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35. Trade liabilities

Trade liabilities increased from €3,476 million by €379 million to €3,855 million.

Currency effects, mainly resulting from the change in the Russian rouble, increased trade liabilities by €64 million. The increase in trade liabilities is mainly attributable to higher purchasing volumes and a higher price level compared to the previous year.

Currency effects
Currency effects arise when the same number of currency units is converted into another currency at different exchange rates.
Previous year Period of 12 months that is usually cited as a reference for statements in the annual report and refers to the financial year preceding the reporting year.

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