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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.
| 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 | – 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 | |