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Chairmanʼs letter
31
Major events
Interim Group management report
Consolidated interim financial statements
As of June 30, 2010 there was a slight shift in the structure of maturities to short-term financial debt
as its share of total financial debt increased from 11 to 20 %. The composition of financial debt has
changed as a result of the significant utilization of the commercial paper program (as of June 30, 2010:
8 %, as of December 31, 2009: 0 %). The financial debt continues to consist primarily of bonds (56 %)
and Federal loans (16 %).
Capital Expenditures
Gross capital expenditures by business unit
H 1
Change
€ million
2010 2009 absolute %
DB Bahn Long-Distance 13 21 – 8 – 38.1
DB Bahn Regional 115 280 – 165 – 58.9
DB Bahn Urban 22 22 – –
DB Schenker Rail 147 172 – 25 – 14.5
DB Schenker Logistics 61 85 – 24 – 28.2
DB Services 51 55 – 4 – 7.3
DB Netze Track 1,921 1,594 + 327 + 20.5
DB Netze Stations 136 104 + 32 + 30.8
DB Netze Energy 32 36 – 4 – 11.1
Other / consolidation 4 7 – 3 – 42.9
DB Group 2,502 2,376 + 126 + 5.3
– Investment grants 1,637 1,453 + 184 + 12.7
Net capital expenditures 865 923 – 58 – 6.3
Gross capital expenditures amounted to € 2,502 million and were 5.3 % above the figure of the first half of
2009 mainly as a result of the continued implementation of measures in conjunction with the economic
stimulus programs in the infrastructure business units. Accordingly, the investment grants increased
together with the increase in gross capital expenditures. Capital expenditures in the DB Bahn Regional
business unit were noticeably lower than the same year-ago figure as a result of lower rolling stock
additions leading to a decrease in net capital expenditures. For the second half of 2010 rolling stock
additions are expected as further operations will pick up after the change in the timetable.
The main focus of our capital expenditures were measures to improve the performance and efficiency
in the infrastructure as well as the modernization of our rolling stock fleet.
Capital expenditures made were once again dominated by business units in the infrastructure division,
and specifically by the DB Netze Track business unit, as before. The division accounted for 83 % (first half
of 2009: 73 %) of gross capital expenditures, while the DB Netze Track business unit alone absorbed 77 %
(first half of 2009: 67 %). Business units in the Passenger Transport division held a 6 % share (first half
of 2009: 14 %). Business units in the Transport and Logistics accounted for 8 % (first half of 2009: 11 %).
Additional information about the performance of the individual business units may be found in the
chapter “Development of business units.”