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Financial liabilities - borrowings
 12 Months Ended
Dec. 31, 2022
Text block [abstract]  
Financial liabilities - borrowings
18. Financial liabilities – borrowings
The Group’s current and
non-current
borrowings are as follows:
 
     
All figures in £ millions
   
                2022
    
                2021
  
     
Non-current
                 
     
3.25% US dollar notes
2023
(nominal amount $94m)
   
 
–
  
  
 
70
  
     
1.375% Euro notes 2025 (nominal amount
€
300m)
   
 
257
 
  
 
257
 
     
3.75% GBP notes 2030 (nominal amount £350m)
   
 
353
 
  
 
353
 
     
Lease liabilities (see note 35)
   
 
534
 
  
 
565
 
     
 
   
 
1,144
 
  
 
1,245
 
     
Current (due within one year or on demand)
                 
     
3.75% US dollar notes 2022 (nominal amount $117m)
   
 
–
 
  
 
87
 
     
Lease liabilities (see note 35)
   
 
71
 
  
 
68
 
     
Overdrafts
   
 
15
 
  
 
–
 
     
 
   
 
86
 
  
 
155
 
     
Total borrowings
   
 
1,230
 
  
 
1,400
 
Included in the
non-current
borrowings above is £10m of accrued interest (2021: £10m). No accrued interest is included in the current borrowings above (2021: £0.5m). In addition to the above, there are no
non-current
borrowings (2021: £nil) or current borrowings (2021: £nil)
classified as held for sale. The maturities of the Group’s
non-current
borrowings are as follows: 
 
     
All figures in £ millions
   
                2022
    
                2021
  
     
Between one and two years
   
 
72
  
  
 
140
  
     
Between two and five years
   
 
442
 
  
 
435
 
     
Over five years
   
 
630
 
  
 
670
 
     
 
   
 
1,144
 
  
 
1,245
 
The carrying amounts and market values of borrowings are as follows:
 
               
                  
2022
                           
2021
  
               
All figures in £ millions
   
Effective
  interest rate
     
        Carrying
value
     
        Market
value
    
 
 
     
Effective
  interest rate
     
            Carrying
value
     
              Market
value
  
               
3.75% US dollar notes 2022
   
 
n/a
 
   
 
–
 
   
 
–
 
           
 
3.94%
 
   
 
87
 
   
 
87
  
               
3.25% US dollar notes 2023
   
 
n/a
 
   
 
–
 
   
 
–
 
           
 
3.36%
 
   
 
70
 
   
 
71
 
               
1.375% Euro notes 2025
   
 
1.44%
 
   
 
257
 
   
 
252
 
           
 
1.44%
 
   
 
257
 
   
 
260
 
               
3.75% GBP notes 2030
   
 
3.93%
 
   
 
353
 
   
 
310
 
           
 
3.93%
 
   
 
353
 
   
 
380
 
               
Overdrafts
   
 
n/a
 
   
 
15
 
   
 
15
 
  
 
 
 
   
 
–
 
   
 
–
 
   
 
–
 
               
 
   
 
 
 
   
 
625
 
   
 
577
 
  
 
 
 
   
 
 
 
   
 
767
 
   
 
798
 
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
   
                2022
    
                2021
  
     
US dollar
   
 
276
  
  
 
434
  
     
Sterling
   
 
672
 
  
 
674
 
     
Euro
   
 
262
 
  
 
268
 
     
Other
   
 
20
 
  
 
24
 
     
 
   
 
1,230
 
  
 
1,400
 
The Group had $1.19bn (£0.9bn) of undrawn capacity on its committed borrowing facilities as at 31 December 2022 (2021: $1.19bn (£0.9bn) undrawn).
The committed borrowing facilities have subsequently been reduced to $1bn. 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.