Chapter 6: Operational performance and working capital

6.2.1 Accounting policies relating to working capital

Inventories

Inventories are stated at the lower of cost (determined on the weighted average basis) and net realisable value.

The cost of finished goods and work-in-progress comprises raw materials, direct labour, other direct costs and fixed production overheads, but excludes interest charges. Fixed production overheads are allocated on the basis of normal capacity.

Net realisable value represents the estimated selling price in the ordinary course of business less applicable selling expenses. Write-downs to net realisable value and inventory losses are expensed in the period in which the write-downs or losses occur.

Trade receivables

Trade receivables are amounts due from customers for the sale of goods and services performed in the ordinary course of business. If collection is expected in one year or less, they are classified as current assets. If not, they are presented as non-current assets. Refer note 16.1 for further accounting policies relating to financial assets at amortised cost.

Trade payables

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

Cash and cash equivalents

Cash and cash equivalents comprise of cash on hand and bank balances (current, cash management and call accounts) as well as cash equivalents, being short-term highly liquid notice or fixed deposits and money market funds, with a maturity of three months or less, that are readily convertible to a known amount of cash and which are subject to an insignificant risk of change in value.

6.2.2 Inventories

No inventories were pledged as security for liabilities in 2025 nor 2024.

6.2.3 Trade and other receivables

6.2.3.1 Impairment allowances and write-offs

Trade and other receivables are stated after the following allowances for impairment:

Trade and other receivables are stated after the following write-offs recognised in profit or loss:

For a detailed age analysis of the trade and other receivables refer to note 16.3.3.4.2.

6.2.4 Trade and other payables

6.2.5 Cash and cash equivalents