Net Borrowings

Net borrowings at September 30, 2009 amounted to € 2.294 billion, which represents a decrease of € 299 million, or 12%, Versus € 2.593 billion at the end of September 2008. Lower working capital requirements were the main reason for the net debt decline. This positive effect more than offset cash outflows in an amount of € 32 million in relation to the meanwhile completed share buyback programme as well as negative currency translation effects in an amount of € 5 million. Consequently, the Group’s financial leverage decreased to 70.2% at the end of September 2009 versus 78.5% in the prior year.

Historical Development of Net Borrowings (€ in millions)

First Quarter 2008  2,073 First Quarter 2009  2,883 Second Quarter 2008  2,260 Second Quarter 2009  2,732 Third Quarter 2008  2,593 Third Quarter 2009  2,294 Fourth Quarter 2008  2,189 Fourth Quarter 2009  -