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10 | | DEUTSCHE BAHN GroupEUROPEAN RAIL FREIGHT TRANSPORTBased on preliminary information, the dynamic growth for Europeanrail freight transport continued in the first half of 2011.Volume sold should once again see a strong increase, withongoing regional differences.After volume sold for freight rail transport in Poland roseby almost 20 % in the first half of 2010, a comparable increasewas again recorded in the first half of 2011. This primarily resultedfrom the above-average development in inland waterway transport.While export transports substantially declined, importand transit transports increased notably. In addition to thestrong economic effects, base effects are also expected toappear following the strong effects stemming from a flood lastyear. The state-owned PKP Cargo was expected to grow byabout 20 % in the first half of 2011. Performance at DB SchenkerRail Polska improved moderately due to a focus on more profitabletransports.Volume sold in France – after a decrease of more than 20 %in 2009 and 6 % in 2010 – showed signs of recovery in the firsthalf of 2011. The favorable overall economic trend was reinforcedhere by the absence of strikes. While volume sold noted for ourEuro Cargo Rail continued to post strong growth, developmentnoted for the state-owned Fret SNCF was clearly affected by thereduced single-wagon offer.According to current information, development in GreatBritain in the first half of 2011 was characterized by a strongrecovery in the overall market. This development was largelydriven by coal transport, which once again had the highestvolume after the “domestic intermodal” sector surpassed thehistorically dominant coal transport at the end of 2009. Volumesold by DB Schenker Rail (UK) developed in tandem with themarket trend.EUROPEAN LAND TRANSPORTThe situation in European land transport continued to improvein the first half of 2011. While the growth rate slowed slightlyagainst the background of fading catch-up effects following theeconomic crisis, it still remained high.Capacity shortages arose in European land transport dueto high demand. The resulting higher costs for shipping-spaceprocurement and the renewed strong rise in diesel prices led toa notable increase in transport costs. As a result, most of theproviders increased their prices. However, the continued highercompetitive pressure continues to restrict opportunities to raiseprices accordingly.AIR FREIGHTAfter the strong recovery last year, market growth slowed notablyin the first half of 2011, with a rate of about 2.5 %. The regionsdeveloped very differently. In the Asia /Pacific region and inAfrica, freight volumes to date have been even lower than thesame year-ago figure. In addition to the fading out of catch-upeffects following the economic crisis, this development is alsoa result of the unrest in several Arab countries, the earthquakein Japan and the strong increase in oil prices, which also causeda significant increase in transport costs. However, freight ratesdecreased as a result of the surplus of shipping space.OCEAN FREIGHTThe ocean freight volume grew by about 4 to 5 % in the first halfof 2011. As expected, the market thus developed more slowlythan last year, while catch-up effects from the economic crisisled to record growth. Despite this favorable development indemand, the rate decrease continued in the area of ocean freight,since the shipping companies added more cargo capacity onmany routes than required. Repeated attempts by the shippingcompanies to raise prices were unsuccessful.CONTRACT LOGISTICSThe positive business climate continued in the area of contractlogistics. This could be seen in the sustained market growth onevery continent, with Asia still showing the highest growthrates. Demand noted in our four core industries – Automotive,Consumer Goods, Electronics and Industrials – continued todevelop favorably in the first half of 2011. In particular, theAutomotive and Electronics areas recorded double-digit percentagegrowth.RAIL INFRASTRUCTURE IN GERMANYTrain-path demand continued to show positive developmentin the first half of 2011, and was also driven by strong growthin rail freight transport. The number of station stops alsoincreased slightly.