Revenues - Deutsche Bahn AG

DB Group
Focus on preserving our rating
Very good
rating
Obligations of
federal and
state
governments
No. 1 mobility
service
provider
Operating
performance
Rating: Moody´s (Aa1) / S&P (AA)
Intention to maintain strong business and financial profile
Obligations of the federal Republic of Germany as defined under Art. 87e of the Basic Law
„Infrastructure obligations“: Funding of infrastructure capex, approx. € 3 bn p.a.
„Public interest obligations“: supply of funds to federal states for ordering local
passenger transport services, approx. € 6.7 bn p.a.
Privatization hurdle of 49.9% shares (majority shareholding)
Deutsche Bahn is the principal provider of mobility in Germany and the largest transport
and logistics company in Europe with extensive global transport activities
Stable cash flows due to long-term service contracts with federal states (revenue share in
2003: 16%)
Vertical integration a major business success factor
Productivity increased by 163%, EBITDA before special burden compensation
payments increased by € 5.1 bn and EBIT increased by € 3.5 bn since beginning of
German Rail Reform
Sound financing structure and conservative funding strategy
Deutsche Bahn Group Road Show Europe 2004
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