26
Year ended 31 December
Three months ended
31 March
As at and
for the
twelve
months
ended
31 March
2011
2012
2013
2013
2014
2014
Net borrowings
(1)
/ Operating cash
flow before changes in working capital
0.15x
0.76x
0.79x
1.26x
(3)
0.82x
(3)
0.77x
Operating cash flow before changes in
working capital / Net finance costs
(2)
12.6x
128.9x
19.9x
15.2x
38.7x
24.0x
(1)
Net borrowings is the Group’s total borrowings (calculated as the aggregate of the Group’s current and non-
current long-term loans and convertible loans) less cash and bank balances.
(2)
Net finance costs is calculated as finance costs less interest income.
(3)
Presented on an annualised basis.
