2024
2023
2022
2021

Annual Report 2024

Annual Report 2024

Result of the valuation

Audit with limited assurance

The very high percentages of the taxonomy-aligned revenue, CapEx and OpEx KPIs show that the business model is focused on sustainable activities as defined by the EU Taxonomy.

Disclosure: Proportion of revenue from products or services associated with taxonomy-aligned economic activities

Disclosure covering financial year 2024

 

 

 

2024

 

Substantial contribution criteria

 

DNSH criteria
(“Do No Significant Harm”)

 

Proportion of tax­onomy-
aligned (A.1) or eligible (A.2) revenue,
Year N-1
(18)

 

Category en­abling activ­ity (19)

 

Cate­gory tran­sitional activ­ity (20)

Economic activities (1)

 

Code (2)

 

Revenue (3)

 

Pro­por­tion of
revenue,
2024 (4)

 

Cli­mate change
miti­gation (5)

 

Cli­mate change
adap­tation (6)

 

Water (7)

 

Pollu­tion (8)

 

Circular econ­omy (9)

 

Bio­diver­sity (10)

 

Cli­mate change
miti­gation (11)

 

Cli­mate change
adap­tation (12)

 

Water (13)

 

Pol­lution (14)

 

Circular econ­omy (15)

 

Bio­diver­sity (16)

 

Mini­mum
safe­guards (17)

 

 

 

 

 

 

 

thou­sand €

 

%

 

Y; N;
N/EL

 

Y; N;
N/EL

 

Y; N;
N/EL

 

Y; N;
N/EL

 

Y; N;
N/EL

 

Y; N;
N/EL

 

Y/N

 

Y/N

 

Y/N

 

Y/N

 

Y/N

 

Y/N

 

Y/N

 

%

 

E

 

T

A. Taxonomy-Eligible activities

A.1 Environmentally sustainable activities (taxonomy-aligned)

Electricity generation using solar photovoltaic technology

 

CCM 4.1

 

8

 

0.0

 

Y

 

N/EL

 

N/EL

 

N/EL

 

N/EL

 

N/EL

 

Y

 

Y

 

–

 

–

 

Y

 

Y

 

Y

 

0

 

–

 

–

Freight rail transport

 

CCM 6.2

 

410,017

 

25.7

 

Y

 

N/EL

 

N/EL

 

N/EL

 

N/EL

 

N/EL

 

Y

 

Y

 

–

 

Y

 

Y

 

–

 

Y

 

23.8

 

–

 

*

Infrastructure for rail transport

 

CCM 6.14

 

75,843

 

4.7

 

Y

 

N/EL

 

N/EL

 

N/EL

 

N/EL

 

N/EL

 

Y

 

Y

 

Y

 

Y

 

Y

 

Y

 

Y

 

5.2

 

E

 

–

Infrastructure enabling low carbon water transport

 

CCM 6.16

 

788,161

 

49.3

 

Y

 

N/EL

 

N/EL

 

N/EL

 

N/EL

 

N/EL

 

Y

 

Y

 

Y

 

Y

 

Y

 

Y

 

Y

 

50.3

 

E

 

–

Revenue of environmentally sustainable activities (taxonomy-aligned) (A.1)

 

 

 

1,274,029

 

79.7

 

79.3

 

0.0

 

0.0

 

0.0

 

0.0

 

0.0

 

Y

 

Y

 

Y

 

Y

 

Y

 

Y

 

Y

 

79.3

 

 

 

 

Of which enabling activities

 

 

 

864,003

 

55.1

 

55.1

 

0.0

 

0.0

 

0.0

 

0.0

 

0.0

 

Y

 

Y

 

Y

 

Y

 

Y

 

Y

 

Y

 

55.5

 

E

 

 

Of which transitional activities

 

 

 

0

 

0

 

0

 

 

 

 

 

 

 

 

 

 

 

Y

 

Y

 

Y

 

Y

 

Y

 

Y

 

Y

 

 

 

 

 

–

A.2 Taxonomy-Eligible but not environmentally sustainable activities (not taxonomy-aligned activities)

 

 

 

 

 

 

 

 

EL;
N/EL

 

EL;
N/EL

 

EL;
N/EL

 

EL;
N/EL

 

EL;
N/EL

 

EL;
N/EL

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Freight rail transport

 

CCM 6.2

 

38,456

 

2.4

 

EL

 

N/EL

 

N/EL

 

N/EL

 

N/EL

 

N/EL

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0.8

 

 

 

 

Freight transport services by road

 

CCM 6.6

 

156,005

 

9.8

 

EL

 

N/EL

 

N/EL

 

N/EL

 

N/EL

 

N/EL

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11.6

 

 

 

 

Infrastructure for rail transport

 

CCM 6.14

 

62

 

0.0

 

EL

 

N/EL

 

N/EL

 

N/EL

 

N/EL

 

N/EL

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0

 

 

 

 

Acquisition and ownership of buildings

 

CCM 7.7

 

58,853

 

3.7

 

EL

 

N/EL

 

N/EL

 

N/EL

 

N/EL

 

N/EL

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4.1

 

 

 

 

Revenue of taxonomy-eligible but not environmentally sustainable activities (not taxonomy-aligned activities) (A.2)

 

 

 

253,377

 

15.9

 

15.9

 

0.0

 

0.0

 

0.0

 

0.0

 

0.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

A. Revenue of taxonomy-eligible activities (A.1+A.2)

 

 

 

1,527,405

 

95.6

 

95.6

 

0.0

 

0.0

 

0.0

 

0.0

 

0.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

B. Taxonomy-non-eligible activities

Revenue of taxonomy-non-eligible activities

 

 

 

70,865

 

4.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

1,598,270

 

100.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Y - Yes, taxonomy-eligible activity that is aligned with the relevant environmental target, N - No, taxonomy-eligible activity that is not aligned with the relevant environmental target

EL - 'eligible', activity eligible for taxonomy for the relevant target, N/EL - 'not eligible', activity not eligible for taxonomy for the relevant target; CCM = Climate Change Mitigation

*

A very small number of runs are made with bi-mode locomotives, which can be considered as transitional activity.
Disclosure: Proportion of CapEx from products or services associated with taxonomy-aligned economic activities

Disclosure covering financial year 2024

 

 

 

2024

 

Substantial contribution criteria

 

DNSH criteria
(“Do No Significant Harm”)

 

Proportion of tax­onomy-
aligned (A.1) or eligible (A.2) CapEx,
Year N-1
(18)

 

Category en­abling activ­ity (19)

 

Cate­gory tran­sitional activ­ity (20)

Economic activities (1)

 

Code (2)

 

CapEx (3)

 

Pro­por­tion of
CapEx,
2024 (4)

 

Cli­mate change
miti­gation (5)

 

Cli­mate change
adap­tation (6)

 

Water (7)

 

Pollu­tion (8)

 

Circular econ­omy (9)

 

Bio­diver­sity (10)

 

Cli­mate change
miti­gation (11)

 

Cli­mate change
adap­tation (12)

 

Water (13)

 

Pol­lution (14)

 

Circular econ­omy (15)

 

Bio­diver­sity (16)

 

Mini­mum
safe­guards (17)

 

 

 

 

 

 

 

thou­sand €

 

%

 

Y; N;
N/EL

 

Y; N;
N/EL

 

Y; N;
N/EL

 

Y; N;
N/EL

 

Y; N;
N/EL

 

Y; N;
N/EL

 

Y/N

 

Y/N

 

Y/N

 

Y/N

 

Y/N

 

Y/N

 

Y/N

 

%

 

E

 

T

A. Taxonomy-Eligible activities

A.1 Environmentally sustainable activities (taxonomy-aligned)

Electricity generation using solar photovoltaic technology

 

CCM 4.1

 

617

 

0.2

 

Y

 

N/EL

 

N/EL

 

N/EL

 

N/EL

 

N/EL

 

Y

 

Y

 

–

 

–

 

Y

 

Y

 

Y

 

0

 

–

 

–

Freight rail transport

 

CCM 6.2

 

91,194

 

28.2

 

Y

 

N/EL

 

N/EL

 

N/EL

 

N/EL

 

N/EL

 

Y

 

Y

 

–

 

Y

 

Y

 

–

 

Y

 

20.1

 

–

 

*

Infrastructure for rail transport

 

CCM 6.14

 

24,752

 

7.7

 

Y

 

N/EL

 

N/EL

 

N/EL

 

N/EL

 

N/EL

 

Y

 

Y

 

Y

 

Y

 

Y

 

Y

 

Y

 

8.6

 

E

 

–

Infrastructure enabling low carbon water transport

 

CCM 6.16

 

158,234

 

48.9

 

Y

 

N/EL

 

N/EL

 

N/EL

 

N/EL

 

N/EL

 

Y

 

Y

 

Y

 

Y

 

Y

 

Y

 

Y

 

58.1

 

E

 

–

CapEx of environmentally sustainable activities (taxonomy-aligned) (A.1)

 

 

 

274,797

 

84.9

 

84.9

 

0.0

 

0.0

 

0.0

 

0.0

 

0.0

 

Y

 

Y

 

Y

 

Y

 

Y

 

Y

 

Y

 

86.8

 

 

 

 

Of which enabling activities

 

 

 

182,986

 

56.6

 

56.6

 

0.0

 

0.0

 

0.0

 

0.0

 

0.0

 

Y

 

Y

 

Y

 

Y

 

Y

 

Y

 

Y

 

66.7

 

E

 

 

Of which transitional activities

 

 

 

0

 

0.0

 

0.0

 

 

 

 

 

 

 

 

 

 

 

Y

 

Y

 

Y

 

Y

 

Y

 

Y

 

Y

 

 

 

 

 

–

A.2 Taxonomy-Eligible but not environmentally sustainable activities (not taxonomy-aligned activities)

 

 

 

 

 

 

 

 

EL;
N/EL

 

EL;
N/EL

 

EL;
N/EL

 

EL;
N/EL

 

EL;
N/EL

 

EL;
N/EL

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Freight rail transport

 

CCM 6.2

 

1,109

 

0.3

 

EL

 

N/EL

 

N/EL

 

N/EL

 

N/EL

 

N/EL

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0.5

 

 

 

 

Freight transport services by road

 

CCM 6.6

 

5,787

 

1.8

 

EL

 

N/EL

 

N/EL

 

N/EL

 

N/EL

 

N/EL

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0.1

 

 

 

 

Infrastructure for rail transport

 

CCM 6.6

 

5,787

 

1.8

 

EL

 

N/EL

 

N/EL

 

N/EL

 

N/EL

 

N/EL

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0.0

 

 

 

 

Acquisition and ownership of buildings

 

CCM 7.7

 

21,471

 

6.6

 

EL

 

N/EL

 

N/EL

 

N/EL

 

N/EL

 

N/EL

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6.2

 

 

 

 

CapEx of taxonomy-eligible but not environmentally sustainable activities (not taxonomy-aligned activities) (A.2)

 

 

 

33,852

 

10.5

 

10.5

 

0.0

 

0.0

 

0.0

 

0.0

 

0.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

A. CapEx of taxonomy-eligible activities (A.1+A.2)

 

 

 

398,650

 

95.4

 

95.4

 

0.0

 

0.0

 

0.0

 

0.0

 

0.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

B. Taxonomy-non-eligible activities

CapEx of taxonomy-non-eligible activities

 

 

 

14,845

 

4.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

323,494

 

100.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Y - Yes, taxonomy-eligible activity that is aligned with the relevant environmental target, N - No, taxonomy-eligible activity that is not aligned with the relevant environmental target

EL - 'eligible', activity eligible for taxonomy for the relevant target, N/EL - 'not eligible', activity not eligible for taxonomy for the relevant target; CCM = Climate Change Mitigation

*

A very small number of runs are made with bi-mode locomotives, which can be considered as transitional activity.
Disclosure: Proportion of OpEx from products or services associated with taxonomy-aligned economic activities

Disclosure covering financial year 2024

 

 

 

2024

 

Substantial contribution criteria

 

DNSH criteria
(“Do No Significant Harm”)

 

Proportion of tax­onomy-
aligned (A.1) or eligible (A.2) OpEx,
Year N-1
(18)

 

Category en­abling activ­ity (19)

 

Cate­gory tran­sitional activ­ity (20)

Economic activities (1)

 

Code (2)

 

OpEx (3)

 

Pro­por­tion of
OpEx,
2024 (4)

 

Cli­mate change
miti­gation (5)

 

Cli­mate change
adap­tation (6)

 

Water (7)

 

Pollu­tion (8)

 

Circular econ­omy (9)

 

Bio­diver­sity (10)

 

Cli­mate change
miti­gation (11)

 

Cli­mate change
adap­tation (12)

 

Water (13)

 

Pol­lution (14)

 

Circular econ­omy (15)

 

Bio­diver­sity (16)

 

Mini­mum
safe­guards (17)

 

 

 

 

 

 

 

thou­sand €

 

%

 

Y; N;
N/EL

 

Y; N;
N/EL

 

Y; N;
N/EL

 

Y; N;
N/EL

 

Y; N;
N/EL

 

Y; N;
N/EL

 

Y/N

 

Y/N

 

Y/N

 

Y/N

 

Y/N

 

Y/N

 

Y/N

 

%

 

E

 

T

A. Taxonomy-Eligible activities

A.1 Environmentally sustainable activities (taxonomy-aligned)

Electricity generation using solar photovoltaic technology

 

CCM 4.1

 

39

 

0

 

Y

 

N/EL

 

N/EL

 

N/EL

 

N/EL

 

N/EL

 

Y

 

Y

 

–

 

–

 

Y

 

Y

 

Y

 

0

 

–

 

–

Freight rail transport

 

CCM 6.2

 

16,419

 

8.9

 

Y

 

N/EL

 

N/EL

 

N/EL

 

N/EL

 

N/EL

 

Y

 

Y

 

–

 

Y

 

Y

 

–

 

Y

 

9.0

 

–

 

*

Infrastructure for rail transport

 

CCM 6.14

 

7,570

 

4.1

 

Y

 

N/EL

 

N/EL

 

N/EL

 

N/EL

 

N/EL

 

Y

 

Y

 

Y

 

Y

 

Y

 

Y

 

Y

 

3.3

 

E

 

–

Infrastructure enabling low carbon water transport

 

CCM 6.16

 

131,896

 

71.5

 

Y

 

N/EL

 

N/EL

 

N/EL

 

N/EL

 

N/EL

 

Y

 

Y

 

Y

 

Y

 

Y

 

Y

 

Y

 

69.6

 

E

 

–

OpEx of environmentally sustainable activities (taxonomy-aligned) (A.1)

 

 

 

155,923

 

84.5

 

84.5

 

0.0

 

0.0

 

0.0

 

0.0

 

0.0

 

Y

 

Y

 

Y

 

Y

 

Y

 

Y

 

Y

 

81.9

 

 

 

 

Of which enabling activities

 

 

 

139,465

 

75.6

 

75.6

 

0.0

 

0.0

 

0.0

 

0.0

 

0.0

 

Y

 

Y

 

Y

 

Y

 

Y

 

Y

 

Y

 

72.9

 

E

 

 

Of which transitional activities

 

 

 

0

 

0

 

0

 

 

 

 

 

 

 

 

 

 

 

Y

 

Y

 

Y

 

Y

 

Y

 

Y

 

Y

 

 

 

 

 

–

A.2 Taxonomy-Eligible but not environmentally sustainable activities (not taxonomy-aligned activities)

 

 

 

 

 

 

 

 

EL;
N/EL

 

EL;
N/EL

 

EL;
N/EL

 

EL;
N/EL

 

EL;
N/EL

 

EL;
N/EL

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Freight rail transport

 

CCM 6.2

 

1,767

 

1.0

 

EL

 

N/EL

 

N/EL

 

N/EL

 

N/EL

 

N/EL

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1.6

 

 

 

 

Freight transport services by road

 

CCM 6.6

 

1,269

 

0.7

 

EL

 

N/EL

 

N/EL

 

N/EL

 

N/EL

 

N/EL

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0.7

 

 

 

 

Infrastructure for rail transport

 

CCM 6.14

 

1,835

 

1.0

 

EL

 

N/EL

 

N/EL

 

N/EL

 

N/EL

 

N/EL

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1.0

 

 

 

 

Acquisition and ownership of buildings

 

CCM 7.7

 

8,752

 

4.7

 

EL

 

N/EL

 

N/EL

 

N/EL

 

N/EL

 

N/EL

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6.9

 

 

 

 

OpEx of taxonomy-eligible but not environmentally sustainable activities (not taxonomy-aligned activities) (A.2)

 

 

 

13,623

 

7.4

 

10.2

 

0.0

 

0.0

 

0.0

 

0.0

 

0.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

A. OpEx of taxonomy-eligible activities (A.1+A.2)

 

 

 

169,546

 

91.9

 

92.2

 

0.0

 

0.0

 

0.0

 

0.0

 

0.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

B. Taxonomy-non-eligible activities

OpEx of taxonomy-non-eligible activities

 

 

 

14,989

 

8.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

184,535

 

100.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Y - Yes, taxonomy-eligible activity that is aligned with the relevant environmental target, N - No, taxonomy-eligible activity that is not aligned with the relevant environmental target

EL - 'eligible', activity eligible for taxonomy for the relevant target, N/EL - 'not eligible', activity not eligible for taxonomy for the relevant target; CCM = Climate Change Mitigation

*

A very small number of runs are made with bi-mode locomotives, which can be considered as transitional activity.
EU Taxonomy
The EU taxonomy is a legally binding classification system that defines which economic activities of a company are considered sustainable. This is linked to specific requirements for the performance of business activities and the calculation methods of various key figures. The aim is to channel more investment into sustainable companies and technologies and thus support the European Union's 2050 climate neutrality target.
Revenue
Revenue from sales or lettings and from services rendered, less sales deductions and VAT.

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