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Investors - Ensuring sustainable growth
Investors - Ensuring sustainable growth

Investors

Ensuring sustainable growth

 

Debt

Evolution of Net debt

  • End of December 2016: net debt* of €8,206 million (gross debt of €18,479 million minus €10,273 million cash and cash equivalents)
Net debt level as of December 31, 2016
€ million20162015201420132012
Long-term debt16,81513,11813,27610,41410,719
Short-term debt and current portion of long-term debt1,7643,4361,5384,1763,812
Interest rate and currency derivatives used to hedge debt(100)(156)(295)(290)(433)
Total debt18,47916,39814,51914,30014,098
Cash and cash equivalents
(10,273)(9,148)(7,341)(8,257)(6,381)
Interest rate and currency derivatives used to hedge cash and cash equivalents-4(7)-2
Debt, net of cash and cash equivalents8,2067,2547,1716,0437,719

 

 

Gearing ratio**

Gearing ratio

 

 

*Net debt is a non GAAP measure

**Debt, net of cash and cash equivalents, to total equity

 

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