Financial management system
Financial instruments / € billion | Volume as of Jun 30, 2024 | thereof utilized | Utilization rate | Volume as of Dec 31, 2023 | thereof utilized | Utilization rate |
European debt issuance program | 35.0 | 28.9 | 83% | 35.0 | 28.9 | 83% |
Australian debt issuance program (AUD 5 billion) | 3.1 | 1.0 | 32% | 3.0 | 1.0 | 33% |
Multi-currency commercial paper program | 3.0 | 1.0 | 33% | 3.0 | 0.4 | 13% |
Guaranteed credit facilities (back-up lines) | 2.1 | – | – | 2.1 | – | – |
Guaranteed credit facilities (bridge loan facilities) | 2.5 | 2.5 | 100% | 2.0 | 2.0 | 100% |
In addition to aiming for appropriate returns for our investments, DB Group’s financial management focuses on maintaining a capital structure that is in line with very good credit ratings. This is controlled in particular via the key performance indicators debt coverage and ROCE.
Bond issues
DB Group has a European debt issuance program (EDIP) and an Australian debt issuance program (Kangaroo program) available for long-term debt financing.
ISIN | Issuer | Currency | Volume (million) | Volume (million) | Coupon (%) | Maturity | Term (years) |
XS2755487076 | DB Finance | EUR | 500 | 500 | 3.375 | Jan 2038 | 14.0 |
XS2763525396 1) | DB Finance | NOK | 1,325 | 117 | 4.106 | Feb 2039 | 15.0 |
XS2808189760 | DB Finance | EUR | 500 | 500 | 3.250 | Apr 2034 | 10.0 |
1) Private placement.
- EDIP: Under the EDIP, three senior bonds were issued in the first half of 2024 (volume: € 1.1 billion) and six senior bonds (volume: € 1.1 billion) were repaid.
- Kangaroo program: The changes in the Kangaroo program resulted from exchange rate differences.
The funds were raised to refinance liabilities becoming due and ongoing general Group financing. In the first half of 2024, demand for our bonds came primarily from institutional investors in Europe.
Other financing instruments
- Commercial paper program: In the area of short-term debt financing, we still have access to a multi-currency commercial paper program, which was utilized by issuances with residual terms of up to three months as of June 30, 2024.
- Credit facilities (back-up lines/bridge loan facilities): As of June 30, 2024, we also had guaranteed credit facilities with a residual term of up to 4.5 years. They were utilized to increase financial flexibility, including with regard to possible proceeds from potential divestments.
- Other credit lines: As of June 30, 2024, we were also able to rely on credit lines of € 2.7 billion for the operating business (as of December 31, 2023: € 2.7 billion). These credit lines are made available to our subsidiaries worldwide and include provisions for financing working capital as well as sureties for payment.
Rolling stock financing
In order to finance rolling stock in regional rail passenger transport, sale-and-leaseback contracts, among others, are also concluded as well as contracts concluded on the basis of the lessor entering into the contract. In the first half of 2024, as part of the second stage of commissioning, the Franconia — South-Thuringia network went into full operation (a total of eight electric traction units). This transport contract is based on a sale-and-leaseback contract.