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"value": "The Group Financial Statements have been prepared and approved by the Directors in accordance with international accounting standards in conformity with the requirements of the Companies Act 2006 and UK-adopted International Financial Reporting Standards. The Company has elected to prepare its Parent Company Financial Statements in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (\u201cFRS 101\u201d); these are presented on pages 181 to 191.The consolidated financial statements comprise the financial statements of the Company, Hill & Smith PLC, and its subsidiaries as at 31 December 2022. Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The acquisition date is the date on which control is transferred to the acquirer. The financial statements of subsidiaries are included in the Group Financial Statements from the date that control commences until the date that control ceases.In preparing the consolidated financial statements, management has considered the impact of climate change, taking into account the relevant disclosures in the Strategic Report, including those made in accordance with the recommendations of the Taskforce on Climate-related Financial Disclosures. This included an assessment of assets with indefinite and long lives and how they could be impacted by measures taken to address global warming. As outlined in the Operational and Financial Review on page 23, physical climate change presents a relatively low risk to the Group\u2019s future business operations. As such, no issues were identified that would impact the carrying values of such assets or have any other impact on the financial statements.GOING CONCERN AND LIQUIDITY RISKIn determining the appropriate basis of preparation of its financial statements, the Directors are required to assess whether the Group can continue in operational existence for the foreseeable future. When making this assessment, the Group considers whether it will be able to maintain adequate liquidity headroom above the level of its borrowing facilities and to operate within the financial covenants on those facilities. At 31 December 2022, the Group had \u00a3309.0m of committed borrowing facilities, of which only \u00a30.3m matures before June 2026 at the earliest, and a further \u00a311.5m of on-demand facilities. The Group refinanced its revolving credit facility in November 2022, entering into a new facility with a value of \u00a3250m that is committed until November 2026, with an option to extend the maturity by a further year at the one-year anniversary. The Group also holds $70m of Senior Unsecured Notes, and other local committed borrowing facilities of \u00a30.6m. The amount drawn down under these committed facilities at 31 December 2022 was \u00a3107.4m, which together with cash and cash equivalents of \u00a324.8m gave total headroom of \u00a3237.9m (\u00a3226.4m committed, \u00a311.5m on demand). The Group has not made any changes to its principal borrowing facilities between 31 December 2022 and the date of approval of these financial statements. The only significant changes to liquidity headroom during that period were the acquisitions of Enduro Composites, which the Group completed on 17 February 2023 for an initial consideration of \u00a328.7m, and Korns Galvanizing, which the Group acquired on 6 March 2023 for consideration of \u00a39.4m. Substantial headroom against borrowing facilities remains in place post these acquisitions. The principal borrowing facilities are subject to covenants that are measured biannually in June and December, being net debt to EBITDA of a maximum of 3.0x and interest cover of a minimum of 4.0x, based on measures as defined in the facilities agreements which are adjusted from the equivalent IFRS amounts. The ratio of net debt to EBITDA at 31 December 2022 was 0.7 times and interest cover was 21.6 times. Note 24 to the Financial Statements sets out more information on the Group\u2019s objectives, policies and processes for managing its capital, its financial risk management objectives, details of its financial instruments and hedging activities, and its exposures to credit and liquidity risk.The Group has carefully modelled its cash flow outlook for the period to 30 June 2024, taking account of the current global economic conditions. In this \u2019base case\u2019 scenario, the forecasts indicate significant liquidity headroom will be maintained above the Group\u2019s borrowing facilities and financial covenants will be met throughout the period, including the covenant tests at 30 June 2023, 31 December 2023 and 30 June 2024. The Group has carried out stress tests against the base case to determine the performance levels that would result in a breach of covenants or a reduction of headroom against its borrowing facilities to nil. For a breach of covenants to occur during the relevant period, the Group would need to experience a sustained revenue reduction of 26% compared with current expectations throughout the period from May 2023 through June 2024. A reduction in headroom against borrowing facilities to nil would occur if the Group experienced a sustained revenue reduction of 88% compared with current expectations between May 2023 and June 2024. The Directors do not consider any of these scenarios to be plausible given the generally positive outlook across the infrastructure markets in which the Group operates. The Directors also noted the Group\u2019s ability to continue its operations throughout the COVID-19 pandemic, noting that revenues fell by only 22% in the second quarter of 2020, the worst-affected period. Furthermore, the Group has several mitigating actions under its control including minimising capital expenditure to critical requirements, reducing levels of discretionary spend, rationalising its overhead base and curtailing future dividend payments which, although not forecast to be required, could be implemented in order to be able to meet the covenant tests and to continue to operate within borrowing facility limits.MEASUREMENT CONVENTIONThe Group Financial Statements are prepared on the historical cost basis except where the measurement of balances at fair value is required as explained below. The Group Financial Statements are presented in Sterling and all values are stated in million (\u00a3m) rounded to one decimal place, except where otherwise indicated.After making these assessments, the Directors have reasonable expectation that the Company and its subsidiaries have adequate resources to continue in operational existence for the foreseeable future and for a period of at least 12 months following the approval of these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the Annual Report and Financial Statements.NEW IFRS STANDARDS AND INTERPRETATIONS ADOPTED DURING 2022The following amendments and interpretations apply for the first time in 2022, and therefore were adopted by the Group:\u2022 Amendments to IFRS 3 \u2013 Reference to Conceptual Framework \u2022 Amendments to IAS 16 \u2013 Proceeds before intended use\u2022 Amendments to IAS 37 \u2013 Onerous Contracts \u2013 costs of fulfilling a contract The amendments noted above have not had a material impact on the financial statements.NEW IFRS STANDARDS AND INTERPRETATIONS TO BE ADOPTED IN THE FUTUREThe following standards and interpretations, which are not yet effective and have not been early adopted by the Group, will, where relevant, be adopted in future accounting periods:To be adopted for year-ending 31 December 2023:\u2022 Amendments to IAS 1 \u2013 Classification of liabilities as current or non-current\u2022 Amendments to IAS 8 \u2013 Definition of Accounting Estimates\u2022 Amendments to IAS 1 \u2013 Disclosure of Accounting Policies\u2022 Amendments to IAS 12 \u2013 Deferred Tax related to Assets and Liabilities arising from a Single TransactionThere are currently no further standards and interpretations to be adopted for year-ending 31 December 2024.The above changes are not expected to have a material impact on the Group.BUSINESS COMBINATIONSBusiness combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured at acquisition date fair value. Acquisition-related costs are expensed as incurred and included in non-underlying costs (see accounting policy \u2019non-underlying items\u2019). Fair value adjustments are always considered to be provisional at the first year end date after the acquisition to allow the maximum time to elapse for management to make a reliable estimate.The Group determines that it has acquired a business when the acquired set of activities and assets include an input and a substantive process that together significantly contribute to the ability to create outputs. The acquired process is considered substantive if it is critical to the ability to continue producing outputs, and the inputs acquired include an organised workforce with the necessary skills, knowledge, or experience to perform that process or it significantly contributes to the ability to continue producing outputs and is considered unique or scarce or cannot be replaced without significant cost, effort, or delay in the ability to continue producing outputs. INTANGIBLE ASSETS \u2013 GOODWILLGoodwill on acquisition of subsidiaries is initially measured at cost and comprises the excess of the fair value of the purchase consideration paid for subsidiaries over the Group\u2019s share of the fair value of the identifiable assets and liabilities acquired. After initial recognition, goodwill is measured at cost less impairment losses (see accounting policy \u2019Impairment of assets\u2019). INTANGIBLE ASSETS \u2013 OTHEROther intangible assets that are acquired by the Group as part of a business combination, such as brands, patents and customer lists, are stated at cost less accumulated amortisation and impairment losses (see accounting policy \u2019Impairment of assets\u2019). Cost reflects management\u2019s judgement of the fair value of the individual intangible asset calculated by reference to the net present value of future benefits accruing to the Group from the utilisation of the asset, discounted at an appropriate discount rate.Certain US brands are considered to have an indefinite life and therefore are subject to annual impairment testing (see accounting policy \u2019Impairment of assets\u2019). In determining that these brands have indefinite lives, consideration was given to the extent of their trading history, which in all cases exceeds 50 years, their prominence in the markets in which they operate and the nature of the products sold under those brands in the context of potential for future development. For other brands, patents and customer lists, amortisation is provided equally over the estimated useful economic life of the assets concerned, currently up to 20 years. Amortisation of such items is recorded as a non-underlying item within administrative expenses (note 5).Where computer software is not an integral part of a related item of computer hardware, the software is treated as an intangible asset. Acquired computer software licences are capitalised on the basis of costs incurred to acquire and bring into use the specific software. An internally generated intangible asset arising from the Group\u2019s development of computer systems (including websites) is recognised if, and only if, the costs are directly associated with the production of identifiable and unique software products, controlled by the Group and it is probable that future economic benefits will flow to the Group. Amortisation is provided equally over the estimated useful economic life of the assets concerned, currently up to seven years.Trade licences are amortised over the specific term granted to each individual licence.An intangible asset is derecognised upon disposal (i.e. at the date the recipient obtains control) or when no future economic benefits are expected from its use or disposal. Any gain or loss arising upon derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the Consolidated Income Statement.INTANGIBLE ASSETS \u2013 RESEARCH AND DEVELOPMENT COSTSResearch costs are expensed as incurred. Development expenditures on an individual project are recognised as an intangible asset when the Group can demonstrate: \u2022 The technical feasibility of completing the intangible asset so that the asset will be available for use or sale;\u2022 Its intention to complete and its ability and intention to use or sell the asset;\u2022 How the asset will generate future economic benefits;\u2022 The availability of resources to complete the asset; and\u2022 The ability to measure reliably the expenditure during development.The expenditure capitalised includes the cost of materials, direct labour and an appropriate amount of directly attributable overheads. Following initial recognition of the development expenditure as an asset, the asset is carried at cost less any accumulated amortisation and accumulated impairment losses (see accounting policy \u2019Impairment of assets\u2019). Amortisation of the asset begins when development is complete and the asset is available for use. It is amortised over the period of expected future benefit. Amortisation is recorded in administrative expenses. During the period of development, the asset is tested for impairment annually.Other development expenditure is recognised in the Consolidated Income Statement as an expense as incurred.PROPERTY, PLANT, EQUIPMENT AND DEPRECIATIONProperty, plant and equipment are recorded in the Group\u2019s Consolidated Statement of Financial Position at cost less accumulated depreciation and any recognised impairment loss. Cost includes, where appropriate, directly attributable costs incurred in bringing each asset to its present condition and location. Assets in the course of construction are stated at cost, net of any accumulated impairment losses. Certain of the Group\u2019s Roads businesses routinely generate revenue from the rental of assets to customers. Such assets are accounted for as plant and equipment. If an asset that is held for rental is sold, the asset is transferred from property, plant and equipment to inventories at the carrying amount when the asset ceases to be rented. The proceeds from the sale of such assets are recognised as revenue in the Consolidated Income Statement. Depreciation is provided to write off the cost or deemed cost less the estimated residual value of property, plant and equipment (excluding assets in the course of construction) by equal instalments over their estimated useful economic lives as follows:Buildings and leasehold improvements 5 to 50 yearsPlant, machinery and vehicles up to 20 years No depreciation is provided on freehold land.The residual values, useful lives and methods of depreciation of property, plant and equipment are reviewed at each financial year end and adjusted prospectively, if appropriate.An item of property, plant and equipment and any significant part initially recognised is derecognised upon disposal (i.e. at the date the recipient obtains control) or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the Consolidated Income Statement when the asset is derecognised.Repair and maintenance costs are recognised in the Consolidated Income Statement as incurred.IMPAIRMENT OF ASSETSFor goodwill and intangible assets that have an indefinite life, the recoverable amount is assessed at each year end date, or when indicators of impairment exist, and an impairment loss is recognised, where appropriate, for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. Impairment reviews are undertaken at the level of each significant cash generating unit, which are no larger than operating segments as defined in IFRS 8 \u2013 Segmental reporting.The carrying amounts of the Group\u2019s other non-financial assets, other than inventories (see accounting policy \u2019Inventories\u2019) and deferred tax balances (see accounting policy \u2019Deferred taxation\u2019), are reviewed at each year end date to determine whether there is an indication of impairment. If such an indication exists, the relevant asset\u2019s recoverable amount is estimated. An impairment loss is recognised whenever the carrying amount of the asset or its cash generating unit exceeds its recoverable amount.The recoverable amount of an asset or cash generating unit is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset.NON-CURRENT ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONSThe Group classifies non-current assets and disposal groups as held for sale if their carrying amount will be recovered principally through sale rather than through continuing use. On initial classification as held for sale, non-current assets and disposal groups are measured at the lower of the previous carrying amount and fair value less costs to sell with any adjustments taken to the Consolidated Income Statement. The same applies to gains and losses on subsequent remeasurement. Costs to sell are the incremental costs directly attributable to the disposal of an asset (disposal group), excluding finance costs and income tax expense. The criteria for held for sale classification are regarded as met only when the sale is highly probable, and the asset or disposal group is available for immediate sale in its present condition. Actions required to complete the sale should indicate that it is unlikely that significant changes to the sale will be made or that the decision to sell will be withdrawn. The Group must be committed to the plan to sell the asset and the sale expected to be completed within one year from the date of the classification.Property, plant and equipment, intangible assets and right-of-use assets are not depreciated or amortised once classified as held for sale.Assets and liabilities classified as held for sale are presented separately as current items in the Group\u2019s Consolidated Statement of Financial Position.FINANCIAL INSTRUMENTSFinancial assets and liabilities are recognised in the Group\u2019s Consolidated Statement of Financial Position when the Group becomes party to the contractual provisions of the instrument.Trade receivables and trade payables are initially measured at fair value. Subsequent to initial recognition, they are carried at amortised cost using the effective interest method, and in the case of trade receivables, less any impairment losses. Impairment losses are measured using an expected credit loss model. The Group uses the simplified approach to measure expected credit losses for trade receivables and therefore does not track changes in credit risk, but instead recognises a loss allowance based on lifetime expected credit losses at each reporting date. Further details are provided in note 24(e).Derivative financial instruments of the Group are used to hedge its exposure to interest rate and foreign currency risks arising from operational, financing and investment activities.In accordance with its treasury policy, the Group does not hold or issue derivative financial instruments for trading purposes. However, derivatives that do not qualify for hedge accounting are accounted for as trading instruments, as follows:\u2022 Derivative financial instruments are stated at fair value. The unhedged gain or loss on remeasurement to fair value is recognised immediately in the Consolidated Income Statement.\u2022 The fair value of foreign exchange contracts is the estimated amount that the Group would receive or pay to terminate such contracts at the year end date, taking into account the forward exchange rates prevailing at that date.Where derivative financial instruments are used to hedge cash flow risk, such as interest rate swaps, the effective part of any gain or loss on the fair value of cash flow hedges is recognised in the Consolidated Statement of Comprehensive Income and in the hedge reserve, while any ineffective part is recognised immediately in the Consolidated Income Statement. Amounts recorded in the hedge reserve are subsequently reclassified to the Consolidated Income Statement when the interest expense is actually recognised.To qualify for hedge accounting the hedging relationship must meet several conditions with respect to documentation, probability of occurrence, hedge effectiveness and reliability of measurement. At the inception of the transaction, the Group documents the relationship between hedging instruments and hedged items, as well as its risk management objective and strategy for undertaking the hedge transaction. This process includes linking all derivatives designated as hedges to specific assets and liabilities or to specific firm commitments or forecast transactions. The Group also documents its assessment, at hedge inception and on a half yearly basis, as to whether the derivatives that are used in hedging transactions have been, and are likely to continue to be, effective in offsetting changes in fair value or cash flows of hedged items.Interest bearing borrowings are recognised initially at fair value. Subsequent to initial recognition, interest bearing borrowings are stated at amortised cost with any difference between cost and redemption value being recognised in the Consolidated Income Statement over the period of the borrowings on an effective interest basis.CASH AND CASH EQUIVALENTSCash and cash equivalents comprise cash balances and call deposits. Bank overdrafts that are repayable on demand and form an integral part of the Group\u2019s cash management are, where there is a right of offset, included as a component of cash and cash equivalents for the purpose of the Consolidated Statement of Cash Flows.FOREIGN CURRENCIESTransactions in foreign currencies are recorded using the rate of exchange ruling at the date of the transaction. Any gain or loss on translation of monetary foreign currency assets and liabilities arising from a movement in exchange rates subsequent to initial measurement is included as an exchange gain or loss in the Consolidated Income Statement.Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair value are retranslated to the functional currency at foreign exchange rates ruling at the dates the fair value was determined.The assets and liabilities of overseas subsidiary undertakings, including goodwill and fair value adjustments arising on acquisition, are translated at the closing exchange rate. Income statements and cash flows of such undertakings are translated into Sterling at weighted average rates of exchange, other than substantial transactions that are translated at the rate on the date of the transaction. The adjustments to period end rates are taken to the cumulative translation reserve in equity and reported in the Consolidated Statement of Comprehensive Income. When an overseas operation is disposed of, in part or in full, the relevant amount in the translation reserve is transferred to profit or loss.Foreign currency differences arising on the retranslation of a financial liability designated as a hedge of a net investment in a foreign operation are recognised and reported in the Consolidated Statement of Comprehensive Income, to the extent that the hedge is effective. To the extent that the hedge is ineffective, such differences are recognised in profit or loss. When the hedged part of a net investment is disposed of, the associated cumulative amount in the translation reserve is transferred to profit or loss as an adjustment to the profit or loss on disposal.The principal exchange rates used were as follows:2022 2021Average Closing Average ClosingSterling to Euro (\u00a31 = EUR) 1.17 1.13 1.16 1.19Sterling to US Dollar (\u00a31 = USD) 1.24 1.20 1.38 1.35Sterling to Swedish Krona (\u00a31 = SEK) 12.47 12.49 11.80 12.21Sterling to Indian Rupee (\u00a31 = INR) 97.01 99.41 101.71 100.21Sterling to Australian Dollar (\u00a31 = AUD) 1.78 1.77 1.83 1.86INVENTORIESInventories are stated at the lower of cost and net realisable value. In determining the cost of raw materials, consumables and goods purchased for resale, either the FIFO or average cost method is used depending on the nature of the inventory. Cost for work in progress and finished goods comprises direct materials, direct labour and an appropriate proportion of attributable overheads.PROVISIONSA provision is recognised in the Consolidated Statement of Financial Position when the Group has a present legal or constructive obligation as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. If the effect of the time value of money is material, provisions are determined by discounting the expected future cash flows at a pre tax rate that reflects current market assessments of the time value of money and, when appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognised as a finance cost.A provision for restructuring is recognised when the Group has approved a detailed and formal restructuring plan and the restructuring either has commenced or has been announced publicly. Future operating costs are not provided for.In accordance with the Group\u2019s environmental policy and applicable legal requirements, a provision for site restoration in respect of contaminated land is recognised as an obligation arises.LEASESTo the extent that a right-of-control exists over an asset subject to a lease and with a lease term exceeding one year, the Group recognises a right-of-use asset, representing the underlying lease asset, and a lease liability, representing the Group\u2019s obligation to make lease payments. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, any initial direct costs incurred and an estimate of the dismantling, removal and restoration costs as required by the terms of the lease contract.The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. If ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset. The right-of-use assets are also subject to review for impairment (see accounting policy \u2019Impairment of assets\u2019).The lease liability is measured at the present value of the future lease payments discounted using the Group\u2019s incremental borrowing rate, being the rate that the lessee would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions. Future lease payments include: fixed payments, variable lease payments that depend on an index or a rate (initially measured using the index or rate as at the commencement date), amounts expected to be payable under a residual guarantee and the exercise price of purchased options where it is reasonably certain that the option will be exercised. Finance charges, representing the unwinding of the discount rate, are recognised in the Consolidated Income Statement over the period of the lease.Lease payments for low value assets and short term leases (less than 12 months) are recognised as an expense on a straight-line basis over the lease term.REVENUERevenue is measured based on the consideration specified in a contract with a customer for the provision of goods and services. The amount recognised excludes sales taxes and is adjusted for any discounts or volume rebates that are included in the contract. It includes consideration received from the customer for freight activities only if the transportation activities are required to fulfil a performance obligation. If the transportation activities are determined to be a separate performance obligation, an entity will only recognise the consideration as revenue if the entity is determined to be acting as principal in the agreement, otherwise the consideration received from the customer for transport costs is recognised net of the related cost, rather than as revenue. The Group\u2019s contracts with customers do not contain significant financing components and payment terms are generally customary to the jurisdictions in which each subsidiary operates. The Group recognises revenue when it transfers control over a good or service to a customer. The following information sets out the Group\u2019s approach to the nature and timing of the satisfaction of performance obligations in contracts with customers in each of its operating segments and the related revenue recognition policies.Engineered Solutions (formerly known as \u2019Utilities\u2019) and Roads & SecurityFor standard products that are manufactured, revenue is recognised when goods are accepted by customers, which is usually on delivery depending on the Incoterms defined in the contract. The Group also enters into certain contracts which require customers to inspect and accept goods that have been manufactured but retained in the Group\u2019s facilities; in these cases the customer is deemed to have accepted the product when they have provided evidence of their acceptance and revenue is therefore recognised at that point, assuming that the other criteria set out in IFRS 15 have been met.Certain of the Group\u2019s businesses in the Engineered Solutions and Roads & Security segments manufacture non-standard products that are specific to customer requirements and therefore require a high degree of customisation. The Group has determined that in these cases a product with no alternative use is created. Where the contractual terms are such that if the contract is terminated by the customer then the Group has a right to reimbursement of the costs incurred including a reasonable margin, revenue is recognised over time i.e. before the completed goods are delivered to the customer\u2019s premises. Progress is generally determined using input methods (such as costs incurred), unless the circumstances of the contract are such that output methods (such as milestones reached) are considered more appropriate.In some cases the Group provides installation of its products to customers as an additional service. Revenue from installation services is recognised over the period that the installation takes place, which is generally less than one month.Certain of the Group\u2019s businesses in these segments engage in contracts with customers which include variable consideration. This occurs where the Group provides retrospective sales volume rebates to certain customers once, amongst other matters, the quantity of goods purchased during a predetermined period exceeds thresholds specified in the sales contract. To estimate the variable consideration for these expected future rebates, the Group applies the most likely amount method to reflect the consideration that the Group is entitled to. Variable consideration is only recognised to the extent that it is highly probable that the inclusion will not result in a significant revenue reversal in the future. Certain of the Group\u2019s Roads businesses routinely generate revenue from the rental of assets to customers. Revenue from these rental agreements is recognised over the period over which the assets are available to the customer. If an asset that is held for rental is sold, the asset is transferred from property, plant and equipment to inventories at the carrying amount when the asset ceases to be rented. The proceeds from the sale of such assets are recognised as revenue in the Consolidated Income Statement.The Group classifies proceeds from the sale of scrap products generated in the manufacturing process within revenue. Galvanizing ServicesContracts with customers in the Galvanizing Services segment are generally simple. Revenue is recognised at a point in time, which is when the galvanized goods are either despatched or collected by the customer.The Group classifies proceeds from the sale of by-products generated during the galvanizing process within revenue. CONTRACT ASSETSContract assets primarily relate to the rights to consideration for work completed but not billed at the reporting date. Contract assets are transferred to receivables when the rights become unconditional.CONTRACT LIABILITIESContract liabilities arise when the Group receives consideration from customers based on an agreed billing schedule, as established in the contract, which may not correspond with the pattern of performance under the contract. Where consideration has been received but a performance obligation not satisfied at the reporting date, a contract liability is recorded and presented as Deferred Income in the Consolidated Statement of Financial Position.RETIREMENT BENEFITSThe Group operates pension schemes under which contributions by employees and by the sponsoring companies are held in trust funds separated from the Group\u2019s finances.Obligations for contributions to defined contribution pension schemes are recognised as an expense in the Consolidated Income Statement as incurred. The Group\u2019s net obligation in respect of defined benefit pension schemes is calculated separately for each scheme by estimating the amount of future benefit that employees have earned in return for their service in the current and prior periods. This benefit is discounted to determine its present value, and the fair value of any scheme assets is deducted. The discount rate is the yield at the year end date on AA rated bonds that have maturity dates approximating to the terms of the Group\u2019s obligations. The calculation is performed by a qualified actuary using the projected unit method. Scheme assets are valued at bid price.In the Consolidated Income Statement current and past service costs are recognised in operating profit and the interest cost on the net defined benefit obligations is included in financial expense.All actuarial gains and losses in calculating the Group\u2019s obligation in respect of defined benefit schemes are recognised annually and reported in the Consolidated Statement of Comprehensive Income.SHARE-BASED PAYMENT TRANSACTIONSThe Group issues equity settled share-based payments to certain employees, including those in the form of buy-out awards or deferred bonus awards. The fair value of shares/options granted is recognised as an employee expense, with a corresponding increase in equity reserves. The fair value is calculated at the grant date and spread over the period during which the employees become unconditionally entitled to the shares/options. The Black\u2013Scholes model has been adopted as the method of evaluating the fair value of the options where vesting is based on non-market conditions, while a Monte Carlo Simulation is used where vesting is based on market conditions. The amount recognised as an expense is adjusted to reflect the actual number of awards for which the related service and non-market vesting conditions are expected to be met, such that the amount ultimately recognised as an expense is based on the number of awards that do meet the related service and non-market performance conditions at the vesting date. For share-based payment awards with non-vesting conditions, the grant date fair value of the share-based payment is measured to reflect such conditions and there is no adjustment for differences between expected and actual outcomes.The fair value of amounts payable to employees in respect of share appreciation rights settled in cash is recognised as an employee expense and corresponding increase in liabilities. The fair value of the liability is remeasured at each reporting date and spread over the period during which employees become unconditionally entitled to the payment.FINANCIAL INCOME AND EXPENSEFinancial income comprises interest income on funds invested and gains on the fair value of financial assets and liabilities at fair value through profit or loss. Interest income is recognised as it accrues in the Consolidated Income Statement using the effective interest method.Financial expense comprises interest expense on borrowings, interest cost on net pension scheme obligations, unwinding of discounts, losses on the fair value of financial assets and liabilities at fair value through profit or loss, the interest expense on lease liabilities and financial expenses related to refinancing. All borrowing costs are recognised in the Consolidated Income Statement using the effective interest method.NON-UNDERLYING ITEMSThe Group\u2019s accounting policy for non-underlying items is as follows:Non-underlying items are presented separately in the Consolidated Income Statement where, in the Directors\u2019 judgement, the quantum, nature or volatility of such items gives further information to obtain a fuller understanding of the underlying performance of the business. The following are included by the Group in its assessment of non-underlying items:\u2022 Gains or losses arising on disposal, closure, restructuring or reorganisation of businesses that do not meet the definition of discontinued operations.\u2022 Amortisation of intangible fixed assets arising on acquisitions, which can vary depending on the nature, size and frequency of acquisitions in each financial period.\u2022 Expenses associated with acquisitions and disposals, comprising professional fees incurred, any consideration which, under IFRS 3 (Revised) is required to be treated as a post-acquisition employment expense, and changes in contingent consideration payable on acquisitions.\u2022 Impairment charges in respect of tangible or intangible fixed assets, or right-of-use assets.\u2022 Changes in the fair value of derivative financial instruments.\u2022 Significant past service items or curtailments and settlements relating to defined benefit pension obligations resulting from material changes in the terms of the schemes.The non-underlying tax charge or credit comprises the tax effect of the above non-underlying items.Details in respect of the non-underlying items recognised in the current and prior year are set out in note 5 to the Financial Statements.INCOME TAXIncome tax on the profit or loss for the year represents the sum of the tax currently payable and deferred tax. Income tax is recognised in the Consolidated Income Statement except to the extent that it relates to items either recognised in other comprehensive income or directly in equity.Current tax is the expected tax payable on the taxable profit for the year. Taxable profit differs from net profit as reported in the Consolidated Income Statement because it excludes items of income or expense that are not taxable or deductible. The Group\u2019s liability for current tax is calculated using tax rates enacted or substantively enacted at the year end date, and any adjustments to tax payable in respect of previous years.DEFERRED TAXATIONDeferred tax is provided in full using the Consolidated Statement of Financial Position liability method and represents the tax expected to be payable or recoverable on the temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: goodwill not deductible for tax purposes, the initial recognition of assets and liabilities not resulting from a business combination that affects neither accounting or taxable profit, and differences relating to investments in subsidiaries to the extent that they will not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the year end 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. The carrying amount of deferred tax assets is reviewed at each year end date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the asset to be recovered.Deferred tax assets and liabilities are offset when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis.ORDINARY DIVIDENDSDividends are recognised as a liability in the period in which they are approved by the Company\u2019s shareholders.OWN SHARES HELD BY EMPLOYEE BENEFIT TRUST (\u201bEBT\u2019)Transactions of the Group-sponsored EBT are included in the Group Financial Statements. In particular, the Trust\u2019s purchases of shares in the Company are debited directly to equity.GOVERNMENT GRANTSGovernment grant income is recognised where there is reasonable assurance that the grant will be received, and all attached conditions will be complied with. When the grant relates to an expense item, it is recognised as income on a systematic basis over the periods that the related costs, for which it is intended to compensate, are expensed. Government grant income that is linked to capital expenditure is deferred to the Consolidated Statement of Financial Position as Deferred Government Grants in Liabilities and credited to the Consolidated Income Statement over the life of the related asset.FINANCIAL GUARANTEE CONTRACTSWhere the Group enters into financial guarantee contracts to guarantee the indebtedness of subsidiary companies, the Group considers these to be insurance contracts and treats the guarantee contract as a contingent liability until such time as it becomes probable that the Group will be required to make a payment under the guarantee.2. Accounting judgements, estimates and assumptionsThe preparation of the Group\u2019s consolidated financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and reported amounts of income, expenses, assets and liabilities. Actual results may differ from these estimates. IMPAIRMENT OF GOODWILL (NOTE 13)EstimatesThe determination of whether goodwill and other indefinite life intangible assets should be impaired requires the estimation of future cash flows and growth factors adopted by each cash generating unit. Furthermore, discount rates applied to these cash flows are determined by reference to the markets in which they operate and are risk adjusted to reflect risks and opportunities existing for each cash generating unit. These factors are all affected by prevailing market and economic factors outside the Group\u2019s control. Further information on this issue, including sensitivity analyses, is included in note 13.ACTUARIAL ASSUMPTIONS ON PENSION OBLIGATIONS (NOTE 27)EstimatesIn determining the valuation of the defined benefit pension deficit, certain estimates and assumptions about the scheme have been made, notably the inflation rates, discount rates, mortality and pension increases. The factors affecting these assumptions are influenced by wider macro-economic factors that are largely outside of the Group\u2019s control. A sensitivity analysis of the impact of changes in key assumptions is set out in note 27.TAXATION (NOTES 9 AND 17)JudgementsLiabilities for uncertain tax positions require management judgements in respect of tax audit issues and exposures in each of the jurisdictions in which the Group operates. Where management judges that a tax position is uncertain, a current tax liability is held for anticipated taxes that are considered to be probable based on the information available. The key judgement area for the Group is the pricing of intercompany goods and services and other cross border transactions between subsidiaries in different countries.EstimatesManagement is required to make an estimate of the current tax liability together with an assessment of the temporary differences which arise as a consequence of different accounting and tax treatments. Liabilities for uncertain tax positions also require management estimates in respect of the amount of tax that may become payable. Management engages with professional advisors in making its assessment and, if appropriate, will liaise with the relevant taxation authorities to resolve the matter. The tax liability is reassessed in each period to reflect management\u2019s best estimate in light of the information available. Included in the current tax payable is a liability of \u00a34.6m (2021: \u00a34.7m) for uncertain tax positions. Depending on the conclusions of any tax audits conducted by the tax authorities in the various jurisdictions in which the Group operates, management estimate the range of possible outcomes to be between \u00a3nil and \u00a35.7m (2021: \u00a3nil to \u00a36.1m) and therefore it is possible that, if the outcomes are different to those estimated by management, the difference may materially impact the income tax charge / (credit) in the year in which the matter is concluded. Further information is set out in note 9 and note 17.3. Segmental informationBUSINESS SEGMENT ANALYSISThe Group has three reportable segments which are Roads & Security, Engineered Solutions and Galvanizing Services. The Group\u2019s internal management structure and financial reporting systems differentiate between these segments, and, in reporting, management have taken the view that they comprise a reporting segment on the basis of the following economic characteristics:\u2022 The Roads & Security segment contains a group of businesses supplying products designed to ensure the safety and security of roads and other national infrastructure, many of which have been developed to address national and international safety standards, to customers involved in the construction of that infrastructure; \u2022 The Engineered Solutions segment contains a group of businesses supplying products characterised by a degree of engineering expertise, to public and private customers involved in the construction of facilities serving the utilities and other infrastructure markets; and\u2022 The Galvanizing Services segment contains a group of companies supplying galvanizing and related materials coating services to companies in a wide range of markets including construction, agriculture and infrastructure.Corporate costs are allocated to reportable segments in proportion to the revenue of each of those segments.SEGMENTAL INCOME STATEMENT \u2013 CONTINUING OPERATIONS2022 2021Reported Underlying Reported Underlying operatingoperating operatingoperating Revenueprofitprofit*Revenueprofitprofit*\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mRoads & Security 261.5 1.7 18.1 259.7 (7.5) 17.9Engineered Solutions 289.9 34.1 35.0 223.7 25.5 26.0Galvanizing Services 180.7 42.7 44.0 141.8 30.9 33.4Group 732.1 78.5 97.1 625.2 48.9 77.3Net financing costs (9.2) (9.2) (6.1) (6.1)Profit before taxation 69.3 87.9 42.8 71.2Taxation (16.0) (19.7) (14.4) (15.5)Profit after taxation 53.3 68.2 28.4 55.7* Underlying operating profit is stated before non-underlying items as defined in the Group Accounting Policies on page137 and is the measure of segment profit used by the Chief Operating Decision Maker, who is the Chief Executive. The reported operating profit columns are included as additional information.Transactions between operating segments are on an arm\u2019s length basis similar to transactions with third parties. Galvanizing Services sold \u00a36.8m (2021: \u00a36.5m) of products and services to Roads & Security and \u00a32.0m (2021: \u00a31.6m) of products and services to Engineered Solutions. Engineered Solutions sold \u00a31.9m (2021: \u00a33.0m) of products and services to Roads & Security. These internal revenues, along with revenues generated from within their own segments, have been eliminated on consolidation.3. Segmental information\u2002continuedIn the following tables, revenue from contracts with customers is disaggregated by primary geographical market, major product/service lines and timing of revenue recognition. Revenue by primary geographical market is defined as the end location of the Group\u2019s product or service. The table also includes a reconciliation of the disaggregated revenue with the Group\u2019s reportable segments.Continuing operations Roads & Security Engineered Solutions Galvanizing Total20222021202220212022202120222021Primary geographical markets\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mUK 163.5 165.2 87.2 72.0 81.8 69.6 332.5 306.8Rest of Europe 16.7 29.5 8.7 6.0 \u2013 \u2013 25.4 35.5North America 70.3 56.8 187.1 137.3 98.9 72.2 356.3 266.3The Middle East 4.9 3.2 2.4 0.6 \u2013 \u2013 7.3 3.8Rest of Asia 1.9 0.6 3.9 7.1 \u2013 \u2013 5.8 7.7Rest of the world 4.2 4.4 0.6 0.7 \u2013 \u2013 4.8 5.1 261.5 259.7 289.9 223.7 180.7 141.8 732.1 625.2Major product/service linesManufacture, supply and installation of products 240.3 237.4 289.9 223.7 \u2013 \u2013 530.2 461.1Galvanizing services \u2013 \u2013 \u2013 \u2013 180.7 141.8 180.7 141.8Rental income 21.2 22.3 \u2013 \u2013 \u2013 \u2013 21.2 22.3261.5 259.7 289.9 223.7 180.7 141.8 732.1 625.2Timing of revenue recognitionProducts and services transferred at a point in time 210.2 200.0 153.8 120.2 180.7 141.8 549.7 462.0Products and services transferred over time 51.3 59.7 136.1 103.5 \u2013 \u2013 182.4 163.2261.5 259.7 289.9 223.7 180.7 141.8 732.1 625.2The Group has no material unsatisfied or partially satisfied performance obligations at the balance sheet date that have an expected duration of more than one year and therefore has taken the practical expedient under IFRS 15 not to disclose such details.ADDITIONAL SEGMENTAL ANALYSISCapital expenditure and amortisation/depreciation2022 2021Impairment Impairment losses, losses, amortisation amortisation Capital and Capitaland expendituredepreciationexpendituredepreciation\u00a3m\u00a3m\u00a3m\u00a3mRoads & Security 17.0 20.5 24.4 30.3Engineered Solutions 6.6 4.7 4.4 3.8Galvanizing Services 8.1 8.4 8.3 10.3Total Group 31.7 33.6 37.1 44.4Property, plant and equipment (note 14) 29.2 19.2 35.7 20.9Intangible assets (note 13) 2.5 14.4 1.4 23.5Total Group 31.7 33.6 37.1 44.4The 2022 amounts for impairment losses, amortisation and depreciation relating to the Roads & Security segment include intangible asset impairment losses of \u00a34.4m relating to Parking Facilities Limited. The comparative for 2021 included goodwill and intangible assets impairments of \u00a35.2m in respect of Parking Facilities and \u00a310.8m in respect of ATG Access. 3. Segmental information\u2002continuedGEOGRAPHICAL ANALYSIS 20222021Total assets\u00a3m\u00a3mUK 280.3 290.8Rest of Europe 9.8 90.7North America 380.2 273.2Asia 11.2 13.6Rest of the world 12.8 5.0Total Group 694.3 673.320222021Non-current assets\u00a3m\u00a3mUK 181.7 192.0Rest of Europe 0.8 43.2North America 213.0 169.8Asia 3.3 3.2Rest of the world 10.5 3.7Total Group 409.3 411.920222021Capital expenditure\u00a3m\u00a3mUK 9.5 11.1Rest of Europe 3.5 3.6North America 11.8 20.9Asia 0.4 0.1Rest of the world 6.5 1.4Total Group 31.7 37.14. Alternative Performance MeasuresThe Group presents Alternative Performance Measures (\u201bAPMs\u2019) in addition to its statutory results. These are presented in accordance with the Guidelines on APMs issued by the European Securities and Markets Authority. The principal APMs are:\u2022 Underlying profit before taxation;\u2022 Underlying operating profit;\u2022 Underlying operating profit margin;\u2022 Organic measure of change in revenue and underlying operating profit;\u2022 Underlying cash conversion ratio;\u2022 Capital expenditure to depreciation and amortisation ratio; \u2022 Covenant net debt to EBITDA ratio; and\u2022 Underlying earnings per share. A reconciliation of statutory earnings per share to underlying earnings per share is provided in note 11.All underlying measures exclude certain non-underlying items, which are detailed in note 5. References to an underlying profit measure are made on this basis and, in the opinion of the Directors, aid the understanding of the underlying business performance as they exclude items whose quantum, nature or volatility gives further information to obtain a fuller understanding of the underlying performance of the business. APMs are presented on a consistent basis over time to assist in comparison of performance.4. Alternative Performance Measures\u2002continuedRECONCILIATION OF UNDERLYING TO REPORTED PROFIT BEFORE TAX FROM CONTINUING OPERATIONS20222021\u00a3m\u00a3mUnderlying profit before tax from continuing operations 87.9 71.2Non-underlying items included in operating profit (note 5) (18.6) (28.4)Reported profit before tax from continuing operations 69.3 42.8RECONCILIATION OF UNDERLYING TO REPORTED OPERATING PROFIT FROM CONTINUING OPERATIONS BY SEGMENTRoads & Security Engineered Solutions Galvanizing Total20222021202220212022202120222021\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mUnderlying operating profit from continuing operations 18.1 17.9 35.0 26.0 44.0 33.4 97.1 77.3Non-underlying items:Amortisation of acquisition intangibles (4.6) (4.5) (0.5) (0.5) (0.9) (0.9) (6.0) (5.9)Business reorganisation costs (2.9) (4.5) \u2013 \u2013 \u2013 \u2013 (2.9) (4.5)Impairment of assets (6.4) (16.0) \u2013 \u2013 \u2013 \u2013 (6.4) (16.0)Expenses related to acquisitions and disposals (1.5) \u2013 (0.4) \u2013 (0.4) (1.6) (2.3) (1.6)Loss on disposal of subsidiaries (1.0) (0.4) \u2013 \u2013 \u2013 \u2013 (1.0) (0.4)Reported operating profit from continuing operations 1.7 (7.5) 34.1 25.5 42.7 30.9 78.5 48.9CALCULATION OF UNDERLYING OPERATING PROFIT MARGIN FROM CONTINUING OPERATIONSRoads & Security Engineered Solutions Galvanizing Total20222021202220212022202120222021Continuing operations\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mUnderlying operating profit 18.1 17.9 35.0 26.0 44.0 33.4 97.1 77.3Revenue 261.5 259.7 289.9 223.7 180.7 141.8 732.1 625.2Underlying operating profit margin (%) 6.9% 6.9% 12.1% 11.6% 24.3% 23.6% 13.3% 12.4%4. Alternative Performance Measures\u2002continuedMEASURES OF ORGANIC AND CONSTANT CURRENCY CHANGE IN REVENUE AND UNDERLYING OPERATING PROFIT FROM CONTINUING OPERATIONSOrganic constant currency measures exclude the impact of currency translation movements, acquisitions, disposals and closures of subsidiary businesses. In respect of acquisitions, the amounts referred to represent the amounts for the period in the current year that the business was not held in the prior year. In respect of disposals and closures of subsidiary businesses, the amounts referred to represent the amounts for the period in the prior year that the business was not held in the current year. Constant currency amounts are prepared using exchange rates which prevailed in the current year.Roads & Security Engineered Solutions Galvanizing TotalUnderlying Underlying Underlying Underlying operating operating operating operating RevenueprofitRevenueprofitRevenueprofitRevenueprofitContinuing operations\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m2021 259.7 17.9 223.7 26.0 141.8 33.4 625.2 77.3Impact of exchange rate movements from 2021 to 2022 5.4 1.0 15.9 2.2 8.2 2.4 29.5 5.62021 translated at 2022 exchange rates (A) 265.1 18.9 239.6 28.2 150.0 35.8 654.7 82.9Acquisitions, disposals and closures (17.6) 2.5 \u2013 \u2013 0.8 \u2013 (16.8) 2.5Organic growth/(decline) (B) 14.0 (3.3) 50.3 6.8 29.9 8.2 94.2 11.72022 (C) 261.5 18.1 289.9 35.0 180.7 44.0 732.1 97.1Organic growth % (B divided by A) 5.3% (17.5%) 21.0% 24.1% 19.9% 22.9% 14.4% 14.1%Constant currency change % ((C-A) divided by A) (1.4%) (4.2%) 21.0% 24.1% 20.5% 22.9% 11.8% 17.1%CALCULATION OF UNDERLYING CASH CONVERSION RATIO20222021\u00a3m\u00a3mUnderlying operating profit:Continuing operations 97.1 77.3Discontinued operations 6.8 8.7103.9 86.0Calculation of adjusted operating cash flow:Cash generated by operations 82.9 103.1Less: Purchase of assets for rental to customers (10.6) (16.7)Less: Purchase of property, plant and equipment (18.4) (17.8)Less: Purchase of intangible assets (2.5) (1.4)Less: Repayments of lease liabilities (9.5) (10.3)Add: Proceeds on disposal of non-current assets 0.4 3.7Add back: Defined benefit pension scheme deficit payments 3.7 3.7Add back: Cash flows relating to non-underlying items 6.5 2.7Adjusted operating cash flow 52.5 67.0Underlying cash conversion (%) 51% 78%4. Alternative Performance Measures\u2002continuedCALCULATION OF CAPITAL EXPENDITURE TO DEPRECIATION AND AMORTISATION RATIO20222021\u00a3m\u00a3mCalculation of capital expenditure:Purchase of assets for rental to customers 10.6 16.7Purchase of property, plant and equipment 18.4 17.8Purchase of intangible assets 2.5 1.431.5 35.9Calculation of depreciation and amortisation:Depreciation of property, plant and equipment (note 8) 19.1 20.9Amortisation of development costs (note 8) 1.1 1.1Amortisation of other intangible assets (note 8) 1.0 0.321.2 22.3Capital expenditure to depreciation and amortisation ratio 1.5x 1.6xCALCULATION OF COVENANT NET DEBT TO EBITDA RATIO20222021\u00a3m\u00a3mReported net debt (note 20) 119.7 144.7Lease liabilities (note 16) (39.3) (40.6)Amounts related to refinancing under IFRS 9 2.2 2.5Covenant net debt (A) 82.6 106.6Underlying operating profit 103.9 86.0Depreciation of owned assets (note 14) 19.1 20.9Right-of-use asset depreciation (note 16) 8.8 10.3Amortisation of development costs (note 13) 1.1 1.1Amortisation of other intangible assets (note 13) 1.0 0.3Underlying EBITDA 133.9 118.6Adjusted for:Lease payments (note 16) (10.3) (11.1)Share-based payments expense (note 25) 2.0 2.8Annualised EBITDA of subsidiaries acquired/disposed (3.7) 0.4Covenant EBITDA (B) 121.9 110.7Covenant net debt to EBITDA (A divided by B) 0.7 1.05. Non-underlying itemsINCLUDED IN OPERATING PROFIT 20222021\u00a3m\u00a3mLoss on disposal of subsidiaries (a) (1.4) (0.4)Business reorganisation costs (b) (2.9) (4.5)Impairment of assets (c) (6.4) (16.0)Amortisation of acquisition intangibles (6.2) (6.1)Expenses related to acquisitions and disposals (3.5) (2.0)Total non-underlying items (20.4) (29.0)Total non-underlying items \u2013 continuing operations (18.6) (28.4)Total non-underlying items \u2013 discontinued operations (1.8) (0.6)Notes:a) In 2022, the Group completed the disposal of the majority of its Swedish roads business. In April we disposed of the rental division and in November we sold the infrastructure contracts division, at a combined loss of \u00a31.0m. Details are set out below:Disposal of Swedish rental and infrastructure contracts divisions \u00a3mProperty, plant and equipment 2.0Right-of-use assets 2.1Inventories 1.1Current assets 0.2Current liabilities (0.2)Lease liabilities (2.0)Net assets disposed 3.2Consideration received 2.5Cumulative exchange differences (0.3)Loss on disposal 1.0The Group also incurred costs of disposal of \u00a30.5m, which are included within \u2019expenses related to acquisitions and disposals\u2019 in the table above. Alongside the disposals, asset impairments of \u00a30.2m and reorganisation costs of \u00a30.3m were incurred in relation to the remaining business. The total of non-underlying net charges relating to the Swedish business is therefore \u00a32.0m.5. Non-underlying items\u2002continuedIn October 2022, the Group completed the disposal of France Galva, its French galvanizing and lighting column business, at a loss of \u00a30.4m. Details of the disposal are set out below:Disposal of France Galva \u00a3mProperty, plant and equipment 28.4Intangibles 13.2Right-of-use assets 0.9Inventories 24.0Current assets 17.6Cash and cash equivalents 5.9Deferred tax 1.4Lease liabilities (0.8)Current liabilities (20.2)Loans & borrowings (0.3)Provisions (0.9)Retirement benefit obligation (4.6)Net assets disposed 64.6Consideration received 62.0Cumulative exchange differences 2.2Loss on disposal 0.4The Group also incurred costs of disposal of \u00a31.2m, which are included within \u2019expenses related to acquisitions and disposals\u2019 in the table above. In 2021, the loss on disposal of \u00a30.4m related to the sale of Technocover Limited, the Group\u2019s small access covers business.b) In May 2022, the Group took the decision to exit the low-margin plastic products operations that formed part of our US roads business. Net charges on closure totalled \u00a32.9m, comprising business reorganisation costs of \u00a31.1m and asset impairment charges of \u00a31.8m. In addition, following the closure of the Group\u2019s variable message sign (VMS) business that was announced in March 2021, the Group has incurred a further \u00a31.5m of costs in 2022 in relation to the completion of legacy contracts. The business reorganisation costs of \u00a34.5m in 2021 also related to the VMS closure. c) Impairment charges of \u00a36.4m in 2022 comprise the portfolio management actions explained above (totalling \u00a32.0m) and a charge of \u00a34.4m (2021: \u00a35.2m) in respect of acquisition intangible assets relating to Parking Facilities, one of the Group\u2019s UK security businesses. Parking Facilities manufactures and sells a range of perimeter access security products, predominantly to specialist security installers in the UK. The COVID pandemic resulted in a weak trading period in 2020 as several customer contracts were cancelled or postponed and whilst the business saw a marginal improvement in revenue and profitability in 2021, ongoing constraints on customer budgets continued to weigh on demand. In 2022, customer activity continued to be weak and supply chain challenges, input cost inflation and operational issues led to a deterioration in margins. The Board\u2019s reassessment of the future outlook for Parking Facilities, which also took into account the impact on gross margins of developments in the competitive landscape, concluded that there was limited prospect of the business returning to the levels of profitability previously anticipated and therefore that the expected future cash flows were not sufficient to support the carrying value. The resulting impairment charge of \u00a34.4m comprises \u00a34.0m in respect of acquired customer lists and \u00a30.4m in respect of acquired brand names, meaning those assets have been fully impaired as at 31 December 2022. In 2021, impairment charges also included \u00a310.8m in respect of acquisition goodwill and intangible assets relating to ATG Access, another of the Group\u2019s UK security businesses.INCLUDED IN TAXATIONThe tax effect of the above items is a credit to the income statement of \u00a33.7m (2021: \u00a31.1m). 6. Employees20222021No.No.The average number of people employed by the Group during the yearRoads & Security 1,078 1,215Engineered Solutions 1,550 1,515Galvanizing Services 1,167 1,086Total Group 3,795 3,81620222021\u00a3m\u00a3mTotal employee benefit expense for the yearWages and salaries 145.9 133.1Share-based payments (note 25) 2.0 2.8Social security costs 21.0 20.5Pension costs (note 27) 4.3 4.4173.2 160.8Both the average number of people employed by the Group and the total employee benefit expense in both years above have been presented for continuing operations.20222021\u00a3m\u00a3mRemuneration of key management personnelRemuneration in relation to short term benefits 3.8 3.0Termination benefits 0.6 \u2013Share based payments 0.7 1.0Company contributions to money purchase pension plans 0.1 0.25.2 4.2Key management personnel are those persons having authority and responsibility for planning, directing, and controlling the activities of the Group, directly or indirectly, including any directors (whether executive or otherwise) of the Group. At the beginning of 2021, the Group announced a new senior management structure and the establishment of an Executive Board. The structure includes the Executive Directors, Group Presidents and the Corporate Development Director, who all report into the Chief Executive. Since 1 January 2021, key management personnel are considered to be the Board of Directors of Hill & Smith PLC and the members of the Executive Board who are not also Directors of the Group. Further details of the Directors\u2019 remuneration and share interests are given in the Directors\u2019 Remuneration Report on pages 92 to 104.7. Net financing costs \u2013 continuing operations20222021\u00a3m\u00a3mInterest on bank deposits 0.5 0.6Financial income 0.5 0.6Interest on loans and borrowings (6.4) (4.9)Interest on lease liabilities (note 16) (0.8) (0.8)Financial expenses related to refinancing activities (2.4) (0.8)Interest cost on net pension scheme deficit (note 27) (0.1) (0.2)Financial expense (9.7) (6.7)Net financing costs (9.2) (6.1)8. Expenses and auditor\u2019s remuneration 20222021\u00a3m\u00a3mIncome statement chargesDepreciation of property, plant and equipment (19.1) (20.9)Right-of-use asset depreciation (8.8) (10.3)Short term leases (0.7) (0.4)Low value leases (0.1) (0.1)Loss on disposal of non-current assets (0.3) \u2013Research and development expenditure (0.3) (0.7)Amortisation of acquisition intangibles (6.2) (6.1)Amortisation of development costs (1.1) (1.1)Amortisation of other intangible assets (1.0) (0.3)Impairment losses:Intangible fixed assets (6.1) (16.0)Tangible fixed assets (0.1) \u2013Right-of-use lease assets (0.2) \u2013Income statement creditsForeign exchange gain \u2013 0.1Profit on disposal of non-current assets \u2013 1.2Grants receivable \u2013 0.1Sublease income (note 16) 0.2 0.6Amounts relating to discontinued operations included in the table above comprise depreciation of property, plant and equipment of \u00a31.8m (2021: \u00a34.0m), right-of-use asset depreciation of \u00a30.4m (2021: \u00a30.7m), and amortisation of acquisition intangibles of \u00a30.3m (2021: \u00a30.4m).A detailed analysis of the auditor\u2019s remuneration worldwide is as follows:\u00a3m \u00a3mAudit of the Company\u2019s Annual Accounts 0.5 0.5Audit of the Company\u2019s subsidiaries 1.1 1.01.6 1.5A description of the work of the Audit Committee is set out in the Audit Committee Report on pages 86 to 91 and includes an explanation of how auditor objectivity and independence is safeguarded when non-audit services are provided by the auditor. Audit-related assurance services totalled \u00a33,000 (2021: \u00a34,000). 9. Taxation20222021\u00a3m\u00a3mCurrent taxUK corporation tax 4.1 4.1Overseas tax at prevailing local rates 14.2 11.1Adjustments in respect of prior years 1.8 (1.8)20.1 13.4Deferred tax (note 17)UK deferred tax 0.3 0.1Overseas tax at prevailing local rates 0.3 0.2Adjustments in respect of prior years (3.2) 0.6Effects of changes in tax rates and laws \u2013 2.4(2.6) 3.3Tax on profit in the Consolidated Income Statement 17.5 16.7Deferred tax (note 17)Relating to defined benefit pension schemes (0.7) \u2013Tax on items taken directly to other comprehensive income (0.7) \u2013Current taxRelating to share-based payments (0.2) (0.2)Deferred tax (note 17)Relating to share-based payments 1.2 (0.8)Tax taken directly to the Consolidated Statement of Changes in Equity 1.0 (1.0)The tax charge in the Consolidated Income Statement for the period is higher (2021: higher) than the standard rate of corporation tax in the UK. The differences are explained below:20222021\u00a3m\u00a3mProfit before taxation from continuing operations 69.3 42.8Profit before taxation from discontinued operations 4.9 8.1Profit before taxation \u2013 total Group 74.2 50.9Profit before taxation multiplied by the effective rate of corporation tax in the UK of 19.0% (2021: 19.0%) 14.1 9.7Expenses not deductible/income not chargeable for tax purposes 1.2 0.9Non-deductible goodwill impairment \u2013 2.4Benefits from international financing arrangements \u2013 current and prior years (0.3) (0.5)Local tax incentives (0.4) (0.6)Overseas profits taxed at higher rates 3.6 3.3Recognition of losses \u2013 (0.1)Overseas losses not relieved 0.7 0.5Impacts of rate and law changes \u2013 2.3Adjustments in respect of prior years (1.4) (1.2)Tax charge 17.5 16.7Tax charge attributable to continuing operations 16.0 14.4Tax charge attributable to discontinued operations 1.5 2.317.5 16.79. Taxation\u2002continuedIn October 2017, the European Commission opened a state aid investigation into the Group Financing Exemption in the UK Controlled Foreign Company (\u201bCFC\u2019) legislation, announcing in April 2019 that it believed in certain circumstances the CFC regime constituted State Aid. In 2021 the Group received a charging notice from HMRC requiring it to pay \u00a31.6m in respect of state aid that HMRC considers had been unlawfully received in previous years, which was paid in full in February 2021. Applications to annul the Commission\u2019s decision had been made in prior years by the UK Government, the Group and other affected taxpayers. The EU General Court delivered its decision on these applications in June 2022, finding in favour of the Commission. Many of those affected, including the Group, have appealed this decision to the Court of Justice of the EU. Having taken expert advice, we have concluded that our appeal is likely to be successful. As a result, we continue to recognise a tax receivable of \u00a31.6m within non-current assets, reflecting the Group\u2019s view that the amount paid will ultimately be recovered.10. Discontinued operations On 25 July 2022 the Group announced the proposed disposal of France Galva SA (\u201bFrance Galva\u2019), our French galvanizing and lighting column operations, and on that date entered into a put option with the prospective purchasers. On 5 September 2022, the shareholders of the Group approved the plan to sell. The sale of France Galva completed on 4 October 2022 for \u00a362.0m, resulting in a loss on disposal of \u00a30.4m (note 5).France Galva has been classified as a disposal group as required by IFRS 5 Non-current assets held for sale and discontinued operations. As the disposal resulted in the Group\u2019s withdrawal from all operations in France and noting that the business accounted for approximately 10% of Group revenues prior to disposal, France Galva\u2019s results have been reported within discontinued operations in accordance with IFRS 5.2022** 2021Non-Non-Underlyingunderlying*TotalUnderlyingunderlying*Total\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mRevenue 68.7 \u2013 68.7 79.8 \u2013 79.8Cost of Sales (47.6) \u2013 (47.6) (53.5) \u2013 (53.5)Gross Profit 21.1 \u2013 21.1 26.3 \u2013 26.3Distribution costs (3.6) \u2013 (3.6) (4.0) \u2013 (4.0)Administrative expenses (10.7) (1.8) (12.5) (13.6) (0.6) (14.2)Operating profit 6.8 (1.8) 5.0 8.7 (0.6) 8.1Financing costs (0.1) \u2013 (0.1) \u2013 \u2013 \u2013Profit before taxation 6.7 (1.8) 4.9 8.7 (0.6) 8.1Taxation (1.5) \u2013 (1.5) (2.3) \u2013 (2.3)Profit from discontinued operations 5.2 (1.8) 3.4 6.4 (0.6) 5.8* The Group\u2019s definition of non-underlying items is included in the Group Accounting Policies on page 137 and further details on non-underlying items are included in note 5.** Represents nine months of activity prior to the sale on 4 October 2022.The net cash flows generated from the sale of France Galva are as follows:2022\u00a3mCash received from sale 62.0Cash and cash equivalents disposed (5.9)Net cash inflow on disposal 56.1The net cash flows generated/(incurred) by France Galva included in the consolidated cash flow statement are as follows:20222021\u00a3m\u00a3mNet cash flow from operating activities 3.4 8.9Net cash flow from investing activities (2.8) (2.7)Net cash flow from financing activities (0.4) (0.7)0.2 5.511. Earnings per shareThe weighted average number of ordinary shares in issue during the year was 79.9m (2021: 79.6m), diluted for the effects of the outstanding dilutive share options 80.5m (2021: 80.6m). Diluted earnings per share takes account of the dilutive effect of all outstanding share options disclosed in note 25, calculated using the treasury share method. Underlying earnings per share have been shown because the Directors consider that this provides valuable additional information about the underlying performance of the Group.2022 2021PencePenceper share \u00a3mper share \u00a3mBasic earnings\u2013 continuing 66.7 53.3 35.8 28.4\u2013 discontinued 4.3 3.4 7.2 5.8Total basic earnings 71.0 56.7 43.0 34.2Non-underlying items*\u2013 continuing 18.7 14.9 34.2 27.3\u2013 discontinued 2.2 1.8 0.7 0.6Total non-underlying items 20.9 16.7 34.9 27.9Underlying earnings\u2013 continuing 85.4 68.2 70.0 55.7\u2013 discontinued 6.5 5.2 7.9 6.4Total underlying earnings 91.9 73.4 77.9 62.1Diluted earnings\u2013 continuing 66.2 53.3 35.4 28.4\u2013 discontinued 4.2 3.4 7.1 5.8Total diluted earnings 70.4 56.7 42.5 34.2Non-underlying items*\u2013 continuing 18.5 14.9 33.9 27.3\u2013 discontinued 2.2 1.8 0.7 0.6Total non-underlying items 20.7 16.7 34.6 27.9Underlying diluted earnings\u2013 continuing 84.7 68.2 69.3 55.7\u2013 discontinued 6.4 5.2 7.8 6.4Total underlying diluted earnings 91.1 73.4 77.1 62.1* Non-underlying items as detailed in note 5.12. DividendsDIVIDENDS PAID DURING THE YEAR2022 2021PencePenceper share \u00a3mper share \u00a3mInterim dividend paid in relation to year ended 31 December 2020 \u2013 \u2013 9.2 7.3Final dividend paid in relation to year ended 31 December 2020 \u2013 \u2013 17.5 13.9Interim dividend paid in relation to year ended 31 December 2021 12.0 9.6 \u2013 \u2013Final dividend paid in relation to year ended 31 December 2021 19.0 15.1 \u2013 \u2013Total 31.0 24.7 26.7 21.212. Dividends\u2002continuedDIVIDENDS DECLARED IN RESPECT OF THE YEAR2022 2021PencePenceper share \u00a3mper share \u00a3mInterim dividend declared in relation to year ended 31 December 2021 \u2013 \u2013 12.0 9.6Final dividend declared in relation to year ended 31 December 2021 \u2013 \u2013 19.0 15.1Interim dividend declared in relation to year ended 31 December 2022 13.0 10.4 \u2013 \u2013Final dividend proposed in relation to year ended 31 December 2022 22.0 17.6 \u2013 \u2013Total 35.0 28.0 31.0 24.7The final dividend for 2022 was proposed after the year end date and was not recognised as a liability at 31 December 2022, in accordance with IAS 10. 13. Intangible assetsCapitalisedContracts, CustomerDevelopmentlicences and GoodwillBrands ListsCostsother assets Total\u00a3m \u00a3m\u00a3m\u00a3m\u00a3m\u00a3mCostAt 1 January 2021 169.1 30.0 56.4 17.7 17.5 290.7Exchange adjustments (1.7) (0.2) (0.2) \u2013 \u2013 (2.1)Acquisition of subsidiary 5.5 0.7 3.0 \u2013 1.6 10.8Additions \u2013 \u2013 \u2013 1.2 0.2 1.4Disposal of subsidiary (1.9) (0.3) (3.9) \u2013 (1.8) (7.9)At 31 December 2021 171.0 30.2 55.3 18.9 17.5 292.9Exchange adjustments 9.0 2.1 2.2 0.2 0.8 14.3Acquisitions of subsidiaries 9.3 1.2 9.8 \u2013 \u2013 20.3Additions \u2013 \u2013 \u2013 2.3 0.2 2.5Disposals of subsidiaries (28.9) (4.9) (0.5) \u2013 (0.6) (34.9)At 31 December 2022 160.4 28.6 66.8 21.4 17.9 295.1Amortisation and impairment lossesAt 1 January 2021 35.3 14.2 30.3 13.4 9.0 102.2Exchange adjustments (1.7) (0.2) (0.3) (0.1) \u2013 (2.3)Disposal of subsidiary (1.9) (0.3) (3.9) \u2013 (1.8) (7.9)Amortisation charge for the year \u2013 1.0 3.4 1.1 2.0 7.5Impairment losses 12.4 0.3 3.3 \u2013 \u2013 16.0At 31 December 2021 44.1 15.0 32.8 14.4 9.2 115.5Exchange adjustments 1.3 1.1 1.3 0.1 0.5 4.3Disposals of subsidiaries (16.9) (3.8) (0.5) \u2013 (0.5) (21.7)Amortisation charge for the year \u2013 1.0 3.3 1.1 2.9 8.3Impairment losses 0.5 0.4 5.2 \u2013 \u2013 6.1At 31 December 2022 29.0 13.7 42.1 15.6 12.1 112.5Carrying valuesAt 1 January 2021 133.8 15.8 26.1 4.3 8.5 188.5At 31 December 2021 126.9 15.2 22.5 4.5 8.3 177.4At 31 December 2022 131.4 14.9 24.7 5.8 5.8 182.613. Intangible assets\u2002continued2022NATIONAL SIGNAL INCOn 4 October 2022 the Group acquired the business and assets of National Signal Inc (\u201cNational Signal\u201d) from its shareholders for an initial cash consideration of \u00a321.5m, plus a further \u00a32.7m relating to post completion working capital adjustments payable early in 2023. Further cash consideration of up to \u00a33.3m is payable, conditional on National Signal\u2019s achievement of financial performance targets in the three years post-acquisition. National Signal, located in Fullerton, California, is a designer, manufacturer and supplier of off-grid solar lighting solutions in the USA, and is therefore highly complementary to the Group\u2019s 2021 acquisition of Prolectric Services, discussed in detail below, and will further accelerate the Group\u2019s strategy in this fast-growing market. Details of the acquisition are set out below:Provisional Pre-policy acquisitionalignmentcarrying and fair valueamountadjustmentsTotal\u00a3m\u00a3m\u00a3mIntangible AssetsBrands \u2013 1.2 1.2Customer lists \u2013 8.9 8.9Property, plant and equipment 1.5 (0.2) 1.3Right-of-use assets \u2013 1.0 1.0Inventories 3.7 (0.4) 3.3Current assets 5.8 (0.3) 5.5Total assets 11.0 10.2 21.2Lease liabilities \u2013 (1.0) (1.0)Current liabilities (2.0) (0.5) (2.5)Provisions \u2013 (0.7) (0.7)Total liabilities (2.0) (2.2) (4.2)Net assets 9.0 8.0 17.0ConsiderationTotal consideration 24.2Goodwill 7.2Cash flow effectConsideration in the year 21.5Cash acquired with the business \u2013Net cash consideration shown in the Consolidated Statement of Cash Flows 21.5Brands and customer lists have been recognised as specific intangible assets as a result of the acquisition. The residual goodwill arising, which has been allocated to the Roads & Security segment, primarily represents the highly skilled workforce, future technological advantages and potential for geographical expansion afforded to the Group. Policy alignment and fair value adjustments have been made to align the accounting policies of the acquired business with the Group\u2019s accounting policies and to reflect the fair value of assets and liabilities acquired. In respect of leases, the Group measured the acquired lease liabilities using the present value of the remaining lease payments at the date of acquisition. The right-of-use assets were measured at an amount equal to the lease liabilities and adjusted to reflect the terms of the leases relative to market terms. The fair value of the current assets acquired includes \u00a35.5m of trade receivables, which have a gross value of \u00a35.7m.As part of the acquisition agreement, additional consideration has been agreed. The amount of additional consideration is dependent on National Signal\u2019s gross profit for the three years to 31 December 2025. Below the \u2019triggers\u2019 (as defined in the Asset Purchase Agreement), no additional consideration is due. If the \u2019triggers\u2019 are achieved, additional consideration of \u00a33.3m becomes payable. Post-acquisition the acquired business has contributed \u00a38.3m revenue and \u00a31.4m operating profit, which are included in the Group\u2019s Consolidated Income Statement. If the acquisition had been made on 1 January 2022, the Group\u2019s results for the year from continuing operations would have shown revenue of \u00a3754.6m, underlying operating profit of \u00a3102.0m and reported operating profit of \u00a383.4m.13. Intangible assets\u2002continuedWIDNES GALVANISING LIMITEDOn 30 September 2022 the Group acquired 100% of the share capital of Widnes Galvanising Limited (\u201cWidnes\u201d) for an initial cash consideration of \u00a33.5m, plus \u00a30.2m relating to post completion working capital adjustments and a further \u00a30.2m deferred until 2024. The acquisition of Widnes further expands the geographic footprint of the Group\u2019s UK galvanizing business into the north west of the UK and is aligned to the Group\u2019s growth strategy.Details of the acquisition are set out below:Provisional Pre-policy acquisitionalignmentcarrying and fair valueamountadjustmentsTotal\u00a3m\u00a3m\u00a3mIntangible AssetsCustomer lists \u2013 0.9 0.9Property, plant and equipment 0.5 \u2013 0.5Inventories 0.3 \u2013 0.3Current assets 0.9 \u2013 0.9Cash 0.4 \u2013 0.4Total assets 2.1 0.9 3.0Current liabilities (0.4) \u2013 (0.4)Deferred tax \u2013 (0.1) (0.1)Provisions \u2013 (0.7) (0.7)Total liabilities (0.4) (0.8) (1.2)Net assets 1.7 0.1 1.8ConsiderationTotal consideration 3.9Goodwill 2.1Cash flow effectConsideration in the year 3.5Cash acquired with the business (0.4)Net cash consideration shown in the Consolidated Statement of Cash Flows 3.1Customer lists have been recognised as specific intangible assets as a result of the acquisition. The residual goodwill arising, which has been allocated to the Galvanizing segment, primarily represents the highly skilled workforce, future technological advantages and potential for geographical expansion afforded to the Group. Policy alignment and fair value adjustments have been made to align the accounting policies of the acquired business with the Group\u2019s accounting policies and to reflect the fair value of assets and liabilities acquired. The fair value of the current assets acquired includes \u00a30.8m of trade receivables, which have a gross value of \u00a30.8m.Post-acquisition the acquired business has contributed \u00a30.8m revenue and \u00a3nil operating profit, which are included in the Group\u2019s Consolidated Income Statement. If the acquisition had been made on 1 January 2022, the Group\u2019s results for the year from continuing operations would have shown revenue of \u00a3734.6m, underlying operating profit of \u00a397.6m and reported operating profit of \u00a379.0m.13. Intangible assets\u2002continued2021PROLECTRIC SERVICES LIMITEDOn 1 March 2021 the Group acquired 100% of the share capital of Prolectric Services Limited (\u201cProlectric\u201d) and its dormant subsidiaries for an initial consideration of \u00a312.0m. Further consideration of up to \u00a35.7m was payable depending on Prolectric\u2019s achievement of financial performance targets in the 12-month period to 31 March 2022, which ultimately were not achieved. Prolectric, located in Clevedon, North Somerset, is a UK market leader in off-grid solar energy solutions, aligning closely with the Group\u2019s purpose of creating sustainable infrastructure and providing new technology that the Group can leverage in its existing markets. Details of the acquisition are set out below:Pre-Policy acquisitionalignmentcarrying and fair valueamountadjustmentsTotal\u00a3m\u00a3m\u00a3mIntangible AssetsBrands \u2013 0.7 0.7Customer lists \u2013 3.0 3.0Contracts, licences and other assets 0.1 1.5 1.6Property, plant and equipment 2.6 (1.5) 1.1Right-of-use assets \u2013 2.4 2.4Inventories 0.4 \u2013 0.4Current assets 1.9 \u2013 1.9Cash 0.2 \u2013 0.2Total assets 5.2 6.1 11.3Lease liabilities \u2013 (1.8) (1.8)Current liabilities (1.0) \u2013 (1.0)Current interest bearing liabilities (1.2) 1.2 \u2013Deferred tax (0.1) (1.0) (1.1)Total liabilities (2.3) (1.6) (3.9)Net assets 2.9 4.5 7.4ConsiderationConsideration in the year 12.0Fair value of contingent consideration due within one year (initial assessment) 0.9Goodwill 5.5Cash flow effectConsideration in the year 12.0Cash acquired within the business (0.2)Net cash consideration shown in the Consolidated Statement of Cash Flows 11.8Brands, customer lists, contracts, licences and other assets were recognised as specific intangible assets as a result of the acquisition. The residual goodwill arising, which was allocated to the Roads & Security segment, primarily represents the highly skilled workforce, future technological advantages and potential for geographical expansion afforded to the Group. Policy alignment and fair value adjustments were made to align the accounting policies of the acquired business with the Group\u2019s accounting policies and to reflect the fair value of assets and liabilities acquired. In respect of leases, the Group measured the acquired lease liabilities using the present value of the remaining lease payments at the date of acquisition. The right-of-use assets were measured at an amount equal to the lease liabilities and adjusted to reflect the terms of the leases relative to market terms. The fair value of the current assets acquired included \u00a31.3m of trade receivables, which had a gross value of \u00a31.3m.13. Intangible assets\u2002continuedCASH GENERATING UNITS WITH SIGNIFICANT AMOUNTS OF GOODWILL20222021\u00a3m\u00a3mEngineered SolutionsUS Composites 17.7 15.7V&S Utilities 6.0 5.3Others <\u00a35m individually 5.4 5.0Roads & SecurityNational Signal 7.4 \u2013ATG Access 4.7 4.7H&S Inc. 9.2 8.6VRS Solutions Group 10.4 10.4Mallatite 9.6 9.6Prolectric 5.5 5.5Others <\u00a35m individually 0.2 0.3Galvanizing ServicesFrance Galva SA \u2013 11.8USA 28.4 25.2UK 24.8 24.8Others <\u00a35m individually 2.1 \u2013131.4 126.9Goodwill impairment reviews have been carried out on all CGUs to which goodwill is allocated.METHODOLOGY AND ASSUMPTIONSImpairment tests on the carrying values of goodwill and certain brand names of \u00a38.5m (2021: \u00a37.5m), which are the Group\u2019s only other indefinite life intangible assets, are performed by analysing the carrying value allocated to each significant CGU against its value in use. All goodwill is allocated to specific CGUs, which are in all cases no larger than operating segments. Value in use is calculated for each CGU as the net present value of that unit\u2019s discounted future cash flows. These cash flows are based on budget cash flow information for a period of one year and strategic plans for 2024 through 2026, both of which are prepared taking into account a range of factors including past experience, the forecast future trading environment and macroeconomic conditions in the Group\u2019s key markets. The cash flows beyond the strategic plan period use growth rates which reflect the long term historical growth in GDP of the economies in which each CGU is located, excluding 2020 and 2021 given the sharp economic movements in those years due to COVID-19. The long term growth rates are 2.0% in the UK and 2.5% in the USA.SUMMARY OF RESULTS OF GOODWILL IMPAIRMENT REVIEWSThe calculated headroom between value in use and carrying value of each of the Group\u2019s CGUs with significant amounts of goodwill, together with the pre-tax discount rates applied, are set out below. The pre-tax discount rates are derived from a market participant\u2019s cost of capital and risk adjusted for individual CGUs\u2019 circumstances. 2022 2021Headroom/ Headroom/ Goodwill(impairment) Discount Goodwill(impairment) Discount\u00a3m\u00a3mrate\u00a3m\u00a3mrateUS Composites 17.7 66.7 15.7% 15.7 106.7 13.1%V&S Utilities 6.0 52.8 15.6% 5.3 70.1 14.0%VRS Solutions Group 10.4 63.2 15.5% 10.4 104.4 13.0%ATG Access 4.7 1.4 15.6% 15.5 (10.8) 13.0%Mallatite 9.6 30.1 15.5% 5.7 27.1 13.0%Prolectric 5.5 16.3 15.4% \u2013 \u2013 \u2013Parking Facilities \u2013 (4.4) 15.8% 1.6 (5.2) 13.0%Hill & Smith Inc. 9.2 9.6 15.0% 8.6 21.3 14.1%Galvanizing Services \u2013 USA 28.4 204.3 15.5% 25.2 207.6 14.0%Galvanizing Services \u2013 UK 24.8 59.2 15.6% 24.8 84.3 13.0%13. Intangible assets\u2002continuedBased on the methodology set out above and as explained in note 5, the impairment review for Parking Facilities concluded that while the associated goodwill of \u00a31.6m had been fully impaired in 2021, the remaining carrying value of the business at 31 December 2022 exceeded its recoverable amount and accordingly an impairment charge of \u00a34.4m in respect of the remaining acquisition intangibles has been recognised.Parking Facilities manufactures and sells a range of perimeter access security products, predominantly to specialist security installers in the UK. The COVID pandemic resulted in a weak trading period in 2020 as several customer contracts were cancelled or postponed and while the business saw a marginal improvement in revenue and profitability in 2021, ongoing constraints on customer budgets continued to weigh on demand. In 2022, customer activity continued to be weak and supply chain challenges, input cost inflation and operational issues led to a deterioration in margins. The Board\u2019s reassessment of the future outlook for Parking Facilities, which also took into account the impact on gross margins of developments in the competitive landscape, concluded that there was limited prospect of the business returning to the levels of profitability previously anticipated and therefore that the expected future cash flows were not sufficient to support the carrying value. The resulting impairment charge of \u00a34.4m comprises \u00a34.0m in respect of acquired customer lists and \u00a30.4m in respect of acquired brand names. SENSITIVITIESThe Group has applied sensitivities to assess whether any reasonable possible changes in assumptions could cause an impairment of the goodwill in any CGU that would be material to these Consolidated Financial Statements. The sensitivity analyses did not identify any potential impairment for any CGU, with the exception of ATG Access and Hill & Smith Inc. ATG AccessATG\u2019s future performance is largely dependent on the pace of post-pandemic recovery in UK and global security products markets, which itself is inherently dependent on both public/customer behaviour and broader economic conditions. It is plausible that the pace of recovery could be more gradual than that assumed in the impairment tests that have been carried out, in which case a further material impairment could arise. Revenue growth, gross margins, long term cash flow growth and the discount rate are the key assumptions on which the goodwill impairment review is most sensitive. The following table provides information on the impact on calculated headroom of various scenarios for each of those key assumptions (independently in each case):Sensitivity Headroom/ applied(impairment)Input Scenario%\u00a3mCompound annual revenue growth 2022-2027 Base case 5.9% 1.4 H&S sensitivity 1* 2.0% (5.8)H&S sensitivity 2* 0.0% (8.9) Gross margin % 2023-27 ** Base case 25.8% 1.4H&S sensitised 24.0% (2.6)Annual cash flow growth 2027 onwards Base case 2.0% 1.4H&S sensitised 0.0% (0.3)Pre-tax discount rate Base case 15.6% 1.4 H&S sensitised 18.6% (1.2)* Illustrates the impacts of compound revenue growth at 2% (consistent with long term UK growth rates) and 0% (i.e. revenues do not grow from 2022). ** The base case assumes that gross profit margins across the period 2023-27 are slightly below the 27% achieved in 2022. The H&S sensitised case assumes a gross profit margin 2023-27 of 24%, in line with the average gross margin across 2021-22.Hill & Smith Inc. (\u201bH&S Inc.\u2019)H&S Inc. manufactures, sells and rents a range of work zone protection products including crash attenuators, trailer-mounted message boards, and temporary road safety barriers, to construction contractors and traffic specialists across the US roads market. While underlying market conditions remain healthy, the business\u2019 performance in 2022 was impacted by operational and cost input challenges. The carrying value of the H&S Inc. CGU also increased by c. \u00a37.0m during the year as we invested in rental barrier assets and inventories in anticipation of future demand, driven by projected investment in US road infrastructure, supported by increased spend from the IIJA. Consequently, calculated impairment headroom fell to \u00a39.6m (2021: \u00a321.3m), noting that pre-tax discount rates also increased by 90 basis points to 15.0%. The Group\u2019s projections for H&S Inc. assume that actions taken to address the operational issues will be successful, and that short to medium term revenue growth will be above long term averages due to the anticipated increase in federal and state highway spend from the IIJA over the next five years. The main drivers of that revenue growth are expected to be temporary road safety barrier rentals, supported by the business\u2019 investment in building its rental barrier fleet over the past two years, and crash attenuator sales, where the business has developed a complementary offering to its existing market-leading product that will begin to be marketed in 2023. We recognise, however, that there could be variations in the pace of improvement and growth and therefore we have modelled a range of scenarios for the outlook. Revenue growth, gross margins, long term cash flow growth and the discount rate are the key assumptions on which the impairment calculations are most sensitive. The following table provides information on the impact on calculated headroom of three possible scenarios for each of those key assumptions (independently in each case), the first showing the Board approved projection, the second the assumptions that result in zero headroom and the third a severe but plausible downside scenario:13. Intangible assets\u2002continuedSensitivity Headroom/ applied(impairment)Input Scenario%\u00a3mCompound annual revenue growth 2023-2027 Base case 9.9% 9.6Zero headroom 8.6% \u2013H&S sensitivity 7.5% (5.9)Compound annual gross profit margin growth 2023-27 * Base case 3.6% 9.6Zero headroom 1.1% \u2013H&S sensitivity 0.0% (13.3)Annual cash flow growth 2027 onwards Base case 2.5% 9.6Zero headroom 0.2% \u2013H&S sensitivity 0.0% (0.5)Pre-tax discount rate Base case 15.0% 9.6Zero headroom 16.6% \u2013H&S sensitivity 18.0% (7.5)* The base case assumes a gross profit margin of 30.3% in 2023, rising to 34.9% in 2027 at a compound annual growth rate of 3.6%. The sensitivity scenario shows the potential impairment if the gross margin of 30.3% remains constant throughout the period 2023-27. 14. Property, plant and equipment Plant, Land and machinery buildingsand vehiclesTotal\u00a3m\u00a3m\u00a3mCostAt 1 January 2021 127.5 229.7 357.2Exchange adjustments (1.6) (2.7) (4.3)Acquisition of subsidiary (note 13) \u2013 1.1 1.1Additions 6.6 29.1 35.7Disposal of subsidiary (note 5) (1.7) (1.1) (2.8)Transfers from inventories \u2013 1.6 1.6Disposals (1.2) (13.3) (14.5)Transfers to assets held for sale (note 15) \u2013 (6.6) (6.6)At 31 December 2021 129.6 237.8 367.4Exchange adjustments 8.8 9.3 18.1Acquisitions of subsidiaries (note 13) 0.3 1.5 1.8Additions 3.5 25.7 29.2Disposals of subsidiaries (note 5) (31.6) (38.4) (70.0)Transfers from inventories \u2013 0.3 0.3Disposals (0.6) (6.9) (7.5)Transfers to assets held for sale (note 15) (2.9) \u2013 (2.9)At 31 December 2022 107.1 229.3 336.4Depreciation and impairment lossesAt 1 January 2021 43.7 129.9 173.6Exchange adjustments (1.1) (1.7) (2.8)Disposal of subsidiary (note 5) (0.3) (0.8) (1.1)Disposals (1.0) (10.9) (11.9)Charge for the year 4.9 16.0 20.9Transfers to assets held for sale (note 15) \u2013 (4.6) (4.6)At 31 December 2021 46.2 127.9 174.1Exchange adjustments 2.6 3.8 6.4Disposals of subsidiaries (note 5) (19.8) (21.8) (41.6)Disposals (0.6) (6.3) (6.9)Transfers to assets held for sale (note 15) (1.1) \u2013 (1.1)Charge for the year 4.0 15.1 19.1Impairment \u2013 0.1 0.1At 31 December 2022 31.3 118.8 150.1Carrying valuesAt 1 January 2021 83.8 99.8 183.6At 31 December 2021 83.4 109.9 193.3At 31 December 2022 75.8 110.5 186.3The gross book value of land and buildings includes freehold land of \u00a317.5m (2021: \u00a317.0m). Included within plant, machinery and vehicles are assets held for rental with a cost of \u00a398.6m (2021: \u00a398.9m) and accumulated depreciation of \u00a347.6m (2021: \u00a346.7m).The gross book value of plant, machinery and vehicles includes assets under construction of \u00a320.6m (2021: \u00a315.3m).15. Assets and liabilities held for sale20222021\u00a3m\u00a3mLand and buildings 1.8 \u2013Plant, machinery and vehicles \u2013 2.0Right-of-use assets \u2013 1.6Total Assets held for sale 1.8 3.6Lease liabilities \u2013 (1.7)Other liabilities \u2013 (0.2)Total Net Assets held for sale 1.8 1.7Assets held for sale at 31 December 2022 represent the property that was vacated following the Group\u2019s exit from its low margin US traffic control products business, further details of which are set out in note 5. The property is expected to be sold in March 2023.Assets and liabilities held for sale at 31 December 2021 related to the Group\u2019s Swedish rental operations, which were disposed of in April 2022 as explained in note 5.16. LeasesThe leases held by the Group can be split into two categories: land and buildings, and plant and equipment. The Group leases various properties for its manufacturing and distribution activities. Plant and equipment includes all other leases, such as vehicles and machinery.The movements in the carrying value of the right-of-use assets and lease liabilities in the years ended 31 December 2021 and 31 December 2022 were as follows:Land and Plant andbuildingsequipmentTotalRight-of-use assets\u00a3m\u00a3m\u00a3mAt 1 January 2021 19.5 11.4 30.9Acquisition of subsidiary 0.6 1.8 2.4Additions 12.7 4.1 16.8Disposal of subsidiary \u2013 (0.1) (0.1)Terminations (0.3) (0.2) (0.5)Charge for the year (5.2) (5.1) (10.3)Re-measurement 0.9 \u2013 0.9Transfers to assets held for sale (note 15) \u2013 (1.6) (1.6)Effect of movements in foreign exchange (0.2) (0.1) (0.3)At 31 December 2021 28.0 10.2 38.2Acquisitions of subsidiaries 1.0 \u2013 1.0Additions 5.1 4.0 9.1Disposals of subsidiaries (1.3) (0.1) (1.4)Terminations \u2013 (0.3) (0.3)Charge for the year (4.1) (4.7) (8.8)Re-measurement 0.1 \u2013 0.1Impairment (0.2) \u2013 (0.2)Effect of movements in foreign exchange 0.9 0.1 1.0At 31 December 2022 29.5 9.2 38.716. Leases\u2002continued20222021Lease liabilities\u00a3m\u00a3mAt 1 January 38.9 32.4Additions 9.1 16.7Terminations (0.2) (0.6)Interest expense 0.8 0.8Disposals of subsidiaries (1.1) (0.1)Acquisitions of subsidiaries 1.0 1.8Lease payments (10.3) (11.1)Re-measurement 0.1 0.9Transfers to liabilities held for sale (note 15) \u2013 (1.7)Effect of movements in foreign exchange 1.0 (0.2)At 31 December 39.3 38.9The following table shows the breakdown of the lease expense between amounts charged to operating profit and amounts charged to finance costs:20222021\u00a3m\u00a3mDepreciation of right-of-use assets 8.8 10.3Short-term lease expense 0.7 0.4Low-value lease expense 0.1 0.1Sublease income (0.2) (0.6)Charged to operating profit 9.4 10.2Interest expense relating to lease liabilities 0.8 0.8Charged to profit before taxation 10.2 11.0The maturity of the lease liabilities at 31 December was as follows:20222021\u00a3m\u00a3mDue within one year 8.7 8.8Due between one and two years 6.6 7.2Due between two and three years 5.2 5.0Due between three and four years 4.1 3.9Due between four and five years 3.0 2.9Due after more than five years 11.7 11.1Total lease liabilities 39.3 38.916. Leases\u2002continuedThe Group has several lease contracts that include extension and termination options. These options are negotiated by management to provide flexibility in managing the leased asset portfolio and align with the Group\u2019s business needs. Management exercise judgement in determining whether these extension and termination options are reasonably certain to be exercised.Set out below are the:\u2022 Undiscounted potential future rental payments relating to periods following the exercise date of extension that are not included in the lease term; and \u2022 Undiscounted future rental payments relating to periods that are included in the lease term as the break clauses are not expected to be exercised.2022 2021Within five More than Within five More than yearsfive yearsTotalyearsfive yearsTotal\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mExtension options expected not to be exercised 0.2 10.1 10.3 0.1 6.5 6.6Termination options expected not to be exercised 1.9 3.3 5.2 3.0 4.3 7.3The Group has lease contracts that have not yet commenced as at 31 December 2022. The total future lease payments for these non-cancellable lease contracts are \u00a33.6m (2021: \u00a32.6m). 17. Deferred taxationProperty, Intangibleplant and RetirementOther timingassetsequipmentInventoriesobligationdifferencesTotal\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mAt 1 January 2021 (9.5) (7.9) 0.6 4.1 5.1 (7.6)Exchange adjustments \u2013 \u2013 \u2013 (0.1) (0.1) (0.2)Acquisition of subsidiary (note 13) (1.0) (0.3) \u2013 \u2013 0.2 (1.1)Credited/(charged) for the year in the Consolidated Income Statement (note 9) (0.5) (1.8) (0.6) (0.9) 0.5 (3.3)Credited for the year in the Consolidated Statement of Changes in Equity (note 9) \u2013 \u2013 \u2013 \u2013 0.8 0.8At 31 December 2021 (11.0) (10.0) \u2013 3.1 6.5 (11.4)Exchange adjustments (0.4) (0.6) \u2013 \u2013 0.3 (0.7)Acquisitions of subsidiaries (note 13) (0.2) (0.1) \u2013 \u2013 0.2 (0.1)Disposals of subsidiaries (note 5) 0.3 0.3 (0.3) (1.2) (0.5) (1.4)Credited/(charged) for the year in the Consolidated Income Statement (note 9) 2.6 (2.4) 0.2 (0.8) 3.0 2.6Credited for the year in the Consolidated Statement of Comprehensive Income (note 9) \u2013 \u2013 \u2013 0.7 \u2013 0.7Charged for the year in the Consolidated Statement of Changes in Equity (note 9) \u2013 \u2013 \u2013 \u2013 (1.2) (1.2)At 31 December 2022 (8.7) (12.8) (0.1) 1.8 8.3 (11.5)20222021\u00a3m\u00a3mDeferred tax assets 0.1 1.4Deferred tax liabilities (11.6) (12.8)Deferred tax liability (11.5) (11.4)17. Deferred taxation\u2002continuedThe deferred tax asset of \u00a38.3m (2021: \u00a36.5m) in respect of other timing differences includes \u00a34.0m (2021: \u00a30.9m) in relation to tax losses and \u00a30.8m (2021: \u00a32.4m) in relation to share based payments. The deferred tax asset has been recognised in full as there are expected to be sufficient taxable profits in the foreseeable future against which the deferred tax assets can be utilised.No deferred tax asset has been recognised in respect of other tax losses of \u00a317.6m net (2021: \u00a316.9m net). The losses are predominantly capital losses. The deferred tax asset has not been recognised as no capital gains are expected to be generated in the foreseeable future and there are no deferred tax liabilities on capital gains against which the deferred tax asset could be offset. There is no time limit on the carrying forward of the losses. No deferred tax liability is recognised on temporary differences of \u00a30.4m (2021: \u00a31.2m) relating to the unremitted earnings of overseas subsidiaries as the Group is able to control the timings of the reversal of these temporary differences and it is probable that they will not reverse in the foreseeable future. The Group does not expect this to crystallise into a cash expense in the near future.The UK headline corporation tax rate for the year was 19.0% (2021: 19.0%). In the Spring Budget of 2021, the UK Government announced that from 1 April 2023 the rate of UK corporation tax will increase from 19% to 25%. This rate change was substantively enacted on 24 May 2021. UK deferred tax assets and liabilities have therefore been calculated at a rate of 25% (2021: 25%). 18. Inventories20222021\u00a3m\u00a3mRaw materials and consumables 62.1 64.3Work in progress 8.8 10.7Finished goods and goods for resale 42.9 33.1113.8 108.1The amount of inventories expensed to the Consolidated Income Statement in the year was \u00a3443.7m (2021: \u00a3388.8m). The value of inventories written down and expensed in the Consolidated Income Statement during the year amounted to \u00a30.3m (2021: \u00a30.4m). The amount of inventories held at fair value less cost to sell included in the above was \u00a3nil (2021: \u00a3nil).19. Trade and other receivables20222021\u00a3m\u00a3mTrade and other current receivablesTrade receivables 126.1 112.3Prepayments 5.8 7.3Other receivables 0.7 1.2Fair value derivatives 0.3 0.2Contract assets 11.4 9.2144.3 130.2The movements in contract assets, and deferred income (note 21), during the year correspond to the completion of performance obligations partially satisfied as at 31 December 2021 offset by contracts that are in progress at 31 December 2022. 20. Cash and borrowings20222021\u00a3m\u00a3mCash and cash equivalents in the Consolidated Statement of Financial PositionCash and cash equivalents 24.8 18.8Bank overdraft (note 21) \u2013 (0.7)Cash and cash equivalents net of bank overdraft 24.8 18.1Interest bearing loans and other borrowingsAmounts due within one year (note 21) (0.3) (1.2)Amounts due after more than one year (note 22) (104.9) (121.0)Lease liabilities classified as liabilities held for sale (note 15) \u2013 (1.7)Lease liabilities due within one year (note 16) (8.7) (8.8)Lease liabilities due after more than one year (note 16) (30.6) (30.1)Net debt (119.7) (144.7)Change in net debtOperating profit:\u2013 from continuing operations 78.5 48.9\u2013 from discontinued operations 5.0 8.1Total Group operating profit 83.5 57.0Non-cash items 46.3 55.8Operating cash flow before movement in working capital 129.8 112.8Net movement in working capital (42.6) (6.8)Changes in provisions and employee benefits (4.3) (2.9)Operating cash flow 82.9 103.1Tax paid (15.5) (15.2)Net financing costs paid (5.9) (4.1)Capital expenditure (31.5) (35.9)Proceeds on disposal of non-current assets 0.4 3.7Free cash flow 30.4 51.6Dividends paid (note 12) (24.7) (21.2)Acquisitions of subsidiaries (note 13) (25.6) (13.6)Disposals of subsidiaries (note 5) 58.6 1.6Amortisation of costs associated with refinancing activities (note 7) (2.4) (0.8)Purchase of shares for employee benefit trust (0.4) (1.8)Issue of new shares (note 25) 1.9 2.6Lease additions, terminations and remeasurements (note 16) (9.0) (17.1)Leases disposed of (note 5) 2.8 \u2013Loans and borrowings disposed of (note 5) 0.3 \u2013Interest on lease liabilities (note 16) (0.8) (0.8)Net debt decrease 31.1 0.5Effect of exchange rate fluctuations (6.1) 1.0Net debt at the beginning of the year (144.7) (146.2)Net debt at the end of the year (119.7) (144.7)20. Cash and borrowings\u2002continuedRECONCILIATION OF MOVEMENTS IN FINANCIAL LIABILITIES TO CASH FLOWS ARISING FROM FINANCING ACTIVITIES20222021\u00a3m\u00a3mInterest bearing loans and other borrowings and lease liabilitiesAt 1 January 162.6 160.1New loans and borrowings 160.8 55.3Repayments of loans and borrowings (184.8) (61.0)Payment of lease liabilities (9.5) (10.3)Costs of refinancing during the year (2.1) \u2013Cash flows used in financing activities (35.6) (16.0)Other changesEffect of exchange rate fluctuations 6.9 (0.8)Amortisation of costs associated with refinancing activities (note 7) 2.4 0.8Loans and borrowings disposed of (note 5) (0.3) \u2013Lease changes:Effect of exchange rate fluctuations 1.0 (0.2)New leases 9.1 16.7Terminations (0.2) (0.6)Re-measurement 0.1 0.9Acquisitions of subsidiaries 1.0 1.8Disposals of subsidiaries (2.8) (0.1)Interest expense 0.8 0.8Interest paid (0.8) (0.8)At 31 December 144.2 162.621. Current liabilities20222021\u00a3m\u00a3mInterest bearing loans and borrowingsLoans and borrowings 0.3 1.2Bank overdrafts \u2013 0.70.3 1.9Trade and other current liabilitiesTrade payables 67.8 79.3Other taxation and social expenses 4.4 9.5Accrued expenses 41.2 35.5Deferred income 4.8 4.7Other payables 2.6 3.7120.8 132.7The amount of contract liabilities included in deferred income as at 31 December 2022 was \u00a32.1m (2021: \u00a34.7m). During the year, \u00a34.3m (2021: \u00a36.1m) of revenue was recognised in respect of contract liabilities present as at 1 January 2022.22. Non-current liabilities20222021\u00a3m\u00a3mInterest bearing loans and borrowingsLoans and borrowings 104.9 121.0104.9 121.0Other non-current liabilitiesDeferred consideration on acquisitions 0.2 0.2Deferred government grants \u2013 1.0Accrued expenses \u2013 0.30.2 1.523. ProvisionsEnvironmentalRestructuringOtherTotal\u00a3m\u00a3m\u00a3m\u00a3mAt 1 January 2021 2.1 0.7 3.0 5.8Exchange adjustments (0.1) \u2013 \u2013 (0.1)Charged during the year \u2013 4.5 0.4 4.9Utilised during the year \u2013 (1.5) (2.6) (4.1)Released during the year \u2013 (0.1) \u2013 (0.1)At 31 December 2021 2.0 3.6 0.8 6.4Exchange adjustments 0.1 \u2013 \u2013 0.1Acquisitions of subsidiaries \u2013 \u2013 1.4 1.4Disposals of subsidiaries (0.9) \u2013 \u2013 (0.9)Charged during the year \u2013 1.6 \u2013 1.6Utilised during the year \u2013 (1.8) (0.4) (2.2)At 31 December 2022 1.2 3.4 1.8 6.420222021\u00a3m\u00a3mAmounts due within one year 3.7 4.0Amounts due after more than one year and less than five years 2.7 2.46.4 6.4ENVIRONMENTAL PROVISIONSEnvironmental provisions recognise the estimated cost of remediating contaminated land at a number of the Group\u2019s operating sites, where it is considered probable that the Group will be obliged to carry out the necessary remediation work. Primarily the issues identified relate to sites acquired through acquisitions of businesses. As a consequence of the nature of the liabilities, the timescales are uncertain and the provisions represent the Directors\u2019 best estimate of the associated costs. The Group has sought expert external valuations where appropriate. RESTRUCTURING PROVISIONSRestructuring provisions represent the cash costs of closing or rationalising operations. The provisions represent the Directors\u2019 best estimate of the liabilities arising and are expected to be settled within the next twelve months. The provision of \u00a33.6m at 31 December 2021 included \u00a33.2m relating to the closure of the Group\u2019s variable message sign business that was announced in March 2021. \u00a31.8m of this provision has been utilised during 2022 and a further \u00a31.5m charged, as explained in note 5. OTHER PROVISIONSOther provisions relate to various obligations including obligations in respect of onerous leases, property dilapidations and claims or disputes. 24. Financial instruments(A) MANAGEMENT OF FINANCIAL RISKSOverviewThe Group has exposure to a number of risks associated with its use of financial instruments.This note presents information about the Group\u2019s exposure to each of these risks, the Group\u2019s objectives, policies and processes for measuring and managing risk, and the Group\u2019s management of capital. Further quantitative disclosures are included throughout these Consolidated Financial Statements.The Board of Directors has overall responsibility for the establishment and oversight of the Group\u2019s risk management framework.The Group\u2019s risk management policies are established to identify and analyse the risks faced by the Group, to set appropriate risk limits and controls, and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the Group\u2019s activities. The Group, through its training and management standards and procedures, aims to develop a disciplined and constructive control environment in which all employees understand their roles and obligations.The Group Audit Committee oversees how management monitors compliance with the Group\u2019s risk management policies and procedures and reviews the adequacy of the risk management framework in relation to the risks faced by the Group. A programme of commercial, operating, financial and third party reviews is in place to assist the Group Audit Committee with its assessment of the effectiveness of risk management and internal control procedures.Credit riskCredit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises from cash and cash equivalents, derivative financial instruments and principally from the Group\u2019s receivables from customers. The maximum exposure to credit risk for receivables and other financial assets is represented by their carrying amount.The Group has a policy of insuring a substantial majority of receivables in its UK businesses, which account for 43% (2021: 49%) of the Group\u2019s trade receivables. Any residual uninsured risk is spread across a significant number of customers. In our US businesses, which account for 48% (2021: 30%) of the Group\u2019s trade receivables, our operating companies have a policy of taking out trade references before granting credit limits and selectively insuring against credit risk where it is deemed appropriate by management. Purchase limits are established for each customer and are reviewed regularly. Customers that fail to meet the Group\u2019s benchmark creditworthiness may transact with the Group only on a prepayment basis. The Group\u2019s other overseas businesses operate on a similar basis to the US. As a result of these policies, impairment losses are not significant.Liquidity riskLiquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group\u2019s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Group\u2019s reputation.It is the Group\u2019s policy to minimise its liquidity risk in terms of limiting the amounts of loans and borrowings maturing within the next 12 months. As at 31 December 2022 all such debt was covered by cash and cash equivalents netting to \u00a324.5m positive current liquidity (2021: \u00a316.9m).The Group\u2019s principal UK revolving credit facility was refinanced in November 2022. The new facility is unsecured, has a value of \u00a3250m and an initial maturity in November 2026, with an option to extend this maturity by one year at the first anniversary. Along with various other secured and on demand lines of credit, including bank overdrafts, the Group has access to bank borrowing facilities of \u00a3262.2m at 31 December 2022 (2021: \u00a3287.3m).In addition, in 2019 the Group signed an agreement with an institutional investor for a private placement of $70m new senior unsecured notes (\u201cSenior Unsecured Notes\u201d). The issue consisted of two equal tranches with maturities in June 2026 and June 2029 respectively.At 31 December 2022, the Group\u2019s total committed borrowing facilities were \u00a3309.0m (2021: \u00a3327.6m) and the amount undrawn at this date was \u00a3201.6m (2021: \u00a3202.4m).Market riskMarket risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and commodity prices will affect the Group\u2019s income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return on risk. The Group buys and sells derivatives in the ordinary course of business, and also incurs financial liabilities, in order to manage market risks. All such transactions are carried out within the guidelines set by the Board. Refer to note 24(f) for further details. Counterparty riskA group of relationship banks provides the bulk of the banking services, with pre-approved credit limits set for each institution. Financial derivatives may be entered into with these core banks and the underlying credit exposure to these instruments is included when considering the credit exposure to the counterparties. At the end of 2022 credit exposure including cash deposited did not exceed \u00a36.8m with any single institution (2021: \u00a36.2m).Currency riskThe Group publishes its Consolidated Financial Statements in Sterling, but conducts business in several foreign currencies, including significant operations based in the US. This results in foreign currency exchange risk due to exchange rate movements, which will affect the Group\u2019s transaction costs and, more significantly, the translation of the results and net assets of its foreign operations. The Group\u2019s translation reserve includes a gain of \u00a327.4m (2021: loss of \u00a32.3m), principally as a result of Sterling\u2019s depreciation against the US Dollar in 2022, representing this translation effect on overseas earnings and net assets.24. Financial instruments\u2002continuedThe trading currency of each operation is predominantly in the same denomination. However, the Group uses forward exchange contracts to minimise currency risk where appropriate. The Group does not apply hedge accounting to these derivative financial instruments.The Group has hedged its investment in its US operations by way of financing the acquisitions through like denominations of its bank borrowings and the Senior Unsecured Notes. The Group\u2019s investments in other subsidiaries are not hedged because fluctuations on translation of their assets into Sterling are not significant to the Group.Interest rate riskThe Senior Unsecured Notes account for 55% (2021: 42%) of the Group\u2019s outstanding gross borrowings at 31 December 2022 and attract a fixed rate of interest averaging 3.92% (2021: 3.92%) per annum. All other borrowings bear interest at floating rates. At the current time the Group feels that this ratio of fixed to floating borrowings is appropriate but continues to monitor it in the context of economic indicators and wider market conditions. The Group believes that using fixed interest rate for short term day-to-day trading is not appropriate.InsuranceThe Group purchases insurance for commercial, legal and contractual reasons. The Group retains insurable risk where external insurance is not commercially viable.Capital managementThe Group maintains a strong capital base so as to maintain investor, creditor and market confidence and to sustain future development of the business. The Board monitors both the demographic spread of shareholders, as well as the return, which the Group defines as total shareholders\u2019 equity and the level of dividends to ordinary shareholders.The Board seeks to maintain a balance between the higher returns that might be possible with higher levels of borrowings and the advantages and security afforded by a sound capital position.There are financial covenants associated with the Group\u2019s borrowings, which are interest cover and EBITDA to net debt. The Group comfortably complied with these covenants in 2022 and 2021, as set out in the Operational & Financial Review on pages 22 to 31.There were no significant changes in the Group\u2019s approach to capital management during the year.(B) TOTAL FINANCIAL ASSETS AND LIABILITIESThe table below sets out the Group\u2019s accounting classification of its financial assets and liabilities and their fair values as at 31 December. The fair values of all financial assets and liabilities are not materially different to the carrying values.Designated at Amortised Total carrying fair valuecostvalueFair value\u00a3m\u00a3m\u00a3m\u00a3mCash and cash equivalents net of bank overdraft \u2013 24.8 24.8 24.8Loans and other borrowings due within one year \u2013 (0.3) (0.3) (0.3)Loans and borrowings due after more than one year \u2013 (104.9) (104.9) (104.9)Lease liabilities classified as held for sale \u2013 \u2013 \u2013 \u2013Lease liabilities due within one year \u2013 (8.7) (8.7) (8.7)Lease liabilities due after more than one year \u2013 (30.6) (30.6) (30.6)Derivative assets 0.3 \u2013 0.3 0.3Other assets \u2013 127.4 127.4 127.4Other liabilities \u2013 (111.6) (111.6) (111.6)Total at 31 December 2022 0.3 (103.9) (103.6) (103.6)Cash and cash equivalents net of bank overdraft \u2013 18.1 18.1 18.1Loans and other borrowings due within one year \u2013 (1.2) (1.2) (1.2)Loans and borrowings due after more than one year \u2013 (121.0) (121.0) (121.0)Lease liabilities classified as held for sale \u2013 (1.7) (1.7) (1.7)Lease liabilities due within one year \u2013 (8.8) (8.8) (8.8)Lease liabilities due after more than one year \u2013 (30.1) (30.1) (30.1)Derivative assets 0.2 \u2013 0.2 0.2Other assets \u2013 113.5 113.5 113.5Other liabilities \u2013 (118.6) (118.6) (118.6)Total at 31 December 2021 0.2 (149.8) (149.6) (149.6)24. Financial instruments\u2002continuedFair value hierarchyThe table below analyses financial instruments carried at fair value, by valuation method. The different levels have been defined as follows:Level 1: unadjusted quoted prices in active markets for identical assets or liabilities.Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either as a direct price or indirectly derived from prices.Level 3: inputs for the asset or liability that are not based on observable market data. Level 1Level 2Level 3Total\u00a3m\u00a3m\u00a3m\u00a3mDerivative financial assets \u2013 0.3 \u2013 0.3Total at 31 December 2022 \u2013 0.3 \u2013 0.3Derivative financial assets \u2013 0.2 \u2013 0.2Total at 31 December 2021 \u2013 0.2 \u2013 0.2At 31 December 2022 the Group did not have any assets or liabilities classified at Level 1 or Level 3 in the fair value hierarchy (2021: nil). There have been no transfers in any direction in the year.The Group\u2019s financial assets, excluding short term receivables, consist mainly of cash and call deposit accounts.Where cash surpluses arise in the short term, interest is earned based on a floating rate related to bank base rate or SONIA/SOFR/EURIBOR. Where the Group\u2019s funding requirements allow longer term investment of surplus cash, management will review available options to obtain the best possible return whilst maintaining an appropriate degree of access to the funds.The Group\u2019s financial liabilities, excluding short term creditors, are set out below. Fixed rate financial liabilities comprise US Dollar denominated Senior Unsecured Notes. Floating rate financial liabilities comprise Sterling, Euro and US Dollar bank loans and overdrafts, and lease liabilities. The floating rate bank loans and overdrafts bear interest at rates related to bank base rates or SONIA/SOFR/EURIBOR. The floating rates of the lease liabilities are determined using the Group\u2019s incremental borrowing rate, being the rate that the lessee would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions. Each subsidiary has financial assets and liabilities which are predominantly in the same denomination as that subsidiary\u2019s functional currency. The financial assets and liabilities not denominated in the functional currency of these entities are insignificant to the Group.Certain UK subsidiaries hold Euro \u00a3nil (2021: \u00a39.7m) and US Dollar \u00a366.7m (2021: \u00a351.9m) denominated interest bearing loans, which are predominantly used to fund the Group\u2019s European and United States operations and include \u00a366.7m (2021: \u00a361.6m) designated as a hedge of the net investment in a foreign operation. The foreign currency loss of \u00a34.8m (2021: gain of \u00a30.6m) for the effective portion was recognised in the Consolidated Statement of Comprehensive Income netted against exchange differences on translation of foreign operations. Any ineffective portion recognised in the Consolidated Income Statement is insignificant.Fixed rate financial liabilitiesWeighted average Weighted period foraveragewhich rate is interest ratefixed%YearsUS Dollar at 31 December 2022 3.9 5.0US Dollar at 31 December 2021 3.9 6.024. Financial instruments\u2002continued(C) MATURITY PROFILEThe table below sets out the contractual cash flows associated with the Group\u2019s financial liabilities, including estimated interest payments, analysed by maturity:Due betweenDue betweenDue after Carrying Contractual Due withinone andtwo andmore than five Effectiveamountscash flowsone yeartwo yearsfive yearsyearsinterest rate\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mSecured loans and borrowings Floating 0.4 (0.4) (0.3) \u2013 (0.1) \u2013Unsecured loans and borrowings Floating 46.7 (57.8) (2.4) (2.4) (53.0)Senior Unsecured Notes 3.9% 58.1 (69.8) (2.3) (2.3) (34.3) (30.9)Lease liabilities Floating 39.3 (39.3) (8.7) (6.6) (12.3) (11.7)Lease liabilities classified as held for sale Floating \u2013 \u2013 \u2013 \u2013 \u2013 \u2013Other liabilities n/a 116.5 (116.5) (116.3) (0.2)Total at 31 December 2022 261.0 (283.8) (130.0) (11.5) (99.7) (42.6)Secured loans and borrowings Floating 1.8 (1.8) (1.1) (0.5) (0.2) \u2013Unsecured loans and borrowings Floating 69.5 (73.6) (1.7) (71.9) \u2013 \u2013Senior Unsecured Notes 3.9% 51.6 (64.0) (2.0) (2.0) (31.5) (28.5)Lease liabilities Floating 38.9 (38.9) (8.8) (7.2) (11.8) (11.1)Lease liabilities classified as held for sale Floating 1.7 (1.7) (0.6) (0.6) (0.5) \u2013Other liabilities n/a 123.7 (125.0) (124.5) (0.5) \u2013 \u2013Total at 31 December 2021 287.2 (305.0) (138.7) (82.7) (44.0) (39.6)The unsecured bank borrowings bear interest based on SONIA/SOFR/EURIBOR, plus a margin (as defined in the facilities agreement) which varies depending on the Group\u2019s ratio of net debt to EBITDA. The secured loans and borrowings are held by subsidiaries in the USA and bear interest at varying rates linked to underlying US bond markets.The Group had the following undrawn committed facilities at 31 December, in respect of which all conditions precedent had been met:20222021\u00a3m\u00a3mUndrawn committed borrowing facilities 201.6 202.4(D) FAIR VALUESThe fair value of forward currency exchange contracts realised in the Consolidated Income Statement as part of fair value derivatives amounted to \u00a3nil (2021: \u00a3nil). The fair values of the Group\u2019s other financial instruments at 31 December 2022 and 2021 were not materially different to their carrying value. Fair values were calculated using market rates where available, otherwise cash flows were discounted at prevailing rates.Impairment charges of \u00a36.4m (2021: \u00a316.0m) were recognised in respect of the carrying values of non-current assets as detailed in notes 13, 14 and 16.(E) CREDIT RISKExposure to credit riskThe exposure to credit risk is substantially mitigated by the credit insurance employed by the Group. In the absence of this insurance the maximum credit exposure on the carrying value of financial assets at the reporting date was:Carrying amount20222021\u00a3m\u00a3mTrade and other receivables and contract assets at amortised cost 138.2 122.7Cash and cash equivalents at the end of the year 24.8 18.8Total 163.0 141.524. Financial instruments\u2002continuedCarrying value of trade receivables by geography20222021\u00a3m\u00a3mUK 53.3 54.7Rest of Europe 5.6 19.8North America 61.4 34.1Rest of the world 5.8 3.7Total 126.1 112.3Carrying value of trade receivables by business segment20222021\u00a3m\u00a3mRoads & Security 50.7 47.6Engineered Solutions 47.3 32.6Galvanizing Services 28.1 32.1Total 126.1 112.3Impairment lossesThe Group maintains a level of credit insurance covering a significant part of its trade receivables which mitigates against possible impairment losses. An impairment assessment is performed at each reporting date to assess whether there has been a significant increase in the credit risk. Expected credit loss rates are calculated individually for each business within the Group and are based on historical observed default rates, adjusted for forward-looking information. Whilst global economies have continued their post-pandemic recovery in 2022, supply chain and inflationary challenges are present and there remains uncertainty around conditions in the short to medium term, particularly in the UK. As such, the Group believes the risk of an increased number of defaults still exists. Accordingly, default loss rates incorporate forward-looking information based on available macroeconomic information. The assessment of the correlation between forecast economic conditions and expected future credit losses is an estimate but is not determined to be a significant estimate as the Group does not expect future credit losses to be materially different to the credit losses estimated at the reporting date. The charge to the Consolidated Income Statement in the year in respect of the expected loss of trade receivables was \u00a30.4m (2021: \u00a30.7m). The Group does not require collateral in respect of trade and other receivables. The Group does not have trade receivables or contract assets for which no loss allowance is recognised because of collateral.The ageing of trade receivables at the reporting date was:2022 2021GrossProvisionsNetGrossProvisionsNet\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mNot past due 87.3 \u2013 87.3 74.9 (0.2) 74.7Past due 1\u201330 days 27.0 (0.1) 26.9 25.6 (0.1) 25.5Past due 31\u2013120 days 8.2 (0.3) 7.9 9.9 (0.3) 9.6Past due more than 120 days 7.0 (3.0) 4.0 6.1 (3.6) 2.5Total 129.5 (3.4) 126.1 116.5 (4.2) 112.3The movements in provisions for impairment of trade receivables are as follows:\u00a3mAt 1 January 2021 6.3Disposal of subsidiary (0.1)Charged in the year 0.1Utilised during the year (2.1)At 31 December 2021 4.2Exchange adjustments 0.1Acquisitions of subsidiaries 0.2Disposals of subsidiaries (0.8)Charged in the year 0.4Utilised during the year (0.7)At 31 December 2022 3.424. Financial instruments\u2002continued(F) MARKET RISK \u2013 SENSITIVITY ANALYSISIn managing interest rate and currency risks the Group aims to reduce the impact of short term fluctuations on the Group\u2019s earnings. Over the longer term, however, permanent changes in foreign exchange and interest rates may have an impact on consolidated earnings. At the end of the reporting periods, the effects of hypothetical changes in interest and currency rates are as follows:\u2022 Based on average month end net debt balances, if interest rates had varied throughout the year by 1% the positive or negative variation on the year\u2019s result would have been \u00a31.5m, which would directly impact on the Consolidated Income Statement.\u2022 Based on a 10% weakening in Sterling against all currencies throughout the year, the impact on the total group underlying operating profit in the Consolidated Income Statement would have been a gain of \u00a36.8m and the impact on equity would have been an increase of \u00a329.0m.\u2022 Based on a 10% strengthening in Sterling against all currencies throughout the year, the impact on the total group underlying operating profit in the Consolidated Income Statement would have been a loss of \u00a35.6m and the impact on equity would have been a decrease of \u00a323.7m.25. Called up share capital 20222021\u00a3m\u00a3mAllotted, called up and fully paid80.0m ordinary shares of 25p each (2021: 79.8m) 20.0 20.0In 2022 the Company issued 0.2m shares under its various share option schemes (2021: 0.3m), realising \u00a31.9m (2021: \u00a32.6m).Each ordinary share carries equal voting rights and there are no restrictions on any share.OPTIONS OUTSTANDING OVER THE COMPANY\u2019S SHARES The Group operates a number of employee share schemes categorised as follows:\u2022 Save As You Earn (\u201bSAYE\u2019) schemes \u2013 SAYE is a tax qualifying monthly savings scheme facilitating the purchase of shares at a discount as permitted by the applicable legislation (currently up to a maximum discount of 20%). SAYE options may be exercised in the event of a change of control to the extent permitted by the rules of the scheme. Such schemes are typically issued annually, are either three or five years and are offered to employees in the UK; \u2022 Long Term Incentive Plans (\u201bLTIP\u2019) and Executive Share Option Schemes (\u201bESOS\u2019) \u2013 The Remuneration Committee may, at its discretion, structure awards as approved awards comprising a tax qualifying option granted under both the ESOS and LTIP awards. LTIP awards are at nil cost and ESOS is a costed option; and \u2022 Buy-out awards \u2013 On joining the Company, certain senior managers forfeited long term incentive awards at their previous employer. The Company compensated them for these awards by granting awards over Hill & Smith shares. The awards are at nil cost.The number of options outstanding by scheme is as follows:2022 2021NumberOption NumberOption of sharesprice range (p)of sharesprice range (p)\u2020SAYE schemes 920,387 794p to 1,485p 714,243 891p to 1,485pLTIP awards 513,203 \u2013 499,741 \u2013ESOS awards ^ 345,768 316p to 1,113p 389,489 316p to 1,113pBuy-out awards 23,704 \u2013 45,955 \u2013Outstanding at the end of the year 1,803,062 1,649,428Exercisable at the year end 387,237 451,715Not exercisable at the year end 1,415,825 1,197,713Outstanding at the end of the year 1,803,062 1,649,428\u2020 Options may be exercised early under the terms of this scheme if employees meet the criteria of \u2019good leaver\u2019, which encompasses circumstances such as retirement or redundancy, otherwise, awards will vest if the participants continue to be in employment at the vesting date.^ Vesting of awards under the LTIP and ESOS schemes is subject to various financial performance criteria.The remaining weighted average life of the outstanding share options is 3 years 11 months (2021: 3 years 0 months). 25. Called up share capital\u2002continued The movement and weighted average exercise prices of share options during the year are as follows:WeightedWeighted average average exerciseMillions ofexercise Millions of price (p) optionsprice (p) options2022202220212021Outstanding at the beginning of the year 696 1.7 810 1.8Granted during the year 513 0.9 471 0.4Exercised during the year (674) (0.3) (843) (0.3)Lapsed during the year (513) (0.5) (907) (0.2)Outstanding at the end of the year 655 1.8 696 1.7The weighted average share price on the dates of exercise of share options during the year was 1,550p (2021: 1,597p), and the weighted average fair value of options and awards granted in the year was 560p (2021: 1,167p). The weighted average exercise price of outstanding options exercisable at the year end was 1,103p (2021: 1,052p). The prior year weighted average exercise price of outstanding options exercisable at the year end, has been restated to 1,052p from 566p, as a result of a clerical error. This restatement does not impact the prior year share based payment charge disclosed.Share-based payments \u2013 optionsThe fair value of services received in return for share options granted is measured by reference to the fair value of the share options granted. The estimate of the fair value of the services received is measured based on the Black\u2013Scholes model where vesting is based on non-market conditions, or a Monte Carlo Simulation where vesting is based on market conditions. The contractual life is the life of the option in question and the growth in dividend yield is based on the best current estimate of future yields over the contractual period.The expected volatility is wholly based on the historical volatility (calculated based on the weighted average remaining life of the share options), adjusted for any expected changes to future volatility due to publicly available information.Share options have been granted to qualifying employees in line with either HM Revenue & Customs approved or unapproved schemes. Other than the LTIP and Buy-out awards, the strike price for the option is made based on the market values of shares at the date the option is offered.As explained in the Directors Remuneration Report on pages 92 to 104, bonuses awarded to the Executive Directors include an element awarded in shares, deferred for a period of two years. The Group has determined the fair value of such awards to be equal to their cash equivalent. The resulting charge is included in the expense arising from share-based payments in the year to which the awards relate.The key assumptions for the grants in the current and prior year were as follows:2022 2021Buy-out Buy-out SAYE LTIPawards SAYE LTIPawardsExpected share price volatility (%) 24%/15% 32% 0% 26%/16% 32% 0%Dividend yield (%) 3.19% 0.0% 0.0% 1.55% 0.0% 0.0%Option life (years) 3/5 3 0.8 3/5 3 0.8Risk free interest rate (%) 4.1% 1.45% 0% 0.5%/0.1% 0.2% 0%The total expense recognised for the period arising from share-based payments is as follows:20222021\u00a3m\u00a3mEquity-settled 2.4 2.5Cash-settled (0.4) 0.3Total expensed during the year 2.0 2.8The carrying amount of the liability in relation to cash-settled share based payments at the end of the year was \u00a30.3m (2021: \u00a30.7m). 26. Guarantees and other financial commitments (A) GUARANTEESSubsidiary audit exemptionsHill & Smith PLC has issued guarantees over the liabilities of the following predominantly non-trading UK subsidiaries as at 31 December 2022 under Section 479C of the Companies Act 2006. These entities are exempt from the requirements of the Act relating to the audit of individual accounts by virtue of Section 479A of the Act:Company Name Company NumberBergen Pipe Supports Limited 00926644Bergen Pipe Supports Group Limited 01013871Hill & Smith (International) Limited 11331411Hill & Smith (Americas) Limited 07269581Hill & Smith (Americas) 2 Limited 10783462Hill & Smith (Americas) 3 Limited 12060645Hill & Smith (France) Limited 06768033Hill & Smith Overseas Limited 06614400Hill & Smith (Treasury) Limited 06814150Hill & Smith (USA) Limited 06876775Hardstaff Barriers Limited 02791285Cobaco Holdings Limited 08317210Signpost Solutions Limited 01084535Mallatite Minor Structures & Products Ltd 13717429Bowater Doors Limited 13738120Expamet Limited 13748629VMS Newco Limited 12968560Varley & Gulliver Limited 00330433Ash & Lacy Limited 00047169Ash & Lacy Manufacturing Limited 03008964Ash & Lacy Services Limited 02798286Hawkshead Properties Limited 00562451Redman Fisher Engineering Limited 00169316Hill & Smith (Australia) Limited 14411306Widnes Galvanising Limited 02206443The Group had no financial guarantee contracts outstanding as at 31 December 2022.(B) CAPITAL COMMITMENTS20222021\u00a3m\u00a3mContracted for but not provided in the accounts 3.8 3.0(C) OPERATING LEASE RECEIVABLESThe total future minimum commitments receivable under non-cancellable operating leases are analysed as follows:2022 2021Land and Land andBuildingsOther BuildingsOther\u00a3m\u00a3m\u00a3m\u00a3mGroupWithin one year 0.1 4.8 0.1 4.6Between one and five years \u2013 1.4 \u2013 1.1After five years \u2013 \u2013 \u2013 \u20130.1 6.2 0.1 5.727. PensionsTOTALThe total Group retirement benefit assets and obligations are detailed below:UKOverseas2022UKOverseas2021\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mTotal fair value of scheme assets 44.9 2.7 47.6 61.8 3.4 65.2Present value of scheme funded obligations (51.4) (3.4) (54.8) (69.5) (7.8) (77.3)Present value of scheme unfunded obligations \u2013 \u2013 \u2013 \u2013 (0.2) (0.2)Retirement benefit obligation (6.5) (0.7) (7.2) (7.7) (4.6) (12.3)UNITED KINGDOMThe Group operates one main pension scheme in the UK, the Hill & Smith 2016 Pension Scheme (\u201bthe Scheme\u2019), providing benefits on a defined benefit and defined contribution basis. The Scheme is closed to future accrual and is subject to the statutory scheme specific funding requirements outlined in UK legislation. The weighted average maturity (the \u2019duration\u2019) of the defined benefit plan obligations at the end of the reporting period is approximately 11 years (2021: 14 years).The assets of the Scheme are administered by Trustees and are kept entirely separate from those of the Group. The Trustees undertake a full funding valuation of the Scheme every three years, which is used to determine the rates at which the Group contributes to the Scheme, with the objective of providing the funds required to meet pension obligations as they fall due.The Group remains actively engaged in dialogue with the Scheme\u2019s Trustees with regard to management, funding and investment strategy. The previous triennial funding valuation of the Scheme as at April 2019 was finalised in 2020, alongside an update to the investment strategy, resulting in the Group agreeing a deficit recovery plan with the Trustees that requires cash contributions of \u00a33.7m per annum until September 2027. The most recent of these triennial valuations is in progress, having an effective date of 5 April 2022. The preliminary results of this valuation have been incorporated in the updated IAS 19 position at 31 December 2022 by an independent qualified actuary.The Consolidated Income Statement for the year includes a pension charge within operating profit of \u00a33.0m (2021: \u00a33.1m), which includes the costs of the defined contribution and the defined benefit sections of the Scheme. All actuarial gains and losses are recognised immediately in the Consolidated Statement of Comprehensive Income.The Scheme exposes the Group to a number of risks, the most significant being:Risk DescriptionVolatile asset The defined benefit obligation is calculated using a discount rate set with reference to high quality corporate bond yields. If returnsassets underperform against this discount rate, this will create a plan deficit. The Scheme holds a proportion of its assets in growth assets which are expected to outperform corporate bonds in the long term. However, returns are likely to be volatile in the short term, potentially resulting in short term cash requirements and an increase in the deficit recorded in the Consolidated Statement of Financial Position. The allocation to growth assets is monitored to ensure it remains appropriate given the Scheme\u2019s long term objectives.Changes in A decrease in corporate bond yields will increase the funding and accounting liabilities, although this will be partially offset by bond yieldsan increase in the value of the Scheme\u2019s investments in Liability Driven Investment and bond funds.Inflation risk A significant proportion of the defined benefit obligation is indexed in line with price inflation, with higher inflation leading to higher liabilities. This risk will be partially offset by the Scheme\u2019s Liability Driven Investments, which will increase in value in line with market inflation expectations.Life expectancy The majority of the Scheme\u2019s obligations are to provide a pension for the life of each of the members, so increases in life expectancy will result in an increase in the liabilities.27. Pensions\u2002continuedThe principal assumptions used to value the Scheme\u2019s liabilities at 31 December2022 2021Rate of increase in salaries n/a n/aRate of increase in pensions payment 3.2% 3.3%Discount rate 4.9% 1.8%Inflation \u2013 RPI 3.3% 3.5%Inflation \u2013 CPI 2.4% 2.7%Mortality table 114%117% 114%117%CMI 2021 CMI 20201.25% 1.25%The mortality assumptions imply the following expected future lifetimes from age 65:2022 2021Males currently aged 45 22.1 years 22.4 yearsFemales currently aged 45 24.6 years 24.8 yearsMales currently aged 65 20.9 years 21.1 yearsFemales currently aged 65 23.2 years 23.3 yearsThe assumptions have been chosen by the Directors from a range of possible actuarial assumptions which, due to the timescales covered, may not be borne out in practice. The Group takes advice from an independent actuary regarding the appropriateness of the assumptions used.During the latter part of 2021 and throughout 2022, short-term inflation in the UK has been significantly higher than we have seen in recent years. The Group has made an allowance for this high inflation experience within the liabilities of the Scheme. Over the duration of the Scheme\u2019s liabilities, market expectations of inflation (which have been used to derive the inflation assumptions above) are significantly lower than this recent experience. Assets and liabilitiesThe Scheme holds assets and liabilities in respect of defined contribution benefits which are equal in value and are excluded from the following figures. The fair values of Scheme assets in respect of the defined benefit scheme, which are not intended to be realised in the short term and may be subject to significant change before they are realised are detailed below. In addition, the value of the Scheme liabilities, which is derived from cash flow projections over an average period of approximately 11 years (the weighted average term maturity of the Scheme\u2019s liabilities) and which is therefore inherently uncertain is also set out below.Market value Market value2022 2021\u00a3m\u00a3mAssetsEquities \u2013 7.3Bonds 14.8 25.8With profits policies 0.9 0.9Liability Driven Investment (\u201bLDI\u2019) funds 12.4 16.6Cash 5.5 5.2Alternatives* 11.3 6.0Total fair value of Scheme assets 44.9 61.8Present value of Scheme funded obligations (51.4) (69.5)Retirement benefit obligation (6.5) (7.7)* Alternatives are investments in asset classes other than traditional equities, bonds, property and cash. They include investments in private equity, private credit, hedge funds, infrastructure, and renewable energy investments. In 2017 the Group and the Trustees undertook an investment review of the Scheme. The intention of the strategy for the Scheme is to reduce a proportion of interest rate and inflation risk by investing a portion of the Scheme\u2019s assets in Liability Driven Investment funds. This strategy resulted in an initial shift between bonds and LDI funds in the asset categories in 2017. The strategy was reassessed as part of the April 2019 triennial valuation exercise, which resulted in a further shift from growth assets to bonds in 2020, reducing the level of risk in the Scheme\u2019s asset strategy. The Scheme\u2019s LDI investment is structured as investment in a number of unit-linked funds of short and long-dated nominal and index-linked government bonds, some of which are leveraged, held with the Scheme\u2019s investment manager. This is designed to reflect the size and shape of the Scheme\u2019s interest rate and inflation exposure. The April 2022 triennial valuation exercise is substantially complete and there has been no further change to the previously agreed strategy.27. Pensions\u2002continuedAssets in the bonds and equities categories, which account for approximately 33% (2021: 54%) of total Scheme assets, have quoted market prices in active markets. Excluding cash, the balance of \u00a324.6m represents the Scheme\u2019s investment in LDI funds and Secure Income Asset Funds. The LDI funds are invested in inflation linked bonds issued by the UK Government as well as fixed rate bonds. Secure Income Assets Funds (Alternatives) are invested in a diversified portfolio of infrastructure debts, private corporate debts and real estate debts. The sensitivity of these funds to changes in interest rates are measured using hedging multiples. Where asset prices are not directly derivable, an accurate price is determined from a subset of observable market data.Total expense recognised in the Consolidated Income Statement2022 2021Defined Defined Defined Defined contribution benefit contribution benefit schemesschemesTotalschemesschemesTotal\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mCurrent service costs 2.2 \u2013 2.2 2.1 \u2013 2.1Expenses 0.5 0.3 0.8 0.5 0.5 1.0Charge to operating profit 2.7 0.3 3.0 2.6 0.5 3.1Interest on net Scheme deficit \u2013 0.1 0.1 \u2013 0.2 0.2Total charged to profit before tax 2.7 0.4 3.1 2.6 0.7 3.3Change in the present value of the defined benefit obligations20222021\u00a3m\u00a3mOpening defined benefit obligations 69.5 76.0Past service cost \u2013 \u2013Interest cost 1.2 0.9Actuarial (gain)/loss arising from:Financial assumptions (18.0) (3.3)Demographic assumptions (0.5) (0.1)Experience adjustment 2.6 \u2013Benefits paid (3.4) (4.0)Closing defined benefit obligations 51.4 69.5Changes in fair values of Scheme assets20222021\u00a3m\u00a3mOpening fair value of assets 61.8 62.0Interest income 1.1 0.7Return on plan assets excluding interest income (18.4) (0.5)Employer contributions 3.8 3.6Benefits paid (3.4) (4.0)Closing fair value of assets 44.9 61.8Actual return on Scheme assets (17.3) 0.2Expected employer contributions in the following yearDefined benefit scheme 4.1 4.1Defined contribution schemes 1.8 2.027. Pensions\u2002continuedAmounts recognised in the Consolidated Statement of Comprehensive Income% of Scheme% of Schemeassets/ 2022assets/ 2021liabilities\u00a3mliabilities\u00a3mReturn on plan assets excluding interest income (41) (18.4) (1) (0.5)Changes in assumptions underlying the present value of Scheme obligations 36 15.9 5 3.4Amount recognised in the year (5) (2.5) 4 2.9The table below shows the sensitivity of the Consolidated Statement of Financial Position to certain changes in the significant pension assumptions:Increase inDecrease inBalancepensions pensions Discount Discount Inflation Inflation Life Life at 31 paymentpaymentraterateraterateexpectancy expectancy December (+0.1% p.a.)(-0.1% p.a.)(+0.1% p.a.)(-0.1% p.a.)(+0.1% p.a.)(-0.1% p.a.)(+1 year) (-1 year) 2022\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mValue of funded obligations (51.4) (51.7) (51.1) (50.9) (51.9) (51.7) (51.1) (53.5) (49.3)Fair value of plan assets 44.9 44.9 44.9 44.9 44.9 44.9 44.9 44.9 44.9Deficit (6.5) (6.8) (6.2) (6.0) (7.0) (6.8) (6.2) (8.6) (4.4)The sensitivity analyses above have been determined based on a method that extrapolates the impact on the defined benefit obligation as a result of changes in key assumptions occurring at the end of the year. The sensitivity analyses are based on a change in a significant assumption, keeping all other assumptions constant. As such the sensitivity analyses may not be representative of an actual change in the defined benefit obligation as it is unlikely that changes in assumptions would occur in isolation from one another.The Group has considered the requirements of IFRIC 14. The terms of the Scheme give the Group the right to recover any surplus assets in the Scheme upon wind up and therefore management have concluded that there is no impact on the amounts recognised in respect of retirement benefit obligations.OVERSEASThe Group operated two overseas pension schemes in France and the USA during the year. As a result of the sale of France Galva (see note 5), as at 31 December 2022 the Group now operates just one overseas pension scheme in the USA. In the USA, Bergen Pipe Supports, Inc. operates a defined benefit pension plan comprising current and deferred pensioners such that no future benefits accrue. The average duration of the defined benefit plan obligation at the end of the reporting period is approximately 8 years (2021: 10 years).The Group also operates defined contribution plans in a number of other overseas operations. The amount contributed to these plans during the year was \u00a31.1m (2021: \u00a31.0m).The Consolidated Income Statement for the year includes a pension charge within operating profit of \u00a31.3m (2021: \u00a31.2m), which includes the costs of the defined contribution schemes and the defined benefit schemes. A further charge of \u00a30.2m is included in the profit from discontinued operations.Actuarial valuations of the above schemes were carried out by independent actuaries as at 31 December 2022. All actuarial gains and losses are recognised immediately in the Consolidated Statement of Comprehensive Income.The principal assumptions used by the actuaries2022 2021USA France* USA FranceRate of increase in salaries 0.00% 2.50% 0.00% 2.50%Discount rate 5.00% 3.10%/3.10% 2.75% 0.98%/0.5%Inflation 0.00% 2.00% 0.00% 2.00%Mortality table 2014 SOA TH00\u201302, TF00\u201302 2014 SOA TH00\u201302, TF00\u201302* A valuation of the French scheme was undertaken immediately prior to the France Galva disposal on 4 October 202227. Pensions\u2002continuedAssets and liabilitiesThe fair values of scheme assets, which are not intended to be realised in the short term and may be subject to significant change before they are realised, and the value of the scheme liabilities, which is derived from cash flow projections over long periods and which is therefore inherently uncertain, are as follows:MarketMarketValueValue20222021\u00a3m\u00a3mAssetsCash and other insured fixed interest assets 2.7 3.4Total fair value of scheme assets 2.7 3.4Present value of scheme funded obligations (3.4) (7.8)Present value of scheme unfunded obligations \u2013 (0.2)Retirement benefit obligation (0.7) (4.6)Cash and other insured fixed interest assets \u2013 where assets are held in cash or a policy with a fixed interest asset allocation, the expected long term rate of return is taken to be the yields generally prevailing on such assets as at the year end date.Total expense recognised in the Consolidated Income Statement2022 2021Defined Defined Defined Defined contribution benefit contribution benefit schemesschemesTotalschemesschemesTotal\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mCurrent service cost and expenses 1.1 0.4 1.5 1.0 0.2 1.2Charge to operating profit 1.1 0.4 1.5 1.0 0.2 1.2Interest on net pension scheme deficit included within profit from discontinued operations \u2013 0.1 0.1 \u2013 \u2013 \u2013Total charged to profit for the year 1.1 0.5 1.6 1.0 0.2 1.2Change in the present value of the defined benefit obligation20222021\u00a3m\u00a3mOpening defined benefit obligation 8.0 8.8Current service costs 0.3 0.2Interest cost on scheme obligations 0.2 0.1Actuarial (gains)/losses arising from:Financial assumptions (0.6) (0.4)Demographic adjustments (0.9) (0.3)Experience adjustment 1.2 0.1Benefits paid (0.5) (0.2)Disposal of subsidiary (4.8) \u2013Exchange adjustments 0.5 (0.3)Closing defined benefit obligation 3.4 8.027. Pensions\u2002continuedChanges in fair values of scheme assets20222021\u00a3m\u00a3mOpening fair value of assets 3.4 3.2Return on plan assets excluding interest income (0.6) \u2013Interest on plan assets 0.1 0.1Admin expenses (0.1) (0.1)Benefits paid (0.2) \u2013Disposal of subsidiary (0.2) \u2013Exchange adjustments 0.3 0.2Closing fair value of assets 2.7 3.4Actual return on scheme assets (0.5) 0.1Expected employer contributions in the following yearDefined benefit schemes \u2013 \u2013Defined contribution schemes 1.1 1.0Amounts recognised in the Consolidated Statement of Comprehensive Income% of scheme% of schemeassets/ 2022assets/ 2021liabilities\u00a3mliabilities\u00a3mExperience loss on scheme obligations (35) (1.2) (1) (0.1)Return on plan assets excluding interest income (22) (0.6) \u2013 \u2013Changes in assumptions underlying the present value of scheme obligations 44 1.5 9 0.6Exchange rate adjustment on assets and liabilities (29) (0.2) 9 0.5Amount recognised in the year (15) (0.5) 13 1.0The Group considers that any reasonable sensitivities applied to the assumptions for the overseas schemes would not have a material impact on the Consolidated Financial Statements.28. Related party transactionsAs explained in note 6, the key management personnel are considered to be the Board of Directors of Hill & Smith PLC and the members of the Executive Board who are not also Directors of Hill & Smith PLC. The Board of Directors\u2019 remuneration can be seen in the Directors\u2019 Remuneration Report on pages 92 to 104. The combined remuneration of key management personnel can be seen in note 6 to the financial statements on page 147.29. Subsequent eventsIn February 2023, the Group acquired Enduro Composites, Inc. (\u201bEnduro\u2019) for an initial cash consideration of \u00a328.7m, on a debt and cash free basis. Enduro, located in Houston, Texas, is a designer, manufacturer and supplier of engineered composite solutions focused on industrial and infrastructure market segments. Its products can be used in a wide variety of applications in conditions that require high strength, light weight and resistance to corrosion. In March 2023, the Group acquired Korns Galvanizing Company Inc. (\u201bKorns\u2019) for a cash consideration of \u00a39.4m, on a debt and cash free basis. Korns, located in Johnstown, Pennsylvania, has a single site specialising in spin galvanizing and has a customer base spread across a wide range of infrastructure related end markets, including commercial construction, fire protection, oil & gas and utilities.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
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"pp-value-5-2": {
"value": "The Group Financial Statements have been prepared and approved by the Directors in accordance with international accounting standards in conformity with the requirements of the Companies Act 2006 and UK-adopted International Financial Reporting Standards. The Company has elected to prepare its Parent Company Financial Statements in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (\u201cFRS 101\u201d); these are presented on pages 181 to 191.MEASUREMENT CONVENTIONThe Group Financial Statements are prepared on the historical cost basis except where the measurement of balances at fair value is required as explained below. The Group Financial Statements are presented in Sterling and all values are stated in million (\u00a3m) rounded to one decimal place, except where otherwise indicated.After making these assessments, the Directors have reasonable expectation that the Company and its subsidiaries have adequate resources to continue in operational existence for the foreseeable future and for a period of at least 12 months following the approval of these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the Annual Report and Financial Statements.NEW IFRS STANDARDS AND INTERPRETATIONS ADOPTED DURING 2022The following amendments and interpretations apply for the first time in 2022, and therefore were adopted by the Group:\u2022 Amendments to IFRS 3 \u2013 Reference to Conceptual Framework \u2022 Amendments to IAS 16 \u2013 Proceeds before intended use\u2022 Amendments to IAS 37 \u2013 Onerous Contracts \u2013 costs of fulfilling a contract The amendments noted above have not had a material impact on the financial statements.NEW IFRS STANDARDS AND INTERPRETATIONS TO BE ADOPTED IN THE FUTUREThe following standards and interpretations, which are not yet effective and have not been early adopted by the Group, will, where relevant, be adopted in future accounting periods:To be adopted for year-ending 31 December 2023:\u2022 Amendments to IAS 1 \u2013 Classification of liabilities as current or non-current\u2022 Amendments to IAS 8 \u2013 Definition of Accounting Estimates\u2022 Amendments to IAS 1 \u2013 Disclosure of Accounting Policies\u2022 Amendments to IAS 12 \u2013 Deferred Tax related to Assets and Liabilities arising from a Single TransactionThere are currently no further standards and interpretations to be adopted for year-ending 31 December 2024.The above changes are not expected to have a material impact on the Group.",
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"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-7-1": {
"value": "The Accounting Policies set out below have, unless otherwise stated, been applied consistently in all periods presented in these Group Financial Statements. Judgements made by the Directors in the application of these Accounting Policies that have a significant effect on the Group Financial Statements and estimates with a significant risk of material adjustment in the next year are discussed in note 2.",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-6-2": {
"value": "The consolidated financial statements comprise the financial statements of the Company, Hill & Smith PLC, and its subsidiaries as at 31 December 2022. Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The acquisition date is the date on which control is transferred to the acquirer. The financial statements of subsidiaries are included in the Group Financial Statements from the date that control commences until the date that control ceases.In preparing the consolidated financial statements, management has considered the impact of climate change, taking into account the relevant disclosures in the Strategic Report, including those made in accordance with the recommendations of the Taskforce on Climate-related Financial Disclosures. This included an assessment of assets with indefinite and long lives and how they could be impacted by measures taken to address global warming. As outlined in the Operational and Financial Review on page 23, physical climate change presents a relatively low risk to the Group\u2019s future business operations. As such, no issues were identified that would impact the carrying values of such assets or have any other impact on the financial statements.",
"dimensions": {
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"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-8-2": {
"value": "GOING CONCERN AND LIQUIDITY RISKIn determining the appropriate basis of preparation of its financial statements, the Directors are required to assess whether the Group can continue in operational existence for the foreseeable future. When making this assessment, the Group considers whether it will be able to maintain adequate liquidity headroom above the level of its borrowing facilities and to operate within the financial covenants on those facilities. At 31 December 2022, the Group had \u00a3309.0m of committed borrowing facilities, of which only \u00a30.3m matures before June 2026 at the earliest, and a further \u00a311.5m of on-demand facilities. The Group refinanced its revolving credit facility in November 2022, entering into a new facility with a value of \u00a3250m that is committed until November 2026, with an option to extend the maturity by a further year at the one-year anniversary. The Group also holds $70m of Senior Unsecured Notes, and other local committed borrowing facilities of \u00a30.6m. The amount drawn down under these committed facilities at 31 December 2022 was \u00a3107.4m, which together with cash and cash equivalents of \u00a324.8m gave total headroom of \u00a3237.9m (\u00a3226.4m committed, \u00a311.5m on demand). The Group has not made any changes to its principal borrowing facilities between 31 December 2022 and the date of approval of these financial statements. The only significant changes to liquidity headroom during that period were the acquisitions of Enduro Composites, which the Group completed on 17 February 2023 for an initial consideration of \u00a328.7m, and Korns Galvanizing, which the Group acquired on 6 March 2023 for consideration of \u00a39.4m. Substantial headroom against borrowing facilities remains in place post these acquisitions. The principal borrowing facilities are subject to covenants that are measured biannually in June and December, being net debt to EBITDA of a maximum of 3.0x and interest cover of a minimum of 4.0x, based on measures as defined in the facilities agreements which are adjusted from the equivalent IFRS amounts. The ratio of net debt to EBITDA at 31 December 2022 was 0.7 times and interest cover was 21.6 times. Note 24 to the Financial Statements sets out more information on the Group\u2019s objectives, policies and processes for managing its capital, its financial risk management objectives, details of its financial instruments and hedging activities, and its exposures to credit and liquidity risk.The Group has carefully modelled its cash flow outlook for the period to 30 June 2024, taking account of the current global economic conditions. In this \u2019base case\u2019 scenario, the forecasts indicate significant liquidity headroom will be maintained above the Group\u2019s borrowing facilities and financial covenants will be met throughout the period, including the covenant tests at 30 June 2023, 31 December 2023 and 30 June 2024. The Group has carried out stress tests against the base case to determine the performance levels that would result in a breach of covenants or a reduction of headroom against its borrowing facilities to nil. For a breach of covenants to occur during the relevant period, the Group would need to experience a sustained revenue reduction of 26% compared with current expectations throughout the period from May 2023 through June 2024. A reduction in headroom against borrowing facilities to nil would occur if the Group experienced a sustained revenue reduction of 88% compared with current expectations between May 2023 and June 2024. The Directors do not consider any of these scenarios to be plausible given the generally positive outlook across the infrastructure markets in which the Group operates. The Directors also noted the Group\u2019s ability to continue its operations throughout the COVID-19 pandemic, noting that revenues fell by only 22% in the second quarter of 2020, the worst-affected period. Furthermore, the Group has several mitigating actions under its control including minimising capital expenditure to critical requirements, reducing levels of discretionary spend, rationalising its overhead base and curtailing future dividend payments which, although not forecast to be required, could be implemented in order to be able to meet the covenant tests and to continue to operate within borrowing facility limits.",
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"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"pp-value-11-2": {
"value": "BUSINESS COMBINATIONSBusiness combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured at acquisition date fair value. Acquisition-related costs are expensed as incurred and included in non-underlying costs (see accounting policy \u2019non-underlying items\u2019). Fair value adjustments are always considered to be provisional at the first year end date after the acquisition to allow the maximum time to elapse for management to make a reliable estimate.The Group determines that it has acquired a business when the acquired set of activities and assets include an input and a substantive process that together significantly contribute to the ability to create outputs. The acquired process is considered substantive if it is critical to the ability to continue producing outputs, and the inputs acquired include an organised workforce with the necessary skills, knowledge, or experience to perform that process or it significantly contributes to the ability to continue producing outputs and is considered unique or scarce or cannot be replaced without significant cost, effort, or delay in the ability to continue producing outputs. INTANGIBLE ASSETS \u2013 GOODWILLGoodwill on acquisition of subsidiaries is initially measured at cost and comprises the excess of the fair value of the purchase consideration paid for subsidiaries over the Group\u2019s share of the fair value of the identifiable assets and liabilities acquired. After initial recognition, goodwill is measured at cost less impairment losses (see accounting policy \u2019Impairment of assets\u2019). INTANGIBLE ASSETS \u2013 OTHEROther intangible assets that are acquired by the Group as part of a business combination, such as brands, patents and customer lists, are stated at cost less accumulated amortisation and impairment losses (see accounting policy \u2019Impairment of assets\u2019). Cost reflects management\u2019s judgement of the fair value of the individual intangible asset calculated by reference to the net present value of future benefits accruing to the Group from the utilisation of the asset, discounted at an appropriate discount rate.Certain US brands are considered to have an indefinite life and therefore are subject to annual impairment testing (see accounting policy \u2019Impairment of assets\u2019). In determining that these brands have indefinite lives, consideration was given to the extent of their trading history, which in all cases exceeds 50 years, their prominence in the markets in which they operate and the nature of the products sold under those brands in the context of potential for future development. For other brands, patents and customer lists, amortisation is provided equally over the estimated useful economic life of the assets concerned, currently up to 20 years. Amortisation of such items is recorded as a non-underlying item within administrative expenses (note 5).Where computer software is not an integral part of a related item of computer hardware, the software is treated as an intangible asset. Acquired computer software licences are capitalised on the basis of costs incurred to acquire and bring into use the specific software. An internally generated intangible asset arising from the Group\u2019s development of computer systems (including websites) is recognised if, and only if, the costs are directly associated with the production of identifiable and unique software products, controlled by the Group and it is probable that future economic benefits will flow to the Group. Amortisation is provided equally over the estimated useful economic life of the assets concerned, currently up to seven years.Trade licences are amortised over the specific term granted to each individual licence.An intangible asset is derecognised upon disposal (i.e. at the date the recipient obtains control) or when no future economic benefits are expected from its use or disposal. Any gain or loss arising upon derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the Consolidated Income Statement.INTANGIBLE ASSETS \u2013 RESEARCH AND DEVELOPMENT COSTSResearch costs are expensed as incurred. Development expenditures on an individual project are recognised as an intangible asset when the Group can demonstrate: \u2022 The technical feasibility of completing the intangible asset so that the asset will be available for use or sale;\u2022 Its intention to complete and its ability and intention to use or sell the asset;\u2022 How the asset will generate future economic benefits;\u2022 The availability of resources to complete the asset; and\u2022 The ability to measure reliably the expenditure during development.The expenditure capitalised includes the cost of materials, direct labour and an appropriate amount of directly attributable overheads. Following initial recognition of the development expenditure as an asset, the asset is carried at cost less any accumulated amortisation and accumulated impairment losses (see accounting policy \u2019Impairment of assets\u2019). Amortisation of the asset begins when development is complete and the asset is available for use. It is amortised over the period of expected future benefit. Amortisation is recorded in administrative expenses. During the period of development, the asset is tested for impairment annually.Other development expenditure is recognised in the Consolidated Income Statement as an expense as incurred.PROPERTY, PLANT, EQUIPMENT AND DEPRECIATIONProperty, plant and equipment are recorded in the Group\u2019s Consolidated Statement of Financial Position at cost less accumulated depreciation and any recognised impairment loss. Cost includes, where appropriate, directly attributable costs incurred in bringing each asset to its present condition and location. Assets in the course of construction are stated at cost, net of any accumulated impairment losses. Certain of the Group\u2019s Roads businesses routinely generate revenue from the rental of assets to customers. Such assets are accounted for as plant and equipment. If an asset that is held for rental is sold, the asset is transferred from property, plant and equipment to inventories at the carrying amount when the asset ceases to be rented. The proceeds from the sale of such assets are recognised as revenue in the Consolidated Income Statement. Depreciation is provided to write off the cost or deemed cost less the estimated residual value of property, plant and equipment (excluding assets in the course of construction) by equal instalments over their estimated useful economic lives as follows:Buildings and leasehold improvements 5 to 50 yearsPlant, machinery and vehicles up to 20 years No depreciation is provided on freehold land.The residual values, useful lives and methods of depreciation of property, plant and equipment are reviewed at each financial year end and adjusted prospectively, if appropriate.An item of property, plant and equipment and any significant part initially recognised is derecognised upon disposal (i.e. at the date the recipient obtains control) or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the Consolidated Income Statement when the asset is derecognised.Repair and maintenance costs are recognised in the Consolidated Income Statement as incurred.IMPAIRMENT OF ASSETSFor goodwill and intangible assets that have an indefinite life, the recoverable amount is assessed at each year end date, or when indicators of impairment exist, and an impairment loss is recognised, where appropriate, for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. Impairment reviews are undertaken at the level of each significant cash generating unit, which are no larger than operating segments as defined in IFRS 8 \u2013 Segmental reporting.The carrying amounts of the Group\u2019s other non-financial assets, other than inventories (see accounting policy \u2019Inventories\u2019) and deferred tax balances (see accounting policy \u2019Deferred taxation\u2019), are reviewed at each year end date to determine whether there is an indication of impairment. If such an indication exists, the relevant asset\u2019s recoverable amount is estimated. An impairment loss is recognised whenever the carrying amount of the asset or its cash generating unit exceeds its recoverable amount.The recoverable amount of an asset or cash generating unit is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset.NON-CURRENT ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONSThe Group classifies non-current assets and disposal groups as held for sale if their carrying amount will be recovered principally through sale rather than through continuing use. On initial classification as held for sale, non-current assets and disposal groups are measured at the lower of the previous carrying amount and fair value less costs to sell with any adjustments taken to the Consolidated Income Statement. The same applies to gains and losses on subsequent remeasurement. Costs to sell are the incremental costs directly attributable to the disposal of an asset (disposal group), excluding finance costs and income tax expense. The criteria for held for sale classification are regarded as met only when the sale is highly probable, and the asset or disposal group is available for immediate sale in its present condition. Actions required to complete the sale should indicate that it is unlikely that significant changes to the sale will be made or that the decision to sell will be withdrawn. The Group must be committed to the plan to sell the asset and the sale expected to be completed within one year from the date of the classification.Property, plant and equipment, intangible assets and right-of-use assets are not depreciated or amortised once classified as held for sale.Assets and liabilities classified as held for sale are presented separately as current items in the Group\u2019s Consolidated Statement of Financial Position.FINANCIAL INSTRUMENTSFinancial assets and liabilities are recognised in the Group\u2019s Consolidated Statement of Financial Position when the Group becomes party to the contractual provisions of the instrument.Trade receivables and trade payables are initially measured at fair value. Subsequent to initial recognition, they are carried at amortised cost using the effective interest method, and in the case of trade receivables, less any impairment losses. Impairment losses are measured using an expected credit loss model. The Group uses the simplified approach to measure expected credit losses for trade receivables and therefore does not track changes in credit risk, but instead recognises a loss allowance based on lifetime expected credit losses at each reporting date. Further details are provided in note 24(e).Derivative financial instruments of the Group are used to hedge its exposure to interest rate and foreign currency risks arising from operational, financing and investment activities.In accordance with its treasury policy, the Group does not hold or issue derivative financial instruments for trading purposes. However, derivatives that do not qualify for hedge accounting are accounted for as trading instruments, as follows:\u2022 Derivative financial instruments are stated at fair value. The unhedged gain or loss on remeasurement to fair value is recognised immediately in the Consolidated Income Statement.\u2022 The fair value of foreign exchange contracts is the estimated amount that the Group would receive or pay to terminate such contracts at the year end date, taking into account the forward exchange rates prevailing at that date.Where derivative financial instruments are used to hedge cash flow risk, such as interest rate swaps, the effective part of any gain or loss on the fair value of cash flow hedges is recognised in the Consolidated Statement of Comprehensive Income and in the hedge reserve, while any ineffective part is recognised immediately in the Consolidated Income Statement. Amounts recorded in the hedge reserve are subsequently reclassified to the Consolidated Income Statement when the interest expense is actually recognised.To qualify for hedge accounting the hedging relationship must meet several conditions with respect to documentation, probability of occurrence, hedge effectiveness and reliability of measurement. At the inception of the transaction, the Group documents the relationship between hedging instruments and hedged items, as well as its risk management objective and strategy for undertaking the hedge transaction. This process includes linking all derivatives designated as hedges to specific assets and liabilities or to specific firm commitments or forecast transactions. The Group also documents its assessment, at hedge inception and on a half yearly basis, as to whether the derivatives that are used in hedging transactions have been, and are likely to continue to be, effective in offsetting changes in fair value or cash flows of hedged items.Interest bearing borrowings are recognised initially at fair value. Subsequent to initial recognition, interest bearing borrowings are stated at amortised cost with any difference between cost and redemption value being recognised in the Consolidated Income Statement over the period of the borrowings on an effective interest basis.CASH AND CASH EQUIVALENTSCash and cash equivalents comprise cash balances and call deposits. Bank overdrafts that are repayable on demand and form an integral part of the Group\u2019s cash management are, where there is a right of offset, included as a component of cash and cash equivalents for the purpose of the Consolidated Statement of Cash Flows.FOREIGN CURRENCIESTransactions in foreign currencies are recorded using the rate of exchange ruling at the date of the transaction. Any gain or loss on translation of monetary foreign currency assets and liabilities arising from a movement in exchange rates subsequent to initial measurement is included as an exchange gain or loss in the Consolidated Income Statement.Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair value are retranslated to the functional currency at foreign exchange rates ruling at the dates the fair value was determined.The assets and liabilities of overseas subsidiary undertakings, including goodwill and fair value adjustments arising on acquisition, are translated at the closing exchange rate. Income statements and cash flows of such undertakings are translated into Sterling at weighted average rates of exchange, other than substantial transactions that are translated at the rate on the date of the transaction. The adjustments to period end rates are taken to the cumulative translation reserve in equity and reported in the Consolidated Statement of Comprehensive Income. When an overseas operation is disposed of, in part or in full, the relevant amount in the translation reserve is transferred to profit or loss.Foreign currency differences arising on the retranslation of a financial liability designated as a hedge of a net investment in a foreign operation are recognised and reported in the Consolidated Statement of Comprehensive Income, to the extent that the hedge is effective. To the extent that the hedge is ineffective, such differences are recognised in profit or loss. When the hedged part of a net investment is disposed of, the associated cumulative amount in the translation reserve is transferred to profit or loss as an adjustment to the profit or loss on disposal.The principal exchange rates used were as follows:2022 2021Average Closing Average ClosingSterling to Euro (\u00a31 = EUR) 1.17 1.13 1.16 1.19Sterling to US Dollar (\u00a31 = USD) 1.24 1.20 1.38 1.35Sterling to Swedish Krona (\u00a31 = SEK) 12.47 12.49 11.80 12.21Sterling to Indian Rupee (\u00a31 = INR) 97.01 99.41 101.71 100.21Sterling to Australian Dollar (\u00a31 = AUD) 1.78 1.77 1.83 1.86INVENTORIESInventories are stated at the lower of cost and net realisable value. In determining the cost of raw materials, consumables and goods purchased for resale, either the FIFO or average cost method is used depending on the nature of the inventory. Cost for work in progress and finished goods comprises direct materials, direct labour and an appropriate proportion of attributable overheads.PROVISIONSA provision is recognised in the Consolidated Statement of Financial Position when the Group has a present legal or constructive obligation as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. If the effect of the time value of money is material, provisions are determined by discounting the expected future cash flows at a pre tax rate that reflects current market assessments of the time value of money and, when appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognised as a finance cost.A provision for restructuring is recognised when the Group has approved a detailed and formal restructuring plan and the restructuring either has commenced or has been announced publicly. Future operating costs are not provided for.In accordance with the Group\u2019s environmental policy and applicable legal requirements, a provision for site restoration in respect of contaminated land is recognised as an obligation arises.LEASESTo the extent that a right-of-control exists over an asset subject to a lease and with a lease term exceeding one year, the Group recognises a right-of-use asset, representing the underlying lease asset, and a lease liability, representing the Group\u2019s obligation to make lease payments. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, any initial direct costs incurred and an estimate of the dismantling, removal and restoration costs as required by the terms of the lease contract.The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. If ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset. The right-of-use assets are also subject to review for impairment (see accounting policy \u2019Impairment of assets\u2019).The lease liability is measured at the present value of the future lease payments discounted using the Group\u2019s incremental borrowing rate, being the rate that the lessee would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions. Future lease payments include: fixed payments, variable lease payments that depend on an index or a rate (initially measured using the index or rate as at the commencement date), amounts expected to be payable under a residual guarantee and the exercise price of purchased options where it is reasonably certain that the option will be exercised. Finance charges, representing the unwinding of the discount rate, are recognised in the Consolidated Income Statement over the period of the lease.Lease payments for low value assets and short term leases (less than 12 months) are recognised as an expense on a straight-line basis over the lease term.REVENUERevenue is measured based on the consideration specified in a contract with a customer for the provision of goods and services. The amount recognised excludes sales taxes and is adjusted for any discounts or volume rebates that are included in the contract. It includes consideration received from the customer for freight activities only if the transportation activities are required to fulfil a performance obligation. If the transportation activities are determined to be a separate performance obligation, an entity will only recognise the consideration as revenue if the entity is determined to be acting as principal in the agreement, otherwise the consideration received from the customer for transport costs is recognised net of the related cost, rather than as revenue. The Group\u2019s contracts with customers do not contain significant financing components and payment terms are generally customary to the jurisdictions in which each subsidiary operates. The Group recognises revenue when it transfers control over a good or service to a customer. The following information sets out the Group\u2019s approach to the nature and timing of the satisfaction of performance obligations in contracts with customers in each of its operating segments and the related revenue recognition policies.Engineered Solutions (formerly known as \u2019Utilities\u2019) and Roads & SecurityFor standard products that are manufactured, revenue is recognised when goods are accepted by customers, which is usually on delivery depending on the Incoterms defined in the contract. The Group also enters into certain contracts which require customers to inspect and accept goods that have been manufactured but retained in the Group\u2019s facilities; in these cases the customer is deemed to have accepted the product when they have provided evidence of their acceptance and revenue is therefore recognised at that point, assuming that the other criteria set out in IFRS 15 have been met.Certain of the Group\u2019s businesses in the Engineered Solutions and Roads & Security segments manufacture non-standard products that are specific to customer requirements and therefore require a high degree of customisation. The Group has determined that in these cases a product with no alternative use is created. Where the contractual terms are such that if the contract is terminated by the customer then the Group has a right to reimbursement of the costs incurred including a reasonable margin, revenue is recognised over time i.e. before the completed goods are delivered to the customer\u2019s premises. Progress is generally determined using input methods (such as costs incurred), unless the circumstances of the contract are such that output methods (such as milestones reached) are considered more appropriate.In some cases the Group provides installation of its products to customers as an additional service. Revenue from installation services is recognised over the period that the installation takes place, which is generally less than one month.Certain of the Group\u2019s businesses in these segments engage in contracts with customers which include variable consideration. This occurs where the Group provides retrospective sales volume rebates to certain customers once, amongst other matters, the quantity of goods purchased during a predetermined period exceeds thresholds specified in the sales contract. To estimate the variable consideration for these expected future rebates, the Group applies the most likely amount method to reflect the consideration that the Group is entitled to. Variable consideration is only recognised to the extent that it is highly probable that the inclusion will not result in a significant revenue reversal in the future. Certain of the Group\u2019s Roads businesses routinely generate revenue from the rental of assets to customers. Revenue from these rental agreements is recognised over the period over which the assets are available to the customer. If an asset that is held for rental is sold, the asset is transferred from property, plant and equipment to inventories at the carrying amount when the asset ceases to be rented. The proceeds from the sale of such assets are recognised as revenue in the Consolidated Income Statement.The Group classifies proceeds from the sale of scrap products generated in the manufacturing process within revenue. Galvanizing ServicesContracts with customers in the Galvanizing Services segment are generally simple. Revenue is recognised at a point in time, which is when the galvanized goods are either despatched or collected by the customer.The Group classifies proceeds from the sale of by-products generated during the galvanizing process within revenue. CONTRACT ASSETSContract assets primarily relate to the rights to consideration for work completed but not billed at the reporting date. Contract assets are transferred to receivables when the rights become unconditional.CONTRACT LIABILITIESContract liabilities arise when the Group receives consideration from customers based on an agreed billing schedule, as established in the contract, which may not correspond with the pattern of performance under the contract. Where consideration has been received but a performance obligation not satisfied at the reporting date, a contract liability is recorded and presented as Deferred Income in the Consolidated Statement of Financial Position.RETIREMENT BENEFITSThe Group operates pension schemes under which contributions by employees and by the sponsoring companies are held in trust funds separated from the Group\u2019s finances.Obligations for contributions to defined contribution pension schemes are recognised as an expense in the Consolidated Income Statement as incurred. The Group\u2019s net obligation in respect of defined benefit pension schemes is calculated separately for each scheme by estimating the amount of future benefit that employees have earned in return for their service in the current and prior periods. This benefit is discounted to determine its present value, and the fair value of any scheme assets is deducted. The discount rate is the yield at the year end date on AA rated bonds that have maturity dates approximating to the terms of the Group\u2019s obligations. The calculation is performed by a qualified actuary using the projected unit method. Scheme assets are valued at bid price.In the Consolidated Income Statement current and past service costs are recognised in operating profit and the interest cost on the net defined benefit obligations is included in financial expense.All actuarial gains and losses in calculating the Group\u2019s obligation in respect of defined benefit schemes are recognised annually and reported in the Consolidated Statement of Comprehensive Income.SHARE-BASED PAYMENT TRANSACTIONSThe Group issues equity settled share-based payments to certain employees, including those in the form of buy-out awards or deferred bonus awards. The fair value of shares/options granted is recognised as an employee expense, with a corresponding increase in equity reserves. The fair value is calculated at the grant date and spread over the period during which the employees become unconditionally entitled to the shares/options. The Black\u2013Scholes model has been adopted as the method of evaluating the fair value of the options where vesting is based on non-market conditions, while a Monte Carlo Simulation is used where vesting is based on market conditions. The amount recognised as an expense is adjusted to reflect the actual number of awards for which the related service and non-market vesting conditions are expected to be met, such that the amount ultimately recognised as an expense is based on the number of awards that do meet the related service and non-market performance conditions at the vesting date. For share-based payment awards with non-vesting conditions, the grant date fair value of the share-based payment is measured to reflect such conditions and there is no adjustment for differences between expected and actual outcomes.The fair value of amounts payable to employees in respect of share appreciation rights settled in cash is recognised as an employee expense and corresponding increase in liabilities. The fair value of the liability is remeasured at each reporting date and spread over the period during which employees become unconditionally entitled to the payment.FINANCIAL INCOME AND EXPENSEFinancial income comprises interest income on funds invested and gains on the fair value of financial assets and liabilities at fair value through profit or loss. Interest income is recognised as it accrues in the Consolidated Income Statement using the effective interest method.Financial expense comprises interest expense on borrowings, interest cost on net pension scheme obligations, unwinding of discounts, losses on the fair value of financial assets and liabilities at fair value through profit or loss, the interest expense on lease liabilities and financial expenses related to refinancing. All borrowing costs are recognised in the Consolidated Income Statement using the effective interest method.NON-UNDERLYING ITEMSThe Group\u2019s accounting policy for non-underlying items is as follows:Non-underlying items are presented separately in the Consolidated Income Statement where, in the Directors\u2019 judgement, the quantum, nature or volatility of such items gives further information to obtain a fuller understanding of the underlying performance of the business. The following are included by the Group in its assessment of non-underlying items:\u2022 Gains or losses arising on disposal, closure, restructuring or reorganisation of businesses that do not meet the definition of discontinued operations.\u2022 Amortisation of intangible fixed assets arising on acquisitions, which can vary depending on the nature, size and frequency of acquisitions in each financial period.\u2022 Expenses associated with acquisitions and disposals, comprising professional fees incurred, any consideration which, under IFRS 3 (Revised) is required to be treated as a post-acquisition employment expense, and changes in contingent consideration payable on acquisitions.\u2022 Impairment charges in respect of tangible or intangible fixed assets, or right-of-use assets.\u2022 Changes in the fair value of derivative financial instruments.\u2022 Significant past service items or curtailments and settlements relating to defined benefit pension obligations resulting from material changes in the terms of the schemes.The non-underlying tax charge or credit comprises the tax effect of the above non-underlying items.Details in respect of the non-underlying items recognised in the current and prior year are set out in note 5 to the Financial Statements.INCOME TAXIncome tax on the profit or loss for the year represents the sum of the tax currently payable and deferred tax. Income tax is recognised in the Consolidated Income Statement except to the extent that it relates to items either recognised in other comprehensive income or directly in equity.Current tax is the expected tax payable on the taxable profit for the year. Taxable profit differs from net profit as reported in the Consolidated Income Statement because it excludes items of income or expense that are not taxable or deductible. The Group\u2019s liability for current tax is calculated using tax rates enacted or substantively enacted at the year end date, and any adjustments to tax payable in respect of previous years.DEFERRED TAXATIONDeferred tax is provided in full using the Consolidated Statement of Financial Position liability method and represents the tax expected to be payable or recoverable on the temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: goodwill not deductible for tax purposes, the initial recognition of assets and liabilities not resulting from a business combination that affects neither accounting or taxable profit, and differences relating to investments in subsidiaries to the extent that they will not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the year end 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. The carrying amount of deferred tax assets is reviewed at each year end date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the asset to be recovered.Deferred tax assets and liabilities are offset when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis.ORDINARY DIVIDENDSDividends are recognised as a liability in the period in which they are approved by the Company\u2019s shareholders.OWN SHARES HELD BY EMPLOYEE BENEFIT TRUST (\u201bEBT\u2019)Transactions of the Group-sponsored EBT are included in the Group Financial Statements. In particular, the Trust\u2019s purchases of shares in the Company are debited directly to equity.GOVERNMENT GRANTSGovernment grant income is recognised where there is reasonable assurance that the grant will be received, and all attached conditions will be complied with. When the grant relates to an expense item, it is recognised as income on a systematic basis over the periods that the related costs, for which it is intended to compensate, are expensed. Government grant income that is linked to capital expenditure is deferred to the Consolidated Statement of Financial Position as Deferred Government Grants in Liabilities and credited to the Consolidated Income Statement over the life of the related asset.FINANCIAL GUARANTEE CONTRACTSWhere the Group enters into financial guarantee contracts to guarantee the indebtedness of subsidiary companies, the Group considers these to be insurance contracts and treats the guarantee contract as a contingent liability until such time as it becomes probable that the Group will be required to make a payment under the guarantee.3. Segmental informationBUSINESS SEGMENT ANALYSISThe Group has three reportable segments which are Roads & Security, Engineered Solutions and Galvanizing Services. The Group\u2019s internal management structure and financial reporting systems differentiate between these segments, and, in reporting, management have taken the view that they comprise a reporting segment on the basis of the following economic characteristics:\u2022 The Roads & Security segment contains a group of businesses supplying products designed to ensure the safety and security of roads and other national infrastructure, many of which have been developed to address national and international safety standards, to customers involved in the construction of that infrastructure; \u2022 The Engineered Solutions segment contains a group of businesses supplying products characterised by a degree of engineering expertise, to public and private customers involved in the construction of facilities serving the utilities and other infrastructure markets; and\u2022 The Galvanizing Services segment contains a group of companies supplying galvanizing and related materials coating services to companies in a wide range of markets including construction, agriculture and infrastructure.Corporate costs are allocated to reportable segments in proportion to the revenue of each of those segments.4. Alternative Performance MeasuresThe Group presents Alternative Performance Measures (\u201bAPMs\u2019) in addition to its statutory results. These are presented in accordance with the Guidelines on APMs issued by the European Securities and Markets Authority. The principal APMs are:\u2022 Underlying profit before taxation;\u2022 Underlying operating profit;\u2022 Underlying operating profit margin;\u2022 Organic measure of change in revenue and underlying operating profit;\u2022 Underlying cash conversion ratio;\u2022 Capital expenditure to depreciation and amortisation ratio; \u2022 Covenant net debt to EBITDA ratio; and\u2022 Underlying earnings per share. A reconciliation of statutory earnings per share to underlying earnings per share is provided in note 11.All underlying measures exclude certain non-underlying items, which are detailed in note 5. References to an underlying profit measure are made on this basis and, in the opinion of the Directors, aid the understanding of the underlying business performance as they exclude items whose quantum, nature or volatility gives further information to obtain a fuller understanding of the underlying performance of the business. APMs are presented on a consistent basis over time to assist in comparison of performance.4. Alternative Performance Measures\u2002continuedRECONCILIATION OF UNDERLYING TO REPORTED PROFIT BEFORE TAX FROM CONTINUING OPERATIONS20222021\u00a3m\u00a3mUnderlying profit before tax from continuing operations 87.9 71.2Non-underlying items included in operating profit (note 5) (18.6) (28.4)Reported profit before tax from continuing operations 69.3 42.8RECONCILIATION OF UNDERLYING TO REPORTED OPERATING PROFIT FROM CONTINUING OPERATIONS BY SEGMENTRoads & Security Engineered Solutions Galvanizing Total20222021202220212022202120222021\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mUnderlying operating profit from continuing operations 18.1 17.9 35.0 26.0 44.0 33.4 97.1 77.3Non-underlying items:Amortisation of acquisition intangibles (4.6) (4.5) (0.5) (0.5) (0.9) (0.9) (6.0) (5.9)Business reorganisation costs (2.9) (4.5) \u2013 \u2013 \u2013 \u2013 (2.9) (4.5)Impairment of assets (6.4) (16.0) \u2013 \u2013 \u2013 \u2013 (6.4) (16.0)Expenses related to acquisitions and disposals (1.5) \u2013 (0.4) \u2013 (0.4) (1.6) (2.3) (1.6)Loss on disposal of subsidiaries (1.0) (0.4) \u2013 \u2013 \u2013 \u2013 (1.0) (0.4)Reported operating profit from continuing operations 1.7 (7.5) 34.1 25.5 42.7 30.9 78.5 48.9CALCULATION OF UNDERLYING OPERATING PROFIT MARGIN FROM CONTINUING OPERATIONSRoads & Security Engineered Solutions Galvanizing Total20222021202220212022202120222021Continuing operations\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mUnderlying operating profit 18.1 17.9 35.0 26.0 44.0 33.4 97.1 77.3Revenue 261.5 259.7 289.9 223.7 180.7 141.8 732.1 625.2Underlying operating profit margin (%) 6.9% 6.9% 12.1% 11.6% 24.3% 23.6% 13.3% 12.4%4. Alternative Performance Measures\u2002continuedMEASURES OF ORGANIC AND CONSTANT CURRENCY CHANGE IN REVENUE AND UNDERLYING OPERATING PROFIT FROM CONTINUING OPERATIONSOrganic constant currency measures exclude the impact of currency translation movements, acquisitions, disposals and closures of subsidiary businesses. In respect of acquisitions, the amounts referred to represent the amounts for the period in the current year that the business was not held in the prior year. In respect of disposals and closures of subsidiary businesses, the amounts referred to represent the amounts for the period in the prior year that the business was not held in the current year. Constant currency amounts are prepared using exchange rates which prevailed in the current year.Roads & Security Engineered Solutions Galvanizing TotalUnderlying Underlying Underlying Underlying operating operating operating operating RevenueprofitRevenueprofitRevenueprofitRevenueprofitContinuing operations\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m2021 259.7 17.9 223.7 26.0 141.8 33.4 625.2 77.3Impact of exchange rate movements from 2021 to 2022 5.4 1.0 15.9 2.2 8.2 2.4 29.5 5.62021 translated at 2022 exchange rates (A) 265.1 18.9 239.6 28.2 150.0 35.8 654.7 82.9Acquisitions, disposals and closures (17.6) 2.5 \u2013 \u2013 0.8 \u2013 (16.8) 2.5Organic growth/(decline) (B) 14.0 (3.3) 50.3 6.8 29.9 8.2 94.2 11.72022 (C) 261.5 18.1 289.9 35.0 180.7 44.0 732.1 97.1Organic growth % (B divided by A) 5.3% (17.5%) 21.0% 24.1% 19.9% 22.9% 14.4% 14.1%Constant currency change % ((C-A) divided by A) (1.4%) (4.2%) 21.0% 24.1% 20.5% 22.9% 11.8% 17.1%CALCULATION OF UNDERLYING CASH CONVERSION RATIO20222021\u00a3m\u00a3mUnderlying operating profit:Continuing operations 97.1 77.3Discontinued operations 6.8 8.7103.9 86.0Calculation of adjusted operating cash flow:Cash generated by operations 82.9 103.1Less: Purchase of assets for rental to customers (10.6) (16.7)Less: Purchase of property, plant and equipment (18.4) (17.8)Less: Purchase of intangible assets (2.5) (1.4)Less: Repayments of lease liabilities (9.5) (10.3)Add: Proceeds on disposal of non-current assets 0.4 3.7Add back: Defined benefit pension scheme deficit payments 3.7 3.7Add back: Cash flows relating to non-underlying items 6.5 2.7Adjusted operating cash flow 52.5 67.0Underlying cash conversion (%) 51% 78%4. Alternative Performance Measures\u2002continuedCALCULATION OF CAPITAL EXPENDITURE TO DEPRECIATION AND AMORTISATION RATIO20222021\u00a3m\u00a3mCalculation of capital expenditure:Purchase of assets for rental to customers 10.6 16.7Purchase of property, plant and equipment 18.4 17.8Purchase of intangible assets 2.5 1.431.5 35.9Calculation of depreciation and amortisation:Depreciation of property, plant and equipment (note 8) 19.1 20.9Amortisation of development costs (note 8) 1.1 1.1Amortisation of other intangible assets (note 8) 1.0 0.321.2 22.3Capital expenditure to depreciation and amortisation ratio 1.5x 1.6xCALCULATION OF COVENANT NET DEBT TO EBITDA RATIO20222021\u00a3m\u00a3mReported net debt (note 20) 119.7 144.7Lease liabilities (note 16) (39.3) (40.6)Amounts related to refinancing under IFRS 9 2.2 2.5Covenant net debt (A) 82.6 106.6Underlying operating profit 103.9 86.0Depreciation of owned assets (note 14) 19.1 20.9Right-of-use asset depreciation (note 16) 8.8 10.3Amortisation of development costs (note 13) 1.1 1.1Amortisation of other intangible assets (note 13) 1.0 0.3Underlying EBITDA 133.9 118.6Adjusted for:Lease payments (note 16) (10.3) (11.1)Share-based payments expense (note 25) 2.0 2.8Annualised EBITDA of subsidiaries acquired/disposed (3.7) 0.4Covenant EBITDA (B) 121.9 110.7Covenant net debt to EBITDA (A divided by B) 0.7 1.05. Non-underlying itemsINCLUDED IN OPERATING PROFIT 20222021\u00a3m\u00a3mLoss on disposal of subsidiaries (a) (1.4) (0.4)Business reorganisation costs (b) (2.9) (4.5)Impairment of assets (c) (6.4) (16.0)Amortisation of acquisition intangibles (6.2) (6.1)Expenses related to acquisitions and disposals (3.5) (2.0)Total non-underlying items (20.4) (29.0)Total non-underlying items \u2013 continuing operations (18.6) (28.4)Total non-underlying items \u2013 discontinued operations (1.8) (0.6)Notes:a) In 2022, the Group completed the disposal of the majority of its Swedish roads business. In April we disposed of the rental division and in November we sold the infrastructure contracts division, at a combined loss of \u00a31.0m. Details are set out below:Disposal of Swedish rental and infrastructure contracts divisions \u00a3mProperty, plant and equipment 2.0Right-of-use assets 2.1Inventories 1.1Current assets 0.2Current liabilities (0.2)Lease liabilities (2.0)Net assets disposed 3.2Consideration received 2.5Cumulative exchange differences (0.3)Loss on disposal 1.0The Group also incurred costs of disposal of \u00a30.5m, which are included within \u2019expenses related to acquisitions and disposals\u2019 in the table above. Alongside the disposals, asset impairments of \u00a30.2m and reorganisation costs of \u00a30.3m were incurred in relation to the remaining business. The total of non-underlying net charges relating to the Swedish business is therefore \u00a32.0m.5. Non-underlying items\u2002continuedIn October 2022, the Group completed the disposal of France Galva, its French galvanizing and lighting column business, at a loss of \u00a30.4m. Details of the disposal are set out below:Disposal of France Galva \u00a3mProperty, plant and equipment 28.4Intangibles 13.2Right-of-use assets 0.9Inventories 24.0Current assets 17.6Cash and cash equivalents 5.9Deferred tax 1.4Lease liabilities (0.8)Current liabilities (20.2)Loans & borrowings (0.3)Provisions (0.9)Retirement benefit obligation (4.6)Net assets disposed 64.6Consideration received 62.0Cumulative exchange differences 2.2Loss on disposal 0.4The Group also incurred costs of disposal of \u00a31.2m, which are included within \u2019expenses related to acquisitions and disposals\u2019 in the table above. In 2021, the loss on disposal of \u00a30.4m related to the sale of Technocover Limited, the Group\u2019s small access covers business.b) In May 2022, the Group took the decision to exit the low-margin plastic products operations that formed part of our US roads business. Net charges on closure totalled \u00a32.9m, comprising business reorganisation costs of \u00a31.1m and asset impairment charges of \u00a31.8m. In addition, following the closure of the Group\u2019s variable message sign (VMS) business that was announced in March 2021, the Group has incurred a further \u00a31.5m of costs in 2022 in relation to the completion of legacy contracts. The business reorganisation costs of \u00a34.5m in 2021 also related to the VMS closure. c) Impairment charges of \u00a36.4m in 2022 comprise the portfolio management actions explained above (totalling \u00a32.0m) and a charge of \u00a34.4m (2021: \u00a35.2m) in respect of acquisition intangible assets relating to Parking Facilities, one of the Group\u2019s UK security businesses. Parking Facilities manufactures and sells a range of perimeter access security products, predominantly to specialist security installers in the UK. The COVID pandemic resulted in a weak trading period in 2020 as several customer contracts were cancelled or postponed and whilst the business saw a marginal improvement in revenue and profitability in 2021, ongoing constraints on customer budgets continued to weigh on demand. In 2022, customer activity continued to be weak and supply chain challenges, input cost inflation and operational issues led to a deterioration in margins. The Board\u2019s reassessment of the future outlook for Parking Facilities, which also took into account the impact on gross margins of developments in the competitive landscape, concluded that there was limited prospect of the business returning to the levels of profitability previously anticipated and therefore that the expected future cash flows were not sufficient to support the carrying value. The resulting impairment charge of \u00a34.4m comprises \u00a34.0m in respect of acquired customer lists and \u00a30.4m in respect of acquired brand names, meaning those assets have been fully impaired as at 31 December 2022. In 2021, impairment charges also included \u00a310.8m in respect of acquisition goodwill and intangible assets relating to ATG Access, another of the Group\u2019s UK security businesses.INCLUDED IN TAXATIONThe tax effect of the above items is a credit to the income statement of \u00a33.7m (2021: \u00a31.1m). 26. Guarantees and other financial commitments (A) GUARANTEESSubsidiary audit exemptionsHill & Smith PLC has issued guarantees over the liabilities of the following predominantly non-trading UK subsidiaries as at 31 December 2022 under Section 479C of the Companies Act 2006. These entities are exempt from the requirements of the Act relating to the audit of individual accounts by virtue of Section 479A of the Act:Company Name Company NumberBergen Pipe Supports Limited 00926644Bergen Pipe Supports Group Limited 01013871Hill & Smith (International) Limited 11331411Hill & Smith (Americas) Limited 07269581Hill & Smith (Americas) 2 Limited 10783462Hill & Smith (Americas) 3 Limited 12060645Hill & Smith (France) Limited 06768033Hill & Smith Overseas Limited 06614400Hill & Smith (Treasury) Limited 06814150Hill & Smith (USA) Limited 06876775Hardstaff Barriers Limited 02791285Cobaco Holdings Limited 08317210Signpost Solutions Limited 01084535Mallatite Minor Structures & Products Ltd 13717429Bowater Doors Limited 13738120Expamet Limited 13748629VMS Newco Limited 12968560Varley & Gulliver Limited 00330433Ash & Lacy Limited 00047169Ash & Lacy Manufacturing Limited 03008964Ash & Lacy Services Limited 02798286Hawkshead Properties Limited 00562451Redman Fisher Engineering Limited 00169316Hill & Smith (Australia) Limited 14411306Widnes Galvanising Limited 02206443The Group had no financial guarantee contracts outstanding as at 31 December 2022.(B) CAPITAL COMMITMENTS20222021\u00a3m\u00a3mContracted for but not provided in the accounts 3.8 3.0(C) OPERATING LEASE RECEIVABLESThe total future minimum commitments receivable under non-cancellable operating leases are analysed as follows:2022 2021Land and Land andBuildingsOther BuildingsOther\u00a3m\u00a3m\u00a3m\u00a3mGroupWithin one year 0.1 4.8 0.1 4.6Between one and five years \u2013 1.4 \u2013 1.1After five years \u2013 \u2013 \u2013 \u20130.1 6.2 0.1 5.728. Related party transactionsAs explained in note 6, the key management personnel are considered to be the Board of Directors of Hill & Smith PLC and the members of the Executive Board who are not also Directors of Hill & Smith PLC. The Board of Directors\u2019 remuneration can be seen in the Directors\u2019 Remuneration Report on pages 92 to 104. The combined remuneration of key management personnel can be seen in note 6 to the financial statements on page 147.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-11-3": {
"value": "BUSINESS COMBINATIONSBusiness combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured at acquisition date fair value. Acquisition-related costs are expensed as incurred and included in non-underlying costs (see accounting policy \u2019non-underlying items\u2019). Fair value adjustments are always considered to be provisional at the first year end date after the acquisition to allow the maximum time to elapse for management to make a reliable estimate.The Group determines that it has acquired a business when the acquired set of activities and assets include an input and a substantive process that together significantly contribute to the ability to create outputs. The acquired process is considered substantive if it is critical to the ability to continue producing outputs, and the inputs acquired include an organised workforce with the necessary skills, knowledge, or experience to perform that process or it significantly contributes to the ability to continue producing outputs and is considered unique or scarce or cannot be replaced without significant cost, effort, or delay in the ability to continue producing outputs. ",
"dimensions": {
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"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-11-4": {
"value": "BUSINESS COMBINATIONSBusiness combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured at acquisition date fair value. Acquisition-related costs are expensed as incurred and included in non-underlying costs (see accounting policy \u2019non-underlying items\u2019). Fair value adjustments are always considered to be provisional at the first year end date after the acquisition to allow the maximum time to elapse for management to make a reliable estimate.The Group determines that it has acquired a business when the acquired set of activities and assets include an input and a substantive process that together significantly contribute to the ability to create outputs. The acquired process is considered substantive if it is critical to the ability to continue producing outputs, and the inputs acquired include an organised workforce with the necessary skills, knowledge, or experience to perform that process or it significantly contributes to the ability to continue producing outputs and is considered unique or scarce or cannot be replaced without significant cost, effort, or delay in the ability to continue producing outputs. ",
"dimensions": {
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"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-12-3": {
"value": "INTANGIBLE ASSETS \u2013 GOODWILLGoodwill on acquisition of subsidiaries is initially measured at cost and comprises the excess of the fair value of the purchase consideration paid for subsidiaries over the Group\u2019s share of the fair value of the identifiable assets and liabilities acquired. After initial recognition, goodwill is measured at cost less impairment losses (see accounting policy \u2019Impairment of assets\u2019). ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-12-4": {
"value": "INTANGIBLE ASSETS \u2013 GOODWILLGoodwill on acquisition of subsidiaries is initially measured at cost and comprises the excess of the fair value of the purchase consideration paid for subsidiaries over the Group\u2019s share of the fair value of the identifiable assets and liabilities acquired. After initial recognition, goodwill is measured at cost less impairment losses (see accounting policy \u2019Impairment of assets\u2019). ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-13-3": {
"value": "INTANGIBLE ASSETS \u2013 OTHEROther intangible assets that are acquired by the Group as part of a business combination, such as brands, patents and customer lists, are stated at cost less accumulated amortisation and impairment losses (see accounting policy \u2019Impairment of assets\u2019). Cost reflects management\u2019s judgement of the fair value of the individual intangible asset calculated by reference to the net present value of future benefits accruing to the Group from the utilisation of the asset, discounted at an appropriate discount rate.Certain US brands are considered to have an indefinite life and therefore are subject to annual impairment testing (see accounting policy \u2019Impairment of assets\u2019). In determining that these brands have indefinite lives, consideration was given to the extent of their trading history, which in all cases exceeds 50 years, their prominence in the markets in which they operate and the nature of the products sold under those brands in the context of potential for future development. For other brands, patents and customer lists, amortisation is provided equally over the estimated useful economic life of the assets concerned, currently up to 20 years. Amortisation of such items is recorded as a non-underlying item within administrative expenses (note 5).Where computer software is not an integral part of a related item of computer hardware, the software is treated as an intangible asset. Acquired computer software licences are capitalised on the basis of costs incurred to acquire and bring into use the specific software. An internally generated intangible asset arising from the Group\u2019s development of computer systems (including websites) is recognised if, and only if, the costs are directly associated with the production of identifiable and unique software products, controlled by the Group and it is probable that future economic benefits will flow to the Group. Amortisation is provided equally over the estimated useful economic life of the assets concerned, currently up to seven years.Trade licences are amortised over the specific term granted to each individual licence.An intangible asset is derecognised upon disposal (i.e. at the date the recipient obtains control) or when no future economic benefits are expected from its use or disposal. Any gain or loss arising upon derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the Consolidated Income Statement.INTANGIBLE ASSETS \u2013 RESEARCH AND DEVELOPMENT COSTSResearch costs are expensed as incurred. Development expenditures on an individual project are recognised as an intangible asset when the Group can demonstrate: \u2022 The technical feasibility of completing the intangible asset so that the asset will be available for use or sale;\u2022 Its intention to complete and its ability and intention to use or sell the asset;\u2022 How the asset will generate future economic benefits;\u2022 The availability of resources to complete the asset; and\u2022 The ability to measure reliably the expenditure during development.The expenditure capitalised includes the cost of materials, direct labour and an appropriate amount of directly attributable overheads. Following initial recognition of the development expenditure as an asset, the asset is carried at cost less any accumulated amortisation and accumulated impairment losses (see accounting policy \u2019Impairment of assets\u2019). Amortisation of the asset begins when development is complete and the asset is available for use. It is amortised over the period of expected future benefit. Amortisation is recorded in administrative expenses. During the period of development, the asset is tested for impairment annually.Other development expenditure is recognised in the Consolidated Income Statement as an expense as incurred.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-15-3": {
"value": "PROPERTY, PLANT, EQUIPMENT AND DEPRECIATIONProperty, plant and equipment are recorded in the Group\u2019s Consolidated Statement of Financial Position at cost less accumulated depreciation and any recognised impairment loss. Cost includes, where appropriate, directly attributable costs incurred in bringing each asset to its present condition and location. Assets in the course of construction are stated at cost, net of any accumulated impairment losses. Certain of the Group\u2019s Roads businesses routinely generate revenue from the rental of assets to customers. Such assets are accounted for as plant and equipment. If an asset that is held for rental is sold, the asset is transferred from property, plant and equipment to inventories at the carrying amount when the asset ceases to be rented. The proceeds from the sale of such assets are recognised as revenue in the Consolidated Income Statement. Depreciation is provided to write off the cost or deemed cost less the estimated residual value of property, plant and equipment (excluding assets in the course of construction) by equal instalments over their estimated useful economic lives as follows:Buildings and leasehold improvements 5 to 50 yearsPlant, machinery and vehicles up to 20 years No depreciation is provided on freehold land.The residual values, useful lives and methods of depreciation of property, plant and equipment are reviewed at each financial year end and adjusted prospectively, if appropriate.An item of property, plant and equipment and any significant part initially recognised is derecognised upon disposal (i.e. at the date the recipient obtains control) or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the Consolidated Income Statement when the asset is derecognised.Repair and maintenance costs are recognised in the Consolidated Income Statement as incurred.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-16-3": {
"value": "IMPAIRMENT OF ASSETSFor goodwill and intangible assets that have an indefinite life, the recoverable amount is assessed at each year end date, or when indicators of impairment exist, and an impairment loss is recognised, where appropriate, for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. Impairment reviews are undertaken at the level of each significant cash generating unit, which are no larger than operating segments as defined in IFRS 8 \u2013 Segmental reporting.The carrying amounts of the Group\u2019s other non-financial assets, other than inventories (see accounting policy \u2019Inventories\u2019) and deferred tax balances (see accounting policy \u2019Deferred taxation\u2019), are reviewed at each year end date to determine whether there is an indication of impairment. If such an indication exists, the relevant asset\u2019s recoverable amount is estimated. An impairment loss is recognised whenever the carrying amount of the asset or its cash generating unit exceeds its recoverable amount.The recoverable amount of an asset or cash generating unit is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-17-3": {
"value": "NON-CURRENT ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONSThe Group classifies non-current assets and disposal groups as held for sale if their carrying amount will be recovered principally through sale rather than through continuing use. On initial classification as held for sale, non-current assets and disposal groups are measured at the lower of the previous carrying amount and fair value less costs to sell with any adjustments taken to the Consolidated Income Statement. The same applies to gains and losses on subsequent remeasurement. Costs to sell are the incremental costs directly attributable to the disposal of an asset (disposal group), excluding finance costs and income tax expense. The criteria for held for sale classification are regarded as met only when the sale is highly probable, and the asset or disposal group is available for immediate sale in its present condition. Actions required to complete the sale should indicate that it is unlikely that significant changes to the sale will be made or that the decision to sell will be withdrawn. The Group must be committed to the plan to sell the asset and the sale expected to be completed within one year from the date of the classification.Property, plant and equipment, intangible assets and right-of-use assets are not depreciated or amortised once classified as held for sale.Assets and liabilities classified as held for sale are presented separately as current items in the Group\u2019s Consolidated Statement of Financial Position.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-18-3": {
"value": "FINANCIAL INSTRUMENTSFinancial assets and liabilities are recognised in the Group\u2019s Consolidated Statement of Financial Position when the Group becomes party to the contractual provisions of the instrument.Trade receivables and trade payables are initially measured at fair value. Subsequent to initial recognition, they are carried at amortised cost using the effective interest method, and in the case of trade receivables, less any impairment losses. Impairment losses are measured using an expected credit loss model. The Group uses the simplified approach to measure expected credit losses for trade receivables and therefore does not track changes in credit risk, but instead recognises a loss allowance based on lifetime expected credit losses at each reporting date. Further details are provided in note 24(e).Derivative financial instruments of the Group are used to hedge its exposure to interest rate and foreign currency risks arising from operational, financing and investment activities.In accordance with its treasury policy, the Group does not hold or issue derivative financial instruments for trading purposes. However, derivatives that do not qualify for hedge accounting are accounted for as trading instruments, as follows:\u2022 Derivative financial instruments are stated at fair value. The unhedged gain or loss on remeasurement to fair value is recognised immediately in the Consolidated Income Statement.\u2022 The fair value of foreign exchange contracts is the estimated amount that the Group would receive or pay to terminate such contracts at the year end date, taking into account the forward exchange rates prevailing at that date.Where derivative financial instruments are used to hedge cash flow risk, such as interest rate swaps, the effective part of any gain or loss on the fair value of cash flow hedges is recognised in the Consolidated Statement of Comprehensive Income and in the hedge reserve, while any ineffective part is recognised immediately in the Consolidated Income Statement. Amounts recorded in the hedge reserve are subsequently reclassified to the Consolidated Income Statement when the interest expense is actually recognised.To qualify for hedge accounting the hedging relationship must meet several conditions with respect to documentation, probability of occurrence, hedge effectiveness and reliability of measurement. At the inception of the transaction, the Group documents the relationship between hedging instruments and hedged items, as well as its risk management objective and strategy for undertaking the hedge transaction. This process includes linking all derivatives designated as hedges to specific assets and liabilities or to specific firm commitments or forecast transactions. The Group also documents its assessment, at hedge inception and on a half yearly basis, as to whether the derivatives that are used in hedging transactions have been, and are likely to continue to be, effective in offsetting changes in fair value or cash flows of hedged items.Interest bearing borrowings are recognised initially at fair value. Subsequent to initial recognition, interest bearing borrowings are stated at amortised cost with any difference between cost and redemption value being recognised in the Consolidated Income Statement over the period of the borrowings on an effective interest basis.",
"dimensions": {
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"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-19-3": {
"value": "CASH AND CASH EQUIVALENTSCash and cash equivalents comprise cash balances and call deposits. Bank overdrafts that are repayable on demand and form an integral part of the Group\u2019s cash management are, where there is a right of offset, included as a component of cash and cash equivalents for the purpose of the Consolidated Statement of Cash Flows.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-20-3": {
"value": "FOREIGN CURRENCIESTransactions in foreign currencies are recorded using the rate of exchange ruling at the date of the transaction. Any gain or loss on translation of monetary foreign currency assets and liabilities arising from a movement in exchange rates subsequent to initial measurement is included as an exchange gain or loss in the Consolidated Income Statement.Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair value are retranslated to the functional currency at foreign exchange rates ruling at the dates the fair value was determined.The assets and liabilities of overseas subsidiary undertakings, including goodwill and fair value adjustments arising on acquisition, are translated at the closing exchange rate. Income statements and cash flows of such undertakings are translated into Sterling at weighted average rates of exchange, other than substantial transactions that are translated at the rate on the date of the transaction. The adjustments to period end rates are taken to the cumulative translation reserve in equity and reported in the Consolidated Statement of Comprehensive Income. When an overseas operation is disposed of, in part or in full, the relevant amount in the translation reserve is transferred to profit or loss.Foreign currency differences arising on the retranslation of a financial liability designated as a hedge of a net investment in a foreign operation are recognised and reported in the Consolidated Statement of Comprehensive Income, to the extent that the hedge is effective. To the extent that the hedge is ineffective, such differences are recognised in profit or loss. When the hedged part of a net investment is disposed of, the associated cumulative amount in the translation reserve is transferred to profit or loss as an adjustment to the profit or loss on disposal.The principal exchange rates used were as follows:2022 2021Average Closing Average ClosingSterling to Euro (\u00a31 = EUR) 1.17 1.13 1.16 1.19Sterling to US Dollar (\u00a31 = USD) 1.24 1.20 1.38 1.35Sterling to Swedish Krona (\u00a31 = SEK) 12.47 12.49 11.80 12.21Sterling to Indian Rupee (\u00a31 = INR) 97.01 99.41 101.71 100.21Sterling to Australian Dollar (\u00a31 = AUD) 1.78 1.77 1.83 1.86",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-22-3": {
"value": "INVENTORIESInventories are stated at the lower of cost and net realisable value. In determining the cost of raw materials, consumables and goods purchased for resale, either the FIFO or average cost method is used depending on the nature of the inventory. Cost for work in progress and finished goods comprises direct materials, direct labour and an appropriate proportion of attributable overheads.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"pp-value-23-3": {
"value": "PROVISIONSA provision is recognised in the Consolidated Statement of Financial Position when the Group has a present legal or constructive obligation as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. If the effect of the time value of money is material, provisions are determined by discounting the expected future cash flows at a pre tax rate that reflects current market assessments of the time value of money and, when appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognised as a finance cost.A provision for restructuring is recognised when the Group has approved a detailed and formal restructuring plan and the restructuring either has commenced or has been announced publicly. Future operating costs are not provided for.In accordance with the Group\u2019s environmental policy and applicable legal requirements, a provision for site restoration in respect of contaminated land is recognised as an obligation arises.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-24-3": {
"value": "LEASESTo the extent that a right-of-control exists over an asset subject to a lease and with a lease term exceeding one year, the Group recognises a right-of-use asset, representing the underlying lease asset, and a lease liability, representing the Group\u2019s obligation to make lease payments. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, any initial direct costs incurred and an estimate of the dismantling, removal and restoration costs as required by the terms of the lease contract.The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. If ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset. The right-of-use assets are also subject to review for impairment (see accounting policy \u2019Impairment of assets\u2019).The lease liability is measured at the present value of the future lease payments discounted using the Group\u2019s incremental borrowing rate, being the rate that the lessee would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions. Future lease payments include: fixed payments, variable lease payments that depend on an index or a rate (initially measured using the index or rate as at the commencement date), amounts expected to be payable under a residual guarantee and the exercise price of purchased options where it is reasonably certain that the option will be exercised. Finance charges, representing the unwinding of the discount rate, are recognised in the Consolidated Income Statement over the period of the lease.Lease payments for low value assets and short term leases (less than 12 months) are recognised as an expense on a straight-line basis over the lease term.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-25-3": {
"value": "REVENUERevenue is measured based on the consideration specified in a contract with a customer for the provision of goods and services. The amount recognised excludes sales taxes and is adjusted for any discounts or volume rebates that are included in the contract. It includes consideration received from the customer for freight activities only if the transportation activities are required to fulfil a performance obligation. If the transportation activities are determined to be a separate performance obligation, an entity will only recognise the consideration as revenue if the entity is determined to be acting as principal in the agreement, otherwise the consideration received from the customer for transport costs is recognised net of the related cost, rather than as revenue. The Group\u2019s contracts with customers do not contain significant financing components and payment terms are generally customary to the jurisdictions in which each subsidiary operates. The Group recognises revenue when it transfers control over a good or service to a customer. The following information sets out the Group\u2019s approach to the nature and timing of the satisfaction of performance obligations in contracts with customers in each of its operating segments and the related revenue recognition policies.Engineered Solutions (formerly known as \u2019Utilities\u2019) and Roads & SecurityFor standard products that are manufactured, revenue is recognised when goods are accepted by customers, which is usually on delivery depending on the Incoterms defined in the contract. The Group also enters into certain contracts which require customers to inspect and accept goods that have been manufactured but retained in the Group\u2019s facilities; in these cases the customer is deemed to have accepted the product when they have provided evidence of their acceptance and revenue is therefore recognised at that point, assuming that the other criteria set out in IFRS 15 have been met.Certain of the Group\u2019s businesses in the Engineered Solutions and Roads & Security segments manufacture non-standard products that are specific to customer requirements and therefore require a high degree of customisation. The Group has determined that in these cases a product with no alternative use is created. Where the contractual terms are such that if the contract is terminated by the customer then the Group has a right to reimbursement of the costs incurred including a reasonable margin, revenue is recognised over time i.e. before the completed goods are delivered to the customer\u2019s premises. Progress is generally determined using input methods (such as costs incurred), unless the circumstances of the contract are such that output methods (such as milestones reached) are considered more appropriate.In some cases the Group provides installation of its products to customers as an additional service. Revenue from installation services is recognised over the period that the installation takes place, which is generally less than one month.Certain of the Group\u2019s businesses in these segments engage in contracts with customers which include variable consideration. This occurs where the Group provides retrospective sales volume rebates to certain customers once, amongst other matters, the quantity of goods purchased during a predetermined period exceeds thresholds specified in the sales contract. To estimate the variable consideration for these expected future rebates, the Group applies the most likely amount method to reflect the consideration that the Group is entitled to. Variable consideration is only recognised to the extent that it is highly probable that the inclusion will not result in a significant revenue reversal in the future. Certain of the Group\u2019s Roads businesses routinely generate revenue from the rental of assets to customers. Revenue from these rental agreements is recognised over the period over which the assets are available to the customer. If an asset that is held for rental is sold, the asset is transferred from property, plant and equipment to inventories at the carrying amount when the asset ceases to be rented. The proceeds from the sale of such assets are recognised as revenue in the Consolidated Income Statement.The Group classifies proceeds from the sale of scrap products generated in the manufacturing process within revenue. Galvanizing ServicesContracts with customers in the Galvanizing Services segment are generally simple. Revenue is recognised at a point in time, which is when the galvanized goods are either despatched or collected by the customer.The Group classifies proceeds from the sale of by-products generated during the galvanizing process within revenue. CONTRACT ASSETSContract assets primarily relate to the rights to consideration for work completed but not billed at the reporting date. Contract assets are transferred to receivables when the rights become unconditional.CONTRACT LIABILITIESContract liabilities arise when the Group receives consideration from customers based on an agreed billing schedule, as established in the contract, which may not correspond with the pattern of performance under the contract. Where consideration has been received but a performance obligation not satisfied at the reporting date, a contract liability is recorded and presented as Deferred Income in the Consolidated Statement of Financial Position.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-26-3": {
"value": "RETIREMENT BENEFITSThe Group operates pension schemes under which contributions by employees and by the sponsoring companies are held in trust funds separated from the Group\u2019s finances.Obligations for contributions to defined contribution pension schemes are recognised as an expense in the Consolidated Income Statement as incurred. The Group\u2019s net obligation in respect of defined benefit pension schemes is calculated separately for each scheme by estimating the amount of future benefit that employees have earned in return for their service in the current and prior periods. This benefit is discounted to determine its present value, and the fair value of any scheme assets is deducted. The discount rate is the yield at the year end date on AA rated bonds that have maturity dates approximating to the terms of the Group\u2019s obligations. The calculation is performed by a qualified actuary using the projected unit method. Scheme assets are valued at bid price.In the Consolidated Income Statement current and past service costs are recognised in operating profit and the interest cost on the net defined benefit obligations is included in financial expense.All actuarial gains and losses in calculating the Group\u2019s obligation in respect of defined benefit schemes are recognised annually and reported in the Consolidated Statement of Comprehensive Income.OWN SHARES HELD BY EMPLOYEE BENEFIT TRUST (\u201bEBT\u2019)Transactions of the Group-sponsored EBT are included in the Group Financial Statements. In particular, the Trust\u2019s purchases of shares in the Company are debited directly to equity.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-28-3": {
"value": "SHARE-BASED PAYMENT TRANSACTIONSThe Group issues equity settled share-based payments to certain employees, including those in the form of buy-out awards or deferred bonus awards. The fair value of shares/options granted is recognised as an employee expense, with a corresponding increase in equity reserves. The fair value is calculated at the grant date and spread over the period during which the employees become unconditionally entitled to the shares/options. The Black\u2013Scholes model has been adopted as the method of evaluating the fair value of the options where vesting is based on non-market conditions, while a Monte Carlo Simulation is used where vesting is based on market conditions. The amount recognised as an expense is adjusted to reflect the actual number of awards for which the related service and non-market vesting conditions are expected to be met, such that the amount ultimately recognised as an expense is based on the number of awards that do meet the related service and non-market performance conditions at the vesting date. For share-based payment awards with non-vesting conditions, the grant date fair value of the share-based payment is measured to reflect such conditions and there is no adjustment for differences between expected and actual outcomes.The fair value of amounts payable to employees in respect of share appreciation rights settled in cash is recognised as an employee expense and corresponding increase in liabilities. The fair value of the liability is remeasured at each reporting date and spread over the period during which employees become unconditionally entitled to the payment.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-29-3": {
"value": "FINANCIAL INCOME AND EXPENSEFinancial income comprises interest income on funds invested and gains on the fair value of financial assets and liabilities at fair value through profit or loss. Interest income is recognised as it accrues in the Consolidated Income Statement using the effective interest method.Financial expense comprises interest expense on borrowings, interest cost on net pension scheme obligations, unwinding of discounts, losses on the fair value of financial assets and liabilities at fair value through profit or loss, the interest expense on lease liabilities and financial expenses related to refinancing. All borrowing costs are recognised in the Consolidated Income Statement using the effective interest method.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-30-3": {
"value": "NON-UNDERLYING ITEMSThe Group\u2019s accounting policy for non-underlying items is as follows:Non-underlying items are presented separately in the Consolidated Income Statement where, in the Directors\u2019 judgement, the quantum, nature or volatility of such items gives further information to obtain a fuller understanding of the underlying performance of the business. The following are included by the Group in its assessment of non-underlying items:\u2022 Gains or losses arising on disposal, closure, restructuring or reorganisation of businesses that do not meet the definition of discontinued operations.\u2022 Amortisation of intangible fixed assets arising on acquisitions, which can vary depending on the nature, size and frequency of acquisitions in each financial period.\u2022 Expenses associated with acquisitions and disposals, comprising professional fees incurred, any consideration which, under IFRS 3 (Revised) is required to be treated as a post-acquisition employment expense, and changes in contingent consideration payable on acquisitions.\u2022 Impairment charges in respect of tangible or intangible fixed assets, or right-of-use assets.\u2022 Changes in the fair value of derivative financial instruments.\u2022 Significant past service items or curtailments and settlements relating to defined benefit pension obligations resulting from material changes in the terms of the schemes.The non-underlying tax charge or credit comprises the tax effect of the above non-underlying items.Details in respect of the non-underlying items recognised in the current and prior year are set out in note 5 to the Financial Statements.5. Non-underlying itemsINCLUDED IN OPERATING PROFIT 20222021\u00a3m\u00a3mLoss on disposal of subsidiaries (a) (1.4) (0.4)Business reorganisation costs (b) (2.9) (4.5)Impairment of assets (c) (6.4) (16.0)Amortisation of acquisition intangibles (6.2) (6.1)Expenses related to acquisitions and disposals (3.5) (2.0)Total non-underlying items (20.4) (29.0)Total non-underlying items \u2013 continuing operations (18.6) (28.4)Total non-underlying items \u2013 discontinued operations (1.8) (0.6)Notes:a) In 2022, the Group completed the disposal of the majority of its Swedish roads business. In April we disposed of the rental division and in November we sold the infrastructure contracts division, at a combined loss of \u00a31.0m. Details are set out below:Disposal of Swedish rental and infrastructure contracts divisions \u00a3mProperty, plant and equipment 2.0Right-of-use assets 2.1Inventories 1.1Current assets 0.2Current liabilities (0.2)Lease liabilities (2.0)Net assets disposed 3.2Consideration received 2.5Cumulative exchange differences (0.3)Loss on disposal 1.0The Group also incurred costs of disposal of \u00a30.5m, which are included within \u2019expenses related to acquisitions and disposals\u2019 in the table above. Alongside the disposals, asset impairments of \u00a30.2m and reorganisation costs of \u00a30.3m were incurred in relation to the remaining business. The total of non-underlying net charges relating to the Swedish business is therefore \u00a32.0m.5. Non-underlying items\u2002continuedIn October 2022, the Group completed the disposal of France Galva, its French galvanizing and lighting column business, at a loss of \u00a30.4m. Details of the disposal are set out below:Disposal of France Galva \u00a3mProperty, plant and equipment 28.4Intangibles 13.2Right-of-use assets 0.9Inventories 24.0Current assets 17.6Cash and cash equivalents 5.9Deferred tax 1.4Lease liabilities (0.8)Current liabilities (20.2)Loans & borrowings (0.3)Provisions (0.9)Retirement benefit obligation (4.6)Net assets disposed 64.6Consideration received 62.0Cumulative exchange differences 2.2Loss on disposal 0.4The Group also incurred costs of disposal of \u00a31.2m, which are included within \u2019expenses related to acquisitions and disposals\u2019 in the table above. In 2021, the loss on disposal of \u00a30.4m related to the sale of Technocover Limited, the Group\u2019s small access covers business.b) In May 2022, the Group took the decision to exit the low-margin plastic products operations that formed part of our US roads business. Net charges on closure totalled \u00a32.9m, comprising business reorganisation costs of \u00a31.1m and asset impairment charges of \u00a31.8m. In addition, following the closure of the Group\u2019s variable message sign (VMS) business that was announced in March 2021, the Group has incurred a further \u00a31.5m of costs in 2022 in relation to the completion of legacy contracts. The business reorganisation costs of \u00a34.5m in 2021 also related to the VMS closure. c) Impairment charges of \u00a36.4m in 2022 comprise the portfolio management actions explained above (totalling \u00a32.0m) and a charge of \u00a34.4m (2021: \u00a35.2m) in respect of acquisition intangible assets relating to Parking Facilities, one of the Group\u2019s UK security businesses. Parking Facilities manufactures and sells a range of perimeter access security products, predominantly to specialist security installers in the UK. The COVID pandemic resulted in a weak trading period in 2020 as several customer contracts were cancelled or postponed and whilst the business saw a marginal improvement in revenue and profitability in 2021, ongoing constraints on customer budgets continued to weigh on demand. In 2022, customer activity continued to be weak and supply chain challenges, input cost inflation and operational issues led to a deterioration in margins. The Board\u2019s reassessment of the future outlook for Parking Facilities, which also took into account the impact on gross margins of developments in the competitive landscape, concluded that there was limited prospect of the business returning to the levels of profitability previously anticipated and therefore that the expected future cash flows were not sufficient to support the carrying value. The resulting impairment charge of \u00a34.4m comprises \u00a34.0m in respect of acquired customer lists and \u00a30.4m in respect of acquired brand names, meaning those assets have been fully impaired as at 31 December 2022. In 2021, impairment charges also included \u00a310.8m in respect of acquisition goodwill and intangible assets relating to ATG Access, another of the Group\u2019s UK security businesses.INCLUDED IN TAXATIONThe tax effect of the above items is a credit to the income statement of \u00a33.7m (2021: \u00a31.1m). ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExceptionalItemsExplanatory",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-31-3": {
"value": "INCOME TAXIncome tax on the profit or loss for the year represents the sum of the tax currently payable and deferred tax. Income tax is recognised in the Consolidated Income Statement except to the extent that it relates to items either recognised in other comprehensive income or directly in equity.Current tax is the expected tax payable on the taxable profit for the year. Taxable profit differs from net profit as reported in the Consolidated Income Statement because it excludes items of income or expense that are not taxable or deductible. The Group\u2019s liability for current tax is calculated using tax rates enacted or substantively enacted at the year end date, and any adjustments to tax payable in respect of previous years.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
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"pp-value-32-3": {
"value": "DEFERRED TAXATIONDeferred tax is provided in full using the Consolidated Statement of Financial Position liability method and represents the tax expected to be payable or recoverable on the temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: goodwill not deductible for tax purposes, the initial recognition of assets and liabilities not resulting from a business combination that affects neither accounting or taxable profit, and differences relating to investments in subsidiaries to the extent that they will not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the year end 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. The carrying amount of deferred tax assets is reviewed at each year end date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the asset to be recovered.Deferred tax assets and liabilities are offset when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-34-3": {
"value": "ORDINARY DIVIDENDSDividends are recognised as a liability in the period in which they are approved by the Company\u2019s shareholders.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-36-3": {
"value": "GOVERNMENT GRANTSGovernment grant income is recognised where there is reasonable assurance that the grant will be received, and all attached conditions will be complied with. When the grant relates to an expense item, it is recognised as income on a systematic basis over the periods that the related costs, for which it is intended to compensate, are expensed. Government grant income that is linked to capital expenditure is deferred to the Consolidated Statement of Financial Position as Deferred Government Grants in Liabilities and credited to the Consolidated Income Statement over the life of the related asset.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-37-3": {
"value": "FINANCIAL GUARANTEE CONTRACTSWhere the Group enters into financial guarantee contracts to guarantee the indebtedness of subsidiary companies, the Group considers these to be insurance contracts and treats the guarantee contract as a contingent liability until such time as it becomes probable that the Group will be required to make a payment under the guarantee.26. Guarantees and other financial commitments (A) GUARANTEESSubsidiary audit exemptionsHill & Smith PLC has issued guarantees over the liabilities of the following predominantly non-trading UK subsidiaries as at 31 December 2022 under Section 479C of the Companies Act 2006. These entities are exempt from the requirements of the Act relating to the audit of individual accounts by virtue of Section 479A of the Act:Company Name Company NumberBergen Pipe Supports Limited 00926644Bergen Pipe Supports Group Limited 01013871Hill & Smith (International) Limited 11331411Hill & Smith (Americas) Limited 07269581Hill & Smith (Americas) 2 Limited 10783462Hill & Smith (Americas) 3 Limited 12060645Hill & Smith (France) Limited 06768033Hill & Smith Overseas Limited 06614400Hill & Smith (Treasury) Limited 06814150Hill & Smith (USA) Limited 06876775Hardstaff Barriers Limited 02791285Cobaco Holdings Limited 08317210Signpost Solutions Limited 01084535Mallatite Minor Structures & Products Ltd 13717429Bowater Doors Limited 13738120Expamet Limited 13748629VMS Newco Limited 12968560Varley & Gulliver Limited 00330433Ash & Lacy Limited 00047169Ash & Lacy Manufacturing Limited 03008964Ash & Lacy Services Limited 02798286Hawkshead Properties Limited 00562451Redman Fisher Engineering Limited 00169316Hill & Smith (Australia) Limited 14411306Widnes Galvanising Limited 02206443The Group had no financial guarantee contracts outstanding as at 31 December 2022.(B) CAPITAL COMMITMENTS20222021\u00a3m\u00a3mContracted for but not provided in the accounts 3.8 3.0(C) OPERATING LEASE RECEIVABLESThe total future minimum commitments receivable under non-cancellable operating leases are analysed as follows:2022 2021Land and Land andBuildingsOther BuildingsOther\u00a3m\u00a3m\u00a3m\u00a3mGroupWithin one year 0.1 4.8 0.1 4.6Between one and five years \u2013 1.4 \u2013 1.1After five years \u2013 \u2013 \u2013 \u20130.1 6.2 0.1 5.7",
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"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialGuaranteesExplanatory",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-38-2": {
"value": "2. Accounting judgements, estimates and assumptionsThe preparation of the Group\u2019s consolidated financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and reported amounts of income, expenses, assets and liabilities. Actual results may differ from these estimates. IMPAIRMENT OF GOODWILL (NOTE 13)EstimatesThe determination of whether goodwill and other indefinite life intangible assets should be impaired requires the estimation of future cash flows and growth factors adopted by each cash generating unit. Furthermore, discount rates applied to these cash flows are determined by reference to the markets in which they operate and are risk adjusted to reflect risks and opportunities existing for each cash generating unit. These factors are all affected by prevailing market and economic factors outside the Group\u2019s control. Further information on this issue, including sensitivity analyses, is included in note 13.ACTUARIAL ASSUMPTIONS ON PENSION OBLIGATIONS (NOTE 27)EstimatesIn determining the valuation of the defined benefit pension deficit, certain estimates and assumptions about the scheme have been made, notably the inflation rates, discount rates, mortality and pension increases. The factors affecting these assumptions are influenced by wider macro-economic factors that are largely outside of the Group\u2019s control. A sensitivity analysis of the impact of changes in key assumptions is set out in note 27.TAXATION (NOTES 9 AND 17)JudgementsLiabilities for uncertain tax positions require management judgements in respect of tax audit issues and exposures in each of the jurisdictions in which the Group operates. Where management judges that a tax position is uncertain, a current tax liability is held for anticipated taxes that are considered to be probable based on the information available. The key judgement area for the Group is the pricing of intercompany goods and services and other cross border transactions between subsidiaries in different countries.EstimatesManagement is required to make an estimate of the current tax liability together with an assessment of the temporary differences which arise as a consequence of different accounting and tax treatments. Liabilities for uncertain tax positions also require management estimates in respect of the amount of tax that may become payable. Management engages with professional advisors in making its assessment and, if appropriate, will liaise with the relevant taxation authorities to resolve the matter. The tax liability is reassessed in each period to reflect management\u2019s best estimate in light of the information available. Included in the current tax payable is a liability of \u00a34.6m (2021: \u00a34.7m) for uncertain tax positions. Depending on the conclusions of any tax audits conducted by the tax authorities in the various jurisdictions in which the Group operates, management estimate the range of possible outcomes to be between \u00a3nil and \u00a35.7m (2021: \u00a3nil to \u00a36.1m) and therefore it is possible that, if the outcomes are different to those estimated by management, the difference may materially impact the income tax charge / (credit) in the year in which the matter is concluded. Further information is set out in note 9 and note 17.",
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"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-39-3": {
"value": "3. Segmental informationBUSINESS SEGMENT ANALYSISThe Group has three reportable segments which are Roads & Security, Engineered Solutions and Galvanizing Services. The Group\u2019s internal management structure and financial reporting systems differentiate between these segments, and, in reporting, management have taken the view that they comprise a reporting segment on the basis of the following economic characteristics:\u2022 The Roads & Security segment contains a group of businesses supplying products designed to ensure the safety and security of roads and other national infrastructure, many of which have been developed to address national and international safety standards, to customers involved in the construction of that infrastructure; \u2022 The Engineered Solutions segment contains a group of businesses supplying products characterised by a degree of engineering expertise, to public and private customers involved in the construction of facilities serving the utilities and other infrastructure markets; and\u2022 The Galvanizing Services segment contains a group of companies supplying galvanizing and related materials coating services to companies in a wide range of markets including construction, agriculture and infrastructure.Corporate costs are allocated to reportable segments in proportion to the revenue of each of those segments.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-40-2": {
"value": "SEGMENTAL INCOME STATEMENT \u2013 CONTINUING OPERATIONS2022 2021Reported Underlying Reported Underlying operatingoperating operatingoperating Revenueprofitprofit*Revenueprofitprofit*\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mRoads & Security 261.5 1.7 18.1 259.7 (7.5) 17.9Engineered Solutions 289.9 34.1 35.0 223.7 25.5 26.0Galvanizing Services 180.7 42.7 44.0 141.8 30.9 33.4Group 732.1 78.5 97.1 625.2 48.9 77.3Net financing costs (9.2) (9.2) (6.1) (6.1)Profit before taxation 69.3 87.9 42.8 71.2Taxation (16.0) (19.7) (14.4) (15.5)Profit after taxation 53.3 68.2 28.4 55.7* Underlying operating profit is stated before non-underlying items as defined in the Group Accounting Policies on page137 and is the measure of segment profit used by the Chief Operating Decision Maker, who is the Chief Executive. The reported operating profit columns are included as additional information.Transactions between operating segments are on an arm\u2019s length basis similar to transactions with third parties. Galvanizing Services sold \u00a36.8m (2021: \u00a36.5m) of products and services to Roads & Security and \u00a32.0m (2021: \u00a31.6m) of products and services to Engineered Solutions. Engineered Solutions sold \u00a31.9m (2021: \u00a33.0m) of products and services to Roads & Security. These internal revenues, along with revenues generated from within their own segments, have been eliminated on consolidation.3. Segmental information\u2002continuedIn the following tables, revenue from contracts with customers is disaggregated by primary geographical market, major product/service lines and timing of revenue recognition. Revenue by primary geographical market is defined as the end location of the Group\u2019s product or service. The table also includes a reconciliation of the disaggregated revenue with the Group\u2019s reportable segments.Continuing operations Roads & Security Engineered Solutions Galvanizing Total20222021202220212022202120222021Primary geographical markets\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mUK 163.5 165.2 87.2 72.0 81.8 69.6 332.5 306.8Rest of Europe 16.7 29.5 8.7 6.0 \u2013 \u2013 25.4 35.5North America 70.3 56.8 187.1 137.3 98.9 72.2 356.3 266.3The Middle East 4.9 3.2 2.4 0.6 \u2013 \u2013 7.3 3.8Rest of Asia 1.9 0.6 3.9 7.1 \u2013 \u2013 5.8 7.7Rest of the world 4.2 4.4 0.6 0.7 \u2013 \u2013 4.8 5.1 261.5 259.7 289.9 223.7 180.7 141.8 732.1 625.2Major product/service linesManufacture, supply and installation of products 240.3 237.4 289.9 223.7 \u2013 \u2013 530.2 461.1Galvanizing services \u2013 \u2013 \u2013 \u2013 180.7 141.8 180.7 141.8Rental income 21.2 22.3 \u2013 \u2013 \u2013 \u2013 21.2 22.3261.5 259.7 289.9 223.7 180.7 141.8 732.1 625.2Timing of revenue recognitionProducts and services transferred at a point in time 210.2 200.0 153.8 120.2 180.7 141.8 549.7 462.0Products and services transferred over time 51.3 59.7 136.1 103.5 \u2013 \u2013 182.4 163.2261.5 259.7 289.9 223.7 180.7 141.8 732.1 625.2The Group has no material unsatisfied or partially satisfied performance obligations at the balance sheet date that have an expected duration of more than one year and therefore has taken the practical expedient under IFRS 15 not to disclose such details.ADDITIONAL SEGMENTAL ANALYSISCapital expenditure and amortisation/depreciation2022 2021Impairment Impairment losses, losses, amortisation amortisation Capital and Capitaland expendituredepreciationexpendituredepreciation\u00a3m\u00a3m\u00a3m\u00a3mRoads & Security 17.0 20.5 24.4 30.3Engineered Solutions 6.6 4.7 4.4 3.8Galvanizing Services 8.1 8.4 8.3 10.3Total Group 31.7 33.6 37.1 44.4Property, plant and equipment (note 14) 29.2 19.2 35.7 20.9Intangible assets (note 13) 2.5 14.4 1.4 23.5Total Group 31.7 33.6 37.1 44.4The 2022 amounts for impairment losses, amortisation and depreciation relating to the Roads & Security segment include intangible asset impairment losses of \u00a34.4m relating to Parking Facilities Limited. The comparative for 2021 included goodwill and intangible assets impairments of \u00a35.2m in respect of Parking Facilities and \u00a310.8m in respect of ATG Access. 3. Segmental information\u2002continuedGEOGRAPHICAL ANALYSIS 20222021Total assets\u00a3m\u00a3mUK 280.3 290.8Rest of Europe 9.8 90.7North America 380.2 273.2Asia 11.2 13.6Rest of the world 12.8 5.0Total Group 694.3 673.320222021Non-current assets\u00a3m\u00a3mUK 181.7 192.0Rest of Europe 0.8 43.2North America 213.0 169.8Asia 3.3 3.2Rest of the world 10.5 3.7Total Group 409.3 411.920222021Capital expenditure\u00a3m\u00a3mUK 9.5 11.1Rest of Europe 3.5 3.6North America 11.8 20.9Asia 0.4 0.1Rest of the world 6.5 1.4Total Group 31.7 37.1",
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"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-44-3": {
"value": "4. Alternative Performance MeasuresThe Group presents Alternative Performance Measures (\u201bAPMs\u2019) in addition to its statutory results. These are presented in accordance with the Guidelines on APMs issued by the European Securities and Markets Authority. The principal APMs are:\u2022 Underlying profit before taxation;\u2022 Underlying operating profit;\u2022 Underlying operating profit margin;\u2022 Organic measure of change in revenue and underlying operating profit;\u2022 Underlying cash conversion ratio;\u2022 Capital expenditure to depreciation and amortisation ratio; \u2022 Covenant net debt to EBITDA ratio; and\u2022 Underlying earnings per share. A reconciliation of statutory earnings per share to underlying earnings per share is provided in note 11.All underlying measures exclude certain non-underlying items, which are detailed in note 5. References to an underlying profit measure are made on this basis and, in the opinion of the Directors, aid the understanding of the underlying business performance as they exclude items whose quantum, nature or volatility gives further information to obtain a fuller understanding of the underlying performance of the business. APMs are presented on a consistent basis over time to assist in comparison of performance.4. Alternative Performance Measures\u2002continuedRECONCILIATION OF UNDERLYING TO REPORTED PROFIT BEFORE TAX FROM CONTINUING OPERATIONS20222021\u00a3m\u00a3mUnderlying profit before tax from continuing operations 87.9 71.2Non-underlying items included in operating profit (note 5) (18.6) (28.4)Reported profit before tax from continuing operations 69.3 42.8RECONCILIATION OF UNDERLYING TO REPORTED OPERATING PROFIT FROM CONTINUING OPERATIONS BY SEGMENTRoads & Security Engineered Solutions Galvanizing Total20222021202220212022202120222021\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mUnderlying operating profit from continuing operations 18.1 17.9 35.0 26.0 44.0 33.4 97.1 77.3Non-underlying items:Amortisation of acquisition intangibles (4.6) (4.5) (0.5) (0.5) (0.9) (0.9) (6.0) (5.9)Business reorganisation costs (2.9) (4.5) \u2013 \u2013 \u2013 \u2013 (2.9) (4.5)Impairment of assets (6.4) (16.0) \u2013 \u2013 \u2013 \u2013 (6.4) (16.0)Expenses related to acquisitions and disposals (1.5) \u2013 (0.4) \u2013 (0.4) (1.6) (2.3) (1.6)Loss on disposal of subsidiaries (1.0) (0.4) \u2013 \u2013 \u2013 \u2013 (1.0) (0.4)Reported operating profit from continuing operations 1.7 (7.5) 34.1 25.5 42.7 30.9 78.5 48.9CALCULATION OF UNDERLYING OPERATING PROFIT MARGIN FROM CONTINUING OPERATIONSRoads & Security Engineered Solutions Galvanizing Total20222021202220212022202120222021Continuing operations\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mUnderlying operating profit 18.1 17.9 35.0 26.0 44.0 33.4 97.1 77.3Revenue 261.5 259.7 289.9 223.7 180.7 141.8 732.1 625.2Underlying operating profit margin (%) 6.9% 6.9% 12.1% 11.6% 24.3% 23.6% 13.3% 12.4%4. Alternative Performance Measures\u2002continuedMEASURES OF ORGANIC AND CONSTANT CURRENCY CHANGE IN REVENUE AND UNDERLYING OPERATING PROFIT FROM CONTINUING OPERATIONSOrganic constant currency measures exclude the impact of currency translation movements, acquisitions, disposals and closures of subsidiary businesses. In respect of acquisitions, the amounts referred to represent the amounts for the period in the current year that the business was not held in the prior year. In respect of disposals and closures of subsidiary businesses, the amounts referred to represent the amounts for the period in the prior year that the business was not held in the current year. Constant currency amounts are prepared using exchange rates which prevailed in the current year.Roads & Security Engineered Solutions Galvanizing TotalUnderlying Underlying Underlying Underlying operating operating operating operating RevenueprofitRevenueprofitRevenueprofitRevenueprofitContinuing operations\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m2021 259.7 17.9 223.7 26.0 141.8 33.4 625.2 77.3Impact of exchange rate movements from 2021 to 2022 5.4 1.0 15.9 2.2 8.2 2.4 29.5 5.62021 translated at 2022 exchange rates (A) 265.1 18.9 239.6 28.2 150.0 35.8 654.7 82.9Acquisitions, disposals and closures (17.6) 2.5 \u2013 \u2013 0.8 \u2013 (16.8) 2.5Organic growth/(decline) (B) 14.0 (3.3) 50.3 6.8 29.9 8.2 94.2 11.72022 (C) 261.5 18.1 289.9 35.0 180.7 44.0 732.1 97.1Organic growth % (B divided by A) 5.3% (17.5%) 21.0% 24.1% 19.9% 22.9% 14.4% 14.1%Constant currency change % ((C-A) divided by A) (1.4%) (4.2%) 21.0% 24.1% 20.5% 22.9% 11.8% 17.1%CALCULATION OF UNDERLYING CASH CONVERSION RATIO20222021\u00a3m\u00a3mUnderlying operating profit:Continuing operations 97.1 77.3Discontinued operations 6.8 8.7103.9 86.0Calculation of adjusted operating cash flow:Cash generated by operations 82.9 103.1Less: Purchase of assets for rental to customers (10.6) (16.7)Less: Purchase of property, plant and equipment (18.4) (17.8)Less: Purchase of intangible assets (2.5) (1.4)Less: Repayments of lease liabilities (9.5) (10.3)Add: Proceeds on disposal of non-current assets 0.4 3.7Add back: Defined benefit pension scheme deficit payments 3.7 3.7Add back: Cash flows relating to non-underlying items 6.5 2.7Adjusted operating cash flow 52.5 67.0Underlying cash conversion (%) 51% 78%4. Alternative Performance Measures\u2002continuedCALCULATION OF CAPITAL EXPENDITURE TO DEPRECIATION AND AMORTISATION RATIO20222021\u00a3m\u00a3mCalculation of capital expenditure:Purchase of assets for rental to customers 10.6 16.7Purchase of property, plant and equipment 18.4 17.8Purchase of intangible assets 2.5 1.431.5 35.9Calculation of depreciation and amortisation:Depreciation of property, plant and equipment (note 8) 19.1 20.9Amortisation of development costs (note 8) 1.1 1.1Amortisation of other intangible assets (note 8) 1.0 0.321.2 22.3Capital expenditure to depreciation and amortisation ratio 1.5x 1.6xCALCULATION OF COVENANT NET DEBT TO EBITDA RATIO20222021\u00a3m\u00a3mReported net debt (note 20) 119.7 144.7Lease liabilities (note 16) (39.3) (40.6)Amounts related to refinancing under IFRS 9 2.2 2.5Covenant net debt (A) 82.6 106.6Underlying operating profit 103.9 86.0Depreciation of owned assets (note 14) 19.1 20.9Right-of-use asset depreciation (note 16) 8.8 10.3Amortisation of development costs (note 13) 1.1 1.1Amortisation of other intangible assets (note 13) 1.0 0.3Underlying EBITDA 133.9 118.6Adjusted for:Lease payments (note 16) (10.3) (11.1)Share-based payments expense (note 25) 2.0 2.8Annualised EBITDA of subsidiaries acquired/disposed (3.7) 0.4Covenant EBITDA (B) 121.9 110.7Covenant net debt to EBITDA (A divided by B) 0.7 1.0",
"dimensions": {
"concept": "ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-50-2": {
"value": "6. Employees20222021No.No.The average number of people employed by the Group during the yearRoads & Security 1,078 1,215Engineered Solutions 1,550 1,515Galvanizing Services 1,167 1,086Total Group 3,795 3,81620222021\u00a3m\u00a3mTotal employee benefit expense for the yearWages and salaries 145.9 133.1Share-based payments (note 25) 2.0 2.8Social security costs 21.0 20.5Pension costs (note 27) 4.3 4.4173.2 160.8Both the average number of people employed by the Group and the total employee benefit expense in both years above have been presented for continuing operations.20222021\u00a3m\u00a3mRemuneration of key management personnelRemuneration in relation to short term benefits 3.8 3.0Termination benefits 0.6 \u2013Share based payments 0.7 1.0Company contributions to money purchase pension plans 0.1 0.25.2 4.2Key management personnel are those persons having authority and responsibility for planning, directing, and controlling the activities of the Group, directly or indirectly, including any directors (whether executive or otherwise) of the Group. At the beginning of 2021, the Group announced a new senior management structure and the establishment of an Executive Board. The structure includes the Executive Directors, Group Presidents and the Corporate Development Director, who all report into the Chief Executive. Since 1 January 2021, key management personnel are considered to be the Board of Directors of Hill & Smith PLC and the members of the Executive Board who are not also Directors of the Group. Further details of the Directors\u2019 remuneration and share interests are given in the Directors\u2019 Remuneration Report on pages 92 to 104.27. PensionsTOTALThe total Group retirement benefit assets and obligations are detailed below:UKOverseas2022UKOverseas2021\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mTotal fair value of scheme assets 44.9 2.7 47.6 61.8 3.4 65.2Present value of scheme funded obligations (51.4) (3.4) (54.8) (69.5) (7.8) (77.3)Present value of scheme unfunded obligations \u2013 \u2013 \u2013 \u2013 (0.2) (0.2)Retirement benefit obligation (6.5) (0.7) (7.2) (7.7) (4.6) (12.3)UNITED KINGDOMThe Group operates one main pension scheme in the UK, the Hill & Smith 2016 Pension Scheme (\u201bthe Scheme\u2019), providing benefits on a defined benefit and defined contribution basis. The Scheme is closed to future accrual and is subject to the statutory scheme specific funding requirements outlined in UK legislation. The weighted average maturity (the \u2019duration\u2019) of the defined benefit plan obligations at the end of the reporting period is approximately 11 years (2021: 14 years).The assets of the Scheme are administered by Trustees and are kept entirely separate from those of the Group. The Trustees undertake a full funding valuation of the Scheme every three years, which is used to determine the rates at which the Group contributes to the Scheme, with the objective of providing the funds required to meet pension obligations as they fall due.The Group remains actively engaged in dialogue with the Scheme\u2019s Trustees with regard to management, funding and investment strategy. The previous triennial funding valuation of the Scheme as at April 2019 was finalised in 2020, alongside an update to the investment strategy, resulting in the Group agreeing a deficit recovery plan with the Trustees that requires cash contributions of \u00a33.7m per annum until September 2027. The most recent of these triennial valuations is in progress, having an effective date of 5 April 2022. The preliminary results of this valuation have been incorporated in the updated IAS 19 position at 31 December 2022 by an independent qualified actuary.The Consolidated Income Statement for the year includes a pension charge within operating profit of \u00a33.0m (2021: \u00a33.1m), which includes the costs of the defined contribution and the defined benefit sections of the Scheme. All actuarial gains and losses are recognised immediately in the Consolidated Statement of Comprehensive Income.The Scheme exposes the Group to a number of risks, the most significant being:Risk DescriptionVolatile asset The defined benefit obligation is calculated using a discount rate set with reference to high quality corporate bond yields. If returnsassets underperform against this discount rate, this will create a plan deficit. The Scheme holds a proportion of its assets in growth assets which are expected to outperform corporate bonds in the long term. However, returns are likely to be volatile in the short term, potentially resulting in short term cash requirements and an increase in the deficit recorded in the Consolidated Statement of Financial Position. The allocation to growth assets is monitored to ensure it remains appropriate given the Scheme\u2019s long term objectives.Changes in A decrease in corporate bond yields will increase the funding and accounting liabilities, although this will be partially offset by bond yieldsan increase in the value of the Scheme\u2019s investments in Liability Driven Investment and bond funds.Inflation risk A significant proportion of the defined benefit obligation is indexed in line with price inflation, with higher inflation leading to higher liabilities. This risk will be partially offset by the Scheme\u2019s Liability Driven Investments, which will increase in value in line with market inflation expectations.Life expectancy The majority of the Scheme\u2019s obligations are to provide a pension for the life of each of the members, so increases in life expectancy will result in an increase in the liabilities.27. Pensions\u2002continuedThe principal assumptions used to value the Scheme\u2019s liabilities at 31 December2022 2021Rate of increase in salaries n/a n/aRate of increase in pensions payment 3.2% 3.3%Discount rate 4.9% 1.8%Inflation \u2013 RPI 3.3% 3.5%Inflation \u2013 CPI 2.4% 2.7%Mortality table 114%117% 114%117%CMI 2021 CMI 20201.25% 1.25%The mortality assumptions imply the following expected future lifetimes from age 65:2022 2021Males currently aged 45 22.1 years 22.4 yearsFemales currently aged 45 24.6 years 24.8 yearsMales currently aged 65 20.9 years 21.1 yearsFemales currently aged 65 23.2 years 23.3 yearsThe assumptions have been chosen by the Directors from a range of possible actuarial assumptions which, due to the timescales covered, may not be borne out in practice. The Group takes advice from an independent actuary regarding the appropriateness of the assumptions used.During the latter part of 2021 and throughout 2022, short-term inflation in the UK has been significantly higher than we have seen in recent years. The Group has made an allowance for this high inflation experience within the liabilities of the Scheme. Over the duration of the Scheme\u2019s liabilities, market expectations of inflation (which have been used to derive the inflation assumptions above) are significantly lower than this recent experience. Assets and liabilitiesThe Scheme holds assets and liabilities in respect of defined contribution benefits which are equal in value and are excluded from the following figures. The fair values of Scheme assets in respect of the defined benefit scheme, which are not intended to be realised in the short term and may be subject to significant change before they are realised are detailed below. In addition, the value of the Scheme liabilities, which is derived from cash flow projections over an average period of approximately 11 years (the weighted average term maturity of the Scheme\u2019s liabilities) and which is therefore inherently uncertain is also set out below.Market value Market value2022 2021\u00a3m\u00a3mAssetsEquities \u2013 7.3Bonds 14.8 25.8With profits policies 0.9 0.9Liability Driven Investment (\u201bLDI\u2019) funds 12.4 16.6Cash 5.5 5.2Alternatives* 11.3 6.0Total fair value of Scheme assets 44.9 61.8Present value of Scheme funded obligations (51.4) (69.5)Retirement benefit obligation (6.5) (7.7)* Alternatives are investments in asset classes other than traditional equities, bonds, property and cash. They include investments in private equity, private credit, hedge funds, infrastructure, and renewable energy investments. In 2017 the Group and the Trustees undertook an investment review of the Scheme. The intention of the strategy for the Scheme is to reduce a proportion of interest rate and inflation risk by investing a portion of the Scheme\u2019s assets in Liability Driven Investment funds. This strategy resulted in an initial shift between bonds and LDI funds in the asset categories in 2017. The strategy was reassessed as part of the April 2019 triennial valuation exercise, which resulted in a further shift from growth assets to bonds in 2020, reducing the level of risk in the Scheme\u2019s asset strategy. The Scheme\u2019s LDI investment is structured as investment in a number of unit-linked funds of short and long-dated nominal and index-linked government bonds, some of which are leveraged, held with the Scheme\u2019s investment manager. This is designed to reflect the size and shape of the Scheme\u2019s interest rate and inflation exposure. The April 2022 triennial valuation exercise is substantially complete and there has been no further change to the previously agreed strategy.27. Pensions\u2002continuedAssets in the bonds and equities categories, which account for approximately 33% (2021: 54%) of total Scheme assets, have quoted market prices in active markets. Excluding cash, the balance of \u00a324.6m represents the Scheme\u2019s investment in LDI funds and Secure Income Asset Funds. The LDI funds are invested in inflation linked bonds issued by the UK Government as well as fixed rate bonds. Secure Income Assets Funds (Alternatives) are invested in a diversified portfolio of infrastructure debts, private corporate debts and real estate debts. The sensitivity of these funds to changes in interest rates are measured using hedging multiples. Where asset prices are not directly derivable, an accurate price is determined from a subset of observable market data.Total expense recognised in the Consolidated Income Statement2022 2021Defined Defined Defined Defined contribution benefit contribution benefit schemesschemesTotalschemesschemesTotal\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mCurrent service costs 2.2 \u2013 2.2 2.1 \u2013 2.1Expenses 0.5 0.3 0.8 0.5 0.5 1.0Charge to operating profit 2.7 0.3 3.0 2.6 0.5 3.1Interest on net Scheme deficit \u2013 0.1 0.1 \u2013 0.2 0.2Total charged to profit before tax 2.7 0.4 3.1 2.6 0.7 3.3Change in the present value of the defined benefit obligations20222021\u00a3m\u00a3mOpening defined benefit obligations 69.5 76.0Past service cost \u2013 \u2013Interest cost 1.2 0.9Actuarial (gain)/loss arising from:Financial assumptions (18.0) (3.3)Demographic assumptions (0.5) (0.1)Experience adjustment 2.6 \u2013Benefits paid (3.4) (4.0)Closing defined benefit obligations 51.4 69.5Changes in fair values of Scheme assets20222021\u00a3m\u00a3mOpening fair value of assets 61.8 62.0Interest income 1.1 0.7Return on plan assets excluding interest income (18.4) (0.5)Employer contributions 3.8 3.6Benefits paid (3.4) (4.0)Closing fair value of assets 44.9 61.8Actual return on Scheme assets (17.3) 0.2Expected employer contributions in the following yearDefined benefit scheme 4.1 4.1Defined contribution schemes 1.8 2.027. Pensions\u2002continuedAmounts recognised in the Consolidated Statement of Comprehensive Income% of Scheme% of Schemeassets/ 2022assets/ 2021liabilities\u00a3mliabilities\u00a3mReturn on plan assets excluding interest income (41) (18.4) (1) (0.5)Changes in assumptions underlying the present value of Scheme obligations 36 15.9 5 3.4Amount recognised in the year (5) (2.5) 4 2.9The table below shows the sensitivity of the Consolidated Statement of Financial Position to certain changes in the significant pension assumptions:Increase inDecrease inBalancepensions pensions Discount Discount Inflation Inflation Life Life at 31 paymentpaymentraterateraterateexpectancy expectancy December (+0.1% p.a.)(-0.1% p.a.)(+0.1% p.a.)(-0.1% p.a.)(+0.1% p.a.)(-0.1% p.a.)(+1 year) (-1 year) 2022\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mValue of funded obligations (51.4) (51.7) (51.1) (50.9) (51.9) (51.7) (51.1) (53.5) (49.3)Fair value of plan assets 44.9 44.9 44.9 44.9 44.9 44.9 44.9 44.9 44.9Deficit (6.5) (6.8) (6.2) (6.0) (7.0) (6.8) (6.2) (8.6) (4.4)The sensitivity analyses above have been determined based on a method that extrapolates the impact on the defined benefit obligation as a result of changes in key assumptions occurring at the end of the year. The sensitivity analyses are based on a change in a significant assumption, keeping all other assumptions constant. As such the sensitivity analyses may not be representative of an actual change in the defined benefit obligation as it is unlikely that changes in assumptions would occur in isolation from one another.The Group has considered the requirements of IFRIC 14. The terms of the Scheme give the Group the right to recover any surplus assets in the Scheme upon wind up and therefore management have concluded that there is no impact on the amounts recognised in respect of retirement benefit obligations.OVERSEASThe Group operated two overseas pension schemes in France and the USA during the year. As a result of the sale of France Galva (see note 5), as at 31 December 2022 the Group now operates just one overseas pension scheme in the USA. In the USA, Bergen Pipe Supports, Inc. operates a defined benefit pension plan comprising current and deferred pensioners such that no future benefits accrue. The average duration of the defined benefit plan obligation at the end of the reporting period is approximately 8 years (2021: 10 years).The Group also operates defined contribution plans in a number of other overseas operations. The amount contributed to these plans during the year was \u00a31.1m (2021: \u00a31.0m).The Consolidated Income Statement for the year includes a pension charge within operating profit of \u00a31.3m (2021: \u00a31.2m), which includes the costs of the defined contribution schemes and the defined benefit schemes. A further charge of \u00a30.2m is included in the profit from discontinued operations.Actuarial valuations of the above schemes were carried out by independent actuaries as at 31 December 2022. All actuarial gains and losses are recognised immediately in the Consolidated Statement of Comprehensive Income.The principal assumptions used by the actuaries2022 2021USA France* USA FranceRate of increase in salaries 0.00% 2.50% 0.00% 2.50%Discount rate 5.00% 3.10%/3.10% 2.75% 0.98%/0.5%Inflation 0.00% 2.00% 0.00% 2.00%Mortality table 2014 SOA TH00\u201302, TF00\u201302 2014 SOA TH00\u201302, TF00\u201302* A valuation of the French scheme was undertaken immediately prior to the France Galva disposal on 4 October 202227. Pensions\u2002continuedAssets and liabilitiesThe fair values of scheme assets, which are not intended to be realised in the short term and may be subject to significant change before they are realised, and the value of the scheme liabilities, which is derived from cash flow projections over long periods and which is therefore inherently uncertain, are as follows:MarketMarketValueValue20222021\u00a3m\u00a3mAssetsCash and other insured fixed interest assets 2.7 3.4Total fair value of scheme assets 2.7 3.4Present value of scheme funded obligations (3.4) (7.8)Present value of scheme unfunded obligations \u2013 (0.2)Retirement benefit obligation (0.7) (4.6)Cash and other insured fixed interest assets \u2013 where assets are held in cash or a policy with a fixed interest asset allocation, the expected long term rate of return is taken to be the yields generally prevailing on such assets as at the year end date.Total expense recognised in the Consolidated Income Statement2022 2021Defined Defined Defined Defined contribution benefit contribution benefit schemesschemesTotalschemesschemesTotal\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mCurrent service cost and expenses 1.1 0.4 1.5 1.0 0.2 1.2Charge to operating profit 1.1 0.4 1.5 1.0 0.2 1.2Interest on net pension scheme deficit included within profit from discontinued operations \u2013 0.1 0.1 \u2013 \u2013 \u2013Total charged to profit for the year 1.1 0.5 1.6 1.0 0.2 1.2Change in the present value of the defined benefit obligation20222021\u00a3m\u00a3mOpening defined benefit obligation 8.0 8.8Current service costs 0.3 0.2Interest cost on scheme obligations 0.2 0.1Actuarial (gains)/losses arising from:Financial assumptions (0.6) (0.4)Demographic adjustments (0.9) (0.3)Experience adjustment 1.2 0.1Benefits paid (0.5) (0.2)Disposal of subsidiary (4.8) \u2013Exchange adjustments 0.5 (0.3)Closing defined benefit obligation 3.4 8.027. Pensions\u2002continuedChanges in fair values of scheme assets20222021\u00a3m\u00a3mOpening fair value of assets 3.4 3.2Return on plan assets excluding interest income (0.6) \u2013Interest on plan assets 0.1 0.1Admin expenses (0.1) (0.1)Benefits paid (0.2) \u2013Disposal of subsidiary (0.2) \u2013Exchange adjustments 0.3 0.2Closing fair value of assets 2.7 3.4Actual return on scheme assets (0.5) 0.1Expected employer contributions in the following yearDefined benefit schemes \u2013 \u2013Defined contribution schemes 1.1 1.0Amounts recognised in the Consolidated Statement of Comprehensive Income% of scheme% of schemeassets/ 2022assets/ 2021liabilities\u00a3mliabilities\u00a3mExperience loss on scheme obligations (35) (1.2) (1) (0.1)Return on plan assets excluding interest income (22) (0.6) \u2013 \u2013Changes in assumptions underlying the present value of scheme obligations 44 1.5 9 0.6Exchange rate adjustment on assets and liabilities (29) (0.2) 9 0.5Amount recognised in the year (15) (0.5) 13 1.0The Group considers that any reasonable sensitivities applied to the assumptions for the overseas schemes would not have a material impact on the Consolidated Financial Statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"pp-value-51-2": {
"value": "7. Net financing costs \u2013 continuing operations20222021\u00a3m\u00a3mInterest on bank deposits 0.5 0.6Financial income 0.5 0.6Interest on loans and borrowings (6.4) (4.9)Interest on lease liabilities (note 16) (0.8) (0.8)Financial expenses related to refinancing activities (2.4) (0.8)Interest cost on net pension scheme deficit (note 27) (0.1) (0.2)Financial expense (9.7) (6.7)Net financing costs (9.2) (6.1)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"pp-value-52-2": {
"value": "8. Expenses and auditor\u2019s remuneration 20222021\u00a3m\u00a3mIncome statement chargesDepreciation of property, plant and equipment (19.1) (20.9)Right-of-use asset depreciation (8.8) (10.3)Short term leases (0.7) (0.4)Low value leases (0.1) (0.1)Loss on disposal of non-current assets (0.3) \u2013Research and development expenditure (0.3) (0.7)Amortisation of acquisition intangibles (6.2) (6.1)Amortisation of development costs (1.1) (1.1)Amortisation of other intangible assets (1.0) (0.3)Impairment losses:Intangible fixed assets (6.1) (16.0)Tangible fixed assets (0.1) \u2013Right-of-use lease assets (0.2) \u2013Income statement creditsForeign exchange gain \u2013 0.1Profit on disposal of non-current assets \u2013 1.2Grants receivable \u2013 0.1Sublease income (note 16) 0.2 0.6Amounts relating to discontinued operations included in the table above comprise depreciation of property, plant and equipment of \u00a31.8m (2021: \u00a34.0m), right-of-use asset depreciation of \u00a30.4m (2021: \u00a30.7m), and amortisation of acquisition intangibles of \u00a30.3m (2021: \u00a30.4m).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-53-2": {
"value": "A detailed analysis of the auditor\u2019s remuneration worldwide is as follows:\u00a3m \u00a3mAudit of the Company\u2019s Annual Accounts 0.5 0.5Audit of the Company\u2019s subsidiaries 1.1 1.01.6 1.5A description of the work of the Audit Committee is set out in the Audit Committee Report on pages 86 to 91 and includes an explanation of how auditor objectivity and independence is safeguarded when non-audit services are provided by the auditor. Audit-related assurance services totalled \u00a33,000 (2021: \u00a34,000). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"pp-value-54-2": {
"value": "9. Taxation20222021\u00a3m\u00a3mCurrent taxUK corporation tax 4.1 4.1Overseas tax at prevailing local rates 14.2 11.1Adjustments in respect of prior years 1.8 (1.8)20.1 13.4Deferred tax (note 17)UK deferred tax 0.3 0.1Overseas tax at prevailing local rates 0.3 0.2Adjustments in respect of prior years (3.2) 0.6Effects of changes in tax rates and laws \u2013 2.4(2.6) 3.3Tax on profit in the Consolidated Income Statement 17.5 16.7Deferred tax (note 17)Relating to defined benefit pension schemes (0.7) \u2013Tax on items taken directly to other comprehensive income (0.7) \u2013Current taxRelating to share-based payments (0.2) (0.2)Deferred tax (note 17)Relating to share-based payments 1.2 (0.8)Tax taken directly to the Consolidated Statement of Changes in Equity 1.0 (1.0)The tax charge in the Consolidated Income Statement for the period is higher (2021: higher) than the standard rate of corporation tax in the UK. The differences are explained below:20222021\u00a3m\u00a3mProfit before taxation from continuing operations 69.3 42.8Profit before taxation from discontinued operations 4.9 8.1Profit before taxation \u2013 total Group 74.2 50.9Profit before taxation multiplied by the effective rate of corporation tax in the UK of 19.0% (2021: 19.0%) 14.1 9.7Expenses not deductible/income not chargeable for tax purposes 1.2 0.9Non-deductible goodwill impairment \u2013 2.4Benefits from international financing arrangements \u2013 current and prior years (0.3) (0.5)Local tax incentives (0.4) (0.6)Overseas profits taxed at higher rates 3.6 3.3Recognition of losses \u2013 (0.1)Overseas losses not relieved 0.7 0.5Impacts of rate and law changes \u2013 2.3Adjustments in respect of prior years (1.4) (1.2)Tax charge 17.5 16.7Tax charge attributable to continuing operations 16.0 14.4Tax charge attributable to discontinued operations 1.5 2.317.5 16.79. Taxation\u2002continuedIn October 2017, the European Commission opened a state aid investigation into the Group Financing Exemption in the UK Controlled Foreign Company (\u201bCFC\u2019) legislation, announcing in April 2019 that it believed in certain circumstances the CFC regime constituted State Aid. In 2021 the Group received a charging notice from HMRC requiring it to pay \u00a31.6m in respect of state aid that HMRC considers had been unlawfully received in previous years, which was paid in full in February 2021. Applications to annul the Commission\u2019s decision had been made in prior years by the UK Government, the Group and other affected taxpayers. The EU General Court delivered its decision on these applications in June 2022, finding in favour of the Commission. Many of those affected, including the Group, have appealed this decision to the Court of Justice of the EU. Having taken expert advice, we have concluded that our appeal is likely to be successful. As a result, we continue to recognise a tax receivable of \u00a31.6m within non-current assets, reflecting the Group\u2019s view that the amount paid will ultimately be recovered.",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-56-2": {
"value": "10. Discontinued operations On 25 July 2022 the Group announced the proposed disposal of France Galva SA (\u201bFrance Galva\u2019), our French galvanizing and lighting column operations, and on that date entered into a put option with the prospective purchasers. On 5 September 2022, the shareholders of the Group approved the plan to sell. The sale of France Galva completed on 4 October 2022 for \u00a362.0m, resulting in a loss on disposal of \u00a30.4m (note 5).France Galva has been classified as a disposal group as required by IFRS 5 Non-current assets held for sale and discontinued operations. As the disposal resulted in the Group\u2019s withdrawal from all operations in France and noting that the business accounted for approximately 10% of Group revenues prior to disposal, France Galva\u2019s results have been reported within discontinued operations in accordance with IFRS 5.2022** 2021Non-Non-Underlyingunderlying*TotalUnderlyingunderlying*Total\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mRevenue 68.7 \u2013 68.7 79.8 \u2013 79.8Cost of Sales (47.6) \u2013 (47.6) (53.5) \u2013 (53.5)Gross Profit 21.1 \u2013 21.1 26.3 \u2013 26.3Distribution costs (3.6) \u2013 (3.6) (4.0) \u2013 (4.0)Administrative expenses (10.7) (1.8) (12.5) (13.6) (0.6) (14.2)Operating profit 6.8 (1.8) 5.0 8.7 (0.6) 8.1Financing costs (0.1) \u2013 (0.1) \u2013 \u2013 \u2013Profit before taxation 6.7 (1.8) 4.9 8.7 (0.6) 8.1Taxation (1.5) \u2013 (1.5) (2.3) \u2013 (2.3)Profit from discontinued operations 5.2 (1.8) 3.4 6.4 (0.6) 5.8* The Group\u2019s definition of non-underlying items is included in the Group Accounting Policies on page 137 and further details on non-underlying items are included in note 5.** Represents nine months of activity prior to the sale on 4 October 2022.The net cash flows generated from the sale of France Galva are as follows:2022\u00a3mCash received from sale 62.0Cash and cash equivalents disposed (5.9)Net cash inflow on disposal 56.1The net cash flows generated/(incurred) by France Galva included in the consolidated cash flow statement are as follows:20222021\u00a3m\u00a3mNet cash flow from operating activities 3.4 8.9Net cash flow from investing activities (2.8) (2.7)Net cash flow from financing activities (0.4) (0.7)0.2 5.5",
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"value": "11. Earnings per shareThe weighted average number of ordinary shares in issue during the year was 79.9m (2021: 79.6m), diluted for the effects of the outstanding dilutive share options 80.5m (2021: 80.6m). Diluted earnings per share takes account of the dilutive effect of all outstanding share options disclosed in note 25, calculated using the treasury share method. Underlying earnings per share have been shown because the Directors consider that this provides valuable additional information about the underlying performance of the Group.2022 2021PencePenceper share \u00a3mper share \u00a3mBasic earnings\u2013 continuing 66.7 53.3 35.8 28.4\u2013 discontinued 4.3 3.4 7.2 5.8Total basic earnings 71.0 56.7 43.0 34.2Non-underlying items*\u2013 continuing 18.7 14.9 34.2 27.3\u2013 discontinued 2.2 1.8 0.7 0.6Total non-underlying items 20.9 16.7 34.9 27.9Underlying earnings\u2013 continuing 85.4 68.2 70.0 55.7\u2013 discontinued 6.5 5.2 7.9 6.4Total underlying earnings 91.9 73.4 77.9 62.1Diluted earnings\u2013 continuing 66.2 53.3 35.4 28.4\u2013 discontinued 4.2 3.4 7.1 5.8Total diluted earnings 70.4 56.7 42.5 34.2Non-underlying items*\u2013 continuing 18.5 14.9 33.9 27.3\u2013 discontinued 2.2 1.8 0.7 0.6Total non-underlying items 20.7 16.7 34.6 27.9Underlying diluted earnings\u2013 continuing 84.7 68.2 69.3 55.7\u2013 discontinued 6.4 5.2 7.8 6.4Total underlying diluted earnings 91.1 73.4 77.1 62.1* Non-underlying items as detailed in note 5.",
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"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-58-2": {
"value": "12. DividendsDIVIDENDS PAID DURING THE YEAR2022 2021PencePenceper share \u00a3mper share \u00a3mInterim dividend paid in relation to year ended 31 December 2020 \u2013 \u2013 9.2 7.3Final dividend paid in relation to year ended 31 December 2020 \u2013 \u2013 17.5 13.9Interim dividend paid in relation to year ended 31 December 2021 12.0 9.6 \u2013 \u2013Final dividend paid in relation to year ended 31 December 2021 19.0 15.1 \u2013 \u2013Total 31.0 24.7 26.7 21.212. Dividends\u2002continuedDIVIDENDS DECLARED IN RESPECT OF THE YEAR2022 2021PencePenceper share \u00a3mper share \u00a3mInterim dividend declared in relation to year ended 31 December 2021 \u2013 \u2013 12.0 9.6Final dividend declared in relation to year ended 31 December 2021 \u2013 \u2013 19.0 15.1Interim dividend declared in relation to year ended 31 December 2022 13.0 10.4 \u2013 \u2013Final dividend proposed in relation to year ended 31 December 2022 22.0 17.6 \u2013 \u2013Total 35.0 28.0 31.0 24.7The final dividend for 2022 was proposed after the year end date and was not recognised as a liability at 31 December 2022, in accordance with IAS 10. ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-60-2": {
"value": "13. Intangible assetsCapitalisedContracts, CustomerDevelopmentlicences and GoodwillBrands ListsCostsother assets Total\u00a3m \u00a3m\u00a3m\u00a3m\u00a3m\u00a3mCostAt 1 January 2021 169.1 30.0 56.4 17.7 17.5 290.7Exchange adjustments (1.7) (0.2) (0.2) \u2013 \u2013 (2.1)Acquisition of subsidiary 5.5 0.7 3.0 \u2013 1.6 10.8Additions \u2013 \u2013 \u2013 1.2 0.2 1.4Disposal of subsidiary (1.9) (0.3) (3.9) \u2013 (1.8) (7.9)At 31 December 2021 171.0 30.2 55.3 18.9 17.5 292.9Exchange adjustments 9.0 2.1 2.2 0.2 0.8 14.3Acquisitions of subsidiaries 9.3 1.2 9.8 \u2013 \u2013 20.3Additions \u2013 \u2013 \u2013 2.3 0.2 2.5Disposals of subsidiaries (28.9) (4.9) (0.5) \u2013 (0.6) (34.9)At 31 December 2022 160.4 28.6 66.8 21.4 17.9 295.1Amortisation and impairment lossesAt 1 January 2021 35.3 14.2 30.3 13.4 9.0 102.2Exchange adjustments (1.7) (0.2) (0.3) (0.1) \u2013 (2.3)Disposal of subsidiary (1.9) (0.3) (3.9) \u2013 (1.8) (7.9)Amortisation charge for the year \u2013 1.0 3.4 1.1 2.0 7.5Impairment losses 12.4 0.3 3.3 \u2013 \u2013 16.0At 31 December 2021 44.1 15.0 32.8 14.4 9.2 115.5Exchange adjustments 1.3 1.1 1.3 0.1 0.5 4.3Disposals of subsidiaries (16.9) (3.8) (0.5) \u2013 (0.5) (21.7)Amortisation charge for the year \u2013 1.0 3.3 1.1 2.9 8.3Impairment losses 0.5 0.4 5.2 \u2013 \u2013 6.1At 31 December 2022 29.0 13.7 42.1 15.6 12.1 112.5Carrying valuesAt 1 January 2021 133.8 15.8 26.1 4.3 8.5 188.5At 31 December 2021 126.9 15.2 22.5 4.5 8.3 177.4At 31 December 2022 131.4 14.9 24.7 5.8 5.8 182.613. Intangible assets\u2002continuedCASH GENERATING UNITS WITH SIGNIFICANT AMOUNTS OF GOODWILL20222021\u00a3m\u00a3mEngineered SolutionsUS Composites 17.7 15.7V&S Utilities 6.0 5.3Others <\u00a35m individually 5.4 5.0Roads & SecurityNational Signal 7.4 \u2013ATG Access 4.7 4.7H&S Inc. 9.2 8.6VRS Solutions Group 10.4 10.4Mallatite 9.6 9.6Prolectric 5.5 5.5Others <\u00a35m individually 0.2 0.3Galvanizing ServicesFrance Galva SA \u2013 11.8USA 28.4 25.2UK 24.8 24.8Others <\u00a35m individually 2.1 \u2013131.4 126.9Goodwill impairment reviews have been carried out on all CGUs to which goodwill is allocated.METHODOLOGY AND ASSUMPTIONSImpairment tests on the carrying values of goodwill and certain brand names of \u00a38.5m (2021: \u00a37.5m), which are the Group\u2019s only other indefinite life intangible assets, are performed by analysing the carrying value allocated to each significant CGU against its value in use. All goodwill is allocated to specific CGUs, which are in all cases no larger than operating segments. Value in use is calculated for each CGU as the net present value of that unit\u2019s discounted future cash flows. These cash flows are based on budget cash flow information for a period of one year and strategic plans for 2024 through 2026, both of which are prepared taking into account a range of factors including past experience, the forecast future trading environment and macroeconomic conditions in the Group\u2019s key markets. The cash flows beyond the strategic plan period use growth rates which reflect the long term historical growth in GDP of the economies in which each CGU is located, excluding 2020 and 2021 given the sharp economic movements in those years due to COVID-19. The long term growth rates are 2.0% in the UK and 2.5% in the USA.SUMMARY OF RESULTS OF GOODWILL IMPAIRMENT REVIEWSThe calculated headroom between value in use and carrying value of each of the Group\u2019s CGUs with significant amounts of goodwill, together with the pre-tax discount rates applied, are set out below. The pre-tax discount rates are derived from a market participant\u2019s cost of capital and risk adjusted for individual CGUs\u2019 circumstances. 2022 2021Headroom/ Headroom/ Goodwill(impairment) Discount Goodwill(impairment) Discount\u00a3m\u00a3mrate\u00a3m\u00a3mrateUS Composites 17.7 66.7 15.7% 15.7 106.7 13.1%V&S Utilities 6.0 52.8 15.6% 5.3 70.1 14.0%VRS Solutions Group 10.4 63.2 15.5% 10.4 104.4 13.0%ATG Access 4.7 1.4 15.6% 15.5 (10.8) 13.0%Mallatite 9.6 30.1 15.5% 5.7 27.1 13.0%Prolectric 5.5 16.3 15.4% \u2013 \u2013 \u2013Parking Facilities \u2013 (4.4) 15.8% 1.6 (5.2) 13.0%Hill & Smith Inc. 9.2 9.6 15.0% 8.6 21.3 14.1%Galvanizing Services \u2013 USA 28.4 204.3 15.5% 25.2 207.6 14.0%Galvanizing Services \u2013 UK 24.8 59.2 15.6% 24.8 84.3 13.0%13. Intangible assets\u2002continuedBased on the methodology set out above and as explained in note 5, the impairment review for Parking Facilities concluded that while the associated goodwill of \u00a31.6m had been fully impaired in 2021, the remaining carrying value of the business at 31 December 2022 exceeded its recoverable amount and accordingly an impairment charge of \u00a34.4m in respect of the remaining acquisition intangibles has been recognised.Parking Facilities manufactures and sells a range of perimeter access security products, predominantly to specialist security installers in the UK. The COVID pandemic resulted in a weak trading period in 2020 as several customer contracts were cancelled or postponed and while the business saw a marginal improvement in revenue and profitability in 2021, ongoing constraints on customer budgets continued to weigh on demand. In 2022, customer activity continued to be weak and supply chain challenges, input cost inflation and operational issues led to a deterioration in margins. The Board\u2019s reassessment of the future outlook for Parking Facilities, which also took into account the impact on gross margins of developments in the competitive landscape, concluded that there was limited prospect of the business returning to the levels of profitability previously anticipated and therefore that the expected future cash flows were not sufficient to support the carrying value. The resulting impairment charge of \u00a34.4m comprises \u00a34.0m in respect of acquired customer lists and \u00a30.4m in respect of acquired brand names. SENSITIVITIESThe Group has applied sensitivities to assess whether any reasonable possible changes in assumptions could cause an impairment of the goodwill in any CGU that would be material to these Consolidated Financial Statements. The sensitivity analyses did not identify any potential impairment for any CGU, with the exception of ATG Access and Hill & Smith Inc. ATG AccessATG\u2019s future performance is largely dependent on the pace of post-pandemic recovery in UK and global security products markets, which itself is inherently dependent on both public/customer behaviour and broader economic conditions. It is plausible that the pace of recovery could be more gradual than that assumed in the impairment tests that have been carried out, in which case a further material impairment could arise. Revenue growth, gross margins, long term cash flow growth and the discount rate are the key assumptions on which the goodwill impairment review is most sensitive. The following table provides information on the impact on calculated headroom of various scenarios for each of those key assumptions (independently in each case):Sensitivity Headroom/ applied(impairment)Input Scenario%\u00a3mCompound annual revenue growth 2022-2027 Base case 5.9% 1.4 H&S sensitivity 1* 2.0% (5.8)H&S sensitivity 2* 0.0% (8.9) Gross margin % 2023-27 ** Base case 25.8% 1.4H&S sensitised 24.0% (2.6)Annual cash flow growth 2027 onwards Base case 2.0% 1.4H&S sensitised 0.0% (0.3)Pre-tax discount rate Base case 15.6% 1.4 H&S sensitised 18.6% (1.2)* Illustrates the impacts of compound revenue growth at 2% (consistent with long term UK growth rates) and 0% (i.e. revenues do not grow from 2022). ** The base case assumes that gross profit margins across the period 2023-27 are slightly below the 27% achieved in 2022. The H&S sensitised case assumes a gross profit margin 2023-27 of 24%, in line with the average gross margin across 2021-22.Hill & Smith Inc. (\u201bH&S Inc.\u2019)H&S Inc. manufactures, sells and rents a range of work zone protection products including crash attenuators, trailer-mounted message boards, and temporary road safety barriers, to construction contractors and traffic specialists across the US roads market. While underlying market conditions remain healthy, the business\u2019 performance in 2022 was impacted by operational and cost input challenges. The carrying value of the H&S Inc. CGU also increased by c. \u00a37.0m during the year as we invested in rental barrier assets and inventories in anticipation of future demand, driven by projected investment in US road infrastructure, supported by increased spend from the IIJA. Consequently, calculated impairment headroom fell to \u00a39.6m (2021: \u00a321.3m), noting that pre-tax discount rates also increased by 90 basis points to 15.0%. The Group\u2019s projections for H&S Inc. assume that actions taken to address the operational issues will be successful, and that short to medium term revenue growth will be above long term averages due to the anticipated increase in federal and state highway spend from the IIJA over the next five years. The main drivers of that revenue growth are expected to be temporary road safety barrier rentals, supported by the business\u2019 investment in building its rental barrier fleet over the past two years, and crash attenuator sales, where the business has developed a complementary offering to its existing market-leading product that will begin to be marketed in 2023. We recognise, however, that there could be variations in the pace of improvement and growth and therefore we have modelled a range of scenarios for the outlook. Revenue growth, gross margins, long term cash flow growth and the discount rate are the key assumptions on which the impairment calculations are most sensitive. The following table provides information on the impact on calculated headroom of three possible scenarios for each of those key assumptions (independently in each case), the first showing the Board approved projection, the second the assumptions that result in zero headroom and the third a severe but plausible downside scenario:13. Intangible assets\u2002continuedSensitivity Headroom/ applied(impairment)Input Scenario%\u00a3mCompound annual revenue growth 2023-2027 Base case 9.9% 9.6Zero headroom 8.6% \u2013H&S sensitivity 7.5% (5.9)Compound annual gross profit margin growth 2023-27 * Base case 3.6% 9.6Zero headroom 1.1% \u2013H&S sensitivity 0.0% (13.3)Annual cash flow growth 2027 onwards Base case 2.5% 9.6Zero headroom 0.2% \u2013H&S sensitivity 0.0% (0.5)Pre-tax discount rate Base case 15.0% 9.6Zero headroom 16.6% \u2013H&S sensitivity 18.0% (7.5)* The base case assumes a gross profit margin of 30.3% in 2023, rising to 34.9% in 2027 at a compound annual growth rate of 3.6%. The sensitivity scenario shows the potential impairment if the gross margin of 30.3% remains constant throughout the period 2023-27. ",
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"pp-value-61-2": {
"value": "13. Intangible assets\u2002continued2022NATIONAL SIGNAL INCOn 4 October 2022 the Group acquired the business and assets of National Signal Inc (\u201cNational Signal\u201d) from its shareholders for an initial cash consideration of \u00a321.5m, plus a further \u00a32.7m relating to post completion working capital adjustments payable early in 2023. Further cash consideration of up to \u00a33.3m is payable, conditional on National Signal\u2019s achievement of financial performance targets in the three years post-acquisition. National Signal, located in Fullerton, California, is a designer, manufacturer and supplier of off-grid solar lighting solutions in the USA, and is therefore highly complementary to the Group\u2019s 2021 acquisition of Prolectric Services, discussed in detail below, and will further accelerate the Group\u2019s strategy in this fast-growing market. Details of the acquisition are set out below:Provisional Pre-policy acquisitionalignmentcarrying and fair valueamountadjustmentsTotal\u00a3m\u00a3m\u00a3mIntangible AssetsBrands \u2013 1.2 1.2Customer lists \u2013 8.9 8.9Property, plant and equipment 1.5 (0.2) 1.3Right-of-use assets \u2013 1.0 1.0Inventories 3.7 (0.4) 3.3Current assets 5.8 (0.3) 5.5Total assets 11.0 10.2 21.2Lease liabilities \u2013 (1.0) (1.0)Current liabilities (2.0) (0.5) (2.5)Provisions \u2013 (0.7) (0.7)Total liabilities (2.0) (2.2) (4.2)Net assets 9.0 8.0 17.0ConsiderationTotal consideration 24.2Goodwill 7.2Cash flow effectConsideration in the year 21.5Cash acquired with the business \u2013Net cash consideration shown in the Consolidated Statement of Cash Flows 21.5Brands and customer lists have been recognised as specific intangible assets as a result of the acquisition. The residual goodwill arising, which has been allocated to the Roads & Security segment, primarily represents the highly skilled workforce, future technological advantages and potential for geographical expansion afforded to the Group. Policy alignment and fair value adjustments have been made to align the accounting policies of the acquired business with the Group\u2019s accounting policies and to reflect the fair value of assets and liabilities acquired. In respect of leases, the Group measured the acquired lease liabilities using the present value of the remaining lease payments at the date of acquisition. The right-of-use assets were measured at an amount equal to the lease liabilities and adjusted to reflect the terms of the leases relative to market terms. The fair value of the current assets acquired includes \u00a35.5m of trade receivables, which have a gross value of \u00a35.7m.As part of the acquisition agreement, additional consideration has been agreed. The amount of additional consideration is dependent on National Signal\u2019s gross profit for the three years to 31 December 2025. Below the \u2019triggers\u2019 (as defined in the Asset Purchase Agreement), no additional consideration is due. If the \u2019triggers\u2019 are achieved, additional consideration of \u00a33.3m becomes payable. Post-acquisition the acquired business has contributed \u00a38.3m revenue and \u00a31.4m operating profit, which are included in the Group\u2019s Consolidated Income Statement. If the acquisition had been made on 1 January 2022, the Group\u2019s results for the year from continuing operations would have shown revenue of \u00a3754.6m, underlying operating profit of \u00a3102.0m and reported operating profit of \u00a383.4m.13. Intangible assets\u2002continuedWIDNES GALVANISING LIMITEDOn 30 September 2022 the Group acquired 100% of the share capital of Widnes Galvanising Limited (\u201cWidnes\u201d) for an initial cash consideration of \u00a33.5m, plus \u00a30.2m relating to post completion working capital adjustments and a further \u00a30.2m deferred until 2024. The acquisition of Widnes further expands the geographic footprint of the Group\u2019s UK galvanizing business into the north west of the UK and is aligned to the Group\u2019s growth strategy.Details of the acquisition are set out below:Provisional Pre-policy acquisitionalignmentcarrying and fair valueamountadjustmentsTotal\u00a3m\u00a3m\u00a3mIntangible AssetsCustomer lists \u2013 0.9 0.9Property, plant and equipment 0.5 \u2013 0.5Inventories 0.3 \u2013 0.3Current assets 0.9 \u2013 0.9Cash 0.4 \u2013 0.4Total assets 2.1 0.9 3.0Current liabilities (0.4) \u2013 (0.4)Deferred tax \u2013 (0.1) (0.1)Provisions \u2013 (0.7) (0.7)Total liabilities (0.4) (0.8) (1.2)Net assets 1.7 0.1 1.8ConsiderationTotal consideration 3.9Goodwill 2.1Cash flow effectConsideration in the year 3.5Cash acquired with the business (0.4)Net cash consideration shown in the Consolidated Statement of Cash Flows 3.1Customer lists have been recognised as specific intangible assets as a result of the acquisition. The residual goodwill arising, which has been allocated to the Galvanizing segment, primarily represents the highly skilled workforce, future technological advantages and potential for geographical expansion afforded to the Group. Policy alignment and fair value adjustments have been made to align the accounting policies of the acquired business with the Group\u2019s accounting policies and to reflect the fair value of assets and liabilities acquired. The fair value of the current assets acquired includes \u00a30.8m of trade receivables, which have a gross value of \u00a30.8m.Post-acquisition the acquired business has contributed \u00a30.8m revenue and \u00a3nil operating profit, which are included in the Group\u2019s Consolidated Income Statement. If the acquisition had been made on 1 January 2022, the Group\u2019s results for the year from continuing operations would have shown revenue of \u00a3734.6m, underlying operating profit of \u00a397.6m and reported operating profit of \u00a379.0m.13. Intangible assets\u2002continued2021PROLECTRIC SERVICES LIMITEDOn 1 March 2021 the Group acquired 100% of the share capital of Prolectric Services Limited (\u201cProlectric\u201d) and its dormant subsidiaries for an initial consideration of \u00a312.0m. Further consideration of up to \u00a35.7m was payable depending on Prolectric\u2019s achievement of financial performance targets in the 12-month period to 31 March 2022, which ultimately were not achieved. Prolectric, located in Clevedon, North Somerset, is a UK market leader in off-grid solar energy solutions, aligning closely with the Group\u2019s purpose of creating sustainable infrastructure and providing new technology that the Group can leverage in its existing markets. Details of the acquisition are set out below:Pre-Policy acquisitionalignmentcarrying and fair valueamountadjustmentsTotal\u00a3m\u00a3m\u00a3mIntangible AssetsBrands \u2013 0.7 0.7Customer lists \u2013 3.0 3.0Contracts, licences and other assets 0.1 1.5 1.6Property, plant and equipment 2.6 (1.5) 1.1Right-of-use assets \u2013 2.4 2.4Inventories 0.4 \u2013 0.4Current assets 1.9 \u2013 1.9Cash 0.2 \u2013 0.2Total assets 5.2 6.1 11.3Lease liabilities \u2013 (1.8) (1.8)Current liabilities (1.0) \u2013 (1.0)Current interest bearing liabilities (1.2) 1.2 \u2013Deferred tax (0.1) (1.0) (1.1)Total liabilities (2.3) (1.6) (3.9)Net assets 2.9 4.5 7.4ConsiderationConsideration in the year 12.0Fair value of contingent consideration due within one year (initial assessment) 0.9Goodwill 5.5Cash flow effectConsideration in the year 12.0Cash acquired within the business (0.2)Net cash consideration shown in the Consolidated Statement of Cash Flows 11.8Brands, customer lists, contracts, licences and other assets were recognised as specific intangible assets as a result of the acquisition. The residual goodwill arising, which was allocated to the Roads & Security segment, primarily represents the highly skilled workforce, future technological advantages and potential for geographical expansion afforded to the Group. Policy alignment and fair value adjustments were made to align the accounting policies of the acquired business with the Group\u2019s accounting policies and to reflect the fair value of assets and liabilities acquired. In respect of leases, the Group measured the acquired lease liabilities using the present value of the remaining lease payments at the date of acquisition. The right-of-use assets were measured at an amount equal to the lease liabilities and adjusted to reflect the terms of the leases relative to market terms. The fair value of the current assets acquired included \u00a31.3m of trade receivables, which had a gross value of \u00a31.3m.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-64-3": {
"value": "13. Intangible assets\u2002continuedCASH GENERATING UNITS WITH SIGNIFICANT AMOUNTS OF GOODWILL20222021\u00a3m\u00a3mEngineered SolutionsUS Composites 17.7 15.7V&S Utilities 6.0 5.3Others <\u00a35m individually 5.4 5.0Roads & SecurityNational Signal 7.4 \u2013ATG Access 4.7 4.7H&S Inc. 9.2 8.6VRS Solutions Group 10.4 10.4Mallatite 9.6 9.6Prolectric 5.5 5.5Others <\u00a35m individually 0.2 0.3Galvanizing ServicesFrance Galva SA \u2013 11.8USA 28.4 25.2UK 24.8 24.8Others <\u00a35m individually 2.1 \u2013131.4 126.9Goodwill impairment reviews have been carried out on all CGUs to which goodwill is allocated.METHODOLOGY AND ASSUMPTIONSImpairment tests on the carrying values of goodwill and certain brand names of \u00a38.5m (2021: \u00a37.5m), which are the Group\u2019s only other indefinite life intangible assets, are performed by analysing the carrying value allocated to each significant CGU against its value in use. All goodwill is allocated to specific CGUs, which are in all cases no larger than operating segments. Value in use is calculated for each CGU as the net present value of that unit\u2019s discounted future cash flows. These cash flows are based on budget cash flow information for a period of one year and strategic plans for 2024 through 2026, both of which are prepared taking into account a range of factors including past experience, the forecast future trading environment and macroeconomic conditions in the Group\u2019s key markets. The cash flows beyond the strategic plan period use growth rates which reflect the long term historical growth in GDP of the economies in which each CGU is located, excluding 2020 and 2021 given the sharp economic movements in those years due to COVID-19. The long term growth rates are 2.0% in the UK and 2.5% in the USA.SUMMARY OF RESULTS OF GOODWILL IMPAIRMENT REVIEWSThe calculated headroom between value in use and carrying value of each of the Group\u2019s CGUs with significant amounts of goodwill, together with the pre-tax discount rates applied, are set out below. The pre-tax discount rates are derived from a market participant\u2019s cost of capital and risk adjusted for individual CGUs\u2019 circumstances. 2022 2021Headroom/ Headroom/ Goodwill(impairment) Discount Goodwill(impairment) Discount\u00a3m\u00a3mrate\u00a3m\u00a3mrateUS Composites 17.7 66.7 15.7% 15.7 106.7 13.1%V&S Utilities 6.0 52.8 15.6% 5.3 70.1 14.0%VRS Solutions Group 10.4 63.2 15.5% 10.4 104.4 13.0%ATG Access 4.7 1.4 15.6% 15.5 (10.8) 13.0%Mallatite 9.6 30.1 15.5% 5.7 27.1 13.0%Prolectric 5.5 16.3 15.4% \u2013 \u2013 \u2013Parking Facilities \u2013 (4.4) 15.8% 1.6 (5.2) 13.0%Hill & Smith Inc. 9.2 9.6 15.0% 8.6 21.3 14.1%Galvanizing Services \u2013 USA 28.4 204.3 15.5% 25.2 207.6 14.0%Galvanizing Services \u2013 UK 24.8 59.2 15.6% 24.8 84.3 13.0%13. Intangible assets\u2002continuedBased on the methodology set out above and as explained in note 5, the impairment review for Parking Facilities concluded that while the associated goodwill of \u00a31.6m had been fully impaired in 2021, the remaining carrying value of the business at 31 December 2022 exceeded its recoverable amount and accordingly an impairment charge of \u00a34.4m in respect of the remaining acquisition intangibles has been recognised.Parking Facilities manufactures and sells a range of perimeter access security products, predominantly to specialist security installers in the UK. The COVID pandemic resulted in a weak trading period in 2020 as several customer contracts were cancelled or postponed and while the business saw a marginal improvement in revenue and profitability in 2021, ongoing constraints on customer budgets continued to weigh on demand. In 2022, customer activity continued to be weak and supply chain challenges, input cost inflation and operational issues led to a deterioration in margins. The Board\u2019s reassessment of the future outlook for Parking Facilities, which also took into account the impact on gross margins of developments in the competitive landscape, concluded that there was limited prospect of the business returning to the levels of profitability previously anticipated and therefore that the expected future cash flows were not sufficient to support the carrying value. The resulting impairment charge of \u00a34.4m comprises \u00a34.0m in respect of acquired customer lists and \u00a30.4m in respect of acquired brand names. SENSITIVITIESThe Group has applied sensitivities to assess whether any reasonable possible changes in assumptions could cause an impairment of the goodwill in any CGU that would be material to these Consolidated Financial Statements. The sensitivity analyses did not identify any potential impairment for any CGU, with the exception of ATG Access and Hill & Smith Inc. ATG AccessATG\u2019s future performance is largely dependent on the pace of post-pandemic recovery in UK and global security products markets, which itself is inherently dependent on both public/customer behaviour and broader economic conditions. It is plausible that the pace of recovery could be more gradual than that assumed in the impairment tests that have been carried out, in which case a further material impairment could arise. Revenue growth, gross margins, long term cash flow growth and the discount rate are the key assumptions on which the goodwill impairment review is most sensitive. The following table provides information on the impact on calculated headroom of various scenarios for each of those key assumptions (independently in each case):Sensitivity Headroom/ applied(impairment)Input Scenario%\u00a3mCompound annual revenue growth 2022-2027 Base case 5.9% 1.4 H&S sensitivity 1* 2.0% (5.8)H&S sensitivity 2* 0.0% (8.9) Gross margin % 2023-27 ** Base case 25.8% 1.4H&S sensitised 24.0% (2.6)Annual cash flow growth 2027 onwards Base case 2.0% 1.4H&S sensitised 0.0% (0.3)Pre-tax discount rate Base case 15.6% 1.4 H&S sensitised 18.6% (1.2)* Illustrates the impacts of compound revenue growth at 2% (consistent with long term UK growth rates) and 0% (i.e. revenues do not grow from 2022). ** The base case assumes that gross profit margins across the period 2023-27 are slightly below the 27% achieved in 2022. The H&S sensitised case assumes a gross profit margin 2023-27 of 24%, in line with the average gross margin across 2021-22.Hill & Smith Inc. (\u201bH&S Inc.\u2019)H&S Inc. manufactures, sells and rents a range of work zone protection products including crash attenuators, trailer-mounted message boards, and temporary road safety barriers, to construction contractors and traffic specialists across the US roads market. While underlying market conditions remain healthy, the business\u2019 performance in 2022 was impacted by operational and cost input challenges. The carrying value of the H&S Inc. CGU also increased by c. \u00a37.0m during the year as we invested in rental barrier assets and inventories in anticipation of future demand, driven by projected investment in US road infrastructure, supported by increased spend from the IIJA. Consequently, calculated impairment headroom fell to \u00a39.6m (2021: \u00a321.3m), noting that pre-tax discount rates also increased by 90 basis points to 15.0%. The Group\u2019s projections for H&S Inc. assume that actions taken to address the operational issues will be successful, and that short to medium term revenue growth will be above long term averages due to the anticipated increase in federal and state highway spend from the IIJA over the next five years. The main drivers of that revenue growth are expected to be temporary road safety barrier rentals, supported by the business\u2019 investment in building its rental barrier fleet over the past two years, and crash attenuator sales, where the business has developed a complementary offering to its existing market-leading product that will begin to be marketed in 2023. We recognise, however, that there could be variations in the pace of improvement and growth and therefore we have modelled a range of scenarios for the outlook. Revenue growth, gross margins, long term cash flow growth and the discount rate are the key assumptions on which the impairment calculations are most sensitive. The following table provides information on the impact on calculated headroom of three possible scenarios for each of those key assumptions (independently in each case), the first showing the Board approved projection, the second the assumptions that result in zero headroom and the third a severe but plausible downside scenario:13. Intangible assets\u2002continuedSensitivity Headroom/ applied(impairment)Input Scenario%\u00a3mCompound annual revenue growth 2023-2027 Base case 9.9% 9.6Zero headroom 8.6% \u2013H&S sensitivity 7.5% (5.9)Compound annual gross profit margin growth 2023-27 * Base case 3.6% 9.6Zero headroom 1.1% \u2013H&S sensitivity 0.0% (13.3)Annual cash flow growth 2027 onwards Base case 2.5% 9.6Zero headroom 0.2% \u2013H&S sensitivity 0.0% (0.5)Pre-tax discount rate Base case 15.0% 9.6Zero headroom 16.6% \u2013H&S sensitivity 18.0% (7.5)* The base case assumes a gross profit margin of 30.3% in 2023, rising to 34.9% in 2027 at a compound annual growth rate of 3.6%. The sensitivity scenario shows the potential impairment if the gross margin of 30.3% remains constant throughout the period 2023-27. ",
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"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-67-2": {
"value": "14. Property, plant and equipment Plant, Land and machinery buildingsand vehiclesTotal\u00a3m\u00a3m\u00a3mCostAt 1 January 2021 127.5 229.7 357.2Exchange adjustments (1.6) (2.7) (4.3)Acquisition of subsidiary (note 13) \u2013 1.1 1.1Additions 6.6 29.1 35.7Disposal of subsidiary (note 5) (1.7) (1.1) (2.8)Transfers from inventories \u2013 1.6 1.6Disposals (1.2) (13.3) (14.5)Transfers to assets held for sale (note 15) \u2013 (6.6) (6.6)At 31 December 2021 129.6 237.8 367.4Exchange adjustments 8.8 9.3 18.1Acquisitions of subsidiaries (note 13) 0.3 1.5 1.8Additions 3.5 25.7 29.2Disposals of subsidiaries (note 5) (31.6) (38.4) (70.0)Transfers from inventories \u2013 0.3 0.3Disposals (0.6) (6.9) (7.5)Transfers to assets held for sale (note 15) (2.9) \u2013 (2.9)At 31 December 2022 107.1 229.3 336.4Depreciation and impairment lossesAt 1 January 2021 43.7 129.9 173.6Exchange adjustments (1.1) (1.7) (2.8)Disposal of subsidiary (note 5) (0.3) (0.8) (1.1)Disposals (1.0) (10.9) (11.9)Charge for the year 4.9 16.0 20.9Transfers to assets held for sale (note 15) \u2013 (4.6) (4.6)At 31 December 2021 46.2 127.9 174.1Exchange adjustments 2.6 3.8 6.4Disposals of subsidiaries (note 5) (19.8) (21.8) (41.6)Disposals (0.6) (6.3) (6.9)Transfers to assets held for sale (note 15) (1.1) \u2013 (1.1)Charge for the year 4.0 15.1 19.1Impairment \u2013 0.1 0.1At 31 December 2022 31.3 118.8 150.1Carrying valuesAt 1 January 2021 83.8 99.8 183.6At 31 December 2021 83.4 109.9 193.3At 31 December 2022 75.8 110.5 186.3The gross book value of land and buildings includes freehold land of \u00a317.5m (2021: \u00a317.0m). Included within plant, machinery and vehicles are assets held for rental with a cost of \u00a398.6m (2021: \u00a398.9m) and accumulated depreciation of \u00a347.6m (2021: \u00a346.7m).The gross book value of plant, machinery and vehicles includes assets under construction of \u00a320.6m (2021: \u00a315.3m).",
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"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-68-2": {
"value": "15. Assets and liabilities held for sale20222021\u00a3m\u00a3mLand and buildings 1.8 \u2013Plant, machinery and vehicles \u2013 2.0Right-of-use assets \u2013 1.6Total Assets held for sale 1.8 3.6Lease liabilities \u2013 (1.7)Other liabilities \u2013 (0.2)Total Net Assets held for sale 1.8 1.7Assets held for sale at 31 December 2022 represent the property that was vacated following the Group\u2019s exit from its low margin US traffic control products business, further details of which are set out in note 5. The property is expected to be sold in March 2023.Assets and liabilities held for sale at 31 December 2021 related to the Group\u2019s Swedish rental operations, which were disposed of in April 2022 as explained in note 5.",
"dimensions": {
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"language": "en",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-69-2": {
"value": "16. LeasesThe leases held by the Group can be split into two categories: land and buildings, and plant and equipment. The Group leases various properties for its manufacturing and distribution activities. Plant and equipment includes all other leases, such as vehicles and machinery.The movements in the carrying value of the right-of-use assets and lease liabilities in the years ended 31 December 2021 and 31 December 2022 were as follows:Land and Plant andbuildingsequipmentTotalRight-of-use assets\u00a3m\u00a3m\u00a3mAt 1 January 2021 19.5 11.4 30.9Acquisition of subsidiary 0.6 1.8 2.4Additions 12.7 4.1 16.8Disposal of subsidiary \u2013 (0.1) (0.1)Terminations (0.3) (0.2) (0.5)Charge for the year (5.2) (5.1) (10.3)Re-measurement 0.9 \u2013 0.9Transfers to assets held for sale (note 15) \u2013 (1.6) (1.6)Effect of movements in foreign exchange (0.2) (0.1) (0.3)At 31 December 2021 28.0 10.2 38.2Acquisitions of subsidiaries 1.0 \u2013 1.0Additions 5.1 4.0 9.1Disposals of subsidiaries (1.3) (0.1) (1.4)Terminations \u2013 (0.3) (0.3)Charge for the year (4.1) (4.7) (8.8)Re-measurement 0.1 \u2013 0.1Impairment (0.2) \u2013 (0.2)Effect of movements in foreign exchange 0.9 0.1 1.0At 31 December 2022 29.5 9.2 38.716. Leases\u2002continued20222021Lease liabilities\u00a3m\u00a3mAt 1 January 38.9 32.4Additions 9.1 16.7Terminations (0.2) (0.6)Interest expense 0.8 0.8Disposals of subsidiaries (1.1) (0.1)Acquisitions of subsidiaries 1.0 1.8Lease payments (10.3) (11.1)Re-measurement 0.1 0.9Transfers to liabilities held for sale (note 15) \u2013 (1.7)Effect of movements in foreign exchange 1.0 (0.2)At 31 December 39.3 38.9The following table shows the breakdown of the lease expense between amounts charged to operating profit and amounts charged to finance costs:20222021\u00a3m\u00a3mDepreciation of right-of-use assets 8.8 10.3Short-term lease expense 0.7 0.4Low-value lease expense 0.1 0.1Sublease income (0.2) (0.6)Charged to operating profit 9.4 10.2Interest expense relating to lease liabilities 0.8 0.8Charged to profit before taxation 10.2 11.0The maturity of the lease liabilities at 31 December was as follows:20222021\u00a3m\u00a3mDue within one year 8.7 8.8Due between one and two years 6.6 7.2Due between two and three years 5.2 5.0Due between three and four years 4.1 3.9Due between four and five years 3.0 2.9Due after more than five years 11.7 11.1Total lease liabilities 39.3 38.916. Leases\u2002continuedThe Group has several lease contracts that include extension and termination options. These options are negotiated by management to provide flexibility in managing the leased asset portfolio and align with the Group\u2019s business needs. Management exercise judgement in determining whether these extension and termination options are reasonably certain to be exercised.Set out below are the:\u2022 Undiscounted potential future rental payments relating to periods following the exercise date of extension that are not included in the lease term; and \u2022 Undiscounted future rental payments relating to periods that are included in the lease term as the break clauses are not expected to be exercised.2022 2021Within five More than Within five More than yearsfive yearsTotalyearsfive yearsTotal\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mExtension options expected not to be exercised 0.2 10.1 10.3 0.1 6.5 6.6Termination options expected not to be exercised 1.9 3.3 5.2 3.0 4.3 7.3The Group has lease contracts that have not yet commenced as at 31 December 2022. The total future lease payments for these non-cancellable lease contracts are \u00a33.6m (2021: \u00a32.6m). ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-72-2": {
"value": "17. Deferred taxationProperty, Intangibleplant and RetirementOther timingassetsequipmentInventoriesobligationdifferencesTotal\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mAt 1 January 2021 (9.5) (7.9) 0.6 4.1 5.1 (7.6)Exchange adjustments \u2013 \u2013 \u2013 (0.1) (0.1) (0.2)Acquisition of subsidiary (note 13) (1.0) (0.3) \u2013 \u2013 0.2 (1.1)Credited/(charged) for the year in the Consolidated Income Statement (note 9) (0.5) (1.8) (0.6) (0.9) 0.5 (3.3)Credited for the year in the Consolidated Statement of Changes in Equity (note 9) \u2013 \u2013 \u2013 \u2013 0.8 0.8At 31 December 2021 (11.0) (10.0) \u2013 3.1 6.5 (11.4)Exchange adjustments (0.4) (0.6) \u2013 \u2013 0.3 (0.7)Acquisitions of subsidiaries (note 13) (0.2) (0.1) \u2013 \u2013 0.2 (0.1)Disposals of subsidiaries (note 5) 0.3 0.3 (0.3) (1.2) (0.5) (1.4)Credited/(charged) for the year in the Consolidated Income Statement (note 9) 2.6 (2.4) 0.2 (0.8) 3.0 2.6Credited for the year in the Consolidated Statement of Comprehensive Income (note 9) \u2013 \u2013 \u2013 0.7 \u2013 0.7Charged for the year in the Consolidated Statement of Changes in Equity (note 9) \u2013 \u2013 \u2013 \u2013 (1.2) (1.2)At 31 December 2022 (8.7) (12.8) (0.1) 1.8 8.3 (11.5)20222021\u00a3m\u00a3mDeferred tax assets 0.1 1.4Deferred tax liabilities (11.6) (12.8)Deferred tax liability (11.5) (11.4)17. Deferred taxation\u2002continuedThe deferred tax asset of \u00a38.3m (2021: \u00a36.5m) in respect of other timing differences includes \u00a34.0m (2021: \u00a30.9m) in relation to tax losses and \u00a30.8m (2021: \u00a32.4m) in relation to share based payments. The deferred tax asset has been recognised in full as there are expected to be sufficient taxable profits in the foreseeable future against which the deferred tax assets can be utilised.No deferred tax asset has been recognised in respect of other tax losses of \u00a317.6m net (2021: \u00a316.9m net). The losses are predominantly capital losses. The deferred tax asset has not been recognised as no capital gains are expected to be generated in the foreseeable future and there are no deferred tax liabilities on capital gains against which the deferred tax asset could be offset. There is no time limit on the carrying forward of the losses. No deferred tax liability is recognised on temporary differences of \u00a30.4m (2021: \u00a31.2m) relating to the unremitted earnings of overseas subsidiaries as the Group is able to control the timings of the reversal of these temporary differences and it is probable that they will not reverse in the foreseeable future. The Group does not expect this to crystallise into a cash expense in the near future.The UK headline corporation tax rate for the year was 19.0% (2021: 19.0%). In the Spring Budget of 2021, the UK Government announced that from 1 April 2023 the rate of UK corporation tax will increase from 19% to 25%. This rate change was substantively enacted on 24 May 2021. UK deferred tax assets and liabilities have therefore been calculated at a rate of 25% (2021: 25%). ",
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"language": "en",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-74-2": {
"value": "18. Inventories20222021\u00a3m\u00a3mRaw materials and consumables 62.1 64.3Work in progress 8.8 10.7Finished goods and goods for resale 42.9 33.1113.8 108.1The amount of inventories expensed to the Consolidated Income Statement in the year was \u00a3443.7m (2021: \u00a3388.8m). The value of inventories written down and expensed in the Consolidated Income Statement during the year amounted to \u00a30.3m (2021: \u00a30.4m). The amount of inventories held at fair value less cost to sell included in the above was \u00a3nil (2021: \u00a3nil).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-75-2": {
"value": "19. Trade and other receivables20222021\u00a3m\u00a3mTrade and other current receivablesTrade receivables 126.1 112.3Prepayments 5.8 7.3Other receivables 0.7 1.2Fair value derivatives 0.3 0.2Contract assets 11.4 9.2144.3 130.2The movements in contract assets, and deferred income (note 21), during the year correspond to the completion of performance obligations partially satisfied as at 31 December 2021 offset by contracts that are in progress at 31 December 2022. ",
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"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-76-2": {
"value": "20. Cash and borrowings20222021\u00a3m\u00a3mCash and cash equivalents in the Consolidated Statement of Financial PositionCash and cash equivalents 24.8 18.8Bank overdraft (note 21) \u2013 (0.7)Cash and cash equivalents net of bank overdraft 24.8 18.1Interest bearing loans and other borrowingsAmounts due within one year (note 21) (0.3) (1.2)Amounts due after more than one year (note 22) (104.9) (121.0)Lease liabilities classified as liabilities held for sale (note 15) \u2013 (1.7)Lease liabilities due within one year (note 16) (8.7) (8.8)Lease liabilities due after more than one year (note 16) (30.6) (30.1)Net debt (119.7) (144.7)Change in net debtOperating profit:\u2013 from continuing operations 78.5 48.9\u2013 from discontinued operations 5.0 8.1Total Group operating profit 83.5 57.0Non-cash items 46.3 55.8Operating cash flow before movement in working capital 129.8 112.8Net movement in working capital (42.6) (6.8)Changes in provisions and employee benefits (4.3) (2.9)Operating cash flow 82.9 103.1Tax paid (15.5) (15.2)Net financing costs paid (5.9) (4.1)Capital expenditure (31.5) (35.9)Proceeds on disposal of non-current assets 0.4 3.7Free cash flow 30.4 51.6Dividends paid (note 12) (24.7) (21.2)Acquisitions of subsidiaries (note 13) (25.6) (13.6)Disposals of subsidiaries (note 5) 58.6 1.6Amortisation of costs associated with refinancing activities (note 7) (2.4) (0.8)Purchase of shares for employee benefit trust (0.4) (1.8)Issue of new shares (note 25) 1.9 2.6Lease additions, terminations and remeasurements (note 16) (9.0) (17.1)Leases disposed of (note 5) 2.8 \u2013Loans and borrowings disposed of (note 5) 0.3 \u2013Interest on lease liabilities (note 16) (0.8) (0.8)Net debt decrease 31.1 0.5Effect of exchange rate fluctuations (6.1) 1.0Net debt at the beginning of the year (144.7) (146.2)Net debt at the end of the year (119.7) (144.7)20. Cash and borrowings\u2002continuedRECONCILIATION OF MOVEMENTS IN FINANCIAL LIABILITIES TO CASH FLOWS ARISING FROM FINANCING ACTIVITIES20222021\u00a3m\u00a3mInterest bearing loans and other borrowings and lease liabilitiesAt 1 January 162.6 160.1New loans and borrowings 160.8 55.3Repayments of loans and borrowings (184.8) (61.0)Payment of lease liabilities (9.5) (10.3)Costs of refinancing during the year (2.1) \u2013Cash flows used in financing activities (35.6) (16.0)Other changesEffect of exchange rate fluctuations 6.9 (0.8)Amortisation of costs associated with refinancing activities (note 7) 2.4 0.8Loans and borrowings disposed of (note 5) (0.3) \u2013Lease changes:Effect of exchange rate fluctuations 1.0 (0.2)New leases 9.1 16.7Terminations (0.2) (0.6)Re-measurement 0.1 0.9Acquisitions of subsidiaries 1.0 1.8Disposals of subsidiaries (2.8) (0.1)Interest expense 0.8 0.8Interest paid (0.8) (0.8)At 31 December 144.2 162.6",
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"language": "en",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-78-2": {
"value": "21. Current liabilities20222021\u00a3m\u00a3mInterest bearing loans and borrowingsLoans and borrowings 0.3 1.2Bank overdrafts \u2013 0.70.3 1.9Trade and other current liabilitiesTrade payables 67.8 79.3Other taxation and social expenses 4.4 9.5Accrued expenses 41.2 35.5Deferred income 4.8 4.7Other payables 2.6 3.7120.8 132.7The amount of contract liabilities included in deferred income as at 31 December 2022 was \u00a32.1m (2021: \u00a34.7m). During the year, \u00a34.3m (2021: \u00a36.1m) of revenue was recognised in respect of contract liabilities present as at 1 January 2022.",
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"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:2138003A3ISGQZBOWI83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"pp-value-79-2": {
"value": "22. Non-current liabilities20222021\u00a3m\u00a3mInterest bearing loans and borrowingsLoans and borrowings 104.9 121.0104.9 121.0",
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"value": "Other non-current liabilitiesDeferred consideration on acquisitions 0.2 0.2Deferred government grants \u2013 1.0Accrued expenses \u2013 0.30.2 1.5",
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"value": "Other non-current liabilitiesDeferred consideration on acquisitions 0.2 0.2Deferred government grants \u2013 1.0Accrued expenses \u2013 0.30.2 1.5",
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"value": "23. ProvisionsEnvironmentalRestructuringOtherTotal\u00a3m\u00a3m\u00a3m\u00a3mAt 1 January 2021 2.1 0.7 3.0 5.8Exchange adjustments (0.1) \u2013 \u2013 (0.1)Charged during the year \u2013 4.5 0.4 4.9Utilised during the year \u2013 (1.5) (2.6) (4.1)Released during the year \u2013 (0.1) \u2013 (0.1)At 31 December 2021 2.0 3.6 0.8 6.4Exchange adjustments 0.1 \u2013 \u2013 0.1Acquisitions of subsidiaries \u2013 \u2013 1.4 1.4Disposals of subsidiaries (0.9) \u2013 \u2013 (0.9)Charged during the year \u2013 1.6 \u2013 1.6Utilised during the year \u2013 (1.8) (0.4) (2.2)At 31 December 2022 1.2 3.4 1.8 6.420222021\u00a3m\u00a3mAmounts due within one year 3.7 4.0Amounts due after more than one year and less than five years 2.7 2.46.4 6.4ENVIRONMENTAL PROVISIONSEnvironmental provisions recognise the estimated cost of remediating contaminated land at a number of the Group\u2019s operating sites, where it is considered probable that the Group will be obliged to carry out the necessary remediation work. Primarily the issues identified relate to sites acquired through acquisitions of businesses. As a consequence of the nature of the liabilities, the timescales are uncertain and the provisions represent the Directors\u2019 best estimate of the associated costs. The Group has sought expert external valuations where appropriate. RESTRUCTURING PROVISIONSRestructuring provisions represent the cash costs of closing or rationalising operations. The provisions represent the Directors\u2019 best estimate of the liabilities arising and are expected to be settled within the next twelve months. The provision of \u00a33.6m at 31 December 2021 included \u00a33.2m relating to the closure of the Group\u2019s variable message sign business that was announced in March 2021. \u00a31.8m of this provision has been utilised during 2022 and a further \u00a31.5m charged, as explained in note 5. OTHER PROVISIONSOther provisions relate to various obligations including obligations in respect of onerous leases, property dilapidations and claims or disputes. ",
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"value": "24. Financial instruments(A) MANAGEMENT OF FINANCIAL RISKSOverviewThe Group has exposure to a number of risks associated with its use of financial instruments.This note presents information about the Group\u2019s exposure to each of these risks, the Group\u2019s objectives, policies and processes for measuring and managing risk, and the Group\u2019s management of capital. Further quantitative disclosures are included throughout these Consolidated Financial Statements.The Board of Directors has overall responsibility for the establishment and oversight of the Group\u2019s risk management framework.The Group\u2019s risk management policies are established to identify and analyse the risks faced by the Group, to set appropriate risk limits and controls, and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the Group\u2019s activities. The Group, through its training and management standards and procedures, aims to develop a disciplined and constructive control environment in which all employees understand their roles and obligations.The Group Audit Committee oversees how management monitors compliance with the Group\u2019s risk management policies and procedures and reviews the adequacy of the risk management framework in relation to the risks faced by the Group. A programme of commercial, operating, financial and third party reviews is in place to assist the Group Audit Committee with its assessment of the effectiveness of risk management and internal control procedures.Credit riskCredit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises from cash and cash equivalents, derivative financial instruments and principally from the Group\u2019s receivables from customers. The maximum exposure to credit risk for receivables and other financial assets is represented by their carrying amount.The Group has a policy of insuring a substantial majority of receivables in its UK businesses, which account for 43% (2021: 49%) of the Group\u2019s trade receivables. Any residual uninsured risk is spread across a significant number of customers. In our US businesses, which account for 48% (2021: 30%) of the Group\u2019s trade receivables, our operating companies have a policy of taking out trade references before granting credit limits and selectively insuring against credit risk where it is deemed appropriate by management. Purchase limits are established for each customer and are reviewed regularly. Customers that fail to meet the Group\u2019s benchmark creditworthiness may transact with the Group only on a prepayment basis. The Group\u2019s other overseas businesses operate on a similar basis to the US. As a result of these policies, impairment losses are not significant.Liquidity riskLiquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group\u2019s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Group\u2019s reputation.It is the Group\u2019s policy to minimise its liquidity risk in terms of limiting the amounts of loans and borrowings maturing within the next 12 months. As at 31 December 2022 all such debt was covered by cash and cash equivalents netting to \u00a324.5m positive current liquidity (2021: \u00a316.9m).The Group\u2019s principal UK revolving credit facility was refinanced in November 2022. The new facility is unsecured, has a value of \u00a3250m and an initial maturity in November 2026, with an option to extend this maturity by one year at the first anniversary. Along with various other secured and on demand lines of credit, including bank overdrafts, the Group has access to bank borrowing facilities of \u00a3262.2m at 31 December 2022 (2021: \u00a3287.3m).In addition, in 2019 the Group signed an agreement with an institutional investor for a private placement of $70m new senior unsecured notes (\u201cSenior Unsecured Notes\u201d). The issue consisted of two equal tranches with maturities in June 2026 and June 2029 respectively.At 31 December 2022, the Group\u2019s total committed borrowing facilities were \u00a3309.0m (2021: \u00a3327.6m) and the amount undrawn at this date was \u00a3201.6m (2021: \u00a3202.4m).Market riskMarket risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and commodity prices will affect the Group\u2019s income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return on risk. The Group buys and sells derivatives in the ordinary course of business, and also incurs financial liabilities, in order to manage market risks. All such transactions are carried out within the guidelines set by the Board. Refer to note 24(f) for further details. Counterparty riskA group of relationship banks provides the bulk of the banking services, with pre-approved credit limits set for each institution. Financial derivatives may be entered into with these core banks and the underlying credit exposure to these instruments is included when considering the credit exposure to the counterparties. At the end of 2022 credit exposure including cash deposited did not exceed \u00a36.8m with any single institution (2021: \u00a36.2m).Currency riskThe Group publishes its Consolidated Financial Statements in Sterling, but conducts business in several foreign currencies, including significant operations based in the US. This results in foreign currency exchange risk due to exchange rate movements, which will affect the Group\u2019s transaction costs and, more significantly, the translation of the results and net assets of its foreign operations. The Group\u2019s translation reserve includes a gain of \u00a327.4m (2021: loss of \u00a32.3m), principally as a result of Sterling\u2019s depreciation against the US Dollar in 2022, representing this translation effect on overseas earnings and net assets.24. Financial instruments\u2002continuedThe trading currency of each operation is predominantly in the same denomination. However, the Group uses forward exchange contracts to minimise currency risk where appropriate. The Group does not apply hedge accounting to these derivative financial instruments.The Group has hedged its investment in its US operations by way of financing the acquisitions through like denominations of its bank borrowings and the Senior Unsecured Notes. The Group\u2019s investments in other subsidiaries are not hedged because fluctuations on translation of their assets into Sterling are not significant to the Group.Interest rate riskThe Senior Unsecured Notes account for 55% (2021: 42%) of the Group\u2019s outstanding gross borrowings at 31 December 2022 and attract a fixed rate of interest averaging 3.92% (2021: 3.92%) per annum. All other borrowings bear interest at floating rates. At the current time the Group feels that this ratio of fixed to floating borrowings is appropriate but continues to monitor it in the context of economic indicators and wider market conditions. The Group believes that using fixed interest rate for short term day-to-day trading is not appropriate.InsuranceThe Group purchases insurance for commercial, legal and contractual reasons. The Group retains insurable risk where external insurance is not commercially viable.Capital managementThe Group maintains a strong capital base so as to maintain investor, creditor and market confidence and to sustain future development of the business. The Board monitors both the demographic spread of shareholders, as well as the return, which the Group defines as total shareholders\u2019 equity and the level of dividends to ordinary shareholders.The Board seeks to maintain a balance between the higher returns that might be possible with higher levels of borrowings and the advantages and security afforded by a sound capital position.There are financial covenants associated with the Group\u2019s borrowings, which are interest cover and EBITDA to net debt. The Group comfortably complied with these covenants in 2022 and 2021, as set out in the Operational & Financial Review on pages 22 to 31.There were no significant changes in the Group\u2019s approach to capital management during the year.(B) TOTAL FINANCIAL ASSETS AND LIABILITIESThe table below sets out the Group\u2019s accounting classification of its financial assets and liabilities and their fair values as at 31 December. The fair values of all financial assets and liabilities are not materially different to the carrying values.Designated at Amortised Total carrying fair valuecostvalueFair value\u00a3m\u00a3m\u00a3m\u00a3mCash and cash equivalents net of bank overdraft \u2013 24.8 24.8 24.8Loans and other borrowings due within one year \u2013 (0.3) (0.3) (0.3)Loans and borrowings due after more than one year \u2013 (104.9) (104.9) (104.9)Lease liabilities classified as held for sale \u2013 \u2013 \u2013 \u2013Lease liabilities due within one year \u2013 (8.7) (8.7) (8.7)Lease liabilities due after more than one year \u2013 (30.6) (30.6) (30.6)Derivative assets 0.3 \u2013 0.3 0.3Other assets \u2013 127.4 127.4 127.4Other liabilities \u2013 (111.6) (111.6) (111.6)Total at 31 December 2022 0.3 (103.9) (103.6) (103.6)Cash and cash equivalents net of bank overdraft \u2013 18.1 18.1 18.1Loans and other borrowings due within one year \u2013 (1.2) (1.2) (1.2)Loans and borrowings due after more than one year \u2013 (121.0) (121.0) (121.0)Lease liabilities classified as held for sale \u2013 (1.7) (1.7) (1.7)Lease liabilities due within one year \u2013 (8.8) (8.8) (8.8)Lease liabilities due after more than one year \u2013 (30.1) (30.1) (30.1)Derivative assets 0.2 \u2013 0.2 0.2Other assets \u2013 113.5 113.5 113.5Other liabilities \u2013 (118.6) (118.6) (118.6)Total at 31 December 2021 0.2 (149.8) (149.6) (149.6)24. Financial instruments\u2002continuedFair value hierarchyThe table below analyses financial instruments carried at fair value, by valuation method. The different levels have been defined as follows:Level 1: unadjusted quoted prices in active markets for identical assets or liabilities.Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either as a direct price or indirectly derived from prices.Level 3: inputs for the asset or liability that are not based on observable market data. Level 1Level 2Level 3Total\u00a3m\u00a3m\u00a3m\u00a3mDerivative financial assets \u2013 0.3 \u2013 0.3Total at 31 December 2022 \u2013 0.3 \u2013 0.3Derivative financial assets \u2013 0.2 \u2013 0.2Total at 31 December 2021 \u2013 0.2 \u2013 0.2At 31 December 2022 the Group did not have any assets or liabilities classified at Level 1 or Level 3 in the fair value hierarchy (2021: nil). There have been no transfers in any direction in the year.The Group\u2019s financial assets, excluding short term receivables, consist mainly of cash and call deposit accounts.Where cash surpluses arise in the short term, interest is earned based on a floating rate related to bank base rate or SONIA/SOFR/EURIBOR. Where the Group\u2019s funding requirements allow longer term investment of surplus cash, management will review available options to obtain the best possible return whilst maintaining an appropriate degree of access to the funds.The Group\u2019s financial liabilities, excluding short term creditors, are set out below. Fixed rate financial liabilities comprise US Dollar denominated Senior Unsecured Notes. Floating rate financial liabilities comprise Sterling, Euro and US Dollar bank loans and overdrafts, and lease liabilities. The floating rate bank loans and overdrafts bear interest at rates related to bank base rates or SONIA/SOFR/EURIBOR. The floating rates of the lease liabilities are determined using the Group\u2019s incremental borrowing rate, being the rate that the lessee would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions. Each subsidiary has financial assets and liabilities which are predominantly in the same denomination as that subsidiary\u2019s functional currency. The financial assets and liabilities not denominated in the functional currency of these entities are insignificant to the Group.Certain UK subsidiaries hold Euro \u00a3nil (2021: \u00a39.7m) and US Dollar \u00a366.7m (2021: \u00a351.9m) denominated interest bearing loans, which are predominantly used to fund the Group\u2019s European and United States operations and include \u00a366.7m (2021: \u00a361.6m) designated as a hedge of the net investment in a foreign operation. The foreign currency loss of \u00a34.8m (2021: gain of \u00a30.6m) for the effective portion was recognised in the Consolidated Statement of Comprehensive Income netted against exchange differences on translation of foreign operations. Any ineffective portion recognised in the Consolidated Income Statement is insignificant.Fixed rate financial liabilitiesWeighted average Weighted period foraveragewhich rate is interest ratefixed%YearsUS Dollar at 31 December 2022 3.9 5.0US Dollar at 31 December 2021 3.9 6.024. Financial instruments\u2002continued(C) MATURITY PROFILEThe table below sets out the contractual cash flows associated with the Group\u2019s financial liabilities, including estimated interest payments, analysed by maturity:Due betweenDue betweenDue after Carrying Contractual Due withinone andtwo andmore than five Effectiveamountscash flowsone yeartwo yearsfive yearsyearsinterest rate\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mSecured loans and borrowings Floating 0.4 (0.4) (0.3) \u2013 (0.1) \u2013Unsecured loans and borrowings Floating 46.7 (57.8) (2.4) (2.4) (53.0)Senior Unsecured Notes 3.9% 58.1 (69.8) (2.3) (2.3) (34.3) (30.9)Lease liabilities Floating 39.3 (39.3) (8.7) (6.6) (12.3) (11.7)Lease liabilities classified as held for sale Floating \u2013 \u2013 \u2013 \u2013 \u2013 \u2013Other liabilities n/a 116.5 (116.5) (116.3) (0.2)Total at 31 December 2022 261.0 (283.8) (130.0) (11.5) (99.7) (42.6)Secured loans and borrowings Floating 1.8 (1.8) (1.1) (0.5) (0.2) \u2013Unsecured loans and borrowings Floating 69.5 (73.6) (1.7) (71.9) \u2013 \u2013Senior Unsecured Notes 3.9% 51.6 (64.0) (2.0) (2.0) (31.5) (28.5)Lease liabilities Floating 38.9 (38.9) (8.8) (7.2) (11.8) (11.1)Lease liabilities classified as held for sale Floating 1.7 (1.7) (0.6) (0.6) (0.5) \u2013Other liabilities n/a 123.7 (125.0) (124.5) (0.5) \u2013 \u2013Total at 31 December 2021 287.2 (305.0) (138.7) (82.7) (44.0) (39.6)The unsecured bank borrowings bear interest based on SONIA/SOFR/EURIBOR, plus a margin (as defined in the facilities agreement) which varies depending on the Group\u2019s ratio of net debt to EBITDA. The secured loans and borrowings are held by subsidiaries in the USA and bear interest at varying rates linked to underlying US bond markets.The Group had the following undrawn committed facilities at 31 December, in respect of which all conditions precedent had been met:20222021\u00a3m\u00a3mUndrawn committed borrowing facilities 201.6 202.4(D) FAIR VALUESThe fair value of forward currency exchange contracts realised in the Consolidated Income Statement as part of fair value derivatives amounted to \u00a3nil (2021: \u00a3nil). The fair values of the Group\u2019s other financial instruments at 31 December 2022 and 2021 were not materially different to their carrying value. Fair values were calculated using market rates where available, otherwise cash flows were discounted at prevailing rates.Impairment charges of \u00a36.4m (2021: \u00a316.0m) were recognised in respect of the carrying values of non-current assets as detailed in notes 13, 14 and 16.(E) CREDIT RISKExposure to credit riskThe exposure to credit risk is substantially mitigated by the credit insurance employed by the Group. In the absence of this insurance the maximum credit exposure on the carrying value of financial assets at the reporting date was:Carrying amount20222021\u00a3m\u00a3mTrade and other receivables and contract assets at amortised cost 138.2 122.7Cash and cash equivalents at the end of the year 24.8 18.8Total 163.0 141.524. Financial instruments\u2002continuedCarrying value of trade receivables by geography20222021\u00a3m\u00a3mUK 53.3 54.7Rest of Europe 5.6 19.8North America 61.4 34.1Rest of the world 5.8 3.7Total 126.1 112.3Carrying value of trade receivables by business segment20222021\u00a3m\u00a3mRoads & Security 50.7 47.6Engineered Solutions 47.3 32.6Galvanizing Services 28.1 32.1Total 126.1 112.3Impairment lossesThe Group maintains a level of credit insurance covering a significant part of its trade receivables which mitigates against possible impairment losses. An impairment assessment is performed at each reporting date to assess whether there has been a significant increase in the credit risk. Expected credit loss rates are calculated individually for each business within the Group and are based on historical observed default rates, adjusted for forward-looking information. Whilst global economies have continued their post-pandemic recovery in 2022, supply chain and inflationary challenges are present and there remains uncertainty around conditions in the short to medium term, particularly in the UK. As such, the Group believes the risk of an increased number of defaults still exists. Accordingly, default loss rates incorporate forward-looking information based on available macroeconomic information. The assessment of the correlation between forecast economic conditions and expected future credit losses is an estimate but is not determined to be a significant estimate as the Group does not expect future credit losses to be materially different to the credit losses estimated at the reporting date. The charge to the Consolidated Income Statement in the year in respect of the expected loss of trade receivables was \u00a30.4m (2021: \u00a30.7m). The Group does not require collateral in respect of trade and other receivables. The Group does not have trade receivables or contract assets for which no loss allowance is recognised because of collateral.The ageing of trade receivables at the reporting date was:2022 2021GrossProvisionsNetGrossProvisionsNet\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mNot past due 87.3 \u2013 87.3 74.9 (0.2) 74.7Past due 1\u201330 days 27.0 (0.1) 26.9 25.6 (0.1) 25.5Past due 31\u2013120 days 8.2 (0.3) 7.9 9.9 (0.3) 9.6Past due more than 120 days 7.0 (3.0) 4.0 6.1 (3.6) 2.5Total 129.5 (3.4) 126.1 116.5 (4.2) 112.3The movements in provisions for impairment of trade receivables are as follows:\u00a3mAt 1 January 2021 6.3Disposal of subsidiary (0.1)Charged in the year 0.1Utilised during the year (2.1)At 31 December 2021 4.2Exchange adjustments 0.1Acquisitions of subsidiaries 0.2Disposals of subsidiaries (0.8)Charged in the year 0.4Utilised during the year (0.7)At 31 December 2022 3.424. Financial instruments\u2002continued(F) MARKET RISK \u2013 SENSITIVITY ANALYSISIn managing interest rate and currency risks the Group aims to reduce the impact of short term fluctuations on the Group\u2019s earnings. Over the longer term, however, permanent changes in foreign exchange and interest rates may have an impact on consolidated earnings. At the end of the reporting periods, the effects of hypothetical changes in interest and currency rates are as follows:\u2022 Based on average month end net debt balances, if interest rates had varied throughout the year by 1% the positive or negative variation on the year\u2019s result would have been \u00a31.5m, which would directly impact on the Consolidated Income Statement.\u2022 Based on a 10% weakening in Sterling against all currencies throughout the year, the impact on the total group underlying operating profit in the Consolidated Income Statement would have been a gain of \u00a36.8m and the impact on equity would have been an increase of \u00a329.0m.\u2022 Based on a 10% strengthening in Sterling against all currencies throughout the year, the impact on the total group underlying operating profit in the Consolidated Income Statement would have been a loss of \u00a35.6m and the impact on equity would have been a decrease of \u00a323.7m.",
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"value": "25. Called up share capital 20222021\u00a3m\u00a3mAllotted, called up and fully paid80.0m ordinary shares of 25p each (2021: 79.8m) 20.0 20.0In 2022 the Company issued 0.2m shares under its various share option schemes (2021: 0.3m), realising \u00a31.9m (2021: \u00a32.6m).Each ordinary share carries equal voting rights and there are no restrictions on any share.",
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"value": "OPTIONS OUTSTANDING OVER THE COMPANY\u2019S SHARES The Group operates a number of employee share schemes categorised as follows:\u2022 Save As You Earn (\u201bSAYE\u2019) schemes \u2013 SAYE is a tax qualifying monthly savings scheme facilitating the purchase of shares at a discount as permitted by the applicable legislation (currently up to a maximum discount of 20%). SAYE options may be exercised in the event of a change of control to the extent permitted by the rules of the scheme. Such schemes are typically issued annually, are either three or five years and are offered to employees in the UK; \u2022 Long Term Incentive Plans (\u201bLTIP\u2019) and Executive Share Option Schemes (\u201bESOS\u2019) \u2013 The Remuneration Committee may, at its discretion, structure awards as approved awards comprising a tax qualifying option granted under both the ESOS and LTIP awards. LTIP awards are at nil cost and ESOS is a costed option; and \u2022 Buy-out awards \u2013 On joining the Company, certain senior managers forfeited long term incentive awards at their previous employer. The Company compensated them for these awards by granting awards over Hill & Smith shares. The awards are at nil cost.The number of options outstanding by scheme is as follows:2022 2021NumberOption NumberOption of sharesprice range (p)of sharesprice range (p)\u2020SAYE schemes 920,387 794p to 1,485p 714,243 891p to 1,485pLTIP awards 513,203 \u2013 499,741 \u2013ESOS awards ^ 345,768 316p to 1,113p 389,489 316p to 1,113pBuy-out awards 23,704 \u2013 45,955 \u2013Outstanding at the end of the year 1,803,062 1,649,428Exercisable at the year end 387,237 451,715Not exercisable at the year end 1,415,825 1,197,713Outstanding at the end of the year 1,803,062 1,649,428\u2020 Options may be exercised early under the terms of this scheme if employees meet the criteria of \u2019good leaver\u2019, which encompasses circumstances such as retirement or redundancy, otherwise, awards will vest if the participants continue to be in employment at the vesting date.^ Vesting of awards under the LTIP and ESOS schemes is subject to various financial performance criteria.The remaining weighted average life of the outstanding share options is 3 years 11 months (2021: 3 years 0 months). 25. Called up share capital\u2002continued The movement and weighted average exercise prices of share options during the year are as follows:WeightedWeighted average average exerciseMillions ofexercise Millions of price (p) optionsprice (p) options2022202220212021Outstanding at the beginning of the year 696 1.7 810 1.8Granted during the year 513 0.9 471 0.4Exercised during the year (674) (0.3) (843) (0.3)Lapsed during the year (513) (0.5) (907) (0.2)Outstanding at the end of the year 655 1.8 696 1.7The weighted average share price on the dates of exercise of share options during the year was 1,550p (2021: 1,597p), and the weighted average fair value of options and awards granted in the year was 560p (2021: 1,167p). The weighted average exercise price of outstanding options exercisable at the year end was 1,103p (2021: 1,052p). The prior year weighted average exercise price of outstanding options exercisable at the year end, has been restated to 1,052p from 566p, as a result of a clerical error. This restatement does not impact the prior year share based payment charge disclosed.Share-based payments \u2013 optionsThe fair value of services received in return for share options granted is measured by reference to the fair value of the share options granted. The estimate of the fair value of the services received is measured based on the Black\u2013Scholes model where vesting is based on non-market conditions, or a Monte Carlo Simulation where vesting is based on market conditions. The contractual life is the life of the option in question and the growth in dividend yield is based on the best current estimate of future yields over the contractual period.The expected volatility is wholly based on the historical volatility (calculated based on the weighted average remaining life of the share options), adjusted for any expected changes to future volatility due to publicly available information.Share options have been granted to qualifying employees in line with either HM Revenue & Customs approved or unapproved schemes. Other than the LTIP and Buy-out awards, the strike price for the option is made based on the market values of shares at the date the option is offered.As explained in the Directors Remuneration Report on pages 92 to 104, bonuses awarded to the Executive Directors include an element awarded in shares, deferred for a period of two years. The Group has determined the fair value of such awards to be equal to their cash equivalent. The resulting charge is included in the expense arising from share-based payments in the year to which the awards relate.The key assumptions for the grants in the current and prior year were as follows:2022 2021Buy-out Buy-out SAYE LTIPawards SAYE LTIPawardsExpected share price volatility (%) 24%/15% 32% 0% 26%/16% 32% 0%Dividend yield (%) 3.19% 0.0% 0.0% 1.55% 0.0% 0.0%Option life (years) 3/5 3 0.8 3/5 3 0.8Risk free interest rate (%) 4.1% 1.45% 0% 0.5%/0.1% 0.2% 0%The total expense recognised for the period arising from share-based payments is as follows:20222021\u00a3m\u00a3mEquity-settled 2.4 2.5Cash-settled (0.4) 0.3Total expensed during the year 2.0 2.8The carrying amount of the liability in relation to cash-settled share based payments at the end of the year was \u00a30.3m (2021: \u00a30.7m). ",
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"pp-value-98-3": {
"value": "28. Related party transactionsAs explained in note 6, the key management personnel are considered to be the Board of Directors of Hill & Smith PLC and the members of the Executive Board who are not also Directors of Hill & Smith PLC. The Board of Directors\u2019 remuneration can be seen in the Directors\u2019 Remuneration Report on pages 92 to 104. The combined remuneration of key management personnel can be seen in note 6 to the financial statements on page 147.",
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"pp-value-99-2": {
"value": "29. Subsequent eventsIn February 2023, the Group acquired Enduro Composites, Inc. (\u201bEnduro\u2019) for an initial cash consideration of \u00a328.7m, on a debt and cash free basis. Enduro, located in Houston, Texas, is a designer, manufacturer and supplier of engineered composite solutions focused on industrial and infrastructure market segments. Its products can be used in a wide variety of applications in conditions that require high strength, light weight and resistance to corrosion. In March 2023, the Group acquired Korns Galvanizing Company Inc. (\u201bKorns\u2019) for a cash consideration of \u00a39.4m, on a debt and cash free basis. Korns, located in Johnstown, Pennsylvania, has a single site specialising in spin galvanizing and has a customer base spread across a wide range of infrastructure related end markets, including commercial construction, fire protection, oil & gas and utilities.",
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"pp-value-100-1": {
"value": "Westhaven House Arleston Way Shirley Solihull B90 4LH",
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