Net debt reconciliation

Cash and cash equi­va­lents and compa­ra­ble assets are netted against finan­cial liabi­li­ties, in parti­cu­lar medium- and long-term liabi­li­ties to banks, but also in some cases “quasi-finan­cial liabi­li­ties” such as taxes, pensi­ons and, where appli­ca­ble, other deduc­ti­ble items agreed by the parties.