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Sources of finance (Tables)

12 Months Ended

Dec. 31, 2019

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


	Shares					Debt
Analysis of changes in financing	2019 £m			2018 £m		2019 £m			2018 £m
Beginning of year		703.0			701.8		6,217.9			6,481.3
Ordinary shares issued		0.6			1.2		–			–
Share cancellations		(0.5	)		–		–			–
Net decrease in drawings on bank loans and corporate bonds		–			–		(1,713.2	)		(440.6	)
Amortisation of financing costs included in debt		–			–		10.3			7.7
Changes in fair value due to hedging arrangements		–			–		14.3			(9.9	)
Other movements		–			–		1.5			(0.2	)
Exchange adjustments		–			–		(257.9	)		179.6
End of year		703.1			703.0		4,272.9			6,217.9

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:


	2019 £m			2018 £m
Within one year		(324.8	)		(748.4	)
Between one and two years		(204.0	)		(596.8	)
Between two and three years		(692.1	)		(937.1	)
Between three and four years		(726.3	)		(742.5	)
Between four and five years		(634.2	)		(786.8	)
Over five years		(2,761.9	)		(4,199.7	)
Debt financing (including interest) under the Revolving Credit Facility and in relation to unsecured loan notes		(5,343.3	)		(8,011.3	)
Short-term overdrafts – within one year		(235.7	)		(442.0	)
Future anticipated cash flows		(5,579.0	)		(8,453.3	)
Effect of discounting/financing rates		1,070.4			1,793.4
Debt financing		(4,508.6	)		(6,659.9	)

The following table is an analysis of future undiscounted anticipated cash flows in relation to the Group’s financial derivatives, which include interest rate swaps, forward contracts and other foreign exchange swaps assuming interest rates and foreign exchange rates as at 31 December:


	Financial liabilities				Financial assets
2019	Payable £m		Receivable £m		Payable £m		Receivable £m
Within one year		113.6		107.8		44.0		45.0
Between one and two years		17.5		10.9		–		–
Between two and three years		11.8		6.2		–		–
Between three and four years		11.6		6.1		–		–
Between four and five years		11.6		6.1		–		–
Over five years		449.8		456.3		–		–
		615.9		593.4		44.0		45.0


	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

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:


2019 Currency		£m		Fixed rate 1		Floating basis		Period (months) 1
$	– fixed		1,178.2		4.06		n/a		95
£	– fixed		844.1		2.73		n/a		188
€	– fixed		1,777.7		2.34		n/a		82
	– floating		423.3		n/a		EURIBOR		16
Other			49.6		n/a		n/a		n/a
			4,272.9


2018 Currency		£m		Fixed rate 1		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		75
	– floating		449.2		n/a		EURIBOR		n/a
Other			114.3		n/a		n/a		n/a
			6,217.9

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.