DSM Integrated Annual Report 2021

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 2020

 

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)

 

(125)

 

(63)

 

(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)

 

(1,020)

 

8

 

79

 

74

 

(1,433)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at 31 December 2020

 

871

 

43

 

(3,484)

 

(49)

 

(53)

 

95

 

(2,577)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change from operating activities

 

1,427

 

-

 

(7)

 

-

 

-

 

(66)

 

1,354

Change from investing activities

 

208

 

445

 

(3)

 

(2)

 

24

 

-

 

672

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reclassification from non-current to current

 

-

 

-

 

516

 

(516)

 

-

 

-

 

-

Transfers

 

(522)

 

-

 

24

 

506

 

(12)

 

4

 

-

Dividend

 

(266)

 

-

 

-

 

-

 

-

 

-

 

(266)

Interest

 

(65)

 

-

 

-

 

-

 

-

 

-

 

(65)

Proceeds from reissued shares

 

34

 

-

 

-

 

-

 

-

 

-

 

34

New/unwinding leases

 

-

 

-

 

(19)

 

-

 

-

 

-

 

(19)

Repurchase of shares

 

(165)

 

-

 

-

 

-

 

-

 

-

 

(165)

Derivatives

 

-

 

-

 

-

 

-

 

-

 

-

 

-

Other

 

-

 

-

 

-

 

-

 

-

 

(4)

 

(4)

Change from financing activities

 

(984)

 

-

 

521

 

(10)

 

(12)

 

-

 

(485)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exchange differences

 

39

 

1

 

(16)

 

-

 

(2)

 

-

 

22

Total changes

 

690

 

446

 

495

 

(12)

 

10

 

(66)

 

1,563

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at 31 December 2021

 

1,561

 

489

 

(2,989)

 

(61)

 

(43)

 

29

 

(1,014)

In 2021, the gearing (net debt / equity plus net debt) was 9.7% (in 2020: 25.6%)

Net debt
Net debt is the total of current and non-current borrowings less cash and cash equivalents, current investments and the net position of derivatives.