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)
201120122013201420152016201720182019
 Financial debt18,35118,61319,31320,33422,42822,48122,07623,24428,693
- Receivables from financing and cash and cash equivalents

1,759

2,247

2,951

4,1224,6594,5843,5283,7184,397
- Effects of currency hedges 1)----278273-75-23121
Net financial debt16,59216,36616,36216,21217,49117,62418,62319,54924,175

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, 2019 the financial debt with an amount of € 28,7 billion consisted of the following items:

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