Note F: Net debt
in € millions |
2015 |
2016 |
Bonds issued |
1,292 |
1,788 |
Debt from subsidiaries |
3,429 |
3,643 |
Other borrowings |
30 |
– |
Long-term borrowings |
4,751 |
5,431 |
Current portion of debenture loans |
339 |
– |
Current portion of other long-term borrowings |
30 |
30 |
Short-term loans |
4 |
6 |
Short-term borrowings |
373 |
36 |
Total borrowings |
5,124 |
5,467 |
Cash and cash equivalents |
(373) |
(641) |
Net debt |
4,751 |
4,826 |
Long-term-borrowings
For the fair value of the bonds issued, see Note 23 of the Consolidated financial statements.
in € millions |
2015 |
2016 |
4% 2011/18 (€800 million) |
796 |
797 |
1 3/4% 2014/24 (€500 million) |
496 |
497 |
1 1/8% 2016/26 (€500 million) |
– |
494 |
Total |
1,292 |
1,788 |
We have a €1.8 billion multi-currency revolving credit facility, which was extended in 2016 by one additional year to 2021. 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 2016 and 2015, this facility had not been drawn. At year-end 2016 and 2015, none of the borrowings was secured by collateral. In April 2016, a bond was issued with a nominal value of €500 million maturing in 2026 at a coupon of 1.125 percent.
Short-term borrowings
In April 2016, a bond of £250 million matured. In 2017, no bonds will mature. 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 year-end 2016 and 2015.
Cash and cash equivalents
in € millions |
2015 |
2016 |
Cash on hand and in banks |
53 |
264 |
Short-term investments |
320 |
377 |
Total |
373 |
641 |