Debt

| Updated

The group (parent company and subsidiaries) funds its investments and operations mainly from the commercial bank loan market.

The group business activities are primarily financed over the balance sheet of the relevant subsidiary. Most loan agreements contain financial covenants in respect of the relevant borrowing company or group of companies. Financial covenants will normally include a mix of equity ratio, liquidity, current ratio and/or NIBD/EBITDA (net interest bearing debt / earning before interest, tax, depreciation and amortization).

Associates and other companies where the group has non-controlling interests, will have separate funding and covenant structures. 

Interest-bearing debt

USD mill  30.06.2017 30.06.2016  31.12.2016 
Non current interest-bearing debt  234  354   213 
Current interest-bearing debt        
Interest-bearing debt discontinued operations    1 425  1 320
Total interest-bearing debt  234   1 779  1 533 
Cash and cash equivalents   328  228   215 
Current financial investments  88  85  83

Cash and cash equivalents and current financial investments discontinued operations

   406  283
Net interst-bearing debt  (182)  1 060  953

Specification of interest bearing debt

USD mill 30.06.2017 30.06.2016 31.12.2016
Interest-bearing debt       
Bank loan   234   354  213
Interest-bearing debt discontinued operations     1 425  1 320 
Total interest-bearing debt  234  1 779    1 533 

Repayment of schedule for interest-bearing debt

USD mill 30.06.2017 30.06.2016 31.12.2016
Due in 2016      
Due in 2017    125  115
Due in 2018   34  147   325 
Due in 2019   200  290  486 
Due in 2020     668  83 
Due in 2021 and later      549   523 
Total interst-bearing debt   234  1 779  1 533