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 December 31, 2007
(in € million)
+ | Noncurrent financial liabilities as per balance sheets (including derivatives) | 12,911 | |
of which mandatory convertible bond | 2,285 | ||
of which hybrid bond | 1,237 | ||
+ | Current financial liabilities as per balance sheets (including derivatives) | 1,287 | |
- | Derivative receivables | (230) | |
Financial liabilities | 13,968 | ||
- | Cash and cash equivalents* | (1,776) | |
- | Current financial assets | (8) | |
Net debt from continuing operations | 12,184 | ||
+ | Net debt from discontinued operations | 0 | |
= | Total Net Debt (including hybrid bond) | 12,184 |
* In view of the restriction on its use, the €755 million (2006: €799 million) liquidity in escrow accounts was not deducted when calculating net debt. December 31, 2007: €1,776 million = €2,531 million - €755 million (December 31, 2006: €2,116 million = €2,915 million - €799 million).
