The development of the components of net debt is as follows.
|
|
Cash and cash equivalents |
|
Current investments |
|
Non-current borrowings |
|
Current borrowings |
|
Derivatives |
|
Total |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Balance at 1 January 2022 |
|
1,561 |
|
489 |
|
(2,995) |
|
(103) |
|
29 |
|
(1,019) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Change from operating activities |
|
965 |
|
- |
|
(9) |
|
- |
|
65 |
|
1,021 |
Change from investing activities |
|
876 |
|
(364) |
|
7 |
|
20 |
|
- |
|
539 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Reclassification from non-current to current |
|
- |
|
- |
|
40 |
|
(40) |
|
- |
|
- |
Transfers |
|
(58) |
|
- |
|
17 |
|
39 |
|
2 |
|
- |
Dividend |
|
(345) |
|
- |
|
- |
|
- |
|
- |
|
(345) |
Interest |
|
(52) |
|
- |
|
- |
|
- |
|
- |
|
(52) |
Proceeds from reissued shares |
|
25 |
|
- |
|
- |
|
- |
|
- |
|
25 |
New/unwinding leases |
|
- |
|
- |
|
(34) |
|
- |
|
- |
|
(34) |
Repurchase of shares |
|
(210) |
|
- |
|
- |
|
- |
|
- |
|
(210) |
Other |
|
(5) |
|
- |
|
- |
|
- |
|
(5) |
|
(10) |
Change from financing activities |
|
(645) |
|
- |
|
23 |
|
(1) |
|
(3) |
|
(626) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Exchange differences |
|
(2) |
|
- |
|
(4) |
|
(2) |
|
6 |
|
(2) |
Total changes |
|
1,194 |
|
(364) |
|
17 |
|
17 |
|
68 |
|
932 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at 31 December 2022 |
|
2,755 |
|
125 |
|
(2,978) |
|
(86) |
|
97 |
|
(87) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Change from operating activities |
|
1,265 |
|
- |
|
- |
|
- |
|
(49) |
|
1,216 |
Change from investing activities |
|
(726) |
|
(18) |
|
(1,652) |
|
(569) |
|
- |
|
(2,965) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Reclassification from non-current to current |
|
- |
|
- |
|
578 |
|
(578) |
|
- |
|
- |
Transfers |
|
(610) |
|
- |
|
90 |
|
516 |
|
4 |
|
- |
Dividend and remuneration perpetual notes |
|
(610) |
|
- |
|
- |
|
- |
|
- |
|
(610) |
Interest |
|
(61) |
|
- |
|
(19) |
|
- |
|
- |
|
(80) |
Proceeds from (re)issued shares |
|
757 |
|
- |
|
- |
|
- |
|
- |
|
757 |
New/unwinding leases |
|
- |
|
- |
|
(136) |
|
- |
|
- |
|
(136) |
Repurchase of shares |
|
(256) |
|
- |
|
- |
|
- |
|
- |
|
(256) |
Other |
|
(40) |
|
- |
|
- |
|
- |
|
- |
|
(40) |
Change from financing activities |
|
(820) |
|
- |
|
513 |
|
(62) |
|
4 |
|
(365) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Exchange differences |
|
(18) |
|
- |
|
3 |
|
1 |
|
- |
|
(14) |
Total changes |
|
(299) |
|
(18) |
|
(1,136) |
|
(630) |
|
(45) |
|
(2,128) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at 31 December 2023 |
|
2,456 |
|
107 |
|
(4,114) |
|
(716) |
|
52 |
|
(2,215) |
In 2023, the gearing (net debt/equity plus net debt) was 8.8% (in 2022: 0.8%).