Net financial liabilities

Net financial liabilities are the total of all financial liabilities due to banks less cash and cash equivalents.

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

Financial liabilities to banks came to EUR 176 million, down on the prior-year level (December 31, 2012: EUR 385 million). This development mainly reflected a reduction in the amount of debt capital needed from the deconsolidation of Distributionszentrum Vermietungsgesellschaft mbH & Co. Objekt HUGO BOSS Filderstadt KG.

Net financial liabilities improved

Net financial liabilities thus improved by a further EUR 73 million from EUR 130 million in the prior year to EUR 57 million as of December 31, 2013.