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2022/08/10 / Erste Group Research

DARS

DARS was founded in 1993 by its 100% owner, the Republic of Slovenia, and is responsible for the planning, financing, construction, maintenance, operation and toll collection of Slovenia’s entire motorway and expressway network with a total length of 625 km.

With a balance sheet total of roughly EUR 5.1bn and 1,234 employees, in 2021 net sales of DARS recovered by 17% to EUR 470mn while net earnings almost doubled to EUR 113mn.

Out of total financial debt declining to EUR 1.7bn, Eurobonds and a promissory note are outstanding with a combined volume of roughly EUR 256mn with maturities until 2037.

Debt issues have been secured by a guarantee of the Republic of Slovenia (A3/AA-/A).
Standard & Poor’s rates DARS at A+ and stable outlook, assuming an extremely high likelihood of support from the Slovenian government.

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General information

AuthorErste Group Research
Date2022/08/10
Languageen
Product nameCredit News
Topic in focusCredits/ Corporate bonds
Economy in focusSlovenia
Currency in focusEuro
Sector in focus-
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