Net debt

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

 
Cash and cash equivalents
Current investments
Non-current borrowings
Current borrowings
Credit institutions
Derivatives
Total
        
Balance at 1 January 2016
665
9
(2,557)
(22)
(231)
(185)
(2,321)
        
Change from operating activities
1,018
-
-
-
-
8
1,026
Change from investing activities
(1,194)
935
-
(7)
-
-
(266)
        
Reclassification from non-current to current
-
-
759
(759)
-
-
-
Transfers
584
-
(748)
3
161
-
-
Dividend
(190)
-
-
-
-
-
(190)
Interest
(151)
-
-
-
-
27
(124)
Proceeds from reissued shares
137
-
-
-
-
-
137
Repurchase of shares
(273)
-
-
-
-
-
(273)
Derivatives
-
-
-
-
-
(65)
(65)
Other
6
-
(5)
-
-
-
1
Change from financing activities
113
-
6
(756)
161
(38)
(514)
        
Exchange differences
2
-
(1)
(1)
3
2
5
        
Total changes
(61)
935
5
(764)
164
(28)
251
        
Balance at 31 December 2016
604
944
(2,552)
(786)
(67)
(213)
(2,070)
        
Change from operating activities
996
(20)
(2)
-
-
45
1,019
Change from investing activities
689
30
(4)
(20)
-
21
716
        
Reclassification from non-current to current
-
-
12
(12)
-
-
-
Transfers
(794)
-
(6)
810
(10)
-
-
Dividend
(200)
-
-
-
-
-
(200)
Interest
(135)
-
-
-
-
-
(135)
Proceeds from reissued shares
107
-
-
-
-
-
107
Repurchase of shares
(297)
-
-
-
-
-
(297)
Derivatives
(28)
-
-
-
-
180
152
Other
3
-
-
-
-
-
3
Change from financing activities
(1,344)
-
6
798
(10)
180
(370)
        
Exchange differences
(46)
-
1
-
8
-
(37)
        
Total changes
295
10
1
778
(2)
246
1,328
        
Balance at 31 December 2017
899
954
(2,551)
(8)
(69)
33
(742)

In 2017, the gearing (net debt / equity plus net debt) is 9.5% (in 2016: 25.1%).