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Group cash flow statement - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities      
Profit before taxation $ 779 $ 498 $ 290
Net interest expense 112 121 98
Depreciation, amortisation and impairment 573 645 683
Loss on disposal of property, plant and equipment and intangible assets 23 22 18
Share-based payments expense (equity-settled) 43 40 39
Share of results of associates (113) 10 30
Pension costs less cash paid 5 16 3
Decrease/(increase) in inventories 208 (42) (178)
Increase in trade and other receivables (175) (81) (49)
Increase/(decrease) in trade and other payables and provisions 94 16 (105)
Cash generated from operations 1,549 1,245 829
Interest received 25 22 8
Interest paid (142) (140) (104)
Income taxes paid (147) (140) (125)
Net cash inflow from operating activities 1,285 987 608
Cash flows from investing activities      
Acquisitions, net of cash acquired (9) (186) (21)
Capital expenditure (433) (381) (427)
Purchase of investments (2) (1)  
Proceeds from disposal of property, plant and equipment 38    
Investment in associate   (1)  
Net cash used in investing activities (406) (569) (448)
Cash flows from financing activities      
Purchase of own shares (502)    
Proceeds from own shares 12 1  
Payment of capital element of lease liabilities (50) (55) (52)
Proceeds from borrowings due within one year 43   326
Settlement of borrowings due within one year (39) (705) (151)
Proceeds from borrowings due after one year   1,000  
Settlement of borrowings due after one year (90)    
Settlement of currency swaps 1   4
Equity dividends paid (330) (327) (327)
Net cash used in financing activities (955) (86) (200)
Net (decrease)/increase in cash and cash equivalents (76) 332 (40)
Cash and cash equivalents at beginning of year 617 [1] 300 [1] 344
Exchange adjustments 12 (15) (4)
Cash and cash equivalents at end of year [1] $ 553 $ 617 $ 300
[1] Cash and cash equivalents is net of bank overdrafts of $4m (2024: $2m, 2023: $2m).