Bayer publishes its current amount of net debt on a regular basis. This shows the Group’s current net financing requirements and is calculated from gross financial obligations less liquid assets and receivables from financial derivatives:
Net Debt as of September 30, 2008
(in € million)
Noncurrent financial liabilities as per balance sheets (including derivatives) | 9,420 | ||
of which hybrid bond | 1,229 | ||
Current financial liabilities as per balance sheets (including derivatives) | 6,004 | ||
Derivative receivables | (207) | ||
Financial liabilities | 15,217 | ||
Cash and cash equivalents* | (1,530) | ||
Current financial assets | 0 | ||
Net debt from continuing operations | 13,687 | ||
Net debt from discontinued operations | 0 | ||
Total Net Debt (including hybrid bond) | 13,687 |
* In view of the restriction on its use, the €751 million liquidity in escrow accounts in the third quarter of 2008 (June 30, 2008: €747 million; Dec. 31, 2007: €755 million) was not deducted when calculating net debt. Sept. 30, 2008: €1,530 million = €2,281 million - €751 million.
