Net financial debt
|Net financial debt (€ million)||Jun 30,|
|Other financial debt|
Cash and cash equivalents and
Effects from currency hedges
|Net financial debt|
Net financial debt rose significantly. This was mainly due to a net need for capital, mainly as a result of the significant decrease in revenues due to Covid-19. As a result of the effects of the Covid-19 pandemic, working capital and capital costs could only be partially covered with internal financing. This brought about a noticeable increase to the financial debt:
- The euro value of outstanding senior bonds was significantly higher due to issues. Currency rate effects did not play a key role in the development as a result of closed hedging transactions.
- Leasing liabilities declined significantly, mainly due to the cessation of the Arriva Rail North Franchise.
- Commercial paper liabilities increased significantly due to issues.
- Interest-free loans fell as a result of redemptions.
- Most of our foreign currency senior bonds are hedged against exchange rate fluctuations primarily through corresponding derivatives, meaning that the exchange rate effects are largely offset by the corresponding counterpart position of the hedging transaction.
- Cash and cash equivalents fell slightly, with the result that net financial debt increased a touch more than the financial debt.