Analysis of net debt including lease liabilities | | | | | | | | | | | | | | | | | | | Borrowings | | | | | | Total | | | | Net debt | | | | | | | | | Net | | Net | | liabilities – | | Cash and | | including | | | | | Due within | | Due after | | currency | | interest | | financing | | cash | | lease | | | Overdrafts | | one year | | one year | | swaps | | swaps | | activities | | equivalents | | liabilities | | | $ million | | $ million | | $ million | | $ million | | $ million | | $ million | | $ million | | $ million | At 1 January 2023 | | (6) | | (154) | | (2,712) | | – | | (13) | | (2,885) | | 350 | | (2,535) | Net cash flow/debt movement | | 8 | | (604) | | 429 | | (4) | | – | | (171) | | (48) | | (219) | Fair value changes including exchange adjustments | | (4) | | – | | (39) | | 3 | | 20 | | (20) | | – | | (20) | Corporate bond issuance expense | | – | | – | | 1 | | – | | – | | 1 | | – | | 1 | IFRS 16 lease liabilities movement | | – | | (6) | | 3 | | – | | – | | (3) | | – | | (3) | At 31 December 2023 | | (2) | | (764) | | (2,318) | | (1) | | 7 | | (3,078) | | 302 | | (2,776) | | | | | | | | | | | | | | | | | | Net cash flow/debt movement | | 1 | | 705 | | (1,000) | | – | | – | | (294) | | 331 | | 37 | Fair value changes including exchange adjustments | | (1) | | – | | 46 | | – | | (13) | | 32 | | (14) | | 18 | Corporate bond issuance expense | | – | | – | | 9 | | – | | – | | 9 | | – | | 9 | IFRS 16 lease liabilities movement | | – | | (2) | | 5 | | – | | – | | 3 | | – | | 3 | At 31 December 2024 | | (2) | | (61) | | (3,258) | | (1) | | (6) | | (3,328) | | 619 | | (2,709) | | | | | | | | | | | | | | | | | | Net cash flow/debt movement | | (2) | | (4) | | 90 | | (1) | | – | | 83 | | (74) | | 9 | Non cash changes including exchange adjustments | | – | | (75) | | 8 | | 2 | | 17 | | (48) | | 12 | | (36) | Corporate bond issuance expense | | – | | – | | (3) | | – | | – | | (3) | | – | | (3) | IFRS 16 lease liabilities movement | | – | | (6) | | (14) | | – | | – | | (20) | | – | | (20) | At 31 December 2025 | | (4) | | (146) | | (3,177) | | – | | 11 | | (3,316) | | 557 | | (2,759) |
Reconciliation of net cash flow to movement in net debt including lease liabilities | | | | | | | | | 2025 | | 2024 | | 2023 | | | $ million | | $ million | | $ million | Net cash flow from cash net of overdrafts | | (76) | | 332 | | (40) | Settlement of currency swaps | | (1) | | – | | (4) | Net cash flow from borrowings | | 86 | | (295) | | (175) | Change in net debt from net cash flow | | 9 | | 37 | | (219) | IFRS 16 lease liabilities | | (20) | | 3 | | (3) | Other non cash movements1 | | (36) | | 18 | | (20) | Corporate bond issuance expense | | (3) | | 9 | | 1 | Change in net debt in the year | | (50) | | 67 | | (241) | Opening net debt | | (2,709) | | (2,776) | | (2,535) | Closing net debt | | (2,759) | | (2,709) | | (2,776) |
1 In 2025, this also includes gain on repurchase of bond $10m, in addition to foreign exchange movements and fair value adjustments relating to interest swaps. Cash and cash equivalents For the purposes of the Group cash flow statement, cash and cash equivalents at 31 December 2025 comprise cash at bank and other short-term liquid investments with original maturities of three months or less and bank overdrafts. | | | | | | | | | 2025 | | 2024 | | 2023 | | | $ million | | $ million | | $ million | Cash at bank and other short-term liquid investments with original maturities of three months or less | | 557 | | 619 | | 302 | Bank overdrafts | | (4) | | (2) | | (2) | Cash and cash equivalents | | 553 | | 617 | | 300 |
The Group operates in over 100 countries around the world, some of which impose restrictions over cash movement. These restrictions have only a minimal impact on the management of the Group’s cash. Cash outflows/(inflows) arising from financing activities | | | | | | | | | | | | | | | | | | | | | | | | | Proceeds | | | | Cash | | | | | | Proceeds | | | | | Repayment | | Borrowing | | from | | Repayment | | outflow/ | | | | | | from own | | | | | of bank | | of bank | | Corporate | | of lease | | (inflow) | | | | Purchase of | | shares/issue of | | | | | loans1 | | loans1 | | Bond issue | | liabilities | | from other | | Dividends | | own shares | | ordinary shares | | Total | 2025 | | $ million | | $ million | | $ million | | $ million | | $ million | | $ million | | $ million | | $ million | | $ million | Debt | | 129 | | (43) | | – | | 50 | | (1) | | – | | – | | – | | 135 | Equity | | – | | – | | – | | – | | – | | 330 | | 502 | | (12) | | 820 | Total | | 129 | | (43) | | – | | 50 | | (1) | | 330 | | 502 | | (12) | | 955 | | | | | | | | | | | | | | | | | | | | 2024 | | | | | | | | | | | | | | | | | | | Debt | | 705 | | – | | (1,000) | | 55 | | – | | – | | – | | – | | (240) | Equity | | – | | – | | – | | – | | – | | 327 | | – | | (1) | | 326 | Total | | 705 | | – | | (1,000) | | 55 | | – | | 327 | | – | | (1) | | 86 | | | | | | | | | | | | | | | | | | | | 2023 | | | | | | | | | | | | | | | | | | | Debt | | 151 | | (326) | | – | | 52 | | (4) | | – | | – | | – | | (127) | Equity | | – | | – | | – | | – | | – | | 327 | | – | | – | | 327 | Total | | 151 | | (326) | | – | | 52 | | (4) | | 327 | | – | | – | | 200 |
1 This includes drawdown and repayment of the syndicated RCF and repayment of corporate bonds.
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