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DBHNGR (Aa1, AA-) gives turnaround in guidance after FY23 operating loss

TRANSPORTATION
  • Headline revenue was €45.2b down -13% yoy which its attributing to industry-wide freight rate normalisation. It says passengers grow to 1.8b in DB trains (up 5.8% yoy).
  • Net capex increased +16% yoy to €7.6b (gross €16.9b) and had elevated expenses (it says as expected) driving adj. EBIT loss of -€964m (down from +€1.23b last year).
  • It does note one of the drivers for FY23 loss was "significant increase in interest paid, driven in part by higher borrowing for capex" alongside noting inflation cost increase including labour costs/strikes.
  • Its guiding to €47m in revenue and expects to move back to positive EBIT north of €1b. It still see's Gross capex increasing to €21b.
  • Cash lines were unch to tighter this morning.
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