|
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, bank overdrafts are shown within bank overdrafts and loans under current liabilities. |
Analysis of net debt
|
|
Borrowings |
|
|||||||||||||
|
|
|
|
|
|
|
Due within |
|
Due after |
|
Net |
|
Net |
|
|
|
|
|
|
Cash |
|
Overdrafts |
|
one year |
|
one year |
|
currency swaps |
|
interest swaps |
|
Total |
|
|
|
|
$ million |
|
$ million |
|
$ million |
|
$ million |
|
$ million |
|
$ million |
|
$ million |
|
|
At 1 January 2015 |
|
93 |
|
(28) |
|
(11) |
|
(1,666) |
|
(1) |
|
– |
|
(1,613) |
|
|
Net cash flow impact |
|
34 |
|
9 |
|
(17) |
|
231 |
|
15 |
|
1 |
|
273 |
|
|
Exchange adjustment |
|
(7) |
|
1 |
|
– |
|
1 |
|
(16) |
|
– |
|
(21) |
|
|
At 31 December 2015 |
|
120 |
|
(18) |
|
(28) |
|
(1,434) |
|
(2) |
|
1 |
|
(1,361) |
|
|
Net cash flow impact |
|
(18) |
|
(45) |
|
4 |
|
(129) |
|
25 |
|
(2) |
|
(165) |
|
|
Exchange adjustment |
|
(2) |
|
1 |
|
– |
|
(1) |
|
(22) |
|
– |
|
(24) |
|
|
At 31 December 2016 |
|
100 |
|
(62) |
|
(24) |
|
(1,564) |
|
1 |
|
(1) |
|
(1,550) |
|
|
Net cash flow impact |
|
64 |
|
49 |
|
9 |
|
139 |
|
(24) |
|
(1) |
|
236 |
|
|
Termination of finance lease |
|
– |
|
– |
|
2 |
|
3 |
|
– |
|
– |
|
5 |
|
|
Exchange adjustment |
|
5 |
|
(1) |
|
– |
|
(1) |
|
25 |
|
– |
|
28 |
|
|
At 31 December 2017 |
|
169 |
|
(14) |
|
(13) |
|
(1,423) |
|
2 |
|
(2) |
|
(1,281) |
|
Reconciliation of net cash flow to movement in net debt
|
|
|
2017 |
|
2016 |
|
2015 |
|
|
|
|
$ million |
|
$ million |
|
$ million |
|
|
Net cash flow from cash net of overdrafts |
|
113 |
|
(63) |
|
43 |
|
|
Settlement of currency swaps |
|
(24) |
|
25 |
|
15 |
|
|
Net cash flow from borrowings |
|
147 |
|
(127) |
|
215 |
|
|
Change in net debt from net cash flow |
|
236 |
|
(165) |
|
273 |
|
|
Termination of finance lease |
|
5 |
|
– |
|
– |
|
|
Exchange adjustment |
|
28 |
|
(24) |
|
(21) |
|
|
Change in net debt in the year |
|
269 |
|
(189) |
|
252 |
|
|
Opening net debt |
|
(1,550) |
|
(1,361) |
|
(1,613) |
|
|
Closing net debt |
|
(1,281) |
|
(1,550) |
|
(1,361) |
|
Cash and cash equivalents
For the purposes of the Group cash flow statement cash and cash equivalents at 31 December 2017 comprise cash at bank net of bank overdrafts.
|
|
|
2017 |
|
2016 |
|
2015 |
|
|
|
|
$ million |
|
$ million |
|
$ million |
|
|
Cash at bank |
|
169 |
|
100 |
|
120 |
|
|
Bank overdrafts |
|
(14) |
|
(62) |
|
(18) |
|
|
Cash and cash equivalents |
|
155 |
|
38 |
|
102 |
|
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 of the management of the Group’s cash.
Cash (inflows)/outflows arising from financing activities
|
|
2017 |
|
|||||||||||||
|
|
|
Repayment |
|
Borrowing |
|
Cash |
|
|
|
|
|
Proceeds from own |
|
|
|
|
|
|
of bank |
|
of bank |
|
(inflow)/outflow |
|
|
|
Purchase of |
|
Shares/issue of |
|
|
|
|
|
|
loans |
|
loans |
|
from other |
|
Dividends |
|
own shares |
|
ordinary shares |
|
Total |
|
|
|
|
$ million |
|
$ million |
|
$ million |
|
$ million |
|
$ million |
|
$ million |
|
$ million |
|
|
Debt |
|
770 |
|
(623) |
|
(24) |
|
– |
|
– |
|
– |
|
123 |
|
|
Equity |
|
– |
|
– |
|
– |
|
269 |
|
52 |
|
(10) |
|
311 |
|
|
Total |
|
770 |
|
(623) |
|
(24) |
|
269 |
|
52 |
|
(10) |
|
434 |
|
|
|
2016 |
|
|||||||||||||
|
|
|
Repayment |
|
Borrowing |
|
Cash |
|
|
|
|
|
Proceeds from own |
|
|
|
|
|
|
of bank |
|
of bank |
|
(inflow)/outflow |
|
|
|
Purchase of |
|
Shares/issue of |
|
|
|
|
|
|
loans |
|
loans |
|
from other |
|
Dividends |
|
own shares |
|
ordinary shares |
|
Total |
|
|
|
|
$ million |
|
$ million |
|
$ million |
|
$ million |
|
$ million |
|
$ million |
|
$ million |
|
|
Debt |
|
797 |
|
(924) |
|
25 |
|
– |
|
– |
|
– |
|
(102) |
|
|
Equity |
|
– |
|
– |
|
– |
|
279 |
|
368 |
|
(16) |
|
631 |
|
|
Total |
|
797 |
|
(924) |
|
25 |
|
279 |
|
368 |
|
(16) |
|
529 |
|
|
|
2015 |
|
|||||||||||||
|
|
|
Repayment |
|
Borrowing |
|
Cash |
|
|
|
|
|
Proceeds from own |
|
|
|
|
|
|
of bank |
|
of bank |
|
(inflow)/outflow |
|
|
|
Purchase of |
|
Shares/issue of |
|
|
|
|
|
|
loans |
|
loans |
|
from other |
|
Dividends |
|
own shares |
|
ordinary shares |
|
Total |
|
|
|
|
$ million |
|
$ million |
|
$ million |
|
$ million |
|
$ million |
|
$ million |
|
$ million |
|
|
Debt |
|
1,088 |
|
(873) |
|
15 |
|
– |
|
– |
|
– |
|
230 |
|
|
Equity |
|
– |
|
– |
|
– |
|
272 |
|
77 |
|
(21) |
|
328 |
|
|
Total |
|
1,088 |
|
(873) |
|
15 |
|
272 |
|
77 |
|
(21) |
|
558 |
|