Bayer publishes its amount of net financial debt on a regular basis. This shows the Group’s net financing requirements and is calculated from gross financial obligations less liquid assets and receivables from financial derivatives:
Net Financial Debt | Dec. 31, 2011 | March 31, 2012 |
|---|---|---|
€ million | € million | |
Bonds and notes / promissory notes | 7,710 | 7,630 |
of which hybrid bond | 1,344 | 1,349 |
Liabilities to banks | 2,657 | 2,766 |
Liabilities under finance leases | 554 | 534 |
Liabilities from derivatives | 513 | 372 |
Other financial liabilities | 228 | 332 |
Positive fair values of hedges of recorded transactions | (395) | (449) |
Financial debt | 11,267 | 11,185 |
Cash and cash equivalents | (1,770) | (1,306) |
Current financial assets | (2,484) | (3,028) |
Net financial debt (including hybrid bond) | 7,013 | 6,851 |
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