Net financial debt
Net financial debt | 2020 | 2019 | Change | ||
absolute | % | ||||
Senior bonds | 24,021 | 20,966 | +3,055 | +14.6 | |
Leasing 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 | –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 strengthen 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 eurovalue of outstanding senior 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.
The maturity structure and the composition of financial debt has changed:
- Current financial debt (up to one year) increased as a result of the bridge financing. Non-current financial debt (over five years) increased as a result of the issuing activity for senior bonds. In contrast, the proportion of financial debt of between one and five years decreased.
- The composition of the financial debt shifted slightly in the direction of bank borrowing due to the bridge financing. In contrast, the proportion of commercial papers in particular was down due to redemptions. The proportion of leasing liabilities also declined.
