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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