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Derivative financial instruments (Tables)

12 Months Ended

Dec. 31, 2022

Net investment hedge

Derivative financial instruments

Summary of hedge accounting

2022

Weighted

Carrying

Change in

average

amount

fair value of

Change in

foreign

at year

Notional

outstanding

fair value of

exchange

end date

amount

Hedge

instrument

hedged item

Ineffectiveness

rate for the

Hedging instruments

Currency

£m

£m

Maturity date

ratio

£m

£m

£m

year

Cross-currency swaps

USD

(105)

1,728

November 2024 – October 2028

1:1

(109)

(108)

(1)

1.250

Cross-currency swaps

JPY

—

12

November 2024

1:1

—

—

—

137.071

Bonds

EUR

(510)

(510)

June 2027 – June 2030

1:1

(22)

(22)

—

1.154

Term loan

USD

(579)

(579)

October 2025

1:1

60

60

—

1.152

Overdraft

AUD

(5)

(5)

n/a

1:1

—

—

—

1.819

2021

Weighted

Carrying

Change in

average

amount

fair value of

Change in

foreign

at year

Notional

outstanding

fair value of

exchange

end date

amount

Hedge

instrument

hedged item

Ineffectiveness

rate for the

Hedging instruments

Currency

£m

£m

Maturity date

ratio

£m

£m

£m

year

Cross-currency swaps

USD

2

596

November 2024 – October 2028

1:1

(16)

(18)

2

1.296

Cross-currency swaps

JPY

1

8

November 2022

1:1

1

1

—

134.326

Bonds

EUR

(463)

(464)

November 2024 – October 2028

1:1

28

28

—

1.147

Overdraft

AUD

(5)

(5)

n/a

1:1

—

—

—

1.857

Cash flow hedge

Derivative financial instruments

Summary of hedge accounting

2022

Cumulative

Carrying

Change in

change in

amount

fair value of

fair value of

Weighted

at year

Notional

outstanding

hedged

average

end date

amount

instrument

item

Ineffectiveness

rate for the

Hedging instruments

Currency

£m

£m

Maturity date

Hedge ratio

£m

£m

£m

year

Cross-currency swaps

EUR

34

1,700

November 2024 – October 2028

1:1

60

61

(1)

1.150

2021

Cumulative

Carrying

Change in

change in

amount

fair value of

fair value of

Weighted

at year

Notional

outstanding

hedged

average

end date

amount

instrument

item

Ineffectiveness

rate for the

Hedging instruments

Currency

£m

£m

Maturity date

Hedge ratio

£m

£m

£m

year

Cross-currency swaps

EUR

(25)

695

November 2024 – October 2028

1:1

(24)

(23)

(1)

1.131