Net financial debt
Net financial debt / € million | Jun 30, 2024 | Dec 31, 2023 | Change | |
absolute | % | |||
Senior bonds | 29,944 | 30,042 | –98 | –0.3 |
Leasing liabilities | 4,687 | 4,787 | –100 | –2.1 |
Commercial paper | 1,031 | 358 | +673 | – |
Interest-free loans | – | 152 | –152 | –100 |
Other financial debt | 3,340 | 2,769 | +571 | +20.6 |
Financial debt | 39,002 | 38,108 | +894 | +2.3 |
Cash and cash equivalents, highly liquid cash investments and financial receivables | –5,827 | –3,934 | –1,893 | +48.1 |
Effects from currency hedges | –91 | –221 | +130 | –58.8 |
Net financial debt | 33,084 | 33,953 | –869 | –2.6 |
Net financial debt as of June 30, 2024, fell slightly compared with the end of the previous year. Positive effects resulted mainly from the cash inflow from the Government equity injection (first tranche of the planned equity increases for 2024). This was countered by continuing high demand for funds for capital expenditures and weak profitability.
- The financial debt increased slightly:
- Commercial paper liabilities increased significantly due to issuances).
- Other financial debt was also significantly higher, mainly as a result of the net taking out of short-term bank debt (including bridge loans).
- The value of the outstanding senior bonds in euros was approximately at the same level as at the end of the previous year. Exchange rate effects did not play a key role here as a result of closed hedging transactions.
- Leasing liabilities fell slightly, largely due to redemptions. In particular, the conclusion of new lease agreements had a largely compensatory effect.
- Interest-free loans fell as a result of repayments.
- The foreign currency senior bonds are hedged against exchange rate fluctuations by corresponding derivatives, so that exchange rate effects are compensated through the offsetting position of the hedging transaction.
The slight increase in financial debt was offset by a stronger increase in cash and cash equivalents (including highly liquid cash investments).
Net financial debt subsequently declined slightly.
The maturity structure of financial debt has shifted slightly toward maturity of one to two years, due to the maturity profile of our senior bonds. In contrast, the proportion of long-term financial debt in particular declined.
Due to issuances, the composition of financial debt shifted slightly in the direction of the commercial paper. The share of bank borrowings also rose slightly as a result of the increased use of short-term credit lines. The share of senior bonds, leasing liabilities and interest-free loans decreased.