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GROUP MANAGEMENT REPORT45 OVERVIEW /////////////////////////////////47 BUSINESS AND ////////////////////////////OVERALL CONDITIONS //////////////////47 Changes within DB Group //////////////////49 Compensation report //////////////////////50 Business environment //////////////////////52 Developments in the relevant markets /////59 Regulation of the ///////////////////////////railway sector in Germany //////////////////61 BUSINESS PERFORMANCE //////////////61 Major changes in ///////////////////////////year-on-year comparison ///////////////////62 Changes in intra-Group /////////////////////settlement for services and charges ///////62 Development of revenues ///////////////////65 Development of income ////////////////////69 Value management /////////////////////////72 DEVELOPMENT OF BUSINESS UNITS //72 DB Bahn Long-Distance /////////////////////74 DB Bahn Regional //////////////////////////76 DB Bahn Urban /////////////////////////////78 DB Schenker Rail ///////////////////////////80 DB Schenker Logistics //////////////////////82 DB Services /////////////////////////////////84 DB Netze Track /////////////////////////////86 DB Netze Stations //////////////////////////87 DB Netze Energy ////////////////////////////89 FINANCIAL SITUATION //////////////////89 Financial management /////////////////////90 Cash flow statement ///////////////////////91 Net financial debt //////////////////////////92 Capital expenditures ////////////////////////94 Balance sheet ///////////////////////////////96 STRATEGY /////////////////////////////////105 SUSTAINABILITY /////////////////////////106 Employees //////////////////////////////////110 Environment ////////////////////////////////114 Social commitment and involvement ///////115 Integrated Systems Rail /////////////////////120 ADDITIONAL INFORMATION ///////////128 RISK MANAGEMENT /////////////////////135 EVENTS AFTER THE /////////////////////BALANCE SHEET DATE //////////////////138 OUTLOOK //////////////////////////////////