Investor Relations - Business&overall condit.

At a glance
Chairman's letter
Major events
Interim Group mgmt report
Interim cfs
Financial calendar

Changes in the Management Board and the Supervisory Board

No changes occurred in the membership structure of either the Management Board or the Supervisory Board during the period under review.

Regulatory environment for rail transport in germany

Regulatory environment for rail transport in Germany and further development of relevant legal framework

Business Environment

The continued recovery of the global economy during the first half of 2011 drove growth in our core markets, which in turn made a favorable impact on the development of our business.

Passenger transport

The strong economic upswing in Germany, combined with a favorable labor market development and income development, has also revived demand in the German passenger transport market.