Print page
Debt
| Net financial debt as of Dec 31 (€ million) | 2020 | 2019 | Change | ||
absolute | % | ||||
| Senior bonds | 24,021 | 20,966 | + 3,055 | + 14.6 | |
| Lease liabilities | 4,931 | 5,015 | – 84 | – 1.7 | |
Commercial paper | – | 890 | – 890 | – 100 | |
| Interest-free loans | 580 | 707 | – 127 | – 18.0 | |
| Other financial debt | 3,792 | 1,115 | + 2,677 | – | |
Financial debt | 33,324 | 28,693 | + 4,631 | + 16.1 | |
| Cash and cash equivalents and receivables from financing | – 4,036 | – 4,397 | + 361 | – 8.2 | |
| Effects from currency hedges | 57 | – 121 | + 178 | – | |
| Net financial debt | 29,345 | 24,175 | + 5,170 | + 21.4 | |
Net financial debt rose significantly as of December 31, 2020. This resulted from net funding needs, mainly as a result of the significant Covid-19-related decline in profit and the as yet incomplete implementation of the Federal Government’s plan to strengtheen the equity position of DB AG at the same time as a higher overall demand for capital expenditures and dividend payments.
- Financial debt increased noticeably:
- The euro value of outstandingsenior bonds was significantly higher due to issues. Exchange rate effects did not play a key role here as a result of closed hedging transactions.
- Overall, the leasing liabilities were roughly at the level of the end of the previous year.
- Liabilities from commercial papers and interest-free loans declined significantly as a result of redemptions.
- Other financial debt increased significantly, mainly as a result of the bridge financing.
- Our foreign currency senior bonds are mainly hedged by corresponding derivatives against exchange rate fluctuations, so that the exchange rate effects are mainly compensated through the offsetting position of the hedging transaction.
- Cash and cash equivalents fell significantly, with the result that net financial debt increased a touch more than the financial debt.