Financial review
Net debt Financing
- 2011 financial highlights
- Profit from operations
- Organic growth
- Operating margin
- Adjusting items
- Net finance costs
- Associates
- Profit before tax
- Effective tax rate
- Earnings per share
- Dividends
- Treasury operations
- Liquidity
- Capital structure
- Cash flow
- Net debt
- Retirement benefit schemes
- Changes in the Group
- Share buy-back programme
- Non-GAAP measures
- Accounting developments
- Foreign currencies
- Going concern
Net debt
The Group defines net debt as borrowings, including related derivatives, less cash and cash equivalents and current available-for-sale investments. The maturity profile of net debt is as follows:
| 2011 £m |
2010 £m |
|
| Net debt due within one year | ||
| Borrowings | (1,766) | (1,334) |
| Related derivatives | 5 | (29) |
| Cash and cash equivalents | 2,194 | 2,329 |
| Current available-for-sale investments | 57 | 58 |
| 490 | 1,024 | |
| Net debt due beyond one year | ||
| Borrowings | (8,510) | (8,916) |
| Related derivatives | 92 | 51 |
| (8,418) | (8,865) | |
| Total net debt | (7,928) | (7,841) |