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 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
| Financial debt | 18,351 | 18,613 | 19,313 | 20,334 | 22,428 | 22,481 | 22,076 | 23,244 | 28,693 | 33,324 | 34,486 | 35,273 | 38,108 | 38,123 | 32,984 | |
| - Receivables from financing and cash and cash equivalents | -1,759 | -2,247 | -2,951 | -4,122 | -4,659 | -4,584 | -3,528 | -3,718 | -4,397 | -4,036 | -5.132 | -6.323 | -3.934 | -5.442 | -12,202 | |
| - Effects of currency hedges 1) | - | - | - | - | -278 | -273 | -75 | -23 | -121 | 57 | -247 | -123 | -221 | -107 | -88 | |
| Net financial debt | 16,592 | 16,366 | 16,362 | 16,212 | 17,491 | 17,624 | 18,623 | 19,549 | 24,175 | 29,345 | 29.107 | 28.827 | 33.953 | 32.574 | 20,694 | |
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, 2025 the financial debt consisted of the following items: