Indicators for continuing operations
Net liquidity declined from €1,690 million as at 31 December 2009 to €535 million as at 30 June 2010, because our investing and, in particular, our financing activities led to cash outflows. The equity ratio improved by 3.4 percentage points to 27.2%. The decrease in net liquidity also had an effect on net gearing, which changed from –25.7% to –5.6%.
 
Selected indicators for net assets (continuing operations) |
| |
|
Equity ratio |
%
|
23.8
|
27.2
|
|
Net liquidity
|
€m |
–1,690
|
–535
|
|
Net gearing |
%
|
–25.7
|
–5.6
|
|
FFO to debt1)
|
%
|
33.6
|
34.2
|
|
Net liquidity
|
€m
|
|
Non-current financial liabilities |
6,699
|
6,701
|
 Current financial liabilities
|
740
|
786
|
 Financial liabilities
|
7,439
|
7,487
|
 Cash and cash equivalents |
3,064
|
2,065
|
|
Current financial assets
|
1,894
|
1,671
|
|
Long-term deposits1)
|
120
|
120
|
|
Positive fair value of non-current financial derivatives1)
|
805
|
2,284
|
|
Financial assets |
5,883
|
6,140
|
| Financial liabilities to Williams Lea minority shareholders
|
23
|
27
|
|
Mandatory exchangeable bond2)
|
2,670
|
2,732
|
|
Collateral for the put option2)
|
1,200
|
1,223
|
|
Net effect from measurement of Postbank derivatives3)
|
647
|
2,100
|
|
Non-cash adjustments
|
3,246
|
1,882
|
|
Net liquidity (–)/net debt (+) |
–1,690
|
–535
|
Report by the Board of Management for calculation.
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