RECONCILIATION OF NET DEBT

Cash and
cash
equivalents
£m

Debt
£m

Related
derivative
financial
instruments
£m

Finance
lease
receivable
£m

Total
£m

As at 1 January 2022

113

(6,167)

35

2

(6,017)

Increase in cash and cash equivalents

208

-

208

Decrease in short-term bank loans, overdrafts and commercial paper

-

101

-

101

Issuance of term debt

-

(397)

-

(397)

Repayment of term debt

-

35

-

35

Repayment of leases

-

79

-

(1)

78

Change in net debt resulting from cash flows

208

(182)

-

(1)

25

Borrowings in acquired businesses

-

(3)

-

(3)

Remeasurement and derecognition of leases

-

(5)

-

(5)

Inception of leases

-

(34)

-

5

(29)

Fair value and other adjustments to debt and related derivatives

-

230

(245)

-

(15)

Exchange translation differences

13

(569)

(3)

(1)

(560)

At 1 January 2023

334

(6,730)

(213)

5

(6,604)

Decrease in cash and cash equivalents

(169)

-

(169)

Increase in short-term bank loans, overdrafts and commercial paper

-

(84)

-

(84)

Issuance of term debt

-

(651)

-

(651)

Repayment of term debt

-

847

-

847

Repayment of leases

-

72

-

(2)

70

Change in net debt resulting from cash flows

(169)

184

-

(2)

13

Borrowings in disposed businesses

-

1

-

1

Inception of leases

-

(38)

-

1

(37)

Fair value and other adjustments to debt and related derivatives

-

(100)

97

-

(3)

Exchange translation differences

(10)

186

8

-

184

At 31 December 2023

155

(6,497)

(108)

4

(6,446)