content_image/124434.jpg content_image/124436.jpg
## COMBINED FINANCIAL STATEMENTS > NOTES TO THE COMBINED FINANCIAL STATEMENTS 

Cash flow statement (continued) 11 

## Reconciliation of net borrowings 

<img src='content_image/124434.jpg'>

<img src='content_image/124436.jpg'>

Net borrowings comprise cash and short term investments, loan capital, finance leases, promissory notes and bank and other loans, and are analysed further in notes 19 to 22. 

