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v3.25.1

Leases | 12 Months Ended
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Dec. 31, 2024
Leases |
Leases | B4. Leases The Group leases land and buildings, vehicles, and other equipment. The lease durations vary from lease to lease according to the asset leased and local practices. Some of the Group’s leases have extension and termination options attached to them. Lease extension options and lease termination options are only included in the calculation of the lease liability if there is reasonable certainty that they will be exercised. Judgement is required to determine the level of certainty. The value of leases to which the Group is committed but have not yet commenced is not material. A breakdown of the right-of-use (ROU) assets is shown below: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Land and |  |  |  | Other |  |
​ | ​ | buildings | ​ | Vehicles | ​ | equipment | ​ | Total
​ | ​ | £m | ​ | £m | ​ | £m | ​ | £m
Net book value |  |  |  |  |  |  |  |
At 1 January 2023 |  | 182 |  | 266 |  | 1 |  | 449
Exchange differences |  | (8) |  | (11) |  | — |  | (19)
Additions |  | 63 |  | 91 |  | 1 |  | 155
Disposals |  | (3) |  | (3) |  | — |  | (6)
Acquisition of companies and businesses |  | 1 |  | — |  | — |  | 1
Depreciation charge |  | (57) |  | (62) |  | (1) |  | (120)
Reclassification to property, plant and equipment1 |  | — |  | (8) |  | — |  | (8)
At 31 December 2023 |  | 178 |  | 273 |  | 1 |  | 452
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
At 1 January 2024 |  | 178 |  | 273 |  | 1 |  | 452
Exchange differences |  | (2) |  | — |  | — |  | (2)
Additions |  | 61 |  | 83 |  | — |  | 144
Disposals |  | (2) |  | (4) |  | — |  | (6)
Acquisition of companies and businesses |  | 4 |  | — |  | — |  | 4
Depreciation charge |  | (57) |  | (65) |  | (1) |  | (123)
Reclassification to property, plant and equipment1 |  | — |  | (8) |  | — |  | (8)
At 31 December 2024 |  | 182 |  | 279 |  | — |  | 461
1. | Certain leased assets become owned assets at the end of their lease period and are therefore reclassified to property, plant and equipment (Note B3).
Analysis of the Group’s lease liabilities is shown below: ​
​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | 2023
​ | ​ | £m | ​ | £m
At 1 January |  | 445 |  | 460
Exchange differences |  | (1) |  | (20)
Lease payments |  | (169) |  | (182)
Interest |  | 24 |  | 25
Additions |  | 142 |  | 161
Acquisition of companies and businesses |  | 4 |  | 1
At 31 December |  | 445 |  | 445
Analysed as follows: | ​ | ​ | ​ | ​
Non-current |  | 315 |  | 318
Current |  | 130 |  | 127
Total |  | 445 |  | 445
​ Lease liabilities analysed by currency: ​
​ | ​ | ​ | ​ | ​
​ | ​ | 2024 | ​ | 2023
​ |  | £m |  | £m
Pound sterling |  | 43 |  | 34
Euro |  | 75 |  | 63
US dollar |  | 267 |  | 289
Other currencies |  | 60 |  | 59
At 31 December |  | 445 |  | 445
​ Lease liabilities are payable as follows: ​
​ | ​ | ​ | ​ | ​
​ | ​ | 2024 | ​ | 2023
​ | ​ | £m | ​ | £m
Less than one year |  | 150 |  | 146
Between one and five years |  | 289 |  | 298
More than five years |  | 65 |  | 72
Future minimum payments |  | 504 |  | 516
Effect of discounting |  | (59) |  | (71)
Carrying value |  | 445 |  | 445
​ Other lease costs not already described are set out below: ​
​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | 2023
​ | ​ | £m | ​ | £m
Expenses relating to short-term leases |  | 25 |  | 14
Expenses relating to leases of low-value assets |  | 5 |  | 8
Expenses relating to variable lease payments |  | 3 |  | 2
At 31 December |  | 33 |  | 24
​ The Group has no material arrangements where it acts as a lessor.

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- Definition The entire disclosure for leases. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 16 -IssueDate 2024-01-01 -Section Presentation -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=16&code=ifrs-tx-2024-en-r&doctype=Standard&dita_xref=IFRS16_g47-50_TI -URIDate 2024-03-27 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 16 -IssueDate 2024-01-01 -Section Disclosure -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=16&code=ifrs-tx-2024-en-r&doctype=Standard&dita_xref=IFRS16_g51-60_TI -URIDate 2024-03-27 + Details
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- References No definition available. + Details
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