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mANAGEmENT rEPOrT
Business performance
a Absence of special items noted in previous year burden development of income
a Significant decline in results from ordinary activities
a First-time application of Accounting Law Modernization Act
DeveLopMent oF revenUeS
As in the previous year, DB AG did not earn any revenues.
DeveLopMent oF inCoMe
Due to the impact of special items, a comparison of the individual
income and expense items with the previous year’s figures is
only possible to a limited extent.
Other income from operations declined notably to
€ 1,369 million (previous year: € 1,813 million) due, in particular,
to the discontinuation of the previous year’s special item of
€ 600 million arising from the new valuation of provisions made
for ecological legacy burdens. results were, however, bolstered
by Group charges and other settlements, which rose during the
year under review to € 306 million (previous year: € 287 million).
The cost of materials amounted to € 70 million, which was
notably higher than the same year-ago figure (previous year:
€ 62 million). The change was mainly driven by higher costs for
services purchased.
Personnel expenses fell notably during the year under review
to € 281 million (previous year: € 312 million) due to a lower
number of employees as well as the non-recurrence of severance
payments made in the previous year. However, wage increases
made during the year under review had a negative impact.
Depreciation taken amounted to € 9 million and was higher
than in the previous year (previous year: € 7 million). This change
was mainly due to higher depreciation taken for other properties
as well as plant and equipment.
Other operating expenses fell to € 921 million (previous
year: € 1,060 million) due primarily to lower charges taken for
the remaining operating expenses, which fell to € 226 million
during the year under review from € 365 million in the previous
year. Charges incurred for consulting and other third-party
services declined due to the continuation of cost control measures.
However, Group charges had a negative effect.
The decline in net investment income to € 16 million (previous
year: € 1,168 million) took place despite an overall favorable
development of DB AG’s holdings. This was due to the substantial
decline in income from profit transfer agreements with the subsidiary
companies. Performance was influenced by unscheduled
depreciation taken for holdings as well as notably reduced results
at DB Netz AG due to the absence of favorable special effects
noted in the previous year.
DB AG handles the central financing function for DB Group
in accordance with the financing requirements of the Group
companies and then passes on the funds it has obtained at
basically the same conditions. Total net interest income posted
in the year under review was € 20 million (previous year:
€ 54 million). The decline was mainly caused by the first-time
application of the Accounting Law modernization Act (Bilanzrechtsmodernisierungsgesetz;
BilmoG), which, in contrast to
the previous year, led to incurring expenses in connection with
interest accrued for provisions.
In total, this meant that total results from ordinary activities
fell substantially to € 123 million (previous year: € 1,593 million).
After consideration for a tax item of € – 20 million (previous
year: € 48 million), and extraordinary expenses of € 49 million
arising from the first-time application of BilmoG, net profit for
the year amounted to € 54 million (previous year: € 1,641 million).
After bringing forward profit from the previous year of € 3,151 million
(previous year: € 1,510 million) annual profits amounted to
€ 3,205 million (previous year: € 3,151 million).
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