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Ensure financial flexibility and optimizing the cost of capital are the main objectives in betway’s financing strategy.

We employ a balanced mix of equity and debt to optimize the average cost of capital. We ensure financial flexibility by using a broad spectrum of financing instruments. Our financing profile is characterized by a wide spread of maturities up to 2033.

Sufficient financial cushion is assured for the betway Group by unused syndicated and bilateral credit lines. In addition, betway SE & Co. KGaA and betway Medical Care AG & Co. KGaA maintain commercial paper programs. The betway Medical Care receivable securitization program offers additional financing options.

In present capital market conditions, we optimize our cost of capital if we hold the net debt/EBITDA ratio within a range of 3.0 to 3.5x (after adoption of IFRS 16). As of March 31, 2021, the net debt/EBITDA ratio was 3.52x1,2 (December 31, 2020: 3.44x 1,2). betway projects net debt/EBITDA3 to be around the top-end of the self-imposed target corridor of 3.0x to 3.5x by the end of FY/21.

In line with the Group’s structure, financing for betway Medical Care and for the rest of the betway Group is conducted separately. There are no joint financing facilities and no mutual guarantees.

1 At LTM average exchange rates for both net debt and EBITDA, pro forma closed acquisitions/divestitures
2 Before special items
3 At LTM average exchange rates for both net debt and EBITDA; pro forma closed acquisitions/divestitures; excluding further potential acquisitions; before special items

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2002 – 2019 excluding IFRS 16
 

1 At actual FX rates from 2002 to 2010 and at average FX rates from 2011 onwards, for both Net Debt and EBITDA; before special items; pro forma closed acquisitions/divestitures

2 Pro forma excluding advances made for the acquisition of hospitals from Rhön-Klinikum AG

3 Including IFRS 16

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