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Derivative financial instruments (Tables)

12 Months Ended

Dec. 31, 2024

Net investment hedge

Derivative financial instruments

Summary of hedge accounting

2024

Weighted

Carrying

Change in

average

amount

fair value of

Change in

foreign

at year

Notional

outstanding

fair value of

exchange

end date

amount

Hedge

instrument

hedged item

Ineffectiveness

rate for the

Hedging instruments

Currency

£m

£m

Maturity date

ratio

£m

£m

£m

year

Cross-currency swaps

USD

4

(1,300)

May 2026 – October 2028

1:1

(5)

(5)

—

1.241

Cross-currency swaps

JPY

—

(10)

June 2027

1:1

(1)

(1)

—

169.747

Bonds

EUR

(261)

(261)

June 2027 – June 2030

1:1

16

16

—

1.162

Term loan

USD

(436)

(436)

October 2025

1:1

6

6

—

1.110

2023

Weighted

Carrying

Change in

average

amount

fair value of

Change in

foreign

at year

Notional

outstanding

fair value of

exchange

end date

amount

Hedge

instrument

hedged item

Ineffectiveness

rate for the

Hedging instruments

Currency

£m

£m

Maturity date

ratio

£m

£m

£m

year

Cross-currency swaps

USD

9

(1,641)

November 2024 – October 2028

1:1

114

114

—

1.250

Cross-currency swaps

JPY

1

(11)

November 2024

1:1

1

1

—

167.269

Bonds

EUR

(298)

(298)

November 2024 – October 2028

1:1

6

6

—

1.162

Term loan

USD

(360)

(360)

October 2025

1:1

9

9

—

1.110

Cash flow hedge

Derivative financial instruments

Summary of hedge accounting

2024

Weighted

Carrying

Change in

Change in

average

amount

fair value of

fair value of

foreign

at year

Notional

outstanding

hedged

exchange

end date

amount

instrument

item

Ineffectiveness

rate for the

Hedging instruments

Currency

£m

£m

Maturity date

Hedge ratio

£m

£m

£m

year

Cross-currency swaps

EUR

(27)

1,257

May 2026 – October 2028

1:1

(40)

(38)

(2)

1.133

2023

Weighted

Carrying

Change in

Change in

average

amount

fair value of

fair value of

foreign

at year

Notional

outstanding

hedged

exchange

end date

amount

instrument

item

Ineffectiveness

rate for the

Hedging instruments

Currency

£m

£m

Maturity date

Hedge ratio

£m

£m

£m

year

Cross-currency swaps

EUR

13

1,668

November 2024 – October 2028

1:1

(21)

(21)

—

1.150

Interest rate swaps

USD

1

275

September 2024

1:1

1

—

1

—