Sources of finance (Tables)

12 Months Ended

Dec. 31, 2018

Summary of Equity and Debt Financing

The following table summarises the equity and debt financing of the Group, and changes during the year:

Debt

2018
£m

2017
£m

2018
£m

2017
£m

Analysis of changes in financing

Beginning of year

701.8

695.4

6,481.3

6,033.1

Ordinary shares issued

1.2

6.4

–

Net (decrease)/increase in drawings on bank loans and corporate bonds

–

(440.6

)

599.6

Amortisation of financing costs included in debt

–

7.7

8.0

Other movements

–

(10.1

)

(6.9

)

Exchange adjustments

–

179.6

(152.5

)

End of year

703.0

701.8

6,217.9

6,481.3

Note

The table above excludes bank overdrafts which fall within cash and cash equivalents for the purposes of the consolidated cash flow statement.

Analysis of Future Anticipated Cash Flows in Relation to Group's Financial Derivatives and Debt

The following table is an analysis of future anticipated cash flows in relation to the Group’s debt, on an undiscounted basis which, therefore, differs from the fair value and carrying value:


	2018 £m			2017 £m
Within one year		(748.4	)		(391.7	)
Between one and two years		(596.8	)		(896.3	)
Between two and three years		(937.1	)		(584.3	)
Between three and four years		(742.5	)		(1,537.8	)
Between four and five years		(786.8	)		(487.9	)
Over five years		(4,199.7	)		(4,519.1	)
Debt financing (including interest) under the Revolving Credit Facility and in relation to unsecured loan notes		(8,011.3	)		(8,417.1	)
Short-term overdrafts – within one year		(442.0	)		(393.2	)
Future anticipated cash flows		(8,453.3	)		(8,810.3	)
Effect of discounting/financing rates		1,793.4			1,935.8
Debt financing		(6,659.9	)		(6,874.5	)

The following table is an analysis of future anticipated cash flows in relation to the Group’s financial derivatives, which include interest rate swaps, forward contracts and other foreign exchange swaps:


	Financial liabilities				Financial assets
2018	Payable £m		Receivable £m		Payable £m		Receivable £m
Within one year		229.3		221.9		124.6		120.6
Between one and two years		50.0		45.3		11.8		6.5
Between two and three years		688.4		685.3		11.5		6.4
Between three and four years		408.5		406.6		11.6		6.5
Between four and five years		–		–		11.6		6.6
Over five years		–		–		461.4		498.2
		1,376.2		1,359.1		632.5		644.8


	Financial liabilities				Financial assets
2017	Payable £m		Receivable £m		Payable £m		Receivable £m
Within one year		97.8		96.7		123.7		128.8
Between one and two years		21.4		20.1		38.6		38.8
Between two and three years		20.5		18.8		39.5		38.6
Between three and four years		20.7		18.6		851.7		851.0
Between four and five years		523.5		521.1		–		–
Over five years		–		–		–		–
		683.9		675.3		1,053.5		1,057.2

Analysis of Fixed and Floating Rate Debt by Currency

Analysis of fixed and floating rate debt by currency including the effect of interest rate and cross-currency swaps:

2018

Currency

£m

Fixed
rate¹

Floating
basis

Period
(months)¹

– fixed

1,154.8

4.58

n/a

181

– floating

1,029.6

n/a

LIBOR

n/a

– fixed

1,044.1

3.43

n/a

232

€

– fixed

2,425.9

1.99

n/a

– floating

449.2

n/a

EURIBOR

n/a

Other

114.3

n/a

6,217.9

2017

Currency

£m

Fixed
rate¹

Floating
basis

Period
(months)¹

– fixed

1,146.1

4.62%

n/a

199

– floating

1,760.9

n/a

LIBOR

n/a

– fixed

600.0

4.04%

n/a

245

€

– fixed

2,623.9

1.85%

n/a

– floating

222.2

n/a

EURIBOR

n/a

Other

128.2

n/a

6,481.3

Note

Weighted average. These rates do not include the effect of gains on interest rate swap terminations that are written to income over the life of the original instrument.