Net debt is defined as the non-current financial liabilities, plus current financial liabilities and derivative financial liabilities, minus derivative financial assets, investments in securities, and cash and cash equivalents.
|
|
|
|
|
|
|
|
|
|
Non-current financial debt
|
18.1, 18.3
|
3 014
|
2 650
|
2 547
|
|
Current financial liabilities
|
18.1, 18.2, 18.3
|
209
|
113
|
149
|
|
Derivative liabilities
|
19
|
20
|
16
|
40
|
|
Derivative assets
|
19
|
(58)
|
(66)
|
(96)
|
|
Investments in securities - non current
|
11
|
(13)
|
(125)
|
(126)
|
|
Investments in securities - current
|
11
|
(93)
|
(43)
|
(12)
|
|
Cash and cash equivalents
|
15
|
|
|
|
|
Net debt
|
|
2 647
|
1 787
|
2 063
|
|
Net debt to equity ratio
|
|
48.7%
|
35.3%
|
46.8%
|
The following table summarizes the movement of net debt during 2011:
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|
|
|
|
Net debt at January 1, 2011
|
|
1 787
|
|
Free cash flow
|
|
231
|
|
Exercise of stock options and warrants
|
|
(13)
|
|
Net cash received from derivative instruments
|
|
24
|
|
Call options acquired on own equity instruments
|
|
6
|
|
Purchase of treasury shares
|
|
20
|
|
Purchase of non-controlling interests
|
|
10
|
|
Dividends paid
|
|
|
|
Net debt after cash movements
|
|
2 238
|
|
Non-cash movements
|
|
365
|
|
Currency translation effect on assets and liabilities
|
|
|
|
Net debt at December 31, 2011
|
|
2 647
|
The non-cash movements mainly consist of the debt acquired from Delta Maxi (EUR 351 million, see Note 4.1).
Free cash flow is defined as cash flow before financing activities, investments in debt securities and sale and maturity of debt securities and can be summarized as follows:
|
|
|
|
Net cash provided by operating activities
|
1 106
|
|
Net cash used in investing activities
|
(1 265)
|
|
Sale of debt securities (net)
|
|
|
Free cash flow
|
(231)
|
Cash used in investing activities was significantly impacted by the acquisition of Delta Maxi (EUR 574 million, see Note 4.1).