Return on capital employed (ROCE)
We use the return on capital employed ratio (ROCE) as the central performance measure for the development of our Group portfolio as well as for allocating capital expenditures.
The development of ROCE for 2024 can be found in the 2024 Integrated Report of DB Group.
Derivation of ROCE
| ROCE | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | |
| EBIT adjusted 1),2) (€ million) | 2,708 | 2,236 | 2,109 | 1,759 | 1,946 | 2,152 | 2,111 | 1,837 | -2,903 | -1,552 | 1,225 | -2.810 | -333 | |
| ÷ Capital Employed per Dec. 31 (€ million) | 32,642 | 33,086 | 33,683 | 33,459 | 33.066 | 35,093 | 36,657 | 42,999 | 41,764 | 43,020 | 45,289 | 48,300 | 52.166 | |
| ROCE 1),2) (%) | 8.3 | 6.8 | 6.3 | 5.3 | 5.9 | 6.1 | 5.8 | 4.3 | -7.0 | -3.6 | 2.7 | -4.5 | -0.6 | |
1) 2022 figures for external revenues and employees adjusted due to changes to the presentation of DB Arriva as a discontinued business unit.
2) 2023 figures for external revenues and employees adjusted due to changes to the presentation of DB Schenker as a discontinued business unit.
Derivation of Capital Employed
| € million | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | |
BASED ON ASSETS | ||||||||||||||
| Property, plant and equipment /intangible assets | 41,816 | 41,811 | 43,217 | 42,821 | 42.575 | 43,207 | 44,487 | 50,485 | 49,994 | 52,487 | 55,122 | 56,856 | 57,423 | |
| + Inventories | 989 | 948 | 959 | 1,018 | 1,062 | 1,151 | 1,369 | 1,520 | 1,937 | 2,155 | 2,076 | 2,099 | 2,185 | |
| + Receivables / other assets | 5,210 | 5,257 | 5,477 | 5,408 | 5.780 | 6,545 | 7,274 | 7,723 | 8,249 | 10,237 | 11,509 | 13,334 | 18,031 | |
| - Other liabilities | 7,922 | 7,816 | 8,772 | 8,514 | 9,013 | 8,939 | 9,604 | 9,749 | -10,545 | -12,573 | -13,740 | -13,509 | - 5,421 | |
| - Other provisions | -5,162 | -4,883 | -5,044 | -5,311 | -5,334 | -5,117 | -5,068 | -5,098 | -6,041 | -7,496 | -7,570 | -8,333 | -9,019 | |
| - Deferred income | -2,217 | -2,141 | -2,063 | -1,853 | -1,870 | -1,623 | -1,648 | -1,478 | -1,205 | -1,249 | -1,425 | -1,363 | -1,739 | |
| - Receivables from financing | -72 | -90 | -91 | -110 | -134 | -131 | -174 | -404 | -625 | -541 | -683 | -784 | -784 | |
| Capital Employed | 32,642 | 33,086 | 33,683 | 33,459 | 33,066 | 35,093 | 36,093 | 42,999 | 41,764 | 43,020 | 45,289 | 48,300 | 52,166 | |
From 2025, the profitability of DB Group’s transport companies and of DB Energy will be managed using ROCE. The profitability of DB InfraGO is managed via the return on equity. As a result, the target ROCE for DB Group as a whole no longer applies.