Net financial debt
Net financial debt / € million | Jun 30, 2023 | Dec 31, 2022 | Change | Dec 31, 2019 | |
absolute | % | ||||
Senior bonds | 29,632 | 28,802 | +830 | +2.9 | 20,966 |
Leasing liabilities | 4,964 | 5,180 | –216 | –4.2 | 5,015 |
Commercial paper | – | – | – | – | 890 |
Interest-free loans | 149 | 298 | –149 | –50.0 | 707 |
Other financial debt | 1,701 | 993 | +708 | +71.3 | 1,115 |
Financial debt | 36,446 | 35,273 | +1,173 | +3.3 | 28,693 |
Cash and cash equivalents, highly liquid cash investments and financial receivables | –6,164 | –6,323 | +159 | –2.5 | –4,397 |
Effects from currency hedges | –4 | –123 | +119 | –96.7 | –121 |
Net financial debt | 30,278 | 28,827 | +1,451 | +5.0 | 24,175 |
Net financial debt increased slightly as of June 30, 2023. This resulted from a demand for financial resources, particularly in the Integrated Rail System. The profit situation in the Integrated Rail System continued to be difficult, while at the same time the demand for financial resources for capital expenditures remained high and DB Group made advance payments for additional infrastructure measures. In addition, profits at DB Schenker also declined after an extraordinarily strong 2022. The positive profit development at DB Arriva only partially compensated for this.
- Financial debt increased slightly:
- The euro value of the outstanding senior bonds was somewhat higher due to issuing. Exchange rate effects did not play a key role here as a result of closed hedging transactions.
- Leasing liabilities fell slightly due to repayments. The conclusion of new lease contracts and the extension of existing ones had a partially offsetting effect.
- Interest-free loans fell as a result of repayments.
- Other financial debt rose mainly as a result of the net taking out of short-term bank borrowings (including the taking out of bridge loans).
- The foreign currency senior bonds are almost entirely hedged by corresponding derivatives against exchange rate fluctuations, so that exchange rate effects are mainly compensated through the offsetting position of the hedging transaction.
- Net financial debt increased slightly as cash and cash equivalents decreased alongside the increase in financial debt.
The maturity structure and the composition of financial debt have changed somewhat in the direction of financial debt due in the short term as a result of the taking out of bridge loans:
- Accordingly, short-term financial debt (up to one year) increased somewhat. In contrast, the share of financial debt with a maturity of one to five years decreased.
- The composition of the financial debt shifted slightly toward bank debt. The share of lease liabilities and interest-free loans decreased due to repayments.