Note E: Net debt

Analysis of net debt by category

 

 

 

 

 

In € millions

 

2014

 

2015

Bonds issued

 

1,610

 

1,292

Debt to subsidiaries

 

5,299

 

3,429

Other borrowings

 

60

 

30

Long-term borrowings

 

6,969

 

4,751

Current portion of debenture loans

 

623

 

339

Current portion of other long-term borrowings

 

30

 

30

Borrowings from associates and joint ventures

 

41

 

Short-term loans

 

22

 

4

Short-term borrowings

 

716

 

373

Total borrowings

 

7,685

 

5,124

Cash and cash equivalents

 

(724)

 

(373)

 

6,961

 

4,751

Long-term-borrowings

For the fair value of the debenture loans, see Note 22 of the notes of the Consolidated financial statements.

Bonds issued

 

 

 

 

 

In € millions

 

2014

 

2015

8% 2009/16 (£250 million)

 

320

 

4% 2011/18 (€800 million)

 

794

 

796

1 3/4% 2014/24 (€500 million)

 

496

 

496

Total

 

1,610

 

1,292

We have a €1.8 billion multi-currency revolving credit facility, which was amended and extended in 2015 by two additional years to 2020. This facility does not contain financial covenants or acceleration provisions that are based on adverse changes in ratings or on material adverse change. At year-end 2015 and 2014, this facility had not been drawn. At year-end 2015 and 2014, none of the borrowings was secured by collateral.

Short-term-borrowings

We have US dollar and euro commercial paper programs in place, which can be used to the extent that the equivalent portion of the €1.8 billion multi-currency revolving credit facility is not used. We had no commercial paper outstanding at the year-end 2015 and 2014.

Cash and cash equivalents

In € millions

 

2014

 

2015

Cash on hand and in banks

 

114

 

53

Short-term investments

 

610

 

320

Total

 

724

 

373

Net debt

Defined as long-term borrowings plus short-term borrowings less cash and cash equivalents.