Financial liabilities - borrowings

12 Months Ended

Dec. 31, 2021

18. Financial liabilities – borrowings

The Group’s current and

non-current

borrowings are as follows:


All figures in £ millions	2021		2020
Non-current
3.75% US dollar notes 2022 (nominal amount $ 117 m)		—		86
3.25% US dollar notes 2023 (nominal amount $94m)		70		69
1.375% euro notes 2025 (nominal amount €300m)		257		279
3.75% GBP notes 2030 (nominal amount £350m)		353		353
Lease liabilities (see note 35)		565		610

		1,245		1,397

Current (due within one year or on demand)
Bank loans and overdrafts		—		3
1.875% euro notes 2021 (nominal amount €195m)		—		178
3.75% US dollar notes 2022 (nominal amount $117m)		87		—
Lease liabilities (see note 35)		68		73

		155		254

Total borrowings		1,400		1,651

Included in the

non-current

borrowings above is £10m of accrued interest (2020: £11m). Included in the current borrowings above is £0.5m of accrued interest (2020: £2m). In addition to the above, there are

non-current

borrowings (2020: £

m) or current borrowings (2020: £

m) classified as held for sale. The maturities of the Group’s

non-current

borrowings are as follows:


All figures in £ millions	2021		2020
Between one and two years		140		160
Between two and five years		435		531
Over five years		670		706

		1,245		1,397

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


	2021							2020
All figures in £ millions	Effective interest rate			Carrying value		Market value		Effective interest rate			Carrying value		Market value
Bank loans and overdrafts		n/a			—		—		n/a			3		3
1.875% euro notes 2021		n/a			—		—		2.04	%		178		176
3.75% US dollar notes 2022		3.94	%		87		87		3.94	%		86		88
3.25% US dollar notes 2023		3.36	%		70		71		3.36	%		69		71
1.375% euro notes 2025		1.44	%		257		260		1.44	%		279		278
3.75% GBP notes 2030		3.93	%		353		380		3.93	%		353		404

					767		798					968		1,020

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	2021		2020
US dollar		434		458
Sterling		674		686
Euro		268		472
Other		24		35

		1,400		1,651

The Group has $1.19bn (£0.9bn) of undrawn capacity on its committed borrowing facilities as at 31 December 2021 (2020: $1.19bn (£0.9bn) 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 lease obligations, the rights to the leased asset revert to the lessor in the event of default.