Financial management system
| Financial instruments as of Dec 31 / € billion | Volume 2024 | thereof utilized | Utilization rate | Volume 2023 | thereof utilized | Utilization rate |
|---|---|---|---|---|---|---|
| European debt issuance program | 35.0 | 28.4 | 81% | 35.0 | 28.9 | 83% |
| Australian debt issuance program (AUD 5 billion) | 3.0 | 0.7 | 23% | 3.0 | 1.0 | 33% |
| Multi-currency commercial paper program | 3.0 | 1.5 | 50% | 3.0 | 0.4 | 13% |
| Guaranteed credit facilities | 2.1 | – | –% | 2.1 | – | –% |
| Bank loans for bridge financing | 3.0 | 3.0 | 100% | 2.0 | 2.0 | 100% |
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.
The financial resources are passed on to the Group companies in the form of short-term credit lines, which can be utilized as part of cash pooling on internal current accounts and/or through fixed short-term loans, or in the form of long-term loans at risk-adjusted conditions. The advantages of this concept lie in bundling of know-how, realizing synergy effects and minimizing refinancing costs for DB Group.
Bond issues
For long-term debt financing, DB Group has a European debt issuance program (EDIP) and an Australian debt issuance program (Kangaroo program) at its disposal.
| ISIN | Issuer | Currency | Volume (million) | Volume (€ million) | Coupon (%) | Maturity | Term (years) |
|---|---|---|---|---|---|---|---|
| XS2755487076 | DB Finance | EUR | 500 | 500 | 3.375 | Jan2038 | 14.0 |
| XS2763525396 1) | DB Finance | NOK | 1,325 | 117 | 4.106 | Feb 2039 | 15.0 |
| XS2808189760 | DB Finance | EUR | 500 | 500 | 3.375 | Apr 2034 | 10.0 |
1) Private placement.
- EDIP: Three senior bonds (volume: € 1.1 billion) were issued under the EDIP in 2024 and eight senior bonds (volume: € 1.7 billion) were redeemed.
- Kangaroo program: No new bond was issued under the Kangaroo program in 2024. One bond (volume: € 0.3 billion) was redeemed.
The funds were raised to refinance liabilities due and for ongoing general Group financing. Demand for our bonds came mainly from institutional investors in Europe.
Other financing instruments
- Commercial paper program: In the short-term segment, we continue to have a multi-currency commercial paper program at our disposal, which had seven issues with residual terms of two weeks as of December 31, 2024.
- Credit facilities: As of December 31, 2024, we also had guaranteed credit facilities with a residual term of up to 2.0 years.
- Credit lines: In addition, as of December 31, 2024, we were able to rely on credit lines of € 2.6 billion for the operating business (as of December 31, 2023: € 2.7 billion). These credit lines are made available to our subsidiaries worldwide and include provisions for financing working capital as well as sureties for payment.
- Bank loans: Due to the planned sale of DB Schenker and the resulting expected cash inflow in 2025, we have taken out more short-term bank loans (bridge financings).
Additional rolling stock financing
Sale and leaseback contracts are also concluded for the financing of rolling stock in local rail passenger transport, as well as contracts based on the lessor entering into a contract. In 2024, four transport contracts were brought about, of which rolling stock is financed accordingly (total volume: about € 800 million):
- Danube-Isar network (31 electric multiple units),
- Main-Weser network (17 electric multiple units),
- MoselLux network (first stage of commissioning, 14 electric multiple units), and
- Franconia-Southern Thuringia network (second stage of commissioning, eight electric multiple units).