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2019 DB Group presentation Deutsche Bahn AG | April 2019
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2 Deutsche Bahn AG
Agenda
Deutsche Bahn at a glance
Developments since the German Rail Reform
Strategy, Zukunft Bahn program and digitalization
3 Deutsche Bahn AG
DB is an international mobility and logistics company that
was formed from several large, long-established companies
Family tree of Deutsche Bahn AG (simplified)
Acquisitions (selection)
Deutsche
Bahn AG Acquisitions
The beginning:
Rail line connecting established
Nuremberg and Fürth Split into Deutsche
Bundesbahn
1835 and Deutsche
Reichsbahn
1931 1949 1991 1994 2000-2002 2005-2009
1872 German Imperial
Railway buys Schenker International
Schenker 2010
Schenker reacquired mobility
established Majority stake in and
Schenker sold to logistics
company
Stinnes AG
1938 1997
Arriva Today
Cowie family opens Renamed acquired
motorcycle shop "Arriva"
4 Deutsche Bahn AG
Through its eight business units1, DB operates in every
segment of the transport market
Passenger Transport: Freight Transport and Logistics: Infrastructure:
Moving people from A to B – Smart logistics by land, sea and air Efficient, future-oriented rail
in Germany and throughout Europe infrastructure in Germany
◼ DB Cargo
◼ DB Long Distance European rail freight transport ◼ DB Netze Track
Long distance rail passenger Rail network
◼ DB Schenker
transport2
Global logistics services ◼ DB Netze Stations
◼ DB Regio Passenger stations
Regional and local passenger
◼ DB Netze Energy
transport in Germany
Traction power
◼ DB Arriva
Regional and local passenger
transport in Europe3
1 The former DB Services Business Unit has been dissolved and its responsibilities distributed across the DB divisions; 2 In Germany and cross-border transport
3 And long-distance rail transport in the UK, through CrossCountry, an Arriva subsidiary
5 Deutsche Bahn AG
DB offers both commercial and public ("PSO") services in its
market segments
We differentiate between services run on a purely commercial basis ("commercial
services") and services commissioned by local transport authorities to meet a Commercial services
public service obligation ("PSO services") PSO services
Freight Transport and
Passenger transport Infrastructure
Logistics
Long distance service Rail freight transport Provision of infrastructure
◼ Direct competition, in particular with ◼ Direct competition with other rail ◼ No competition, monopoly position in
car and air traffic companies and other modes of regulated markets; government
◼ Business-to-consumer (B2C) service transport commissions reliable provision of
◼ Business-to-business (B2B) service high-capacity infrastructure at
◼ Asset heavy
with key accounts; clear focus on competitive costs
Regional and local service specific industries ◼ Serves rail operators (derived
◼ Asset heavy demand)
◼ PSO services awarded in a
competitive tendering process ◼ Very asset heavy
Freight forwarding and logistics
◼ Serving both passengers (B2C) and
◼ Direct competition (global)
local transport authorities1
◼ Full-service forwarder, large
◼ Asset heavy
customer base; serves a wide range
of industries
◼ Asset light
1 "Local transport authorities" in this context can be states, state enterprises, transit authorities or local and regional authorities.
6 Deutsche Bahn AG
DB holds leading market positions –
in Europe and throughout the world
Infrastructure
No. 1
Rail infrastructure
Passenger Transport
No. 1
Freight Transport
and Logistics Operation of rail stations No. 1
Regional and local rail passenger
No. 1 2
transport
Rail freight transport
No. 3 No.
Long distance rail passenger transport
No. 1
Land transport No. 4
Air freight
No.4
Ocean freight Public
No. 5 road transport
Contract logistics
7 Deutsche Bahn AG
The revenue and EBIT levels generated by the business
units varied in 2018
Revenues, 2018 EBIT, 2018 Workforce, 2018
(EUR m) (EUR m) [FTEs2]
PASSENGER TRANSPORT
DB Long Distance 4,682 417 16,548
DB Regio 8,968 492 35,881
DB Arriva 5,441 300 53,056
FREIGHT TRANSPORT AND
LOGISTICS
DB Cargo 4,460 -190 28,842
DB Schenker 17,050 503 75,817
INFRASTRUCTURE
DB Netze Track 5,511 840 46,969
DB Netze Stations 1,314 221 5,804
DB Netze Energy 2,850 21 1,734
1
44,024 2,111
1,946 318,528
306,368
Data as of Dec. 31, 2018; 1 The difference between the sum of the divisional figures and the DB Group total is a result of other items and consolidation-related items (for revenues and EBIT) and other items (for workforce
numbers); 2 Full-time equivalents
8 Deutsche Bahn AG
Revenues continued to grow –
EBIT in 2018 was below the previous year
Revenues, DB Group1 EBIT, DB Group1
in EUR m in EUR m
42,704 44,024
2,152 2,111
+3.1% -1.9%
2017 2018 2017 2018
1 Revenues and EBIT adjusted for special items
9 Deutsche Bahn AG
Long distance transport volumes continued to grow,
while rail freight volumes fell
DB rail transport volumes
Long distance Regional rail1 Rail freight Infrastructure2
(in billions of pkm) (in billions of pkm) (in billions of tkm) (in millions of train-path km)
92.7 1,073 1,086
88.2
42.8 41.9 41.9
40.5
-4.8% +1.1%
+5.6%
2017 2018 2017 2018 2017 2018 2017 2018
1 Excluding DB Arriva; including Usedomer Bäderbahn; 2 Including Usedomer Bäderbahn
10 Deutsche Bahn AGWe grew in most of our logistics segments,
and particularly in air and ocean freight
Transport volumes at DB Schenker
Land transport Air freight Ocean freight Contract logistics
(in millions of (in thousands of (in thousands of (revenues
consignments) metric tons1) TEUs1,2) in EUR million)
2,203 2,634 2,622
106.5 1,300 1,304 2,169
100.5
+6.0% +0.3% +1.6% -0.5%
2017 2018 2017 2018 2017 2018 2017 2018
1 Exports only, to avoid double counting; 2 TEU = Twenty-foot equivalent unit; 3 Adjusted for currency effects
11 Deutsche Bahn AGDB2020+ Strategy – Passenger Transport
DB Long-Distance runs a network of long-distance commercial
rail passenger transport services centered on Germany
Profile
◼ DB Long-Distance provides fast, comfortable, convenient and eco-friendly
travel within Germany and to and from its neighboring countries on a purely
commercial basis
◼ Daily scheduled ICE, IC and EC services are the backbone of the DB Long-
Distance portfolio
◼ DB Long-Distance is progressively increasing and modernizing its fleet, in
DB Long-Distance in 2018 particular with more and longer ICE 4 trains, IC 2 trains and ECx trains
◼ Connections to the islands of Sylt and Wangerooge are also offered
Revenues € 4,682 mn
◼ IC Bus services are complement to the existing rail network for certain
EBIT € 417 mn German and international connections
Employees (FTE) 16,548 ◼ With its high percentage of renewable traction power, new energy-efficient
trains and a completely carbon-neutral ICE maintenance depot, DB Long
Volume sold 42,827 mn pkm Distance is committed to environmental sustainability. The percentage of
journeys run on green power rose from roughly 75% to 100% in the year
Passengers 148.6 mn under review
Fleet 2431) / 2742) ◼ The BahnCard discount card, with five million holders, is the most important
customer loyalty tool at DB Long-Distance
Avg. dist. traveled 290 km
1) Locomotives 2) ICEs
12 Deutsche Bahn AGDB2020+ Strategy – Passenger Transport
DB Regional offers on-time, reliable and eco-friendly regional
transport service for nearly seven million passengers each day
Profile
◼ DB Regional Trains is commissioned by local transport authorities to offer
rail passenger transport tailored to regional and local needs and is market
leader in local German public transport. Its services cover both urban
transport in high-population areas and regional transport in lower-
population areas
◼ The 27 contracting organizations in Germany use competitive tendering to
select operators for regional and local rail passenger transport service.
DB Regional in 2018
◼ These public service obligation (PSO) services are financed by concession
Revenues € 8,968 mn fees and ticket sales
◼ The predominant model in Germany is based on gross-cost contracts, in
EBIT € 492 mn which ticket sales go straight to the oderer, who then compensates the
operator in full fot the PSO services offered
Employees (FTE) 35,881
◼ DB Regional Bus offers both commercial and PSO services on the regional
Volume sold 48,615 mn pkm bus market in Germany
◼ There are over 400 local transport authorities responsible for public road
Passengers 2,521 mn1)
transport, and services are increasingly being awarded in competitive
Fleet 4,9482) / 11,7123) tenders
Avg. dist. traveled 21.6
1) Including 1,940 mn rail passengers 2) Locomotives (871) and multiple units (4,077) 3) Buses (including 4,969 of DB Regio's own)
13 Deutsche Bahn AGDB2020+ Strategy – Freight Transport and Logistics
Ever since it was acquired in September 2010, DB Arriva has been
a platform for growth in passenger transport outside Germany
Profile
◼ DB Arriva is a platform for growth and the foundation for all of DB's
passenger services outside Germany (with the exception of cross-border
long-distance service)
◼ DB Arriva offers a broad range of transport services in 14 European
countries, running buses, trains, trams, water buses, non-emergency
patient transport services, carsharing and bikesharing
DB Arriva in 2018 ◼ DB Arriva is usually commissioned by regional and national authorities or
other parties ordering transport services
Revenues EUR 5.441 bn
◼ DB Arriva runs both commercial and PSO services, generating the
EBIT EUR 300 m majority of its revenues with the latter
◼ DB Arriva UK Trains is a leader on the UK rail passenger transport market
Employees (FTEs) 53,056
◼ DB Arriva UK Bus is one of the largest providers of urban and regional bus
Rail volume 12.999 bn pkm transport in the UK
◼ DB Arriva Mainland Europe operates a range of transport services and is
Bus volume 1.074 bn bus km
steadily growing in continental Europe
Passengers/year 1.998 bn1
Fleet 1,0932 / 17,0493
1 Including 493.6 m rail passengers 2 Locomotives (19) and multiple units (1,074) 3 Buses (including buses of other providers)
14 Deutsche Bahn AGDB2020+ Strategy – Freight Transport and Logistics
DB Cargo has a strong European network and is
the number one in European rail freight transport
Profile
◼ With some 4,200 private customer sidings in Europe, DB Cargo offers its
customers access to one of the world's largest rail networks
◼ DB Cargo's international network follows the major European rail freight
corridors
◼ DB Cargo offers European rail transport in the form of block train, single
car and multimodal services. Tailor-made transport and logistics
DB Cargo 2018 solutions are also available as additional services that can link the rail
mode with road (trucking) and ocean freight service
Revenues EUR 4.460 bn
◼ DB Cargo's customers are primarily key accounts
EBIT EUR -190 m ◼ The key customers served are the building material, fertilizer, and metals
and coal industries in the bulk goods segment; automotive, chemicals,
Employees (FTEs) 28,842 mineral oil, consumer goods, and pulp and paper industries in the industry
Metric ton km 88.237 bn and retail logistics segment; and operators, freight forwarders and
shipping companies in the multimodal segment
Freight carried 255.5 m t ◼ A high level of customer loyalty, motivated and well trained employees,
efficient use of rolling stock and a capacity-based high-performing
Fleet1 2,686 / 82,895 infrastructure are DB Cargo's key resources. Most of DB Cargo's services
Ø dist. transported 345 km are carried out using its own fleet of locomotives and freight cars
1 Locomotives / freight cars
15 Deutsche Bahn AGDB2020+ Strategy – Freight Transport and Logistics
DB Schenker offers global transport and logistics solutions
– by land, ocean and air
Profile
◼ As an integrated transport and logistics provider, DB Schenker serves both
established and emerging markets, with a global network in more than 140
countries
◼ DB Schenker's dense land transport network links the most important
economic centers in Europe
◼ DB Schenker is one of the world's leading air and ocean freight providers,
DB Schenker in 2018 offering a full range of services in this segment
◼ Its contract logistics portfolio serves every stage of the value chain:
Revenues € 17,050 mn
suppliers, manufacturers and dealers, customers, and spare part service
EBIT € 503 mn ◼ DB Schenker has a global customer base in a wide range of industries
Employees (FTE) 75,817 ◼ It uses a vertical market approach to develop sector-specific solutions
◼ In air and ocean freight, DB Schenker serves exclusively as a freight
Shipments 106.468 mn forwarder, without its own planes or ships; in land transport, however, it
relies in part on its own vehicles and swap bodies
Air freight volume 1.304 mn t
◼ Effective IT support plays an especially important role
Ocean freight volume 2.203 mn TEU1)
Warehousing space 8.3 mn m2
1) Twenty-foot Equivalent Unit
16 Deutsche Bahn AGDB2020+ Strategy – Infrastructure
DB Netze Track is Europe's number one
track infrastructure provider
Profile
◼ DB Netze Track is responsible for the rail network and all the infrastructure
necessary for operations
◼ It ensures non-discriminatory network access for all authorized rail
companies, local and regional passenger transport authorities, and freight
forwarders and consignors
◼ DB Netze Track's seven operations centers and one network control center
keep rail service in Germany running smoothly 365 days a year
DB Netze Track in 2018 ◼ DB Netze Track's core responsibilities also include preparing train schedules
in close partnership with customers, managing operations and construction,
Revenues € 5,511 mn
and providing maintenance service
EBIT € 840 mn ◼ Train path products are the most important source of revenues for
DB Netze Track
Employees (FTE) 46,969 ◼ Track access charges are set in a transparent train path pricing system
regulated by the German Federal Network Agency
Train-path km 1,086 mn ◼ DB Netze Track coordinates over 78,000 regular train path requests in its
working timetable, and roughly 1,000,000 ad hoc requests
Line operated1) 33,440 km2)
from the freight transport sector in particular
Switches1) 65,844 ◼ Focusing new line and line upgrade projects on removing infrastructure
bottlenecks and creating additional capacity for transport growth along core
Bridges1) 25,127 routes and in urban areas will be crucial for further growth
1) Including Infra Silesia S.A. and UBB Usedomer Bäderbahn GmbH 2) Including 20,286 km powered by electricity
17 Deutsche Bahn AGDB2020+ Strategy – Infrastructure
DB Netze Stations is the largest operator
of rail stations in Europe
Profile
◼ In addition to its core business of developing and operating rail stations, DB
Netze Stations also offers a variety of services at and around stations for
customers and visitors ensuring that stations are pleasant places in which
to spend time
◼ It links diverse transport-related services and ensures that stations are
pleasant places in which to spend time
DB Netze Stations in 2018 ◼ DB Netze Stations is also one of the largest landlords for commercial real
estate in Germany, with nearly 1 million m² of leasable space
Revenues € 1,314 mn
◼ Each day, its stations are served by more than 410,000 trains operated by
EBIT € 221 mn some 100 rail companies, and used by roughly 20 million passengers and
visitors
Employees (FTE) 5,804 ◼ DB Netze Stations earns its revenues from station access charges
Station stops 151 mn (regulated in the station pricing system by the German Federal Network
Agency) and commercial property leases (not regulated)
Stations 5,368 ◼ To ensure high quality, DB Netze Stations focuses on safety, service, and
station cleanliness, with its Triple-S Centers
Platforms ~ 9,500
◼ Station access fees account for roughly 70% of total revenues
Passenger info 12,8001)
1) 6,100 passenger information systems and roughly 6,700 dynamic displays
18 Deutsche Bahn AGDB2020+ Strategy – Infrastructure
DB Netze Energy is the utility company for the DB Group
and one of the largest power providers in Germany
Profile
◼ DB Netze Energy offers the entire range of energy products for traction as
well as stationary power supply for property in Germany
◼ These commodity portfolio includes traction power and diesel for rail traffic,
and electricity, gas and heat for the DB Group's stations and other buildings
◼ DB Netze Energy also offers a broad range of electricity and natural gas
products to industrial and commercial customers throughout Germany
DB Netze Energy in 2018 ◼ Energy consulting and technical services enhance the commodities offered
Revenues € 2,850 mn ◼ DB Netze Energy is operator for the nationwide high-voltage traction power
grid, offering non-discriminatory use to all railway companies
EBIT € 21 mn
◼ Its network charges are regulated by the German Federal Network Agency
Employees (FTE) 1,734 ◼ DB Netze Energy furthermore operates the nationwide network of diesel
refueling stations for trains
Traction power1) 8,245 GWh
◼ DB Netze Energy continually raises the share of renewables in its traction
Stationary Power2) 18,196 GWh current (2018: 57.2%)
Diesel 429.6 mn liters
Traction power grid 7,936 km
1) 16.7 Hz and DC 2) 50 Hz and 16.7 Hz
19 Deutsche Bahn AGThe DB Group's integrated, international structure makes it
possible to develop rail operations in Germany as an complete system
Cornerstones of the DB Group
Passenger transport Freight transport and logistics
Rail operations in Germany
infrastructure
20 Deutsche Bahn AGThe business units of Deutsche Bahn are managed directly
by the Management Board
Chairman and Digitalization and Human Passenger Finance, Freight Infrastructure
CEO Technology Resources and Transport Transport and
Legal Affairs Logistics
Dr. Lutz Prof. Dr. Jeschke Seiler Huber Doll Pofalla
DB Netze
DB Long Distance DB Cargo Track
(TBD) (Dr. Bosch) (Sennhenn)
DB Netze
DB Regio DB Schenker
Stations
(Dr. Sandvoss) (Thewes)
(Koch)
DB Netze
DB Arriva
Energy
(Dr. Rudhart)
(Schein)
21 Deutsche Bahn AGDB is increasingly active in international markets – but its focus
remains on rail operations and on Germany
Revenues by region Revenues by activity
(100% ~ annual revenues in EUR bn) (100% ~ annual revenues in EUR bn)
44.0 44.0
68%
25.1 62% 43% 25.1 48%
International 26% Non-rail 41%
Germany 74% 57% 52%
Rail 59%
20051 2018 20051 2018
Data as of Dec. 31, 2018; 1 Consolidated financial statements according to IFRS
22 Deutsche Bahn AGDB employs over 310,000 people globally,
including some 196,000 in Germany
Employees by region
100% ~ 318,528 full-time equivalents
Employees by business unit
100% ~ 318,528 full-time equivalents Europe excluding Germany
29%
Other Germany Asia
Passenger Transport North
America 62% 5%
DB Long Distance: 5.2%
17% DB Regio: 11.2%
3%
DB Arriva: 16.7%
33%
17% Other international
locations
1%
33% Freight Transport and
Infrastructure
Logistics
DB Netze Track: 14.7% DB Cargo: 9.1%
DB Netze Stations: 1.8% DB Schenker: 23.8%
DB Netze Energy: 0.5%
Data as of Dec. 31, 2018
23 Deutsche Bahn AGDB is one of the largest and most multifaceted providers of
vocational training in Germany
DB employs over 318,000 people around the world
in more than 500 professions. Nearly two-thirds of
its employees are based in Germany.
DB trains some 10,000 vocational trainees and
950 cooperative education students in more than
50 professions.
Through its "Chance plus" program, DB helps some
250 interns launch their careers at the company
each year.
Over 94% of DB's vocational trainees are offered
jobs upon successful completion of their training.
Data as of Dec. 31, 2018
24 Deutsche Bahn AGAgenda
Deutsche Bahn at a glance
Developments since the German Rail Reform
Strategy, Zukunft Bahn program and digitalization
25 Deutsche Bahn AGThe history of rail operations in Germany began in 1835, when
the six-kilometer-long line between Nuremberg and Fürth opened
1835 1920 1949 1994 TODAY
The beginning: Split into
Deutsche Bahn AG
Rail line connecting Deutsche
Bundesbahn is a leading
Nuremberg and international mobility
Fürth and Deutsche
Reichsbahn and logistics
company
German
Imperial Railway Deutsche Bundesbahn and
established Deutsche Reichsbahn merge to
form Deutsche Bahn AG
26 Deutsche Bahn AGThe German Rail Reform in 1994 established Deutsche Bahn AG,
ushering in a new era of rail in Germany
Before the Rail Reform Today
✓
Private-market-
based structures
established
✓ Rail opened up to
competition
Responsibility for
◼ Bureaucratic structures ◼ Modern and efficient
✓
regional and local organization
◼ Monopoly
transport delegated
◼ Heavy government influence ◼ Increasing competition
to regional
◼ High losses – personnel costs authorities ◼ Value-based decision-making
higher than revenues ◼ Greater profitability
◼ Debts of over DM 60 billion ◼ Ongoing debt reduction
◼ Decline in market share of rail ◼ Renaissance of rail
27 Deutsche Bahn AGThe successes since the Rail Reform have strengthened rail
in Germany in a lasting way
Rail passenger transport volumes Rail freight transport volumes
Germany, in billions of passenger kilometers Germany, in billions of metric ton kilometers
128,3 129,4 131,6
94,2 95,8 97,7
71,0 71,7 70,6 69,6 68,1
65,2
+50% +86%
1994 1995 1996 2016 2017 2018 1994 1995 1996 2016 2017 20181
Data as of Dec. 31, 2018; 1 DB's own estimate
28 Deutsche Bahn AGSince 1994, DB has notably increased both revenues and EBIT,
thereby relieving pressure on the German federal budget
44,024
Revenues
in EUR m
+189%
14,793
1994'95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 18
2,111
EBIT
in EUR m
HGB IFRS
EBIT with compensation for pre-unification liabilities
EBIT
-2.998
Data as of Dec. 31, 2018, 1 Revenues adjusted for special items resulting from Stinnes acquisition
29 Deutsche Bahn AGAgenda
Deutsche Bahn at a glance
Developments since the German Rail Reform
Agenda for a better railway
30 Deutsche Bahn AGWith sustainable mobility services, we play a key role in protecting the planet We achieved our 2020 climate targets early, in 2018. Now we want to raise the percentage of renewables in DB's traction current mix step-by-step to 80% by 2030
More and more people are choosing our
eco-friendly mobility services
Passengers DB Long-Distance
[in millions]
>200
>200
148
129 132
2014 2015 2018 2030Our digital and innovative services provide
seamless, door-to-door transport already today
With up to 10 million users1
a month, DB Navigator is one of
the most popular mobility apps in
Germany
1 Unique visitors as of December 2018Growth leads to shortages Lines where capacity utilization is high account for roughly 5% of our network – but they affect roughly 19% of our long-distance train kilometers and roughly 72% of our long-distance passenger kilometers
Our Agenda for a better railway will generate more capacity – for infrastructure, rolling stock, and staff We will be investing additional funds of some EUR 5 billion over the coming years to make rail operations in Germany fit for the future, for growth and for employment
We are inspiring more and more people to join us
in shaping a new future for rail
We plan to hire 22,000 new
employees in 2019 to help us
on our way to a better railwayWe will transition our Agenda for better railway to an
overall strategy in 2019
"The course we have set is not a sprint. It is a marathon that will need several years of
systematic implementation..."
Today June 2019
Agenda for a better railway New DB strategy
Transition
▪ Focus on specific activities in 2019 and ▪ Present to and discuss with Supervisory
2020 Board in June 2019
▪ Ensure that full impact of Agenda is ▪ Transition and ensure long-lasting impact
reflected in medium-term planning for of our “Agenda for a better railway” by
2019-2023 incorporating it into strategic guidelines and
targets for entire Group with focus on period
up until 2030
37 Deutsche Bahn AGSetting the course for tomorrow
Photos
Slide 1 From left: Max Lautenschläger, Slide 20 First row – from left: Bartlomiej Slide 33 Clockwise: Axel Hartmann, DB AG,
Bartlomiej Banaszak, Banaszak, DB Sales, Michael Oliver Lang, Kai Michael Neuhold
Max Lautenschläger Neuhaus, Michael Neuhaus
Second row – from left: Kai Michael Slide 34 Max Lautenschläger
Slide 3 Lothar Mantel Neuhold, Marco Reeuwijk, Rainer Slide 35 Max Lautenschläger
Garbe, Thomas Herter, Georg
Slide 4 DB AG, DB Schenker, DB Arriva Slide 36 Max Lautenschläger
Wagner, Michael Neuhaus, Ralf
Braun, DB AG/ECR
Slide 5 From left: Claus Weber, Slide 37 Markus Nass
Third row – from left: Wolfgang Klee,
DB Schenker, Volker Emersleben
Mario Vedder, Günter Jazbec, Slide 38 Markus Nass
Slide 7 World map: ClipDealer (#194937) Michael Neuhaus
Slide 39 Markus Nass
Slide 9 Jet-Foto/Kranert Slide 21 Max Lautenschläger, Max
Lautenschläger, Pablo Castagnola, Slide 40 DB AG; bottom left: Syda
Slide 10 From top: Bartlomiej Banaszak, Max Lautenschläger, Max Production/shutterstock.com;
Wolfgang Klee Lautenschläger, Bernd Roselieb,
bottom right: DB Schenker
Andreas Varnhorn, Andreas
Slide 11 From top: Maurice Weiss,
Varnhorn, Axel Stephan, Slide 41 From left: Andrea Vollmer, Hanno
Michael Neuhaus
Bernd Roselieb, BMF, Ralf Kranert Harland, Hanno Haarland, Holoplot,
Slide 12 Thomas Herter Siut, background image: Markus
Slide 24 Heiner Müller-Elsner
Nass/Brauer Photos
Slide 13 Jet-Foto Kranert
Slide 25 Michael Neuhaus Slide 42 Pexels/Pixabey (crossing)
Slide 14 Oliver Lang Jplenio/Pixabey (light bulb)
Slide 26 From left: Ralf Kranert, Carsten
Ulich, Claus Rethorn, Claus Weber Slide 43 Volker Emersleben
Slide 15 Wolfgang Klee
Clockwise: Rainer Garbe, Thomas Slide 44 DB AG; bottom left: Arne Lesmann
Slide 16 Max Lautenschläger Herter, Volkswagen AG, Ralf Braun
Slide 45 Claus Weber
Slide 27 Claus Weber, Heiner Müller-Elsner
Slide 17 Wolfgang Klee Slide 46 Max Lautenschläger
Slide 31 Christian Bedeschinski, Tobias
Slide 18 Bartlomiej Banaszak
Heyer, James O Jenkins
Slide 19 Annette Koch Slide 32 Max Lautenschläger
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