Investor Relations - Financial situation

Financial management

As a member of DB Group, DB ML AG benefits from the favorable refinancing conditions offered by DB Group. No changes took place in DB ML Group’s financial management concept during the first half of 2011.

Net financial debt

Financial debt is understood to include all interest-bearing liabilities including liabilities owed to DB AG or Deutsche Bahn Finance B.V., Amsterdam/the Netherlands. During the period under review financial debt declined from € 330 million to € 9,837 million.

Balance sheet

The consolidated financial statements are prepared in accordance with the International Financial Reporting Standards (IFRS).

Cash flow statement

The cash flow from operating activities in the first half of 2011 was at the level noted in the same year-ago period.

Capital expenditures

Gross capital expenditures in the period under review amounted to € 569 million, which was 35.5 % higher than the corresponding previous year figure.