XML 305 R31.htm IDEA: XBRL DOCUMENT v3.25.0.1
Net debt
 12 Months Ended
Dec. 31, 2024
Disclosure [Abstract]  
Net debt
22. Net debt
             
    2024
$m
        
    2023
$m
  
Cash and cash equivalents          
1,008
         1,322  
Loans and other borrowings   – current      
(398
) 
       (599 ) 
    –
non-current
      
(2,876
) 
       (2,567 ) 
Lease liabilities   – current      
(26
) 
       (30 ) 
    –
non-current
      
(388
) 
       (396 ) 
Principal amounts payable on maturity of derivative financial instruments (note
23
)		      
(102
) 
       (2 ) 
Net debt
          
(2,782
) 
       (2,272 ) 
 
Movement in net debt
      
    2024
$m
        
    2023
$m
  
Net (decrease)/increase in cash and cash equivalents, net of overdrafts
      
(269
) 
      
339
  
                     
Add back financing cash flows in respect of other components of net debt:
                    
Principal element of lease payments
      
46
        
28
  
Issue of long-term bonds
      
(834
) 
      
(657
) 
Repayment of long-term bonds
      
547
        
–
  
Settlement
of currency swaps
      
45
        
–
  
       
(196
) 
      
(629
) 
Increase in net debt arising from cash flows
      
(465
) 
      
(290
) 
                     
Other movements:
                    
Lease liabilities
      
(36
) 
      
(25
) 
Increase in accrued interest
      
(6
) 
      
(2
) 
Exchange and other adjustments
      
(3
) 
      
(104
) 
       
(45
) 
      
(131
) 
Increase in net debt
      
(510
) 
      
(421
) 
Net debt at beginning of the year
      
(2,272
) 
      
(1,851
) 
Net debt at end of the year
      
(2,782
) 
      
(2,272
) 
 
LOGO  
Net debt as calculated for bank covenants can be found on page
238.
 
 
 
 
 
Loans and other borrowings (excluding bank overdrafts), lease liabilities and currency swaps and forwards comprise the liabilities included in the financing activities section of the Group statement of cash flows and their movements are analysed as follows:
 
     
 


 
 
At 1
   January
2024
$m
 
 
 
 
  
 

 
 
Financing
  cash flows
$m
 
 
 
  
 

 
Exchange
 adjustments
$m
 
 
 
   Other
$m
a,b
 
 
  
 

 
 
 
At 31
  December
2024
$m
 
 
 
 
Lease liabilities
    
426
 
(46
) 
  
(2
) 
  
36
 
414
Bonds
    
3,122
 
287
 
(157
) 
  
5
 
3,257
     
3,548
 
241
 
(159
) 
  
41
 
3,671
Currency swaps
    
20
 
(45
) 
  
–
 
103
 
78
Currency forwards
    
(15
) 
  
–
 
–
 
11
 
(4
) 
     
3,553
 
196
 
(159
) 
  
155
 
3,745
 
     
 


 
At 1
     January
2023
$m
 
 
 
 
  
 

 
Financing
    cash flows
$m
 
 
 
  
 

 
Exchange
   adjustments
$m
 
 
    Other
$m
a,b
 
 
  
 
At 31
  December
2023
$m
 
 
 
 
Lease liabilities
    
427
 
(28
) 
  
2
 
25
 
426
Bonds
    
2,341
 
657
 
123
 
1
 
3,122
     
2,768
 
629
 
125
 
26
 
3,548
Currency swaps
    
4
 
–
 
–
 
16
 
20
Currency forwards
    
–
 
–
 
–
 
(15
) 
  
(15
) 
     
2,772
 
629
 
125
 
27
 
3,553
 
a.
The
non-cash
increase in lease liabilities principally arises from additions and other
re-measurements.
 
b.
The change in value of currency swaps represents fair value movements and additions.