Net financial debt

NET FINANCIAL DEBT
AS OF DEC 31 / € million

2021

2020

Change

2019

absolute

%

 

Senior bonds

27,403

24,021

+3,382

+14.1

20,966

Leasing liabilities

5,059

4,931

+128

+2.6

5,015

Commercial paper

–

–

–

–

890

Interest-free loans

446

580

–134

–23.1

707

Other financial debt

1,578

3,792

–2,214

–58.4

1,115

Financial debt

34,486

33,324

+1,162

+3.5

28,693

  Cash and cash equivalents and
receivables from financing

–5,132

–4,036

–1,096

+27.2

–4,397

  Effects from currency hedges

–247

57

–304

–

‒121

Net financial debt

29,107

29,345

–238

–0.8

24,175

Net financial debt fell slightly as of December 31, 2021. The profit development at DB Schenker, the cessation of the dividend payment to the Federal Government and the Federal Government’s measures to partially offset losses resulting from Covid-19 were largely offset by a funding need, mainly in the Integrated Rail System, resulting primarily from the continued Covid-19-related strain on profit development, coupled with a simultaneously high funding need for capital expenditures.

  • Financial debt increased:
    • The euro value of the outstanding senior bonds was significantly higher due to the new issues. Exchange rate effects did not play a key role here as a result of closed hedging transactions.
    • Leasing liabilities increased slightly. The conclusion of new leasing contracts and the extension of exist­­ing leasing contracts exceeded redemptions.
    • Interest-free loans fell as a result of redemption.
    • Other financial debt fell sharply, primarily as a result of the redemption of interim financing for the Covid-19 support measures of the Federal Government in the previous year.
  • 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 fell slightly, as the increase in financial debt was lower than the significant increase in cash and cash equivalents.

The maturity structure and the composition of financial debt has changed:

  • Current financial debt (up to one year) fell significantly as a result of the almost complete redemption of the interim financing for the measures planned by the Federal Government to partially offset losses resulting from Covid-19. In contrast, the share of financial debt with a maturity of one to five years increased.
  • The composition of the financial debt has shifted significantly toward senior bonds. The share of bank debts in particular was down as a result of redemptions. The share of interest-free loans also declined further.