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"value": "1 Significant accounting policies Kier Group plc (the \u2018Company\u2019) is a public limited company which is listed on the London Stock Exchange and incorporated and domiciled in the UK. The Company\u2019s registered number is 2708030. The consolidated financial statements of the Company for the year ended 30 June 2023 comprise the Company and its subsidiaries (together referred to as the Group) and the Group\u2019s interest in joint arrangements. The consolidated financial statements were approved by the Directors on 13 September 2023. Statement of compliance The Group\u2019s consolidated financial statements have been prepared in accordance with UK-adopted International Accounting Standards effective for accounting periods beginning on or after 1 July 2022 and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. The Company has elected to prepare its parent company financial statements in accordance with the FRS 101 \u2018Reduced Disclosure Framework\u2019. These are presented on pages 236\u2013241. Basis of preparation The financial statements are presented in pounds sterling. They have been prepared on the historical cost basis except for investment properties, defined benefit pension plans and derivative financial instruments which are stated at their fair value, and the IFRS 2 share-based payments charge which is based on the fair value of the options granted. Kier Group plc is a company incorporated in the United Kingdom under the Companies Act. The address of the registered office is 2nd Floor, Optimum House, Clippers Quay, Salford, England, M50 3XP. The following new amendments to standards are effective for the financial year ended 30 June 2023 onwards: \u2013 Narrow-scope amendments to IFRS 3, IAS 16, IAS 37 and annual improvements on IFRS 1, IFRS 9, IAS 41 and IFRS 16 (published May 2020). None of the above amendments to standards has had a material effect on the Group\u2019s financial statements for the current period nor is expected to do so for future periods. The following new standards and amendments to standards have been issued but were not yet effective and therefore have not been applied in these financial statements: \u2013 IFRS 17 \u2018Insurance Contracts\u2019 \u2013 Amendments to IAS 1 \u2018Presentation of Financial Statements\u2019 on classification of liabilities \u2013 Narrow-scope amendments to IAS 1, Practice statement 2 and IAS 8 (published February 2021) \u2013 Amendments to IAS 12 \u2018Income Taxes\u2019 on deferred tax related to assets and liabilities arising from a single transaction and international tax reform (pillar two model rules) \u2013 Amendments to IFRS 16 \u2018Leases\u2019 in relation to the lease liability in a sale and leaseback \u2013 Amendments to IAS 7 & IFRS 7 (not yet UK adopted) on supplier finance arrangements. IFRS 17 will replace IFRS 4, which currently permits a wide variety of practices in accounting for insurance contracts. IFRS 17 will fundamentally change the accounting by entities that issue insurance contracts. The new standard will first be applied by the Group in the accounting year ended 30 June 2024. Whilst the Group does have its own captive insurance company, Tempsford Insurance Company Limited, this company does not issue insurance contracts to parties outside of the Group and therefore the Group has concluded that this arrangement will not have a material impact on the Group\u2019s consolidated financial statements. However, the widely drawn definition of an insurance contract means that a number of relatively common contracts entered into by non-insurers may be considered to be insurance contracts, even if they are not typically thought of in those terms. Some contracts that provide a service for a fixed fee may meet the definition of an insurance contract, where the level of service provided depends on uncertain future events (for example, reactive repair and maintenance services). The Group has reviewed its fixed fee service contracts and determined that there would be no material effect on the Group\u2019s financial statements under IFRS 17. No significant net impact from the adoption of the above amendments to standards is expected. The Group has chosen not to adopt any of the above standards or amendments earlier than required. Going concern The Directors continue to adopt the going concern basis in preparing the Group\u2019s financial statements. The Group performed well through the year ended 30 June 2023 and produced results in line with the Board\u2019s expectations. The Group continues to win new, high-quality and profitable business in its markets on terms and at rates which reflect the new bidding disciplines and risk management practices introduced under the Group\u2019s Performance Excellence programme. At 30 June 2023, the order book was \u00a310.1bn (2022: \u00a39.8bn). As at 30 June 2023, the Group had \u00a3569.4m of unsecured committed facilities and \u00a318.0m
of uncommitted overdrafts. During the year the Group repaid the final amount of \u00a349.8m of
uncommitted supply chain financing facilities (\u2018KEPS\u2019) and as at 30 June 2023 the Group
had no outstanding invoices on these facilities.
Financial covenant certificates for June 2023 have been prepared with no breaches noted. The Directors have reviewed the Group\u2019s cash flow forecasts for the period to 31 December 2024, which are included in the Group\u2019s three-year strategic plan, on the basis of certain key assumptions and including a number of stressed but plausible downside scenarios. These scenarios included the consideration of risks which may arise to the Group\u2019s available liquidity and its ongoing compliance with financial covenants within the Group\u2019s principal debt facilities as a result of or in light of the following factors or circumstances: \u2013 Potential reductions in trading volumes; \u2013 Potential future challenges in respect of ongoing projects; \u2013 Project inflation and subcontractor insolvency; \u2013 Reduced investment/delays in Property transactions and cost of adoption of green legislation; \u2013 Plausible changes in the interest rate environment; and \u2013 The availability of mitigating actions that could be taken by management in such a scenario. During the year there has been a significant increase in bank base rates which directly impacts the cost of the Revolving Credit Facility (\u2018RCF\u2019). Rates have increased from 1.0% at June 2022 to 5.0% at June 2023. Inflation has remained higher than expected which could potentially put further upward pressure on interest rates. The increase in interest rates has, however, been partly mitigated by entering into fixed rate swaps at advantageous rates. The RCF facility extends to 31 January 2025. Working with lenders and its advisors, the Board is confident in the Group\u2019s ability to access a number of available funding markets to achieve an appropriate capital structure to support the Group\u2019s strategic objectives; and would expect to complete a refinancing in the current financial year. The Board also considered the macroeconomic and political risks affecting the UK economy, including the availability of labour and inflationary pressures leading to increased supply chain costs. The Board noted that the Group\u2019s forecasts are underpinned by a significant proportion of revenue that is either secured or considered probable, often as part of long-term framework agreements, and that the Group operates primarily in sectors such as infrastructure, health, education and utilities, which are considered likely to remain largely unaffected by macroeconomic factors. Although inflationary pressures remain a risk, both in the supply chain and the labour market, this is partly mitigated by c.60% of contracts being target cost or cost plus. The Board has also considered the potential impact of climate change and does not consider the Group\u2019s operations are at risk from physical climate-related risks such as hurricanes and temperature changes in the short term. In the medium term the Board has concluded that any adverse financial impacts from required changes to operations in line with ESG requirements will be offset by opportunities which present the Group with additional volumes and profits, such as replacement of non-sustainable buildings, construction of new \u2018clean\u2019 power plants and \u2018green\u2019 building conversions. As such, the longevity of the Group\u2019s business model means that climate change has no material adverse impact on going concern. Having reviewed the Group\u2019s cash flow forecasts, the Directors consider that the Group is expected to continue to have available liquidity headroom under its finance facilities and operate within its financial covenants over the going concern period, including in a severe but plausible downside scenario. As a result, the Directors are satisfied that the Group has adequate resources to meet its obligations as they fall due for a period of at least 12 months from the date of approving these financial statements and, for this reason, they continue to adopt the going concern basis in preparing these financial statements. Basis of consolidation (a) Subsidiaries The consolidated financial statements comprise the financial statements of the Company and subsidiaries controlled by the Company drawn up to 30 June 2023. Control exists when the Group has direct or indirect power to govern the financial and operating policies of an entity so as to obtain economic benefits from its activities. Subsidiaries are included in the consolidated financial statements from the date that control transfers to the Group until the date that control ceases. Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is transferred to the Group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. In assessing control, the Group takes into consideration potential voting rights that currently are exercisable. If a business combination is achieved in stages, the acquisition date carrying value of the acquirer\u2019s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date; any gains or losses arising from such remeasurements are recognised in profit or loss. The Group measures goodwill at the acquisition date as: \u2013 The fair value of the consideration transferred; plus \u2013 The recognised amount of any non-controlling interests in the acquiree; plus \u2013 If the business combination is achieved in stages, the fair value of the existing equity interest in the acquiree; less \u2013 The net recognised amount (generally fair value) of the identifiable assets acquired and liabilities assumed. When the result is negative, a \u2018bargain purchase\u2019 gain is recognised immediately in the income statement. Provisional fair values allocated at a reporting date are finalised within 12 months of the acquisition date. The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts are generally recognised in the income statement. Costs related to the acquisition, other than those associated with the issue of debt or equity securities, that the Group incurs in connection with a business combination are expensed as incurred. Any contingent consideration payable is recognised at fair value at the acquisition date. Subsequent changes to the fair value of the contingent consideration are recognised in the income statement unless the contingent consideration is classified as equity, in which case settlement is accounted for within reserves. Accounting policies of subsidiaries are adjusted where necessary to ensure consistency with those used by the Group. All intra-Group transactions, balances, income and expenses are eliminated on consolidation. (b) Joint arrangements A joint arrangement is a contractual arrangement whereby the Group undertakes an economic activity that is subject to joint control with third parties. The Group\u2019s interests in joint ventures are accounted for using the equity method. Under this method the Group\u2019s share of the profits less losses of joint ventures is included in the consolidated income statement and its interest in their net assets is included in investments in the consolidated balance sheet. Where the share of losses exceeds the Group\u2019s interest in the entity and there is no obligation to fund these losses the carrying amount is reduced to nil, following which no further losses are recognised. Interest in the entity is the carrying amount of the investment together with any long-term interests that, in substance, form part of the net investment in the entity. From time to time the Group undertakes contracts jointly with other parties. These fall under the category of joint operations as defined by IFRS 11. In accordance with IFRS 11, the Group accounts for its own share of sales, profits, assets, liabilities and cash flows measured according to the terms of the agreements. Foreign currencies Transactions denominated in foreign currencies are recorded at the exchange rates in effect when they take place. Resulting monetary foreign currency denominated assets and liabilities are translated at the exchange rates ruling at the balance sheet date. Exchange differences arising from foreign currency transactions are reflected in the income statement. Items included in the financial statements of each of the Group\u2019s subsidiaries are measured using the currency of the primary economic environment in which each entity operates (the functional currency). The consolidated financial statements are presented in GBP, which is the Group\u2019s presentation currency. The assets and liabilities of overseas subsidiary undertakings are translated at the rate of exchange ruling at the balance sheet date. Trading profits or losses are translated at average rates prevailing during the accounting period. Differences on exchange arising from the retranslation of net investments in overseas subsidiary undertakings at the year-end rates are recognised in other comprehensive income. All other translation differences are reflected in the income statement. Revenue and profit recognition Revenue comprises the fair value of the consideration received or receivable, net of value added tax, rebates and discounts and after eliminating sales within the Group. It also includes the Group\u2019s proportion of work carried out under jointly controlled operations. The general principles for revenue and profit recognition across the Group are as follows: \u2013 Provision is made for any unavoidable future net losses arising from contract obligations, as soon as they become apparent. These are accounted for under IAS 37 and are shown as onerous contract provisions in note 25; \u2013 Additional consideration for contract modifications (variations) is only included in revenue (or the forecast contract out-turn) if the scope of the modification has been approved by the customer. If the scope of the modification has been approved but the parties have not yet determined the corresponding change in the contract price, an estimate of the change to the transaction price is made and included in calculating revenue to the extent that it is highly probable that a significant reversal of the amount in cumulative revenue recognised will not occur; \u2013 Contract modifications are treated as separate contracts if the scope of the contract increases because of the addition of promised goods or services that are distinct, and the price of the contract increases by an amount of consideration that reflects the Group\u2019s stand-alone selling prices of the additional promised goods or services and any appropriate adjustments to that price to reflect the circumstances of the particular contract; \u2013 Variable consideration amounts (gain-share amounts, KPI bonuses, milestone bonuses, compensation event claims, etc.) are included in revenue (or forecasts to completion) only to the extent that it is highly probable that a significant reversal of the amount in cumulative revenue recognised will not occur; \u2013 Refund liabilities (liquidated damages, pain-share amounts, KPI penalties, etc.) are accounted for as a reduction in revenue (or in forecasting contract out-turns) as soon as it is expected that the Group will be required to refund some or all of the consideration it has received from the customer; \u2013 Where revenue that has been recognised is subsequently determined not to be recoverable due to the inability of a customer to meet its payment obligations, these amounts are charged to administrative expenses as a credit loss; \u2013 Claims against third parties (such as insurance recoveries and claims for cost reimbursements) outside of normal supplier price adjustments are recognised only when the realisation of income is virtually certain. The associated income is accounted for as reduction in costs rather than revenue; and \u2013 Contract mobilisation is not considered to be a separate performance obligation in most situations, as the customer receives little or no benefit from mobilisation activities. Any consideration received from the customer in relation to the mobilisation phase of a contract is deferred and recognised as additional revenue relating to the performance obligations in the contract that benefit the customer. If the timing of payments agreed with the customer provides the Group or the customer with a significant benefit of financing the transfer of goods or services, the amount of consideration is adjusted for the effects of the time value of money. The Group does not make an adjustment for the time value of money in the following circumstances: \u2013 When the Group expects, at contract inception, that the period between the entity transferring a good or service and the customer paying for it will be one year or less; or \u2013 Where the timing of the payments is for commercial rather than financing reasons, e.g. construction contract retentions, where the payment terms are to provide the customer with protection from Kier failing to adequately complete some or all of its obligations under the contract. Revenue and profit recognition policies applied to specific businesses are as follows: (a) Construction contracts Revenue is recognised on construction services over time as the benefit is transferred to the customer. The Group uses an input method to measure progress. The percentage of completion is measured using cost incurred to date as a proportion of the estimated full costs of completing the contract and is applied to the total expected contract revenue to determine the revenue to be recognised to date. The assessment of the final outcome of each contract is determined by regular review of the revenues and costs to complete that contract. Consistent contract review procedures are in place in respect of contract forecasting. (b) Services Revenue and profit from services rendered, which include facilities management, highways maintenance, utilities maintenance, street cleaning and recycling, is recognised over time as the service is performed. Progress on capital works and infrastructure renewal projects in the Highways and Utilities businesses is measured using costs incurred as a percentage of the estimated full costs of completing the performance obligation. Where the contract includes bundled services, and those services are distinct, the transaction price is allocated to each performance obligation identified in the contract based on the relative stand-alone selling prices of each of the performance obligations. Revenue is then recognised independently when each of the performance obligations is satisfied. Any variable consideration (e.g. performance bonus) attributable to a single performance obligation is allocated entirely to that performance obligation. Where variable consideration is attributable to the entire contract and is not specific to part of the contract, the consideration is allocated based on the stand-alone selling prices of each of the performance obligations within the contract. Service contracts are reviewed monthly to assess their future operational performance and profitability. (c) Property development Revenue in respect of property developments is recorded on unconditional exchange of contracts on disposal of finished developments. Profit taken is subject to any amounts necessary to cover residual commitments relating to development performance. Where developments are sold in advance of construction being completed, revenue and profit are recognised at the point of sale, reflecting the transfer of control to the customer in its current stage of completion. Thereafter, revenue for construction services provided to the customer to complete the property is recognised over time in line with the percentage of completion, consistent with the Group\u2019s accounting policy for recognition of revenue on construction contracts (see above). Where consideration is paid in advance of the development\u2019s construction phase at a price less than market value, revenue is recognised on a discounted basis to reflect a financing component of the transaction. This revenue and forward funded interest unwinds as the construction takes place. (d) Private Finance Initiative (\u2018PFI\u2019) service concession agreements Revenue relating to construction or upgrade services under a service concession agreement is recognised based on the stage of completion of the work performed, consistent with the Group\u2019s accounting policy on recognising revenue on construction contracts (see above). Operation or service revenue is recognised in the period in which the services were provided by the Group. When the Group provides more than one service in a service concession agreement, the consideration received is allocated by reference to the relative stand-alone selling prices of the services delivered. Pre-contract and contract mobilisation costs Pre-contract costs to obtain a contract that would have been incurred irrespective of whether the contract was obtained are recognised as an expense when incurred, unless those costs are explicitly chargeable to the customer irrespective of whether the contract is obtained. Mobilisation costs incurred in respect of a specific contract that has been won or an anticipated contract that is expected to be won (e.g. when the Group has secured preferred bidder status) are carried forward in the balance sheet as capitalised mobilisation costs if: the costs generate or enhance resources of the Group that will be used in satisfying (or in continuing to satisfy) performance obligations in the future; and the costs are expected to be recovered (i.e. the contract is expected to be sufficiently profitable to cover the mobilisation costs). The vast majority of contracts incurring significant mobilisation costs are contracts that exceed 12 months in duration. The Group\u2019s policy is therefore to show its capitalised mobilisation costs as a non-current asset, amortised over the expected contract duration. Warranties and rectification costs The Group does not offer extended insurance-type warranties at an additional cost to the customer (which would represent separate performance obligations). Standard industry assurance-type warranties are provided and are accounted for as rectification cost provisions based on the estimated costs of making good any latent defects. Alternative performance measures IAS 1 permits an entity to present additional information for specific items to enable users to better assess the entity\u2019s financial performance. The Directors have considered the requirements of applicable accounting standards, along with additional guidance around alternative performance measures (\u2018APMs\u2019) and believe it is appropriate to inform users regarding various items and disclose those items which are deemed one-off, material or non-recurring in size or nature, in alignment with the Group\u2019s internal management reporting. As such, the Group is disclosing as supplementary information an \u2018Adjusted Profit\u2019 APM which is reconciled to statutory profit in the notes to the financial statements and is consistent with IFRS 8 segmental reporting. Separate presentation of these items is intended to enhance understanding of the financial performance of the Group in the particular year under review and the extent to which results are influenced by material unusual and/or non-recurring items. The Directors review segmental results under an adjusted items basis to analyse the performance of operating segments. The Directors exercise judgement in determining the classification of certain items as adjusting using quantitative and qualitative factors. In assessing whether an item is an adjusting item, the Directors give consideration, both individually and collectively, as to an item\u2019s size, the specific circumstances which have led to the item arising and if the item is likely to recur, or whether the matter forms part of a group of similar items. Amortisation of acquired intangible assets and certain financing costs are also included as adjusting items on the basis of being ongoing non-cash items generated from acquisition-related activity. A full reconciliation from statutory numbers to adjusted profit measures has been presented in note 5. The Group presents revenue including from joint venture arrangements as an alternative performance measure. The Directors believe this is a useful measure as it provides visibility over the scale of the Group\u2019s operations, particularly within its Property business where a significant proportion of developments are set up in joint ventures. The Group also presents adjusted cash flow from operations, free cash flow and net debt as alternative performance measures. The Directors consider that these provide useful information about the Group\u2019s liquidity and debt profile. A glossary of alternative performance measures is included on page 243. Finance income and costs Interest receivable and payable on bank balances is credited or charged to the income statement as incurred using the effective interest rate method. Interest receivable is presented within operating cash flows in the cash flow statement. Borrowing costs are capitalised where the Group constructs qualifying assets. All other borrowing costs are written off to the income statement as incurred. Borrowing costs incurred within the Group\u2019s jointly controlled entities relating to the construction of assets in PFI and PPP projects are capitalised until the relevant assets are brought into operational use. Notional interest payable, representing the unwinding of the discount on long-term liabilities, is charged to finance costs. Taxation Income tax comprises current and deferred tax. Income tax is recognised in the income statement except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity. Current tax is the expected tax payable on taxable income for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years. Deferred tax is provided using the balance sheet method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The deferred tax provision is based on the expected manner of realisation or settlement of the carrying amount of the assets and liabilities, using tax rates enacted or substantively enacted at the balance sheet date. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realised or where other temporary differences are available. The Group participates in the UK Government\u2019s Research and Development Expenditure Credit (\u2018RDEC\u2019) tax incentive scheme. Credits receivable under the RDEC scheme are recognised within operating profit and are treated as taxable income. Amounts receivable in respect of RDEC claims are included on the balance sheet within the corporation tax receivable balance or as a reduction in the corporation tax payable balance, as appropriate. Goodwill and other intangible assets Goodwill arising on consolidation represents the excess of the consideration over the Group\u2019s interest in the fair value of the identifiable assets and liabilities of a subsidiary. Goodwill is recognised as an asset and reviewed for impairment at least annually. Any impairment is recognised immediately in the income statement and is not subsequently reversed. Negative goodwill is recognised in the income statement immediately. On disposal of a subsidiary or jointly controlled entity, the attributable carrying amount of goodwill is included in the determination of the profit or loss on disposal. Other intangible assets which comprise contract rights and computer software are stated at cost less accumulated amortisation and impairment losses. Amortisation is charged to administrative expenses in the income statement on a straight-line basis over the expected useful lives of the assets, which are principally as follows: Contract rights Over the remaining contract life Computer software 3\u201310 years Internally generated intangible assets developed by the Group are recognised only if all of the following conditions are met: \u2013 An asset is created that can be identified; \u2013 It is probable that the asset created will generate future economic benefits; and \u2013 The development cost of the asset can be measured reliably. Other research expenditure is written off in the period in which it is incurred. Software as a service Costs incurred relating to software as a service (\u2018SaaS\u2019) that provide future benefit to the Group are included within prepayments and written off over the period to which they relate. All other costs in respect of SaaS are expensed to the income statement as incurred. Property, plant and equipment and depreciation The cost of an acquired asset comprises the purchase price, any directly attributable costs and the estimated costs of dismantling and removing the item at the end of its life. Depreciation is based on historical or deemed cost, including expenditure that is directly attributable to the acquisition of the items, less the estimated residual value, and the estimated economic lives of the assets concerned. Freehold land is not depreciated. Other tangible assets are depreciated to residual values in equal annual instalments over the period of their estimated economic lives, which are principally as follows: Land and buildings 25\u201350 years or period of lease Plant and equipment 3\u201312 years Leases Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments: \u2013 Fixed payments (including in-substance fixed payments), less any lease incentives receivable; \u2013 Variable lease payments that are based on an index or a rate, initially measured using the index or rate as at the commencement date; \u2013 Amounts expected to be payable by the Group under residual value guarantees; \u2013 The exercise price of a purchase option if the Group is reasonably certain to exercise that option; and \u2013 Payments of penalties for terminating the lease, if the lease term reflects the Group exercising that option. Lease payments to be made under reasonably certain extension options are also included in the measurement of the liability. The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is generally the case for leases in the Group, the lessee\u2019s incremental borrowing rate is used, being the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions. Most Group companies do not have any recent independent third-party financing to use as a starting point for the incremental borrowing rate. Therefore, the Group uses a build-up approach that starts with a risk-free interest rate adjusted for credit risk, lease term, country, currency and security. The Group is exposed to potential future increases in variable lease payments based on an index or rate, which are not included in the lease liability until they take effect. When adjustments to lease payments based on an index or rate take effect, the lease liability is reassessed and adjusted against the right-of-use asset. Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. Right-of-use assets are measured at cost comprising the following: \u2013 The amount of the initial measurement of lease liability; \u2013 Any lease payments made at or before the commencement date less any lease incentives received; \u2013 Any initial direct costs; and \u2013 Any restoration costs. Right-of-use assets are generally depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis. If the Group is reasonably certain to exercise a purchase option, the right-of-use asset is depreciated over the underlying asset\u2019s useful life. The Group has elected to use the following recognition exemptions, as permitted by the standard: \u2013 Leases of low-value items \u2013 The Group has defined low-value items as assets that have a value when new of less than c.\u00a35,000. Low-value items comprise IT equipment and small items of plant. \u2013 Short-term leases \u2013 Leases with a lease term of less than 12 months at inception. For leases in the above categories, a lease liability or right-of-use asset is not recognised. Instead, the Group recognises the related lease payments as an expense on a straight-line basis over the lease term. Contracts may contain both lease and non-lease components. The Group allocates the consideration in the contract to the lease and non-lease components based on their relative stand-alone prices. Leased properties that meet the definition of investment properties are presented within \u2018investment properties\u2019 rather than \u2018right-of-use assets\u2019 on the balance sheet. The Group enters into lease agreements as a lessor with respect to its investment properties. Leases for which the Group is a lessor are classified as finance or operating leases. Whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee, the contract is classified as a finance lease. All other leases are classified as operating leases. When the Group is an intermediate lessor, it accounts for the head lease and the sub-lease as two separate contracts. The sub-lease is classified as a finance or operating lease by reference to the right-of-use asset arising from the head lease. Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term. Amounts due from lessees under finance leases are recognised as receivables at the amount of the Group\u2019s net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the Group\u2019s net investment outstanding in respect of the leases. Finance lease income is calculated with reference to the gross carrying amount of the lease receivables, except for credit-impaired financial assets for which interest income is calculated with reference to their amortised cost (i.e. after a deduction of the loss allowance). When a contract includes both lease and non-lease components, the Group applies IFRS 15 to allocate the consideration under the contract to each component. Investment properties Investment properties, principally office buildings and land, are held for the purpose of earning rentals and/or for capital appreciation and are not occupied by the Group. Investment properties are measured using the fair value model. Gains and losses arising from a change in the fair value of investment properties are recognised in the income statement in the period in which they arise. Rental income and costs in respect of investment properties are included within administrative expenses and are disclosed in note 15(b). Where the investment property has come about through vacating corporate offices following the restructure of the Group\u2019s property portfolio, amounts in the income statement are treated as adjusting items. Inventories Inventories, including land held for and in the course of development, are valued at the lower of cost and net realisable value. Cost comprises direct materials and, where appropriate, labour and production overheads which have been incurred in bringing the inventories and work in progress to their present location and condition. Cost in certain circumstances also includes notional interest as explained in the accounting policy for finance income and costs. Net realisable value represents the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution. Inventories are valued on a first in, first out (\u2018FIFO\u2019) basis. Land inventory is recognised at the time a commitment to purchase the land is made, generally at exchange of unconditional contracts. Property inventory, which represents all development land and work in progress, is included at cost less any losses foreseen in completing and disposing of the development less any amounts received or receivable as progress payments or part disposals. Where a property is being developed, cost includes cost of acquisition and development to date, including directly attributable fees, expenses and finance charges net of rental or other income attributable to the development. Where development property is not being actively developed, net rental income and finance costs are taken to the income statement. Contract assets and liabilities When the Group transfers goods or services to a customer before the customer pays consideration or before payment is due, the amount of revenue associated with the transfer of goods or services is accrued and presented as a contract asset in the balance sheet (excluding any amounts presented as a receivable). A contract asset represents the Group\u2019s right to consideration in exchange for goods or services that the Group has transferred to a customer. Contract assets are reduced by appropriate allowances for expected credit losses calculated using the simplified approach (as with trade receivables). If a customer pays consideration, or the Group has a right to an amount of consideration that is unconditional (i.e. a receivable), before the Group transfers a good or service to the customer, the amount is presented as a contract liability on the balance sheet. A contract liability represents the Group\u2019s obligation to transfer goods or services to a customer for which the entity has received consideration (or an amount of consideration is due) from the customer. The Group has allocated contract assets and liabilities due within 12 months of the balance sheet date to current with the remainder included in non-current. Assets held for sale Assets classified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell. Assets are classified as held for sale if their carrying amount will be recovered through a sale transaction rather than through continuing use. This condition is regarded as met only when the sale is highly probable, and the assets are available for sale in their present condition. Share capital The ordinary share capital of the Company is recorded as the proceeds received, net of directly attributable incremental issue costs. Merger reserve Where equity raises are effected through a structure which is eligible for merger relief under section 612 of the Companies Act 2006, the Group transfers the excess of the net proceeds over the nominal value of the share capital issued to the merger reserve. Provisions Provisions are recognised when the Group has a present legal or constructive obligation as a result of a past event, and where it is probable that an outflow will be required to settle the obligation and the amount can be reliably estimated. Contingent liabilities The Group discloses a contingent liability in circumstances where it has a possible obligation depending on whether some uncertain future event occurs, or has a present obligation but payment is not probable, or the amount cannot be measured reliably. Government grants Government grant income is recognised at the point that there is reasonable assurance that the Group will comply with the conditions attached to it, and that the grant will be received. Employee benefits (a) Retirement benefit obligations For defined contribution pension schemes operated by the Group, amounts payable are charged to the income statement as they fall due. The Group accounts for defined benefit obligations in accordance with IAS 19. Obligations are measured at discounted present value while plan assets are measured at fair value. The operating and financing costs of such plans are recognised separately in the income statement; current service costs are spread systematically over the lives of employees and financing costs are recognised in full in the period in which they arise. Remeasurements of the net defined pension liability, including actuarial gains and losses, are recognised immediately in other comprehensive income. The net finance cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This cost is included in finance costs in the income statement. Where the calculations result in a surplus to the Group, the recognised asset is limited to the present value of any available future refunds from the plan or reductions in future contributions to the plan that the Group has the unconditional right to realise. (b) Share-based payments Share-based payments granted but not vested are valued at the fair value of the shares at the date of grant. This applies to the Sharesave, Conditional Share Award Plan and Long-Term Incentive Plan (\u2018LTIP\u2019) schemes. The fair value of these schemes at the date of award is calculated using the Black-Scholes model apart from the total shareholder return element of the LTIP which is based on a Stochastic model. Awards that are subject to a post-vesting holding period are valued using the Finnerty model. The cost to the Group of awards to employees under the LTIP scheme is spread on a straight-line basis over the relevant performance period. The scheme awards to senior employees a number of shares which will vest after three years if particular criteria are met. The cost of the scheme is based on the fair value of the shares at the date the options are granted. Shares purchased and held in trust in connection with the Group\u2019s share schemes are deducted from retained earnings. No gain or loss is recognised within the income statement on the market value of these shares compared with the original cost. Financial instruments Financial assets and financial liabilities are recognised in the Group\u2019s balance sheet when the Group becomes a party to the contractual provisions of the instrument. An assessment of whether a financial asset is impaired is made at least at each reporting date. The principal financial assets and liabilities of the Group are as follows: (a) Trade receivables and trade payables Given the varied activities of the Group it is not practicable to identify a common operating cycle. The Group has therefore allocated receivables and payables due within 12 months of the balance sheet date to current with the remainder included in non-current. A trade receivable is recognised when the Group has a right to consideration that is unconditional (subject only to the passage of time before payment is due). Trade receivables do not carry interest and are stated at their initial cost reduced by appropriate allowances for expected credit losses. The Group applies the simplified approach to measurement of expected credit losses in respect of trade receivables, which requires expected lifetime losses to be recognised from initial recognition of the receivables. Trade payables on normal terms are not interest-bearing and are stated at their nominal value. Trade payables on extended terms, particularly in respect of land purchases, are discounted and recorded at their present value. Amounts owing under supply chain finance arrangements are included within trade payables rather than bank debt. The purpose of supply chain finance is purely to grant subcontractors and suppliers access to credit and improve their cash flows. There have been no changes to the underlying terms of the supply chain finance arrangements. The designation in trade payables is due to the assignment of invoice rather than a novation, the Group acting as an agent with fees related to supply chain finance being borne by the supplier and the final payment date to the bank being set by the Group with interest accrued for any late payments. (b) Cash and cash equivalents Cash and cash equivalents in the cash flow statement comprise cash at bank and in hand, including bank deposits with original maturities of three months or less, net of bank overdrafts where legal right of set off exists (to reflect the substance of cash pooling arrangements). (c) Bank and other borrowings Interest-bearing bank and other borrowings are recorded at the fair value of the proceeds received, net of direct issue costs. Finance charges, including premiums payable on settlement or redemption and direct issue costs, are accounted for on an accruals basis in the income statement using the effective interest method and are added to the carrying value of the instrument to the extent that they are not settled in the period in which they arise. (d) Private Finance Initiative (\u2018PFI\u2019) assets Under the terms of a PFI or similar project, where the risks and rewards of ownership remain largely with the purchaser of the associated services, the Group\u2019s interest in the asset is classified as a financial asset and included at its amortised cost within investment in joint ventures. (e) Derivative financial instruments Derivatives are initially recognised at fair value on the date that the contract is entered into and subsequently remeasured in future periods at their fair value. The method of recognising the resulting change in fair value depends on whether the derivative is designated as a hedging instrument and whether the hedging relationship is effective. For cash flow hedges, the effective portion of changes in the fair value of these derivatives is recognised in the cash flow hedge reserve within equity. Any ineffective portion is recognised immediately in the income statement. Amounts accumulated in equity are recycled to the income statement in the periods when the hedged items will affect profit or loss. If the hedging instrument no longer meets the criteria for hedge accounting, expires or is sold, terminated or exercised, the hedge accounting is discontinued prospectively. The cumulative gain or loss previously recognised in equity remains there until the forecast transaction occurs. When the forecast transaction is no longer expected to occur, the cumulative gain or loss and deferred costs of hedging that were reported in equity are immediately reclassified to profit or loss. The Group enters into forward contracts in order to hedge against transactional foreign currency exposures. In cases where these derivative instruments are significant, hedge accounting is applied as described above. Where hedge accounting is not applied, changes in fair value of derivatives are recognised in the income statement. The fair values of derivative instruments have been derived from proprietary models used by the bank counterparties using mid-market mark to market valuations for trades at the close of business on the balance sheet date. Significant accounting estimates and critical judgements Management considers that their use of estimates, assumptions and judgements in the application of the Group\u2019s accounting policies are inter-related and therefore discuss them together below with the major sources of estimation uncertainty and significant judgements separately identified: (a) Revenue and profit recognition The estimation techniques used for revenue and profit recognition in respect of property development, construction contracts and services contracts require forecasts to be made of the outcome of long-term contracts which require assessments and judgements to be made on the recovery of pre-contract costs, changes in the scope of work, programme of works, maintenance and defect obligations and changes in costs. The estimates and judgements in respect of construction contracts are considered to be critical. There are a small number of contracts that the Group considers require significant accounting estimates and, as at 30 June 2023, the Group has included estimated recoveries from customers and other third parties with a combined value of \u00a374.0m (2022: \u00a376.6m). These recoveries are recognised in line with the Group\u2019s stated accounting policies. However, estimation uncertainty exists and there are a number of factors which will affect the final outcome once these contracts are finalised. The Group estimates that the final outcome on these contracts could collectively range from an upside of \u00a382.8m (2022: \u00a342.1m) to a downside, including the risk of counterclaims being levied against the Group, of \u00a347.0m (2022: \u00a340.1m). Over 400 construction contracts (2022: over 500) were income generating during the year within the Group\u2019s Construction and Infrastructure Services operating divisions. Of these, three (2022: none) individually had a material impact on operating profit. The key judgements and estimates relating to determining the revenue and profit of material contracts are: \u2013 costs to complete; \u2013 achieving the planned build programme; and \u2013 recoverability of claims and variations in accordance with IFRS 15. Each contract is treated on its merit and is subject to a regular review of the revenue and costs to complete that contract, determined by a combination of management judgement and external professional assistance, backed up by accounting position papers for the contracts that have a material impact on the income statement. The level of estimation uncertainty in the Group\u2019s construction businesses is reduced by the effect of its substantial portfolio and significant experience of the division\u2019s management team. The level of estimation is further reduced by the combination of the modest scale and short contract durations of the majority of the Group\u2019s projects. Nevertheless, the profit recognition in the Construction business is a critical estimate, due to the inherent uncertainties in any construction project over revenues and costs. The level of estimation and uncertainty differs between the Group\u2019s construction businesses, particularly between Regional Building, Major Projects \u2013 Building and Infrastructure. Regional Building operates around 300 sites (2022: 350) each year with an average project size of \u00a315.8m (2022: \u00a312.9m) and with average revenue in the year of \u00a34.4m (2022: \u00a33.3m). These projects typically operate under framework contracts where costs are known with a greater degree of certainty. Infrastructure manages around 30 sites with projects ranging from a relatively small number of higher value major Infrastructure civil engineering projects to a larger number of more modest minor signalling upgrades and replacements. The major infrastructure civil engineering projects typically include two stage Design and Build, Construct only and Target Cost contracts. The nature and length of these contracts means there can be a greater level of estimation and uncertainty. The blended portfolio risk of the overall construction businesses is mitigated by the relative sizes of the Regional Building, Major Projects \u2013 Building and Infrastructure businesses. Construction revenue for the year was \u00a31.7bn (2022: \u00a31.4bn) with an associated adjusted operating profit margin of 4.2% (2022: 4.2%). The historic profit margins in the construction businesses typically range from 3.2% to 4.2%. A potential downside risk in margin would be 1.0% (2022: 2.4%). Given the short-term average duration of the construction portfolio, the impact of such a decrease in margin across projects in delivery at the year-end would be a decrease in operating profit of \u00a316.5m (2022: \u00a334.6m). (b) Lifecycle assets The Group has a number of ongoing contracts where lifecycle funds are established to meet contractual obligations. At the 30 June 2023 the carrying value of these non-current contract assets was \u00a343.7m, offset by a provision of \u00a34.9m. The key sensitivity in the calculation is the percentage of the funds build-up required for future maintenance. A reasonably likely change would be an increase or decrease of 10% in the percentage of funds build-up required. Such a change would result in a profit impact of approximately \u00a32m in any one year. (c) Defined benefit pension scheme valuations In determining the valuation of defined benefit pension scheme assets and liabilities, a number of key assumptions have been made. The key assumptions, which are given below, are largely dependent on factors outside the control of the Group: \u2013 expected return on plan assets; \u2013 inflation rate; \u2013 mortality; \u2013 discount rate; and \u2013 salary and pension increases. Details of the assumptions used and sensitivity to changes in these assumptions are included in note 9. (d) Goodwill Determining whether goodwill is impaired requires an estimation of the value in use of cash generating units (\u2018CGUs\u2019) to which the goodwill has been allocated. The value in use calculation requires an estimate to be made of the timing and amount of future cash flows expected to arise from the CGU and the application of a suitable discount rate in order to calculate the net present value. Cash flow forecasts for the next three years are based on the Group\u2019s budgets and forecasts. Other key inputs in assessing each CGU are revenue growth, operating margin, discount rate and terminal growth rate. The assumptions are set out in note 13 together with an assessment of the impact of reasonably possible sensitivities. In undertaking the assessment, the potential net impact of climate change on the forecasts has been considered. At present, it has been concluded that it will not be significant. Other accounting estimates and judgements The consolidated financial statements include other areas of judgement and accounting estimates. While these areas do not meet the definition under IAS 1 of significant accounting estimates or critical accounting judgements, the recognition and measurement of certain material assets and liabilities are based on assumptions and/or are subject to longer-term uncertainties. (a) Joint ventures In accordance with IFRS 11 paragraph 7, joint ventures are identified where the control of an arrangement is shared and decisions around activities require unanimous consent if the action significantly affects the investee\u2019s return. The key judgement involved in determining joint control is that the Board structure and the mechanisms in the reserved matters do not give any one party majority control over relevant activities, regardless of the economic split between partners. (b) Adjusting items Adjusting items are items of financial performance which the Group believes should be separately presented to assist in understanding the financial performance achieved by the Group in accordance with the accounting policy set out on page 175. Determining whether an item is classified as an adjusting item requires judgement. Total adjusting items of \u00a352.9m were charged to the income statement in respect of continuing operations for the year ended 30 June 2023 (2022: \u00a378.2m). The items that comprise this are set out in note 5 together with an explanation of their nature and consideration points as to why the Directors have treated these as adjusting items. (c) Property leases The Group continues to rationalise its property portfolio and exited its leased corporate offices in Foley Street, London and Fountain Street, Manchester during prior years. The properties are now being sublet for the remaining period of the lease and the associated right-of-use asset is classified as an investment property. Given the length of the underlying leases and the uncertainty in the property market, in calculating the fair value of the right-of-use asset judgement has been exercised. These areas of judgement are detailed in note 15. (d) Taxation The Group is predominantly UK-based and all entities are UK resident for tax purposes and therefore subject to UK tax regulations. Deferred tax liabilities are generally provided for in full and deferred tax assets are recognised to the extent that it is judged probable that future taxable profit will arise against which the temporary differences will be utilised. In particular, the Group has exercised judgement in recognising a deferred tax asset of \u00a3106.2m (2022: \u00a3105.6m) in respect of tax losses. The key judgements in assessing the recoverability of the deferred tax asset relate to the taxable profit forecasts. These forecasts are based on the same Board-approved information used to support the going concern and goodwill impairment assessments. The critical judgements related to these forecasts are the same as those described in the goodwill section of this note. In assessing the recoverability, the Group has considered various sensitivities regarding future profitability, those of which are also disclosed within the goodwill section of this note. The basis for recognising this tax asset is set out in note 18 together with the period in which it is expected to be utilised. (e) Land and property valuations The recoverability of property development work in progress is an area which requires significant judgement due to the ongoing volatility in property valuations. An assessment of the net realisable value of inventory is carried out at each balance sheet date and is dependent upon the Group\u2019s estimate of forecast selling prices and build/development costs (by reference to current prices), which may require significant judgement. Where applicable, third-party valuations are used to support the position as at the balance sheet date. In valuing work in progress at the lower of cost and net realisable value the Group has already recognised any expected downside, and any upside is contingent on the Group\u2019s continued development of the projects as it is not in the business of selling partly developed sites. At 30 June 2023, the value of land and work in progress held for development, included within inventory on the balance sheet, was \u00a359.6m (2022: \u00a343.0m). (f) Fire and cladding The Group has undertaken a review of all of its current and legacy constructed buildings where it has used cladding solutions and continues to assess the action required in line with the latest updates to Government guidance, as it applies, to multi-storey and multi-occupied residential buildings. The buildings, including the cladding works, were signed off by approved inspectors as compliant with the relevant Building Regulations at the time of completion. In preparing the financial statements, currently available information has been considered, including the current best estimate of the extent and future costs of work required, based on the reviews and physical inspections undertaken. Where an obligation has been established and a reliable estimate of the costs to rectify is available, a provision has been made (see note 25). No provision has been made where an obligation has not been established. These estimates may be updated as further inspections are completed and as work progresses which could give rise to the recognition of further liabilities. Such liabilities, should they arise, are expected to be covered materially by the Group\u2019s insurance arrangements thereby limiting the net exposure. Any insurance recovery must be considered virtually certain before a corresponding asset is recognised and so this could potentially lead to an asymmetry in the recognition of assets and liabilities. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:2138002RKCU2OM4Y7O48",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-425": {
"value": "1 Significant accounting policies Kier Group plc (the \u2018Company\u2019) is a public limited company which is listed on the London Stock Exchange and incorporated and domiciled in the UK. The Company\u2019s registered number is 2708030. The consolidated financial statements of the Company for the year ended 30 June 2023 comprise the Company and its subsidiaries (together referred to as the Group) and the Group\u2019s interest in joint arrangements. The consolidated financial statements were approved by the Directors on 13 September 2023. Statement of compliance The Group\u2019s consolidated financial statements have been prepared in accordance with UK-adopted International Accounting Standards effective for accounting periods beginning on or after 1 July 2022 and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. The Company has elected to prepare its parent company financial statements in accordance with the FRS 101 \u2018Reduced Disclosure Framework\u2019. These are presented on pages 236\u2013241. Basis of preparation The financial statements are presented in pounds sterling. They have been prepared on the historical cost basis except for investment properties, defined benefit pension plans and derivative financial instruments which are stated at their fair value, and the IFRS 2 share-based payments charge which is based on the fair value of the options granted. Kier Group plc is a company incorporated in the United Kingdom under the Companies Act. The address of the registered office is 2nd Floor, Optimum House, Clippers Quay, Salford, England, M50 3XP. The following new amendments to standards are effective for the financial year ended 30 June 2023 onwards: \u2013 Narrow-scope amendments to IFRS 3, IAS 16, IAS 37 and annual improvements on IFRS 1, IFRS 9, IAS 41 and IFRS 16 (published May 2020). None of the above amendments to standards has had a material effect on the Group\u2019s financial statements for the current period nor is expected to do so for future periods. The following new standards and amendments to standards have been issued but were not yet effective and therefore have not been applied in these financial statements: \u2013 IFRS 17 \u2018Insurance Contracts\u2019 \u2013 Amendments to IAS 1 \u2018Presentation of Financial Statements\u2019 on classification of liabilities \u2013 Narrow-scope amendments to IAS 1, Practice statement 2 and IAS 8 (published February 2021) \u2013 Amendments to IAS 12 \u2018Income Taxes\u2019 on deferred tax related to assets and liabilities arising from a single transaction and international tax reform (pillar two model rules) \u2013 Amendments to IFRS 16 \u2018Leases\u2019 in relation to the lease liability in a sale and leaseback \u2013 Amendments to IAS 7 & IFRS 7 (not yet UK adopted) on supplier finance arrangements. IFRS 17 will replace IFRS 4, which currently permits a wide variety of practices in accounting for insurance contracts. IFRS 17 will fundamentally change the accounting by entities that issue insurance contracts. The new standard will first be applied by the Group in the accounting year ended 30 June 2024. Whilst the Group does have its own captive insurance company, Tempsford Insurance Company Limited, this company does not issue insurance contracts to parties outside of the Group and therefore the Group has concluded that this arrangement will not have a material impact on the Group\u2019s consolidated financial statements. However, the widely drawn definition of an insurance contract means that a number of relatively common contracts entered into by non-insurers may be considered to be insurance contracts, even if they are not typically thought of in those terms. Some contracts that provide a service for a fixed fee may meet the definition of an insurance contract, where the level of service provided depends on uncertain future events (for example, reactive repair and maintenance services). The Group has reviewed its fixed fee service contracts and determined that there would be no material effect on the Group\u2019s financial statements under IFRS 17. No significant net impact from the adoption of the above amendments to standards is expected. The Group has chosen not to adopt any of the above standards or amendments earlier than required. Going concern The Directors continue to adopt the going concern basis in preparing the Group\u2019s financial statements. The Group performed well through the year ended 30 June 2023 and produced results in line with the Board\u2019s expectations. The Group continues to win new, high-quality and profitable business in its markets on terms and at rates which reflect the new bidding disciplines and risk management practices introduced under the Group\u2019s Performance Excellence programme. At 30 June 2023, the order book was \u00a310.1bn (2022: \u00a39.8bn). As at 30 June 2023, the Group had \u00a3569.4m of unsecured committed facilities and \u00a318.0m of uncommitted overdrafts. During the year the Group repaid the final amount of \u00a349.8m of uncommitted supply chain financing facilities (\u2018KEPS\u2019) and as at 30 June 2023 the Group had no outstanding invoices on these facilities. Notes to the consolidated financial statements For the year ended 30 June 2023 Financial covenant certificates for June 2023 have been prepared with no breaches noted. The Directors have reviewed the Group\u2019s cash flow forecasts for the period to 31 December 2024, which are included in the Group\u2019s three-year strategic plan, on the basis of certain key assumptions and including a number of stressed but plausible downside scenarios. These scenarios included the consideration of risks which may arise to the Group\u2019s available liquidity and its ongoing compliance with financial covenants within the Group\u2019s principal debt facilities as a result of or in light of the following factors or circumstances: \u2013 Potential reductions in trading volumes; \u2013 Potential future challenges in respect of ongoing projects; \u2013 Project inflation and subcontractor insolvency; \u2013 Reduced investment/delays in Property transactions and cost of adoption of green legislation; \u2013 Plausible changes in the interest rate environment; and \u2013 The availability of mitigating actions that could be taken by management in such a scenario. During the year there has been a significant increase in bank base rates which directly impacts the cost of the Revolving Credit Facility (\u2018RCF\u2019). Rates have increased from 1.0% at June 2022 to 5.0% at June 2023. Inflation has remained higher than expected which could potentially put further upward pressure on interest rates. The increase in interest rates has, however, been partly mitigated by entering into fixed rate swaps at advantageous rates. The RCF facility extends to 31 January 2025. Working with lenders and its advisors, the Board is confident in the Group\u2019s ability to access a number of available funding markets to achieve an appropriate capital structure to support the Group\u2019s strategic objectives; and would expect to complete a refinancing in the current financial year. The Board also considered the macroeconomic and political risks affecting the UK economy, including the availability of labour and inflationary pressures leading to increased supply chain costs. The Board noted that the Group\u2019s forecasts are underpinned by a significant proportion of revenue that is either secured or considered probable, often as part of long-term framework agreements, and that the Group operates primarily in sectors such as infrastructure, health, education and utilities, which are considered likely to remain largely unaffected by macroeconomic factors. Although inflationary pressures remain a risk, both in the supply chain and the labour market, this is partly mitigated by c.60% of contracts being target cost or cost plus. The Board has also considered the potential impact of climate change and does not consider the Group\u2019s operations are at risk from physical climate-related risks such as hurricanes and temperature changes in the short term. In the medium term the Board has concluded that any adverse financial impacts from required changes to operations in line with ESG requirements will be offset by opportunities which present the Group with additional volumes and profits, such as replacement of non-sustainable buildings, construction of new \u2018clean\u2019 power plants and \u2018green\u2019 building conversions. As such, the longevity of the Group\u2019s business model means that climate change has no material adverse impact on going concern. Having reviewed the Group\u2019s cash flow forecasts, the Directors consider that the Group is expected to continue to have available liquidity headroom under its finance facilities and operate within its financial covenants over the going concern period, including in a severe but plausible downside scenario. As a result, the Directors are satisfied that the Group has adequate resources to meet its obligations as they fall due for a period of at least 12 months from the date of approving these financial statements and, for this reason, they continue to adopt the going concern basis in preparing these financial statements. Basis of consolidation (a) Subsidiaries The consolidated financial statements comprise the financial statements of the Company and subsidiaries controlled by the Company drawn up to 30 June 2023. Control exists when the Group has direct or indirect power to govern the financial and operating policies of an entity so as to obtain economic benefits from its activities. Subsidiaries are included in the consolidated financial statements from the date that control transfers to the Group until the date that control ceases. Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is transferred to the Group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. In assessing control, the Group takes into consideration potential voting rights that currently are exercisable. If a business combination is achieved in stages, the acquisition date carrying value of the acquirer\u2019s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date; any gains or losses arising from such remeasurements are recognised in profit or loss. The Group measures goodwill at the acquisition date as: \u2013 The fair value of the consideration transferred; plus \u2013 The recognised amount of any non-controlling interests in the acquiree; plus \u2013 If the business combination is achieved in stages, the fair value of the existing equity interest in the acquiree; less \u2013 The net recognised amount (generally fair value) of the identifiable assets acquired and liabilities assumed. When the result is negative, a \u2018bargain purchase\u2019 gain is recognised immediately in the income statement. Provisional fair values allocated at a reporting date are finalised within 12 months of the acquisition date. The consideration transferred does not include amounts related to the settlement of
pre-existing relationships. Such amounts are generally recognised in the income statement.
Costs related to the acquisition, other than those associated with the issue of debt or equity
securities, that the Group incurs in connection with a business combination are expensed
as incurred. Any contingent consideration payable is recognised at fair value at the
acquisition date. Subsequent changes to the fair value of the contingent consideration
are recognised in the income statement unless the contingent consideration is classified
as equity, in which case settlement is accounted for within reserves.
Accounting policies of subsidiaries are adjusted where necessary to ensure consistency
with those used by the Group. All intra-Group transactions, balances, income and expenses
are eliminated on consolidation.
(b) Joint arrangements
A joint arrangement is a contractual arrangement whereby the Group undertakes
an economic activity that is subject to joint control with third parties.
The Group\u2019s interests in joint ventures are accounted for using the equity method. Under
this method the Group\u2019s share of the profits less losses of joint ventures is included in the
consolidated income statement and its interest in their net assets is included in investments
in the consolidated balance sheet. Where the share of losses exceeds the Group\u2019s interest
in the entity and there is no obligation to fund these losses the carrying amount is reduced
to nil, following which no further losses are recognised. Interest in the entity is the carrying
amount of the investment together with any long-term interests that, in substance, form part
of the net investment in the entity.
From time to time the Group undertakes contracts jointly with other parties. These fall under
the category of joint operations as defined by IFRS 11. In accordance with IFRS 11, the
Group accounts for its own share of sales, profits, assets, liabilities and cash flows measured
according to the terms of the agreements.
Foreign currencies
Transactions denominated in foreign currencies are recorded at the exchange rates in
effect when they take place. Resulting monetary foreign currency denominated assets and
liabilities are translated at the exchange rates ruling at the balance sheet date. Exchange
differences arising from foreign currency transactions are reflected in the income statement.
Items included in the financial statements of each of the Group\u2019s subsidiaries are measured
using the currency of the primary economic environment in which each entity operates
(the functional currency). The consolidated financial statements are presented in GBP,
which is the Group\u2019s presentation currency.
The assets and liabilities of overseas subsidiary undertakings are translated at the
rate of exchange ruling at the balance sheet date. Trading profits or losses are translated
at average rates prevailing during the accounting period. Differences on exchange arising
from the retranslation of net investments in overseas subsidiary undertakings at the
year-end rates are recognised in other comprehensive income. All other translation
differences are reflected in the income statement.
Revenue and profit recognition
Revenue comprises the fair value of the consideration received or receivable, net of value
added tax, rebates and discounts and after eliminating sales within the Group. It also
includes the Group\u2019s proportion of work carried out under jointly controlled operations.
The general principles for revenue and profit recognition across the Group are as follows:
\u2013 Provision is made for any unavoidable future net losses arising from contract obligations,
as soon as they become apparent. These are accounted for under IAS 37 and are shown
as onerous contract provisions in note 25;
\u2013 Additional consideration for contract modifications (variations) is only included in revenue
(or the forecast contract out-turn) if the scope of the modification has been approved by
the customer. If the scope of the modification has been approved but the parties have not
yet determined the corresponding change in the contract price, an estimate of the change
to the transaction price is made and included in calculating revenue to the extent that it is
highly probable that a significant reversal of the amount in cumulative revenue recognised
will not occur;
\u2013 Contract modifications are treated as separate contracts if the scope of the contract
increases because of the addition of promised goods or services that are distinct,
and the price of the contract increases by an amount of consideration that reflects the
Group\u2019s stand-alone selling prices of the additional promised goods or services and any
appropriate adjustments to that price to reflect the circumstances of the particular contract;
\u2013 Variable consideration amounts (gain-share amounts, KPI bonuses, milestone bonuses,
compensation event claims, etc.) are included in revenue (or forecasts to completion) only
to the extent that it is highly probable that a significant reversal of the amount in
cumulative revenue recognised will not occur;
\u2013 Refund liabilities (liquidated damages, pain-share amounts, KPI penalties, etc.) are
accounted for as a reduction in revenue (or in forecasting contract out-turns) as soon
as it is expected that the Group will be required to refund some or all of the consideration
it has received from the customer;
\u2013 Where revenue that has been recognised is subsequently determined not to be
recoverable due to the inability of a customer to meet its payment obligations, these
amounts are charged to administrative expenses as a credit loss;
\u2013 Claims against third parties (such as insurance recoveries and claims for cost
reimbursements) outside of normal supplier price adjustments are recognised only
when the realisation of income is virtually certain. The associated income is accounted
for as reduction in costs rather than revenue; and
\u2013 Contract mobilisation is not considered to be a separate performance obligation in
most situations, as the customer receives little or no benefit from mobilisation activities.
Any consideration received from the customer in relation to the mobilisation phase of
a contract is deferred and recognised as additional revenue relating to the performance
obligations in the contract that benefit the customer.
If the timing of payments agreed with the customer provides the Group or the customer with
a significant benefit of financing the transfer of goods or services, the amount of consideration
is adjusted for the effects of the time value of money. The Group does not make an adjustment
for the time value of money in the following circumstances:
\u2013 When the Group expects, at contract inception, that the period between the entity
transferring a good or service and the customer paying for it will be one year or less; or
\u2013 Where the timing of the payments is for commercial rather than financing reasons, e.g.
construction contract retentions, where the payment terms are to provide the customer
with protection from Kier failing to adequately complete some or all of its obligations
under the contract.
Revenue and profit recognition policies applied to specific businesses are as follows:
(a) Construction contracts
Revenue is recognised on construction services over time as the benefit is transferred
to the customer. The Group uses an input method to measure progress. The percentage
of completion is measured using cost incurred to date as a proportion of the estimated full
costs of completing the contract and is applied to the total expected contract revenue to
determine the revenue to be recognised to date.
The assessment of the final outcome of each contract is determined by regular review
of the revenues and costs to complete that contract. Consistent contract review procedures
are in place in respect of contract forecasting.
(b) Services
Revenue and profit from services rendered, which include facilities management, highways
maintenance, utilities maintenance, street cleaning and recycling, is recognised over time
as the service is performed.
Progress on capital works and infrastructure renewal projects in the Highways and Utilities
businesses is measured using costs incurred as a percentage of the estimated full costs
of completing the performance obligation.
Where the contract includes bundled services, and those services are distinct, the
transaction price is allocated to each performance obligation identified in the contract based
on the relative stand-alone selling prices of each of the performance obligations. Revenue
is then recognised independently when each of the performance obligations is satisfied.
Any variable consideration (e.g. performance bonus) attributable to a single performance
obligation is allocated entirely to that performance obligation. Where variable consideration
is attributable to the entire contract and is not specific to part of the contract, the consideration
is allocated based on the stand-alone selling prices of each of the performance obligations
within the contract.
Service contracts are reviewed monthly to assess their future operational performance
and profitability.
(c) Property development
Revenue in respect of property developments is recorded on unconditional exchange
of contracts on disposal of finished developments. Profit taken is subject to any amounts
necessary to cover residual commitments relating to development performance.
Where developments are sold in advance of construction being completed, revenue and
profit are recognised at the point of sale, reflecting the transfer of control to the customer
in its current stage of completion. Thereafter, revenue for construction services provided
to the customer to complete the property is recognised over time in line with the percentage
of completion, consistent with the Group\u2019s accounting policy for recognition of revenue on
construction contracts (see above).
Where consideration is paid in advance of the development\u2019s construction phase at a price
less than market value, revenue is recognised on a discounted basis to reflect a financing
component of the transaction. This revenue and forward funded interest unwinds as the
construction takes place.
(d) Private Finance Initiative (\u2018PFI\u2019) service concession agreements
Revenue relating to construction or upgrade services under a service concession
agreement is recognised based on the stage of completion of the work performed,
consistent with the Group\u2019s accounting policy on recognising revenue on construction
contracts (see above).
Operation or service revenue is recognised in the period in which the services were
provided by the Group. When the Group provides more than one service in a service
concession agreement, the consideration received is allocated by reference to the relative
stand-alone selling prices of the services delivered.
Pre-contract and contract mobilisation costs
Pre-contract costs to obtain a contract that would have been incurred irrespective of whether
the contract was obtained are recognised as an expense when incurred, unless those costs
are explicitly chargeable to the customer irrespective of whether the contract is obtained.
Mobilisation costs incurred in respect of a specific contract that has been won or an
anticipated contract that is expected to be won (e.g. when the Group has secured preferred
bidder status) are carried forward in the balance sheet as capitalised mobilisation costs if:
the costs generate or enhance resources of the Group that will be used in satisfying
(or in continuing to satisfy) performance obligations in the future; and the costs are expected
to be recovered (i.e. the contract is expected to be sufficiently profitable to cover the
mobilisation costs).
The vast majority of contracts incurring significant mobilisation costs are contracts
that exceed 12 months in duration. The Group\u2019s policy is therefore to show its capitalised
mobilisation costs as a non-current asset, amortised over the expected contract duration.
Warranties and rectification costs
The Group does not offer extended insurance-type warranties at an additional cost to the
customer (which would represent separate performance obligations). Standard industry
assurance-type warranties are provided and are accounted for as rectification cost
provisions based on the estimated costs of making good any latent defects.
Alternative performance measures
IAS 1 permits an entity to present additional information for specific items to enable
users to better assess the entity\u2019s financial performance. The Directors have considered
the requirements of applicable accounting standards, along with additional guidance around
alternative performance measures (\u2018APMs\u2019) and believe it is appropriate to inform users
regarding various items and disclose those items which are deemed one-off, material or
non-recurring in size or nature, in alignment with the Group\u2019s internal management reporting.
As such, the Group is disclosing as supplementary information an \u2018Adjusted Profit\u2019 APM
which is reconciled to statutory profit in the notes to the financial statements and is consistent
with IFRS 8 segmental reporting.
Separate presentation of these items is intended to enhance understanding of the financial
performance of the Group in the particular year under review and the extent to which results
are influenced by material unusual and/or non-recurring items. The Directors review segmental
results under an adjusted items basis to analyse the performance of operating segments.
The Directors exercise judgement in determining the classification of certain items as adjusting
using quantitative and qualitative factors. In assessing whether an item is an adjusting item,
the Directors give consideration, both individually and collectively, as to an item\u2019s size, the
specific circumstances which have led to the item arising and if the item is likely to recur,
or whether the matter forms part of a group of similar items.
Amortisation of acquired intangible assets and certain financing costs are also included
as adjusting items on the basis of being ongoing non-cash items generated from
acquisition-related activity.
A full reconciliation from statutory numbers to adjusted profit measures has been presented
in note 5.
The Group presents revenue including from joint venture arrangements as an alternative
performance measure. The Directors believe this is a useful measure as it provides visibility
over the scale of the Group\u2019s operations, particularly within its Property business where a
significant proportion of developments are set up in joint ventures.
The Group also presents adjusted cash flow from operations, free cash flow and net debt
as alternative performance measures. The Directors consider that these provide useful
information about the Group\u2019s liquidity and debt profile.
A glossary of alternative performance measures is included on page 243.
Finance income and costs
Interest receivable and payable on bank balances is credited or charged to the income
statement as incurred using the effective interest rate method. Interest receivable is
presented within operating cash flows in the cash flow statement.
Borrowing costs are capitalised where the Group constructs qualifying assets. All other
borrowing costs are written off to the income statement as incurred.
Borrowing costs incurred within the Group\u2019s jointly controlled entities relating to the
construction of assets in PFI and PPP projects are capitalised until the relevant assets
are brought into operational use.
Notional interest payable, representing the unwinding of the discount on long-term liabilities,
is charged to finance costs.
Taxation
Income tax comprises current and deferred tax. Income tax is recognised in the income
statement except to the extent that it relates to items recognised directly in equity, in which
case it is recognised in equity.
Current tax is the expected tax payable on taxable income for the year, using tax rates
enacted or substantively enacted at the balance sheet date, and any adjustment to tax
payable in respect of previous years.
Deferred tax is provided using the balance sheet method, providing for temporary
differences between the carrying amounts of assets and liabilities for financial reporting
purposes and the amounts used for taxation purposes. The deferred tax provision is based
on the expected manner of realisation or settlement of the carrying amount of the assets
and liabilities, using tax rates enacted or substantively enacted at the balance sheet date.
A deferred tax asset is recognised only to the extent that it is probable that future taxable
profits will be available against which the asset can be utilised. Deferred tax assets are
reduced to the extent that it is no longer probable that the related tax benefit will be realised
or where other temporary differences are available.
The Group participates in the UK Government\u2019s Research and Development Expenditure
Credit (\u2018RDEC\u2019) tax incentive scheme. Credits receivable under the RDEC scheme are
recognised within operating profit and are treated as taxable income. Amounts receivable
in respect of RDEC claims are included on the balance sheet within the corporation tax
receivable balance or as a reduction in the corporation tax payable balance, as appropriate.
Goodwill and other intangible assets
Goodwill arising on consolidation represents the excess of the consideration over the
Group\u2019s interest in the fair value of the identifiable assets and liabilities of a subsidiary.
Goodwill is recognised as an asset and reviewed for impairment at least annually. Any
impairment is recognised immediately in the income statement and is not subsequently
reversed. Negative goodwill is recognised in the income statement immediately. On disposal
of a subsidiary or jointly controlled entity, the attributable carrying amount of goodwill is
included in the determination of the profit or loss on disposal.
Other intangible assets which comprise contract rights and computer software are stated
at cost less accumulated amortisation and impairment losses. Amortisation is charged to
administrative expenses in the income statement on a straight-line basis over the expected
useful lives of the assets, which are principally as follows:
Contract rights Over the remaining contract life
Computer software 3\u201310 years
Internally generated intangible assets developed by the Group are recognised only
if all of the following conditions are met:
\u2013 An asset is created that can be identified;
\u2013 It is probable that the asset created will generate future economic benefits; and
\u2013 The development cost of the asset can be measured reliably.
Other research expenditure is written off in the period in which it is incurred.
Software as a service
Costs incurred relating to software as a service (\u2018SaaS\u2019) that provide future benefit to the
Group are included within prepayments and written off over the period to which they relate.
All other costs in respect of SaaS are expensed to the income statement as incurred.
Property, plant and equipment and depreciation
The cost of an acquired asset comprises the purchase price, any directly attributable
costs and the estimated costs of dismantling and removing the item at the end of its life.
Depreciation is based on historical or deemed cost, including expenditure that is directly
attributable to the acquisition of the items, less the estimated residual value, and the
estimated economic lives of the assets concerned. Freehold land is not depreciated.
Other tangible assets are depreciated to residual values in equal annual instalments
over the period of their estimated economic lives, which are principally as follows:
Land and buildings 25\u201350 years or period of lease
Plant and equipment 3\u201312 years
Leases
Assets and liabilities arising from a lease are initially measured on a present value basis.
Lease liabilities include the net present value of the following lease payments:
\u2013 Fixed payments (including in-substance fixed payments), less any lease incentives receivable;
\u2013 Variable lease payments that are based on an index or a rate, initially measured using
the index or rate as at the commencement date;
\u2013 Amounts expected to be payable by the Group under residual value guarantees;
\u2013 The exercise price of a purchase option if the Group is reasonably certain to exercise
that option; and
\u2013 Payments of penalties for terminating the lease, if the lease term reflects the Group
exercising that option.
Lease payments to be made under reasonably certain extension options are also included
in the measurement of the liability.
The lease payments are discounted using the interest rate implicit in the lease. If that rate
cannot be readily determined, which is generally the case for leases in the Group, the lessee\u2019s
incremental borrowing rate is used, being the rate that the individual lessee would have to
pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use
asset in a similar economic environment with similar terms, security and conditions.
Most Group companies do not have any recent independent third-party financing to use
as a starting point for the incremental borrowing rate. Therefore, the Group uses a build-up
approach that starts with a risk-free interest rate adjusted for credit risk, lease term, country,
currency and security.
The Group is exposed to potential future increases in variable lease payments based on an
index or rate, which are not included in the lease liability until they take effect. When adjustments
to lease payments based on an index or rate take effect, the lease liability is reassessed
and adjusted against the right-of-use asset.
Lease payments are allocated between principal and finance cost. The finance cost is charged
to profit or loss over the lease period so as to produce a constant periodic rate of interest
on the remaining balance of the liability for each period.
Right-of-use assets are measured at cost comprising the following:
\u2013 The amount of the initial measurement of lease liability;
\u2013 Any lease payments made at or before the commencement date less any lease
incentives received;
\u2013 Any initial direct costs; and
\u2013 Any restoration costs.
Right-of-use assets are generally depreciated over the shorter of the asset\u2019s useful life and
the lease term on a straight-line basis. If the Group is reasonably certain to exercise a purchase
option, the right-of-use asset is depreciated over the underlying asset\u2019s useful life.
The Group has elected to use the following recognition exemptions, as permitted
by the standard:
\u2013 Leases of low-value items \u2013 The Group has defined low-value items as assets that
have a value when new of less than c.\u00a35,000. Low-value items comprise IT equipment
and small items of plant.
\u2013 Short-term leases \u2013 Leases with a lease term of less than 12 months at inception.
For leases in the above categories, a lease liability or right-of-use asset is not recognised.
Instead, the Group recognises the related lease payments as an expense on a straight-line
basis over the lease term.
Contracts may contain both lease and non-lease components. The Group allocates the
consideration in the contract to the lease and non-lease components based on their relative
stand-alone prices.
Leased properties that meet the definition of investment properties are presented within
\u2018investment properties\u2019 rather than \u2018right-of-use assets\u2019 on the balance sheet.
The Group enters into lease agreements as a lessor with respect to its investment properties.
Leases for which the Group is a lessor are classified as finance or operating leases.
Whenever the terms of the lease transfer substantially all the risks and rewards of ownership
to the lessee, the contract is classified as a finance lease. All other leases are classified
as operating leases.
When the Group is an intermediate lessor, it accounts for the head lease and the sub-lease
as two separate contracts. The sub-lease is classified as a finance or operating lease by
reference to the right-of-use asset arising from the head lease.
Rental income from operating leases is recognised on a straight-line basis over the term
of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating
lease are added to the carrying amount of the leased asset and recognised on a straight-line
basis over the lease term.
Amounts due from lessees under finance leases are recognised as receivables at the
amount of the Group\u2019s net investment in the leases. Finance lease income is allocated
to accounting periods so as to reflect a constant periodic rate of return on the Group\u2019s net
investment outstanding in respect of the leases. Finance lease income is calculated with
reference to the gross carrying amount of the lease receivables, except for credit-impaired
financial assets for which interest income is calculated with reference to their amortised cost
(i.e. after a deduction of the loss allowance).
When a contract includes both lease and non-lease components, the Group applies
IFRS 15 to allocate the consideration under the contract to each component.
Investment properties
Investment properties, principally office buildings and land, are held for the purpose
of earning rentals and/or for capital appreciation and are not occupied by the Group.
Investment properties are measured using the fair value model. Gains and losses arising
from a change in the fair value of investment properties are recognised in the income
statement in the period in which they arise.
Rental income and costs in respect of investment properties are included within
administrative expenses and are disclosed in note 15(b). Where the investment property
has come about through vacating corporate offices following the restructure of the Group\u2019s
property portfolio, amounts in the income statement are treated as adjusting items.
Inventories
Inventories, including land held for and in the course of development, are valued at the lower
of cost and net realisable value. Cost comprises direct materials and, where appropriate,
labour and production overheads which have been incurred in bringing the inventories and
work in progress to their present location and condition. Cost in certain circumstances also
includes notional interest as explained in the accounting policy for finance income and costs.
Net realisable value represents the estimated selling price less all estimated costs of
completion and costs to be incurred in marketing, selling and distribution.
Inventories are valued on a first in, first out (\u2018FIFO\u2019) basis.
Land inventory is recognised at the time a commitment to purchase the land is made,
generally at exchange of unconditional contracts.
Property inventory, which represents all development land and work in progress, is included
at cost less any losses foreseen in completing and disposing of the development less any
amounts received or receivable as progress payments or part disposals. Where a property
is being developed, cost includes cost of acquisition and development to date, including
directly attributable fees, expenses and finance charges net of rental or other income
attributable to the development. Where development property is not being actively
developed, net rental income and finance costs are taken to the income statement.
Contract assets and liabilities
When the Group transfers goods or services to a customer before the customer pays
consideration or before payment is due, the amount of revenue associated with the transfer
of goods or services is accrued and presented as a contract asset in the balance sheet
(excluding any amounts presented as a receivable). A contract asset represents the Group\u2019s
right to consideration in exchange for goods or services that the Group has transferred to
a customer.
Contract assets are reduced by appropriate allowances for expected credit losses
calculated using the simplified approach (as with trade receivables).
If a customer pays consideration, or the Group has a right to an amount of consideration
that is unconditional (i.e. a receivable), before the Group transfers a good or service to the
customer, the amount is presented as a contract liability on the balance sheet. A contract
liability represents the Group\u2019s obligation to transfer goods or services to a customer for
which the entity has received consideration (or an amount of consideration is due) from
the customer.
The Group has allocated contract assets and liabilities due within 12 months of the balance
sheet date to current with the remainder included in non-current.
Assets held for sale
Assets classified as held for sale are measured at the lower of their carrying amount
and fair value less costs to sell.
Assets are classified as held for sale if their carrying amount will be recovered through a sale
transaction rather than through continuing use. This condition is regarded as met only when
the sale is highly probable, and the assets are available for sale in their present condition.
Share capital
The ordinary share capital of the Company is recorded as the proceeds received,
net of directly attributable incremental issue costs.
Merger reserve
Where equity raises are effected through a structure which is eligible for merger relief under
section 612 of the Companies Act 2006, the Group transfers the excess of the net proceeds
over the nominal value of the share capital issued to the merger reserve.
Provisions
Provisions are recognised when the Group has a present legal or constructive obligation
as a result of a past event, and where it is probable that an outflow will be required to settle
the obligation and the amount can be reliably estimated.
Contingent liabilities
The Group discloses a contingent liability in circumstances where it has a possible
obligation depending on whether some uncertain future event occurs, or has a present
obligation but payment is not probable, or the amount cannot be measured reliably.
Government grants
Government grant income is recognised at the point that there is reasonable assurance that
the Group will comply with the conditions attached to it, and that the grant will be received.
Employee benefits
(a) Retirement benefit obligations
For defined contribution pension schemes operated by the Group, amounts payable are
charged to the income statement as they fall due.
The Group accounts for defined benefit obligations in accordance with IAS 19. Obligations
are measured at discounted present value while plan assets are measured at fair value.
The operating and financing costs of such plans are recognised separately in the income
statement; current service costs are spread systematically over the lives of employees and
financing costs are recognised in full in the period in which they arise. Remeasurements
of the net defined pension liability, including actuarial gains and losses, are recognised
immediately in other comprehensive income.
The net finance cost is calculated by applying the discount rate to the net balance of the
defined benefit obligation and the fair value of plan assets. This cost is included in finance
costs in the income statement.
Where the calculations result in a surplus to the Group, the recognised asset is limited
to the present value of any available future refunds from the plan or reductions in future
contributions to the plan that the Group has the unconditional right to realise.
(b) Share-based payments
Share-based payments granted but not vested are valued at the fair value of the shares
at the date of grant. This applies to the Sharesave, Conditional Share Award Plan and
Long-Term Incentive Plan (\u2018LTIP\u2019) schemes. The fair value of these schemes at the date
of award is calculated using the Black-Scholes model apart from the total shareholder return
element of the LTIP which is based on a Stochastic model. Awards that are subject to a
post-vesting holding period are valued using the Finnerty model.
The cost to the Group of awards to employees under the LTIP scheme is spread on a
straight-line basis over the relevant performance period. The scheme awards to senior
employees a number of shares which will vest after three years if particular criteria are
met. The cost of the scheme is based on the fair value of the shares at the date the
options are granted.
Shares purchased and held in trust in connection with the Group\u2019s share schemes are
deducted from retained earnings. No gain or loss is recognised within the income statement
on the market value of these shares compared with the original cost.
Financial instruments
Financial assets and financial liabilities are recognised in the Group\u2019s balance sheet when
the Group becomes a party to the contractual provisions of the instrument. An assessment
of whether a financial asset is impaired is made at least at each reporting date. The principal
financial assets and liabilities of the Group are as follows:
(a) Trade receivables and trade payables
Given the varied activities of the Group it is not practicable to identify a common operating
cycle. The Group has therefore allocated receivables and payables due within 12 months
of the balance sheet date to current with the remainder included in non-current.
A trade receivable is recognised when the Group has a right to consideration that is
unconditional (subject only to the passage of time before payment is due). Trade receivables
do not carry interest and are stated at their initial cost reduced by appropriate allowances
for expected credit losses.
The Group applies the simplified approach to measurement of expected credit losses
in respect of trade receivables, which requires expected lifetime losses to be recognised
from initial recognition of the receivables.
Trade payables on normal terms are not interest-bearing and are stated at their nominal value.
Trade payables on extended terms, particularly in respect of land purchases, are discounted
and recorded at their present value.
Amounts owing under supply chain finance arrangements are included within trade
payables rather than bank debt. The purpose of supply chain finance is purely to grant
subcontractors and suppliers access to credit and improve their cash flows. There have
been no changes to the underlying terms of the supply chain finance arrangements.
The designation in trade payables is due to the assignment of invoice rather than a novation,
the Group acting as an agent with fees related to supply chain finance being borne by the
supplier and the final payment date to the bank being set by the Group with interest accrued
for any late payments.
(b) Cash and cash equivalents
Cash and cash equivalents in the cash flow statement comprise cash at bank and in hand,
including bank deposits with original maturities of three months or less, net of bank overdrafts
where legal right of set off exists (to reflect the substance of cash pooling arrangements).
(c) Bank and other borrowings
Interest-bearing bank and other borrowings are recorded at the fair value of the proceeds
received, net of direct issue costs. Finance charges, including premiums payable on settlement
or redemption and direct issue costs, are accounted for on an accruals basis in the income
statement using the effective interest method and are added to the carrying value of the
instrument to the extent that they are not settled in the period in which they arise.
(d) Private Finance Initiative (\u2018PFI\u2019) assets
Under the terms of a PFI or similar project, where the risks and rewards of ownership
remain largely with the purchaser of the associated services, the Group\u2019s interest in the
asset is classified as a financial asset and included at its amortised cost within investment
in joint ventures.
(e) Derivative financial instruments
Derivatives are initially recognised at fair value on the date that the contract is entered into
and subsequently remeasured in future periods at their fair value. The method of recognising
the resulting change in fair value depends on whether the derivative is designated as a
hedging instrument and whether the hedging relationship is effective.
For cash flow hedges, the effective portion of changes in the fair value of these derivatives
is recognised in the cash flow hedge reserve within equity. Any ineffective portion is
recognised immediately in the income statement. Amounts accumulated in equity are recycled
to the income statement in the periods when the hedged items will affect profit or loss.
If the hedging instrument no longer meets the criteria for hedge accounting, expires
or is sold, terminated or exercised, the hedge accounting is discontinued prospectively.
The cumulative gain or loss previously recognised in equity remains there until the forecast
transaction occurs. When the forecast transaction is no longer expected to occur, the
cumulative gain or loss and deferred costs of hedging that were reported in equity are
immediately reclassified to profit or loss.
The Group enters into forward contracts in order to hedge against transactional foreign
currency exposures. In cases where these derivative instruments are significant, hedge
accounting is applied as described above. Where hedge accounting is not applied, changes
in fair value of derivatives are recognised in the income statement. The fair values of derivative
instruments have been derived from proprietary models used by the bank counterparties
using mid-market mark to market valuations for trades at the close of business on the
balance sheet date.
Significant accounting estimates and critical judgements
Management considers that their use of estimates, assumptions and judgements in the
application of the Group\u2019s accounting policies are inter-related and therefore discuss them
together below with the major sources of estimation uncertainty and significant judgements
separately identified:
(a) Revenue and profit recognition
The estimation techniques used for revenue and profit recognition in respect of property
development, construction contracts and services contracts require forecasts to be made of
the outcome of long-term contracts which require assessments and judgements to be made
on the recovery of pre-contract costs, changes in the scope of work, programme of works,
maintenance and defect obligations and changes in costs. The estimates and judgements
in respect of construction contracts are considered to be critical.
There are a small number of contracts that the Group considers require significant
accounting estimates and, as at 30 June 2023, the Group has included estimated recoveries
from customers and other third parties with a combined value of \u00a374.0m (2022: \u00a376.6m).
These recoveries are recognised in line with the Group\u2019s stated accounting policies.
However, estimation uncertainty exists and there are a number of factors which will affect
the final outcome once these contracts are finalised. The Group estimates that the final
outcome on these contracts could collectively range from an upside of \u00a382.8m (2022: \u00a342.1m)
to a downside, including the risk of counterclaims being levied against the Group, of \u00a347.0m
(2022: \u00a340.1m).
Over 400 construction contracts (2022: over 500) were income generating during the year
within the Group\u2019s Construction and Infrastructure Services operating divisions. Of these,
three (2022: none) individually had a material impact on operating profit.
The key judgements and estimates relating to determining the revenue and profit of material
contracts are:
\u2013 costs to complete;
\u2013 achieving the planned build programme; and
\u2013 recoverability of claims and variations in accordance with IFRS 15.
Each contract is treated on its merit and is subject to a regular review of the revenue and
costs to complete that contract, determined by a combination of management judgement
and external professional assistance, backed up by accounting position papers for the
contracts that have a material impact on the income statement.
The level of estimation uncertainty in the Group\u2019s construction businesses is reduced by
the effect of its substantial portfolio and significant experience of the division\u2019s management
team. The level of estimation is further reduced by the combination of the modest scale and
short contract durations of the majority of the Group\u2019s projects. Nevertheless, the profit
recognition in the Construction business is a critical estimate, due to the inherent
uncertainties in any construction project over revenues and costs.
The level of estimation and uncertainty differs between the Group\u2019s construction
businesses, particularly between Regional Building, Major Projects \u2013 Building and
Infrastructure. Regional Building operates around 300 sites (2022: 350) each year with
an average project size of \u00a315.8m (2022: \u00a312.9m) and with average revenue in the year of
\u00a34.4m (2022: \u00a33.3m). These projects typically operate under framework contracts where
costs are known with a greater degree of certainty. Infrastructure manages around 30 sites
with projects ranging from a relatively small number of higher value major Infrastructure
civil engineering projects to a larger number of more modest minor signalling upgrades
and replacements.
The major infrastructure civil engineering projects typically include two stage Design and
Build, Construct only and Target Cost contracts. The nature and length of these contracts
means there can be a greater level of estimation and uncertainty. The blended portfolio
risk of the overall construction businesses is mitigated by the relative sizes of the Regional
Building, Major Projects \u2013 Building and Infrastructure businesses.
Construction revenue for the year was \u00a31.7bn (2022: \u00a31.4bn) with an associated adjusted
operating profit margin of 4.2% (2022: 4.2%).
The historic profit margins in the construction businesses typically range from 3.2% to 4.2%.
A potential downside risk in margin would be 1.0% (2022: 2.4%). Given the short-term average
duration of the construction portfolio, the impact of such a decrease in margin across projects
in delivery at the year-end would be a decrease in operating profit of \u00a316.5m (2022: \u00a334.6m).
(b) Lifecycle assets
The Group has a number of ongoing contracts where lifecycle funds are established to meet
contractual obligations. At the 30 June 2023 the carrying value of these non-current contract
assets was \u00a343.7m, offset by a provision of \u00a34.9m. The key sensitivity in the calculation is the
percentage of the funds build-up required for future maintenance. A reasonably likely change
would be an increase or decrease of 10% in the percentage of funds build-up required.
Such a change would result in a profit impact of approximately \u00a32m in any one year.
(c) Defined benefit pension scheme valuations
In determining the valuation of defined benefit pension scheme assets and liabilities,
a number of key assumptions have been made. The key assumptions, which are given
below, are largely dependent on factors outside the control of the Group:
\u2013 expected return on plan assets;
\u2013 inflation rate;
\u2013 mortality;
\u2013 discount rate; and
\u2013 salary and pension increases.
Details of the assumptions used and sensitivity to changes in these assumptions
are included in note 9.
(d) Goodwill
Determining whether goodwill is impaired requires an estimation of the value in use of
cash generating units (\u2018CGUs\u2019) to which the goodwill has been allocated. The value in use
calculation requires an estimate to be made of the timing and amount of future cash flows
expected to arise from the CGU and the application of a suitable discount rate in order to
calculate the net present value. Cash flow forecasts for the next three years are based on
the Group\u2019s budgets and forecasts. Other key inputs in assessing each CGU are revenue
growth, operating margin, discount rate and terminal growth rate. The assumptions
are set out in note 13 together with an assessment of the impact of reasonably
possible sensitivities.
In undertaking the assessment, the potential net impact of climate change on the forecasts
has been considered. At present, it has been concluded that it will not be significant.
Other accounting estimates and judgements
The consolidated financial statements include other areas of judgement and accounting
estimates. While these areas do not meet the definition under IAS 1 of significant
accounting estimates or critical accounting judgements, the recognition and measurement
of certain material assets and liabilities are based on assumptions and/or are subject to
longer-term uncertainties.
(a) Joint ventures
In accordance with IFRS 11 paragraph 7, joint ventures are identified where the control of
an arrangement is shared and decisions around activities require unanimous consent if the
action significantly affects the investee\u2019s return. The key judgement involved in determining
joint control is that the Board structure and the mechanisms in the reserved matters do not
give any one party majority control over relevant activities, regardless of the economic split
between partners.
(b) Adjusting items
Adjusting items are items of financial performance which the Group believes should be
separately presented to assist in understanding the financial performance achieved by the
Group in accordance with the accounting policy set out on page 175. Determining whether
an item is classified as an adjusting item requires judgement.
Total adjusting items of \u00a352.9m were charged to the income statement in respect of continuing
operations for the year ended 30 June 2023 (2022: \u00a378.2m). The items that comprise this
are set out in note 5 together with an explanation of their nature and consideration points
as to why the Directors have treated these as adjusting items.
(c) Property leases
The Group continues to rationalise its property portfolio and exited its leased corporate offices
in Foley Street, London and Fountain Street, Manchester during prior years. The properties
are now being sublet for the remaining period of the lease and the associated right-of-use
asset is classified as an investment property. Given the length of the underlying leases and
the uncertainty in the property market, in calculating the fair value of the right-of-use asset
judgement has been exercised. These areas of judgement are detailed in note 15.
(d) Taxation
The Group is predominantly UK-based and all entities are UK resident for tax purposes
and therefore subject to UK tax regulations.
Deferred tax liabilities are generally provided for in full and deferred tax assets are recognised
to the extent that it is judged probable that future taxable profit will arise against which the
temporary differences will be utilised. In particular, the Group has exercised judgement in
recognising a deferred tax asset of \u00a3106.2m (2022: \u00a3105.6m) in respect of tax losses.
The key judgements in assessing the recoverability of the deferred tax asset relate
to the taxable profit forecasts. These forecasts are based on the same Board-approved
information used to support the going concern and goodwill impairment assessments.
The critical judgements related to these forecasts are the same as those described in the
goodwill section of this note. In assessing the recoverability, the Group has considered
various sensitivities regarding future profitability, those of which are also disclosed within
the goodwill section of this note.
The basis for recognising this tax asset is set out in note 18 together with the period in which
it is expected to be utilised.
(e) Land and property valuations
The recoverability of property development work in progress is an area which requires
significant judgement due to the ongoing volatility in property valuations. An assessment
of the net realisable value of inventory is carried out at each balance sheet date and is
dependent upon the Group\u2019s estimate of forecast selling prices and build/development costs
(by reference to current prices), which may require significant judgement. Where applicable,
third-party valuations are used to support the position as at the balance sheet date.
In valuing work in progress at the lower of cost and net realisable value the Group has
already recognised any expected downside, and any upside is contingent on the Group\u2019s
continued development of the projects as it is not in the business of selling partly developed
sites. At 30 June 2023, the value of land and work in progress held for development,
included within inventory on the balance sheet, was \u00a359.6m (2022: \u00a343.0m).
(f) Fire and cladding
The Group has undertaken a review of all of its current and legacy constructed buildings
where it has used cladding solutions and continues to assess the action required in line with
the latest updates to Government guidance, as it applies, to multi-storey and multi-occupied
residential buildings. The buildings, including the cladding works, were signed off by approved
inspectors as compliant with the relevant Building Regulations at the time of completion.
In preparing the financial statements, currently available information has been considered,
including the current best estimate of the extent and future costs of work required, based
on the reviews and physical inspections undertaken.
Where an obligation has been established and a reliable estimate of the costs to rectify
is available, a provision has been made (see note 25). No provision has been made where
an obligation has not been established.
These estimates may be updated as further inspections are completed and as work
progresses which could give rise to the recognition of further liabilities. Such liabilities,
should they arise, are expected to be covered materially by the Group\u2019s insurance
arrangements thereby limiting the net exposure. Any insurance recovery must be considered
virtually certain before a corresponding asset is recognised and so this could potentially
lead to an asymmetry in the recognition of assets and liabilities.
2 Revenue
Revenue is entirely derived from contracts with customers.
Infrastructure Services
The Group derives revenue from capital infrastructure projects as well as the maintenance
of infrastructure assets across various sectors including highways, rail, water, gas and
domestic fibre installation.
Capital projects can range from the construction of power station infrastructure, roads,
railways, bridges and tunnels, over a period of several years (e.g. Hinkley Point C, Sellafield
SRP and HS2), to small schemes completed in a matter of days. Revenue is recognised
over time as the construction services are rendered to the customer. Each capital project
is typically treated as a single performance obligation.
The Group also provides maintenance services for the UK road, rail and utilities infrastructure
through both routine, preventative maintenance as well as reactive repairs. These services
are generally delivered under framework contracts of between five to eight years; however,
individual performance obligations under the framework are normally determined on an
annual, monthly or ad hoc basis. Revenue is recognised over time as the maintenance
services are rendered to the customer.
Where multiple services are supplied under a single contract they are treated as separate
performance obligations and revenue is recognised separately as each performance
obligation is satisfied.
Infrastructure services are normally invoiced monthly in arrears under normal commercial
credit terms. Under some contracts, amounts are held back as a retention for periods that
can exceed 12 months. However, as the purpose of the retentions is to ensure that the
performance obligations on the contract are carried out to a satisfactory standard, the Group
does not deem there to be a significant financing component in the timing of the cash flows
on these amounts.
The Group\u2019s obligations to make good faulty workmanship under standard industry warranty
terms are recognised as provisions (see note 25).
Construction
The Group undertakes over 300 building projects each year, providing construction services
in the private, education and health sectors and on public sector frameworks. Projects range
from minor extensions costing less than \u00a30.5m to the construction of major strategic assets
costing hundreds of millions of pounds. The construction of a building, including any associated
design work, is normally accounted for as a single performance obligation as the services
provided are normally highly interrelated. Revenue is recognised over time as the
performance obligation is satisfied.
Invoices are typically raised monthly, based on valuations of the work completed, and have
normal commercial payment terms. It is common in the construction industry for an amount
to be held back as a retention for periods that can exceed 12 months. However, as the
purpose of the retentions is to ensure that the performance obligations on the contract are
carried out to a satisfactory standard, the Group does not deem there to be a significant
financing component in the timing of the cash flows on these amounts.
Whilst the bulk of consideration associated with construction contracts is usually fixed,
variable consideration elements can exist (milestone bonuses, gain share, event claims, etc.).
The Group only recognises revenue for these amounts if they are highly probable not to reverse.
Liquidated and ascertained damages (\u2018LADs\u2019) clauses are often present in construction
contracts. Where it is anticipated that a LADs clause will be triggered (e.g. through
overrunning works), revenue is constrained to reflect the expected amount of the deduction.
Modifications to the scope of construction work are agreed in principle with the customer
before additional work is carried out. However, the price is not always determined until the
final account stage. In these circumstances the Group treats the revenue associated with
the modification as variable consideration and only recognises amounts that are highly
probable not to reverse.
The Group\u2019s obligations to repair building faults under standard industry warranty terms
are recognised as provisions (see note 25).
For the Group\u2019s construction activities in the Middle East, in some circumstances, customers
pay upfront amounts to protect the Group against payment default. Payments on account
are not normally made more than 12 months in advance of the service delivery.
The Group also provides maintenance services to local authorities and private landlords
with large housing portfolios. Revenue for maintenance services is recognised over time as
the services are rendered. Services are either invoiced monthly or shortly after completion
of individual performance obligations. Normal commercial payment terms apply.
The Group also provides facilities management and maintenance services for commercial
property owners, and waste and recycling collection services for local authority and
commercial customers.
Facilities management and maintenance services revenue is recognised over time
as the services are rendered. Invoices for services rendered are typically raised monthly.
Normal commercial payment terms apply, with the exception of the PFI lifecycle contracts,
as noted below.
The Group has a number of long-term PFI lifecycle contracts to maintain properties over
periods of 25\u201330 years. A fund is established at the start of the contract and amounts are
drawn down by the Group as maintenance work is performed. The Group is also entitled
to share in any surplus left in the fund at the end of the contract. Revenue is recognised
over time to reflect the rendering of the service including an assessment of the appropriate
proportion of the likely surplus in the fund, subject to being highly probable not to reverse.
As the surplus amount will not be paid until the end of the contracts, the contract asset
associated with the surplus recognised to date is shown as a non-current asset in the
balance sheet. Due to the length of time between performance of the services and payment
of the surplus, the Group considers there to be a significant financing component within this
element of the transaction price and has therefore adjusted for the time value of money
in measuring the revenue recognised in respect of end-of-contract surpluses.
Environmental services contracts with local authorities, for domestic waste and recyclate
collections and operation of household waste and recycling centres, have a typical duration
of between 7 and 10 years. Contracts with commercial customers are typically for
12 months. Revenue from environmental services contracts is recognised over time as
the services are performed. Invoices are raised monthly in arrears and normal commercial
payment terms apply. Revenue for the sale of recyclate materials is recognised at the point
in time that the materials are transferred to the customer.
Property
The Group undertakes property development on its own sites as well as a service
for customers.
Revenue in respect of property developments is recorded on unconditional exchange
of contracts. In most cases payment is received on legal completion.
Where developments are sold in advance of construction being completed, revenue and
profit are recognised at the point of sale, reflecting the transfer of control to the customer in
its current stage of completion. Thereafter, revenue for construction services provided to the
customer to complete the property development is recognised over time as the construction
services are rendered. Construction services are normally invoiced monthly based on
valuations under normal commercial payment terms.
Occasionally the Group will sell land that it has previously acquired for potential commercial
property or housing developments. Revenue from land sales and land exchanges is
recognised on the unconditional exchange of contracts.
Transaction price allocated to remaining performance obligations
The following table includes revenue expected to be recognised in the future related to
performance obligations that are unsatisfied (or partially unsatisfied) at the reporting date.
At 30 June 2023
2024
\u00a3m
2025
\u00a3m
2026
onwards
\u00a3m
Infrastructure Services 958.3 872.1 1,930.0
Construction 1,196.0 322.8 6.8
Property \u2013 \u2013 \u2013
Total transaction price allocated to
remaining performance obligations 2,154.3 1,194.9 1,936.8
At 30 June 2022
2023
\u00a3m
2024
\u00a3m
2025
onwards
\u00a3m
Infrastructure Services 955.4 676.5 493.7
Construction 752.9 255.8 2.0
Property \u2013 \u2013 \u2013
Total transaction price allocated to
remaining performance obligations 1,708.3 932.3 495.7
The above transaction prices only include variable consideration if it is highly probable not
to reverse and exclude any estimate of revenue from framework contracts for which a firm
commitment or order has not been received at the reporting date.
The Group applies the practical expedient in paragraph 121 of IFRS 15 and does not
disclose information about remaining performance obligations that have original expected
durations of one year or less.
3 Segmental reporting
The Group operates three divisions: Infrastructure Services, Construction and Property,
which is the basis on which the Group manages and reports its segmental information.
Corporate principally includes unrecovered overheads and the charge for defined benefit
pension schemes.
Segment information is based on the information provided to the Chief Executive, together
with the Board, who is the Chief Operating Decision Maker. The segments are strategic
business units with separate management and have different core customers and offer
different services. The segments are discussed in the Operational Review on pages 24\u201331.
The accounting policies of the operating segments are the same as those described in the
summary of significant accounting policies (note 1). The Group evaluates segmental
information on the basis of profit or loss from operations before adjusting items (see note 5),
interest and tax expense. The segmental results that are reported to the Chief Executive
include items directly attributable to a segment as well as those that can be allocated
on a reasonable basis.
Year to 30 June 2023
Continuing operations
Infrastructure
Services
\u00a3m
Construction
\u00a3m
Property
\u00a3m
Corporate
\u00a3m
Group
\u00a3m
Revenue
1
Group and share of joint ventures 1,712.3 1,652.5 37.6 3.0 3,405.4
Less share of joint ventures \u2013 (2.4) (22.3) \u2013 (24.7)
Group revenue 1,712.3 1,650.1 15.3 3.0 3,380.7
Timing of revenue
1
Products and services transferred at a point in time 3.9 0.8 21.5 \u2013 26.2
Products and services transferred over time 1,708.4 1,651.7 16.1 3.0 3,379.2
Group and share of joint ventures 1,712.3 1,652.5 37.6 3.0 3,405.4
Profit for the year
Operating profit/(loss) before adjusting items
2
79.8 69.5 12.8 (30.6) 131.5
Adjusting items
2
(22.6) (23.1) 1.5 (5.8) (50.0)
Profit/(loss) from operations 57.2 46.4 14.3 (36.4) 81.5
Net finance income/(costs)
3
1.4 (4.3) (0.6) (26.1) (29.6)
Profit/(loss) before tax 58.6 42.1 13.7 (62.5) 51.9
Taxation (10.9)
Profit for the year 41.0
Balance sheet as at 30 June 2023
Operating assets
4
973.7 413.1 188.5 342.3 1,917.6
Operating liabilities
4
(511.7) (732.7) (18.5) (210.2) (1,473.1)
Net operating assets/(liabilities)
4
462.0 (319.6) 170.0 132.1 444.5
Cash, cash equivalents and borrowings 456.6 594.5 (134.1) (859.2) 57.8
Net financial assets \u2013 \u2013 \u2013 10.7 10.7
Net assets/(liabilities) 918.6 274.9 35.9 (716.4) 513.0
Other information
Inter-segmental revenue 31.5 0.1 \u2013 40.5 72.1
Capital expenditure on property, plant, equipment and intangible assets 0.7 0.1 \u2013 5.8 6.6
Depreciation of property, plant and equipment (0.9) (0.4) (0.2) (4.6) (6.1)
Amortisation of computer software (1.4) (0.8) \u2013 (5.4) (7.6)
Year to 30 June 2022
Continuing operations
Infrastructure
Services
\u00a3m
Construction
\u00a3m
Property
\u00a3m
Corporate
\u00a3m
Group
\u00a3m
Revenue
1
Group and share of joint ventures 1,666.6 1,440.8 144.3 4.8 3,256.5
Less share of joint ventures \u2013 (3.1) (109.5) \u2013 (112.6)
Group revenue 1,666.6 1,437.7 34.8 4.8 3,143.9
Timing of revenue
1
Products and services transferred at a point in time 5.3 1.5 90.7 \u2013 97.5
Products and services transferred over time 1,661.3 1,439.3 53.6 4.8 3,159.0
Group and share of joint ventures 1,666.6 1,440.8 144.3 4.8 3,256.5
Profit for the year
Operating profit/(loss) before adjusting items
2
70.0 60.8 17.6 (27.9) 120.5
Adjusting items
2
(21.9) (39.0) (0.9) (13.6) (75.4)
Profit/(loss) from operations 48.1 21.8 16.7 (41.5) 45.1
Net finance income/(costs)
3
2.1 (4.1) (1.6) (25.6) (29.2)
Profit/(loss) before tax 50.2 17.7 15.1 (67.1) 15.9
Taxation (3.2)
Profit for the year 12.7
Balance sheet as at 30 June 2022
Operating assets
4
925.5 442.6 144.0 416.8 1,928.9
Operating liabilities
4
(466.0) (706.2) (25.9) (179.1) (1,377.2)
Net operating assets/(liabilities)
4
459.5 (263.6) 118.1 237.7 551.7
Cash, cash equivalents and borrowings 440.2 504.0 (90.3) (863.2) (9.3)
Net financial assets \u2013 \u2013 \u2013 12.2 12.2
Net assets/(liabilities) 899.7 240.4 27.8 (613.3) 554.6
Other information
Inter-segmental revenue 25.7 \u2013 \u2013 43.6 69.3
Capital expenditure on property, plant, equipment and intangible assets 2.6 0.4 \u2013 3.7 6.7
Depreciation of property, plant and equipment (0.9) (0.4) (0.2) (5.1) (6.6)
Amortisation of computer software (0.7) (1.2) \u2013 (4.1) (6.0)
1. Revenue is stated after the exclusion of inter-segmental revenue. 100% of the Group\u2019s revenue is derived from UK-based customers. 15% of the Group\u2019s revenue was received from High Speed Two (HS2) Limited (2022: 10%).
Group revenue including joint ventures is an alternative performance measure, see page 243.
2. See notes 1 and 5 for adjusting items.
3. Interest was (charged)/credited to the divisions at a notional rate of 4.0%.
4. Net operating assets/(liabilities) represent assets excluding cash, cash equivalents, bank overdrafts, borrowings, financial assets and liabilities, and interest-bearing inter-company loans.
4 Profit from operations
Profit from operations is stated after charging/(crediting):
Note
2023
\u00a3m
2022
\u00a3m
Auditors\u2019 remuneration:
Fees payable for the audit of the parent company and consolidated financial statements 2.3 1.9
Fees payable to the Company\u2019s auditors for other services
1
:
Audit of the Company\u2019s subsidiaries, pursuant to legislation 1.2 1.2
Audit-related assurance services 0.2 0.2
Amortisation of intangible assets 13 26.8 25.7
Impairment of intangible assets 13 \u2013 2.2
Loss on disposal of computer software 13 \u2013 0.9
Depreciation of property, plant and equipment 14 6.1 6.6
Profit on sale of property, plant and equipment (1.8) (0.1)
Impairment of property, plant and equipment 14 \u2013 4.1
Depreciation of right-of-use assets 23 43.7 30.0
Impairment of right-of-use assets 23 \u2013 5.2
Fair value adjustment to investment properties 15 (11.4) (0.2)
Amortisation of capitalised mobilisation costs 17 7.1 2.4
Expenses relating to short-term leases and leases of low-value assets 23 115.6 98.9
Net Research and Development Expenditure Credit receivable
2
10 (21.2) (18.6)
Net profit from operations related to mining \u2013 (0.2)
1. The auditors\u2019 remuneration relates to amounts paid to PricewaterhouseCoopers LLP (\u2018PwC\u2019). A summary of other services provided by PwC during the year is provided on page 110. Included in the 2023 audit fees are \u00a30.2m for
prior year work (2022: \u00a30.2m). In 2023, the fees relating to other assurance services primarily related to the review of the interim statements. Also included are \u00a32,000 (2022: \u00a32,000) for a subscription service providing factual
updates and changes to applicable law, regulation or accounting and auditing standards.
2. Includes \u00a322.8m of receipts (2022: \u00a320.7m) and \u00a31.6m of fees payable to consultants (2022: \u00a32.1m).
5 Adjusting items
The Group\u2019s policy in respect of adjusting items is described in note 1. These items are explained in detail below:
Profit from operations Profit before tax
2023
\u00a3m
2022
\u00a3m
2023
\u00a3m
2022
\u00a3m
Reported profit 81.5 45.1 51.9 15.9
Amortisation of acquired intangible assets 19.2 19.7 19.2 19.7
Restructuring and related charges 13.0 40.0 13.0 40.0
Other
1
17.8 15.7 20.7 18.5
Adjusted profit 131.5 120.5 104.8 94.1
1. Operating profit adjusting items exclude net financing costs of \u00a32.9m (2022: \u00a32.8m), see note 5(c).
(a) Amortisation of acquired intangible assets
The Group has amortised contract rights, acquired primarily through the acquisitions of MRBL Limited (Mouchel Group), May Gurney Integrated Services PLC and McNicholas
Construction Holdings Limited.
Note
2023
\u00a3m
2022
\u00a3m
Amortisation of acquired intangible assets 13 (19.2) (19.7)
(b) Restructuring and related charges
The Group has incurred significant restructuring charges relating to costs of organisational change associated with the Group\u2019s cost saving programmes and the Group\u2019s Strategic Review.
These are discussed further in the Financial review and are considered to be adjusting items on the basis of their size and the fact that they relate to significant changes to the Group\u2019s
activities or workforce.
2023
\u00a3m
2022
\u00a3m
Redundancy and other people-related costs
1
(7.6) (6.5)
Professional adviser fees and other costs incurred implementing non-people initiatives
2
(4.9) (7.1)
Impairments and other costs relating to investment properties
3
(0.5) (4.2)
Restructure of Regional Southern Build business
4
\u2013 (22.2)
Total charge before tax (13.0) (40.0)
1. Costs of \u00a34.8m in respect of roles made redundant as a result of the ongoing implementation of cost saving programmes and from strategic decisions taken to reduce headcount in a number of the Group\u2019s principal operating
divisions, see note 8. The current year charge also includes \u00a32.8m of costs incurred in the re-sizing of the International operations. The Directors consider this to be an adjusting item due to its nature and size.
2. This includes \u00a31.6m of vacant property costs along with a further \u00a34.8m of non-people related initiatives undertaken in the year. This is offset by a credit of \u00a31.5m as a result of the finalisation of aborted acquisition costs from
the prior year.
3. Investment property costs include \u00a31.5m in respect of its investment properties vacated as part of the corporate review of Group premises. This is offset by a credit of \u00a31.0m due to revaluation of the land at the Pure recycling plant.
4. In the prior year the Group completed its strategic restructuring of its Regional Southern Build business.
(c) Other adjusting items
Other adjusting items are analysed below:
2023
\u00a3m
2022
\u00a3m
Net financing costs
1
(2.9) (2.8)
Legal and other compliance
2
(14.1) (8.8)
Insurance-related items
3
(5.3) (5.2)
Profit on sale of previously impaired land
4
1.6 \u2013
Software impairment
5
\u2013 (2.2)
Pension credit
6
\u2013 0.5
Total charge before tax (20.7) (18.5)
1. Net financing costs relate to IFRS 16 interest charges on leased investment properties previously used as offices.
2. The Group has provided for an additional \u00a312.6m of costs in the year in complying with the updated fire compliance regulations, resulting in a year-end provision of \u00a315.5m. In addition, following the Health and Safety Executive
(\u2018HSE\u2019) decision in January 2023 to fine the Group for historical safety issues, the Group provided for a further \u00a31.5m to cover these costs.
3. A provision of \u00a38.0m has been made for additional costs associated with an insurance-related receivable. Offsetting this is a credit of \u00a32.7m in relation to insurance proceeds received in respect of the fire at the Group\u2019s recycling
plant in Warwickshire, to offset the prior year impairment and associated costs.
4. In June 2023 the Group sold some of its land that was previously impaired through adjusting items. The profit of \u00a31.6m has been credited to adjusting items so as to be consistent with the original accounting treatment.
5. During the prior year, the Group impaired some software related to one of its design businesses. This impairment has been treated as an adjusting item due to its nature.
6. During the prior year, a Pension Increase Exchange (\u2018PIE\u2019) exercise was undertaken which generated a \u00a30.5m credit to the income statement.
(d) Taxation
Adjusting items in respect of taxation are analysed below:
2023
\u00a3m
2022
\u00a3m
Deferred tax credit as a result of the change in tax rate
1
2.0 5.1
Tax impact of adjusting items
2
9.1 14.8
Other tax charges
3
\u2013 (3.6)
Total tax credit 11.1 16.3
1. Additional benefits arising from change in tax rate to 25%.
2. The tax impact of the adjusting items charged to continuing operations has also been included as an adjusting item.
3. During the prior year, historical tax balances were identified mainly as a result of historic acquisitions and were written off.
(e) Adjusted cash flow
Note
2023
\u00a3m
2022
\u00a3m
Reported cash inflow from operating activities 180.2 40.8
Add: Cash outflow from operating activities (adjusting items) 5f 27.0 41.2
Adjusted cash inflow from operating activities 207.2 82.0
(f) Cash outflow from operating activities (adjusting items)
2023
\u00a3m
2022
\u00a3m
Adjusting items reported in the income statement 52.9 78.2
Less: non-cash items incurred in the year (39.0) (38.4)
Add: payment of prior year accruals and provisions 13.1 1.4
Cash outflow from operating activities (adjusting items) 27.0 41.2
6 Other income
Note
2023
\u00a3m
2022
\u00a3m
Insurance proceeds 5(c) 2.7 \u2013
Fair value gain on investment properties 15 11.4 \u2013
Other income 14.1 \u2013
7 Finance income and costs
2023
\u00a3m
2022
\u00a3m
Finance income
Bank deposits 0.5 \u2013
Interest receivable on loans to related parties 1.1 0.7
Net interest on net defined benefit surplus 7.8 \u2013
9.4 0.7
Finance costs
Bank interest (29.0) (18.9)
Interest payable on leases (9.5) (6.5)
Forward funding interest \u2013 (0.5)
Foreign exchange gains/(losses) on foreign denominated borrowings 2.5 (9.9)
Fair value (losses)/gains on cash flow hedges recycled from other comprehensive income
1
(1.2) 7.4
Net interest on net defined benefit surplus \u2013 1.0
Other (1.8) (2.5)
(39.0) (29.9)
Net finance costs (29.6) (29.2)
1. Foreign exchange (losses)/gains arise from movements in cross-currency swaps which hedge the currency risk on foreign denominated borrowings, see note 29.
8 Information relating to Directors and employees
2023
No.
2022
No.
Monthly average number of people employed
during the year including Executive Directors
by geographical location was:
United Kingdom 9,909 10,018
Rest of world 55 249
9,964 10,267
Monthly average number of people employed
during the year including Executive Directors
by segment was:
Infrastructure Services 5,714 5,895
Construction 3,631 3,780
Property 75 62
Corporate 544 530
9,964 10,267
Note
2023
\u00a3m
2022
\u00a3m
Group staff costs by geographical location
are as follows:
United Kingdom 646.3 602.8
Rest of world 1.7 4.2
648.0 607.0
Group staff costs by segment are as follows:
Infrastructure Services 346.1 328.2
Construction 246.2 222.3
Property 13.7 10.5
Corporate 42.0 46.0
648.0 607.0
Comprising:
Wages and salaries 562.4 522.8
Social security costs 59.0 53.3
Defined benefit pension scheme net credit
to the income statement 9 (7.7) (1.4)
Contributions to defined contribution
pension schemes 25.9 23.7
Share-based payments charge 27 8.4 8.6
648.0 607.0
The amounts disclosed above are in relation to the entirety of the Group\u2019s Directors
and employees.
Information relating to Directors\u2019 emoluments, pension entitlements, share options
and LTIP interests appears in the Directors\u2019 Remuneration report on pages 120\u2013153.
Redundancy costs incurred during the year of \u00a34.8m (2022: \u00a34.7m) have been classed
as an adjusting item, see note 5, and are included in the disclosures above.
9 Retirement benefit obligations
The Group operates a number of pension schemes for eligible employees as described
below.
For the defined benefit schemes, the assets of all schemes are held in trust separate from
the assets of the Group. The Trustees are responsible for investing the assets and delegate
day-to-day decisions to independent professional investment managers. The schemes are
established under UK trust law and have a corporate trustee that is required to run the
schemes in accordance with the schemes\u2019 Trust Deed and Rules and to comply with all
relevant legislation. Responsibility for the governance of the schemes lies with the Trustees.
The Group has agreed deficit recovery plans with the Trustees of each of its defined benefit
schemes which constitute minimum funding requirements for the purposes of IFRIC 14.
These minimum funding requirements do not give rise to any additional liabilities on the
Group\u2019s balance sheet as the Group has determined that it has a right to benefit from any
surplus created by overpaid contributions, through either a reduction in future contributions
or refunds of the surpluses on winding up of the schemes. Details of the contributions agreed
for each of the schemes are provided in the individual scheme information sections below.
The pension obligations of the Group are valued separately for accounting and funding
purposes. The accounting valuations under IAS 19 require \u2018best estimate\u2019 assumptions to
be used whereas the funding valuations use more prudent assumptions. A further difference
arises from the differing dates of the valuations. The accounting pension deficit or surplus is
calculated at the balance sheet date (30 June) each year, whereas the actuarial valuations
are carried out on a triennial basis at 31 March, or in the case of one scheme, 31 December.
The differing bases and timings of the valuations can result in materially different pension
surplus or deficit amounts. The date of the latest triennial funding valuation for each scheme
is noted in the individual scheme information sections below.
The Group incurred fees totalling \u00a32.9m (2022: \u00a34.2m) in respect of the running and
administration of the defined benefit schemes.
Kier Group scheme
This is the principal scheme and includes a defined benefit section and a defined
contribution section. The defined benefit section of the scheme was closed to new entrants
on 1 January 2002; existing members continued to accrue benefits for service until the
scheme was closed to future accrual on 28 February 2015.
As at 30 June 2023, the scheme had 2,102 deferred members (2022: 2,178), and 2,852 retirees
(2022: 2,874).
The most recent triennial valuation of the Kier Group scheme was carried out by the Trustees\u2019
independent actuaries as at 31 March 2022. At the valuation date the pension scheme\u2019s
assets were greater than the technical provisions and therefore the scheme was in surplus.
As a result, in May 2023 the Trustee agreed that deficit contributions for this scheme would
cease with effect from 1 June 2023.
Other defined benefit schemes
Acquired with the May Gurney Group
The May Gurney defined benefit scheme was acquired with May Gurney on 8 July 2013
and is closed to future accrual.
As at 30 June 2023, the scheme had 269 deferred members (2022: 278) and 290 retirees
(2022: 290).
The most recent triennial valuation of the May Gurney scheme was carried out by the
Trustees\u2019 independent actuaries as at 31 March 2022. At the valuation date the pension
scheme\u2019s assets were less than the technical provisions and therefore the scheme was in
deficit. However, contributions made between the date of the valuation and finalisation of the
funding valuation in May 2023, were sufficient to eliminate the funding deficit and therefore
the Trustee agreed that deficit contributions would cease for this scheme with effect from
1 June 2023.
Acquired with the Mouchel Group
The Group acquired four defined benefit pension schemes with the Mouchel Group
on 8 June 2015: the Mouchel Superannuation Fund, Mouchel Staff Pension Scheme,
Mouchel Business Services Limited Pension Scheme (Final Salary Section) and
EM Highways Prudential Platinum Scheme.
These schemes were closed to new entrants in 2001 and were closed to future accrual
between 2010 and 2017, with the exception of the EM Highways Prudential Platinum
Scheme which remains open to future accrual.
As at 30 June 2023, the Mouchel schemes had a total of 5 active members (2022: 18),
1,583 deferred members (2022: 1,638), and 1,691 retirees (2022: 1,646).
The EM Highways Prudential Platinum Scheme is a multi-employer scheme; however,
Kier\u2019s share is separately identifiable. Therefore, the movements in the period are determined
by reference to the change in valuation of this separate subsection. The EM Highways
sub-scheme was formally valued by independent actuaries as at 31 December 2021. At the
valuation date the assets of the pension scheme were greater than the technical provisions
and therefore the scheme had a funding surplus and, as a result, deficit contributions are
not required.
The most recent triennial valuations of the remaining Mouchel schemes were carried
out by the Trustees\u2019 independent actuaries as at 31 March 2022. At the valuation date the
assets of the Mouchel Superannuation Fund and Mouchel Staff Pension Scheme were less
than the respective technical provisions and therefore the schemes were in deficit.
Schedules of contributions for revised deficit recovery plans were agreed with the schemes\u2019
Trustee in May 2023. At the valuation date the Mouchel Business Services Limited Pension
Scheme was in surplus and therefore deficit contributions were no longer required with
effect from 1 June 2023.
Acquired with the McNicholas Group
The McNicholas defined benefit pension scheme was acquired with the McNicholas Group
on 12 July 2017. The scheme is closed to new entrants and no benefits have accrued since
30 April 2012. As at 30 June 2023, the scheme had a total of 53 deferred members
(2022: 56) and 83 retirees (2022: 80).
During the prior year, the Group launched a member options exercise, offering a Pension
Increase Exchange (\u2018PIE\u2019) to members of the McNicholas pension scheme, in order to
provide more flexibility and choice for members, reduce risk, and reduce cost in the Group\u2019s
defined benefit pension schemes. The offering included a bulk PIE exercise, offering
members who are already drawing a pension a one-off increase in pension in lieu of future
annual increases on part of their pension and the introduction of a PIE option at the point of
retirement. The terms are such that the IAS 19 pension liabilities are reduced if pensioners
take up the PIE option. A combined gain, based on an assumed rate of take-up for both the
bulk PIE exercise and the introduction of the at retirement option, of \u00a30.5m was recognised
as a past service gain in the year to 30 June 2022.
The most recent triennial valuation of the McNicholas scheme was carried out by the
Trustees\u2019 independent actuaries as at 31 March 2020. At the valuation date the pension
scheme\u2019s assets were less than the technical provisions and therefore the scheme
was in deficit. Consequently, a deficit recovery plan has been agreed with the Trustee.
The triennial valuation as at 31 March 2023 has not yet been finalised.
Contributions to defined benefit schemes
The aggregate contributions payable in the year ended 30 June 2023 in respect of the
Group\u2019s defined benefit pension schemes amounted to \u00a39.9m (2022: \u00a310.8m), which
included regular past service deficit contributions of \u00a39.8m (2022: \u00a39.9m) and current
service employer contributions of \u00a30.1m (2022: \u00a30.2m). In the prior year, the Group also
made additional deficit payments totalling \u00a30.7m in respect of the proceeds received from
the Group\u2019s June 2022 equity raise.
The Group agreed revised deficit recovery plans with the Trustees of the Kier Group
scheme, May Gurney scheme, Mouchel Superannuation Fund, Mouchel Staff Pension
Scheme and Mouchel Business Services Limited Pension Scheme (Final Salary Section)
on 25 May 2023, and agreed the latest schedule of contributions for the McNicholas
scheme on 26 May 2022. Based on these contribution plans, the Group expects to make
the following contributions over the next five years:
2024
\u00a3m
2025
\u00a3m
2026
\u00a3m
2027
\u00a3m
2028
\u00a3m
Deficit contributions 8.9 8.1 5.5 3.5 0.9
In addition to the above contributions, the Group has agreed with the Trustees of the
Kier Group scheme, May Gurney scheme, Mouchel Superannuation Fund, Mouchel Staff
Pension Scheme and Mouchel Business Services Limited Pension Scheme (Final Salary
Section) that additional deficit contributions will be payable in certain circumstances,
including in the event of the Group meeting certain financial targets.
The Group has also agreed with the Trustees of the May Gurney scheme, Mouchel
Superannuation Fund, Mouchel Staff Pension Scheme and McNicholas scheme to meet
each of the scheme\u2019s expenses including the Pension Protection Fund levy. As the Kier
Group scheme and Mouchel Business Services Limited Pension Scheme (Final Salary
Section) were in surplus at the last funding valuation date, the Trustees agreed that Kier
would stop paying the expenses for these schemes with effect from 1 July 2023. If either
of these schemes subsequently move into deficit, on the basis determined by the schemes\u2019
actuary at a 31 March measurement date, Kier will recommence payment of the scheme\u2019s
expenses from 1 July the following year.
Contributions to defined contribution schemes
Contributions are also made to a number of defined contribution arrangements. The Group
paid contributions to these arrangements of \u00a325.9m (2022: \u00a323.7m) during the year.
The Group makes contributions to local government defined benefit pension schemes
in respect of certain employees who have transferred to the Group under TUPE transfer
arrangements. The Group is unable to identify its share of the underlying assets and liabilities
in the schemes on a consistent and reasonable basis and consequently the pension costs
for these schemes are treated as if they were defined contribution schemes.
IAS 19 \u2018Employee Benefits\u2019 disclosures
The Group recognises any actuarial gains or losses through the statement of comprehensive
income as required under IAS 19.
The weighted average duration of the schemes\u2019 liabilities is approximately 13 years
(2022: 15 years).
The IAS 19 accounting valuations at 30 June 2023 of the Kier Group scheme, May Gurney
scheme, Mouchel Business Services Limited Pension Scheme and the EM Highways
Prudential Platinum Scheme, indicated that the assets of each of these schemes exceeded
their respective scheme liabilities. The Group has recognised these surpluses as retirement
benefit assets on its balance sheet under IAS 19 and IFRIC 14, as the Group has determined
that it has a right to benefit from any surpluses, through either reduced contributions or
a refund of the surpluses on winding up of the schemes.
The principal assumptions used by the independent qualified actuaries are shown in
the following table. This set of assumptions was used to value all of the defined benefit
schemes, and has been based on the weighted average duration of the schemes\u2019 liabilities
with the exception of CPI assumptions, which for 2023 have been based on the expected
durations of each individual scheme.
2023
%
2022
%
Discount rate 5.30 3.90
Inflation rate (Retail Price Index (\u2018RPI\u2019)) 3.20 3.15
Inflation rate (Consumer Price Index (\u2018CPI\u2019)) 2.30\u20132.75 2.65
Rate of general increases in pensionable salaries 3.20 3.15
Rate of increase in pensions payments liable for Limited Price Indexation
\u2013 RPI subject to minimum of 0% and a maximum 5% 2.90 3.05
\u2013 RPI subject to minimum of 0% and a maximum 2.5% 1.85 2.15
The mortality assumptions used were as follows:
2023
Male years
2023
Female years
2022
Male years
2022
Female years
Life expectancy for a male/female currently aged 60
\u2013 Kier Group scheme 26.7 28.7 27.4 29.2
\u2013 Acquired schemes 25.4\u201327.0 28.1\u201329.2 26.8\u201327.7 29.2\u201330.0
Life expectancy for a male/female member aged 60, in 20 years\u2019 time
\u2013 Kier Group scheme 27.9 29.8 28.7 30.6
\u2013 Acquired schemes 26.9\u201328.2 29.5\u201330.7 28.2\u201328.8 29.8\u201331.0
The assets, liabilities and net pension liabilities for the defined benefit arrangements are shown below. The assets are invested with professional investment managers and are measured
based on quoted market valuations at the balance sheet date.
2023 2022
Kier
Group
\u00a3m
Acquired
schemes
\u00a3m
Total
\u00a3m
Kier
Group
\u00a3m
Acquired
schemes
\u00a3m
Total
\u00a3m
Equities 100.4 53.1 153.5 152.1 74.1 226.2
Corporate bonds 93.3 62.8 156.1 187.9 97.0 284.9
Cash 40.8 49.7 90.5 21.1 94.6 115.7
Land and property 15.6 1.1 16.7 19.8 1.3 21.1
Absolute return 62.9 27.9 90.8 64.4 34.6 99.0
Annuity policies \u2013 0.5 0.5 \u2013 1.0 1.0
Multi-asset 95.0 44.8 139.8 92.7 44.7 137.4
Liability-driven investments 442.9 156.9 599.8 510.0 161.7 671.7
Total market value of assets 850.9 396.8 1,247.7 1,048.0 509.0 1,557.0
Present value of liabilities (733.4) (409.8) (1,143.2) (877.8) (484.5) (1,362.3)
Net surplus/(deficit) 117.5 (13.0) 104.5 170.2 24.5 194.7
Related deferred tax (liability)/asset (29.4) 3.3 (26.1) (42.6) (6.7) (49.3)
Net pension asset/(liability) 88.1 (9.7) 78.4 127.6 17.8 145.4
Amounts recognised in the financial statements in respect of these defined benefit schemes are as follows:
2023 2022
Kier
Group
\u00a3m
Acquired
schemes
\u00a3m
Total
\u00a3m
Kier
Group
\u00a3m
Acquired
schemes
\u00a3m
Total
\u00a3m
(Charged)/credited to operating profit in the income statement
Current service cost \u2013 (0.1) (0.1) \u2013 (0.1) (0.1)
Past service gain \u2013 \u2013 \u2013 \u2013 0.5 0.5
Net interest on net defined benefit surplus 6.6 1.2 7.8 1.5 (0.5) 1.0
Pension income/(expense) recognised in the income statement 6.6 1.1 7.7 1.5 (0.1) 1.4
Remeasurement in comprehensive (loss)/gain
Actual return less than that recognised in net interest (193.4) (122.0) (315.4) (208.4) (131.5) (339.9)
Actuarial gains due to changes in financial assumptions 135.7 94.8 230.5 302.7 182.4 485.1
Actuarial gains due to changes in demographic assumptions 17.8 10.7 28.5 0.9 0.6 1.5
Actuarial losses due to liability experience (19.8) (31.6) (51.4) (5.6) (4.8) (10.4)
Total amount recognised in comprehensive (loss)/gain (59.7) (48.1) (107.8) 89.6 46.7 136.3
Changes in the fair value of scheme assets
Fair value at 1 July 1,048.0 509.0 1,557.0 1,273.2 636.7 1,909.9
Interest income on scheme assets 40.0 19.7 59.7 23.8 12.0 35.8
Remeasurement losses on scheme assets (193.4) (122.0) (315.4) (208.4) (131.5) (339.9)
Contributions by the employer 0.4 9.5 9.9 0.5 10.3 10.8
Net benefits paid out (44.1) (19.4) (63.5) (41.1) (18.5) (59.6)
Fair value at 30 June 850.9 396.8 1,247.7 1,048.0 509.0 1,557.0
2023 2022
Kier
Group
\u00a3m
Acquired
schemes
\u00a3m
Total
\u00a3m
Kier
Group
\u00a3m
Acquired
schemes
\u00a3m
Total
\u00a3m
Changes in the present value of the defined benefit obligation
Fair value at 1 July (877.8) (484.5) (1,362.3) (1,194.6) (669.1) (1,863.7)
Current service cost \u2013 (0.1) (0.1) \u2013 (0.1) (0.1)
Interest expense on scheme liabilities (33.4) (18.5) (51.9) (22.3) (12.5) (34.8)
Past service gain \u2013 \u2013 \u2013 \u2013 0.5 0.5
Actuarial gains due to changes in financial assumptions 135.7 94.8 230.5 302.7 182.4 485.1
Actuarial gains due to changes in demographic assumptions 17.8 10.7 28.5 0.9 0.6 1.5
Actuarial losses due to liability experience (19.8) (31.6) (51.4) (5.6) (4.8) (10.4)
Net benefits paid out 44.1 19.4 63.5 41.1 18.5 59.6
Fair value at 30 June (733.4) (409.8) (1,143.2) (877.8) (484.5) (1,362.3)
Amounts included in the balance sheet
Fair value of scheme assets 850.9 396.8 1,247.7 1,048.0 509.0 1,557.0
Net present value of the defined benefit obligation (733.4) (409.8) (1,143.2) (877.8) (484.5) (1,362.3)
Net surplus/(deficit) 117.5 (13.0) 104.5 170.2 24.5 194.7
Related deferred tax liability (29.4) 3.3 (26.1) (42.6) (6.7) (49.3)
Net pension asset/(liability) 88.1 (9.7) 78.4 127.6 17.8 145.4
The net surplus/(deficit) above is split between retirement benefit assets and obligations in the statement of financial position based on whether the individual pension schemes have a net
surplus or deficit, as follows:
2023 2022
Kier
Group
\u00a3m
Acquired
schemes
\u00a3m
Total
\u00a3m
Kier
Group
\u00a3m
Acquired
schemes
\u00a3m
Total
\u00a3m
Retirement benefit assets 117.5 11.8 129.3 170.2 29.0 199.2
Retirement benefit obligation \u2013 (24.8) (24.8) \u2013 (4.5) (4.5)
Net surplus/(deficit) 117.5 (13.0) 104.5 170.2 24.5 194.7
The movements in the net retirement benefit surplus/(deficit) are summarised as follows:
2023 2022
Kier
Group
\u00a3m
Acquired
schemes
\u00a3m
Total
\u00a3m
Kier
Group
\u00a3m
Acquired
schemes
\u00a3m
Total
\u00a3m
Opening net surplus/(deficit) 170.2 24.5 194.7 78.6 (32.4) 46.2
Current service cost \u2013 (0.1) (0.1) \u2013 (0.1) (0.1)
Past service gain \u2013 \u2013 \u2013 \u2013 0.5 0.5
Net interest on net defined benefit surplus 6.6 1.2 7.8 1.5 (0.5) 1.0
Contributions by the employer 0.4 9.5 9.9 0.5 10.3 10.8
Actual return less than that recognised in net interest (193.4) (122.0) (315.4) (208.4) (131.5) (339.9)
Actuarial gains due to changes in financial assumptions 135.7 94.8 230.5 302.7 182.4 485.1
Actuarial gains due to changes in demographic assumptions 17.8 10.7 28.5 0.9 0.6 1.5
Actuarial losses due to liability experience (19.8) (31.6) (51.4) (5.6) (4.8) (10.4)
Closing net surplus/(deficit) 117.5 (13.0) 104.5 170.2 24.5 194.7
History of experience gains and losses for defined benefit schemes in aggregate:
2023
\u00a3m
2022
\u00a3m
2021
\u00a3m
2020
\u00a3m
2019
\u00a3m
Fair value of scheme assets 1,247.7 1,557.0 1,909.9 1,937.9 1,789.4
Net present value of the defined benefit obligation (1,143.2) (1,362.3) (1,863.7) (1,899.1) (1,769.9)
Net surplus 104.5 194.7 46.2 38.8 19.5
Related deferred tax liability (26.1) (49.3) (12.6) (7.4) (3.3)
Net pension asset 78.4 145.4 33.6 31.4 16.2
Difference between expected and actual return on scheme assets (315.4) (339.9) (26.6) 177.6 113.9
Experience (losses)/gains on scheme liabilities (51.4) (10.4) 19.2 40.2 (5.6)
Risk exposure
As IAS 19 actual assumptions are driven by market conditions, there is a risk that significant
changes in financial market conditions could lead to volatility in the defined benefit obligation
disclosed in the balance sheet from year to year. In addition, the asset position may also
be volatile as it will be influenced by changes in market conditions. However, the risk of
significant changes to the overall balance sheet position has been mitigated to an extent
due to the risk management strategy used by the schemes as described below.
The following schemes: Kier Group Pension Scheme, May Gurney Pension Scheme,
Mouchel Business Services Limited Pension Scheme (Final Salary Section), Mouchel
Superannuation Fund and Mouchel Staff Pension Scheme (together the \u2018Schemes\u2019),
have aligned their investment strategy and risk management process, providing a
consistent framework across the Schemes to achieve their long-term objective. The liability
hedging instruments are managed by Columbia Threadneedle Investments (\u2018CTI\u2019) using
cash, physical gilts, gilt repurchase agreements as well as interest and inflation swaps.
In combination, the liability hedging assets are designed to hedge each Scheme\u2019s sensitivity
to changes in interest rate and inflation. All Schemes have a relatively high hedge ratio; the
Kier Group Pension Scheme and Mouchel Business Services Limited Pension Scheme
(Final Salary Section) hedge 100% of the technical provisions liabilities, with other Schemes
hedging 100% of assets.
The growth assets portfolio is managed by using a combination of underlying pooled funds
providing diversification and dynamism. In addition, the Schemes also explicitly use equity
downside protection strategies to provide a more balanced and risk managed portfolio.
The Schemes also have allocations to cash flow matching assets that are designed to fully
match scheme benefit cash flows over the next five years. This reduces the risk that the
Trustee will need to divest from assets to meet cash flow needs.
The Schemes primarily use GBP hedged share classes to manage their currency exposure.
Any unhedged currency exposure is small in value relative to the size of the Schemes.
Pension sensitivity
The following table shows the change in the net surplus or deficit arising from a change in the
significant actuarial assumptions used to determine the Group\u2019s retirement benefit obligations:
2023 2022
Kier Group scheme:
+0.25%/+1 year
\u00a3m
-0.25%/-1 year
\u00a3m
+0.25%/+1 year
\u00a3m
-0.25%/-1 year
\u00a3m
Discount rate (+/-0.25%) 33.3 (35.2) 47.6 (48.4)
Inflation rate (+/-0.25%) (18.6) 18.6 (36.5) 35.2
Mortality (+/-1 year) 32.3 (32.3) 40.0 (39.8)
The sensitivity analyses above have been determined based on reasonably possible
changes in the respective assumptions occurring at the end of the reporting period, based
on a change in a key assumption while holding all other assumptions constant, and may not
be representative of the actual change. When calculating the sensitivity to the assumption,
the same method used to calculate the liability recognised in the balance sheet has been
applied. The inflation sensitivities shown above include the impact of both RPI and CPI
inflation. The methods and types of assumptions used in preparing the sensitivity analyses
did not change compared with the previous year.
10 Taxation
Taxation in respect of continuing operations is analysed below.
(a) Recognised in the income statement
2023
\u00a3m
2022
\u00a3m
Current tax
UK corporation tax 8.4 5.1
Adjustments in respect of prior years (1.1) 3.4
Total current tax charge 7.3 8.5
Deferred tax
Origination and reversal of temporary differences 3.2 0.6
Adjustments in respect of prior years 2.4 (0.8)
Rate change effect on deferred tax (2.0) (5.1)
Total deferred tax 3.6 (5.3)
Total tax charge in the income statement 10.9 3.2
Reconciliation of effective tax rate
Profit before tax 51.9 15.9
Less: Income from joint venture companies (3.6) (0.8)
Profit before tax excluding income from joint ventures 48.3 15.1
Income tax at UK corporation tax rate of 20.5% (2022: 19.0%) 9.9 2.9
Non-deductible expenses and unusable tax losses 3.1 0.8
Income not taxable (1.2) \u2013
Impact of Group relief and consortium relief (0.1) 0.2
Effect of change in UK corporation tax rate (2.0) (5.1)
Share-based payment 1.5 1.6
(Utilisation and recognition of tax losses)/deferred tax
not recognised (1.6) 0.2
Adjustments in respect of prior years 1.3 2.6
Total tax 10.9 3.2
Kier Group and its subsidiaries are based predominantly in the UK and are subject to UK
corporation tax. The Group does not have an aggressive tax policy and since 1 July 2012
Kier has not entered into any tax avoidance schemes which were or should have been
notified under the Disclosure of Tax Avoidance Scheme (\u2018DOTAS\u2019) rules.
The Group tax charge excluding joint ventures of \u00a310.9m (2022: \u00a33.2m) shown in the table
equates to an effective tax rate of 22.6% (2022: 21.2%) on profit before tax excluding joint
ventures of \u00a348.3m (2022: \u00a315.1m). This effective rate is different from the standard rate of
corporation tax of 20.5% (2022: 19.0%) due to items shown in the table. The non-deductible
expenses mainly relate to depreciation on non-qualifying assets, disallowed provisions,
entertaining and legal and professional fees not eligible for tax relief. Income not taxable
relates mainly to the reversal of impairments, insurance receipts and foreign exchange
gains. Deferred tax not recognised/(Utilisation and recognition of tax losses) relates to
deferred tax on losses not previously recognised less deferred tax on losses not expected
to be recoverable.
In accordance with UK tax legislation, capital gains arising on disposal of certain investments,
including some of the joint ventures disposed of during the year, are not subject to tax.
Tax relief on expenses not recognised in the income statement includes the impact of the
tax deduction received in respect of the cost of shares exercised under the Group\u2019s employee
Save As You Earn scheme and Long-Term Incentive Plan.
The Group provides for future liabilities in respect of uncertain tax positions where additional
tax may become payable in future periods and such provisions are based on management\u2019s
assessment of exposure. At the balance sheet date, a deferred tax liability of \u00a32.0m
(2022: \u00a32.0m) has been recognised in respect of uncertain tax positions.
The net charge of \u00a31.3m (2022: \u00a32.6m) in respect of prior years\u2019 results arise from
differences between the estimates of taxation included in the previous years\u2019 financial
statements and the actual tax liabilities calculated in the tax returns submitted to HMRC.
On 20 June 2023, Finance (No.2) Act 2023 was substantively enacted in the UK,
introducing a global minimum effective tax rate of 15%. The legislation implements a
domestic top-up tax and a multinational top-up tax, effective for accounting periods starting
on or after 31 December 2023. The Group has applied the exemption under the IAS 12
amendment to recognising and disclosing information about deferred tax assets and
liabilities related to top-up income taxes.
(b) Recognised in the cash flow statement
The cash flow statement shows cash of \u00a314.0m, in respect of RDEC credits and foreign tax,
was received during the year (2022: \u00a320.0m). See note 22.
(c) Recognised in the statement of comprehensive income
2023
\u00a3m
2022
\u00a3m
Deferred tax (credit)/charge (including effect of change
in tax rate)
Fair value movements on cash flow hedging instruments 0.8 (0.2)
Actuarial (losses)/gains on defined benefit pension schemes (24.5) 34.7
Total deferred tax (credit)/charge (23.7) 34.5
Corporation tax credit in respect of pension contributions paid (2.0) \u2013
Total tax (credit)/charge in the statement
of comprehensive income (25.7) 34.5
The \u00a324.5m credit (2022: \u00a334.7m charge) in deferred tax movements on the defined benefit
pension scheme of comprised of a \u00a320.1m credit (2022: \u00a325.9m charge) on current year
actuarial movements and a \u00a34.4m credit (2022: \u00a38.8m charge) in respect of the movements
in tax rates at which deferred tax is being recognised.
(d) Factors that may affect future tax charges
The deferred tax balance as at the year-end has mainly been recognised at 25.0%
(2022: 25.0%), which is the enacted corporation tax rate effective from 1 April 2023.
Deferred tax at 30 June 2022 included an adjustment for timing differences expected
to reverse prior to 1 April 2023.
Further disclosures in respect of the recoverability of the deferred tax asset have been
included in note 18.
(e) Tax losses
At the balance sheet date, the Group has unused tax losses of \u00a3612.7m (2022: \u00a3639.4m)
available for offset against future profits. A deferred tax asset has been recognised on
\u00a3425.0m (2022: \u00a3430.1m) of these losses.
No deferred tax asset has been recognised in respect of the remaining losses as it is
unlikely that there will be future taxable profit on which these tax losses could be utilised
against. Under present tax legislation, these losses may be carried forward indefinitely.
(f) RDEC
The Research and Development Expenditure Credit (\u2018RDEC\u2019) of \u00a322.8m was included
in operating profit during the year (2022: \u00a320.7m). Included in the corporation tax asset
at 30 June 2023 were RDEC receivables of \u00a316.1m (2022: \u00a312.0m).
11 Dividends
The Group\u2019s focus on cash generation and reducing net debt has required a suspension in
dividend payments. No interim or final dividends have been declared during the year (2022: \u00a3nil).
The Group intends to pay a dividend in FY24.
The parent company of the Group, Kier Group plc, is a non-trading holding company
which derives its distributable reserves in part from dividends received from its subsidiaries.
In determining the level of dividend payable in any year, in addition to the stated policy,
the Board considers a number of other factors, including the following:
\u2013 the level of distributable reserves in the parent company, Kier Group plc;
\u2013 the level of distributable reserves in Kier Group plc\u2019s subsidiaries that are available
to be distributed to Kier Group plc;
\u2013 the availability of cash resources;
\u2013 the Group\u2019s borrowing covenants;
\u2013 future cash commitments and investment plans to support the long-term growth
of the Group; and
\u2013 potential strategic opportunities under consideration.
The Board reviews the level of distributable reserves in the parent company at least twice
a year ahead of announcing proposed interim and final dividends. As at 30 June 2023, Kier
Group plc had distributable reserves of \u00a3111.1m (2022: \u00a379.7m). Distributable reserves can
be significantly impacted by movements in pension liabilities. The reserves of Kier Group plc
are not directly affected by these movements as the pension surpluses and liabilities are on
the balance sheets of a certain number of the Company\u2019s subsidiaries. However, movements
in the pension liabilities do have an effect on the level of distributable reserves in Kier Group
plc\u2019s subsidiaries that are available to be paid up to the parent. Actuarial gains only increase
the distributable reserves to the extent that they represent reversals of previous actuarial
losses; otherwise they are treated as unrealised and are not distributable.
12 Earnings per share
(a) Reconciliation of earnings used in calculating earnings per share
Profit attributable to the ordinary equity holders of the Company used in calculating basic
earnings per share.
Note
2023
\u00a3m
2022
\u00a3m
Continuing operations
Profit for the year 41.0 12.7
Less: non-controlling interest share 0.1 \u2013
Profit (after tax and minority interests),
being net gains attributable to equity
holders of the parent (A) 41.1 12.7
Adjusting items (excluding tax) 5 52.9 78.2
Tax impact of adjusting items 5 (11.1) (16.3)
Adjusted profit after tax (B) 82.9 74.6
(b) Weighted average number of shares used as the denominator
2023
million
2022
million
Weighted average number of shares used as the
denominator in calculating basic earnings per share (C) 431.2 443.3
Adjustments for calculation of diluted earnings per share
Impact of share options 10.3 11.8
Weighted average number of shares used as the
denominator in calculating diluted earnings per share (D) 441.5 455.1
The weighted average number of shares is lower than the number of shares in issue
(per note 26) primarily due to shares that are held by the Group\u2019s employee benefit trusts
(see note 27), which are excluded from the calculation.
Options granted to employees under the Sharesave, CSAP and LTIP schemes are
considered to be potential ordinary shares. They have been included in the determination
of diluted earnings per share if the required performance obligations would have been met
based on the Group\u2019s performance up to the reporting date, and to the extent to which they
are dilutive. The options have not been included in the determination of basic earnings per
share. Details relating to the share option schemes are set out in note 27.
(c) Basic earnings per share
2023
pence
2022
pence
Total basic earnings per share attributable to
the ordinary equity holders of the Company (A/C) 9.5 2.9
Adjusted basic earnings per share attributable to
the ordinary equity holders of the Company (B/C) 19.2 16.8
(d) Diluted earnings per share
2023
pence
2022
pence
Total diluted earnings per share attributable to
the ordinary equity holders of the Company (A/D) 9.3 2.8
Adjusted diluted earnings per share attributable to
the ordinary equity holders of the Company (B/D) 18.8 16.4
13 Intangible assets
Goodwill
\u00a3m
Intangible
contract rights
\u00a3m
Computer
software
1
\u00a3m
Total
\u00a3m
Cost
At 1 July 2021 538.8 259.4 132.8 931.0
Additions \u2013 \u2013 0.7 0.7
Disposals \u2013 (7.2) (0.9) (8.1)
At 30 June 2022 538.8 252.2 132.6 923.6
Additions \u2013 \u2013 2.7 2.7
Disposals \u2013 (16.5) (9.6) (26.1)
At 30 June 2023 538.8 235.7 125.7 900.2
Accumulated amortisation
and impairment
At 1 July 2021 (2.1) (155.7) (76.0) (233.8)
Charge for the year \u2013 (19.7) (6.0) (25.7)
Disposals \u2013 7.2 \u2013 7.2
Impairment \u2013 \u2013 (2.2) (2.2)
At 30 June 2022 (2.1) (168.2) (84.2) (254.5)
Charge for the year \u2013 (19.2) (7.6) (26.8)
Disposals \u2013 16.5 9.6 26.1
At 30 June 2023 (2.1) (170.9) (82.2) (255.2)
Net book value
At 30 June 2023 536.7 64.8 43.5 645.0
At 30 June 2022 536.7 84.0 48.4 669.1
1. Computer software mainly relates to the Group\u2019s ERP software and is being amortised.
Goodwill largely relates to the group of cash generating units (\u2018CGUs\u2019) in the Infrastructure
Services segment and has been built up through acquisitions, primarily MRBL Limited
(Mouchel Group) (\u00a3299.2m), May Gurney Integrated Services PLC (\u00a3194.7m) and McNicholas
Construction (Holdings) Limited (\u00a342.8m). These balances have been subject to an annual
impairment review based upon the projected cash flows of each CGU.
The intangible contract rights were recognised on the acquisition of:
\u2013 May Gurney Integrated Services plc \u2013 Cost \u00a3106.8m (2022: \u00a3106.8m). Net book value
\u00a330.1m (2022: \u00a337.7m).
\u2013 MRBL Limited (Mouchel Group) \u2013 Cost \u00a3127.1m (2022: \u00a3127.1m). Net book value \u00a333.5m
(2022: \u00a345.0m).
\u2013 Certain business and assets of Babcock Civil Infrastructure Limited \u2013 Cost \u00a31.6m
(2022: \u00a31.6m). Net book value \u00a31.2m (2022: \u00a31.3m).
Contract rights on May Gurney and Mouchel are amortised on a straight-line basis over
the expected total contract duration. All other contract rights are amortised on a straight-line
basis over the remaining contract life.
Carrying amounts of goodwill and intangible contract rights by CGU
For impairment testing purposes, goodwill has been allocated to the Infrastructure Services
and Construction segments, being the lowest level at which management monitors goodwill.
There is no goodwill attributed to the Property segment. The recoverable amount of the
goodwill and intangibles has been determined based on value in use calculations, which
use cash flow projections based on the Group\u2019s forecasts approved by management,
covering a three-year period.
The resulting cash flows are discounted to present value, with the discount rate used
in the value in use calculations based on an industry average cost of capital.
The cost of equity is calculated using observable market data from the Group\u2019s competitors.
This data is used to calculate an average unlevered beta value after excluding any outliers.
The average beta is then applied to the UK\u2019s equity risk premium and a risk-free rate added.
The cost of debt is calculated by taking the expected renewal costs of the Group\u2019s debt
and adjusting for the tax rate.
The cost of equity and cost of debt are then combined using our competitors\u2019 average
debt/equity split. The after-tax discount rate is then used to calculate the pre-tax discount
rates. The pre-tax discount rates, which have been applied to the cash flows for each CGU,
are of 13.1% (2022: 11.1%).
The Infrastructure Services segment impairment review is sensitive to changes in the
following key assumptions: discount rate, revenue growth rate, operating margin and perpetual
growth rates. Management considers that a reasonably possible change in any single
assumption could give rise to an impairment of the carrying value of goodwill and intangibles.
Goodwill allocated to the Construction segment is not significant in comparison to the Group\u2019s
total goodwill and is not sensitive to changes in assumptions.
2023 2022
Goodwill
\u00a3m
Intangible
contract rights
\u00a3m
Total
\u00a3m
Goodwill
\u00a3m
Intangible
contract rights
\u00a3m
Total
\u00a3m
Infrastructure Services 516.3 63.6 579.9 516.3 82.7 599.0
Construction 20.4 1.2 21.6 20.4 1.3 21.7
536.7 64.8 601.5 536.7 84.0 620.7
Infrastructure Services
Forecast revenue growth rates and operating profit margins are based on historical experience, adjusted for the impact of expected changes to contract portfolio and profitability.
Based on the value in use calculation, these assumptions detailed below derived a recoverable amount for the Infrastructure Services segment that is \u00a3166.3m (2022: \u00a3153.0m)
above the carrying value of the assets, an increase of \u00a313.3m from the prior year.
The pre-tax discount rate used is 13.1% (2022: 11.1%). An increase in discount rate of 2.9% (2022: 2.2%) would eliminate headroom. A 0.5% increase in discount rate would reduce
headroom by \u00a334.9m (2022: \u00a341.3m).
A terminal revenue growth rate of 2.0% (2022: 2.0%) has been applied into perpetuity. This would need to reduce by 3.7% (2022: 2.3%) to eliminate headroom. A 0.5% reduction would
reduce headroom by \u00a328.7m (2022: \u00a341.7m).
Forecast revenue growth rates from FY24 to FY26 range from 2.4% to 2.7% (2022: FY23 to FY25 range from 4.1% to 7.7%). A reduction of 9.6% (2022: 5.6%) to the average growth rate
would be required for headroom to be eliminated. A 0.5% reduction in growth rate in each year would reduce headroom by \u00a39.1m (2022: \u00a318.4m).
An operating margin of 5.5%
1
, consistent with the margin in FY26, has been applied into perpetuity (2022: 5.0%). A reduction of 1.2% (2022: 0.9%) in margin would be required to eliminate
headroom. A 0.5% reduction in operating margin would reduce headroom by \u00a372.3m (2022: \u00a387.0m).
Forecast operating margins from FY24 to FY26 range from 5.5% to 5.7% (2022: FY23 to FY25 range from 5.0% to 5.3%). A reduction of 0.8% (2022: 0.8%) in operating margin would
be required to eliminate headroom. A 0.5% reduction in margins would result in a reduction in headroom by \u00a398.6m (2022: \u00a384.2m).
In terms of the possible impacts of climate change, the two key assumptions that could be sensitive to this are the growth rate and discount rates noted above. If climate change
has a negative impact on revenues and/or the operating costs of the Group, there could be a potential impact on the discounted cash flow growth rates used within the valuation model.
Lower future growth rates would reduce the level of the discounted cash flow valuation and hence the amount of headroom available to the Group above an impairment trigger. At present,
the material short- to medium-term risks presented by possible climate change impacts are considered to be factored into the growth and discount rates where they are known and can
be quantified. Using the current assumptions, no reasonably foreseeable change in the assumptions used within the value in use calculations would cause an impairment. Therefore,
at present, changes in the long-term assumptions due to the impact of climate change would also not be expected to trigger an impairment.
1. Profit before interest and tax for the Infrastructure Services segment, prior to the value in use calculation taking into account an allocation of the Group\u2019s corporate overheads.
14 Property, plant and equipment
Land and
buildings
\u00a3m
Plant and
equipment
\u00a3m
Mining
asset
2
\u00a3m
Total
\u00a3m
Cost
At 1 July 2021 32.3 57.4 4.8 94.5
Additions 0.3 5.7 \u2013 6.0
Disposals (5.3) (9.8) \u2013 (15.1)
Transfers
1
(2.4) \u2013 \u2013 (2.4)
Currency realignment \u2013 0.7 \u2013 0.7
At 30 June 2022 24.9 54.0 4.8 83.7
Additions \u2013 3.9 \u2013 3.9
Disposals (1.0) (14.0) (4.8) (19.8)
Transfers
1
\u2013 0.7 \u2013 0.7
At 30 June 2023 23.9 44.6 \u2013 68.5
Accumulated depreciation and impairment
At 1 July 2021 (9.2) (37.2) (4.8) (51.2)
Charge for the year (0.8) (5.8) \u2013 (6.6)
Impairment \u2013 (4.1) \u2013 (4.1)
Disposals 2.0 9.0 \u2013 11.0
Transfers
1
0.4 \u2013 \u2013 0.4
Currency realignment \u2013 (0.5) \u2013 (0.5)
At 30 June 2022 (7.6) (38.6) (4.8) (51.0)
Charge for the year (0.2) (5.9) \u2013 (6.1)
Disposals 0.4 13.5 4.8 18.7
Transfers
1
\u2013 (0.3) \u2013 (0.3)
At 30 June 2023 (7.4) (31.3) \u2013 (38.7)
Net book value
At 30 June 2023 16.5 13.3 \u2013 29.8
At 30 June 2022 17.3 15.4 \u2013 32.7
1. Includes transfers between asset classes as follows:
\u2013 Net book value of plant and equipment transferred from right-of-use assets was \u00a30.4m (2022: \u00a3nil).
\u2013 There were no transfers from land and buildings to investment properties (2022: \u00a32.0m).
2. The mining asset represented the stripping activity at the UK Mining operations site. The asset has been disposed of in the current year now that the mine has been decommissioned.
15 Investment properties
(a) Reconciliation of carrying amount
Owned
assets
\u00a3m
Right-of-use
assets
\u00a3m
Total
\u00a3m
At 1 July 2021 8.3 41.3 49.6
Transfers 2.0 6.1 8.1
Additions \u2013 2.5 2.5
Fair value gain/(loss) recognised
in administrative expenses 2.7 (2.5) 0.2
At 30 June 2022 13.0 47.4 60.4
Transfers 2.7 \u2013 2.7
Additions 22.8 1.1 23.9
Fair value gain/(loss) recognised
in other income 14.4 (3.0) 11.4
At 30 June 2023 52.9 45.5 98.4
Investment properties comprise office buildings and commercial land/properties that were
formerly utilised by the Group that have been vacated, along with a student accommodation
property held by the Group (previously held within a joint venture). They are leased out
(or intended to be leased out) to third parties under operating leases and/or are held for
capital appreciation. The investment properties include properties held as right-of-use
assets, as well as a property owned by the Group. The investment properties are carried
at fair value. Changes in fair values are presented in the profit or loss within other income
(2022: immaterial net fair value gain of \u00a30.2m was presented in administrative expenses).
(b) Amounts recognised in the income statement
Year to 30 June 2023:
2023
\u00a3m
2022
\u00a3m
Rental income from operating leases 5.1 2.4
Direct operating expenses for property that generated
rental income (2.7) (1.4)
Direct operating expenses for property that did not generate
rental income \u2013 (0.6)
Fair value gain 11.4 0.2
Total net income recognised in the income statement 13.8 0.6
(c) Leasing arrangements
The investment properties are leased to tenants under operating leases with rentals
payable either monthly or quarterly. Lease payments for some contracts include provisions
for RPI increases. One contract entitles the Group to an element of variable lease rentals
(in addition to the base rent payments) based on a share of the tenant\u2019s revenue in carrying
out their business of providing serviced offices and hot desking space at the premises.
Although the Group is exposed to changes in the residual value at the end of the current
leases, the Group intends to enter into new operating leases and therefore will not
immediately realise any reduction in residual value at the end of these leases. Some of the
leases include a tenant option to renew the lease for a further period. Expectations about
the future residual values are reflected in the fair value of the properties.
Minimum lease payments receivable on leases of investment properties are as follows:
2023
\u00a3m
2022
\u00a3m
Less than one year 3.0 2.8
One to two years 2.3 3.0
Two to three years 2.1 2.3
Three to four years 1.3 2.1
Four to five years 1.1 1.3
Over five years \u2013 1.1
Total 9.8 12.6
(d) Measurement of fair values
The fair value of the owned investment property was determined as at 30 June 2022
by external, independent property valuers, having appropriate recognised professional
qualifications and recent experience in the location and category of the property being
valued. The fair values of the right-of-use investment properties have been determined
by the Group without the use of an independent valuer. The fair value measurements
for all of the investment properties have been categorised as Level 3 fair values
(as defined in note 29), based on the inputs to the valuation techniques used.
Investment
property
Valuation
technique
Significant
unobservable inputs
Inter-relationship between key unobservable inputs
and fair value measurement
Owned assets Market approach: The fair values have
been determined by adopting an investment
approach and assuming continued use
as offices/student accommodation/future
use as a wind farm.
External valuations are performed every two years.
The last valuations were carried out as at 30 June
2022, using the following inputs:
Offices
\u2013 Expected market rental growth of 0% (2022: 0%);
\u2013 Occupancy rate average of 95% (2022: 95%);
\u2013 Void periods of 24 months to 36 months
(2022: 24 months to 36 months); and
\u2013 Rent-free periods of 12 months on a 5-year lease
(2022: 12 months on a 5-year lease).
Student accommodation
\u2013 Expected market rental growth of 10% (2022: 3%);
\u2013 Occupancy rate average of 98% (2022: 98%); and
\u2013 Expected market yields of 5.8%-6.0%
(2022: 5.3%-5.4%).
Wind farm
\u2013 Expected electricity price of \u00a355 MW/h; and
\u2013 Expected market yields of 7%.
In years where no valuation is performed, the fair
value is reviewed taking into consideration any
changes in market conditions and any offers
received on the property and adjustments made
accordingly.
The estimated fair value would increase/(decrease) if:
\u2013 Expected market rental growth were higher/(lower);
\u2013 The occupancy rate was higher/(lower);
\u2013 Void periods were shorter/(longer);
\u2013 Rent-free periods were shorter/(longer);
\u2013 Expected market yields were lower/(higher); or
\u2013 Expected electricity price was higher/(lower).
Right-of-use assets Income approach using discounted cash
flows: The valuation model considers the
present value of net cash flows to be
generated from the property, taking into
account the expected rental growth rate,
void periods, occupancy rate, lease
incentive costs such as rent-free periods
and other costs not paid by tenants. The
expected net cash flows are discounted
using risk-adjusted discount rates.
\u2013 Expected market rental growth of 1% to 2%
(2022: 1% to 2%%);
\u2013 Occupancy rate average of 92% to 99%
(2022: average of 93% to 99%);
\u2013 Rent-free/void periods of 6\u20139 months at the
end of each tenancy (2022: 6\u20139 months); and
\u2013 Risk-adjusted discount rate of 4.2% (2022: 4.2%).
The estimated fair value would increase/(decrease) if:
\u2013 Expected market rental growth were higher/(lower);
\u2013 The occupancy rate was higher/(lower);
\u2013 Rent-free/void periods were shorter/(longer); or
\u2013 The risk-adjusted discount rate was lower/(higher).
16 Investments in and loans to joint ventures
(a) Movements in year
2023
\u00a3m
2022
\u00a3m
Investments in joint ventures
At 1 July 82.3 98.9
Additions 35.7 16.8
Acquisition of joint venture debt 0.9 \u2013
Disposals (22.5) \u2013
Loan repayments (11.3) (7.5)
Share of:
Operating profit 1.3 26.4
Finance (costs)/income (0.1) 0.4
Taxation (0.1) (0.2)
Post-tax results of joint ventures \u2013 continuing operations 1.1 26.6
Dividends received (1.8) (32.5)
Return of equity (5.8) (20.0)
At 30 June 78.6 82.3
(b) Analysis of investments in and loans to joint ventures
2023
\u00a3m
2022
\u00a3m
Non-current assets
Investment properties 28.2 42.5
Other non-current assets 3.2 \u2013
Non-current assets 31.4 42.5
Current assets
Cash and trade receivables 127.1 130.4
Current assets 127.1 130.4
Total assets 158.5 172.9
Current liabilities
Trade and other payables (17.0) (19.8)
Current liabilities (17.0) (19.8)
Non-current liabilities
Borrowings (62.9) (70.7)
Deferred tax liabilities \u2013 (0.1)
Other non-current liabilities \u2013 \u2013
Non-current liabilities (62.9) (70.8)
Total liabilities (79.9) (90.6)
At 30 June 78.6 82.3
(c) Interests in joint ventures
Set out below are the joint ventures of the Group as at 30 June 2023 which, in the opinion of the Directors, are material to the Group. See note 32 for the full list of joint ventures. All of the entities
are private entities and therefore do not have a quoted fair value. The country of incorporation or registration is also their principal place of business. All are measured under the equity method.
Name of entity
Place of business/country
of incorporation
% of ownership
interest/voting rights
2023
% of ownership
interest/voting rights
2022
Nature of
relationship
Carrying amount
2023
\u00a3m
Carrying amount
2022
\u00a3m
Kier Trade City
1
England and Wales 90%/50% 90%/50% Property division 6.5 6.8
Solum Regeneration
2
England and Wales 50%/50% 50%/50% Property division 21.1 21.3
Kier Cornwall Street
3
England and Wales 90%/50% 90%/50% Property division 23.2 7.2
Kier (Newcastle)
4
England and Wales N/A 75%/50% Property division \u2013 8.4
Kier (Southampton)
5
England and Wales 75%/50% 75%/50% Property division 3.4 11.3
Watford Health Campus
6
England and Wales 50%/50% 50%/50% Property division 8.9 9.9
Kier Richmond
7
England and Wales 90%/50% 90%/50% Property division 8.0 7.7
Winsford
8
England and Wales 50%/50% 50%/50% Property division 0.1 0.4
Kier Maidenhead
9
England and Wales 90%/50% 90%/50% Property division 0.1 0.7
Kier PGIM Logistics
10
England and Wales 25.5%/25.5% 25.5%/25.5% Property division 6.7 7.4
Immaterial joint ventures 0.6 1.2
78.6 82.3
1. Kier Trade City consists of Kier Trade City Holdco 1 LLP, Kier Trade City Holdco 2 LLP and Kier Trade City LLP.
2. Solum Regeneration consists of Solum Regeneration (Bishops) LLP, Solum Regeneration (Epsom) Limited Partnership, Solum Regeneration (Guildford) LLP, Solum Regeneration (Haywards) LLP, Solum Regeneration
(Kingswood) LLP, Solum Regeneration (Maidstone) LLP, Solum Regeneration (Redhill) LLP, Solum Regeneration (Surbiton) LLP, Solum Regeneration (Twickenham) LLP, Solum Regeneration (Walthamstow) LLP,
Solum Regeneration Epsom (GP Subsidiary) Limited, Solum Regeneration Epsom (GP) Limited, Solum Regeneration Epsom (Residential) LLP, Solum Regeneration Holding 1 LLP and Solum Regeneration Holding 2 LLP.
3. Kier Cornwall Street consists of Kier Cornwall Street Holdings 1 LLP, Kier Cornwall Street Holdings 2 LLP and Kier Cornwall Street LLP.
4. Kier (Newcastle) consists of Kier (Newcastle) Investment Limited, Kier (Newcastle) Operation Limited and Magnetic Limited.
5. Kier (Southampton) consists of Kier (Southampton) Development Limited, Kier (Southampton) Investment Limited and Kier (Southampton) Operations Limited.
6. Watford Health Campus consists of Watford Health Campus Limited, Watford Health Campus Partnership LLP, Watford Riverwell (Family Housing) LLP and Watford Woodlands LLP.
7. Kier Richmond consists of Kier Richmond Holdings Limited and Kier Richmond Limited.
8. Winsford consists of Winsford Holdings 1 LLP, Winsford Holdings 2 LLP and Winsford Devco LLP.
9. Kier Maidenhead consists of Kier Maidenhead Holdings 1 LLP, Kier Maidenhead Holdings 2 LLP and Kier Maidenhead LLP.
10. Kier PGIM Logistics consists of Kier PGIM Logistics Holdco Ltd, Kier PGIM Logistics (Bognor) Ltd, Kier PGIM Logistics (Bracknell) Ltd, Kier PGIM Logistics (Knowsley) Ltd, Kier PGIM Logistics (St. Albans) Ltd,
Kier PGIM Logistics Propco 4 Ltd, Kier PGIM Logistics Propco 5 Ltd, Kier PGIM Logistics Propco 7 Ltd and Kier PGIM Logistics Propco 8 Ltd.
(d) Borrowing facilities and guarantees to joint ventures
The Group has provided guarantees to support borrowing facilities of joint ventures as follows:
2023 2022
Borrowing
facility
\u00a3m
Guarantees
\u00a3m
Drawn
at 30 June
\u00a3m
Borrowing
facility
\u00a3m
Guarantees
\u00a3m
Drawn
at 30 June
\u00a3m
Kier Trade City LLP 17.8 3.5 8.4 17.8 3.1 7.6
Kier PGIM Logistics (Bognor) Ltd 24.4 \u2013 \u2013 27.0 1.4 2.8
42.2 3.5 8.4 44.8 4.5 10.4
Other than as disclosed above the liabilities of the joint ventures are without recourse to the Group. Details of the Group\u2019s interests in joint ventures are given in note 32.
(e) Summarised financial information for joint ventures
The tables below provide summarised financial information for those joint ventures that are material to the Group. The information disclosed reflects the amounts presented in the financial
statements of the relevant joint ventures and not the Group\u2019s share of those amounts. They have been amended to reflect adjustments made by the entity when using the equity method,
including fair value adjustments and modifications for differences in accounting policy.
Kier Trade City Solum Regeneration Kier Cornwall Street Kier (Newcastle)
Summarised balance sheet
2023
\u00a3m
2022
\u00a3m
2023
\u00a3m
2022
\u00a3m
2023
\u00a3m
2022
\u00a3m
2023
\u00a3m
2022
\u00a3m
Current assets
Cash and cash equivalents 0.4 0.3 1.2 0.6 \u2013 1.8 \u2013 0.7
Other current assets 16.4 16.0 44.8 51.7 37.2 34.4 \u2013 2.8
Current assets 16.8 16.3 46.0 52.3 37.2 36.2 \u2013 3.5
Non-current assets \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 25.1
Current liabilities
Other current liabilities (1.2) (1.3) (3.9) (9.7) (1.2) (3.2) \u2013 (5.2)
Total current liabilities (1.2) (1.3) (3.9) (9.7) (1.2) (3.2) \u2013 (5.2)
Non-current liabilities
Financial liabilities (excluding trade payables) (8.4) (7.5) \u2013 \u2013 (12.3) (25.0) \u2013 (12.1)
Other non-current liabilities \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (0.1)
Total non-current liabilities (8.4) (7.5) \u2013 \u2013 (12.3) (25.0) \u2013 (12.2)
Net assets 7.2 7.5 42.1 42.6 23.7 8.0 \u2013 11.2
Reconciliation to carrying amounts:
Net assets at 1 July 7.5 12.3 42.6 63.4 8.0 13.9 11.2 10.9
Capital introduced \u2013 4.5 7.8 9.4 19.4 \u2013 16.3 \u2013
Disposals \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (30.1) \u2013
(Loss)/profit for the year (0.3) 20.3 (0.4) (2.0) (3.7) (5.9) 2.6 0.3
Loan repayments \u2013 (8.3) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013
Return of equity \u2013 \u2013 (7.9) (27.8) \u2013 \u2013 \u2013 \u2013
Dividends paid \u2013 (21.3) \u2013 (0.4) \u2013 \u2013 \u2013 \u2013
Net assets at 30 June 7.2 7.5 42.1 42.6 23.7 8.0 \u2013 11.2
Group\u2019s share (%) 90% 90% 50% 50% 90% 90% N/A 75%
Group\u2019s share 6.5 6.8 21.1 21.3 21.3 7.2 \u2013 8.4
Capital introduced on behalf of joint venture partner \u2013 \u2013 \u2013 \u2013 1.9 \u2013 \u2013 \u2013
Investment in joint venture 6.5 6.8 21.1 21.3 23.2 7.2 \u2013 8.4
Kier
(Southampton)
Watford
Health Campus
Kier
Richmond
Summarised balance sheet
2023
\u00a3m
2022
\u00a3m
2023
\u00a3m
2022
\u00a3m
2023
\u00a3m
2022
\u00a3m
Current assets
Cash and cash equivalents 0.7 1.1 0.7 0.4 0.7 0.4
Other current assets 2.4 2.7 50.1 36.7 15.4 15.6
Current assets 3.1 3.8 50.8 37.1 16.1 16.0
Non-current assets 38.5 31.5 \u2013 \u2013 \u2013 \u2013
Current liabilities
Other current liabilities (3.4) (2.4) (17.8) (7.2) (0.3) \u2013
Total current liabilities (3.4) (2.4) (17.8) (7.2) (0.3) \u2013
Non-current liabilities
Financial liabilities (excluding trade payables) (33.0) (17.9) (15.2) (10.2) (7.5) (7.5)
Other non-current liabilities (0.7) \u2013 \u2013 \u2013 0.6 \u2013
Total non-current liabilities (33.7) (17.9) (15.2) (10.2) (6.9) (7.5)
Net assets 4.5 15.0 17.8 19.7 8.9 8.5
Reconciliation to carrying amounts:
Net assets at 1 July 15.0 14.5 19.7 18.4 8.5 8.6
Capital introduced \u2013 \u2013 \u2013 1.1 \u2013 \u2013
Profit/(loss) for the year 4.5 0.5 1.7 2.8 0.4 (0.1)
Loan repayments (15.0) \u2013 \u2013 \u2013 \u2013 \u2013
Return of equity \u2013 \u2013 (3.6) \u2013
Dividends paid \u2013 \u2013 \u2013 (2.6) \u2013 \u2013
Net assets at 30 June 4.5 15.0 17.8 19.7 8.9 8.5
Group\u2019s share (%) 75% 75% 50% 50% 90% 90%
Investment in joint venture 3.4 11.3 8.9 9.9 8.0 7.7
Winsford
Kier
Maidenhead
Kier
PGIM Logistics
Summarised balance sheet
2023
\u00a3m
2022
\u00a3m
2023
\u00a3m
2022
\u00a3m
2023
\u00a3m
2022
\u00a3m
Current assets
Cash and cash equivalents 0.1 0.4 0.1 \u2013 0.6 4.0
Other current assets \u2013 0.7 0.1 1.0 43.6 54.2
Current assets 0.1 1.1 0.2 1.0 44.2 58.2
Non-current assets \u2013 \u2013 \u2013 \u2013 2.5 \u2013
Current liabilities
Other current liabilities \u2013 (0.4) (0.1) (0.2) (0.4) (1.5)
Total current liabilities \u2013 (0.4) (0.1) (0.2) (0.4) (1.5)
Non-current liabilities
Financial liabilities (excluding trade payables) \u2013 \u2013 \u2013 \u2013 (20.1) (27.7)
Total non-current liabilities \u2013 \u2013 \u2013 \u2013 (20.1) (27.7)
Net assets 0.1 0.7 0.1 0.8 26.2 29.0
Reconciliation to carrying amounts:
Net assets at 1 July 0.7 4.7 0.8 3.5 29.0 \u2013
Capital introduced \u2013 \u2013 \u2013 \u2013 4.7 29.1
Profit/(loss) for the year 0.7 11.1 \u2013 8.3 (7.5) (0.1)
Return of equity \u2013 (4.8) \u2013 (3.6) \u2013 \u2013
Dividends paid (1.3) (10.3) (0.7) (7.4) \u2013 \u2013
Net assets at 30 June 0.1 0.7 0.1 0.8 26.2 29.0
Group\u2019s share (%) 50% 50% 90% 90% 25.5% 25.5%
Investment in joint venture 0.1 0.4 0.1 0.7 6.7 7.4
Kier Trade City Solum Regeneration Kier Cornwall Street Kier (Newcastle)
Summarised income statement
2023
\u00a3m
2022
\u00a3m
2023
\u00a3m
2022
\u00a3m
2023
\u00a3m
2022
\u00a3m
2023
\u00a3m
2022
\u00a3m
Revenue 0.5 50.1 24.3 35.3 \u2013 0.6 \u2013 1.9
Finance income \u2013 \u2013 \u2013 \u2013 \u2013 0.4 \u2013 \u2013
Finance costs \u2013 \u2013 \u2013 \u2013 (0.1) \u2013 \u2013 \u2013
Taxation \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (0.1)
Loss/(profit) for the year from continuing operations (0.3) 20.3 (0.4) (2.0) (3.7) (5.9) 2.6 0.3
Loss/(profit) for the year (0.3) 20.3 (0.4) (2.0) (3.7) (5.9) 2.6 0.3
Total comprehensive (expense)/income (0.3) 20.3 (0.4) (2.0) (3.7) (5.9) 2.6 0.3
Dividends received from joint ventures \u2013 19.2 \u2013 0.2 \u2013 \u2013 \u2013 \u2013
Kier
(Southampton)
Watford
Health Campus
Kier
Richmond
Summarised income statement
2023
\u00a3m
2022
\u00a3m
2023
\u00a3m
2022
\u00a3m
2023
\u00a3m
2022
\u00a3m
Revenue 3.1 2.7 12.4 19.0 0.9 4.3
Depreciation and amortisation \u2013 (0.1) \u2013 \u2013 \u2013 \u2013
Taxation (1.3) (0.1) \u2013 \u2013 0.3 \u2013
Profit/(loss) for the year from continuing operations 4.5 0.5 1.7 2.8 0.4 (0.1)
Profit/(loss) for the year 4.5 0.5 1.7 2.8 0.4 (0.1)
Total comprehensive income/(expense) 4.5 0.5 1.7 2.8 0.4 (0.1)
Dividends received from joint ventures \u2013 \u2013 \u2013 1.3 \u2013 \u2013
Winsford
Kier
Maidenhead
Kier
PGIM Logistics
Summarised income statement
2023
\u00a3m
2022
\u00a3m
2023
\u00a3m
2022
\u00a3m
2023
\u00a3m
2022
\u00a3m
Revenue \u2013 22.7 \u2013 19.6 0.3 \u2013
Taxation \u2013 \u2013 \u2013 \u2013 2.5 \u2013
Profit/(loss) for the year from continuing operations 0.7 11.1 \u2013 8.3 (7.5) (0.1)
Profit/(loss) for the year 0.7 11.1 \u2013 8.3 (7.5) (0.1)
Total comprehensive income/(expense) 0.7 11.1 \u2013 8.3 (7.5) (0.1)
Dividends received from joint ventures 0.7 5.1 0.7 6.6 \u2013 \u2013
(f) Individually immaterial joint ventures
In addition to the interests in joint ventures disclosed above, the Group also has interests in a number of individually immaterial joint ventures that are accounted for using the equity method.
2023
\u00a3m
2022
\u00a3m
Aggregate carrying amount of individually immaterial joint ventures 0.6 1.2
Dividends received from individually immaterial joint ventures 0.4 0.1
Aggregate amounts of the Group\u2019s share of:
Loss from continuing operations (0.1) (0.3)
Total comprehensive expense (0.1) (0.3)
17 Capitalised mobilisation costs
2023
\u00a3m
2022
\u00a3m
At 1 July 11.6 3.8
Additions 1.8 10.2
Amortisation (7.1) (2.4)
At 30 June 6.3 11.6
18 Deferred tax
The following are the major deferred tax assets and liabilities recognised by the Group and movements thereon during the current and prior reporting year:
Intangible
assets
\u00a3m
Property,
plant and
equipment
\u00a3m
Short-term
temporary
differences
1
\u00a3m
Retirement
benefit
obligations
\u00a3m
Tax
losses
\u00a3m
Total
\u00a3m
At 1 July 2021 (23.6) 36.3 29.3 (12.6) 108.6 138.0
Credited/(charged) to income statement \u2013 continuing 3.8 (1.5) 8.0 (2.0) (3.0) 5.3
Credited/(charged) directly to comprehensive income \u2013 \u2013 0.2 (34.7) \u2013 (34.5)
At 30 June 2022 (19.8) 34.8 37.5 (49.3) 105.6 108.8
Credited/(charged) to income statement \u2013 continuing 3.9 (10.6) 3.8 (1.3) 0.6 (3.6)
Acquisitions and disposals \u2013 (0.1) \u2013 \u2013 \u2013 (0.1)
Credited/(charged) directly to comprehensive income \u2013 \u2013 (0.8) 24.5 \u2013 23.7
At 30 June 2023 (15.9) 24.1 40.5 (26.1) 106.2 128.8
1. Included in short-term temporary differences are deferred tax assets of \u00a315.8m (2022: \u00a313.3m) in respect of RDEC Step 2 amounts carried forward and \u00a323.3m (2022: \u00a321.9m) in respect of the restricted interest amount caught
under the UK Corporate Interest Restrictions (\u2018CIR\u2019) tax rules.
Deferred tax assets and liabilities are attributed to temporary differences relating to the following:
Assets Liabilities Total
2023
\u00a3m
2022
\u00a3m
2023
\u00a3m
2022
\u00a3m
2023
\u00a3m
2022
\u00a3m
Property, plant and equipment 24.1 34.8 \u2013 \u2013 24.1 34.8
Intangible assets \u2013 \u2013 (15.9) (19.8) (15.9) (19.8)
Retirement benefit obligations \u2013 \u2013 (26.1) (49.3) (26.1) (49.3)
Other short-term timing differences 40.5 37.5 \u2013 \u2013 40.5 37.5
Tax losses 106.2 105.6 \u2013 \u2013 106.2 105.6
Total 170.8 177.9 (42.0) (69.1) 128.8 108.8
Set-off tax (42.0) (69.1) 42.0 69.1 \u2013 \u2013
Net tax assets 128.8 108.8 \u2013 \u2013 128.8 108.8
When considering the recoverability of net deferred tax assets, the taxable profit forecasts are based on the same Board-approved information used to support the going concern
and goodwill impairment assessments. More information on these forecasts and the methodology applied are included in notes 1 and 13.
The following evidence has been considered when assessing whether these forecasts are achievable and realistic:
\u2013 The business traded in line with Board expectations in 2023;
\u2013 The Group has substantially completed its restructuring activities and is focusing on the achievement of the medium-term growth strategy; and
\u2013 The Group\u2019s core businesses are well-placed to benefit from the announced and committed UK Government spending plans to invest in infrastructure and decarbonisation.
When considering the length of time over which the losses are expected to be utilised, the Group has taken into account that generally only 50% of profits in each year can be offset
by brought forward losses.
Based on these forecasts, the Group is expected to utilise its deferred tax asset over a period of approximately 10 years (2022: 10 years).
19 Contract assets and liabilities
(a) Current contract assets
2023
\u00a3m
2022
\u00a3m
At 1 July 366.3 335.7
Transferred to receivables (342.6) (313.3)
Revenue adjustments recognised in the period for performance
obligations satisfied in previous periods due to changes in
the transaction price arising from changes in estimates
of variable revenue (0.5) \u2013
Balance remaining in relation to contract assets at the start
of the year 23.2 22.4
Increase related to services provided in the year 335.0 343.9
At 30 June 358.2 366.3
(b) Non-current contract assets
2023
\u00a3m
2022
\u00a3m
At 1 July 31.2 30.7
Increase related to services provided in the year 12.5 0.5
At 30 June 43.7 31.2
Non-current contract assets relate to Kier\u2019s share of the funding surpluses receivable
at the end of long-term PFI maintenance contracts.
(c) Current contract liabilities
2023
\u00a3m
2022
\u00a3m
At 1 July (67.3) (59.9)
Revenue recognised in the year that was included in contract
liabilities at the beginning of the year 60.0 50.5
Contract liabilities repaid 4.4 \u2013
Balance remaining in relation to contract liabilities at the start
of the year (2.9) (9.4)
Increase due to cash received or invoices raised in the year
for performance obligations not recognised in revenue (87.6) (57.9)
At 30 June (90.5) (67.3)
20 Trade and other receivables
2023
\u00a3m
2022
\u00a3m
Current:
Trade receivables 50.5 72.2
Construction contract retentions 52.4 72.4
Amounts receivable from joint ventures 2.1 4.0
Other receivables 26.0 15.8
Prepayments 53.5 30.2
Accrued income 4.7 8.3
189.2 202.9
Non-current:
Construction contract retentions 18.5 17.0
18.5 17.0
Construction contract retentions are amounts withheld by the customer until they are satisfied
with the quality of the work undertaken.
21 Inventories
2023
\u00a3m
2022
\u00a3m
Raw materials and consumables 13.3 13.8
Land and work in progress held for development 59.6 43.0
72.9 56.8
As at 30 June 2023, there were no provisions held against inventory relating to land and work
in progress for development (2022: \u00a31.5m).
22 Net cash
2023
\u00a3m
2022
\u00a3m
Cash and cash equivalents \u2013 bank balances and cash in hand 376.9 297.7
Borrowings due within one year \u2013 (40.5)
Borrowings due after one year (319.1) (266.5)
Impact of cross-currency hedging 6.3 12.2
Net cash
1
64.1 2.9
1. Net cash\u2019 is an alternative performance measure, see page 243.
Average month-end net debt was \u00a3232.1m (2022: \u00a3216.1m). Net cash excludes lease liabilities.
Cash and cash equivalents are subject to Group-wide cash pooling arrangements. On a gross basis, cash and cash equivalents were \u00a31,389.5m (2022: \u00a31,546.4m) and overdrafts were
\u00a31,012.6m (2022: \u00a31,248.7m).
Cash and cash equivalents include \u00a376.9m (2022: \u00a374.4m) being the Group\u2019s share of cash and cash equivalents held by joint operations and \u00a392.3m (2022: \u00a339.9m) of bank balances
that are not part of the Group-wide cash pooling arrangement.
Information on borrowings is detailed in note 29.
(a) Reconciliation of working capital between the consolidated balance sheet and consolidated cash flow statement
2023 2022
Inventories
\u00a3m
Contract
assets
\u00a3m
Trade and other
payables
\u00a3m
Inventories
\u00a3m
Contract
assets
\u00a3m
Trade and other
payables
\u00a3m
1 July balance sheet 56.8 397.5 (1,099.8) 54.7 366.4 (1,133.0)
30 June balance sheet 72.9 401.9 (1,111.9) 56.8 397.5 (1,099.8)
Movement per balance sheet 16.1 4.4 (12.1) 2.1 31.1 33.2
Transfers 2.7 \u2013 \u2013 \u2013 \u2013 \u2013
Forward funding interest \u2013 \u2013 \u2013 \u2013 0.5 \u2013
Discount unwind
1
\u2013 \u2013 \u2013 \u2013 \u2013 0.7
Unpaid adviser fees in respect of the equity raise
2
\u2013 \u2013 \u2013 \u2013 \u2013 (6.1)
Net RDEC receipts \u2013 \u2013 (14.0) \u2013 \u2013 (20.0)
Other \u2013 \u2013 \u2013 \u2013 \u2013 4.6
Movement per cash flow statement 18.8 4.4 (26.1) 2.1 31.6 12.4
1. Discount unwind primarily relates to onerous loss-making contracts and deferred consideration.
2. Prior year unpaid adviser fees of \u00a36.1m in respect of the equity raise have been disclosed within the issue of shares net of transaction costs, on the cash flow statement.
(b) Reconciliation of movements in net cash
Cash and cash
equivalents
\u00a3m
Borrowings due
within one year
\u00a3m
Borrowings due
after one year
\u00a3m
Impact of
cross-currency
hedging
\u00a3m
Total
\u00a3m
Net cash/(borrowings) as at 1 July 2021 391.2 (38.2) (362.3) 12.3 3.0
Cash flows (97.4) 38.2 63.6 \u2013 4.4
Transfers \u2013 (40.5) 40.5 \u2013 \u2013
Foreign exchange movements 3.9 \u2013 (8.3) (0.1) (4.5)
Net cash/(borrowings) as at 30 June 2022 297.7 (40.5) (266.5) 12.2 2.9
Cash flows 78.9 40.5 (54.1) \u2013 65.3
Foreign exchange movements 0.3 \u2013 1.5 (5.9) (4.1)
Net cash/(borrowings) as at 30 June 2023 376.9 \u2013 (319.1) 6.3 64.1
(c) Reconciliation of movements in liabilities arising from financing activities
Borrowings
\u00a3m
Hedging
derivatives
\u00a3m
Lease liabilities
\u00a3m
(Liabilities)/assets as at 1 July 2021 (400.5) 13.4 (163.8)
Changes from financing cash flows:
Repayment of borrowings/principal elements
of lease payments 101.8 \u2013 33.8
Settlement of derivative financial instruments \u2013 (7.5) \u2013
Non-cash movements:
Net lease additions \u2013 \u2013 (27.6)
Foreign exchange movements (8.3) \u2013 \u2013
Changes in fair values of derivatives \u2013 6.3 \u2013
(Liabilities)/assets as at 30 June 2022 (307.0) 12.2 (157.6)
Changes from financing cash flows:
Drawdown of borrowings (56.8) \u2013 \u2013
Repayment of borrowings/principal elements
of lease payments 43.2 \u2013 45.6
Settlement of derivative financial instruments \u2013 (4.7) \u2013
Non-cash movements:
Net lease additions \u2013 \u2013 (70.6)
Foreign exchange movements 1.5 \u2013 \u2013
Changes in fair values of derivatives \u2013 3.2 \u2013
(Liabilities)/assets as at 30 June 2023 (319.1) 10.7 (182.6)
(d) Free cash flow
Note
2023
\u00a3m
2022
\u00a3m
Net cash at 1 July 22 2.9 3.0
Net cash at 30 June 22 64.1 2.9
Increase/(decrease) in net cash 61.2 (0.1)
Adjusted for:
Payments in respect of adjusting items 5 27.0 41.2
Pension deficit payments and fees 9 12.8 15.0
Equity raise
1
\u2013 6.1
Purchase of own shares 11.9 7.0
Other items 19.4 (14.6)
Free cash flow 132.3 54.6
1. The \u00a36.1m settled during the prior year relates to the payment of accrued costs previously recorded in equity.
See glossary of alternative performance measures on page 243.
23 Leases
(a) Group as a lessee
The Group has lease contracts for various properties, and items of plant, machinery,
vehicles and other equipment used in its operations and for administration of the Group\u2019s
business. Leases of properties have durations of between one and 44 years. Leases of
plant and machinery and other equipment generally have lease terms between one and
three years, while motor vehicles generally have lease terms between three and six years.
Lease terms are negotiated on an individual basis and contain a wide range of different
terms and conditions. The lease agreements do not impose any covenants other than the
security interests in the leased assets that are held by the lessor. Leased assets may not
be used as security for borrowing purposes. A number of property leases contain extension
or termination options. In these circumstances, the Group makes a judgement about the
period for which it is reasonably certain to lease the property.
The Group\u2019s accounting policies for leases are set out in note 1. The Group has elected
not to recognise right-of-use assets and lease liabilities for short-term leases and leases
of low-value assets. The expense included in the income statements relating to these leases
was \u00a3115.6m (2022: \u00a398.9m). The assets leased under short-term leases are predominantly
small items of plant and equipment and therefore are also of low value. The utilisation of
these assets varies depending on the nature and levels of the Group\u2019s activities.
(b) Right-of-use assets
Set out below are the carrying amounts of right-of-use assets recognised in respect
of the Group\u2019s leases and the movements during the year:
Land and
buildings
\u00a3m
Motor
vehicles
\u00a3m
Plant and
equipment
\u00a3m
Total
\u00a3m
At 1 July 2021 64.6 19.6 12.3 96.5
Additions 2.8 13.2 17.1 33.1
Depreciation (7.9) (11.8) (10.3) (30.0)
Impairment
1
(5.2) \u2013 \u2013 (5.2)
Transferred to investment
properties
1
(6.1) \u2013 \u2013 (6.1)
Disposals (0.9) (1.7) (5.1) (7.7)
At 30 June 2022 47.3 19.3 14.0 80.6
Additions 5.4 11.8 80.4 97.6
Depreciation (8.1) (9.5) (26.1) (43.7)
Transferred to owned assets \u2013 \u2013 (0.4) (0.4)
Disposals (1.9) (2.1) (24.7) (28.7)
At 30 June 2023 42.7 19.5 43.2 105.4
1. During the year ended 30 June 2022, the Group vacated its property in Fountain Street, Manchester, which
resulted in an impairment of the associated right-of-use asset. As the property was no longer occupied by
the Group and was being held for the purpose of earning rental income, the asset was reclassified as an
investment property.
(c) Lease liabilities
2023
\u00a3m
2022
\u00a3m
Current 36.2 25.9
Non-current 146.4 131.7
182.6 157.6
The maturity profile of the contractual cash flows associated with the lease liabilities is
presented in note 29. The interest expense in respect of lease liabilities is included within
finance costs in the income statement and is disclosed in note 7.
(d) Amounts recognised in the statement of cash flows
2023
\u00a3m
2022
\u00a3m
Principal elements of lease payments
1
45.6 33.8
Interest paid
1
9.5 6.5
Payments for short-term leases and leases of low-value
assets
2
115.6 98.9
Total cash outflow for leases 170.7 139.2
1. Included within cash flows from financing activities within the statement of cash flows.
2. Included within operating cash flows within the statement of cash flows.
24 Trade and other payables
2023
\u00a3m
2022
\u00a3m
Current:
Trade payables
1
310.0 354.2
Accruals 585.1 527.4
Subcontract retentions 22.5 32.7
Other taxation and social security 138.4 122.1
Other payables and deferred income 19.0 29.3
1,075.0 1,065.7
Non-current:
Trade payables 5.1 11.0
Subcontract retentions 31.8 23.1
36.9 34.1
1. There are no outstanding payments due to suppliers who are on bank-supported supply chain finance
arrangements (2022: \u00a349.8m).
25 Provisions
Insurance
claims
\u00a3m
Restoration
of mining sites
\u00a3m
HSE
regulatory
\u00a3m
Onerous
contracts
\u00a3m
Redundancy and
site closure
\u00a3m
Warranty,
rectification and
other contractual
obligations
\u00a3m
Total
\u00a3m
At 1 July 2021 21.8 0.8 2.5 5.5 3.4 13.8 47.8
(Credited)/charged to income statement (3.4) (0.5) 0.5 3.7 0.9 5.1 6.3
Utilised \u2013 (0.1) \u2013 (0.4) (2.7) (3.5) (6.7)
Unwinding of discount \u2013 \u2013 \u2013 0.2 \u2013 \u2013 0.2
Currency realignment \u2013 \u2013 \u2013 \u2013 0.4 \u2013 0.4
At 30 June 2022 18.4 0.2 3.0 9.0 2.0 15.4 48.0
(Credited)/charged to income statement 5.1 \u2013 1.5 6.2 1.0 12.4 26.2
Utilised \u2013 (0.1) (4.5) (5.5) (1.6) (4.6) (16.3)
Unwinding of discount \u2013 \u2013 \u2013 0.2 \u2013 \u2013 0.2
Transfer from creditors 3.9 \u2013 \u2013 (0.8) \u2013 2.1 5.2
Currency realignment \u2013 \u2013 \u2013 \u2013 (0.1) \u2013 (0.1)
At 30 June 2023 27.4 0.1 \u2013 9.1 1.3 25.3 63.2
Expected utilisation
Within one year 6.8 \u2013 \u2013 6.5 0.6 24.3 38.2
After one year 20.6 0.1 \u2013 2.6 0.7 1.0 25.0
At 30 June 2023 27.4 0.1 \u2013 9.1 1.3 25.3 63.2
Within one year \u2013 0.2 3.0 6.4 0.8 11.8 22.2
After one year 18.4 \u2013 \u2013 2.6 1.2 3.6 25.8
At 30 June 2022 18.4 0.2 3.0 9.0 2.0 15.4 48.0
Insurance provisions are held in the Group\u2019s insurance captive in respect of legal and other disputes in various Group companies. Due to the nature of the provision for insurance claims,
the timing of any potential future outflows in respect of these liabilities is uncertain and as such they are classified as due after one year.
Restoration of mining sites provisions represent the cost of restoration of opencast mining sites. The cost of restoration is recognised as a provision as soon as the restoration liability arises.
The amount provided represents the present value of the anticipated costs. Costs are charged against the provision as incurred and the unwinding of the discount is included within finance costs.
HSE regulatory provisions are in respect of potential fines arising from changes to safety, health and environmental legislation and regulation.
Onerous contracts provisions are for loss-making contracts that the Group is legally obligated to complete.
Redundancy and site closure provisions are in respect of redundancy costs and office closures.
Warranty and rectification provisions are for potential claims against work completed by the Group. This includes provisions in respect of fire compliance and cladding.
26 Share capital and reserves
Share capital
The share capital of the Company comprises:
2023 2022
Number \u00a3m Number \u00a3m
Authorised, issued and fully-paid ordinary shares of 1 pence each 446,314,435 4.5 446,241,682 4.5
The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the Company.
During the year, 72,753 shares were issued under the Sharesave Scheme (2022: 75,983).
Cash flow hedge reserve
This reserve comprises the effective portion of the cumulative net change in the fair value of the cash flow hedging instruments related to hedged transactions that have not yet occurred,
net of any related deferred tax.
Translation reserve
This reserve comprises the cumulative difference on exchange arising from the retranslation of net investments in overseas subsidiary undertakings. In accordance with the transitional
provisions of IFRS 1, this reserve was set to nil at 1 July 2004.
Merger reserve
\u00a3134.8m of the merger reserve arose on the shares issued at a premium to acquire May Gurney on 8 July 2013. In addition, a further \u00a3215.8m relates to the issue of share capital
on 18 June 2021.
27 Share-based payments
The Group operates a number of share-based payment schemes for eligible employees as described below.
Sharesave Scheme
Options over the Company\u2019s ordinary shares at 30 June 2023 were as follows:
Sharesave
Scheme
13 November
2019
Sharesave
Scheme
15 February
2021
Sharesave
Scheme
29 October
2021
Sharesave
Scheme
2 November
2022 Total
Number of awards outstanding at 30 June 2023
Directors \u2013 \u2013 11,250 9.818 21,068
Employees
1
113,294 6,735,438 5,370,885 8,348,029 20,567,646
113,294 6,735,438 5,382,135 8,357,847 20,588,714
Exercise price (pence)
1
86.4 56.5 96.0 55.0
1. Where the options were granted before the share issue that completed on 18 June 2021, the numbers of options and the exercise prices have been adjusted to take account of the dilution resulting from the new shares.
Options to acquire shares in the capital of Kier Group plc have been granted to eligible employees who enter into a Sharesave (\u2018SAYE\u2019) contract. The number of options granted to each
participating employee are the number of shares which have an aggregate option price not exceeding the projected proceeds of the employee\u2019s Sharesave contract. Participation in the
Kier Sharesave Scheme is offered to all employees of the Group who have been employed for a continuous period determined by the Board. Under the Sharesave contract, participating
employees save a regular sum each month for three years up to a maximum of \u00a3500 per month.
8,730,264 options were granted in the year (2022: 7,943,643) under the Sharesave Scheme, which will all be equity settled.
72,753 Sharesave Scheme options were exercised during the year (2022: 75,983). The weighted average market price of Kier Group plc shares at the date of exercise of Sharesave
Scheme options during the year was 66.9p (2022: 103.0p).
Conditional Share Award Plan
The Group previously operated a Conditional Share Award Plan (\u2018CSAP\u2019), under which senior employees receive awards of shares subject only to service conditions, i.e. the requirement
for participants to remain in employment with the Group over the vesting period. Participants were entitled to receive dividend equivalents on these awards. Awards under the CSAP were
all equity settled.
There were no outstanding CSAP awards at 30 June 2023.
No new awards were granted under the CSAP in the year (2022: no awards granted) and no shares vested under the CSAP during the year (2022: 650,951 shares vested plus a further
9,777 shares equivalent to the dividends that would have been received during the vesting period). The market price of Kier Group plc shares at the date of exercise of the CSAP options
during the prior year was 108.2p.
Long-Term Incentive Plan
Awards over the Company\u2019s ordinary shares at 30 June 2023 were as follows:
LTIP
award
18 December
2020
LTIP
award
28 October
2021
LTIP
award
20 April
2022
LTIP
award
21 October
2022 Total
Number of awards outstanding at 30 June 2023
Directors 2,095,166 2,313,430 \u2013 3,601,875 8,010,471
Employees
1
14,010,761 4,432,654 305,871 9,836,333 28,585,619
16,105,927 6,746,084 305,871 13,438,208 36,596,090
Exercise price (pence)
1
nil nil nil nil
1. Where the options were granted before the share issue that completed on 18 June 2021, the number of options has been adjusted to take account of the dilution resulting from the new shares.
The Group has established a Long-Term Incentive Plan (\u2018LTIP\u2019) under which Directors and senior employees can receive awards of shares. Awards made under the scheme are normally
able to vest following the third anniversary of the date of the grant. Vesting may be in full or in part (with the balance of the award lapsing) and is subject to the Group achieving specific
performance targets. Participants are entitled to receive dividend equivalents on these awards. Awards under the LTIP are all equity settled. The awards made to Directors are subject
to a two-year post-vesting holding period and malus and clawback provisions.
15,492,751 new options were granted under the LTIP scheme in the year (2022: 8,570,392) and 8,432,381 shares vested during the year (2022: nil). The weighted average market price
of Kier Group plc shares at the date of exercise of LTIP options during the year was 62.3p (2022: n/a).
Further description of the above share schemes and the terms and conditions of each scheme are included in the Directors\u2019 Remuneration report on pages 120\u2013153.
Shares held in trusts
The CSAP and LTIP awards, which are taken as shares, are intended to be satisfied from shares held by the Kier Group 1999 Employee Benefit Trust and May Gurney Group Trustees Ltd
Employee Share Ownership Trust or the issue of new shares. The shares held by the trusts are accounted for as a deduction from equity within retained earnings. The movements in the
number and historical cost value of shares held by the trusts are as follows:
2023 2022
Number
of shares
Historic cost
value
\u00a3m
Number
of shares
Historic cost
value
\u00a3m
At 1 July 7,555,030 7.7 708,965 2.6
Acquired during the year 18,607,232 12.4 7,942,521 7.5
Issued in satisfaction of share scheme awards (8,432,381) (8.0) (650,951) (2.0)
Issued in satisfaction of dividend equivalents for share scheme awards \u2013 \u2013 (9,777) \u2013
Issued in satisfaction of deferred bonus schemes (776,920) (0.9) (435,728) (0.4)
At 30 June 16,952,961 11.2 7,555,030 7.7
The market value of these shares at 30 June 2023 was \u00a312.7m (2022: \u00a35.1m).
The shares acquired by the trusts in the year at a cost of \u00a312.4m (2022: \u00a37.5m), net of cash received by the trusts in respect of the deferred bonus schemes of \u00a30.5m (2022: \u00a30.5m)
is reflected in the statement of changes in equity as a net purchase of own shares of \u00a311.9m (2022: \u00a37.0m).
Fair value of share-based payments
The fair value per option granted has been calculated using the Black-Scholes model for all options apart from the total shareholder return (\u2018TSR\u2019) element of the LTIP which is based
on a Stochastic model. For awards made to the Directors which are subject to a two-year holding period post-vesting, the Finnerty model is used. The following assumptions were used
in calculating the fair values:
Sharesave Scheme
Date of grant
18 November
2019
15 February
2021
29 October
2021
2 November
2022
Share price at grant (pence) 86.5 77.5 106.8 58.2
Exercise price (pence) \u2013 at grant 101.0 66.0 96.0 55.0
Exercise price (pence) \u2013 adjusted for share issue 86.4 56.5 96.0 55.0
Expected term (years) 3.3 3.3 3.3 3.3
Expected volatility 68.5% 80.2% 82.7% 62.1%
Dividend yield 0.0% 0.0% 0.0% 0.0%
Risk-free interest rate 0.49% 0.01% 0.73% 3.13%
Value per option (pence) \u2013 at grant 37.0 44.6 61.9 27.6
Value per option (pence) \u2013 adjusted for share issue 31.7 38.1 61.9 27.6
Long-Term Incentive Plan
Date of grant
18 December
2020
18 December
2020
(Directors)
28 October
2021
28 October
2021
(Directors)
20 April
2022
21 October
2022
21 October
2022
(Directors)
Share price at grant (pence) 81.0 81.0 108.4 108.4 80.8 60.0 60.0
Exercise price (pence) nil nil nil nil nil nil nil
Expected term (years) 3.0 3.0 3.0 3.0 2.5 3.0 3.0
Holding period (years) n/a 2.0 n/a 2.0 n/a n/a 2.0
Expected volatility 90.7% 92.4% 83.2% 66.6% 83.2% 53.7% 44.5%
Risk-free interest rate 0.00% 0.00% 0.67% 0.77% 0.67% 3.83% 4.14%
Value per option (pence) \u2013 at grant
\u2013 Market condition (25%) 58.4 50.6 85.2 76.3 63.5 41.2 38.1
\u2013 Non-market condition (75%) 81.0 70.1 108.4 97.0 80.8 60.0 55.6
Value per option (pence) \u2013 adjusted for share issue
\u2013 Market condition (25%) 50.0 43.3 85.2 76.3 63.5 41.2 38.1
\u2013 Non-market condition (75%) 69.2 59.9 108.4 97.0 80.8 60.0 55.6
The value per option represents the fair value of the option less any consideration payable. The fair value of the proportion of the awards subject to performance conditions that are market
conditions under IFRS 2 \u2018Share-based Payments\u2019 (the TSR \u2013 total shareholder return element) incorporates an assessment of the number of shares that will vest.
The performance conditions linked to adjusted earnings per share, adjusted operating profit, the net debt to earnings before interest, tax, depreciation and amortisation ratio
(Net Debt:EBITDA) and free cash flow, are non-market conditions under IFRS 2. Therefore, the fair value of these elements do not include an assessment of the number of shares
that will vest. Instead, the amount charged is based on the fair values factored by a \u2018true-up\u2019 for the number of awards that are expected to vest.
The expected volatility is based on historical volatility over the period of time commensurate with the expected award term immediately prior to the date of grant. The risk-free rate of return
is the yield on UK Government securities over a term consistent with the expected term.
A charge of \u00a38.4m relating to share-based payments has been recognised in the income statement as employee costs (2022: \u00a38.6m). Included in other payables is an amount of \u00a31.0m
(2022: \u00a31.0m) relating to the accrual of employer\u2019s national insurance in respect of share-based payments expected to vest in the future.
Summary of movements in the number of options
A reconciliation of option movements is shown below:
2023 2022
Number
of options
Weighted
average
exercise price
Number
of options
Weighted
average
exercise price
Outstanding at 1 July 57,273,676 26.3p 47,929,960 23.9p
Granted 24,223,015 19.8p 16,514,035 46.2p
Lapsed or forfeited (15,806,753) 39.0p (6,443,385) 61.5p
Exercised (8,505,134) 0.5p (726,934) 7.5p
Outstanding at 30 June 57,184,804 23.9p 57,273,676 26.3p
Exercisable at 30 June 105,434 66.8p 294,805 81.7p
The options outstanding at 30 June 2023 have a weighted average remaining contractual
life of 1.42 years (2022: 1.43 years).
28 Guarantees and contingent liabilities
The Company has given guarantees and entered into counter-indemnities in respect
of bonds relating to certain of the Group\u2019s own contracts. The Company has also given
guarantees in respect of certain contractual obligations of its subsidiaries and joint ventures,
which were entered into in the normal course of business, as well as certain of the Group\u2019s
other obligations (for example, in respect of the Group\u2019s finance facilities and its pension
schemes). Financial guarantees over the obligations of the Company\u2019s subsidiaries and joint
ventures are initially measured at fair value, based on the premium received from the joint
venture or the differential in the interest rate of the borrowing including and excluding the
guarantee. Subsequent to initial recognition, financial guarantee contracts are measured
at the higher of the initial fair value measurement (adjusted for any income amounts
recognised) and the amount determined in accordance with the expected credit loss model.
Details of financial guarantees provided to support joint ventures are disclosed in note 16(d).
Performance guarantees are treated as a contingent liability until such time as it becomes
probable that payment will be required under its terms.
Provisions are made for the Directors\u2019 best estimate of known legal claims, investigations
and legal actions relating to the Group which are considered more likely than not to result in
an outflow of economic benefit. If the Directors consider that a claim, investigation or action
relating to the Group is unlikely to succeed, no provision is made. If the Directors cannot
make a reliable estimate of a potential, material obligation, no provision is made but details
of the claim are disclosed.
Fire and cladding review
As disclosed in note 1 of the financial statements, the Group has undertaken a review
of all of its current and legacy constructed buildings where it has used cladding solutions
and continues to assess the action required in line with the latest updates to Government
guidance, as it applies, to multi-storey and multi-occupied residential buildings. The buildings,
including the cladding works, were signed off by approved inspectors as compliant with the
relevant Building Regulations at the time of completion.
In preparing the financial statements, currently available information has been considered,
including the current best estimate of the extent and future costs of work required, based
on the reviews and physical inspections undertaken.
Where an obligation has been established and a reliable estimate of the costs to rectify
is available, a provision has been made (see note 25). No provision has been made where
an obligation has not been established.
These estimates may be updated as further inspections are completed and as work
progresses which could give rise to the recognition of further liabilities. Such liabilities, should
they arise, are expected to be covered materially by the Group\u2019s insurance arrangements
thereby limiting the net exposure. Any insurance recovery must be considered virtually
certain before a corresponding asset is recognised and so this could potentially lead
to an asymmetry in the recognition of assets and liabilities.
29 Financial instruments
The following table summarises the Group\u2019s financial instruments as at 30 June 2023:
2023 2022
Financial
assets at
amortised cost
\u00a3m
Financial
liabilities at
amortised cost
\u00a3m
Derivatives
\u00a3m
Financial
assets at
amortised cost
\u00a3m
Financial
liabilities at
amortised cost
\u00a3m
Derivatives
\u00a3m
Financial assets
Trade and other receivables (less prepayments) 154.2 \u2013 \u2013 189.7 \u2013 \u2013
Cash and cash equivalents 376.9 \u2013 \u2013 297.7 \u2013 \u2013
Equity loans provided to joint ventures 101.8 \u2013 \u2013 105.4 \u2013 \u2013
Other financial assets \u2013 \u2013 10.7 \u2013 \u2013 12.2
Total 632.9 \u2013 10.7 592.8 \u2013 12.2
Financial liabilities
Borrowings \u2013 (319.1) \u2013 \u2013 (307.0) \u2013
Lease liabilities \u2013 (182.6) \u2013 \u2013 (157.6) \u2013
Trade and other payables
1
\u2013 (971.8) \u2013 \u2013 (977.3) \u2013
Total \u2013 (1,473.5) \u2013 \u2013 (1,441.9) \u2013
Net 632.9 (1,473.5) 10.7 592.8 (1,441.9) 12.2
1. Trade and other payables exclude other taxes and social security and deferred income.
Capital risk management
The Group\u2019s capital management objectives are to ensure the Group\u2019s ability to continue as a going concern and to optimise the capital structure in order to minimise the cost of capital
whilst maintaining a strong balance sheet to support business development and tender qualification. The Group\u2019s capital management strategy is to use a blend of capital types with
different risk, return and maturity profiles to support the operating divisions and deliver the Group\u2019s capital management objectives.
The capital structure of the Group comprises: equity, consisting of share capital, share premium, retained earnings and other reserves as disclosed in the consolidated statement of changes
in equity; and cash, cash equivalents and borrowings as disclosed in note 22 and described further below. The Group forecasts and monitors short-, medium- and longer-term capital needs
on a regular basis and adjusts its capital structure as required through the payment of dividends to shareholders, the issue of new share capital and the increase of repayment or borrowings.
All investment decisions typically require a pre-tax annualised return of at least 15.0% to ensure such investments are value enhancing for shareholders.
Financial risk management
Financial risk management is an integral part of the way the Group is managed. In the course of its business, the Group is exposed primarily to credit risk, market risk and liquidity risk.
The overall aim of the Group\u2019s financial risk management policies is to minimise any potential adverse effects on financial performance and net assets.
The Group\u2019s treasury team manages the principal financial risks within policies and operating limits approved by the Board. The treasury function is not a profit centre and does not enter
into speculative transactions. Derivative financial instruments are used to hedge exposure to fluctuations in interest and exchange rates.
Where all relevant criteria are met, hedge accounting is applied to remove the accounting mismatch between the hedging instrument and the hedged item. This will effectively result in
recognising interest expense at a fixed interest rate for the hedged floating rate borrowings and elimination of exchange rate movements in the income statement relating to the hedged
foreign currency denominated borrowings.
Credit risk
Credit risk arises on financial instruments such as trade receivables, short-term bank
deposits and interest rate and currency hedges. Policies and procedures exist to ensure that
customers have an appropriate credit history. The Group\u2019s most significant clients are public
or regulated industry entities which generally have high credit ratings or are of a high credit
quality due to the nature of the client.
Short-term bank deposits and hedging transactions are executed only with highly
credit-rated authorised counterparties based on ratings issued by the major ratings agencies.
Counterparty exposure positions are monitored regularly so that credit exposures to any
one counterparty are within acceptable limits. At the balance sheet date there were no
significant concentrations of credit risk.
Trade and other receivables and contract assets included in the balance sheet are stated
net of expected credit loss (\u2018ECL\u2019) provisions which have been calculated using a provision
matrix grouping trade receivables and contract assets on the basis of their shared credit
risk characteristics.
An analysis of the provision held against trade receivables is set out below:
2023
\u00a3m
2022
\u00a3m
Provision as at 1 July 2.1 2.3
Credited to the income statement (1.4) (0.6)
Charged to the income statement 1.5 0.5
Utilised in the year (0.6) (0.1)
Provision as at 30 June 1.6 2.1
There were \u00a312.4m (2022: \u00a319.7m) of trade receivables that were overdue at the balance
sheet date that have not been provided against, of which \u00a33.7m (2022: \u00a38.2m) had been
received by the end of August 2023. There are no indications as at 30 June 2023 that the
debtors will not meet their payment obligations in respect of the amount of trade receivables
recognised in the balance sheet that are overdue and unprovided. The proportion of trade
receivables at 30 June 2023 that were overdue for payment was 25% (2022: 28%). Credit
terms vary across the Group; the average age of trade receivables was as follows:
Infrastructure Services 5 days (2022: 7 days)
Construction 9 days (2022: 13 days)
Property 186 days (2022: 4 days)
Overall, the Group considers that it is not exposed to significant credit risk.
Equity loans to joint ventures of \u00a3101.8m (2022: \u00a3105.4m) are considered under the general
ECL model and have been compared to future cash flows and net assets of the joint venture
to ensure that they are still expected to be fully recoverable.
Market risk
Interest rate risk
The Group has borrowing facilities to finance short-term working capital and term loans to
finance medium-term capital requirements, which carry interest at floating rates, at a margin
over SONIA. The Group\u2019s borrowings, excluding the effect of derivatives, can be analysed
as follows:
2023
\u00a3m
2022
\u00a3m
Fixed rate 80.8 131.2
Variable rate 239.6 177.9
Cost of raising finance (1.3) (2.1)
319.1 307.0
The Group has entered into floating to fixed interest rate swaps in order to mitigate the
Group\u2019s exposure to movements in interest rates. One of the Group\u2019s joint ventures has
also entered into interest rate swaps in order to mitigate its own interest rate risk.
Interest rate risk arises on the Group\u2019s borrowings where they are not at fixed interest rates
and are not hedged. A 50 basis point increase/decrease in the interest rate would lead to
a c.\u00a32.1m increase (2022: \u00a31.8m) or \u00a32.1m decrease (2022: \u00a31.8m) in the Group\u2019s net
finance cost.
Foreign currency risk
The Group operates primarily within the UK such that its exposure through its trading
operations to currency risk is not considered to be significant. Where material foreign
currency exposures are identified, these are hedged using forward foreign exchange
contracts or swaps.
Changes in foreign exchange rates affect the carrying amount of the liability relating to
foreign currency denominated debt on the Group\u2019s balance sheet. The utilisation of derivatives
ensures that the movement recognised in the profit and loss is offset by movements on the
derivative which are recycled from other comprehensive income. As at 30 June 2023 the
Group had the equivalent \u00a325.2m (2022: \u00a345.7m) of debt denominated in US dollars at fixed
currency rates using derivatives. A 5% increase/decrease in the US dollar to sterling exchange
rate combined with a 5% increase/decrease in the euro to sterling exchange rate would lead
to a \u00a32.7m decrease (2022: \u00a32.8m) or \u00a32.9m increase (2022: \u00a32.9m) in the carrying amount
of the liability on the Group\u2019s balance sheet, with the movement recognised in other
comprehensive income.
As at 30 June 2023 the Group had unhedged debt outstanding of US$35.9m (2022: US$39.1m).
A 5% increase/decrease in the US dollar to sterling exchange rate would lead to a decrease
of \u00a31.4m/increase of \u00a31.3m (2022: decrease of \u00a31.7m/increase of \u00a31.5m) in the carrying
amount of the liability.
Liquidity risk
The Group\u2019s policy on liquidity risk is to ensure that sufficient borrowing facilities are
available to fund operations over the medium term. The Group\u2019s principal borrowing facilities
are provided by a syndicate of relationship banks and established investors, and in the
case of a number of the loan notes, in the form of unsecured committed borrowing facilities.
The amount of committed borrowing facilities available to the Group is reviewed regularly
and is designed to exceed forecast peak gross debt levels.
Details of guarantees provided by the Group to support the borrowing facilities of its joint
ventures are given in note 16(d). The Group provides no other financial guarantees other
than those provided to its joint ventures.
Derivative financial instruments
As at 30 June 2023, the Group had the following cross-currency and interest rate swaps:
\u2013 One cross-currency swap taken out in 2014 to hedge the currency risk on a US dollar-
denominated loan, nominal value US$40.0m.
\u2013 One floating to fixed interest rate swap taken out in 2022 to hedge the interest rate risk
on part of the Group\u2019s revolving credit facility, nominal value \u00a3100.0m.
\u2013 One floating to fixed interest rate swap taken out in 2023 to hedge the interest rate risk
on part of the Group\u2019s revolving credit facility, nominal value \u00a3100.0m, reducing to \u00a375.0m
in 2024 and \u00a350.0m in 2025.
As at 30 June 2022, the Group had three additional cross-currency swaps, two with a total
value of $20.0m and one with a value of $10.0m. They all expired during the year.
The Group has assessed the effectiveness of these swaps and concluded that they are highly
effective. No amount in relation to hedge ineffectiveness has been charged or credited to
the income statement in relation to any cross-currency or interest rate swap.
The following table indicates the periods in which the cash flows associated with cash flow
hedges are expected to occur and the fair value of the related hedging instruments:
Expected cash flows
Continuing operations
Fair value
\u00a3m
Total
\u00a3m
0\u20131 years
\u00a3m
1\u20132 years
\u00a3m
2\u20135 years
\u00a3m
Cross-currency
swaps: asset
Gross settled
inflows 33.7 1.5 32.2 \u2013
Gross settled
outflows (26.8) (1.1) (25.7) \u2013
6.5 6.9 0.4 6.5 \u2013
Interest rate swaps:
asset
Net settled 4.2 2.6 1.7 0.6 0.3
In addition to the above, one of the Group\u2019s property joint ventures has entered into
an interest rate derivative as a means of hedging interest rate risk. The interest-bearing
debt and associated interest rate derivative with this joint venture expires in May 2026
and is without recourse to the Group. At 30 June 2023, the aggregate amount outstanding
on this interest-bearing debt against which an interest rate derivative is held is \u00a312.3m
(2022: \u00a315.0m). The Group\u2019s share of the total net fair value asset of this interest rate
derivative at 30 June 2023 amounted to \u00a30.3m (2022: \u00a30.1m) which have met the criteria
for hedging accounting.
Financial liabilities \u2013 analysis of maturity dates
At 30 June 2023, the Group had the following financial liabilities at amortised cost together
with the maturity profile of their contractual cash flows:
Continuing operations
30 June 2023
Trade and other
payables
1
\u00a3m
Borrowings
\u00a3m
Lease
liabilities
\u00a3m
Total
\u00a3m
Carrying value 971.8 319.1 182.6 1,473.5
Contractual undiscounted
cash flows
Less than one year 935.0 23.2 44.2 1,002.4
One to two years 31.4 325.2 35.7 392.3
Two to three years 6.1 \u2013 24.5 30.6
Three to four years 2.1 \u2013 16.0 18.1
Four to five years \u2013 \u2013 11.6 11.6
Over five years \u2013 \u2013 97.9 97.9
974.6 348.4 229.9 1,552.9
Continuing operations
30 June 2022
Trade and other
payables
1
\u00a3m
Borrowings
\u00a3m
Lease
liabilities
\u00a3m
Total
\u00a3m
Carrying value 977.3 307.0 157.6 1,441.9
Contractual undiscounted
cash flows
Less than one year 944.3 55.5 31.5 1,031.3
One to two years 25.4 9.4 24.2 59.0
Two to three years 8.0 269.2 17.4 294.6
Three to four years 1.7 \u2013 13.1 14.8
Four to five years 0.2 \u2013 11.4 11.6
Over five years 0.7 \u2013 106.7 107.4
980.3 334.1 204.3 1,518.7
1. Trade and other payables exclude other taxes and social security and deferred income.
There is no material difference between the carrying value and fair value of the Group\u2019s
financial assets and liabilities.
Fair value estimation
The table below analyses financial instruments carried at fair value, by valuation method.
The different levels have been defined as follows:
Level 1 \u2013 Quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2 \u2013 Inputs other than quoted prices included within level 1 that are observable for the
asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices).
The Group uses cross-currency and interest rate swaps for hedging. These derivatives
are classified as level 2. The prices of derivative transactions have been derived from
proprietary models used by the bank counterparties using mid-market mark to market
valuations for trades at the close of business on 30 June 2023.
Level 3 \u2013 Inputs for the asset or liability that are not based on observable market data
(that is, unobservable inputs).
The following table presents the Group\u2019s financial assets and liabilities that are measured
at fair value at 30 June 2023:
Level 1
\u00a3m
Level 2
\u00a3m
Level 3
\u00a3m
Total
\u00a3m
Assets
Derivatives used for hedging \u2013
Cross-currency swaps \u2013 6.5 \u2013 6.5
Derivatives used for hedging \u2013
interest rate swap \u2013 4.2 \u2013 4.2
There were no transfers between levels 1 and 2 during the year ended 30 June 2023.
The following table presents the Group\u2019s financial assets and liabilities that are measured
at fair value at 30 June 2022:
Level 1
\u00a3m
Level 2
\u00a3m
Level 3
\u00a3m
Total
\u00a3m
Assets
Derivatives used for hedging \u2013
Cross-currency swaps \u2013 12.2 \u2013 12.2
Derivatives used for hedging \u2013
interest rate swap \u2013 \u2013 \u2013 \u2013
There were no transfers between levels 1 and 2 during the year ended 30 June 2022.
Borrowings and borrowing facilities
As at 30 June 2023, the Group had the following unsecured committed facilities after
the effect of derivatives:
\u2013 Revolving credit facility of \u00a3495.0m (2022: \u00a3535.0m), at a margin over SONIA, due for
renewal on 31 January 2025, \u00a3229.9m drawn at 30 June 2023 (2022: \u00a3177.9m); and
\u2013 Two loan notes, principal amounts of \u00a321.0m, US$75.9m, with fixed coupons of between
5.2% and 5.4% repayable in January 2025, fully drawn at 30 June 2023, totalling \u00a374.4m,
which includes elements at both fixed and floating currency rates (2022: \u00a3111.1m).
In addition, the Group has unsecured overdraft facilities of \u00a318.0m (2022: \u00a318.0m),
at a margin over base rate, repayable on demand, undrawn at 30 June 2023 and 2022.
Included within borrowings are capitalised loan fees of \u00a31.3m (2022: \u00a31.9m).
The Group repaid and reduced total available facilities by \u00a383.8m (2022: \u00a338.2m) in the year
ended 30 June 2023.
30 Financial and capital commitment
2023
\u00a3m
2022
\u00a3m
Commitments for capital expenditure 7.8 18.9
7.8 18.9
Capital commitments recognised during the year ended 30 June 2023 relate to capital
contributions to a joint venture.
31 Related parties
Identity of related parties
The Group has a related party relationship with its joint ventures, key management
personnel and pension schemes in which its employees participate.
Transactions with key management personnel
The Group\u2019s key management personnel are the Executive and Non-Executive Directors
as identified in the Directors\u2019 Remuneration report on pages 120\u2013153.
In addition to their salaries, the Group also provides non-cash benefits to Directors and
contributes to their pension arrangements as disclosed on page 130. Key management
personnel also participate in the Group\u2019s share option programme (see note 27).
Key management personnel compensation comprises:
2023
\u00a3m
2022
\u00a3m
Total fixed pay as analysed in the Directors\u2019 remuneration report 2.0 1.9
Bonus as analysed in the Directors\u2019 remuneration report 1.5 1.2
Employer\u2019s national insurance contributions 0.6 0.4
Share-based payment charge
1
1.8 1.1
Total key management personnel compensation 5.9 4.6
1. Share-based payment charge is calculated under IFRS 2 \u2018Share-based Payments\u2019 as described in note 27.
Transactions with pension schemes
Details of transactions between the Group and pension schemes in which its employees
participate are detailed in note 9.
Transactions with joint ventures
2023
\u00a3m
2022
\u00a3m
Construction services and materials 0.9 23.2
Staff and associated costs 2.5 2.4
Management services 1.3 1.0
Interest on loans to joint ventures 0.4 0.7
Plant hire 0.2 0.2
5.3 27.5
Those joint ventures which the Directors consider to be material to the Group are disclosed
in note 16.
Equity and other shareholder loans due from joint ventures are analysed below:
2023
\u00a3m
2022
\u00a3m
Kier Cornwall Street Holdings 1 LLP 16.2 6.5
Kier Cornwall Street Holdings 2 LLP 16.2 6.5
Kier Richmond Holdings Limited 9.9 9.9
Kier PGIM Logistics Holdco Limited 8.6 7.4
Solum Regeneration (Twickenham) LLP 8.5 9.2
Solum Regeneration (Guildford) LLP 7.5 8.7
Solum Regeneration (Bishops) LLP 7.5 6.7
Watford Health Campus Partnership LLP 7.2 9.0
Kier Trade City Holdco 1 LLP 6.8 6.8
50 Bothwell Street Holdco 1 LLP 5.2 5.2
Solum Regeneration (Redhill) LLP 3.1 2.3
Solum Regeneration (Epsom) LLP 1.6 1.5
Solum Regeneration (Surbiton) LLP 1.0 0.8
Kier (Southampton) Investment Limited 0.9 12.2
Solum Regeneration (Maidstone) LLP 0.7 0.7
Solum Regeneration Holding 1 LLP 0.7 0.7
Solum Regeneration Holding 2 LLP 0.2 0.2
Kier (Newcastle) Investment Limited \u2013 11.1
101.8 105.4
Trading balances and other loans due from/(to) joint ventures are analysed below:
2023
\u00a3m
2022
\u00a3m
Kier Trade City LLP 0.4 (0.3)
Dragon Lane LLP 0.1 0.1
Kier Reading LLP (0.4) (0.4)
Kier Cornwall Street \u2013 2.0
Kier Maidenhead LLP \u2013 (0.4)
Lysander Student Operations Limited \u2013 (0.5)
Solum Regeneration (Twickenham) LLP \u2013 (6.7)
Winsford Devco LLP \u2013 \u2013
Kier (Southampton) Investment Limited \u2013 \u2013
Watford Health Campus Partnership LLP \u2013 \u2013
Hackney Schools for the Future 2 Limited \u2013 \u2013
Team Van Oord Limited \u2013 \u2013
Kier Richmond Limited \u2013 \u2013
0.1 (6.2)
32 Subsidiaries and other undertakings
A full list of subsidiaries, branches, associated undertakings, and joint arrangements as at
30 June 2023 is detailed below. Unless stated otherwise, all undertakings are wholly owned
and held indirectly by Kier Group plc.
Subsidiaries
Company name
Registered
office
1
Share
class(es) held
% held
by Group
2020 Liverpool Limited 1 Ordinary 100%
A C Chesters & Son Limited 1 Ordinary 100%
AK Student Living Limited 1 A Ordinary 100%
B Ordinary 100%
Arena Central Developments LLP 1 \u2013 100%
Arena Central Management Limited 1 A Ordinary 100%
25%
3
Caribbean Construction Company Limited 2 Ordinary 100%
Caxton Integrated Services Holdings Limited 1 Ordinary 100%
ClearBOX Limited 1 Ordinary 100%
Dudley Coles Limited 1 Ordinary 100%
FDT (Holdings) Ltd 1 Ordinary 100%
FDT Associates Ltd 1 Ordinary A 100%
Heart of Wales Property Services Limited 3 Ordinary 50%
J L Kier & Company (London) Limited 1 Ordinary 100%
J L Kier & Company Limited 1 Ordinary 100%
Kier (Catterick) Limited 1 A Ordinary 100%
B Ordinary 100%
Kier (Kent) PSP Limited 1 A Ordinary 100%
B Ordinary 100%
Kier (Malaysia) SDN. BHD. (in liquidation) 4 Ordinary 100%
Kier (Newcastle) Investment Ltd 1 Ordinary 100%
Kier (Newcastle) Operation Limited 1 Ordinary 100%
Kier (NR) Limited 1 Ordinary 100%
Kier Asset Partnership Services Limited 1 Ordinary 100%
Kier Benefits Limited 1 Ordinary 100%
Kier Build Limited 1 Ordinary 100%
Kier Business Services Limited 1 Ordinary 100%
Kier Caribbean and Industrial Limited 1 Ordinary 100%
Kier CB Limited 1 Ordinary 100%
Kier Commercial Investments Limited 1 Ordinary 100%
Company name
Registered
office
1
Share
class(es) held
% held
by Group
Kier Commercial UKSC Limited 1 Ordinary 100%
Kier Construction Limited 1 Ordinary 100%
Kier Construction Limited 5 Ordinary 100%
Kier Construction LLC
9
6 Ordinary 49%
Kier Construction SA 7 Ordinary 100%
Kier Developments Limited 1 A Ordinary 100%
B Ordinary 100%
C Ordinary 100%
Kier Dormant Holdings Limited (in liquidation) 1 Ordinary 100%
Kier Dubai LLC
9
8 Ordinary 49%
Kier Education Investments Limited 1 B Ordinary 100%
M Ordinary 100%
Kier Education Services Limited 1 B Ordinary 100%
M Ordinary 100%
Kier Energy Solutions Limited 1 Ordinary 100%
A Ordinary 100%
Kier Ewan Limited 1 Ordinary 100%
Kier Facilities Services Limited 1 Ordinary 100%
Kier Finance & Treasury Holdings Limited 1 Ordinary 100%
Kier Finance Limited 1 Ordinary 100%
Kier Fleet Services Limited 1 Ordinary 100%
Kier Green Investments Limited
(formerly Kier Thurrock Limited) 1 Ordinary 100%
Kier Group Trustees Limited
2
1 Ordinary 100%
Kier Harlow Limited 1 A Ordinary 100%
B Ordinary 100%
Kier Holdco 2 Limited 1 Ordinary 100%
Kier Holdings Limited 1 Ordinary 100%
Irredeemable
preference 100%
Kier Infrastructure and Overseas Limited 1 Ordinary 100%
Kier Infrastructure and Overseas Limited
\u2013 Hong Kong Branch
Kier Infrastructure and Overseas Limited
\u2013 Jamaica Branch
Kier Infrastructure and Overseas Limited
\u2013 Trinidad Branch
Company name
Registered
office
1
Share
class(es) held
% held
by Group
Kier Infrastructure Pty Ltd 9 Ordinary 100%
Kier Insurance Management Services Limited 1 Ordinary 100%
Kier Integrated Services (Estates) Limited 1 Ordinary 100%
Kier Integrated Services (Holdings) Limited 1 Ordinary 100%
Deferred 100%
Kier Integrated Services (Trustees) Limited 1 Ordinary 100%
Kier Integrated Services Group Limited 1 Ordinary 100%
Kier Integrated Services Limited 1 Ordinary 100%
Kier International (Investments) Limited 1 Ordinary 100%
Kier International Limited 1 Ordinary 100%
Kier International Limited \u2013 India Branch
(in liquidation)
Kier International Limited \u2013 Jamaica Branch
Kier International Limited 10 Ordinary 100%
Kier Islington Limited 1 Ordinary 100%
Islington 100%
Kier Jamaica Development Limited 1 Ordinary 100%
Kier Limited
2
1 Ordinary 100%
Kier Management Consulting Limited 1 Ordinary 100%
A Ordinary 100%
B Ordinary 100%
Kier MBS Limited 1 Ordinary 100%
Kier Midlands Limited 1 Ordinary 100%
Kier Minerals Limited 1 Ordinary 100%
Kier Mining Investments Limited 1 Ordinary 100%
Kier National Limited 1 Ordinary 100%
Kier North Tyneside Limited
5
1 B Ordinary 100%
80%\u00b3
Kier Overseas (Four) Limited 1 Ordinary 100%
Kier Overseas (Nine) Limited 1 Ordinary 100%
Kier Overseas (Seventeen) Limited 1 Ordinary 100%
Kier Overseas (Twenty-Three) Limited 1 Ordinary 100%
Kier Parkman Ewan Associates Limited 1 Ordinary A 100%
Kier Parkman GB Limited (in liquidation) 1 Ordinary 100%
Kier Parkman ServiGroup Limited (in liquidation) 1 Ordinary 100%
Company name
Registered
office
1
Share
class(es) held
% held
by Group
Kier Plant Limited 1 Ordinary 100%
Kier Professional Services Limited 1 Ordinary 100%
Kier Project Investment Limited 1 Ordinary 100%
Kier Property Developments Limited 1 Ordinary 100%
Kier Property Limited 1 Ordinary 100%
Kier Property Management Company Limited 1 Ordinary 100%
Kier Rail Limited 1 Ordinary 100%
Kier Recycling CIC 1 Ordinary 100%
Kier Services Limited 1 Ordinary 100%
Kier Sheffield LLP 1 \u2013 80.1%
Kier South East Limited 1 Ordinary 100%
Kier Southern Limited 1 Ordinary 100%
Kier Stoke Limited 1 A Ordinary 100%
Kier Sydenham Limited 1 Ordinary 100%
Kier Traffic Support Limited 1 Ordinary 100%
Kier Transportation Limited (formerly Kier
Highways Limited) 1
A Ordinary
B Ordinary
100%
100%
Kier UKSC LLP 1 \u2013 100%
Kier Ventures Limited 1 Ordinary 100%
Kier Ventures UKSC Limited 1 Ordinary 100%
Kier York Street LLP 1 \u2013 100%
Liferange Limited 1 Ordinary 100%
Magnetic Limited 1 Ordinary 100%
McNicholas Construction (Holdings) Limited 1 Ordinary 100%
McNicholas Construction Services Limited 1 Ordinary 100%
MPHBS Limited 1 Ordinary 100%
MRBL Limited 1 Ordinary A 100%
Ordinary B 100%
Deferred B 100%
Parkman Consultants Limited 1 Ordinary 100%
Parkman Holdings Limited (in liquidation) 1 Ordinary 100%
Parkman Kenya Limited 11 Ordinary 100%
Parkman Nigeria Limited 12 Ordinary 100%
Pure Buildings Limited 1 Ordinary 100%
Pure Recycling Warwick Limited 1 Ordinary A 100%
Company name Registered office 1 Share class(es) held % held by Group Ordinary B 100% Saudi Kier Construction Limited (in liquidation) 13 Ordinary 100% T Cartledge Limited 1 Ordinary 100% T H Construction Limited 1 Ordinary 100% T J Brent Limited 1 Ordinary 100% Ordinary B 100% Ordinary C 100% Tempsford Insurance Company Limited 2 14 Ordinary 100% The Impact Partnership (Rochdale Borough) Limited 1 Ordinary 80.1% Tor2 Limited 1 PSP Shares 100% 80.01%\u00b3 TradeDirect Logistics Limited 1 Ordinary 100% Turriff Contractors Limited 15 Ordinary 100% Turriff Group Limited 15 Ordinary 100% Ordinary A 100% Ordinary B 100% Usherlink Limited 1 Ordinary 100% W. & C. French (Construction) Limited 1 Ordinary 100% Wallis Limited 1 Ordinary 100% Wallis Western Limited 1 Ordinary 100% William Moss Construction Limited (in liquidation) 16 Ordinary 100% William Moss Group Limited (The) 1 Ordinary 100% 1. See list of registered office details and explanatory notes on page 235. Listed below are subsidiaries controlled and consolidated by the Group, which under Section 479A of the Companies Act 2006 (the \u2018Act\u2019) are exempt from the requirements of the Act relating to the audit of accounts. Company name Company registration number Year-end 2020 Liverpool Limited 04782302 31 March 2023 Arena Central Developments LLP OC305452 30 June 2023 Caxton Integrated Services Holdings Limited 01531034 30 June 2023 ClearBOX Limited 08658406 30 June 2023 Kier (Catterick) Limited 07372563 30 June 2023 Kier (Newcastle) Investment Ltd 09978111 30 June 2023 Company name Company registration number Year-end Kier (Newcastle) Operation Limited 10609470 30 June 2023 Kier Asset Partnership Services Limited 06928701 30 June 2023 Kier Build Limited 01551959 30 June 2023 Kier Commercial Investments Limited 04002798 30 June 2023 Kier Education Investments Limited 06458919 30 June 2023 Kier Education Services Limited 05457729 30 June 2023 Kier Finance Limited 05887689 30 June 2023 Kier Green Investments Limited (formerly Kier Thurrock Limited) 08922437 30 June 2023 Kier Harlow Limited 05961079 30 June 2023 Kier Holdings Limited 05887559 30 June 2023 Kier International (Investments) Limited 01463191 30 June 2023 Kier Islington Limited 03922885 30 June 2023 Kier MBS Limited 11632543 30 June 2023 Kier Minerals Limited 02099531 30 June 2023 Kier Overseas (Nine) Limited 01531039 30 June 2023 Kier Overseas (Seventeen) Limited 01462100 30 June 2023 Kier Overseas (Twenty-Three) Limited 02127112 30 June 2023 Kier Plant Limited 04233359 30 June 2023 Kier Professional Services Limited 08881783 30 June 2023 Kier Recycling CIC 03153490 30 June 2023 Kier Stoke Limited 06391459 30 June 2023 Kier Sydenham Limited 08486944 30 June 2023 Kier Thurrock Limited 08922437 30 June 2023 Magnetic Limited 07775665 30 June 2023 MPHBS Limited 05916368 30 June 2023 Pure Buildings Limited 06290364 30 June 2023 T H Construction Limited 01532971 30 June 2023 TradeDirect Logistics Limited 11400572 30 June 2023 Joint ventures Company name Registered office 1 Interest held Property 3 Sovereign Square Holdings 1 LLP 1 50% 3 Sovereign Square Holdings 2 LLP 1 50% 3 Sovereign Square LLP 1 50% 50 Bothwell Street Holdco 1 LLP 17 50% 50 Bothwell Street Holdco 2 LLP 17 50% 50 Bothwell Street LLP 17 50% Dragon Lane Holdings 1 LLP 1 50% Dragon Lane Holdings 2 LLP 1 50% Dragon Lane LLP 1 50% Kent LEP 1 Limited 1 80% Kier (Southampton) Development Limited 1 75% Kier (Southampton) Investment Limited 1 75% Kier (Southampton) Operations Limited 1 75% Kier Cornwall Street Holdings 1 LLP 1 90% Kier Cornwall Street Holdings 2 LLP 1 90% Kier Cornwall Street LLP 1 90% Kier Countryside Holdings 1 LLP 18 50% Kier Countryside Holdings 2 LLP 18 50% Kier Foley Street Holdco 1 LLP 1 90% Kier Foley Street Holdco 2 LLP 1 90% Kier Foley Street LLP 1 90% Kier HGP Devco 1 LLP 1 50% Kier HGP Devco 2 LLP 1 50% Kier HGP Holdings 2 Limited 1 50% Kier HGP Holdings LLP 1 50% Kier Maidenhead Holdings 1 LLP 1 90% Kier Maidenhead Holdings 2 LLP 1 90% Kier Maidenhead LLP 1 90% Kier PGIM Logistics (Bognor) Ltd 1 25.5% Kier PGIM Logistics (Bracknell) Ltd 1 25.5% Kier PGIM Logistics (Knowsley) Ltd 1 25.5% Kier PGIM Logistics (Milton Keynes) Ltd 1 25.5% Company name Registered office 1 Interest held Kier PGIM Logistics (St. Albans) Ltd 1 25.5% Kier PGIM Logistics Holdco Ltd 1 25.5% Kier PGIM Logistics Propco 5 Ltd 1 25.5% Kier PGIM Logistics Propco 7 Ltd 1 25.5% Kier PGIM Logistics Propco 8 Ltd 1 25.5% Kier Reading Holdco 1 LLP 1 90% Kier Reading Holdco 2 LLP 1 90% Kier Reading LLP 1 90% Kier Richmond Holdings Limited 1 90% Kier Richmond Limited 1 90% Kier Sydenham GP Holdco Limited 1 50% Kier Sydenham GP Limited 1 50% Kier Sydenham LP 1 50% Kier Sydenham Nominee Limited 1 50% Kier Trade City Holdco 1 LLP 1 90% Kier Trade City Holdco 2 LLP 1 90% Kier Trade City LLP 1 90% Kier Warth Limited 1 50% Lysander Student Properties Investments Limited 1 75% Lysander Student Properties Limited 1 75% Lysander Student Properties Operations Limited 1 75% Penda Limited 1 50% Premier Inn Kier Limited 1 50% Saltbox Business Park (Management) Limited 1 16.75% Solum Regeneration (Bishops) LLP 1 50% Solum Regeneration (Epsom) Limited Partnership 1 50% Solum Regeneration (Guildford) LLP 1 50% Solum Regeneration (Haywards) LLP 1 50% Solum Regeneration (Kingswood) LLP 1 50% Solum Regeneration (Maidstone) LLP 1 50% Solum Regeneration (Redhill) LLP 1 50% Solum Regeneration (Surbiton) LLP 1 50% Solum Regeneration (Twickenham) LLP 1 50% Company name
Registered
office
1
Interest
held
Solum Regeneration (Walthamstow) LLP 1 50%
Solum Regeneration Epsom (GP Subsidiary) Limited 1 50%
Solum Regeneration Epsom (GP) Limited 1 50%
Solum Regeneration Epsom (Residential) LLP 1 50%
Solum Regeneration Holding 1 LLP 1 50%
Solum Regeneration Holding 2 LLP 1 50%
Transcend Property Limited 19 50%
Tri-Link 140 Holdings 1 LLP 1 50%
Tri-Link 140 Holdings 2 LLP 1 50%
Tri-Link 140 LLP 1 50%
Watford Health Campus Limited 1 50%
Watford Health Campus Partnership LLP 1 50%
Watford Riverwell (Family Housing) LLP 1 50%
Watford Riverwell Management Company Limited 1 50%
Watford Woodlands LLP 1 50%
Winsford Devco LLP 1 50%
Winsford Holdings 1 LLP 1 50%
Winsford Holdings 2 LLP 1 50%
Construction
Kier Graham Defence Limited 1 50%
Services
2020 Knowsley Limited 1 80.1%
Hackney Schools for the Future Limited 1 80%
Team Van Oord Limited 20 25%
1. See list of registered office details and explanatory notes on page 235.
Joint operation name Description Trading address
UK
Crossrail Contracts
300/410/435
a joint arrangement between Kier Infrastructure and Overseas
Limited, BAM Nuttall Limited and Ferrovial Agroman (UK) Limited
BAM Ferrovial Kier JV C435, The London School of Beauty,
18-19 Long Lane, London, EC1A 9LP
Deephams a joint arrangement between Kier Infrastructure and Overseas
Limited, J Murphy & Sons Limited, and Aecom Limited
Deephams Sewage Treatment Wales, Pickett\u2019s Lock Lane,
Edmonton, N9 0BA
Devonport a joint arrangement between Kier Infrastructure and Overseas
Limited and BAM Nuttall Limited
St. James House, Knoll Road, Camberley, Surrey, GU15 3XW
EKFB a joint arrangement between Kier Infrastructure and Overseas
Limited, Eiffage G\u00e9nie Civil, Ferrovial Agroman (UK) Limited and
BAM Nuttall Limited
5th Floor, Exchange House, Midsummer Boulevard,
Milton Keynes, MK9 2EA
Hercules a joint arrangement between Kier Construction Limited, Kier Living
Limited and Balfour Beatty
Hercules Site Offices, The Wessex Building, MOD Lyneham,
Calne Road, Lyneham, Chippenham, SN15 4PZ
Hinkley Framework a joint arrangement between Kier Infrastructure and Overseas
Limited and BAM Nuttall Limited
J23 P&R HPC Postal Consolidation Centre, Huntsworth Business
Centre, North Petherton, Somerset, TA6 6TS
Kier BAM JV a joint arrangement between Kier Integrated Services Limited and
BAM Civil Limited (company number 17543, registered office Kill,
County Kildaire)
2nd Floor, Optimum House, Clippers Quay, Salford, M50 3XP
KCD a joint arrangement between Kier Integrated Services Limited and
Clancy Docwra Limited
Thames Water Offices, Clear Water Court, Vastern Rd,
Reading, RG1 8DB
Luton People Mover a joint arrangement between Kier Infrastructure and Overseas
Limited and VolkerFitzpatrick Limited
Hertford Road, Hoddesdon, EN11 9BX
Mersey Gateway a joint arrangement between Kier Infrastructure and Overseas
Limited, Samsung C&T ECUK Limited and FCC Construccion S.A.
Forward Point, Tan House Lane, Widnes, WA8 0SL
RAF Lakenheath a joint arrangement between Kier Construction Limited and
VolkerFitzpatrick Limited
Hertford Road, Hoddesdon, EN11 9BX
Tarmac Kier JV a joint arrangement between Kier Highways Limited and
Tarmac Trading Limited
2nd Floor, Optimum House, Clippers Quay Salford, M50 3XP
International
The following joint operations, in which the Group participation is between 30% and 65%, operate overseas in the territory indicated:
MTRC Contract 824 a joint arrangement between Kier Infrastructure and Overseas
Limited and Kaden Construction Limited
Tower B, 6/F, Manulife Financial Centre, 223 Wai Yip Street,
Kwun Tong, Kowloon, Hong Kong
MTRC Contract 901 a joint arrangement between Kier Infrastructure and Overseas
Limited, Laing O\u2019Rourke Hong Kong Limited and Kaden Construction
Limited
Room 905, 9/F, King\u2019s Road, North Point, Hong Kong
Saadiyat Rotana Hotel and Resort Complex a joint arrangement between Kier Construction LLC and Ali and
Sons Contracting Co LLC
P.O. Box 2153, Abu Dhabi
Kier ACC a joint arrangement between Kier Dubai LLC and Arabian
Construction Co.SAL
P.O. Box 24461, Dubai
Registered office addresses
Number Address
1 2nd Floor, Optimum House, Clippers Quay, Salford, M50 3XP, UK
2 Harbour Head, Harbour View, Kingston 17, Jamaica
3 Unit 31, Ddole Road Industrial Estate, Llandrindod Wells, Powys, LD1 6DF, UK
4 9-5 & 7-5, Jalan 8/146, Bandar Tasik Selatan, Kuala Lumpur, 57000, Malaysia
5 c/o Grant Thornton, Cnr Bank Street and West Independence Sq Street,
Basseterre, Saint Kitts and Nevis
6 Unit 869, Al Gaith Tower, Hamdan Street, PO Box 61967, Abu Dhabi,
United Arab Emirates
7 151 Angle Avenue, Jean Paul II et Impasse Duverger, Turgeau,
Port-au-Prince, Haiti
8 905, 9th Floor, Thuraya Tower, Tecom, P.O. Box 24461, Dubai,
United Arab Emirates
9 Pinsent Masons, Level 46, 101 Collins Street, Melbourne, VIC 3000, Australia
10 6th Floor, Emperor Commercial Centre, 39 Des Voeux Road Central, Hong Kong
11 5th Floor, Agip House, P.O. Box 41425, Nairobi, Kenya
12 9, N/Azikiwe St., Lagos, Nigeria
13 Office No 5, 3rd Floor, Building No 8122, street 4A, 5323 Prince Muhammad Ibn
Soud Dist, P.C. 32241 Dammam, Kingdom of Saudi Arabia
14 PO Box 33, Dorey Court, Admiral Park, St Peter Port, GY1 4AT, Guernsey
15 Campsie House, Buchanan Business Park, Cumbernauld Road, Stepps,
Glasgow, G33 6HZ, UK
16 1 More London Place, London, SE1 2AF, UK
17 Renoir House, 135-137 New Bond Street, Mayfair, London, England, W1S 2TQ, UK
18 Countryside House, The Drive, Brentwood, Essex, CM13 3AT, UK
19 1 Kingsway, London, WC2B 6AN, UK
20 Bankside House, Henfield Road, Small Dole, Henfield, West Sussex, BN5 9XQ, UK
Explanatory notes
1. The share capital of all entities is wholly owned and held indirectly by Kier Group plc unless indicated otherwise.
2. Shares held directly by Kier Group plc.
3. Total interest in entity held by the Group as there are other share class(es) held by a third party.
4. In some jurisdictions in which the Group operates, share classes are not defined and in these instances,
for the purposes of disclosure, these holdings have been classified as ordinary shares.
5. The Group has entered into a partnership arrangement with North Tyneside Council whereby the Council has
a participating ownership interest and receives a minority share of the profits of Kier North Tyneside Limited.
6. Joint operations are contracted agreements to co-operate on a specific project which is an extension of the
Group\u2019s existing business. Joint ventures are ongoing businesses carrying on their own trade.
7. Interests in the above joint ventures are held by subsidiary undertakings.
8. The joint ventures where the Group has an interest in excess of 50% are still considered joint ventures
as the Group has joint control.
9. Accounted for as a subsidiary as control is achieved through an agreement between shareholders.
10. Where companies are shown as being in liquidation, in all cases this is either a members\u2019 voluntary liquidation
or a strike-off application.
33 Post balance sheet event
On 4 September 2023, after the year-end, the Group agreed to acquire substantially all of
the rail assets of Buckingham Group Contracting Limited (\u2018in Administration\u2019) and their HS2
contract supplying Kier\u2019s HS2 joint venture, EKFB for a total consideration of up to \u00a39.6m.
",
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},
"fact-427": {
"value": "Kier Group plc (the \u2018Company\u2019) is a public limited company which is listed on the London Stock Exchange and incorporated and domiciled in the UK. The Company\u2019s registered number is 2708030. The consolidated financial statements of the Company for the year ended 30 June 2023 comprise the Company and its subsidiaries (together referred to as the Group) and the Group\u2019s interest in joint arrangements. The consolidated financial statements were approved by the Directors on 13 September 2023. ",
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"fact-2": {
"value": "Kier Group plc",
"dimensions": {
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"language": "en",
"entity": "scheme:2138002RKCU2OM4Y7O48",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
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},
"fact-3": {
"value": "public limited company",
"dimensions": {
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"language": "en",
"entity": "scheme:2138002RKCU2OM4Y7O48",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-423": {
"value": "Stock Exchange and incorporated and domiciled in the UK. The Company\u2019s registered ",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:2138002RKCU2OM4Y7O48",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
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},
"fact-4": {
"value": "UK",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:2138002RKCU2OM4Y7O48",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-424": {
"value": "UK",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:2138002RKCU2OM4Y7O48",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-428": {
"value": "Statement of compliance The Group\u2019s consolidated financial statements have been prepared in accordance with UK-adopted International Accounting Standards effective for accounting periods beginning on or after 1 July 2022 and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. The Company has elected to prepare its parent company financial statements in accordance with the FRS 101 \u2018Reduced Disclosure Framework\u2019. These are presented on pages 236\u2013241. ",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:2138002RKCU2OM4Y7O48",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-429": {
"value": "Basis of preparation
The financial statements are presented in pounds sterling. They have been prepared
on the historical cost basis except for investment properties, defined benefit pension plans
and derivative financial instruments which are stated at their fair value, and the IFRS 2
share-based payments charge which is based on the fair value of the options granted.
Kier Group plc is a company incorporated in the United Kingdom under the Companies Act.
The address of the registered office is 2nd Floor, Optimum House, Clippers Quay, Salford,
England, M50 3XP.
The following new amendments to standards are effective for the financial year ended
30 June 2023 onwards:
\u2013 Narrow-scope amendments to IFRS 3, IAS 16, IAS 37 and annual improvements
on IFRS 1, IFRS 9, IAS 41 and IFRS 16 (published May 2020).
None of the above amendments to standards has had a material effect on the Group\u2019s
financial statements for the current period nor is expected to do so for future periods.
The following new standards and amendments to standards have been issued but were
not yet effective and therefore have not been applied in these financial statements:
\u2013 IFRS 17 \u2018Insurance Contracts\u2019
\u2013 Amendments to IAS 1 \u2018Presentation of Financial Statements\u2019 on classification of liabilities
\u2013 Narrow-scope amendments to IAS 1, Practice statement 2 and IAS 8
(published February 2021)
\u2013 Amendments to IAS 12 \u2018Income Taxes\u2019 on deferred tax related to assets and liabilities
arising from a single transaction and international tax reform (pillar two model rules)
\u2013 Amendments to IFRS 16 \u2018Leases\u2019 in relation to the lease liability in a sale and leaseback
\u2013 Amendments to IAS 7 & IFRS 7 (not yet UK adopted) on supplier finance arrangements.
IFRS 17 will replace IFRS 4, which currently permits a wide variety of practices in
accounting for insurance contracts. IFRS 17 will fundamentally change the accounting by
entities that issue insurance contracts. The new standard will first be applied by the Group
in the accounting year ended 30 June 2024. Whilst the Group does have its own captive
insurance company, Tempsford Insurance Company Limited, this company does not issue
insurance contracts to parties outside of the Group and therefore the Group has concluded
that this arrangement will not have a material impact on the Group\u2019s consolidated financial
statements. However, the widely drawn definition of an insurance contract means that a
number of relatively common contracts entered into by non-insurers may be considered
to be insurance contracts, even if they are not typically thought of in those terms. Some
contracts that provide a service for a fixed fee may meet the definition of an insurance
contract, where the level of service provided depends on uncertain future events (for
example, reactive repair and maintenance services). The Group has reviewed its fixed fee
service contracts and determined that there would be no material effect on the Group\u2019s
financial statements under IFRS 17.
No significant net impact from the adoption of the above amendments to standards is
expected. The Group has chosen not to adopt any of the above standards or amendments
earlier than required.
",
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"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
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},
"fact-485": {
"value": "The financial statements are presented in pounds sterling.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:2138002RKCU2OM4Y7O48",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-486": {
"value": "The following new amendments to standards are effective for the financial year ended 30 June 2023 onwards: \u2013 Narrow-scope amendments to IFRS 3, IAS 16, IAS 37 and annual improvements on IFRS 1, IFRS 9, IAS 41 and IFRS 16 (published May 2020). None of the above amendments to standards has had a material effect on the Group\u2019s financial statements for the current period nor is expected to do so for future periods. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations",
"language": "en",
"entity": "scheme:2138002RKCU2OM4Y7O48",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-487": {
"value": "The following new standards and amendments to standards have been issued but were not yet effective and therefore have not been applied in these financial statements: \u2013 IFRS 17 \u2018Insurance Contracts\u2019 \u2013 Amendments to IAS 1 \u2018Presentation of Financial Statements\u2019 on classification of liabilities \u2013 Narrow-scope amendments to IAS 1, Practice statement 2 and IAS 8 (published February 2021) \u2013 Amendments to IAS 12 \u2018Income Taxes\u2019 on deferred tax related to assets and liabilities arising from a single transaction and international tax reform (pillar two model rules) \u2013 Amendments to IFRS 16 \u2018Leases\u2019 in relation to the lease liability in a sale and leaseback \u2013 Amendments to IAS 7 & IFRS 7 (not yet UK adopted) on supplier finance arrangements. IFRS 17 will replace IFRS 4, which currently permits a wide variety of practices in accounting for insurance contracts. IFRS 17 will fundamentally change the accounting by entities that issue insurance contracts. The new standard will first be applied by the Group in the accounting year ended 30 June 2024. Whilst the Group does have its own captive insurance company, Tempsford Insurance Company Limited, this company does not issue insurance contracts to parties outside of the Group and therefore the Group has concluded that this arrangement will not have a material impact on the Group\u2019s consolidated financial statements. However, the widely drawn definition of an insurance contract means that a number of relatively common contracts entered into by non-insurers may be considered to be insurance contracts, even if they are not typically thought of in those terms. Some contracts that provide a service for a fixed fee may meet the definition of an insurance contract, where the level of service provided depends on uncertain future events (for example, reactive repair and maintenance services). The Group has reviewed its fixed fee service contracts and determined that there would be no material effect on the Group\u2019s financial statements under IFRS 17. No significant net impact from the adoption of the above amendments to standards is expected. The Group has chosen not to adopt any of the above standards or amendments earlier than required. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations",
"language": "en",
"entity": "scheme:2138002RKCU2OM4Y7O48",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-430": {
"value": "Going concern The Directors continue to adopt the going concern basis in preparing the Group\u2019s financial statements. The Group performed well through the year ended 30 June 2023 and produced results in line with the Board\u2019s expectations. The Group continues to win new, high-quality and profitable business in its markets on terms and at rates which reflect the new bidding disciplines and risk management practices introduced under the Group\u2019s Performance Excellence programme. At 30 June 2023, the order book was \u00a310.1bn (2022: \u00a39.8bn). As at 30 June 2023, the Group had \u00a3569.4m of unsecured committed facilities and \u00a318.0m of uncommitted overdrafts. During the year the Group repaid the final amount of \u00a349.8m of uncommitted supply chain financing facilities (\u2018KEPS\u2019) and as at 30 June 2023 the Group had no outstanding invoices on these facilities. Financial covenant certificates for June 2023 have been prepared with no breaches noted. The Directors have reviewed the Group\u2019s cash flow forecasts for the period to 31 December 2024, which are included in the Group\u2019s three-year strategic plan, on the basis of certain key assumptions and including a number of stressed but plausible downside scenarios. These scenarios included the consideration of risks which may arise to the Group\u2019s available liquidity and its ongoing compliance with financial covenants within the Group\u2019s principal debt facilities as a result of or in light of the following factors or circumstances: \u2013 Potential reductions in trading volumes; \u2013 Potential future challenges in respect of ongoing projects; \u2013 Project inflation and subcontractor insolvency; \u2013 Reduced investment/delays in Property transactions and cost of adoption of green legislation; \u2013 Plausible changes in the interest rate environment; and \u2013 The availability of mitigating actions that could be taken by management in such a scenario. During the year there has been a significant increase in bank base rates which directly impacts the cost of the Revolving Credit Facility (\u2018RCF\u2019). Rates have increased from 1.0% at June 2022 to 5.0% at June 2023. Inflation has remained higher than expected which could potentially put further upward pressure on interest rates. The increase in interest rates has, however, been partly mitigated by entering into fixed rate swaps at advantageous rates. The RCF facility extends to 31 January 2025. Working with lenders and its advisors, the Board is confident in the Group\u2019s ability to access a number of available funding markets to achieve an appropriate capital structure to support the Group\u2019s strategic objectives; and would expect to complete a refinancing in the current financial year. The Board also considered the macroeconomic and political risks affecting the UK economy, including the availability of labour and inflationary pressures leading to increased supply chain costs. The Board noted that the Group\u2019s forecasts are underpinned by a significant proportion of revenue that is either secured or considered probable, often as part of long-term framework agreements, and that the Group operates primarily in sectors such as infrastructure, health, education and utilities, which are considered likely to remain largely unaffected by macroeconomic factors. Although inflationary pressures remain a risk, both in the supply chain and the labour market, this is partly mitigated by c.60% of contracts being target cost or cost plus. The Board has also considered the potential impact of climate change and does not consider the Group\u2019s operations are at risk from physical climate-related risks such as hurricanes and temperature changes in the short term. In the medium term the Board has concluded that any adverse financial impacts from required changes to operations in line with ESG requirements will be offset by opportunities which present the Group with additional volumes and profits, such as replacement of non-sustainable buildings, construction of new \u2018clean\u2019 power plants and \u2018green\u2019 building conversions. As such, the longevity of the Group\u2019s business model means that climate change has no material adverse impact on going concern. Having reviewed the Group\u2019s cash flow forecasts, the Directors consider that the Group is expected to continue to have available liquidity headroom under its finance facilities and operate within its financial covenants over the going concern period, including in a severe but plausible downside scenario. As a result, the Directors are satisfied that the Group has adequate resources to meet its obligations as they fall due for a period of at least 12 months from the date of approving these financial statements and, for this reason, they continue to adopt the going concern basis in preparing these financial statements. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:2138002RKCU2OM4Y7O48",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-431": {
"value": "Basis of consolidation (a) Subsidiaries The consolidated financial statements comprise the financial statements of the Company and subsidiaries controlled by the Company drawn up to 30 June 2023. Control exists when the Group has direct or indirect power to govern the financial and operating policies of an entity so as to obtain economic benefits from its activities. Subsidiaries are included in the consolidated financial statements from the date that control transfers to the Group until the date that control ceases. Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is transferred to the Group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. In assessing control, the Group takes into consideration potential voting rights that currently are exercisable. If a business combination is achieved in stages, the acquisition date carrying value of the acquirer\u2019s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date; any gains or losses arising from such remeasurements are recognised in profit or loss. The Group measures goodwill at the acquisition date as: \u2013 The fair value of the consideration transferred; plus \u2013 The recognised amount of any non-controlling interests in the acquiree; plus \u2013 If the business combination is achieved in stages, the fair value of the existing equity interest in the acquiree; less \u2013 The net recognised amount (generally fair value) of the identifiable assets acquired and liabilities assumed. When the result is negative, a \u2018bargain purchase\u2019 gain is recognised immediately in the income statement. Provisional fair values allocated at a reporting date are finalised within 12 months of the acquisition date. The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts are generally recognised in the income statement. Costs related to the acquisition, other than those associated with the issue of debt or equity securities, that the Group incurs in connection with a business combination are expensed as incurred. Any contingent consideration payable is recognised at fair value at the acquisition date. Subsequent changes to the fair value of the contingent consideration are recognised in the income statement unless the contingent consideration is classified as equity, in which case settlement is accounted for within reserves. Accounting policies of subsidiaries are adjusted where necessary to ensure consistency with those used by the Group. All intra-Group transactions, balances, income and expenses are eliminated on consolidation. (b) Joint arrangements A joint arrangement is a contractual arrangement whereby the Group undertakes an economic activity that is subject to joint control with third parties. The Group\u2019s interests in joint ventures are accounted for using the equity method. Under this method the Group\u2019s share of the profits less losses of joint ventures is included in the consolidated income statement and its interest in their net assets is included in investments in the consolidated balance sheet. Where the share of losses exceeds the Group\u2019s interest in the entity and there is no obligation to fund these losses the carrying amount is reduced to nil, following which no further losses are recognised. Interest in the entity is the carrying amount of the investment together with any long-term interests that, in substance, form part of the net investment in the entity. From time to time the Group undertakes contracts jointly with other parties. These fall under the category of joint operations as defined by IFRS 11. In accordance with IFRS 11, the Group accounts for its own share of sales, profits, assets, liabilities and cash flows measured according to the terms of the agreements. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:2138002RKCU2OM4Y7O48",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-488": {
"value": "(a) Subsidiaries The consolidated financial statements comprise the financial statements of the Company and subsidiaries controlled by the Company drawn up to 30 June 2023. Control exists when the Group has direct or indirect power to govern the financial and operating policies of an entity so as to obtain economic benefits from its activities. Subsidiaries are included in the consolidated financial statements from the date that control transfers to the Group until the date that control ceases. Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is transferred to the Group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. In assessing control, the Group takes into consideration potential voting rights that currently are exercisable. If a business combination is achieved in stages, the acquisition date carrying value of the acquirer\u2019s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date; any gains or losses arising from such remeasurements are recognised in profit or loss. The Group measures goodwill at the acquisition date as: \u2013 The fair value of the consideration transferred; plus \u2013 The recognised amount of any non-controlling interests in the acquiree; plus \u2013 If the business combination is achieved in stages, the fair value of the existing equity interest in the acquiree; less \u2013 The net recognised amount (generally fair value) of the identifiable assets acquired and liabilities assumed. When the result is negative, a \u2018bargain purchase\u2019 gain is recognised immediately in the income statement. Provisional fair values allocated at a reporting date are finalised within 12 months of the acquisition date. The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts are generally recognised in the income statement. Costs related to the acquisition, other than those associated with the issue of debt or equity securities, that the Group incurs in connection with a business combination are expensed as incurred. Any contingent consideration payable is recognised at fair value at the acquisition date. Subsequent changes to the fair value of the contingent consideration are recognised in the income statement unless the contingent consideration is classified as equity, in which case settlement is accounted for within reserves. Accounting policies of subsidiaries are adjusted where necessary to ensure consistency with those used by the Group. All intra-Group transactions, balances, income and expenses are eliminated on consolidation. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:2138002RKCU2OM4Y7O48",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-489": {
"value": "(b) Joint arrangements A joint arrangement is a contractual arrangement whereby the Group undertakes an economic activity that is subject to joint control with third parties. The Group\u2019s interests in joint ventures are accounted for using the equity method. Under this method the Group\u2019s share of the profits less losses of joint ventures is included in the consolidated income statement and its interest in their net assets is included in investments in the consolidated balance sheet. Where the share of losses exceeds the Group\u2019s interest in the entity and there is no obligation to fund these losses the carrying amount is reduced to nil, following which no further losses are recognised. Interest in the entity is the carrying amount of the investment together with any long-term interests that, in substance, form part of the net investment in the entity. From time to time the Group undertakes contracts jointly with other parties. These fall under the category of joint operations as defined by IFRS 11. In accordance with IFRS 11, the Group accounts for its own share of sales, profits, assets, liabilities and cash flows measured according to the terms of the agreements. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:2138002RKCU2OM4Y7O48",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-433": {
"value": "Foreign currencies Transactions denominated in foreign currencies are recorded at the exchange rates in effect when they take place. Resulting monetary foreign currency denominated assets and liabilities are translated at the exchange rates ruling at the balance sheet date. Exchange differences arising from foreign currency transactions are reflected in the income statement. Items included in the financial statements of each of the Group\u2019s subsidiaries are measured using the currency of the primary economic environment in which each entity operates (the functional currency). The consolidated financial statements are presented in GBP, which is the Group\u2019s presentation currency. The assets and liabilities of overseas subsidiary undertakings are translated at the rate of exchange ruling at the balance sheet date. Trading profits or losses are translated at average rates prevailing during the accounting period. Differences on exchange arising from the retranslation of net investments in overseas subsidiary undertakings at the year-end rates are recognised in other comprehensive income. All other translation differences are reflected in the income statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:2138002RKCU2OM4Y7O48",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-432": {
"value": "Revenue and profit recognition Revenue comprises the fair value of the consideration received or receivable, net of value added tax, rebates and discounts and after eliminating sales within the Group. It also includes the Group\u2019s proportion of work carried out under jointly controlled operations. The general principles for revenue and profit recognition across the Group are as follows: \u2013 Provision is made for any unavoidable future net losses arising from contract obligations, as soon as they become apparent. These are accounted for under IAS 37 and are shown as onerous contract provisions in note 25; \u2013 Additional consideration for contract modifications (variations) is only included in revenue (or the forecast contract out-turn) if the scope of the modification has been approved by the customer. If the scope of the modification has been approved but the parties have not yet determined the corresponding change in the contract price, an estimate of the change to the transaction price is made and included in calculating revenue to the extent that it is highly probable that a significant reversal of the amount in cumulative revenue recognised will not occur; \u2013 Contract modifications are treated as separate contracts if the scope of the contract increases because of the addition of promised goods or services that are distinct, and the price of the contract increases by an amount of consideration that reflects the Group\u2019s stand-alone selling prices of the additional promised goods or services and any appropriate adjustments to that price to reflect the circumstances of the particular contract; \u2013 Variable consideration amounts (gain-share amounts, KPI bonuses, milestone bonuses, compensation event claims, etc.) are included in revenue (or forecasts to completion) only to the extent that it is highly probable that a significant reversal of the amount in cumulative revenue recognised will not occur; \u2013 Refund liabilities (liquidated damages, pain-share amounts, KPI penalties, etc.) are accounted for as a reduction in revenue (or in forecasting contract out-turns) as soon as it is expected that the Group will be required to refund some or all of the consideration it has received from the customer; \u2013 Where revenue that has been recognised is subsequently determined not to be recoverable due to the inability of a customer to meet its payment obligations, these amounts are charged to administrative expenses as a credit loss; \u2013 Claims against third parties (such as insurance recoveries and claims for cost reimbursements) outside of normal supplier price adjustments are recognised only when the realisation of income is virtually certain. The associated income is accounted for as reduction in costs rather than revenue; and \u2013 Contract mobilisation is not considered to be a separate performance obligation in most situations, as the customer receives little or no benefit from mobilisation activities. Any consideration received from the customer in relation to the mobilisation phase of a contract is deferred and recognised as additional revenue relating to the performance obligations in the contract that benefit the customer. If the timing of payments agreed with the customer provides the Group or the customer with a significant benefit of financing the transfer of goods or services, the amount of consideration is adjusted for the effects of the time value of money. The Group does not make an adjustment for the time value of money in the following circumstances: \u2013 When the Group expects, at contract inception, that the period between the entity transferring a good or service and the customer paying for it will be one year or less; or \u2013 Where the timing of the payments is for commercial rather than financing reasons, e.g. construction contract retentions, where the payment terms are to provide the customer with protection from Kier failing to adequately complete some or all of its obligations under the contract. Revenue and profit recognition policies applied to specific businesses are as follows: (a) Construction contracts Revenue is recognised on construction services over time as the benefit is transferred to the customer. The Group uses an input method to measure progress. The percentage of completion is measured using cost incurred to date as a proportion of the estimated full costs of completing the contract and is applied to the total expected contract revenue to determine the revenue to be recognised to date. The assessment of the final outcome of each contract is determined by regular review of the revenues and costs to complete that contract. Consistent contract review procedures are in place in respect of contract forecasting. (b) Services Revenue and profit from services rendered, which include facilities management, highways maintenance, utilities maintenance, street cleaning and recycling, is recognised over time as the service is performed. Progress on capital works and infrastructure renewal projects in the Highways and Utilities businesses is measured using costs incurred as a percentage of the estimated full costs of completing the performance obligation. Where the contract includes bundled services, and those services are distinct, the transaction price is allocated to each performance obligation identified in the contract based on the relative stand-alone selling prices of each of the performance obligations. Revenue is then recognised independently when each of the performance obligations is satisfied. Any variable consideration (e.g. performance bonus) attributable to a single performance obligation is allocated entirely to that performance obligation. Where variable consideration is attributable to the entire contract and is not specific to part of the contract, the consideration is allocated based on the stand-alone selling prices of each of the performance obligations within the contract. Service contracts are reviewed monthly to assess their future operational performance and profitability. (c) Property development Revenue in respect of property developments is recorded on unconditional exchange of contracts on disposal of finished developments. Profit taken is subject to any amounts necessary to cover residual commitments relating to development performance. Where developments are sold in advance of construction being completed, revenue and profit are recognised at the point of sale, reflecting the transfer of control to the customer in its current stage of completion. Thereafter, revenue for construction services provided to the customer to complete the property is recognised over time in line with the percentage of completion, consistent with the Group\u2019s accounting policy for recognition of revenue on construction contracts (see above). Where consideration is paid in advance of the development\u2019s construction phase at a price less than market value, revenue is recognised on a discounted basis to reflect a financing component of the transaction. This revenue and forward funded interest unwinds as the construction takes place. (d) Private Finance Initiative (\u2018PFI\u2019) service concession agreements Revenue relating to construction or upgrade services under a service concession agreement is recognised based on the stage of completion of the work performed, consistent with the Group\u2019s accounting policy on recognising revenue on construction contracts (see above). Operation or service revenue is recognised in the period in which the services were provided by the Group. When the Group provides more than one service in a service concession agreement, the consideration received is allocated by reference to the relative stand-alone selling prices of the services delivered. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:2138002RKCU2OM4Y7O48",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-434": {
"value": "Pre-contract and contract mobilisation costs Pre-contract costs to obtain a contract that would have been incurred irrespective of whether the contract was obtained are recognised as an expense when incurred, unless those costs are explicitly chargeable to the customer irrespective of whether the contract is obtained. Mobilisation costs incurred in respect of a specific contract that has been won or an anticipated contract that is expected to be won (e.g. when the Group has secured preferred bidder status) are carried forward in the balance sheet as capitalised mobilisation costs if: the costs generate or enhance resources of the Group that will be used in satisfying (or in continuing to satisfy) performance obligations in the future; and the costs are expected to be recovered (i.e. the contract is expected to be sufficiently profitable to cover the mobilisation costs). The vast majority of contracts incurring significant mobilisation costs are contracts that exceed 12 months in duration. The Group\u2019s policy is therefore to show its capitalised mobilisation costs as a non-current asset, amortised over the expected contract duration. ",
"dimensions": {
"concept": "kiergroupplc:DescriptionOfAccountingPolicyForPreContractAndContractMobilisationCosts",
"language": "en",
"entity": "scheme:2138002RKCU2OM4Y7O48",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-435": {
"value": "Warranties and rectification costs The Group does not offer extended insurance-type warranties at an additional cost to the customer (which would represent separate performance obligations). Standard industry assurance-type warranties are provided and are accounted for as rectification cost provisions based on the estimated costs of making good any latent defects. ",
"dimensions": {
"concept": "kiergroupplc:DescriptionOfAccountingPolicyForWarrantiesAndRectificationCosts",
"language": "en",
"entity": "scheme:2138002RKCU2OM4Y7O48",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-436": {
"value": "Alternative performance measures IAS 1 permits an entity to present additional information for specific items to enable users to better assess the entity\u2019s financial performance. The Directors have considered the requirements of applicable accounting standards, along with additional guidance around alternative performance measures (\u2018APMs\u2019) and believe it is appropriate to inform users regarding various items and disclose those items which are deemed one-off, material or non-recurring in size or nature, in alignment with the Group\u2019s internal management reporting. As such, the Group is disclosing as supplementary information an \u2018Adjusted Profit\u2019 APM which is reconciled to statutory profit in the notes to the financial statements and is consistent with IFRS 8 segmental reporting. Separate presentation of these items is intended to enhance understanding of the financial performance of the Group in the particular year under review and the extent to which results are influenced by material unusual and/or non-recurring items. The Directors review segmental results under an adjusted items basis to analyse the performance of operating segments. The Directors exercise judgement in determining the classification of certain items as adjusting using quantitative and qualitative factors. In assessing whether an item is an adjusting item, the Directors give consideration, both individually and collectively, as to an item\u2019s size, the specific circumstances which have led to the item arising and if the item is likely to recur, or whether the matter forms part of a group of similar items. Amortisation of acquired intangible assets and certain financing costs are also included as adjusting items on the basis of being ongoing non-cash items generated from acquisition-related activity. A full reconciliation from statutory numbers to adjusted profit measures has been presented in note 5. The Group presents revenue including from joint venture arrangements as an alternative performance measure. The Directors believe this is a useful measure as it provides visibility over the scale of the Group\u2019s operations, particularly within its Property business where a significant proportion of developments are set up in joint ventures. The Group also presents adjusted cash flow from operations, free cash flow and net debt as alternative performance measures. The Directors consider that these provide useful information about the Group\u2019s liquidity and debt profile. A glossary of alternative performance measures is included on page 243. ",
"dimensions": {
"concept": "kiergroupplc:DescriptionOfAccountingPolicyForAlternativePerformanceMeasures",
"language": "en",
"entity": "scheme:2138002RKCU2OM4Y7O48",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-490": {
"value": "Finance income and costs Interest receivable and payable on bank balances is credited or charged to the income statement as incurred using the effective interest rate method. Interest receivable is presented within operating cash flows in the cash flow statement. Borrowing costs are capitalised where the Group constructs qualifying assets. All other borrowing costs are written off to the income statement as incurred. Borrowing costs incurred within the Group\u2019s jointly controlled entities relating to the construction of assets in PFI and PPP projects are capitalised until the relevant assets are brought into operational use. Notional interest payable, representing the unwinding of the discount on long-term liabilities, is charged to finance costs. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:2138002RKCU2OM4Y7O48",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-437": {
"value": "Finance income and costs Interest receivable and payable on bank balances is credited or charged to the income statement as incurred using the effective interest rate method. Interest receivable is presented within operating cash flows in the cash flow statement. Borrowing costs are capitalised where the Group constructs qualifying assets. All other borrowing costs are written off to the income statement as incurred. Borrowing costs incurred within the Group\u2019s jointly controlled entities relating to the construction of assets in PFI and PPP projects are capitalised until the relevant assets are brought into operational use. Notional interest payable, representing the unwinding of the discount on long-term liabilities, is charged to finance costs. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:2138002RKCU2OM4Y7O48",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-491": {
"value": "Taxation Income tax comprises current and deferred tax. Income tax is recognised in the income statement except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity. Current tax is the expected tax payable on taxable income for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years. Deferred tax is provided using the balance sheet method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The deferred tax provision is based on the expected manner of realisation or settlement of the carrying amount of the assets and liabilities, using tax rates enacted or substantively enacted at the balance sheet date. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realised or where other temporary differences are available. The Group participates in the UK Government\u2019s Research and Development Expenditure Credit (\u2018RDEC\u2019) tax incentive scheme. Credits receivable under the RDEC scheme are recognised within operating profit and are treated as taxable income. Amounts receivable in respect of RDEC claims are included on the balance sheet within the corporation tax receivable balance or as a reduction in the corporation tax payable balance, as appropriate. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2138002RKCU2OM4Y7O48",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-438": {
"value": "Taxation Income tax comprises current and deferred tax. Income tax is recognised in the income statement except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity. Current tax is the expected tax payable on taxable income for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years. Deferred tax is provided using the balance sheet method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The deferred tax provision is based on the expected manner of realisation or settlement of the carrying amount of the assets and liabilities, using tax rates enacted or substantively enacted at the balance sheet date. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realised or where other temporary differences are available. The Group participates in the UK Government\u2019s Research and Development Expenditure Credit (\u2018RDEC\u2019) tax incentive scheme. Credits receivable under the RDEC scheme are recognised within operating profit and are treated as taxable income. Amounts receivable in respect of RDEC claims are included on the balance sheet within the corporation tax receivable balance or as a reduction in the corporation tax payable balance, as appropriate. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2138002RKCU2OM4Y7O48",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-492": {
"value": "Goodwill and other intangible assets Goodwill arising on consolidation represents the excess of the consideration over the Group\u2019s interest in the fair value of the identifiable assets and liabilities of a subsidiary. Goodwill is recognised as an asset and reviewed for impairment at least annually. Any impairment is recognised immediately in the income statement and is not subsequently reversed. Negative goodwill is recognised in the income statement immediately. On disposal of a subsidiary or jointly controlled entity, the attributable carrying amount of goodwill is included in the determination of the profit or loss on disposal. Other intangible assets which comprise contract rights and computer software are stated at cost less accumulated amortisation and impairment losses. Amortisation is charged to administrative expenses in the income statement on a straight-line basis over the expected useful lives of the assets, which are principally as follows: Contract rights Over the remaining contract life Computer software 3\u201310 years Internally generated intangible assets developed by the Group are recognised only if all of the following conditions are met: \u2013 An asset is created that can be identified; \u2013 It is probable that the asset created will generate future economic benefits; and \u2013 The development cost of the asset can be measured reliably. Other research expenditure is written off in the period in which it is incurred. Software as a service Costs incurred relating to software as a service (\u2018SaaS\u2019) that provide future benefit to the Group are included within prepayments and written off over the period to which they relate. All other costs in respect of SaaS are expensed to the income statement as incurred. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138002RKCU2OM4Y7O48",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-439": {
"value": "Goodwill and other intangible assets Goodwill arising on consolidation represents the excess of the consideration over the Group\u2019s interest in the fair value of the identifiable assets and liabilities of a subsidiary. Goodwill is recognised as an asset and reviewed for impairment at least annually. Any impairment is recognised immediately in the income statement and is not subsequently reversed. Negative goodwill is recognised in the income statement immediately. On disposal of a subsidiary or jointly controlled entity, the attributable carrying amount of goodwill is included in the determination of the profit or loss on disposal. Other intangible assets which comprise contract rights and computer software are stated at cost less accumulated amortisation and impairment losses. Amortisation is charged to administrative expenses in the income statement on a straight-line basis over the expected useful lives of the assets, which are principally as follows: Contract rights Over the remaining contract life Computer software 3\u201310 years Internally generated intangible assets developed by the Group are recognised only if all of the following conditions are met: \u2013 An asset is created that can be identified; \u2013 It is probable that the asset created will generate future economic benefits; and \u2013 The development cost of the asset can be measured reliably. Other research expenditure is written off in the period in which it is incurred. Software as a service Costs incurred relating to software as a service (\u2018SaaS\u2019) that provide future benefit to the Group are included within prepayments and written off over the period to which they relate. All other costs in respect of SaaS are expensed to the income statement as incurred. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138002RKCU2OM4Y7O48",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-514": {
"value": "Other intangible assets which comprise contract rights and computer software are stated at cost less accumulated amortisation and impairment losses. Amortisation is charged to administrative expenses in the income statement on a straight-line basis over the expected useful lives of the assets, which are principally as follows: Contract rights Over the remaining contract life Computer software 3\u201310 years Internally generated intangible assets developed by the Group are recognised only if all of the following conditions are met: \u2013 An asset is created that can be identified; \u2013 It is probable that the asset created will generate future economic benefits; and \u2013 The development cost of the asset can be measured reliably. Other research expenditure is written off in the period in which it is incurred. Software as a service Costs incurred relating to software as a service (\u2018SaaS\u2019) that provide future benefit to the Group are included within prepayments and written off over the period to which they relate. All other costs in respect of SaaS are expensed to the income statement as incurred. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138002RKCU2OM4Y7O48",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-440": {
"value": "Property, plant and equipment and depreciation The cost of an acquired asset comprises the purchase price, any directly attributable costs and the estimated costs of dismantling and removing the item at the end of its life. Depreciation is based on historical or deemed cost, including expenditure that is directly attributable to the acquisition of the items, less the estimated residual value, and the estimated economic lives of the assets concerned. Freehold land is not depreciated. Other tangible assets are depreciated to residual values in equal annual instalments over the period of their estimated economic lives, which are principally as follows: Land and buildings 25\u201350 years or period of lease Plant and equipment 3\u201312 years ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:2138002RKCU2OM4Y7O48",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-493": {
"value": "Property, plant and equipment and depreciation The cost of an acquired asset comprises the purchase price, any directly attributable costs and the estimated costs of dismantling and removing the item at the end of its life. Depreciation is based on historical or deemed cost, including expenditure that is directly attributable to the acquisition of the items, less the estimated residual value, and the estimated economic lives of the assets concerned. Freehold land is not depreciated. Other tangible assets are depreciated to residual values in equal annual instalments over the period of their estimated economic lives, which are principally as follows: Land and buildings 25\u201350 years or period of lease Plant and equipment 3\u201312 years ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:2138002RKCU2OM4Y7O48",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-441": {
"value": "Leases Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments: \u2013 Fixed payments (including in-substance fixed payments), less any lease incentives receivable; \u2013 Variable lease payments that are based on an index or a rate, initially measured using the index or rate as at the commencement date; \u2013 Amounts expected to be payable by the Group under residual value guarantees; \u2013 The exercise price of a purchase option if the Group is reasonably certain to exercise that option; and \u2013 Payments of penalties for terminating the lease, if the lease term reflects the Group exercising that option. Lease payments to be made under reasonably certain extension options are also included in the measurement of the liability. The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is generally the case for leases in the Group, the lessee\u2019s incremental borrowing rate is used, being the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions. Most Group companies do not have any recent independent third-party financing to use as a starting point for the incremental borrowing rate. Therefore, the Group uses a build-up approach that starts with a risk-free interest rate adjusted for credit risk, lease term, country, currency and security. The Group is exposed to potential future increases in variable lease payments based on an index or rate, which are not included in the lease liability until they take effect. When adjustments to lease payments based on an index or rate take effect, the lease liability is reassessed and adjusted against the right-of-use asset. Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. Right-of-use assets are measured at cost comprising the following: \u2013 The amount of the initial measurement of lease liability; \u2013 Any lease payments made at or before the commencement date less any lease incentives received; \u2013 Any initial direct costs; and \u2013 Any restoration costs. Right-of-use assets are generally depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis. If the Group is reasonably certain to exercise a purchase option, the right-of-use asset is depreciated over the underlying asset\u2019s useful life. The Group has elected to use the following recognition exemptions, as permitted by the standard: \u2013 Leases of low-value items \u2013 The Group has defined low-value items as assets that have a value when new of less than c.\u00a35,000. Low-value items comprise IT equipment and small items of plant. \u2013 Short-term leases \u2013 Leases with a lease term of less than 12 months at inception. For leases in the above categories, a lease liability or right-of-use asset is not recognised. Instead, the Group recognises the related lease payments as an expense on a straight-line basis over the lease term. Contracts may contain both lease and non-lease components. The Group allocates the consideration in the contract to the lease and non-lease components based on their relative stand-alone prices. Leased properties that meet the definition of investment properties are presented within \u2018investment properties\u2019 rather than \u2018right-of-use assets\u2019 on the balance sheet. The Group enters into lease agreements as a lessor with respect to its investment properties. Leases for which the Group is a lessor are classified as finance or operating leases. Whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee, the contract is classified as a finance lease. All other leases are classified as operating leases. When the Group is an intermediate lessor, it accounts for the head lease and the sub-lease as two separate contracts. The sub-lease is classified as a finance or operating lease by reference to the right-of-use asset arising from the head lease. Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term. Amounts due from lessees under finance leases are recognised as receivables at the amount of the Group\u2019s net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the Group\u2019s net investment outstanding in respect of the leases. Finance lease income is calculated with reference to the gross carrying amount of the lease receivables, except for credit-impaired financial assets for which interest income is calculated with reference to their amortised cost (i.e. after a deduction of the loss allowance). When a contract includes both lease and non-lease components, the Group applies IFRS 15 to allocate the consideration under the contract to each component. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:2138002RKCU2OM4Y7O48",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-442": {
"value": "Investment properties Investment properties, principally office buildings and land, are held for the purpose of earning rentals and/or for capital appreciation and are not occupied by the Group. Investment properties are measured using the fair value model. Gains and losses arising from a change in the fair value of investment properties are recognised in the income statement in the period in which they arise. Rental income and costs in respect of investment properties are included within administrative expenses and are disclosed in note 15(b). Where the investment property has come about through vacating corporate offices following the restructure of the Group\u2019s property portfolio, amounts in the income statement are treated as adjusting items. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory",
"language": "en",
"entity": "scheme:2138002RKCU2OM4Y7O48",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-443": {
"value": "Inventories Inventories, including land held for and in the course of development, are valued at the lower of cost and net realisable value. Cost comprises direct materials and, where appropriate, labour and production overheads which have been incurred in bringing the inventories and work in progress to their present location and condition. Cost in certain circumstances also includes notional interest as explained in the accounting policy for finance income and costs. Net realisable value represents the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution. Inventories are valued on a first in, first out (\u2018FIFO\u2019) basis. Land inventory is recognised at the time a commitment to purchase the land is made, generally at exchange of unconditional contracts. Property inventory, which represents all development land and work in progress, is included at cost less any losses foreseen in completing and disposing of the development less any amounts received or receivable as progress payments or part disposals. Where a property is being developed, cost includes cost of acquisition and development to date, including directly attributable fees, expenses and finance charges net of rental or other income attributable to the development. Where development property is not being actively developed, net rental income and finance costs are taken to the income statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:2138002RKCU2OM4Y7O48",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-444": {
"value": "Contract assets and liabilities When the Group transfers goods or services to a customer before the customer pays consideration or before payment is due, the amount of revenue associated with the transfer of goods or services is accrued and presented as a contract asset in the balance sheet (excluding any amounts presented as a receivable). A contract asset represents the Group\u2019s right to consideration in exchange for goods or services that the Group has transferred to a customer. Contract assets are reduced by appropriate allowances for expected credit losses calculated using the simplified approach (as with trade receivables). If a customer pays consideration, or the Group has a right to an amount of consideration that is unconditional (i.e. a receivable), before the Group transfers a good or service to the customer, the amount is presented as a contract liability on the balance sheet. A contract liability represents the Group\u2019s obligation to transfer goods or services to a customer for which the entity has received consideration (or an amount of consideration is due) from the customer. The Group has allocated contract assets and liabilities due within 12 months of the balance sheet date to current with the remainder included in non-current. ",
"dimensions": {
"concept": "kiergroupplc:DescriptionOfAccountingPolicyForContractAssetsAndLiabilities",
"language": "en",
"entity": "scheme:2138002RKCU2OM4Y7O48",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-445": {
"value": "Assets held for sale Assets classified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell. Assets are classified as held for sale if their carrying amount will be recovered through a sale transaction rather than through continuing use. This condition is regarded as met only when the sale is highly probable, and the assets are available for sale in their present condition. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:2138002RKCU2OM4Y7O48",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-446": {
"value": "Share capital The ordinary share capital of the Company is recorded as the proceeds received, net of directly attributable incremental issue costs. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:2138002RKCU2OM4Y7O48",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-447": {
"value": "Merger reserve Where equity raises are effected through a structure which is eligible for merger relief under section 612 of the Companies Act 2006, the Group transfers the excess of the net proceeds over the nominal value of the share capital issued to the merger reserve. ",
"dimensions": {
"concept": "kiergroupplc:DescriptionOfAccountingPolicyForMergerReserve",
"language": "en",
"entity": "scheme:2138002RKCU2OM4Y7O48",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-448": {
"value": "Provisions Provisions are recognised when the Group has a present legal or constructive obligation as a result of a past event, and where it is probable that an outflow will be required to settle the obligation and the amount can be reliably estimated. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:2138002RKCU2OM4Y7O48",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-449": {
"value": "Contingent liabilities The Group discloses a contingent liability in circumstances where it has a possible obligation depending on whether some uncertain future event occurs, or has a present obligation but payment is not probable, or the amount cannot be measured reliably. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:2138002RKCU2OM4Y7O48",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-450": {
"value": "Government grants Government grant income is recognised at the point that there is reasonable assurance that the Group will comply with the conditions attached to it, and that the grant will be received. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:2138002RKCU2OM4Y7O48",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-451": {
"value": "Employee benefits (a) Retirement benefit obligations For defined contribution pension schemes operated by the Group, amounts payable are charged to the income statement as they fall due. The Group accounts for defined benefit obligations in accordance with IAS 19. Obligations are measured at discounted present value while plan assets are measured at fair value. The operating and financing costs of such plans are recognised separately in the income statement; current service costs are spread systematically over the lives of employees and financing costs are recognised in full in the period in which they arise. Remeasurements of the net defined pension liability, including actuarial gains and losses, are recognised immediately in other comprehensive income. The net finance cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This cost is included in finance costs in the income statement. Where the calculations result in a surplus to the Group, the recognised asset is limited to the present value of any available future refunds from the plan or reductions in future contributions to the plan that the Group has the unconditional right to realise. (b) Share-based payments Share-based payments granted but not vested are valued at the fair value of the shares at the date of grant. This applies to the Sharesave, Conditional Share Award Plan and Long-Term Incentive Plan (\u2018LTIP\u2019) schemes. The fair value of these schemes at the date of award is calculated using the Black-Scholes model apart from the total shareholder return element of the LTIP which is based on a Stochastic model. Awards that are subject to a post-vesting holding period are valued using the Finnerty model. The cost to the Group of awards to employees under the LTIP scheme is spread on a straight-line basis over the relevant performance period. The scheme awards to senior employees a number of shares which will vest after three years if particular criteria are met. The cost of the scheme is based on the fair value of the shares at the date the options are granted. Shares purchased and held in trust in connection with the Group\u2019s share schemes are deducted from retained earnings. No gain or loss is recognised within the income statement on the market value of these shares compared with the original cost. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:2138002RKCU2OM4Y7O48",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-494": {
"value": "(b) Share-based payments Share-based payments granted but not vested are valued at the fair value of the shares at the date of grant. This applies to the Sharesave, Conditional Share Award Plan and Long-Term Incentive Plan (\u2018LTIP\u2019) schemes. The fair value of these schemes at the date of award is calculated using the Black-Scholes model apart from the total shareholder return element of the LTIP which is based on a Stochastic model. Awards that are subject to a post-vesting holding period are valued using the Finnerty model. The cost to the Group of awards to employees under the LTIP scheme is spread on a straight-line basis over the relevant performance period. The scheme awards to senior employees a number of shares which will vest after three years if particular criteria are met. The cost of the scheme is based on the fair value of the shares at the date the options are granted. Shares purchased and held in trust in connection with the Group\u2019s share schemes are deducted from retained earnings. No gain or loss is recognised within the income statement on the market value of these shares compared with the original cost. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:2138002RKCU2OM4Y7O48",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-452": {
"value": "Financial instruments Financial assets and financial liabilities are recognised in the Group\u2019s balance sheet when the Group becomes a party to the contractual provisions of the instrument. An assessment of whether a financial asset is impaired is made at least at each reporting date. The principal financial assets and liabilities of the Group are as follows: (a) Trade receivables and trade payables Given the varied activities of the Group it is not practicable to identify a common operating cycle. The Group has therefore allocated receivables and payables due within 12 months of the balance sheet date to current with the remainder included in non-current. A trade receivable is recognised when the Group has a right to consideration that is unconditional (subject only to the passage of time before payment is due). Trade receivables do not carry interest and are stated at their initial cost reduced by appropriate allowances for expected credit losses. The Group applies the simplified approach to measurement of expected credit losses in respect of trade receivables, which requires expected lifetime losses to be recognised from initial recognition of the receivables. Trade payables on normal terms are not interest-bearing and are stated at their nominal value. Trade payables on extended terms, particularly in respect of land purchases, are discounted and recorded at their present value. Amounts owing under supply chain finance arrangements are included within trade payables rather than bank debt. The purpose of supply chain finance is purely to grant subcontractors and suppliers access to credit and improve their cash flows. There have been no changes to the underlying terms of the supply chain finance arrangements. The designation in trade payables is due to the assignment of invoice rather than a novation, the Group acting as an agent with fees related to supply chain finance being borne by the supplier and the final payment date to the bank being set by the Group with interest accrued for any late payments. (b) Cash and cash equivalents Cash and cash equivalents in the cash flow statement comprise cash at bank and in hand, including bank deposits with original maturities of three months or less, net of bank overdrafts where legal right of set off exists (to reflect the substance of cash pooling arrangements). (c) Bank and other borrowings Interest-bearing bank and other borrowings are recorded at the fair value of the proceeds received, net of direct issue costs. Finance charges, including premiums payable on settlement or redemption and direct issue costs, are accounted for on an accruals basis in the income statement using the effective interest method and are added to the carrying value of the instrument to the extent that they are not settled in the period in which they arise. (d) Private Finance Initiative (\u2018PFI\u2019) assets Under the terms of a PFI or similar project, where the risks and rewards of ownership remain largely with the purchaser of the associated services, the Group\u2019s interest in the asset is classified as a financial asset and included at its amortised cost within investment in joint ventures. (e) Derivative financial instruments Derivatives are initially recognised at fair value on the date that the contract is entered into and subsequently remeasured in future periods at their fair value. The method of recognising the resulting change in fair value depends on whether the derivative is designated as a hedging instrument and whether the hedging relationship is effective. For cash flow hedges, the effective portion of changes in the fair value of these derivatives is recognised in the cash flow hedge reserve within equity. Any ineffective portion is recognised immediately in the income statement. Amounts accumulated in equity are recycled to the income statement in the periods when the hedged items will affect profit or loss. If the hedging instrument no longer meets the criteria for hedge accounting, expires or is sold, terminated or exercised, the hedge accounting is discontinued prospectively. The cumulative gain or loss previously recognised in equity remains there until the forecast transaction occurs. When the forecast transaction is no longer expected to occur, the cumulative gain or loss and deferred costs of hedging that were reported in equity are immediately reclassified to profit or loss. The Group enters into forward contracts in order to hedge against transactional foreign currency exposures. In cases where these derivative instruments are significant, hedge accounting is applied as described above. Where hedge accounting is not applied, changes in fair value of derivatives are recognised in the income statement. The fair values of derivative instruments have been derived from proprietary models used by the bank counterparties using mid-market mark to market valuations for trades at the close of business on the balance sheet date. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:2138002RKCU2OM4Y7O48",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-495": {
"value": "(a) Trade receivables and trade payables Given the varied activities of the Group it is not practicable to identify a common operating cycle. The Group has therefore allocated receivables and payables due within 12 months of the balance sheet date to current with the remainder included in non-current. A trade receivable is recognised when the Group has a right to consideration that is unconditional (subject only to the passage of time before payment is due). Trade receivables do not carry interest and are stated at their initial cost reduced by appropriate allowances for expected credit losses. The Group applies the simplified approach to measurement of expected credit losses in respect of trade receivables, which requires expected lifetime losses to be recognised from initial recognition of the receivables. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:2138002RKCU2OM4Y7O48",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-496": {
"value": "Trade payables on normal terms are not interest-bearing and are stated at their nominal value. Trade payables on extended terms, particularly in respect of land purchases, are discounted and recorded at their present value. Amounts owing under supply chain finance arrangements are included within trade payables rather than bank debt. The purpose of supply chain finance is purely to grant subcontractors and suppliers access to credit and improve their cash flows. There have been no changes to the underlying terms of the supply chain finance arrangements. The designation in trade payables is due to the assignment of invoice rather than a novation, the Group acting as an agent with fees related to supply chain finance being borne by the supplier and the final payment date to the bank being set by the Group with interest accrued for any late payments. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:2138002RKCU2OM4Y7O48",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-497": {
"value": "(b) Cash and cash equivalents Cash and cash equivalents in the cash flow statement comprise cash at bank and in hand, including bank deposits with original maturities of three months or less, net of bank overdrafts where legal right of set off exists (to reflect the substance of cash pooling arrangements). ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:2138002RKCU2OM4Y7O48",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-498": {
"value": "(c) Bank and other borrowings Interest-bearing bank and other borrowings are recorded at the fair value of the proceeds received, net of direct issue costs. Finance charges, including premiums payable on settlement or redemption and direct issue costs, are accounted for on an accruals basis in the income statement using the effective interest method and are added to the carrying value of the instrument to the extent that they are not settled in the period in which they arise. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:2138002RKCU2OM4Y7O48",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-499": {
"value": "(e) Derivative financial instruments Derivatives are initially recognised at fair value on the date that the contract is entered into and subsequently remeasured in future periods at their fair value. The method of recognising the resulting change in fair value depends on whether the derivative is designated as a hedging instrument and whether the hedging relationship is effective. For cash flow hedges, the effective portion of changes in the fair value of these derivatives is recognised in the cash flow hedge reserve within equity. Any ineffective portion is recognised immediately in the income statement. Amounts accumulated in equity are recycled to the income statement in the periods when the hedged items will affect profit or loss. If the hedging instrument no longer meets the criteria for hedge accounting, expires or is sold, terminated or exercised, the hedge accounting is discontinued prospectively. The cumulative gain or loss previously recognised in equity remains there until the forecast transaction occurs. When the forecast transaction is no longer expected to occur, the cumulative gain or loss and deferred costs of hedging that were reported in equity are immediately reclassified to profit or loss. The Group enters into forward contracts in order to hedge against transactional foreign currency exposures. In cases where these derivative instruments are significant, hedge accounting is applied as described above. Where hedge accounting is not applied, changes in fair value of derivatives are recognised in the income statement. The fair values of derivative instruments have been derived from proprietary models used by the bank counterparties using mid-market mark to market valuations for trades at the close of business on the balance sheet date. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:2138002RKCU2OM4Y7O48",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
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"fact-453": {
"value": "Significant accounting estimates and critical judgements Management considers that their use of estimates, assumptions and judgements in the application of the Group\u2019s accounting policies are inter-related and therefore discuss them together below with the major sources of estimation uncertainty and significant judgements separately identified: (a) Revenue and profit recognition The estimation techniques used for revenue and profit recognition in respect of property development, construction contracts and services contracts require forecasts to be made of the outcome of long-term contracts which require assessments and judgements to be made on the recovery of pre-contract costs, changes in the scope of work, programme of works, maintenance and defect obligations and changes in costs. The estimates and judgements in respect of construction contracts are considered to be critical. There are a small number of contracts that the Group considers require significant accounting estimates and, as at 30 June 2023, the Group has included estimated recoveries from customers and other third parties with a combined value of \u00a374.0m (2022: \u00a376.6m). These recoveries are recognised in line with the Group\u2019s stated accounting policies. However, estimation uncertainty exists and there are a number of factors which will affect the final outcome once these contracts are finalised. The Group estimates that the final outcome on these contracts could collectively range from an upside of \u00a382.8m (2022: \u00a342.1m) to a downside, including the risk of counterclaims being levied against the Group, of \u00a347.0m (2022: \u00a340.1m). Over 400 construction contracts (2022: over 500) were income generating during the year within the Group\u2019s Construction and Infrastructure Services operating divisions. Of these, three (2022: none) individually had a material impact on operating profit. The key judgements and estimates relating to determining the revenue and profit of material contracts are: \u2013 costs to complete; \u2013 achieving the planned build programme; and \u2013 recoverability of claims and variations in accordance with IFRS 15. Each contract is treated on its merit and is subject to a regular review of the revenue and costs to complete that contract, determined by a combination of management judgement and external professional assistance, backed up by accounting position papers for the contracts that have a material impact on the income statement. The level of estimation uncertainty in the Group\u2019s construction businesses is reduced by the effect of its substantial portfolio and significant experience of the division\u2019s management team. The level of estimation is further reduced by the combination of the modest scale and short contract durations of the majority of the Group\u2019s projects. Nevertheless, the profit recognition in the Construction business is a critical estimate, due to the inherent uncertainties in any construction project over revenues and costs. The level of estimation and uncertainty differs between the Group\u2019s construction businesses, particularly between Regional Building, Major Projects \u2013 Building and Infrastructure. Regional Building operates around 300 sites (2022: 350) each year with an average project size of \u00a315.8m (2022: \u00a312.9m) and with average revenue in the year of \u00a34.4m (2022: \u00a33.3m). These projects typically operate under framework contracts where costs are known with a greater degree of certainty. Infrastructure manages around 30 sites with projects ranging from a relatively small number of higher value major Infrastructure civil engineering projects to a larger number of more modest minor signalling upgrades and replacements. The major infrastructure civil engineering projects typically include two stage Design and Build, Construct only and Target Cost contracts. The nature and length of these contracts means there can be a greater level of estimation and uncertainty. The blended portfolio risk of the overall construction businesses is mitigated by the relative sizes of the Regional Building, Major Projects \u2013 Building and Infrastructure businesses. Construction revenue for the year was \u00a31.7bn (2022: \u00a31.4bn) with an associated adjusted operating profit margin of 4.2% (2022: 4.2%). The historic profit margins in the construction businesses typically range from 3.2% to 4.2%. A potential downside risk in margin would be 1.0% (2022: 2.4%). Given the short-term average duration of the construction portfolio, the impact of such a decrease in margin across projects in delivery at the year-end would be a decrease in operating profit of \u00a316.5m (2022: \u00a334.6m). (b) Lifecycle assets The Group has a number of ongoing contracts where lifecycle funds are established to meet contractual obligations. At the 30 June 2023 the carrying value of these non-current contract assets was \u00a343.7m, offset by a provision of \u00a34.9m. The key sensitivity in the calculation is the percentage of the funds build-up required for future maintenance. A reasonably likely change would be an increase or decrease of 10% in the percentage of funds build-up required. Such a change would result in a profit impact of approximately \u00a32m in any one year. (c) Defined benefit pension scheme valuations In determining the valuation of defined benefit pension scheme assets and liabilities, a number of key assumptions have been made. The key assumptions, which are given below, are largely dependent on factors outside the control of the Group: \u2013 expected return on plan assets; \u2013 inflation rate; \u2013 mortality; \u2013 discount rate; and \u2013 salary and pension increases. Details of the assumptions used and sensitivity to changes in these assumptions are included in note 9. (d) Goodwill Determining whether goodwill is impaired requires an estimation of the value in use of cash generating units (\u2018CGUs\u2019) to which the goodwill has been allocated. The value in use calculation requires an estimate to be made of the timing and amount of future cash flows expected to arise from the CGU and the application of a suitable discount rate in order to calculate the net present value. Cash flow forecasts for the next three years are based on the Group\u2019s budgets and forecasts. Other key inputs in assessing each CGU are revenue growth, operating margin, discount rate and terminal growth rate. The assumptions are set out in note 13 together with an assessment of the impact of reasonably possible sensitivities. In undertaking the assessment, the potential net impact of climate change on the forecasts has been considered. At present, it has been concluded that it will not be significant. Other accounting estimates and judgements The consolidated financial statements include other areas of judgement and accounting estimates. While these areas do not meet the definition under IAS 1 of significant accounting estimates or critical accounting judgements, the recognition and measurement of certain material assets and liabilities are based on assumptions and/or are subject to longer-term uncertainties. (a) Joint ventures In accordance with IFRS 11 paragraph 7, joint ventures are identified where the control of an arrangement is shared and decisions around activities require unanimous consent if the action significantly affects the investee\u2019s return. The key judgement involved in determining joint control is that the Board structure and the mechanisms in the reserved matters do not give any one party majority control over relevant activities, regardless of the economic split between partners. (b) Adjusting items Adjusting items are items of financial performance which the Group believes should be separately presented to assist in understanding the financial performance achieved by the Group in accordance with the accounting policy set out on page 175. Determining whether an item is classified as an adjusting item requires judgement. Total adjusting items of \u00a352.9m were charged to the income statement in respect of continuing operations for the year ended 30 June 2023 (2022: \u00a378.2m). The items that comprise this are set out in note 5 together with an explanation of their nature and consideration points as to why the Directors have treated these as adjusting items. (c) Property leases The Group continues to rationalise its property portfolio and exited its leased corporate offices in Foley Street, London and Fountain Street, Manchester during prior years. The properties are now being sublet for the remaining period of the lease and the associated right-of-use asset is classified as an investment property. Given the length of the underlying leases and the uncertainty in the property market, in calculating the fair value of the right-of-use asset judgement has been exercised. These areas of judgement are detailed in note 15. (d) Taxation The Group is predominantly UK-based and all entities are UK resident for tax purposes and therefore subject to UK tax regulations. Deferred tax liabilities are generally provided for in full and deferred tax assets are recognised to the extent that it is judged probable that future taxable profit will arise against which the temporary differences will be utilised. In particular, the Group has exercised judgement in recognising a deferred tax asset of \u00a3106.2m (2022: \u00a3105.6m) in respect of tax losses. The key judgements in assessing the recoverability of the deferred tax asset relate to the taxable profit forecasts. These forecasts are based on the same Board-approved information used to support the going concern and goodwill impairment assessments. The critical judgements related to these forecasts are the same as those described in the goodwill section of this note. In assessing the recoverability, the Group has considered various sensitivities regarding future profitability, those of which are also disclosed within the goodwill section of this note. The basis for recognising this tax asset is set out in note 18 together with the period in which it is expected to be utilised. (e) Land and property valuations The recoverability of property development work in progress is an area which requires significant judgement due to the ongoing volatility in property valuations. An assessment of the net realisable value of inventory is carried out at each balance sheet date and is dependent upon the Group\u2019s estimate of forecast selling prices and build/development costs (by reference to current prices), which may require significant judgement. Where applicable, third-party valuations are used to support the position as at the balance sheet date. In valuing work in progress at the lower of cost and net realisable value the Group has already recognised any expected downside, and any upside is contingent on the Group\u2019s continued development of the projects as it is not in the business of selling partly developed sites. At 30 June 2023, the value of land and work in progress held for development, included within inventory on the balance sheet, was \u00a359.6m (2022: \u00a343.0m). (f) Fire and cladding The Group has undertaken a review of all of its current and legacy constructed buildings where it has used cladding solutions and continues to assess the action required in line with the latest updates to Government guidance, as it applies, to multi-storey and multi-occupied residential buildings. The buildings, including the cladding works, were signed off by approved inspectors as compliant with the relevant Building Regulations at the time of completion. In preparing the financial statements, currently available information has been considered, including the current best estimate of the extent and future costs of work required, based on the reviews and physical inspections undertaken. Where an obligation has been established and a reliable estimate of the costs to rectify is available, a provision has been made (see note 25). No provision has been made where an obligation has not been established. These estimates may be updated as further inspections are completed and as work progresses which could give rise to the recognition of further liabilities. Such liabilities, should they arise, are expected to be covered materially by the Group\u2019s insurance arrangements thereby limiting the net exposure. Any insurance recovery must be considered virtually certain before a corresponding asset is recognised and so this could potentially lead to an asymmetry in the recognition of assets and liabilities. ",
"dimensions": {
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"entity": "scheme:2138002RKCU2OM4Y7O48",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
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"fact-454": {
"value": "2 Revenue Revenue is entirely derived from contracts with customers. Infrastructure Services The Group derives revenue from capital infrastructure projects as well as the maintenance of infrastructure assets across various sectors including highways, rail, water, gas and domestic fibre installation. Capital projects can range from the construction of power station infrastructure, roads, railways, bridges and tunnels, over a period of several years (e.g. Hinkley Point C, Sellafield SRP and HS2), to small schemes completed in a matter of days. Revenue is recognised over time as the construction services are rendered to the customer. Each capital project is typically treated as a single performance obligation. The Group also provides maintenance services for the UK road, rail and utilities infrastructure through both routine, preventative maintenance as well as reactive repairs. These services are generally delivered under framework contracts of between five to eight years; however, individual performance obligations under the framework are normally determined on an annual, monthly or ad hoc basis. Revenue is recognised over time as the maintenance services are rendered to the customer. Where multiple services are supplied under a single contract they are treated as separate performance obligations and revenue is recognised separately as each performance obligation is satisfied. Infrastructure services are normally invoiced monthly in arrears under normal commercial credit terms. Under some contracts, amounts are held back as a retention for periods that can exceed 12 months. However, as the purpose of the retentions is to ensure that the performance obligations on the contract are carried out to a satisfactory standard, the Group does not deem there to be a significant financing component in the timing of the cash flows on these amounts. The Group\u2019s obligations to make good faulty workmanship under standard industry warranty terms are recognised as provisions (see note 25). Construction The Group undertakes over 300 building projects each year, providing construction services in the private, education and health sectors and on public sector frameworks. Projects range from minor extensions costing less than \u00a30.5m to the construction of major strategic assets costing hundreds of millions of pounds. The construction of a building, including any associated design work, is normally accounted for as a single performance obligation as the services provided are normally highly interrelated. Revenue is recognised over time as the performance obligation is satisfied. Invoices are typically raised monthly, based on valuations of the work completed, and have normal commercial payment terms. It is common in the construction industry for an amount to be held back as a retention for periods that can exceed 12 months. However, as the purpose of the retentions is to ensure that the performance obligations on the contract are carried out to a satisfactory standard, the Group does not deem there to be a significant financing component in the timing of the cash flows on these amounts. Whilst the bulk of consideration associated with construction contracts is usually fixed, variable consideration elements can exist (milestone bonuses, gain share, event claims, etc.). The Group only recognises revenue for these amounts if they are highly probable not to reverse. Liquidated and ascertained damages (\u2018LADs\u2019) clauses are often present in construction contracts. Where it is anticipated that a LADs clause will be triggered (e.g. through overrunning works), revenue is constrained to reflect the expected amount of the deduction. Modifications to the scope of construction work are agreed in principle with the customer before additional work is carried out. However, the price is not always determined until the final account stage. In these circumstances the Group treats the revenue associated with the modification as variable consideration and only recognises amounts that are highly probable not to reverse. The Group\u2019s obligations to repair building faults under standard industry warranty terms are recognised as provisions (see note 25). For the Group\u2019s construction activities in the Middle East, in some circumstances, customers pay upfront amounts to protect the Group against payment default. Payments on account are not normally made more than 12 months in advance of the service delivery. The Group also provides maintenance services to local authorities and private landlords with large housing portfolios. Revenue for maintenance services is recognised over time as the services are rendered. Services are either invoiced monthly or shortly after completion of individual performance obligations. Normal commercial payment terms apply. The Group also provides facilities management and maintenance services for commercial property owners, and waste and recycling collection services for local authority and commercial customers. Facilities management and maintenance services revenue is recognised over time as the services are rendered. Invoices for services rendered are typically raised monthly. Normal commercial payment terms apply, with the exception of the PFI lifecycle contracts, as noted below. The Group has a number of long-term PFI lifecycle contracts to maintain properties over periods of 25\u201330 years. A fund is established at the start of the contract and amounts are drawn down by the Group as maintenance work is performed. The Group is also entitled to share in any surplus left in the fund at the end of the contract. Revenue is recognised over time to reflect the rendering of the service including an assessment of the appropriate proportion of the likely surplus in the fund, subject to being highly probable not to reverse. As the surplus amount will not be paid until the end of the contracts, the contract asset associated with the surplus recognised to date is shown as a non-current asset in the balance sheet. Due to the length of time between performance of the services and payment of the surplus, the Group considers there to be a significant financing component within this element of the transaction price and has therefore adjusted for the time value of money in measuring the revenue recognised in respect of end-of-contract surpluses. Environmental services contracts with local authorities, for domestic waste and recyclate collections and operation of household waste and recycling centres, have a typical duration of between 7 and 10 years. Contracts with commercial customers are typically for 12 months. Revenue from environmental services contracts is recognised over time as the services are performed. Invoices are raised monthly in arrears and normal commercial payment terms apply. Revenue for the sale of recyclate materials is recognised at the point in time that the materials are transferred to the customer. Property The Group undertakes property development on its own sites as well as a service for customers. Revenue in respect of property developments is recorded on unconditional exchange of contracts. In most cases payment is received on legal completion. Where developments are sold in advance of construction being completed, revenue and profit are recognised at the point of sale, reflecting the transfer of control to the customer in its current stage of completion. Thereafter, revenue for construction services provided to the customer to complete the property development is recognised over time as the construction services are rendered. Construction services are normally invoiced monthly based on valuations under normal commercial payment terms. Occasionally the Group will sell land that it has previously acquired for potential commercial property or housing developments. Revenue from land sales and land exchanges is recognised on the unconditional exchange of contracts. Transaction price allocated to remaining performance obligations The following table includes revenue expected to be recognised in the future related to performance obligations that are unsatisfied (or partially unsatisfied) at the reporting date. At 30 June 2023 2024 \u00a3m 2025 \u00a3m 2026 onwards \u00a3m Infrastructure Services 958.3 872.1 1,930.0 Construction 1,196.0 322.8 6.8 Property \u2013 \u2013 \u2013 Total transaction price allocated to remaining performance obligations 2,154.3 1,194.9 1,936.8 At 30 June 2022 2023 \u00a3m 2024 \u00a3m 2025 onwards \u00a3m Infrastructure Services 955.4 676.5 493.7 Construction 752.9 255.8 2.0 Property \u2013 \u2013 \u2013 Total transaction price allocated to remaining performance obligations 1,708.3 932.3 495.7 The above transaction prices only include variable consideration if it is highly probable not to reverse and exclude any estimate of revenue from framework contracts for which a firm commitment or order has not been received at the reporting date. The Group applies the practical expedient in paragraph 121 of IFRS 15 and does not disclose information about remaining performance obligations that have original expected durations of one year or less. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:2138002RKCU2OM4Y7O48",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-455": {
"value": "3 Segmental reporting The Group operates three divisions: Infrastructure Services, Construction and Property, which is the basis on which the Group manages and reports its segmental information. Corporate principally includes unrecovered overheads and the charge for defined benefit pension schemes. Segment information is based on the information provided to the Chief Executive, together with the Board, who is the Chief Operating Decision Maker. The segments are strategic business units with separate management and have different core customers and offer different services. The segments are discussed in the Operational Review on pages 24\u201331. The accounting policies of the operating segments are the same as those described in the summary of significant accounting policies (note 1). The Group evaluates segmental information on the basis of profit or loss from operations before adjusting items (see note 5), interest and tax expense. The segmental results that are reported to the Chief Executive include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. Year to 30 June 2023 Continuing operations Infrastructure Services \u00a3m Construction \u00a3m Property \u00a3m Corporate \u00a3m Group \u00a3m Revenue 1 Group and share of joint ventures 1,712.3 1,652.5 37.6 3.0 3,405.4 Less share of joint ventures \u2013 (2.4) (22.3) \u2013 (24.7) Group revenue 1,712.3 1,650.1 15.3 3.0 3,380.7 Timing of revenue1 Products and services transferred at a point in time 3.9 0.8 21.5 \u2013 26.2 Products and services transferred over time 1,708.4 1,651.7 16.1 3.0 3,379.2 Group and share of joint ventures 1,712.3 1,652.5 37.6 3.0 3,405.4 Profit for the year Operating profit/(loss) before adjusting items2 79.8 69.5 12.8 (30.6) 131.5 Adjusting items2 (22.6) (23.1) 1.5 (5.8) (50.0) Profit/(loss) from operations 57.2 46.4 14.3 (36.4) 81.5 Net finance income/(costs) 3 1.4 (4.3) (0.6) (26.1) (29.6) Profit/(loss) before tax 58.6 42.1 13.7 (62.5) 51.9 Taxation (10.9) Profit for the year 41.0 Balance sheet as at 30 June 2023 Operating assets 4 973.7 413.1 188.5 342.3 1,917.6 Operating liabilities4 (511.7) (732.7) (18.5) (210.2) (1,473.1) Net operating assets/(liabilities) 4 462.0 (319.6) 170.0 132.1 444.5 Cash, cash equivalents and borrowings 456.6 594.5 (134.1) (859.2) 57.8 Net financial assets \u2013 \u2013 \u2013 10.7 10.7 Net assets/(liabilities) 918.6 274.9 35.9 (716.4) 513.0 Other information Inter-segmental revenue 31.5 0.1 \u2013 40.5 72.1 Capital expenditure on property, plant, equipment and intangible assets 0.7 0.1 \u2013 5.8 6.6 Depreciation of property, plant and equipment (0.9) (0.4) (0.2) (4.6) (6.1) Amortisation of computer software (1.4) (0.8) \u2013 (5.4) (7.6) Year to 30 June 2022 Continuing operations Infrastructure Services \u00a3m Construction \u00a3m Property \u00a3m Corporate \u00a3m Group \u00a3m Revenue 1 Group and share of joint ventures 1,666.6 1,440.8 144.3 4.8 3,256.5 Less share of joint ventures \u2013 (3.1) (109.5) \u2013 (112.6) Group revenue 1,666.6 1,437.7 34.8 4.8 3,143.9 Timing of revenue1 Products and services transferred at a point in time 5.3 1.5 90.7 \u2013 97.5 Products and services transferred over time 1,661.3 1,439.3 53.6 4.8 3,159.0 Group and share of joint ventures 1,666.6 1,440.8 144.3 4.8 3,256.5 Profit for the year Operating profit/(loss) before adjusting items2 70.0 60.8 17.6 (27.9) 120.5 Adjusting items2 (21.9) (39.0) (0.9) (13.6) (75.4) Profit/(loss) from operations 48.1 21.8 16.7 (41.5) 45.1 Net finance income/(costs) 3 2.1 (4.1) (1.6) (25.6) (29.2) Profit/(loss) before tax 50.2 17.7 15.1 (67.1) 15.9 Taxation (3.2) Profit for the year 12.7 Balance sheet as at 30 June 2022 Operating assets 4 925.5 442.6 144.0 416.8 1,928.9 Operating liabilities4 (466.0) (706.2) (25.9) (179.1) (1,377.2) Net operating assets/(liabilities) 4 459.5 (263.6) 118.1 237.7 551.7 Cash, cash equivalents and borrowings 440.2 504.0 (90.3) (863.2) (9.3) Net financial assets \u2013 \u2013 \u2013 12.2 12.2 Net assets/(liabilities) 899.7 240.4 27.8 (613.3) 554.6 Other information Inter-segmental revenue 25.7 \u2013 \u2013 43.6 69.3 Capital expenditure on property, plant, equipment and intangible assets 2.6 0.4 \u2013 3.7 6.7 Depreciation of property, plant and equipment (0.9) (0.4) (0.2) (5.1) (6.6) Amortisation of computer software (0.7) (1.2) \u2013 (4.1) (6.0) 1. Revenue is stated after the exclusion of inter-segmental revenue. 100% of the Group\u2019s revenue is derived from UK-based customers. 15% of the Group\u2019s revenue was received from High Speed Two (HS2) Limited (2022: 10%). Group revenue including joint ventures is an alternative performance measure, see page 243. 2. See notes 1 and 5 for adjusting items. 3. Interest was (charged)/credited to the divisions at a notional rate of 4.0%. 4. Net operating assets/(liabilities) represent assets excluding cash, cash equivalents, bank overdrafts, borrowings, financial assets and liabilities, and interest-bearing inter-company loans. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:2138002RKCU2OM4Y7O48",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
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"fact-500": {
"value": "4 Profit from operations Profit from operations is stated after charging/(crediting): Note 2023 \u00a3m 2022 \u00a3m Auditors\u2019 remuneration: Fees payable for the audit of the parent company and consolidated financial statements 2.3 1.9 Fees payable to the Company\u2019s auditors for other services1 : Audit of the Company\u2019s subsidiaries, pursuant to legislation 1.2 1.2 Audit-related assurance services 0.2 0.2 Amortisation of intangible assets 13 26.8 25.7 Impairment of intangible assets 13 \u2013 2.2 Loss on disposal of computer software 13 \u2013 0.9 Depreciation of property, plant and equipment 14 6.1 6.6 Profit on sale of property, plant and equipment (1.8) (0.1) Impairment of property, plant and equipment 14 \u2013 4.1 Depreciation of right-of-use assets 23 43.7 30.0 Impairment of right-of-use assets 23 \u2013 5.2 Fair value adjustment to investment properties 15 (11.4) (0.2) Amortisation of capitalised mobilisation costs 17 7.1 2.4 Expenses relating to short-term leases and leases of low-value assets 23 115.6 98.9 Net Research and Development Expenditure Credit receivable2 10 (21.2) (18.6) Net profit from operations related to mining \u2013 (0.2) 1. The auditors\u2019 remuneration relates to amounts paid to PricewaterhouseCoopers LLP (\u2018PwC\u2019). A summary of other services provided by PwC during the year is provided on page 110. Included in the 2023 audit fees are \u00a30.2m for prior year work (2022: \u00a30.2m). In 2023, the fees relating to other assurance services primarily related to the review of the interim statements. Also included are \u00a32,000 (2022: \u00a32,000) for a subscription service providing factual updates and changes to applicable law, regulation or accounting and auditing standards. 2. Includes \u00a322.8m of receipts (2022: \u00a320.7m) and \u00a31.6m of fees payable to consultants (2022: \u00a32.1m). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:2138002RKCU2OM4Y7O48",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
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},
"fact-456": {
"value": "4 Profit from operations Profit from operations is stated after charging/(crediting): Note 2023 \u00a3m 2022 \u00a3m Auditors\u2019 remuneration: Fees payable for the audit of the parent company and consolidated financial statements 2.3 1.9 Fees payable to the Company\u2019s auditors for other services1 : Audit of the Company\u2019s subsidiaries, pursuant to legislation 1.2 1.2 Audit-related assurance services 0.2 0.2 Amortisation of intangible assets 13 26.8 25.7 Impairment of intangible assets 13 \u2013 2.2 Loss on disposal of computer software 13 \u2013 0.9 Depreciation of property, plant and equipment 14 6.1 6.6 Profit on sale of property, plant and equipment (1.8) (0.1) Impairment of property, plant and equipment 14 \u2013 4.1 Depreciation of right-of-use assets 23 43.7 30.0 Impairment of right-of-use assets 23 \u2013 5.2 Fair value adjustment to investment properties 15 (11.4) (0.2) Amortisation of capitalised mobilisation costs 17 7.1 2.4 Expenses relating to short-term leases and leases of low-value assets 23 115.6 98.9 Net Research and Development Expenditure Credit receivable2 10 (21.2) (18.6) Net profit from operations related to mining \u2013 (0.2) 1. The auditors\u2019 remuneration relates to amounts paid to PricewaterhouseCoopers LLP (\u2018PwC\u2019). A summary of other services provided by PwC during the year is provided on page 110. Included in the 2023 audit fees are \u00a30.2m for prior year work (2022: \u00a30.2m). In 2023, the fees relating to other assurance services primarily related to the review of the interim statements. Also included are \u00a32,000 (2022: \u00a32,000) for a subscription service providing factual updates and changes to applicable law, regulation or accounting and auditing standards. 2. Includes \u00a322.8m of receipts (2022: \u00a320.7m) and \u00a31.6m of fees payable to consultants (2022: \u00a32.1m). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory",
"language": "en",
"entity": "scheme:2138002RKCU2OM4Y7O48",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
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"fact-457": {
"value": "5 Adjusting items The Group\u2019s policy in respect of adjusting items is described in note 1. These items are explained in detail below: Profit from operations Profit before tax 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m Reported profit 81.5 45.1 51.9 15.9 Amortisation of acquired intangible assets 19.2 19.7 19.2 19.7 Restructuring and related charges 13.0 40.0 13.0 40.0 Other 1 17.8 15.7 20.7 18.5 Adjusted profit 131.5 120.5 104.8 94.1 1. Operating profit adjusting items exclude net financing costs of \u00a32.9m (2022: \u00a32.8m), see note 5(c). (a) Amortisation of acquired intangible assets The Group has amortised contract rights, acquired primarily through the acquisitions of MRBL Limited (Mouchel Group), May Gurney Integrated Services PLC and McNicholas Construction Holdings Limited. Note 2023 \u00a3m 2022 \u00a3m Amortisation of acquired intangible assets 13 (19.2) (19.7) (b) Restructuring and related charges The Group has incurred significant restructuring charges relating to costs of organisational change associated with the Group\u2019s cost saving programmes and the Group\u2019s Strategic Review. These are discussed further in the Financial review and are considered to be adjusting items on the basis of their size and the fact that they relate to significant changes to the Group\u2019s activities or workforce. 2023 \u00a3m 2022 \u00a3m Redundancy and other people-related costs1 (7.6) (6.5) Professional adviser fees and other costs incurred implementing non-people initiatives 2 (4.9) (7.1) Impairments and other costs relating to investment properties 3 (0.5) (4.2) Restructure of Regional Southern Build business 4 \u2013 (22.2) Total charge before tax (13.0) (40.0) 1. Costs of \u00a34.8m in respect of roles made redundant as a result of the ongoing implementation of cost saving programmes and from strategic decisions taken to reduce headcount in a number of the Group\u2019s principal operating divisions, see note 8. The current year charge also includes \u00a32.8m of costs incurred in the re-sizing of the International operations. The Directors consider this to be an adjusting item due to its nature and size. 2. This includes \u00a31.6m of vacant property costs along with a further \u00a34.8m of non-people related initiatives undertaken in the year. This is offset by a credit of \u00a31.5m as a result of the finalisation of aborted acquisition costs from the prior year. 3. Investment property costs include \u00a31.5m in respect of its investment properties vacated as part of the corporate review of Group premises. This is offset by a credit of \u00a31.0m due to revaluation of the land at the Pure recycling plant. 4. In the prior year the Group completed its strategic restructuring of its Regional Southern Build business. (c) Other adjusting items Other adjusting items are analysed below: 2023 \u00a3m 2022 \u00a3m Net financing costs1 (2.9) (2.8) Legal and other compliance 2 (14.1) (8.8) Insurance-related items 3 (5.3) (5.2) Profit on sale of previously impaired land 4 1.6 \u2013 Software impairment 5 \u2013 (2.2) Pension credit 6 \u2013 0.5 Total charge before tax (20.7) (18.5) 1. Net financing costs relate to IFRS 16 interest charges on leased investment properties previously used as offices. 2. The Group has provided for an additional \u00a312.6m of costs in the year in complying with the updated fire compliance regulations, resulting in a year-end provision of \u00a315.5m. In addition, following the Health and Safety Executive (\u2018HSE\u2019) decision in January 2023 to fine the Group for historical safety issues, the Group provided for a further \u00a31.5m to cover these costs. 3. A provision of \u00a38.0m has been made for additional costs associated with an insurance-related receivable. Offsetting this is a credit of \u00a32.7m in relation to insurance proceeds received in respect of the fire at the Group\u2019s recycling plant in Warwickshire, to offset the prior year impairment and associated costs. 4. In June 2023 the Group sold some of its land that was previously impaired through adjusting items. The profit of \u00a31.6m has been credited to adjusting items so as to be consistent with the original accounting treatment. 5. During the prior year, the Group impaired some software related to one of its design businesses. This impairment has been treated as an adjusting item due to its nature. 6. During the prior year, a Pension Increase Exchange (\u2018PIE\u2019) exercise was undertaken which generated a \u00a30.5m credit to the income statement. (d) Taxation Adjusting items in respect of taxation are analysed below: 2023 \u00a3m 2022 \u00a3m Deferred tax credit as a result of the change in tax rate 1 2.0 5.1 Tax impact of adjusting items 2 9.1 14.8 Other tax charges 3 \u2013 (3.6) Total tax credit 11.1 16.3 1. Additional benefits arising from change in tax rate to 25%. 2. The tax impact of the adjusting items charged to continuing operations has also been included as an adjusting item. 3. During the prior year, historical tax balances were identified mainly as a result of historic acquisitions and were written off. (e) Adjusted cash flow Note 2023 \u00a3m 2022 \u00a3m Reported cash inflow from operating activities 180.2 40.8 Add: Cash outflow from operating activities (adjusting items) 5f 27.0 41.2 Adjusted cash inflow from operating activities 207.2 82.0 (f) Cash outflow from operating activities (adjusting items) 2023 \u00a3m 2022 \u00a3m Adjusting items reported in the income statement 52.9 78.2 Less: non-cash items incurred in the year (39.0) (38.4) Add: payment of prior year accruals and provisions 13.1 1.4 Cash outflow from operating activities (adjusting items) 27.0 41.2 ",
"dimensions": {
"concept": "kiergroupplc:DisclosureOfAdjustingItems",
"language": "en",
"entity": "scheme:2138002RKCU2OM4Y7O48",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-458": {
"value": "6 Other income Note 2023 \u00a3m 2022 \u00a3m Insurance proceeds 5(c) 2.7 \u2013 Fair value gain on investment properties 15 11.4 \u2013 Other income 14.1 \u2013 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
"language": "en",
"entity": "scheme:2138002RKCU2OM4Y7O48",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-515": {
"value": "7 Finance income and costs 2023 \u00a3m 2022 \u00a3m Finance income Bank deposits 0.5 \u2013 Interest receivable on loans to related parties 1.1 0.7 Net interest on net defined benefit surplus 7.8 \u2013 9.4 0.7 Finance costs Bank interest (29.0) (18.9) Interest payable on leases (9.5) (6.5) Forward funding interest \u2013 (0.5) Foreign exchange gains/(losses) on foreign denominated borrowings 2.5 (9.9) Fair value (losses)/gains on cash flow hedges recycled from other comprehensive income1 (1.2) 7.4 Net interest on net defined benefit surplus \u2013 1.0 Other (1.8) (2.5) (39.0) (29.9) Net finance costs (29.6) (29.2) 1. Foreign exchange (losses)/gains arise from movements in cross-currency swaps which hedge the currency risk on foreign denominated borrowings, see note 29. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:2138002RKCU2OM4Y7O48",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-501": {
"value": "7 Finance income and costs 2023 \u00a3m 2022 \u00a3m Finance income Bank deposits 0.5 \u2013 Interest receivable on loans to related parties 1.1 0.7 Net interest on net defined benefit surplus 7.8 \u2013 9.4 0.7 Finance costs Bank interest (29.0) (18.9) Interest payable on leases (9.5) (6.5) Forward funding interest \u2013 (0.5) Foreign exchange gains/(losses) on foreign denominated borrowings 2.5 (9.9) Fair value (losses)/gains on cash flow hedges recycled from other comprehensive income1 (1.2) 7.4 Net interest on net defined benefit surplus \u2013 1.0 Other (1.8) (2.5) (39.0) (29.9) Net finance costs (29.6) (29.2) 1. Foreign exchange (losses)/gains arise from movements in cross-currency swaps which hedge the currency risk on foreign denominated borrowings, see note 29. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:2138002RKCU2OM4Y7O48",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-459": {
"value": "7 Finance income and costs 2023 \u00a3m 2022 \u00a3m Finance income Bank deposits 0.5 \u2013 Interest receivable on loans to related parties 1.1 0.7 Net interest on net defined benefit surplus 7.8 \u2013 9.4 0.7 Finance costs Bank interest (29.0) (18.9) Interest payable on leases (9.5) (6.5) Forward funding interest \u2013 (0.5) Foreign exchange gains/(losses) on foreign denominated borrowings 2.5 (9.9) Fair value (losses)/gains on cash flow hedges recycled from other comprehensive income1 (1.2) 7.4 Net interest on net defined benefit surplus \u2013 1.0 Other (1.8) (2.5) (39.0) (29.9) Net finance costs (29.6) (29.2) 1. Foreign exchange (losses)/gains arise from movements in cross-currency swaps which hedge the currency risk on foreign denominated borrowings, see note 29. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:2138002RKCU2OM4Y7O48",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-460": {
"value": "8 Information relating to Directors and employees 2023 No. 2022 No. Monthly average number of people employed during the year including Executive Directors by geographical location was: United Kingdom 9,909 10,018 Rest of world 55 249 9,964 10,267 Monthly average number of people employed during the year including Executive Directors by segment was: Infrastructure Services 5,714 5,895 Construction 3,631 3,780 Property 75 62 Corporate 544 530 9,964 10,267 Note 2023 \u00a3m 2022 \u00a3m Group staff costs by geographical location are as follows: United Kingdom 646.3 602.8 Rest of world 1.7 4.2 648.0 607.0 Group staff costs by segment are as follows: Infrastructure Services 346.1 328.2 Construction 246.2 222.3 Property 13.7 10.5 Corporate 42.0 46.0 648.0 607.0 Comprising: Wages and salaries 562.4 522.8 Social security costs 59.0 53.3 Defined benefit pension scheme net credit to the income statement 9 (7.7) (1.4) Contributions to defined contribution pension schemes 25.9 23.7 Share-based payments charge 27 8.4 8.6 648.0 607.0 The amounts disclosed above are in relation to the entirety of the Group\u2019s Directors and employees. Information relating to Directors\u2019 emoluments, pension entitlements, share options and LTIP interests appears in the Directors\u2019 Remuneration report on pages 120\u2013153. Redundancy costs incurred during the year of \u00a34.8m (2022: \u00a34.7m) have been classed as an adjusting item, see note 5, and are included in the disclosures above. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:2138002RKCU2OM4Y7O48",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-461": {
"value": "9 Retirement benefit obligations The Group operates a number of pension schemes for eligible employees as described below. For the defined benefit schemes, the assets of all schemes are held in trust separate from the assets of the Group. The Trustees are responsible for investing the assets and delegate day-to-day decisions to independent professional investment managers. The schemes are established under UK trust law and have a corporate trustee that is required to run the schemes in accordance with the schemes\u2019 Trust Deed and Rules and to comply with all relevant legislation. Responsibility for the governance of the schemes lies with the Trustees. The Group has agreed deficit recovery plans with the Trustees of each of its defined benefit schemes which constitute minimum funding requirements for the purposes of IFRIC 14. These minimum funding requirements do not give rise to any additional liabilities on the Group\u2019s balance sheet as the Group has determined that it has a right to benefit from any surplus created by overpaid contributions, through either a reduction in future contributions or refunds of the surpluses on winding up of the schemes. Details of the contributions agreed for each of the schemes are provided in the individual scheme information sections below. The pension obligations of the Group are valued separately for accounting and funding purposes. The accounting valuations under IAS 19 require \u2018best estimate\u2019 assumptions to be used whereas the funding valuations use more prudent assumptions. A further difference arises from the differing dates of the valuations. The accounting pension deficit or surplus is calculated at the balance sheet date (30 June) each year, whereas the actuarial valuations are carried out on a triennial basis at 31 March, or in the case of one scheme, 31 December. The differing bases and timings of the valuations can result in materially different pension surplus or deficit amounts. The date of the latest triennial funding valuation for each scheme is noted in the individual scheme information sections below. The Group incurred fees totalling \u00a32.9m (2022: \u00a34.2m) in respect of the running and administration of the defined benefit schemes. Kier Group scheme This is the principal scheme and includes a defined benefit section and a defined contribution section. The defined benefit section of the scheme was closed to new entrants on 1 January 2002; existing members continued to accrue benefits for service until the scheme was closed to future accrual on 28 February 2015. As at 30 June 2023, the scheme had 2,102 deferred members (2022: 2,178), and 2,852 retirees (2022: 2,874). The most recent triennial valuation of the Kier Group scheme was carried out by the Trustees\u2019 independent actuaries as at 31 March 2022. At the valuation date the pension scheme\u2019s assets were greater than the technical provisions and therefore the scheme was in surplus. As a result, in May 2023 the Trustee agreed that deficit contributions for this scheme would cease with effect from 1 June 2023. Other defined benefit schemes Acquired with the May Gurney Group The May Gurney defined benefit scheme was acquired with May Gurney on 8 July 2013 and is closed to future accrual. As at 30 June 2023, the scheme had 269 deferred members (2022: 278) and 290 retirees (2022: 290). The most recent triennial valuation of the May Gurney scheme was carried out by the Trustees\u2019 independent actuaries as at 31 March 2022. At the valuation date the pension scheme\u2019s assets were less than the technical provisions and therefore the scheme was in deficit. However, contributions made between the date of the valuation and finalisation of the funding valuation in May 2023, were sufficient to eliminate the funding deficit and therefore the Trustee agreed that deficit contributions would cease for this scheme with effect from 1 June 2023. Acquired with the Mouchel Group The Group acquired four defined benefit pension schemes with the Mouchel Group on 8 June 2015: the Mouchel Superannuation Fund, Mouchel Staff Pension Scheme, Mouchel Business Services Limited Pension Scheme (Final Salary Section) and EM Highways Prudential Platinum Scheme. These schemes were closed to new entrants in 2001 and were closed to future accrual between 2010 and 2017, with the exception of the EM Highways Prudential Platinum Scheme which remains open to future accrual. As at 30 June 2023, the Mouchel schemes had a total of 5 active members (2022: 18), 1,583 deferred members (2022: 1,638), and 1,691 retirees (2022: 1,646). The EM Highways Prudential Platinum Scheme is a multi-employer scheme; however, Kier\u2019s share is separately identifiable. Therefore, the movements in the period are determined by reference to the change in valuation of this separate subsection. The EM Highways sub-scheme was formally valued by independent actuaries as at 31 December 2021. At the valuation date the assets of the pension scheme were greater than the technical provisions and therefore the scheme had a funding surplus and, as a result, deficit contributions are not required. The most recent triennial valuations of the remaining Mouchel schemes were carried out by the Trustees\u2019 independent actuaries as at 31 March 2022. At the valuation date the assets of the Mouchel Superannuation Fund and Mouchel Staff Pension Scheme were less than the respective technical provisions and therefore the schemes were in deficit. Schedules of contributions for revised deficit recovery plans were agreed with the schemes\u2019 Trustee in May 2023. At the valuation date the Mouchel Business Services Limited Pension Scheme was in surplus and therefore deficit contributions were no longer required with effect from 1 June 2023. Acquired with the McNicholas Group The McNicholas defined benefit pension scheme was acquired with the McNicholas Group on 12 July 2017. The scheme is closed to new entrants and no benefits have accrued since 30 April 2012. As at 30 June 2023, the scheme had a total of 53 deferred members (2022: 56) and 83 retirees (2022: 80). During the prior year, the Group launched a member options exercise, offering a Pension Increase Exchange (\u2018PIE\u2019) to members of the McNicholas pension scheme, in order to provide more flexibility and choice for members, reduce risk, and reduce cost in the Group\u2019s defined benefit pension schemes. The offering included a bulk PIE exercise, offering members who are already drawing a pension a one-off increase in pension in lieu of future annual increases on part of their pension and the introduction of a PIE option at the point of retirement. The terms are such that the IAS 19 pension liabilities are reduced if pensioners take up the PIE option. A combined gain, based on an assumed rate of take-up for both the bulk PIE exercise and the introduction of the at retirement option, of \u00a30.5m was recognised as a past service gain in the year to 30 June 2022. The most recent triennial valuation of the McNicholas scheme was carried out by the Trustees\u2019 independent actuaries as at 31 March 2020. At the valuation date the pension scheme\u2019s assets were less than the technical provisions and therefore the scheme was in deficit. Consequently, a deficit recovery plan has been agreed with the Trustee. The triennial valuation as at 31 March 2023 has not yet been finalised. Contributions to defined benefit schemes The aggregate contributions payable in the year ended 30 June 2023 in respect of the Group\u2019s defined benefit pension schemes amounted to \u00a39.9m (2022: \u00a310.8m), which included regular past service deficit contributions of \u00a39.8m (2022: \u00a39.9m) and current service employer contributions of \u00a30.1m (2022: \u00a30.2m). In the prior year, the Group also made additional deficit payments totalling \u00a30.7m in respect of the proceeds received from the Group\u2019s June 2022 equity raise. The Group agreed revised deficit recovery plans with the Trustees of the Kier Group scheme, May Gurney scheme, Mouchel Superannuation Fund, Mouchel Staff Pension Scheme and Mouchel Business Services Limited Pension Scheme (Final Salary Section) on 25 May 2023, and agreed the latest schedule of contributions for the McNicholas scheme on 26 May 2022. Based on these contribution plans, the Group expects to make the following contributions over the next five years: 2024 \u00a3m 2025 \u00a3m 2026 \u00a3m 2027 \u00a3m 2028 \u00a3m Deficit contributions 8.9 8.1 5.5 3.5 0.9 In addition to the above contributions, the Group has agreed with the Trustees of the Kier Group scheme, May Gurney scheme, Mouchel Superannuation Fund, Mouchel Staff Pension Scheme and Mouchel Business Services Limited Pension Scheme (Final Salary Section) that additional deficit contributions will be payable in certain circumstances, including in the event of the Group meeting certain financial targets. The Group has also agreed with the Trustees of the May Gurney scheme, Mouchel Superannuation Fund, Mouchel Staff Pension Scheme and McNicholas scheme to meet each of the scheme\u2019s expenses including the Pension Protection Fund levy. As the Kier Group scheme and Mouchel Business Services Limited Pension Scheme (Final Salary Section) were in surplus at the last funding valuation date, the Trustees agreed that Kier would stop paying the expenses for these schemes with effect from 1 July 2023. If either of these schemes subsequently move into deficit, on the basis determined by the schemes\u2019 actuary at a 31 March measurement date, Kier will recommence payment of the scheme\u2019s expenses from 1 July the following year. Contributions to defined contribution schemes Contributions are also made to a number of defined contribution arrangements. The Group paid contributions to these arrangements of \u00a325.9m (2022: \u00a323.7m) during the year. The Group makes contributions to local government defined benefit pension schemes in respect of certain employees who have transferred to the Group under TUPE transfer arrangements. The Group is unable to identify its share of the underlying assets and liabilities in the schemes on a consistent and reasonable basis and consequently the pension costs for these schemes are treated as if they were defined contribution schemes. IAS 19 \u2018Employee Benefits\u2019 disclosures The Group recognises any actuarial gains or losses through the statement of comprehensive income as required under IAS 19. The weighted average duration of the schemes\u2019 liabilities is approximately 13 years (2022: 15 years). The IAS 19 accounting valuations at 30 June 2023 of the Kier Group scheme, May Gurney scheme, Mouchel Business Services Limited Pension Scheme and the EM Highways Prudential Platinum Scheme, indicated that the assets of each of these schemes exceeded their respective scheme liabilities. The Group has recognised these surpluses as retirement benefit assets on its balance sheet under IAS 19 and IFRIC 14, as the Group has determined that it has a right to benefit from any surpluses, through either reduced contributions or a refund of the surpluses on winding up of the schemes. The principal assumptions used by the independent qualified actuaries are shown in the following table. This set of assumptions was used to value all of the defined benefit schemes, and has been based on the weighted average duration of the schemes\u2019 liabilities with the exception of CPI assumptions, which for 2023 have been based on the expected durations of each individual scheme. 2023 % 2022 % Discount rate 5.30 3.90 Inflation rate (Retail Price Index (\u2018RPI\u2019)) 3.20 3.15 Inflation rate (Consumer Price Index (\u2018CPI\u2019)) 2.30\u20132.75 2.65 Rate of general increases in pensionable salaries 3.20 3.15 Rate of increase in pensions payments liable for Limited Price Indexation \u2013 RPI subject to minimum of 0% and a maximum 5% 2.90 3.05 \u2013 RPI subject to minimum of 0% and a maximum 2.5% 1.85 2.15 The mortality assumptions used were as follows: 2023 Male years 2023 Female years 2022 Male years 2022 Female years Life expectancy for a male/female currently aged 60 \u2013 Kier Group scheme 26.7 28.7 27.4 29.2 \u2013 Acquired schemes 25.4\u201327.0 28.1\u201329.2 26.8\u201327.7 29.2\u201330.0 Life expectancy for a male/female member aged 60, in 20 years\u2019 time \u2013 Kier Group scheme 27.9 29.8 28.7 30.6 \u2013 Acquired schemes 26.9\u201328.2 29.5\u201330.7 28.2\u201328.8 29.8\u201331.0 The assets, liabilities and net pension liabilities for the defined benefit arrangements are shown below. The assets are invested with professional investment managers and are measured based on quoted market valuations at the balance sheet date. 2023 2022 Kier Group \u00a3m Acquired schemes \u00a3m Total \u00a3m Kier Group \u00a3m Acquired schemes \u00a3m Total \u00a3m Equities 100.4 53.1 153.5 152.1 74.1 226.2 Corporate bonds 93.3 62.8 156.1 187.9 97.0 284.9 Cash 40.8 49.7 90.5 21.1 94.6 115.7 Land and property 15.6 1.1 16.7 19.8 1.3 21.1 Absolute return 62.9 27.9 90.8 64.4 34.6 99.0 Annuity policies \u2013 0.5 0.5 \u2013 1.0 1.0 Multi-asset 95.0 44.8 139.8 92.7 44.7 137.4 Liability-driven investments 442.9 156.9 599.8 510.0 161.7 671.7 Total market value of assets 850.9 396.8 1,247.7 1,048.0 509.0 1,557.0 Present value of liabilities (733.4) (409.8) (1,143.2) (877.8) (484.5) (1,362.3) Net surplus/(deficit) 117.5 (13.0) 104.5 170.2 24.5 194.7 Related deferred tax (liability)/asset (29.4) 3.3 (26.1) (42.6) (6.7) (49.3) Net pension asset/(liability) 88.1 (9.7) 78.4 127.6 17.8 145.4 Amounts recognised in the financial statements in respect of these defined benefit schemes are as follows: 2023 2022 Kier Group \u00a3m Acquired schemes \u00a3m Total \u00a3m Kier Group \u00a3m Acquired schemes \u00a3m Total \u00a3m (Charged)/credited to operating profit in the income statement Current service cost \u2013 (0.1) (0.1) \u2013 (0.1) (0.1) Past service gain \u2013 \u2013 \u2013 \u2013 0.5 0.5 Net interest on net defined benefit surplus 6.6 1.2 7.8 1.5 (0.5) 1.0 Pension income/(expense) recognised in the income statement 6.6 1.1 7.7 1.5 (0.1) 1.4 Remeasurement in comprehensive (loss)/gain Actual return less than that recognised in net interest (193.4) (122.0) (315.4) (208.4) (131.5) (339.9) Actuarial gains due to changes in financial assumptions 135.7 94.8 230.5 302.7 182.4 485.1 Actuarial gains due to changes in demographic assumptions 17.8 10.7 28.5 0.9 0.6 1.5 Actuarial losses due to liability experience (19.8) (31.6) (51.4) (5.6) (4.8) (10.4) Total amount recognised in comprehensive (loss)/gain (59.7) (48.1) (107.8) 89.6 46.7 136.3 Changes in the fair value of scheme assets Fair value at 1 July 1,048.0 509.0 1,557.0 1,273.2 636.7 1,909.9 Interest income on scheme assets 40.0 19.7 59.7 23.8 12.0 35.8 Remeasurement losses on scheme assets (193.4) (122.0) (315.4) (208.4) (131.5) (339.9) Contributions by the employer 0.4 9.5 9.9 0.5 10.3 10.8 Net benefits paid out (44.1) (19.4) (63.5) (41.1) (18.5) (59.6) Fair value at 30 June 850.9 396.8 1,247.7 1,048.0 509.0 1,557.0 2023 2022 Kier Group \u00a3m Acquired schemes \u00a3m Total \u00a3m Kier Group \u00a3m Acquired schemes \u00a3m Total \u00a3m Changes in the present value of the defined benefit obligation Fair value at 1 July (877.8) (484.5) (1,362.3) (1,194.6) (669.1) (1,863.7) Current service cost \u2013 (0.1) (0.1) \u2013 (0.1) (0.1) Interest expense on scheme liabilities (33.4) (18.5) (51.9) (22.3) (12.5) (34.8) Past service gain \u2013 \u2013 \u2013 \u2013 0.5 0.5 Actuarial gains due to changes in financial assumptions 135.7 94.8 230.5 302.7 182.4 485.1 Actuarial gains due to changes in demographic assumptions 17.8 10.7 28.5 0.9 0.6 1.5 Actuarial losses due to liability experience (19.8) (31.6) (51.4) (5.6) (4.8) (10.4) Net benefits paid out 44.1 19.4 63.5 41.1 18.5 59.6 Fair value at 30 June (733.4) (409.8) (1,143.2) (877.8) (484.5) (1,362.3) Amounts included in the balance sheet Fair value of scheme assets 850.9 396.8 1,247.7 1,048.0 509.0 1,557.0 Net present value of the defined benefit obligation (733.4) (409.8) (1,143.2) (877.8) (484.5) (1,362.3) Net surplus/(deficit) 117.5 (13.0) 104.5 170.2 24.5 194.7 Related deferred tax liability (29.4) 3.3 (26.1) (42.6) (6.7) (49.3) Net pension asset/(liability) 88.1 (9.7) 78.4 127.6 17.8 145.4 The net surplus/(deficit) above is split between retirement benefit assets and obligations in the statement of financial position based on whether the individual pension schemes have a net surplus or deficit, as follows: 2023 2022 Kier Group \u00a3m Acquired schemes \u00a3m Total \u00a3m Kier Group \u00a3m Acquired schemes \u00a3m Total \u00a3m Retirement benefit assets 117.5 11.8 129.3 170.2 29.0 199.2 Retirement benefit obligation \u2013 (24.8) (24.8) \u2013 (4.5) (4.5) Net surplus/(deficit) 117.5 (13.0) 104.5 170.2 24.5 194.7 The movements in the net retirement benefit surplus/(deficit) are summarised as follows: 2023 2022 Kier Group \u00a3m Acquired schemes \u00a3m Total \u00a3m Kier Group \u00a3m Acquired schemes \u00a3m Total \u00a3m Opening net surplus/(deficit) 170.2 24.5 194.7 78.6 (32.4) 46.2 Current service cost \u2013 (0.1) (0.1) \u2013 (0.1) (0.1) Past service gain \u2013 \u2013 \u2013 \u2013 0.5 0.5 Net interest on net defined benefit surplus 6.6 1.2 7.8 1.5 (0.5) 1.0 Contributions by the employer 0.4 9.5 9.9 0.5 10.3 10.8 Actual return less than that recognised in net interest (193.4) (122.0) (315.4) (208.4) (131.5) (339.9) Actuarial gains due to changes in financial assumptions 135.7 94.8 230.5 302.7 182.4 485.1 Actuarial gains due to changes in demographic assumptions 17.8 10.7 28.5 0.9 0.6 1.5 Actuarial losses due to liability experience (19.8) (31.6) (51.4) (5.6) (4.8) (10.4) Closing net surplus/(deficit) 117.5 (13.0) 104.5 170.2 24.5 194.7 History of experience gains and losses for defined benefit schemes in aggregate: 2023 \u00a3m 2022 \u00a3m 2021 \u00a3m 2020 \u00a3m 2019 \u00a3m Fair value of scheme assets 1,247.7 1,557.0 1,909.9 1,937.9 1,789.4 Net present value of the defined benefit obligation (1,143.2) (1,362.3) (1,863.7) (1,899.1) (1,769.9) Net surplus 104.5 194.7 46.2 38.8 19.5 Related deferred tax liability (26.1) (49.3) (12.6) (7.4) (3.3) Net pension asset 78.4 145.4 33.6 31.4 16.2 Difference between expected and actual return on scheme assets (315.4) (339.9) (26.6) 177.6 113.9 Experience (losses)/gains on scheme liabilities (51.4) (10.4) 19.2 40.2 (5.6) Risk exposure As IAS 19 actual assumptions are driven by market conditions, there is a risk that significant changes in financial market conditions could lead to volatility in the defined benefit obligation disclosed in the balance sheet from year to year. In addition, the asset position may also be volatile as it will be influenced by changes in market conditions. However, the risk of significant changes to the overall balance sheet position has been mitigated to an extent due to the risk management strategy used by the schemes as described below. The following schemes: Kier Group Pension Scheme, May Gurney Pension Scheme, Mouchel Business Services Limited Pension Scheme (Final Salary Section), Mouchel Superannuation Fund and Mouchel Staff Pension Scheme (together the \u2018Schemes\u2019), have aligned their investment strategy and risk management process, providing a consistent framework across the Schemes to achieve their long-term objective. The liability hedging instruments are managed by Columbia Threadneedle Investments (\u2018CTI\u2019) using cash, physical gilts, gilt repurchase agreements as well as interest and inflation swaps. In combination, the liability hedging assets are designed to hedge each Scheme\u2019s sensitivity to changes in interest rate and inflation. All Schemes have a relatively high hedge ratio; the Kier Group Pension Scheme and Mouchel Business Services Limited Pension Scheme (Final Salary Section) hedge 100% of the technical provisions liabilities, with other Schemes hedging 100% of assets. The growth assets portfolio is managed by using a combination of underlying pooled funds providing diversification and dynamism. In addition, the Schemes also explicitly use equity downside protection strategies to provide a more balanced and risk managed portfolio. The Schemes also have allocations to cash flow matching assets that are designed to fully match scheme benefit cash flows over the next five years. This reduces the risk that the Trustee will need to divest from assets to meet cash flow needs. The Schemes primarily use GBP hedged share classes to manage their currency exposure. Any unhedged currency exposure is small in value relative to the size of the Schemes. Pension sensitivity The following table shows the change in the net surplus or deficit arising from a change in the significant actuarial assumptions used to determine the Group\u2019s retirement benefit obligations: 2023 2022 Kier Group scheme: +0.25%/+1 year \u00a3m -0.25%/-1 year \u00a3m +0.25%/+1 year \u00a3m -0.25%/-1 year \u00a3m Discount rate (+/-0.25%) 33.3 (35.2) 47.6 (48.4) Inflation rate (+/-0.25%) (18.6) 18.6 (36.5) 35.2 Mortality (+/-1 year) 32.3 (32.3) 40.0 (39.8) The sensitivity analyses above have been determined based on reasonably possible changes in the respective assumptions occurring at the end of the reporting period, based on a change in a key assumption while holding all other assumptions constant, and may not be representative of the actual change. When calculating the sensitivity to the assumption, the same method used to calculate the liability recognised in the balance sheet has been applied. The inflation sensitivities shown above include the impact of both RPI and CPI inflation. The methods and types of assumptions used in preparing the sensitivity analyses did not change compared with the previous year. ",
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"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:2138002RKCU2OM4Y7O48",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-462": {
"value": "10 Taxation Taxation in respect of continuing operations is analysed below. (a) Recognised in the income statement 2023 \u00a3m 2022 \u00a3m Current tax UK corporation tax 8.4 5.1 Adjustments in respect of prior years (1.1) 3.4 Total current tax charge 7.3 8.5 Deferred tax Origination and reversal of temporary differences 3.2 0.6 Adjustments in respect of prior years 2.4 (0.8) Rate change effect on deferred tax (2.0) (5.1) Total deferred tax 3.6 (5.3) Total tax charge in the income statement 10.9 3.2 Reconciliation of effective tax rate Profit before tax 51.9 15.9 Less: Income from joint venture companies (3.6) (0.8) Profit before tax excluding income from joint ventures 48.3 15.1 Income tax at UK corporation tax rate of 20.5% (2022: 19.0%) 9.9 2.9 Non-deductible expenses and unusable tax losses 3.1 0.8 Income not taxable (1.2) \u2013 Impact of Group relief and consortium relief (0.1) 0.2 Effect of change in UK corporation tax rate (2.0) (5.1) Share-based payment 1.5 1.6 (Utilisation and recognition of tax losses)/deferred tax not recognised (1.6) 0.2 Adjustments in respect of prior years 1.3 2.6 Total tax 10.9 3.2 Kier Group and its subsidiaries are based predominantly in the UK and are subject to UK corporation tax. The Group does not have an aggressive tax policy and since 1 July 2012 Kier has not entered into any tax avoidance schemes which were or should have been notified under the Disclosure of Tax Avoidance Scheme (\u2018DOTAS\u2019) rules. The Group tax charge excluding joint ventures of \u00a310.9m (2022: \u00a33.2m) shown in the table equates to an effective tax rate of 22.6% (2022: 21.2%) on profit before tax excluding joint ventures of \u00a348.3m (2022: \u00a315.1m). This effective rate is different from the standard rate of corporation tax of 20.5% (2022: 19.0%) due to items shown in the table. The non-deductible expenses mainly relate to depreciation on non-qualifying assets, disallowed provisions, entertaining and legal and professional fees not eligible for tax relief. Income not taxable relates mainly to the reversal of impairments, insurance receipts and foreign exchange gains. Deferred tax not recognised/(Utilisation and recognition of tax losses) relates to deferred tax on losses not previously recognised less deferred tax on losses not expected to be recoverable. In accordance with UK tax legislation, capital gains arising on disposal of certain investments, including some of the joint ventures disposed of during the year, are not subject to tax. Tax relief on expenses not recognised in the income statement includes the impact of the tax deduction received in respect of the cost of shares exercised under the Group\u2019s employee Save As You Earn scheme and Long-Term Incentive Plan. The Group provides for future liabilities in respect of uncertain tax positions where additional tax may become payable in future periods and such provisions are based on management\u2019s assessment of exposure. At the balance sheet date, a deferred tax liability of \u00a32.0m (2022: \u00a32.0m) has been recognised in respect of uncertain tax positions. The net charge of \u00a31.3m (2022: \u00a32.6m) in respect of prior years\u2019 results arise from differences between the estimates of taxation included in the previous years\u2019 financial statements and the actual tax liabilities calculated in the tax returns submitted to HMRC. On 20 June 2023, Finance (No.2) Act 2023 was substantively enacted in the UK, introducing a global minimum effective tax rate of 15%. The legislation implements a domestic top-up tax and a multinational top-up tax, effective for accounting periods starting on or after 31 December 2023. The Group has applied the exemption under the IAS 12 amendment to recognising and disclosing information about deferred tax assets and liabilities related to top-up income taxes. (b) Recognised in the cash flow statement The cash flow statement shows cash of \u00a314.0m, in respect of RDEC credits and foreign tax, was received during the year (2022: \u00a320.0m). See note 22. (c) Recognised in the statement of comprehensive income 2023 \u00a3m 2022 \u00a3m Deferred tax (credit)/charge (including effect of change in tax rate) Fair value movements on cash flow hedging instruments 0.8 (0.2) Actuarial (losses)/gains on defined benefit pension schemes (24.5) 34.7 Total deferred tax (credit)/charge (23.7) 34.5 Corporation tax credit in respect of pension contributions paid (2.0) \u2013 Total tax (credit)/charge in the statement of comprehensive income (25.7) 34.5 The \u00a324.5m credit (2022: \u00a334.7m charge) in deferred tax movements on the defined benefit pension scheme of comprised of a \u00a320.1m credit (2022: \u00a325.9m charge) on current year actuarial movements and a \u00a34.4m credit (2022: \u00a38.8m charge) in respect of the movements in tax rates at which deferred tax is being recognised. (d) Factors that may affect future tax charges The deferred tax balance as at the year-end has mainly been recognised at 25.0% (2022: 25.0%), which is the enacted corporation tax rate effective from 1 April 2023. Deferred tax at 30 June 2022 included an adjustment for timing differences expected to reverse prior to 1 April 2023. Further disclosures in respect of the recoverability of the deferred tax asset have been included in note 18. (e) Tax losses At the balance sheet date, the Group has unused tax losses of \u00a3612.7m (2022: \u00a3639.4m) available for offset against future profits. A deferred tax asset has been recognised on \u00a3425.0m (2022: \u00a3430.1m) of these losses. No deferred tax asset has been recognised in respect of the remaining losses as it is unlikely that there will be future taxable profit on which these tax losses could be utilised against. Under present tax legislation, these losses may be carried forward indefinitely. (f) RDEC The Research and Development Expenditure Credit (\u2018RDEC\u2019) of \u00a322.8m was included in operating profit during the year (2022: \u00a320.7m). Included in the corporation tax asset at 30 June 2023 were RDEC receivables of \u00a316.1m (2022: \u00a312.0m). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2138002RKCU2OM4Y7O48",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
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"fact-463": {
"value": "11 Dividends The Group\u2019s focus on cash generation and reducing net debt has required a suspension in dividend payments. No interim or final dividends have been declared during the year (2022: \u00a3nil). The Group intends to pay a dividend in FY24. The parent company of the Group, Kier Group plc, is a non-trading holding company which derives its distributable reserves in part from dividends received from its subsidiaries. In determining the level of dividend payable in any year, in addition to the stated policy, the Board considers a number of other factors, including the following: \u2013 the level of distributable reserves in the parent company, Kier Group plc; \u2013 the level of distributable reserves in Kier Group plc\u2019s subsidiaries that are available to be distributed to Kier Group plc; \u2013 the availability of cash resources; \u2013 the Group\u2019s borrowing covenants; \u2013 future cash commitments and investment plans to support the long-term growth of the Group; and \u2013 potential strategic opportunities under consideration. The Board reviews the level of distributable reserves in the parent company at least twice a year ahead of announcing proposed interim and final dividends. As at 30 June 2023, Kier Group plc had distributable reserves of \u00a3111.1m (2022: \u00a379.7m). Distributable reserves can be significantly impacted by movements in pension liabilities. The reserves of Kier Group plc are not directly affected by these movements as the pension surpluses and liabilities are on the balance sheets of a certain number of the Company\u2019s subsidiaries. However, movements in the pension liabilities do have an effect on the level of distributable reserves in Kier Group plc\u2019s subsidiaries that are available to be paid up to the parent. Actuarial gains only increase the distributable reserves to the extent that they represent reversals of previous actuarial losses; otherwise they are treated as unrealised and are not distributable. ",
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"entity": "scheme:2138002RKCU2OM4Y7O48",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
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"fact-5": {
"value": "Kier Group plc",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:2138002RKCU2OM4Y7O48",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
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"fact-464": {
"value": "12 Earnings per share (a) Reconciliation of earnings used in calculating earnings per share Profit attributable to the ordinary equity holders of the Company used in calculating basic earnings per share. Note 2023 \u00a3m 2022 \u00a3m Continuing operations Profit for the year 41.0 12.7 Less: non-controlling interest share 0.1 \u2013 Profit (after tax and minority interests), being net gains attributable to equity holders of the parent (A) 41.1 12.7 Adjusting items (excluding tax) 5 52.9 78.2 Tax impact of adjusting items 5 (11.1) (16.3) Adjusted profit after tax (B) 82.9 74.6 (b) Weighted average number of shares used as the denominator 2023 million 2022 million Weighted average number of shares used as the denominator in calculating basic earnings per share (C) 431.2 443.3 Adjustments for calculation of diluted earnings per share Impact of share options 10.3 11.8 Weighted average number of shares used as the denominator in calculating diluted earnings per share (D) 441.5 455.1 The weighted average number of shares is lower than the number of shares in issue (per note 26) primarily due to shares that are held by the Group\u2019s employee benefit trusts (see note 27), which are excluded from the calculation. Options granted to employees under the Sharesave, CSAP and LTIP schemes are considered to be potential ordinary shares. They have been included in the determination of diluted earnings per share if the required performance obligations would have been met based on the Group\u2019s performance up to the reporting date, and to the extent to which they are dilutive. The options have not been included in the determination of basic earnings per share. Details relating to the share option schemes are set out in note 27. (c) Basic earnings per share 2023 pence 2022 pence Total basic earnings per share attributable to the ordinary equity holders of the Company (A/C) 9.5 2.9 Adjusted basic earnings per share attributable to the ordinary equity holders of the Company (B/C) 19.2 16.8 (d) Diluted earnings per share 2023 pence 2022 pence Total diluted earnings per share attributable to the ordinary equity holders of the Company (A/D) 9.3 2.8 Adjusted diluted earnings per share attributable to the ordinary equity holders of the Company (B/D) 18.8 16.4 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:2138002RKCU2OM4Y7O48",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
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},
"fact-465": {
"value": "13 Intangible assets Goodwill \u00a3m Intangible contract rights \u00a3m Computer software 1 \u00a3m Total \u00a3m Cost At 1 July 2021 538.8 259.4 132.8 931.0 Additions \u2013 \u2013 0.7 0.7 Disposals \u2013 (7.2) (0.9) (8.1) At 30 June 2022 538.8 252.2 132.6 923.6 Additions \u2013 \u2013 2.7 2.7 Disposals \u2013 (16.5) (9.6) (26.1) At 30 June 2023 538.8 235.7 125.7 900.2 Accumulated amortisation and impairment At 1 July 2021 (2.1) (155.7) (76.0) (233.8) Charge for the year \u2013 (19.7) (6.0) (25.7) Disposals \u2013 7.2 \u2013 7.2 Impairment \u2013 \u2013 (2.2) (2.2) At 30 June 2022 (2.1) (168.2) (84.2) (254.5) Charge for the year \u2013 (19.2) (7.6) (26.8) Disposals \u2013 16.5 9.6 26.1 At 30 June 2023 (2.1) (170.9) (82.2) (255.2) Net book value At 30 June 2023 536.7 64.8 43.5 645.0 At 30 June 2022 536.7 84.0 48.4 669.1 1. Computer software mainly relates to the Group\u2019s ERP software and is being amortised. Goodwill largely relates to the group of cash generating units (\u2018CGUs\u2019) in the Infrastructure Services segment and has been built up through acquisitions, primarily MRBL Limited (Mouchel Group) (\u00a3299.2m), May Gurney Integrated Services PLC (\u00a3194.7m) and McNicholas Construction (Holdings) Limited (\u00a342.8m). These balances have been subject to an annual impairment review based upon the projected cash flows of each CGU. The intangible contract rights were recognised on the acquisition of: \u2013 May Gurney Integrated Services plc \u2013 Cost \u00a3106.8m (2022: \u00a3106.8m). Net book value \u00a330.1m (2022: \u00a337.7m). \u2013 MRBL Limited (Mouchel Group) \u2013 Cost \u00a3127.1m (2022: \u00a3127.1m). Net book value \u00a333.5m (2022: \u00a345.0m). \u2013 Certain business and assets of Babcock Civil Infrastructure Limited \u2013 Cost \u00a31.6m (2022: \u00a31.6m). Net book value \u00a31.2m (2022: \u00a31.3m). Contract rights on May Gurney and Mouchel are amortised on a straight-line basis over the expected total contract duration. All other contract rights are amortised on a straight-line basis over the remaining contract life. Carrying amounts of goodwill and intangible contract rights by CGU For impairment testing purposes, goodwill has been allocated to the Infrastructure Services and Construction segments, being the lowest level at which management monitors goodwill. There is no goodwill attributed to the Property segment. The recoverable amount of the goodwill and intangibles has been determined based on value in use calculations, which use cash flow projections based on the Group\u2019s forecasts approved by management, covering a three-year period. The resulting cash flows are discounted to present value, with the discount rate used in the value in use calculations based on an industry average cost of capital. The cost of equity is calculated using observable market data from the Group\u2019s competitors. This data is used to calculate an average unlevered beta value after excluding any outliers. The average beta is then applied to the UK\u2019s equity risk premium and a risk-free rate added. The cost of debt is calculated by taking the expected renewal costs of the Group\u2019s debt and adjusting for the tax rate. The cost of equity and cost of debt are then combined using our competitors\u2019 average debt/equity split. The after-tax discount rate is then used to calculate the pre-tax discount rates. The pre-tax discount rates, which have been applied to the cash flows for each CGU, are of 13.1% (2022: 11.1%). The Infrastructure Services segment impairment review is sensitive to changes in the following key assumptions: discount rate, revenue growth rate, operating margin and perpetual growth rates. Management considers that a reasonably possible change in any single assumption could give rise to an impairment of the carrying value of goodwill and intangibles. Goodwill allocated to the Construction segment is not significant in comparison to the Group\u2019s total goodwill and is not sensitive to changes in assumptions. 2023 2022 Goodwill \u00a3m Intangible contract rights \u00a3m Total \u00a3m Goodwill \u00a3m Intangible contract rights \u00a3m Total \u00a3m Infrastructure Services 516.3 63.6 579.9 516.3 82.7 599.0 Construction 20.4 1.2 21.6 20.4 1.3 21.7 536.7 64.8 601.5 536.7 84.0 620.7 Infrastructure Services Forecast revenue growth rates and operating profit margins are based on historical experience, adjusted for the impact of expected changes to contract portfolio and profitability. Based on the value in use calculation, these assumptions detailed below derived a recoverable amount for the Infrastructure Services segment that is \u00a3166.3m (2022: \u00a3153.0m) above the carrying value of the assets, an increase of \u00a313.3m from the prior year. The pre-tax discount rate used is 13.1% (2022: 11.1%). An increase in discount rate of 2.9% (2022: 2.2%) would eliminate headroom. A 0.5% increase in discount rate would reduce headroom by \u00a334.9m (2022: \u00a341.3m). A terminal revenue growth rate of 2.0% (2022: 2.0%) has been applied into perpetuity. This would need to reduce by 3.7% (2022: 2.3%) to eliminate headroom. A 0.5% reduction would reduce headroom by \u00a328.7m (2022: \u00a341.7m). Forecast revenue growth rates from FY24 to FY26 range from 2.4% to 2.7% (2022: FY23 to FY25 range from 4.1% to 7.7%). A reduction of 9.6% (2022: 5.6%) to the average growth rate would be required for headroom to be eliminated. A 0.5% reduction in growth rate in each year would reduce headroom by \u00a39.1m (2022: \u00a318.4m). An operating margin of 5.5%1 , consistent with the margin in FY26, has been applied into perpetuity (2022: 5.0%). A reduction of 1.2% (2022: 0.9%) in margin would be required to eliminate headroom. A 0.5% reduction in operating margin would reduce headroom by \u00a372.3m (2022: \u00a387.0m). Forecast operating margins from FY24 to FY26 range from 5.5% to 5.7% (2022: FY23 to FY25 range from 5.0% to 5.3%). A reduction of 0.8% (2022: 0.8%) in operating margin would be required to eliminate headroom. A 0.5% reduction in margins would result in a reduction in headroom by \u00a398.6m (2022: \u00a384.2m). In terms of the possible impacts of climate change, the two key assumptions that could be sensitive to this are the growth rate and discount rates noted above. If climate change has a negative impact on revenues and/or the operating costs of the Group, there could be a potential impact on the discounted cash flow growth rates used within the valuation model. Lower future growth rates would reduce the level of the discounted cash flow valuation and hence the amount of headroom available to the Group above an impairment trigger. At present, the material short- to medium-term risks presented by possible climate change impacts are considered to be factored into the growth and discount rates where they are known and can be quantified. Using the current assumptions, no reasonably foreseeable change in the assumptions used within the value in use calculations would cause an impairment. Therefore, at present, changes in the long-term assumptions due to the impact of climate change would also not be expected to trigger an impairment. 1. Profit before interest and tax for the Infrastructure Services segment, prior to the value in use calculation taking into account an allocation of the Group\u2019s corporate overheads. ",
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"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138002RKCU2OM4Y7O48",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
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},
"fact-502": {
"value": "13 Intangible assets Goodwill \u00a3m Intangible contract rights \u00a3m Computer software 1 \u00a3m Total \u00a3m Cost At 1 July 2021 538.8 259.4 132.8 931.0 Additions \u2013 \u2013 0.7 0.7 Disposals \u2013 (7.2) (0.9) (8.1) At 30 June 2022 538.8 252.2 132.6 923.6 Additions \u2013 \u2013 2.7 2.7 Disposals \u2013 (16.5) (9.6) (26.1) At 30 June 2023 538.8 235.7 125.7 900.2 Accumulated amortisation and impairment At 1 July 2021 (2.1) (155.7) (76.0) (233.8) Charge for the year \u2013 (19.7) (6.0) (25.7) Disposals \u2013 7.2 \u2013 7.2 Impairment \u2013 \u2013 (2.2) (2.2) At 30 June 2022 (2.1) (168.2) (84.2) (254.5) Charge for the year \u2013 (19.2) (7.6) (26.8) Disposals \u2013 16.5 9.6 26.1 At 30 June 2023 (2.1) (170.9) (82.2) (255.2) Net book value At 30 June 2023 536.7 64.8 43.5 645.0 At 30 June 2022 536.7 84.0 48.4 669.1 1. Computer software mainly relates to the Group\u2019s ERP software and is being amortised. Goodwill largely relates to the group of cash generating units (\u2018CGUs\u2019) in the Infrastructure Services segment and has been built up through acquisitions, primarily MRBL Limited (Mouchel Group) (\u00a3299.2m), May Gurney Integrated Services PLC (\u00a3194.7m) and McNicholas Construction (Holdings) Limited (\u00a342.8m). These balances have been subject to an annual impairment review based upon the projected cash flows of each CGU. The intangible contract rights were recognised on the acquisition of: \u2013 May Gurney Integrated Services plc \u2013 Cost \u00a3106.8m (2022: \u00a3106.8m). Net book value \u00a330.1m (2022: \u00a337.7m). \u2013 MRBL Limited (Mouchel Group) \u2013 Cost \u00a3127.1m (2022: \u00a3127.1m). Net book value \u00a333.5m (2022: \u00a345.0m). \u2013 Certain business and assets of Babcock Civil Infrastructure Limited \u2013 Cost \u00a31.6m (2022: \u00a31.6m). Net book value \u00a31.2m (2022: \u00a31.3m). Contract rights on May Gurney and Mouchel are amortised on a straight-line basis over the expected total contract duration. All other contract rights are amortised on a straight-line basis over the remaining contract life. Carrying amounts of goodwill and intangible contract rights by CGU For impairment testing purposes, goodwill has been allocated to the Infrastructure Services and Construction segments, being the lowest level at which management monitors goodwill. There is no goodwill attributed to the Property segment. The recoverable amount of the goodwill and intangibles has been determined based on value in use calculations, which use cash flow projections based on the Group\u2019s forecasts approved by management, covering a three-year period. The resulting cash flows are discounted to present value, with the discount rate used in the value in use calculations based on an industry average cost of capital. The cost of equity is calculated using observable market data from the Group\u2019s competitors. This data is used to calculate an average unlevered beta value after excluding any outliers. The average beta is then applied to the UK\u2019s equity risk premium and a risk-free rate added. The cost of debt is calculated by taking the expected renewal costs of the Group\u2019s debt and adjusting for the tax rate. The cost of equity and cost of debt are then combined using our competitors\u2019 average debt/equity split. The after-tax discount rate is then used to calculate the pre-tax discount rates. The pre-tax discount rates, which have been applied to the cash flows for each CGU, are of 13.1% (2022: 11.1%). The Infrastructure Services segment impairment review is sensitive to changes in the following key assumptions: discount rate, revenue growth rate, operating margin and perpetual growth rates. Management considers that a reasonably possible change in any single assumption could give rise to an impairment of the carrying value of goodwill and intangibles. Goodwill allocated to the Construction segment is not significant in comparison to the Group\u2019s total goodwill and is not sensitive to changes in assumptions. 2023 2022 Goodwill \u00a3m Intangible contract rights \u00a3m Total \u00a3m Goodwill \u00a3m Intangible contract rights \u00a3m Total \u00a3m Infrastructure Services 516.3 63.6 579.9 516.3 82.7 599.0 Construction 20.4 1.2 21.6 20.4 1.3 21.7 536.7 64.8 601.5 536.7 84.0 620.7 Infrastructure Services Forecast revenue growth rates and operating profit margins are based on historical experience, adjusted for the impact of expected changes to contract portfolio and profitability. Based on the value in use calculation, these assumptions detailed below derived a recoverable amount for the Infrastructure Services segment that is \u00a3166.3m (2022: \u00a3153.0m) above the carrying value of the assets, an increase of \u00a313.3m from the prior year. The pre-tax discount rate used is 13.1% (2022: 11.1%). An increase in discount rate of 2.9% (2022: 2.2%) would eliminate headroom. A 0.5% increase in discount rate would reduce headroom by \u00a334.9m (2022: \u00a341.3m). A terminal revenue growth rate of 2.0% (2022: 2.0%) has been applied into perpetuity. This would need to reduce by 3.7% (2022: 2.3%) to eliminate headroom. A 0.5% reduction would reduce headroom by \u00a328.7m (2022: \u00a341.7m). Forecast revenue growth rates from FY24 to FY26 range from 2.4% to 2.7% (2022: FY23 to FY25 range from 4.1% to 7.7%). A reduction of 9.6% (2022: 5.6%) to the average growth rate would be required for headroom to be eliminated. A 0.5% reduction in growth rate in each year would reduce headroom by \u00a39.1m (2022: \u00a318.4m). An operating margin of 5.5%1 , consistent with the margin in FY26, has been applied into perpetuity (2022: 5.0%). A reduction of 1.2% (2022: 0.9%) in margin would be required to eliminate headroom. A 0.5% reduction in operating margin would reduce headroom by \u00a372.3m (2022: \u00a387.0m). Forecast operating margins from FY24 to FY26 range from 5.5% to 5.7% (2022: FY23 to FY25 range from 5.0% to 5.3%). A reduction of 0.8% (2022: 0.8%) in operating margin would be required to eliminate headroom. A 0.5% reduction in margins would result in a reduction in headroom by \u00a398.6m (2022: \u00a384.2m). In terms of the possible impacts of climate change, the two key assumptions that could be sensitive to this are the growth rate and discount rates noted above. If climate change has a negative impact on revenues and/or the operating costs of the Group, there could be a potential impact on the discounted cash flow growth rates used within the valuation model. Lower future growth rates would reduce the level of the discounted cash flow valuation and hence the amount of headroom available to the Group above an impairment trigger. At present, the material short- to medium-term risks presented by possible climate change impacts are considered to be factored into the growth and discount rates where they are known and can be quantified. Using the current assumptions, no reasonably foreseeable change in the assumptions used within the value in use calculations would cause an impairment. Therefore, at present, changes in the long-term assumptions due to the impact of climate change would also not be expected to trigger an impairment. 1. Profit before interest and tax for the Infrastructure Services segment, prior to the value in use calculation taking into account an allocation of the Group\u2019s corporate overheads. ",
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"fact-516": {
"value": "13 Intangible assets Goodwill \u00a3m Intangible contract rights \u00a3m Computer software 1 \u00a3m Total \u00a3m Cost At 1 July 2021 538.8 259.4 132.8 931.0 Additions \u2013 \u2013 0.7 0.7 Disposals \u2013 (7.2) (0.9) (8.1) At 30 June 2022 538.8 252.2 132.6 923.6 Additions \u2013 \u2013 2.7 2.7 Disposals \u2013 (16.5) (9.6) (26.1) At 30 June 2023 538.8 235.7 125.7 900.2 Accumulated amortisation and impairment At 1 July 2021 (2.1) (155.7) (76.0) (233.8) Charge for the year \u2013 (19.7) (6.0) (25.7) Disposals \u2013 7.2 \u2013 7.2 Impairment \u2013 \u2013 (2.2) (2.2) At 30 June 2022 (2.1) (168.2) (84.2) (254.5) Charge for the year \u2013 (19.2) (7.6) (26.8) Disposals \u2013 16.5 9.6 26.1 At 30 June 2023 (2.1) (170.9) (82.2) (255.2) Net book value At 30 June 2023 536.7 64.8 43.5 645.0 At 30 June 2022 536.7 84.0 48.4 669.1 1. Computer software mainly relates to the Group\u2019s ERP software and is being amortised. Goodwill largely relates to the group of cash generating units (\u2018CGUs\u2019) in the Infrastructure Services segment and has been built up through acquisitions, primarily MRBL Limited (Mouchel Group) (\u00a3299.2m), May Gurney Integrated Services PLC (\u00a3194.7m) and McNicholas Construction (Holdings) Limited (\u00a342.8m). These balances have been subject to an annual impairment review based upon the projected cash flows of each CGU. The intangible contract rights were recognised on the acquisition of: \u2013 May Gurney Integrated Services plc \u2013 Cost \u00a3106.8m (2022: \u00a3106.8m). Net book value \u00a330.1m (2022: \u00a337.7m). \u2013 MRBL Limited (Mouchel Group) \u2013 Cost \u00a3127.1m (2022: \u00a3127.1m). Net book value \u00a333.5m (2022: \u00a345.0m). \u2013 Certain business and assets of Babcock Civil Infrastructure Limited \u2013 Cost \u00a31.6m (2022: \u00a31.6m). Net book value \u00a31.2m (2022: \u00a31.3m). Contract rights on May Gurney and Mouchel are amortised on a straight-line basis over the expected total contract duration. All other contract rights are amortised on a straight-line basis over the remaining contract life. Carrying amounts of goodwill and intangible contract rights by CGU For impairment testing purposes, goodwill has been allocated to the Infrastructure Services and Construction segments, being the lowest level at which management monitors goodwill. There is no goodwill attributed to the Property segment. The recoverable amount of the goodwill and intangibles has been determined based on value in use calculations, which use cash flow projections based on the Group\u2019s forecasts approved by management, covering a three-year period. The resulting cash flows are discounted to present value, with the discount rate used in the value in use calculations based on an industry average cost of capital. The cost of equity is calculated using observable market data from the Group\u2019s competitors. This data is used to calculate an average unlevered beta value after excluding any outliers. The average beta is then applied to the UK\u2019s equity risk premium and a risk-free rate added. The cost of debt is calculated by taking the expected renewal costs of the Group\u2019s debt and adjusting for the tax rate. The cost of equity and cost of debt are then combined using our competitors\u2019 average debt/equity split. The after-tax discount rate is then used to calculate the pre-tax discount rates. The pre-tax discount rates, which have been applied to the cash flows for each CGU, are of 13.1% (2022: 11.1%). The Infrastructure Services segment impairment review is sensitive to changes in the following key assumptions: discount rate, revenue growth rate, operating margin and perpetual growth rates. Management considers that a reasonably possible change in any single assumption could give rise to an impairment of the carrying value of goodwill and intangibles. Goodwill allocated to the Construction segment is not significant in comparison to the Group\u2019s total goodwill and is not sensitive to changes in assumptions. 2023 2022 Goodwill \u00a3m Intangible contract rights \u00a3m Total \u00a3m Goodwill \u00a3m Intangible contract rights \u00a3m Total \u00a3m Infrastructure Services 516.3 63.6 579.9 516.3 82.7 599.0 Construction 20.4 1.2 21.6 20.4 1.3 21.7 536.7 64.8 601.5 536.7 84.0 620.7 Infrastructure Services Forecast revenue growth rates and operating profit margins are based on historical experience, adjusted for the impact of expected changes to contract portfolio and profitability. Based on the value in use calculation, these assumptions detailed below derived a recoverable amount for the Infrastructure Services segment that is \u00a3166.3m (2022: \u00a3153.0m) above the carrying value of the assets, an increase of \u00a313.3m from the prior year. The pre-tax discount rate used is 13.1% (2022: 11.1%). An increase in discount rate of 2.9% (2022: 2.2%) would eliminate headroom. A 0.5% increase in discount rate would reduce headroom by \u00a334.9m (2022: \u00a341.3m). A terminal revenue growth rate of 2.0% (2022: 2.0%) has been applied into perpetuity. This would need to reduce by 3.7% (2022: 2.3%) to eliminate headroom. A 0.5% reduction would reduce headroom by \u00a328.7m (2022: \u00a341.7m). Forecast revenue growth rates from FY24 to FY26 range from 2.4% to 2.7% (2022: FY23 to FY25 range from 4.1% to 7.7%). A reduction of 9.6% (2022: 5.6%) to the average growth rate would be required for headroom to be eliminated. A 0.5% reduction in growth rate in each year would reduce headroom by \u00a39.1m (2022: \u00a318.4m). An operating margin of 5.5%1 , consistent with the margin in FY26, has been applied into perpetuity (2022: 5.0%). A reduction of 1.2% (2022: 0.9%) in margin would be required to eliminate headroom. A 0.5% reduction in operating margin would reduce headroom by \u00a372.3m (2022: \u00a387.0m). Forecast operating margins from FY24 to FY26 range from 5.5% to 5.7% (2022: FY23 to FY25 range from 5.0% to 5.3%). A reduction of 0.8% (2022: 0.8%) in operating margin would be required to eliminate headroom. A 0.5% reduction in margins would result in a reduction in headroom by \u00a398.6m (2022: \u00a384.2m). In terms of the possible impacts of climate change, the two key assumptions that could be sensitive to this are the growth rate and discount rates noted above. If climate change has a negative impact on revenues and/or the operating costs of the Group, there could be a potential impact on the discounted cash flow growth rates used within the valuation model. Lower future growth rates would reduce the level of the discounted cash flow valuation and hence the amount of headroom available to the Group above an impairment trigger. At present, the material short- to medium-term risks presented by possible climate change impacts are considered to be factored into the growth and discount rates where they are known and can be quantified. Using the current assumptions, no reasonably foreseeable change in the assumptions used within the value in use calculations would cause an impairment. Therefore, at present, changes in the long-term assumptions due to the impact of climate change would also not be expected to trigger an impairment. 1. Profit before interest and tax for the Infrastructure Services segment, prior to the value in use calculation taking into account an allocation of the Group\u2019s corporate overheads. ",
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"language": "en",
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"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-503": {
"value": "14 Property, plant and equipment Land and buildings \u00a3m Plant and equipment \u00a3m Mining asset 2 \u00a3m Total \u00a3m Cost At 1 July 2021 32.3 57.4 4.8 94.5 Additions 0.3 5.7 \u2013 6.0 Disposals (5.3) (9.8) \u2013 (15.1) Transfers 1 (2.4) \u2013 \u2013 (2.4) Currency realignment \u2013 0.7 \u2013 0.7 At 30 June 2022 24.9 54.0 4.8 83.7 Additions \u2013 3.9 \u2013 3.9 Disposals (1.0) (14.0) (4.8) (19.8) Transfers 1 \u2013 0.7 \u2013 0.7 At 30 June 2023 23.9 44.6 \u2013 68.5 Accumulated depreciation and impairment At 1 July 2021 (9.2) (37.2) (4.8) (51.2) Charge for the year (0.8) (5.8) \u2013 (6.6) Impairment \u2013 (4.1) \u2013 (4.1) Disposals 2.0 9.0 \u2013 11.0 Transfers 1 0.4 \u2013 \u2013 0.4 Currency realignment \u2013 (0.5) \u2013 (0.5) At 30 June 2022 (7.6) (38.6) (4.8) (51.0) Charge for the year (0.2) (5.9) \u2013 (6.1) Disposals 0.4 13.5 4.8 18.7 Transfers 1 \u2013 (0.3) \u2013 (0.3) At 30 June 2023 (7.4) (31.3) \u2013 (38.7) Net book value At 30 June 2023 16.5 13.3 \u2013 29.8 At 30 June 2022 17.3 15.4 \u2013 32.7 1. Includes transfers between asset classes as follows: \u2013 Net book value of plant and equipment transferred from right-of-use assets was \u00a30.4m (2022: \u00a3nil). \u2013 There were no transfers from land and buildings to investment properties (2022: \u00a32.0m). 2. The mining asset represented the stripping activity at the UK Mining operations site. The asset has been disposed of in the current year now that the mine has been decommissioned. ",
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"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
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},
"fact-466": {
"value": "15 Investment properties (a) Reconciliation of carrying amount Owned assets \u00a3m Right-of-use assets \u00a3m Total \u00a3m At 1 July 2021 8.3 41.3 49.6 Transfers 2.0 6.1 8.1 Additions \u2013 2.5 2.5 Fair value gain/(loss) recognised in administrative expenses 2.7 (2.5) 0.2 At 30 June 2022 13.0 47.4 60.4 Transfers 2.7 \u2013 2.7 Additions 22.8 1.1 23.9 Fair value gain/(loss) recognised in other income 14.4 (3.0) 11.4 At 30 June 2023 52.9 45.5 98.4 Investment properties comprise office buildings and commercial land/properties that were formerly utilised by the Group that have been vacated, along with a student accommodation property held by the Group (previously held within a joint venture). They are leased out (or intended to be leased out) to third parties under operating leases and/or are held for capital appreciation. The investment properties include properties held as right-of-use assets, as well as a property owned by the Group. The investment properties are carried at fair value. Changes in fair values are presented in the profit or loss within other income (2022: immaterial net fair value gain of \u00a30.2m was presented in administrative expenses). (b) Amounts recognised in the income statement Year to 30 June 2023: 2023 \u00a3m 2022 \u00a3m Rental income from operating leases 5.1 2.4 Direct operating expenses for property that generated rental income (2.7) (1.4) Direct operating expenses for property that did not generate rental income \u2013 (0.6) Fair value gain 11.4 0.2 Total net income recognised in the income statement 13.8 0.6 (c) Leasing arrangements The investment properties are leased to tenants under operating leases with rentals payable either monthly or quarterly. Lease payments for some contracts include provisions for RPI increases. One contract entitles the Group to an element of variable lease rentals (in addition to the base rent payments) based on a share of the tenant\u2019s revenue in carrying out their business of providing serviced offices and hot desking space at the premises. Although the Group is exposed to changes in the residual value at the end of the current leases, the Group intends to enter into new operating leases and therefore will not immediately realise any reduction in residual value at the end of these leases. Some of the leases include a tenant option to renew the lease for a further period. Expectations about the future residual values are reflected in the fair value of the properties. Minimum lease payments receivable on leases of investment properties are as follows: 2023 \u00a3m 2022 \u00a3m Less than one year 3.0 2.8 One to two years 2.3 3.0 Two to three years 2.1 2.3 Three to four years 1.3 2.1 Four to five years 1.1 1.3 Over five years \u2013 1.1 Total 9.8 12.6 (d) Measurement of fair values The fair value of the owned investment property was determined as at 30 June 2022 by external, independent property valuers, having appropriate recognised professional qualifications and recent experience in the location and category of the property being valued. The fair values of the right-of-use investment properties have been determined by the Group without the use of an independent valuer. The fair value measurements for all of the investment properties have been categorised as Level 3 fair values (as defined in note 29), based on the inputs to the valuation techniques used. Investment property Valuation technique Significant unobservable inputs Inter-relationship between key unobservable inputs and fair value measurement Owned assets Market approach: The fair values have been determined by adopting an investment approach and assuming continued use as offices/student accommodation/future use as a wind farm. External valuations are performed every two years. The last valuations were carried out as at 30 June 2022, using the following inputs: Offices \u2013 Expected market rental growth of 0% (2022: 0%); \u2013 Occupancy rate average of 95% (2022: 95%); \u2013 Void periods of 24 months to 36 months (2022: 24 months to 36 months); and \u2013 Rent-free periods of 12 months on a 5-year lease (2022: 12 months on a 5-year lease). Student accommodation \u2013 Expected market rental growth of 10% (2022: 3%); \u2013 Occupancy rate average of 98% (2022: 98%); and \u2013 Expected market yields of 5.8%-6.0% (2022: 5.3%-5.4%). Wind farm \u2013 Expected electricity price of \u00a355 MW/h; and \u2013 Expected market yields of 7%. In years where no valuation is performed, the fair value is reviewed taking into consideration any changes in market conditions and any offers received on the property and adjustments made accordingly. The estimated fair value would increase/(decrease) if: \u2013 Expected market rental growth were higher/(lower); \u2013 The occupancy rate was higher/(lower); \u2013 Void periods were shorter/(longer); \u2013 Rent-free periods were shorter/(longer); \u2013 Expected market yields were lower/(higher); or \u2013 Expected electricity price was higher/(lower). Right-of-use assets Income approach using discounted cash flows: The valuation model considers the present value of net cash flows to be generated from the property, taking into account the expected rental growth rate, void periods, occupancy rate, lease incentive costs such as rent-free periods and other costs not paid by tenants. The expected net cash flows are discounted using risk-adjusted discount rates. \u2013 Expected market rental growth of 1% to 2% (2022: 1% to 2%%); \u2013 Occupancy rate average of 92% to 99% (2022: average of 93% to 99%); \u2013 Rent-free/void periods of 6\u20139 months at the end of each tenancy (2022: 6\u20139 months); and \u2013 Risk-adjusted discount rate of 4.2% (2022: 4.2%). The estimated fair value would increase/(decrease) if: \u2013 Expected market rental growth were higher/(lower); \u2013 The occupancy rate was higher/(lower); \u2013 Rent-free/void periods were shorter/(longer); or \u2013 The risk-adjusted discount rate was lower/(higher). ",
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"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-467": {
"value": "16 Investments in and loans to joint ventures (a) Movements in year 2023 \u00a3m 2022 \u00a3m Investments in joint ventures At 1 July 82.3 98.9 Additions 35.7 16.8 Acquisition of joint venture debt 0.9 \u2013 Disposals (22.5) \u2013 Loan repayments (11.3) (7.5) Share of: Operating profit 1.3 26.4 Finance (costs)/income (0.1) 0.4 Taxation (0.1) (0.2) Post-tax results of joint ventures \u2013 continuing operations 1.1 26.6 Dividends received (1.8) (32.5) Return of equity (5.8) (20.0) At 30 June 78.6 82.3 (b) Analysis of investments in and loans to joint ventures 2023 \u00a3m 2022 \u00a3m Non-current assets Investment properties 28.2 42.5 Other non-current assets 3.2 \u2013 Non-current assets 31.4 42.5 Current assets Cash and trade receivables 127.1 130.4 Current assets 127.1 130.4 Total assets 158.5 172.9 Current liabilities Trade and other payables (17.0) (19.8) Current liabilities (17.0) (19.8) Non-current liabilities Borrowings (62.9) (70.7) Deferred tax liabilities \u2013 (0.1) Other non-current liabilities \u2013 \u2013 Non-current liabilities (62.9) (70.8) Total liabilities (79.9) (90.6) At 30 June 78.6 82.3 (c) Interests in joint ventures Set out below are the joint ventures of the Group as at 30 June 2023 which, in the opinion of the Directors, are material to the Group. See note 32 for the full list of joint ventures. All of the entities are private entities and therefore do not have a quoted fair value. The country of incorporation or registration is also their principal place of business. All are measured under the equity method. Name of entity Place of business/country of incorporation % of ownership interest/voting rights 2023 % of ownership interest/voting rights 2022 Nature of relationship Carrying amount 2023 \u00a3m Carrying amount 2022 \u00a3m Kier Trade City 1 England and Wales 90%/50% 90%/50% Property division 6.5 6.8 Solum Regeneration2 England and Wales 50%/50% 50%/50% Property division 21.1 21.3 Kier Cornwall Street3 England and Wales 90%/50% 90%/50% Property division 23.2 7.2 Kier (Newcastle) 4 England and Wales N/A 75%/50% Property division \u2013 8.4 Kier (Southampton) 5 England and Wales 75%/50% 75%/50% Property division 3.4 11.3 Watford Health Campus 6 England and Wales 50%/50% 50%/50% Property division 8.9 9.9 Kier Richmond 7 England and Wales 90%/50% 90%/50% Property division 8.0 7.7 Winsford8 England and Wales 50%/50% 50%/50% Property division 0.1 0.4 Kier Maidenhead9 England and Wales 90%/50% 90%/50% Property division 0.1 0.7 Kier PGIM Logistics10 England and Wales 25.5%/25.5% 25.5%/25.5% Property division 6.7 7.4 Immaterial joint ventures 0.6 1.2 78.6 82.3 1. Kier Trade City consists of Kier Trade City Holdco 1 LLP, Kier Trade City Holdco 2 LLP and Kier Trade City LLP. 2. Solum Regeneration consists of Solum Regeneration (Bishops) LLP, Solum Regeneration (Epsom) Limited Partnership, Solum Regeneration (Guildford) LLP, Solum Regeneration (Haywards) LLP, Solum Regeneration (Kingswood) LLP, Solum Regeneration (Maidstone) LLP, Solum Regeneration (Redhill) LLP, Solum Regeneration (Surbiton) LLP, Solum Regeneration (Twickenham) LLP, Solum Regeneration (Walthamstow) LLP, Solum Regeneration Epsom (GP Subsidiary) Limited, Solum Regeneration Epsom (GP) Limited, Solum Regeneration Epsom (Residential) LLP, Solum Regeneration Holding 1 LLP and Solum Regeneration Holding 2 LLP. 3. Kier Cornwall Street consists of Kier Cornwall Street Holdings 1 LLP, Kier Cornwall Street Holdings 2 LLP and Kier Cornwall Street LLP. 4. Kier (Newcastle) consists of Kier (Newcastle) Investment Limited, Kier (Newcastle) Operation Limited and Magnetic Limited. 5. Kier (Southampton) consists of Kier (Southampton) Development Limited, Kier (Southampton) Investment Limited and Kier (Southampton) Operations Limited. 6. Watford Health Campus consists of Watford Health Campus Limited, Watford Health Campus Partnership LLP, Watford Riverwell (Family Housing) LLP and Watford Woodlands LLP. 7. Kier Richmond consists of Kier Richmond Holdings Limited and Kier Richmond Limited. 8. Winsford consists of Winsford Holdings 1 LLP, Winsford Holdings 2 LLP and Winsford Devco LLP. 9. Kier Maidenhead consists of Kier Maidenhead Holdings 1 LLP, Kier Maidenhead Holdings 2 LLP and Kier Maidenhead LLP. 10. Kier PGIM Logistics consists of Kier PGIM Logistics Holdco Ltd, Kier PGIM Logistics (Bognor) Ltd, Kier PGIM Logistics (Bracknell) Ltd, Kier PGIM Logistics (Knowsley) Ltd, Kier PGIM Logistics (St. Albans) Ltd, Kier PGIM Logistics Propco 4 Ltd, Kier PGIM Logistics Propco 5 Ltd, Kier PGIM Logistics Propco 7 Ltd and Kier PGIM Logistics Propco 8 Ltd. (d) Borrowing facilities and guarantees to joint ventures The Group has provided guarantees to support borrowing facilities of joint ventures as follows: 2023 2022 Borrowing facility \u00a3m Guarantees \u00a3m Drawn at 30 June \u00a3m Borrowing facility \u00a3m Guarantees \u00a3m Drawn at 30 June \u00a3m Kier Trade City LLP 17.8 3.5 8.4 17.8 3.1 7.6 Kier PGIM Logistics (Bognor) Ltd 24.4 \u2013 \u2013 27.0 1.4 2.8 42.2 3.5 8.4 44.8 4.5 10.4 Other than as disclosed above the liabilities of the joint ventures are without recourse to the Group. Details of the Group\u2019s interests in joint ventures are given in note 32. (e) Summarised financial information for joint ventures The tables below provide summarised financial information for those joint ventures that are material to the Group. The information disclosed reflects the amounts presented in the financial statements of the relevant joint ventures and not the Group\u2019s share of those amounts. They have been amended to reflect adjustments made by the entity when using the equity method, including fair value adjustments and modifications for differences in accounting policy. Kier Trade City Solum Regeneration Kier Cornwall Street Kier (Newcastle) Summarised balance sheet 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m Current assets Cash and cash equivalents 0.4 0.3 1.2 0.6 \u2013 1.8 \u2013 0.7 Other current assets 16.4 16.0 44.8 51.7 37.2 34.4 \u2013 2.8 Current assets 16.8 16.3 46.0 52.3 37.2 36.2 \u2013 3.5 Non-current assets \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 25.1 Current liabilities Other current liabilities (1.2) (1.3) (3.9) (9.7) (1.2) (3.2) \u2013 (5.2) Total current liabilities (1.2) (1.3) (3.9) (9.7) (1.2) (3.2) \u2013 (5.2) Non-current liabilities Financial liabilities (excluding trade payables) (8.4) (7.5) \u2013 \u2013 (12.3) (25.0) \u2013 (12.1) Other non-current liabilities \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (0.1) Total non-current liabilities (8.4) (7.5) \u2013 \u2013 (12.3) (25.0) \u2013 (12.2) Net assets 7.2 7.5 42.1 42.6 23.7 8.0 \u2013 11.2 Reconciliation to carrying amounts: Net assets at 1 July 7.5 12.3 42.6 63.4 8.0 13.9 11.2 10.9 Capital introduced \u2013 4.5 7.8 9.4 19.4 \u2013 16.3 \u2013 Disposals \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (30.1) \u2013 (Loss)/profit for the year (0.3) 20.3 (0.4) (2.0) (3.7) (5.9) 2.6 0.3 Loan repayments \u2013 (8.3) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Return of equity \u2013 \u2013 (7.9) (27.8) \u2013 \u2013 \u2013 \u2013 Dividends paid \u2013 (21.3) \u2013 (0.4) \u2013 \u2013 \u2013 \u2013 Net assets at 30 June 7.2 7.5 42.1 42.6 23.7 8.0 \u2013 11.2 Group\u2019s share (%) 90% 90% 50% 50% 90% 90% N/A 75% Group\u2019s share 6.5 6.8 21.1 21.3 21.3 7.2 \u2013 8.4 Capital introduced on behalf of joint venture partner \u2013 \u2013 \u2013 \u2013 1.9 \u2013 \u2013 \u2013 Investment in joint venture 6.5 6.8 21.1 21.3 23.2 7.2 \u2013 8.4 Kier (Southampton) Watford Health Campus Kier Richmond Summarised balance sheet 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m Current assets Cash and cash equivalents 0.7 1.1 0.7 0.4 0.7 0.4 Other current assets 2.4 2.7 50.1 36.7 15.4 15.6 Current assets 3.1 3.8 50.8 37.1 16.1 16.0 Non-current assets 38.5 31.5 \u2013 \u2013 \u2013 \u2013 Current liabilities Other current liabilities (3.4) (2.4) (17.8) (7.2) (0.3) \u2013 Total current liabilities (3.4) (2.4) (17.8) (7.2) (0.3) \u2013 Non-current liabilities Financial liabilities (excluding trade payables) (33.0) (17.9) (15.2) (10.2) (7.5) (7.5) Other non-current liabilities (0.7) \u2013 \u2013 \u2013 0.6 \u2013 Total non-current liabilities (33.7) (17.9) (15.2) (10.2) (6.9) (7.5) Net assets 4.5 15.0 17.8 19.7 8.9 8.5 Reconciliation to carrying amounts: Net assets at 1 July 15.0 14.5 19.7 18.4 8.5 8.6 Capital introduced \u2013 \u2013 \u2013 1.1 \u2013 \u2013 Profit/(loss) for the year 4.5 0.5 1.7 2.8 0.4 (0.1) Loan repayments (15.0) \u2013 \u2013 \u2013 \u2013 \u2013 Return of equity \u2013 \u2013 (3.6) \u2013 Dividends paid \u2013 \u2013 \u2013 (2.6) \u2013 \u2013 Net assets at 30 June 4.5 15.0 17.8 19.7 8.9 8.5 Group\u2019s share (%) 75% 75% 50% 50% 90% 90% Investment in joint venture 3.4 11.3 8.9 9.9 8.0 7.7 Winsford Kier Maidenhead Kier PGIM Logistics Summarised balance sheet 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m Current assets Cash and cash equivalents 0.1 0.4 0.1 \u2013 0.6 4.0 Other current assets \u2013 0.7 0.1 1.0 43.6 54.2 Current assets 0.1 1.1 0.2 1.0 44.2 58.2 Non-current assets \u2013 \u2013 \u2013 \u2013 2.5 \u2013 Current liabilities Other current liabilities \u2013 (0.4) (0.1) (0.2) (0.4) (1.5) Total current liabilities \u2013 (0.4) (0.1) (0.2) (0.4) (1.5) Non-current liabilities Financial liabilities (excluding trade payables) \u2013 \u2013 \u2013 \u2013 (20.1) (27.7) Total non-current liabilities \u2013 \u2013 \u2013 \u2013 (20.1) (27.7) Net assets 0.1 0.7 0.1 0.8 26.2 29.0 Reconciliation to carrying amounts: Net assets at 1 July 0.7 4.7 0.8 3.5 29.0 \u2013 Capital introduced \u2013 \u2013 \u2013 \u2013 4.7 29.1 Profit/(loss) for the year 0.7 11.1 \u2013 8.3 (7.5) (0.1) Return of equity \u2013 (4.8) \u2013 (3.6) \u2013 \u2013 Dividends paid (1.3) (10.3) (0.7) (7.4) \u2013 \u2013 Net assets at 30 June 0.1 0.7 0.1 0.8 26.2 29.0 Group\u2019s share (%) 50% 50% 90% 90% 25.5% 25.5% Investment in joint venture 0.1 0.4 0.1 0.7 6.7 7.4 Kier Trade City Solum Regeneration Kier Cornwall Street Kier (Newcastle) Summarised income statement 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m Revenue 0.5 50.1 24.3 35.3 \u2013 0.6 \u2013 1.9 Finance income \u2013 \u2013 \u2013 \u2013 \u2013 0.4 \u2013 \u2013 Finance costs \u2013 \u2013 \u2013 \u2013 (0.1) \u2013 \u2013 \u2013 Taxation \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (0.1) Loss/(profit) for the year from continuing operations (0.3) 20.3 (0.4) (2.0) (3.7) (5.9) 2.6 0.3 Loss/(profit) for the year (0.3) 20.3 (0.4) (2.0) (3.7) (5.9) 2.6 0.3 Total comprehensive (expense)/income (0.3) 20.3 (0.4) (2.0) (3.7) (5.9) 2.6 0.3 Dividends received from joint ventures \u2013 19.2 \u2013 0.2 \u2013 \u2013 \u2013 \u2013 Kier (Southampton) Watford Health Campus Kier Richmond Summarised income statement 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m Revenue 3.1 2.7 12.4 19.0 0.9 4.3 Depreciation and amortisation \u2013 (0.1) \u2013 \u2013 \u2013 \u2013 Taxation (1.3) (0.1) \u2013 \u2013 0.3 \u2013 Profit/(loss) for the year from continuing operations 4.5 0.5 1.7 2.8 0.4 (0.1) Profit/(loss) for the year 4.5 0.5 1.7 2.8 0.4 (0.1) Total comprehensive income/(expense) 4.5 0.5 1.7 2.8 0.4 (0.1) Dividends received from joint ventures \u2013 \u2013 \u2013 1.3 \u2013 \u2013 Winsford Kier Maidenhead Kier PGIM Logistics Summarised income statement 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m Revenue \u2013 22.7 \u2013 19.6 0.3 \u2013 Taxation \u2013 \u2013 \u2013 \u2013 2.5 \u2013 Profit/(loss) for the year from continuing operations 0.7 11.1 \u2013 8.3 (7.5) (0.1) Profit/(loss) for the year 0.7 11.1 \u2013 8.3 (7.5) (0.1) Total comprehensive income/(expense) 0.7 11.1 \u2013 8.3 (7.5) (0.1) Dividends received from joint ventures 0.7 5.1 0.7 6.6 \u2013 \u2013 (f) Individually immaterial joint ventures In addition to the interests in joint ventures disclosed above, the Group also has interests in a number of individually immaterial joint ventures that are accounted for using the equity method. 2023 \u00a3m 2022 \u00a3m Aggregate carrying amount of individually immaterial joint ventures 0.6 1.2 Dividends received from individually immaterial joint ventures 0.4 0.1 Aggregate amounts of the Group\u2019s share of: Loss from continuing operations (0.1) (0.3) Total comprehensive expense (0.1) (0.3) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
"language": "en",
"entity": "scheme:2138002RKCU2OM4Y7O48",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-468": {
"value": "17 Capitalised mobilisation costs 2023 \u00a3m 2022 \u00a3m At 1 July 11.6 3.8 Additions 1.8 10.2 Amortisation (7.1) (2.4) At 30 June 6.3 11.6 ",
"dimensions": {
"concept": "kiergroupplc:DisclosureOfCapitalisedMobilisationCosts",
"language": "en",
"entity": "scheme:2138002RKCU2OM4Y7O48",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-469": {
"value": "18 Deferred tax The following are the major deferred tax assets and liabilities recognised by the Group and movements thereon during the current and prior reporting year: Intangible assets \u00a3m Property, plant and equipment \u00a3m Short-term temporary differences 1 \u00a3m Retirement benefit obligations \u00a3m Tax losses \u00a3m Total \u00a3m At 1 July 2021 (23.6) 36.3 29.3 (12.6) 108.6 138.0 Credited/(charged) to income statement \u2013 continuing 3.8 (1.5) 8.0 (2.0) (3.0) 5.3 Credited/(charged) directly to comprehensive income \u2013 \u2013 0.2 (34.7) \u2013 (34.5) At 30 June 2022 (19.8) 34.8 37.5 (49.3) 105.6 108.8 Credited/(charged) to income statement \u2013 continuing 3.9 (10.6) 3.8 (1.3) 0.6 (3.6) Acquisitions and disposals \u2013 (0.1) \u2013 \u2013 \u2013 (0.1) Credited/(charged) directly to comprehensive income \u2013 \u2013 (0.8) 24.5 \u2013 23.7 At 30 June 2023 (15.9) 24.1 40.5 (26.1) 106.2 128.8 1. Included in short-term temporary differences are deferred tax assets of \u00a315.8m (2022: \u00a313.3m) in respect of RDEC Step 2 amounts carried forward and \u00a323.3m (2022: \u00a321.9m) in respect of the restricted interest amount caught under the UK Corporate Interest Restrictions (\u2018CIR\u2019) tax rules. Deferred tax assets and liabilities are attributed to temporary differences relating to the following: Assets Liabilities Total 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m 2023 \u00a3m 2022 \u00a3m Property, plant and equipment 24.1 34.8 \u2013 \u2013 24.1 34.8 Intangible assets \u2013 \u2013 (15.9) (19.8) (15.9) (19.8) Retirement benefit obligations \u2013 \u2013 (26.1) (49.3) (26.1) (49.3) Other short-term timing differences 40.5 37.5 \u2013 \u2013 40.5 37.5 Tax losses 106.2 105.6 \u2013 \u2013 106.2 105.6 Total 170.8 177.9 (42.0) (69.1) 128.8 108.8 Set-off tax (42.0) (69.1) 42.0 69.1 \u2013 \u2013 Net tax assets 128.8 108.8 \u2013 \u2013 128.8 108.8 When considering the recoverability of net deferred tax assets, the taxable profit forecasts are based on the same Board-approved information used to support the going concern and goodwill impairment assessments. More information on these forecasts and the methodology applied are included in notes 1 and 13. The following evidence has been considered when assessing whether these forecasts are achievable and realistic: \u2013 The business traded in line with Board expectations in 2023; \u2013 The Group has substantially completed its restructuring activities and is focusing on the achievement of the medium-term growth strategy; and \u2013 The Group\u2019s core businesses are well-placed to benefit from the announced and committed UK Government spending plans to invest in infrastructure and decarbonisation. When considering the length of time over which the losses are expected to be utilised, the Group has taken into account that generally only 50% of profits in each year can be offset by brought forward losses. Based on these forecasts, the Group is expected to utilise its deferred tax asset over a period of approximately 10 years (2022: 10 years). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:2138002RKCU2OM4Y7O48",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-470": {
"value": "19 Contract assets and liabilities (a) Current contract assets 2023 \u00a3m 2022 \u00a3m At 1 July 366.3 335.7 Transferred to receivables (342.6) (313.3) Revenue adjustments recognised in the period for performance obligations satisfied in previous periods due to changes in the transaction price arising from changes in estimates of variable revenue (0.5) \u2013 Balance remaining in relation to contract assets at the start of the year 23.2 22.4 Increase related to services provided in the year 335.0 343.9 At 30 June 358.2 366.3 (b) Non-current contract assets 2023 \u00a3m 2022 \u00a3m At 1 July 31.2 30.7 Increase related to services provided in the year 12.5 0.5 At 30 June 43.7 31.2 Non-current contract assets relate to Kier\u2019s share of the funding surpluses receivable at the end of long-term PFI maintenance contracts. (c) Current contract liabilities 2023 \u00a3m 2022 \u00a3m At 1 July (67.3) (59.9) Revenue recognised in the year that was included in contract liabilities at the beginning of the year 60.0 50.5 Contract liabilities repaid 4.4 \u2013 Balance remaining in relation to contract liabilities at the start of the year (2.9) (9.4) Increase due to cash received or invoices raised in the year for performance obligations not recognised in revenue (87.6) (57.9) At 30 June (90.5) (67.3) ",
"dimensions": {
"concept": "kiergroupplc:DisclosureOfContractAssetsAndLiabilities",
"language": "en",
"entity": "scheme:2138002RKCU2OM4Y7O48",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-471": {
"value": "20 Trade and other receivables 2023 \u00a3m 2022 \u00a3m Current: Trade receivables 50.5 72.2 Construction contract retentions 52.4 72.4 Amounts receivable from joint ventures 2.1 4.0 Other receivables 26.0 15.8 Prepayments 53.5 30.2 Accrued income 4.7 8.3 189.2 202.9 Non-current: Construction contract retentions 18.5 17.0 18.5 17.0 Construction contract retentions are amounts withheld by the customer until they are satisfied with the quality of the work undertaken. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:2138002RKCU2OM4Y7O48",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-472": {
"value": "21 Inventories 2023 \u00a3m 2022 \u00a3m Raw materials and consumables 13.3 13.8 Land and work in progress held for development 59.6 43.0 72.9 56.8 As at 30 June 2023, there were no provisions held against inventory relating to land and work in progress for development (2022: \u00a31.5m). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:2138002RKCU2OM4Y7O48",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-473": {
"value": "22 Net cash 2023 \u00a3m 2022 \u00a3m Cash and cash equivalents \u2013 bank balances and cash in hand 376.9 297.7 Borrowings due within one year \u2013 (40.5) Borrowings due after one year (319.1) (266.5) Impact of cross-currency hedging 6.3 12.2 Net cash1 64.1 2.9 1. Net cash\u2019 is an alternative performance measure, see page 243. Average month-end net debt was \u00a3232.1m (2022: \u00a3216.1m). Net cash excludes lease liabilities. Cash and cash equivalents are subject to Group-wide cash pooling arrangements. On a gross basis, cash and cash equivalents were \u00a31,389.5m (2022: \u00a31,546.4m) and overdrafts were \u00a31,012.6m (2022: \u00a31,248.7m). Cash and cash equivalents include \u00a376.9m (2022: \u00a374.4m) being the Group\u2019s share of cash and cash equivalents held by joint operations and \u00a392.3m (2022: \u00a339.9m) of bank balances that are not part of the Group-wide cash pooling arrangement. Information on borrowings is detailed in note 29. (a) Reconciliation of working capital between the consolidated balance sheet and consolidated cash flow statement 2023 2022 Inventories \u00a3m Contract assets \u00a3m Trade and other payables \u00a3m Inventories \u00a3m Contract assets \u00a3m Trade and other payables \u00a3m 1 July balance sheet 56.8 397.5 (1,099.8) 54.7 366.4 (1,133.0) 30 June balance sheet 72.9 401.9 (1,111.9) 56.8 397.5 (1,099.8) Movement per balance sheet 16.1 4.4 (12.1) 2.1 31.1 33.2 Transfers 2.7 \u2013 \u2013 \u2013 \u2013 \u2013 Forward funding interest \u2013 \u2013 \u2013 \u2013 0.5 \u2013 Discount unwind 1 \u2013 \u2013 \u2013 \u2013 \u2013 0.7 Unpaid adviser fees in respect of the equity raise2 \u2013 \u2013 \u2013 \u2013 \u2013 (6.1) Net RDEC receipts \u2013 \u2013 (14.0) \u2013 \u2013 (20.0) Other \u2013 \u2013 \u2013 \u2013 \u2013 4.6 Movement per cash flow statement 18.8 4.4 (26.1) 2.1 31.6 12.4 1. Discount unwind primarily relates to onerous loss-making contracts and deferred consideration. 2. Prior year unpaid adviser fees of \u00a36.1m in respect of the equity raise have been disclosed within the issue of shares net of transaction costs, on the cash flow statement. (b) Reconciliation of movements in net cash Cash and cash equivalents \u00a3m Borrowings due within one year \u00a3m Borrowings due after one year \u00a3m Impact of cross-currency hedging \u00a3m Total \u00a3m Net cash/(borrowings) as at 1 July 2021 391.2 (38.2) (362.3) 12.3 3.0 Cash flows (97.4) 38.2 63.6 \u2013 4.4 Transfers \u2013 (40.5) 40.5 \u2013 \u2013 Foreign exchange movements 3.9 \u2013 (8.3) (0.1) (4.5) Net cash/(borrowings) as at 30 June 2022 297.7 (40.5) (266.5) 12.2 2.9 Cash flows 78.9 40.5 (54.1) \u2013 65.3 Foreign exchange movements 0.3 \u2013 1.5 (5.9) (4.1) Net cash/(borrowings) as at 30 June 2023 376.9 \u2013 (319.1) 6.3 64.1 (c) Reconciliation of movements in liabilities arising from financing activities Borrowings \u00a3m Hedging derivatives \u00a3m Lease liabilities \u00a3m (Liabilities)/assets as at 1 July 2021 (400.5) 13.4 (163.8) Changes from financing cash flows: Repayment of borrowings/principal elements of lease payments 101.8 \u2013 33.8 Settlement of derivative financial instruments \u2013 (7.5) \u2013 Non-cash movements: Net lease additions \u2013 \u2013 (27.6) Foreign exchange movements (8.3) \u2013 \u2013 Changes in fair values of derivatives \u2013 6.3 \u2013 (Liabilities)/assets as at 30 June 2022 (307.0) 12.2 (157.6) Changes from financing cash flows: Drawdown of borrowings (56.8) \u2013 \u2013 Repayment of borrowings/principal elements of lease payments 43.2 \u2013 45.6 Settlement of derivative financial instruments \u2013 (4.7) \u2013 Non-cash movements: Net lease additions \u2013 \u2013 (70.6) Foreign exchange movements 1.5 \u2013 \u2013 Changes in fair values of derivatives \u2013 3.2 \u2013 (Liabilities)/assets as at 30 June 2023 (319.1) 10.7 (182.6) (d) Free cash flow Note 2023 \u00a3m 2022 \u00a3m Net cash at 1 July 22 2.9 3.0 Net cash at 30 June 22 64.1 2.9 Increase/(decrease) in net cash 61.2 (0.1) Adjusted for: Payments in respect of adjusting items 5 27.0 41.2 Pension deficit payments and fees 9 12.8 15.0 Equity raise1 \u2013 6.1 Purchase of own shares 11.9 7.0 Other items 19.4 (14.6) Free cash flow 132.3 54.6 1. The \u00a36.1m settled during the prior year relates to the payment of accrued costs previously recorded in equity. See glossary of alternative performance measures on page 243. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:2138002RKCU2OM4Y7O48",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
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},
"fact-474": {
"value": "23 Leases (a) Group as a lessee The Group has lease contracts for various properties, and items of plant, machinery, vehicles and other equipment used in its operations and for administration of the Group\u2019s business. Leases of properties have durations of between one and 44 years. Leases of plant and machinery and other equipment generally have lease terms between one and three years, while motor vehicles generally have lease terms between three and six years. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants other than the security interests in the leased assets that are held by the lessor. Leased assets may not be used as security for borrowing purposes. A number of property leases contain extension or termination options. In these circumstances, the Group makes a judgement about the period for which it is reasonably certain to lease the property. The Group\u2019s accounting policies for leases are set out in note 1. The Group has elected not to recognise right-of-use assets and lease liabilities for short-term leases and leases of low-value assets. The expense included in the income statements relating to these leases was \u00a3115.6m (2022: \u00a398.9m). The assets leased under short-term leases are predominantly small items of plant and equipment and therefore are also of low value. The utilisation of these assets varies depending on the nature and levels of the Group\u2019s activities. (b) Right-of-use assets Set out below are the carrying amounts of right-of-use assets recognised in respect of the Group\u2019s leases and the movements during the year: Land and buildings \u00a3m Motor vehicles \u00a3m Plant and equipment \u00a3m Total \u00a3m At 1 July 2021 64.6 19.6 12.3 96.5 Additions 2.8 13.2 17.1 33.1 Depreciation (7.9) (11.8) (10.3) (30.0) Impairment1 (5.2) \u2013 \u2013 (5.2) Transferred to investment properties1 (6.1) \u2013 \u2013 (6.1) Disposals (0.9) (1.7) (5.1) (7.7) At 30 June 2022 47.3 19.3 14.0 80.6 Additions 5.4 11.8 80.4 97.6 Depreciation (8.1) (9.5) (26.1) (43.7) Transferred to owned assets \u2013 \u2013 (0.4) (0.4) Disposals (1.9) (2.1) (24.7) (28.7) At 30 June 2023 42.7 19.5 43.2 105.4 1. During the year ended 30 June 2022, the Group vacated its property in Fountain Street, Manchester, which resulted in an impairment of the associated right-of-use asset. As the property was no longer occupied by the Group and was being held for the purpose of earning rental income, the asset was reclassified as an investment property. (c) Lease liabilities 2023 \u00a3m 2022 \u00a3m Current 36.2 25.9 Non-current 146.4 131.7 182.6 157.6 The maturity profile of the contractual cash flows associated with the lease liabilities is presented in note 29. The interest expense in respect of lease liabilities is included within finance costs in the income statement and is disclosed in note 7. (d) Amounts recognised in the statement of cash flows 2023 \u00a3m 2022 \u00a3m Principal elements of lease payments1 45.6 33.8 Interest paid1 9.5 6.5 Payments for short-term leases and leases of low-value assets2 115.6 98.9 Total cash outflow for leases 170.7 139.2 1. Included within cash flows from financing activities within the statement of cash flows. 2. Included within operating cash flows within the statement of cash flows. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:2138002RKCU2OM4Y7O48",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
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},
"fact-475": {
"value": "24 Trade and other payables 2023 \u00a3m 2022 \u00a3m Current: Trade payables1 310.0 354.2 Accruals 585.1 527.4 Subcontract retentions 22.5 32.7 Other taxation and social security 138.4 122.1 Other payables and deferred income 19.0 29.3 1,075.0 1,065.7 Non-current: Trade payables 5.1 11.0 Subcontract retentions 31.8 23.1 36.9 34.1 1. There are no outstanding payments due to suppliers who are on bank-supported supply chain finance arrangements (2022: \u00a349.8m). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:2138002RKCU2OM4Y7O48",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-476": {
"value": "25 Provisions Insurance claims \u00a3m Restoration of mining sites \u00a3m HSE regulatory \u00a3m Onerous contracts \u00a3m Redundancy and site closure \u00a3m Warranty, rectification and other contractual obligations \u00a3m Total \u00a3m At 1 July 2021 21.8 0.8 2.5 5.5 3.4 13.8 47.8 (Credited)/charged to income statement (3.4) (0.5) 0.5 3.7 0.9 5.1 6.3 Utilised \u2013 (0.1) \u2013 (0.4) (2.7) (3.5) (6.7) Unwinding of discount \u2013 \u2013 \u2013 0.2 \u2013 \u2013 0.2 Currency realignment \u2013 \u2013 \u2013 \u2013 0.4 \u2013 0.4 At 30 June 2022 18.4 0.2 3.0 9.0 2.0 15.4 48.0 (Credited)/charged to income statement 5.1 \u2013 1.5 6.2 1.0 12.4 26.2 Utilised \u2013 (0.1) (4.5) (5.5) (1.6) (4.6) (16.3) Unwinding of discount \u2013 \u2013 \u2013 0.2 \u2013 \u2013 0.2 Transfer from creditors 3.9 \u2013 \u2013 (0.8) \u2013 2.1 5.2 Currency realignment \u2013 \u2013 \u2013 \u2013 (0.1) \u2013 (0.1) At 30 June 2023 27.4 0.1 \u2013 9.1 1.3 25.3 63.2 Expected utilisation Within one year 6.8 \u2013 \u2013 6.5 0.6 24.3 38.2 After one year 20.6 0.1 \u2013 2.6 0.7 1.0 25.0 At 30 June 2023 27.4 0.1 \u2013 9.1 1.3 25.3 63.2 Within one year \u2013 0.2 3.0 6.4 0.8 11.8 22.2 After one year 18.4 \u2013 \u2013 2.6 1.2 3.6 25.8 At 30 June 2022 18.4 0.2 3.0 9.0 2.0 15.4 48.0 Insurance provisions are held in the Group\u2019s insurance captive in respect of legal and other disputes in various Group companies. Due to the nature of the provision for insurance claims, the timing of any potential future outflows in respect of these liabilities is uncertain and as such they are classified as due after one year. Restoration of mining sites provisions represent the cost of restoration of opencast mining sites. The cost of restoration is recognised as a provision as soon as the restoration liability arises. The amount provided represents the present value of the anticipated costs. Costs are charged against the provision as incurred and the unwinding of the discount is included within finance costs. HSE regulatory provisions are in respect of potential fines arising from changes to safety, health and environmental legislation and regulation. Onerous contracts provisions are for loss-making contracts that the Group is legally obligated to complete. Redundancy and site closure provisions are in respect of redundancy costs and office closures. Warranty and rectification provisions are for potential claims against work completed by the Group. This includes provisions in respect of fire compliance and cladding. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:2138002RKCU2OM4Y7O48",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-477": {
"value": "26 Share capital and reserves Share capital The share capital of the Company comprises: 2023 2022 Number \u00a3m Number \u00a3m Authorised, issued and fully-paid ordinary shares of 1 pence each 446,314,435 4.5 446,241,682 4.5 The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the Company. During the year, 72,753 shares were issued under the Sharesave Scheme (2022: 75,983). Cash flow hedge reserve This reserve comprises the effective portion of the cumulative net change in the fair value of the cash flow hedging instruments related to hedged transactions that have not yet occurred, net of any related deferred tax. Translation reserve This reserve comprises the cumulative difference on exchange arising from the retranslation of net investments in overseas subsidiary undertakings. In accordance with the transitional provisions of IFRS 1, this reserve was set to nil at 1 July 2004. Merger reserve \u00a3134.8m of the merger reserve arose on the shares issued at a premium to acquire May Gurney on 8 July 2013. In addition, a further \u00a3215.8m relates to the issue of share capital on 18 June 2021. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:2138002RKCU2OM4Y7O48",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-504": {
"value": "Share capital The share capital of the Company comprises: 2023 2022 Number \u00a3m Number \u00a3m Authorised, issued and fully-paid ordinary shares of 1 pence each 446,314,435 4.5 446,241,682 4.5 The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the Company. During the year, 72,753 shares were issued under the Sharesave Scheme (2022: 75,983). ",
"dimensions": {
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"language": "en",
"entity": "scheme:2138002RKCU2OM4Y7O48",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-505": {
"value": "Cash flow hedge reserve This reserve comprises the effective portion of the cumulative net change in the fair value of the cash flow hedging instruments related to hedged transactions that have not yet occurred, net of any related deferred tax. Translation reserve This reserve comprises the cumulative difference on exchange arising from the retranslation of net investments in overseas subsidiary undertakings. In accordance with the transitional provisions of IFRS 1, this reserve was set to nil at 1 July 2004. Merger reserve \u00a3134.8m of the merger reserve arose on the shares issued at a premium to acquire May Gurney on 8 July 2013. In addition, a further \u00a3215.8m relates to the issue of share capital on 18 June 2021. ",
"dimensions": {
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"language": "en",
"entity": "scheme:2138002RKCU2OM4Y7O48",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-478": {
"value": "27 Share-based payments The Group operates a number of share-based payment schemes for eligible employees as described below. Sharesave Scheme Options over the Company\u2019s ordinary shares at 30 June 2023 were as follows: Sharesave Scheme 13 November 2019 Sharesave Scheme 15 February 2021 Sharesave Scheme 29 October 2021 Sharesave Scheme 2 November 2022 Total Number of awards outstanding at 30 June 2023 Directors \u2013 \u2013 11,250 9.818 21,068 Employees1 113,294 6,735,438 5,370,885 8,348,029 20,567,646 113,294 6,735,438 5,382,135 8,357,847 20,588,714 Exercise price (pence) 1 86.4 56.5 96.0 55.0 1. Where the options were granted before the share issue that completed on 18 June 2021, the numbers of options and the exercise prices have been adjusted to take account of the dilution resulting from the new shares. Options to acquire shares in the capital of Kier Group plc have been granted to eligible employees who enter into a Sharesave (\u2018SAYE\u2019) contract. The number of options granted to each participating employee are the number of shares which have an aggregate option price not exceeding the projected proceeds of the employee\u2019s Sharesave contract. Participation in the Kier Sharesave Scheme is offered to all employees of the Group who have been employed for a continuous period determined by the Board. Under the Sharesave contract, participating employees save a regular sum each month for three years up to a maximum of \u00a3500 per month. 8,730,264 options were granted in the year (2022: 7,943,643) under the Sharesave Scheme, which will all be equity settled. 72,753 Sharesave Scheme options were exercised during the year (2022: 75,983). The weighted average market price of Kier Group plc shares at the date of exercise of Sharesave Scheme options during the year was 66.9p (2022: 103.0p). Conditional Share Award Plan The Group previously operated a Conditional Share Award Plan (\u2018CSAP\u2019), under which senior employees receive awards of shares subject only to service conditions, i.e. the requirement for participants to remain in employment with the Group over the vesting period. Participants were entitled to receive dividend equivalents on these awards. Awards under the CSAP were all equity settled. There were no outstanding CSAP awards at 30 June 2023. No new awards were granted under the CSAP in the year (2022: no awards granted) and no shares vested under the CSAP during the year (2022: 650,951 shares vested plus a further 9,777 shares equivalent to the dividends that would have been received during the vesting period). The market price of Kier Group plc shares at the date of exercise of the CSAP options during the prior year was 108.2p. Long-Term Incentive Plan Awards over the Company\u2019s ordinary shares at 30 June 2023 were as follows: LTIP award 18 December 2020 LTIP award 28 October 2021 LTIP award 20 April 2022 LTIP award 21 October 2022 Total Number of awards outstanding at 30 June 2023 Directors 2,095,166 2,313,430 \u2013 3,601,875 8,010,471 Employees1 14,010,761 4,432,654 305,871 9,836,333 28,585,619 16,105,927 6,746,084 305,871 13,438,208 36,596,090 Exercise price (pence) 1 nil nil nil nil 1. Where the options were granted before the share issue that completed on 18 June 2021, the number of options has been adjusted to take account of the dilution resulting from the new shares. The Group has established a Long-Term Incentive Plan (\u2018LTIP\u2019) under which Directors and senior employees can receive awards of shares. Awards made under the scheme are normally able to vest following the third anniversary of the date of the grant. Vesting may be in full or in part (with the balance of the award lapsing) and is subject to the Group achieving specific performance targets. Participants are entitled to receive dividend equivalents on these awards. Awards under the LTIP are all equity settled. The awards made to Directors are subject to a two-year post-vesting holding period and malus and clawback provisions. 15,492,751 new options were granted under the LTIP scheme in the year (2022: 8,570,392) and 8,432,381 shares vested during the year (2022: nil). The weighted average market price of Kier Group plc shares at the date of exercise of LTIP options during the year was 62.3p (2022: n/a). Further description of the above share schemes and the terms and conditions of each scheme are included in the Directors\u2019 Remuneration report on pages 120\u2013153. Shares held in trusts The CSAP and LTIP awards, which are taken as shares, are intended to be satisfied from shares held by the Kier Group 1999 Employee Benefit Trust and May Gurney Group Trustees Ltd Employee Share Ownership Trust or the issue of new shares. The shares held by the trusts are accounted for as a deduction from equity within retained earnings. The movements in the number and historical cost value of shares held by the trusts are as follows: 2023 2022 Number of shares Historic cost value \u00a3m Number of shares Historic cost value \u00a3m At 1 July 7,555,030 7.7 708,965 2.6 Acquired during the year 18,607,232 12.4 7,942,521 7.5 Issued in satisfaction of share scheme awards (8,432,381) (8.0) (650,951) (2.0) Issued in satisfaction of dividend equivalents for share scheme awards \u2013 \u2013 (9,777) \u2013 Issued in satisfaction of deferred bonus schemes (776,920) (0.9) (435,728) (0.4) At 30 June 16,952,961 11.2 7,555,030 7.7 The market value of these shares at 30 June 2023 was \u00a312.7m (2022: \u00a35.1m). The shares acquired by the trusts in the year at a cost of \u00a312.4m (2022: \u00a37.5m), net of cash received by the trusts in respect of the deferred bonus schemes of \u00a30.5m (2022: \u00a30.5m) is reflected in the statement of changes in equity as a net purchase of own shares of \u00a311.9m (2022: \u00a37.0m). Fair value of share-based payments The fair value per option granted has been calculated using the Black-Scholes model for all options apart from the total shareholder return (\u2018TSR\u2019) element of the LTIP which is based on a Stochastic model. For awards made to the Directors which are subject to a two-year holding period post-vesting, the Finnerty model is used. The following assumptions were used in calculating the fair values: Sharesave Scheme Date of grant 18 November 2019 15 February 2021 29 October 2021 2 November 2022 Share price at grant (pence) 86.5 77.5 106.8 58.2 Exercise price (pence) \u2013 at grant 101.0 66.0 96.0 55.0 Exercise price (pence) \u2013 adjusted for share issue 86.4 56.5 96.0 55.0 Expected term (years) 3.3 3.3 3.3 3.3 Expected volatility 68.5% 80.2% 82.7% 62.1% Dividend yield 0.0% 0.0% 0.0% 0.0% Risk-free interest rate 0.49% 0.01% 0.73% 3.13% Value per option (pence) \u2013 at grant 37.0 44.6 61.9 27.6 Value per option (pence) \u2013 adjusted for share issue 31.7 38.1 61.9 27.6 Long-Term Incentive Plan Date of grant 18 December 2020 18 December 2020 (Directors) 28 October 2021 28 October 2021 (Directors) 20 April 2022 21 October 2022 21 October 2022 (Directors) Share price at grant (pence) 81.0 81.0 108.4 108.4 80.8 60.0 60.0 Exercise price (pence) nil nil nil nil nil nil nil Expected term (years) 3.0 3.0 3.0 3.0 2.5 3.0 3.0 Holding period (years) n/a 2.0 n/a 2.0 n/a n/a 2.0 Expected volatility 90.7% 92.4% 83.2% 66.6% 83.2% 53.7% 44.5% Risk-free interest rate 0.00% 0.00% 0.67% 0.77% 0.67% 3.83% 4.14% Value per option (pence) \u2013 at grant \u2013 Market condition (25%) 58.4 50.6 85.2 76.3 63.5 41.2 38.1 \u2013 Non-market condition (75%) 81.0 70.1 108.4 97.0 80.8 60.0 55.6 Value per option (pence) \u2013 adjusted for share issue \u2013 Market condition (25%) 50.0 43.3 85.2 76.3 63.5 41.2 38.1 \u2013 Non-market condition (75%) 69.2 59.9 108.4 97.0 80.8 60.0 55.6 The value per option represents the fair value of the option less any consideration payable. The fair value of the proportion of the awards subject to performance conditions that are market conditions under IFRS 2 \u2018Share-based Payments\u2019 (the TSR \u2013 total shareholder return element) incorporates an assessment of the number of shares that will vest. The performance conditions linked to adjusted earnings per share, adjusted operating profit, the net debt to earnings before interest, tax, depreciation and amortisation ratio (Net Debt:EBITDA) and free cash flow, are non-market conditions under IFRS 2. Therefore, the fair value of these elements do not include an assessment of the number of shares that will vest. Instead, the amount charged is based on the fair values factored by a \u2018true-up\u2019 for the number of awards that are expected to vest. The expected volatility is based on historical volatility over the period of time commensurate with the expected award term immediately prior to the date of grant. The risk-free rate of return is the yield on UK Government securities over a term consistent with the expected term. A charge of \u00a38.4m relating to share-based payments has been recognised in the income statement as employee costs (2022: \u00a38.6m). Included in other payables is an amount of \u00a31.0m (2022: \u00a31.0m) relating to the accrual of employer\u2019s national insurance in respect of share-based payments expected to vest in the future. Summary of movements in the number of options A reconciliation of option movements is shown below: 2023 2022 Number of options Weighted average exercise price Number of options Weighted average exercise price Outstanding at 1 July 57,273,676 26.3p 47,929,960 23.9p Granted 24,223,015 19.8p 16,514,035 46.2p Lapsed or forfeited (15,806,753) 39.0p (6,443,385) 61.5p Exercised (8,505,134) 0.5p (726,934) 7.5p Outstanding at 30 June 57,184,804 23.9p 57,273,676 26.3p Exercisable at 30 June 105,434 66.8p 294,805 81.7p The options outstanding at 30 June 2023 have a weighted average remaining contractual life of 1.42 years (2022: 1.43 years). ",
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"entity": "scheme:2138002RKCU2OM4Y7O48",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-479": {
"value": "28 Guarantees and contingent liabilities The Company has given guarantees and entered into counter-indemnities in respect of bonds relating to certain of the Group\u2019s own contracts. The Company has also given guarantees in respect of certain contractual obligations of its subsidiaries and joint ventures, which were entered into in the normal course of business, as well as certain of the Group\u2019s other obligations (for example, in respect of the Group\u2019s finance facilities and its pension schemes). Financial guarantees over the obligations of the Company\u2019s subsidiaries and joint ventures are initially measured at fair value, based on the premium received from the joint venture or the differential in the interest rate of the borrowing including and excluding the guarantee. Subsequent to initial recognition, financial guarantee contracts are measured at the higher of the initial fair value measurement (adjusted for any income amounts recognised) and the amount determined in accordance with the expected credit loss model. Details of financial guarantees provided to support joint ventures are disclosed in note 16(d). Performance guarantees are treated as a contingent liability until such time as it becomes probable that payment will be required under its terms. Provisions are made for the Directors\u2019 best estimate of known legal claims, investigations and legal actions relating to the Group which are considered more likely than not to result in an outflow of economic benefit. If the Directors consider that a claim, investigation or action relating to the Group is unlikely to succeed, no provision is made. If the Directors cannot make a reliable estimate of a potential, material obligation, no provision is made but details of the claim are disclosed. Fire and cladding review As disclosed in note 1 of the financial statements, the Group has undertaken a review of all of its current and legacy constructed buildings where it has used cladding solutions and continues to assess the action required in line with the latest updates to Government guidance, as it applies, to multi-storey and multi-occupied residential buildings. The buildings, including the cladding works, were signed off by approved inspectors as compliant with the relevant Building Regulations at the time of completion. In preparing the financial statements, currently available information has been considered, including the current best estimate of the extent and future costs of work required, based on the reviews and physical inspections undertaken. Where an obligation has been established and a reliable estimate of the costs to rectify is available, a provision has been made (see note 25). No provision has been made where an obligation has not been established. These estimates may be updated as further inspections are completed and as work progresses which could give rise to the recognition of further liabilities. Such liabilities, should they arise, are expected to be covered materially by the Group\u2019s insurance arrangements thereby limiting the net exposure. Any insurance recovery must be considered virtually certain before a corresponding asset is recognised and so this could potentially lead to an asymmetry in the recognition of assets and liabilities. ",
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"entity": "scheme:2138002RKCU2OM4Y7O48",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
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},
"fact-480": {
"value": "29 Financial instruments The following table summarises the Group\u2019s financial instruments as at 30 June 2023: 2023 2022 Financial assets at amortised cost \u00a3m Financial liabilities at amortised cost \u00a3m Derivatives \u00a3m Financial assets at amortised cost \u00a3m Financial liabilities at amortised cost \u00a3m Derivatives \u00a3m Financial assets Trade and other receivables (less prepayments) 154.2 \u2013 \u2013 189.7 \u2013 \u2013 Cash and cash equivalents 376.9 \u2013 \u2013 297.7 \u2013 \u2013 Equity loans provided to joint ventures 101.8 \u2013 \u2013 105.4 \u2013 \u2013 Other financial assets \u2013 \u2013 10.7 \u2013 \u2013 12.2 Total 632.9 \u2013 10.7 592.8 \u2013 12.2 Financial liabilities Borrowings \u2013 (319.1) \u2013 \u2013 (307.0) \u2013 Lease liabilities \u2013 (182.6) \u2013 \u2013 (157.6) \u2013 Trade and other payables1 \u2013 (971.8) \u2013 \u2013 (977.3) \u2013 Total \u2013 (1,473.5) \u2013 \u2013 (1,441.9) \u2013 Net 632.9 (1,473.5) 10.7 592.8 (1,441.9) 12.2 1. Trade and other payables exclude other taxes and social security and deferred income. Capital risk management The Group\u2019s capital management objectives are to ensure the Group\u2019s ability to continue as a going concern and to optimise the capital structure in order to minimise the cost of capital whilst maintaining a strong balance sheet to support business development and tender qualification. The Group\u2019s capital management strategy is to use a blend of capital types with different risk, return and maturity profiles to support the operating divisions and deliver the Group\u2019s capital management objectives. The capital structure of the Group comprises: equity, consisting of share capital, share premium, retained earnings and other reserves as disclosed in the consolidated statement of changes in equity; and cash, cash equivalents and borrowings as disclosed in note 22 and described further below. The Group forecasts and monitors short-, medium- and longer-term capital needs on a regular basis and adjusts its capital structure as required through the payment of dividends to shareholders, the issue of new share capital and the increase of repayment or borrowings. All investment decisions typically require a pre-tax annualised return of at least 15.0% to ensure such investments are value enhancing for shareholders. Financial risk management Financial risk management is an integral part of the way the Group is managed. In the course of its business, the Group is exposed primarily to credit risk, market risk and liquidity risk. The overall aim of the Group\u2019s financial risk management policies is to minimise any potential adverse effects on financial performance and net assets. The Group\u2019s treasury team manages the principal financial risks within policies and operating limits approved by the Board. The treasury function is not a profit centre and does not enter into speculative transactions. Derivative financial instruments are used to hedge exposure to fluctuations in interest and exchange rates. Where all relevant criteria are met, hedge accounting is applied to remove the accounting mismatch between the hedging instrument and the hedged item. This will effectively result in recognising interest expense at a fixed interest rate for the hedged floating rate borrowings and elimination of exchange rate movements in the income statement relating to the hedged foreign currency denominated borrowings. Credit risk Credit risk arises on financial instruments such as trade receivables, short-term bank deposits and interest rate and currency hedges. Policies and procedures exist to ensure that customers have an appropriate credit history. The Group\u2019s most significant clients are public or regulated industry entities which generally have high credit ratings or are of a high credit quality due to the nature of the client. Short-term bank deposits and hedging transactions are executed only with highly credit-rated authorised counterparties based on ratings issued by the major ratings agencies. Counterparty exposure positions are monitored regularly so that credit exposures to any one counterparty are within acceptable limits. At the balance sheet date there were no significant concentrations of credit risk. Trade and other receivables and contract assets included in the balance sheet are stated net of expected credit loss (\u2018ECL\u2019) provisions which have been calculated using a provision matrix grouping trade receivables and contract assets on the basis of their shared credit risk characteristics. An analysis of the provision held against trade receivables is set out below: 2023 \u00a3m 2022 \u00a3m Provision as at 1 July 2.1 2.3 Credited to the income statement (1.4) (0.6) Charged to the income statement 1.5 0.5 Utilised in the year (0.6) (0.1) Provision as at 30 June 1.6 2.1 There were \u00a312.4m (2022: \u00a319.7m) of trade receivables that were overdue at the balance sheet date that have not been provided against, of which \u00a33.7m (2022: \u00a38.2m) had been received by the end of August 2023. There are no indications as at 30 June 2023 that the debtors will not meet their payment obligations in respect of the amount of trade receivables recognised in the balance sheet that are overdue and unprovided. The proportion of trade receivables at 30 June 2023 that were overdue for payment was 25% (2022: 28%). Credit terms vary across the Group; the average age of trade receivables was as follows: Infrastructure Services 5 days (2022: 7 days) Construction 9 days (2022: 13 days) Property 186 days (2022: 4 days) Overall, the Group considers that it is not exposed to significant credit risk. Equity loans to joint ventures of \u00a3101.8m (2022: \u00a3105.4m) are considered under the general ECL model and have been compared to future cash flows and net assets of the joint venture to ensure that they are still expected to be fully recoverable. Market risk Interest rate risk The Group has borrowing facilities to finance short-term working capital and term loans to finance medium-term capital requirements, which carry interest at floating rates, at a margin over SONIA. The Group\u2019s borrowings, excluding the effect of derivatives, can be analysed as follows: 2023 \u00a3m 2022 \u00a3m Fixed rate 80.8 131.2 Variable rate 239.6 177.9 Cost of raising finance (1.3) (2.1) 319.1 307.0 The Group has entered into floating to fixed interest rate swaps in order to mitigate the Group\u2019s exposure to movements in interest rates. One of the Group\u2019s joint ventures has also entered into interest rate swaps in order to mitigate its own interest rate risk. Interest rate risk arises on the Group\u2019s borrowings where they are not at fixed interest rates and are not hedged. A 50 basis point increase/decrease in the interest rate would lead to a c.\u00a32.1m increase (2022: \u00a31.8m) or \u00a32.1m decrease (2022: \u00a31.8m) in the Group\u2019s net finance cost. Foreign currency risk The Group operates primarily within the UK such that its exposure through its trading operations to currency risk is not considered to be significant. Where material foreign currency exposures are identified, these are hedged using forward foreign exchange contracts or swaps. Changes in foreign exchange rates affect the carrying amount of the liability relating to foreign currency denominated debt on the Group\u2019s balance sheet. The utilisation of derivatives ensures that the movement recognised in the profit and loss is offset by movements on the derivative which are recycled from other comprehensive income. As at 30 June 2023 the Group had the equivalent \u00a325.2m (2022: \u00a345.7m) of debt denominated in US dollars at fixed currency rates using derivatives. A 5% increase/decrease in the US dollar to sterling exchange rate combined with a 5% increase/decrease in the euro to sterling exchange rate would lead to a \u00a32.7m decrease (2022: \u00a32.8m) or \u00a32.9m increase (2022: \u00a32.9m) in the carrying amount of the liability on the Group\u2019s balance sheet, with the movement recognised in other comprehensive income. As at 30 June 2023 the Group had unhedged debt outstanding of US$35.9m (2022: US$39.1m). A 5% increase/decrease in the US dollar to sterling exchange rate would lead to a decrease of \u00a31.4m/increase of \u00a31.3m (2022: decrease of \u00a31.7m/increase of \u00a31.5m) in the carrying amount of the liability. Liquidity risk The Group\u2019s policy on liquidity risk is to ensure that sufficient borrowing facilities are available to fund operations over the medium term. The Group\u2019s principal borrowing facilities are provided by a syndicate of relationship banks and established investors, and in the case of a number of the loan notes, in the form of unsecured committed borrowing facilities. The amount of committed borrowing facilities available to the Group is reviewed regularly and is designed to exceed forecast peak gross debt levels. Details of guarantees provided by the Group to support the borrowing facilities of its joint ventures are given in note 16(d). The Group provides no other financial guarantees other than those provided to its joint ventures. Derivative financial instruments As at 30 June 2023, the Group had the following cross-currency and interest rate swaps: \u2013 One cross-currency swap taken out in 2014 to hedge the currency risk on a US dollar- denominated loan, nominal value US$40.0m. \u2013 One floating to fixed interest rate swap taken out in 2022 to hedge the interest rate risk on part of the Group\u2019s revolving credit facility, nominal value \u00a3100.0m. \u2013 One floating to fixed interest rate swap taken out in 2023 to hedge the interest rate risk on part of the Group\u2019s revolving credit facility, nominal value \u00a3100.0m, reducing to \u00a375.0m in 2024 and \u00a350.0m in 2025. As at 30 June 2022, the Group had three additional cross-currency swaps, two with a total value of $20.0m and one with a value of $10.0m. They all expired during the year. The Group has assessed the effectiveness of these swaps and concluded that they are highly effective. No amount in relation to hedge ineffectiveness has been charged or credited to the income statement in relation to any cross-currency or interest rate swap. The following table indicates the periods in which the cash flows associated with cash flow hedges are expected to occur and the fair value of the related hedging instruments: Expected cash flows Continuing operations Fair value \u00a3m Total \u00a3m 0\u20131 years \u00a3m 1\u20132 years \u00a3m 2\u20135 years \u00a3m Cross-currency swaps: asset Gross settled inflows 33.7 1.5 32.2 \u2013 Gross settled outflows (26.8) (1.1) (25.7) \u2013 6.5 6.9 0.4 6.5 \u2013 Interest rate swaps: asset Net settled 4.2 2.6 1.7 0.6 0.3 In addition to the above, one of the Group\u2019s property joint ventures has entered into an interest rate derivative as a means of hedging interest rate risk. The interest-bearing debt and associated interest rate derivative with this joint venture expires in May 2026 and is without recourse to the Group. At 30 June 2023, the aggregate amount outstanding on this interest-bearing debt against which an interest rate derivative is held is \u00a312.3m (2022: \u00a315.0m). The Group\u2019s share of the total net fair value asset of this interest rate derivative at 30 June 2023 amounted to \u00a30.3m (2022: \u00a30.1m) which have met the criteria for hedging accounting. Financial liabilities \u2013 analysis of maturity dates At 30 June 2023, the Group had the following financial liabilities at amortised cost together with the maturity profile of their contractual cash flows: Continuing operations 30 June 2023 Trade and other payables1 \u00a3m Borrowings \u00a3m Lease liabilities \u00a3m Total \u00a3m Carrying value 971.8 319.1 182.6 1,473.5 Contractual undiscounted cash flows Less than one year 935.0 23.2 44.2 1,002.4 One to two years 31.4 325.2 35.7 392.3 Two to three years 6.1 \u2013 24.5 30.6 Three to four years 2.1 \u2013 16.0 18.1 Four to five years \u2013 \u2013 11.6 11.6 Over five years \u2013 \u2013 97.9 97.9 974.6 348.4 229.9 1,552.9 Continuing operations 30 June 2022 Trade and other payables1 \u00a3m Borrowings \u00a3m Lease liabilities \u00a3m Total \u00a3m Carrying value 977.3 307.0 157.6 1,441.9 Contractual undiscounted cash flows Less than one year 944.3 55.5 31.5 1,031.3 One to two years 25.4 9.4 24.2 59.0 Two to three years 8.0 269.2 17.4 294.6 Three to four years 1.7 \u2013 13.1 14.8 Four to five years 0.2 \u2013 11.4 11.6 Over five years 0.7 \u2013 106.7 107.4 980.3 334.1 204.3 1,518.7 1. Trade and other payables exclude other taxes and social security and deferred income. There is no material difference between the carrying value and fair value of the Group\u2019s financial assets and liabilities. Fair value estimation The table below analyses financial instruments carried at fair value, by valuation method. The different levels have been defined as follows: Level 1 \u2013 Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 \u2013 Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices). The Group uses cross-currency and interest rate swaps for hedging. These derivatives are classified as level 2. The prices of derivative transactions have been derived from proprietary models used by the bank counterparties using mid-market mark to market valuations for trades at the close of business on 30 June 2023. Level 3 \u2013 Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs). The following table presents the Group\u2019s financial assets and liabilities that are measured at fair value at 30 June 2023: Level 1 \u00a3m Level 2 \u00a3m Level 3 \u00a3m Total \u00a3m Assets Derivatives used for hedging \u2013 Cross-currency swaps \u2013 6.5 \u2013 6.5 Derivatives used for hedging \u2013 interest rate swap \u2013 4.2 \u2013 4.2 There were no transfers between levels 1 and 2 during the year ended 30 June 2023. The following table presents the Group\u2019s financial assets and liabilities that are measured at fair value at 30 June 2022: Level 1 \u00a3m Level 2 \u00a3m Level 3 \u00a3m Total \u00a3m Assets Derivatives used for hedging \u2013 Cross-currency swaps \u2013 12.2 \u2013 12.2 Derivatives used for hedging \u2013 interest rate swap \u2013 \u2013 \u2013 \u2013 There were no transfers between levels 1 and 2 during the year ended 30 June 2022. Borrowings and borrowing facilities As at 30 June 2023, the Group had the following unsecured committed facilities after the effect of derivatives: \u2013 Revolving credit facility of \u00a3495.0m (2022: \u00a3535.0m), at a margin over SONIA, due for renewal on 31 January 2025, \u00a3229.9m drawn at 30 June 2023 (2022: \u00a3177.9m); and \u2013 Two loan notes, principal amounts of \u00a321.0m, US$75.9m, with fixed coupons of between 5.2% and 5.4% repayable in January 2025, fully drawn at 30 June 2023, totalling \u00a374.4m, which includes elements at both fixed and floating currency rates (2022: \u00a3111.1m). In addition, the Group has unsecured overdraft facilities of \u00a318.0m (2022: \u00a318.0m), at a margin over base rate, repayable on demand, undrawn at 30 June 2023 and 2022. Included within borrowings are capitalised loan fees of \u00a31.3m (2022: \u00a31.9m). The Group repaid and reduced total available facilities by \u00a383.8m (2022: \u00a338.2m) in the year ended 30 June 2023. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:2138002RKCU2OM4Y7O48",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-506": {
"value": "Capital risk management The Group\u2019s capital management objectives are to ensure the Group\u2019s ability to continue as a going concern and to optimise the capital structure in order to minimise the cost of capital whilst maintaining a strong balance sheet to support business development and tender qualification. The Group\u2019s capital management strategy is to use a blend of capital types with different risk, return and maturity profiles to support the operating divisions and deliver the Group\u2019s capital management objectives. The capital structure of the Group comprises: equity, consisting of share capital, share premium, retained earnings and other reserves as disclosed in the consolidated statement of changes in equity; and cash, cash equivalents and borrowings as disclosed in note 22 and described further below. The Group forecasts and monitors short-, medium- and longer-term capital needs on a regular basis and adjusts its capital structure as required through the payment of dividends to shareholders, the issue of new share capital and the increase of repayment or borrowings. All investment decisions typically require a pre-tax annualised return of at least 15.0% to ensure such investments are value enhancing for shareholders. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:2138002RKCU2OM4Y7O48",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-507": {
"value": "Financial risk management Financial risk management is an integral part of the way the Group is managed. In the course of its business, the Group is exposed primarily to credit risk, market risk and liquidity risk. The overall aim of the Group\u2019s financial risk management policies is to minimise any potential adverse effects on financial performance and net assets. The Group\u2019s treasury team manages the principal financial risks within policies and operating limits approved by the Board. The treasury function is not a profit centre and does not enter into speculative transactions. Derivative financial instruments are used to hedge exposure to fluctuations in interest and exchange rates. Where all relevant criteria are met, hedge accounting is applied to remove the accounting mismatch between the hedging instrument and the hedged item. This will effectively result in recognising interest expense at a fixed interest rate for the hedged floating rate borrowings and elimination of exchange rate movements in the income statement relating to the hedged foreign currency denominated borrowings. Credit risk Credit risk arises on financial instruments such as trade receivables, short-term bank deposits and interest rate and currency hedges. Policies and procedures exist to ensure that customers have an appropriate credit history. The Group\u2019s most significant clients are public or regulated industry entities which generally have high credit ratings or are of a high credit quality due to the nature of the client. Short-term bank deposits and hedging transactions are executed only with highly credit-rated authorised counterparties based on ratings issued by the major ratings agencies. Counterparty exposure positions are monitored regularly so that credit exposures to any one counterparty are within acceptable limits. At the balance sheet date there were no significant concentrations of credit risk. Trade and other receivables and contract assets included in the balance sheet are stated net of expected credit loss (\u2018ECL\u2019) provisions which have been calculated using a provision matrix grouping trade receivables and contract assets on the basis of their shared credit risk characteristics. An analysis of the provision held against trade receivables is set out below: 2023 \u00a3m 2022 \u00a3m Provision as at 1 July 2.1 2.3 Credited to the income statement (1.4) (0.6) Charged to the income statement 1.5 0.5 Utilised in the year (0.6) (0.1) Provision as at 30 June 1.6 2.1 There were \u00a312.4m (2022: \u00a319.7m) of trade receivables that were overdue at the balance sheet date that have not been provided against, of which \u00a33.7m (2022: \u00a38.2m) had been received by the end of August 2023. There are no indications as at 30 June 2023 that the debtors will not meet their payment obligations in respect of the amount of trade receivables recognised in the balance sheet that are overdue and unprovided. The proportion of trade receivables at 30 June 2023 that were overdue for payment was 25% (2022: 28%). Credit terms vary across the Group; the average age of trade receivables was as follows: Infrastructure Services 5 days (2022: 7 days) Construction 9 days (2022: 13 days) Property 186 days (2022: 4 days) Overall, the Group considers that it is not exposed to significant credit risk. Equity loans to joint ventures of \u00a3101.8m (2022: \u00a3105.4m) are considered under the general ECL model and have been compared to future cash flows and net assets of the joint venture to ensure that they are still expected to be fully recoverable. Market risk Interest rate risk The Group has borrowing facilities to finance short-term working capital and term loans to finance medium-term capital requirements, which carry interest at floating rates, at a margin over SONIA. The Group\u2019s borrowings, excluding the effect of derivatives, can be analysed as follows: 2023 \u00a3m 2022 \u00a3m Fixed rate 80.8 131.2 Variable rate 239.6 177.9 Cost of raising finance (1.3) (2.1) 319.1 307.0 The Group has entered into floating to fixed interest rate swaps in order to mitigate the Group\u2019s exposure to movements in interest rates. One of the Group\u2019s joint ventures has also entered into interest rate swaps in order to mitigate its own interest rate risk. Interest rate risk arises on the Group\u2019s borrowings where they are not at fixed interest rates and are not hedged. A 50 basis point increase/decrease in the interest rate would lead to a c.\u00a32.1m increase (2022: \u00a31.8m) or \u00a32.1m decrease (2022: \u00a31.8m) in the Group\u2019s net finance cost. Foreign currency risk The Group operates primarily within the UK such that its exposure through its trading operations to currency risk is not considered to be significant. Where material foreign currency exposures are identified, these are hedged using forward foreign exchange contracts or swaps. Changes in foreign exchange rates affect the carrying amount of the liability relating to foreign currency denominated debt on the Group\u2019s balance sheet. The utilisation of derivatives ensures that the movement recognised in the profit and loss is offset by movements on the derivative which are recycled from other comprehensive income. As at 30 June 2023 the Group had the equivalent \u00a325.2m (2022: \u00a345.7m) of debt denominated in US dollars at fixed currency rates using derivatives. A 5% increase/decrease in the US dollar to sterling exchange rate combined with a 5% increase/decrease in the euro to sterling exchange rate would lead to a \u00a32.7m decrease (2022: \u00a32.8m) or \u00a32.9m increase (2022: \u00a32.9m) in the carrying amount of the liability on the Group\u2019s balance sheet, with the movement recognised in other comprehensive income. As at 30 June 2023 the Group had unhedged debt outstanding of US$35.9m (2022: US$39.1m). A 5% increase/decrease in the US dollar to sterling exchange rate would lead to a decrease of \u00a31.4m/increase of \u00a31.3m (2022: decrease of \u00a31.7m/increase of \u00a31.5m) in the carrying amount of the liability. Liquidity risk The Group\u2019s policy on liquidity risk is to ensure that sufficient borrowing facilities are available to fund operations over the medium term. The Group\u2019s principal borrowing facilities are provided by a syndicate of relationship banks and established investors, and in the case of a number of the loan notes, in the form of unsecured committed borrowing facilities. The amount of committed borrowing facilities available to the Group is reviewed regularly and is designed to exceed forecast peak gross debt levels. Details of guarantees provided by the Group to support the borrowing facilities of its joint ventures are given in note 16(d). The Group provides no other financial guarantees other than those provided to its joint ventures. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:2138002RKCU2OM4Y7O48",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-517": {
"value": "Credit risk Credit risk arises on financial instruments such as trade receivables, short-term bank deposits and interest rate and currency hedges. Policies and procedures exist to ensure that customers have an appropriate credit history. The Group\u2019s most significant clients are public or regulated industry entities which generally have high credit ratings or are of a high credit quality due to the nature of the client. Short-term bank deposits and hedging transactions are executed only with highly credit-rated authorised counterparties based on ratings issued by the major ratings agencies. Counterparty exposure positions are monitored regularly so that credit exposures to any one counterparty are within acceptable limits. At the balance sheet date there were no significant concentrations of credit risk. Trade and other receivables and contract assets included in the balance sheet are stated net of expected credit loss (\u2018ECL\u2019) provisions which have been calculated using a provision matrix grouping trade receivables and contract assets on the basis of their shared credit risk characteristics. An analysis of the provision held against trade receivables is set out below: 2023 \u00a3m 2022 \u00a3m Provision as at 1 July 2.1 2.3 Credited to the income statement (1.4) (0.6) Charged to the income statement 1.5 0.5 Utilised in the year (0.6) (0.1) Provision as at 30 June 1.6 2.1 There were \u00a312.4m (2022: \u00a319.7m) of trade receivables that were overdue at the balance sheet date that have not been provided against, of which \u00a33.7m (2022: \u00a38.2m) had been received by the end of August 2023. There are no indications as at 30 June 2023 that the debtors will not meet their payment obligations in respect of the amount of trade receivables recognised in the balance sheet that are overdue and unprovided. The proportion of trade receivables at 30 June 2023 that were overdue for payment was 25% (2022: 28%). Credit terms vary across the Group; the average age of trade receivables was as follows: Infrastructure Services 5 days (2022: 7 days) Construction 9 days (2022: 13 days) Property 186 days (2022: 4 days) Overall, the Group considers that it is not exposed to significant credit risk. Equity loans to joint ventures of \u00a3101.8m (2022: \u00a3105.4m) are considered under the general ECL model and have been compared to future cash flows and net assets of the joint venture to ensure that they are still expected to be fully recoverable. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:2138002RKCU2OM4Y7O48",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-518": {
"value": "Market risk Interest rate risk The Group has borrowing facilities to finance short-term working capital and term loans to finance medium-term capital requirements, which carry interest at floating rates, at a margin over SONIA. The Group\u2019s borrowings, excluding the effect of derivatives, can be analysed as follows: 2023 \u00a3m 2022 \u00a3m Fixed rate 80.8 131.2 Variable rate 239.6 177.9 Cost of raising finance (1.3) (2.1) 319.1 307.0 The Group has entered into floating to fixed interest rate swaps in order to mitigate the Group\u2019s exposure to movements in interest rates. One of the Group\u2019s joint ventures has also entered into interest rate swaps in order to mitigate its own interest rate risk. Interest rate risk arises on the Group\u2019s borrowings where they are not at fixed interest rates and are not hedged. A 50 basis point increase/decrease in the interest rate would lead to a c.\u00a32.1m increase (2022: \u00a31.8m) or \u00a32.1m decrease (2022: \u00a31.8m) in the Group\u2019s net finance cost. Foreign currency risk The Group operates primarily within the UK such that its exposure through its trading operations to currency risk is not considered to be significant. Where material foreign currency exposures are identified, these are hedged using forward foreign exchange contracts or swaps. Changes in foreign exchange rates affect the carrying amount of the liability relating to foreign currency denominated debt on the Group\u2019s balance sheet. The utilisation of derivatives ensures that the movement recognised in the profit and loss is offset by movements on the derivative which are recycled from other comprehensive income. As at 30 June 2023 the Group had the equivalent \u00a325.2m (2022: \u00a345.7m) of debt denominated in US dollars at fixed currency rates using derivatives. A 5% increase/decrease in the US dollar to sterling exchange rate combined with a 5% increase/decrease in the euro to sterling exchange rate would lead to a \u00a32.7m decrease (2022: \u00a32.8m) or \u00a32.9m increase (2022: \u00a32.9m) in the carrying amount of the liability on the Group\u2019s balance sheet, with the movement recognised in other comprehensive income. As at 30 June 2023 the Group had unhedged debt outstanding of US$35.9m (2022: US$39.1m). A 5% increase/decrease in the US dollar to sterling exchange rate would lead to a decrease of \u00a31.4m/increase of \u00a31.3m (2022: decrease of \u00a31.7m/increase of \u00a31.5m) in the carrying amount of the liability. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:2138002RKCU2OM4Y7O48",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-519": {
"value": "Liquidity risk The Group\u2019s policy on liquidity risk is to ensure that sufficient borrowing facilities are available to fund operations over the medium term. The Group\u2019s principal borrowing facilities are provided by a syndicate of relationship banks and established investors, and in the case of a number of the loan notes, in the form of unsecured committed borrowing facilities. The amount of committed borrowing facilities available to the Group is reviewed regularly and is designed to exceed forecast peak gross debt levels. Details of guarantees provided by the Group to support the borrowing facilities of its joint ventures are given in note 16(d). The Group provides no other financial guarantees other than those provided to its joint ventures. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:2138002RKCU2OM4Y7O48",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-508": {
"value": "Derivative financial instruments As at 30 June 2023, the Group had the following cross-currency and interest rate swaps: \u2013 One cross-currency swap taken out in 2014 to hedge the currency risk on a US dollar- denominated loan, nominal value US$40.0m. \u2013 One floating to fixed interest rate swap taken out in 2022 to hedge the interest rate risk on part of the Group\u2019s revolving credit facility, nominal value \u00a3100.0m. \u2013 One floating to fixed interest rate swap taken out in 2023 to hedge the interest rate risk on part of the Group\u2019s revolving credit facility, nominal value \u00a3100.0m, reducing to \u00a375.0m in 2024 and \u00a350.0m in 2025. As at 30 June 2022, the Group had three additional cross-currency swaps, two with a total value of $20.0m and one with a value of $10.0m. They all expired during the year. The Group has assessed the effectiveness of these swaps and concluded that they are highly effective. No amount in relation to hedge ineffectiveness has been charged or credited to the income statement in relation to any cross-currency or interest rate swap. The following table indicates the periods in which the cash flows associated with cash flow hedges are expected to occur and the fair value of the related hedging instruments: Expected cash flows Continuing operations Fair value \u00a3m Total \u00a3m 0\u20131 years \u00a3m 1\u20132 years \u00a3m 2\u20135 years \u00a3m Cross-currency swaps: asset Gross settled inflows 33.7 1.5 32.2 \u2013 Gross settled outflows (26.8) (1.1) (25.7) \u2013 6.5 6.9 0.4 6.5 \u2013 Interest rate swaps: asset Net settled 4.2 2.6 1.7 0.6 0.3 In addition to the above, one of the Group\u2019s property joint ventures has entered into an interest rate derivative as a means of hedging interest rate risk. The interest-bearing debt and associated interest rate derivative with this joint venture expires in May 2026 and is without recourse to the Group. At 30 June 2023, the aggregate amount outstanding on this interest-bearing debt against which an interest rate derivative is held is \u00a312.3m (2022: \u00a315.0m). The Group\u2019s share of the total net fair value asset of this interest rate derivative at 30 June 2023 amounted to \u00a30.3m (2022: \u00a30.1m) which have met the criteria for hedging accounting. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:2138002RKCU2OM4Y7O48",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-509": {
"value": "Financial liabilities \u2013 analysis of maturity dates At 30 June 2023, the Group had the following financial liabilities at amortised cost together with the maturity profile of their contractual cash flows: Continuing operations 30 June 2023 Trade and other payables1 \u00a3m Borrowings \u00a3m Lease liabilities \u00a3m Total \u00a3m Carrying value 971.8 319.1 182.6 1,473.5 Contractual undiscounted cash flows Less than one year 935.0 23.2 44.2 1,002.4 One to two years 31.4 325.2 35.7 392.3 Two to three years 6.1 \u2013 24.5 30.6 Three to four years 2.1 \u2013 16.0 18.1 Four to five years \u2013 \u2013 11.6 11.6 Over five years \u2013 \u2013 97.9 97.9 974.6 348.4 229.9 1,552.9 Continuing operations 30 June 2022 Trade and other payables1 \u00a3m Borrowings \u00a3m Lease liabilities \u00a3m Total \u00a3m Carrying value 977.3 307.0 157.6 1,441.9 Contractual undiscounted cash flows Less than one year 944.3 55.5 31.5 1,031.3 One to two years 25.4 9.4 24.2 59.0 Two to three years 8.0 269.2 17.4 294.6 Three to four years 1.7 \u2013 13.1 14.8 Four to five years 0.2 \u2013 11.4 11.6 Over five years 0.7 \u2013 106.7 107.4 980.3 334.1 204.3 1,518.7 1. Trade and other payables exclude other taxes and social security and deferred income. There is no material difference between the carrying value and fair value of the Group\u2019s financial assets and liabilities. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:2138002RKCU2OM4Y7O48",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-510": {
"value": "Fair value estimation The table below analyses financial instruments carried at fair value, by valuation method. The different levels have been defined as follows: Level 1 \u2013 Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 \u2013 Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices). The Group uses cross-currency and interest rate swaps for hedging. These derivatives are classified as level 2. The prices of derivative transactions have been derived from proprietary models used by the bank counterparties using mid-market mark to market valuations for trades at the close of business on 30 June 2023. Level 3 \u2013 Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs). The following table presents the Group\u2019s financial assets and liabilities that are measured at fair value at 30 June 2023: Level 1 \u00a3m Level 2 \u00a3m Level 3 \u00a3m Total \u00a3m Assets Derivatives used for hedging \u2013 Cross-currency swaps \u2013 6.5 \u2013 6.5 Derivatives used for hedging \u2013 interest rate swap \u2013 4.2 \u2013 4.2 There were no transfers between levels 1 and 2 during the year ended 30 June 2023. The following table presents the Group\u2019s financial assets and liabilities that are measured at fair value at 30 June 2022: Level 1 \u00a3m Level 2 \u00a3m Level 3 \u00a3m Total \u00a3m Assets Derivatives used for hedging \u2013 Cross-currency swaps \u2013 12.2 \u2013 12.2 Derivatives used for hedging \u2013 interest rate swap \u2013 \u2013 \u2013 \u2013 There were no transfers between levels 1 and 2 during the year ended 30 June 2022. Borrowings and borrowing facilities As at 30 June 2023, the Group had the following unsecured committed facilities after the effect of derivatives: \u2013 Revolving credit facility of \u00a3495.0m (2022: \u00a3535.0m), at a margin over SONIA, due for renewal on 31 January 2025, \u00a3229.9m drawn at 30 June 2023 (2022: \u00a3177.9m); and \u2013 Two loan notes, principal amounts of \u00a321.0m, US$75.9m, with fixed coupons of between 5.2% and 5.4% repayable in January 2025, fully drawn at 30 June 2023, totalling \u00a374.4m, which includes elements at both fixed and floating currency rates (2022: \u00a3111.1m). In addition, the Group has unsecured overdraft facilities of \u00a318.0m (2022: \u00a318.0m), at a margin over base rate, repayable on demand, undrawn at 30 June 2023 and 2022. Included within borrowings are capitalised loan fees of \u00a31.3m (2022: \u00a31.9m). The Group repaid and reduced total available facilities by \u00a383.8m (2022: \u00a338.2m) in the year ended 30 June 2023. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:2138002RKCU2OM4Y7O48",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-511": {
"value": "30 Financial and capital commitment 2023 \u00a3m 2022 \u00a3m Commitments for capital expenditure 7.8 18.9 7.8 18.9 Capital commitments recognised during the year ended 30 June 2023 relate to capital contributions to a joint venture. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:2138002RKCU2OM4Y7O48",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-481": {
"value": "30 Financial and capital commitment 2023 \u00a3m 2022 \u00a3m Commitments for capital expenditure 7.8 18.9 7.8 18.9 Capital commitments recognised during the year ended 30 June 2023 relate to capital contributions to a joint venture. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:2138002RKCU2OM4Y7O48",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-482": {
"value": "31 Related parties Identity of related parties The Group has a related party relationship with its joint ventures, key management personnel and pension schemes in which its employees participate. Transactions with key management personnel The Group\u2019s key management personnel are the Executive and Non-Executive Directors as identified in the Directors\u2019 Remuneration report on pages 120\u2013153. In addition to their salaries, the Group also provides non-cash benefits to Directors and contributes to their pension arrangements as disclosed on page 130. Key management personnel also participate in the Group\u2019s share option programme (see note 27). Key management personnel compensation comprises: 2023 \u00a3m 2022 \u00a3m Total fixed pay as analysed in the Directors\u2019 remuneration report 2.0 1.9 Bonus as analysed in the Directors\u2019 remuneration report 1.5 1.2 Employer\u2019s national insurance contributions 0.6 0.4 Share-based payment charge1 1.8 1.1 Total key management personnel compensation 5.9 4.6 1. Share-based payment charge is calculated under IFRS 2 \u2018Share-based Payments\u2019 as described in note 27. Transactions with pension schemes Details of transactions between the Group and pension schemes in which its employees participate are detailed in note 9. Transactions with joint ventures 2023 \u00a3m 2022 \u00a3m Construction services and materials 0.9 23.2 Staff and associated costs 2.5 2.4 Management services 1.3 1.0 Interest on loans to joint ventures 0.4 0.7 Plant hire 0.2 0.2 5.3 27.5 Those joint ventures which the Directors consider to be material to the Group are disclosed in note 16. Equity and other shareholder loans due from joint ventures are analysed below: 2023 \u00a3m 2022 \u00a3m Kier Cornwall Street Holdings 1 LLP 16.2 6.5 Kier Cornwall Street Holdings 2 LLP 16.2 6.5 Kier Richmond Holdings Limited 9.9 9.9 Kier PGIM Logistics Holdco Limited 8.6 7.4 Solum Regeneration (Twickenham) LLP 8.5 9.2 Solum Regeneration (Guildford) LLP 7.5 8.7 Solum Regeneration (Bishops) LLP 7.5 6.7 Watford Health Campus Partnership LLP 7.2 9.0 Kier Trade City Holdco 1 LLP 6.8 6.8 50 Bothwell Street Holdco 1 LLP 5.2 5.2 Solum Regeneration (Redhill) LLP 3.1 2.3 Solum Regeneration (Epsom) LLP 1.6 1.5 Solum Regeneration (Surbiton) LLP 1.0 0.8 Kier (Southampton) Investment Limited 0.9 12.2 Solum Regeneration (Maidstone) LLP 0.7 0.7 Solum Regeneration Holding 1 LLP 0.7 0.7 Solum Regeneration Holding 2 LLP 0.2 0.2 Kier (Newcastle) Investment Limited \u2013 11.1 101.8 105.4 Trading balances and other loans due from/(to) joint ventures are analysed below: 2023 \u00a3m 2022 \u00a3m Kier Trade City LLP 0.4 (0.3) Dragon Lane LLP 0.1 0.1 Kier Reading LLP (0.4) (0.4) Kier Cornwall Street \u2013 2.0 Kier Maidenhead LLP \u2013 (0.4) Lysander Student Operations Limited \u2013 (0.5) Solum Regeneration (Twickenham) LLP \u2013 (6.7) Winsford Devco LLP \u2013 \u2013 Kier (Southampton) Investment Limited \u2013 \u2013 Watford Health Campus Partnership LLP \u2013 \u2013 Hackney Schools for the Future 2 Limited \u2013 \u2013 Team Van Oord Limited \u2013 \u2013 Kier Richmond Limited \u2013 \u2013 0.1 (6.2) ",
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"fact-512": {
"value": "31 Related parties Identity of related parties The Group has a related party relationship with its joint ventures, key management personnel and pension schemes in which its employees participate. Transactions with key management personnel The Group\u2019s key management personnel are the Executive and Non-Executive Directors as identified in the Directors\u2019 Remuneration report on pages 120\u2013153. In addition to their salaries, the Group also provides non-cash benefits to Directors and contributes to their pension arrangements as disclosed on page 130. Key management personnel also participate in the Group\u2019s share option programme (see note 27). Key management personnel compensation comprises: 2023 \u00a3m 2022 \u00a3m Total fixed pay as analysed in the Directors\u2019 remuneration report 2.0 1.9 Bonus as analysed in the Directors\u2019 remuneration report 1.5 1.2 Employer\u2019s national insurance contributions 0.6 0.4 Share-based payment charge1 1.8 1.1 Total key management personnel compensation 5.9 4.6 1. Share-based payment charge is calculated under IFRS 2 \u2018Share-based Payments\u2019 as described in note 27. Transactions with pension schemes Details of transactions between the Group and pension schemes in which its employees participate are detailed in note 9. Transactions with joint ventures 2023 \u00a3m 2022 \u00a3m Construction services and materials 0.9 23.2 Staff and associated costs 2.5 2.4 Management services 1.3 1.0 Interest on loans to joint ventures 0.4 0.7 Plant hire 0.2 0.2 5.3 27.5 Those joint ventures which the Directors consider to be material to the Group are disclosed in note 16. Equity and other shareholder loans due from joint ventures are analysed below: 2023 \u00a3m 2022 \u00a3m Kier Cornwall Street Holdings 1 LLP 16.2 6.5 Kier Cornwall Street Holdings 2 LLP 16.2 6.5 Kier Richmond Holdings Limited 9.9 9.9 Kier PGIM Logistics Holdco Limited 8.6 7.4 Solum Regeneration (Twickenham) LLP 8.5 9.2 Solum Regeneration (Guildford) LLP 7.5 8.7 Solum Regeneration (Bishops) LLP 7.5 6.7 Watford Health Campus Partnership LLP 7.2 9.0 Kier Trade City Holdco 1 LLP 6.8 6.8 50 Bothwell Street Holdco 1 LLP 5.2 5.2 Solum Regeneration (Redhill) LLP 3.1 2.3 Solum Regeneration (Epsom) LLP 1.6 1.5 Solum Regeneration (Surbiton) LLP 1.0 0.8 Kier (Southampton) Investment Limited 0.9 12.2 Solum Regeneration (Maidstone) LLP 0.7 0.7 Solum Regeneration Holding 1 LLP 0.7 0.7 Solum Regeneration Holding 2 LLP 0.2 0.2 Kier (Newcastle) Investment Limited \u2013 11.1 101.8 105.4 Trading balances and other loans due from/(to) joint ventures are analysed below: 2023 \u00a3m 2022 \u00a3m Kier Trade City LLP 0.4 (0.3) Dragon Lane LLP 0.1 0.1 Kier Reading LLP (0.4) (0.4) Kier Cornwall Street \u2013 2.0 Kier Maidenhead LLP \u2013 (0.4) Lysander Student Operations Limited \u2013 (0.5) Solum Regeneration (Twickenham) LLP \u2013 (6.7) Winsford Devco LLP \u2013 \u2013 Kier (Southampton) Investment Limited \u2013 \u2013 Watford Health Campus Partnership LLP \u2013 \u2013 Hackney Schools for the Future 2 Limited \u2013 \u2013 Team Van Oord Limited \u2013 \u2013 Kier Richmond Limited \u2013 \u2013 0.1 (6.2) ",
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"value": "Transactions with key management personnel The Group\u2019s key management personnel are the Executive and Non-Executive Directors as identified in the Directors\u2019 Remuneration report on pages 120\u2013153. In addition to their salaries, the Group also provides non-cash benefits to Directors and contributes to their pension arrangements as disclosed on page 130. Key management personnel also participate in the Group\u2019s share option programme (see note 27). Key management personnel compensation comprises: 2023 \u00a3m 2022 \u00a3m Total fixed pay as analysed in the Directors\u2019 remuneration report 2.0 1.9 Bonus as analysed in the Directors\u2019 remuneration report 1.5 1.2 Employer\u2019s national insurance contributions 0.6 0.4 Share-based payment charge1 1.8 1.1 Total key management personnel compensation 5.9 4.6 1. Share-based payment charge is calculated under IFRS 2 \u2018Share-based Payments\u2019 as described in note 27. ",
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"fact-513": {
"value": "32 Subsidiaries and other undertakings A full list of subsidiaries, branches, associated undertakings, and joint arrangements as at 30 June 2023 is detailed below. Unless stated otherwise, all undertakings are wholly owned and held indirectly by Kier Group plc. Subsidiaries Company name Registered office 1 Share class(es) held % held by Group 2020 Liverpool Limited 1 Ordinary 100% A C Chesters & Son Limited 1 Ordinary 100% AK Student Living Limited 1 A Ordinary 100% B Ordinary 100% Arena Central Developments LLP 1 \u2013 100% Arena Central Management Limited 1 A Ordinary 100% 25%3 Caribbean Construction Company Limited 2 Ordinary 100% Caxton Integrated Services Holdings Limited 1 Ordinary 100% ClearBOX Limited 1 Ordinary 100% Dudley Coles Limited 1 Ordinary 100% FDT (Holdings) Ltd 1 Ordinary 100% FDT Associates Ltd 1 Ordinary A 100% Heart of Wales Property Services Limited 3 Ordinary 50% J L Kier & Company (London) Limited 1 Ordinary 100% J L Kier & Company Limited 1 Ordinary 100% Kier (Catterick) Limited 1 A Ordinary 100% B Ordinary 100% Kier (Kent) PSP Limited 1 A Ordinary 100% B Ordinary 100% Kier (Malaysia) SDN. BHD. (in liquidation) 4 Ordinary 100% Kier (Newcastle) Investment Ltd 1 Ordinary 100% Kier (Newcastle) Operation Limited 1 Ordinary 100% Kier (NR) Limited 1 Ordinary 100% Kier Asset Partnership Services Limited 1 Ordinary 100% Kier Benefits Limited 1 Ordinary 100% Kier Build Limited 1 Ordinary 100% Kier Business Services Limited 1 Ordinary 100% Kier Caribbean and Industrial Limited 1 Ordinary 100% Kier CB Limited 1 Ordinary 100% Kier Commercial Investments Limited 1 Ordinary 100% Company name Registered office1 Share class(es) held % held by Group Kier Commercial UKSC Limited 1 Ordinary 100% Kier Construction Limited 1 Ordinary 100% Kier Construction Limited 5 Ordinary 100% Kier Construction LLC9 6 Ordinary 49% Kier Construction SA 7 Ordinary 100% Kier Developments Limited 1 A Ordinary 100% B Ordinary 100% C Ordinary 100% Kier Dormant Holdings Limited (in liquidation) 1 Ordinary 100% Kier Dubai LLC9 8 Ordinary 49% Kier Education Investments Limited 1 B Ordinary 100% M Ordinary 100% Kier Education Services Limited 1 B Ordinary 100% M Ordinary 100% Kier Energy Solutions Limited 1 Ordinary 100% A Ordinary 100% Kier Ewan Limited 1 Ordinary 100% Kier Facilities Services Limited 1 Ordinary 100% Kier Finance & Treasury Holdings Limited 1 Ordinary 100% Kier Finance Limited 1 Ordinary 100% Kier Fleet Services Limited 1 Ordinary 100% Kier Green Investments Limited (formerly Kier Thurrock Limited) 1 Ordinary 100% Kier Group Trustees Limited2 1 Ordinary 100% Kier Harlow Limited 1 A Ordinary 100% B Ordinary 100% Kier Holdco 2 Limited 1 Ordinary 100% Kier Holdings Limited 1 Ordinary 100% Irredeemable preference 100% Kier Infrastructure and Overseas Limited 1 Ordinary 100% Kier Infrastructure and Overseas Limited \u2013 Hong Kong Branch Kier Infrastructure and Overseas Limited \u2013 Jamaica Branch Kier Infrastructure and Overseas Limited \u2013 Trinidad Branch Company name Registered office 1 Share class(es) held % held by Group Kier Infrastructure Pty Ltd 9 Ordinary 100% Kier Insurance Management Services Limited 1 Ordinary 100% Kier Integrated Services (Estates) Limited 1 Ordinary 100% Kier Integrated Services (Holdings) Limited 1 Ordinary 100% Deferred 100% Kier Integrated Services (Trustees) Limited 1 Ordinary 100% Kier Integrated Services Group Limited 1 Ordinary 100% Kier Integrated Services Limited 1 Ordinary 100% Kier International (Investments) Limited 1 Ordinary 100% Kier International Limited 1 Ordinary 100% Kier International Limited \u2013 India Branch (in liquidation) Kier International Limited \u2013 Jamaica Branch Kier International Limited 10 Ordinary 100% Kier Islington Limited 1 Ordinary 100% Islington 100% Kier Jamaica Development Limited 1 Ordinary 100% Kier Limited 2 1 Ordinary 100% Kier Management Consulting Limited 1 Ordinary 100% A Ordinary 100% B Ordinary 100% Kier MBS Limited 1 Ordinary 100% Kier Midlands Limited 1 Ordinary 100% Kier Minerals Limited 1 Ordinary 100% Kier Mining Investments Limited 1 Ordinary 100% Kier National Limited 1 Ordinary 100% Kier North Tyneside Limited5 1 B Ordinary 100% 80%\u00b3 Kier Overseas (Four) Limited 1 Ordinary 100% Kier Overseas (Nine) Limited 1 Ordinary 100% Kier Overseas (Seventeen) Limited 1 Ordinary 100% Kier Overseas (Twenty-Three) Limited 1 Ordinary 100% Kier Parkman Ewan Associates Limited 1 Ordinary A 100% Kier Parkman GB Limited (in liquidation) 1 Ordinary 100% Kier Parkman ServiGroup Limited (in liquidation) 1 Ordinary 100% Company name Registered office1 Share class(es) held % held by Group Kier Plant Limited 1 Ordinary 100% Kier Professional Services Limited 1 Ordinary 100% Kier Project Investment Limited 1 Ordinary 100% Kier Property Developments Limited 1 Ordinary 100% Kier Property Limited 1 Ordinary 100% Kier Property Management Company Limited 1 Ordinary 100% Kier Rail Limited 1 Ordinary 100% Kier Recycling CIC 1 Ordinary 100% Kier Services Limited 1 Ordinary 100% Kier Sheffield LLP 1 \u2013 80.1% Kier South East Limited 1 Ordinary 100% Kier Southern Limited 1 Ordinary 100% Kier Stoke Limited 1 A Ordinary 100% Kier Sydenham Limited 1 Ordinary 100% Kier Traffic Support Limited 1 Ordinary 100% Kier Transportation Limited (formerly Kier Highways Limited) 1 A Ordinary B Ordinary 100% 100% Kier UKSC LLP 1 \u2013 100% Kier Ventures Limited 1 Ordinary 100% Kier Ventures UKSC Limited 1 Ordinary 100% Kier York Street LLP 1 \u2013 100% Liferange Limited 1 Ordinary 100% Magnetic Limited 1 Ordinary 100% McNicholas Construction (Holdings) Limited 1 Ordinary 100% McNicholas Construction Services Limited 1 Ordinary 100% MPHBS Limited 1 Ordinary 100% MRBL Limited 1 Ordinary A 100% Ordinary B 100% Deferred B 100% Parkman Consultants Limited 1 Ordinary 100% Parkman Holdings Limited (in liquidation) 1 Ordinary 100% Parkman Kenya Limited 11 Ordinary 100% Parkman Nigeria Limited 12 Ordinary 100% Pure Buildings Limited 1 Ordinary 100% Pure Recycling Warwick Limited 1 Ordinary A 100% Company name Registered office 1 Share class(es) held % held by Group Ordinary B 100% Saudi Kier Construction Limited (in liquidation) 13 Ordinary 100% T Cartledge Limited 1 Ordinary 100% T H Construction Limited 1 Ordinary 100% T J Brent Limited 1 Ordinary 100% Ordinary B 100% Ordinary C 100% Tempsford Insurance Company Limited 2 14 Ordinary 100% The Impact Partnership (Rochdale Borough) Limited 1 Ordinary 80.1% Tor2 Limited 1 PSP Shares 100% 80.01%\u00b3 TradeDirect Logistics Limited 1 Ordinary 100% Turriff Contractors Limited 15 Ordinary 100% Turriff Group Limited 15 Ordinary 100% Ordinary A 100% Ordinary B 100% Usherlink Limited 1 Ordinary 100% W. & C. French (Construction) Limited 1 Ordinary 100% Wallis Limited 1 Ordinary 100% Wallis Western Limited 1 Ordinary 100% William Moss Construction Limited (in liquidation) 16 Ordinary 100% William Moss Group Limited (The) 1 Ordinary 100% 1. See list of registered office details and explanatory notes on page 235. Listed below are subsidiaries controlled and consolidated by the Group, which under Section 479A of the Companies Act 2006 (the \u2018Act\u2019) are exempt from the requirements of the Act relating to the audit of accounts. Company name Company registration number Year-end 2020 Liverpool Limited 04782302 31 March 2023 Arena Central Developments LLP OC305452 30 June 2023 Caxton Integrated Services Holdings Limited 01531034 30 June 2023 ClearBOX Limited 08658406 30 June 2023 Kier (Catterick) Limited 07372563 30 June 2023 Kier (Newcastle) Investment Ltd 09978111 30 June 2023 Company name Company registration number Year-end Kier (Newcastle) Operation Limited 10609470 30 June 2023 Kier Asset Partnership Services Limited 06928701 30 June 2023 Kier Build Limited 01551959 30 June 2023 Kier Commercial Investments Limited 04002798 30 June 2023 Kier Education Investments Limited 06458919 30 June 2023 Kier Education Services Limited 05457729 30 June 2023 Kier Finance Limited 05887689 30 June 2023 Kier Green Investments Limited (formerly Kier Thurrock Limited) 08922437 30 June 2023 Kier Harlow Limited 05961079 30 June 2023 Kier Holdings Limited 05887559 30 June 2023 Kier International (Investments) Limited 01463191 30 June 2023 Kier Islington Limited 03922885 30 June 2023 Kier MBS Limited 11632543 30 June 2023 Kier Minerals Limited 02099531 30 June 2023 Kier Overseas (Nine) Limited 01531039 30 June 2023 Kier Overseas (Seventeen) Limited 01462100 30 June 2023 Kier Overseas (Twenty-Three) Limited 02127112 30 June 2023 Kier Plant Limited 04233359 30 June 2023 Kier Professional Services Limited 08881783 30 June 2023 Kier Recycling CIC 03153490 30 June 2023 Kier Stoke Limited 06391459 30 June 2023 Kier Sydenham Limited 08486944 30 June 2023 Kier Thurrock Limited 08922437 30 June 2023 Magnetic Limited 07775665 30 June 2023 MPHBS Limited 05916368 30 June 2023 Pure Buildings Limited 06290364 30 June 2023 T H Construction Limited 01532971 30 June 2023 TradeDirect Logistics Limited 11400572 30 June 2023 Joint ventures Company name Registered office 1 Interest held Property 3 Sovereign Square Holdings 1 LLP 1 50% 3 Sovereign Square Holdings 2 LLP 1 50% 3 Sovereign Square LLP 1 50% 50 Bothwell Street Holdco 1 LLP 17 50% 50 Bothwell Street Holdco 2 LLP 17 50% 50 Bothwell Street LLP 17 50% Dragon Lane Holdings 1 LLP 1 50% Dragon Lane Holdings 2 LLP 1 50% Dragon Lane LLP 1 50% Kent LEP 1 Limited 1 80% Kier (Southampton) Development Limited 1 75% Kier (Southampton) Investment Limited 1 75% Kier (Southampton) Operations Limited 1 75% Kier Cornwall Street Holdings 1 LLP 1 90% Kier Cornwall Street Holdings 2 LLP 1 90% Kier Cornwall Street LLP 1 90% Kier Countryside Holdings 1 LLP 18 50% Kier Countryside Holdings 2 LLP 18 50% Kier Foley Street Holdco 1 LLP 1 90% Kier Foley Street Holdco 2 LLP 1 90% Kier Foley Street LLP 1 90% Kier HGP Devco 1 LLP 1 50% Kier HGP Devco 2 LLP 1 50% Kier HGP Holdings 2 Limited 1 50% Kier HGP Holdings LLP 1 50% Kier Maidenhead Holdings 1 LLP 1 90% Kier Maidenhead Holdings 2 LLP 1 90% Kier Maidenhead LLP 1 90% Kier PGIM Logistics (Bognor) Ltd 1 25.5% Kier PGIM Logistics (Bracknell) Ltd 1 25.5% Kier PGIM Logistics (Knowsley) Ltd 1 25.5% Kier PGIM Logistics (Milton Keynes) Ltd 1 25.5% Company name Registered office 1 Interest held Kier PGIM Logistics (St. Albans) Ltd 1 25.5% Kier PGIM Logistics Holdco Ltd 1 25.5% Kier PGIM Logistics Propco 5 Ltd 1 25.5% Kier PGIM Logistics Propco 7 Ltd 1 25.5% Kier PGIM Logistics Propco 8 Ltd 1 25.5% Kier Reading Holdco 1 LLP 1 90% Kier Reading Holdco 2 LLP 1 90% Kier Reading LLP 1 90% Kier Richmond Holdings Limited 1 90% Kier Richmond Limited 1 90% Kier Sydenham GP Holdco Limited 1 50% Kier Sydenham GP Limited 1 50% Kier Sydenham LP 1 50% Kier Sydenham Nominee Limited 1 50% Kier Trade City Holdco 1 LLP 1 90% Kier Trade City Holdco 2 LLP 1 90% Kier Trade City LLP 1 90% Kier Warth Limited 1 50% Lysander Student Properties Investments Limited 1 75% Lysander Student Properties Limited 1 75% Lysander Student Properties Operations Limited 1 75% Penda Limited 1 50% Premier Inn Kier Limited 1 50% Saltbox Business Park (Management) Limited 1 16.75% Solum Regeneration (Bishops) LLP 1 50% Solum Regeneration (Epsom) Limited Partnership 1 50% Solum Regeneration (Guildford) LLP 1 50% Solum Regeneration (Haywards) LLP 1 50% Solum Regeneration (Kingswood) LLP 1 50% Solum Regeneration (Maidstone) LLP 1 50% Solum Regeneration (Redhill) LLP 1 50% Solum Regeneration (Surbiton) LLP 1 50% Solum Regeneration (Twickenham) LLP 1 50% Company name Registered office 1 Interest held Solum Regeneration (Walthamstow) LLP 1 50% Solum Regeneration Epsom (GP Subsidiary) Limited 1 50% Solum Regeneration Epsom (GP) Limited 1 50% Solum Regeneration Epsom (Residential) LLP 1 50% Solum Regeneration Holding 1 LLP 1 50% Solum Regeneration Holding 2 LLP 1 50% Transcend Property Limited 19 50% Tri-Link 140 Holdings 1 LLP 1 50% Tri-Link 140 Holdings 2 LLP 1 50% Tri-Link 140 LLP 1 50% Watford Health Campus Limited 1 50% Watford Health Campus Partnership LLP 1 50% Watford Riverwell (Family Housing) LLP 1 50% Watford Riverwell Management Company Limited 1 50% Watford Woodlands LLP 1 50% Winsford Devco LLP 1 50% Winsford Holdings 1 LLP 1 50% Winsford Holdings 2 LLP 1 50% Construction Kier Graham Defence Limited 1 50% Services 2020 Knowsley Limited 1 80.1% Hackney Schools for the Future Limited 1 80% Team Van Oord Limited 20 25% 1. See list of registered office details and explanatory notes on page 235. Joint operation name Description Trading address UK Crossrail Contracts 300/410/435 a joint arrangement between Kier Infrastructure and Overseas Limited, BAM Nuttall Limited and Ferrovial Agroman (UK) Limited BAM Ferrovial Kier JV C435, The London School of Beauty, 18-19 Long Lane, London, EC1A 9LP Deephams a joint arrangement between Kier Infrastructure and Overseas Limited, J Murphy & Sons Limited, and Aecom Limited Deephams Sewage Treatment Wales, Pickett\u2019s Lock Lane, Edmonton, N9 0BA Devonport a joint arrangement between Kier Infrastructure and Overseas Limited and BAM Nuttall Limited St. James House, Knoll Road, Camberley, Surrey, GU15 3XW EKFB a joint arrangement between Kier Infrastructure and Overseas Limited, Eiffage G\u00e9nie Civil, Ferrovial Agroman (UK) Limited and BAM Nuttall Limited 5th Floor, Exchange House, Midsummer Boulevard, Milton Keynes, MK9 2EA Hercules a joint arrangement between Kier Construction Limited, Kier Living Limited and Balfour Beatty Hercules Site Offices, The Wessex Building, MOD Lyneham, Calne Road, Lyneham, Chippenham, SN15 4PZ Hinkley Framework a joint arrangement between Kier Infrastructure and Overseas Limited and BAM Nuttall Limited J23 P&R HPC Postal Consolidation Centre, Huntsworth Business Centre, North Petherton, Somerset, TA6 6TS Kier BAM JV a joint arrangement between Kier Integrated Services Limited and BAM Civil Limited (company number 17543, registered office Kill, County Kildaire) 2nd Floor, Optimum House, Clippers Quay, Salford, M50 3XP KCD a joint arrangement between Kier Integrated Services Limited and Clancy Docwra Limited Thames Water Offices, Clear Water Court, Vastern Rd, Reading, RG1 8DB Luton People Mover a joint arrangement between Kier Infrastructure and Overseas Limited and VolkerFitzpatrick Limited Hertford Road, Hoddesdon, EN11 9BX Mersey Gateway a joint arrangement between Kier Infrastructure and Overseas Limited, Samsung C&T ECUK Limited and FCC Construccion S.A. Forward Point, Tan House Lane, Widnes, WA8 0SL RAF Lakenheath a joint arrangement between Kier Construction Limited and VolkerFitzpatrick Limited Hertford Road, Hoddesdon, EN11 9BX Tarmac Kier JV a joint arrangement between Kier Highways Limited and Tarmac Trading Limited 2nd Floor, Optimum House, Clippers Quay Salford, M50 3XP International The following joint operations, in which the Group participation is between 30% and 65%, operate overseas in the territory indicated: MTRC Contract 824 a joint arrangement between Kier Infrastructure and Overseas Limited and Kaden Construction Limited Tower B, 6/F, Manulife Financial Centre, 223 Wai Yip Street, Kwun Tong, Kowloon, Hong Kong MTRC Contract 901 a joint arrangement between Kier Infrastructure and Overseas Limited, Laing O\u2019Rourke Hong Kong Limited and Kaden Construction Limited Room 905, 9/F, King\u2019s Road, North Point, Hong Kong Saadiyat Rotana Hotel and Resort Complex a joint arrangement between Kier Construction LLC and Ali and Sons Contracting Co LLC P.O. Box 2153, Abu Dhabi Kier ACC a joint arrangement between Kier Dubai LLC and Arabian Construction Co.SAL P.O. Box 24461, Dubai Registered office addresses Number Address 1 2nd Floor, Optimum House, Clippers Quay, Salford, M50 3XP, UK 2 Harbour Head, Harbour View, Kingston 17, Jamaica 3 Unit 31, Ddole Road Industrial Estate, Llandrindod Wells, Powys, LD1 6DF, UK 4 9-5 & 7-5, Jalan 8/146, Bandar Tasik Selatan, Kuala Lumpur, 57000, Malaysia 5 c/o Grant Thornton, Cnr Bank Street and West Independence Sq Street, Basseterre, Saint Kitts and Nevis 6 Unit 869, Al Gaith Tower, Hamdan Street, PO Box 61967, Abu Dhabi, United Arab Emirates 7 151 Angle Avenue, Jean Paul II et Impasse Duverger, Turgeau, Port-au-Prince, Haiti 8 905, 9th Floor, Thuraya Tower, Tecom, P.O. Box 24461, Dubai, United Arab Emirates 9 Pinsent Masons, Level 46, 101 Collins Street, Melbourne, VIC 3000, Australia 10 6th Floor, Emperor Commercial Centre, 39 Des Voeux Road Central, Hong Kong 11 5th Floor, Agip House, P.O. Box 41425, Nairobi, Kenya 12 9, N/Azikiwe St., Lagos, Nigeria 13 Office No 5, 3rd Floor, Building No 8122, street 4A, 5323 Prince Muhammad Ibn Soud Dist, P.C. 32241 Dammam, Kingdom of Saudi Arabia 14 PO Box 33, Dorey Court, Admiral Park, St Peter Port, GY1 4AT, Guernsey 15 Campsie House, Buchanan Business Park, Cumbernauld Road, Stepps, Glasgow, G33 6HZ, UK 16 1 More London Place, London, SE1 2AF, UK 17 Renoir House, 135-137 New Bond Street, Mayfair, London, England, W1S 2TQ, UK 18 Countryside House, The Drive, Brentwood, Essex, CM13 3AT, UK 19 1 Kingsway, London, WC2B 6AN, UK 20 Bankside House, Henfield Road, Small Dole, Henfield, West Sussex, BN5 9XQ, UK Explanatory notes 1. The share capital of all entities is wholly owned and held indirectly by Kier Group plc unless indicated otherwise. 2. Shares held directly by Kier Group plc. 3. Total interest in entity held by the Group as there are other share class(es) held by a third party. 4. In some jurisdictions in which the Group operates, share classes are not defined and in these instances, for the purposes of disclosure, these holdings have been classified as ordinary shares. 5. The Group has entered into a partnership arrangement with North Tyneside Council whereby the Council has a participating ownership interest and receives a minority share of the profits of Kier North Tyneside Limited. 6. Joint operations are contracted agreements to co-operate on a specific project which is an extension of the Group\u2019s existing business. Joint ventures are ongoing businesses carrying on their own trade. 7. Interests in the above joint ventures are held by subsidiary undertakings. 8. The joint ventures where the Group has an interest in excess of 50% are still considered joint ventures as the Group has joint control. 9. Accounted for as a subsidiary as control is achieved through an agreement between shareholders. 10. Where companies are shown as being in liquidation, in all cases this is either a members\u2019 voluntary liquidation or a strike-off application. ",
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"fact-483": {
"value": "32 Subsidiaries and other undertakings A full list of subsidiaries, branches, associated undertakings, and joint arrangements as at 30 June 2023 is detailed below. Unless stated otherwise, all undertakings are wholly owned and held indirectly by Kier Group plc. Subsidiaries Company name Registered office 1 Share class(es) held % held by Group 2020 Liverpool Limited 1 Ordinary 100% A C Chesters & Son Limited 1 Ordinary 100% AK Student Living Limited 1 A Ordinary 100% B Ordinary 100% Arena Central Developments LLP 1 \u2013 100% Arena Central Management Limited 1 A Ordinary 100% 25%3 Caribbean Construction Company Limited 2 Ordinary 100% Caxton Integrated Services Holdings Limited 1 Ordinary 100% ClearBOX Limited 1 Ordinary 100% Dudley Coles Limited 1 Ordinary 100% FDT (Holdings) Ltd 1 Ordinary 100% FDT Associates Ltd 1 Ordinary A 100% Heart of Wales Property Services Limited 3 Ordinary 50% J L Kier & Company (London) Limited 1 Ordinary 100% J L Kier & Company Limited 1 Ordinary 100% Kier (Catterick) Limited 1 A Ordinary 100% B Ordinary 100% Kier (Kent) PSP Limited 1 A Ordinary 100% B Ordinary 100% Kier (Malaysia) SDN. BHD. (in liquidation) 4 Ordinary 100% Kier (Newcastle) Investment Ltd 1 Ordinary 100% Kier (Newcastle) Operation Limited 1 Ordinary 100% Kier (NR) Limited 1 Ordinary 100% Kier Asset Partnership Services Limited 1 Ordinary 100% Kier Benefits Limited 1 Ordinary 100% Kier Build Limited 1 Ordinary 100% Kier Business Services Limited 1 Ordinary 100% Kier Caribbean and Industrial Limited 1 Ordinary 100% Kier CB Limited 1 Ordinary 100% Kier Commercial Investments Limited 1 Ordinary 100% Company name Registered office1 Share class(es) held % held by Group Kier Commercial UKSC Limited 1 Ordinary 100% Kier Construction Limited 1 Ordinary 100% Kier Construction Limited 5 Ordinary 100% Kier Construction LLC9 6 Ordinary 49% Kier Construction SA 7 Ordinary 100% Kier Developments Limited 1 A Ordinary 100% B Ordinary 100% C Ordinary 100% Kier Dormant Holdings Limited (in liquidation) 1 Ordinary 100% Kier Dubai LLC9 8 Ordinary 49% Kier Education Investments Limited 1 B Ordinary 100% M Ordinary 100% Kier Education Services Limited 1 B Ordinary 100% M Ordinary 100% Kier Energy Solutions Limited 1 Ordinary 100% A Ordinary 100% Kier Ewan Limited 1 Ordinary 100% Kier Facilities Services Limited 1 Ordinary 100% Kier Finance & Treasury Holdings Limited 1 Ordinary 100% Kier Finance Limited 1 Ordinary 100% Kier Fleet Services Limited 1 Ordinary 100% Kier Green Investments Limited (formerly Kier Thurrock Limited) 1 Ordinary 100% Kier Group Trustees Limited2 1 Ordinary 100% Kier Harlow Limited 1 A Ordinary 100% B Ordinary 100% Kier Holdco 2 Limited 1 Ordinary 100% Kier Holdings Limited 1 Ordinary 100% Irredeemable preference 100% Kier Infrastructure and Overseas Limited 1 Ordinary 100% Kier Infrastructure and Overseas Limited \u2013 Hong Kong Branch Kier Infrastructure and Overseas Limited \u2013 Jamaica Branch Kier Infrastructure and Overseas Limited \u2013 Trinidad Branch Company name Registered office 1 Share class(es) held % held by Group Kier Infrastructure Pty Ltd 9 Ordinary 100% Kier Insurance Management Services Limited 1 Ordinary 100% Kier Integrated Services (Estates) Limited 1 Ordinary 100% Kier Integrated Services (Holdings) Limited 1 Ordinary 100% Deferred 100% Kier Integrated Services (Trustees) Limited 1 Ordinary 100% Kier Integrated Services Group Limited 1 Ordinary 100% Kier Integrated Services Limited 1 Ordinary 100% Kier International (Investments) Limited 1 Ordinary 100% Kier International Limited 1 Ordinary 100% Kier International Limited \u2013 India Branch (in liquidation) Kier International Limited \u2013 Jamaica Branch Kier International Limited 10 Ordinary 100% Kier Islington Limited 1 Ordinary 100% Islington 100% Kier Jamaica Development Limited 1 Ordinary 100% Kier Limited 2 1 Ordinary 100% Kier Management Consulting Limited 1 Ordinary 100% A Ordinary 100% B Ordinary 100% Kier MBS Limited 1 Ordinary 100% Kier Midlands Limited 1 Ordinary 100% Kier Minerals Limited 1 Ordinary 100% Kier Mining Investments Limited 1 Ordinary 100% Kier National Limited 1 Ordinary 100% Kier North Tyneside Limited5 1 B Ordinary 100% 80%\u00b3 Kier Overseas (Four) Limited 1 Ordinary 100% Kier Overseas (Nine) Limited 1 Ordinary 100% Kier Overseas (Seventeen) Limited 1 Ordinary 100% Kier Overseas (Twenty-Three) Limited 1 Ordinary 100% Kier Parkman Ewan Associates Limited 1 Ordinary A 100% Kier Parkman GB Limited (in liquidation) 1 Ordinary 100% Kier Parkman ServiGroup Limited (in liquidation) 1 Ordinary 100% Company name Registered office1 Share class(es) held % held by Group Kier Plant Limited 1 Ordinary 100% Kier Professional Services Limited 1 Ordinary 100% Kier Project Investment Limited 1 Ordinary 100% Kier Property Developments Limited 1 Ordinary 100% Kier Property Limited 1 Ordinary 100% Kier Property Management Company Limited 1 Ordinary 100% Kier Rail Limited 1 Ordinary 100% Kier Recycling CIC 1 Ordinary 100% Kier Services Limited 1 Ordinary 100% Kier Sheffield LLP 1 \u2013 80.1% Kier South East Limited 1 Ordinary 100% Kier Southern Limited 1 Ordinary 100% Kier Stoke Limited 1 A Ordinary 100% Kier Sydenham Limited 1 Ordinary 100% Kier Traffic Support Limited 1 Ordinary 100% Kier Transportation Limited (formerly Kier Highways Limited) 1 A Ordinary B Ordinary 100% 100% Kier UKSC LLP 1 \u2013 100% Kier Ventures Limited 1 Ordinary 100% Kier Ventures UKSC Limited 1 Ordinary 100% Kier York Street LLP 1 \u2013 100% Liferange Limited 1 Ordinary 100% Magnetic Limited 1 Ordinary 100% McNicholas Construction (Holdings) Limited 1 Ordinary 100% McNicholas Construction Services Limited 1 Ordinary 100% MPHBS Limited 1 Ordinary 100% MRBL Limited 1 Ordinary A 100% Ordinary B 100% Deferred B 100% Parkman Consultants Limited 1 Ordinary 100% Parkman Holdings Limited (in liquidation) 1 Ordinary 100% Parkman Kenya Limited 11 Ordinary 100% Parkman Nigeria Limited 12 Ordinary 100% Pure Buildings Limited 1 Ordinary 100% Pure Recycling Warwick Limited 1 Ordinary A 100% Company name
Registered
office
1
Share
class(es) held
% held
by Group
Ordinary B 100%
Saudi Kier Construction Limited (in liquidation) 13 Ordinary 100%
T Cartledge Limited 1 Ordinary 100%
T H Construction Limited 1 Ordinary 100%
T J Brent Limited 1 Ordinary 100%
Ordinary B 100%
Ordinary C 100%
Tempsford Insurance Company Limited
2
14 Ordinary 100%
The Impact Partnership (Rochdale Borough)
Limited 1 Ordinary 80.1%
Tor2 Limited 1 PSP Shares 100%
80.01%\u00b3
TradeDirect Logistics Limited 1 Ordinary 100%
Turriff Contractors Limited 15 Ordinary 100%
Turriff Group Limited 15 Ordinary 100%
Ordinary A 100%
Ordinary B 100%
Usherlink Limited 1 Ordinary 100%
W. & C. French (Construction) Limited 1 Ordinary 100%
Wallis Limited 1 Ordinary 100%
Wallis Western Limited 1 Ordinary 100%
William Moss Construction Limited (in liquidation) 16 Ordinary 100%
William Moss Group Limited (The) 1 Ordinary 100%
1. See list of registered office details and explanatory notes on page 235.
Listed below are subsidiaries controlled and consolidated by the Group, which under
Section 479A of the Companies Act 2006 (the \u2018Act\u2019) are exempt from the requirements of
the Act relating to the audit of accounts.
Company name
Company
registration
number Year-end
2020 Liverpool Limited 04782302 31 March 2023
Arena Central Developments LLP OC305452 30 June 2023
Caxton Integrated Services Holdings Limited 01531034 30 June 2023
ClearBOX Limited 08658406 30 June 2023
Kier (Catterick) Limited 07372563 30 June 2023
Kier (Newcastle) Investment Ltd 09978111 30 June 2023
Company name
Company
registration
number Year-end
Kier (Newcastle) Operation Limited 10609470 30 June 2023
Kier Asset Partnership Services Limited 06928701 30 June 2023
Kier Build Limited 01551959 30 June 2023
Kier Commercial Investments Limited 04002798 30 June 2023
Kier Education Investments Limited 06458919 30 June 2023
Kier Education Services Limited 05457729 30 June 2023
Kier Finance Limited 05887689 30 June 2023
Kier Green Investments Limited
(formerly Kier Thurrock Limited) 08922437 30 June 2023
Kier Harlow Limited 05961079 30 June 2023
Kier Holdings Limited 05887559 30 June 2023
Kier International (Investments) Limited 01463191 30 June 2023
Kier Islington Limited 03922885 30 June 2023
Kier MBS Limited 11632543 30 June 2023
Kier Minerals Limited 02099531 30 June 2023
Kier Overseas (Nine) Limited 01531039 30 June 2023
Kier Overseas (Seventeen) Limited 01462100 30 June 2023
Kier Overseas (Twenty-Three) Limited 02127112 30 June 2023
Kier Plant Limited 04233359 30 June 2023
Kier Professional Services Limited 08881783 30 June 2023
Kier Recycling CIC 03153490 30 June 2023
Kier Stoke Limited 06391459 30 June 2023
Kier Sydenham Limited 08486944 30 June 2023
Kier Thurrock Limited 08922437 30 June 2023
Magnetic Limited 07775665 30 June 2023
MPHBS Limited 05916368 30 June 2023
Pure Buildings Limited 06290364 30 June 2023
T H Construction Limited 01532971 30 June 2023
TradeDirect Logistics Limited 11400572 30 June 2023
Joint ventures
Company name
Registered
office
1
Interest
held
Property
3 Sovereign Square Holdings 1 LLP 1 50%
3 Sovereign Square Holdings 2 LLP 1 50%
3 Sovereign Square LLP 1 50%
50 Bothwell Street Holdco 1 LLP 17 50%
50 Bothwell Street Holdco 2 LLP 17 50%
50 Bothwell Street LLP 17 50%
Dragon Lane Holdings 1 LLP 1 50%
Dragon Lane Holdings 2 LLP 1 50%
Dragon Lane LLP 1 50%
Kent LEP 1 Limited 1 80%
Kier (Southampton) Development Limited 1 75%
Kier (Southampton) Investment Limited 1 75%
Kier (Southampton) Operations Limited 1 75%
Kier Cornwall Street Holdings 1 LLP 1 90%
Kier Cornwall Street Holdings 2 LLP 1 90%
Kier Cornwall Street LLP 1 90%
Kier Countryside Holdings 1 LLP 18 50%
Kier Countryside Holdings 2 LLP 18 50%
Kier Foley Street Holdco 1 LLP 1 90%
Kier Foley Street Holdco 2 LLP 1 90%
Kier Foley Street LLP 1 90%
Kier HGP Devco 1 LLP 1 50%
Kier HGP Devco 2 LLP 1 50%
Kier HGP Holdings 2 Limited 1 50%
Kier HGP Holdings LLP 1 50%
Kier Maidenhead Holdings 1 LLP 1 90%
Kier Maidenhead Holdings 2 LLP 1 90%
Kier Maidenhead LLP 1 90%
Kier PGIM Logistics (Bognor) Ltd 1 25.5%
Kier PGIM Logistics (Bracknell) Ltd 1 25.5%
Kier PGIM Logistics (Knowsley) Ltd 1 25.5%
Kier PGIM Logistics (Milton Keynes) Ltd 1 25.5%
Company name
Registered
office
1
Interest
held
Kier PGIM Logistics (St. Albans) Ltd 1 25.5%
Kier PGIM Logistics Holdco Ltd 1 25.5%
Kier PGIM Logistics Propco 5 Ltd 1 25.5%
Kier PGIM Logistics Propco 7 Ltd 1 25.5%
Kier PGIM Logistics Propco 8 Ltd 1 25.5%
Kier Reading Holdco 1 LLP 1 90%
Kier Reading Holdco 2 LLP 1 90%
Kier Reading LLP 1 90%
Kier Richmond Holdings Limited 1 90%
Kier Richmond Limited 1 90%
Kier Sydenham GP Holdco Limited 1 50%
Kier Sydenham GP Limited 1 50%
Kier Sydenham LP 1 50%
Kier Sydenham Nominee Limited 1 50%
Kier Trade City Holdco 1 LLP 1 90%
Kier Trade City Holdco 2 LLP 1 90%
Kier Trade City LLP 1 90%
Kier Warth Limited 1 50%
Lysander Student Properties Investments Limited 1 75%
Lysander Student Properties Limited 1 75%
Lysander Student Properties Operations Limited 1 75%
Penda Limited 1 50%
Premier Inn Kier Limited 1 50%
Saltbox Business Park (Management) Limited 1 16.75%
Solum Regeneration (Bishops) LLP 1 50%
Solum Regeneration (Epsom) Limited Partnership 1 50%
Solum Regeneration (Guildford) LLP 1 50%
Solum Regeneration (Haywards) LLP 1 50%
Solum Regeneration (Kingswood) LLP 1 50%
Solum Regeneration (Maidstone) LLP 1 50%
Solum Regeneration (Redhill) LLP 1 50%
Solum Regeneration (Surbiton) LLP 1 50%
Solum Regeneration (Twickenham) LLP 1 50%
Company name Registered office 1 Interest held Solum Regeneration (Walthamstow) LLP 1 50% Solum Regeneration Epsom (GP Subsidiary) Limited 1 50% Solum Regeneration Epsom (GP) Limited 1 50% Solum Regeneration Epsom (Residential) LLP 1 50% Solum Regeneration Holding 1 LLP 1 50% Solum Regeneration Holding 2 LLP 1 50% Transcend Property Limited 19 50% Tri-Link 140 Holdings 1 LLP 1 50% Tri-Link 140 Holdings 2 LLP 1 50% Tri-Link 140 LLP 1 50% Watford Health Campus Limited 1 50% Watford Health Campus Partnership LLP 1 50% Watford Riverwell (Family Housing) LLP 1 50% Watford Riverwell Management Company Limited 1 50% Watford Woodlands LLP 1 50% Winsford Devco LLP 1 50% Winsford Holdings 1 LLP 1 50% Winsford Holdings 2 LLP 1 50% Construction Kier Graham Defence Limited 1 50% Services 2020 Knowsley Limited 1 80.1% Hackney Schools for the Future Limited 1 80% Team Van Oord Limited 20 25% 1. See list of registered office details and explanatory notes on page 235. Joint operation name Description Trading address UK Crossrail Contracts 300/410/435 a joint arrangement between Kier Infrastructure and Overseas Limited, BAM Nuttall Limited and Ferrovial Agroman (UK) Limited BAM Ferrovial Kier JV C435, The London School of Beauty, 18-19 Long Lane, London, EC1A 9LP Deephams a joint arrangement between Kier Infrastructure and Overseas Limited, J Murphy & Sons Limited, and Aecom Limited Deephams Sewage Treatment Wales, Pickett\u2019s Lock Lane, Edmonton, N9 0BA Devonport a joint arrangement between Kier Infrastructure and Overseas Limited and BAM Nuttall Limited St. James House, Knoll Road, Camberley, Surrey, GU15 3XW EKFB a joint arrangement between Kier Infrastructure and Overseas Limited, Eiffage G\u00e9nie Civil, Ferrovial Agroman (UK) Limited and BAM Nuttall Limited 5th Floor, Exchange House, Midsummer Boulevard, Milton Keynes, MK9 2EA Hercules a joint arrangement between Kier Construction Limited, Kier Living Limited and Balfour Beatty Hercules Site Offices, The Wessex Building, MOD Lyneham, Calne Road, Lyneham, Chippenham, SN15 4PZ Hinkley Framework a joint arrangement between Kier Infrastructure and Overseas Limited and BAM Nuttall Limited J23 P&R HPC Postal Consolidation Centre, Huntsworth Business Centre, North Petherton, Somerset, TA6 6TS Kier BAM JV a joint arrangement between Kier Integrated Services Limited and BAM Civil Limited (company number 17543, registered office Kill, County Kildaire) 2nd Floor, Optimum House, Clippers Quay, Salford, M50 3XP KCD a joint arrangement between Kier Integrated Services Limited and Clancy Docwra Limited Thames Water Offices, Clear Water Court, Vastern Rd, Reading, RG1 8DB Luton People Mover a joint arrangement between Kier Infrastructure and Overseas Limited and VolkerFitzpatrick Limited Hertford Road, Hoddesdon, EN11 9BX Mersey Gateway a joint arrangement between Kier Infrastructure and Overseas Limited, Samsung C&T ECUK Limited and FCC Construccion S.A. Forward Point, Tan House Lane, Widnes, WA8 0SL RAF Lakenheath a joint arrangement between Kier Construction Limited and VolkerFitzpatrick Limited Hertford Road, Hoddesdon, EN11 9BX Tarmac Kier JV a joint arrangement between Kier Highways Limited and Tarmac Trading Limited 2nd Floor, Optimum House, Clippers Quay Salford, M50 3XP International The following joint operations, in which the Group participation is between 30% and 65%, operate overseas in the territory indicated: MTRC Contract 824 a joint arrangement between Kier Infrastructure and Overseas Limited and Kaden Construction Limited Tower B, 6/F, Manulife Financial Centre, 223 Wai Yip Street, Kwun Tong, Kowloon, Hong Kong MTRC Contract 901 a joint arrangement between Kier Infrastructure and Overseas Limited, Laing O\u2019Rourke Hong Kong Limited and Kaden Construction Limited Room 905, 9/F, King\u2019s Road, North Point, Hong Kong Saadiyat Rotana Hotel and Resort Complex a joint arrangement between Kier Construction LLC and Ali and Sons Contracting Co LLC P.O. Box 2153, Abu Dhabi Kier ACC a joint arrangement between Kier Dubai LLC and Arabian Construction Co.SAL P.O. Box 24461, Dubai Registered office addresses Number Address 1 2nd Floor, Optimum House, Clippers Quay, Salford, M50 3XP, UK 2 Harbour Head, Harbour View, Kingston 17, Jamaica 3 Unit 31, Ddole Road Industrial Estate, Llandrindod Wells, Powys, LD1 6DF, UK 4 9-5 & 7-5, Jalan 8/146, Bandar Tasik Selatan, Kuala Lumpur, 57000, Malaysia 5 c/o Grant Thornton, Cnr Bank Street and West Independence Sq Street, Basseterre, Saint Kitts and Nevis 6 Unit 869, Al Gaith Tower, Hamdan Street, PO Box 61967, Abu Dhabi, United Arab Emirates 7 151 Angle Avenue, Jean Paul II et Impasse Duverger, Turgeau, Port-au-Prince, Haiti 8 905, 9th Floor, Thuraya Tower, Tecom, P.O. Box 24461, Dubai, United Arab Emirates 9 Pinsent Masons, Level 46, 101 Collins Street, Melbourne, VIC 3000, Australia 10 6th Floor, Emperor Commercial Centre, 39 Des Voeux Road Central, Hong Kong 11 5th Floor, Agip House, P.O. Box 41425, Nairobi, Kenya 12 9, N/Azikiwe St., Lagos, Nigeria 13 Office No 5, 3rd Floor, Building No 8122, street 4A, 5323 Prince Muhammad Ibn Soud Dist, P.C. 32241 Dammam, Kingdom of Saudi Arabia 14 PO Box 33, Dorey Court, Admiral Park, St Peter Port, GY1 4AT, Guernsey 15 Campsie House, Buchanan Business Park, Cumbernauld Road, Stepps, Glasgow, G33 6HZ, UK 16 1 More London Place, London, SE1 2AF, UK 17 Renoir House, 135-137 New Bond Street, Mayfair, London, England, W1S 2TQ, UK 18 Countryside House, The Drive, Brentwood, Essex, CM13 3AT, UK 19 1 Kingsway, London, WC2B 6AN, UK 20 Bankside House, Henfield Road, Small Dole, Henfield, West Sussex, BN5 9XQ, UK Explanatory notes 1. The share capital of all entities is wholly owned and held indirectly by Kier Group plc unless indicated otherwise. 2. Shares held directly by Kier Group plc. 3. Total interest in entity held by the Group as there are other share class(es) held by a third party. 4. In some jurisdictions in which the Group operates, share classes are not defined and in these instances, for the purposes of disclosure, these holdings have been classified as ordinary shares. 5. The Group has entered into a partnership arrangement with North Tyneside Council whereby the Council has a participating ownership interest and receives a minority share of the profits of Kier North Tyneside Limited. 6. Joint operations are contracted agreements to co-operate on a specific project which is an extension of the Group\u2019s existing business. Joint ventures are ongoing businesses carrying on their own trade. 7. Interests in the above joint ventures are held by subsidiary undertakings. 8. The joint ventures where the Group has an interest in excess of 50% are still considered joint ventures as the Group has joint control. 9. Accounted for as a subsidiary as control is achieved through an agreement between shareholders. 10. Where companies are shown as being in liquidation, in all cases this is either a members\u2019 voluntary liquidation or a strike-off application. ",
"dimensions": {
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"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-484": {
"value": "33 Post balance sheet event On 4 September 2023, after the year-end, the Group agreed to acquire substantially all of the rail assets of Buckingham Group Contracting Limited (\u2018in Administration\u2019) and their HS2 contract supplying Kier\u2019s HS2 joint venture, EKFB for a total consideration of up to \u00a39.6m.",
"dimensions": {
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"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-6": {
"value": "2nd Floor Optimum House Clippers Quay Salford M50 3XP",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:2138002RKCU2OM4Y7O48",
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}
}