Net financial debt
Net financial debt as of Dec 31 / € million | 2022 | 2021 | Change | 2019 | |
absolute | % | ||||
Senior bonds | 28,802 | 27,403 | +1,399 | +5.1 | 20,966 |
Leasing liabilities | 5,180 | 5,059 | +121 | +2.4 | 5,015 |
Commercial paper | – | – | – | – | 890 |
Interest-free loans | 298 | 446 | –148 | –33.2 | 707 |
Other financial debt | 993 | 1,578 | –585 | –37.1 | 1,115 |
Financial debt | 35,273 | 34,486 | +787 | +2.3 | 28,693 |
Cash and cash equivalents, highly liquid cash investments and financial receivables | –6,323 | –5,132 | –1,191 | +23.2 | –4,397 |
Effects from currency hedges | –123 | –247 | +124 | –50.2 | –121 |
Net financial debt | 28,827 | 29,107 | –280 | –1.0 | 24,175 |
Net financial debt as of December 31, 2022, fell slightly compared with the end of the previous year. The significantly improved profit situation and the inflow of funds from the German Federal Government’s capital measures (Climate Action Program and Covid-19 compensation payments) had a positive effect. This was offset, in part, by a high demand for capital expenditures.
The increase in financial debt was more than offset by higher cash and cash equivalents (including highly liquid cash investments).
- Financial debt increased slightly:
- The euro value of the outstanding senior bonds was somewhat higher due to issuing. Exchange rate effects did not play a key role here as a result of closed hedging transactions.
- Overall, the leasing liabilities were at the level of the end of the previous year. Effects from redemptions were almost completely offset by the conclusion of new lease agreements and the extension of existing lease agreements.
- Interest-free loans fell as a result of repayments.
- Other financial debt also fell, due in part to the repayment of short-term bank borrowings.
- 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.
The maturity structure of financial debt was virtually unchanged.
The composition of the financial debt has shifted slightly toward senior bonds. The share of bank debt was down as a result of repayments.
