During the first nine months of 2009 current assets increased by 33.1% to EUR 2,056. 7 million mainly due to higher cash and cash equivalents following the issue of the EUR 750 million bond in January 2009.
Goodwill decreased by 23.5% to EUR 1,498.0 million mainly due to the impairment of the goodwill in Belarus as well as currency translation adjustments primarily attributable to the devaluation of the Belarusian Ruble in 2009. Other intangible assets declined from EUR 2,265.6 million to EUR 1,915.3 million at the end of September 2009 as a result of the currency devaluation in Belarus, the impairment of the license in the Republic of Serbia and amortization exceeding additions. Property, plant and equipment declined by 9.6% to EUR 2,690.8 million due to depreciation charges exceeding additions and as a result of the devaluation of the Belarusian Ruble.
Current liabilities decreased from EUR 2,220. 5 million at the end of December 2008 to EUR 2,144. 1 million at the end of September 2009 as lower accounts payable offset higher short-term borrowings and other current liabilities. Non-current liabilities increased by 5.2% to EUR 4,860. 6 million mainly due to higher long-term debt as a result of the bond issuance in January 2009, which was partly offset by the shift of a bond to short-term borrowings.
Stockholders’ equity decreased from EUR 2,155. 5 million as of December 31, 2008 to EUR 1,567 .3 million as of September 30, 2009 due to the payment of dividends in the amount of EUR 331.8 million as well as higher currency translation adjustments following the devaluation of the Ruble in Belarus as along with impairments in Belarus and in the Republic of Serbia in the amount of EUR 352.0 million.
Net debt decreased by 5.3% to EUR 3,781. 5 million as of September 30, 2009 as cash flow generation offset the payment of dividends and capital expenditures. Net debt to EBITDA (last 12 months) was 3.2x at the end of September 2009 compared to 3.1x at the end of December 2008 as a result of a lower EBITDA. Excluding the restructuring program net debt to EBITDA (last 12 months) remained stable at 2.1x.