Financial management system
Financial instruments as of Dec 31 / € billion | Volume 2022 | thereof utilized | Utilization rate | Volume 2021 | thereof utilized | Utilization rate |
European debt issuance program | 35.0 | 27.9 | 80% | 35.0 | 26.4 | 75% |
Australian debt issuance program (AUD 5 billion) | 3.2 | 0.9 | 28% | 3.2 | 0.9 | 28% |
Multi-currency commercial paper program | 3.0 | – | – | 3.0 | – | – |
Guaranteed credit facilities | 2.0 | – | – | 2.6 | 0.5 | 19% |
In addition to sustainably increasing the enterprise value, the financial management of DB Group also aims to maintain a capital structure that is appropriate for ensuring a very good credit rating.
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 the 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. Nine senior bonds were issued under the EDIP in 2022 (total volume: € 3.1 billion) and four senior bonds (total volume: € 1.6 billion) were repaid. The funds were raised to refinance liabilities falling due and for ongoing general Group financing. All proceeds from senior bonds not issued in euros were converted into euros. In 2022, demand for our bonds came primarily from institutional investors in Europe and Asia.
ISIN | Issuer | Currency | Volume (million) | Volume (€ million) | Coupon (%) | Maturity | Term(years) |
XS2434704123 | DB Finance | AUD | 300 | 191 | 3.350 | Jan 2042 | 20.0 |
XS2445114734 1) | DB Finance | EUR | 200 | 200 | 0.791 | Feb 2027 | 5.0 |
XS2451376219 | DB Finance | EUR | 750 | 750 | 1.375 | Mar 2034 | 12.0 |
XS2484327999 | DB Finance | EUR | 900 | 900 | 1.875 | May 2030 | 8.0 |
XS2526829531 | DB Finance | SEK | 550 | 52 | 3.511 | Aug 2040 | 18.0 |
CH1204259811 | DB Finance | CHF | 300 | 308 | 1.950 | Sep 2032 | 10.0 |
XS2532383051 | DB Finance | NOK | 500 | 51 | 4.370 | Sep 2034 | 12.0 |
XS2541394750 | DB Finance | EUR | 500 | 500 | 4.875 | Oct 2042 | 20.0 |
CH1228838129 | DB Finance | CHF | 150 | 151 | 2.285 | Nov 2042 | 20.0 |
1) Private placement.
Other financial instruments
- In the area of short-term debt financing, we still have a multi-currency commercial paper program available to us. As of December 31, 2022, the program was not in use.
- As of December 31, 2022, we also had guaranteed credit facilities with a residual term of up to two years. As of December 31, 2022, all credit lines agreed for the interim financing of the partial compensation for damages in connection with the Covid-19 pandemic planned by the Federal Government had expired (as of December 31, 2021: € 0.5 billion).
- In addition, as of December 31, 2022, we were able to rely on credit lines of € 2.6 billion for the operating business (as of December 31, 2021: € 2.5 billion). These credit lines are made available to our subsidiaries around the world 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 the timetable change in December 2022, three transport contracts went into operation (a total of 36 electric traction units and five diesel vehicles) based on a sale and leaseback contract.
