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v3.19.3.a.u2

Net debt | 12 Months Ended
--- | ---
Dec. 31, 2019
Text block [abstract] |
Net debt | 23. Net debt
|  |  |  | 2019 $m |  |  | 2018 Restated $m |
Cash and cash equivalents |  |  |  |  | 195 |  |  |  | 704 |
Loans and other borrowings |  | – current |  |  | (87 | ) |  |  | (104 | )
|  | – non-current |  |  | (2,078 | ) |  |  | (1,910 | )
Lease liabilities |  | – current |  |  | (65 | ) |  |  | (55 | )
|  | – non-current |  |  | (595 | ) |  |  | (615 | )
|  | – classified as held for sale (note 12) |  |  | (20 | ) |  |  | — |
Derivative financial instruments hedging debt values (note 24) |  |  | (15 | ) |  |  | 15 |
Net debt |  |  |  |  | (2,665 | ) |  |  | (1,965 | )
Movement in net debt |  |  |  |  |  |  |  |  |  |
Net (decrease)/increase in cash and cash equivalents, net of overdrafts |  |  | (500 | ) |  |  | 563 |
Add back cash flows in respect of other components of net debt: |  |  |  |  |  |  |  |
Principal element of lease payments |  |  | 59 |  |  |  | 35 |
Issue of long-term bonds, including effect of currency swaps |  |  | — |  |  |  | (554 | )
(Increase)/decrease in other borrowings |  |  | (127 | ) |  |  | 268 |
(Increase)/decrease in net debt arising from cash flows |  |  | (568 | ) |  |  | 312 |
Non-cash movements: |  |  |  |  |  |  |  |  |  |
Lease obligations |  |  |  |  | (43 | ) |  |  | (27 | )
Increase in accrued interest |  |  | (7 | ) |  |  | (3 | )
Acquisition of businesses (note 11) |  |  | (25 | ) |  |  | (51 | )
Exchange and other adjustments |  |  | (57 | ) |  |  | 57 |
(Increase)/decrease in net debt |  |  | (700 | ) |  |  | 288 |
Net debt at beginning of the year |  |  | (1,965 | ) |  |  | (2,253 | )
Net debt at end of the year |  |  |  |  | (2,665 | ) |  |  | (1,965 | )
LOGO |  | Information concerning Non-GAAP measures can be found in the Strategic Report on pages 55 to 59.
Loans and other borrowings (excluding bank overdrafts), lease liabilities, and currency swaps 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 2019 Restated $m |  |  | Financing cash flows $m |  |  | Exchange adjustments $m |  |  | Acquisition of businesses $m |  |  | Other $m |  |  | At 31 December 2019 $m |
Unsecured bank loans |  |  | — |  |  |  | 127 |  |  |  | (2 | ) |  |  | — |  |  |  | — |  |  |  | 125 |
Lease liabilities |  |  | 670 |  |  |  | (59 | ) |  |  | 1 |  |  |  | 25 |  |  |  | 43 |  |  |  | 680 |
£400m 3.875% bonds 2022 |  |  | 509 |  |  |  | — |  |  |  | 18 |  |  |  | — |  |  |  | 1 |  |  |  | 528 |
£300m 3.75% bonds 2025 |  |  | 385 |  |  |  | — |  |  |  | 13 |  |  |  | — |  |  |  | 1 |  |  |  | 399 |
£350m 2.125% bonds 2026 |  |  | 447 |  |  |  | — |  |  |  | 15 |  |  |  | — |  |  |  | — |  |  |  | 462 |
€500m 2.125% bonds 2027 |  |  | 569 |  |  |  | — |  |  |  | (12 | ) |  |  | — |  |  |  | 7 |  |  |  | 564 |
|  |  | 2,580 |  |  |  | 68 |  |  |  | 33 |  |  |  | 25 |  |  |  | 52 |  |  |  | 2,758 |
Currency swaps |  |  | (7 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 27 |  |  |  | 20 |
|  |  | 2,573 |  |  |  | 68 |  |  |  | 33 |  |  |  | 25 |  |  |  | 79 |  |  |  | 2,778 |
|  | At 1 January 2018 Restated $m |  |  | Financing cash flows Restated $m |  |  | Exchange adjustments Restated $m |  |  | Acquisition of businesses Restated $m |  |  | Other Restated $m |  |  | At 31 December 2018 Restated $m |
Unsecured bank loans |  |  | 262 |  |  |  | (268 | ) |  |  | 3 |  |  |  | — |  |  |  | 3 |  |  |  | — |
Lease liabilities |  |  | 633 |  |  |  | (35 | ) |  |  | (6 | ) |  |  | 51 |  |  |  | 27 |  |  |  | 670 |
£400m 3.875% bonds 2022 |  |  | 538 |  |  |  | — |  |  |  | (30 | ) |  |  | — |  |  |  | 1 |  |  |  | 509 |
£300m 3.75% bonds 2025 |  |  | 406 |  |  |  | — |  |  |  | (23 | ) |  |  | — |  |  |  | 2 |  |  |  | 385 |
£350m 2.125% bonds 2026 |  |  | 472 |  |  |  | — |  |  |  | (26 | ) |  |  | — |  |  |  | 1 |  |  |  | 447 |
€500m 2.125% bonds 2027 |  |  | — |  |  |  | 559 |  |  |  | 9 |  |  |  | — |  |  |  | 1 |  |  |  | 569 |
|  |  | 2,311 |  |  |  | 256 |  |  |  | (73 | ) |  |  | 51 |  |  |  | 35 |  |  |  | 2,580 |
Currency swaps: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Exchange of principal |  |  | — |  |  |  | (5 | ) |  |  | — |  |  |  | — |  |  |  | (2 | ) |  |  | (7 | )
Initial fee received |  |  | — |  |  |  | 3 |  |  |  | — |  |  |  | — |  |  |  | (3 | ) |  |  | — |
|  |  | — |  |  |  | (2 | ) |  |  | — |  |  |  | — |  |  |  | (5 | ) |  |  | (7 | )
|  |  | 2,311 |  |  |  | 254 |  |  |  | (73 | ) |  |  | 51 |  |  |  | 30 |  |  |  | 2,573 |

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