24. Reconciliation of net cash flow to movement in net funds

24. Reconciliation of net cash flow to movement in net funds

This note provides a reconciliation between the Group’s net cash flows and the movement in net funds for the reporting period. Its purpose is to enhance transparency over how cash and non-cash activities have impacted the Group’s financing position, consistent with the requirements to disclose changes in liabilities arising from financing activities.

Net funds represent the aggregate of cash and cash equivalents, together with interest-bearing financial liabilities (including borrowings, lease liabilities, and other financing instruments), presented on a net basis. While the statement of cash flows explains movements in cash and cash equivalents, it does not fully capture non-cash changes in financing balances—such as foreign exchange movements, fair value adjustments, new lease recognitions, or the amortisation of financing costs. This disclosure bridges that gap.

The reconciliation therefore distinguishes between:

• Cash movements, being the net cash inflows and outflows from financing activities; and

• Non-cash movements, including reclassifications, foreign exchange differences, fair value changes, and newly recognised or derecognised financing liabilities.

Together, these elements provide a comprehensive view of how the Group’s net funding position has evolved during the period, enabling users of the financial statements to better understand changes in liquidity, leverage, and capital structure.

The reconciliation of net cash flows to movement in net funds is stated in below table: