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Cash and cash equivalents and debt financing | 6 Months Ended
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Jun. 30, 2021
Text block [abstract] |
Cash and cash equivalents and debt financing |
12. | Cash and cash equivalents and debt financing
|  | 30 June 2021 |  |  | 31 December 2020 |
|  | £m |  |  | £m |
Cash at bank and in hand |  |  | 1,704.1 |  |  |  | 10,075.0 |
Short-term bank deposits |  |  | 1,842.0 |  |  |  | 2,824.1 |
Overdrafts 1 |  |  | (199.2 | ) |  |  | (8,562.0 | )
Cash and cash equivalents |  |  | 3,346.9 |  |  |  | 4,337.1 |
Note:
1 | Bank overdrafts are included in cash and cash equivalents because they form an integral part of the Group’s cash management.
During the period, the Group converted the majority of its notional cash pool arrangements to zero-balance accounts, whereby the cash and overdrafts within these cash pools are physically swept to the header accounts on a daily basis, resulting in a reduction of the large gross cash and overdraft positions at 31 December 2020. The Group estimates that the fair value of corporate bonds is £5,282.5 million at 30 June 2021 (31 December 2020: £5,509.1 million). The Group considers that the carrying amount of bank loans approximates their fair value. 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 carrying value:
|  | 30 June 2021 |  |  | 31 December 2020 |
|  | £m |  |  | £m |
Within one year |  |  | (711.5 | ) |  |  | (182.2 | )
Between one and two years |  |  | (117.0 | ) |  |  | (725.6 | )
Between two and three years |  |  | (749.6 | ) |  |  | (795.7 | )
Between three and four years |  |  | (1,052.4 | ) |  |  | (649.1 | )
Between four and five years |  |  | (71.4 | ) |  |  | (528.2 | )
Over five years |  |  | (3,227.9 | ) |  |  | (3,387.1 | )
Debt financing (including interest) under the Revolving Credit Facility and in relation to unsecured loan notes |  |  | (5,929.8 | ) |  |  | (6,267.9 | )
Short-term overdrafts – within one year |  |  | (199.2 | ) |  |  | (8,562.0 | )
Future anticipated cash flows |  |  | (6,129.0 | ) |  |  | (14,829.9 | )
Effect of discounting/financing rates |  |  | 1,039.2 |  |  |  | 1,235.2 |
Debt financing |  |  | (5,089.8 | ) |  |  | (13,594.7 | )

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