Net financial debt
|Net financial debt (€ million)|
Other financial debt
Cash and cash equivalents and receivables from financing
Effects from currency hedges
|Net financial debt|
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.
The maturity structure and composition of financial liabilities have changed slightly: short-term financial debt (up to one year) rose, particularly as a result of the commercial paper issues. In contrast, the proportion of financial debt at maturity fell in one to five years.
Due to issuances, the composition of financial debt shifted slightly in the direction of the commercial paper. In contrast, the proportions of interest-free loans and leasing liabilities were down as a result of redemptions.