Financial Situation
Net financial debt
| € million | Jun 30, 2011 | Jun 30, 2010 | Change absolute | Change % |
| Non-current financial debt | 16,307 | 16,394 | - 87 | - 0.5 |
| thereof Federal loans | 1,673 | 2,503 | - 830 | - 33.2 |
| Current financial debt | 2,694 | 2,159 | + 535 | + 24.8 |
| thereof Federal loans | 375 | 433 | - 58 | - 13.4 |
| FINANCIAL DEBT | 19,001 | 18,553 | + 448 | + 2.4 |
| - Cash and cash equivalents and receivables from financing | 1,711 | 1,614 | + 97 | + 6.0 |
| NET FINANCIAL DEBT | 17,290 | 16,939 | + 351 | + 2.1 |
Financial debt increased by € 448 million to € 19,001 million in the period under review. Bonds of € 1,054 million were repaid, and bonds of € 994 million were issued, which meant that the overall volume of bonds declined slightly.
On the other hand, financial debt was increased by the issue of commercial paper, for which the volume as of June 30, 2011 increased by € 1,664 million compared with December 31, 2010, namely to € 1,706 million.
The Federal loans declined by a total of € 888 million to € 2,048 million (as of December 31, 2010: € 2,936 million). This was due to the early repayment of interest-free Federal loans as part of the financing cycle rail [see "IR-Portal"]. The interest-free Federal loans therefore declined by € 723 million as of June 30, 2011, to € 1,883 million (as of December 31, 2010: € 2,606 million).
Financial debt excluding the Federal loans increased to € 16,953 million in the year under review (as of December 31, 2010: € 15,617 million).
The available liquidity as of June 30, 2011 increased by € 97 million to € 1,711 million. Accordingly, the increase in net financial debt was lower than the increase in financial debt.
There was a minor change in the maturity structure as of June 30, 2011. There has been a shift towards short-term financial debt, which now account for 14 % of total financial debt (as of December 31, 2010: 12 %).
There has been a slight change in the breakdown of borrowings as of June 30, 2011; they mainly comprise bonds (62%; as of December 31, 2010: 64 %) and Federal loans (11 %; as of December 31, 2010: 16 %).
Last modified: 28.07.2011