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Net debt (Tables)

12 Months Ended

Dec. 31, 2023

Net debt.

Summary of closing net debt

​

​	​	​	​	​	​	​
​	​	​	​	​	​	Retrospectively
​	​	​	​	​	​	adjusted
​	​	​	​	2023	​	20221
​		Notes		£m		£m
Current	​	​	​	​	​	​
Cash and cash equivalents in the Consolidated Balance Sheet		C3		1,562		2,170
Other investments2		C4		1		1
Fair value of debt-related derivatives	​	​		(18)		—
Bank and other short-term borrowings1,3	​	​		(1,134)		(1,345)
Lease liabilities1		B4		(127)		(135)
Non-current	​	​	​	​	​	​
Fair value of debt-related derivatives	​	​		41		(71)
Bank and other long-term borrowings4	​	​		(3,153)		(3,574)
Lease liabilities		B4		(318)		(325)
Total net debt1	​	​		(3,146)		(3,279)

1. Bank and other short - term borrowings (decrease £9m) and lease liabilities (decrease £7m) have been retrospectively adjusted in 2022, in accordance with IFRS 3, to reflect measurement period adjustments made relating to the Terminix acquisition (see Note B1).

2. Net debt excludes other investments which are non - cash, such as the investment in unlisted shares.

3. Bank and other short-term borrowings consists of £347m bond debt (2022: £nil); £730m overdraft (2022: £1,291m), £17m overseas loans (2022: £14m), and £40m bond accruals (2022: £40m).

4. Bank and other long-term borrowings consists of £2,596m bond debt (2022: £2,987m) and £557m loans (2022: £587m).

Summary of currency split and cash flows of bank, other borrowings and debt-related derivatives

​

​	​	​	​	​
​	​	​	​	Retrospectively
​	​	​	​	adjusted
​		2023		20221
​	​	£m	​	£m
Pound sterling		1,075		1,726
Euro		934		927
US dollar1		2,212		2,313
Other currencies		43		24
Carrying value1		4,264		4,990
Effect of discounting	​	525	​	567
Undiscounted value1		4,789		5,557
Analysis of undiscounted cash flows of bank and other borrowings:		​		​
Less than one year	​	1,185	​	1,425
Between one and five years1		2,601		3,075
More than five years		1,003		1,057
Future minimum payments1		4,789		5,557

1. Bank and other short - term borrowings (decrease £9m) and lease liabilities (decrease £7m) have been retrospectively adjusted in 2022, in accordance with IFRS 3, to reflect measurement period adjustments made relating to the Terminix acquisition (see Note B1).

Summary of 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

​

​

​

​

2023

​

flows

​

acquisitions)

​

and other)

​

2023

​

Notes

£m

£m

£m

£m

£m

Bank and other short-term borrowings

​

​

​

(1,345)

​

664

​

(106)

​

(347)

​

(1,134)

Bank and other long-term borrowings

​

​

(3,574)

—

—

421

(3,153)

Lease liabilities

B4

(460)

182

(162)

(5)

(445)

Other investments

​

​

1

—

—

—

1

Fair value of debt-related derivatives

​

​

(71)

39

(1)

56

23

Gross debt

​

​

(5,449)

885

(269)

125

(4,708)

Cash and cash equivalents in the Consolidated Balance Sheet

​

​

2,170

(601)

—

(7)

1,562

Net debt

​

​

(3,279)

284

(269)

118

(3,146)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Non-cash

​

Non-cash

​

​

​

​

​

​

​

​

​

​

(fair value

​

(foreign

​

​

​

​

​

​

​

​

​

​

changes,

​

exchange,

​

​

​

​

​

​

Opening

​

Cash

​

accruals and

​

additions

​

Closing

​

​

​

​

2022

​

flows

​

acquisitions)1

​

and other)1

​

20221

​

Notes

£m

£m

£m

£m

£m

Bank and other short-term borrowings1

​

​

​

(459)

​

(121)

​

(762)

​

(3)

​

(1,345)

Bank and other long-term borrowings

​

​

(1,256)

(2,257)

—

(61)

(3,574)

Lease liabilities1

B4

(217)

114

(217)

(140)

(460)

Other investments

1

—

—

—

1

Fair value of debt-related derivatives

(22)

(7)

19

(61)

(71)

Gross debt1 (retrospectively adjusted)

(1,953)

(2,271)

(960)

(265)

(5,449)

Cash and cash equivalents in the Consolidated Balance Sheet

668

1,591

—

(89)

2,170

Net debt1 (retrospectively adjusted)

(1,285)

(680)

(960)

(354)

(3,279)

1. Bank and other short - term borrowings (decrease £9m) and lease liabilities (decrease £7m) have been retrospectively adjusted in 2022, in accordance with IFRS 3, to reflect measurement period adjustments made relating to the Terminix acquisition (see Note B1).

Summary of effect of offsetting in 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

​

​

​

​

2023

​

2023

​

2023

​

2023

​

2023

​

Notes

£m

£m

£m

£m

£m

Financial assets

​

​

​

​

​

​

​

​

​

​

​

​

Cash and cash equivalents

​

1,562

—

1,562

(730)

832

Trade and other receivables

​

857

—

857

—

857

Other financial assets

​

1

—

1

—

1

Derivative financial instruments

​

70

—

70

(26)

44

Total

​

2,490

—

2,490

(756)

1,734

Financial liabilities

​

​

​

​

​

Trade and other payables

​

(866)

—

(866)

—

(866)

Borrowings

​

(4,287)

—

(4,287)

730

(3,557)

Lease liabilities

​

(445)

—

(445)

—

(445)

Derivative financial instruments

​

(48)

—

(48)

26

(22)

Total

​

(5,646)

—

(5,646)

756

(4,890)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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

​

​

​

​

20221

​

2022

​

20221

​

20221

​

20221

​

Notes

£m

£m

£m

£m

£m

Financial assets

​

​

​

​

​

​

​

​

​

​

​

​

Cash and cash equivalents

C3

2,170

—

2,170

(1,291)

879

Trade and other receivables1

A3

841

—

841

—

841

Other financial assets

C4

1

—

1

—

1

Derivative financial instruments

C6

21

—

21

(21)

—

Total (retrospectively adjusted)

​

3,033

—

3,033

(1,312)

1,721

Financial liabilities

​

​

​

​

​

Trade and other payables1

A5

(909)

—

(909)

—

(909)

Borrowings1

C2

(4,919)

—

(4,919)

1,291

(3,628)

Lease liabilities1

B4

(460)

—

(460)

—

(460)

Derivative financial instruments

C6

(92)

—

(92)

21

(71)

Total (retrospectively adjusted)

​

(6,380)

—

(6,380)

1,312

(5,068)

1. Trade and other receivables (decrease £2m), trade and other payables (increase £13m), bank and other short-term borrowings (decrease £9m) and lease liabilities (decrease £7m) have been retrospectively adjusted in 2022, in accordance with IFRS 3, to reflect measurement period adjustments made relating to the Terminix acquisition (see Note B1).

X

- Definition

The disclosure of the offsetting of financial assets and financial liabilities. [Refer: Financial assets; Financial liabilities]

+ References

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- Definition

The disclosure of the reconciliation of liabilities arising from financing activities. [Refer: Liabilities arising from financing activities]

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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-Number 7
-IssueDate 2023-01-01
-Paragraph 44D
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