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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 | )
|  | 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.

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