DSM Integrated Annual Report 2020

25 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 2019

 

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)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change from operating activities

 

1,494

 

-

 

(8)

 

-

 

-

 

90

 

1,576

Change from investing activities

 

(1,482)

 

(646)

 

(120)

 

(68)

 

(17)

 

-

 

(2,333)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reclassification from non-current to current

 

 

 

 

 

142

 

(142)

 

-

 

-

 

-

Transfers

 

705

 

-

 

(1,011)

 

211

 

95

 

-

 

-

Dividend

 

(289)

 

-

 

-

 

-

 

-

 

-

 

(289)

Interest

 

(54)

 

-

 

-

 

-

 

-

 

-

 

(54)

Proceeds from reissued shares

 

63

 

-

 

-

 

-

 

-

 

-

 

63

New / unwinding leases

 

-

 

-

 

(34)

 

-

 

-

 

-

 

(34)

Repurchase of shares

 

(309)

 

-

 

-

 

-

 

-

 

-

 

(309)

Derivatives

 

-

 

-

 

-

 

-

 

-

 

-

 

-

Other

 

(33)

 

-

 

-

 

-

 

-

 

-

 

(33)

Change from financing activities

 

83

 

-

 

(903)

 

69

 

95

 

-

 

(656)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exchange differences

 

(24)

 

1

 

14

 

-

 

1

 

(16)

 

(24)

Reclassification to held for sale

 

-

 

-

 

2

 

2

 

-

 

-

 

4

Total changes

 

71

 

(645)

 

(1,015)

 

3

 

79

 

74

 

(1,433)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at 31 December 2020

 

871

 

43

 

(3,479)

 

(54)

 

(53)

 

95

 

(2,577)

In 2020, the gearing (net debt / equity plus net debt) was 25.6% (in 2019: 12.7%).