v3.24.1.1.u2
Derivative financial instruments (Tables)
 12 Months Ended
Mar. 31, 2024
Disclosure of detailed information about financial instruments [abstract]  
Disclosure of detailed information about derivative financial instruments The fair values of derivatives by category are as follows:
2024
2023
Assets
£m
Liabilities
£m
Total
£m
Assets
£m
Liabilities
£m
Total
£m
Current
44
(335)
(291)
153
(222)
(69)
Non-current
324
(909)
(585)
276
(1,071)
(795)
368
(1,244)
(876)
429
(1,293)
(864)
Financing derivatives
333
(1,126)
(793)
363
(1,119)
(756)
Commodity contract derivatives
35
(118)
(83)
66
(174)
(108)
368
(1,244)
(876)
429
(1,293)
(864)
The fair values of financing derivatives by type are as follows:
2024
2023
Assets
£m
Liabilities
£m
Total
£m
Assets
£m
Liabilities
£m
Total
£m
Interest rate swaps
43
(110)
(67)
49
(98)
(49)
Cross-currency interest rate swaps
234
(844)
(610)
192
(888)
(696)
Foreign exchange forward contracts¹
16
(68)
(52)
100
(11)
89
Inflation-linked swaps
40
(104)
(64)
22
(122)
(100)
333
(1,126)
(793)
363
(1,119)
(756)
1.Included within the foreign exchange forward contracts balance are £36 million (2023: £4 million) of derivative liabilities in relation to the hedging of capital expenditureThe notional contract amounts of financing derivatives by type are as follows:
2024
2023
£m
£m
Interest rate swaps
(2,175)
(1,727)
Cross-currency interest rate swaps
(15,602)
(15,025)
Foreign exchange forward contracts
(7,675)
(5,263)
Inflation-linked swaps
(3,190)
(2,387)
(28,642)
(24,402)
The fair values of commodity contract derivatives by type are as follows:
2024
2023
Assets
£m
Liabilities
£m
Total
£m
Assets
£m
Liabilities
£m
Total
£m
Commodity purchase contracts accounted for as derivative contracts
Forward purchases of gas
—
(3)
(3)
2
(6)
(4)
Derivative financial instruments linked to commodity prices
Electricity capacity
—
—
—
1
—
1
Electricity swaps
33
(82)
(49)
53
(92)
(39)
Electricity options
—
(1)
(1)
—
(3)
(3)
Gas swaps
2
(22)
(20)
9
(42)
(33)
Gas options
—
(10)
(10)
1
(31)
(30)
35
(118)
(83)
66
(174)
(108)
The notional quantities of commodity contract derivatives by type are as follows:
2024
2023
Forward purchases of gas1
38m Dth
22m Dth
Electricity swaps
14,128 GWh
14,076 GWh
Gas swaps
44m Dth
50m Dth
Gas options
78m Dth
57m Dth
1.Forward gas purchases have terms up to one year (2023: one year). The contractual obligations under these contracts are £14 million (2023: £24 million)
Disclosure of maturity analysis for derivative financial liabilities The maturity profile of financing derivatives is as follows:
2024
2023
Assets
£m
Liabilities
£m
Total
£m
Assets
£m
Liabilities
£m
Total
£m
Current
Less than 1 year
18
(249)
(231)
100
(93)
7
18
(249)
(231)
100
(93)
7
Non-current
In 1 to 2 years
6
(80)
(74)
13
(100)
(87)
In 2 to 3 years
31
(44)
(13)
15
(96)
(81)
In 3 to 4 years
32
(74)
(42)
32
(11)
21
In 4 to 5 years
49
(83)
(34)
14
(107)
(93)
More than 5 years
197
(596)
(399)
189
(712)
(523)
315
(877)
(562)
263
(1,026)
(763)
333
(1,126)
(793)
363
(1,119)
(756)
The maturity profile of commodity contract derivatives is as follows:
2024
2023
Assets
£m
Liabilities
£m
Total
£m
Assets
£m
Liabilities
£m
Total
£m
Current
Less than one year
26
(86)
(60)
53
(129)
(76)
26
(86)
(60)
53
(129)
(76)
Non-current
In 1 to 2 years
3
(28)
(25)
11
(29)
(18)
In 2 to 3 years
5
(4)
1
2
(15)
(13)
In 3 to 4 years
1
—
1
—
(1)
(1)
9
(32)
(23)
13
(45)
(32)
35
(118)
(83)
66
(174)
(108)