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Financial risk management (Details) £ in Millions, $ in Millions | 12 Months Ended |
--- | --- | ---
Dec. 31, 2024 GBP (£) | Dec. 31, 2023 GBP (£) | Dec. 31, 2024 USD ($)
Financial risk management |  |  |
Book value | £ 2,498 | £ 3,153 |
$50m term loan due May 2025 |  |  |
Financial risk management |  |  |
Notional amount of debt | $ |  |  | $ 50
$700m term loan |  |  |
Financial risk management |  |  |
Notional amount of debt | $ |  |  | 700
Bond debt |  |  |
Financial risk management |  |  |
Fair market value | 2,480 | 2,959 |
Book value | 2,494 | 2,943 |
Liquidity Risk |  |  |
Financial risk management |  |  |
Required headroom of unrestricted cash and available committed facilities | £ 600 |  |
Minimum period for which Treasury Committee manages financing requirements and associated headroom | 12 months |  |
Unrestricted cash | £ 357 |  |
Combined headroom | £ 1,196 | 1,603 |
Advance period for financing debt maturities | 12 months |  |
Liquidity Risk | Committed debt facilities |  |  |
Financial risk management |  |  |
Available commitments | £ 799 |  | 1,000
Liquidity Risk | $50m term loan due May 2025 |  |  |
Financial risk management |  |  |
Available commitments | £ 40 |  | 50
Liquidity Risk | $700m term loan | Less than 1 year |  |  |
Financial risk management |  |  |
Notional amount of debt | $ |  |  | $ 700
Liquidity Risk | €500m bond and €600m bond |  |  |
Financial risk management |  |  |
Increase in coupon payable percentage, in the event that the Group is downgraded to BB+ or below | 1.25% |  |
Period for redemption of bonds | 120 days |  |
Credit risk | Below A- |  |  |
Financial risk management |  |  |
Balances with banks | £ 13 | 16 |
Credit risk | Below A- | Single bank |  |  |
Financial risk management |  |  |
Balances with banks | £ 1 | £ 1 |
Foreign exchange risk |  |  |
Financial risk management |  |  |
Foreign currencies as a percentage of Group's operating profit | 112.00% |  |
Threshold amount of foreign currencies exposure covered by foreign exchange derivatives | £ 10 |  |
Percentage of movement in risk assumption | 10.00% | 10.00% | 10.00%
Foreign exchange risk | US dollar |  |  |
Financial risk management |  |  |
Foreign currencies as a percentage of Group's operating profit | 60.00% |  |
Percentage of net debt | 63.00% | 74.00% |
Percentage of movement in risk assumption | 10.00% | 10.00% | 10.00%
Increase (decrease) in operating profit due to reasonably possible movement in risk assumption | £ 30 | £ 35 |
Decrease (increase) in interest payable due to reasonably possible movement in risk assumption | 10 | 12 |
Increase (decrease) in other comprehensive income due to reasonably possible movement in risk assumption | 372 | 349 |
Increase (decrease) in other comprehensive income due to reasonably possible movement in risk assumption, offsetting impact of net investment hedging | £ 158 | £ 182 |
Foreign exchange risk | Euro |  |  |
Financial risk management |  |  |
Foreign currencies as a percentage of Group's operating profit | 33.00% |  |
Percentage of net debt | 26.00% | 28.00% |
Percentage of movement in risk assumption | 10.00% | 10.00% | 10.00%
Increase (decrease) in operating profit due to reasonably possible movement in risk assumption | £ 17 | £ 16 |
Decrease (increase) in interest payable due to reasonably possible movement in risk assumption | 4 | 5 |
Increase (decrease) in other comprehensive income due to reasonably possible movement in risk assumption | 19 | 17 |
Increase (decrease) in other comprehensive income due to reasonably possible movement in risk assumption, offsetting impact of net investment hedging | £ 24 | £ 27 |
Foreign exchange risk | Other currencies |  |  |
Financial risk management |  |  |
Percentage of net debt | 11.00% | (2.00%) |
Interest rate risk |  |  |
Financial risk management |  |  |
Percentage of estimated future interest rate exposures (excluding pensions) to be fixed | 50.00% |  |
Minimum period for which estimated future interest rate exposures are to be fixed | 12 months |  |
Interest rate risk | US dollar |  |  |
Financial risk management |  |  |
Percentage of movement in risk assumption | 1.00% | 1.00% | 1.00%
Income statement impact due to reasonably possible increase in designated risk component | £ 2 | £ 6 |
Interest rate risk | Euro |  |  |
Financial risk management |  |  |
Percentage of movement in risk assumption | 1.00% | 1.00% | 1.00%
Increase (decrease) in market value of the Group's bond liabilities due to reasonably possible increase in designated risk component | £ (61) | £ (86) |
Income statement impact due to reasonably possible increase in designated risk component | £ 0 | £ 0 |
Interest rate risk | Pound sterling |  |  |
Financial risk management |  |  |
Percentage of movement in risk assumption | 1.00% | 1.00% | 1.00%
Increase (decrease) in market value of the Group's bond liabilities due to reasonably possible increase in designated risk component | £ (22) | £ (26) |
Income statement impact due to reasonably possible increase in designated risk component | £ 0 | £ 0 |
Interest rate risk | $700m term loan | US dollar |  |  |
Financial risk management |  |  |
Percentage of term loan hedged | 37.50% | 50.00% |
Interest rate risk | Bond debt |  |  |
Financial risk management |  |  |
Fair market value | £ 2,480 | £ 2,959 |
Book value | £ 2,494 | £ 2,943 |

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