Financial management system
Financial instruments as of Dec 31 / € billion | Volume 2023 | thereof utilized | Utiliza tion rate | Volume 2022 | thereof utilized | Utiliza tion rate |
European debt issuance program | 35.0 | 28.9 | 83% | 35.0 | 27.9 | 80% |
Australian debt issuance program (AUD 5 billion) | 3.0 | 1.0 | 33% | 3.2 | 0.9 | 28% |
Multi-currency commercial paper program | 3.0 | 0.4 | 13% | 3.0 | – | – |
Guaranteed credit facilities | 4.1 | 2.0 | 49% | 2.0 | – | – |
In addition to aiming for a sustained rise in enterprise value, DB Group’s financial management focuses on maintaining a capital structure that is in line with very good credit ratings.
DB AG contains DB Group’s Treasury center. Before obtaining funds from external sources, we first conduct intra-Group financing transactions. When borrowing external funds, DB AG takes out short-term loans in its own name, whereas long-term capital is generally obtained through DB Groupʼs financing company, Deutsche Bahn Finance GmbH (DB Finance).
The funds are passed on to the Group companies as short-term credit lines, which can be utilized as part of cash pooling on internal current accounts and/or through fixed short-term credit, or in the form of long-term loans at risk-adjusted conditions. Further advantages of this concept arise from the consolidation of our know-how, realized synergy effects and minimized refinancing costs.
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 (€ mil lion) | Coupon (%) | Maturity | Term (years) |
XS2577042893 | DB Finance | EUR | 750 | 750 | 3.625 | Dec 2037 | 14.9 |
XS2624017070 | DB Finance | EUR | 600 | 600 | 3.250 | May 2033 | 10.0 |
CH1277080508 | DB Finance | CHF | 275 | 287 | 1.885 | Sep 2035 | 12.0 |
XS2689049059 | DB Finance | EUR | 600 | 600 | 3.500 | Sep 2027 | 4.0 |
AU3CB0304483 | DB Finance | AUD | 250 | 149 | 6.016 | Nov 2033 | 10.0 |
XS2722190795 | DB Finance | EUR | 650 | 650 | 4.000 | Nov 2043 | 20.0 |
- EDIP: In 2023, five senior bonds (total volume: € 2.9 billion) were issued and four senior bonds (total volume: € 1.9 billion) were repaid.
- Kangaroo program: A senior bond was issued in 2023 (volume: € 0.1 billion). No senior bond was due for repayment in 2023.
The funds were raised to refinance liabilities due and for ongoing general Group financing. All proceeds from senior bonds not issued in euros were converted into euros. In 2023, demand for our bonds came primarily from institutional investors in Europe and Asia.
Other financing instruments
- Commercial paper program: In the short-term, we have access to a multi-currency commercial paper program, which had seven issues with residual terms of two weeks as of December 31, 2023.
- Credit facilities: As of December 31, 2023, we also had guaranteed credit facilities with a residual term of up to 2.9 years. It was used in part to prefinance infrastructure measures (bridge financing).
- Credit lines: In addition, as of December 31, 2023, we were able to rely on credit lines of € 2.7 billion for the operating business (as of December 31, 2022: € 2.6 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
Sale and leaseback contracts are also concluded for the financing of rolling stock in regional rail passenger transport. In 2023, the Franconia-Southern Thuringia transport contract and the second stage of the east electrical network entered into force. Both transport contracts are based on a sale and leaseback agreement.
