Untitled

Spotorno Allé 12, DK-2630 Høje-Taastrup

Annual Report

DB Cargo

Scandinavia A/S

CVR-nr. 26 09 24 85

2024

The Annual Report is presented and adopted at the general meeting the

__ /__ 2025

Chairman

__________________

Management Statement 3

Independent Auditor's Report 4 - 5

Company Information 6

Financial Highlights 7

Management Review 8 - 12

Income Statement 13

Balance Sheet 14 - 15

Statement of changes in Equity 16

Notes to the Annual Report 17 - 25

Table of contents

Taastrup, __ / __ 2025

Executive Board

Birgit Wirth Oliver Gesche

Chief Executive Officer Chief Financial Officer

Board of Directors

Ralf Günter Kloß Sylke Elisabeth Hussmann

Chairman

Anastasia Zahn Jørn Jessen

Tom Allan Green

Michael Puggaard

Verena Alexa Körtje

In our opinion, the Management Review includes a true and fair account of the matters adressed in

the Review.

We recommend that the Annual Report be adopted at the Annual General Meeting.

Management Statement

The Executive Board and Board of Directors have today considered and adopted the Annual Report

of DB Cargo Scandinavia A/S for the financial year 1 January – 31 December 2024.

The Annual Report is prepared in accordance with the Danish Financial Statements Act.

In our opinion, the Financial Statements give a true and fair view of the financial position at 31

December 2024 of the Company and of the results of the Company's operations for the financial year

1 January - 31 December 2024.

- 3 -

ꞏ

Auditor's responsibilities for the audit of the financial statements

identify and assess the risks of material misstatement of the company financial statements, whether due to fraud or

error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient

and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from

fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions,

misrepresentations or the override of internal control.

As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we

exercise professional judgement and maintain professional scepticism throughout the audit. We also

Our objectives are to obtain reasonable assurance as to whether the financial statements as a whole are free from

material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion.

Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with

ISAs and the additional requirements in Denmark will always detect a material misstatement when it exists.

Misstatements may arise from fraud or error and are considered material if, individually or in the aggregate, they could

reasonably be expected to influence the economic decisions of financial statement users made on the basis of these

financial statements.

We are independent of the Company in accordance with the International Ethics Standards Board for Accountants'

International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements

applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements

and the IESBA Code.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independent Auditor’s Report

Opinion

We have audited the financial statements of DB Cargo Scandinavia A/S for the financial year 1 January – 31 December

2024 comprising income statement, balance sheet, statement of changes in equity and notes, including accounting

policies. The financial statements are prepared in accordance with the Danish Financial Statements Act.

In our opinion, the financial statements give a true and fair view of the Company's assets, liabilities and financial

position at 31 December 2024 and of the results of the Company's operations for the financial year 1 January – 31

December 2024 in accordance with the Danish Financial Statements Act.

Basis for Opinion

To the Shareholder of DB Cargo Scandinavia A/S

Management is responsible for the preparation of financial statements that give a true and fair view in accordance with

the Danish Financial Statements Act and for such internal control, that Management determines is necessary to enable

the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, Management is responsible for assessing the Company's ability to continue as a

going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of

accounting in preparing the financial statements unless Management either intends to liquidate the Company or to cease

operations, or has no realistic alternative but to do so.

Management's responsibility for the financial statements

We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements

applicable in Denmark. Our responsibilities under those standards and requirements are further described in the

"Auditor's responsibilities for the audit of the financial statements" section of our report.

- 4 -

Independent Auditor’s Report

ꞏ

Ilhan Dogan

State Authorised

Public Accountant

mne47842

obtain an understanding of internal control relevant to the audit in order to design audit procedures that are

appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the

Company's internal control.

evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and

related disclosures made by Management.

conclude on the appropriateness of Management's use of the going concern basis of accounting in preparing the

financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to

events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we

conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related

disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our

conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events

or conditions may cause the Company to cease to continue as a going concern.

evaluate the overall presentation, structure and contents of the financial statements, including the disclosures, and

whether the financial statements represent the underlying transactions and events in a manner that gives a true and

fair view.

State Authorised

Public Accountant

mne30154

Kenn Wolff Hansen

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of

the audit and significant audit findings, including any significant deficiencies in internal control that we identify during

our audit.

Statement on the Management's review

Management is responsible for the Management's review.

Our opinion on the financial statements does not cover the Management's review, and we do not express any form of

assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the Management's review and, in

doing so, consider whether the Management's review is materially inconsistent with the financial statements or our

knowledge obtained during the audit, or otherwise appears to be materially misstated.

Moreover, it is our responsibility to consider whether the Management's review provides the information required under

the Danish Financial Statements Act.

Based on the work we have performed, we conclude that the Management's review is in accordance with the financial

statements and has been prepared in accordance with the requirements of the Danish Financial Statement Act. We did

not identify any material misstatement of the Management's review.

16/05/2025

KPMG

Statsautoriseret Revisionspartnerselskab

CVR no. 25 57 81 98

- 5 -

The company DB Cargo Scandinavia A/S

Spotorno Allé 12

DK-2630 Taastrup

Telephone: +45 8830 0900

Fax: +45 3354 1853

Homepage: www.dk.dbcargo.com

CVR-nr. : 26 09 24 85

Financial year: 1. januar - 31. december

Registered Office: Høje Taastrup

Board of Directors Ralf Günter Kloß Chairman

Anastasia Zahn

Sylke Elisabeth Hussmann

Tom Allan Green Employee representation

Jørn Jessen Employee representation

Michael Puggaard Employee representation

Verena Alexa Körtje

Executive Board Birgit Wirth Chief Executive Officer

Oliver Gesche Chief Financial Officer

Auditors KPMG

Statsautoriseret Revisionspartnerselskab

Dampfærgevej 28

DK-2100 København Ø

Company Information

- 6 -

DKK 1.000 2024 2023 2022 2021 2020

Net turnover

409.405 546.532 469.526 447.260 559.711

Profit/(loss) before financial items -11.140 -9.029 6.714 -21.424 -7.283

Profit/(loss) of financial items -2.975 -2.088 -1.702 -787 -1.938

Profit/(loss) for the year after tax -5.213 -8.721 3.497 -16.061 -8.297

Balance sheet total 456.566 526.586 455.963 471.435 531.198

Shareholders' equity 232.131 237.342 246.063 242.566 258.627

Investments in property, plant and equipment 19.257 42.503 43.488 10.271 5.411

279 280 287 274 268

Transport quantities:

Million tons transported

4,33 4,94 6,02 5,74 6,82

Million ton km driven

1.502 1.652 1.979 1.912 2.231

Net profit ratio -2,7% -1,7% 1,4% -4,8% -1,3%

Return on net assets -2,4% -1,7% 1,5% -4,5% -1,4%

Solvency ratio 50,8% 45,1% 54,0% 51,5% 48,7%

Return on equity -2,2% -3,6% 1,4% -6,4% -3,2%

Average number of Full Time Employees (FTE)

Financial Highlights

Financial Highlights are defined and calculated in accordance with the current version of "Recommendations & Ratios"

issued by the CFA Society Denmark. For the definition of key figures we refer to the description in accoutning policies.

- 7 -

6 MZ, diesel

Shunting engines

17 BR185, electrical, dual-system

Workshop Operations

DB Cargo Scandinavia A/S leases and operates a maintenance workshop in Fredericia, Denmark.

DB Cargo Scandinavia A/S’ engines can be specified as follows:

Main line engines

13 EG, electrical, dual-system

DB Cargo Scandinavia A/S owns 13 EG engines and 17 BR185 engines, which are equipped to run on

various power systems, i.e. they can be used for cross-border transports. These engines are particularly

suitable for pulling very heavy freight trains.

Rolling stock

DB Cargo Scandinavia A/S is 100% owned by DB Cargo AG.

Management Review 2024

Principal activities

DB Cargo Scandinavia A/S has been operating as a rail freight provider with its own locomotives and

leased terminals and facilities since 2001, aiming to create an efficient rail freight corridor between the

European continent and the Nordic Region. By the end of 2023, the company leased a maintenance

workshop in Fredericia to prepare for the insourcing of full maintenance services for its locomotive fleet

by end of 2024. Additionally, it offers maintenance services to third parties. With effect from 1 January

2024, DB Cargo Scandinavia's parent company decided to discontinue the company's traction related sales

activities and transfer them to its affiliated company, Transa Spedition GmbH (Sweden branch). In the

latter half of 2024, DB Cargo Scandinavia established its own branch in Sweden to provide train driver

services, thereby reducing reliance on third-party suppliers.

DB Cargo Scandinavia A/S leases and operates two combined terminals in Denmark, located in Taulov

and Høje Taastrup.

In 2024 transport activities account for 86% of revenues. Terminal activities account for 10%, while other

activities (maintenance services) account for 4% of revenues.

Terminals

11 MK, diesel

5 small diesel units

- 8 -

Management Review 2024

Furthermore, the company faced ongoing challenges due to the national requirement for separate approval

processes for rail freight equipment in Denmark, which acts as a trade barrier and contradicts the

interoperability mandated by EU regulations.

The Danish segment of the ScanMed Corridor continues to face challenges related to the unequal treatment

of interoperable vehicles and rail operations. The Danish National Safety Authority (NSA) has upheld its

minimum weight requirement of 14 tons for all trailer transports crossing the Great Belt Bridge. This

national mandate has been formalized in a governmental order, despite a clear rejection from the EU

Agency for Railways (ERA) due to non-compliance with EU interoperability standards.

The result after-tax stands at DKK -5,2 million, while the result before tax is DKK -14,1 million. In 2024,

taxes amounted to an income of DKK 8,9 million. As of December 31, 2024, the balance sheet reflects an

equity of DKK 232,1 million.

Financial results

DB Cargo Scandinavia A/S operated within a complex geopolitical environment in 2024, characterized by

persistent global tensions, trade disruptions, and uncertainties in supply chains. The war in Ukraine, EU

sanctions against Russia, and broader geopolitical changes have affected freight transport dynamics,

resulting in heightened operational difficulties. Additionally, disruptions in global supply chains have

partly compromised overall transport efficiency.

It is anticipated that the findings and recommendations from the ERA/JNS procedure will alleviate rail

freight operators from their current safety responsibilities concerning bridge infrastructure, which are

indirectly imposed by the 14-ton minimum trailer weight requirement. It is important to note that,

according to TSI INF regulations, the ultimate safety responsibility for the Great Belt Bridge infrastructure

lies with the Infrastructure Manager.

In response to this situation, the European Commission has initiated a process to issue an Implementing

Act against Denmark; however, this action has yet to be enforced as the Commission is awaiting

recommendations from the ongoing ERA Joint Network Strategy (JNS) procedure.

In 2024 the Danish National Safety Authority (NSA) has not pursued further engagement regarding the

detailed wind analysis provided by the German Aerospace Centre (DLR) in September 2022, which

addressed safety concerns related to the Great Belt Bridge infrastructure. Nevertheless, the insights gained

from this wind analysis are now being reviewed and will be considered in a new ERA/JNS procedure that

commenced at the beginning of 2024 and is expected to conclude by the end of 2025.

Throughout 2024, business operations moreover, have been significantly influenced by infrastructure

projects in Denmark and Northern Germany along the main corridor. Thereby, especially the unplanned

infrastructure works created operational challenges.

Expectations for 2024 could therefore not be met as transport volumes have been lower than expected,

following the general economic downturn across various industries usually be very affine for rail freight

transportation solutions.

Development over the year

- 9 -

Management Review 2024

Due to the ongoing national restrictions, freight customers remain unable to transport empty trailers by rail

in Denmark, a practice that is permitted in the rest of Europe. As a result, the structural impact on the

ScanMed Corridor within the intermodal sector persists, with goods continuing to shift from rail back to

road transport in 2024. This situation undermines the government's CO2 reduction targets, as the existing

minimum weight restrictions hinder progress toward these goals.

Environmental impact

As a key player in sustainable freight transport, DB Cargo Scandinavia A/S actively contributes to

reducing CO2 emissions by offering rail-based logistics solutions. The most significant environmental

impact comes from our electric train operations. In 2024, DB Cargo Scandinavia A/S transported over 4.3

million tons of goods. Once again, the company made a substantial contribution to improving the climate

by promoting more eco-friendly transportation solutions. If the same amount of freight had been

transported by road, carbon dioxide emissions would have been roughly six times higher than those from

rail transport, and energy consumption would have exceeded four times that of rail. Therefore, it remains

crucial to raise awareness among politicians and the media about how rail freight can enhance the transport

sector and play a vital role in supporting Denmark's ambitious CO2 reduction goals.

Staff

Special risks

Throughout 2024, the staff count decreased from 277 at the end of 2023 to 272 by the end of 2024. By year

end, 42 of the 272 employees were civil servants seconded from DSB. The average number of full-time

employees in 2024 was 279.

Additionally, DB Cargo Scandinavia A/S once again responded to demographic changes within the

company by hiring new apprentices for operations to ensure future production needs are met. In this

context, DB Cargo Scandinavia A/S has continued its educational program for shunters, which was

initially launched in 2015, in close collaboration with EUC Lillebælt.

The present and planned level of activities for the company, do not impose any risk in particular and the

liquidity situation is adequately secured.

Special risks for the company are mainly lengthy interruptions of main line traffic, due to major

infrastructure works.

DB Cargo Scandinavia A/S hires civil servants from DSB. This hire arrangement restricts the company's

possibilities to vary its capacity in line with the level of activity.

The financial statements have been prepared in accordance with consistent and reliable accounting

principles, as stipulated by the Danish Financial Statements Act. Nevertheless, certain estimates and

assumptions have been employed regarding asset valuation and provisions for future obligations. Although

management undertakes careful consideration in these evaluations, external factors such as market

fluctuations and regulatory changes may influence the outcomes of these valuations.

Unusual events

The financial position at 31 December 2024 of the Company and the results of the activities of the

Company for the financial year for 2024 have not been affected by any unusual events.

Uncertainty in relating to recognition and measurement

- 10 -

Management Review 2024

Statutory corporate social responsibility report,

Statement regarding the Danish Financial Statements Act Section §99a

Events after balance sheet date

In February 2025, the company sold two BR185 locomotives. No other significant events have occured

after the balance sheet date.

Corporate social responsibility is integral to DB Cargo Scandinavia's identity. It is fundamentally woven

into our business operations and is evident in all that we say and do. The company promotes diversity, fair

labour conditions, and employee well-being. Investments in workforce training and development ensure a

highly skilled workforce. Additionally, initiatives supporting local communities and educational

partnerships underline the company’s commitment to social responsibility. DB Cargo Scandinavia actively

engages in various social discussions and contributes to advancing political agendas and legislation.

Infrastructure-related disruptions further complicate DB Cargo Scandinavia A/S’s ability to maintain

punctuality. Despite previous discussions with the infrastructure manager, the prioritization of

infrastructure works continues to create operational inefficiencies, affecting supply chains and just-in-time

production processes for customers. While engagement with stakeholders will continue, the extent to

which these concerns will be addressed remains unclear.

The company enters 2025 in an environment marked by economic pressures, geopolitical instability, and

operational challenges. While rail freight plays a critical role in decarbonization efforts, global disruptions,

weak policy support, and rising costs pose significant headwinds. The EU’s Green Deal and broader

investments in rail infrastructure offer some long-term opportunities, but near-term challenges will likely

constrain growth. In this context, DB Cargo Scandinavia A/S will focus on maintaining operational

resilience and efficiency, though financial improvements remain uncertain given the prevailing market

conditions. Therefore, the company expects a positive result in the range of DKK 0 - 5 million.

External uncertainties, particularly geopolitical tensions and macroeconomic fluctuations, are expected to

persist, creating a moderate outlook for the company. Although demand for sustainable logistics solutions

is projected to grow, the political climate in Denmark presents significant obstacles. Unlike in other EU

countries, rail freight remains a low priority, limiting policy support and investment. Furthermore,

restrictive Danish trade regulations on European-approved rail equipment continue to conflict with EU

interoperability standards, posing additional barriers.

The reintroduction of Denmark’s environmental subsidy scheme in Summer 2024 may provide some relief

in mitigating the ongoing shift from rail to road transport. However, without broader policy changes and

stronger incentives, the competitive disadvantage of rail freight is unlikely to be fully addressed. A

comprehensive national analysis of land freight transport, more favorable conditions for wind-generated

electricity, and reduced bridge crossing fees would be necessary to create a more level playing

field—though such measures remain uncertain.

The transition to ETCS onboard equipment continues to be a source of concern for rail freight operators,

as delays in implementation and supplier capacity issues persist. While Danish authorities have introduced

funding schemes, they have yet to provide a stable framework that ensures a smooth transition while

maintaining the Danish ATC system. Without clearer direction and greater coordination, the uncertainty

surrounding ETCS will continue to impact operations.

Outlook

DB Cargo Scandinavia A/S faces a highly uncertain landscape in 2025, shaped by geopolitical instability,

economic volatility, and regulatory challenges. While the company remains committed to providing rail

freight solutions, the evolving market conditions require continuous adaptation and strategic reassessment.

- 11 -

Management Review 2024

https://ir.deutschebahn.com/de/berichte/db-konzern-und-db-ag

Data Ethics,

Statement regarding the Danish Financial Statements Act Section §99d

In line with the company's statutory policy on data ethics, DB Cargo Scandinavia has implemented several

internal guidelines regarding the handling and processing of employee data. DB Cargo Scandinavia does

not share or disclose personal data to third parties. The company only collects data on employees and,

where required by railway safety regulations, external partners. Personal data is gathered and managed

solely for recruitment and employment purposes. Once the process is complete - specifically, when the

selected candidate signs the employment contract - all application data is deleted, and all employee

information is removed from the HR registry upon termination of employment.

Regarding the Corporate Social Responsibility in line with section 99(a) of the Danish Financial

Statements Act, we direct you to the Sustainability Report of our parent company, Deutsche Bahn AG, for

details on the company’s commitment to corporate social responsibility. This includes information on

human rights, environmental and climate matters, social and employee conditions, as well as anti-

corruption efforts. Please see the link:

- 12 -

Note 2024 2023

DKK DKK

Revenue 1 409.405.018 546.532.050

Other operating income 82.441.722 65.653.985

Expenses for materials and consumables -208.337.018 -302.146.018

Other external expenses -55.395.938 -81.914.125

Gross Profit 228.113.784 228.125.892

Staff expenses 2 -175.486.016 -178.842.344

Amortisation, depreciation and impairment losses 3 -63.767.995 -58.312.140

Operating loss -11.140.227 -9.028.592

Financial income 4 5.598.974 2.591.467

Financial expenses 5 -8.574.110 -4.679.080

Loss before tax -14.115.363 -11.116.205

Tax on profit/(loss) for the year 6 8.902.347 2.395.618

Loss for the year -5.213.016 -8.720.587

Distribution of loss for the year 7

Income Statement 1 January - 31 December

- 13 -

Notes 2024 2023

DKK DKK

Software 0 0

Intangible fixed assets 8 00

Right-of-Use Assets IFRS16 63.980.835 78.124.181

Technical fittings and machinery 164.957.310 204.891.595

Fixtures and equipment 1.181.357 1.512.148

Leasehold improvements 1.211.950 1.402.845

Payment on accounts for tangible fixed assets 61.861.136 51.929.186

Tangible fixed assets 9 293.192.588 337.859.955

Deposits 2.614.741 2.564.471

Financial fixed assets 10 2.614.741 2.564.471

Fixed assets 295.807.329 340.424.426

Inventories 2.431.637 1.966.961

Trade debtors 5.796.776 16.330.528

Receivables from group enterprises 120.737.745 139.485.544

Other receivables 11.309.788 10.643.026

Deferred Tax Asset 11 4.200.000 0

Prepayments 12 16.012.826 17.429.512

Debtors 158.057.135 183.888.610

Cash at bank and in hand 269.928 306.128

Current assets 160.758.700 186.161.699

Total assets 456.566.029 526.586.126

Balance Sheet 31 December - Assets

- 14 -

Notes 2024 2023

DKK DKK

Share capital 13 42.100.000 42.100.000

Share premium fund 171.937.216 171.935.647

Retained profit/(loss) 18.093.485 23.306.501

Shareholders’ equity 232.130.701 237.342.148

Provision for deferred tax

11 0 4.702.348

Other provisions

14 11.446.576 19.620.286

Provisions

11.446.576 24.322.634

Amounts owed to affiliated companies 15 32.814.760 44.728.800

Leasing liabilities

16 54.688.983 66.240.498

Other payables 17 16.774.065 11.626.044

Long-term liabilities 104.277.808 122.595.342

Trade creditors 50.782.021 66.886.197

Amounts owed to affiliated companies 15 27.726.810 35.646.155

Joint taxation contribution 0 735.999

Leasing liabilities

16 12.592.928 13.637.827

Other payables 17 17.609.185 25.419.824

Current liabilities 108.710.944 142.326.002

Liabilities 212.988.752 264.921.344

Total liabilities and shareholders’ equity 456.566.029 526.586.126

Contractual liabilities 18

Related parties and ownership 19

Consolidated financial statements 20

Accounting policies 21

Balance Sheet 31 december

- Liabilities & Shareholder's Equity

- 15 -

Share Share Retained

capital premium fund earnings Total

DKK DKK DKK DKK

Shareholders' equity 1 January 2024

42.100.000 171.935.647 23.306.501 237.342.148

Correction

0 1.569 0 1.569

Loss for the year

0 0 -5.213.016 -5.213.016

Shareholders' equity 31 December 2024

42.100.000 171.937.216 18.093.485 232.130.701

Statement of chan

es in E

uit

- 16 -

Segment information

2024 2023

DKK DKK

Activities

Transport activities 354.259.058 483.555.982

Terminal activities 40.436.000 47.600.859

Other activities 14.709.960 15.375.209

409.405.018 546.532.050

Markets

Germany 379.503.381 448.302.205

Sweden 6.989.979 0

Italy 0 283.411

Denmark 22.911.658 97.946.435

409.405.018 546.532.050

Staff expenses

Wages and salaries

159.615.486 162.861.347

Pensions

18.712.801 17.881.029

Other social security expenses (incl.wage compensations)

-2.842.271 -1.900.032

175.486.016 178.842.344

Including total remuneration to the Executive Board

4.299.480 3.494.123

Including total remuneration to the Board of Directors

135.000 135.000

4.434.480 3.629.123

Average number of full time employees

279 280

Depreciation and impairment of tangible and intangible fixed assets

Right-of-Use Assets IFRS16

15.520.940 13.929.902

Technical fittings and machinery

47.725.369 43.713.678

Leasehold improvements

190.895 190.895

Fixtures and equipment

330.791 477.665

63.767.995 58.312.140

Financial income

Exchange rate adjustments

4.931.752 1.294.904

Interest income from group enterprises

667.222 1.296.563

5.598.974 2.591.467

Financial expenses

Exchange rate adjustments

4.740.257 3.835.120

Interest expenses to group enterprises

3.833.853 843.960

8.574.110 4.679.080

Tax on profit/(loss) for the year

Current tax for the year

0 -735.999

Deferred tax for the year

8.902.347 5.028.874

Adjustment prior year

0 -1.897.258

Total tax for the year

8.902.347 2.395.618

Notes to the Annual Re

ort

One is transport of goods by rail or road, both transports within Denmark, Transports to and from Denmark and transit traffics passing

through Denmark.

The other is the operation of two combi-terminals in Denmark, one in Taulov and one in Høje Taastrup.

The company's activities can be allocated to two main segments.

- 17 -

Notes to the Annual Re

ort

Distrubution of result

2024 2023

DKK DKK

Retained earnings -5.213.016 -8.720.587

-5.213.016 -8.720.587

8 Intangible fixed assets

Software

DKK

Acquisition cost 1 January 2024 191.100

Acquisition cost 31 December 2024

191.100

Depreciation 1 January 2024

-191.100

Depreciation 31 December 2024

-191.100

Net book value 31 December 2024

9 Tangible assets

Right-of-Use

Technical fittings

Fixtures and

Leasehold

Assets IFRS16

and machinery

equipment

improvements

DKK DKK DKK DKK DKK

Acquisition cost 1 January 2024 127.834.950 947.198.487 13.687.138 4.000.287 51.929.186

Additions for the year

1.534.180 7.140.262 0 0 10.582.772

Disposals for the year

-3.545.007 0 0 0 0

Transfer / reclassification

0 650.822 0 0 -650.822

Acquisition cost 31 December 2024

125.824.123 954.989.571 13.687.138 4.000.287 61.861.136

Depreciation 1 January 2024

-49.710.769 -742.306.892 -12.174.990 -2.597.442 0

Depreciation for the year

-15.520.940 -47.725.369 -330.791 -190.895 0

3.388.421 0 0 0 0

Depreciation 31 December 2024

-61.843.288 -790.032.261 -12.505.781 -2.788.337 0

Net book value 31 December 2024

63.980.835 164.957.310 1.181.357 1.211.950 61.861.136

Financial fixed assets

Deposits Deposits

2024 2023

DKK DKK

Acquisition cost 1 January 2.564.471 563.654

Additions for the year

50.270 2.000.817

Disposals for the year

Acquisition cost 31 December

2.614.741 2.564.471

Net book value 31 December

2.614.741 2.564.471

Reversal of depreciation of

disposals for the year

Payment on

accounts for

tangible fixed

assets

- 18 -

Notes to the Annual Re

ort

2024 2023

11 Deferred tax

DKK DKK

Technical fittings and machinery

11.279.877 17.389.470

Leasehold improvements

376.157 427.972

Fixtures and equipment

-61.357 -89.870

Leasing assets

14.075.783 17.187.320

Trade debtors

-7.592 -16.307

Other provisions

-2.816.477 -4.557.722

Leasing liabilities

-14.802.098 -17.574.751

Tax losses

-12.244.293 -8.063.764

-4.200.000 4.702.348

Tax losses consists of the effect from EBIT interest carry-forwards. It is expected to be utilized under the rules of EBITDA

going forward. Deferred tax is recognised with 22%, corresponding to the estimated utilization tax rate.

Deferred tax 1 January

4.702.348 9.731.222

Deferred tax recognized in the income statement

-8.902.348 -5.028.874

Deferred tax 31 December

-4.200.000 4.702.348

12 Prepayments

Prepayments primarly consist of prepaid expenses for service contracts on locomotives, rent, insurance premiums and subscriptions.

Share capital

The share capital consists of 421,000 shares of a nominal value of DKK 100. No shares carry any special rights.

14 Other provisions

Provision for damages and other provisions 1 January

19.620.286 19.380.428

Used in the year

-11.693.135 -7.293.300

Provided for the year

3.519.425 7.533.158

Provision for damages and other provisions 31 December

11.446.576 19.620.286

Time of payment is expected to be:

Within a year

4.168.338

4.970.583

From one to five years

7.278.238 14.649.703

11.446.576 19.620.286

15 Amounts owed to group enterprises

After 5 years

Between 1 and 5 years

32.814.760 44.728.800

Long-term part

32.814.760 44.728.800

Within 1 year

27.726.810 35.646.155

60.541.570 80.374.955

Other provisions and accruals consist of provisions for damages caused on locomotives, waggons, fixtures and commercial liabilities,

for which the size of the liability and the time of payment is uncertain.

- 19 -

Notes to the Annual Re

ort

2024 2023

16 Leasing liabilities

DKK DKK

Payments due after 5 years 00

Payments due between 1 and 5 years 54.688.983 66.240.498

Long-term part 54.688.983 66.240.498

Payments due within 1 year 12.592.928 13.637.827

67.281.911 79.878.325

17 Other payables

After 5 years

Between 1 and 5 years

16.774.065 11.626.044

Long-term part

16.774.065 11.626.044

Within 1 year

17.609.185 25.419.824

34.383.250 37.045.868

18 Contractual liabilities

19 Related parties and ownership Basis

DB Cargo Aktiengesellschaft, Germany Principal shareholder

The Deutsche Bahn AG, Germany

Ultimate group company

Transactions

2024 2023

DKK '000 DKK '000

Sales 434.662 495.021

Purchases 37.169 74.404

Balances with group enterprises at December 31, 2024 are recognised in the balance sheet in seperate lines.

20 Consolidated Financial Statements

The consolidated financial statements can be obtained at the following address:

Deutsche Bahn AG, Potsdamer Platz 2, 10785 Berlin, Germany.

https://ir.deutschebahn.com/de/berichte/db-konzern-und-db-ag/

The company's ultimate parent company, which prepares consolidated financial statements in which the company

is included as a subsidiary, is Deutsche Bahn AG, Berlin, Germany.

During the year DB Cargo Scandinavia A/S had the following transactions with group enterprises.

The Company is jointly taxed with the other Danish companies in the DB Group. The Danish companies of the group are jointly and

severally liable for the Group's jointly taxed incom etc. DB Cargo Scandinavia A/S is the administration company in relation to the

joint taxation.

No transactions have been carried out with the Board of Directors, the Executive Management or senior employees apart from

ordinary remuneration.

Interest income and expenses with respect to group enterprises are disclosed in notes 3 and 4.

- 20 -

Accounting Policies

Notes to the Annual Report

Audit fee

With reference to section 96(3) of the Danish Financial Statements Act, the Company has not disclosed fees to the

elected auditor as this is disclosed in the consolidated financial statements of the DB Group.

The accounting policies applied remain unchanged from last year.

Cash flow Statement

The remaining lease obligation is capitalised and recognised in the balance sheet under debt, and the interest element

on the lease payments is charged over the lease term to the income statement.

All other leases are considered operating leases. Payments made under operating leases are recognised in the income

statement on a straight-line basis over the lease term.

Variable lease payments that do not depend on an index or a rate and payments associated with leases with a lease

term of 12 months or less and low-value assets are recognised as an expense in the income statement, included in

other operating expenses.

Basis of accounting

The Annual Report has been prepared in accordance with the Danish Financial Statements Act applying to large

enterprices of reporting Class C.

Danish kroner is used as the measurement currency. All other currencies are regarded as foreign currencies.

Revenues are recognised in the income statement as earned. Furthermore, value adjustments of financial assets and

liabilities measured at fair value or amortised cost are recognised. Moreover, all expenses incurred to achieve the

earnings for the year are recognised in the income statement, including depreciation, amortisation, impairment losses

and provisions as well as reversals due to changed accounting estimates of amounts that have previously been

recognised in the income statement.

Recognition and measurement

Assets are recognised in the balance sheet when it is probable that future economic benefits attributable to

the asset will flow to the Com

and the value of the asset can be measured reliabl

Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow out

of the Com

and the value of the liabilit

can be measured reliabl

Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as

described for each item below.

Leases in terms of which the Company assumes substantially all the risks and rewards of ownership (finance leases)

are recognised in the balance sheet at the lower of the fair value of the leased asset and the net present value of the

lease payments computed by applying the interest rate implicit in the lease or an approximated value as the discount

rate. Assets acquired under finance leases disclosed in a separate account line and are depreciated and written down

for impairment under the same policy as determined for the other fixed assets of the Company.

Leases

With reference to section 86(4) of the Danish Financial Statements Act and to the cash flow included in the

consolidated financial statements of the DB Group, DB Cargo Scandinavia A/S has not prepared a cash flow

statement.

- 21 -

Notes to the Annual Report

Income Statement

Foreign currency translation

Transactions in foreign currencies are translated at the exchange rates at the dates of transaction. Gains and losses

arising due to differences between the transaction date rates and the rates at the dates of payment are recognised in

financial income and expenses in the income statement.

Receivables, payables and other monetary items in foreign currencies that have not been settled at the balance sheet

date are translated at the exchange rates at the balance sheet date. Any differences between the exchange rates at the

balance sheet date and the transaction date rates are recognised in financial income and expenses in the income

statement; however, see the section on hedge accounting.

Other operating income and expenses

Other operating income and other operating expenses comprise items of a secondary nature to the core activities of

the enterprise, including gains and losses on the sale of intangible assets and property, plant and equipment.

Financial income and expenses

Financial income and expenses are recognised in the income statement at the amounts relating to the financial year.

The revenue recognition for other goods and services is the time of delivery.

External costs comprises costs of mainly services incurred to achieve revenue for the year.

Cost comprises legal advise and consultancy, advertising and marketing expenses as well as IT expenses, operation of

motor vehicles etc.

Revenue

Traffic revenues are recognised as income at the time of transport. Discounts in connection with the sale are

As a general rule, revenue from transports carried out by more than one railway company is recognized with the share

belonging to DB Cargo Scandinavia A/S.

Expenses for materials and consumables

Expenses for materials and consumables comprise the materials and consumables consumed to achieve revenue for

the year.

Other external expenses

Revenue from the sale of service is recognised in the income statement when the sale is considered effected based on

the following criteria:

- delivery has been made before year end;

- a binding sales agreement has been made;

- the sales price has been determined;

- and payment has been received or may with reasonable certainty be expected to be received.

Staff expenses

Staff expenses comprise wages and salaries as well as payroll expenses.

Amortisation, depreciation and impairment losses

Amortisation, depreciation and impairment losses comprise amortization, depreciation and impairment of intangible

assets and property plant and equipment.

- 22 -

Notes to the Annual Report

Engines 20-25 years

Right-of-Use Assets IFRS16 3-10 years

Technical fittings and machinery 5-15 years

Leasehold improvements 10 years

Fixtures and equipment 3-10 years

Software is measured at cost less accumulated amortisation. Software is amortised on a straight-line basis over its

useful life, which is assessed at 3 years.

The Company is jointly taxed with the Danish group companies. Foreign group companies are not included in the

joint taxation.

Tax on profit/loss for the year

Tax for the year consists of current tax for the year and deferred tax for the year. The tax attributable to the profit for

the year is recognised in the income statement, whereas the tax attributable to equity transactions is recognised

directly in equity. The tax recognised in the income statement is classified as tax on ordinary activities and tax on

extraordinary items, respectively.

Payment on account for tangible fixed assets which have not yet been delivered is recognised in the balance sheet

under the item ”Payment on account for tangible fixed assets”.

Expenses paid for replacement or renovation of major individual components are included under assets as well as

expenses paid for regular maintenance works are recognised separately.

The carrying amounts of intangible assets and property, plant and equipment and investments are reviewed on an

annual bases to determine whether there is any indication of impairment other than that expressed by amortisation and

depreciation.

Expenses are added to the carrying amount of the asset when it is probable that future economic benefits, in excess of

the original standard of performance of the existing assets, will flow to the enterprise.

All other expenditures are recognised as an expense in the period in which it is incurred.

The tax effect of the joint taxation with the Danish group companies is allocated in proportion to their taxable

incomes (full allocation with credit for tax losses). The jointly taxed enterprises have adopted the on-account taxation

scheme.

Balance sheet

Tangible fixed assets

Transport equipment, machinery, tools and equipment are valued at cost price minus accumulated depreciation.

Cost includes the purchase price and expenses directly related to the purchase as well as expenses for the set-up of the

asset.

Depreciations are linear over the expected useful lives of the assets and down to scrap value, which is between 0%

and 5% of the original price. Purchases during the financial year are depreciated proportionally from the date of the

initial operation.

Provided that a tangible fixed asset comprises several independent components with varying useful lives, each

component is depreciated separately.

The expected useful lives are as follows:

Transport equipment:

Other machinery, tools and equipment:

Intangible fixed assets

If the net book value of tangible fixed assets exceeds the recovery value, the asset is written down to the higher of net

sales price and capital value.

- 23 -

Notes to the Annual Report

Financial fixed assets consist of deposits and are recognised at cost price.

Receivables

Receivables are measured in the balance sheet at the lower of amortised cost and net realisable value, which

corresponds to nominal value less provisions for bad debts. Provisions for bad debts are determined on the basis of an

individual assessment of each receivable, and in respect of trade receivables, a general provision is also made based

on the Company’s experience from previous years.

Prepayments

Prepayments comprise prepaid expenses concerning salary, rent, insurance premiums and subscriptions.

Equity

Dividend

Dividend distribution proposed for the year is disclosed as a separate equity item.

Provisions

Cash at bank and in hand

Cash and cash equivalents comprise deposits at banks.

Inventories are measured at the lower of cost using the FIFO method and net realisable value.

Cost consists of purchase price plus delivery cost.

Inventory

Financial fixed assets

Provisions are recognised when - in consequence of an event occurred before or on the balance sheet date - the

Company has a legal or constructive obligation and it is probable that economic benefits must be given up to settle

the obligation.

Deferred tax assets and liabilities

Deferred tax is recognised in respect of all temporary differences between the carrying amount and the tax base of

assets and liabilities. However, deferred tax is not recognised in respect of temporary differences concerning goodwill

not deductible for tax purposes and other items - apart from business acquisitions - where temporary differences have

arisen at the time of acquisition without affecting the profit for the year or the taxable income.

Deferred tax is measured on the basis of the tax rules and tax rates that will be effective under the legislation at the

balance sheet date when the deferred tax is expected to crystallise as current tax. In cases where the computation of

the tax base may be made according to alternative tax rules, deferred tax is measured on the basis of the intended use

of the asset and settlement of the liability, respectively.

Deferred tax assets, including the tax base of tax loss carry-forwards, are measured at the value at which the asset is

expected to be realised, either by elimination in tax on future earnings or by set-off against deferred tax liabilities.

Deferred tax assets and liabilities are offset within the same legal tax entity.

Corporate tax

Current tax payable and receivable is recognised in the balance sheet at the computed tax on the taxable income for

the year adjusted for taxes paid on account.

- 24 -

Notes to the Annual Report

Net turnover

Total assets

Average equity

Return on equity: Profit/(loss) for the year after tax

Return on net assets: Profit/(loss) before financial items

Solvency ratio: Shareholders’ equity 31 December

Definition of financial key figures

Net profit ratio: Profit/(loss) before financial items

Financial debt

Fixed-interest loans, such as mortgage loans and loans from credit institutions, are recognised initially at the proceeds

received net of transaction expenses incurred. Subsequently, the loans are measured at amortised cost; the difference

between the proceeds and the nominal value is recognised as an interest expense in the income statement over the

loan period.

Other debts are measured at amortised cost, substantially corresponding to nominal value.

Other debts and liabilities

Are measured at amortised cost, substantially corresponding to nominal value.

- 25 -