsome supply arrangements, there are independent admissions of guilt withoccurrence is less than 50%. This relates to numerous individual cases ofregard to fulfilling the purchase commitment; these are opposed by claims

minor significance.

of the same amount, backed by bank guarantees and insurance policies with235

Our contribution toclimate protection

To ourstakeholders

Groupmanagement report

Consolidated
financial statements

Additional
information

Transport contracts

very good ratings. The order commitment for the acquisition of property,
plant and equipment also contains future obligations for vehicles in connec-

DB Regio AG and its subsidiaries provide transport services on the basis oftion with transport contracts to be recognized in accordance with IFRIC 12.

ordered services of the contracting organizations. These so-called transport

The order commitment for leasing property, plant and equipment re-contracts for regional rail passenger transport services are signed with thelates to leases that had been concluded as of the balance sheet date but

public transport authority of the transport services authorized by the Federal

for which the duration has not yet commenced. Possible lease payments

states (for example special purpose association, local transport company);

for unlikely lease extensions or for periods in which the leased asset willthese contracts determine the volume and the quality level of the transport

not be used as a result of a likely termination have not been included in theservice, the future development as well as the payment (concession fees).

measurement of leasing liabilities.

The funds necessary for this purpose are made available to the Federal

The figure of € 455 million shown for the acquisition of financial assets

states by the Federal Government in accordance with the regulations of(as of December 31, 2020: € 435 million) related to outstanding contribu-

the Regionalization Act (Regionalisierungsgesetz; RegG). The total con-tions at EUROFIMA that have not been called in.

cession fees received by DB Regio AG and by the subsidiaries of the DB
Regional segment for rail transport amounted to € 5,824 million in the year

( 3 6 ) S T R U C T U R E D C O M PA N I E S

under review (previous year: € 5,292 million) (Note ((11)µ197 f.).
f.). This amount

DB AG holds 100% of the shares in DB Barnsdale AG and DB Competition

included a figure of € 1,392 million in the year under review (previous year:

Claims GmbH. The purpose of these structured companies is to enforce€ 1,294 million) for revenues from fares which had to be netted against theclaims for compensation from cartel operations; they are included as sub-claims for concession fees within the framework of gross contracts.

sidiaries in the consolidated financial statements. There are profit and loss

In addition, there are similar transport contracts with internationaltransfer agreements with DB AG.

con­­­tracting organizations in the DB Arriva segment, with a volume of € 1,386
mil­­­lion in the year under review (previous year: € 1,237 million) (Note (1)(37) INFRASTRUCTURE AND TRANSPORT CONTRACTSµ 197 f.).
f.).

The following notes and information refer to the requirements of SIC-29

About 74% of all secured transport contracts have a duration up to at(Disclosure –  Service Concession Arrangements).

least 2025; about 40% have a duration until at least 2030, and about
28% have a duration until at least 2033. The transport contracts can only

∏ Infrastructure contracts

203-1

Notes tosustainability

be terminated by the contracting organization during the term of the con-

The main rail infrastructure companies (RIC) of DB Group are DB Netz AG,

tract for a compelling reason.

DB Station&Service AG and DB Energie GmbH.

In many cases, the companies enjoy legal and beneficial ownership ofOn the basis of section 6 of the General Railways Act (Allgemeines

the assets necessary for providing the services, and in particular the rolling

Eisenbahngesetz; AEG), the RIC that operate track, control and security

stock. Some transport contracts include commitments whereby the assets

systems or platforms require approval for such operations. This is applica-that are deployed have to be handed over at the end of the life of the con-ble particularly for DB Netz AG and DB Station&Service AG, whose approv-

tract. In addition, DB Group is recording an increasing share of transport

als are valid until the end of December 31, 2048.

contracts in which the rolling stock are either leased by the contracting

The rights of the RIC to operate the rail infrastructure is connected toorganization or for which the leasing arrangement is supported by capitalvarious commitments. In particular, they are obliged to ensure that theirservice guarantees by the contracting organization.

operations are managed safely and that all rail infrastructure is constructedsafely and maintained in a safe condition (section 4 (3) AEG). With regard(38)

to compliance with this regulation, the RIC of DB Group are regulated by

The following parties are deemed to be related parties of DB Group in ac-

R E L AT E D - PA R T Y D I S C L O S U R E S

cordance with IAS 24 (Related-Party Disclosures):the Federal Railway Authority (EBA).
In addition, the RIC also have to observe statutory duties in the case◊

the Federal Government in its capacity as the owner of all shares in DB AG,

of any new projects or expansion projects, for instance with regard to noise◊companies controlled and jointly controlled by the Federal Government,

abatement. DB Group voluntarily participates in the rail noise abatement

as well as companies over which the Federal Government can exert sig­

program of the Federal Government with regard to existing lines.

­­nificant influence,

The RIC provide non-discriminatory access to the rail infrastructure in◊accordance with sections 10 ff. Railway Regulation Act (Eisenbahnregu-

affiliated, non-consolidated and associated companies as well as joint
ventures of DB Group, as well as

lierungsgesetz; EReG) and charge the train operating companies (TOCs)◊

for this access. The fees of DB Netz AG and DB Station&Service AG mustthe members of the Management Board and the Supervisory Board of
DB AG and their close relatives.

comply with the requirements of the EReG. The fees for the usage of trac-

Transactions with related parties are conducted on an arm’s length basis.
The figures attributable to related companies and persons are statedtion current lines of DB Energie GmbH have to comply with the requirementsof the Energy Industry Law (Energiewirtschaftsgesetz; EnWG).

under the corresponding items of the notes to the balance sheet with the

In the year under review, DB Netz AG, DB Station&Service AG and DB

designation “thereof.” Individual figures are set out in the Notes ((1919))µ210 ff.
ff.,,

Energie GmbH generated overall revenues of € 10,268 million (previous(2828))µ 216 ff. and (2929))µ 220 f.
f.

year: € 9,468 million); thereof € 4,052 million (previous year: € 3,561 million)

Notes and explanations of transactions between DB Group and thewas generated with non-Group customers.

Federal Government are set out in the Notes ((33)µ198
198,, (5)µ199
199,, (9)µ203
203,,

The assets of the rail infrastructure are the legal and economic property(1313))µ 205 ff.,
ff., (3131))µ 221 ff.,
ff., (3535))µ 235 f. and (3737))µ 236.

of the companies.

Significant economic relations that need to be reported separately
between DB Group and related companies and persons are explained in
the following:236

Our contribution toclimate protection

To ourstakeholders

Groupmanagement report

Consolidated
financial statements

Relations with the Federal Government

ing the reduction of backlog demand. Although the considerably increased

2021

volume of resources of the LuFV III does not yet enable the backlog demand2020

to be completely reduced, the total of € 4.506 billion means that there isa defined sum available, at least two-thirds of which must be used for re-

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
Rents and leases
Other services

1,079

1,230

0

1

1

0

Investment grants 1)

8,055

7,282

Other income grants

2,777

422

11,912

8,935

ducing the backlog of particularly critical aspects (track, switches, railway
bridges, tunnels, culverts, signaling equipment and pedestrian underpasses). A new parameter for substance value (not subject to any penalties) is to be used as an indicator for the development of backlog demand.
With regard to the ten-year duration, the LuFV III also includes a provision for the application renegotiation clause which can trigger discussions

S E R V I C E S R E N D E R E D BY D B G R O U P

Sale of goods and services

362

318

Rents and leases

16

14

Other services

47

53

Repayment of loans

157

163

Repayment of investment grants

Additional
information

The LuFV III also for the first time contains a contractual regulation regardFederal Government

AS OF DEC 31 / € million

Notes tosustainability

for adjusting the LuFV III in the event of major changes, for instance considerable price increases for construction services in the rail infrastructure.
During the life of the LuFV III, the parties to the agreement will investigate whether different or additional quality parameters can be used for

22

18

604

566

the LuFV III (starting January 1, 2025) or for the succeeding LuFV IV (start-

Unsecured receivables 2)

310

305

mative value in terms of the status of the track.

Unsecured liabilities 2)

589

816

2,024

1,179

effect correlation between available funds and the attainable quality forIncluding € 52 million EU subsidies paid out via the Federal Government (previous year: € 136 million).
	As of the balance sheet date.

agreeing the quality objectives is to be established and subsequently im-

Purchases of goods and services mainly comprise the fees paid to the Fed-viously applied generation approach.

ing January 1, 2030) in order to bring about an improvement in the infor-

OTHER DISCLOSURES

Current total of guarantees received 2)
1)
2)

In addition, at DB Netz AG and DB Station&Service AG, the cause andplemented by no later than December 31, 2022, in order to replace the pre-eral Government within the framework of the pro forma billing of the allo-

If the parties to the agreement fail to reach agreement regarding thecated civil servants as well as refund of expenses for staff secondments inapplication of other or additional quality parameters by no later than June

the service provision field.

30, 2024, or if there is no robust cause and effect correlation on the basisof the mutually agreed model, the Federal Government is authorized toWith the Law for Improving the Opportunities for Reintegration on theterminate the LuFV III at the end of the calendar year 2024.

Labor Market, the corresponding regulations in the Social Security Code(Sozialgesetzbuch; SGB) III were revised. In accordance with section 54 SGB

On July 25, 2017, the RIC and the Federal Government signed the Re-

III , the Federal Employment Agency provides a grant of up to € 247 perquirement Plan Implementation Agreement (Bedarfsplanumsetzungs­

month for career opportunity qualifications (since August 1, 2020, previ-

vereinbarung; BUV). This entered into force on January 1, 2018, and regu-

ously: € 243/month). In the year under review, about 180 young persons

lates the financing of requirement plan projects. Key elements include aat DB Group were offered a training opportunity within the framework ofreadjustment of planning costs, a stipulation of the RIC’s own contribution

the career preparation program “Chance plus.”

to the projects as well as an agreement regarding binding commissioning
dates which are subject to penalties if not met.

Since 2009, financing for the existing network has been governed between DB AG, the RIC and the Federal Government by way of so-called Per-The Federal Government covers all the costs of the projects, including

formance and Financing Agreements (Leistungs- und Finanzierungsver­

the entire planning costs. The previous regulation in the form of a fixedeinbarung; LuFV). The use of Federal funds within the framework of theamount for planning costs equivalent to 18% of the construction costs has

LuFV has been managed in a quality-oriented manner since that time. The

been canceled.
The RIC contribute to all costs of the project in accordance with their

LUFV improved the planability, efficiency and transparency of funding forown economic benefit, i.e. including the total construction costs. This pro-

maintaining the infrastructure.

vides a powerful incentive to avoid increases in construction costs.

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, for

The RIC give the Federal Government a commitment for milestones

the first time, has a duration of ten years – twice as long as that of the pre-and binding commissioning dates for the projects. The penalties in thevious agreement LuFV II.

event of failure to meet these deadlines provide an incentive for complying
with the deadlines.

The infrastructure contribution of the Federal Government increased
to an average of € 5.143 billion per calendar year (LuFV II: an average of

On August 25, 2020, the Federal Government and RIC concluded a new€ 3.316 billion calendar year). There was also an increase agreed of theframework agreement regarding the financing and implementation of capital

maintenance expenses to be provided by the RIC to an average of € 2.278

expenditure in the rail infrastructure of the Federal railways (Rahmenverein-billion per calendar year. The RIC’s own contribution increased to an aver-barung über die Finanzierung und Durchführung von Investitionen in die

age of € 137.5 million per calendar year.

Schienenwege der Eisenbahnen des Bundes). It governs the financing andWithin the framework of the bridge program, it was agreed that a total

implementation of capital expenditure projects of the Federal Governmentof 2,000 bridges would be comprehensively modernized in the period 2020

regarding expansion of the rail network, if not covered under the scope of theto 2029.

LuFV, the BUV or the previous agreement (framework agreement 1999). With

In addition, resources are provided for requirements that go beyond

the exception of the so-called starter package, the framework agreement is

the technical need, for instance for improving accessibility and weather

not applicable for financing agreements that relate to the Digital Rail for Ger-

protection as well as additional funds for customer-friendly construction.

many project. In the case of measures covered by the framework agreement,

In addition, the LuFV III provides a total of € 7 billion for earmarked capital

the RICs agree to cofinance the eligible costs. The extent of such cofinancing

expenditure in signaling equipment for the years 2020 to 2029.

237

Our contribution toclimate protection

To ourstakeholders

Groupmanagement report

Consolidated
financial statements

Notes tosustainability

Additional
information

depends on the effectiveness of the measure for the infrastructure companies.

DBGrGÄndG) entered into force. Under this, the Federal Government will

Four different categories with a percentage contribution of 0 – 15% have been

only reimburse the costs for rationalization measures completed before

agreed for this purpose.

January 1, 2020.

Further investment grants are provided under the Municipal Transport

The annual financial statements 2021 of DB JobService GmbH disclosed

Financing Act (Gemeindeverkehrsfinanzierungsgesetz; GVFG) for measures

reimbursement claims of DB AG against the Federal Government in the to-of the transport program, in accordance with the noise abatement programtal amount of € 38.2 million (including 10% reimbursement of costs) on theof the Federal Government in relation to existing railway tracks and withinbasis of section 21 (5) and (6) DBGrG.

the framework of the ERTMS (European Rail Traffic Management System) –Due to the repercussions of the new law, DB AG paid reimbursements toequipping German sections of the trans-European rail network.

the BEV for 2020 and 2021 amounting to € 1.0 million in the year under review.

For infrastructure projects within the framework of priority measures for

The Climate Action Program 2030 adopted by the German Federal Cab-

the expansion of the trans-European network (Connecting Europe Facility;

inet on October 9, 2019 came into force on January 1, 2020. The aim of the

CEF funds), DB Netz AG has received subsidies from the European Union.

measures agreed in the Climate Action Program is to ensure that the na-

The grants recognized in the income statement also relate to payments

tional climate protection targets for 2030 (55% less greenhouse gas emis-

provided by the Federal Government for covering excessive charges borne

sions compared with the year 1990) are achieved. The measures include

by DB Group as a result of operating and maintaining level crossings with

the introduction of CO₂ pricing as well as an extensive range of measuresroads of all construction authorities.

in the transport sector.

Sales of products and services also comprise services for carrying se-

On the basis of the Federal Government’s Climate Action Program

verely disabled persons, and German Armed Forces soldiers and traffic.

2030, additional Federal funds totaling € 11 billion will be made available

During the year under review, interest-free loans in accordance withby 2030 to strengthen the rail system. At the end of January 2020, the BMF

the BSWAG of € 157 million (previous year: € 163 million) were repaid to theand the BMVI, now BMDV, and DB AG, DB Netz AG, DB Station&Service AG

Federal Government within the framework of the agreed annual standard

and DB Energie GmbH, agreed on the inflow and use of the funds in a joint

redemption payment.

letter of intent. The funds will be used exclusively for infrastructure; half

The liabilities due to the Federal Government comprised the extended

will be paid as equity and half as grants to DB Netz AG and DB Station&loans, which are shown here with their present values, and other liabilities

Service AG. In terms of content, the funds will be used in the categories ofof € 143 million (as of December 31, 2020: € 236 million).

a robust network, digital rail, attractive railway stations and infrastructure

The guarantees received from the Federal Government primarily relatemeasures operated on a purely commercial basis. Following the coordina-to the loans received from EUROFIMA as well as the outstanding contribu-

tion with the European Commission with respect to state aid law, in No-

tions and liabilities arising from the collective liability of DB AG with

vember 2021 the Federal Government paid out the tranches for 2020 andEURO­FIMA. The guarantees that have been received include a maximum

2021 in the amount of € 2.125 billion in total to DB AG, which passed thecommitment of € 1,153 million from the Federal Government for EUROFIMA

funds directly to DB Netz AG (€ 1.125 billion) and DB Station&Service AG

loans. The loan volume as of December 31, 2021, was € 0 due to timely re-(€ 1 billion).

demption (as of December 31, 2020: € 200 million).

In June 2020, the Federal Government agreed on comprehensive mea-

Sixteen new financing contracts were concluded in the year under review

sures in relation to the topic of “Tackling the Covid-19 impact, securing

in addition to the Adjustment Agreement 2020 (Anpassungsvereinbarung;prosperity, strengthening readiness for the future.” These measures in-

APV). The Federal Government has provided finance totaling about € 2,646

cluded numerous general relief measures for the German economy and atmil­lion for the new agreements. The financing agreements have different

the same time provided sector-specific stimuli in 2020 and 2021. Progress

durations, which in certain cases extend to the year 2030. Financing is pro-

was made in this area in 2021, particularly with regard to the compensation

vided entirely in the form of investment grants that do not have to be repaid.

measures related to Covid-19: as partial compensation for its losses, theThe joint implementation of the Deutsche Bahn Foundation Act

2020 supplementary budget included a bolstering of DB AG’s equity in the(Deutsche Bahn Gründungsgesetz; DBGrG) is based on an agreement inamount of € 5 billion. This sum was carried over to 2021 in the 2021 Federal

accordance with section 21 (8) DBGrG in relation to section 21 (5) No. 2 andbudget because the coordination with the European Commission with re-(6) DBGrG of June 10/17, 2015, between the BEV on the one hand and DB AG

spect to state aid law had not yet been completed in 2020. Based on theon the other. On June 24/July 28, 2015, the Federal Ministry of Transport andprogress made in the negotiations with the European Commission, theDigital Infrastructure (Bundesministerium für Verkehr und digitale Infras-

2021 supplementary budget adopted by the German Parliament in April

truktur; BMVI, now the Federal Ministry for Digital and Transport (Bun­2021 reduced the funds that had been intended for the equity increase bydesministerium für Digitales und Verkehr; BMDV)) and the Federal Ministry

just under € 3.1 billion and reallocated that amount:of Finance (Bundesministerium der Finanzen; BMF) gave their consent to◊

The Federal funds intended for the maintenance of tracks of Federal
railways were increased by € 650 million to compensate for the omis-

this agreement. The agreement states that DB AG shall provide evidence(with documentation of each individual case) that an employee of DB Job-

sion of DB AG’s dividend payment for the 2020 financial year.

Service GmbH (a civil servant or tariff employee satisfying certain criteria◊

Expenditures to subsidize train-path prices in rail freight transport

at the foundation in 1994) was affected by a rationalization measure andwere increased by € 600 million, and a further € 27 million was allocatedemployment elsewhere is not possible. The personnel expenses plus an ad-

as part of a commitment appropriation for 2022 to pay for services

ditional amount of 10% of the personnel expenses to cover costs shall be

provided in December 2021. To subsidize train-path prices in long-dis-

reimbursed only after each individual case has been reviewed by the BEV.

tance rail passenger transport, about € 1.8 billion was also included in

As of June 3, 2021, the Act Amending the Provisions of the DBGrG on

the Federal budget, plus a commitment appropriation for 2022 totaling

the Reimbursement of Staff Costs for Allocated Civil Servants (Gesetz zur€ 279 million to pay for services provided in December 2021 and toÄnderung der Vorschriften des Deutsche Bahn Gründungsgesetzes übercontinue subsidizing train-path prices in long-distance rail passenger

die Personalkostenerstattung für zugewiesene Beamtinnen und Beamte;transport until May 2022.

238

Our contribution toclimate protection

To ourstakeholders

Groupmanagement report

Consolidated
financial statements

Notes tosustainability

Additional
information

Compensation of the Management Board

The coordination with the European Commission with respect to state aid
law on subsidizing train-path prices in long-distance rail passenger transport and rail freight transport was successfully adopted in 2021 with retroactive effect from March 2020, as was the compensation for losses in longdistance rail passenger transport for the first shutdown in spring 2020. The
coordination with the European Commission regarding additional compensation for losses is still ongoing.
The Act on Accompanying Measures for the Implementation of the
Economic Stimulus and Crisis Management Package (Gesetz über beglei­
tende Maßnahmen zur Umsetzung des Konjunktur- und Krisenbewältigungspakets; BeglMaßG) implemented the additional, one-time increaseof € 2.5 billion in regionalization funds in 2020, a 50% investment by theFederal Government in the public transport rescue fund. In 2021, the German Federal Government also made a further contribution in the amount€ thousand

2021

2020

Benefits due in the short term

4,129

3,881

Post-employment benefits

1,880

1,633

Other benefits due in the long term 1)

1,894– 1,079

Total compensation of the Management Board
according to IFRS

7,903

4,435

Fixed

6,009

5,514

Variable 1)

1,894– 1,079

Pension provisions for active Management Board members 2)
as of Dec 31

26,57528,000

Provisions for long-term incentives (LTI) as of December 31

3,842

1,873

Total compensation of the Management Board according to HGB

4,102

3,855

Compensation of former Management Board members
and their surviving dependents

9,619

10,123164,086

181,297

Pension provisions for former Management Board members
and their surviving dependents 2) as of Dec 31of € 1 billion for the continuation of the industry solution, provided that
the Federal states contribute the same amount of financing as in 2020. The

	The long-term variable compensation relates to the additions to/reversals of provisions
for long-term incentives (LTI). All Management Board members waived the variable portionof their compensation for 2021.
2)	Defined benefit obligation.
1)

industry solution for local public transport is also to be continued in 2022.

Relations with Federal companies
Most of the transactions carried out in accordance with IAS 24 in the year

Apart from the aforementioned provisions, there are no other receivables

under review and in the previous year related to operations, and were of mi-

and liabilities with respect to the Management Board members as of thenor overall significance for DB Group. The receivables and liabilities incurred

reporting date. Nor did the company take on any contingencies for the

had been settled almost in full as of the end of the balance sheet date.

benefit of Management Board members. In addition, due to plan changes
for retirement benefit commitments in the year under review, there is a

Relations with affiliated, non-consolidated companies,
associated companies and joint ventures

service cost of € 1,604 thousand (previous year: € 0 thousand).
The total compensation for Management Board members consists ofIn the year under review, DB Group purchased goods and services worth

a fixed salary, a performance-linked annual director’s fee and a long-term€ 130 million (previous year: € 112 million), mainly for purchasing passenger

incentive (LTI) plan based on multi-year figures. Total compensation alsotransport and freight services. At € 84 million (previous year: € 80 million),includes benefit commitments, other commitments and ancillary benefits.

most of the total figure was attributable to transactions with associated

The fixed salary is cash compensation linked to the financial year. It is

companies. Rental and leasing payments of € 6 million were also madebased on the scope of responsibility and the experience of each Manage-(previous year: € 6 million).

ment Board member.

In addition, interest payments of € 7 million (previous year: € 8 million)

The performance-linked annual director’s fee is calculated using awere made in the year under review. This figure relates almost exclusively

factor linked to the achievement of business targets (director’s fee factor)

to interest payments for the loan extended by EUROFIMA (Note (2828))µ216 ff.).
ff.).

and the achievement of individual targets (performance factor).

In the year under review, DB Group generated an income of € 337 mil­lion

The business and personal targets of the Management Board members

from the sale of goods and services (previous year: € 345 million). The income

are determined by the Supervisory Board annually based on recommen-

was generated mainly in the DB Cargo segment and related to income gen-dations from the Personnel Committee, and are then agreed in writing witherated by transport services provided.

the Management Board members. The LTI for the Management Board also

As of December 31, 2021, guarantees totaling € 3 million (as of Decem-

focuses on long-term transport and climate policy targets and the sustain-

ber 31, 2020: € 4 million) have been extended; thereof € 3 million (as ofable creditworthiness and profitability of DB Group. After the end of the

December 31, 2020: € 4 million) to joint ventures. Transactions with related

respective plan term of four years, the extent to which LTI targets havecompanies were carried out to a comparable extent in the previous year.

been achieved at the end of the tranche is measured using the averagetarget achievement for the individual years.

Relations with the Management Board and Supervisory Board of DB AG

After leaving the company, Management Board members are entitled

The following section sets out the transactions between DB Group and theto pension payments. The system governing benefit commitments to Man-

members of the Management Board and the Supervisory Board, as well asagement Board members was amended in 2017. Members appointed to thethe companies in which members of the Management Board or the Super-

Management Board for the first time in 2017 and thereafter receive a definedvisory Board hold a majority interest.

benefit commitment under which a capital stock is saved up for the Board€ thousand

2021

2020

674

665

member for the duration of their employment and paid out when they reachretirement age. The commitment is granted in the form of a capital account

DB GROUP BENEFICIARIES

Purchase of goods and services

plan with an annual contribution derived as a fixed percentage rate of the
fixed salary. Company pension commitments for Management Board mem-

The figures relate to the amounts received by the employees’ representa-

bers already in office beforehand are based on a percentage of the basic

tives on the Supervisory Board.

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.

239

Our contribution toclimate protection

To ourstakeholders

Groupmanagement report

Consolidated
financial statements

Notes tosustainability

Additional
information

VOLUME OF ISSUE

Duration in years

Coupon (%)

Placing

3.350

Institutional investors,
primarily in Asia

1.375

Institutional investors,
primarily in Europe

Compensation of the Supervisory Board€ thousand

2021

2020

Total compensation of the Supervisory Board
thereof short-term		 thereof fixed		 thereof performance-related share 1)
		 thereof attendance fees		thereof benefits in kind from discounted travel		
thereof compensation for membership of supervisory board/advisory boards of DB Group subsidiaries (including attendance fees)

1,010
1,010
496
323
45
54

746
746
517
–
48
61

92

120

1)

AUD 300 million(about € 191 million)€ 200 million€ 750 million

20.0
5.0

12.0

0.791

Private placement

EU Commission initiates investigation into support measures in favor of DB Cargo
In its decision of January 31, 2022, the EU Commission initiated a formal investigation into the Federal Republic of Germany in relation to support	All Supervisory Board members waived the variable remuneration due to them for 2021.

measures in favor of DB Cargo AG. The investigation is based on a complaint

No compensation was incurred for former members of the Supervisoryfrom a competitor. The competitor believes the profit transfer agreement

Board and their surviving dependents. There are no pension obligations for

between DB Cargo AG and DB AG as well as certain other measures in favor

former Supervisory Board members and their surviving dependents as ofof DB Cargo AG represents competition-distorting state aid. The purpose of

December 31, 2021. The members of the Supervisory Board only receive

the investigation that has now been initiated is to clarify the issues raised.

benefits due in the short term.

The EU Commission is expressly conducting the examination without pre-No loans and advances were extended to members of the Supervisoryjudging the outcome. The Federal Republic of Germany and DB Group had

Board in the year under review. Nor did the company take on any contin-

already rejected the allegations during the preliminary investigation. In

gencies for the benefit of members of the Supervisory Board.

their view, the measures did not in fact contain any state aid.

The total amount of compensation for the Management Board andSupervisory Board in the year under review was € 8,913 thousand (previous

Intensification of the Ukraine crisis

year: € 5,181 thousand). Individual details as well as further details concern-

On February 24, 2022, the Russian Federation’s armed forces launched an

ing the payments to the members of the Management Board and Super­invasion of Ukraine. The specific effects of the Ukraine crisis on DB Groupvisory Board are included in the Corporate Governance report in the Groupare currently not fully foreseeable or quantifiable. The effects will include

management report.

those resulting from sanctions against Russia. In addition, the increase inenergy and raw material prices will have an impact on DB Group.

( 3 9 ) 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

Changes in the Management Board

Up to the point at which the consolidated financial statements were pre-Mr. Ronald Pofalla (Infrastructure division) is leaving DB AG and terminat-

pared, the following senior bonds were issued by DB Finance in 2022:

ing his Management Board contract early on April 30, 2022.

( 4 0 ) 	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 REQUIRMENTS OF THE GERMANCOMMERCIAL CODE (HGB)The following subsidiaries intend to utilize the simplification provisions ofsection 264 (3) and section 264b HGB and to exempt themselves from thedisclosure provisions of sections 325 to 329 HGB:
◊ Autokraft GmbH, Hamburg◊ DB Systel GmbH, Frankfurt am Main

◊ Regional Bus Stuttgart GmbH RBS , Stuttgart◊ DB Vertrieb GmbH, Frankfurt am Main

◊ Regionalverkehr Alb-Bodensee GmbH ( RAB ), Ulm◊	
B RN Busverkehr Rhein-Neckar GmbH,◊ DB Systemtechnik GmbH, Minden◊ BVO Busverkehr Ostwestfalen GmbH, Bielefeld◊ DB Zeitarbeit GmbH, Berlin

Ludwigshafen am Rhein◊ BVR Busverkehr Rheinland GmbH, Düsseldorf◊ DB Barnsdale AG , Berlin◊ DB broadband GmbH, Frankfurt am Main

◊ DB Cargo BTT GmbH, Mainz◊ DB Cargo Eurasia GmbH, Berlin◊ DB Cargo Logistics GmbH, Kelsterbach◊ DB Cargo Vermögensverwaltungs-Aktiengesellschaft, Mainz

R egionalverkehr Oberbayern Gesellschaft◊	◊ Deutsche Bahn International Operations GmbH, Berlin◊	
R egionalverkehre Start Deutschland GmbH,◊	
D VA Deutsche Verkehrs-Assekuranz-Vermittlungs-GmbH,◊ RVS Regionalbusverkehr Südwest GmbH, Karlsruhe◊ ELAG Emder Lagerhaus und Automotive GmbH, Emden◊ SBG SüdbadenBus GmbH, Freiburg im Breisgau◊ Deutsche Bahn Digital Ventures GmbH, Berlin◊ DSD Digitale Schiene Deutschland GmbH, Berlin
Bad Homburg v. d. Höhe◊	
E SE Engineering und Software-Entwicklung GmbH,◊ DB Engineering&Consulting GmbH, Berlin◊	
E VAG Emder Verkehrs und Automotive Gesellschaft mb H ,◊ DB Intermodal Services GmbH, Mainz◊	Friedrich Müller Omnibusunternehmen GmbH,◊ DB Kommunikationstechnik GmbH, Eschborn◊ Haller Busbetrieb GmbH, Walsrode◊ DB Gastronomie GmbH, Frankfurt am Main
◊ DB JobService GmbH, Berlin◊ Regionalverkehr Allgäu GmbH ( RVA ), Oberstdorf◊ Deutsche Bahn Connect GmbH, Frankfurt am Main

◊ DB Competition Claims GmbH, Berlin◊ DB Dialog GmbH, Berlin◊ Regionalbus Braunschweig GmbH – RBB –, Hamburg

Brunswick

mit beschränkter Haftung, MunichFrankfurt am Main

◊ S -Bahn Hamburg Service GmbH, Hamburg◊ Schenker Aktiengesellschaft, Essen◊ Schenker Dedicated Services Germany GmbH, Essen◊ Schenker Deutschland AG , Frankfurt am Main

Emden

◊ Schenker Europe GmbH, Frankfurt am Main

Schwäbisch Hall

◊ Schenker Global Management&Services GmbH, Essen◊ Schenker Flight Services GmbH, Frankfurt am Main
◊ Schenker GmbH für Beteiligungen, Essen◊ DB Projekt Stuttgart —Ulm GmbH, Stuttgart◊ infraView GmbH, Mainz◊ DB Regio Bus Mitte GmbH, Mainz◊ MTS MarkenTechnikService GmbH&Co. KG , Rülzheim◊ TFG Transfracht GmbH, Mainz◊ Omnibusverkehr Franken GmbH ( OVF ), Nuremberg◊ UBB Usedomer Bäderbahn GmbH, Heringsdorf◊ Railway Approvals Germany GmbH, Minden◊ WB Westfalen Bus GmbH, Münster◊ DB Regio Bus Bayern GmbH, Ingolstadt◊ DB Regio Bus Nord GmbH, Hamburg◊ DB Regio Bus Ost GmbH, Potsdam◊ ioki GmbH, Frankfurt am Main

◊ NVO Nahverkehr Ostwestfalen GmbH, Münster◊ DB Regionalverkehr Bayern GmbH, Ingolstadt◊ ORN Omnibusverkehr Rhein-Nahe GmbH, Mainz◊ DB Sicherheit GmbH, Berlin◊ RBO Regionalbus Ostbayern GmbH, Regensburg◊ DB SEV GmbH, Berlin

240◊ Schenker Technik GmbH, Essen◊ SIGNON Deutschland GmbH, Berlin◊ TRANSA Spedition GmbH, Offenbach am Main

◊ Verkehrsgesellschaft mb H Untermain – VU –, Aschaffenburg◊ Weser-Ems Busverkehr GmbH ( WEB ), Hamburg

Our contribution toclimate protection

To ourstakeholders

Groupmanagement report

Consolidated
financial statements

Notes tosustainability

Additional
information∏ (41) LIST OF SHAREHOLDINGS

102-10102-45The list of shareholdings is set out on the following pages.

SUBSIDIARY / Name and registered office

Breakdown of shareholdings of DB AG(in accordance with section 313(2) HGB)SUBSIDIARY / Name and registered office

Currency

Equity(thousand)1)

Ownership (%)

D B L O N G - D I S TA 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

EUR

5,550

100.002,626,465– 6,421100.00100.00

EUR

449
150
297

50.00
20.00
50.00

EUR

27,303100.00EUR

16,112100.00EUR
CHF

AT EQUITY

Alleo GmbH i. L., Saarbrücken 2), 3)
Railteam B.V., Amsterdam/the Netherlands 2), 3)
Rheinalp GmbH, Frankfurt am Main 2), 4)

EUR
EUR

DB REGIONALFULLY CONSOLIDATEDAutokraft GmbH, Hamburg
BRN Busverkehr Rhein-Neckar GmbH,

Ludwigshafen am Rhein

Busverkehr Märkisch-Oderland GmbH,Fürstenwalde

EUR

3,512

Busverkehr Oder-Spree GmbH, Fürstenwalde

EUR

7,980

51.17

BVO Busverkehr Ostwestfalen GmbH, Bielefeld

EUR

13,468100.00BVR Busverkehr Rheinland GmbH, Düsseldorf

EUR

9,290
2,351,889
8,128
55,8902,321
15,692– 6,74350
65,001
2,123

100.00100.00100.00100.00100.00100.0074.90
100.00100.00100.00EUR

19,131
5,013
1,981
907
22,80014,711
16,273
21,864
12,11330,1275,129

100.00100.0070.00
100.00100.00100.00100.00100.00100.00100.0070.00

EUR22,993100.00

EUR

7,087
105

100.0048.69– 6,483
21,250169,690
150,358
19
21,41174.90
100.00100.00100.00100.00100.00

3,722
12,584
17,527100.00100.00100.00

DB Regio Aktiengesellschaft, Frankfurt am Main
DB Regio Bus Bayern GmbH, Ingolstadt
DB Regio Bus Mitte GmbH, Mainz

DB Regio Bus Nord GmbH, Hamburg
DB Regio Bus Ost GmbH, Potsdam

DB Regio Bus Rhein-Mosel GmbH, Montabaur

DB Regionalverkehr Bayern GmbH, Ingolstadt

DB RegioNetz Verkehrs GmbH, Frankfurt am Main
DB SEV GmbH, Berlin

Friedrich Müller Omnibusunternehmen GmbH,
Schwäbisch Hall
Haller Busbetrieb GmbH, Walsrode
KOB GmbH, Oberthulba
NVO Nahverkehr Ostwestfalen GmbH, Münster
Omnibusverkehr Franken GmbH (OVF), Nuremberg
ORN Omnibusverkehr Rhein-Nahe GmbH, Mainz
RBO Regionalbus Ostbayern GmbH, Regensburg
Regional Bus Stuttgart GmbH RBS, Stuttgart
Regionalbus Braunschweig GmbH – RBB –, Hamburg
Regionalverkehr Alb-Bodensee GmbH (RAB), Ulm
Regionalverkehr Allgäu GmbH (RVA), Oberstdorf
Regionalverkehr Oberbayern Gesellschaft
mit beschränkter Haftung, Munich
Regionalverkehre Start Deutschland GmbH,
Frankfurt am Mainrhb rheinhunsrückbus GmbH, Simmern
RMV Rhein-Mosel Verkehrsgesellschaft mbH,
KoblenzRVS Regionalbusverkehr Südwest GmbH, Karlsruhe
S-Bahn Berlin GmbH, Berlin
S-Bahn Hamburg GmbH, Hamburg
S-Bahn Hamburg Service GmbH, Hamburg
SBG SüdbadenBus GmbH, Freiburg im Breisgau
Verkehrsgesellschaft mbH Untermain – VU –,Aschaffenburg
WB Westfalen Bus GmbH, Münster
Weser-Ems Busverkehr GmbH (WEB), Hamburg

EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR

EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR

51.17

EUR

25

25.60

EUR

618

28.02

Equity(thousand)1)

Ownership (%)

EUR

239

42.00

EUR
EUR

33
98

30.66
20.00

EUR

218

47.50

EUR

9,101

28.00

EUR

4
997
72

50.00
33.33
12.50

EUR

141
278

53.59
19.65

EUR

482

33.33

EUR

330

46.55

EUR

51

16.67

EUR
EUR

25
192

39.80
49.00

EUR

25

36.44

EUR

305

11.11

EUR

30

15.05

EUR

30

22.04

EUR

54

25.93

EUR

440

19.62

EUR

215

45.00

EUR

138

31.16

EUR

684

32.60

EUR
EUR

720
580

20.00
20.00

EUR

231

45.00

EUR

121

40.00

EUR

261

54.00

EUR

101

70.20

EUR

227
27

51.42
20.63

EUR

6,858
145

56.23
100.00

EUR

1,702

51.00

GBP

218,043100.00GBP
EUR

58,696590,672
7,848

100.00100.00100.00PLN

5,709

100.00

EUR
EUR
EUR

FAIR VALUE

Regio Verkehrsverbund Lörrach GmbH (RVL),
Lörrach 2), 4)
Verkehrsverbund Rottweil GmbH (VVR),
Villingen-Schwenningen 2), 7)
vgf Verkehrs-Gemeinschaft Landkreis
Freudenstadt GmbH, Waldachtal 2), 3)
VVW Verkehrsverbund Warnow GmbH, Rostock 2), 4)

EUR

DB CARGOFULLY CONSOLIDATED

Compañía Aragonesa de Portacoches S.A.,
Zaragoza/Spain
Container-Terminal Púchov s.r.o., Púchov/Slovakia
Corridor Operations DB Cargo B Logistics N.V. i. L.,
Brussels/Belgium
DB Cargo (UK) Holdings Limited,
Doncaster/United Kingdom
DB Cargo (UK) Limited,
Doncaster/United Kingdom
DB Cargo Aktiengesellschaft, Mainz
DB Cargo Belgium BV, Antwerp/Belgium
DB Cargo Border Agent Sp. z o. o.,
Małaszewicze/Poland

AT E Q U I T Y“ZOB” Zentral-Omnibus-Bahnhof Gesellschaft
mit beschränkter Haftung, Bremen 2), 3)
Bodensee-Oberschwaben Verkehrsverbund GmbH,
Ravensburg 2), 4)

Connect-Fahrplanauskunft GmbH, Hanover 2), 3)
Deutschlandtarifverbund-GmbH (DTVG),
Frankfurt am Main 4)
Filsland Mobilitätsverbund GmbH, Göppingen 2), 4)
FSN Fahrzeugservice Neunkirchen GmbH,
Neunkirchen 2), 4)
Kahlgrund-Verkehrs-Gesellschaft mit beschränkter
Haftung, Schöllkrippen 2), 3)
Kitzinger Nahverkehrsgemeinschaft (KiNG),
Kitzingen 2), 5)
Kreisbahn Aurich GmbH, Aurich 2), 4)
Niedersachsentarif GmbH, Hanover 2), 4)
NSH Nahverkehr Schleswig-Holstein GmbH,
Kiel 2), 4)
OstalbMobil GmbH, Aalen 2), 4)
RBP Regionalbusverkehr Passau Land GmbH,
Bad Füssing 2), 4)
Regio-Verkehrsverbund Freiburg GmbH (RVF),
Freiburg im Breisgau 2), 4)
Saarländische Nahverkehrs-Service GmbH,
Saarbrücken 2), 4)
stadtbus Ravensburg Weingarten GmbH,
Ravensburg 2), 4)
TGO – Tarifverbund Ortenau GmbH, Offenburg 2), 4)
Verkehrsgemeinschaft am Bayerischen Untermain – VAB GmbH, Aschaffenburg 2), 6)
Verkehrsgemeinschaft Mittelthüringen GmbH
(VMT), Erfurt 2), 4)
Verkehrsunternehmen Hegau-Bodensee Verbund
GmbH (VHB), Konstanz 2), 4)
Verkehrsunternehmens-Verbund Mainfranken
GmbH – VVM, Würzburg 2), 4)
Verkehrsverbund Großraum Nuremberg GmbH
(VGN), Nuremberg 2), 4)
Verkehrsverbund Neckar-Alb-Donau GmbH(naldo), Hechingen 2), 4)
Verkehrsverbund Schwarzwald-Baar GmbH (VSB),
Villingen-Schwenningen 2), 3)
Verkehrsverbund Süd-Niedersachsen GmbH (VSN),
Göttingen 2), 3)
VGC Verkehrsgesellschaft Bäderkreis Calw mbH,
Calw 2), 3)
VHN Verkehrsholding Nord GmbH&Co. KG,
Schleswig 2), 4)
VHN Verwaltungsgesellschaft mbH, Schleswig 2), 4)
WNS Westpfälzische Nahverkehrs-Service GmbH,
Kaiserslautern 2), 4)
WTV Waldshuter Tarifverbund GmbH,
Waldshut-Tiengen 2), 4)

Currency

241

EUR

EUR

Our contribution toclimate protection

To ourstakeholders

SUBSIDIARY / Name and registered office

DB Cargo BTT GmbH, Mainz

Group
management report

Currency
EUR

DB Cargo Bulgaria EOOD, Sofia/Bulgaria

BGN

Doncaster/United Kingdom

GBP

DB Cargo Components Limited,

Consolidated
financial statements

Equity(thousand)1)

Ownership (%)

2,856
14,566100.00100.00100.00100.00100.00100.00100.00

DB Cargo Hungaria Kft., Györ/Hungary

HUF

325
69,76016,98525,82910,721,252

Doncaster/United Kingdom
DB Cargo International Limited,
Doncaster/United Kingdom
DB Cargo Italia S.r.l., Milan/Italy
DB Cargo Italia Services S.r.l., Milan/Italy
DB Cargo Italy S.r.l., Novate Milanese/Italy
DB Cargo Logistics GmbH, Kelsterbach
DB Cargo Maintenance Limited,
Doncaster/United Kingdom
DB Cargo Nederland N.V., Utrecht/the Netherlands
DB Cargo Polska S.A., Zabrze/Poland
DB Cargo Scandinavia A/S, Taastrup/Denmark
DB Cargo Schweiz GmbH, Opfikon/Switzerland
DB Cargo Services Limited,
Doncaster/United Kingdom
DB Cargo Spedkol Sp. z o.o.,Kędzierzyn-Koźle/Poland
DB CARGO TRANSASIA International Freight
Forwarding Shanghai Co., Ltd., Shanghai/China
DB Cargo VermögensverwaltungsAktiengesellschaft, Mainz
DB Intermodal Services GmbH, Mainz
DB PORT SZCZECIN Sp. z o.o., Stettin/Poland
Deutsche Bahn Cargo Romania S.R.L.,
Bucharest/Romania
Deutsche Bahn Iberica Holding, S.L.,
Barcelona/Spain
Deutsche TRANSFESA GmbH Internationale
Eisenbahn-Spezial-Transporte, Kehl/Rhine
Doker-Port Sp. z o.o., Stettin/Poland
Infra Silesia S.A., Rybnik/Poland
KombiTerminal Burghausen GmbH, Mainz
Locomotive 6667 Ltd, Doncaster/United Kingdom
Locomotive Operating Leasing Partnership,
Doncaster/United Kingdom
MDL Distribución y Logistica S.A., Madrid/Spain
Mitteldeutsche Eisenbahn GmbH, Schkopau
New Locomotive Finance Ltd,
Doncaster/United Kingdom
OOO DB Cargo Russija, Moscow/Russia
Pool Ibérico Ferroviario A.I.E., Madrid/Spain
Rail Express Systems Ltd,
Doncaster/United Kingdom
Rail Service Center Rotterdam B. V.,
Rotterdam/the Netherlands
Rail Terminal Services Limited,
Doncaster/United Kingdom
RBH Logistics GmbH, Gladbeck
Sociedad de Estudios y Explotacion de Material
Auxiliar de Transportes, S.A. (“SEMAT”),
Madrid/SpainTFG Transfracht GmbH, Mainz
Transervi S.A., Madrid/Spain
Transfesa France SAS, Aubervilliers/France
Transfesa Logistics, S.A., Madrid/Spain
Transfesa Portugal Lda., Lisbon/Portugal
Transfesa UK Ltd., Rainham (Essex)/United Kingdom

GBP

753

100.00GBP

25,90531,191
2,850
11,27554,734100.0060.00
100.00100.00100.00CHF

3,600
19,434
473,589242,545– 1,475

100.00100.00100.00100.00100.00GBP

196

100.00PLN

19,059100.00CNY

15,904100.00

EUR
PLN

50
9,697
37,983100.00100.0096.82

RON– 7,040

100.00EUR93,817100.00

EUR

1,342
1,434
16,6291,118
138,472

70.29
96.82
100.0068.86
100.00

DB Cargo Czechia s.r.o., Ostrava/Czech Republic
DB Cargo Eurasia GmbH, Berlin

DB Cargo France SAS, Aubervilliers/France
DB Cargo Information Services Limited,

CZK
EUR
EUR

EUR
EUR
EUR
EUR
GBP
EUR
PLN
DKK

EUR

PLN
PLN
EUR
GBP

113,673
1,424
5,226

100.00
70.29
80.00

EUR

0
280,066– 995

100.00100.0046.11

GBP18,755100.00

EUR

1,800

51.79

GBP
EUR
EUR
GBP
RUB

GBP
EUR

935
2,255

baymodal Bamberg GmbH, Bamberg

CD-DUSS Terminal, a.s.,

Lovosice/Czech Republic2), 3)

2), 4)SUBSIDIARY / Name and registered office

Container Terminal Dortmund GmbH,
Dortmund 2), 3)
Container Terminal Enns GmbH, Enns/Austria 2)
CTS Container-Terminal GmbH
Rhein-See-Land-Service, Cologne 2), 4)
DCH Düsseldorfer Container-Hafen GmbH,
Düsseldorf 2), 3)
Dörpener Umschlaggesellschaft für den
kombinierten Verkehr mbH (DUK), Dörpen 2), 4)
EP Merseburg Transport und Logistik GmbH,
Merseburg 2), 4)
Hispanauto Empresas Agrupadas A.E.I.E.©,
Madrid/Spain 3)
INTERCONTAINER – INTERFRIGO SA i. L.,
Sint-Agatha-Berchem/Belgium 2), 3)
Kombiverkehr Deutsche Gesellschaft für
kombinierten Güterverkehr mbH&Co.
Kommanditgesellschaft, Frankfurt am Main 2), 4)
Lokomotion Gesellschaft für Schienentraktion
mbH, Munich 2), 4)
Mediterranean Hub Monfalcone S.r.l.,Monfalcone/Italy 2), 3)
OPTIMODAL NEDERLAND B.V.,
Rotterdam/the Netherlands 2), 3)
PKV Planungsgesellschaft kombinierter Verkehr
Duisburg mbH, Duisburg 2), 4)
SLASKIE CENTRUM LOGISTYKI S.A.,
Gliwice/Poland 2), 4)
Stifa S.A. i.L., Malveira/Portugal 4), 8)
Terminal Singen TSG GmbH, Singen 2), 4)
Xrail AG, Basel City/Switzerland 2), 4)

EUR

DB broadband GmbH, Frankfurt am Main

EUR
EUR
EUR
EUR
GBP

43.11
100.00
70.29
70.29
70.29
70.29
70.29

EUR

6,793
872

50.00
25.10

EUR
CZK

18,130Ownership (%)

EUR

5,291
14,354

30.88
49.00

EUR

1,807

22.50

EUR

3,693

62.02

EUR

4,977

35.00

EUR

48

39.20

EUR

952

52.76

EUR

– 21,778

36.77

EUR

18,45152.18

EUR

13,526

41.78

EUR

11

49.00

EUR

477

63.42

EUR

1,911

76.09

PLN

53,940
– 85
399
717

20.55
35.15
52.41
36.80

100.00100.00100.00

EUR

EUR
EUR
CHF

DB Netz Aktiengesellschaft, Frankfurt am Main

EUR

5,378
2,615
10,198,539

Frankfurt am Main
Deutsche Umschlaggesellschaft Schiene – Straße(DUSS) mbH, Bodenheim
DSD Digitale Schiene Deutschland GmbH, Berlin
MegaHub Lehrte Betreibergesellschaft mbH,
Bodenheim

EUR

3,579

100.00

EUR

1,806
25

94.02
100.00

EUR

907

87.05

SIGNON Deutschland GmbH, Berlin

EUR

22,963100.00

EUR

513

49.90

EUR

0
0

25.00
25.00

EUR

4,836
6

24.53
57.55

EUR

2,908

36.55

EUR
EUR

8,690
2,558,453
32

51.00
100.00100.00

EUR

200

25.00

EUR

434,436

100.00EUR

45100.00GBP

511,333
85,465100.00100.00DB Fahrwegdienste GmbH, Berlin

DB RegioNetz Infrastruktur GmbH,

EUR
EUR

EUR

AT EQUITY

BahnflächenEntwicklungsGesellschaft NRW mbH,
Essen 2), 3)
EEIG Corridor Rhine – Alpine EWIV,Frankfurt am Main 2), 9)
EWIV Atlantic Corridor, Bordeaux/France 2), 7)
Güterverkehrszentrum Entwicklungsgesellschaft
Dresden mbH, Dresden 2), 4)
TKN Terminal Köln-Nord GmbH, Cologne 2), 10)
TriCon Container-Terminal Nürnberg GmbH,
Nuremberg 2), 4)

EUR
EUR

D B N E T Z E S TAT I O N S

100.00100.00

5,439
7,258
7,805
1,568
25,807373
573

Equity(thousand)1)

Currency

FULLY CONSOLIDATEDFULLY CONSOLIDATEDDB BahnPark GmbH, Berlin

DB Station&Service Aktiengesellschaft, Berlin
EUR

Additional
information

D B N E T Z E T R AC KMEKB GmbH, Berlin

EUR

AT EQUITY

Clever Order Services GmbH, Berlin 2), 7), 8)
D B N E T Z E E N E R GY
FULLY CONSOLIDATEDDB Energie GmbH, Frankfurt am Main
OTHER SUBSIDIAR IES
FULLY CONSOLIDATEDAT EQUITY

ATN Auto Terminal Neuss GmbH&Co. KG, Neuss 2), 7)

Notes tosustainability

Arriva Holding N.V., Amsterdam/the Netherlands
Arriva Investments Limited,
Sunderland/United Kingdom
BAX Global Inc., Norfolk/USA

49.00

242

USD

Our contribution toclimate protection

To ourstakeholders

SUBSIDIARY / Name and registered office

DB Bahnbau Gruppe GmbH, Berlin

DB Barnsdale AG, Berlin

DB Competition Claims GmbH, Berlin
DB Dialog GmbH, Berlin

DB E.C.O. North America Inc.,
Wilmington/NC/Delaware/USA

Group
management report

Currency
EUR
EUR
EUR
EUR

34,2206,636
18,1251,166

100.00100.00100.00100.00Rail Technology Company Limited,
Jeddah/Saudi Arabia 2), 3)
SSG Saar-Service GmbH, Saarbrücken 2), 3)
Stinnes Holz GmbH, Berlin 2), 3)

100.00100.00100.000– 2,244
3,012
2,342
11,706
2,090
82,799
1,198
13,942
463,383
471,955
95,096– 199
88,27627,786100.00100.00100.00100.00100.00100.00100.00100.00100.00100.00100.00100.00100.00100.00100.0069,4392,071,967

100.00100.00

EUR

2,688
4,338

100.00100.00

EUR

2,163

65.00

EUR

4,894

65.00

GBP

– 446

100.00EUR

20,4312,131

100.00100.00– 2,356
12,342426
25,90476.99
100.0049.00
80.00– 28,363
194

100.00100.00EUR

272
92,179
7,589
1,637
9,457

100.00100.0049.00
100.00100.00

AED

147

49.00

EUR

976,421

24.90

EUR
EUR

1,547,995– 37,356
231

22.60
75.98
50.00

EUR

3,608

20.51

EUR

50

20.02

EUR

DB International (Beijing) Co., Ltd., Beijing/China

CNY

Ltda., Rio de Janeiro/Brazil
DB JobService GmbH, Berlin
DB Kommunikationstechnik GmbH, Eschborn
DB Projekt Stuttgart-Ulm GmbH, Stuttgart
DB Services GmbH, Berlin
DB Sicherheit GmbH, Berlin
DB Systel GmbH, Frankfurt am Main
DB Systel UK Limited, Doncaster/United Kingdom
DB Systemtechnik GmbH, Minden
DB US Corporation, Tarrytown/USA
DB US Holding Corporation, Tarrytown/USA
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 Engineering&Consulting
India Private Limited, Bangalore/India
Deutsche Bahn Finance GmbH, Berlin
Deutsche Bahn International Operations GmbH,
BerlinDeutsche Bahn Stiftung gGmbH, Berlin
DVA Deutsche Verkehrs-Assekuranz-VermittlungsGmbH, Bad Homburg v. d. Höhe

BRL

Engineering Support Group Ltd,
Doncaster/United Kingdom
ESE Engineering und Software-Entwicklung GmbH,
Braunschweig
infraView GmbH, Mainz
Innovationszentrum für Mobilität und gesellschaftlichen Wandel (InnoZ) GmbH i. L., Berlin
ioki GmbH, Frankfurt am Main
Liropa S.A., Montevideo/Uruguay
Mobimeo GmbH, Berlin
Precision National Plating Services, Inc.,
Delaware/USA
Railway Approvals Germany GmbH, Minden
Railway Approvals Ltd,
Doncaster/United Kingdom
Schenker (BAX) Holding Corp., Delaware/USA
Thelo DB (Pty) Ltd., Johannesburg/South Africa
UBB Polska Sp.z o.o., Swinemünde/PolandUBB Usedomer Bäderbahn GmbH, Heringsdorf

SUBSIDIARY / Name and registered office245,749
11,615– 85

EUR

DVA REINSURANCE DESIGNATED ACTIVITY
COMPANY, Dublin/Ireland

Ownership (%)

100.00100.00Frankfurt am Main

DB International Brasil Servicos de Consultoria

Equity(thousand)1)– 235
76,812USD
EUR

DB Gastronomie GmbH, Frankfurt am Main

EUR
EUR
EUR
EUR
EUR
EUR
GBP
EUR
USD
USD
EUR
EUR
EUR
EUR
INR
EUR
EUR

EUR
EUR
EUR
USD
EUR
USD
EUR
GBP
USD
ZAR
PLN

Eurail B.V., Utrecht/the Netherlands 2), 3)
Eurail Group G.I.E., Luxembourg/Luxembourg 2), 3)
TREMA Grundstücks-Vermietungsgesellschaft
mbH&Co. Objekt Bahnhöfe West KG, Berlin 2), 4)
TRENTO Grundstücks-Vermietungsgesellschaft
mbH&Co. Objekt Bahnhöfe Ost KG i. L.,
Düsseldorf 2), 4)

Mobility inside Holding GmbH&Co. KG,
Frankfurt am Main 4)
Mobility inside Verwaltungs GmbH,
Frankfurt am Main 2), 4)

Equity(thousand)1)

Ownership (%)

1,252
1,719
165

24.90
25.50
53.00

EUR

3,683
3,615

28.72
24.47

EUR

4,221

94.00

EUR

0

100.00GBP

524

100.00EUR

93100.00

GBP
GBP

0
1,346
79

100.00100.00100.00GBP

0100.00

GBP
CZK

– 97
493,916100.00100.00GBP

0100.00GBP

0100.00GBP

0100.00PLN– 57,118
516,58699.80
100.00

DKK

16,343
166,644

100.00100.00EUR

14,621

99.95

GBP

28,756100.00GBP

0100.00

GBP

DKK

1,570
21,809270,686
39,939,564
63,151100.00100.00100.00100.00100.00GBP

4,229

100.00EUR

60

100.00EUR

60

100.00EUR

1,173,523

100.00EUR

133

100.00EUR
EUR

131,138
1,029
234,365

100.00100.00100.00GBP

3,279

100.00GBP
EUR

18,719469
12,853100.00100.00
60.42

EUR

47

100.00Currency
SAR
EUR
EUR

EUR

EUR

FULLY CONSOLIDATED

00741078 Limited, Sunderland/United Kingdom
ACTIJOVEN CONSULTING&TRAVELLING s.l.,
Madrid/Spain
Alliance Rail Holdings Ltd,
Sunderland/United Kingdom
Ambuline Limited, Sunderland/United Kingdom
APS (Leasing) Ltd, Sunderland/United Kingdom
Arriva ABC GP Limited,
Edinburgh/United Kingdom
Arriva ABC Scottish Limited Partnership,
Edinburgh/United Kingdom
ARRIVA autobusy a.s., Chrudim/Czech Republic
Arriva Bus&Coach Holdings Limited,
Sunderland/United Kingdom
Arriva Bus&Coach Ltd,
Sunderland/United Kingdom
Arriva Bus Abu Dhabi Limited,
Sunderland/United Kingdom
Arriva Bus Transport Polska Sp. z o.o.,Toruń/Poland
Arriva City s.r.o., Prague/Czech Republic
Arriva Cymru Limited,
Sunderland/United Kingdom
Arriva Danmark A/S, Kastrup/Denmark
Arriva Dolenjska in Primorska, druzba za prevoz
potnikov, d.o.o., Koper/Slovenia
Arriva Durham County Limited,
Sunderland/United Kingdom
Arriva East Herts&Essex Ltd,
Sunderland/United Kingdom
Arriva Finance Lease Limited,
Sunderland/United Kingdom
Arriva Galicia S.L., Ferrol/Spain
Arriva Hrvatska d.o.o., Osijek/Croatia
Arriva Hungary Zrt., Budapest/Hungary
Arriva Insurance A/S, Kastrup/Denmark
Arriva Insurance Company (Gibraltar) Limited,
Gibraltar/Gibraltar
Arriva International (Northern Europe) Limited,
Sunderland/United Kingdom
Arriva International (Southern Europe) Limited,
Sunderland/United Kingdom
Arriva International Limited,
Sunderland/United Kingdom
Arriva International Trains (Leasing) Limited,
Sunderland/United Kingdom
ARRIVA INVESTIMENTOS SGPS, SA,
Almada/Portugal
Arriva Italia Rail S.R.L., Milan/Italy
Arriva Italia s.r.l., Milan/Italy
Arriva Kent&Surrey Limited,
Sunderland/United Kingdom
Arriva Kent Thameside Limited,
Sunderland/United Kingdom
Arriva Letbane ApS, Kastrup/Denmark
ARRIVA Liorbus, a. s., Ružomberok/Slovakia
ARRIVA LISBOA TRANSPORTES SA,
Almada/Portugal

AT EQUITY

BwFuhrparkService GmbH, Troisdorf 2), 4)
EUROFIMA European Company for the Financingof Railroad Rolling Stock, Basel/Switzerland 4)
GHT Mobility GmbH, Berlin 2), 4)
inno2grid GmbH, Berlin 2), 4)

Additional
information

D B A R R I VA

PRO RATA

Etihad Rail DB Operations LLC,
Abu Dhabi/United Arab Emirates

Notes tosustainability

FAIR VALUE

DB Engineering&Consulting GmbH, Berlin
DB Fahrzeuginstandhaltung GmbH,

Consolidated
financial statements

243

GBP

CZK
GBP

EUR
HRK
HUF

EUR

DKK

Our contribution toclimate protection

To ourstakeholders

SUBSIDIARY / Name and registered office

Arriva LITAS d.o.o. Požarevac, Požarevac/Serbia
ARRIVA LONDON NORTH LTD,
Sunderland/United Kingdom
Arriva London Pension Scheme Trustee Limited,
Sunderland/United Kingdom
ARRIVA LONDON SOUTH LTD,
Sunderland/United Kingdom
ARRIVA MADRID MOVILIDAD S.L., Madrid/Spain
Arriva Manchester Limited,
Sunderland/United Kingdom
Arriva Merseyside Limited,
Sunderland/United Kingdom
ARRIVA METROPOLITANA S.L.,
Paseo de la Estacion/Spain
ARRIVA Michalovce, a.s., Michalovce/Slovakia
Arriva Midlands Limited,
Sunderland/United Kingdom
Arriva Midlands North Limited,
Sunderland/United Kingdom
Arriva Mobility Solutions, s.r.o.,Bratislava/Slovakia
Arriva Morava a.s., Ostrava/Czech Republic
Arriva Motor Holdings Limited,
Sunderland/United Kingdom
Arriva Multimodaal BV,
Heerenveen/the Netherlands
ARRIVA NITRA a.s., Nitra/Slovakia
Arriva North East Limited,
Sunderland/United Kingdom
Arriva North West Limited,
Sunderland/United Kingdom
Arriva Northumbria Limited,
Sunderland/United Kingdom
ARRIVA Nove Zamky, a.s., Nove Zamky/Slovakia
Arriva Östgötapendeln AB, Nacka/Sweden
Arriva Passenger Services Pension Trustees Limited,
Sunderland/United Kingdom
Arriva Personenvervoer Nederland BV,
Heerenveen/the Netherlands
Arriva plc, Sunderland/United Kingdom
Arriva Polska Sp. z o.o., Warsaw/Poland
ARRIVA PORTUGAL – TRANSPORTES LDA,
Guimaraes/Portugal
Arriva 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
Arriva Scotland West Limited,
Glasgow/United Kingdom
Arriva Service A/S, Kastrup/Denmark
Arriva Service AB, Stockholm/Sweden
Arriva Service s.r.o., Komárno/Slovakia
Arriva Services a.s., Králův Dvůr/Czech Republic
ARRIVA Slovakia a.s., Nitra/Slovakia
Arriva South Eastern Rail Limited,
Sunderland/United Kingdom
ARRIVA SPAIN HOLDING, S.L., Madrid/Spain
Arriva Spain Rail S.A., Madrid/Spain
Arriva Středni Čechy s.r.o.,
Kosmonosy/Czech Republic
Arriva Sverige AB, Nacka/Sweden
Arriva Tag AB, Nacka/Sweden
Arriva Techniek BV, Heerenveen/the Netherlands
Arriva the Shires Limited,
Sunderland/United Kingdom
Arriva Tog A/S, Kastrup/DenmarkGroupmanagement report

Consolidated
financial statements

Currency

Equity(thousand)1)

Ownership (%)

RSD

853,889

100.00GBP

17,544100.00GBP

0100.00GBP
EUR82,61138,385100.00100.00GBP

0100.00GBP

60,238100.00

EUR
EUR

160
5,056
18,606100.00GBP

6,572

100.00EUR
CZK– 2,792
1,081,022

100.00100.00GBP

97,345100.00

EUR
EUR

18
– 866

100.00
60.48

GBP

6,319

100.00GBP

3,725

100.00GBP
SEK11,424
12,467
18,916100.0060.36
100.00GBP

0100.00EUR
PLN

327,503
925,051
9,323

100.00100.00100.00EUR

3,132

100.00GBP

0100.00GBP

31,409100.00GBP– 61,962

100.00GBP

058,091100.00100.00

2,267
2,707
3,576
9,809
62,077
17,363100.00100.00100.00100.00100.00100.00059,848144

100.00100.00100.00832,147
213,143
5,225
1,229

100.00100.00100.00100.0011,94973,624100.00100.00

EUR

GBP

PLN
GBP
DKK
SEK
EUR
CZK
EUR
GBP
EUR
EUR
CZK
SEK
SEK
EUR
GBP
DKK

SUBSIDIARY / Name and registered office

Arriva Touring BV, Heerenveen/the Netherlands
Arriva Trains Holdings Limited,
Sunderland/United Kingdom
Arriva Trains Romania SRL, Bucharest/Romania
Arriva Trains Wales/Trenau Arriva Cymru Limited,
Sunderland/United Kingdom
Arriva Transport Česká Republika a.s.,
Prague/Czech Republic
Arriva Transport Solutions Limited,
Sunderland/United Kingdom
ARRIVA TRANSPORTES DA MARGEM SUL SA,
Almada/Portugal
ARRIVA Trnava, a. s., Trnava/Slovakia
Arriva Trustee Company Limited,
Sunderland/United Kingdom
Arriva Udine S.P.A., Udine/Italy
Arriva UK Bus Holdings Limited,
Sunderland/United Kingdom
Arriva UK Bus Investments Limited,
Sunderland/United Kingdom
Arriva UK Bus Limited,
Sunderland/United Kingdom
Arriva UK Bus Properties Limited,
Sunderland/United Kingdom
Arriva UK Trains Limited,
Sunderland/United Kingdom
Arriva Veneto S.r.l., Venice/Italy
ARRIVA VIAJES AGENCIA OPERADORA S.L.,
Madrid/Spain
Arriva vlaky s.r.o., Prague/Czech Republic
Arriva Yorkshire Ltd,
Sunderland/United Kingdom
Arriva, druzba za prevoz potnikov, d.o.o.,
Kranj/Slovenia
ArrivaBus Kft., Székesfehérvár/Hungary
At Seat Catering (2003) Limited,
Sunderland/United Kingdom
Autobusni kolodovr d.o.o. Karlovac,
Karlovac/Croatia
Autocares Mallorca, s.l., Alcudia/Spain
Autoprometno poduzece d.d. Požega,Požega/Croatia
Autos Carballo, S.L., Paseo de la Estacion/Spain
Autotrans d.d., Cres/Croatia
Autotrans Lika d.d., Otočac/Croatia
Bergamo Trasporti Est S.c.a.r.l., Bergamo/Italy
Botniatag AB, Umeå/Sweden
Bus Nort Balear s.l., Alcudia/Spain
BUS Service Járműjavitó es Szolgáltató Kft.,
Budapest/Hungary
Busdan 32.1 A/S, Kastrup/Denmark
BUSDAN 35 ApS, Kastrup/Denmark
BUSDAN 37 ApS, Kastrup/Denmark
BUSDAN 38 ApS, Kastrup/Denmark
BUSDAN 39 ApS, Kastrup/Denmark
BUSDAN 40 ApS, Kastrup/Denmark
BUSDAN 42 ApS, Kastrup/Denmark
Centrebus Holdings Limited,
Sunderland/United Kingdom
Classic Coaches (Continental) Limited,
Sunderland/United Kingdom
CSAD MHD Kladno a.s., Kladno/Czech Republic
DB Regio Tyne and Wear Limited,
Sunderland/United Kingdom
EMPRESA DE BLAS Y COMPANIA S.A.,
Madrid/Spain
ESFERA BUS S.L., Madrid/Spain
Estacion de autobuses de Ferrol S.A., Ferrol/Spain
Grand Central Railway Company Limited,
Sunderland/United Kingdom

100.0060.14

GBP

Notes tosustainability

244

Additional
information

Currency

Equity(thousand)1)

Ownership (%)

EUR

3,325

100.00

GBP
RON

112,426
19,342100.00100.00GBP

7,216

100.00CZK

3,626,841

100.00GBP– 643

100.00EUR

115,623
15,734100.00
60.50

EUR

0
85,029100.0060.00

GBP421,188

100.00GBP

81,800100.00GBP

4,552

100.00GBP

1,480

100.00

GBP

246,163611

100.00
50.00

CZK

338
354,720100.00100.00GBP

25,264100.00EUR
HUF

49,54428,931,725

100.00
99.00

GBP

0

100.00

HRK

5,387
3,212

68.06
100.0072,166
5,889
70,367
2,491
10
407
238

66.02
100.00
73.18
58.14
93.67
60.00
100.00

DKK

3,128,529
39,21896,061
199,187
45,42925,761
47,987
13,14399.00
100.00100.00100.00100.00100.00100.00100.00GBP

308

100.00GBP
CZK

0277,422100.00100.00GBP– 1,251

100.00EUR
EUR

53,021283
402

100.00100.0080.14

GBP– 39,789

100.00

EUR
GBP

EUR
EUR

EUR
HRK
EUR
HRK
HRK
EUR
SEK
EUR
HUF
DKK
DKK
DKK
DKK
DKK
DKK

EUR

Our contribution toclimate protection

To ourstakeholders

SUBSIDIARY / Name and registered officeGreat North Eastern Railway Company Limited,
Sunderland/United Kingdom
Great North Western Railway Company Ltd,
Sunderland/United Kingdom
Greenline Travel Ltd,
Sunderland/United Kingdom
INTEGRAL AVTO prodaja, servisi in tehnični
pregledi vozil d.o.o., Jesenice/Slovenia
KD SERVIS a.s., Kladno/Czech Republic
London and North Western Railway Company
Limited, Sunderland/United Kingdom
M40 Trains Limited, Sunderland/United Kingdom
MTL Services Limited,
Sunderland/United Kingdom
NETOSEC S.L., Madrid/Spain
NV Personeel de Noord-Westhoek,
Heerenveen/the Netherlands
Panturist dioničko društvo za prijevoz putnika iturizam d.d., Osijek/Croatia
Premier Buses Ltd, Sunderland/United Kingdom
SAD INVEST, s.r.o., Trnava/Slovakia
Stevensons of Uttoxeter Limited,
Sunderland/United Kingdom
Teamdeck Limited, Sunderland/United Kingdom
TGM (Holdings) Limited,
Sunderland/United Kingdom
TGM Group Limited, Sunderland/United Kingdom
The Chiltern Railway Company Limited,
Sunderland/United Kingdom
Transcare Solutions Limited,
Sunderland/United Kingdom
Transportes Sul do Tejo S.A., Almada/Portugal
TRANSURBANOS DE GUIMARAES TP, LDA,
Guimaraes/Portugal
Trasporti Brescia Nord S.c.a.r.l., Brescia/Italy
Trasporti Brescia Sud S.c.a.r.l., Brescia/Italy
TUF-TRANSPORTES URBANOS DE FAMALICAO,LDA, Vila Nova de Famalicao/Portugal
UCPLUS A/S, Kastrup/Denmark
Velebit Turist d.o.o., Gospić/Croatia
White Rose Bus Company Limited,
Sunderland/United Kingdom
XC Trains Limited, Sunderland/United Kingdom
Yorkshire Tiger Limited,
Sunderland/United Kingdom
Zeta Automotive Limited,
Bicester/United Kingdom

Groupmanagement report

Consolidated
financial statements

Currency

Equity(thousand)1)

Ownership (%)

GBP0100.00GBP

0100.00GBP

8100.00

EUR
CZK
GBP
GBP
GBP
EUR

3,318
64,258100.00100.00115,97430

100.00100.00EUR

421

100.00

HRK

3,390
2,000
1,245

99.88
100.0060.50–20100.00100.00

GBP

0
1,189

100.00100.00GBP

26,652100.00

GBP

1,012
7,091

100.00100.00

2,052
200
100

100.00
92.00
93.00

GBP
EUR
GBP
GBP
GBP

EUR
EUR
EUR
EUR
EUR
DKK
HRK
GBP
GBP

–6
6,276
– 954

66.67
100.0073.18

035,998100.00100.00GBP

2,496

100.00GBP

56

100.00Helsingborg/Sweden 2), 3)
Aquabus BV, Heerenveen/the Netherlands 2), 4)
ATOC Limited, London/United Kingdom 2), 4)
Autopromet d.d. Slunj, Slunj/Croatia 2), 4)
Barraqueiro SGPS SA, Lisbon/Portugal 4)
Bergamo Trasporti Ovest S.c.a.r.l.,Bergamo/Italy 2), 3)
Bergamo Trasporti Sud Scarl, Bergamo/Italy 2), 3)
Estacion Autobuses de Pobra, Ferrol/Spain 2), 6)
Explotacion Gasoleos de la Coruna, s.l.,
Ferrol/Spain 2), 3)
EXTRA.TO S.c.a.r.l., Turin/Italy 2), 4)
Intercambiador de Transportes Principe PIO S.A.,
Madrid/Spain 2), 4)
Lecco Trasporti S.c.a.r.l., Lecco/Italy 2), 3)
London Overground Rail Operations Limited,
London/United Kingdom 2), 4), 8)
NRES Limited, London/United Kingdom 2), 4)
Omnibus partecipazioni S.R.L., Milan/Italy 4), 8)
Rail Settlement Plan Limited,
London/United Kingdom 2), 4)

HRK

633
5,291
– 16,961
7,635

24.00
50.00
23.81
20.37

EUR

90,746

31.50

EUR

10
10
3

65.76
25.57
33.33

177
115

40.00
30.01

13,816
10

30.00
58.73

EUR

894
71
9,861

50.00
20.00
50.00

GBP

– 567

20.00

SEK
EUR
GBP

EUR
EUR
EUR
EUR
EUR
EUR
GBP
GBP

Additional
information

Currency

Equity(thousand)1)

Ownership (%)

GBP– 2,208

20.00

EUR

56

33.33

EUR

928
125

9.81
24.98

EUR

– 15
63,060
2

20.00
39.94
50.00

GBP

0

42.47

GBP

0

50.00

EUR

1,674
895

100.00
49.00

EUR

1,723
– 268,954
7,623

100.00100.00100.00EUR

1,845

100.00

EUR

EUR

1,142
1,273
71
37,65330

100.0086.75
100.00100.0069.00

EUR277,929100.00

USD
BYN

2,281
718

100.00100.00RON

27,823100.00PHP

528,778

99.94

ZAR
UAH

63,150– 38,314

47.00
100.00EUR

827

100.00VES

8,707

100.00

EUR

5,078
25

100.00
69.00

PLN

7,414
2,649
8,884
32,85029
3,555

100.00100.00
69.00
69.00
69.00
69.00

EUR

17

69.00

EUR

26

69.00

MDL

SEK

3,414
– 711
85,994
16,86396.75
100.00100.00100.00SEK

32,675100.00SEK

68,592100.00

EUR
GBP
EUR

DB SCHENKER
FULLY CONSOLIDATEDAir Terminal Handling SAS,
Tremblay en France/France
Almoayed Schenker W.L.L., Manama/Bahrain 11)
Anterist+Schneider Zeebrugge BVBA,
Zeebrugge/Belgium
AO Schenker, Moscow/Russia
AS Schenker, Tallinn/Estonia
ASIMEX Anterist + Schneider Import– Export SAS,
Stiring-Wendel/France
ATLANTIQUE EXPRESS SAS,
Montaigu Cedex/France
BAX Global (Pty) Ltd., Johannesburg/South Africa
Bischof Gesellschaft mbH., Vienna/Austria
BTL Reinsurance S.A., Luxembourg/Luxembourg
Cartrend GmbH, Karlsruhe
DB France Holding SAS,
Gennevilliers Cedex/France
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 11)
DB Schenker, Kiev/Ukraine
ELAG Emder Lagerhaus und Automotive GmbH,
Emden
Engelberg Transportes Internacionales C.A.
(Entra), Caracas/Venezuela
EVAG Emder Verkehrs und Automotive
Gesellschaft mbH, Emden
EVB Handelshaus Bour GmbH, Landau in der Pfalz
Fastighets Aktiebolaget Orbyn,
Gothenburg/Sweden
HANGARTNER Terminal S.r.l., Verona/Italy
Intertec Asia Limited, Hong Kong/China
Intertec Beteiligungs-GmbH, Landau in der Pfalz
Intertec GmbH, Landau in der Pfalz
INTERTEC Polska Sp.zo.o., Nardarzyn/Poland
Inter-Union Technohandel Gesellschaft m.b.H.,
Vienna/Austria
Inter-Union Technohandel GmbH,
Landau in der Pfalz
Intreprinderea Mixta “S.C. Schenker” S.R.L.,
Chisinau/Moldova
Karpeles Freight Services, Inc., Chesapeake/USA
KB Ädelgasen 1 -Jönköping, Jönköping/Sweden
KB Älghunden Jönköping, Jönköping/Sweden
KB Arbetsbasen 4 -Stockholm,
Stockholm/Sweden
KB Ättehögen Östra 1 -Helsingborg,
Helsingborg/Sweden

AT EQUITYAB Busspunkten Helsingborg,

SUBSIDIARY / Name and registered office

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,
Pordenone/Italy 2), 4)
TPL FVG Scarl s.r.l., Gorizia/Italy 2), 4)
Train Information Services Limited,
London/United Kingdom 2), 4)
Trieste Trasporti S.P.A., Trieste/Italy 3)
Viajeros del Eo, Ferrol/Spain 2), 3)
West Yorkshire Ticketing Company Limited,
Altrincham/United Kingdom 2), 3)
WSMR (Holdings) Limited,
London/United Kingdom 2), 9)

100.00100.0014,95378,323

Notes tosustainability

245

BHD
EUR
RUB

ZAR
EUR
SEK

EUR
SEK
EUR
HKD
EUR
EUR

USD
SEK

Our contribution toclimate protection

To ourstakeholders

Groupmanagement report

Equity(thousand)1)

Ownership (%)

SEK129,765
24,962
132,136
49,15580,397
53,116
174,822555
12,594
1,029
34,712
34,85643,70058,221
66,006100.00100.00100.00100.00100.00100.00100.00100.00100.00100.00100.00100.00100.00100.00100.00SEK41,909100.00SEK

9,659
37,66925,47137,54830,924
18,44787,005100.00100.00100.00100.00100.00100.00100.00SEK

9,106
63,76445,801100.00100.00100.00EUR

925

100.00

EUR

1,901
1,341

100.00100.00661
625
10,5915,504
1,085

100.00100.00100.00100.00100.002,527
975

100.00100.00

EUR

1,850
26

100.0069.00

EUR61,171

69.00

EUR
USD

146
25,342

69.00
71.00

GBP

– 3,378

100.00

GBP

1,148
678
141,714100.00100.00100.00807,820574,448
55,650205,721609,469
7,183

100.00100.00100.0049.00
100.00100.00446,881
1,851,686
2,007
149,769

49.00
49.00
100.00100.00SUBSIDIARY / Name and registered office

Currency

KB Backa 107:3, Gothenburg/Sweden

SEK

KB Baggböle 2:35 -Umeå, Umeå/Sweden

KB Benkammen 12 -Malmö, Malmö/Sweden
KB Bleket 1 -Karlstad, Karlstad/Sweden

KB Distributören 3 och 4 -Örebro, Örebro/Sweden
KB Forsmark 2 -Stockholm, Stockholm/Sweden
KB Forsmark 3 -Stockholm, Stockholm/Sweden

KB Forsmark 5 Stockholm, Gothenburg/Sweden
KB Frysen 1 Visby, Visby/Sweden

KB Fryshuset 3-Visby, Visby/Sweden

KB Köpmannen 10 -Västerås, Västerås/Sweden

KB Langtradaren 2 Borlänge, Borlänge/Sweden
KB Lertaget 1, Skara, Skara/Sweden

KB Malmö Hamnen 22 Malmö, Malmö/Sweden
KB Maskinen 3 -Linköping, Linköping/Sweden
KB Önnestad 108:4 -Kristianstad,

Kristianstad/Sweden
KB Överön 1:66 -Örnsköldsvik,Örnsköldsvik/Sweden
KB Pantern 1 -Växjö, Växjö/Sweden
KB Reläet 8 -Norrköping, Norrköping/Sweden
KB Sörby 24:3 -Gävle, Gävle/Sweden
KB Storheden 1:8 -Luleå, Luleå/Sweden
KB Transporten 1 -Hultsfred, Hultsfred/Sweden
KB Transportören 1 -Värnamo, Värnamo/Sweden
KB Tveta-Valsta 4:5 Södertälje,Stockholm/Sweden
KB Vindtrycket 1 -Borås, Borås/Sweden
KB Vivstamon 1:13 -Timrå, Timrå/Sweden
Kiinteistö Oy Seinäjoen Kiitolinja-asema,
Seinäjoki/Finland
Kiinteistö Oy Tampereen Rahtiasema,
Tampere/Finland
Kiinteistö Oy Tir-Trans, Joentaustankatu/Finland
Kiinteistö Oy Turun Nosturinkatu 6,
Turku/Finland
Kiitoterminaali Oy, Oulu/Finland
Langtradaren i Jämtland AB, Gothenburg/Sweden
Lauri Vähälä Oy, Oulu/Finland
Loserco Andalucia, S.L., Cordoba/Spain
Loserco Logistica y Servicios de Cordoba, S.L.,
Cordoba/Spain
Loserco Malaga, S.L., Cordoba/Spain
Luxemburger Transport Logistik Diekirch S.A.,
Wilwerdange/Luxembourg
MTS HandelService GmbH, Landau in der Pfalz
MTS MarkenTechnikService GmbH&Co. KG,
Rülzheim
MTS MarkenTechnikService Verwaltungs-GmbH,
Rülzheim
PT. Schenker Petrolog Utama, Jakarta/Indonesia
Redhead Freight Limited,
Hounslow/United Kingdom
Redhead Holdings Limited,
Hounslow/United Kingdom
Rengaslinja Oy, Nokia/Finland
SCHENKER&CO AG, Vienna/Austria
Schenker (Asia Pacific) Pte. Ltd.,Singapore/Singapore
Schenker (H.K.) Ltd., Hong Kong/China
Schenker (Ireland) Ltd., Shannon/Ireland
Schenker (L.L.C), Dubai/United Arab Emirates 11)
Schenker (Lao) Sole Co., Ltd., Vientiane/Laos
Schenker (NZ) Limited, Auckland/New Zealand
Schenker (Thai) Holdings Ltd.,
Bangkok/Thailand 11)
Schenker (Thai) Ltd., Bangkok/Thailand
Schenker A.E., Athens/Greece
Schenker A/S, Hvidovre/Denmark

Consolidated
financial statements

SEK
SEK
SEK
SEK
SEK
SEK
SEK
SEK
SEK
SEK
SEK
SEK
SEK

SEK
SEK
SEK
SEK
SEK
SEK
SEK
SEK

EUR
EUR
EUR
SEK
EUR
EUR
EUR
EUR
EUR

EUR
EUR
SGD
HKD
EUR
AED
LAK
NZD
THB
THB
EUR
DKK

Notes tosustainability

SUBSIDIARY / Name and registered office

Schenker AB, Gothenburg/Sweden
Schenker AG&Co. Beteiligungsverwaltungs OHG,
Essen
Schenker Åkeri AB, Gothenburg/Sweden
Schenker Aktiengesellschaft, Essen
Schenker Americas, Inc., Miami/USA
Schenker Angola, Limitada, Luanda/Angola
Schenker Argentina S.A., Buenos Aires/Argentina
Schenker AS, Oslo/Norway
Schenker Australia Pty. Ltd., Alexandria/Australia
Schenker BITCC Customs Broker (Beijing) Co. Ltd.,
Beijing/China
Schenker BITCC Logistics (Beijing) Co., Ltd.,
Beijing/China
Schenker Business Services LLC, Moscow/Russia
Schenker Chile S.A., Santiago/Chile
Schenker China Ltd., Pudong/Shanghai/China
Schenker Consulting AB, Gothenburg/Sweden
Schenker d.d., Ljubljana/Slovenia
SCHENKER d.o.o., Sarajevo/Bosnia-Herzegovina
Schenker d.o.o., Zagreb/Croatia
Schenker d.o.o., Novi Banovci/Serbia
Schenker Dedicated Services AB,
Gothenburg/Sweden
Schenker Dedicated Services Germany GmbH,
Essen
Schenker Deutschland AG, Frankfurt am Main
Schenker Distribution Solutions, Inc.,
City of Paranaque/Philippines
Schenker do Brasil Transportes Internacionais
Ltda., São Paulo/Brazil
SCHENKER DOOEL, Skopje/Macedonia
Schenker Egypt Ltd., Cairo/Egypt
SCHENKER EOOD, Sofia/Bulgaria
Schenker Equipment AB, Gothenburg/Sweden
Schenker Europe GmbH, Frankfurt am Main
Schenker Filen 8 Aktiebolag, Gothenburg/Sweden
Schenker Flight Services GmbH, Frankfurt am Main
Schenker Flight Services International (H.K.)
Limited, Hong Kong/China
SCHENKER FRANCE SAS, Montaigu Cedex/France
Schenker Global Management&Services GmbH,
Essen
Schenker Global Management&Services PTE.
LTD., Singapore/Singapore
Schenker Global Management&Technology
Center Americas Inc., Miami/USA
Schenker GmbH für Beteiligungen, Essen
SCHENKER INDIA PRIVATE LIMITED,New Delhi/India
Schenker International (HK) Ltd.,
Hong Kong/China
Schenker International (Macau) Ltd.,
Macau/Macau
Schenker International S.A. de C.V.,
Mexico City/Mexico
Schenker Italiana S.p.A.,
Peschiera Borromeo (MI)/Italy
Schenker Jinbei Logistics (Shenyang) Co. Ltd.,
Shenyang/China
Schenker Kazakhstan LLP, Almaty/Kazakhstan
Schenker Khimji's LLC, Muscat/Sultanate of Oman
Schenker Korea Ltd., Seoul/Republic of Korea
Schenker Limited, London/United Kingdom
Schenker Limited, Nairobi/Kenya
Schenker Logistics (Bangladesh) Limited,
Dhaka/Bangladesh 11)
Schenker Logistics (Chengdu) Co., Ltd.,Chengdu/China
Schenker Logistics (Chongqing) Co. Ltd,
Chongqing/China

246

Additional
information

Currency

Equity(thousand)1)

Ownership (%)

SEK1,839,080

100.00

EUR

AUD

176
132,510
1,699,098
177,863
71,554
461,563
649,006
155,809100.00100.00100.00100.0099.90
100.00100.00100.00

CNY

1,006

70.00

CNY

RSD

99,409426,496
7,780,339
3,068,936
10,75723,327
1,444
20,380259,69170.00
100.00100.00100.00100.00100.00100.00100.00100.00SEK

135,272

100.00

EUR
EUR

– 717
56

100.00100.00PHP

104,368

98.51

BRL

88,832
98,772
124,292
48,866
11,05925
16,0091,637

100.00100.00100.00100.00100.00100.00100.00100.00EUR

20,105
227,186

100.00100.00EUR

3,924

100.00SGD

2,141

100.00

USD
EUR

1,294
155

100.00100.00INR

5,444,894

100.00HKD

2,579,472

100.00HKD

32,007100.00MXN

1,127,772

100.00EUR

96,441100.00

CNY

KES152,579– 27,651
884
94,330,459
53,224– 151,219

50.00
100.0060.00
100.00100.00100.00BDT

391,801

40.00

CNY

38,496100.00CNY

23,873100.00

SEK
EUR
USD
AOA
ARS
NOK

RUB
CLP
CNY
SEK
EUR
BAM
HRK

MKD
EGP
BGN
EUR
EUR
SEK
EUR
HKD

KZT
OMR
KRW
GBP

Our contribution toclimate protection

To ourstakeholders

SUBSIDIARY / Name and registered office

Schenker Logistics (Guangzhou) Company Ltd.,Guangzhou/China
Schenker Logistics (Jiaxing) Co., Ltd.,
Jiaxing/China
Schenker Logistics (Kunshan) Co., Ltd.,
Kunshan/China
Schenker Logistics (Malaysia) Sdn Bhd.,
Kuala Lumpur/Malaysia 11)
Schenker Logistics (Shanghai) Co., Ltd.,
Shanghai/China
Schenker Logistics (Shenzhen) Co. Ltd.,
Shenzhen/China
Schenker Logistics (Suzhou) Company Ltd.,
Suzhou/China
Schenker Logistics (Thai) Ltd.,
Bangkok/Thailand 11)
Schenker Logistics (Xiamen) Co. Ltd.,
Xiamen/China
Schenker Logistics AB, Gothenburg/Sweden
Schenker Logistics Inc.,
City of Calamba/Philippines
Schenker Logistics L.L.C.,
Abu Dhabi/United Arab Emirates 11)
Schenker Logistics Nederland B.V.,
Rotterdam/the Netherlands
Schenker Logistics Romania S.A.,
Bucharest/Romania
Schenker Logistics S.A., Barcelona/Spain
Schenker Logistics Vietnam Co., Ltd.,
Ho Chi Minh City/Vietnam
Schenker Logistics W.L.L., Doha/Qatar 11)
SCHENKER LUXEMBOURG GMBH,
Leudelange/Luxembourg
Schenker Manila Administrative CompetenceCenter Inc., Taguig City/Philippines
Schenker Maroc S.A.S, Casablanca/Morocco
Schenker Middle East FZE,
Dubai/United Arab Emirates
Schenker Myanmar Co., Ltd., Yangon/Myanmar
Schenker Namibia (Pty) Ltd., Windhoek/Namibia
Schenker Nederland B.V., Tilburg/the Netherlands
Schenker Nemzetközi Szállitmányozási és
Logisztikai Kft., Szigetszentmiklós/Hungary
Schenker NV, Antwerp/Belgium
Schenker Ocean Freight Services WLL,
Doha/Qatar 11)
Schenker of Canada Ltd., Toronto/Canada
Schenker OY, Helsinki/Finland
Schenker Panama S.A., Panama City/Panama
Schenker Peru S.R.L., Lima/Peru
Schenker Philippines (Subic) Inc.,
Subic/Philippines
Schenker Philippines, Inc.,
City of Makati/Philippines
Schenker Property Sweden AB,
Gothenburg/Sweden
SCHENKER RE DESIGNATED ACTIVITY COMPANY,
Dublin/Ireland
Schenker S.A., Guatemala City/Guatemala
SCHENKER s.r.o., Bratislava/Slovakia
Schenker Saudi Arabia LLC, Riad/Saudi Arabia
Schenker Schweiz AG, Zurich/Switzerland
Schenker Shared Services (Nanjing) Co. Ltd.,
Nanjing/China
Schenker Singapore (PTE) Ltd.,Singapore/Singapore
Schenker South Africa (Pty) Ltd.,
Isando/South Africa
Schenker Sp. z o.o., Warsaw/Poland
SCHENKER spol. s r.o., Prague/Czech Republic
Schenker Technik GmbH, EssenGroup
management report

Consolidated
financial statements

Currency

Equity(thousand)1)

Ownership (%)

CNY

88,684100.00CNY

281,556

100.00CNY

58,801100.00MYR

336,033

40.00

CNY

135,247

100.00CNY

14,852100.00CNY

130,629100.00THB– 148,407

49.00

CNY
SEK

89,24491,561100.00100.00PHP

19,128100.00AED

42,21849.00

EUR

75,584100.00RON

349,968
119,930

99.53
100.0072,086,684
2,764

51.00
49.00

EUR
VND
QAR

Notes tosustainability

SUBSIDIARY / Name and registered office

Schenker Technology Center (Warsaw) sp. z o.o.,
Warsaw/Poland
Schenker Transitarios, S.A., Loures/Portugal
Schenker Transport Aktiebolag,
Gothenburg/Sweden
Schenker Transport Groep B.V.,
Tilburg/the Netherlands
Schenker Vietnam Co., Ltd.,
Ho Chi Minh City/Vietnam
Schenker, Inc., New York/USA
Schenker-Arkas Nakliyat Ve Tic. A.S.,
Zincirlikuyu/Turkey
Schenkerocean Ltd, Wanchai/Hong Kong/China
Schenker-Seino Co. Ltd., Tokyo/JapanSIA Schenker, Riga/Latvia
Sky Partners OÜ, Tallinn/Estonia
SW Zoll-Beratung GmbH, Furth im Wald
TEGRO AG, Schwerzenbach/Switzerland
Trafikaktiebolaget NP Kagström,
Gothenburg/Sweden
TRANSA Spedition GmbH, Offenbach am Main
Transportes Santos Campos S.A.,
Benicarlo (Castellon)/Spain
Transport-Gesellschaft mit beschränkter Haftung(vormals J. Hevecke TRG) i. L., Hamburg
Transworld Asig – Broker de Asigurare SRL,
Bucharest/Romania
UAB “Schenker”, Vilnius/Lithuania
Vähälä Logistics Oy, Oulu/Finland
Viktor E. Kern Gesellschaft m.b.H., Vienna/Austria

Additional
information

Equity(thousand)1)

Ownership (%)

EUR

5,661
12,546100.00100.00SEK

21,926100.00EUR

5,014

100.00VND 956,145,803

Currency
PLN

USD

203,144

100.00100.00TRY

211,336
7,245
6,912,271
5,270
390
3,273
10,75755.00
100.0060.00
100.00100.00100.00
62.10

EUR

1,181
13,086100.00100.00EUR

5,824

100.00

EUR

484

96.70

RON

EUR

348
1,071
11,9691,791

99.53
100.00100.0069.00

EUR12,037

33.72

CHF
SEK

3,101
115
56,002

26.00
33.33
35.00

SEK

6,354

50.00

EUR
EUR

97
2,943

50.00
50.00

NOK

17,745

33.30

EUR

1,214

20.00

MDL

12,907

33.17

EUR

407

24.75

EUR

1,043
18,863
15,680

20.00
50.00
50.00

HKD
JPY
EUR
EUR
EUR
CHF
SEK

EUR
EUR

AT EQUITY

EUR

5,773

100.00ADRIA KOMBI d.o.o., Ljubljana,PHP382,687
14,92699.94
100.00ATS Air Transport Service AG,

316,301
4,568,203– 5,826
30,911100.00100.00100.00100.006,687,424
27,975100.00100.00PEN

2,040
117,286
99,476
1,406– 1,12049.00
100.00100.00100.00100.00PHP89,338100.00

MAD
AED
MMK
NAD
EUR
HUF
EUR
QAR
CAD
EUR
USD

PHP

939,636

100.00SEK

503,132

100.00

EUR

CHF

44,441– 22,380
6,783
27,30474,971100.00100.00100.00100.00100.00CNY

47,890100.00SGD

431,917100.00ZAR

193,454286,386
1,427,135
5,809

86.75
99.68
100.00100.00

GTQ
EUR
SAR

PLN
CZK
EUR

Ljubljana/Slovenia 2), 4)

Zurich/Switzerland
Autoport Emden GmbH, Emden 2), 4)
Bäckebols Akeri AB, Gothenburg/Sweden 2), 3)
BTU – Bilspedition Transportörer Utvecklings AB,
Solna/Sweden 2), 3)
Elevator-Gesellschaft mit beschränkter Haftung,Hanover 2), 3)
Express Air Systems GmbH (EASY), Kriftel 2), 4)
Gardermoen Perishables Center AS,
Gardermoen/Norway 2), 4)
Germans Corbalan&Alvarez, S.L.,
Manresa (Barcelona)/Spain 4)
I.M. “Moldromukrtrans” S.R.L.,
Chisinau/Moldova 2), 4)
Intermodal Sea Solutions, S.L.,
Orejo-Cantabria/Spain 2), 3)
Trans Jelabel S.L.,
Aldeamayor de San Martín/Spain 2), 4)
Värnamo Akeri AB, Värnamo/Sweden 2), 3)
Volla Eiendom AS, Oslo/Norway 2), 4)2), 4)

EUR

SEK
NOK

	IFRS data.
2)	Figures reflect accounting to local accounting principles(for companies subject to profit and loss transfer agreements:
only in relation to net profit/loss for the year).
3)	Data: 2019 financial year.
4)	Data: 2020 financial year.
5)	Data: 2015 financial year.
6)	Data: 2017 financial year.
7)	Data: 2018 financial year.
8)	Preliminary data.
9)	Data: 2016 financial year.
10)	Data from the liquidation balance sheet as of July 1, 2018.
11)
	Consolidation is based on corporate law agreements that give
DB Group right of disposal over the relevant activities.
1)

247

Our contribution toclimate protection

To ourstakeholders

Groupmanagement report

Consolidated
financial statements

Notes tosustainability

Additional
information( 4 2 ) 	M A N A G E M E N T B O A R D , S U P E R V I S O R Y B O A R D
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-◊

DB Fahrzeuginstandhaltung GmbH◊DB Systel GmbH◊DB Systemtechnik GmbH◊DB Cargo Polska S.A. (Chairwoman)

Freight Transport,

ment Board and the Supervisory Board of DB AG are set out in the following.

(June 1, 2021 to December 31, 2021; Chairwoman)

Management Board(June 1, 2021 to December 31, 2021; Chairwoman)

DR. RICHARD LUTZ

Chief Executive Officer and Chairman of the Management Board,(June 1, 2021 to December 31, 2021; Chairwoman)

Berlina) ◊◊DB Cargo AG (Chairman)b) ◊◊Deutsche Bank Ost (Advisory Board)

Lebensversicherungsverein a. G.

◊

German Aerospace Center (DLR)◊

Association of Berlin Merchants and Industrialists (VBKI)◊

Kombiverkehr Deutsche Gesellschaft für kombinierten(Deputy Chairwoman of the Senate)

DEVK Deutsche Eisenbahn Versicherung

Sach- und HUK-Versicherungsverein a. G.

(Executive Board)

Company welfare scheme of Deutsche Bahnb) ◊DEVK Allgemeine Versicherungs-AG (Advisory Board)

DEVK Deutsche Eisenbahn Versicherung

Company welfare scheme of Deutsche Bahn◊

DB Cargo AG (Management Board; Chairwoman) rriva plc, Sunderland/United Kingdom
A

Güterverkehr mbH&Co. KG (Administrative Board)(member of the Board of Directors)◊

DB Stiftung gGmbH (Advisory Board, Chairman)

R O N A L D P O FA L L A

Infrastructure,
DR . DANIELA GERD TOM MARKOTTEN (SINCE SEPTEMBER 15, 2021)

Essen

Digitalization and Technology,a) ◊Dallgow-Döberitza) ◊◊DB Fahrzeuginstandhaltung GmbHb) ◊(since January 1, 2022; Chairwoman)◊

DB Netz AG (Chairman)
DEVK Rückversicherungs- und Beteiligungs-AG

Verband der Sparda-Banken e. V. (Advisory Board)
Initiativkreis Ruhr GmbH (Advisory Board)◊

DB Systel GmbH (since January 1, 2022; Chairwoman)◊

DB Systemtechnik GmbH (since February 1, 2022; Chairwoman)

MARTIN SEILER◊

Schenker AG (since October 1, 2021)

Human Resources and Legal Affairs,

DB broadband GmbH (since October 1, 2021; Chairwoman)

Berlinb) ◊a) ◊Schenker AG

DR. LEVIN HOLLE◊

DB Cargo AG

Finance and Logistics,◊

DB Gastronomie GmbH (Chairman)

Berlin◊DB JobService GmbH (Chairman)

Schenker AG (Chairman)◊

DB Zeitarbeit GmbH (Chairman)

DEVK Allgemeine Versicherungs-AG◊

DB Station&Service AG (Chairman)◊

DB Energie GmbH (Chairman)a) ◊◊b) ◊	Arriva plc, Sunderland/United Kingdom(Chairman of the Board of Directors)◊

DEVK Deutsche Eisenbahn Versicherung

Lebensversicherungsverein a. G.
Company welfare scheme of Deutsche Bahn

BERTHOLD HUBER

Passenger Transport,◊

Weilheima) ◊DB Fernverkehr AG (Chairman)◊

DB Regio AG (Chairman)◊

DB Vertrieb GmbH (Chairman)◊

DEVK Allgemeine Lebensversicherungs AG

Company welfare scheme of Deutsche Bahnb) ◊P R O F. D R . S A B I N A J E S C H K E ( U N T I L M AY 3 1 , 2 0 2 1 )Digitalization and Technology,
Berlina) ◊Schenker AG◊

DB Fahrzeuginstandhaltung GmbH (Chairwoman)◊

DB Systemtechnik GmbH (Chairwoman)◊

DB Systel GmbH (Chairwoman)b) ◊DEVK Deutsche Eisenbahn Versicherung

Sach- und HUK-Versicherungsverein a. G.

DB broadband GmbH (Chairwoman)

248

DB Stiftung gGmbH (Advisory Board)Our contribution toclimate protection

To ourstakeholders

Groupmanagement report

Consolidated
financial statements

Notes tosustainability

Additional
information

Supervisory Board

DR . INGRID HENGSTERM I C H A E L O D E N WA L D

Country Chief Executive Office Germany Global Chairman Investment

Chairman of the Supervisory Board,

Banking Barclays,

Secretary of State (retired),Frankfurt am Main

Kleinmachnow

a) ◊

a) ◊
◊

Fraport AG◊

DB Stiftung gGmbH (Advisory Board)◊

KfW Capital GmbH & Co. KG (until October 31, 2021; Chairwoman)
KfW IPEX-Bank GmbH (since July 8, 2021; Chairwoman)
Deutsche Investitions- und Entwicklungsgesellschaft mbH (DEG)(Deputy Chairwoman)b) ◊	European Investment Bank (EIB), Luxembourg

K L A U S - D I E T E R H O M M E L*

Deputy Chairman of the Supervisory Board,(expert of the Administrative Board)

Chairman of the Railway and Transport Workers Union (EVG),
Großefehn-Feldea) ◊◊J Ö R G H E N S E L*

DEVK Deutsche Eisenbahn Versicherung

Chairman of the Central Works Council of DB Cargo AG,

Lebensversicherungsverein a. G.

Chairman of the Divisional Works Council of DB Cargo,

Company welfare scheme of Deutsche Bahn

Chairman of the European Works Council of DB AG,

DEVK Deutsche Eisenbahn Versicherung

Hamm

Sach- und HUK-Versicherungsverein a. G.

a) ◊Company welfare scheme of Deutsche Bahn

DB Cargo AG◊	
DEVK Deutsche Eisenbahn Versicherung◊

DEVK Pensionsfonds-AG

Sach- und HUK-Versicherungsverein a. G.

◊

DEVK Rechtsschutz-Versicherungs-AG

Company welfare scheme of Deutsche Bahn◊

DB Fernverkehr AG◊

DB Regio AG◊

DB Vertrieb GmbH◊	
DEVK Deutsche Eisenbahn Versicherung
Lebensversicherungsverein a. G.
Company welfare scheme of Deutsche Bahnb) ◊DEVK Pensionsfonds-AG (Advisory Board)JÜRGEN BEUTTLER*

Head of Purchasing, Real Estate, Compliance of DB Fernverkehr AG,

C O S I M A I N G E N S C H AY *Wiesbaden

Federal Director of the Railway and Transport Workers Union (EVG),
Berlina) ◊MARTIN BURKERT*

DB Station&Service AG (Deputy Chairwoman)

Deputy Chairman of the Railway and Transport Workers Union (EVG),◊

DEVK Allgemeine Versicherungs-AG (Chairwoman)

Nuremberg◊

DEVK Vermögensvorsorge- und Beteiligungs-AG◊

DEVK Rechtsschutz-Versicherungs-AG◊

DGB Rechtsschutz GmbHa) ◊(Deputy Chairwoman)

DB Cargo AG (Deputy Chairman)◊

S-Bahn Berlin GmbH (Deputy Chairman)◊

DB JobService GmbH (Deputy Chairman)◊

DEVK Vermögens- und Beteiligungsgesellschaft (Chairman)◊

DEVK Pensionsfonds-AG◊

DEVK Allgemeine Lebensversicherungs-AG◊

Adler Versicherung AG

P R O F. D R . S U S A N N E K N O R R E

Signal Iduna Gruppe (Advisory Board)

Management consultant,

b) ◊

b) ◊

DEVK Allgemeine Versicherungs-AG(Chairwoman of the Advisory Board)

Hanovera) ◊ENAK FERLEMANN (SINCE OCTOBER 11, 2021)

Salzgitter AG

Member of the German Parliament,◊

Norddeutsche Landesbank

Cuxhaven◊

Rain Carbon Germany GmbH

a) ◊

◊

STEAG GmbH (until December 31, 2021)

Siedlungsgesellschaft Cuxhaven AG (since November 25, 2021)◊	Cuxhavener Hafen Entwicklungsgesellschaft GmbH(since December 1, 2021)JÜRGEN KNÖRZER*

Chairman of the Central Works Council of DB Regio AG,
W E R N E R G AT Z E R

Schwarzach

Secretary of State in the Federal Ministry of Finance,a) ◊DB Regio AG

Teltowb) ◊DEVK Allgemeine Versicherungs-AG (Advisory Board)a) ◊◊PD – Berater der öffentlichen Hand GmbH (Chairman)

Flughafen Berlin Brandenburg GmbHKIRSTEN LÜHMANNb) ◊	German Institute for Federal Real Estate (BimA)

Deputy Federal Chairwoman(Chairman of the Administrative Board)

German Association of Civil Servants and Tariff Union,
Hermannsburg
a) ◊
◊

249

Nürnberger Beamten-Lebensversicherung AG
Nürnberger Beamten Allgemeine Versicherung AG

Our contribution toclimate protection

To ourstakeholders

Groupmanagement report

Consolidated
financial statements

Notes tosustainability

H E I K E M O L L*

E L I SA B ET H W I N K E L M E I E R- B EC K E R

Chairwoman of the Central Works Council of DB Station&Service AG,

Member of the German Parliament,

MunichSiegburga) ◊DB Station&Service AGb) ◊D EVK Deutsche Eisenbahn Versicherunga) ◊Additional
information

Deutsche Investitions- undEntwicklungsgesellschaft mbH (DEG)

Sach- und HUK-Versicherungsverein a. G.

D R . TA M A R A Z I E S C H A N G ( U N T I L S E P T E M B E R 1 6 , 2 0 2 1 )Company welfare scheme of Deutsche Bahn (Advisory Board)

Secretary of State at the Federal Ministry of Transportand Digital Infrastructure,

DR. IMMO QUERNER

Magdeburg

Managing Partner of KoppaKontor GmbH,a) ◊Deutsche Flugsicherung GmbHb) ◊Deutsche Bundesstiftung Umwelt(until September 16, 2021; Chairwoman)

Celle
a) ◊

BÖAG Börsen AGb) ◊A rriva plc, Sunderland/United Kingdom(until September 16, 2021; Board of Trustees)(Member of the Board of Directors)◊

Caplantic GmbH (Chairman)◊

Insr Insurance Group ASA, Oslo/Norway (Administrative Board)◊* Employees’ representative on the Supervisory Board.

Assenagon Asset Management S.A.

Supervisory Board committees(since February 1, 2021; Administrative Board) erman Nuclear Waste Management FundG

MEMBERS OF THE EXECUTIVE COMMITTEE(since August 27, 2021; Chairman of the Investment Committee)◊

Michael Odenwald (Chairman)◊

Klaus-Dieter Hommel

ECKHARDT REHBERG◊

Secretary of State Dr. Tamara Zieschang (until September 16, 2021)

Member of the German Parliament (until October 26, 2021),◊

Enak Ferlemann (since December 15, 2021)

Marlow◊Jens Schwarz◊

MARIO REISS*MEMBERS OF THE AUDIT COMMITTEE AND COMPLIANCE COMMITTEE

Chairman of the Works Council of DB Cargo AG, NL South-East,◊

Dr. Immo Querner (Chairman)

Süptitz◊

Secretary of State Dr. Tamara Zieschang (until September 16, 2021)a) ◊DB Cargo AG◊

Enak Ferlemann (since December 15, 2021)b) ◊D EVK Deutsche Eisenbahn Versicherung◊

Jörg Hensel

Lebensversicherungsverein a. G.

◊

Cosima IngenschayCompany welfare scheme of Deutsche Bahn (Advisory Board)◊

Sparda-Bank Berlin eG

MEMBERS OF THE PERSONNEL COMMITTEE◊

Michael Odenwald (Chairman)

CHRISTIAN SCHMIDT◊

Klaus-Dieter Hommel

Federal Minister (retired), High Representative for Bosnia and Herzegovina,◊

Secretary of State Dr. Tamara Zieschang (until September 16, 2021)

Fürth

◊

Enak Ferlemann (since December 15, 2021)◊

Jens Schwarz

J E N S S C H WA R Z *Chairman of the Group Works Council of Deutsche Bahn AG,

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

Chemnitz◊

Michael Odenwald (Chairman)a) ◊D EVK Deutsche Eisenbahn Versicherung◊

Klaus-Dieter Hommel

Lebensversicherungsverein a. G.

◊

Secretary of State Dr. Tamara Zieschang (until September 16, 2021)

Company welfare scheme of Deutsche Bahn◊

Enak Ferlemann (since December 15, 2021)(Deputy Chairman)◊

Jens Schwarzb) ◊DEVK Deutsche Eisenbahn Versicherung
Sach- und HUK-Versicherungsverein a. G.
Berlin, March 9, 2022

Company welfare scheme of Deutsche Bahn
VEIT SOBEK*

Deutsche Bahn Aktiengesellschaft

Chairman of the Central Works Council of DB Netz AG,

The Management Board

Halberstadtb) ◊Bundesbahn-Wohnungsbaugesellschaft Kassel GmbH◊DB broadband GmbH◊D EVK Deutsche Eisenbahn Versicherung

Lebensversicherungsverein a. G.
Company welfare scheme of Deutsche Bahn (Advisory Board)

250

Our contribution toclimate protection

To ourstakeholders

Groupmanagement report

Consolidated
financial statements

INDEPENDENT AUDITOR’SREPORT

Notes tosustainability

Additional
information

German commercial and professional law, and we have fulfilled our other
German professional responsibilities in accordance with these requirements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions on the consolidated financial
statements and on the group management report.

To Deutsche Bahn Aktiengesellschaft, Berlin

Other Information

Audit Opinions

The executive directors are responsible for the other information. The otherWe have audited the consolidated financial statements of Deutsche Bahn

information comprises the corporate governance report pursuant to No. 7.1

Aktiengesellschaft, Berlin, and its subsidiaries (the Group), which compriseof the German Federal Public Corporate Governance Code as part of thethe consolidated balance sheet as at 31 December 2021, the consolidated

group management report not audited in terms of content.

statement of income and the reconciliation of consolidated comprehensive

The other information comprises further all remaining parts of theincome, the consolidated statement of changes in equity and the consoli-“2021 Integrated Report” – excluding cross-references to external infor­dated statement of cash flows for the financial year from 1 January tomation – with the exception of the audited consolidated financial state-

31 December 2021, and notes to the consolidated financial statements,

ments, the audited group management report and our auditor’s report.

including a summary of significant accounting policies. In addition, we have

Our audit opinions on the consolidated financial statements and on theaudited the group management report of Deutsche Bahn Aktiengesell-group management report do not cover the other information, and conse-

schaft for the financial year from 1 January to 31 December 2021. We havequently we do not express an audit opinion or any other form of assurance

not audited the content of the corporate governance report pursuant toconclusion thereon.

No. 7.1 of the German Federal Public Corporate Governance Code in accor-

In connection with our audit, our responsibility is to read the otherdance with the German legal requirements.
◊

information mentioned above and, in so doing, to consider whether the

In our opinion, on the basis of the knowledge obtained in the audit,

other information

the accompanying consolidated financial statements comply, in all◊material respects, with the IFRSs as adopted by the EU, and the addi-

with the group management report disclosures audited in terms oftional requirements of German commercial law pursuant to § [Article]

content or with our knowledge obtained in the audit, orotherwise appears to be materially misstated.

315e Abs. [paragraph] 1 HGB [Handelsgesetzbuch: German Commercial◊

Code] and, in compliance with these requirements, give a true and fairIf, based on the work we have performed, we conclude that there is a mate­view of the assets, liabilities, and financial position of the Group as atrial misstatement of this other information, we are required to report that

31 December 2021, and of its financial performance for the financial

fact. We have nothing to report in this regard.

year from 1 January to 31 December 2021, and◊is materially inconsistent with the consolidated financial statements,

Responsibilities of the Executive Directors andthe Supervisory Board for the Consolidated Financial
Statements and the Group Management Report

the accompanying group management report as a whole provides anappropriate view of the Group’s position. In all material respects, thisgroup management report is consistent with the consolidated financial
statements, complies with German legal requirements and appropriately presents the opportunities and risks of future development. Our

The executive directors are responsible for the preparation of the con­audit opinion on the group management report does not cover thesolidated financial statements that comply, in all material respects, with

content of the corporate governance report referred to above.

IFRSs as adopted by the EU and the additional requirements of German

Pursuant to § 322 Abs. 3 Satz [sentence] 1 HGB, we declare that our audit

commercial law pursuant to § 315e Abs. 1 HGB and that the consolidated

has not led to any reservations relating to the legal compliance of the con-financial statements, in compliance with these requirements, give a true

solidated financial statements and of the group management report.

and fair view of the assets, liabilities, financial position, and financial performance of the Group. In addition the executive directors are responsible

Basis for the Audit Opinions

for such internal control as they have determined necessary to enable thepreparation of consolidated financial statements that are free from material

We conducted our audit of the consolidated financial statements and of

misstatement, whether due to fraud or error.

the group management report in accordance with § 317 HGB and in compli-

In preparing the consolidated financial statements, the executive

ance with German Generally Accepted Standards for Financial Statement

directors are responsible for assessing the Group’s ability to continue as

Audits promulgated by the Institut der Wirtschaftsprüfer [Institute of Publica going concern. They also have the responsibility for disclosing, as appli-

Auditors in Germany] (IDW). We performed the audit of the consolidated

cable, matters related to going concern. In addition, they are responsible

financial statements in supplementary compliance with the International

for financial reporting based on the going concern basis of accountingStandards on Auditing (ISAs). Our responsibilities under those requirements,

unless there is an intention to liquidate the Group or to cease operations,principles and standards are further described in the “Auditor’s Responsi-

or there is no realistic alternative but to do so.

bilities for the Audit of the Consolidated Financial Statements and of the

Furthermore, the executive directors are responsible for the prepara-

Group Management Report” section of our auditor’s report. We are inde-tion of the group management report that, as a whole, provides an appro-

pendent of the group entities in accordance with the requirements ofpriate view of the Group’s position and is, in all material respects, consistent
with the consolidated financial statements, complies with German legal
requirements, and appropriately presents the opportunities and risks of251

Our contribution toclimate protection

To ourstakeholders

Groupmanagement report

Consolidated
financial statements

Notes tosustainability

Additional
information

future development. In addition, the executive directors are responsible

conditions that may cast significant doubt on the Group’s ability tofor such arrangements and measures (systems) as they have considered

continue as a going concern. If we conclude that a material uncertainty

necessary to enable the preparation of a group management report that isexists, we are required to draw attention in the auditor’s report to thein accordance with the applicable German legal requirements, and to berelated disclosures in the consolidated financial statements and in theable to provide sufficient appropriate evidence for the assertions in thegroup management report or, if such disclosures are inadequate, togroup management report.

modify our respective audit opinions. Our conclusions are based on the

The supervisory board is responsible for overseeing the Group’s finan-

audit evidence obtained up to the date of our auditor’s report. How-cial reporting process for the preparation of the consolidated financial

ever, future events or conditions may cause the Group to cease to bestatements and of the group management report.

able to continue as a going concern.
◊

Auditor’s Responsibilities for the Auditof the Consolidated Financial Statements
and of the Group Management Report

Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the

consolidated financial statements present the underlying trans­actions

and events in a manner that the consolidated financial statements givea true and fair view of the assets, liabilities, financial position and fi-

Our objectives are to obtain reasonable assurance about whether the con-nancial performance of the Group in compliance with IFRSs as adopted

solidated financial statements as a whole are free from material misstate-by the EU and the additional requirements of German commercial law

ment, whether due to fraud or error, and whether the group management

pursuant to § 315e Abs. 1 HGB.

report as a whole provides an appropriate view of the Group’s position and,◊Obtain sufficient appropriate audit evidence regarding the financial

in all material respects, is consistent with the consolidated financial state-

information of the entities or business activities within the Group toments and the knowledge obtained in the audit, complies with the German

express audit opinions on the consolidated financial statements andlegal requirements and appropriately presents the opportunities and risks

on the group management report. We are responsible for the direc­-of future development, as well as to issue an auditor’s report that includes

tion, supervision and performance of the group audit. We remain solely

our audit opinions on the consolidated financial statements and on the

responsible for our audit opinions.

group management report.

◊

Reasonable assurance is a high level of assurance, but is not a guaran-

Evaluate the consistency of the group management report with theconsolidated financial statements, its conformity with German law, andtee that an audit conducted in accordance with § 317 HGB and in compliancethe view of the Group’s position it provides.

with German Generally Accepted Standards for Financial Statement Audits◊

Perform audit procedures on the prospective information presented bypromulgated by the Institut der Wirtschaftsprüfer (IDW) and supplemen-

the executive directors in the group management report. On the basis

tary compliance with the ISAs will always detect a material misstatement.

of sufficient appropriate audit evidence we evaluate, in particular, theMisstatements can arise from fraud or error and are considered material

significant assumptions used by the executive directors as a basis for

if, individually or in the aggregate, they could reasonably be expected tothe prospective information, and evaluate the proper derivation of theinfluence the economic decisions of users taken on the basis of these con-prospective information from these assumptions. We do not express asolidated financial statements and this group management report.

separate audit opinion on the prospective information and on the as-

We exercise professional judgment and maintain professional skep­

sumptions used as a basis. There is a substantial unavoidable risk thatticism throughout the audit. We also:◊

future events will differ materially from the prospec­­tive information.

Identify and assess the risks of material misstatement of the consoli-

We communicate with those charged with governance regarding, among

dated financial statements and of the group management report,other matters, the planned scope and timing of the audit and significant

whether due to fraud or error, design and perform audit procedures

audit findings, including any significant deficiencies in internal control that

responsive to those risks, and obtain audit evidence that is sufficient

we identify during our audit.

and appropriate to provide a basis for our audit opinions. The risk of
not detecting a material misstatement resulting from fraud is higher
than for one resulting from error, as fraud may involve collusion, forg-

Berlin, 9 March 2021

ery, intentional omissions, misrepresentations, or the override of in◊

ternal controls.

PricewaterhouseCoopers GmbH

Obtain an understanding of internal control relevant to the audit of the

Wirtschaftsprüfungsgesellschaft

consolidated financial statements and of arrangements and measures(systems) relevant to the audit of the group management report inThomas Kieper

order to design audit procedures that are appropriate in the circum-

Wirtschaftsprüfer

Wirtschaftsprüfer

stances, but not for the purpose of expressing an audit opinion on the(German Public Auditor)(German Public Auditor)

effectiveness of these systems.
◊

Evaluate the appropriateness of accounting policies used by the executive directors and the reasonableness of estimates made by the
executive directors and related disclosures.

◊

Conclude on the appropriateness of the executive directors’ use of thegoing concern basis of accounting and, based on the audit evidence
obtained, whether a material uncertainty exists related to events or

252

Philipp Medrow

Our contribution toclimate protection

To ourstakeholders

Groupmanagement report

Consolidated
financial statements

Notes tosustainability

Additional
information

254

Sustainability reporting

254

Governance260

Procurement

261

Green Transformation

263

Employees

268 Independent Practitioner’s Reporton a Limited Assurance Engagement
on Sustainability Information

NOTES TOSUSTAINABILITYOur contribution toclimate protection∏

To ourstakeholders

Groupmanagement report

Consolidated
financial statements

SUSTAINABILITY REPORTING

Notes tosustainability

Additional
information

In 2021, an independent investigation by an auditing and consulting firm
into DB Group’s CMS with regard to corruption and corporate crime in the102-16102-43102-50102-51 The 2021 Integrated Report refers to the year under review, this being cal­102-52 endar year 2021. For the purpose of comparison, most of the key figures are
102-54also presented for 2020 and 2019. The Integrated Report is published on an
102-56

form of fraud and embezzlement was launched Group-wide. While ade­quacy and implementation audits have been concluded in previous years
with unqualified audit opinions in accordance with the IDW PS 980 audit
standard, the new audit of DB Group’s CMS includes an additional step: asannual basis. The 2021 Integrated Report was published on March 31, 2022

well as adequacy and implementation, it also evaluates the effectiveness(2020 Integrated Report: March 25, 2021). The Integrated Report addressesof the CMS. In addition, certification with ISO 37001 standard is carried out,

the material stakeholder groupsµgroups33 of Deutsche Bahn Group (DB Group).

in particular for internationally active business units. The audit within cor­

The reporting covers all material economic, social and environmental

porate management has already been completed. The Group-wide audits

aspects. All fully consolidated DB Group companies are included in thebegan in 2021. They will be completed with audit reports or certifications

reporting. Deviations from this reporting scope are noted as such.

in 2022.

The data collection methods and bases of calculation used for the data

DB Group compliance management is typified by a combination ofin the Integrated Report are based on the relevant standards:

centralized and decentralized units at the operational and organizational

◊

◊

◊

The Integrated Report was prepared in accordance with the core op­levels. The Chief Compliance Officer (CCO) manages the further develop­

tion of the Global Reporting Initiative (GRI) standards. Content regard­

ment of our CMS and reports directly to the Chairman of the Management

ing general and specific standard information is referenced in the GRI

Board. The CCO is assisted in their duties by more than 250 employees

indexµ 270 f.
index
f.

responsible for compliance issues (either full time or with divided respon­At the same time, the information also serves as a communication on

sibilities). Corporate management focuses its compliance work on central­progress regarding the implementation of the UN Global Compact’s Ten

ized governance activities in particular, while operational responsibility is

Principlesµ 271
Principles
271..

exercised in the business and service units. Various formats ensure that

Moreover, DB Group follows the recommendations of the Task Forcecentral and local compliance officers can engage in extensive dialog.

on Climate-related Financial Disclosures (TCFD) on the reporting ofclimate-related information. The TCFD index
indexµ 272 lists references to

COMPLIANCE INSTRUMENTS

the relevant passages in the Integrated Report.

Specific compliance instruments have been developed to protect DB Group,

Material contents, indicators and passages of text were audited by anits employees and executives. This includes binding compliance regula­independent third party, PricewaterhouseCoopers GmbH Wirtschafts­

tions, risk and process analyses, a compliance reporting system, training

prüfungsgesellschaft (PwC), with limited assurance.

and communication measures, and a whistle-blowing management system.
The DB Group Code of Conduct is the cornerstone of our CMS. It defines
the standards and expectations about how our bodies, executives and em­∏ GOVERNANCE

ployees should conduct themselves on a daily basis. It is supplemented
by binding directives that specify applicable legal provisions governing
nation­­al and international business and contact with customers. In 2021,

102-16the directives on the topics of benefits and the suspension of contractors

Compliancewere revised and adapted to the current legal framework.
Compliance risk analyses are a key component of DB Group risk man­

∏ 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

agement and are conducted by the business and service units. A Groupwide survey of compliance risks is conducted in accordance with gover­

103-1 Compliance is an integral element of our corporate culture. As part of the103-2 initiative for a strong compliance organization mandated in 2019 by the
103-3

nance requirements set by corporate management. The binding framework

Group Management Board, we continued to develop the Compliance Man­

contains minimum requirements for planning, implementation, reporting

agement System (CMS) at DB Group in 2021 in order to remain at the cut­

and follow-up.

ting edge and to develop effective compliance practices for the long term.

A compact compliance annual report provides the Management Board

Compliance is embedded in the Strong Rail strategy.

with information on compliance risks related to DB Group’s business ac­

Our CMS is based on national and international legal requirements

tivities. The report separately sets out the risk exposure of business units,

and established standards, such as the Institute of Public Auditors (Insti­

service units and corporate management functions and highlights existingtut der Wirtschaftsprüfer; IDW) auditing standard IDW PS 980 in Germany.

risk-reducing factors and countermeasures. In 2021, this was done on the

DB Group also applies the directive of the Federal Government on corrup­

basis of a revised compliance risk management model with enhanced

tion prevention in the German Federal administration by analogy. The CMS

consideration of risk scenarios for the first time. The Management Board

aims to ensure that compliance risks are identified at an early stage andis also kept regularly informed during the year about the further expansion

appropriate countermeasures are implemented. We continuously monitor
the effectiveness of our CMS and make any necessary adjustments. Com­
pliance 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 (Bilanzrechtsmodernisierungsgesetz; BilMoG).

254

Our contribution toclimate protection

To ourstakeholders

Groupmanagement report

Consolidated
financial statements

Notes tosustainability

Additional
informationof the compliance program and any significant compliance cases. The CCO

Contracts and contractual partners are reviewed for compliance risks. In­

also reports on compliance issues at meetings of the Supervisory Board’s

tegrity clauses in the General Terms and Conditions of Purchase are used

Audit and Compliance Committee.

to counteract potential compliance risks. Other compliance regulations

We are continually optimizing our instruments and consulting on com­are agreed based on risks. This applies to the appointment of intermedi­

pliance matters so that we can achieve our compliance goals on a sustain­

aries, for example. If serious misconduct occurs, the group of decisionable basis. This is only possible if skilled compliance employees are appro­

makers shall decide to suspend the awarding of tenders on the basis ofpriately qualified. In 2021, a dedicated learning area within the DB learning

clear criteria that stipulate how to deal with the contractor or supplier. If

platform was developed and implemented together with the Compliancea tender is suspended, the earliest that a business partnership can be re­Academy to serve as a central instrument for the transfer of knowledge

established or continued is after the suspension period expires or after thefor all skilled compliance employees in order to keep them up to date oncompany takes action to clean up its practices, which the client deems to

the latest developments in the field. Additional modules were developed

be sufficient and which can often take many years to complete.

and rolled out for the training program designed in 2020. The training pro­plements the well-established compliance coaching run by the heads of

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 P R E V E N T I N G
ANTITRUST DAMAGES

the Group’s Compliance, Audit and Legal functions.

Training courses with on-site instructors ensure that executives and em­

gram is directed primarily at Top-Management within DB Group, and sup­The compliance awareness plan takes a risk and needs-based ap­

ployees are kept aware of antitrust legislation. The formats of the training

proach, which determines the order in which all executives and employees

courses are individually tailored to the requirements of the business units

are to be trained. By holding in-person events or conducting e-learn­ing

and the central units. The target group includes all executives and employ­ses­­­sions, it is possible to train almost all managers and employees who

ees who are in contact with competitors or have other roles that are criti­

either need to be trained or are exposed to medium and high risk, overcal with regard to competition. The training courses are supplemented, ina period of two to two and a half years. In 2021 alone, some 36,000 ex­

particular, by regulations specific to business units and close cooperation

ecutives and employees attended events with instructors on the subject

with (antitrust) legal experts.

of preventing corruption. E-learning modules were also extensively used.

Measures to prevent antitrust damage are an important component

Together with the e-learning modules developed specifically for DB Schen­of antitrust compliance. To this end, we operate a comprehensive anti-

ker and DB Arriva, about 112,000 e-learning units on preventing corruption

trust damage prevention system. An important part of this system is towere completed.

use contractual conditions in markets where antitrust violations are most

There is a Group-wide whistle-blower system to obtain information

likely, which obligate suppliers to introduce or maintain antitrust com­-about potential violations of laws or internal regulations. The way in whichp­liance programs.

submitted tip-offs are handled is regulated in detail. The processes imple­

Human rights

mented protect the whistle-blowers. The interests of the persons concerned
are taken into account, among other things, through clearly defined re­

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

quirements regarding the conclusiveness and relevance of a tip-off.
There are various ways of submitting a tip-off. These include three∏trusted legal practitioners, who are legally bound to secrecy, in addition

Protecting and promoting human rights are of the utmost importance 103-1
to us. We report on how we safeguard human rights with regard to work­ 103-2

to the compliance teams in the corporate management, business units

ing conditions, anti-discrimination measures, and occupational healthand service units. There is also a Group-wide electronic whistle-blower

and safety within DB Group, particularly in the chapter Employees
Employeesµ 74 ff.

system, which makes it possible to submit tip-offs anonymously. It canand 263 ff.
ff.

be used in 22 languages and is available not just to employees, but

We expect our business partners to uphold human rights, and ouralso cus­tomers, suppliers and other stakeholders. In 2021, tip-offs in therequirements in this regard are set out in the DB Code of Conduct for Businessdouble-digit range were received through the whistle-blower system

Partners∞, as well as other documentation. This Code refers to the core
Partners

for in­stances of corruption.

labor standards of the International Labor Organization (ILO), such asprotection against child and forced labor and against discrimination in

B U S I N E S S PA R T N E R C O M P L I A N C E

employment and occupation. It contains regulations on adequate pay,

Successful long-term business operations require the careful selection ofregulated working time, and the preference for regular employment. The

business partners and suppliers, who must then be informed of DB Group’s

right to auditing may be agreed in contracts with business partners, in­values and minimum requirements. DB Group has developed various for­cluding adverse legal consequences if the Code is not complied with.

mats to increase awareness among its business partners and incorporate
sustainable business practices more firmly in the supply chain.
The revision of the e-learning module on the DB Code of Conduct for Business Partners∞
Partners
was completed in 2021, and the module is freely available

online. It provides information about integrity, binding legal standards,
and ethical matters and sets out clear compliance requirements as reflectedin our Code of Conduct for Business Partners. Real-world examples demon­
strate how our principles should be applied.

255

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To ourstakeholders

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Consolidated
financial statements

Notes tosustainability

Additional
information

We oppose modern slavery in all its forms, be it forced or compulsory

We work toward achieving these objectives through a highly effective

labor, servitude, human trafficking, or child labor, and we report on this indata protection organization, which is divided into centralized and de­accordance with the provisions of the UK Modern Slavery Act. Due to dif­

centralized organizations within DB Group. The Group’s Data Protection

ferences in risk exposure, specially developed social minimum standards

team is centrally located, supporting and advising the Group companies

apply to DB Schenker’s global activities. This set of standards details theregarding compliance with data protection, especially in regard to data

overriding DB Group Code of Conduct and provides, particularly in theprotection issues that are relevant to the Group.

international context, minimum standards for situations in which national

There are four departments within the data protection organization,and inter­national legislation does not stipulate any appropriate social

two of which work in different areas of responsibility within employee andmeasures. Compliance with the Social Minimum Standards is regularly au­

customer data protection (one in administration or training, and the otherdited by intra-Group auditors at selected locations.

in communication and management of the Group data committee). An­

If human rights violations are suspected, employees, customers, sup­other department deals with audits, technical data protection and thepliers and any other parties that may be of concern are provided with var­internal data protection systems. The fourth is responsible for the nation-

ious channels to report such violations, including the option to reportal and international data protection directives and manages the entire

anonymously. In addition to central whistle-blowing management andlocal data protection organization. At the national level, this consists of

the available trusted legal practitioners, our electronic whistle-blower sys­-data protection experts, data protection officers and, at the international

tem is also available. DB employees can contact the Human Resources om­

level, privacy managers.

budsperson. We follow up on any indications of alleged human rights vio­

Local data protection experts in DB companies all over the world arelations as part of a follow-up process. In 2021, the whistle-blower system

available to employees and responsible persons if they have any questions

reported suspected cases of human rights violations in the medium double-

and concerns about data protection. These experts ensure that the rules

digit range (mainly cases relating to potential problematic working con­are implemented and enforced in accordance with the law.

ditions and potential discrimination).

Customers, employees and applicants can therefore rely on us to en­sure a high level of data protection, for example when developing new

Data protection

business models and when introducing and making changes to the pro­cessing of personal data.

∏ 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

D ATA P R O T E C T I O N AT D B G R O U P

103-1 Data protection and autonomy should be championed as the foundation
103-2 for free and democratic societies. Throughout DB Group, we aim to es­
103-3

Data protection and associated regulations are becoming increasingly

tablish exemplary, innovative and sustainable data protection processes

complex, with an ever greater number of requirements and laws. Compa­

and set a high level of data protection as a mark of quality, allowing em­

nies are also increasingly operating in international contexts, in which theyployees, customers and business partners to associate DB Group withneed to take international regulations into account.

trust, respect, transparency and integrity in relation to data protection.

The data protection organization was developed further in 2021. Close

In doing so, we fulfill data protection regulations, particularly those ofcommunication between data protection experts at the national and in­

the EU General Data Protection Regulation (GDPR) and in-house data

ternational level has given rise to important synergies and valuable trans­

protection policies.

fers of knowledge in all directions. In this respect, the data protection 4.0

In order to suitably implement our vision, we are firmly committedcon­­cept remains applicable and goes directly hand in hand with the data

to meeting the overarching target of ensuring that the flow of data, bothprotection management system (DPMS). The results achieved in this area

within DB Group and with external entities, is compliant with data pro­are only pos­­sible with regular, rapid and diverse communication – includ­

tection regulations. We are working toward achieving this by raisinging on inter­face management.

awareness of data protection issues throughout DB Group, in particular
by informing and training employees and by having a variety of digital

Data Protection Management System

and analog awareness-raising measures in place as well as high-quality

Optimizing and further developing DB Group’s Data Protection Manage­

data protection consulting expertise. Another focal point is the expansion

ment System (DPMS) were among the core responsibilities of the Groupof intern­al and external networks to improve DB Group’s public image

Data Protection function in 2021. The DPMS provides for systematic co­with regard to data protection.

ordi­nation between roles and responsibilities for data protection, system­

We are also committed to innovation, the further development of

atic processes, detailed specifications, intensive training, advising busi­

existing instruments and methods, and the standardization of processes

ness departments, and monitoring implementation. It comprises manyfor professional data protection management. In order to ensure that data

small and large components, from one-page guidance documents to top

potection is applied and implemented reliably within DB Group, we oper­

consulting projects.

ate a data protection management system that enables us to fulfill infor­
mation and disclosure rights and obligations to furnish evidence at any
time in a transparent and legally admissible manner. In addition, regular
data protection audits ensure a high standard of data protection.

256

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financial statements

Notes tosustainability

Additional
information

To further simplify the integration of data protection into business pro­

The third area of focus was the identification and description of the core

cesses, in 2021 a realignment of the annual DPMS plan was implemented

processes relating to data protection law. Firstly, this involved the con­and a DPMS think tank was formed. The think tank consists of representa­tinuous optimization of the complaint management process for DB Group

tives from the data protection organization and supports the process ofcustomers and employees. Secondly, the reporting process for data pro­continuously improving the DPMS.

tection incidents was further developed in line with the provisions of the
GDPR, ensuring that data protection requirements can be met even more

Data protection priorities

quickly and smoothly. The aim is to implement data protection measures

The data protection program for 2021 includes the topic of empowerment

in a way that minimizes risks while also facilitating simple integration into

regarding data protection issues for all responsible persons in DB Group.

exist­ing business processes.

Extensive data protection information has been made available on the

In 2021, the audit focus was on auditing Group-related employee data

intranet in order to address this. In addition, data protection awarenessprotection procedures and visual monitoring devices such as drones, cam­has been continuously raised within DB Group: in cooperation with theeras and bodycams. The office systems and browsers used in DB Group

governance divisions, Group-wide campaigns have been conducted towere also audited. In addition, checks were carried out on data processors,

increase employee awareness (such as the digital “Security Day” eventand numerous apps developed for customers and employees were exam­or the “Simply Secure …” series of talks).

ined. In the communication with the audited offices, particular attention

Another focus point in 2021 was the implementation of standardized

was given to the improvement of processes and the empowerment regard­

consultation practices. Specifically, this included initiatives such as theing data protection issues of responsible bodies.

Group-wide projects “Mobile work of tomorrow,” “Blockchain/self-sover­eign identity (SSI)” and “Smart HR.” The Group’s data protection team

Data Protection Advisory Board

was involved in all three projects and played a part in the development of

DB Group’s Data Protection Advisory Board advises the Management 102-43

new, Group-wide standards.

∏

Board on strategic and central matters of data protection, thereby con­

The focus areas for technical consulting included tracking and ana­

tributing to the exemplary data protection measures within DB Group.

lytics, Microsoft Office 365 and the Evergreen approach in DB Group, as

The expertise of the stakeholder groups represented on the Board

well as support for cybersecurity and Group security.

ensures that the legitimate data protection interests of stakeholders are

In 2021, data protection consulting also included international issues.

taken into consideration and is also an important contribution to DB Group’s

Following the European Court of Justice (ECJ) ruling on cross-border datastakeholder dialog on data protection. The Data Protection Advisory Board

transfers (“Schrems II”), the numerous requirements of the EU Commis­

discusses new, innovative and pragmatic solutions for protecting the per­sion and the European Data Protection Board had to be monitored andsonal rights of data subjects. The focus is on digital transformation within

implemented. Last but not least, the EU Commission issued a new version

DB Group, including its ethical dimension. The Board seeks dialog with theof the standard data protection clauses, providing a much needed legal

competent specialist departments, for example on the work of the Databasis in data protection law practice to allow personal data to be trans­

Intelligence Center and the House of AI or the activities of HR Data Science,

ferred to third countries outside the EU’s borders. Within the data protec­

Insights and Innovation. A further focus point of the consultation is thetion organization, the new clauses and their application were presented

topic of video surveillance in stations and on trains.

and discussed, and relevant training was provided. Another event withThe Data Protection Award, which is awarded annually by the Board

far-reaching consequences in the area of data protection is the United

to innovative and exemplary projects at DB Group, plays an important part

Kingdom’s departure from the EU, which means that the United Kingdom

in raising awareness. In 2021, the Gold Data Protection Award was awarded

is no longer covered by the provisions of the EU General Data Protection

to the passenger transport customer account project team. In the course

Regulation (GDPR). It was therefore necessary to identify the relevantof simplifying the customer interface, the team successfully provided acontracts for DB Group and the associated data flows and to secure thetransparent and data protection friendly omnichannel customer accountappropriate legal safeguards.

based on terms and conditions of use.

In addition, consultations were held regarding the protection of data

Information security

concerning health. As personal data linking individuals to their healthstatus was collected in DB Group during the Covid-19 pandemic, this dataneeds to be specially protected under article 9 GDPR. To this end, an ex­

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

tensive question-and-answer paper was developed to allow managers andemployees to act with confidence. The data protection team was closely

Information security is a priority given an increasingly interconnected 103-1
global environment and the rapid progress of digitalization. It is essential 103-2

involved at all stages of preparing, planning and executing DB Group’sthat companies identify risks in good time, establish countermeasurestesting and vaccination strategy at all times. The drafting of these ques­

early on, and react quickly and decisively to incidents. Our ultimate goal

tions and answers again helped to streamline the processes and standard

is to protect information technology (IT) and operational technology

workflows within DB Group.

(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 theManagement Board.

257

∏

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Groupmanagement report

Consolidated
financial statements

Notes tosustainability

Additional
information

This ensures that Top-Management are aware of these topics. Key respon­S E C U R I T Y AT D B G R O U P

sibilities are to further develop information security in DB Group and de­

DB Group spends € 200 million annually on the security of its customers

velop a permanent information security culture. This includes establishingand employees, plus investments in structural facilities and security tech­

future-oriented processes, measures and solutions based on internation­

nology. As part of a law enforcement partnership, Federal police officers

ally recognized, workable standards that apply equally to new and exist­

and DB Group’s own security personnel work together, with technicaling IT/OT projects. All suppliers who work with us must also guarantee

support, to combat crime and disruptive activity and increase the security

firmly defined safety requirements. This applies to our partnerships withof our customers and employees. The Group-wide Safe travelµ
travel259 pro­large cloud providers, such as Microsoft Azure and Amazon Web Services,gram brings together measures that notably increase security for employ­

as well as small and medium-sized suppliers, and all suppliers working on

ees and customers. An increased presence of security personnel on selected

the Digital Rail for Germany program. Due to the topic’s constantly evolv­

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

ing nature and the rapid progress in technological developments, theoffenders. On DB Long-Distance in particular, significantly more security

Information Security division works closely with universities to support

services were engaged than in previous years. For the first time, theseresearch and training for young talent. National and international net­additional services were available not only for special events such as trans­

working is another of the division’s core tasks, especially in European rail

port for soccer fans, but also in regular operations on peak travel days astransport. One example is its cooperation with the French state-owned

well as to enforce mandatory mask wearing and to check vaccination, test

railway SNCF and a university in Berlin.

and recovery status in line with the regulations in force in the various
Federal states. On local transport, we tested the use of additional security

Group Security

personnel on selected routes, providing security services above and be­yond those stipulated in the transport contracts. By analyzing these ad­∏ 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

ditional deployments, we have produced a solid data basis for defining

103-1 Security is an important commodity and a basic requirement of our cus­103-2 tomers and employees. When deciding which mode of transport to take,103-3

security service requirements in future transport contracts.
We have involved stakeholder groups in designing new security mea­

security is an important factor. Continuous dialog with the security author­sures and commissioning new deployment concepts. The stakeholder

ities and the uninterrupted sharing of status information are key elements

groups expressed a high degree of support for the measures that were

under the joint responsibility of DB Group Security and the Federal police,

defined and implemented. The common goal is to protect our employees

and a fundamental component of the DB Group Security network. In theand customers.

railway security center, we and the Federal police record and evaluate theParticular attention and consideration was given to the special cir­security situation round the clock. At six control and operation centers incumstances of the pandemic. In particular, security personnel and train

DB Group Security’s regional divisions, security experts coordinate regional

personnel were given special preparation for the extraordinary challenges.

security issues and contacts are available 24/7 to be contacted by the

Separately, there were further investments in the equipment of security

business units, non-Group train operating companies, and authorities. In

personnel and in technical structures for location-based scheduling. In

total, more than 5,500 Federal police officers and about 4,300 security per­terms of technical operating resources, bodycams are making an outstand­sonnel are deployed across Germany. DB Group Security and the Federal

ing contribution to security and offer protection from attacks. The cameras

police are constantly recruiting new employees and expanding their train­

are now being used at 15 major stations in nine metropolitan areas and ining capacities. At the end of 2021, more than 300 young people were un­

special deployments in specific situations. New findings were obtained indertaking specialist training in safety and security at DB Group. The num­2021 when they were used for the first time by train personnel on theber of criminal offenses affecting DB Group and its customers increased

Westfrankenbahn. Initial evaluations serve to confirm the previous obser­

by about 5% in 2021. One of the key drivers of this development was vio­

vations: employees with bodycams are significantly less likely to be at­lations of premise policies (+ 30%), which can be attributed to the identi­

tacked. This creates the conditions for the use of bodycams to increase

fication of a larger number of such violations owing to the increased pres­the safety of rail personnel. The relevant concepts are currently being

ence of security personnel on trains and in stations. On the other hand,coordinated with stakeholder groups and authorities. The number of par­there were significant decreases in metal theft (– 15%), ticket machine

ticipants in training sessions has increased further, to about 20,000 cus­break-ins (– 22%) and graffiti (– 8%). Adapted security concepts and close

tomer-facing employees. Despite restrictions due to Covid-19, de-escala­cooperation with the Federal police proved effective.

tion and self-defense training took place under strict hygiene protocols.

A particular challenge was the enforcement of mandatory face cov­

Training was intensified for DB Security employees, who are exposed toerings on trains and in stations, as well as checks of vaccination, test andan increased potential for conflict in their day-to-day work.

recovery status where required. Overall, the vast majority of passengers
demonstrated a willingness to wear masks. Fewer than 5% of customers
needed to be told about the requirement.

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Notes tosustainability

Additional
information

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

P R E S E N C E A N D S I T U AT I O N - S P E C I F I C D E P L O Y M E N T

For over a year, threat management has been available round the clock

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

to all employees in Germany for reporting threats and personal difficulties.

officers. The two-person and on-call teams, which are now formed from

The wide variety of reports confirms that it was necessary to introduce

about 4,300 DB security personnel members, are being supported in all

this instrument. In 2021, we recorded more than 50 cases requiring further

regions by Mobile Support Groups (MSGs), a form of deployment intro­

support. Dozens of instances of further contact with those affected wereduced in 2016, which are specially qualified for challenging deployments.

facilitated or supported. Whether employees experience a threat before,

The MSGs are there to support colleagues on patrol in encounters withduring or after their shift, or if they are experiencing stress in their person­

violent individuals, and their special expertise comes into play in cases­al lives, specially trained employees receive their reports and decide howthat are assessed as likely to result in conflict situations requiring robust

to best support them. Possible measures range from immediate police

deployment. The special qualifications focus on providing particularly ef­

deployment and preemptive staffing measures to providing advisory ser­ficient support to police forces. In addition to the requirements stipulated

vices and having security personnel or other security experts clarify un­

in transport contracts, this also helps to fulfill safety requirements on trains

clear situations.

and in stations.

S E C U R I T Y O N T R A I N S A N D I N S TAT I O N SAT TA C K S O N E M P L O Y E E S

Every major station in Germany will be equipped with modern video tech­

The enforcement of Covid-19-related rules has led to a sustained high po­

nology by the end of 2024. In 2021, DB Group modernized the video tech­tential for conflict for customer-facing employees. As in 2020, Covid-19-

nology in almost 50 stations, primarily major ones, and plans were launchedrelated situations have resulted in a shift in focus and necessitated an

to bring new video technology to some 30 further stations. This will bring

adaptation of safety concepts. Despite the increased potential for conflict,the number of video cameras in stations to about 11,000 by the end of

the number of employees who were attacked in 2021 was 2,582, only slightly

2024. As the new cameras take high-resolution images, they will signifi­

higher than in the previous year. Just under 10% of cases were related tocantly improve the quality of the recordings. Only the Federal police has

the enforcement of social distancing and hygiene rules. The most fre­access to the recordings produced by the cameras. We operate a total ofquently affected professions are the train attendants (slightly more thanalmost 50,000 video cameras on trains and in stations.

half of cases), and security and law enforcement (40% of cases).

TECHNICAL SAFETY WORKING GROUPB U I L D I N G B L O C K S A F E T R AV E L

The implementation of the assignments of the Technical Safety Working

With the Safe travel employee building block, employees defined safety

Group, with which DB Group and the Federal police have worked with a

as a core area of action for DB Group. Thanks to cooperation between the

new intensity to further develop safety on trains and in stations, was aGroup Security function and the business units, and coordination withkey aspect of 2021. In joint activities with the Federal Ministry of the Inte­

employees, measures are being implemented to increase the safety ofrior (Bundes­ministerium des Innern und für Heimat; BMI), the Federal

employees and customers:

Ministry for Digital and Transport (Bundesministerium für Digitales und◊Verkehr; BMDV), the Federal police and DB Group, the Working Group has

We have responded to the initial results of the standardized safetysurvey for train attendants introduced in fall 2020 by commissioning

developed structural, staffing and organizational measures and exploredadditional security patrols on particularly affected trains.

their feasibility in conceptual terms with scientific support. Using the ex­◊

Since the beginning of 2020, there have also been more security officers

isting framework of testing in principle, restructured practical tests of se­

on long-distance trains. Their main duties are to monitor and enforce

lected technical models are being tested through use in real operating

hygiene and distancing rules and to improve passenger safety.

conditions. One focus of these tests is Südkreuz station in Berlin.

◊

In a number of areas, a priority call service has been tested in practicein day-to-day use, which employees can use in critical situations to

PREVENTION WORK

receive support more quickly.

In 2021, we strengthened the content of our prevention work and increased◊

its staffing. The six newly established prevention teams are being deployed

A multimedia campaign with the motto “Safety is everybody’s busi­

ness,” which was held from April to December 2021, raised awarenessin stations and railway facilities to raise awareness of correct behavior inof employee safety among the entire workforce.

railway facilities, explain the dangers of railway operations and work to­◊

Development work continued on a new IT platform that is intended

gether with the Federal police to prevent crime. Specially qualified preven­to make it possible in the future to learn more quickly about dangerous

tion experts are focusing particularly on young people. They coordinate

situations, respond more quickly and organize more targeted help.

rail information events for children and adolescents or visit schools andyouth centers.

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PROCUREMENT◊

Notes tosustainability

Additional
information

Development of the procurement strategy: With our new strategic
procurement target vision 2025, we aim to be the partner of choice ofour business units. We are therefore working to intensify our alignment

Procurement volume

with DB business partners in future and to sharpen our focus on thevarious ecosystems (DB Group, business unit, supplier and procure­The procurement volume corresponds to the projections and forecasts ofment). The target vision for 2025 is based on our position as a com­requirements of the business units and the contractual obligations toprehensive value driver, our intuitive procurement with harmonizedsuppliers that DB Group has entered into. On subsequent realization thesesystems and our focus on sustainability. In 2022, we are initiating a

become capital expenditures or expenses (mainly cost of materials andfocused and agile approach to implementing our target vision for 2025.

other operating expenses). The total procurement volume in 2021 was

Strategic supplier management€ 38.0 billion (previous year: € 36.3 billion).
◊

Freight and freight forwarding services remained constant at € 10.9
billion.

A key success factor for us is our cooperative partnership with our suppli­◊

Industrial products fell sharply to € 7.8 billion (previous year: € 9.6 bil­ers and service providers. As well as availability of materials and quality oflion). This decline is due in particular to the fact that no large vehicle

goods and services, we are also focusing on consistent communication onpurchases were commissioned in 2021.

equal terms. With this in mind, in 2021 we took the first steps in further

The procurement volume for construction and engineering services,developing the “supplier journey.” This included streamlining and mod­at € 7.8 billion, remained similar to the previous year’s level (previous

ernizing the DB Supplier Portal. As a systematic supplier dialog is a key

year: € 7.7 billion).

lever in structuring our business relationship, we have expanded the struc­

Third-party services rose sharply to € 8.4 billion (previous year: € 5.9

tures for shaping the dialog between us and our business partners. One

billion), which was attributable to DB Schenker in particular.

example is the use of big data analytics to quickly capture the current

Cable- and pipe-bound power and fuel rose to € 3.0 billion (previous

situation. The big data procurement initiative has given rise to automatedyear: € 2.2 billion), which was attributable to trends in energy prices

and user-oriented reporting. In addition, the 360-degree supplier viewin particular.

brings together information from several different IT systems. The global◊◊◊

presentation of the data and a structured supplier dialog facilitate com­
PROCUREMENT VOLUME STRUCTURE / %munication between us and our business partners.

2021 / 2020

Freight and freight-forwarding
services 29 / 30

D B S U P P L I E R AWA R D A N D S U P P L I E R
I N N O VAT I O N AWA R D

Industrial products
21 / 27◊

Cable- and pipe-bound power
and fuel 8 / 6
Third-party services 22 / 16

The ninth DB Supplier Award was presented in recognition of compa­
nies in the categories General Necessities and Services, Rolling Stock

Construction and engineering
services 20 / 21

and Rolling Stock Parts, Infrastructure and Environment. We award
this prize to suppliers who have made a mark in their market segment,
who fulfill their contractual obligations in an exemplary and sustain­

Previous year’s figures adjusted.

able manner and who support us in implementing our strategy with
The share of local procurement volume in Germany was € 18.3 billion in

the best performance.

2021 (previous year: € 19.4 billion).

◊

PROCUREMENT VOLUME / € million

2021

2020

2019

Procurement volume in Germany 1), 2)

21,13721,51818,82187

90

89

Share of local procurement volume (%) 2)

We also presented the third DB Supplier Innovation Award to commend
particularly innovative efforts that support our range of services, demon­
strate a high degree of innovation and are also sustainable.

Digitalization and innovation in procurement

The procurement volume is the total of all the net order values – from individual orders
and from framework contracts – that have been completed.
1)	Excluding DB Schenker.
2)	Figure for 2020 adjusted.

The further development of procurement is closely linked to digitalizationand (partial) automation of processes based on a modern, networked IT
landscape. The aim is to produce intuitive, digitalized and highly user-ori­

PROCUREMENT IN DB GROUP

ented end-to-end processes that provide guidance throughout. The user

The material topics in 2021 were:groups are internal customers from all Group companies, procurement◊

suppliers and strategic and operational procurers.

Securing supply to DB Group: Despite the sharp increases and volatilityof the market prices of raw materials and goods, supply chain disrup­

We are currently digitalizing the subprocesses in our IT procurement

tions and production bottlenecks, our focused supplier and risk man­suite so that it shows all procurement-related processes and documents.

agement has enabled us to secure the supply of products and services

The focus is on guided procurement processes rather than SAP transac­

to DB Group. The MyProFit Recovery program softened the financial

tions, as well as a digital exchange of documents with suppliers rather than

impacts of the Covid-19 pandemic. To address the damage caused bye-mails with attached PDFs.

floodsµ 38, we organized replacement assignments and maintained
floods

The internal DB Marketplace procurement application is the core ofclose contact with our suppliers to prevent supply bottlenecks.

the new IT procurement suite, to which we are constantly adding new
functions. We have begun to connect all our suppliers digitally throughthe SAP Ariba Business Network; other parts of the cooperation with sup­pliers are focus points for development.

260

Our contribution toclimate protection

To ourstakeholders

Groupmanagement report

Consolidated
financial statements∏ Sustainability in the supply chain
102-9

Notes tosustainability

Additional
information

Following the supply of car transport wagons in the last two years, we haverequested additional car transport wagons from the existing supply con­

We make the greatest possible contribution to sustainable mobility de­tract with our Chinese suppliers. DB quality assurance employees monitor

velopment through strong partnerships in transparent supply chains. Our

production on-site. The reliable supply of spare vehicle parts from our inter­

suppliers take an active role in ensuring mutual business success withnational suppliers despite the difficult logistical conditions played an im­

their sustainability performance and capacity to innovate. We have refined

portant role in maintaining the stable operation of our fleet.

our social and environmental responsibility in many product group strat­egies and have embedded it in our contract awarding practices in the form

GREEN TRANSFORMATION

of suitability, performance, evaluation and implementation criteria. The
DB Code of Conduct for Business Partners∞
Partners
is the starting point in forming sus­

tainable supply chains and making definitive procurement decisions. We
use it as a basis for monitoring our strategic partners’ compliance with theCode’s requirements through on-site audits if their industry, the country
where their registered office is located, or their supply chains are exposed
to increased risk.
We place great importance on conducting comprehensive sustain­†

OVERVIEW OF GREENHOUSE GAS FOOTPRINT∏

AND STATIONARY FACILITIES / million t

2021

2020

305-1
305-2
2019 305-3

Regional rail passenger transport

1.99

2.06

2.66

thereof in Germany

1.59

1.62

1.98

0.04

0.04

0.04

1.58

1.50

1.78

0.53

0.51

0.57

ABSOLUTE CO₂e EMISSIONS BY JOURNEYS, TRANSPORTS

ability assessments on our suppliers with regard to their management
system, activities and results. We look at environmental aspects, occu­
pational health and safety, human rights, business practices and supply
chains. Each of these aspects is subject to minimum requirements. MoreLong-distance rail passenger transport

than 700 suppliers, which account for 62% (previous year: more than 600

Bus transport

suppliers, 60%) of our procurement volume, submitted their assessments

thereof in Germany

to us in 2021. The majority of reevaluated suppliers improved their sus­
tainability performance. This allows us to work together to reduce risks
and increase resilience in DB Group’s supply of goods and services. In
many product groups, our suppliers can benefit from a simplified qualifi­
cation process if they submit an up-to-date sustainability assessment (inmost cases from EcoVadis).

Rail freight transport 1)

1.70

1.38

1.70

Road freight transport 2)

3.15

2.07

3.98

Air freight 3)

7.07

5.45

6.07

Ocean freight 3)

1.56

1.92

2.27

Other transport 4)

0.11

0.11

0.11

Stationary facilities

1.32

1.46

1.38

18.52

15.99

19.99

Total

We are continuing to develop sustainable performance and deci­

Well-to-wheel (WTW), scope 1–3.
We calculate greenhouse gas emissions using the financial control approachas per the Greenhouse Gas Protocol.
1)	Excluding DB Cargo and DB Schenker rail freight transport from/to China
up to and including 2020.
2)
	Excluding pre-carriage and onward carriage from land, air and ocean freight
up to and including 2020.
3)	Excluding pre-carriage and onward carriage in 2021.
4)	Including among others DB Connect, internal traffic.

sion-making criteria in a continuous dialog with industry associations andthe Railsponsible
Railsponsible∞ initiative. All 14 Railsponsible members play a key rolein making supply chains more transparent with more than 2,000 supplierassessments. Climate protection and safeguarding social minimum stan­dards are the strategic focal points for responsible procurement manage­
ment at Railsponsible.

∏ National and international activities
102-10

Climate protection

We continue to focus our procurement activities in Germany. For compe­
tition reasons and to ensure reliability of supply, we also work together

ABSOLUTE CO₂e EMISSIONS ACCORDING TO SCOPE 1–3 / %

2021

2020

2019

Share of scope 1

17.8

19.0

18.9

Share of scope 2

17.2

21.3

19.7

Share of scope 3

65.0

59.7

61.4

Excluding DB Cargo and DB Schenker rail freight transport from/to China up to and including 2020.
Upstream fuel- and energy-related emissions (scope 3.3 as per the GHG Protocol)
are reported in scope 1 and 2.

with international suppliers. Outside of Germany, Austria and Switzerland,
our focus is on Asia.
Since it opened, our International Procurement Office Asia (IPO) in
Shanghai has identified over 700 suppliers for us and supported their

Our greenhouse gas footprint shows the amount of greenhouse gases thatdevelop­ment and participation in tenders in accordance with the applica­

we emitted in one calendar year. It is made up of:ble processes. It is also responsible for identifying innovative products◊

our greenhouse gas emissions from the entirety of the rail and road
fleet owned by DB Group, stationary facilities such as stations or work­and technologies for DB Group in the Asian market, for example in the

shops (scope 1+ 2) andareas of digitalization and electric mobility. In 2021, we added the first◊battery-electric buses from Asia to our fleet.

emissions from transport services and journeys commissioned by DB
Group (scope 3).

The specific greenhouse gas emissions and our climate protection targetµtarget67 ff.
are calculated on the basis of absolute greenhouse gas emissions within the limits set. They also act as a benchmark for our efficiency improve­
ment measures and provide a basis for us to compare our performancewith other companies. Our absolute greenhouse gas emissions rose again
in 2021, particularly in global logistics, but are still significantly below
pre-Covid-19 levels.

261

Our contribution toclimate protection◊

To ourstakeholders

Groupmanagement report

Consolidated
financial statements

Additional
information

The scope 2 emissions of 3.19 million tons of CO₂e take into accountIT systems to document protected areas

market-based mechanisms, meaning that this figure includes all con­

WHERE DB LINES MEET CONSERVATION AREAS IN GERMANY / km

tractually regulated instruments for generating and trading electric­

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

ity from renewable energies. In accordance with the scope 2 guidelinesof the Greenhouse Gas Protocol on dual reporting, we also reportlocation-based scope 2 emissions. If we take the respective nationalenergy mixes as a basis for the reporting, the scope 2 emissions amountto 5.24 million tons of CO₂e.
◊

Notes tosustainability

Our subcontractors’ scope 3 emissions account for the largest shareof our greenhouse gas emissions (category 3.4 in the GHG Protocol).

32

888
623

2,088
1,683

2021
6,245

4,320

7,056

There may be overlaps between conservation areas.

In DB Schenker’s Preferred Carrier Program, we favor working withshipping companies and airlines that have the most modern fleets

We use geographic information systems, which store data about train lines

and that value sustainability. Advising our customers on climate-and surrounding land and all digitally available information on protected

friendly logistics is an integral part of the service portfolio of DB Schen­areas in Germany. This enables us to quickly identify the points of contact

ker and DB Cargo. We also develop strategies for decarbonizing mar­between nature and DB Groupʼs tracks and land. There are different re­itime and air transport, particularly in the sector platforms of the World

strictions and conditions in each protected area, which are described in

Economic Forum (WEF).

protected area ordinances. These are stored in our system and are taken
into account in construction work.

Nature conservation

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 THE PLANT AND ANIMAL WORLD∏DB Group’s rail routes, buildings and spaces often provide a unique habitat

We take nature conservation into account when building rail infrastructure. 307-1
Our aim is to avoid interfering with nature and the landscape as much as

for protected species. We develop eco-friendly solutions to offset any im­

possible. If adverse effects nevertheless occur, we compensate with com­pact that our work has on the natural world. We have worked with conser­

pensation and substitution measures. We document all data ∫ no. 59 onvation associations and authorities to update the directive on the protection

these compensation obligations in the online specialist nature protectionof birds on catenaries. In addition, we are currently working on a researchand compensation information system (Fachinformationssystem Natur­

project of the German Centre for Railway Traffic Research on further solu­

schutz und Kompensation; FINK). This enables us to comply with the re­tions to protect birds and small animals even better.

porting requirements set forth by the Federal Railway Authority (Eisen­bahn-Bundesamt; EBA) in accordance with the Federal Nature Conservation

Bird protection measures

Act (Bundesnaturschutzgesetz). At the end of 2021, we recorded 7,258

We recorded about 3,600 short-circuit events caused by animals in 2021.

projects in the system, with a total of 46,015 compensation measures, in­

About 92% of them involved birds and about 8% involved small mammals.

cluding 15,777 measures on species protection. The number of our projects

To improve the situation, bird protection measures ∫ no. 33 are carried out on

including protection and compensation measures under conservation law

the insulators as part of the full overhead line inspection. Traction current

increased by about 1,000.

lines in areas that have a high risk of bird collisions are also being made safe.

V E G E TAT I O N C O N T R O L

Insect Protection Act

In 2021, 4.9 t of herbicidal active substances in total were applied to ourMore than 50 million honey bees ∫ no. 10 find their habitat on our land. For

tracks, and with a track length of about 61,000 km, about 16% of the tracks

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

were treated. This continues to be equivalent to just under 0.5 kg of active

selected stations. Artificial nesting and hibernation aids ∫ no. 154 also offer

substance per kilometer of track treated. As flazasulfuron, flumioxazin andrefuge for insects. To implement measures to protect wild bees, support

glyphosate were applied, only substances that have been approved by thetools are being developed to improve the environmental quality of com­

German Federal Office of Consumer Protection and Food Safety (Bundesamt

pensation areas, for example. We are working with our partners to sow

für Verbraucherschutz und Lebensmittelsicherheit; BVL) specifically for use

the seeds for the sustainable management of our land. We are working

in the vicinity of tracks were used during the treatment. We are currently

together with the Lake Constance Foundation, the Global Nature Funddeveloping and testing alternative methodsµmethods
70 and application strategies.

and ILbA, an institute for life-enforcing architecture. Our joint project

Resource conservation

is part of the EU-wide LIFE BoogiBOP project.

WAT E R C O N S U M P T I O NWater consumption refers to the water taken from the public supply. In 2021,
water consumption fell by 14% (previous year: by 5%). This decrease per­tains both to the Integrated Rail System and to DB Arriva and DB Schenker.
WATER CONSUMED / million m³

2021
2020
2019
Includes consumption by DB Schenker from the previous year.

262

7.25

8.40
8.84

Our contribution toclimate protection

To ourstakeholders

Groupmanagement report

Consolidated
financial statements∏ Air quality control
305-7

ABSOLUTE AIRBORNE POLLUTANTS FROM JOURNEYS

Notes tosustainability

Additional
information

Employees for environmental protection

AND TRANSPORT AS OF DEC 31 / t

2021

2020

2019

Particulate emissions

5,299

5,758

6,336

Nitrogen oxide (NOX) emissions

105,079

102,324

123,371

Sulfur dioxide (SO₂) emissions

14,651

13,35046,354

Hydrocarbon (NMHC) emissions

7,782

7,203

9,201

We offer our employees specialist environmental training ∫ no. 90 on issues relat­
ing to areas of action for the Green Transformation. In the area of climate
protection, for example, employees have the opportunity to receive training
on energy management in accordance with DIN 50001. In 2021, 80 courses
with a total of about 1,430 participants took place in Germany.

Combustion-related, well-to-wheel (WTW), scope 1–3.
Excluding DB Cargo and DB Schenker rail freight transport from/to China up to and including 2020.

EMPLOYEESThe ongoing modernization of our vehicle fleet is our most important mea­
sure for reducing airborne pollutants. The high electrification rate of ourrail network also plays a key role here, as the rolling stock itself does not

Personnel development

produce local pollutant emissions, except for abraded particles; emissions
are only produced when electricity is generated. The calculation is basedon the fuel consumption and composition of our vehicle fleets. We have

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

been exclusively using low-emissions construction vehicles and machinery
machinery ∫ no. 11

As an intra-Group partner for learning, development and change processes,

at our urban construction sites since mid-2018. Our combustion-related

DB Training, Learning&Consulting conducts the vast majority of training,

pollutant emissions are largely influenced by our ocean freight activities,

professional development and continuing education with some 28,000

which emit over 77% of soot particles. We are continuing our cooperation

events for about 270,000 participants per year. DB Group employees havewith the carriers in this area in various industry forums, where the phasing

more than 3,000 training opportunities available to them. Qualifications

out of fossil fuels is also being jointly addressed. In addition, stricter stat­

are offered for in-person, digital or blended learning schemes. A modern

utory regulations on sulfur content in fuels to reduce airborne pollutants

infrastructure provides space for creativity, new solutions and new digital

have been in force worldwide in shipping since January 2020.

learning formats, such as virtual reality (VR) training for rail operationsand vehicle technology.

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

DB Academy is responsible for the qualification of about 10,500 ex­

Our rail and road vehicles meet current Euro standards and thus ensure aecutives and potential executives of DB Group. The portfolio offers themlower level of pollutant emissions. Our trucks used in long-distance trans­

training according to their individual career and development stages,

port comply with the strictest emissions standards, Euro 5 and 6, and all

enabling them to apply leadership standards and implement strategicof our car fleet meets the Euro 6 emissions standard. As in 2020, 16% ofareas of action at DB Group.

the rail transport fleet has the lowest pollutant level UIC 0. The share of

The Covid-19 pandemic has significantly impacted training and quali­

rolling stock with low-pollutant electric traction remains at 63%, the same

fication activities. Existing training formats have been further developed

high level as in the previous year. The share of our buses meeting the Euroand adapted to a more digital everyday working environment. A large

5 and 6 standards increased to 82% (previous year: 76%).

number of digital alternatives were created in a very short time in 2020,

Environmental management

infrastructure could be used, allowing training to go ahead in a purely vir­such as digital onboarding. With regard to vocational training, existing IT
tual format. Practical components of the vocational training were resched­∏ 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
307-1

uled and held in person in accordance with a Covid-19 safety policy where
possible. Learning apps and DB Learning World as a central learning plat­

SHARE OF DB GROUP COMPANIES WITH CERTIFIEDENVIRONMENTAL MANAGEMENT SYSTEMS IN ACCORDANCEWITH ISO 14001 AS OF NOV 30 / %form proved effective for use in digital learning scenarios.
Since the outbreak of the Covid-19 pandemic, hygiene policies have

2021

2020

2019

47

48

53

in Germany

20

22

22

simulator centers, practice sites) in accordance with Covid-19 safety reg­in Europe (excluding Germany)

53

53

64

worldwide (excluding Europe and Germany)

73

76

71

ulations. This has been developed on an ongoing basis in 2021 and adapted

DB Group

been applied at all DB training sites (training centers, training workshops,

to the changing conditions. DB Academy and DB Training have also de­veloped additional online services to support employees and executives

Our environmental targets are supported by a Group-wide environmental

during the Covid-19 pandemic. Numerous target-group-specific sessions

management system designed according to DIN ISO 14001 ∫ no. 131. The

were created, including “Leadership in times of crisis,” the virtual portfo­

system’s compliant integration into our Group regulations has been ver­lio “Getting through the crisis together” and its successor “Back to theified by an independent institute. Based on this, 77% of our 266 environ­

new normal together.” There was high demand for these, and they received

mentally relevant Group companies apply a corresponding environmental

highly positive feedback (about 25,000 users).

management system in 2021. The Sustainability and Environmental division
is responsible for compliance with and further developing Group-wide
environmental management standards. In 2021, no significant fines orother penalties were issued to DB companies for environmental offenses.

263

Our contribution toclimate protection

To ourstakeholders

Groupmanagement report

Notes tosustainability

Additional
information

Regularly reviewing key performance indicators and how each employee

ChangeTRAINING AND CONTINUINGEDUCATION COSTS FOR

Consolidated
financial statements

contributes to achieving objectives also shows individuals and teams their

EMPLOYEES / € million

2021

2020

absolute%

2019

strengths and areas for improvement. Supervisors give employees clear

Total

262

210

+ 52

+ 24.8221

Per employee (FTE) (€)

1,181

965

+ 216

+ 22.4

1,052

guidance on performance development once a year. In a one-to-one discus­sion, development prospects and measures, such as the careers lab andsuccession planning, are discussed and agreed upon together. If the annual

Germany, including vocational trainees and dual-degree students.

overall evaluation gives cause for a more detailed assessment of com­
TRAINING AND CONTINUING EDUCATION DAYS INCUSTOMER-ORIENTED JOB FAMILIES / days

2021

2020

2019

Per employee (FTE)

11.5

11.9

10.7

petence, this can be carried out, if necessary, with reference to the skills
profile of the function in question.
In addition, a spontaneous feedback tool makes it possible to request

Germany (companies with about 80% of domestic employees).
Includes only training and development days in customer-oriented job families for permanent
employees, excluding vocational trainees and dual-degree students.

and send feedback across all hierarchies at any time and, if the user soTraining and continuing education costs per employee rose to a new record

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

high.

The DB role model combines specifications for different career paths (suchwishes, give visible recognition of their rating.

as expert, project and management), duties and responsibilities and the

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

necessary experience, expertise and attitude from an internal standpoint.
It forms the basis for staffing and diagnostic processes. In addition to our

BY TYPE OF TRAINING / NP

2021

2020

2019

Vocational trainees

2,614

2,420

2,352

Dual-degree students

239

197

169

management and project management career paths, our internal career
options were expanded to include a third career path: the DB expert ca­reer, which offers opportunities for further development to experienced
employees with key expertise.

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

In 2021, we realigned our talent management strategy. The key elements
are ease of access for employees and executives, attractive opportunities

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

for orientation, networking and visibility for all career paths, and a highare the foundation of our efforts to secure the recruitment of skilled em­

degree of personal initiative and individuality. Our campaign “Leadershipployees. This is supplemented by the job preparation program “Chancerocks!” supports the promotion and demand for more diversity in DB Group.

plus” for young people who need support in accessing the labor market.

With exciting interviews and videos, the campaign showcases examples of◊

We support refugees with their integration into Germany: the Social

women in executive positions who are leading the way. The “Frau Dich!”and Cultural Integration project (Soziale und kulturelle Integration;(Woman up!) initiative also plays a role in inspiring and motivating women

SUKI) run by Stiftungsfamilie BSW&EWH (foundation partnership),to aim for management positions with individual career advice for women.

in collaboration with the Railway and Transport Workers Union (Eisen­◊◊bahn- und Verkehrsgewerkschaft; EVG), and the social security fund,

GETTING ON THE JOB

offers integration-related services to supplement professional qualifi­

In 2021 we began work on the (further) development of a structured re­cation programs for people with a refugee and migration background.

entry management to support the reentry of employees who have been

The range of support services for DB young professionals has beenon temporary absences. Key elements include primarily the provision offurther developed with ZukunftPlus e. V., and Lifehacks4U has beenpooled information to improve orientation, opportunities for communi­

created as a Group-wide service to provide individual support for

cation and discussion to strengthen self-reflection, and personal devel­

young talent in matters beyond training.

opment opportunities.

We recognize outstanding performance and great commitment in our

Transformation

entry-level programs through the Excellence Program for particularly
high-performing young professionals.
◊

The social responsibility and participation of young professionals is

DIVERSITY

being promoted from the very beginning through participation in the

In Germany, about 219,000 employees from over 100 nations work for DB“Rail trainees against hate and violence” tolerance competition. Since

Group, about 51,200 of whom are women. The share of women in manage­

the foundation of the competition in 2000, more than 13,000 DB Groupment positions by organizational structure, including companies covered

vocational trainees have completed a total of 1,500 projects and set

by the Act for the Equal Participation of Women and Men in Management

an example for respectful and tolerant teamwork.

Positions (Gesetz für die gleichberechtigte Teilhabe von Frauen und Män­
nern an Führungspositionen; FüPoG II), stood at 25.4% at all levels as of

PERFORMANCE MANAGEMENT

December 31, 2021 (as of December 31, 2020: 24.4%).

The “My Performance Management” tool aims to support employees’ pro­fessional and personal development to boost their personal performance.
Regular feedback based on key questions from different perspectives anda well-structured presentation of results helps employees to compare how
they see themselves versus how others see them, and encourages themto reflect on their working habits in a targeted manner.

264

Our contribution toclimate protection

To ourstakeholders

MANAGEMENT LEVELS OF EXECUTIVES AND MEMBERS OF THE
SUPERVISORY BOARD BY GENDER AS OF DEC 31 / NP

Supervisory Board
Share of women (%)
Senior executives
Share of women (%)
Upper management
Share of women (%)
Middle management
Share of women (%)
Total executives (excluding Supervisory Board)
Share of women (%)

Groupmanagement report

Consolidated
financial statements

Additional
information(Eisenbahnneuordnungsgesetz). The same collective wage agreement
2021

2020

provisions within DB Group therefore apply on this basis to civil servants,

2019

20

20

19

30.0

35.0

31.6

252

243

227

19.0

16.9

13.2

1,072

1,039

993

19.9

18.4

17.9

2,464

2,382

2,172

22.2

22.0

21.3

3,788

3,664

3,392

21.3

20.7

19.8

insofar as the legal regulations governing civil servants do not conflictwith this.
EMPLOYEES WITH COLLECTIVE

AGREEMENTS AS OF DEC 31 / NP

Employees with collective
wage agreements
Share (%)

Change2021

2020

absolute%

2019

202,059

201,555

+ 504

+ 0.3

196,327

94.4

94.7

– 0.3

–

94.8

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

The share of employees subject to collective bargaining agreements remains

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

virtually unchanged at a very high level.

The share of women among executives increased in 2021, demonstrating
our efforts to increase the number of women in management. The increase

SOCIAL AND FRINGE BENEFITS

in executives is largely the result of an increase in the number of employ­

In addition to offering compensation that is fair and commensurate with

ees, reorganizations, structural adaptations and company acquisitions.

performance, an employer-financed company pension scheme and support

EMPLOYEES BY AGE AS OF DEC 31 / NP

2021

2020

2019

< 30 years

30,31229,92928,98630 – 49 years

94,064

92,95089,092≥ 50 years

89,64490,00889,037

Total

214,020

212,887

207,115

for private provision, we also offer a wide range of social and fringe ben­efits. The social partners (Bahn-Sozialwerk, Bahn-Betriebskasse, Verband
Deutscher Eisenbahner Sportvereine, DEVK-Versicherungen and SpardaBanken) offer benefits packages for our employees. In cooperation withthe foundation family, we offer our employees a range of childcare options
and extensive support in caring for family members.

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

Work-life balance

The share of employees over 50 continues to be high (about 42%).
EMPLOYEES WITH SEVERE DISABILITIES BY AGE
A S OF DEC 31 / NP

2021

2020

EMPLOYEES BY WORKING HOURS AND GENDER

2019< 30 years

377

326

308

30 – 49 years

2,488

2,620

2,721

≥ 50 years

9,419

9,540

9,677

12,284

12,486

12,706Total

AS OF DEC 31 / NP

Full-time
thereof womenPart-time
thereof women
Total

Germany (companies with about 98% of domestic employees).
Includes employees and vocational trainees with severe disabilities or similar.

∏
102-8
2021

2020

2019

195,127

193,844

188,820

37,76937,24336,122

23,57823,184

22,48013,36013,292

13,072

218,705

217,028

211,300

Germany.

The employment rate for people with severe disabilities in Germany is 5.5%.

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

In Group companies, it is about 50% higher than the statutory quota of 5%.

between career and family.

Employment conditions

EMPLOYEES BY CONTRACT TYPE AS OF DEC 31 / NP

Permanent
thereof women∏ COLLECTIVE AGREEMENTS
102-41

Notes tosustainability

EMPLOYEES BY EMPLOYEE TYPE AS OF DEC 31 / NP

Fixed-term
2021

2020

2019

Employees subject to collective bargaining agreements

187,379

184,508

177,286

Civil servants

14,70517,081

19,087

Employees on individual contracts 1)

11,936

11,298

10,742

214,020

212,887

207,115

Total

thereof women
Total

2021

2020

2019

209,221

206,970

200,392

48,35547,541

46,033

9,484

10,058

10,908

2,774

2,993

3,161

218,705

217,028

211,300

Germany.

The share of employees with permanent employment contracts in Germany
remained very high at about 96%.

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

AGENCY PERSONNEL AS OF DEC 31 / NP

2021

2020

2019

Total

2,416

2,232

3,458

Germany (companies with about 99% of domestic employees).

In addition to country-specific legislation, the working conditions for our
employees primarily follow the collective bargaining agreements that

Use of agency workers remains comparatively low due to the Covid-19

have been concluded with the trade unions in the respective countries. In

pandemic.

principle, the collective bargaining agreements apply to employees inGermany. The activities of civil servants in DB Group are based on statu­
tory allocation under Article 2, Section 12 of the Rail Restructuring Act

265

Our contribution toclimate protection

To ourstakeholders

Groupmanagement report

Consolidated
financial statements† Executive employees and employees not covered by collective

Notes tosustainability

Additional
informationand safety regulations. Group-wide standards were agreed on social dis­

wage agreements

tancing, good hygiene practices, mask wearing and ventilation. These

The variable compensation for executives, employees covered by collective

standards have been taken into account in risk assessments and commu­

wage agreements and employees not covered by such agreements is aligned

nicated in occupa­tional health and safety instructions.

with the top targets of the Strong Rail strategy
strategyµ 52 ff.
ff. The calculation of the

In 2021, the planned adjustments were made to the framework guide­

variable compensation amount is based on a standardized set of key figures.

lines on occupational health and safety. These related to the focus areas

In addition to Group and business success in the Integrated Rail System,of risk assessment and accident management. Initial measures, such as athere is a sustainability factor that takes into account the compass index

training program to supplement the annual occupational health and safety

in the Integrated Rail System and the reduction of CO ₂e emissions.

training, were also developed in the Group-wide Occupational Health and◊

To improve work-life balance, executives and employees not subject toSafety Working Group to improve the quality of preventive health andcollective wage agreements are able to take a sabbatical. We also sup­safety in the Integrated Rail System in accordance with the zero-accident

port the provision of part-time executive employment and interim

approach. The measures have been tested successfully, including in a pilot

management.

with several companies.

◊

◊

◊

The “Special semi-retirement for executives in DB Group” program is

The joint zero-accident occupational health and safety strategy has,

intended to reduce executives’ individual workload while maintaining

for the Integrated Rail System, the strategic objective of ensuring “no work

the employability of older executives until the statutory retirement age.

accidents or work-related illnesses.” The top priority is to avoid fatal and

Employer-financed contributions to the company pension plan are usedserious occupational accidents and occupational diseases. If a fatal or se­

to ensure post-employment benefits for executives and employees not

rious occupational accident nevertheless occurs, we cooperate closely withsubject to collective wage agreements.

the competent authorities and do everything possible to prevent similar

The BahnCard and car-sharing services offer executives an environmen­

causes of accidents in future. We are represented in the Zero Accident

tally friendly alternative to a company car.

Forum of the German Statutory Accident Insurance’s Institute for Occupa­
tional Health and Safety (Institut für Arbeitsschutz der Deutschen Geset­

Measures against discrimination

zlichen Unfallversicherung; IFA). The forum is a network of companies that

We are committed to ensuring a working environment that is free fromenables them to learn from one other so that they can reduce the number

discrimination and bullying. Capable assistance for clarifying and handlingof accidents at work, including on the way to and from work, to zero.

conflict situations is available from the intra-Group ombudsperson for all
employees, in addition to the rules in the Group Employer/Works Council

SICKNESS RATE BASED ON HOURS / %Agreements (Konzernbetriebsvereinbarung; KBV), such as the KBV forequal treatment and protection against discrimination, or the KBV for bal­ancing work, family and life stage, as well as directives such as those on
the Federal General Act on Equal Treatment (Allgemeines Gleichheitsbe­
handlungsgesetz) and on company integration management, or compliancedirectives. The focus in all this is on non-bureaucratic and independent
extrajudicial settlement of conflicts. The ombudsperson coordinates theintra-Group pool of mediators.

2021

2020

2019

DB Long-Distance

6.0

5.8

6.7

DB Regional

7.5

7.6

7.9

DB Cargo

6.7

6.4

7.1

DB Netze Track

4.9

5.0

5.6

DB Netze Stations

5.2

5.5

6.5

DB Netze Energy

3.3

3.4

4.2

Other

5.2

5.4

6.3

DB Schenker

5.4

8.1

6.7

DB Group

5.7

6.0

6.5

Germany (companies with about 97% of domestic employees).

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
To help combat the Covid-19 pandemic, we have set up our own vaccina­

The sickness rate has fallen further, a possible indication that the extensivetion centers and are also offering vaccinations through our occupational

hygiene and safety measures taken in the context of the Covid-19 pandemic

medical service. A total of 32,000 vaccinations have been carried out in ten

are having an effect.

DB vaccination centers and 35 other ias AG occupational medical service

facilities. Following an EU-wide tender, the occupational medical service

OCCUPATIONAL ACCIDENTS AND LTIF

Fatal accidents 1)

contract has been awarded to four service providers. The capacity andthereof in Germany 2)

resource management of the occupational medical service providers is

Lost time injury frequency (LTIF) 2), 3)

being digitalized as part of this realignment, thereby playing a part in the1)design of a modern occupational safety and health management frame­

2021

2020

4

6

2019

7

4

2

5

21.8

21.5

25.0

	Worldwide (companies with about 98% of employees).
	Germany (companies with about 98% of domestic employees).
	Lost time injury frequency = LTIF (work accidents that cause the employee to beabsent for longer than one calendar day) 1,000,000/working hours.

2)work. With the introduction of a sustainable IT platform that interlinks the3)

occupational health and workplace safety services and hazardous substancemanagement, a significant milestone in the implementation of the tech­
nology and digitalization strategy has been reached in these areas.

Compliance with internal standards and national laws serve to protect

Our occupational health and safety policy is designed to continuously

employees. A safe work environment and healthy employees contributedecrease the number and severity of accidents. The cross-functional co­to success. Digital events and active communication measures on theoperation has allowed us to implement Group-wide preventive measures

topic of occupational health and safety were implemented to achieve thequickly during the Covid-19 pandemic. In doing so, we have not only com­goal of raising awareness about safety and personal responsibility. We areplied with legal requirements in consultation with works councils and DB

continuously working to optimize safety. With lost time injury frequency

management as well as the statutory accident insurance scheme for Federal(LTIF), we have established an indicator to aid us in further reduc­ing theagency and railway personnel (Unfallversicherung Bund und Bahn; UVB),

frequency of accidents.

but also set minimum requirements for protective measures throughout
Germany, irrespective of the various government and autonomous health266

Our contribution toclimate protection

To ourstakeholders

Groupmanagement report

Consolidated
financial statements

Notes tosustainability

Additional
information

The fatal workplace accidents in 2021 occurred in the infrastructure divi­

The share of employees outside Germany was about 35%, the same levelsion in DB Netze Track and in DB Schenker. Fatal workplace accidents at

as in the previous year (as of December 31, 2020: about 35%).

DB Group are systematically investigated in the affected business units,

NEW HIRES

and any possible process-related improvements and further measures are
identified and implemented.
About 65 companies in Germany are included in the LTIF calculation.

NEW HIRES BY GENDER (EXCLUDING YOUNG PROFESSIONALS)

Close examination of the LTIF shows a differentiated picture, even in inter­national comparison, as all areas of activity within DB Group are included

DB Groupof safety to ensure the safety of our employees. The LTIF in Germany is
For 2022, we aim to continue development on the SAP EH&S IT appli­
cation that has been introduced and drive forward new digital formats in

28.8
10,922

21.9

21.4

21.9

2,397

2,853

3,143

18.9

21.1

20.4

18,45021,70022,758The number of newly hired employees in Germany remains at a high level.

the context of increased digitalization. We are working continuously to

EMPLOYEE TURNOVER

place greater emphasis on executives’ responsibility and their function asrole models. We have therefore developed further learning opportunities
for executives as part of the occupational health and safety strategy for
the Integrated Rail System.

∏ Occupational health and safety committees at DB GroupEMPLOYEE TURNOVER / NP

2021

2020

2019

Retirement-related turnover

3,614

3,478

3,212

thereof women

694

696

692

Other employee turnover

11,166

9,218

10,043

thereof women

102-43 In Germany, companies (production facilities, branches, “Wahlbetriebe”

Total

for works council election purposes) with 20 employees or more are legally

2,296

1,862

2,129

14,78012,696

13,255Germany (companies with about 98% of domestic employees).

required to have an occupational health and safety committee (Arbeits­schutzausschuss). At DB Group, the majority of employees (over 75%)

The figures indicate non-restructuring-related turnover of permanent em­

are represented on occupational health and safety committees.

ployees. Part-time working in the lead-up to retirement is also included inretirement-related employee turnover.

Number of employees and employee structure

EMPLOYEE TURNOVER / %Changeabsolute%

2019

DB Long-Distance

19,836

19,873

– 37

– 0.2

18,370

DB Regional

39,33339,299

+ 34

+ 0.1

38,462

DB Cargo

30,60630,586

+ 20

+ 0.1

29,998DB Netze Track

52,756

51,714+ 1,042+ 2.0

50,107

DB Netze Stations

7,161

6,864

+ 297

+ 4.3

6,595

DB Netze Energy

1,968

1,928

+ 40

+ 2.1

1,829

Other

60,97860,589

+ 389

+ 0.6

58,131

Integrated Rail System

212,638

210,853+ 1,785+ 0.8

203,492

DB Arriva

46,031

48,796– 2,765– 5.7

55,283

DB Schenker

78,321

76,629+ 1,692+ 2.2

79,136

DB Group336,990336,278

+ 712

+ 0.2

337,911absolute%

2019

Germany

218,705

217,028+ 1,677+ 0.8

211,300

Europe (excluding Germany)

88,48689,990– 1,504– 1.7

96,901

Asia/Pacific

17,021

16,806

+ 215

+ 1.3

16,980

North America

9,311

9,163

+ 148

+ 1.6

9,390

Rest of world

3,467

3,291

+ 176

+ 5.3

3,340

336,990336,278

+ 712

+ 0.2

337,911

2019

1.6

1.5

thereof women

1.4

1.4

1.5

Other employee turnover

5.1

4.3

4.8

4.6

3.8

4.5

6.8

5.9

6.3

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 rise in turnover under other employee turnover is largely due to person­nel members leaving to become “extended” personnel members (for ex­
ample parental leave, long-term or permanent illness).

Change
2020

2020

1.7

thereof women

As of December 31, 2021, the number of employeesµ
employees
82 was at the same level

2021

2021

Retirement-related turnoverTotal

as at the end of the previous year.

DB Group

29.3
10,600Germany (companies with about 98% of domestic employees).
This does not include the acceptance or hiring of vocational trainees
and dual-degree students.

at the same level as in the previous year.

AS OF DEC 31 / NP

30.5
8,892

Share of women (%)

Health and Safety Working Group, thereby promoting an overall culture

EMPLOYEES BY REGIONS

8,693≥ 50 years

in­­­volve the business and service units in the Group-wide Occupational

2020

2019

8,247

Share of women (%)

ably reduce the LTIF. Our zero-accident measures play a role in this. We

2021

2020

7,161

30–49 yearsof our occupational health and safety policy is to continuously and sustain­

AS OF DEC 31 / NP

2021

< 30 years
Share of women (%)

in the calculation, rather than just sub-areas. Our goal within the scope

EMPLOYEESAS OF DEC 31 / NP

267

Our contribution toclimate protection∏
102-56

To ourstakeholders

Groupmanagement report

Consolidated
financial statements

Notes tosustainability

Additional
information

INDEPENDENT PRACTITIONER’S REPORT ON A LIMITED ASSURANCEENGAGEMENT ON SUSTAINABILITY INFORMATIONTo Deutsche Bahn AG, Berlin
We have performed a limited assurance engage­praxis – IDW QS 1) – and accordingly maintains

ment on the disclosures in the sections “To oura comprehensive system of quality control in­

stakeholders – Open stakeholder dialog”, “To ourclud­ing document­ed policies and procedures

stakeholders – Social commitments” and “Notes

regarding compliance with ethical requirements,

the corresponding data in the consolidated

to sustainability” of the 2021 Integrated Report

professional standards and applicable legal andfinancial statements and the group manage­of Deutsche Bahn AG , Berlin (hereinafter the

regulatory requirements.

“Com­­pany”) for the period from 1 January 2021 to
31 De­­cember 2021 (hereinafter the “Report”).

Responsibility of the Assurance Practitioner

Not subject to our assurance engagement are

Our responsibility is to express a conclusion withthe external sources of documentation or expert

limited assurance on the disclosures in the Report

opinions mentioned in the Report.

based on our assurance engagement.

◊

Analytical procedures on selected disclosuresin the Report◊

Reconciliation of selected disclosures withment report◊

Inquiries on the relevance of climate-risks◊

Evaluation of the presentation of the selecteddisclosures

Assurance Opinion

Responsibility of the Executive Directors

We conducted our assurance engagement in

Based on the assurance procedures performed

accordance with International Standard on Assur­and evidence obtained, nothing has come to our

The executive directors of the Company are re­ance Engagements (ISAE) 3000 (Revised): Assur­

attention that causes us to believe that the dis­sponsible for the preparation of the Report inance Engagements other than Audits or Reviews

closures in the Report of the Company for theaccordance with the principles stated in the Sus­

of Historical Financial Information, issued by theperiod from 1 January 2021 to 31 December 2021

tainability Reporting Standards of the Global Re­

IAASB. This Standard requires that we plan andare not prepared, in all material respects, in ac­

porting Initiative (hereinafter the “GRI-Criteria”).

perform the assurance engagement to obtain lim­

cordance with the relevant GRI-Criteria.

This responsibility includes the selection andited assurance about whether any matters haveapplication of appropriate sustainability report­come to our attention that cause us to believe

Restriction of Use

ing methods and making assumptions and esti­that the disclosures in the Company’s Report,

We draw attention to the fact that the assurance

mates about individual sustainability disclosuresother than the external sources of documentation

engagement was conducted for the Company’sof the Company that are reasonable in the circum­

or expert opinions mentioned in the Report, arepurposes and that the report is intended solely

stances. Furthermore, the executive directors are

not prepared, in all material respects, in accor­

to inform the Company about the result of the

responsible for such internal controls as the exec­

dance with the relevant GRI-Criteria.

assurance engagement. Consequently, it may not

utive directors consider necessary to enable the

In a limited assurance engagement the pro­be suitable for any other purpose than the afore­

preparation of a Report that is free from material

cedures performed are less extensive than in amentioned. Accordingly, the report is not in­

misstatement whether due to fraud or error.

reasonable assurance engagement, and accord­tended to be used by third parties for making

ingly a substantially lower level of assurance is(financial) decisions based on it. Our responsi­

obtained. The selection of the assurance proce­bility is to the Company. We do not accept any

dures is subject to the professional judgement

responsibility to third parties. Our assurance opin­of the assurance practitioner.

ion is not modified in this respect.

Independence and Quality Controlof the Audit Firm
We have complied with the German professional
provisions regarding independence as well asother ethical requirements.
Our audit firm applies the national legal
requirements and professional standards – inIn the course of our assurance engagement,
we have, amongst other things, performed the fol­lowing assurance procedures and other activities:◊

Berlin, 9 March 2022

Gain an understanding of the structure ofparticular the Professional Code for German Pub­

the sustainability organization and the stake­PricewaterhouseCoopers GmbHlic Auditors and German Chartered Auditors

holder engagement

Wirtschaftsprüfungsgesellschaft(“Berufssatzung für Wirtschaftsprüfer und ver­◊Inquiries of personnel involved in the prepa­

eidigte Buchprüfer”: “BS WP/vBP”) as well as

ration of the Report regarding the prepara­

Hendrik Fink

the Standard on Quality Control 1 published bytion process, the internal control system relat­

Wirtschaftsprüfer

the Institut der Wirtschaftsprüfer (Institute ofing to this process and selected disclosures(German public auditor)

Public Auditors in Germany; IDW ): Require-in the Reportments to quality control for audit firms (IDW Qua­◊

­litäts­siche­rungsstandard 1: Anforderungen an

Identification of the likely risks of material
misstatement of the Report under consider­

die Qua­­litäts­sicherung in der Wirtschaftsprüfer­ation of the GRI-Criteria◊

Inspection of processes for collecting, con­trolling, analyzing and aggregating selected
data at specific sites of the Company on asample basis268

ppa. Thomas GrothOur contribution toclimate protection

To ourstakeholders

Groupmanagement report

Consolidated
financial statements

Notes tosustainability

Additional
information

270

Global Reporting Initiative (GRI) Index

271

UN Global Compact Index

272

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

273

Glossary

277

List of abbreviations

ADDITIONAL
INFORMATIONOur contribution toclimate protection∏

102-54102-55

To ourstakeholders

Groupmanagement report

Consolidated
financial statements

Notes tosustainability

Additional
information

GLOBAL REPORTING INITIATIVE(GRI) INDEXThis Integrated Report was produced in accordance with the GRI international standards in the core reporting option.

Degree offulfillment

GRI STANDARDS / core option

Page

GR I 102: GENER AL DISCLOSURES
1. ORGANIZATIONAL PROFILE

102-1		 Name of the organization
102-2

39–40
39–40, 41–43

Activities, brands, products and services

102-3		 Location of headquarters

39–40

102-4

39–40, 55, 112–114, 149

Location of operations

39–40

102-5		 Ownership and legal form
102-6

39–40, 41–43, 55, 101–103, 106–107, 113, 123–125, 127–129, 132,
133, 140, 141, 147, 148–150

Markets served

102-7		 Scale of the organization

39–40, 82, 102, 107, 113, 124, 128, 133, 137, 140, 149, 187

102-8

Information on employees and other workers

265

102-9

Supply chain

261

102-10 Significant changes to the organization and its supply chain

125, 136, 151, 194–195, 241–247, 261

102-11 Precautionary principle or approach

155–157, 157–163

102-12 External initiatives

32, 45102-13 Membership of associations

32, 34, 47

2. STRATEGY

102-14 Statement from senior decision maker

25–26

3. ETHICS AND INTEGRITY

102-16 Values, principles, standards and norms of behavior

32–34, 34–36, 43, 45, 174–184, 254, 254–259, 271, 272

4. GOVERNANCE

102-18 Governance structure

28–31, 39–40, 171–173, 174–184

5. STAKEHOLDER ENGAGEMENT

102-40 List of stakeholder groups

33

102-41 Collective bargaining agreements

265

102-42 Identifying and selecting stakeholders

32–34, 43

102-43 Approach to stakeholder engagement

32–34, 44, 79, 254, 257, 267

102-44 Key topics and concerns raised

33, 44

6. REPORTING PRACTICE

102-45 Entities included in the consolidated financial statements

241–247

102-46 Defining report content and topic boundaries

44–45

102-47 List of material topics

44–45

102-48 Restatements of information

86

102-49 Changes in reporting

44–45

102-50 Reporting period

254

102-51 Date of most recent report254

102-52 Reporting cycle

254

102-53 Contact point for questions regarding the report278

102-54 Claims of reporting in accordance with the GRI standards

254, 270–271

102-55 GRI Content Index

270–271

102-56 External assurance

31, 251–252, 254, 268

G R I 1 0 3 : M A N AG E M E N T A P P R O A C H

103-1 	 Explanation of the material topic and its boundary60, 67, 70, 71, 72–73, 75, 91–92, 254, 255–256, 256, 257–258, 258

103-2		 The management approach and its components

60, 67, 70, 71, 72–73, 75, 91–92, 254, 255–256, 256, 257–258, 258

103-3		 Evaluation of the management approach

60, 67, 70, 71, 72–73, 75, 91–92, 254, 255–256, 256, 257–258, 258

GRI 201: ECONOMIC PERFORMANCE

201-1		 Direct economic value generated and distributed

87–89, 186, 189

201-2

162–163

Financial implications and other risks and opportunities due to climate change

G R I 2 0 3 : I N D I R E C T E C O N O M I C I M PA C T S

203-1		 Infrastructure investments and services supported

95–97, 163, 236

G R I 3 0 1 : M AT E R I A L S

301-1		 Materials used by weight or volume71

301-2		 Recycled input materials used71

301-3		 Reclaimed products and their packaging materials

71

270

Our contribution toclimate protection

To ourstakeholders

Groupmanagement report

Consolidated
financial statements

Degree offulfillment

GRI STANDARDS / core option

Notes tosustainability

Additional
informationPage

G R I 3 0 2 : E N E R GY W

302-1		 Energy consumption within the organization

1)

68–69

1)

68–69

68–69

302-3 Energy intensity
302-4 Reduction of energy consumption
302-5

68–69

Reductions in energy requirements of products and services

GRI 305: EMISSIONS

305-1		 Direct (scope 1) GHG emissions

261–262

305-2

Energy indirect (scope 2) GHG emissions

261–262

305-3

Other indirect (scope 3) GHG emissions

261–262305-4

GHG emissions intensity

68

305-5

Reduction of GHG emissions

67, 68305-7		 Nitrogen oxides (NOx), sulfur oxides (SOx) and other significant air emissions

263

G R I 3 0 6 : E F F L U E N T S A N D WA S T E

306-2 Waste by type and disposal method

71306-3 Significant spills

71–72

306-4 Transport of hazardous waste

71–72

306-5 Water bodies affected by water discharges and/or runoff

71–72

G R I 3 0 7 : E N V I R O N M E N TA L C O M P L I A N C E

307-1		 Non-compliance with environmental laws and regulations
1)∏

102-16262, 263

Fulfilled
Partially fulfilled
Not fulfilled	The focus is on stationary consumption. Traction is not disclosed as absolute energy consumption,
but rather with specific values for primary energy consumption and greenhouse gas emissions.

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

34–36, 44–50, 255–256, 260–261

Principle 2		

Exclusion of human rights abuses

255–256, 260–261

L A B O R S TA N D A R D S

Principle 3 	

Preserving freedom of association and law on collective bargaining

77–82, 255–256, 265–267

Principle 4 	

Elimination of all forms of forced labor

255–256, 260–261

Principle 5 	Elimination of child labor

255–256, 260–261

Principle 6 	Elimination of discrimination

44–50, 78–82, 265–267

E N V I R O N M E N TA L P R O T E C T I O N

Principle 7 	Preventive environmental protection

32–34, 43, 44–51, 52–57, 66–73, 134, 261–263

Principle 8 	

Initiative for greater environmental awareness

32–34, 43, 44–51, 52–57, 64–73, 103, 109, 115, 125, 130, 134, 142–143, 151, 261–263

Principle 9 	

Development and dissemination of eco-friendly technologies

32–34, 43, 52–57, 66–73, 103, 108–109, 115, 125, 129–130, 134, 142–143, 150–151, 261–263

A N T I- C O R R U P T I O N

Principle 10 	

Measures against corruption

32–34, 254–256, 260–261

271

Our contribution toclimate protection∏

102-16

To ourstakeholders

Groupmanagement report

Consolidated
financial statements

Notes tosustainability

Additional
information

TASK FORCE ON CLIMATERELATED FINANCIALDISCLOSURES (TCFD) INDEXThe DB Group supports the recommendations of the TCFD on reporting
climate-related information. In this Integrated Report, we publish content
recommended by the TCFD at various points.
The index table shows in which chapters and subchapters relevant
topics are placed. Following the TCFD recommendations, the table is divided
into the four core areas of governance, strategy, risk management and key
figures and targets.

Page

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.

43, 56–57, 155–156, 180b. 	 Describe management’s role in assessing and managing climate-related risks and opportunities.

43

a. 	Describe the climate-related risks and opportunities the organization has identified
over the short, medium, and long term.

155–156, 157–163

b. 	Describe the impact of climate-related risks and opportunities on the organization’s businesses,
strategy, and financial planning.

47, 52–54, 56–57, 66, 67–70,
157–163c. 	Describe the resilience of the organization’s strategy, taking into consideration different
climate-related scenarios, including a 2°C or lower scenario.

47, 52–54, 56–57, 66, 69–70, 162

a. Describe the organization’s processes for identifying and assessing climate-related risks.

155–156, 157–163

b. Describe the organization’s processes for managing climate-related risks.

69–70, 157–163

c. 	Describe how processes for identifying, assessing, and managing climate-related risks areintegrated into the organization’s overall risk management.

155–156, 157–163

a. 	Disclose the metrics used by the organization to assess climate-related risks and opportunities
in line with its strategy and risk management process.

43, 56–57, 66, 67–69, 181–182, 266

b. 	Disclose Scope 1, Scope 2, and, if appropriate, Scope 3 greenhouse gas (GHG) emissions,and the related risks.

261–262, 276

c. 	Describe the targets used by the organization to manage climate-related risks and opportunities
and performance against targets.

56–57, 66, 67–69

S T R AT E GY

Disclose the actual and potential impacts ofclimate-related risks and opportunities on
the organization’s businesses, strategy, andfinancial planning.

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

272

Our contribution toclimate protection

To ourstakeholders

Groupmanagement report

Consolidated
financial statements

Notes tosustainability

Additional
information

GLOSSARYA

Compass index

Customer satisfaction index

Accessibility

Measures the implementation of the “compass forIndex generally rated on a grading scale of 1 (very

Understood as universal design, meaning a design ofstrong collaboration” in DB Group. It is a key indicatorsatisfied) to 6 (very dissatisfied). These grades are con-products, environments, programs and services in suchfor the transformation of the organization as part ofverted and shown on a scale of 0 to 100 (0 points =a way that they can be used by all people. Accessibility

the Strong Rail strategy. It is collected annually as part

grade 6; 20 points = grade 5; 40 points = grade 4;

at train stations covers a wide range of aspects, from in-of the employee survey and the culture barometer

60 points = grade 3; 80 points = grade 2; 100 points =formation and service to structural design. The overall(from 2021 onwards).

grade 1).

objective is to dismantle all attitude-based and environmental barriers that prevent passengers from full,
effective and equal participation in the rail system.
Airborne pollutants

Natural substances or airborne substances caused byhuman activities which may have a detrimental effect on
the environment. Examples of combustion-related air
pollutants are soot particles, nitrogen oxides and sulfur
dioxide.

Compliance

An important component of corporate governance.
This is understood as compliance with laws and directives,
as well as voluntary codes of conduct in the company.
Service packages comprising multiple logistics activities. The service provider not only organizes transportorders, but also independently assumes parts of the

In general, the Federal states are responsible for or-

Fuel that is produced from biomass and is a climate-dering regional rail passenger transport services

friendly alternative compared to diesel. Biofuelsfrom transport companies. This is carried out by athat are produced exclusively from waste and residues

total of 27 different contracting organizations.

known as advanced biofuels. HVO (hydrogenated vegetable oil) is an example of a biofuel.
Interest-bearing security which is used to borrow funds
on the capital market. Helps mid-term to long-term
debt financing by companies.

Based on fair values as a weighted average of riskadequate market returns for the minimum return

Credit facilities granted by banks which can be utilized
if necessary. These are firm commitments of credit lines
with different maturities, some of which serve as

The journey of a bus over a distance of 1 km.

liquidity reserves that are available at all times, while

Capital employed

Includes property, plant and equipment (including
tangible 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.

Electric traction current, with which DB Netze Energy
supplies intra-Group train operating companies in

Debt coverage

Key financial indicator that describes the relationshipbetween the company’s current financing power and its
financial obligations (adjusted net financial debt).
Contractual framework or sample documentation for
the issuance of bonds. This guarantees a high degreeof flexibility in issue activity.
Derivative financial instruments (derivatives)

Credit facilities

Bus kilometers (bus km)

C

DB traction current

Debt issuance program

Costs of capitalrequirement calculated for debt and equity capital.

Bond

their goods transported in a climate-neutral way on allGermany.

Contracting organizations

Biofueland without the use of cultivated biomasses are also

Service for rail freight transport customers to haveelectrified lines within Germany and Austria.

Contract logistics

value-added chain.

BD
DB eco plus

the umbrella credit lines are available in particular
to foreign subsidiaries for working capital financing
and as a guarantee line.

Financial instruments, the price or value of which depends
on the future rates or prices of other goods, assets orreference values (interest rates, indices). These are con­tracts in which the contracting parties agree to buy,sell or swap assets at specified conditions in the future,or alternatively make value equalization payments.
Diversity

Refers to the variation within the workforce with

Credit rating

Credit rating assigned by rating agencies that affecta company’s refinancing options and costs.

regard to gender, ethnicity and social background, age,religion, sexual orientation and identity, as well as
physical and mental ability. Diversity also encompasses

Culture barometer

employees’ variety of perspectives, values, profes­-

Germany-wide random sample survey in the Integrated

sional experience and skills.

Rail System in Germany. Short, compact and digital
instrument as a supplementary format in the years be-

E

Combined transport

tween the more comprehensive employee survey. The

Earnings before interest and taxes ( EBIT )Combined transport of containers or entire trucks on

focus of the survey is the compass index – which mea-

Operating profit/loss before interest and tax.

rail and road.

sures corporate culture in relation to the “compass

Commercial paper program ( CP program)for strong collaboration.”

Earnings before interest, taxes, depreciation
and amortization ( EBITDA )Contractual framework or model documentation for the

Customer satisfaction

Operating profit/loss before interest, taxes, deprecia-

issue of short-term commercial papers.

Satisfaction of customers and partners with a product/tion and amortization.

offer or a service, surveyed on a representative basis
and evaluated on behalf of DB Group by independent
market research institutes by telephone, in personor online.

273

Our contribution toclimate protection

To ourstakeholders

Groupmanagement report

Consolidated
financial statements

Notes tosustainability

F

Ecosystem (digital)

Additional
information

H

Ecosystems are networks of partners who work on com-

Facilities quality

Hybrid bondsmon (or competing) value-added chains for a value prop-

To ensure maintenance funds are used according to

A corporate bond which, under certain conditions, isosition. In partnership-based value chains, the createddemand and to assess improvements stemming fromcounted as equity within the scope of the IFRS ac-

value exceeds the sum of the isolated value-added chains,implemented measures, the condition of structuralcounting regulation. Hybrid bonds usually have very

for example, through a simple and better customer ex-

and technical facilities undergo periodic and event-long maturities or fixed redemption amounts, butperience or increased efficiency in production.

based evaluations.

may be terminated by the issuer after the expiry ofElectricity mix

Final energy

Composition of electricity by type of energy generation

The energy form for which an end consumer receives

Hydrocarbon ( NMHC ) emissions(for example renewable energies, gas and others).

an invoice, for example the quantity of fuel added, or the

These are contained, for example, in crude oil, naturaltraction current obtained.

gas or coal. Their emissions are regarded as harmful

Employee satisfaction index ( SI )a predefined minimum term.

to the environment.

As part of the Group-wide employee survey conducted

Floating rate notes ( FRN )every two years, the index is calculated using questions

Bonds with variable interest rates.

about motivation, job satisfaction and (emotional)Gloyalty to the company on a scale from 1 to 5 (best possible value).
Employee survey

This has been conducted within DB Group every two years
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

Global Reporting Initiative ( GRI )An international organization that is responsible forthe distribution and improvement of sustainability reporting. The GRI standards are considered to be themost widely used and internationally recognized reporting standard for sustainability.

and cultural frameworks. Another objective of the sur-Greenhouse gas emissions ( CO ₂ equivalents ( CO ₂e))vey is the subsequent improvement processes, which

Climate-changing trace gases, for example methane

are triggered by the discussion of the results.

and nitrous oxide, which are converted into the

ESG rating

Assessment of sustainability, for example of a company.

equivalent quantity of CO₂ in terms of their different
climate impacts.

The degree of sustainability is assessed on the basis

Greenhouse Gas ( GHG ) Protocolof the fulfillment of environmental, social and gover-A globally recognized standard for the qualification andnance (ESG) criteria.

management of greenhouse gas emissions which is

Equity method/at-equity accounting

Procedures for the accounting of affiliated companies

An accounting rule of the International AccountingStandards Board (IASB), which, since 2019, has obligated companies preparing balance sheets in accordancewith IFRS to record all lease agreements with a contract term of more than one year in their balance sheets.
Interest-free loans

Loans 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
and replacement.
Intermodal competition

Competition between different modes of transport,
for example between rail and air transport.

used by many companies, non-governmental organi-International Financial Reporting Standards ( IFRS )zations (NGOs) and governments.

Internationally recognized accounting standards. Since
2002, IFRS has been regarded as the overall concept

which are not included in the consolidated financial

Gross capital expenditures

statements on the basis of full consolidation with all

Total capital expenditures in property, plant and equip-

assets and liabilities. The book value of the subsid-

ment and intangible assets – irrespective of the typeiary is adjusted by the development of the pro rataof financing.

equity in the holding.

I
IFRS 16of standards adopted by the International AccountingStandards Board. Previously adopted standards arestill cited as International Accounting Standards (IAS).
Interoperability (multisystem capability)

Gross profit

Equity ratio

Amount of revenues remaining after deduction of

Key financial indicator based on the balance sheet

the variable (= sales-related) costs or direct (= contract-

structure: proportion of equity in the balance sheet

related) costs.

The ability of rail vehicles 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.

total as a percentage.

Investment grants

European Train Control System ( ETCS )Financing contributions from third parties in specified

European-wide standardized train control system.

capital expenditures projects without future repayment

The migration to ETCS affects both the infrastructure

requirements.

and the vehicles. ETCS can be realized on several
levels, which depend, among other things, on the railK

infrastructure and the desired speed.

K brake shoe

Existing network

Brake shoe made from composite materials (K), see also

Existing rail network and therefore core of theV brake shoes.

infra­structure.

274

Our contribution toclimate protection

To ourstakeholders

L

Group
management report

Consolidated
financial statements

Notes tosustainability

Additional
information

Noise remediation program

Punctuality

LL brake shoe

Voluntary program of the Federal Government imple-

Share of on-time stops in relation to all stops along andBrake shoe made from composites (LL: low noise – lowmented by DB Group to reduce the noise on exist-

at the end of routes in Germany. A stop is considered

friction), see also V brake shoe.

ing Federal rail lines.

on time if the scheduled arrival time is exceeded by less

Load factor

Load factor describes the share of the capacity usedby 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 using the ICE and Intercity/Euro-city products. There are also offers from non-Group
train operating companies.

than six minutes in passenger transport or less thanO

16 minutes in freight transport. In addition, since 2020,

On-demand services

DB Regional (bus) has also evaluated buses that have

Services that are provided to the customer when they

departed more than one minute too early as not on time,need and request them.

with retroactive effect.

Operating leases

Off-balance-sheet financial instruments: leased orrented assets.

Energy from renewable sources that are theoretically

Operating profit/loss after interest

Key earnings figure that also takes financing costs into
account for a sustainable assessment of earnings (particularly relevant in the infrastructure business fields).

Lost Time Injury Frequency ( LTIF )Therefore, in comparison with EBIT, the operating inter-

Describes the relationship between accident frequency

est balance is also taken into account.

and hours actually worked based on one million working
hours.

at DB Netze Track.

Mode of transport

The type of transport, for example road or rail.

N

unlimited in supply, such as water, wind or sunlight.
Renewable Energy Sources Act

Federal law to promote the supply of electricity fromrenewable energy.
Requirement plan

New construction and expansion/upgrade projects set

Overall punctuality

Covers all rail transport on DB Netz AG infrastructure

M

R
Renewable energies

out in the Federal Government’s infrastructure plan.
Resource

Aid, fund, reserve, raw material.

P

Return on capital employed ( ROCE )Particles

Small to minute particles, such as dust or soot.

Key performance indicator for value-based management. Corresponds to the return on capital employed.

Net capital expenditures

Passenger kilometers (pkm)

Percentage ratio of (adjusted) EBIT to the capital

Gross capital expenditures less investment grants from

Unit of measurement for transport volume or volume soldemployed.

third parties, for example for infrastructure investments.

in passenger transport: product of the number ofNet financial debt

passengers transported and the average travel distance.

S
Science-based targets initiative ( SBT i)

Balance from interest-bearing external liabilities andPreferred carriers

leasing liabilities as well as cash and cash equivalents andKey transport partners (freight carriers) of our logistics

interest-bearing external receivables.

provider DB Schenker.

Nettable plan assets

Primary energy

Institute (WRI) and the World Wide Fund for Nature

Assets that are offset against gross pension obligations

Energy which is available in its original energy form(WWF). It defines methodologies for defining science-in the balance sheet.

or source, such as coal, natural gas, sun, wind and nu-

based targets in accordance with the latest findings

clear fuel.

in climate science, and defines and promotes best prac-

Noise

The science-based targets initiative is a partnership
between the Carbon Disclosure Project (CDP), theUnited Nations Global Compact, the World Resources

tice for emissions reductions and net zero targets.

Noise which disturbs people and the environment or

Procurement volume

which in extreme cases is damaging to health.

Net total of all order values from individual orders

Scope 1–3 (in accordance with GHG )and batches from framework agreements that wereAs part of carbon accounting based on the Greenhouseconcluded by the respective product areas.

Gas (GHG) Protocol, emissions are divided into three

Noise barrier

Installation of active noise protection on rail lines,

scopes. For DB Group: Scope 1 = Greenhouse gas emis-

mostly made from materials such as aluminum, wood,sions from our own combustion-powered vehicles orconcrete or wire baskets filled with stones (gabions).

stationary heat generation plants, Scope 2 = traction

Noise prevention

power and district heating supply, Scope 3 = third-

Noise reduction measures on new and expanded/party emissions from business relationships, for exam-

upgraded lines based on legal claims.

ple transport services provided by our subcontractors(commissioned transport services). Due to our business

Noise reduction

model, we report on the main transport-related emis-

Noise reduction through active measures at thesions within Scope 3.

source (for example brake shoes made of composite
materials on freight cars, known as whisper brakes)
and to stop the spread (for example noise barriers)
as well as passive noise protection measures(for example soundproof windows).

275Our contribution toclimate protection

To ourstakeholders

Groupmanagement report

Consolidated
financial statements

Notes tosustainability

Additional
information

U

Scope of consolidation

Sustainable Development Goals ( SDG s)

Subsidiaries of a group which are included in the con­Political targets set by the United Nations with a viewsolidated financial statements.

to ensuring sustainable development on an economic,

The world’s largest initiative for responsible corporatesocial and environmental level. The goals took effect on

governance. On the basis of its ten universal principles,

January 1, 2016, and will run until 2030, and apply toit pursues the vision of an inclusive and sustainable

all member states.

global economy to the benefit of all people, communi-

Senior bond

Bond that is serviced in the event of insolvency before
other issued bonds of the same company with a lower

ties and markets, today and in future.

rank (for example hybrid bonds) and therefore has

Swapa higher level of security, but also a lower interest rate.

The basic concept for financial instruments that involve

Sickness rate

The sickness rate shows the share of labor that is lost
due to illness in relation to overall labor and there-

the exchange of future cash flows. This allows financial
risks (interest, currencies, raw materials) to be hedged
in a targeted manner.

fore only includes employees who are still paid a salary.

United Nations Global Compact

V
V brake shoe

Brake shoe made from composites (Verbundstoffen; V)
which halves the rolling noise of freight cars. Collective
term for K and LL brake shoes.

T

Soot particles

Task Force on Climate-related Financial Disclosure ( TCFD )Vegetation control

Dust-­­like emissions arising from the com­bustion of

The Task Force on Climate-related Financial Disclosure

Vegetation control includes all vegetation-related main-diesel fuels. Diesel emissions also include particulate

is an initiative established in 2015 to make recommen-

tenance and traffic safety measures to ensure the safety

matter.

dations for reporting material financial opportunities

of railway operations and third parties. These include

and risks that result from climate change for companies.

checking and cutting/removing vegetation in and on theSpecific

tracks using mechanical and chemical (only in the im­

Relative to a certain (reference) quantity, for example

Ton kilometers (tkm)based on the volume sold.

Unit of measurement for the transport volume or volume

Stakeholders

Interest groups and represen­tatives.
Stationary facilities

Buildings and facilities such as plants and train stations.

mediate vicinity of the tracks) procedures.

sold in freight transport: product of the freight carried

Volume produced(tons) and the distance traveled (kilometers).

Distance covered by train operating companies on
the rail network. Measurement: train-path kilometers

Traction

Propulsion to move trains. Depending on the energy(train-path km).

source, drive machine and power transmission, a distinc­

Volume soldStation pricing systemtion is made, among other things, between electrical,

Key performance indicator for measuring the transport

Transparent and non-discriminatory pricing system fordiesel-electric, and diesel-hydraulic traction. Traction

services provided in passenger and freight transport.

the use of passenger stations. The station prices depend

units that, in addition to electric traction, also haveUnits of measurement: Passenger kilometers (pkm), tonlargely on the volume level and standard of amenities/

diesel-assisted traction are also referred to as hybrid

kilometer (tkm).

facilities at the respective station.

vehicles.

Supply chain

Traction current

The stages of production illustrated as an orderly

Composition of the traction current of all train operating

sequence of activities. These activities add value, con-companies in Germany supplied by DB Netze Energy

sume resources and are connected with each other(in addition to other suppliers) through the tractionin processes.

current grid.

Supply reliability

Train-path

Measure of the reliability of the energy supply. Can also

The share of the rail track capacity that is required for abe used for sub-areas, such as security of the energy

train to be able to travel between two places in a set time.

supply in Germany or the energy supply of rail operations.
Sustainability

Guiding principle for the compatibility of environ­mental, social and economic objectives for sustainable
and generationally compatible development.

W
Well-to-wheel ( WTW )Method for calculating emissions considering the entire
chain of effects from extraction and provision to theconversion and use of energy (in vehicles or facilities).
Whisper brakes

Train-path kilometers (train-path km)

See Volume produced.
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.
Transport contract

Agreement between the contracting organizationand train operating company on the provision ofre­gional passenger transport services.

276

See K and LL brake shoes.

Our contribution toclimate protection

To ourstakeholders

Groupmanagement report

Consolidated
financial statements

Notes tosustainability

Additional
information

LIST OF ABBREVIATIONSAEG
AGV MOVE
AI
AktG
ARN
ATO
AUD

bbl
BEV
BGB
BGH
BilMoG
BIM
BMAS
BMDV
BMF
BMI
BMUV

BNetzA
BSWAG
BVerfG

CCO
CEF
CEO
CHF
CO₂
CO₂e
COSO
CSA
CSO
CSR
CSR-RUG
CTA

DAC
DB AG
DB E&CDB Finance
DB Group
DB IO
DGCN
DSD

A

General Railways Act
Mobility and Transport Services Association
Artificial Intelligence
Stock Corporation Act
Rail North
Automatic train operation
Australian dollar

B

BarrelFederal Railroad Fund
German Civil CodeGerman Federal Supreme Court
German Accounting Law Modernization Act
Building information modelingFederal 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 Network Agency
Federal Rail Infrastructure Extension Act
Federal Constitutional Court

C

Chief Compliance Officer
Connecting Europe Facility
Chief Executive Officer
Swiss francs
Carbon dioxide
CO₂-equivalentCommittee of Sponsoring Organizationsof the Treadway Commission
Credit Support Agreements
Chief Sustainability Officer
Corporate Social Responsibility
CSR Directive Implementation Act
Contractual Trust Arrangement

D

Digital automatic coupling
Deutsche Bahn AG
Deutsche Bahn Engineering&Consulting GmbH
Deutsche Bahn Finance GmbH
Deutsche Bahn Group
Deutsche Bahn International Operations
German Global Compact Network
Digital Rail for Germany

E

Profit and loss transfer agreement
Federal Railway Authority
Earnings before interest and taxes
Earnings before interest, taxes, depreciation
and amortization
EC Eurocity
ECB European Central BankECJ European Court of Justice

EAV
EBA
EBIT
EBITDA

EDIP
ERegG
ESG
ETCS
EU
EVG

European Debt Issuance Program
Railway Regulation Act
Environmental, Social, GovernanceEuropean Train Control System
European Union
Railway and Transport Workers Union

F

Ferrovie dello Stato(Italian state-owned railway)
FTE Full-time employee
FüPoG III Act for the Equal Participation of Women and
Men in Management Positions (Gesetz für
die gleichberechtigte Teilhabe von Frauen
und Männern an Führungspositionen)
FS

GBP
GDL
GDP
GDPR
GHG Protocol
GRI
GVFG
GWh

HR

IC
ICE
ICS
IFRS
ISO

G

British pound sterling
German Train Drivers’ Union
Gross domestic product
General Data Protection Regulation
Greenhouse Gas Protocol
Global Reporting Initiative
Municipal Transport Financing Act
Gigawatt hour

HIntercity
Intercity Express
Internal control system
International Financial Reporting Standards
International Organization forStandar­dization

K

Group Employer/Works Council Agreement
Corporate Sector Supervision
and Transparency Act
kWh Kilowatt hour

KBV
KonTraG

LTI
LTIF
LuFV

m²
MaaS
MaRiskMitbestG
MJ
MRR
MWh

NABU
NFS
Nkm
NOK
NOx
NP
NPM
NS

RE
RegG
RESY
RFC
RIC
RMS
ROCE

L

T
t
TEE
TEN
TEN-T
TEU
tkm
TOC
Trkm

UNGC
USD

Long-term incentive
Lost time injury frequency
Performance and Financing Agreement

VDB
VDE

M

WACC
WiFi

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 Asso­
ciation (Naturschutzbund Deutschland e. V.)
Non-financial statement
Commercial vehicle kilometers
Norwegian krone
Nitrogen oxide emissions
Natural persons
National Platform for the Future of Mobility
Nederlandse Spoorwegen(Dutch state-owned railway)

277

R

Regional Express
Regionalization Act
Regional energy-saving system
Rail Freight corridors
Rail infrastructure company
Risk management system
Return on capital employedS

Swiss Federal Railways
Science-Based Targets initiative
Sustainable development goals
Satisfaction indexSociété Nationale des Chemins de fer
Français (French state-owned railway)
SO₂ Sulfur dioxide emissions
S&P S&P Global Ratings
SWP Strategic workforce planning

SBB
SBTi
SDGs
SI
SNCF

Human Resources

I

P

Federal Public Corporate Governance Code
Passenger kilometers
Polskie Koleje Państwowe(Polish state-owned railway)
PPA Power Purchase Agreements
PwC PricewaterhouseCoopers

PCGK
Pkm
PKP

T

Thousand
Ton
Trans Europ Express
Trans-European Network
Trans-European Transport Network
Twenty-foot equivalent unit
Ton kilometers
Train operating company
Train-path kilometers

U

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

Our contribution toclimate protection∏

102-53

To ourstakeholders

Groupmanagement report

Consolidated
financial statements

Notes tosustainability

Additional
information

CONTACT INFORMATIONI N V E S T O R R E L AT I O N S A N D S U S TA I N A B L E F I N A N C E

DB SERVICE NUMBER

Deutsche Bahn AG

DB Group provides its customers in the passenger trans­-

Investor Relations and Sustainable Financeport sector in Germany with all telephone information at

Europaplatz 1

local rates. A hotline provides information about timetables,

10557 Berlintickets and the BahnCard, and navigates passengers in a

Telephone: + 49 (0) 30 .2 97- 6 40 31

targeted way to the service team.

E-mail: ir@deutschebahn.com◊

Internet: www.deutschebahn.com/ir-e

DB service number: + 49 (0) 30 .2 97 -  0. Information about fares andtime­­tables, information about Deutsche Bahn services and the BahnCard.

This Integrated Report and the Annual Financial Statements of Deutsche◊

Mobility service center: + 49 (0) 30 .652 128 88. Contact for planning◊

Passenger rights service center: + 49 (0) 30.586 020 920. Informa-

Bahn AG, the Annual Reports of DB Fernverkehr AG, DB Regio AG, DB Sta-

accessible travel.

tion&Service AG and DB Netz AG (only available in German) as well as upto-date information are also available on the Internet.

tion on fare reimbursements within the scope of the EU Regulation on

This Integrated Report and the Annual Financial State-

Rail Passengers’ Rights and Obligations.

ments of Deutsche Bahn AG are published in German and◊English.

Lost and found: + 49 (0) 30.586 020 909. Reporting lost or found objects in the train or station.

The 2021 Integrated Report was published on MarchCustomers can find answers to frequently asked questions and other31, 2022, and is available on the Internet at db.de/ib-e
db.de/ib-e∞.

ways to contact us at bahn.com/en/contactbahn.com/en/contact∞.

C O R P O R AT E C O M M U N I C AT I O N S
Deutsche Bahn AG

SOCIAL MEDIA
DB Group

Corporate Communications

DB Group has an extensive presence on various social media channels:

Potsdamer Platz 2

Facebook, Instagram, YouTube, LinkedIn and Twitter.

10785 Berlin
Telephone: + 49 (0) 30 .2 97- 6 10 30

Passenger transport

E-mail: presse@deutschebahn.com

Our passenger transport team is available on various social media channels

Internet: www.deutschebahn.com/en/presse

for conversations, discussions, and for service and product questions. Find
us on Facebook, Instagram, YouTube, LinkedIn and Twitter.

FINANCIAL CALENDARS U S TA I N A B L E P R O D U C T I O N

July 28, 2022

Paper from certified sustainable production.
The printing company is certified according to FSC®
and PEFC standards. Each year, suitable audits are
performed to review compliance with the strict rules
in place for handling certified paper.

Interim Results Press Conference,
publication of the Integrated Interim Report January –June 2022

March 30, 2023
Annual Results Press Conference,
publication of the 2022 Integrated Report
IMPRINT

Edited by: Deutsche Bahn AG, Investor Relations and Sustainable Finance, Berlin
Design and typesetting: Studio Delhi, Mainz
Proofreading: AdverTEXT, Düsseldorf
Lithography: Koch Prepress GmbH, Wiesbaden
Printing: W. Kohlhammer Druckerei GmbH + Co. KG, Stuttgart
Photography and consulting: Max Lautenschläger, Berlin

Mineral-oil-free printing inks.
This report was printed using mineral-oil-free inks
derived from renewable raw materials.
Conserving resources.
Using no-process printing plates saves on development, cleaning and rubberizing after exposure.
Chemicals and fresh water are no longer used towash the printing plates, and power consumption
is reduced.

PHOTO CREDITS(From top to bottom; left to right; front to back):µ Cover DB AG /Max Lautenschlägerµ U2
DB AG/Max Lautenschläger, DB AGµ 1 DB AG/Georg Wagnerµ 2–3 Christoph Wagner via Getty
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Trucks µ 12
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14––15 DB AG/Volker Emerslebenµ 15 DB AG/
Oliver Lang µ 16
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Max Lautenschlägerµ 28 DB AG/Max Lautenschlägerµ35 Jan von Hollebenµ 37 DB AG/Max
Lau­tenschlägerµ58 DB AG/Lufthansa/Jens Görlich, DB AG/Max Lautenschläger, DB AG/Max
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Energy-efficient printing.
An energy management strategy has been implemented at the printing company and an energy audit
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278

10-YEAR SUMMARY€ million

To the interactive
key figure comparison

2021

2020

2019

2018

2017

2016

2015

2014

2013

√
2012

S TAT E M E N T O F I N C O M E

Revenues

47,07539,90144,43044,06542,69340,55740,40339,728

39,10739,296Overall performance

50,95943,46547,59647,15645,59343,298

43,10242,422

41,756

41,910

Other operating income

5,901

3,439

3,030

2,998

2,954

2,834

2,772

2,824

2,853

3,443

Cost of materials– 28,419– 22,757– 22,262– 22,258– 21,457– 20,101– 20,208– 20,250– 20,414– 20,960

Personnel expenses– 19,219– 18,297– 18,152– 17,301– 16,665– 15,876– 15,599– 14,919– 14,383– 13,817

Depreciation 1)– 3,804– 5,372– 3,671– 2,688– 2,847– 3,017– 4,471– 3,190– 3,228– 3,328

Other operating expenses 1)– 5,716– 5,235– 5,157– 6,088– 5,890– 5,677– 5,750– 5,057– 4,817– 4,719

Operating profit/loss (EBIT)– 298– 4,757

1,384

1,819

1,688

1,461

– 154

1,830

1,767

2,529

Result from investments accounted
for using the equity method

– 10

– 21

– 12

12

14

33

22

8

3

14

Other financial result

48

– 91

– 36

– 14

– 30

– 16

0

–3

– 15

– 13
– 1,005

Net interest income 1)

– 528

– 615

– 655

– 645

– 704

– 772

– 800

– 898

– 879

Profit/loss before taxes on income– 788– 5,484

681

1,172

968

706

– 932

937

876

1,525

Net profit/loss for the year

– 911

– 5,707

680

542

765

716

– 1,311

988

649

1,459

–

650

650

450

600

850

700

200

525

525

Dividend payment (for previous year)
VA L U E M A N AG E M E N T

EBITDA adjusted 1)

2,287

1,002

5,436

4,739

4,930

4,797

4,778

5,110

5,139

5,601

EBIT adjusted– 1,552– 2,903

1,837

2,111

2,152

1,946

1,759

2,109

2,236

2,708

Capital employed as of Dec 31 1)

32,64243,02041,76442,99936,65735,09333,06633,45933,68333,086Return on capital employed (ROCE) 1) (%)

– 3.6

– 7.0

4.3

5.8

6.1

5.9

5.3

6.3

6.8

8.3

Debt coverage (%)

4.3

0.8

15.3

17.6

18.7

18.1

19.0

20.3

20.8

22.2

C A S H F L O 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)

3,900

1,420

3,278

3,371

2,329

3,648

3,489

3,896

3,730

4,094

Gross capital expenditures 1)

15,387

14,402

13,093

11,205

10,464

9,510

9,344

9,129

8,224

8,053

Net capital expenditures 1)

6,342

5,886

5,646

3,996

3,740

3,320

3,866

4,442

3,412

3,487

45,29045,19945,53043,94944,241BALANCE SHEET AS OF DEC 31

Non-current assets 1)

56,14952,96453,21346,64645,625	thereof property, plant and equipment
and intangible assets 1)

52,48749,99450,48544,487

43,20742,57542,821

43,217

41,811

41,816

Current assets

15,694

12,471

12,615

11,881

10,811

11,034

10,86010,353

8,945

8,284

	thereof cash and cash equivalents

4,591

3,411

3,993

3,544

3,397

4,450

4,549

4,031

2,861

2,175

Equity10,621

7,270

14,927

13,592

14,23812,657

13,445

14,525

14,912

14,978Equity ratio 1) (%)

14.8

11.1

22.7

23.2

25.2

22.5

24.0

26.0

28.2

28.5

Non-current liabilities 1)

39,631

37,68632,82029,10427,51028,52528,091

28,52726,28425,599	thereof financial debt 1)

30,322

27,07023,977

20,626

19,716

20,042

19,753

19,17318,066

17,110	thereof pension obligations

5,031

6,517

5,354

4,823

3,940

4,522

3,688

4,357

3,164

3,074

Current liabilities

21,591

20,47918,081

15,831

14,68815,142

14,523

12,831

11,698

11,948	thereof financial debt 1)

4,164

6,254

4,716

2,618

2,360

2,439

2,675

1,161

1,247

1,503

Net financial debt 1)

29,107

29,34524,175

19,54918,623

17,624

17,491

16,212

16,362

16,366

Total assets 1)

71,84365,43565,82858,52756,43656,32456,05955,88352,89452,525

1,413

1,499

2,603

2,581

2,564

2,365

2,251

2,254

2,235

2,152

82

81

151

148

142

139

132

129

131

131

1,331

1,418

2,452

2,433

2,422

2,226

2,119

2,125

2,104

2,021
88,433

RAIL TRANSPORT PERFORMANCE FIGURESPA S S E N G E R T R A N S P O R T

Passengers (million)
Long-distance transport
	Regional transport
Volume sold (million pkm)
Long-distance transport
	Regional transport

50,831

51,933

98,402

97,707

95,85491,651

88,636

88,40788,746

24,762

23,54244,15142,82740,54839,51636,975

36,102

36,77737,357

26,06928,391

54,25154,88055,30652,13551,66152,30551,96951,076

FREIGHT TRANSPORT

Freight carried (million t)

226.5

213.1

232.0

255.5

271.0

277.4

300.2

329.1

390.1

398.7

Volume sold (million tkm)

84,85078,67085,00588,23792,651

94,69898,445

102,871

104,259

105,894

1,109

1,066

1,090

1,086

1,073

1,068

1,054

1,044

1,035

1,039

414

386

368

349

331

322

290

261

247

231

323,716

322,768

323,994

318,528

310,935

306,368

297,202295,763295,653

287,508

–

3.9

–

3.7

–

3.7

–

3.7

–

3.6

– 36.1– 34.4– 34.8– 33.2– 29.5– 27.3– 24.5– 22.8– 18.5– 11.9INFRASTRUCTURE

Train kilometers on track infrastructure(million train-path km)	thereof non-Group railways
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 (%)

	Since 2019, imited comparability with the previous years’ figures due to the IFRS 16 effect (2019 Integrated Reportµ 101101)).

1)

OUR STRATEGIC TOP TARGETS
Germany needs a strong rail system. At Deutsche Bahn, we are committed to achievingthat goal. A strong rail system encompasses everything that we represent and advocate,
what we devote our full attention to and combine our strengths for. The Strong Rail strategy will help our country to overcome existential challenges: Germany will only achieve
its climate protection targets if it succeeds in shifting large amounts of its traffic to railin 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 I N T E N D
TO CONTINUE ON OUR GROWTH COURSE.

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
Train travel is climate protection

Since 2018, our long-distance passenger transport
has become more environmentally friendly than ever,with ICE, Intercity and EC trains within Germany using
100% eco-power. This means that DB Group is alreadyGermany’s largest consumer of eco-power. Our target
is to be completely climate-neutral by 2040.