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mANAGEmENT rEPOrT
overview
a Positive effects from the world economy’s noticeable recovery during the 2010 financial year
a Operating development of DB Group positive again
a Absence of special items noted in previous year burden development of income
Both Deutsche Bahn AG (DB AG) and DB mobility Logistics AG
(DB mL AG) – a fully owned subsidiary of DB AG – function as
management holding companies within the Group structure of
Deutsche Bahn Group (DB Group). Following the successful
restructuring that took place in the year 2008, DB AG directly
manages the DB Netze Track, DB Netze Energy and DB Netze
Stations business units. The remaining six business units are
bundled together in the DB mobility Logistics sub-group under
the management of DB mL AG. Very tight coordination between
the management Boards of DB AG and DB mL AG is assured by
the fact that the same persons serve on both boards in cross-
Group divisions. The business units are responsible for the
conduct of business operations. The structure is rounded out
by central Group and service functions.
DB AG’s business development is primarily driven by the devel-
opment of DB Group. During the year under review, DB Group
was once again able to achieve significant volume increases in
all of the relevant markets, which allowed it to continue the
growth trend that was interrupted in the previous year due to
the economic and financial crisis. The development of profits
was positive overall in the year under review, though somewhat
lessened by the restricted vehicle availability, the unusual
weather conditions and the significantly higher maintenance
costs for vehicles and infrastructure.
Although the DB Group posted overall higher revenues and
better adjusted results from operations in comparison to the
previous year, DB AG did not fully participate in the favorable
development noted for DB Group. This was due, in particular,
to the absence of special items in the year under review at DB AG
and its subsidiary, DB Netz AG. Due to this, the result from
ordinary activities fell notably.
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