v3.26.1
BORROWINGS (Tables)
6 Months Ended
Jun. 30, 2026
BORROWINGS  
Schedule of composition of borrowings

As at 30 June 2026

As at 31 December 2025

Current
£m

Non-current
£m

Total
£m

Current
£m

Non-current
£m

Total
£m

Commercial paper

(325)

(325)

Loan and overdrafts

(76)

(283)

(359)

(43)

(300)

(343)

Advances

(6)

(6)

Lease liabilities

(52)

(111)

(163)

(48)

(85)

(133)

Non-voting preference shares

(25)

(25)

(25)

(25)

Bonds

(1,509)

(5,871)

(7,380)

(739)

(7,363)

(8,102)

Total

(1,962)

(6,290)

(8,252)

(836)

(7,773)

(8,609)

Schedule of movement in financial liabilities to cash flow statement

£m

At 1 January 2026

Cash flows

Foreign exchange

Fair value adjustments, interest and reclassification

At 30 June 2026

Reconciliation of movement in liabilities to cash flow statement

Long-term borrowings

(7,688)

(41)

1,550

(6,179)

Short-term borrowings

(767)

412

(14)

(1,520)

(1,889)

Lease liabilities

(133)

33

(1)

(62)

(163)

Derivative financial instruments

22

(11)

(1)

(97)

(87)

Total financial liabilities arising from financing activities

(8,566)

434

(57)

(129)

(8,318)

Cash and cash equivalents net of bank overdrafts

1,303

(527)

29

805

Total

(7,263)

(93)

(28)

(129)

(7,513)

£m

At 1 January 2025

Cash flows

Foreign exchange

Fair value adjustments, interest and reclassification

At 30 June 2025

Reconciliation of movement in liabilities to cash flow statement

Long-term borrowings

(8,567)

(40)

360

668

(7,579)

Short-term borrowings

(1,394)

1,352

22

(698)

(718)

Lease liabilities

(123)

29

4

(42)

(132)

Derivative financial instruments

(30)

12

2

99

83

Total financial liabilities arising from financing activities

(10,114)

1,353

388

27

(8,346)

Cash and cash equivalents net of bank overdrafts

2,207

(1,566)

(15)

626

Total

(7,907)

(213)

373

27

(7,720)