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DEUTSCHE BAHN AG
Financial situation
a Ratings confirmed in the year under review
a Net financial debt rose because of Arriva acquisition
a Total assets significantly higher
FinanCiaL ManageMent
DB AG’s Treasury serves as the central treasury for DB Group.
This structure ensures that all Group companies are able to
borrow and invest funds at optimal conditions.
Before obtaining funds externally, 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 Group’s
financing company, Deutsche Bahn Finance B.V. (DB Finance),
Amsterdam/the Netherlands. These funds are passed on to
DB mL AG companies within the framework of a dual-level treasury
concept as time deposits or loans.
DB Group’s infrastructure companies are linked directly to
DB AG’s Treasury. This concept enables us to pool risks and
resources for the entire Group, as well as to consolidate our
expertise, realize synergy effects, and minimize refinancing costs.
Ratings reconfirmed
| [1] A www.db.de/rating-e
As of December 31, 2010 we had tapped our long-term debt
issuance program of € 15 billion for a total of € 11.8 billion (as
of December 31, 2009: € 9.3 billion). During the year under review
we took out a EUrOFImA loan in the amount of € 200 million.
With respect to short-term financing, as in the previous
year, a multi-currency multi-issuer commercial paper program
of over € 2 billion was available as of December 31, 2010 and
had been tapped for € 42 million as of December 31, 2010
(previous year: not used). Furthermore, as of December 31,
2010 we also had a guaranteed unused credit facility of € 2.5 billion
(€ 1.8 billion as of December 31, 2009). In addition, credit
facilities of € 1.4 billion were also available for our operational
business as of the date of record (€ 1.3 billion as of December
31, 2009). These credit facilities, which are available to our
subsidiaries around the world, include provisions for financing
working capital, as well as sureties for payment.
No major financed leasing transactions were concluded
during the year under review.
Ratings DB AG First issued Last
Current ratings
confirmation
Short-term long-term Outlook
Moodyʼs May 16, 2000 Nov 26, 2010 P-1 Aa1 stable
Standard & Poorʼs May 16, 2000 Feb 17, 2011 A-1+ AA stable
Fitch Feb 17, 2009 May 13, 2010 F1+ AA stable
DB Group’s creditworthiness is regularly examined by the rating
agencies Standard&Poor’s (S &P), moody’s and Fitch. During
the year under review, S &P, moody’s and Fitch conducted their
annual rating reviews and subsequently reconfirmed DB AG’s
good credit ratings. These ratings have remained unchanged
since they were first issued.
Additional information about our A ratings [1] as well
as the rating agencies’ complete analyses of DB AG can be found
on our Web site.
CapitaL eXpenDitUreS
Gross capital expenditures made by DB AG in tangible and intangible
assets amounted to € 13 million, and were again at the
comparatively low level posted in the previous year (previous
year: € 11 million). Capital expenditures made did not concentrate
on a particular area or category.