25 Net debt
The development of the components of net debt is as follows:
Cash and cash equivalents | Current invest-ments | Non-current borrowings | Current borrowings | Credit institutions | Derivatives | Total | |
Balance at 1 January 2018 | 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) |
Change from operating activities | 1,385 | - | (8) | - | - | 28 | 1,405 |
Change from investing activities | (525) | (589) | (27) | - | (2) | 3 | (1,140) |
Reclassification from non-current to current | - | - | 50 | (50) | - | - | - |
Opening balance lease liabilities (adoption) | - | - | (215) | - | - | - | (215) |
Transfers | (290) | - | 46 | 301 | (57) | - | - |
Dividend | (291) | - | - | - | - | - | (291) |
Interest | (62) | - | - | - | - | 5 | (57) |
Proceeds from reissued shares | 180 | - | - | - | - | - | 180 |
New/unwinding leases | - | - | (39) | - | - | - | (39) |
Repurchase of shares | (869) | - | - | - | - | - | (869) |
Derivatives | - | - | - | - | - | (6) | (6) |
Other | - | - | 2 | - | - | - | 2 |
Change from financing activities | (1,332) | - | (156) | 251 | (57) | (1) | (1,295) |
Exchange differences | (9) | (1) | (1) | 10 | (1) | ||
Total changes | (481) | (589) | (192) | 251 | (60) | 40 | (1,031) |
Balance at 31 December 2019 | 800 | 688 | (2,464) | (57) | (132) | 21 | (1,144) |
In 2019, the gearing (net debt / equity plus net debt) was 12.7% (in 2018: 1.4%). Due to the introduction of IFRS 16, the gearing increased by 2.6% (from 1.4% to 4.0%).