XML 297 R28.htm IDEA: XBRL DOCUMENT

Cash flow statement

12 Months Ended

Dec. 31, 2025

20 Cash flow statement

Accounting policy

In the Group cash flow statement, cash and cash equivalents includes cash at bank, other short-term liquid investments with original maturities of three months or less and bank overdrafts. In the Group balance sheet, cash and cash equivalents includes cash at bank, other short-term liquid investments with original maturities of three months or less and excludes bank overdrafts.

Analysis of net debt including lease liabilities

Borrowings

Total

Net debt

Net

liabilities –

Cash and

including

Due within

Due after

currency

interest

financing

cash

lease

Overdrafts

one year

swaps

activities

equivalents

liabilities

 

$ 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

(604)

429

(4)

–

(171)

(48)

(219)

Fair value changes including exchange adjustments

(4)

–

(39)

(20)

–

(20)

Corporate bond issuance expense

–

IFRS 16 lease liabilities movement

–

(6)

–

(3)

–

(3)

At 31 December 2023

(2)

(764)

(2,318)

(1)

(3,078)

302

(2,776)

Net cash flow/debt movement

705

(1,000)

–

(294)

331

Fair value changes including exchange adjustments

(1)

–

(13)

(14)

Corporate bond issuance expense

–

IFRS 16 lease liabilities movement

–

(2)

–

At 31 December 2024

(2)

(61)

(3,258)

(1)

(6)

(3,328)

619

(2,709)

Net cash flow/debt movement

(2)

(4)

(1)

–

(74)

Non cash changes including exchange adjustments

–

(75)

(48)

(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)

–

(3,316)

557

(2,759)

In 2025, the Group repurchased $100 million of its $1.0 billion 2.032% USD corporate bond (refer to Note 15.2).

20 Cash flow statement continued

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

Corporate

of lease

(inflow)

Purchase of

shares/issue of

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)

–

(1)

–

135

Equity

–

330

502

(12)

820

Total

129

(43)

–

(1)

330

502

(12)

955

2024

Debt

705

–

(1,000)

–

(240)

Equity

–

327

–

(1)

326

Total

705

–

(1,000)

–

327

–

(1)

2023

Debt

151

(326)

–

(4)

–

(127)

Equity

–

327

–

327

Total

151

(326)

–

(4)

327

–

200

1 This includes drawdown and repayment of the syndicated RCF and repayment of corporate bonds.