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Net debt/net liquidity
Our net liquidity declined from € 1,382 million as at 31 December 2010 to € 938 million as at 31 December 2011, in part because cash paid to acquire property, plant and equipment and intangible assets increased substantially to € 1,716 million (previous year: € 1,174 million).
Net liquidity (-)/net debt (+)
| €m | 2010 | 2011 |
| Non-current financial liabilities | 6,275 |
1,346 |
 Current financial liabilities |
747 |
5,588 |
 Financial liabilities |
7,022 |
6,934 |
 Cash and cash equivalents |
3,415 |
3,123 |
| Current financial assets |
655 |
2,498 |
| Long-term deposits1) |
120 |
56 |
| Positive fair value of non-current financial derivatives1) |
2,531 |
94 |
| Financial assets |
6,721 |
5,771 |
| Financial liabilities to Williams Lea minority shareholders |
28 |
36 |
| Mandatory exchangeable bond2) |
2,796 |
2,926 |
| Collateral for the put option2) |
1,248 |
1,298 |
| Net effect of the measurement of the Postbank derivatives3) |
2,389 |
2,159 |
| Non-cash adjustments |
1,683 |
2,101 |
| Net debt (+)/net liquidity(-) | -1,382 | -938 |
- 1)
- Reported in non-current financial assets in the balance sheet.
- 2)
- Reported in non-current or current financial liabilities in the balance sheet.
- 3)
- Reported in non-current or current financial assets and liabilities in the balance sheet.
