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v3.23.1

Net debt | 12 Months Ended
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Dec. 31, 2022
Net debt. |
Net debt | C2. Net debt Closing net debt comprises: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | 2022 | ​ | 2021
​ |  | Notes |  | £m |  | £m
Current | ​ | ​ | ​ | ​ | ​ | ​
Cash and cash equivalents in the Consolidated Balance Sheet |  | C3 |  | 2,170 |  | 668
Other investments |  | C4 |  | 1 |  | 2
Fair value of debt-related derivatives | ​ | ​ |  | — |  | 1
Bank and other short-term borrowings1 | ​ | ​ |  | (1,355) |  | (459)
Lease liabilities |  | B4 |  | (135) |  | (78)
Non-current | ​ | ​ | ​ | ​ | ​ | ​
Fair value of debt-related derivatives | ​ | ​ |  | (71) |  | (24)
Bank and other long-term borrowings2 | ​ | ​ |  | (3,574) |  | (1,256)
Lease liabilities |  | B4 |  | (332) |  | (139)
Total net debt | ​ | ​ |  | (3,296) |  | (1,285)
1. | Bank and other short-term borrowings consists of £1,291m overdraft (2021: £426m), £24m overseas loans (2021: £30m) and £40m bond accruals (2021: £3m).
2. | Bank and other long-term borrowings consists of £2,987m bond debt (2021: £1,254m) and £587m loans (2021: £2m).
The currency split and cash flows of bank, other borrowings and debt-related derivatives are as follows: ​
​ | ​ | ​ | ​ | ​
​ |  | 2022 |  | 2021
​ | ​ | £m | ​ | £m
Pound sterling |  | 1,727 |  | 48
Euro |  | 927 |  | 856
US dollar |  | 2,322 |  | 783
Other currencies |  | 24 |  | 51
Carrying value |  | 5,000 |  | 1,738
Fair value component of derivatives and interest |  | 567 |  | 9
Undiscounted value |  | 5,567 |  | 1,747
Analysis of undiscounted cash flows of bank and other borrowings: |  | ​ |  | ​
Less than one year | ​ | 1,435 | ​ | 450
Between one and five years |  | 3,075 |  | 788
More than five years |  | 1,057 |  | 509
Future minimum payments |  | 5,567 |  | 1,747
​ Reconciliation of net change in cash and cash equivalents to net debt: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Non-cash | ​ | Non-cash | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (fair value | ​ | (foreign | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | changes, | ​ | exchange, | ​ | ​
​ | ​ | ​ | ​ | Opening | ​ | Cash | ​ | accruals and | ​ | additions | ​ | Closing
​ | ​ | ​ | ​ | 2022 | ​ | flows | ​ | acquisitions) | ​ | and other) | ​ | 2022
​ |  | Notes |  | £m |  | £m |  | £m |  | £m |  | £m
Bank and other short-term borrowings | ​ | ​ | ​ | (459) | ​ | (121) | ​ | (771) | ​ | (4) | ​ | (1,355)
Bank and other long-term borrowings | ​ | ​ |  | (1,256) |  | (2,257) |  | — |  | (61) |  | (3,574)
Lease liabilities |  | B4 |  | (217) |  | 114 |  | (225) |  | (139) |  | (467)
Other investments | ​ | ​ |  | 1 |  | — |  | — |  | — |  | 1
Fair value of debt-related derivatives | ​ | ​ |  | (22) |  | (7) |  | 19 |  | (61) |  | (71)
Gross debt | ​ | ​ |  | (1,953) |  | (2,271) |  | (977) |  | (265) |  | (5,466)
Cash and cash equivalents in the Consolidated Balance Sheet | ​ | ​ |  | 668 |  | 1,591 |  | — |  | (89) |  | 2,170
Net debt | ​ | ​ |  | (1,285) |  | (680) |  | (977) |  | (354) |  | (3,296)
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Non-cash | ​ | Non-cash | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (fair value | ​ | (foreign | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | changes, | ​ | exchange, | ​ | ​
​ | ​ | ​ | ​ | Opening | ​ | Cash | ​ | accruals and | ​ | additions | ​ | Closing
​ | ​ | ​ | ​ | 2021 | ​ | flows | ​ | acquisitions) | ​ | and other) | ​ | 2021
​ |  | Notes |  | £m |  | £m |  | £m |  | £m |  | £m
Bank and other short-term borrowings | ​ | ​ | ​ | (1,591) | ​ | 1,135 | ​ | (12) | ​ | 9 | ​ | (459)
Bank and other long-term borrowings | ​ | ​ |  | (1,338) |  | 15 |  | (12) |  | 79 |  | (1,256)
Lease liabilities |  | B4 |  | (215) |  | 94 |  | (5) |  | (91) |  | (217)
Other investments |  |  |  | 172 |  | (171) |  | — |  | — |  | 1
Fair value of debt-related derivatives |  |  |  | 7 |  | 31 |  | (3) |  | (57) |  | (22)
Gross debt |  |  |  | (2,965) |  | 1,104 |  | (32) |  | (60) |  | (1,953)
Cash and cash equivalents in the Consolidated Balance Sheet |  |  |  | 1,950 |  | (1,267) |  | — |  | (15) |  | 668
Net debt |  |  |  | (1,015) |  | (163) |  | (32) |  | (75) |  | (1,285)
​ The foreign exchange loss on debt and derivatives amounted to £74m (2021: £30m gain). The loss primarily resulted from a strengthening of the euro by 6 cents and a strengthening of the US dollar by 14 cents. Included within the net decrease in cash and cash equivalents is £4m cash paid on debt-related foreign exchange forward contracts (which is included within financing activities in the Consolidated Cash Flow Statement) (2021: £19m). The total borrowings cash increase of £2,378m (2021: decrease of £1,149m) includes £2,383m proceeds from new debt (2021: £5m) (included in financing activities) and £865m increase in overdraft (2021: £972m decrease), offset by £844m debt repayment (included in financing activities) (2021: £167m) and £26m settlement of interest accrued (included within operating activities) (2021: £15m). The derivatives cash increase of £7m (2021: £31m decrease) includes £26m inflow (2021: £19m outflow) of cash paid on debt-related foreign exchange swaps (included in financing activities) and £19m (2021: £12m) interest paid (included in operating activities). The cash outflow of £114m from leases liabilities (2021: £94m) includes £104m capital paid (included within financing activities) (2021: £88m) and £10m interest paid (included in operating activities) (2021: £6m). Fair value is equal to carrying value for all elements of net debt with the exception of bond debt, which has a carrying value of £2,987m (2021: £1,254m) and a fair value of £2,826m (2021: £1,272m). The Group operates notional pooling arrangements whereby cash balances and overdrafts held within the same bank have a legal right of offset. The following table shows the effect of offsetting in the balance sheet due to financial instruments subject to enforceable netting arrangements: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Amount | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Gross | ​ | ​ | ​ | subject to | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | amounts set | ​ | Net amounts | ​ | master | ​ | ​
​ | ​ | ​ | ​ | Gross | ​ | off in the | ​ | presented in the | ​ | netting | ​ | ​
​ | ​ | ​ | ​ | amount | ​ | balance sheet | ​ | balance sheet | ​ | arrangement | ​ | Net amount
​ | ​ | ​ | ​ | 2022 | ​ | 2022 | ​ | 2022 | ​ | 2022 | ​ | 2022
​ |  | Notes |  | £m |  | £m |  | £m |  | £m |  | £m
Financial assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash and cash equivalents |  | C3 |  | 2,170 |  | — |  | 2,170 |  | (1,291) |  | 879
Trade and other receivables |  | A3 |  | 843 |  | — |  | 843 |  | — |  | 843
Other financial assets |  | C4 |  | 1 |  | — |  | 1 |  | — |  | 1
Derivative financial instruments |  | C6 |  | 21 |  | — |  | 21 |  | (21) |  | —
Total |  |  |  | 3,035 |  | — |  | 3,035 |  | (1,312) |  | 1,723
Financial liabilities |  |  |  | ​ |  |  |  | ​ |  | ​ |  | ​
Trade and other payables |  | A5 |  | (896) |  | — |  | (896) |  | — |  | (896)
Borrowings |  | C2 |  | (4,929) |  | — |  | (4,929) |  | 1,291 |  | (3,638)
Lease liabilities |  | B4 |  | (467) |  | — |  | (467) |  | — |  | (467)
Derivative financial instruments |  | C6 |  | (92) |  | — |  | (92) |  | 21 |  | (71)
Total |  |  |  | (6,384) |  | — |  | (6,384) |  | 1,312 |  | (5,072)
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Gross | ​ | ​ | ​ | Amount | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | amounts set | ​ | ​ | ​ | subject to | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | off in the | ​ | Net amounts | ​ | master | ​ | ​
​ | ​ | ​ | ​ | Gross | ​ | balance | ​ | presented in the | ​ | netting | ​ | ​
​ | ​ | ​ | ​ | amount | ​ | sheet | ​ | balance sheet | ​ | arrangement | ​ | Net amount
​ | ​ | ​ | ​ | 2021 | ​ | 2021 | ​ | 2021 | ​ | 2021 | ​ | 2021
​ |  | Notes |  | £m |  | £m |  | £m |  | £m |  | £m
Financial assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash and cash equivalents |  | C3 |  | 668 |  | — |  | 668 |  | (423) |  | 245
Trade and other receivables1 |  | A3 |  | 506 |  | — |  | 506 |  | — |  | 506
Other financial assets |  | C4 |  | 2 |  | — |  | 2 |  | — |  | 2
Derivative financial instruments |  | C6 |  | 12 |  | — |  | 12 |  | (8) |  | 4
Total | ​ | ​ |  | 1,188 |  | — |  | 1,188 |  | (431) |  | 757
Financial liabilities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Trade and other payables2 |  | A5 |  | (597) |  | — |  | (597) |  | — |  | (597)
Borrowings |  | C2 |  | (1,715) |  | — |  | (1,715) |  | 423 |  | (1,292)
Lease liabilities |  | B4 |  | (217) |  | — |  | (217) |  | — |  | (217)
Derivative financial instruments |  | C6 |  | (35) |  | — |  | (35) |  | 8 |  | (27)
Total | ​ | ​ |  | (2,564) |  | — |  | (2,564) |  | 431 |  | (2,133)
1. | Trade and other receivables have been restated in 2021 due to a correction to exclude prepayments of £35m.
2. | Trade and other payables have been restated in 2021 due to a correction to exclude social security and other taxes of £72m and contract liabilities of £167m.
​

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