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v3.20.4

Sources of finance (Tables) | 12 Months Ended
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Dec. 31, 2019
Text block [abstract] |
Summary of Equity and Debt Financing | 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 1 |  |  | (8, 572 .4 | ) |  |  | (8, 864 .6 | )
Future anticipated cash flows |  |  | (13,9 15 .7 | ) |  |  | (16, 875 .9 | )
Effect of discounting/financing rates |  |  | 1,070.4 |  |  |  | 1,793.4 |
Debt financing |  |  | (12, 845 .3 | ) |  |  | (15, 082 .5 | )
Note
1 |  | Figures have been restated to be in accordance with IAS 32 Financial Instruments: Presentation, as described in the accounting policies.
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
1 |  | 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.

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