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%).