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Fair value estimation (Tables)

12 Months Ended

Dec. 31, 2023

Fair value estimation

Summary of financial instruments

​

​	​	​	​	​	​	​	​	​
​	​	Fair value	​	Fair value	​	Fair value	​	Fair value
​	​	assets	​	liabilities	​	assets	​	liabilities
​	​	2023	​	2023	​	2022	​	2022
​		£m		£m		£m		£m
Interest rate swaps (level 2):		​	​	​	​	​	​	​
– non-hedge		—		(1)		—		—
– net investment hedge		37		(27)		15		(120)
– cash flow hedge		24		(11)		36		(2)
Foreign exchange swaps (level 2):		​		​		​	​	​
– non-hedge		1		—		—		—
​		62		(39)		51		(122)
Analysed as follows:		​	​	​		​	​	​
Current portion		5		(23)		—		—
Non-current portion		57		(16)		51		(122)
Derivative financial instruments		62		(39)		51		(122)
Contingent consideration (including put option liability) (level 3)		—		(76)		—		(70)
Analysed as follows:		​		​	​	​	​	​
Current portion		—		(36)		—		(32)
Non-current portion		—		(40)		—		(38)
Other payables		—		(76)		—		(70)

Summary of contingent consideration

​

​	​	​	​	​
​		Contingent		Contingent
​	​	consideration	​	consideration
​	​	2023	​	2022
​	​	£m	​	£m
At 1 January		70		75
Exchange differences		(3)		(2)
Acquisitions		41		18
Payments		(28)		(24)
Revaluation of put option through equity		(4)		3
At 31 December		76		70

Summary of maturity of financial instruments

​

​	​	​	​	​	​	​	​	​
​		Less than		Between		More than		​
​	​	1 year	​	1 and 5 years	​	5 years	​	Total
​	​	£m	​	£m	​	£m	​	£m
At 31 December 2023	​	​	​	​	​	​	​	​
Non-derivative financial instruments	​	​	​	​	​	​	​	​
Borrowings	​	(1,209)	​	(2,601)	​	(1,003)	​	(4,812)
​	​	(1,209)	​	(2,601)	​	(1,003)	​	(4,812)
Derivative financial instruments	​	​	​	​	​	​	​	​
Cross-currency interest rate swaps:	​	​	​	​	​	​	​	​
– outflow		(454)		(1,707)		—		(2,162)
– inflow		400		1,703		—		2,103
Interest rate swaps:		​	​	​	​	​	​	​
– outflow		(21)		—		—		(21)
– inflow		31		—		—		31
Foreign exchange swaps:		​	​	​	​	​	​	​
– outflow		(140)		—		—		(140)
– inflow		140		—		—		140
​		(44)		(4)		—		(49)
Net outflow	​	(1,253)		(2,605)		(1,003)		(4,861)
At 31 December 2022		​	​	​	​	​	​	​
Non-derivative financial instruments	​	​	​	​	​	​	​	​
Borrowings	​	(1,425)	​	(3,003)	​	(1,057)	​	(5,486)
​	​	(1,425)	​	(3,003)	​	(1,057)	​	(5,486)
Derivative financial instruments	​	​	​	​	​	​	​	​
Cross-currency interest rate swaps:		​	​	​	​	​	​	​
– outflow		(64)		(1,369)		(549)		(1,982)
– inflow		20		1,264		534		1,818
Interest rate swaps:		​	​	​	​	​	​	​
– outflow		(1)		(3)		—		(4)
– inflow		10		9		—		19
Foreign exchange swaps:		​	​	​	​	​	​	​
– outflow		(15)		—		—		(15)
– inflow		15		—		—		15
​		(35)		(99)		(15)		(149)
Net outflow	​	(1,460)		(3,102)		(1,072)		(5,635)

​

X

- Definition

The disclosure of the fair value of financial instruments. [Refer: Financial instruments, class [member]; At fair value [member]]

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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-URIDate 2023-03-23

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Tabular disclosure of maturity of financial instruments.

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