At 23.8%, the equity ratio was exactly the same as in the previous year.

Net gearing – the ratio of net debt to the sum of equity and net debt combined – fell from 23.7% to –25.7%.

Net interest cover is calculated by dividing EBIT by net interest received/paid and shows the ratio of EBIT to net interest obligations. It declined from 7.1 to 1.2.

The dynamic gearing ratio is an indicator of internal financing capacity and expresses the average number of years required to pay off outstanding debt using the cash flow generated from operating activities in the year under review. It changed from an average of 0.7 years to –1.4 years.

A.30 Net debt calculation (continuing operations)
€m
	2008	2009
Non-current financial liabilities	3,452	6,699
Current financial liabilities	1,422	740
Financial liabilities	4,874	7,439
Cash and cash equivalents	1,350	3,064
Current financial assets	684	1,894
Long-term deposits1)	256	120
Positive fair value of non-current financial derivatives2)	89	805
Financial assets	2,379	5,883
Financial liabilities to Williams Lea minority shareholders	29	23
Mandatory exchangeable bond3)	0	2,670
Collateral for the put option3)	0	1,200
Net effect of the measurement of the Postbank derivatives4)	0	647
Non-cash adjustments	29	3,246
Net debt/net liquidity (continuing operations)	2,466	–1,690