​

  ​ ​ ​

27 June

​

31 December 

  ​ ​ ​

28 June

​

​

2026

​

2025

​

2025

​

  ​ ​ ​

$m 

  ​ ​ ​

$m 

  ​ ​ ​

$m 

Bank overdrafts, borrowings and loans - current

508

​

83

​

18

Corporate bond¹

​

2,670

​

2,478

​

2,603

Private placement notes

​

410

​

550

​

625

Borrowings

​

3,588

​

3,111

​

3,246

Cash and cash equivalents²

​

(754)

​

(557)

​

(676)

Asset balance on derivatives - interest rate swaps

(12)

​

(11)

​

(31)

Net debt excluding lease liabilities

2,822

​

2,543

​

2,539

Non-current lease liabilities

​

132

​

149

​

144

Current lease liabilities

​

65

​

67

​

64

Net debt

3,019

​

2,759

​

2,747

¹

Corporate bond includes fair value adjustment relating to interest swaps.

²

In H1 2026, cash and cash equivalents include cash at bank of $504m (31 December 2025: $457m, 28 June 2025: $476m) and cash equivalents of $250m (31 December 2025: $100m, 28 June 2025: $200m).