Creditor Relations

Net debt/net liquidity

The sale of Postbank significantly reduced our net debt and increased our net liquidity. Although financial liabilities increased following subscription of the mandatory exchangeable bond and payment of the collateral for the put option on the remaining Postbank shares, the cash and financial assets received in exchange for the Postbank shares increased.

• However, we have not included the mandatory exchangeable bond when calculating net debt, as it will be paid for in full by Postbank shares.
• Equally, the collateral for the put option on the remaining Postbank shares and the net effect of the measurement of the derivatives from the sale of Postbank are not included in the calculation. As a result, net debt decreased, or net liquidity increased in 2009, from €2,466 million to €−1,690 million.
• As at 31 March 2010 net liquidity changed from €−1,690 million to €−1,410 million because our operating, investing and financing activities each led to a cash outflow in the first quarter of 2010.

Net debt/net liquidity (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