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v3.25.1

Net debt | 12 Months Ended
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Dec. 31, 2024
Net debt. |
Net debt | C2. Net debt Net debt is used to assess the Group’s financial capacity. Net debt is not a measure defined by IFRS. Management defines net debt as the total of bank and other borrowings, lease liabilities, other investments, fair value of debt-related derivatives, and cash and cash equivalents (as presented in the Consolidated Balance Sheet). ​ Closing net debt comprises: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | 2024 | ​ | 2023
​ |  | Notes |  | £m |  | £m
Current | ​ | ​ | ​ | ​ | ​ | ​
Cash and cash equivalents in the Consolidated Balance Sheet |  | C3 |  | 925 |  | 1,562
Other investments1 |  | C4 |  | 2 |  | 1
Fair value of debt-related derivatives | ​ | ​ |  | (3) |  | (18)
Bank and other short-term borrowings2 | ​ | ​ |  | (1,166) |  | (1,134)
Lease liabilities |  | B4 |  | (130) |  | (127)
Non-current | ​ | ​ | ​ | ​ | ​ | ​
Fair value of debt-related derivatives | ​ | ​ |  | (23) |  | 41
Bank and other long-term borrowings3 | ​ | ​ |  | (2,498) |  | (3,153)
Lease liabilities |  | B4 |  | (315) |  | (318)
Total net debt | ​ | ​ |  | (3,208) |  | (3,146)
1. | Net debt excludes other investments which are non-cash, such as the investment in unlisted shares.
2. | Bank and other short-term borrowings consists of £nil bond debt (2023: £347), £553 m overdraft (2023: £730 m), £575 m loans (2023: £17 m), and £38 m bond accruals (2023: £40 m).
3. | Bank and other long-term borrowings consists of £2,494 m bond debt (2023: £2,596 m) and £4 m loans (2023: £557 m).
The currency split and cash flows of bank, other borrowings, and debt-related derivatives are as follows: ​
​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | 2023
​ | ​ | £m | ​ | £m
Pound sterling |  | 921 |  | 1,075
Euro |  | 873 |  | 934
US dollar |  | 1,887 |  | 2,212
Other currencies |  | 9 |  | 43
Carrying value |  | 3,690 |  | 4,264
Effect of discounting | ​ | 387 | ​ | 525
Undiscounted value |  | 4,077 |  | 4,789
Analysis of undiscounted cash flows of bank and other borrowings: |  | ​ |  | ​
Less than one year | ​ | 1,251 | ​ | 1,185
Between one and five years |  | 1,848 |  | 2,601
More than five years |  | 978 |  | 1,003
Future minimum payments |  | 4,077 |  | 4,789
​ 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
​ | ​ | ​ | ​ | 2024 | ​ | flows | ​ | acquisitions) | ​ | and other) | ​ | 2024
​ |  | Notes |  | £m |  | £m |  | £m |  | £m |  | £m
Bank and other short-term borrowings | ​ | ​ | ​ | (1,134) | ​ | 602 | ​ | (99) | ​ | (535) | ​ | (1,166)
Bank and other long-term borrowings | ​ | ​ |  | (3,153) |  | — |  | — |  | 655 |  | (2,498)
Lease liabilities |  | B4 |  | (445) |  | 169 |  | (146) |  | (23) |  | (445)
Other investments | ​ | ​ |  | 1 |  | 1 |  | — |  | — |  | 2
Fair value of debt-related derivatives | ​ | ​ |  | 23 |  | 68 |  | (7) |  | (110) |  | (26)
Gross debt | ​ | ​ |  | (4,708) |  | 840 |  | (252) |  | (13) |  | (4,133)
Cash and cash equivalents in the Consolidated Balance Sheet | ​ | ​ |  | 1,562 |  | (637) |  | — |  | — |  | 925
Net debt | ​ | ​ |  | (3,146) |  | 203 |  | (252) |  | (13) |  | (3,208)
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 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)
​ The foreign exchange gain on debt and derivatives amounted to £1m (2023: £146m gain). The gain primarily resulted from a weakening of the euro by 6 cents and partially offset by strengthening of the US dollar by 2 cents. Included within the net decrease in cash and cash equivalents is £9m (2023: £3m) cash paid on debt-related foreign exchange forward contracts (which is included within financing activities in the Consolidated Cash Flow Statement). The total cash outflow in borrowings of £602m (2023: £664m outflow) includes £176m decrease in overdraft (2023: £562m decrease), £334m debt repayment (included in financing activities) (2023: £nil) and £92m settlement of interest accrued (included within operating activities) (2023: £102m). The derivatives cash outflow of £68m (2023: £39m outflow) includes £39m (2023: £3m outflow) of cash paid on debt-related foreign exchange swaps (included in financing activities) and £29m (2023: £36m) interest paid (included in operating activities). The cash outflow of £169m from lease liabilities (2023: £182m) includes £145m (2023: £157m) capital paid (included within financing activities) and £24m (2023: £25m) interest paid (included in operating activities). Fair value is equal to carrying value for all elements of net debt with the exception of bond debt, which has a carrying value of £2,494m (2023: £2,943m) and a fair value of £2,480m (2023: £2,959m). The Group operates notional pooling arrangements whereby cash balances and overdrafts held within the same bank have a legal right of offset. Derivative financial instruments held with the same bank and having a legal right to offset are shown net. The following table shows the effect of offsetting in the 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
​ | ​ | ​ | ​ | 2024 | ​ | 2024 | ​ | 2024 | ​ | 2024 | ​ | 2024
​ |  | Notes |  | £m |  | £m |  | £m |  | £m |  | £m
Financial assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash and cash equivalents |  | C3 |  | 925 |  | — |  | 925 |  | (553) |  | 372
Trade and other receivables |  | A3 |  | 889 |  | — |  | 889 |  | — |  | 889
Other financial assets |  | C4 |  | 2 |  | — |  | 2 |  | — |  | 2
Derivative financial instruments |  | C6 |  | 6 |  | — |  | 6 |  | (1) |  | 5
Total |  | ​ |  | 1,822 |  | — |  | 1,822 |  | (554) |  | 1,268
Financial liabilities |  | ​ |  | ​ |  |  |  | ​ |  | ​ |  | ​
Trade and other payables |  | A5 |  | (847) |  | — |  | (847) |  | — |  | (847)
Borrowings |  | C2 |  | (3,664) |  | — |  | (3,664) |  | 553 |  | (3,111)
Lease liabilities |  | B4 |  | (445) |  | — |  | (445) |  | – |  | (445)
Derivative financial instruments |  | C6 |  | (32) |  | — |  | (32) |  | 1 |  | (31)
Total |  | ​ |  | (4,988) |  | — |  | (4,988) |  | 554 |  | (4,434)
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | 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
​ | ​ | ​ | ​ | 2023 | ​ | 2023 | ​ | 2023 | ​ | 2023 | ​ | 2023
​ |  | Notes |  | £m |  | £m |  | £m |  | £m |  | £m
Financial assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash and cash equivalents |  | C3 |  | 1,562 |  | — |  | 1,562 |  | (730) |  | 832
Trade and other receivables |  | A3 |  | 857 |  | — |  | 857 |  | — |  | 857
Other financial assets |  | C4 |  | 1 |  | — |  | 1 |  | — |  | 1
Derivative financial instruments |  | C6 |  | 70 |  | — |  | 70 |  | (26) |  | 44
Total | ​ |  |  | 2,490 |  | — |  | 2,490 |  | (756) |  | 1,734
Financial liabilities | ​ |  |  | ​ |  |  |  | ​ |  | ​ |  | ​
Trade and other payables |  | A5 |  | (866) |  | — |  | (866) |  | — |  | (866)
Borrowings |  | C2 |  | (4,287) |  | — |  | (4,287) |  | 730 |  | (3,557)
Lease liabilities |  | B4 |  | (445) |  | — |  | (445) |  | — |  | (445)
Derivative financial instruments |  | C6 |  | (48) |  | — |  | (48) |  | 26 |  | (22)
Total | ​ |  |  | (5,646) |  | — |  | (5,646) |  | 756 |  | (4,890)
​

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