Structure of financial debt

The financial debt include all interest-bearing liabilities.

Net financial debt are derived after the exclusion of cash and cash equivalents and financial receivables. To compensate currency fluctuations  in hedged foreign bonds we refer since fiscal year 2015, the corresponding hedging transactions in the contemplation of the net financial debt. Viewed over the past five years, our financial debt has increased significantly, due to investments made as well as a result of the bond portfolio expansion and the divident payments to the Federal Government.

Derivation of net financial debt

Net financial debt
€ million
2011 2012 2013 2014 2015 2016 2017
  Financial debt 18,351 18,613 19,313 20,334 22,428 22,481 22,076
- Receivables from financing and cash and cash equivalents

1,759

2,247

2,951

4,122 4,659 4,584 3,528
- Effects of currency hedges 1) - - - - 278 273 -75
Net financial debt 16,592 16,366 16,362 16,212 17,491 17,624 18,623

1) To compensate currency fluctuations in hedged foreign bonds we refer since fiscal year 2015, the corresponding hedging transactions in the contemplation of the net financial debt.

Structure of financial debt

As of December 31, 2017, the financial debt with an amount of € 22.1 billion consisted of the following items: