Financial management system
|Volume as of|
Jun 30, 2020
Volume as of
|Australian debt issuance program|
|Multi-currency commercial paper program|
In addition to sustainably increasing the value of the company, the financial management of DB Group also aims to maintain a capital structure that is appropriate for ensuring a very good credit rating. The key figure used for this is the debt coverage.
- For long-term debt financing, DB Group has a European debt issuance program (EDIP), the volume of which was increased from € 25 billion to € 30 billion. Through Deutsche Bahn Finance GmbH (DB Finance), seven EUR bonds and one JPY bond for a total of about € 4.2 billion were issued under the EDIP. The terms ranged from 4 to 20 years. Three bonds in euros and Swiss francs totaling almost € 1.1 billion were repaid. The utilization rate declined slightly as a result of the increase in the program volume as of June 30, 2020, to about 78% (as of December 31, 2019: about 81%).
- Moreover, we also have access to an Australian debt issuance program (Kangaroo Program). Since bonds were neither issued nor repaid, the utilization rate as of June 30, 2020, was unchanged at about 24%.
- A multi-currency commercial paper program is available for short-term debt financing. As of June 30, 2020, the program was used with 22 EUR issues and a GBP issue with remaining terms of up to three months. As of June 30, 2020, the utilization rate rose to about 57% (as of December 31, 2019: about 30%)
- In addition, as of June 30, 2020, we had guaranteed unutilized credit facilities with residual maturities of between 1 and 2 years of € 2.0 billion, as well as a further guaranteed unutilized credit facility unchanged from before of € 0.1 billion.
- We were also able to draw on credit lines, unchanged from before, of € 2.7 billion for the operating business. These credit lines, which are made available to our subsidiaries around the world, include provision for financing working capital as well as sureties for payment.
To finance regional rail passenger transport vehicles, we have concluded a sale-and-leaseback contract for 18 new Siemens electric multiple units for the Lausitz network. The lease contract begins on December 11, 2022, and has a calculated term running until December 10, 2047. DB Regional is a lessee for the first transport contract period of 13 years with a nominal lease volume of € 62 million.
|Bond issues H1 2020/ISIN||Issuer||Cur-|
1) Private placement.
The significantly higher financial needs resulting from the effects of the Covid-19 pandemic have been met with, among other things, a more intense issuance of senior bonds. We have issued eight new senior bonds through DB Finance. The equivalent value of the transactions was about € 4.2 billion (in the first half of 2019: € 2.0 billion). The demand for EUR issues came from institutional investors from Europe and Asia; the JPY senior bond was placed directly in Japan. The proceeds of the JPY senior bond were swapped in euros.