Financial liabilities - borrowings (Tables)

12 Months Ended

Dec. 31, 2019

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Summary of Current and Non - Current Borrowings

The Group’s current and non-current borrowings are as follows:

All figures in £ millions	2019		2018
Non-current
1.875% euro notes 2021 (nominal amount €195m; 2018 nominal amount €250m)		170		233
3.75% US dollar notes 2022 (nominal amount $117m)		89		92
3.25% US dollar notes 2023 (nominal amount $94m)		72		74
1.375% euro notes 2025 (nominal amount €300m)		262		273
Revolving credit facility		230		—
Lease liabilities (see note 35)		749		2
		1,572		674
Current
Due within one year or on demand:
Bank loans and overdrafts		3		43
Lease liabilities (see note 35)		89		3
		92		46
Total borrowings		1,664		720

Summary of Maturities of the Group's Non-Current Borrowings

The maturities of the Group’s non-current borrowings are as follows:

All figures in £ millions	2019		2018
Between one and two years		251		1
Between two and five years		609		400
Over five years		712		273
		1,572		674

Summary of Carrying Amounts and Market Value of Borrowings

The carrying amounts and market values of borrowings are as follows:

	2019							2018
All figures in £ millions	Effective interest rate			Carrying value		Market value		Effective interest rate			Carrying value		Market value
Bank loans and overdrafts		n/a			3		3		n/a			43		43
1.875% euro notes 2021		2.04	%		170		170		2.04	%		233		233
3.75% US dollar notes 2022		3.94	%		89		90		3.94	%		92		91
3.25% US dollar notes 2023		3.36	%		72		72		3.36	%		74		71
1.375% euro notes 2025		1.44	%		262		263		1.44	%		273		266
Revolving credit facility		1.075	%		230		230		—			—		—
Lease liabilities		n/a			838		838		n/a			5		5
					1,664		1,666					720		709

Summary of Carrying Amounts of Borrowings which Denominated in Currencies

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	2019		2018
US dollar		539		188
Sterling		576		23
Euro		442		506
Other		107		3
		1,664		720