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08 April 2020

REWE Group increases its cash reserves

In light of the COVID-19 Pandemic

REWE Group logo
Cologne. To ensure its financial flexibility and independence, REWE Group signed a syndicated credit line amounting to €1 billion with a consortium of banks comprising Commerzbank, DZ Bank, ING and SEB.

“This loan supplements an existing credit line of €2 billion, which runs until 2024, as an undrawn reserve line,” says Dr Christian Mielsch, Chief Financial Officer at REWE Group. “REWE Group can flexibly use the new credit line over the next 15 months. Thanks to this measure, our company currently has total liquidity reserves amounting to over €2.5 billion at its disposal and is prepared for all possible financial challenges that might arise as a result of this crisis.”

“We were very pleased with the high level of support from our core banks who have placed their trust in the financial strength and business strategy of the REWE Group,” adds Mielsch, thanking the members of the banking consortium.

The cooperatively organised REWE Group is one of the leading trade and tourism groups in Germany and Europe. In 2018, the company generated a total external turnover of around 61 billion euros. Founded in 1927, the REWE Group has more than 360,000 employees in 22 European countries.

Sales lines include REWE, REWE CENTER, BILLA, MERKUR and ADEG supermarkets and consumer stores, the discounter PENNY, BIPA health and beauty store and the toom Baumarkt DIY stores. There are also convenience stores (REWE To Go) and e-commerce activities (the REWE delivery service, Zooroyal online pet food shop, Weinfreunde wine shop and Kölner Weinkeller wine merchant). Travel and tourism under the umbrella of DER Touristik Group includes the tour operators ITS, Jahn Reisen, Dertour, Meier’s Weltreisen, ADAC Reisen, Kuoni, Helvetic Tours, Apollo and Exim Tours, and more than 2,400 travel agencies (including DER Reisebüro, DERPART and partners), the hotel chains ITI Hotels, Club Calimera, COOEE, PrimaSol and Playitas Resort, and the direct tour operator,