Company

8 April 2020

REWE Group in­creases its cash re­serves

In light of the COVID-19 Pandemic

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.

About REWE Group

The cooperatively organized REWE Group is one of the leading trade and tourism groups in Germany and Europe. In 2020, the company generated a total external turnover of around 75 billion euros. Founded in 1927, REWE Group operates with 380,000 employees in 21 European countries.

 

The sales lines include REWE, REWE CENTER and BILLA as well as BILLA PLUS and ADEG supermarkets and consumer stores, the discounter PENNY, IKI, the drugstores BIPA and the toom Baumarkt DIY stores. The company also operates convenience stores REWE To Go and the e-commerce activities REWE Lieferservice and Zooroyal. The Lekkerland Group comprises the wholesale activities of the business group in the area of on-the-go consumption.Travel and tourism under the umbrella of DER Touristik Group includes the tour operators ITS, Jahn Reisen, Dertour, Meiers Weltreisen, Travelix, Kuoni, Helvetic Tours, ITS Coop Travel, Billa Reisen, Koning Aap, Apollo, Exim Tours and Fischer as well as more than 2,300 travel agencies (e.g. DER Reisebüro, DERPART, Kuoni, Exim, Fischer and cooperation partners), the hotel chains Sentido, Aldiana, Calimera, Cooee, and the direct tour operator Prijsvrij Vakanties.

Martin_Bruening
Contact
Martin Brüning
Head of Corporate Communications at
REWE Group

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