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Financial risk management (Details) £ in Millions, $ in Billions | 12 Months Ended |
--- | --- | ---
Dec. 31, 2022 GBP (£) item | Dec. 31, 2021 GBP (£) | Dec. 31, 2022 USD ($)
Financial risk management |  |  |
Book value | £ 3,574.0 | £ 1,256.0 |
Bond Debt |  |  |
Financial risk management |  |  |
Fair market value | 2,826.0 | 1,272.0 |
Book value | 2,987.0 | 1,254.0 |
Liquidity Risk |  |  |
Financial risk management |  |  |
Required headroom of unrestricted cash and available committed facilities | £ 600.0 |  |
Minimum period for which Treasury Committee manages financing requirements and associated headroom | 12 months |  |
Unrestricted cash | £ 867.0 |  |
Combined headroom | £ 1,694.0 | 785.0 |
Advance period for financing debt maturities | 12 months |  |
Liquidity Risk | Revolving credit facility |  |  |
Financial risk management |  |  |
Available commitments | £ 827.0 |  | $ 1.0
Notional amount of debt |  | 550.0 | $ 1.0
Number of relationship banks | item | 16 |  |
Liquidity Risk | €400m bond, €500m bond, €600m bond |  |  |
Financial risk management |  |  |
Increase in coupon payable percentage, in the event that the Group is downgraded to BB+ or below | 1.25% |  |
Period for redemption of bonds | 120 days |  |
Credit risk | Below A- |  |  |
Financial risk management |  |  |
Balances with banks | £ 36.0 | 11.0 |
Credit risk | Below A- | Single bank |  |  |
Financial risk management |  |  |
Balances with banks | £ 14.0 | £ 2.0 |
Foreign exchange risk |  |  |
Financial risk management |  |  |
Foreign currencies as a percentage of Group's adjusted operating profit | 104.00% |  |
Threshold amount of foreign currencies exposure covered by foreign exchange derivatives | £ 0.5 |  |
Percentage of movement in risk assumption | 10.00% |  | 10.00%
Foreign exchange risk | US dollar |  |  |
Financial risk management |  |  |
Foreign currencies as a percentage of Group's adjusted operating profit | 48.00% |  |
Threshold amount of foreign currencies exposure covered by foreign exchange derivatives | £ 5.0 |  |
Percentage of net debt | 66.00% | 57.00% |
Percentage of movement in risk assumption | 10.00% |  | 10.00%
Increase (decrease) in adjusted operating profit due to reasonably possible movement in risk assumption | £ 25.0 | £ 19.0 |
Decrease (increase) in interest payable due to reasonably possible movement in risk assumption | 3.0 | 2.0 |
Increase (decrease) in other comprehensive income due to reasonably possible movement in risk assumption | 377.0 | 50.0 |
Increase (decrease) in other comprehensive income due to reasonably possible movement in risk assumption, offsetting impact of net investment hedging | £ 210.0 | £ 54.0 |
Foreign exchange risk | Euro |  |  |
Financial risk management |  |  |
Foreign currencies as a percentage of Group's adjusted operating profit | 29.00% |  |
Percentage of net debt | 23.00% | 45.00% |
Percentage of movement in risk assumption | 10.00% |  | 10.00%
Increase (decrease) in adjusted operating profit due to reasonably possible movement in risk assumption | £ 15.0 | £ 16.0 |
Decrease (increase) in interest payable due to reasonably possible movement in risk assumption | 3.0 | 1.0 |
Increase (decrease) in other comprehensive income due to reasonably possible movement in risk assumption | 0.0 | 5.0 |
Increase (decrease) in other comprehensive income due to reasonably possible movement in risk assumption, offsetting impact of net investment hedging | £ 46.0 | 42.0 |
Foreign exchange risk | Other currencies |  |  |
Financial risk management |  |  |
Percentage of net debt | 11.00% |  |
Interest rate risk |  |  |
Financial risk management |  |  |
Percentage of estimated future interest rate exposures (excluding pensions) to be fixed | 50.00% |  |
Minimum period for which estimated future interest rate exposures are to be fixed | 12 months |  |
Interest rate risk | Euro |  |  |
Financial risk management |  |  |
Percentage of movement in risk assumption | 1.00% |  | 1.00%
Increase (decrease) in market value of the Group's bond liabilities due to reasonably possible increase in designated risk component | £ (128.0) | (62.0) |
Income statement impact due to reasonably possible increase in designated risk component | 0.0 |  |
Interest rate risk | Bond Debt |  |  |
Financial risk management |  |  |
Fair market value | 2,826.0 | 1,272.0 |
Book value | £ 2,987.0 | £ 1,254.0 |

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