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Financial risk management and derivative financial instruments (Tables) | 12 Months Ended
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Dec. 31, 2024
Disclosure [Abstract] |
Summary of Derivative Financial Instruments | Derivatives are recorded in the Group statement of financial position at fair value (see note 24) as follows:
Derivatives |  |  |  | 2024 $m |  |  |  |  | 2023 $m |
Currency swaps |  |  |  |  | (78 | ) |  |  |  |  | (20 | )
Currency forwards |  |  |  |  | 4 |  |  |  |  |  | 15 |
|  |  |  |  | (74 | ) |  |  |  |  | (5 | )
Analysed as: |  |  |  |  |  |  |  |  |  |  |  |
Non-current assets |  |  |  |  | 4 |  |  |  |  |  | 20 |
Current liabilities |  |  |  |  | – |  |  |  |  |  | (25 | )
Non-current liabilities |  |  |  |  | (78 | ) |  |  |  |  | – |
|  |  |  |  | (74 | ) |  |  |  |  | (5 | )
Disclosure of Detailed Information About Hedging Instruments | Currency swaps and forwards have been transacted as follows:
Date of designation |  |  |  | Hedge type |  | Pay leg |  | Interest rate |  | Receive leg |  | Interest rate |  | Maturity |  | Risk |  | Hedged item
November 2018 |  |  |  | Cash flow |  | £436m |  | 3.5% |  | € 500m |  | 2.125% |  | May 2027 |  | Foreign exchange |  | €500m 2.125% bonds 2027
October 2020 |  |  |  | Cash flow |  | £454m |  | 2.7% |  | € 500m |  | 1.625% |  | October 2024 |  | Foreign exchange |  | €500m 1.625% bonds 2024
November 2023 |  |  |  | Cash flow |  | $657m |  | 6.0% |  | € 600m |  | 4.375% |  | November 2029 |  | Foreign exchange |  | €600m 4.375% bonds 2029
September 2024 |  |  |  | Cash flow |  | $834m |  | 4.9% |  | € 750m |  | 3.625% |  | September 2031 |  | Foreign exchange |  | €750m 3.625% bonds 2031
October 2023 |  |  |  | Net investment |  | $425m |  | n/a |  | £344m |  | n/a |  | October 2028 |  | Spot foreign exchange |  | Net assets of specified subsidiaries with US dollar foreign currency
Summary of Interest and Foreign Exchange Risk Sensitivities |
|  |  |  |  | 2024 $m |  |  |  |  |  | 2023 $m |  |  |  |  |  | 2022 $m |
(Decrease)/increase in profit before tax |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sterling: US dollar exchange rate |  | $0.05 fall |  |  |  |  |  |  | (38 | ) |  |  |  |  |  |  | (14 | ) |  |  |  |  |  |  | (3 | )
Euro: US dollar exchange rate |  | $0.05 fall |  |  |  |  |  |  | (7 | ) |  |  |  |  |  |  | (3 | ) |  |  |  |  |  |  | – |
US dollar interest rates |  | 1% increase |  |  |  |  |  |  | 4 |  |  |  |  |  |  |  | 2 |  |  |  |  |  |  |  | 4 |
Sterling interest rates |  | 1% increase |  |  |  |  |  |  | 3 |  |  |  |  |  |  |  | 9 |  |  |  |  |  |  |  | 4 |
Decrease/(increase) in net liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sterling: US dollar exchange rate |  | $0.05 fall |  |  |  |  |  |  | 3 |  |  |  |  |  |  |  | (12 | ) |  |  |  |  |  |  | 27 |
Euro: US dollar exchange rate |  | $0.05 fall |  |  |  |  |  |  | 25 |  |  |  |  |  |  |  | 49 |  |  |  |  |  |  |  | 50 |
Sterling: euro exchange rate |  | € 0.05 fall |  |  |  |  |  |  | 31 |  |  |  |  |  |  |  | 64 |  |  |  |  |  |  |  | 60 |
Summary of amended covenant test levels for syndicated and bilateral facilities |
|  |  |  |  | 31 December 2024 | a
Covenant test levels for RCF |  |  |  |  |  |
Leverage |  |  |  |  | < 4.0x |
Interest cover |  |  |  |  | >3.5x |
Summary of covenant tests |
|  |  |  | 2024 |  |  |  |  | 2023 |  |  |  |  |  | 2022 |
Covenant measures |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Covenant EBITDA ($m) |  |  |  |  | 1,195 |  |  |  |  |  | 1,086 |  |  |  |  |  |  |  | 896 |
Covenant net debt ($m) |  |  |  |  | 2,804 |  |  |  |  |  | 2,328 |  |  |  |  |  |  |  | 1,898 |
Covenant interest payable ($m) |  |  |  |  | 123 |  |  |  |  |  | 88 |  |  |  |  |  |  |  | 109 |
Leverage |  |  |  |  | 2.35 |  |  |  |  |  | 2.14 |  |  |  |  |  |  |  | 2.12 |
Interest cover |  |  |  |  | 9.72 |  |  |  |  |  | 12.34 |  |  |  |  |  |  |  | 8.22 |
Summary of Undiscounted Contractual Cash Flows of Financial Liabilities |
|  |  |  | Less than 1 year |  |  | Between 1 and 2 years |  |  | Between 2 and 5 years |  |  | More than 5 years |  |  | Total |
31 December 2024 |  |  |  | $m |  |  | $m |  |  | $m |  |  | $m |  |  | $m |
Non-derivative financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bank overdrafts |  |  |  |  | 17 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 17 |
Bonds |  |  |  |  | 482 |  |  |  | 531 |  |  |  | 1,859 |  |  |  | 837 |  |  |  | 3,709 |
Lease liabilities |  |  |  |  | 52 |  |  |  | 50 |  |  |  | 139 |  |  |  | 3,125 |  |  |  | 3,366 |
Trade and other payables (excluding deferred and contingent purchase consideration) |  |  |  |  | 589 |  |  |  | 1 |  |  |  | 1 |  |  |  | 3 |  |  |  | 594 |
Contingent purchase consideration |  |  |  |  | – |  |  |  | 39 |  |  |  | 42 |  |  |  | – |  |  |  | 81 |
Financial guarantee contracts |  |  |  |  | 31 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 31 |
Derivative financial instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Currency swaps hedging bonds inflows |  |  |  |  | (66 | ) |  |  | (66 | ) |  |  | (1,324 | ) |  |  | (837 | ) |  |  | (2,293 | )
Currency swaps hedging bonds outflows |  |  |  |  | 101 |  |  |  | 100 |  |  |  | 1,457 |  |  |  | 916 |  |  |  | 2,574 |
Forward currency contract inflows |  |  |  |  | – |  |  |  | – |  |  |  | (431 | ) |  |  | – |  |  |  | (431 | )
Forward currency contract outflows |  |  |  |  | – |  |  |  | – |  |  |  | 425 |  |  |  | – |  |  |  | 425 |
|  |  |  | Less than 1 year |  |  | Between 1 and 2 years |  |  | Between 2 and 5 years |  |  | More than 5 years |  |  | Total |
31 December 2023 |  |  |  | $m |  |  | $m |  |  | $m |  |  | $m |  |  | $m |
Non-derivative financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bank overdrafts |  |  |  |  | 44 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 44 |
Bonds |  |  |  |  | 644 |  |  |  | 464 |  |  |  | 1,681 |  |  |  | 694 |  |  |  | 3,483 |
Lease liabilities |  |  |  |  | 57 |  |  |  | 52 |  |  |  | 130 |  |  |  | 3,164 |  |  |  | 3,403 |
Trade and other payables (excluding deferred and contingent purchase consideration) |  |  |  |  | 651 |  |  |  | 1 |  |  |  | 3 |  |  |  | 2 |  |  |  | 657 |
Deferred and contingent purchase consideration |  |  |  |  | 13 |  |  |  | – |  |  |  | 81 |  |  |  | – |  |  |  | 94 |
Financial guarantee contracts |  |  |  |  | 50 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 50 |
Derivative financial instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Currency swaps hedging bonds inflows |  |  |  |  | (604 | ) |  |  | (41 | ) |  |  | (664 | ) |  |  | (694 | ) |  |  | (2,003 | )
Currency swaps hedging bonds outflows |  |  |  |  | 653 |  |  |  | 59 |  |  |  | 704 |  |  |  | 696 |  |  |  | 2,112 |
Forward currency contract inflows |  |  |  |  | – |  |  |  | – |  |  |  | (438 | ) |  |  | – |  |  |  | (438 | )
Forward currency contract outflows |  |  |  |  | – |  |  |  | – |  |  |  | 425 |  |  |  | – |  |  |  | 425 |
Disclosure of Short-term Deposits by Counterparty Credit Rating | The table below analyses the Group’s short-term deposits, money market funds and repurchase agreement collateral classified as cash and cash equivalents by counterparty credit rating:
31 December 2024 |  |  |  | AAA $m |  |  | AA+ $m |  |  | AA $m |  |  | AA- $m |  |  | A+ $m |  |  | A $m |  |  | A- $m |  |  | BBB+ and below $m |  |  | Total $m |
Short-term deposits |  |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 41 |  |  |  | 107 |  |  |  | 249 |  |  |  | – |  |  |  | 14 |  |  |  | 411 |
Money market funds |  |  |  |  | 415 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 415 |
Repurchase agreement collateral |  |  |  |  | 26 |  |  |  | 9 |  |  |  | 2 |  |  |  | 3 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 40 |
31 December 2023 |  |  |  | AAA $m |  |  | AA+ $m |  |  | AA $m |  |  | AA- $m |  |  | A+ $m |  |  | A $m |  |  | A- $m |  |  | BBB+ and below $m |  |  | Total $m |
Short-term deposits |  |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 129 |  |  |  | 147 |  |  |  | 258 |  |  |  | 77 |  |  |  | 21 |  |  |  | 632 |
Money market funds |  |  |  |  | 375 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 375 |
Repurchase agreement collateral |  |  |  |  | 110 |  |  |  | 6 |  |  |  | – |  |  |  | 20 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 136 |

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- Definition The disclosure of the sensitivity analysis for types of market risk to which the entity is exposed, showing how profit or loss and equity would have been affected by changes in the relevant risk variable that were reasonably possible at that date. [Refer: Market risk [member]] + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 7 -IssueDate 2024-01-01 -Paragraph 40 -Subparagraph a -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2024-en-r&anchor=para_40_a&doctype=Standard -URIDate 2024-03-27 + Details
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