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Risk management policies (Tables)

12 Months Ended

Dec. 31, 2019

Text block [abstract]

Committed Facilities

At 31 December 2019, the Group has access to £6.3 billion of committed facilities with maturity dates spread over the years 2020 to 2046 as illustrated below:

						2020 £m				2021 £m				2022 £m				2023 £m				2024+ £m
£ bonds £400m (2.875% 2046)			400.0																				400.0
US bond $220m (5.625% 2043)			165.8																				165.8
US bond $93m (5.125% 2042)			70.0																				70.0
Eurobonds €600m (1.625% 2030)			507.9																				507.9
Eurobonds €750m (2.25% 2026)			634.9																				634.9
Eurobonds €500m (1.375% 2025)			423.3																				423.3
US bond $750m (3.75% 2024)			565.5																				565.5
Bank revolver ($2,500m 2024)			1,884.9																				1,884.9
Eurobonds €750m (3.0% 2023)			634.9																634.9
US bond $500m (3.625% 2022)			377.0												377.0
Eurobonds €250m (3m EURIBOR + 0.45% 2022)			211.6												211.6
Bank revolver (A$150m 2020, A$270m 2021)			222.4				79.4				143.0
Eurobonds €250m (3m EURIBOR + 0.32% 2020)			211.6				211.6
Total committed facilities available			6,309.8				291.0				143.0				588.6				634.9				4,652.3
Drawn down facilities at 31 December 2019			4,304.2				216.9				96.4				588.6				634.9				2,767.4
Undrawn committed credit facilities			2,005.6

Summary of currency risk

		2019 £m				2018 £m
US dollar			125.2				192.2
Euro			162.5				232.5

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- Definition

The disclosure of detailed information about borrowings. [Refer: Borrowings]

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Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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-Number 7
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- Definition

The explanation of the risk management strategy related to hedge accounting.

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Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 7
-IssueDate 2019-01-01
-Paragraph 22A
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