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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 2017
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)
               
Change from operating activities
1,391
-
(1)
-
-
6
1,396
Change from investing activities
(605)
323
-
(10)
3
1
(288)
               
Reclassification from non-current to current
-
-
304
(304)
-
-
-
Transfers
22
-
(24)
12
(9)
(1)
-
Dividend
(225)
-
-
-
-
-
(225)
Interest
(59)
-
-
-
-
-
(59)
Proceeds from reissued shares
97
-
-
-
-
-
97
Repurchase of shares
(236)
-
-
-
-
-
(236)
Derivatives
-
-
-
-
-
(58)
(58)
Change from financing activities
(401)
-
280
(292)
(9)
(59)
(481)
               
Exchange differences
(3)
-
-
2
3
-
2
               
Total changes
382
323
279
(300)
(3)
(52)
629
               
Balance at 31 December 2018
1,281
1,277
(2,272)
(308)
(72)
(19)
(113)

In 2018, the gearing (net debt / equity plus net debt) was 1.4% (in 2017: 9.5%).