The development of the components of net debt is as in the table below.
|
|
Cash and cash equivalents |
|
Current investments |
|
Non-current borrowings |
|
Current borrowings |
|
Derivatives |
|
Total |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Balance at 1 January 2023 |
|
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 |
|
(610) |
|
– |
|
– |
|
– |
|
– |
|
(610) |
Interest |
|
(61) |
|
– |
|
(19) |
|
– |
|
– |
|
(80) |
Proceeds from reissued 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) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Change from operating activities |
|
1,778 |
|
– |
|
– |
|
– |
|
(47) |
|
1,731 |
Change from investing activities |
|
(252) |
|
(57) |
|
39 |
|
2 |
|
– |
|
(268) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Reclassification from non-current to current |
|
– |
|
– |
|
670 |
|
(670) |
|
– |
|
– |
Transfers |
|
138 |
|
– |
|
(810) |
|
671 |
|
1 |
|
– |
Dividend and remuneration perpetual notes |
|
(695) |
|
– |
|
– |
|
– |
|
– |
|
(695) |
Interest |
|
(67) |
|
– |
|
(37) |
|
(8) |
|
– |
|
(112) |
Proceeds from (re)issued shares |
|
21 |
|
– |
|
– |
|
– |
|
– |
|
21 |
New/unwinding leases |
|
– |
|
– |
|
(189) |
|
(8) |
|
– |
|
(197) |
Repurchase of shares |
|
(706) |
|
– |
|
– |
|
(105) |
|
– |
|
(811) |
Other |
|
(25) |
|
– |
|
– |
|
– |
|
– |
|
(25) |
Change from financing activities |
|
(1,334) |
|
– |
|
(366) |
|
(120) |
|
1 |
|
(1,819) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Exchange differences |
|
19 |
|
– |
|
(3) |
|
(2) |
|
1 |
|
15 |
Total changes |
|
211 |
|
(57) |
|
(330) |
|
(120) |
|
(45) |
|
(341) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at 31 December 2024 |
|
2,667 |
|
50 |
|
(4,444) |
|
(836) |
|
7 |
|
(2,556) |
In 2024, the gearing (net debt/equity plus net debt) was 10.1% (in 2023: 8.8%).