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%).