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Equity | 12 Months Ended
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Dec. 31, 2022
Text Block [Abstract] |
Equity | 28. Equity Equity share capital
Allotted, called up and fully paid |  |  |  |  | Number of shares millions |  |  |  |  |  | Nominal value $m |  |  | Share premium $m |  |  | Equity share capital $m |
At 1 January 2020 (ordinary shares of 20 340 / 399 p each) |  |  |  |  |  |  | 187 |  |  |  |  |  |  |  | 52 |  |  |  | 99 |  |  |  | 151 |
Exchange adjustments |  |  |  |  |  |  | – |  |  |  |  |  |  |  | 1 |  |  |  | 4 |  |  |  | 5 |
At 31 December 2020 (ordinary shares of 20 340 / 399 p each) |  |  |  |  |  |  | 187 |  |  |  |  |  |  |  | 53 |  |  |  | 103 |  |  |  | 156 |
Exchange adjustments |  |  |  |  |  |  | – |  |  |  |  |  |  |  | – |  |  |  | (2 | ) |  |  | (2 | )
At 31 December 2021 (ordinary shares of 20 340 / 399 p each) |  |  |  |  |  |  | 187 |  |  |  |  |  |  |  | 53 |  |  |  | 101 |  |  |  | 154 |
Repurchased and cancelled under share repurchase programme |  |  |  |  |  |  | (4 | ) |  |  |  |  |  |  | (1 | ) |  |  | – |  |  |  | (1 | )
Exchange adjustments |  |  |  |  |  |  | – |  |  |  |  |  |  |  | (6 | ) |  |  | (10 | ) |  |  | (16 | )
At 31 December 2022 (ordinary shares of 20 340 / 399 p each) |  |  |  |  |  |  | 183 |  |  |  |  |  |  |  | 46 |  |  |  | 91 |  |  |  | 137 |
Under the authority given to the Company by shareholders at the AGM held on 6 May 2022 to purchase its own shares, on 9 August 2022 the Company announced a $500m return of funds via a share repurchase programme. In the year ended 31 December 2022, 9.1m shares were repurchased for total consideration of $482m including $2m transaction costs, 4.5m are held as treasury shares and 4.6m were cancelled. The cost of treasury shares and related transaction costs have been deducted from retained earnings. A liability, reflecting outstanding amounts payable under the repurchase plan and associated transaction costs, is recognised within current other payables (see note 19). The share repurchase programme was completed on 31 January 2023. When approving shareholder returns in 2022 and 2023, the Board first reviewed the Parent Company Financial Statements to confirm availability of sufficient distributable reserves. The authority to repurchase shares remains valid and, in February 2023, the Board approved a further $750m share buyback programme. A resolution to renew the authority will be put to shareholders at the AGM on 5 May 2023. The Company no longer has an authorised share capital. Shares held by employee share trusts
|  |  |  |  | Number of shares millions |  |  |  |  |  | Carrying value $m |  |  | Market value $m |
31 December 2022 |  |  |  |  |  |  | 1.1 |  |  |  |  |  |  |  | 37.0 |  |  |  | 62.8 |
31 December 2021 |  |  |  |  |  |  | 0.9 |  |  |  |  |  |  |  | 21.7 |  |  |  | 57.3 |
31 December 2020 |  |  |  |  |  |  | 0.1 |  |  |  |  |  |  |  | 1.4 |  |  |  | 3.1 |
Shares held by employee share trusts includes 0.2m shares held in a nominee account on behalf of participants. Treasury shares
|  |  |  |  | Number of shares millions |  |  |  |  |  | Nominal value $m |
At 1 January 2020 |  |  |  |  |  |  | 5.7 |  |  |  |  |  |  |  | 1.6 |
Transferred to employee share trusts |  |  |  |  |  |  | (0.6 | ) |  |  |  |  |  |  | (0.2 | )
At 31 December 2020 |  |  |  |  |  |  | 5.1 |  |  |  |  |  |  |  | 1.4 |
Transferred to employee share trusts |  |  |  |  |  |  | (1.4 | ) |  |  |  |  |  |  | (0.4 | )
At 31 December 2021 |  |  |  |  |  |  | 3.7 |  |  |  |  |  |  |  | 1.0 |
Transferred to employee share trusts |  |  |  |  |  |  | (0.7 | ) |  |  |  |  |  |  | (0.2 | )
Repurchased under share repurchase programme |  |  |  |  |  |  | 4.5 |  |  |  |  |  |  |  | 1.1 |
At 31 December 2022 |  |  |  |  | 7.5 |  |  |  |  |  | 1.9 |
Cash flow hedge reserves
|  |  |  |  | Cash flow hedge reserve $m |  |  | Cost of hedging reserve $m |  |  | Total $m |
At 1 January 2020 |  |  |  |  |  |  | 1 |  |  |  | (7 | ) |  |  | (6 | )
Costs of hedging deferred and recognised in other comprehensive income |  |  |  |  |  |  | – |  |  |  | (6 | ) |  |  | (6 | )
Change in fair value of currency swaps recognised in other comprehensive income |  |  |  |  |  |  | (1 | ) |  |  | – |  |  |  | (1 | )
Reclassified from other comprehensive income to profit or loss – included in financial expenses |  |  |  |  |  |  | (13 | ) |  |  | – |  |  |  | (13 | )
Deferred tax |  |  |  |  |  |  | 4 |  |  |  | – |  |  |  | 4 |
Exchange adjustments |  |  |  |  |  |  | (2 | ) |  |  | – |  |  |  | (2 | )
At 31 December 2020 |  |  |  |  |  |  | (11 | ) |  |  | (13 | ) |  |  | (24 | )
Costs of hedging deferred and recognised in other comprehensive income |  |  |  |  |  |  | – |  |  |  | 2 |  |  |  | 2 |
Change in fair value of currency swaps recognised in other comprehensive income |  |  |  |  |  |  | (62 | ) |  |  | – |  |  |  | (62 | )
Reclassified from other comprehensive income to profit or loss – included in financial expenses |  |  |  |  |  |  | 96 |  |  |  | – |  |  |  | 96 |
Deferred tax |  |  |  |  |  |  | (7 | ) |  |  | – |  |  |  | (7 | )
At 31 December 2021 |  |  |  |  |  |  | 16 |  |  |  | (11 | ) |  |  | 5 |
Costs of hedging deferred and recognised in other comprehensive income |  |  |  |  |  |  | – |  |  |  | 3 |  |  |  | 3 |
Change in fair value of currency swaps recognised in other comprehensive income |  |  |  |  |  |  | 33 |  |  |  | – |  |  |  | 33 |
Reclassified from other comprehensive income to profit or loss – included in financial expenses |  |  |  |  |  |  | (43 | ) |  |  | – |  |  |  | (43 | )
Deferred tax |  |  |  |  |  |  | 2 |  |  |  | – |  |  |  | 2 |
At 31 December 2022 |  |  |  |  |  |  | 8 |  |  |  | (8 | ) |  |  | – |
Amounts reclassified from other comprehensive income to financial expenses comprise $14m (2021: $15m, 2020: $9m) net interest payable on the currency swaps and an exchange gain of $57m (2021: $81m loss, 2020: $22m gain) which offsets a corresponding gain or loss on the hedged bonds.

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- Definition The entire disclosure for share capital, reserves and other equity interest. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IAS -Number 1 -IssueDate 2022-03-24 -Paragraph 79 -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2022-en-r&anchor=para_79&doctype=Standard -URIDate 2022-03-24 + Details
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