Net financial debt
| Net financial debt as of Dec 31 / € million | 2024 | 2023 | Change | |
|---|---|---|---|---|
| absolute | % | |||
| Senior bonds | 29,140 | 30,042 | –902 | –3.0 |
| Leasing liabilities | 3,125 | 4,787 | –1,662 | –34.7 |
| Commercial paper | 1,503 | 358 | +1,145 | – |
| Interest-free loans | – | 152 | –152 | –100 |
| Other financial debt | 4,355 | 2,769 | +1,586 | +57.3 |
| Financial debt | 38,123 | 38,108 | +15 | – |
| Cash and cash equivalents, highly liquid cash investments and financial receivables | –5,442 | –3,934 | –1,508 | +38.3 |
| Effects from currency hedges | –107 | –221 | +114 | –51.6 |
| Net financial liabilities | 32,574 | 33,953 | –1,379 | –4.1 |
The significant decrease in net financial debt as of December 31, 2024 was largely due to the inflow of funds from measures by the Federal Government (equity increases and grants recognized in income). A persistently high need for funds for capital expenditures and weak profitability had a particularly negative impact.
The development was driven by the significant increase in cash and cash equivalents (including cash investments close to liquidity). Financial liabilities were at the same level as of the end of the previous year:
- The euro value of the outstanding senior bonds was lower due to redemptions. Exchange rate effects did not play a key role here as a result of closed hedging transactions.
- Leasing liabilities decreased compared to the end of the previous year, driven by the reclassification of DB Schenker and repayments. The conclusion of new leasing contracts and the extension of existing leasing contracts had a partially offsetting effect.
- Commercial paper liabilities increased significantly due to issues.
- The interest-free loans were repaid in full in 2024.
- Other financial debt increased significantly, mainly as a result of the bridge financings.
- The foreign currency senior bonds are hedged against exchange rate fluctuations by corresponding derivatives, so that exchange rate effects are compensated by the corresponding offsetting position of the hedging
transaction.
The maturity structure of financial liabilities has shifted towards maturities of 1 to 2 years, in particular due to the bridge financing. The proportion of maturities, in particular of2 to 3 years and 3 to 4 years, has decreased in the opposite direction.
The composition of financial debt has shifted somewhat towards bank debt due to bridge financing. The share of commercial paper also increased due to emissions. The share of senior bonds and leasing liabilities was down.