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Net debt (Tables)

12 Months Ended

Dec. 31, 2024

Net debt.

Summary of closing net debt


				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), £553m overdraft (2023: £730m), £575m loans (2023: £17m), and £38m bond accruals (2023: £40m).

3.	Bank and other long-term borrowings consists of £2,494m bond debt (2023: £2,596m) and £4m loans (2023: £557m).

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


		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

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

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)

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

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)