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Leases (Tables)

12 Months Ended

Dec. 31, 2022

Leases

Schedule of right of use assets


		Land and				Other
		buildings		Vehicles		equipment		Total
		£m		£m		£m		£m
Net book value
At 1 January 2021		96		120		2		218
Exchange differences		(2)		(1)		—		(3)
Additions		33		56		2		91
Disposals		(1)		(1)		—		(2)
Acquisition of companies and businesses¹		5		3		—		8
Depreciation charge		(37)		(39)		(2)		(78)
Reclassification to property, plant and equipment²		—		(6)		—		(6)
At 31 December 2021		94		132		2		228

At 1 January 2022		94		132		2		228
Exchange differences		—		3		—		3
Additions		69		69		—		138
Acquisition of companies and businesses¹		79		120		—		199
Impairment charge³		(17)		—		—		(17)
Depreciation charge		(43)		(45)		(1)		(89)
Reclassification to property, plant and equipment²		—		(8)		—		(8)
At 31 December 2022		182		271		1		454

1.	Includes current-year acquisitions of £200m (2021: £2m) as well as adjustments to prior-year acquisitions within the measurement period.

2.	Certain leased assets become owned assets at the end of their lease period and are therefore reclassified to property, plant and equipment (Note B3).

3.	Impairment relates to closure of surplus property in the US. The recoverable amount of the impaired ROU assets is £25m based on value-in-use calculation and a 6% discount rate.

Schedule of lease liabilities


		2022		2021
		£m		£m
At 1 January		217		215
Exchange differences		(1)		(4)
Lease payments		(114)		(94)
Interest		10		6
Additions		140		89
Acquisition of companies and businesses		215		5
At 31 December		467		217
Analysed as follows:
Non-current		332		139
Current		135		78
Total		467		217

Schedule of lease liabilities analysed by currency


		2022		2021
		£m		£m
Pound sterling		34		33
Euro		61		57
US dollar		314		89
Other currencies		58		38
At 31 December		467		217

Schedule of maturities of lease liabilities


		2022		2021
		£m		£m
Less than one year		144		80
Between one and five years		277		138
More than five years		82		13
Future minimum payments		503		231
Effect of discounting		(36)		(14)
Carrying value		467		217

Schedule of other lease cost


		2022		2021
		£m		£m
Expenses relating to short-term leases		13		12
Expenses relating to leases of low-value assets		8		6
Expenses relating to variable lease payments		—		1
At 31 December		21		19