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2019/08/20 / Erste Group Research

Issuer Profile | 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 more than 620km.

With a balance sheet total of more than EUR 5.6bn and 1,232 employees, in 2018 DARS generated revenues of roughly EUR 495mn and net earnings of EUR 154mn. Credit ratios have been improving persistently during the past years.

Out of a total EUR 2.3bn financial debt, bank loans accounted for approx. EUR 2.0bn. Eurobonds and a promissory note (Schuldschein) are outstanding with a combined volume of roughly EUR 300mn with maturities until 2030.

All debt issues by DARS are guaranteed by the Republic of Slovenia (Baa1/AA-/A).

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General information

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


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