REG - Coca-Cola HBC AG - STRONG RESULTS WITH VOLUME GROWTH&MARGIN EXPANSION <Origin Href="QuoteRef">CCH.L</Origin> - Part 2
13/08/2015 07:01
- Part 2: For the preceding part double click ID:nRSM9095Va
instruments to reduce our net exposure to currency fluctuations. These contracts
normally mature within one year.
Tax & Treasury TaxationRegulations around consumer health and the risk of taxation on our products, could impact demand and affect our profitability. In 2014, a number of governments continued to contemplate taxes targeting our products and packaging waste recovery. This is a trend we expect to continue. We continue to proactively work with regulators to ensure that the facts are understood and our products are not singled out Cost Leadership
unfairly.
Stakeholder Relationships Strategic Stakeholder RelationshipsThe Group relies on our strategic relationships and agreements with The Coca-Cola Company, Monster Energy and our premium spirits partners. Any termination of agreements, or renewal at terms less favourable than currently experienced, could adversely impact our business. Our management across the business focuses on effective day-to-day interaction with our strategic partners to ensure that we Community Trust
work together as effective partners for growth. We engage in joint projects and business planning, focus on strategic issues,
and participate in 'Top to Top' senior management forums.
Stakeholder Relationships
Strategic Stakeholder RelationshipsThe Group relies on our strategic
relationships and agreements with The Coca-Cola Company, Monster Energy and
our premium spirits partners. Any termination of agreements, or renewal at
terms less favourable than currently experienced, could adversely impact our
business.
Our management across the business focuses on effective day-to-day interaction
with our strategic partners to ensure that we work together as effective
partners for growth. We engage in joint projects and business planning, focus
on strategic issues, and participate in 'Top to Top' senior management
forums.
Community Trust
Related party transactions
Related party transactions that have taken place in the first six months of
the current financial year and that have materially affected the financial
position or the performance of CCHBC during the period, as well as any changes
in the related party transactions as described in the 2014 Integrated Annual
Report that could have a material effect on the financial position or
performance of CCHBC in the first six months of current financial year, are
described in section "Condensed consolidated interim financial statements for
the six months ended 3 July 2015", note 17 "Related party transactions".
Going concern statement
The Directors have a reasonable expectation that the Group has adequate
resources to continue in operational existence for the foreseeable future.
Accordingly, and having reassessed the principal risks, they continue to adopt
the going concern basis of accounting in preparing these condensed
consolidated interim financial statements.
Responsibility statement
The Directors of the Company, whose names are set out below, confirm that to
the best of their knowledge:
(a) the condensed consolidated interim financial statements have been prepared
in accordance with IAS 34, Interim Financial Reporting as issued by the IASB
and give a true and fair view of the assets, liabilities, financial position
and profit or loss of the undertakings included in the consolidation as a
whole for the period ended 3 July 2015 as required by the Disclosure and
Transparency Rules of the UK Financial Conduct Authority ("DTR") 4.2.4; and
(b) the interim management report includes a fair review of the information
required by:
§ DTR 4.2.7R of the DTRs, being an indication of important events that have
occurred during the first six months of the current financial year and their
impact on the condensed consolidated interim financial statements; and a
description of the principal risks and uncertainties for the remaining six
months of the financial year; and
§ DTR 4.2.8 R of the DTRs, being related party transactions that have taken
place in the first six months of the current financial year and that have
materially affected the financial position or performance of the Group during
that period, and any changes in the related party transactions described in
the 2014 Integrated Annual Report for Coca-Cola HBC AG and its subsidiaries
for the year ended 31 December 2014, that could have a material effect on the
financial position or performance of the Group in the first six months of the
current financial year.
Name Title
George A. David Chairman and Non-Executive Director
Dimitris Lois Executive Director
Anastassis G. David Vice-Chairman
Anastasios I. Leventis Non-Executive Director
Christo Leventis Non-Executive Director
José Octavio Reyes Non-Executive Director
Irial Finan Non-Executive Director
Sir Michael Llewellyn-Smith Senior Independent Non-Executive Director
Nigel Macdonald Independent Non-Executive Director
Antonio D'Amato Independent Non-Executive Director
John P.Sechi Independent Non-Executive Director
Alexandra Papalexopoulou Independent Non-Executive Director
Olusola (Sola) David-Borha Independent Non-Executive Director
Signed on behalf of the Board
Dimitris Lois
Chief Executive Officer
12 August 2015
Independent review report to Coca-Cola HBC AG
Report on the condensed consolidated interim financial statements
Our conclusion
We have reviewed the condensed consolidated interim financial statements,
defined below, in the 'half-yearly financial report' of Coca-Cola HBC AG for
the six months ended 3 July 2015. Based on our review, nothing has come to our
attention that causes us to believe that the condensed consolidated interim
financial statements are not prepared, in all material respects, in accordance
with International Accounting Standard 34 and the Disclosure and Transparency
Rules of the United Kingdom's Financial Conduct Authority.
This conclusion is to be read in the context of what we say in the remainder
of this report.
What we have reviewed
The condensed consolidated interim financial statements, which are prepared by
Coca-Cola HBC AG, comprise:
· the condensed consolidated interim balance sheet as at 3 July 2015;
· the condensed consolidated interim income statement for the six month
period then ended;
· the condensed consolidated interim statement of comprehensive income for
the six month period then ended;
· the condensed consolidated interim statement of changes in equity for the
six month period then ended;
· the condensed consolidated interim cash flow statement for the six month
period then ended; and
· the explanatory notes to the condensed consolidated interim financial
statements.
As disclosed in note 1, the financial reporting framework that has been
applied in the preparation of the full annual financial statements of the
group is applicable law and International Financial Reporting Standards
(IFRSs) as issued by the International Accounting Standards Board.
The condensed consolidated interim financial statements included in the
half-yearly financial report have been prepared in accordance with
International Accounting Standard 34, 'Interim Financial Reporting' and the
Disclosure and Transparency Rules of the United Kingdom's Financial Conduct
Authority.
What a review of condensed consolidated financial statements involves
We conducted our review in accordance with International Standard on Review
Engagements 2410, 'Review of Interim Financial Information Performed by the
Independent Auditor of the Entity' issued by the International Auditing and
Assurance Standards Board. A review of interim financial information consists
of making enquiries, primarily of persons responsible for financial and
accounting matters, and applying analytical and other review procedures.
A review is substantially less in scope than an audit conducted in accordance
with International Standards on Auditing and, consequently, does not enable us
to obtain assurance that we would become aware of all significant matters that
might be identified in an audit. Accordingly, we do not express an audit
opinion.
We have read the other information contained in the half-yearly financial
report and considered whether it contains any apparent misstatements or
material inconsistencies with the information in the condensed consolidated
interim financial statements.
Responsibilities for the condensed consolidated interim financial statements
and the review
Our responsibilities and those of the directors
The half-yearly financial report, including the condensed consolidated interim
financial statements, is the responsibility of, and has been approved by, the
directors. The directors are responsible for preparing the half-yearly
financial report in accordance with the Disclosure and Transparency Rules of
the United Kingdom's Financial Conduct Authority.
Our responsibility is to express to the company a conclusion on the condensed
consolidated interim financial statements in the half-yearly financial report
based on our review. This report, including the conclusion, has been prepared
for and only for the company for the purpose of complying with the Disclosure
and Transparency Rules of the Financial Conduct Authority and for no other
purpose. We do not, in giving this conclusion, accept or assume responsibility
for any other purpose or to any other person to whom this report is shown or
into whose hands it may come save where expressly agreed by our prior consent
in writing.
Marios Psaltis
the Certified Auditor, Reg. No. 38081
for and on behalf of PricewaterhouseCoopers S.A.
Certified Auditors, Reg. No. 113
13 August 2015
Athens, Greece
Notes:
(a) The maintenance and integrity of the Coca-Cola HBC AG website is the
responsibility of the directors; the work carried out by the auditors does not
involve consideration of these matters and, accordingly, the auditors accept
no responsibility for any changes that may have occurred to the financial
statements since they were initially presented on the website.
(b) Legislation in the United Kingdom and Switzerland governing the
preparation and dissemination of financial statements may differ from
legislation in other jurisdictions.
Condensed consolidated interim financial statements for the six months ended 3
July 2015
Condensed consolidated interim balance sheet (unaudited)
Note As at 3 July 2015E million As at 31 December 2014E million
Assets
Intangible assets 4 1,952.8 1,884.8
Property, plant and equipment 4 2,656.2 2,624.1
Other non-current assets 208.4 308.0
Total non-current assets 4,817.4 4,816.9
Inventories 538.3 414.2
Trade and other receivables 1,119.1 1,011.6
Cash and cash equivalents 5 830.0 636.3
Total current assets 2,487.4 2,062.1
Total assets 7,304.8 6,879.0
Liabilities
Short-term borrowings 5 506.6 548.6
Other current liabilities 2,061.4 1,647.3
Total current liabilities 2,568.0 2,195.9
Long-term borrowings 5 1,524.8 1,556.3
Other non-current liabilities 308.3 335.7
Total non-current liabilities 1,833.1 1,892.0
Total liabilities 4,401.1 4,087.9
Equity
Owners of the parent 2,899.4 2,787.0
Non-controlling interests 4.3 4.1
Total equity 2,903.7 2,791.1
Total equity and liabilities 7,304.8 6,879.0
The accompanying notes form an integral part of these condensed consolidated
interim financial statements
Condensed consolidated interim income statement (unaudited)
Note Six months ended 3 July 2015E million Six months ended 27 June 2014E million
Net sales revenue 3 3,150.9 3,183.1
Cost of goods sold (1,999.0) (2,033.4)
Gross profit 1,151.9 1,149.7
Operating expenses (930.4) (973.7)
Restructuring costs 7 (22.4) (11.9)
Operating profit 3 199.1 164.1
Total finance costs, net 8 (37.2) (38.9)
Share of results of equity method investments 2.8 4.0
Profit before tax 164.7 129.2
Tax 9 (39.2) (34.1)
Profit after tax 125.5 95.1
Attributable to:
Owners of the parent 125.2 95.1
Non-controlling interests 0.3 -
125.5 95.1
Basic and diluted earnings per share (E) 10 0.34 0.26
Condensed consolidated interim statement of comprehensive income (unaudited)
Six months ended 3 July 2015E million Six months ended 27 June 2014E million
Profit after tax for the period 125.5 95.1
Other comprehensive income:
Items that may be subsequently reclassified to income statement:
Valuation (loss) / gain on available-for-sale assets (0.1) 0.1
Cash flow hedges:
Net losses during the period (3.0) (6.7)
Net losses reclassified to 3.2 3.8
profit and loss for the period
Transfers to inventory for the period (12.3) (12.1) (2.2) (5.1)
Foreign currency translation 112.5 (46.3)
Share of other comprehensive income of 0.9 0.1
equity method investments
Income tax relating to items that may be subsequently reclassified to income statement 7.1 1.2
108.3 (50.0)
Items that will not be subsequently reclassified to income statement:
Actuarial gains / (losses) 5.1 (22.0)
Income tax relating to components of (0.4) 4.3
other comprehensive income
4.7 (17.7)
Other comprehensive income for the period, net of tax 113.0 (67.7)
Total comprehensive income for the period 238.5 27.4
Total comprehensive income attributable to:
Owners of the parent 238.2 27.4
Non-controlling interests 0.3 -
238.5 27.4
Condensed consolidated interim statement of changes in equity (unaudited)
Attributable to owners of the parent
SharecapitalE million SharePremiumE million Group Reorganization reserveE million Treasury shares Exchange equalisation reserveE million OtherreservesE million RetainedearningsE million Total Non-controlling interests E million TotalequityE million
E million E million
Balance as at 1 January 2014 1,997.4 5,287.1 (6,472.1) (70.7) (293.3) 388.7 2,125.1 2,962.2 5.1 2,967.3
Shares issued to employees exercising stock options 0.3 0.3 - - - - - 0.6 - 0.6
Share-based compensation:
Options - - - - - 6.7 - 6.7 - 6.7
Movement in treasury shares - - - - - (1.9) - (1.9) - (1.9)
Hyperinflation impact - - - - - - 2.1 2.1 - 2.1
Appropriation of reserves - - - - - (134.3) 134.3 - - -
Dividends (note 13) - (130.2) - - - - 1.2 (129.0) - (129.0)
1,997.7 5,157.2 (6,472.1) (70.7) (293.3) 259.2 2,262.7 2,840.7 5.1 2,845.8
Profit for the period net of tax - - - - - - 95.1 95.1 - 95.1
Other comprehensive income for the period, net of tax - - - - (46.2) (3.8) (17.7) (67.7) - (67.7)
Total comprehensive income for the period, net of tax(1) - - - - (46.2) (3.8) 77.4 27.4 - 27.4
Balance as at 27 June 2014 1,997.7 5,157.2 (6,472.1) (70.7) (339.5) 255.4 2,340.1 2,868.1 5.1 2,873.2
Shares issued to employees exercising stock options 0.4 0.4 - - - - - 0.8 - 0.8
Share-based compensation:
Options - - - - - 5.4 - 5.4 - 5.4
Movement in treasury shares - - - - - (0.4) - (0.4) - (0.4)
Hyperinflation impact - - - - - - 1.1 1.1 - 1.1
Share of other changes in equity of equity method investments (0.5) (0.5) - (0.5)
Appropriation of reserves - - - - - (3.7) 3.7 - - -
Dividends - - - - - - - - (0.4) (0.4)
1,998.1 5,157.6 (6,472.1) (70.7) (339.5) 256.7 2,344.4 2,874.5 4.7 2,879.2
Profit for the period net of tax - - - - - - 199.7 199.7 (0.6) 199.1
Other comprehensive income for the period, net of tax - - - - (275.8) 3.0 (14.4) (287.2) - (287.2)
Total comprehensive income for the period, net of tax - - - - (275.8) 3.0 185.3 (87.5) (0.6) (88.1)
Balance as at 31 December 2014 1,998.1 5,157.6 (6,472.1) (70.7) (615.3) 259.7 2,529.7 2,787.0 4.1 2,791.1
(1) The amount included in the exchange equalisation reserve of E46.2 million
loss for the first half of 2014 represents the exchange loss attributed to the
owners of the parent of E46.3 million plus the share of equity method
investments of E0.1 million gain.
The amount included in other reserves of E3.8 million loss for the first half
2014 consists of gains on valuation of available-for-sale financial assets of
E0.1 million, cash flow hedges losses of E5.1 million (of which E6.7 million
represents revaluation loss for the period, E3.8 million represents
revaluation loss reclassified to profit and loss for the period and E2.2
million represents revaluation gain reclassified to inventory for the period)
and the deferred income tax credit of E1.2 million.
The amount of E77.4 million gain comprises a gain for the period of
E95.1 million plus actuarial loss of E22.0 million less deferred income tax
credit of E4.3 million.
Condensed consolidated interim statement of changes in equity (unaudited)
Attributable to owners of the parent
ShareCapitalE million SharePremiumE million Group Reorganization reserveE million Treasury shares Exchange equalisation reserveE million OtherreservesE million RetainedearningsE million Total Non-controlling interests E million TotalequityEmillion
E million E million
Balance as at 1 January 2015 1,998.1 5,157.6 (6,472.1) (70.7) (615.3) 259.7 2,529.7 2,787.0 4.1 2,791.1
Shares issued to employees exercising stock options 0.1 0.2 - - - - - 0.3 - 0.3
Share-based compensation:
Options - - - - - 5.1 - 5.1 - 5.1
Appropriation/transfer of reserves - - - - - 0.7 (0.7) - - -
Dividends (note 13) - (132.4) - - - - 1.2 (131.2) (0.1) (131.3)
1,998.2 5,025.4 (6,472.1) (70.7) (615.3) 265.5 2,530.2 2,661.2 4.0 2,665.2
Profit for the period net of tax - - - - - - 125.2 125.2 0.3 125.5
Other comprehensive income for the period, net of tax(2) - - - - 113.3 (5.0) 4.7 113.0 - 113.0
Total comprehensive income for the period net of tax - - - - 113.3 (5.0) 129.9 238.2 0.3 238.5
Balance as at 3 July 2015 1,998.2 5,025.4 (6,472.1) (70.7) (502.0) 260.5 2,660.1 2,899.4 4.3 2,903.7
(2) The amount included in the exchange equalisation reserve of E113.3 million
gain for the first half of 2015 represents the exchange gain attributed to the
owners of the parent of E113.3 million.
The amount included in other reserves of E5.0 million loss for the first half
of 2015 consists of loss on valuation of available-for-sale financial assets
of E0.1 million, cash flow hedges losses of E12.1 million (of which E3.0
million represents revaluation loss for the period, E3.2 million represents
revaluation loss reclassified to profit and loss for the period and E12.3
million represents revaluation gain reclassified to inventory for the period),
E0.1 million gain relating to share of other comprehensive income of equity
method investments and the deferred income tax credit of E7.1 million.
The amount of E129.9 million gain comprises a gain for the period of E125.2
million plus actuarial gains of E5.1 million less deferred income tax charge
of E0.4 million.
The amount of E0.3 million gain included in non-controlling interests
for the first half of 2015 represents the share of non-controlling interests
in retained earnings.
Condensed consolidated interim cash flow statement (unaudited)
Note Six months ended Six months ended
3 July 2015E million 27 June 2014E million
Operating activities
Profit after tax for the period 125.5 95.1
Total finance costs, net 8 37.2 38.9
Share of results of equity method investments (2.8) (4.0)
Tax charged to the income statement 39.2 34.1
Depreciation and impairment of property, plant and equipment 4 165.6 176.7
Employee share options 5.1 6.7
Amortisation of intangible assets 4 0.2 0.2
Other non- cash items (0.5) -
369.5 347.7
Loss /(gain) on disposal of non-current assets 1.8 (2.6)
Increase in inventories (108.1) (135.8)
Increase in trade and other receivables (150.3) (194.6)
Increase in trade and other payables 246.5 241.8
Tax paid (23.0) (21.6)
Net cash from operating activities 336.4 234.9
Investing activities
Payments for purchases of property, plant and equipment (113.3) (137.3)
Payments for purchase of intangible assets 17 - (14.1)
Proceeds from sales of property, plant and equipment 1.1 3.8
Net receipts from investments 113.3 1.2
Interest received 5.0 4.5
Net cash from / (used in) investing activities 6.1 (141.9)
Financing activities
Proceeds from shares issued to employees exercising stock options 0.3 0.6
Payments for shares held by non-controlling interests 12 (0.9) -
Proceeds from borrowings 272.4 647.0
Repayments of borrowings (381.8) (858.8)
Principal repayments of finance lease obligations (5.0) (6.6)
Interest paid (30.3) (54.8)
Net cash used in financing activities (145.3) (272.6)
Increase / (decrease) in cash and cash equivalents 197.2 (179.6)
Movement in cash and cash equivalents
Cash and cash equivalents at 1 January 636.3 737.5
Increase / (decrease) in cash and cash equivalents 197.2 (179.6)
Effect of changes in exchange rates (3.5) (1.3)
Hyperinflation impact on cash - 0.5
Cash and cash equivalents at the end of the period 830.0 557.1
Selected explanatory notes to the condensed consolidated interim financial
statements (unaudited)
1. Accounting policies
The accounting policies used in the preparation of the condensed consolidated
interim financial statements of Coca-Cola HBC AG ('Coca-Cola HBC', the
'Company' or the 'Group') are consistent with those used in the 2014 annual
financial statements.
Amendmends to IFRSs effective for the financial year ending 31 December 2015
are not expected to have a material impact on the consolidated financial
statements but may affect disclosures.
Basis of preparation
Operating results for the first half of 2015 are not indicative of the results
that may be expected for the year ending 31 December 2015 because of business
seasonality. Business seasonality results from higher unit sales of the
Group's products in the warmer months of the year. The Group's methods of
accounting for fixed costs such as depreciation and interest expense are not
significantly affected by business seasonality.
Costs that are incurred unevenly during the financial year are anticipated or
deferred in the interim report only if it would also be appropriate to
anticipate or defer such costs at the end of the financial year.
Taxes on income in the interim periods are accrued using the tax rate that
would be applicable to expected total annual profit or loss.
These condensed consolidated interim financial statements are prepared in
accordance with International Financial Reporting Standards ("IFRS") as issued
by the International Accounting Standards Board ("IASB") applicable to Interim
Financial Reporting ("IAS 34"). These condensed consolidated interim financial
statements should be read in conjunction with the 2014 annual financial
statements, which include a full description of the Group's accounting
policies and have been prepared in accordance with IFRS as issued by the
IASB.
Comparative figures have been reclassified and adjusted where necessary to
conform with changes in presentation in the current year. More specifically in
Note 17 Related party transactions, an amount of E17.0 million for the first
half of 2014, referring to purchases of finished goods from The Coca-Cola
Company (TCCC) and its subsidiaries from joint ventures with The Coca-Cola
Company, was reclassified to purchases of finished goods from Joint Ventures.
As a result, transactions with joint ventures undertaken with The Coca-Cola
Company are reported under Joint Ventures.
2. Exchange rates
The Group's reporting currency is the euro (E). Coca-Cola HBC translates the
income statements of subsidiary operations to the euro at average exchange
rates and the balance sheet at the closing exchange rate for the period.
The principal exchange rates used for transaction and translation purposes in
respect of one euro were:
Average for the six months period ended Closing as at
3 July 2015 27 June 2014 3 July 2015 31 December 2014
US dollar 1.11 1.37 1.11 1.22
UK sterling 0.73 0.82 0.71 0.78
Polish zloty 4.12 4.17 4.19 4.31
Nigerian naira 213.85 213.57 218.71 204.99
Hungarian forint 305.94 307.53 313.95 315.45
Swiss franc 1.05 1.22 1.05 1.20
Russian Rouble 64.10 47.74 61.72 68.34
Romanian leu 4.44 4.47 4.48 4.47
Serbian dinar 120.90 115.69 120.34 120.41
Czech koruna 27.50 27.45 27.27 27.69
Ukrainian hryvnia 24.42 14.25 23.32 19.23
3. Segmental analysis
The Group has one business, being the production, sale and distribution of
ready -to- drink primarily non-alcoholic, beverages. The Group operates in 28
countries and its financial results are reported in the following three
reportable segments:
Established markets: Austria, Cyprus, Greece, Italy, Northern Ireland, the Republic of Ireland and Switzerland,
Developing markets: Croatia, Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Slovakia and Slovenia,
Emerging markets: Armenia, Belarus, Bosnia and Herzegovina, Bulgaria, FYROM, Moldova, Montenegro, Nigeria, Romania, the Russian Federation, Serbia (including the Republic of Kosovo) and Ukraine.
Emerging markets:
Armenia, Belarus, Bosnia and Herzegovina, Bulgaria, FYROM, Moldova,
Montenegro, Nigeria, Romania, the Russian Federation, Serbia (including the
Republic of Kosovo) and Ukraine.
Information on the Group's segments is as follows:
Six months ended
3 July 2015 27 June 2014
Volume in unit cases(1) (million)
Established countries 305.3 305.9
Developing countries 180.8 170.3
Emerging countries 520.5 494.0
Total volume 1,006.6 970.2
Net sales revenue (E million)
Established countries 1,237.0 1,228.0
Developing countries 528.6 504.7
Emerging countries 1,385.3 1,450.4
Total net sales revenue 3,150.9 3,183.1
Operating profit (E million)
Established countries 73.2 58.9
Developing countries 43.9 22.8
Emerging countries 82.0 82.4
Total operating profit 199.1 164.1
Reconciling items (E million)
Finance costs, net (37.2) (38.9)
Tax (39.2) (34.1)
Share of results of equity method investments 2.8 4.0
Non-controlling interests (0.3) -
Profit after tax attributable to owners of the parent 125.2 95.1
Additional information by product type:
Six months ended
3 July 2015 27 June 2014
Volume in unit cases(1) (million)
NARTD(2) 1,005.6 969.2
Premium spirits 1.0 1.0
Total volume 1,006.6 970.2
Net sales revenue (E million)
NARTD(2) 3,076.5 3,106.9
Premium spirits 74.4 76.2
Total net sales revenue 3,150.9 3,183.1
(1) For NARTD volume, one unit case corresponds to approximately 5.678 litres
or 24 servings, being a typically used measure of volume. For premium spirits
volume, one unit case corresponds also to 5.678 litres. Volume data is derived
from unaudited operational data.
(2) Non alcoholic, ready-to-drink beverages.
4. Tangible and intangible assets
Property, plant and equipmentE million Intangible assetsE million
Opening net book value as at 1 January 2015 2,624.1 1,884.8
Additions 166.3 -
Reclassified from assets held for sale 0.9 -
Disposals (7.6) -
Depreciation, impairment and amortisation (165.6) (0.2)
Foreign exchange differences 38.1 68.2
Closing net book value as at 3July2015 2,656.2 1,952.8
5. Net debt
As at
3 July 2015E million 31 December 2014E million
Long-term borrowings 1,524.8 1,556.3
Short-term borrowings 506.6 548.6
Cash and cash equivalents (830.0) (636.3)
Net debt
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