Financial situation
Net financial debt
| € MILLION | Dec 31, 2010 | Dec 31, 2009 | Change absolute | Change % |
| Non-current financial debt | 16,394 | 14,730 | + 1,664 | + 11.3 |
| thereof Federal Loans | 2,503 | 2,785 | - 282 | - 10.1 |
| Current financial debt | 2,159 | 1,780 | + 379 | + 21.3 |
| thereof Federal loans | 433 | 491 | - 58 | - 11.8 |
| FINANCIAL DEBT | 18,553 | 16,510 | + 2,043 | + 12.4 |
| - Cash and cash equivalents and receivables from financing | 1,614 | 1,499 | + 115 | + 7.7 |
| NET FINANCIAL DEBT | 16,939 | 15,011 | + 1,928 | + 12.8 |
| - Purchase price Arriva | 1,916 | - | + 1,916 | - |
| - Net financial debt DB Arriva | 1,057 | - | + 1,057 | - |
| NET FINANCIAL DEBT (EXCLUDING DB ARRIVA) | 13,966 | 15,011 | - 1,045 | - 7.0 |
Financial debt rose during the year under review by € 2,043 million to € 18,553 million. We issued five bonds with a total volume of € 2.5 billion; we redeemed one bond that had a nominal value of € 1.0 billion. Furthermore, in January 2010 we borrowed € 200 million from EUROFIMA, Basel/Switzerland. The increase in financial debt was due to the acquisition of Arriva [see "Related Topics"] . Excluding the acquisition, net financial debt was again reduced significantly (€ - 1.0 billion).
Total Federal loans decreased by € 340 million to € 2,936 million (as of December 31, 2009: € 3,276 million). Using IFRS as a basis for calculation, the present value of interest-free Federal loans fell by € 175 million to € 2,606 million (as of December 31, 2009: € 2,781 million).
Financial debt excluding Federal loans rose during the year under review to € 15,617 million (as of December 31, 2009: € 13,234 million).
Cash and cash equivalents available as of December 31, 2010 increased by € 115 million to € 1,614 million. Liquidity was increased to enable repayment of financial debt due in January 2011. Accordingly, net financial debt rose at a slower pace than financial debt.
The structure of maturities was almost unchanged as of December 31, 2010. There was a slight shift to short-term financial debt as their share of financial debt increased from 11 % to 12 %.
The composition of financial debt remained almost unchanged as of December 31, 2010 and consisted primarily of bonds (64 %; as of December 31, 2009: 61 %) and Federal loans (16 %; as of December 31, 2009: 20 %).
As of December 31, 2010, 73.5 % of our outstanding bonds consisted of fixed income euro-denominated issues, while 26.5 % were fixed-income bonds denominated in a foreign currency. To avoid exchange rate risks we entered into interest-currency swaps with identical maturities for each transaction.
FINANCIAL DEBT STRUCTURE
Last modified: 27.06.2011