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| | Interim Group Management Report3Interim Group management report (unaudited)overviewaaTransport and logistics markets continue to recoveraaaSlightly improved outlook for 2011 financial yeara Additional notable gains posted for revenues and profitRecovery continuesSelected key figures [ € million ] H 1 Change2011 2010 absolute %Passengers rail and bus 1) 1,381 1,363 +18 +1.3Volume sold rail passenger transport (million pkm) 1) 38,045 38,098 – 53 – 0.1Volume sold bus transport (million pkm) 1) 4,720 4,776 – 56 –1.2Volume sold rail freight transport (million tkm) 56,784 52,588 + 4,196 + 8.0Train kilometers on track infrastructure (million train-path km) 521.4 508.5 + 12.9 +2.5Shipments in European land transport (thousand) 2) 47,515 39,372 + 8,143 +20.7Air freight volume (export) (thousand t) 2) 583.2 586.8 – 3.6 – 0.6Ocean freight volume (export) (thousand TEU) 2) 837.3 800.1 + 37.2 + 4.6Revenues 18,876 16,102 + 2,774 + 17.2Revenues comparable 17,280 16,102 +1,178 + 7.3EBITDA adjusted 2,559 2,197 + 362 + 16.5EBIT adjusted 1,133 846 +287 + 33.9Net profit 648 392 +256 + 65.3ROCE (%) 7.2 5.9 – –Net financial debt as of Jun 30, 2011 /Dec 31, 2010 17,290 16,939 + 351 +2.1Gross capital expenditures 2,689 2,502 +187 + 7.5Net capital expenditures 1,049 865 +184 +21.31)Excluding Arriva.2)Preliminary figures.During the first half of 2011 Deutsche Bahn Group (DB Group)was once again able to post significant increases in volume soldin certain segments and stayed on track for growth in an economicenvironment that remained dynamic. This applied inparticular to A rail freight transport as well as our worldwidetransport and logistics activities [1], which continued to benefitfrom favorable global economic development. Developmentnoted for our air freight activities in the first half of 2011remained stable following the rapid growth rates posted in theprevious year as this area of business recovered very quicklyfrom the economic and financial crisis.Our business units in A passenger transport [2] – excludingactivities of Arriva – showed a generally stable performance.Gains were noted in the regional rail passenger transport whilevolume sold in long-distance transport contracted slightly inthe first half of 2011 due to burdens generated by intensiveconstruction work within the network, uncertainty among ourcustomers due to the possibility of strikes, and the omission ofone-time effects noted in the first half of 2010.A slight increase in demand for A train-path [3] wasseen in the infrastructure due to strong gains noted for freighttransport.Increased volume posted for rail freight transport and inthe DB Schenker Logistics business unit were also reflected ina substantial A increase in revenues [4].Changes A in the scope of consolidation [5] also impactedon the income situation in the first half of 2011. Specifically, theinclusion of Arriva, a British passenger transport company, whichwas completely acquired at the end of August 2010, generateda significant contribution to revenues of about € 1.5 billion.Furthermore, following this acquisition, changes were made tothe A DB Group’s organizational structure [6] which tookeffect as of January 1, 2011.| | [1] A Page 23 f. | | [2] A Page 19 f. | | [3] A Page 27 | | [4] A Page 11 ff. | | [5] A Page 11 | | [6] A Page 17