Table 4.

Balance sheet financing (€million)

YearNTotal external finance (1 + 4)Balance Sheet gross borrowinga (1)Debt/ external financeBalance sheet s. 110 Loansb (2)Balance Sheet Shareholder funds (3)New equity issuedSecurity deposits (4)Letters of credit
202022718235.717214.1945484.9−1005.067.81021.659.1
201923320184.318964.6946231.6−448.795.71219.762.4
201823519875.718188.6925801.8117.887.01687.172.5
201722717129.116011.7934369.7−20.655.51117.480.1
201618615625.514572.3934474.547.584.11053.2147.7
201514512284.111566.8944359.767.632.6717.366.0
2014707915.67568.2962680.426.35.4347.440.6
2013464574.04326.4951388.619.84.5247.645.9
2012181407.01301.893750.413.30105.21.5
2011281485.61423.396231.4−9.65.162.31.7
201017780.2780.21000.00.08000
Note(s):

aEstimated as a residual = Gross assets minus (security deposits plus shareholder funds). Borrowing is slightly overestimated because all current liabilities are included; bOnly includes firms that identified “S. 110 loan” values

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