Net financial debt

Net financial debt rose significantly as of December 31, 2019. This was mainly due to the inclusion of leasing liabilities from lease agreements previously treated as operating leases (IFRS 16 effect), as well as a net funding need, as the funds needed for capital expenditures, working capital and costs of capital could not be fully covered by internal financing.

 

Net financial debt as of Dec 31 (€ million)

2019

2018

Change

absolute

%

 

Senior bonds

20,966

20,712

+ 254

+ 1.2

Leasing liabilities 1)

5,015

562

+ 4,453

Commercial paper

890

+ 890

Interest-free loans

707

851

– 144

– 16.9

Other financial debt

1,115

1,119

– 4

– 0.4

Financial debt

28,693

23,244

+ 5,449

+ 23.4

  Liquid assets and financial receivables

– 4,397

– 3,718

– 679

+ 18.3

  Effects from currency hedges

– 121

23

– 144

Net financial debt

24,175

19,549

+ 4,626

+ 23.7

      thereof IFRS 16 effect

4,487

+4,487

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