Net debt

Net debt higher due to Essent acquisition


Net debt
€ million

Sep 30, 2009

Dec 31, 2008

+/–
in %

Cash and cash equivalents

3,327

1,249

166.4

Marketable securities

6,096

8,052

–24.3

Other financial assets

2,820

4,832

–41.6

Financial assets of continuing operations

12,243

14,133

–13.4

Bonds, notes payable, bank debt, commercial paper

19,856

11,839

67.7

Other financial liabilities

2,263

1,644

37.7

Financial liabilities of continuing operations

22,119

13,483

64.1

Net financial debt of continuing operations

9,876

–650

Provisions for pensions and similar obligations

3,658

2,738

33.6

Capitalised surplus of plan assets over benefit obligations

17

Provisions for nuclear waste management

9,527

9,465

0.7

Mining provisions

2,618

2,866

–8.7

Net debt of continuing operations

25,662

14,419

78.0

Net debt of discontinued operations

4,240

Net debt of the RWE Group

25,662

18,659

37.5

Our net debt as of September 30, 2009, totalled € 25.7 billion, up € 7.0 billion since December 31, 2008. This was largely caused by capital expenditure, which was unusually high due to the acquisition of Essent. Our dividend payments had an impact of € 2.6 billion. A counteracting effect was felt from cash flows from operating activities. Furthermore, we deconsolidated American Water’s net debt, which amounted to € 4.2 billion at the end of 2008. Our stake in the US water utility was reduced to a minority interest in June 2009.