Net Financial Debt

Bayer publishes its amount of net financial debt on a regular basis. This shows the Group’s net financing requirements and is calculated from gross financial obligations less liquid assets and receivables from financial derivatives:

Net Financial Debt1Dec. 31, 2017March 31, 2018
€ million€ million
Bonds and notes / promissory notes12,43612,290
 of which hybrid bonds24,5334,534
Liabilities to banks534611
Liabilities under finance leases238248
Liabilities from derivatives3240199
Other financial liabilities970686
Receivables from derivatives3(244)(223)
Financial liabilities14,17413,811
Cash and cash equivalents(7,581)(5,332)
Current financial assets4(2,998)(6,829)
Net financial debt (including hybrid bonds)3,5951,650

1 For definition see Annual Report 2017, Chapter “Alternative Performance Measures Used by the Bayer Group.”
2 Classified as debt according to IFRS
3 These include the market values of interest-rate and currency hedges of recorded transactions.
4 These include short-term loans and receivables with maturities between 3 and 12 months outstanding from banks and other companies as well as financial investments in debt and equity instruments that were recorded as current on first-time recognition.

 

Development of Net Financial Debt in 2017

Long-term Development of Net Financial Debt