Debt
| Net financial debt (€ million) | Jun 30, | Dec 31, | Change | Dec 31, | ||
absolute | % | |||||
| Senior bonds | 25,878 | 24,021 | +1,857 | +7.7 | 20,966 | |
| Lease liabilities | 4,731 | 4,931 | –200 | –4.1 | 5,015 | |
Commercial paper | 1,050 | – | +1,050 | – | 890 | |
Interest-free loans | 437 | 580 | –143 | –24.7 | 707 | |
Other financial debt | 3,870 | 3,792 | +78 | +2.1 | 1,115 | |
Financial debt | 35,966 | 33,324 | +2,642 | +7.9 | 28,693 | |
Cash and cash equivalents and receivables from financing | –3,959 | –4,036 | +77 | –1.9 | –4,397 | |
Effects from currency hedges | –5 | 57 | –62 | – | –121 | |
| Net financial debt | 32,002 | 29,345 | +2,657 | +9.1 | 24,175 | |
Net financial debt increased significantly as of June 30, 2021.This resulted from a net requirement for financial resources, mainly as a result of weak profit development due to the Covid-19 pandemic, while at the same time there is a high funding need for capital expenditures. In contrast, the development of income at DB Schenker and the non-payment of dividend payments to the Federal Government had a dampening effect.
- Financial debt increased noticeably:
- The value in euros of the outstanding senior bonds
- was significantly higher due to issues. Exchange rate effects did not play a key role here as a result of closed hedging transactions.
- Leasing liabilities and interest-free loans decreased as a result of repayments.
- Commercial paper liabilities increased significantly due to issues.
- Other financial debt increased slightly, mainly as a result of a slight increase in the balance from the repayment and absorption of short-term bank debts, mainly due to the continued need for interim financing of the measures planned by the Federal Government to partly compensate for losses due to the Covid-19 pandemic.
- Our foreign currency senior bonds are mainly hedged against exchange rate fluctuations by means of corresponding derivatives, so that exchange rate effects are largely offset by the corresponding counter-position of the hedging transaction.
- Cash and cash equivalents fell slightly, with the result that net financial debt increased a touch more.