5.1. Debt reconciliation
Accounting policies
The Group defines net debt as the total of existing bank borrowings (both short-term and long-term), debt securities, lease liabilities and liabilities under non-bank borrowings, less cash and cash equivalents. The Group presents net debt to EBITDA as a measure of its debt (for definition, see Note 2.2).
| Net debt | Note | 2021 | 2020 |
| Bank borrowings | 2,116 | 1,764 | |
| Lease liabilities | 2,293 | 2,007 | |
| Other | 80 | 88 | |
| Total current financing liabilities | 4,489 | 3,859 | |
| Bank borrowings | 10,037 | 231 | |
| Lease liabilities | 101 | 82 | |
| Other | 10 | 12 | |
| Total non-current financing liabilities | 10,148 | 325 | |
| Total debt | 14,637 | 4,184 | |
| Cash and cash equivalents | Note 5.4. | 11,410 | 7,098 |
| Net debt | 3,227 | (2,914) | |
| EBITDA | Note 2.2. | 15,593 | 13,009 |
| Net debt / EBITDA | 0.21 | (0.22) |
| Change in debt | Bank borrowings | Lease liabilities | Other | Total |
| As at Jan 1st 2020 | 4,893 | 1,839 | 20 | 6,752 |
| Increase in debt | 431 | – | 80 | 511 |
| fnancing received | 416 | – | 80 | 496 |
| transaction costs | 15 | – | – | 15 |
| Interest accrued | 51 | 84 | – | 135 |
| Increase (new agreements) | – | 357 | – | 357 |
| Decrease (expired agreements) | – | (8) | – | (8) |
| Modifications and changes to estimate | – | 7 | – | 7 |
| Debt-related payments | (3,415) | (190) | – | (3,605) |
| principal repayments | (3,347) | (181) | – | (3,528) |
| interest paid | (55) | (9) | – | (64) |
| commission fees paid | (13) | – | – | (13) |
| Exchange differences on debt in foreign currencies | 35 | – | – | 35 |
| As at Dec 31st 2020 | 1,995 | 2,089 | 100 | 4,184 |
| Increase in debt | 12,751 | – | 3 | 12,754 |
| financing received | 12,738 | – | 3 | 12,741 |
| transaction costs | 13 | – | – | 13 |
| Interest accrued | 17 | 81 | 2 | 100 |
| Increase (new agreements) | – | 418 | – | 418 |
| Decrease (expired agreements) | – | (23) | – | (23) |
| Modifications and changes to estimate | – | 7 | – | 7 |
| Debt-related payments | (2,709) | (174) | (12) | (2,895) |
| principal repayments | (2,692) | (165) | (12) | (2,869) |
| interest paid | (9) | (9) | – | (18) |
| commission fees paid | (8) | – | – | (8) |
| Cancellation of debt | – | – | (2) | (2) |
| Exchange differences on debt in foreign currencies | 103 | 6 | – | 109 |
| Reclassification to liabilities relating to groups of assets held for sale |
(4) | (10) | (1) | (15) |
| As at Dec 31st 2021 | 12,153 | 2,394 | 90 | 14,637 |