Revenues fell by 14% from Euros 16.3 billion in the first half of 2008
to Euros 14.3 billion in the first six months of 2009, while pre-tax
profits slid sharply from Euros 1.4 billion to Euros 671 million.
However, despite axle problems on its fleet of ICE high-speed trains,
DB witnessed a 1.8% year-on-year increase in passenger numbers to 958
million, although distance travelled remained static at around 37.3
billion passenger km.
By contrast, Europe's largest railfreight
operator DB Schenker Rail Germany witnessed a 26.2% decline in
year-on-year volumes from 196.1 million tonnes to 145 million tonnes.
"It
will take several years before we return to the volume levels we posted
in the record-breaking years of 2007/08," CEO Mr Rüdiger Grube
concedes. "For this reason we will have to cut our structural costs,
optimise processes, and develop new areas of business."
In
contrast to the expansionist policies pursued by his predecessor, Grube
has announced the start of a consolidation programme that will see the
restructuring of many of the companies acquired over the last seven
years. He argues that this is a prerequisite to returning DB to growth.
DB has already launched an internal economy drive, and the workforce
fell by 4,000 in the year ending 30 June to 237,000.
DB's results
come less than a week after the German government revealed the country
had emerged from recession, with the economy growing by 0.3% between
April and June. However, DB chief financial officer Mr Diethelm Sack
remains cautious about the economic outlook. "It is still not clear
when the economy will hit bottom and when it will be able to
sustainably move upwards again. Detailed forecasts regarding the future
of the business cannot be made in such a unique situation."
to Euros 14.3 billion in the first six months of 2009, while pre-tax
profits slid sharply from Euros 1.4 billion to Euros 671 million.
However, despite axle problems on its fleet of ICE high-speed trains,
DB witnessed a 1.8% year-on-year increase in passenger numbers to 958
million, although distance travelled remained static at around 37.3
billion passenger km.
By contrast, Europe's largest railfreight
operator DB Schenker Rail Germany witnessed a 26.2% decline in
year-on-year volumes from 196.1 million tonnes to 145 million tonnes.
"It
will take several years before we return to the volume levels we posted
in the record-breaking years of 2007/08," CEO Mr Rüdiger Grube
concedes. "For this reason we will have to cut our structural costs,
optimise processes, and develop new areas of business."
In
contrast to the expansionist policies pursued by his predecessor, Grube
has announced the start of a consolidation programme that will see the
restructuring of many of the companies acquired over the last seven
years. He argues that this is a prerequisite to returning DB to growth.
DB has already launched an internal economy drive, and the workforce
fell by 4,000 in the year ending 30 June to 237,000.
DB's results
come less than a week after the German government revealed the country
had emerged from recession, with the economy growing by 0.3% between
April and June. However, DB chief financial officer Mr Diethelm Sack
remains cautious about the economic outlook. "It is still not clear
when the economy will hit bottom and when it will be able to
sustainably move upwards again. Detailed forecasts regarding the future
of the business cannot be made in such a unique situation."
Photo: DB AG/Klink
