Financial risk management (Tables)

12 Months Ended

Dec. 31, 2023

Statement [line items]

Summary of Net Debt Position

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

All figures in £ millions	2023			2022
Cash and cash equivalents		312			558
Overdrafts		(3	)		(15	)
Derivative financial instruments		5			(6	)
Bonds		(611	)		(610	)
Investment in finance lease receivable		100			121
Lease liabilities		(547	)		(605	)
Net debt		(744	)		(557	)

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

As at 31 December 2023, the sensitivity of the carrying value of the Group’s financial instruments to fluctuations in interest rates and exchange rates is as follows:

												2023
				Impact of		Impact of						Impact
				1% increase		1% decrease			Impact of 10%			of 10%
	Carrying			in interest		in interest			strengthening			weakening in
All figures in £ millions	value			rates		rates			in sterling			sterling
Investments in unlisted securities		143			–		–			(10	)		12
Other receivable		12			–		–			(1	)		1
Cash and cash equivalents		312			–		–			(24	)		30
Derivative financial instruments		5			15		(15	)		(5	)		19
Bonds		(611	)		2		(2	)		24			(29	)
Other borrowings		(550	)		–		–			21			(26	)
Investment in finance lease receivable		100			–		–			(9	)		11
Deferred and contingent consideration		(57	)		–		–			3			(4	)
Other net financial assets		378			–		–			(31	)		38
Total		(268	)		17		(17	)		(32	)		52

												2022
				Impact of 1%		Impact of 1%			Impact of 10%			Impact of 10%
	Carrying			increase in		decrease in			strengthening			weakening in
All figures in £ millions	value			interest rates		interest rates			in sterling			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

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 2023
Bonds		–			257			354		611			–			354			257			611
Rate derivatives – inflows		(13	)		(262	)		–		(275	)		(6	)		(9	)		(260	)		(275	)
Rate derivatives – outflows		5			268			–		273			178			89			6			273
FX forwards – inflows		(428	)		–			–		(428	)		–			(428	)		–			(428	)
FX forwards – outflows		421			–			–		421			421			–			–			421
Total		(15	)		263			354		602			593			6			3			602
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