18. Financial liabilities – borrowings
The Group’s current and non-current borrowings
are as follows:
|
|
|
|
|
|
|
|
|
|
All figures in £ millions
|
|
2018 |
|
|
2017 |
|
|
Non-current
|
|
|
|
|
|
|
|
|
|
1.875% euro notes 2021 (nominal amount €250m; 2017 nominal
amount €500m)
|
|
|
233 |
|
|
|
463 |
|
|
3.75% US dollar notes 2022 (nominal amount $117m)
|
|
|
92 |
|
|
|
85 |
|
|
3.25% US dollar notes 2023 (nominal amount $94m)
|
|
|
74 |
|
|
|
69 |
|
|
1.375% euro notes 2025 (nominal amount €300m; nominal amount
€500m)
|
|
|
273 |
|
|
|
445 |
|
|
Finance lease liabilities
|
|
|
2 |
|
|
|
4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
674 |
|
|
|
1,066 |
|
|
|
|
|
|
|
|
|
|
|
Current
|
|
|
|
|
|
|
|
|
|
Due within one year or on-demand:
|
|
|
|
|
|
|
|
|
|
Bank loans and overdrafts
|
|
|
43 |
|
|
|
15 |
|
|
Finance lease liabilities
|
|
|
3 |
|
|
|
4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
46 |
|
|
|
19 |
|
|
|
|
|
|
|
|
|
|
|
Total borrowings
|
|
|
720 |
|
|
|
1,085 |
|
|
|
|
|
|
|
|
|
|
Included in the non-current borrowings
above is £6m of accrued interest (2017: £10m). Included
in the current borrowings above is £nil of accrued interest
(2017: £nil).
The maturities of the Group’s non-current borrowings
are as follows:
|
|
|
|
|
|
|
|
|
|
All figures in £ millions
|
|
2018 |
|
|
2017 |
|
|
Between one and two years
|
|
|
1 |
|
|
|
3 |
|
|
Between two and five years
|
|
|
400 |
|
|
|
549 |
|
|
Over five years
|
|
|
273 |
|
|
|
514 |
|
|
|
|
|
|
|
|
|
|
|
|
|
674 |
|
|
|
1,066 |
|
|
|
|
|
|
|
|
|
|
The carrying amounts and market values of borrowings are as
follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
2018 |
|
|
2017 |
|
|
All figures in £ millions
|
|
Effective
interest rate |
|
|
Carrying
value |
|
|
Market
value |
|
|
Effective
interest rate |
|
|
Carrying
value |
|
|
Market
value |
|
|
Bank loans and overdrafts
|
|
|
n/a |
|
|
|
43 |
|
|
|
43 |
|
|
|
n/a |
|
|
|
15 |
|
|
|
15 |
|
|
1.875% euro notes 2021
|
|
|
2.04 |
% |
|
|
233 |
|
|
|
233 |
|
|
|
2.04 |
% |
|
|
463 |
|
|
|
467 |
|
|
3.75% US dollar notes 2022
|
|
|
3.94 |
% |
|
|
92 |
|
|
|
91 |
|
|
|
3.94 |
% |
|
|
85 |
|
|
|
87 |
|
|
3.25% US dollar notes 2023
|
|
|
3.36 |
% |
|
|
74 |
|
|
|
71 |
|
|
|
3.36 |
% |
|
|
69 |
|
|
|
67 |
|
|
1.375% euro notes 2025
|
|
|
1.44 |
% |
|
|
273 |
|
|
|
266 |
|
|
|
1.44 |
% |
|
|
445 |
|
|
|
445 |
|
|
Finance lease liabilities
|
|
|
n/a |
|
|
|
5 |
|
|
|
5 |
|
|
|
n/a |
|
|
|
8 |
|
|
|
8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
720 |
|
|
|
709 |
|
|
|
|
|
|
|
1,085 |
|
|
|
1,089 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The market values stated above are based on clean market prices at
the year end or, where these are not available, on the quoted
market prices of comparable debt issued by other companies. The
effective interest rates above relate to the underlying debt
instruments.
The carrying amounts of the Group’s borrowings before the
effect of derivatives (see notes 16 and 19 for further information
on the impact of derivatives) are denominated in the following
currencies:
|
|
|
|
|
|
|
|
|
|
All figures in £ millions
|
|
2018 |
|
|
2017 |
|
|
US dollar
|
|
|
188 |
|
|
|
172 |
|
|
Sterling
|
|
|
23 |
|
|
|
1 |
|
|
Euro
|
|
|
506 |
|
|
|
911 |
|
|
Other
|
|
|
3 |
|
|
|
1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
720 |
|
|
|
1,085 |
|
|
|
|
|
|
|
|
|
|
The Group has $1.75bn (£1.4bn) of undrawn capacity on its
committed borrowing facilities as at 31 December 2018 (2017:
$1.75bn (£1.3bn) undrawn). In addition, there are a number of
short-term facilities that are utilised in the normal course of
business. All of the Group’s borrowings are unsecured. In
respect of finance lease obligations, the rights to the leased
asset revert to the lessor in the event of default.
The maturity of the Group’s finance lease obligations is as
follows:
|
|
|
|
|
|
|
|
|
|
All figures in £ millions
|
|
2018 |
|
|
2017 |
|
|
Finance lease liabilities – minimum lease payments
|
|
|
|
|
|
|
|
|
|
Not later than one year
|
|
|
3 |
|
|
|
4 |
|
|
Later than one year and not later than two years
|
|
|
1 |
|
|
|
3 |
|
|
Later than two years and not later than three years
|
|
|
1 |
|
|
|
1 |
|
|
Later than three years and not later than four years
|
|
|
— |
|
|
|
— |
|
|
Later than four years and not later than five years
|
|
|
— |
|
|
|
— |
|
|
Later than five years
|
|
|
— |
|
|
|
— |
|
|
Future finance charges on finance leases
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
Present value of finance lease liabilities
|
|
|
5 |
|
|
|
8 |
|
|
|
|
|
|
|
|
|
|
The present value of the Group’s finance lease obligations is
as follows:
|
|
|
|
|
|
|
|
|
|
All figures in £ millions
|
|
2018 |
|
|
2017 |
|
|
Not later than one year
|
|
|
3 |
|
|
|
4 |
|
|
Later than one year and not later than five years
|
|
|
2 |
|
|
|
4 |
|
|
Later than five years
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
5 |
|
|
|
8 |
|
|
|
|
|
|
|
|
|
|
The carrying amounts of the Group’s lease obligations
approximate their fair value.