Financial liabilities - borrowings (Tables)

12 Months Ended

Dec. 31, 2022

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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	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

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	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

Summary of Carrying Amounts and Market Value of Borrowings

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

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	2022		2021
US dollar		276		434
Sterling		672		674
Euro		262		268
Other		20		24
		1,230		1,400