Financial risk management (Tables)

12 Months Ended

Dec. 31, 2022

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Summary of Net Debt Position

The Group’s net debt position is set out below:

All figures in £ millions	2022			2021
Cash and cash equivalents		558			937
Overdrafts		(15	)		–
Derivative financial instruments		(6	)		(2	)
Bonds		(610	)		(767	)
Investment in finance lease receivable		121			115
Lease liabilities		(605	)		(633	)
Net debt		(557	)		(350	)

Summary of Sensitivity of The Carrying Value of Financial Instruments to Fluctuations in Interest Rates and Exchange Rates

As at 31 December 2022, the sensitivity of the carrying value of the Group’s financial instruments to fluctuations in interest rates and exchange rates is as follows:

												2022
All figures in £ millions	Carrying value			Impact of 1% increase in   interest rates		Impact of 1% decrease in   interest rates			Impact of 10% strengthening in sterling			Impact of 10%   weakening in sterling
Investments in unlisted securities		133			–		–			(10	)		12
Other receivable		3			–		–			–			–
Cash and cash equivalents		558			–		–			(25	)		31
Derivative financial instruments		(6	)		7		(6	)		(10	)		12
Bonds		(610	)		4		(4	)		24			(30	)
Other borrowings		(620	)		–		–			26			(32	)
Investment in finance lease receivable		121			–		–			(11	)		13
Deferred and contingent consideration		(79	)		–		–			4			(5	)
Other net financial assets		477			–		–			(38	)		47
Total		(23	)		11		(10	)		(40	)		48

												2021
All figures in £ millions	Carrying value			Impact of 1% increase in interest rates		Impact of 1% decrease in interest rates			Impact of 10% strengthening in sterling			Impact of 10% weakening in sterling
Investments in unlisted securities		113			–		–			(9	)		11
Other receivable		87			–		–			(8	)		10
Cash and cash equivalents		937			–		–			(43	)		53
Derivative financial instruments		(2	)		6		(6	)		(1	)		1
Bonds		(767	)		5		(5	)		37			(45	)
Other borrowings		(633	)		–		–			57			(70	)
Investment in finance lease receivable		115			–		–			(11	)		13
Other net financial assets		503			–		–			(42	)		51
Total		353			11		(11	)		(20	)		24

Schedule of Contractual Undiscounted Cash Flows Analysed by Maturity and Currency

	Analysed by maturity											Analysed by currency
All figures in £ millions	Greater than one month and less than one year			Later than one year but less than five years			Five years or more		Total			USD			GBP			Other			Total
At 31 December 2022
Bonds		–			342			389		731			–			455			276			731
Rate derivatives – inflows		(11	)		(471	)		–		(482	)		(24	)		(170	)		(288	)		(482	)
Rate derivatives – outflows		1			490			–		491			224			255			12			491
FX forwards – inflows		(304	)		–			–		(304	)		–			(304	)		–			(304	)
FX forwards – outflows		313			–			–		313			–			313			–			313
Total		(1	)		361			389		749			200			549			–			749
At 31 December 2021
Bonds		107			386			403		896			162			468			266			896
Rate derivatives – inflows		(7	)		(331	)		–		(338	)		(9	)		(150	)		(179	)		(338	)
Rate derivatives – outflows		12			339			4		355			203			150			2			355
FX forwards – inflows		(148	)		–			–		(148	)		–			(148	)		–			(148	)
FX forwards – outflows		148			–			–		148			90			–			58			148
Total		112			394			407		913			446			320			147			913