Financial management system

In addition to sustainably increasing the enterprise value, the financial management of DB Group also aims to maintain a capital structure that is appropriate for ensuring a very good credit rating. The maturity profile is a particularly important part of this management.

• DB Group has access to a European debt issuance program (EDIP) for long-term debt financing. Under the EDIP, four senior bonds were issued in the first half of 2022 (total volume: € 2.0 billion) and two senior bonds (total volume: € 0.8 billion) were redeemed. As of June 30, 2022, the utili­zation rate increased to about 79% (as of December 31, 2021: about 75%).
• An Australian debt issuance program (Kangaroo Program) is also available, but was not used for new issues in the first half of 2022. Although no senior bonds were due for repayment, the utilization rate decreased slightly to 27% as of June 30, 2022 compared with the end of the previous year (as of December 31, 2021: 28%) due to exchange rate effects.
• In terms of short-term external financing, a multi-currency commercial paper program remained available to us. As of June 30, 2022, the program was not in use (utilization rate as of December 31, 2021: –%).
• As of June 30, 2022, we also had contractually guaranteed credit facilities with a residual maturity of up to two years (unchanged at € 2.0 billion). As of June 30, 2022, all credit lines agreed for the interim financing of the partial compensation for damages in connection with the Covid-19 pandemic planned by the Federal Government had expired (as of December 31, 2021: € 0.5 billion).
• In addition, as of June 30, 2022, we were able to rely on credit lines of € 2.6 billion for the operating business (as of December 31, 2021: € 2.5 billion). These credit lines were made available to our subsidiaries around the world and include both working capital financing and provision of guaranties.