The principles and aims of financial management presented in the 2007 Annual Report remain in force and are being pursued unchanged. In the first half of 2008, the euro was again the Group’s most important currency in which debt is denominated. Including hedging transactions, it accounted for 43% of net debt, whilst the share of net debt denominated in US dollars was 36%. The other basic financial data outlined in the Annual Report are still valid.

In June 2008, our rating was reviewed by the rating agencies Standard & Poor’s, Moody’s Investors Service and Fitch Ratings. It was downgraded by Standard & Poor’s to BBB+. In July, immediately after the reporting period, Fitch and Moody’s revised the outlook to negative and downgraded our rating to A3.

Our credit quality continues to be highly rated, however, as a result of which the current crisis in the financial markets is not affecting our refinancing options or liquidity position. At the reporting date, the Group had unsecured firm credit lines totalling around €4.2 billion, of which around €1.2 billion had been used. Average drawings on these lines stood at around 18.1% in the first half of the year (previous year: 1.3%). In addition, we have a short-term financing facility worth €1 billion in the form of the commercial paper programme launched at the start of the year. This programme was used to raise an average of €20 million to €500 million a month in the first half of the year.