Bayer publishes its current amount of net financial 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 Financial Debt as of September 30, 2009
(in € million)
Bonds and notes | 8,301 | ||
of which hybrid bond | 1,268 | ||
of which mandatory convertible bond | 0 | ||
Liabilities to banks | 4,077 | ||
Liabilities under finance leases | 551 | ||
Liabilities from derivatives | 540 | ||
Other financial liabilities | 238 | ||
Positive fair values of hedges of recorded transactions | (441) | ||
Financial debt | 13,266 | ||
Cash and cash equivalents* | (2,595) | ||
Current financial assets | (6) | ||
Net financial debt from continuing operations | 10,665 | ||
Net financial debt from discontinued operations | 0 | ||
Total Net financial debt (including hybrid bond) | 10,665 |
* In view of the restriction on its use, €0 million of the liquidity in escrow accounts as of September 30, 2009 (June 30, 2009: €44 million; Dec. 31, 2008: €57 million) was not deducted when calculating net financial debt.
