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Risk management policies (Tables)

12 Months Ended

Dec. 31, 2023

Disclosure of risk management strategy related to hedge accounting [abstract]

Committed Facilities

At 31 December 2023, the Group has access to £6.4 billion of committed facilities with maturity dates spread over the years 2024 to 2046 as illustrated below:

									2024						2025						2026						2027						2028			+
									£m						£m						£m						£m						£m
£ bonds £400m (2.875% 2046)			400.0																														400.0
US bond $220m (5.625% 2043)			172.7																														172.7
US bond $93m (5.125% 2042)			72.9																														72.9
£ bonds £250m (3.75% 2032)			250.0																														250.0
Eurobonds €600m (1.625% 2030)			520.2																														520.2
Eurobonds €750m (4.125% 2028)			650.2																														650.2
Eurobonds €750m (2.375% 2027)			650.2																								650.2
Eurobonds €750m (2.25% 2026)			650.2																		650.2
Bank revolver ($2,500m 2026)			1,963.7																		1,963.7
Eurobonds €500m (1.375% 2025)			433.5												433.5
US bond $750m (3.75% 2024)			589.1						589.1
Total committed facilities available			6,352.7						589.1						433.5						2,613.9						650.2						2,066.0
Drawn down facilities at 31 December 2023			4,389.0						589.1						433.5						650.2						650.2						2,066.0
Undrawn committed credit facilities			1,963.7

Information about hedged items

The effects of the hedging instruments on the Group's financial position and performance are as follows:

			2023						2022
(i) Cash flow hedges of foreign currency risk1
Carrying amount of derivative hedging instruments2			£(16.5)m						£(6.6)m
Notional amount of hedged items			€1,250.0m						€1,000.0m
Notional amount of hedging instruments			€1,250.0m						€1,000.0m
Maturity date			2025-2028						2023-2025
Hedge ratio			1:1						1:1
Change in value of hedged item used to determine hedge effectiveness for outstanding hedging instruments			£(32.4)m						£38.5m
Change in value of hedging instruments used to determine hedge effectiveness for outstanding hedging instruments			£29.6m						£(41.4)m
Hedge ineffectiveness (revaluation and retranslation of financial instruments)			£2.7m						£2.9m
Weighted average hedged rate for outstanding hedging instruments			4.4		%				3.2		%
(ii) Net investment hedges of foreign currency risk
Carrying amount of derivative hedging instruments2			£48.2m						£(46.9)m
Carrying amount of non-derivative hedging instruments (bonds)			£(835.0)m						£(879.5)m
Notional amount of hedging instruments			$1,873.9m						$1,666.8m
Notional amount of hedged net assets			$1,873.9m						$1,666.8m
Hedge ratio			1:1						1:1
Change in value of hedged item used to determine hedge effectiveness			£108.2m						£(141.5)m
Change in value of hedging instrument used to determine hedge effectiveness			£(110.1)m						£141.5m
Hedge ineffectiveness (revaluation and retranslation of financial instruments)			£1.9m						£0.0
Weighted average hedged rate for the year (USD/GBP)			1.2731						1.2083

Notes

1Relates to cross currency swaps designated as cash flow hedges

2This amount is presented in trade and other receivables, and trade and other payables. The use of derivatives may entail a derivative transaction qualifying for more than one hedge type designation under IFRS 9. Therefore, the carrying amounts are grossed up by hedge type, whereas they are presented at an instrument level in the balance sheet.

Summary of currency risk

			Impact on income statement												Impact on equity
			2023						2022						2023						2022
			£m						£m						£m						£m
US dollar			(41.0)						(179.6)						(18.0)						34.6
Euro			(185.8)						78.9						—						(11.3)

X

- Definition

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

+ References

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The disclosure of detailed information about hedged items. [Refer: Hedged items [member]]

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

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