Financial Statements

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Financial Statements FINANCIAL STATEMENTS 62 STATEMENT OF INCOME 65 NOTES TO THE FINANCIAL 76 LIST OF SHAREHOLDINGS STATEMENTS 62 BALANCE SHEET 86 AUDITOR’S REPORT > 67 Notes to the balance sheet > 62 Assets > 71 Notes to the statement > 86 Report on the financial > 62 Equity and liabilities of income statements > 86 Report on the management 63 STATEMENT OF CASH FLOWS > 72 Notes to the statement of cash flows report 64 FIXED AssETS SCHEDULE > 72 Other disclosures 62 DEUTSCHE BAHN AG 2014 MANAGEMENT REPORT AND FINANCIAL STATEMENTS STATEMENT OF INCOME JAN 1 THROUGH DEC 31 [€ mILLION] Note 2014 2013 Inventory changes 0 0 Other internally produced and capitalized assets 0 – Overall performance 0 0 Other operating income (16) 1,179 1,087 Cost of materials (17) –95 –91 Personnel expenses (18) –324 –303 Depreciation –10 –12 Other operating expenses (19) –970 –850 –220 –169 Net investment income (20) 794 583 Net interest income (21) –67 –37 Result from ordinary activities 507 377 Taxes on income (22) 37 –10 Net profit for the year 544 367 Profit carried forward 4,531 4,364 Net retained profit 5,075 4,731 BALANCE SHEET AssETS [€ MILLION] Note Dec 31, 2014 Dec 31, 2013 A. FIXED ASSETS Property, plant and equipment (2) 29 33 Financial assets (2) 26,836 27,298 26,865 27,331 B. CUrrENT ASSETS Inventories (3) 1 1 Receivables and other assets (4) 4,412 3,690 Cash and cash equivalents 3,083 2,021 7,496 5,712 C. PREpaYMENTS anD AccrUED IncoME (5) 0 1 34,361 33,044 EQUITY AND LIABILITIES [€ MILLION] Note Dec 31, 2014 Dec 31, 2013 A. EQUITY Subscribed capital (6) 2,150 2,150 Capital reserves (7) 5,310 5,310 Retained earnings (8) 3,563 3,563 Net retained profit (9) 5,075 4,731 16,098 15,754 B. ProVISIonS (10) 3,400 3,357 C. LIabILITIES (11) 14,818 13,883 D. accrUED anD DEFERRED IncoME (12) 45 50 34,361 33,044 FINANCIAL STATEMENTs STATEMENT OF INCOME BALANCE SHEET 63 STATEMENT OF CASH FLOWS STATEMENT OF CASH FLOWS JAN 1 THROUGH DEC 31 [€ mILLION] Note 2014 2013 Profit before taxes 507 377 Depreciation on property, plant and equipment 10 12 Changes to pension provisions (without intra-Group changes) 14 13 Cash flow before taxes 531 402 Changes to other provisions 37 –62 Other non-cash expenses/income 1) 14 28 Result on disposal of property, plant and equipment 0 1 Result on disposal of financial assets 0 2 Changes to current assets (excluding cash and cash equivalents) –181 780 Changes to other liabilities (excluding financial debt) 20 –72 Taxes on income 37 –10 Cash flow from operating activities 458 1,069 Proceeds from the disposal of property, plant and equipment 1 –1 Payments for purchases of property, plant and equipment –7 –15 Proceeds from the disposal of financial assets 2 7 Payments for the purchases of financial assets –2 –10 Cash flow from investing activities –6 –19 Distribution of profits to shareholder –200 –525 Payments for finance lease transactions 0 –1 Proceeds/payments from long-term Group financing 1) 1,385 825 Proceeds/payments from short-term Group financing –569 –738 Payments for the redemption of bonds, borrowings and commercial paper 0 0 Proceeds from bonds, borrowings and commercial paper 0 0 Proceeds/payments for the transfer of provision obligations from/to Group companies (intragroup changes and cumulative assumption of debt) –6 19 Cash flow from financing activities 610 –420 Net change in cash and cash equivalents 1,062 630 Cash and cash equivalents at the beginning of the year (23) 2,021 1,391 Cash and cash equivalents at the end of the year (23) 3,083 2,021 1) Previous year figure adjusted. 64 DEUTSCHE BAHN AG 2014 MANAGEMENT REPORT AND FINANCIAL STATEMENTS FIXED AssETS SCHEDULE Acquisition and manufacturing costs Depreciation Book value As of As of As of As of As of As of Jan 1, Addi- Trans- Dis- Dec 31, Jan 1, Impair- Trans- Dis- Dec 31, Dec 31, Dec 31, [€ MILLION] 2014 tions fers posals 2014 2014 ment fers posals 2014 2014 2013 PROPERTY, PLANT AND EQUIPMENT 1. Land, leasehold rights and buildings including buildings on land built by others a) Land and leasehold 1 0 0 0 1 0 –1 0 0 –1 0 1 b) Commercial, official and other buildings 4 0 0 0 4 –1 –1 0 0 –2 2 3 0 0 0 0 5 –1 –2 0 0 –3 2 4 2. Track infrastructure, signaling and control equipment 0 0 0 0 0 0 0 0 0 0 0 0 3. Rolling stock for passenger and freight transport 0 0 0 0 0 0 0 0 0 0 0 0 4. Technical equipment and machinery and other than Nos. 2 and 3 2 0 0 0 2 –1 0 0 0 –1 1 1 5. Other equipment, operating and office equipment 50 7 3 –5 55 –25 –8 0 4 –29 26 25 6. Advance payments and construction in progress 3 0 –3 0 0 0 0 0 0 0 0 3 60 7 0 –5 62 –27 –10 0 4 –33 29 33 FINANCIAL AssETS 1. Investment in affiliated companies 13,773 2 0 –2 13,773 0 0 0 0 0 13,773 13,773 2. Loans to affiliated companies 13,489 3,579 0 –4,041 13,027 0 0 0 0 0 13,027 13,489 3. Investments in associated companies 36 0 0 0 36 0 0 0 0 0 36 36 4. Other loans 0 0 0 0 0 0 0 0 0 0 0 0 27,298 3,581 0 –4,043 26,836 0 0 0 0 0 26,836 27,298 Total fixed assets 27,358 3,588 0 –4,048 26,898 –27 –10 0 4 –33 26,865 27,331 !!! FINANCIAL STATEMENTs FIXED ASSETS SCHEDULE 65 NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS The annual financial statements of Deutsche Bahn AG (DB AG) have been Inventories are stated at acquisition or production cost; the average prepared in accordance with the provisions of the German Commercial method is mainly applied when valuing raw materials and supplies Code (Handelsgesetzbuch; HGB) and the German Stock Corporation Act (please refer to the description of fixed assets for the components of (Aktiengesetz; AktG) in the currently valid version as well as the ordinance production cost). Value adjustments are recognized to take account of relating to the structure of the financial statements of transportation inventory risks arising from a decline in economic usefulness, long storage companies. The balance sheet and the income statement items required periods, price changes in the market or any other decline in value. by law have been combined to improve the overall clarity of presentation. Accounts receivable and other assets are stated at cost, unless a The notes to the annual financial statements contain the necessary lower carrying amount is required in individual cases. Individual and details and explanations. global individual allowances have been taken to cover identifiable insol- vency- and rating-related risks. General valuation adjustments are (1) Accounting and valuation methods formed at 1% of the net amount receivable. With the exception of the change in the valuation for retirement obliga- Cash in hand and cash at banks are measured at cost of purchase, tions in so-called contractual trust arrangements (CTA) the accounting unless a lower figure has to be shown in individual cases. and valuation methods are unchanged compared with the previous year. In accordance with Section 246 (2) Clause 2 HGB, assets which are not Purchased intangible assets, with the exception of minor-value soft- available to any creditors and which serve exclusively to fulfill liabilities ware, are shown with their costs of purchase less straight-line deprecia- arising from retirement benefit obligations or equivalent obligations due tion. Purchased software which is of minor value in an individual case is in the long term have to be netted with these liabilities. recognized completely as expense in the year of acquisition. The option This netting requirement is also applicable for corresponding costs provided by Section 248 (2) HGB for capitalizing self-created intangible and income resulting from compounding or discounting the liabilities assets is not exercised in the Deutsche Bahn Group (DB Group). and also from the valuation of these assets. In accordance with Section Property, plant and equipment are stated at acquisition or manufac- 253 (1) Clause 4 HGB, the assets used for netting purposes are measured turing costs less depreciation if subject to wear and tear. completely at fair value on the basis of market values applicable on the Fair value impairments are similarly recognized where applicable. balance sheet date. Section 253 (1) Clause 3 is relevant for the obligations Production cost comprises individual costs as well as cost of materials, associated with the assets. production overheads and depreciation. Overheads and depreciation are At DB AG, the cover funds which are used to fulfill liabilities arising calculated on the basis of the costs incurred by normal employment from retirement benefit obligations (contractual trust arrangements; CTA) conditions and under economic conditions. Neither interest on borrowed are netted with the corresponding pension obligation. The corresponding funds nor administrative overhead is included in production cost. costs and income resulting from the compounding or discounting of Depreciation is recognized on a pro rata straight-line basis and reflects pension obligations (including the impact on the income statement the normal useful life. The useful lives of the main groups are set out in resulting from the change in the discount rate) and also resulting from the following table: the valuation of the cover funds are also netted.
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