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Financial liabilities - borrowings
 12 Months Ended
Dec. 31, 2023
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   
 
    2023
         2022  
Non-current
      
1.375% Euro notes 2025 (nominal amount
€
300m)
   
 
257
 
      257  
3.75% GBP notes 2030 (nominal amount £350m)
   
 
354
 
      353  
Lease liabilities (see note 35)
   
 
483
 
      534  
 
   
 
1,094
 
      1,144  
Current (due within one year or on demand)
      
Lease liabilities (see note 35)
   
 
64
 
      71  
Overdrafts
   
 
3
 
      15  
 
   
 
67
 
      86  
Total borrowings
   
 
1,161
 
      1,230  
Included in the
non-current
borrowings above is £10m of accrued interest (2022: £10m). No accrued interest is included in the current borrowings above (2022: £nil). The maturities of the Group’s
non-current
borrowings are as follows:
 
All figures in £ millions   
    2023
     
 
   2022
  
Between one and two years
   
 
70
 
      72  
Between two and five years
   
 
419
 
      442  
Over five years
   
 
605
 
      630  
 
   
 
1,094
 
      1,144  
 
 
The carrying amounts and market values of borrowings are as follows:
 
                  
 
2023
                           2022  
All figures in £
millions		  
Effective
interest rate
    
 Carrying
value
    
 Market
value
         
Effective
interest rate
    
 Carrying
value
     
 Market
value
  
1.375% Euro notes 2025  
 
1.44%
 
  
 
257
 
  
 
252
 
       1.44%       257        252  
3.75% GBP notes 2030  
 
3.93%
 
  
 
354
 
  
 
327
 
       3.93%       353        310  
Overdrafts
  
 
n/a
 
  
 
3
 
  
 
3
 
  
 
     n/a       15        15  
 
  
 
 
 
  
 
614
 
  
 
582
 
  
 
  
 
 
 
     625        577  
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   
 
   2023
         2022  
US dollar
   
 
217
 
      276  
Sterling
   
 
667
 
      672  
Euro   
 
261
 
      262  
Other   
 
16
 
      20  
 
   
 
1,161
 
      1,230  
The Group had $1bn (£0.8bn) of undrawn capacity on its committed borrowing facilities as at 31 December 2023 (2022: $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
.