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 2025 can be found in the 2026 Interim Report and the 2025 Annual Report of DB Group.
Derivation of ROCE
| ROCE | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | H1 2026 | |
| 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 | 297 | 415 | |
| ÷ 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 | 52,837 | 53,841 | |
| 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 | 0.6 | 1.5 | |
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 | 31.12.2012 | 31.12.2013 | 31.12.2014 | 31.12.2015 | 31.12.2016 | 31.12.2017 | 31.12.2018 | 31.12.2019 | 31.12.2020 | 31.12.2021 | 31.12.2022 | 31.12.2023 | 31.12.2024 | 31.12.2025 | 30.06.2026 | |
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 | 66.202 | 67,993 | |
| + Inventories | 989 | 948 | 959 | 1,018 | 1,062 | 1,151 | 1,369 | 1,520 | 1,937 | 2,155 | 2,076 | 2,099 | 2,185 | 2.324 | 2,358 | |
| + 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 | 7.516 | 7,625 | |
| - 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 | -8.933 | -9,470 | |
| - 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 | -9.967 | -10,228 | |
| - 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 | -3.511 | -3,691 | |
| - Receivables from financing | -72 | -90 | -91 | -110 | -134 | -131 | -174 | -404 | -625 | -541 | -683 | -784 | -784 | -794 | -746 | |
| 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 | 52,837 | 53,841 | |
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