Net financial liabilities

Net financial liabilities as of December 31 (in EUR million)

Increase in net financial liabilities due to free cash flow

Net financial liabilities are the total of all financial liabilities due to banks less cash and cash equivalents. Liabilities from finance leases are not included in the calculation of this indicator. Net financial liabilities increased as of the end of fiscal year 2015 to EUR 82 million (December 31, 2014: EUR 36 million). The key factor here was the decrease in free cash flow.

At EUR 164 million, financial liabilities due to banks remained at the prior-year level (December 31, 2014: EUR 164 million).