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Net debt declines to , million
Our net debt declined from , million as at  December  to , million
at the reporting date. e prior-year gure was aected by the additional  payment
( million) and the amount demanded as repayment of state aid that is administered
in a trust account ( million), amongst other things.
e equity ratio improved by one percentage point to . .
e dynamic gearing ratio is an indicator of internal nancing capacity and expresses
the average number of years a company would require to pay o its outstanding debt
using the cash ow generated from operating activities. It amounted to . years in the
year under review.
Net interest cover shows the extent to which net interest obligations are covered by
. Due to the improved , it rose to ..
Net gearing expresses the ratio of net debt to the total of equity and net debt. is
amounted to .  at  December .
. Net debt
 m
2012 2013
Non-current financial liabilities 4,399 4,591
Current financial liabilities 377 1,290
Financial liabilities 4,776 5,881
Cash and cash equivalents 2,400 3,417
Current financial assets 252 821
Long-term deposits 1 57 55
Positive fair value of non-current financial derivatives 1 115 107
Financial assets 2,824 4,400
Net debt 1,952 1,481
1 Prior-year amount adjusted. Reported in current financial liabilities in the balance sheet.
61Deutsche Post DHL 2013 Annual Report
Report on Economic Position
Net assets
Group Management Report