5.1. Reconciliation of debt
Accounting policies
The Group defines net debt as the total of existing bank borrowings (both current and non-current), debt securities, lease liabilities and liabilities under non-bank borrowings, less cash and cash equivalents and cash classified as non-current assets. The Group presents net debt to EBITDA as a measure of its debt.
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| Net debt | 2016 | 2015 | |
|---|---|---|---|
| Bank borrowings | 1,180 | 1,241 | |
| Debt securities | 143 | 4,514 | |
| Other | 23 | 44 | |
| Total liabilities under non-current debt | 1,346 | 5,799 | |
| Bank borrowings | 143 | 283 | |
| Debt securities | 4,841 | 258 | |
| Other | 22 | 42 | |
| Total liabilities under current debt | 5,006 | 583 | |
| Total debt | 6,352 | 6,382 | Nota 5.4. |
| Cash and cash equivalents | 5,829 | 6,022 | |
| Net debt | 523 | 360 | |
| EBITDA | 5,974 | 6,080 | Nota 2.2. |
| Net debt / EBITDA | 0.09 | 0.06 |
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| Change in debt | Bank borrowings | Debt securities | Other | Total |
|---|---|---|---|---|
| As at Jan 1 2015 | 814 | 4,894 | 130 | 5,838 |
| Increase in debt | 1,597 | 362 | – | 1,959 |
| financing received | 1,586 | 362 | – | 1,948 |
| transaction costs | 11 | – | – | 11 |
| Interest accrued | 72 | 109 | 5 | 186 |
| Debt-related payments | (1,023) | (501) | (54) | (1,578) |
| principal repayments | (927) | (390) | (49) | (1,366) |
| interest paid | (71) | (111) | (5) | (187) |
| commission fees paid | (25) | – | – | (25) |
| Exchange differences on debt in foreign currencies | 64 | (92) | 2 | (26) |
| Finance lease | – | – | 3 | 3 |
| As at Dec 31 2015 | 1,524 | 4,772 | 86 | 6,382 |
| Increase in debt | 317 | 147 | – | 464 |
| financing received | 304 | 147 | – | 451 |
| transaction costs | 13 | – | – | 13 |
| Interest accrued | 67 | 17 | 4 | 88 |
| Debt-related payments | (554) | (408) | (59) | (1,021) |
| principal repayments | (478) | (270) | (55) | (803) |
| interest paid | (68) | (138) | (4) | (210) |
| commission fees paid | (8) | – | – | (8) |
| Exchange differences on debt in foreign currencies | (56) | 261 | (1) | 204 |
| Finance lease | – | – | 2 | 2 |
| Changes in the Group | 25 | 195 | 13 | 233 |
| As at Dec 31 2016 | 1,323 | 4,984 | 45 | 6,352 |
