DCSIMG
26 Net debt - Annual Report 2015 - DSM

26 Net debt

The development of the components of net debt is as follows:

Table 1

x € million
Cash and cash equivalents
Current investments
Non-current borrowings
Current borrowings
Credit institutions
Derivatives
Total
               
Balance at 1 January 2014
770
19
(1,725)
(538)
(303)
(64)
(1,841)
               
Change from operating activities
808
-
-
-
-
63
871
Change from investing activities
(515)
(13)
6
2
(26)
-
(546)
               
Reclassification from non-current to current
-
-
623
(623)
-
-
-
Transfers
238
-
(532)
534
(240)
-
-
Dividend
(175)
-
-
-
-
-
(175)
Interest
(302)
-
-
-
-
77
(225)
Proceeds from reissued shares
26
-
-
-
-
-
26
Repurchase of shares
(189)
-
-
-
-
-
(189)
Cash facility associates
(21)
-
-
-
73
-
52
Derivatives
-
-
-
-
-
(391)
(391)
Other
4
-
-
-
-
-
4
Change from financing activities
(419)
-
91
(89)
(167)
(314)
(898)
               
Exchange differences
25
-
(9)
(16)
(6)
-
(6)
               
Total changes
(101)
(13)
88
(103)
(199)
(251)
(579)
               
Balance at 31 December 2014
669
6
(1,637)
(641)
(502)
(315)
(2,420)
               
Change from operating activities
696
-
-
-
-
225
921
Change from investing activities
(275)
3
64
8
45
136
(19)
               
Reclassification from non-current to current
-
-
30
(30)
-
-
-
Transfers
119
-
(1,004)
653
232
-
-
Dividend
(174)
-
-
-
-
-
(174)
Interest
(173)
-
-
-
-
-
(173)
Proceeds from reissued shares
39
-
-
-
-
-
39
Repurchase of shares
(122)
-
-
-
-
-
(122)
Derivatives
(130)
-
-
-
-
(221)
(351)
Other
1
-
-
-
-
-
1
Change from financing activities
(440)
-
(974)
623
232
(221)
(780)
               
Exchange differences
15
-
(10)
(12)
(6)
(10)
(23)
               
Total changes
(4)
3
(920)
619
271
130
99
               
Balance at 31 December 2015
665
9
(2,557)
(22)
(231)
(185)
(2,321)