Net financial debt

Net financial debt rose significantly. This was mainly due to a net need for capital, mainly as a result of the significant decrease in revenues due to Covid-19. As a result of the effects of the Covid-19 pandemic, working capital and capital costs could only be partially covered with internal financing.

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Net financial debt (€ million)Jun 30,
2020
Dec 31,
2019

Change

absolute

%

 

Senior bonds

23,788

20,966

+ 2,822

+ 13.5

Lease liabilities 

4,357

5,015

– 658

– 13.1

Commercial paper

1,677

890

+ 787

+ 88.4

Interest-­­free loans

560

707

– 147

– 20.8

Other financial debt

1,029

1,115

– 86

– 7.7

Financial debt

31,411

28,693

+ 2,718

+ 9.5

  Cash and cash equivalents and
receivables from financing

– 4,025

– 4,397

+ 372

– 8.5

  Effects from currency hedges

127

– 121

+ 248

Net financial debt

27,513

24,175

+ 3,338

+ 13.8

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