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Deutsche Telekom AG - Interim Group report - January 1 to March 31, 2011

21Interim Group management report Mar. 31, 2011 millions of € Dec. 31, 2010 millions of € Change millions of € Change % Mar. 31, 2010 millions of € Bonds 36,751 38,190 (1,439) (3.8) 38,722 Liabilities to banks 4,641 4,190 451 10.8 4,559 Liabilities to non-banks from promissory notes 1,144 1,164 (20) (1.7) 1,124 Derivative financial liabilities 571 561 10 1.8 731 Lease liabilities 1,896 1,934 (38) (2.0) 1,899 Other financial liabilities 839 1,279 (440) (34.4) 839 Gross debt 45,842 47,318 (1,476) (3.1) 47,874 Cash and cash equivalents 1,676 2,808 (1,132) (40.3) 5,553 Available-for-sale/held-for-trading financial assets 84 75 9 12.0 162 Derivative financial assets 921 835 86 10.3 901 Other financial assets 1,361 1,331 30 2.3 840 Net debt 41,800 42,269 (469) (1.1) 40,418 Net debt. Net debt was reduced by EUR 0.5 billion year-on-year, due, on the one hand, to the free cash flow of EUR 1.1 billion and exchange rate effects of EUR 0.7 billion and, on the other, to the payment for the acquisition of the remaining shares in the Polish company PTC (EUR 1.4 billion).