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mANAGEmENT rEPOrT
Operating risks
We operate a technologically complex, networked production
system within the rail transport sector. risks arise for our rail
activities due to service interruptions, in particular because of
the resulting decline in punctuality. A substantial reduction in
punctuality in long-distance transport diminishes the perceived
quality of service and can lead to a loss of customers. Furthermore,
in regional transport there is also the additional risk of
incurring penalty fees levied by the responsible contracting
organization in the event of train cancellations or insufficient
punctuality. The availability of our vehicle fleet is an additional
critical factor. Significant limitations can endanger scheduled
operations. DB Group attempts to eliminate this risk by taking
precautionary measures and in the case of occurrence to minimize
the impact by, for example, providing substitute vehicles or
organizing substitute transports.
In rail freight transport the punctuality of transports is
an important criteria used by our customers to select the mode
of transport. In addition, irregularities may occur during the
conduct of transport operations such as violations of customs
regulations or theft. We combat these risks by employing
qualified customs coordinators, as well as a special system that
immediately notifies us when tax assessments are received.
We generally counter the risk of operational disturbances
with systematic maintenance and the use of qualified staff,
coupled with continuous quality assurance and the improvement
of our processes. The nature of the railway business as an open
system, however, means that we have limited influence on
certain factors that have a potentially negative impact on our
flow of operations. In this case, we strive to limit the possible
consequences.
Technology risks
The range and quality of the services we offer depends greatly
on the availability and reliability of the production resources
used, procured preliminary work as well as the quality of our
partners’ performance. We engage in intensive quality dialogues
with our relevant suppliers and business partners.
In addition, the technical production resources used in rail
transport must fulfill applicable norms and requirements, which
may change over time. As a consequence, technical objections
regarding vehicles could occur. The risk here is that individual
model series or wagon categories cannot be used for operations,
or may only be used on a restricted basis – for example, at lower
speeds, shorter maintenance intervals, or lower wheel set
loads. Furthermore, newly procured vehicles can fail to receive
certification and then not be delivered as agreed with the
manufacturer. These occurrences could lead to disturbances in
operational processes as well as higher expenses.
It cannot be ruled out that the intervals between maintenance/ultrasound
inspections will be further shortened in the
future. Due to this, additional operational restrictions could
occur if the size of the vehicle fleet remains unchanged.
Furthermore, possible changes in norms and the rail infrastructure
are important elements of overall operating conditions.
Here again, operations can be restricted or even cancelled in the
event of deviations from the norm. In order to counter these risks
we have consolidated the respective activities in DB Group and
engage in an active dialogue with the responsible authorities.
Procurement risks
Procurement prices for commodities, energy and transport
services can shift depending on the market situation. Therefore,
depending on the market and competitive situation, it is not
possible – or only possible to a limited extent – to pass on higher
costs to customers. This will have a correspondingly negative
effect on margins.
We counter the risk of higher energy prices through the use
of appropriate derivative financial instruments.
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