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From our beginnings, certifying grain cargoes and then testing and ensuring the safety of Thomas Edison's products, we have become a global force for good: today, we are an industry leader committed to bringing quality, safety and sustainability to life with precision, pace and passion. Our work covers everything from testing toys to inspecting power stations, from supporting excellence in electric mobility to promoting circularity in tourism, from certifying vaccines to providing end- to-end Quality Assurance across every aspect of an organisation\u2019s operations and supply chain. Our innovation-led, end-to-end value proposition supports our clients 24/7, providing a unique and fully integrated portfolio of Assurance, Testing, Inspection and Certi\ufb01cation ('ATIC') services in a way that delivers complete peace of mind across all products, services and operating systems. What we do But the ATIC solutions we offer go beyond the quality and safety of a corporation\u2019s physical components, products and assets. They go to the heart of the reliability of their operating processes and quality management. We call this Total Quality Assurance because it enables our clients to mitigate risk at every stage of their operations. In short, we help our clients operate in safety and make their businesses stronger, making the world amazing \u2013 a better, safer and more sustainable place for everybody. End-to-end ATIC services Enabling our customers to identify and mitigate intrinsic risk in their operations, their supply and distribution chains and quality management systems. Assurance goes beyond testing, inspection and certi\ufb01cation to look at the underlying elements that make a company and its products successful. Intertek\u2019s assurance solutions provide total peace of mind to our clients that their operating procedures, systems and people are functioning properly to provide competitive advantage. Our extensive auditing, performance benchmarking and supply chain services provide insight into every aspect of a company's operations, right across the value chain, enabling informed business decisions. Our training services ensure workforce competencies are current and relevant. Our experts around the globe bring their knowledge to clients on assessing overall performance, the quality and productivity of laboratories, identifying and mitigating risks, streamlining manufacturing processes and supply chains, and so much more. Validating the speci\ufb01cations, value and safety of our customers\u2019 raw materials, products and assets. Independent third-party inspections help our clients around the world protect their \ufb01nancial, branding and legal interests throughout the entire supply chain. We offer inspection services to manufacturers, retailers, traders, plant operators, governments and other buyers and sellers of materials and products. Inspections help minimise the risk of defective products by ensuring they meet customer standards as well as industry and government regulations. This serves to protect business interests, manage risk and ensure quality products are manufactured and delivered to their \ufb01nal destination at the correct speci\ufb01cations. Our experienced inspectors help identify products and shipments which may contain non-standard or non-compliant components and materials. We also support the end-to-end life management of facilities such as power plants and oil re\ufb01neries. Formally con\ufb01rming that our customers\u2019 products and services meet all trusted external and internal standards. Intertek maintains extensive global accreditations, and we are recognised for our testing and certi\ufb01cation services. With both international and local pro\ufb01ciency, Intertek brings the quali\ufb01cations customers need to get products in front of the right eyes. We offer certi\ufb01cation programmes that achieve market entry into a variety of global destinations, programmes for a more eco-friendly environment, and programmes to verify social accountability compliance for companies and their suppliers. We help clients showcase and maintain products\u2019 safety and performance. Our leadership and expertise in regulatory standards and certi\ufb01cations keep clients ahead of changes and challenges, and our knowledge of the process from sourcing to market position creates efficient, cost-effective solutions that meet best industry practices. Evaluating how our customers\u2019 products and services meet and exceed quality, safety, sustainability and performance standards. Intertek\u2019s testing services support the quality, performance, regulatory compliance, safety, benchmarking, evaluation, validation, analysis, and other requirements for products, components, raw materials, sites, and facilities. Our \ufb01eld and in-house laboratory testing services provide the data our clients need to optimise the production process and get products to market quickly and economically. Our experts and global resources are equipped to meet testing, timelines and product needs. As regulations change and technology is created or innovated, our knowledge and industry expertise ensure products and businesses are prepared to meet evolving demands. 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Where accounting policies relate to a speci\ufb01c note in the \ufb01nancial statements, they are set out within that note, to provide readers of the \ufb01nancial statements with a more useful layout to the \ufb01nancial information presented . Statement of compliance Intertek Group plc is a public company incorporated in England & Wales and domiciled in the UK, limited by shares. The Group \ufb01nancial statements as at and for the year ended 31 December 2023 consolidate those of the Company and its subsidiaries (together referred to as the \u2018Group\u2019) and include the Group\u2019s interests in associates. Intertek Group plc transitioned to UK-adopted international accounting standards in its consolidated \ufb01nancial statements on 1 January 2021. There was no impact or changes in accounting policies from the transition. The Group \ufb01nancial statements have been prepared by the Directors in accordance with these accounting standards in conformity with the requirements of the Companies Act 2006. The Company \ufb01nancial statements present information about the Company as a separate entity and not about its Group. The Company has elected to prepare its Company \ufb01nancial statements in accordance with UK GAAP, comprising FRS 101 and applicable law; these are presented on pages 51 to 56. Signi\ufb01cant new accounting policies and standards There are no signi\ufb01cant new accounting standards or amendments to accounting standards that are effective for annual periods beginning on or after 1 January 2023 that have a material effect on the results of the Group. Changes in accounting policies The accounting policies set out in these \ufb01nancial statements have been applied consistently to all years presented, apart from those disclosed below. There are no new accounting standards that are effective for annual periods beginning on or after 1 January 2023 that have a material effect on the consolidated \ufb01nancial statements of the Group. There are no accounting standards that are issued but not yet effective that are expected to have a material effect on the consolidated \ufb01nancial statements of the Group . Measurement convention The \ufb01nancial statements are prepared on the historical cost basis except as discussed in the relevant accounting policies. Functional and presentation currency These consolidated \ufb01nancial statements are presented in sterling, which is the Company\u2019s functional currency. All information presented in sterling has been rounded to the nearest \u00a30.1m. Going concern The Group has a broad customer base across its multiple business lines and in its different geographic regions and is supported by a robust balance sheet and strong operational cash \ufb02ows. The Board has reviewed the Group\u2019s \ufb01nancial forecasts up to 31 December 2025 to assess both liquidity requirements and debt covenants.
In addition, the Group\u2019s \ufb01nancial forecasts for 2024 and 2025, and the related liquidity position and forecast
compliance with debt covenants, have been sensitised for a severe yet plausible decline in economic conditions
(including an illustrative sensitivity scenario of a reduction of 30% to the base pro\ufb01t forecasts and the
corresponding impact to cash \ufb02ow forecasts in each of these years). In addition, reverse stress testing has
also been applied to the model which represents a signi\ufb01cant decline in cash \ufb02ows compared with the 30%
downside sensitivity. Such a scenario is considered to be remote. The Board remains satis\ufb01ed with the Group\u2019s
funding and liquidity position, with the Group forecast to remain within its committed facilities and compliant
with debt covenants even following the 30% downside sensitivity. The sensitivity modelling excludes
additional mitigating actions (e.g. dividend cash payments, non-essential overheads and non-committed
capital expenditure) that are within management control and could be initiated if deemed required.
The undrawn headroom on the Group\u2019s committed borrowing facilities at 31 December 2023 was \u00a3664.3m
(2022: \u00a3707.3m). The maturity of our borrowing facilities is disclosed in note 14 of the \ufb01nancial statements,
with repayment of two senior notes totalling US$125m required by 31 December 2024. Our models forecast
these to be repaid using existing facilities. Full details of the Group\u2019s borrowing facilities and maturity pro\ufb01le
are outlined in note 14.
On the basis of its forecasts to 31 December 2025, both base case and the severe but plausible downside,
and available facilities, the Board has concluded that there are no material uncertainties over going concern,
including no anticipated breach of covenants, and therefore the going concern basis of preparation continues
to be appropriate.
Consideration of climate change
In preparing the \ufb01nancial statements, we have considered the impact of climate change (refer to Book one,
page 58 for further information). There is no material impact on the \ufb01nancial reporting judgements and
estimates arising from our considerations, which is consistent with the assertion that risks associated with
climate change are not expected to have a material impact on the viability of the Group in the short, medium
and long term. Speci\ufb01cally we note the following:
\u2022 The Group continues to invest in on-site renewable energy generation at our locations.
\u2022 We have speci\ufb01cally considered the impact of climate change on the carrying value of \ufb01xed assets
(see note 8).
\u2022 The Group has not bought carbon credits in 2023 (2022: \u00a3nil) to offset our measured scope 1, 2 and 3
GHG emissions.
Government grants
Government grants are recognised in the income statement so as to match them with the related expenses
that they are intended to compensate. Where grants are received in advance of the related expenses, they are
initially recognised in the balance sheet and released to match the related expenditure. Non-monetary grants
are recognised at fair value. The related cash \ufb02ow is classi\ufb01ed in accordance with the nature of the activity.
Basis of consolidation
Subsidiaries
Subsidiaries are those entities controlled by the Group. Control exists when the Group has power to direct the
relevant activities, exposure to variable returns from the investee and the ability to use its power over the
investee to affect the amount of investor returns. The \ufb01nancial statements of subsidiaries are included in the
consolidated \ufb01nancial statements from the date that control commences until the date that control ceases.
For purchases of non-controlling interest in subsidiaries, the difference between the cost of the additional
interest in the subsidiary and the non-controlling interest\u2019s share of the assets and liabilities re\ufb02ected in the
consolidated statement of \ufb01nancial position at the date of acquisition is re\ufb02ected directly in shareholders\u2019 equity.
Transactions eliminated on consolidation
Intra-group balances and transactions, and any unrealised gains and losses or income and expenses arising from
intra-group transactions, are eliminated in preparing the consolidated \ufb01nancial statements. Unrealised losses are
eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment.
Foreign currency
Foreign currency transactions
Transactions in foreign currencies are translated to the respective functional currencies of Group entities at
the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities (for example,
cash, trade receivables, trade payables) denominated in foreign currencies at the reporting date are translated
at the foreign exchange rate ruling at that date. Foreign exchange differences arising on translation are
generally recognised in the 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.
For the policy on hedging of foreign currency transactions see note 14.
Foreign operations
The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on
acquisition, are translated to sterling at foreign exchange rates ruling at the reporting date.
The income and expenses of foreign operations are translated into sterling at cumulative average rates
of exchange during the year. Exchange differences arising from the translation of foreign operations are
taken directly to equity in the translation reserve. They are released to the income statement upon disposal.
For the policy on net investment hedging see note 14.
The most signi\ufb01cant currencies for the Group were translated at the following exchange rates:
Assets and liabilities Income and expenses
Actual rates Cumulative average rates
31 December 31 December
Value of \u00a31 2023
2022
2023
2022
US dollar
1.28
1.20
1.24
1.24
Euro
1.15
1.13
1.15
1.17
Chinese renminbi
9.14
8.45
8.81
8.31
Hong Kong dollar
10.00
9.37
9.71
9.68
Australian dollar
1.87
1.78
1.87
1.78
Key estimations and uncertainties
The preparation of \ufb01nancial statements in conformity with IFRSs (\u2018International Financial Reporting Standards\u2019)
requires management to make judgements and estimates that affect the application of accounting policies
and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these
estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting
estimates are recognised in the year in which the estimates are revised and in any future years affected.
Discussed below are key assumptions concerning the future, and other key sources of estimation at the
reporting date, that could have a signi\ufb01cant risk of causing a material adjustment to the carrying amount
of assets and liabilities within the next \ufb01nancial year.
Impairment of goodwill
Following recognition of goodwill as a result of acquisitions, the Group determines, as a minimum on an annual
basis and including current year acquisitions, whether goodwill is impaired, which requires an estimation of the
future cash \ufb02ows of the cash generating units to which the goodwill is allocated, as well as assumptions on
growth rates and discount rates \u2013 see note 9. There is no signi\ufb01cant risk of material impairment within the
next \ufb01nancial year.
Employee post-retirement bene\ufb01t obligations
For material de\ufb01ned bene\ufb01t plans, the actuarial valuation includes assumptions such as discount rates,
return on assets, salary progression and mortality rates. Further details and sensitivity analysis are included
in note 16.
There are no critical accounting judgements.
Other accounting policies
Accounting policies relating to a speci\ufb01c note in the \ufb01nancial statements are set out within that note
as follows:
Note
Revenue
2
Separately Disclosed Items
3
Taxation
6
Property, plant and equipment
8
Goodwill and other intangible assets
9
Trade and other receivables
11
Trade and other payables
12
Provisions
13
Borrowings and \ufb01nancial instruments
14
Capital and reserves
15
Employee bene\ufb01ts
16
Share schemes
17
Non-controlling interest
20
Accounting policy
Revenue
Revenue represents the total amount receivable for services rendered when there is transfer of control to
the customer, excluding sales-related taxes and intra-group transactions.
Revenue from services rendered on short-term projects is generally recognised in the income statement when
the relevant service is completed, usually when the report of \ufb01ndings or test/inspection certi\ufb01cate is issued.
Short-term projects are considered to be those of less than two months\u2019 duration.
In line with IFRS 15, rebates and customer discounts are considered to be variable consideration and have
been deducted from recognised revenue.
Revenue is recognised using the \ufb01ve steps for revenue recognition. The majority of contracts are for
less than one year. The Group records transactions as revenue on the basis of value of work done, with the
corresponding amount being included in trade receivables if the customer has been invoiced, or in contract
assets, if billing has yet to be completed. Performance obligations vary across business lines and regions, and
on a contract-by-contract basis. There may be more than one performance obligation per contract, for example
Alchemy Training Solutions contracts have multiple elements which are split between recognising revenue at
a point in time for services such as right-of-use software licences, and over time for other services delivered
under the same contract.
Long-term projects consist of two main types:
\u2022 time incurred, which is billed at agreed rates on a periodic basis, such as monthly; or
\u2022 staged payment invoicing, requiring an assessment of percentage of completion, based on services provided
and revenue accrued accordingly.
Expenses are recharged to clients where permitted by the contract. Payments received in advance from customers
are recognised in contract liabilities to the extent that performance obligations have not been satis\ufb01ed.
The Group does not expect to have any material contracts where the period between the transfer of promised
goods or services to the customer and payment by the customer exceeds one year. As a consequence, the
Group does not adjust any of the transaction prices for the time value of money.
The Group has applied practical expedients in: i) recognising assets from the costs incurred to obtain or ful\ufb01l
a contract; and ii) disclosing unsatis\ufb01ed performance obligations in contracts as contracts have an expected
duration of less than a year. The economic factors affecting revenue for both short- and long-term contracts
are consistent within each .
Accounting policy
Adjusted results
In order to present the performance of the Group in a clear, consistent and comparable format, certain items
are disclosed separately on the face of the income statement. Separately Disclosed Items (\u2018SDI\u2019) are items
which by their nature or size, in the opinion of the Directors, should be excluded from the adjusted results to
provide readers with a clear and consistent view of the business performance of the Group and its operating
segments on a year-on-year basis. A full glossary and de\ufb01nitions of adjusted performance metrics used by the
Group is included on page 64.
When applicable, these items include amortisation of acquisition intangibles; impairment of goodwill and
other assets; the pro\ufb01t or loss on disposals of businesses or other signi\ufb01cant non-current assets; the
costs of acquiring and integrating acquisitions; the cost of any fundamental restructuring; the costs of
any signi\ufb01cant strategic projects; material claims and settlements; and unrealised market or fair value gains
or losses on \ufb01nancial assets or liabilities, including contingent consideration.
Adjusted operating pro\ufb01t, which is a non-GAAP measure, excludes the amortisation of acquired intangible
assets, primarily customer relationships, as we do not believe that the amortisation charge in the income
statement provides useful information about the cash costs of running our business as these assets will be
supported and maintained by ongoing marketing and promotional expenditure, which is already re\ufb02ected
in operating costs. Amortisation of software, however, is included in adjusted operating pro\ufb01t as it is similar
in nature to other capital expenditure.
The costs associated with our cost reduction programme are excluded from adjusted operating pro\ufb01t where
they represent changes associated with operational streamlining and technology upgrades and are costs
that are not expected to reoccur. The restructuring programme, which began in 2022, is expected to last
up to \ufb01ve years.
The treatment as SDI is consistent with the disclosure of costs for similar restructuring and strategic
programmes previously undertaken.
The impairment of goodwill and other assets that by their nature or size are not expected to recur; the pro\ufb01t
and loss on disposals of businesses or other signi\ufb01cant assets; and the costs associated with successful,
active or aborted acquisitions are excluded from adjusted operating pro\ufb01t to provide useful information
regarding the year-on-year performance of the Group\u2019s operations.
As adjusted results include the bene\ufb01ts of the items detailed above, but exclude signi\ufb01cant costs related to
those items, they should not be regarded as a complete picture of the Group\u2019s \ufb01nancial performance, which is
presented on the face of the income statement under total results. The exclusion of these items may result
in adjusted operating pro\ufb01t being materially higher or lower than total operating pro\ufb01t. In particular, where
signi\ufb01cant impairments, restructuring charges and legal costs are excluded in any year, adjusted operating
pro\ufb01t will be higher than total operating pro\ufb01t.
Deferred tax assets are recognised to the extent that there are taxable temporary differences relating to
the same taxation authority, the same taxable company or different taxable companies part of the same
tax group, which are expected to reverse in the same period, or to the extent that it is probable that future
taxable pro\ufb01ts will be available against which the temporary difference can be utilised. The carrying amount
of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer
probable that sufficient taxable pro\ufb01ts will be available to allow all or part of the deferred tax asset to be
utilised. In calculating future taxable pro\ufb01ts, the future forecasts considered were consistent with those
used for the purposes of the Group\u2019s going concern and viability assessments.
The Group does not currently expect the climate-related risks discussed in Book one, pages 58 to 66 to
have an impact on the availability to recover the deferred tax assets identi\ufb01ed below. Any additional income
taxes that arise from the distribution of dividends are recognised at the same time as the liability to pay the
related dividend.
Tax expense
The Group operates across many different tax jurisdictions. Income and pro\ufb01ts are earned and taxed in the
individual countries in which they occur.
The statutory tax charge, including the impact of SDIs, of \u00a3104.2m (2022: \u00a3113.0m), equates to an effective
rate of 24.7% (2022: 26.9%) and the cash tax on adjusted results is 23.5% (2022: 21.9%). The income tax
expense for the adjusted pro\ufb01t before tax for the 12 months ended 31 December 2023 is \u00a3124.8m (2022:
\u00a3128.4m). The Group\u2019s adjusted effective tax rate for the 12 months ended 31 December 2023 is 24.6%
(2022: 26.3%).
Differences between the consolidated effective tax rate of 24.7% and the weighted average notional
statutory UK rate of 23.5% include but are not limited to: the mix of pro\ufb01ts; the effect of tax rates in
foreign jurisdictions; non-deductible expenses; the effect of movement in unrecognised deferred tax assets;
movements in the provision for uncertain tax positions; withholding tax on intra-group dividends; tax-exempt
income; and under/over provisions in previous periods.
The Group receives tax incentives in certain jurisdictions, resulting in a lower tax charge to the income
statement. These tax incentives mainly relate to China\u2019s High and New Technology Enterprise and Technology
Advanced Service Enterprise incentives. Without these incentives the adjusted effective tax rate would be
26.9% (2022: 28.3%). The tax on SDIs primarily relates to intangibles, impairment of \ufb01xed assets, restructuring,
integration and contingent consideration.
Accounting policy
Income tax for the year comprises current and deferred tax. Income tax is recognised in the same primary
statement as the accounting transaction to which it relates.
Current tax
Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or
substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years.
Tax provisions are recognised for uncertain tax positions where a risk of an additional tax liability has
been identi\ufb01ed and it is probable that the Group will be required to settle that tax liability. Measurement is
dependent on management\u2019s expectation of the outcome of decisions by tax authorities in the various tax
jurisdictions in which the Group operates. This is assessed on a case-by-case basis using in-house tax experts,
professional \ufb01rms and previous experience. Where the outcome of discussions with tax authorities is different
from the amount initially recorded, this difference will impact the tax expense in the period in which the
determination is made.
Deferred tax
Deferred tax is provided using the balance sheet liability method, providing for temporary differences
between the carrying amount of assets and liabilities for \ufb01nancial reporting purposes and the amounts
used for taxation purposes, except for:
\u2022 recognition of consolidated goodwill;
\u2022 the initial recognition of assets or liabilities in a transaction that is not a business combination and
that affects neither accounting nor taxable pro\ufb01t; and
\u2022 differences relating to investments in subsidiaries, branches, associates and interest in joint ventures,
the reversal of which is under the control of the Group and where it is probable that the difference 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 that have been enacted or substantively enacted at
the balance sheet date, for the periods when the asset is realised or the liability is settled. Deferred tax assets
and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets and they
relate to income taxes levied by the same tax authority on the same taxable entity, or on different taxable
entities which intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities
will be realised simultaneously.
Accounting policy
Property, plant and equipment
Owned assets
Items of property, plant and equipment are measured at cost less accumulated depreciation and accumulated
impairment losses. Cost includes expenditure that is directly attributable to the acquisition of the asset.
Leased assets
All leases where the Group is the lessee (with the exception of short-term and low-value leases) are recognised
in the statement of \ufb01nancial position. A lease liability is recognised based on the present value of the future
lease payments, and a corresponding right-of-use asset is recognised. The right-of-use asset is depreciated
over the shorter of the lease term or the useful life of the asset. Lease payments are apportioned between
\ufb01nance charges and a reduction of the lease liability.
Low-value items, usually below \u00a34,000, and short-term leases with a term of 12 months or less are not
required to be recognised on the balance sheet and payments made in relation to these leases are recognised
on a straight-line basis in the income statement. The Group leases various properties, principally offices and
testing laboratories, which have varying terms and renewal rights that are typical to the territory in which they
are located. Non-property includes all other leases, such as cars and printers. Normally the lease term is the
contractual start to end date, except when a break or extension option is reasonably certain to be taken, which
is considered on a lease-by-lease basis.
Depreciation
Depreciation is charged to the income statement on a straight-line basis over the estimated useful lives of
items of property, plant and equipment. Leased assets are depreciated over the shorter of the expected lease
term and their useful lives. Freehold land is not depreciated.
The estimated useful lives are as follows:
Freehold buildings 50 years
Leasehold buildings Term of lease
Fixtures, \ufb01ttings, plant and equipment 3 to 10 years
Depreciation methods, residual values and the useful lives of assets are reassessed at each reporting date.
Impairment
Non-\ufb01nancial assets
The carrying amounts of the Group\u2019s non-\ufb01nancial assets, other than inventories and deferred tax assets,
are reviewed at each reporting date to determine whether there is any indication of impairment. If any such
indication exists, then the asset\u2019s recoverable amount is estimated to determine the level of any impairment.
Impairment
Goodwill is not subject to amortisation and is tested annually for impairment and when circumstances indicate
that the carrying value may be impaired. Goodwill is also tested for impairment in the year of any acquisition.
Other intangible assets are subject to amortisation and are reviewed for impairment whenever events or
changes in circumstances indicate that the amount carried in the statement of \ufb01nancial position may be less
than its recoverable amount.
Any impairment is recognised in the income statement within operating costs. Impairment is determined
for goodwill by assessing the recoverable amount of each asset or group of assets, i.e. CGU, to which the
goodwill relates. A CGU represents an asset grouping at the lowest level for which there are separately
identi\ufb01able cash \ufb02ows.
The recoverable amount of an asset or a CGU is the greater of its fair value less costs to sell and value in use.
In assessing value in use, the estimated future cash \ufb02ows are discounted to their present value using a pre-tax
discount rate that re\ufb02ects current market assessments of the time value of money and the risks speci\ufb01c to the
asset. The estimation process is complex due to the inherent risks and uncertainties and if different estimates
were used this could materially change the projected value of the cash \ufb02ows. An impairment loss in respect of
goodwill is not reversed.
Accounting policy
Goodwill
Goodwill arises on the acquisition of businesses. Goodwill represents the difference between the cost
of acquisition and the Group\u2019s interest in the fair value of the identi\ufb01able assets and liabilities acquired.
Goodwill is stated at cost less any accumulated impairment losses. Goodwill is allocated to cash generating
units (\u2018CGUs\u2019) and is not amortised but is tested annually for impairment.
Business combinations are accounted for using the acquisition method at the acquisition date, which is the
date on which control is obtained.
The Group measures goodwill as the fair value of the consideration transferred less the net recognised
amount (generally fair value) of the identi\ufb01able assets acquired and liabilities assumed, all measured as of
the acquisition date.
Costs related to the acquisition, other than those associated with the issue of debt or equity securities,
are expensed as incurred. Costs relating to acquisitions are shown in note 3.
Any contingent consideration payable is recognised at fair value at the acquisition date with subsequent
changes recognised in pro\ufb01t or loss.
If at the reporting date the fair values of the acquiree\u2019s identi\ufb01able assets, liabilities and contingent liabilities
can only be established provisionally, then these values are used. Adjustments to the fair values can be made
within 12 months of the acquisition date and are taken as adjustments to goodwill.
Other intangible assets
When the Group makes an acquisition, management reviews the business and assets acquired to determine
whether any intangible assets should be recognised separately from goodwill. If, based on management\u2019s
judgement, such an asset is identi\ufb01ed, then it is valued by discounting the probable future cash \ufb02ows expected
to be generated by the asset, over the estimated life of the asset. Where there is uncertainty over the amount
of economic bene\ufb01t and the useful life, this is factored into the calculation.
Intangible assets arising on acquisitions and computer software are stated at cost less accumulated
amortisation and accumulated impairment losses. Identi\ufb01able intangibles are those which can be sold
separately or which arise from legal rights regardless of whether those rights are separable, and which
have \ufb01nite useful lives.
Amortisation is charged to the income statement on a straight-line basis over the estimated useful lives.
The estimated useful lives are as follows:
Computer software Up to 7 years
Customer relationships Up to 20 years
Technology and know-how Up to 15 years
Trade names Up to 18 years
Licences Contractual life
Covenants not to compete Contractual life
Accounting policy
Trade receivables are recognised initially at the value of the invoice sent to the customer and subsequently
at the amounts considered recoverable (amortised cost). Estimates are used in determining the level of
receivables that will not, in the opinion of the Directors, be collected. The Group applies the simpli\ufb01ed approach
permitted by IFRS 9, which requires the use of the lifetime expected loss provision for all receivables, including
contract assets. The provision calculations are based on historical credit losses and forward-looking data,
namely speci\ufb01c country risk classi\ufb01cations with higher default rates applied to older balances. This approach
is followed for all receivables unless there are speci\ufb01c circumstances, such as the bankruptcy of a customer
or emerging market risks, which would render the receivable irrecoverable and therefore require a speci\ufb01c
provision. A provision is made against trade receivables and contract assets until such time as the Group
believes the amount to be irrecoverable, after which the trade receivable or contract assets balance is
written off.
Accounting policy
Trade payables
Trade payables are recognised at the value of the invoice received from a supplier. The carrying value of trade
payables is considered approximate to fair value.
Accounting policy
A provision is recognised in the balance sheet when the Group has a present legal or constructive obligation
that can be estimated reliably as a result of a past event, and it is probable that an out\ufb02ow of economic
bene\ufb01ts will be required to settle the obligation.
Accounting policy
Net \ufb01nancing costs
Net \ufb01nancing costs comprise interest expense on borrowings; interest expense on tax balances; facility
fees; interest receivable on funds invested; interest income and expense relating to pension assets and
liabilities and lease interest expense under IFRS 16; net foreign exchange gains or losses on \ufb01nancial assets
or liabilities; unrealised market or fair value gains or losses on \ufb01nancial assets or liabilities, including contingent
consideration; and gains and losses on hedging instruments that are recognised in the income statement.
Interest income and interest expense are recognised as they accrue using the effective interest rate method.
As permitted by IAS 7, interest paid is classi\ufb01ed within operating cash \ufb02ows and interest received is classi\ufb01ed
within investing cash \ufb02ows.
Trade and other receivables
Trade and other receivables are recognised initially at fair value and subsequently at amortised cost less
impairment losses (including bad debt provision).
Cash and cash equivalents and net debt
Cash and cash equivalents on the balance sheet comprise cash at bank and in hand and short-term deposits
with original maturities of less than 90 days which are subject to an insigni\ufb01cant risk of changes in value.
Non-current assets include deposits with maturities exceeding 90 days. In the consolidated statement of
cash \ufb02ows, net cash and cash equivalents comprise cash and cash equivalents, as de\ufb01ned above, net of bank
overdrafts. Net \ufb01nancial debt comprises borrowings less cash and cash equivalents and total net debt is net
\ufb01nancial debt plus the IFRS 16 lease liability.
Non-derivative \ufb01nancial liabilities
Trade and other payables are recognised initially at fair value and subsequently at their amortised cost.
Interest-bearing borrowings are initially recognised at fair value less transaction costs. Subsequent to initial
recognition, interest-bearing borrowings are stated at amortised cost with any difference between cost and
redemption value being recognised in the income statement over the period of the borrowings on an effective
interest basis .
Put options held by non-controlling interests that arise on acquisition are recognised initially at the present
value of the redemption amount. They are subsequently measured at amortised cost using the effective
interest method. The discount is unwound through SDIs as a \ufb01nance charge.
Derivative \ufb01nancial instruments
The Group uses derivative \ufb01nancial instruments, including cross currency interest rate swaps and foreign
currency forwards, to hedge economically its exposure to foreign exchange risks. In accordance with its
treasury policy, the Group does not hold or issue derivative \ufb01nancial instruments for speculative purposes.
Derivative \ufb01nancial instruments are recognised initially and subsequently at fair value; attributable
transaction costs are recognised in pro\ufb01t or loss when incurred. The gain or loss on remeasurement to
fair value at each period end is recognised immediately in the income statement except where derivatives
qualify for hedge accounting.
The fair value of cross currency interest rate swaps is estimated using the present value of the estimated
future cash \ufb02ows based on observable yield curves.
The fair value of foreign currency forwards is estimated using present value of future cash \ufb02ows based on
the foreign exchange rates at the balance sheet date.
Hedging
Hedge of monetary assets and liabilities
Where a derivative \ufb01nancial instrument is used economically to hedge the foreign exchange exposure
of a recognised monetary asset or liability, no hedge accounting is applied and any gain or loss on the
hedging instrument is recognised in the income statement in the same caption as the foreign exchange
on the related item.
Hedge of net investment in foreign operations
The Group is exposed to foreign exchange risk exposure arising from its net investment in foreign currency
operations and net assets. To the extent that the Group has debt, it is held in currencies that hedge the foreign
exchange risks from the Group\u2019s net investments, or cross currency interest rate swaps are used to achieve the
same objective.
The portion of the gain or loss on an instrument designated as a hedge of a net investment in a foreign
operation that is determined to be an effective hedge is recognised directly in equity in the translation reserve.
The value in relation to the hedge instrument that is held within the cumulative foreign currency translation
reserve is recycled through the income statement when the hedged subsidiary is disposed of. If the instrument
is no longer deemed effective, then future movements in fair value are posted to the income statement.
Cash \ufb02ow hedges
Cash \ufb02ow hedges comprise derivative \ufb01nancial instruments designated in a hedging relationship to
manage interest rate risk and foreign exchange risk to which the cash \ufb02ows of certain assets and liabilities
are exposed. The Group is exposed to the variability in cash \ufb02ows arising from the foreign exchange risk
exposures. In accordance with the Group\u2019s hedging strategy, the Group has cross currency interest rate
swaps designated as cash \ufb02ow hedges.
The effective portion of changes in the fair value of a derivative that is designated and quali\ufb01es for hedge
accounting is recognised in other comprehensive income. The value in relation to the hedge instrument that
is held within the cumulative cash \ufb02ow hedge reserve (disclosed within other reserves) is recycled through
the income statement when the hedged item impacts the income statement. If the instrument is no longer
deemed effective, then future movements in fair value are posted to the income statement.
Interest Rate Benchmark Reform
LIBOR was discontinued as a published benchmark rate for some currencies as of 1 January 2022. The Group
has reviewed and renegotiated signi\ufb01cant borrowing and commercial contracts to replace LIBOR references
with alternative benchmark rates, as needed.
Impairment
A \ufb01nancial asset is assessed for impairment at each reporting date by application of an expected loss model
in line with IFRS 9 requirements.
15 Capital and reserves Accounting policy Dividends Interim dividends are recognised as a movement in equity when they are paid. Final dividends are reported as a movement in equity in the year in which they are approved by the shareholders. Own shares held by the Employee Share Ownership Trust (\u2018ESOT\u2019) Transactions of the Group-sponsored ESOT are included in the Group \ufb01nancial statements. In particular, the Trust\u2019s purchases of shares in the Company are debited directly in equity to retained earnings .
Accounting policy
Pension schemes
De\ufb01ned contribution plans
A de\ufb01ned contribution plan is a post-employment bene\ufb01t plan under which an entity pays \ufb01xed contributions
into a separate entity and will have no legal or constructive obligation to pay further amounts. Obligations
for contributions to de\ufb01ned contribution pension plans are recognised as an employee bene\ufb01t expense in the
income statement as incurred.
De\ufb01ned bene\ufb01t plans
A de\ufb01ned bene\ufb01t plan is a post-employment bene\ufb01t plan other than a de\ufb01ned contribution plan.
The Group\u2019s net obligation in respect of material de\ufb01ned bene\ufb01t pension plans is calculated separately for each
plan by estimating the amount of future bene\ufb01t that employees have earned in return for their service in the
current and prior years; that bene\ufb01t is discounted to determine its present value. The fair value of any plan
assets is deducted.
In calculating the de\ufb01ned bene\ufb01t surplus or de\ufb01cit, the discount rate is the yield at the reporting date on AA credit-rated bonds that have maturity dates approximating the terms of the Group\u2019s obligations and that are denominated in the same currency in which the bene\ufb01ts are expected to be paid. The calculation is performed annually by a quali\ufb01ed actuary using the projected unit credit method. The increase in the present value of the liabilities expected to arise from the employees\u2019 services in the accounting period is charged to the operating pro\ufb01t in the income statement. The expected return on the schemes\u2019 assets and the interest on the present value of the schemes\u2019 liabilities, during the accounting period, are shown as \ufb01nance income and \ufb01nance expense, respectively. The Group operates a number of pension schemes throughout the world. In most locations, these are de\ufb01ned contribution arrangements. However, there are signi\ufb01cant de\ufb01ned bene\ufb01t schemes in the United Kingdom and Switzerland. The United Kingdom Scheme is funded, with assets held in separate trustee-administered funds and the Switzerland Scheme is an insured scheme. The scheme in the United Kingdom was closed to new entrants in 2002. Other funded de\ufb01ned bene\ufb01t schemes are not considered to be material and are therefore accounted for as if they were de\ufb01ned contribution schemes. In line with IAS 19 and IFRIC 14, if a scheme has a surplus this is recognised on the statement of \ufb01nancial position if the economic bene\ufb01t is available to the Group as a result of the surplus. Economic bene\ufb01t is de\ufb01ned as when an entity has an unconditional right to a refund from the scheme whilst the scheme is ongoing; or assuming the gradual settlement of the scheme liabilities over time until all members have left the scheme/ died; or assuming the full settlement of the scheme\u2019s liabilities in a single event. In the event of a surplus, the relevant scheme rules will be reviewed in line with IFRIC 14 and a legal opinion obtained to identify if the surplus can be recognised by the Group. The Group recognises all actuarial remeasurements in each year in equity through the consolidated statement of comprehensive income. Accounting policy Share-based payment transactions The share-based compensation plans operated by the Group allow employees to acquire shares of the Company. The fair value of the employee services, received in exchange for the grant of shares, is measured at the grant date and is recognised as an expense with a corresponding increase in equity. The charge is calculated using the Black-Scholes method and expensed to the income statement over the vesting period of the relevant award. The charge for the Deferred Share Awards is adjusted to re\ufb02ect expected and actual levels of vesting for service conditions. The expense of the LTIP Share Awards is calculated using the Monte Carlo method and the fair value adjusted for the probability of performance conditions being achieved
Accounting policy
Acquisitions of non-controlling interests are accounted for as transactions with owners in their capacity
as owners and therefore no goodwill is recognised as a result of such transactions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-459": { "value": "Basis of preparation Accounting policies applicable to more than one section of the \ufb01nancial statements are shown below. Where accounting policies relate to a speci\ufb01c note in the \ufb01nancial statements, they are set out within that note, to provide readers of the \ufb01nancial statements with a more useful layout to the \ufb01nancial information presented ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-485": { "value": "
Statement of compliance
Intertek Group plc is a public company incorporated in England & Wales and domiciled in the UK, limited
by shares.
The Group \ufb01nancial statements as at and for the year ended 31 December 2023 consolidate those of
the Company and its subsidiaries (together referred to as the \u2018Group\u2019) and include the Group\u2019s interests
in associates. Intertek Group plc transitioned to UK-adopted international accounting standards in its
consolidated \ufb01nancial statements on 1 January 2021. There was no impact or changes in accounting policies
from the transition. The Group \ufb01nancial statements have been prepared by the Directors in accordance with
these accounting standards in conformity with the requirements of the Companies Act 2006. The Company
\ufb01nancial statements present information about the Company as a separate entity and not about its Group.
The Company has elected to prepare its Company \ufb01nancial statements in accordance with UK GAAP,
comprising FRS 101 and applicable law; these are presented on pages 51 to 56.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-11": { "value": "Intertek Group plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-528": { "value": "Intertek Group plc", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-12": { "value": "public company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-13": { "value": "England & Wales", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-14": { "value": "UK", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-15": { "value": "Intertek Group plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-486": { "value": "
Signi\ufb01cant new accounting policies and standards
There are no signi\ufb01cant new accounting standards or amendments to accounting standards that are effective
for annual periods beginning on or after 1 January 2023 that have a material effect on the results of the Group.
", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-487": { "value": "Changes in accounting policies The accounting policies set out in these \ufb01nancial statements have been applied consistently to all years presented, apart from those disclosed below. There are no new accounting standards that are effective for annual periods beginning on or after 1 January 2023 that have a material effect on the consolidated \ufb01nancial statements of the Group. There are no accounting standards that are issued but not yet effective that are expected to have a material effect on the consolidated \ufb01nancial statements of the Group ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-488": { "value": "
Functional and presentation currency
These consolidated \ufb01nancial statements are presented in sterling, which is the Company\u2019s functional currency.
All information presented in sterling has been rounded to the nearest \u00a30.1m.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-489": { "value": "
Going concern
The Group has a broad customer base across its multiple business lines and in its different geographic regions
and is supported by a robust balance sheet and strong operational cash \ufb02ows.
The Board has reviewed the Group\u2019s \ufb01nancial forecasts up to 31 December 2025 to assess both liquidity
requirements and debt covenants.
In addition, the Group\u2019s \ufb01nancial forecasts for 2024 and 2025, and the related liquidity position and forecast compliance with debt covenants, have been sensitised for a severe yet plausible decline in economic conditions (including an illustrative sensitivity scenario of a reduction of 30% to the base pro\ufb01t forecasts and the corresponding impact to cash \ufb02ow forecasts in each of these years). In addition, reverse stress testing has also been applied to the model which represents a signi\ufb01cant decline in cash \ufb02ows compared with the 30% downside sensitivity. Such a scenario is considered to be remote. The Board remains satis\ufb01ed with the Group\u2019s funding and liquidity position, with the Group forecast to remain within its committed facilities and compliant with debt covenants even following the 30% downside sensitivity. The sensitivity modelling excludes additional mitigating actions (e.g. dividend cash payments, non-essential overheads and non-committed capital expenditure) that are within management control and could be initiated if deemed required. The undrawn headroom on the Group\u2019s committed borrowing facilities at 31 December 2023 was \u00a3664.3m (2022: \u00a3707.3m). The maturity of our borrowing facilities is disclosed in note 14 of the \ufb01nancial statements, with repayment of two senior notes totalling US$125m required by 31 December 2024. Our models forecast these to be repaid using existing facilities. Full details of the Group\u2019s borrowing facilities and maturity pro\ufb01le are outlined in note 14. On the basis of its forecasts to 31 December 2025, both base case and the severe but plausible downside, and available facilities, the Board has concluded that there are no material uncertainties over going concern, including no anticipated breach of covenants, and therefore the going concern basis of preparation continues to be appropriate. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-490": { "value": "Government grants Government grants are recognised in the income statement so as to match them with the related expenses that they are intended to compensate. Where grants are received in advance of the related expenses, they are initially recognised in the balance sheet and released to match the related expenditure. Non-monetary grants are recognised at fair value. The related cash \ufb02ow is classi\ufb01ed in accordance with the nature of the activity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-491": { "value": "Basis of consolidation Subsidiaries Subsidiaries are those entities controlled by the Group. Control exists when the Group has power to direct the relevant activities, exposure to variable returns from the investee and the ability to use its power over the investee to affect the amount of investor returns. The \ufb01nancial statements of subsidiaries are included in the consolidated \ufb01nancial statements from the date that control commences until the date that control ceases. For purchases of non-controlling interest in subsidiaries, the difference between the cost of the additional interest in the subsidiary and the non-controlling interest\u2019s share of the assets and liabilities re\ufb02ected in the consolidated statement of \ufb01nancial position at the date of acquisition is re\ufb02ected directly in shareholders\u2019 equity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-462": { "value": "Subsidiaries Subsidiaries are those entities controlled by the Group. Control exists when the Group has power to direct the relevant activities, exposure to variable returns from the investee and the ability to use its power over the investee to affect the amount of investor returns. The \ufb01nancial statements of subsidiaries are included in the consolidated \ufb01nancial statements from the date that control commences until the date that control ceases. For purchases of non-controlling interest in subsidiaries, the difference between the cost of the additional interest in the subsidiary and the non-controlling interest\u2019s share of the assets and liabilities re\ufb02ected in the consolidated statement of \ufb01nancial position at the date of acquisition is re\ufb02ected directly in shareholders\u2019 equity. Transactions eliminated on consolidation Intra-group balances and transactions, and any unrealised gains and losses or income and expenses arising from intra-group transactions, are eliminated in preparing the consolidated \ufb01nancial statements. Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-553": { "value": "Foreign currency Foreign currency transactions Transactions in foreign currencies are translated to the respective functional currencies of Group entities at the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities (for example, cash, trade receivables, trade payables) denominated in foreign currencies at the reporting date are translated at the foreign exchange rate ruling at that date. Foreign exchange differences arising on translation are generally recognised in the 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. For the policy on hedging of foreign currency transactions see note 14. Foreign operations The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on acquisition, are translated to sterling at foreign exchange rates ruling at the reporting date. The income and expenses of foreign operations are translated into sterling at cumulative average rates of exchange during the year. Exchange differences arising from the translation of foreign operations are taken directly to equity in the translation reserve. They are released to the income statement upon disposal. For the policy on net investment hedging see note 14. The most signi\ufb01cant currencies for the Group were translated at the following exchange rates:
Assets and liabilities Income and expenses
Actual rates Cumulative average rates
31 December 31 December
Value of \u00a31 2023
2022
2023
2022
US dollar
1.28
1.20
1.24
1.24
Euro
1.15
1.13
1.15
1.17
Chinese renminbi
9.14
8.45
8.81
8.31
Hong Kong dollar
10.00
9.37
9.71
9.68
Australian dollar
1.87
1.78
1.87
1.78
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-460": { "value": "Key estimations and uncertainties The preparation of \ufb01nancial statements in conformity with IFRSs (\u2018International Financial Reporting Standards\u2019) requires management to make judgements and estimates that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the year in which the estimates are revised and in any future years affected. Discussed below are key assumptions concerning the future, and other key sources of estimation at the reporting date, that could have a signi\ufb01cant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next \ufb01nancial year. Impairment of goodwill Following recognition of goodwill as a result of acquisitions, the Group determines, as a minimum on an annual basis and including current year acquisitions, whether goodwill is impaired, which requires an estimation of the future cash \ufb02ows of the cash generating units to which the goodwill is allocated, as well as assumptions on growth rates and discount rates \u2013 see note 9. There is no signi\ufb01cant risk of material impairment within the next \ufb01nancial year. Employee post-retirement bene\ufb01t obligations For material de\ufb01ned bene\ufb01t plans, the actuarial valuation includes assumptions such as discount rates, return on assets, salary progression and mortality rates. Further details and sensitivity analysis are included in note 16. There are no critical accounting judgements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-461": { "value": "Other accounting policies Accounting policies relating to a speci\ufb01c note in the \ufb01nancial statements are set out within that note as follows:
Note
Revenue
2
Separately Disclosed Items
3
Taxation
6
Property, plant and equipment
8
Goodwill and other intangible assets
9
Trade and other receivables
11
Trade and other payables
12
Provisions
13
Borrowings and \ufb01nancial instruments
14
Capital and reserves
15
Employee bene\ufb01ts
16
Share schemes
17
Non-controlling interest
20
", "dimensions": { "concept": "ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-509": { "value": "2 Operating segments and presentation of results Accounting policy Revenue Revenue represents the total amount receivable for services rendered when there is transfer of control to the customer, excluding sales-related taxes and intra-group transactions. Revenue from services rendered on short-term projects is generally recognised in the income statement when the relevant service is completed, usually when the report of \ufb01ndings or test/inspection certi\ufb01cate is issued. Short-term projects are considered to be those of less than two months\u2019 duration. In line with IFRS 15, rebates and customer discounts are considered to be variable consideration and have been deducted from recognised revenue. Revenue is recognised using the \ufb01ve steps for revenue recognition. The majority of contracts are for less than one year. The Group records transactions as revenue on the basis of value of work done, with the corresponding amount being included in trade receivables if the customer has been invoiced, or in contract assets, if billing has yet to be completed. Performance obligations vary across business lines and regions, and on a contract-by-contract basis. There may be more than one performance obligation per contract, for example Alchemy Training Solutions contracts have multiple elements which are split between recognising revenue at a point in time for services such as right-of-use software licences, and over time for other services delivered under the same contract. Long-term projects consist of two main types: \u2022 time incurred, which is billed at agreed rates on a periodic basis, such as monthly; or \u2022 staged payment invoicing, requiring an assessment of percentage of completion, based on services provided and revenue accrued accordingly. Expenses are recharged to clients where permitted by the contract. Payments received in advance from customers are recognised in contract liabilities to the extent that performance obligations have not been satis\ufb01ed. The Group does not expect to have any material contracts where the period between the transfer of promised goods or services to the customer and payment by the customer exceeds one year. As a consequence, the Group does not adjust any of the transaction prices for the time value of money. The Group has applied practical expedients in: i) recognising assets from the costs incurred to obtain or ful\ufb01l a contract; and ii) disclosing unsatis\ufb01ed performance obligations in contracts as contracts have an expected duration of less than a year. The economic factors affecting revenue for both short- and long-term contracts are consistent within each Major customers No revenue from any individual customer exceeded 10% of total Group revenue in 2023 or 2022 ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-492": { "value": "2 Operating segments and presentation of results Accounting policy Revenue Revenue represents the total amount receivable for services rendered when there is transfer of control to the customer, excluding sales-related taxes and intra-group transactions. Revenue from services rendered on short-term projects is generally recognised in the income statement when the relevant service is completed, usually when the report of \ufb01ndings or test/inspection certi\ufb01cate is issued. Short-term projects are considered to be those of less than two months\u2019 duration. In line with IFRS 15, rebates and customer discounts are considered to be variable consideration and have been deducted from recognised revenue. Revenue is recognised using the \ufb01ve steps for revenue recognition. The majority of contracts are for less than one year. The Group records transactions as revenue on the basis of value of work done, with the corresponding amount being included in trade receivables if the customer has been invoiced, or in contract assets, if billing has yet to be completed. Performance obligations vary across business lines and regions, and on a contract-by-contract basis. There may be more than one performance obligation per contract, for example Alchemy Training Solutions contracts have multiple elements which are split between recognising revenue at a point in time for services such as right-of-use software licences, and over time for other services delivered under the same contract. Long-term projects consist of two main types: \u2022 time incurred, which is billed at agreed rates on a periodic basis, such as monthly; or \u2022 staged payment invoicing, requiring an assessment of percentage of completion, based on services provided and revenue accrued accordingly. Expenses are recharged to clients where permitted by the contract. Payments received in advance from customers are recognised in contract liabilities to the extent that performance obligations have not been satis\ufb01ed. The Group does not expect to have any material contracts where the period between the transfer of promised goods or services to the customer and payment by the customer exceeds one year. As a consequence, the Group does not adjust any of the transaction prices for the time value of money. The Group has applied practical expedients in: i) recognising assets from the costs incurred to obtain or ful\ufb01l a contract; and ii) disclosing unsatis\ufb01ed performance obligations in contracts as contracts have an expected duration of less than a year. The economic factors affecting revenue for both short- and long-term contracts are consistent within each . Operating segments The Group is organised into business lines, which are the Group\u2019s operating segments and are reported to the CEO, the chief operating decision maker. Since we unveiled our AAA differentiated growth strategy to capitalise on the best in class operating platform we have built and target the areas where we have opportunities to get better, the reporting and performance management used by the CEO to make operating decisions has changed from the previous three segments to the Group\u2019s new \ufb01ve reportable segments set out below. The segment information for earlier periods has been re-presented to conform to these changes. The business lines within the new segments demonstrate similar mid- to long-term structural growth drivers. When aggregating operating segments into the \ufb01ve reportable segments we have applied judgement over the similarities of the services provided, the wider economic impacts of the markets served within the segments, the customer base and the mid- to long-term structural growth drivers. Certain business lines within those former segments have also been reallocated to better align with the structural growth drivers of each segment. The costs of the corporate head office and other costs which are not controlled by the \ufb01ve segments are allocated appropriately. Inter-segment pricing is determined on an arm\u2019s length basis. There is no signi\ufb01cant seasonality in the Group\u2019s operations. Segment results include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. The performance of the segments is assessed based on adjusted operating pro\ufb01t which is stated before Separately Disclosed Items. The operating segment revenue disclosures provided under IFRS 8 are consistent with the disaggregated revenue disclosure and recognition and measurement requirements of IFRS 15. A reconciliation to operating pro\ufb01t by segment and Group pro\ufb01t for the year is included overleaf. The principal activities of the reportable segments, and the customers they serve, are as follows: Consumer products \u2013 Our Consumer Products segment focuses on the ATIC solutions we offer to our clients to develop and sell better, safer, and more sustainable products to their own clients. This segment includes the following business lines: Softlines, Hardlines, Electrical/Connected World and Government and Trade Services. As a trusted partner to the world\u2019s leading retailers, manufacturers and distributors, the segment supports a wide range of industries including textiles, footwear, toys, hardlines, home appliances, consumer electronics, information and communication technology, automotive, aerospace, lighting, building products, industrial and renewable energy products, and healthcare. Across these industries we provide a wide range of Assurance, Testing, Inspection and Certi\ufb01cation (\u2018ATIC\u2019) services including laboratory safety, quality and performance testing, and third-party certi\ufb01cation. Our Government and Trade Services business provides inspection services to governments and regulatory bodies to support trade activities that help the \ufb02ow of consumer products across borders, predominantly in the Middle East, Africa and South America. World of Energy \u2013 Our World of Energy segment focuses on the ATIC solutions we offer to our clients to develop better and greener fuels as well as renewables. This segment includes Caleb Brett, Transportation Technologies (\u2018TT\u2019) and Clean Energy Associates (\u2018CEA\u2019). This segment consists of three global business lines with similar global growth drivers which are intrinsically linked to the wider economic factors, regulation over traditional hydrocarbons and sustainability of energy supply which impact the energy market. These business lines provide specialist cargo inspection, analytical assessment, calibration and related research and technical services to the world\u2019s petroleum and biofuels industries. Our Caleb Brett business provides cargo and inventory inspection, analytical assessment, calibration and related research and technical services to the world\u2019s petroleum and biofuels industries. TTs global network of laboratories provides diverse, rapid testing and validation services to the transportation market, evaluating to industry standards and international regulations, and delivers testing for new and emerging markets such as autonomous and connected vehicles, electric/hybrid vehicles, charging components, automotive telematics and aftermarket components. CEA is a provider of quality assurance, supply-chain traceability and technical services to the solar energy, energy storage and green hydrogen sectors. The results of these segments for the year ended 31 December are shown below:
Revenue
from
contracts Depreciation Adjusted Separately
with and software operating Disclosed Operating
customers amortisation pro\ufb01t Items pro\ufb01t
Year ended 31 December 2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Consumer Products
935.8
(55.4)
246.8
(15.1)
231.7
Corporate Assurance
47 7. 5
(14.0)
109.4
(26.2)
83.2
Health and Safety
326.3
(21.7)
43.2
(4.9)
38.3
Industry and Infrastructure
860.5
(32.3)
86.1
(9.5)
76.6
World of Energy
728.6
(51.9)
65.6
(9.2)
56.4
Total
3,328.7
(175.3)
551.1
(64.9)
486.2
Group operating pro\ufb01t
551.1
(64.9)
486.2
Net \ufb01nancing costs
(43.9)
(20.0)
(63.9)
Pro\ufb01t before income tax
507.2
(84.9)
422.3
Income tax (expense)/credit
(124.8)
20.6
(104.2)
Pro\ufb01t for the year
382.4
(64.3)
318.1
Corporate Assurance \u2013 Our Corporate Assurance segment focuses on the industry-agnostic assurance solutions we offer to our clients to make their value chains more sustainable and more resilient end-to-end. This segment includes Business Assurance and Assuris. Intertek Business Assurance provides a full range of business process audit and support services, including accredited third-party management systems auditing and certi\ufb01cation, second-party supplier auditing and supply chain solutions, sustainability data veri\ufb01cation, process performance analysis and training. Assuris\u2019 global network of scientists, engineers and regulatory specialists provide clients with support to navigate complex scienti\ufb01c, regulatory, environmental, health, safety and quality challenges throughout their value chain. Health and Safety \u2013 Our Health and Safety segment focuses on the ATIC solutions we offer to our clients to make sure we all enjoy a healthier and safer life. This segment includes AgriWorld, Food and Chemical & Pharma business lines. The division provides differing services which re\ufb02ect the breadth of our ATIC offering, but the services provided are similar in nature and include analytical assessment, inspection and technical services that are delivered to the customers through issuing certi\ufb01cates or reports. Our AgriWorld business provides assurance, testing, inspection and certi\ufb01cation services across the entire agricultural supply chain. Our Food business provides food safety testing, hygiene and safety audits, inspection, certi\ufb01cation and advisory services to food companies. Our Chemicals & Pharma business enables clients to mitigate risks associated with product quality and safety and processes, supporting them with their product development, regulatory authorisation, chemical testing and production. Industry and Infrastructure \u2013 Our Industry and Infrastructure segment focuses on the ATIC solutions our clients need to develop and build better, safer and greener infrastructure. This segment includes Industry Services, Minerals and Building & Construction. The nature of the products and services offered across the segment are similar with services including technical inspections, asset integrity management and sample testing. These service lines interact through the customer type they service \u2013 ATIC services to Industry or Infrastructure-related products and the inputs into these industries. Our Industry Services business line uses its in-depth knowledge of industries such as renewable energy, oil and gas, and petrochemicals to provide customers with a diverse range of Total Quality Assurance solutions. The services we offer include technical inspection, non-destructive and materials testing and asset performance management. Our Minerals business offers expert inspection, analytical testing and advisory services to the minerals, exploration, ore and mining industries. We cover each step of the supply chain from exploration, production, sampling and inspection, to commercial trade settlement analysis. Our Building & Construction business provides testing, inspection, certi\ufb01cation and engineering services to the building and construction industries, offering product-related testing and certi\ufb01cation capabilities, project-related assurance, testing, inspection and consulting services.
Revenue
from
contracts Depreciation Adjusted Separately
with and software operating Disclosed Operating
customers amortisation pro\ufb01t Items pro\ufb01t
Year ended 31 December 2022 \u2013 (Represented) \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Consumer Products
964.2
(58.0)
268.5
(11.0)
2 57.5
Corporate Assurance
450.0
(12.1)
95.5
(26.4)
69.1
Health and Safety
302.3
(22.2)
40.7
(6.2)
34.5
Industry and Infrastructure
814.4
(33.6)
71.9
(11.9)
60.0
World of Energy
662.0
(54.6)
43.5
(12.2)
31.3
Total
3,192.9
(180.5)
520.1
(67.7 )
452.4
Group operating pro\ufb01t
520.1
(67.7)
452.4
Net \ufb01nancing costs
(31.9)
(0.7)
(32.6)
Pro\ufb01t before income tax
488.2
(68.4)
419.8
Income tax (expense)/credit
(128.4)
15.4
(113.0)
Pro\ufb01t for the year
359.8
(53.0)
306.8
Geographic segments
Although the Group is managed through a divisional structure, which operates on a global basis, under the
requirements of IFRS 8 the Group must disclose any speci\ufb01c countries that are important to the Group\u2019s
performance. The Group considers the following to be the material countries in which it operates: the United
States, China (including Hong Kong), the United Kingdom and Australia.
In presenting information on the basis of geographic segments, segment revenue is based on the location of
the entity recognising that revenue. Segment assets are based on the geographical location of the assets.
Revenue from external
customers
Non-current assets
2023 2022 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m
United States
1,022.5
958.3
1,083.3
1,139.4
China (including Hong Kong)
592.1
591.3
83.9
97. 3
United Kingdom
217. 0
203.5
247.4
264.2
Australia
176.1
174.9
528.9
555.9
Other countries and unallocated
1,321.0
1,264.9
442.8
418.9
Total
3,328.7
3,192.9
2,386.3
2,475.7
Major customers
No revenue from any individual customer exceeded 10% of total Group revenue in 2023 or 2022 .
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-554": { "value": "Revenue Revenue represents the total amount receivable for services rendered when there is transfer of control to the customer, excluding sales-related taxes and intra-group transactions. Revenue from services rendered on short-term projects is generally recognised in the income statement when the relevant service is completed, usually when the report of \ufb01ndings or test/inspection certi\ufb01cate is issued. Short-term projects are considered to be those of less than two months\u2019 duration. In line with IFRS 15, rebates and customer discounts are considered to be variable consideration and have been deducted from recognised revenue. Revenue is recognised using the \ufb01ve steps for revenue recognition. The majority of contracts are for less than one year. The Group records transactions as revenue on the basis of value of work done, with the corresponding amount being included in trade receivables if the customer has been invoiced, or in contract assets, if billing has yet to be completed. Performance obligations vary across business lines and regions, and on a contract-by-contract basis. There may be more than one performance obligation per contract, for example Alchemy Training Solutions contracts have multiple elements which are split between recognising revenue at a point in time for services such as right-of-use software licences, and over time for other services delivered under the same contract. Long-term projects consist of two main types: \u2022 time incurred, which is billed at agreed rates on a periodic basis, such as monthly; or \u2022 staged payment invoicing, requiring an assessment of percentage of completion, based on services provided and revenue accrued accordingly. Expenses are recharged to clients where permitted by the contract. Payments received in advance from customers are recognised in contract liabilities to the extent that performance obligations have not been satis\ufb01ed. The Group does not expect to have any material contracts where the period between the transfer of promised goods or services to the customer and payment by the customer exceeds one year. As a consequence, the Group does not adjust any of the transaction prices for the time value of money. The Group has applied practical expedients in: i) recognising assets from the costs incurred to obtain or ful\ufb01l a contract; and ii) disclosing unsatis\ufb01ed performance obligations in contracts as contracts have an expected duration of less than a year. The economic factors affecting revenue for both short- and long-term contracts are consistent within each . ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-577": { "value": "In line with IFRS 15, rebates and customer discounts are considered to be variable consideration and have been deducted from recognised revenue. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscountsAndRebatesExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-578": { "value": "Expenses are recharged to clients where permitted by the contract. Payments received in advance from customers are recognised in contract liabilities to the extent that performance obligations have not been satis\ufb01ed. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-463": { "value": "
Operating segments
The Group is organised into business lines, which are the Group\u2019s operating segments and are reported to the
CEO, the chief operating decision maker.
Since we unveiled our AAA differentiated growth strategy to capitalise on the best in class operating platform
we have built and target the areas where we have opportunities to get better, the reporting and performance
management used by the CEO to make operating decisions has changed from the previous three segments to
the Group\u2019s new \ufb01ve reportable segments set out below. The segment information for earlier periods has been
re-presented to conform to these changes. The business lines within the new segments demonstrate similar
mid- to long-term structural growth drivers.
When aggregating operating segments into the \ufb01ve reportable segments we have applied judgement over the
similarities of the services provided, the wider economic impacts of the markets served within the segments,
the customer base and the mid- to long-term structural growth drivers. Certain business lines within those
former segments have also been reallocated to better align with the structural growth drivers of each segment.
The costs of the corporate head office and other costs which are not controlled by the \ufb01ve segments are
allocated appropriately.
Inter-segment pricing is determined on an arm\u2019s length basis. There is no signi\ufb01cant seasonality in the Group\u2019s
operations. Segment results include items directly attributable to a segment as well as those that can be
allocated on a reasonable basis.
The performance of the segments is assessed based on adjusted operating pro\ufb01t which is stated before
Separately Disclosed Items. The operating segment revenue disclosures provided under IFRS 8 are consistent
with the disaggregated revenue disclosure and recognition and measurement requirements of IFRS 15.
A reconciliation to operating pro\ufb01t by segment and Group pro\ufb01t for the year is included overleaf.
The principal activities of the reportable segments, and the customers they serve, are as follows:
Consumer products \u2013 Our Consumer Products segment focuses on the ATIC solutions we offer to our clients
to develop and sell better, safer, and more sustainable products to their own clients. This segment includes the
following business lines: Softlines, Hardlines, Electrical/Connected World and Government and Trade Services.
As a trusted partner to the world\u2019s leading retailers, manufacturers and distributors, the segment supports a
wide range of industries including textiles, footwear, toys, hardlines, home appliances, consumer electronics,
information and communication technology, automotive, aerospace, lighting, building products, industrial and
renewable energy products, and healthcare.
Across these industries we provide a wide range of Assurance, Testing, Inspection and Certi\ufb01cation (\u2018ATIC\u2019)
services including laboratory safety, quality and performance testing, and third-party certi\ufb01cation. Our
Government and Trade Services business provides inspection services to governments and regulatory bodies
to support trade activities that help the \ufb02ow of consumer products across borders, predominantly in the Middle
East, Africa and South America.
World of Energy \u2013 Our World of Energy segment focuses on the ATIC solutions we offer to our clients to
develop better and greener fuels as well as renewables. This segment includes Caleb Brett, Transportation
Technologies (\u2018TT\u2019) and Clean Energy Associates (\u2018CEA\u2019).
This segment consists of three global business lines with similar global growth drivers which are intrinsically
linked to the wider economic factors, regulation over traditional hydrocarbons and sustainability of energy supply
which impact the energy market. These business lines provide specialist cargo inspection, analytical assessment,
calibration and related research and technical services to the world\u2019s petroleum and biofuels industries.
Our Caleb Brett business provides cargo and inventory inspection, analytical assessment, calibration and
related research and technical services to the world\u2019s petroleum and biofuels industries.
TTs global network of laboratories provides diverse, rapid testing and validation services to the transportation
market, evaluating to industry standards and international regulations, and delivers testing for new and
emerging markets such as autonomous and connected vehicles, electric/hybrid vehicles, charging components,
automotive telematics and aftermarket components.
CEA is a provider of quality assurance, supply-chain traceability and technical services to the solar energy,
energy storage and green hydrogen sectors.
The results of these segments for the year ended 31 December are shown below:
Revenue
from
contracts Depreciation Adjusted Separately
with and software operating Disclosed Operating
customers amortisation pro\ufb01t Items pro\ufb01t
Year ended 31 December 2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Consumer Products
935.8
(55.4)
246.8
(15.1)
231.7
Corporate Assurance
47 7. 5
(14.0)
109.4
(26.2)
83.2
Health and Safety
326.3
(21.7)
43.2
(4.9)
38.3
Industry and Infrastructure
860.5
(32.3)
86.1
(9.5)
76.6
World of Energy
728.6
(51.9)
65.6
(9.2)
56.4
Total
3,328.7
(175.3)
551.1
(64.9)
486.2
Group operating pro\ufb01t
551.1
(64.9)
486.2
Net \ufb01nancing costs
(43.9)
(20.0)
(63.9)
Pro\ufb01t before income tax
507.2
(84.9)
422.3
Income tax (expense)/credit
(124.8)
20.6
(104.2)
Pro\ufb01t for the year
382.4
(64.3)
318.1
Corporate Assurance \u2013 Our Corporate Assurance segment focuses on the industry-agnostic assurance
solutions we offer to our clients to make their value chains more sustainable and more resilient end-to-end.
This segment includes Business Assurance and Assuris.
Intertek Business Assurance provides a full range of business process audit and support services, including
accredited third-party management systems auditing and certi\ufb01cation, second-party supplier auditing and
supply chain solutions, sustainability data veri\ufb01cation, process performance analysis and training. Assuris\u2019 global
network of scientists, engineers and regulatory specialists provide clients with support to navigate complex
scienti\ufb01c, regulatory, environmental, health, safety and quality challenges throughout their value chain.
Health and Safety \u2013 Our Health and Safety segment focuses on the ATIC solutions we offer to our clients to
make sure we all enjoy a healthier and safer life. This segment includes AgriWorld, Food and Chemical & Pharma
business lines. The division provides differing services which re\ufb02ect the breadth of our ATIC offering, but the
services provided are similar in nature and include analytical assessment, inspection and technical services that
are delivered to the customers through issuing certi\ufb01cates or reports.
Our AgriWorld business provides assurance, testing, inspection and certi\ufb01cation services across the entire
agricultural supply chain.
Our Food business provides food safety testing, hygiene and safety audits, inspection, certi\ufb01cation and
advisory services to food companies.
Our Chemicals & Pharma business enables clients to mitigate risks associated with product quality and safety
and processes, supporting them with their product development, regulatory authorisation, chemical testing
and production.
Industry and Infrastructure \u2013 Our Industry and Infrastructure segment focuses on the ATIC solutions our
clients need to develop and build better, safer and greener infrastructure. This segment includes Industry
Services, Minerals and Building & Construction. The nature of the products and services offered across the
segment are similar with services including technical inspections, asset integrity management and sample
testing. These service lines interact through the customer type they service \u2013 ATIC services to Industry or
Infrastructure-related products and the inputs into these industries.
Our Industry Services business line uses its in-depth knowledge of industries such as renewable energy, oil
and gas, and petrochemicals to provide customers with a diverse range of Total Quality Assurance solutions.
The services we offer include technical inspection, non-destructive and materials testing and asset
performance management.
Our Minerals business offers expert inspection, analytical testing and advisory services to the minerals,
exploration, ore and mining industries. We cover each step of the supply chain from exploration, production,
sampling and inspection, to commercial trade settlement analysis.
Our Building & Construction business provides testing, inspection, certi\ufb01cation and engineering services
to the building and construction industries, offering product-related testing and certi\ufb01cation capabilities,
project-related assurance, testing, inspection and consulting services.
Revenue
from
contracts Depreciation Adjusted Separately
with and software operating Disclosed Operating
customers amortisation pro\ufb01t Items pro\ufb01t
Year ended 31 December 2022 \u2013 (Represented) \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Consumer Products
964.2
(58.0)
268.5
(11.0)
2 57.5
Corporate Assurance
450.0
(12.1)
95.5
(26.4)
69.1
Health and Safety
302.3
(22.2)
40.7
(6.2)
34.5
Industry and Infrastructure
814.4
(33.6)
71.9
(11.9)
60.0
World of Energy
662.0
(54.6)
43.5
(12.2)
31.3
Total
3,192.9
(180.5)
520.1
(67.7 )
452.4
Group operating pro\ufb01t
520.1
(67.7)
452.4
Net \ufb01nancing costs
(31.9)
(0.7)
(32.6)
Pro\ufb01t before income tax
488.2
(68.4)
419.8
Income tax (expense)/credit
(128.4)
15.4
(113.0)
Pro\ufb01t for the year
359.8
(53.0)
306.8
Geographic segments Although the Group is managed through a divisional structure, which operates on a global basis, under the requirements of IFRS 8 the Group must disclose any speci\ufb01c countries that are important to the Group\u2019s performance. The Group considers the following to be the material countries in which it operates: the United States, China (including Hong Kong), the United Kingdom and Australia. In presenting information on the basis of geographic segments, segment revenue is based on the location of the entity recognising that revenue. Segment assets are based on the geographical location of the assets.
Revenue from external
customers
Non-current assets
2023 2022 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m
United States
1,022.5
958.3
1,083.3
1,139.4
China (including Hong Kong)
592.1
591.3
83.9
97. 3
United Kingdom
217. 0
203.5
247.4
264.2
Australia
176.1
174.9
528.9
555.9
Other countries and unallocated
1,321.0
1,264.9
442.8
418.9
Total
3,328.7
3,192.9
2,386.3
2,475.7
Major customers No revenue from any individual customer exceeded 10% of total Group revenue in 2023 or 2022 .", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-555": { "value": "Operating segments The Group is organised into business lines, which are the Group\u2019s operating segments and are reported to the CEO, the chief operating decision maker. Since we unveiled our AAA differentiated growth strategy to capitalise on the best in class operating platform we have built and target the areas where we have opportunities to get better, the reporting and performance management used by the CEO to make operating decisions has changed from the previous three segments to the Group\u2019s new \ufb01ve reportable segments set out below. The segment information for earlier periods has been re-presented to conform to these changes. The business lines within the new segments demonstrate similar mid- to long-term structural growth drivers. When aggregating operating segments into the \ufb01ve reportable segments we have applied judgement over the similarities of the services provided, the wider economic impacts of the markets served within the segments, the customer base and the mid- to long-term structural growth drivers. Certain business lines within those former segments have also been reallocated to better align with the structural growth drivers of each segment. The costs of the corporate head office and other costs which are not controlled by the \ufb01ve segments are allocated appropriately. Inter-segment pricing is determined on an arm\u2019s length basis. There is no signi\ufb01cant seasonality in the Group\u2019s operations. Segment results include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. The performance of the segments is assessed based on adjusted operating pro\ufb01t which is stated before Separately Disclosed Items. The operating segment revenue disclosures provided under IFRS 8 are consistent with the disaggregated revenue disclosure and recognition and measurement requirements of IFRS 15. A reconciliation to operating pro\ufb01t by segment and Group pro\ufb01t for the year is included overleaf. The principal activities of the reportable segments, and the customers they serve, are as follows: Consumer products \u2013 Our Consumer Products segment focuses on the ATIC solutions we offer to our clients to develop and sell better, safer, and more sustainable products to their own clients. This segment includes the following business lines: Softlines, Hardlines, Electrical/Connected World and Government and Trade Services. As a trusted partner to the world\u2019s leading retailers, manufacturers and distributors, the segment supports a wide range of industries including textiles, footwear, toys, hardlines, home appliances, consumer electronics, information and communication technology, automotive, aerospace, lighting, building products, industrial and renewable energy products, and healthcare. Across these industries we provide a wide range of Assurance, Testing, Inspection and Certi\ufb01cation (\u2018ATIC\u2019) services including laboratory safety, quality and performance testing, and third-party certi\ufb01cation. Our Government and Trade Services business provides inspection services to governments and regulatory bodies to support trade activities that help the \ufb02ow of consumer products across borders, predominantly in the Middle East, Africa and South America. World of Energy \u2013 Our World of Energy segment focuses on the ATIC solutions we offer to our clients to develop better and greener fuels as well as renewables. This segment includes Caleb Brett, Transportation Technologies (\u2018TT\u2019) and Clean Energy Associates (\u2018CEA\u2019). This segment consists of three global business lines with similar global growth drivers which are intrinsically linked to the wider economic factors, regulation over traditional hydrocarbons and sustainability of energy supply which impact the energy market. These business lines provide specialist cargo inspection, analytical assessment, calibration and related research and technical services to the world\u2019s petroleum and biofuels industries. Our Caleb Brett business provides cargo and inventory inspection, analytical assessment, calibration and related research and technical services to the world\u2019s petroleum and biofuels industries. TTs global network of laboratories provides diverse, rapid testing and validation services to the transportation market, evaluating to industry standards and international regulations, and delivers testing for new and emerging markets such as autonomous and connected vehicles, electric/hybrid vehicles, charging components, automotive telematics and aftermarket components. CEA is a provider of quality assurance, supply-chain traceability and technical services to the solar energy, energy storage and green hydrogen sectors. Corporate Assurance \u2013 Our Corporate Assurance segment focuses on the industry-agnostic assurance solutions we offer to our clients to make their value chains more sustainable and more resilient end-to-end. This segment includes Business Assurance and Assuris. Intertek Business Assurance provides a full range of business process audit and support services, including accredited third-party management systems auditing and certi\ufb01cation, second-party supplier auditing and supply chain solutions, sustainability data veri\ufb01cation, process performance analysis and training. Assuris\u2019 global network of scientists, engineers and regulatory specialists provide clients with support to navigate complex scienti\ufb01c, regulatory, environmental, health, safety and quality challenges throughout their value chain. Health and Safety \u2013 Our Health and Safety segment focuses on the ATIC solutions we offer to our clients to make sure we all enjoy a healthier and safer life. This segment includes AgriWorld, Food and Chemical & Pharma business lines. The division provides differing services which re\ufb02ect the breadth of our ATIC offering, but the services provided are similar in nature and include analytical assessment, inspection and technical services that are delivered to the customers through issuing certi\ufb01cates or reports. Our AgriWorld business provides assurance, testing, inspection and certi\ufb01cation services across the entire agricultural supply chain. Our Food business provides food safety testing, hygiene and safety audits, inspection, certi\ufb01cation and advisory services to food companies. Our Chemicals & Pharma business enables clients to mitigate risks associated with product quality and safety and processes, supporting them with their product development, regulatory authorisation, chemical testing and production. Industry and Infrastructure \u2013 Our Industry and Infrastructure segment focuses on the ATIC solutions our clients need to develop and build better, safer and greener infrastructure. This segment includes Industry Services, Minerals and Building & Construction. The nature of the products and services offered across the segment are similar with services including technical inspections, asset integrity management and sample testing. These service lines interact through the customer type they service \u2013 ATIC services to Industry or Infrastructure-related products and the inputs into these industries. Our Industry Services business line uses its in-depth knowledge of industries such as renewable energy, oil and gas, and petrochemicals to provide customers with a diverse range of Total Quality Assurance solutions. The services we offer include technical inspection, non-destructive and materials testing and asset performance management. Our Minerals business offers expert inspection, analytical testing and advisory services to the minerals, exploration, ore and mining industries. We cover each step of the supply chain from exploration, production, sampling and inspection, to commercial trade settlement analysis. Our Building & Construction business provides testing, inspection, certi\ufb01cation and engineering services to the building and construction industries, offering product-related testing and certi\ufb01cation capabilities, project-related assurance, testing, inspection and consulting services. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-464": { "value": "3 Separately Disclosed Items Accounting policy Adjusted results In order to present the performance of the Group in a clear, consistent and comparable format, certain items are disclosed separately on the face of the income statement. Separately Disclosed Items (\u2018SDI\u2019) are items which by their nature or size, in the opinion of the Directors, should be excluded from the adjusted results to provide readers with a clear and consistent view of the business performance of the Group and its operating segments on a year-on-year basis. A full glossary and de\ufb01nitions of adjusted performance metrics used by the Group is included on page 64. When applicable, these items include amortisation of acquisition intangibles; impairment of goodwill and other assets; the pro\ufb01t or loss on disposals of businesses or other signi\ufb01cant non-current assets; the costs of acquiring and integrating acquisitions; the cost of any fundamental restructuring; the costs of any signi\ufb01cant strategic projects; material claims and settlements; and unrealised market or fair value gains or losses on \ufb01nancial assets or liabilities, including contingent consideration. Adjusted operating pro\ufb01t, which is a non-GAAP measure, excludes the amortisation of acquired intangible assets, primarily customer relationships, as we do not believe that the amortisation charge in the income statement provides useful information about the cash costs of running our business as these assets will be supported and maintained by ongoing marketing and promotional expenditure, which is already re\ufb02ected in operating costs. Amortisation of software, however, is included in adjusted operating pro\ufb01t as it is similar in nature to other capital expenditure. The costs associated with our cost reduction programme are excluded from adjusted operating pro\ufb01t where they represent changes associated with operational streamlining and technology upgrades and are costs that are not expected to reoccur. The restructuring programme, which began in 2022, is expected to last up to \ufb01ve years. The treatment as SDI is consistent with the disclosure of costs for similar restructuring and strategic programmes previously undertaken. The impairment of goodwill and other assets that by their nature or size are not expected to recur; the pro\ufb01t and loss on disposals of businesses or other signi\ufb01cant assets; and the costs associated with successful, active or aborted acquisitions are excluded from adjusted operating pro\ufb01t to provide useful information regarding the year-on-year performance of the Group\u2019s operations. As adjusted results include the bene\ufb01ts of the items detailed above, but exclude signi\ufb01cant costs related to those items, they should not be regarded as a complete picture of the Group\u2019s \ufb01nancial performance, which is presented on the face of the income statement under total results. The exclusion of these items may result in adjusted operating pro\ufb01t being materially higher or lower than total operating pro\ufb01t. In particular, where signi\ufb01cant impairments, restructuring charges and legal costs are excluded in any year, adjusted operating pro\ufb01t will be higher than total operating pro\ufb01t. Separately Disclosed Items The Separately Disclosed Items are described in the table below:
2023 2022
\u00a3m \u00a3m
Operating costs:
Amortisation of acquisition intangibles
(a)
(34.2)
(34.8)
Acquisition and integration costs
(b)
(8.3)
(5.5)
Restructuring costs
(c)
(22.4)
( 27.4)
Total operating costs
(64.9)
(67.7 )
Net \ufb01nancing costs
(d)
(20.0)
(0.7)
Total before income tax
(84.9)
(68.4)
Income tax credit on Separately Disclosed Items
(e)
20.6
15.4
Total
(64.3)
(53.0)
(a) Of the amortisation of acquisition intangibles in the current period, \u00a30.4m relates to the customer relationships acquired with the purchase of Controle Anal\u00edtico An\u00e1lises T\u00e9cnicas Ltda (\u2018Controle Anal\u00edtico\u2019) and \u00a30.3m relates to the customer relationships, trade names and technology acquired with the purchase of PlayerLync Holdings, Inc. (\u2018PlayerLync\u2019) in 2023. (b) Acquisition and integration costs comprise \u00a34.7m (2022: \u00a31.8m) for transaction and integration costs in respect of successful, active and aborted acquisitions in the current year, and \u00a33.6m in respect of prior years\u2019 acquisitions (2022: \u00a33.7m). (c) During 2022, the Group initiated the \ufb01rst year of a cost reduction programme. In 2023, costs of \u00a322.4m (2022: \u00a327.4m) included consolidating sites and offices, streamlining headcount and related asset write-offs. (d) Net \ufb01nancing costs of \u00a320.0m (2022: \u00a30.7m) relate to the unwinding of discount and changes in fair value of contingent consideration related to acquisitions. The increase in fair value of contingent consideration predominantly relates to the CEA acquisition made in 2022, with strong EBITDA performance during the year driving an increase in the expected amount payable in 2024. (e) Income tax credit on SDIs totalled \u00a320.6m (2022: \u00a315.4m) mainly relating to deferred tax impact of the movement in amortisation of intangibles", "dimensions": { "concept": "intertekgroupplc:DisclosureOfSeparatelyDisclosedItems", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-556": { "value": "Accounting policy Adjusted results In order to present the performance of the Group in a clear, consistent and comparable format, certain items are disclosed separately on the face of the income statement. Separately Disclosed Items (\u2018SDI\u2019) are items which by their nature or size, in the opinion of the Directors, should be excluded from the adjusted results to provide readers with a clear and consistent view of the business performance of the Group and its operating segments on a year-on-year basis. A full glossary and de\ufb01nitions of adjusted performance metrics used by the Group is included on page 64. When applicable, these items include amortisation of acquisition intangibles; impairment of goodwill and other assets; the pro\ufb01t or loss on disposals of businesses or other signi\ufb01cant non-current assets; the costs of acquiring and integrating acquisitions; the cost of any fundamental restructuring; the costs of any signi\ufb01cant strategic projects; material claims and settlements; and unrealised market or fair value gains or losses on \ufb01nancial assets or liabilities, including contingent consideration. Adjusted operating pro\ufb01t, which is a non-GAAP measure, excludes the amortisation of acquired intangible assets, primarily customer relationships, as we do not believe that the amortisation charge in the income statement provides useful information about the cash costs of running our business as these assets will be supported and maintained by ongoing marketing and promotional expenditure, which is already re\ufb02ected in operating costs. Amortisation of software, however, is included in adjusted operating pro\ufb01t as it is similar in nature to other capital expenditure. The costs associated with our cost reduction programme are excluded from adjusted operating pro\ufb01t where they represent changes associated with operational streamlining and technology upgrades and are costs that are not expected to reoccur. The restructuring programme, which began in 2022, is expected to last up to \ufb01ve years. The treatment as SDI is consistent with the disclosure of costs for similar restructuring and strategic programmes previously undertaken. The impairment of goodwill and other assets that by their nature or size are not expected to recur; the pro\ufb01t and loss on disposals of businesses or other signi\ufb01cant assets; and the costs associated with successful, active or aborted acquisitions are excluded from adjusted operating pro\ufb01t to provide useful information regarding the year-on-year performance of the Group\u2019s operations. As adjusted results include the bene\ufb01ts of the items detailed above, but exclude signi\ufb01cant costs related to those items, they should not be regarded as a complete picture of the Group\u2019s \ufb01nancial performance, which is presented on the face of the income statement under total results. The exclusion of these items may result in adjusted operating pro\ufb01t being materially higher or lower than total operating pro\ufb01t. In particular, where signi\ufb01cant impairments, restructuring charges and legal costs are excluded in any year, adjusted operating pro\ufb01t will be higher than total operating pro\ufb01t. ", "dimensions": { "concept": "intertekgroupplc:DescriptionOfAccountingPolicyForAdjustedResults", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-529": { "value": "Geographic segments Although the Group is managed through a divisional structure, which operates on a global basis, under the requirements of IFRS 8 the Group must disclose any speci\ufb01c countries that are important to the Group\u2019s performance. The Group considers the following to be the material countries in which it operates: the United States, China (including Hong Kong), the United Kingdom and Australia. In presenting information on the basis of geographic segments, segment revenue is based on the location of the entity recognising that revenue. Segment assets are based on the geographical location of the assets.
Revenue from external
customers
Non-current assets
2023 2022 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m
United States
1,022.5
958.3
1,083.3
1,139.4
China (including Hong Kong)
592.1
591.3
83.9
97. 3
United Kingdom
217. 0
203.5
247.4
264.2
Australia
176.1
174.9
528.9
555.9
Other countries and unallocated
1,321.0
1,264.9
442.8
418.9
Total
3,328.7
3,192.9
2,386.3
2,475.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-530": { "value": "Major customers No revenue from any individual customer exceeded 10% of total Group revenue in 2023 or 2022 ", "dimensions": { "concept": "ifrs-full:DisclosureOfSegmentsMajorCustomersExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-510": { "value": "2023 2022 \u00a3m \u00a3m Included in pro\ufb01t for the year are the following expenses / (gains): Property rentals 6.8 7.3 Lease and hire charges \u2013 \ufb01xtures, \ufb01ttings and equipment 14.5 12.4 Government grants related to employee costs (3.6) (9.7) Pro\ufb01t on disposal of property, plant, equipment and software (3.2) (0.4) ", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-494": { "value": "Auditors\u2019 remuneration: Audit of these \ufb01nancial statements 1.6 1.2 Amounts receivable by the auditors and their associates in respect of: Audit of \ufb01nancial statements of subsidiaries pursuant to legislation 4.2 4.7 Total audit fees payable pursuant to legislation 5.8 5.9 Audit-related services 0.2 0.2 Total 6.0 6.1", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-466": { "value": "
5 Employees
Total employee costs are shown below:
2023 2022
Employee costs \u00a3m \u00a3m
Wages and salaries
1,228.5
1,182.8
Equity-settled transactions
21.2
17. 5
Social security costs
139.5
132.9
Pension costs (note\ue01e16)
61.0
61.5
Total employee costs
1,450.2
1,394.7
Details of pension arrangements and equity-settled transactions are set out in notes 16 and 17 respectively.
Represented
Average number of employees by division
2023
2022
Consumer Products
13,936
14,391
Corporate Assurance
3,946
3,797
Health and Safety
5,227
5,205
Industry and Infrastructure
9,966
9,999
World of Energy
8,530
8,373
Central
2,033
2,020
Total average number for the year ended 31 December
43,638
43,785
Total actual number at 31 December
43,908
43,597
The total remuneration of the Directors is shown below:
2023 2022
Directors\u2019 emoluments \u00a3m \u00a3m
Directors\u2019 remuneration
4.9
3.5
Amounts charged under the long-term incentive scheme
2.9
1.2
Total Directors\u2019 emoluments
7.8
4.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-465": { "value": "
4 Expenses and auditors\u2019 remuneration
An analysis of operating costs by nature is outlined below:
2023 2022
\u00a3m \u00a3m
Employee costs
1,450.2
1,394.7
Depreciation and software amortisation (notes 8 and 9)
175.3
180.5
Other expenses
1 ,217.0
1,165.3
Total
2,842.5
2,740.5
Certain expenses / (gains) are outlined in the table below, including fees paid to the auditors of the Group.
Mazars acts as external auditors of certain material and non-material entities within the Group. The total
remuneration for the audit of these entities, included in the table below, was \u00a30.6m (2022: nil).
2023 2022
\u00a3m \u00a3m
Included in pro\ufb01t for the year are the following expenses / (gains):
Property rentals
6.8
7.3
Lease and hire charges \u2013 \ufb01xtures, \ufb01ttings and equipment
14.5
12.4
Government grants related to employee costs
(3.6)
(9.7)
Pro\ufb01t on disposal of property, plant, equipment and software
(3.2)
(0.4)
Auditors\u2019 remuneration:
Audit of these \ufb01nancial statements
1.6
1.2
Amounts receivable by the auditors and their associates in respect of:
Audit of \ufb01nancial statements of subsidiaries pursuant to legislation
4.2
4.7
Total audit fees payable pursuant to legislation
5.8
5.9
Audit-related services
0.2
0.2
Total
6.0
6.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-542": { "value": "4 Expenses and auditors\u2019 remuneration An analysis of operating costs by nature is outlined below:
2023 2022
\u00a3m \u00a3m
Employee costs
1,450.2
1,394.7
Depreciation and software amortisation (notes 8 and 9)
175.3
180.5
Other expenses
1 ,217.0
1,165.3
Total
2,842.5
2,740.5
Certain expenses / (gains) are outlined in the table below, including fees paid to the auditors of the Group. Mazars acts as external auditors of certain material and non-material entities within the Group. The total remuneration for the audit of these entities, included in the table below, was \u00a30.6m (2022: nil).
2023 2022
\u00a3m \u00a3m
Included in pro\ufb01t for the year are the following expenses / (gains):
Property rentals
6.8
7.3
Lease and hire charges \u2013 \ufb01xtures, \ufb01ttings and equipment
14.5
12.4
Government grants related to employee costs
(3.6)
(9.7)
Pro\ufb01t on disposal of property, plant, equipment and software
(3.2)
(0.4)
Auditors\u2019 remuneration:
Audit of these \ufb01nancial statements
1.6
1.2
Amounts receivable by the auditors and their associates in respect of:
Audit of \ufb01nancial statements of subsidiaries pursuant to legislation
4.2
4.7
Total audit fees payable pursuant to legislation
5.8
5.9
Audit-related services
0.2
0.2
Total
6.0
6.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-531": { "value": "4 Expenses and auditors\u2019 remuneration An analysis of operating costs by nature is outlined below:
2023 2022
\u00a3m \u00a3m
Employee costs
1,450.2
1,394.7
Depreciation and software amortisation (notes 8 and 9)
175.3
180.5
Other expenses
1 ,217.0
1,165.3
Total
2,842.5
2,740.5
Certain expenses / (gains) are outlined in the table below, including fees paid to the auditors of the Group. Mazars acts as external auditors of certain material and non-material entities within the Group. The total remuneration for the audit of these entities, included in the table below, was \u00a30.6m (2022: nil).
2023 2022
\u00a3m \u00a3m
Included in pro\ufb01t for the year are the following expenses / (gains):
Property rentals
6.8
7.3
Lease and hire charges \u2013 \ufb01xtures, \ufb01ttings and equipment
14.5
12.4
Government grants related to employee costs
(3.6)
(9.7)
Pro\ufb01t on disposal of property, plant, equipment and software
(3.2)
(0.4)
Auditors\u2019 remuneration:
Audit of these \ufb01nancial statements
1.6
1.2
Amounts receivable by the auditors and their associates in respect of:
Audit of \ufb01nancial statements of subsidiaries pursuant to legislation
4.2
4.7
Total audit fees payable pursuant to legislation
5.8
5.9
Audit-related services
0.2
0.2
Total
6.0
6.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-493": { "value": "An analysis of operating costs by nature is outlined below:
2023 2022
\u00a3m \u00a3m
Employee costs
1,450.2
1,394.7
Depreciation and software amortisation (notes 8 and 9)
175.3
180.5
Other expenses
1 ,217.0
1,165.3
Total
2,842.5
2,740.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-467": { "value": "6 Taxation Accounting policy Income tax for the year comprises current and deferred tax. Income tax is recognised in the same primary statement as the accounting transaction to which it relates. Current tax Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Tax provisions are recognised for uncertain tax positions where a risk of an additional tax liability has been identi\ufb01ed and it is probable that the Group will be required to settle that tax liability. Measurement is dependent on management\u2019s expectation of the outcome of decisions by tax authorities in the various tax jurisdictions in which the Group operates. This is assessed on a case-by-case basis using in-house tax experts, professional \ufb01rms and previous experience. Where the outcome of discussions with tax authorities is different from the amount initially recorded, this difference will impact the tax expense in the period in which the determination is made. Deferred tax Deferred tax is provided using the balance sheet liability method, providing for temporary differences between the carrying amount of assets and liabilities for \ufb01nancial reporting purposes and the amounts used for taxation purposes, except for: \u2022 recognition of consolidated goodwill; \u2022 the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable pro\ufb01t; and \u2022 differences relating to investments in subsidiaries, branches, associates and interest in joint ventures, the reversal of which is under the control of the Group and where it is probable that the difference 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 that have been enacted or substantively enacted at the balance sheet date, for the periods when the asset is realised or the liability is settled. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different taxable entities which intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realised simultaneously. Deferred tax assets are recognised to the extent that there are taxable temporary differences relating to the same taxation authority, the same taxable company or different taxable companies part of the same tax group, which are expected to reverse in the same period, or to the extent that it is probable that future taxable pro\ufb01ts will be available against which the temporary difference can be utilised. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable pro\ufb01ts will be available to allow all or part of the deferred tax asset to be utilised. In calculating future taxable pro\ufb01ts, the future forecasts considered were consistent with those used for the purposes of the Group\u2019s going concern and viability assessments. The Group does not currently expect the climate-related risks discussed in Book one, pages 58 to 66 to have an impact on the availability to recover the deferred tax assets identi\ufb01ed below. Any additional income taxes that arise from the distribution of dividends are recognised at the same time as the liability to pay the related dividend. Tax expense The Group operates across many different tax jurisdictions. Income and pro\ufb01ts are earned and taxed in the individual countries in which they occur. The statutory tax charge, including the impact of SDIs, of \u00a3104.2m (2022: \u00a3113.0m), equates to an effective rate of 24.7% (2022: 26.9%) and the cash tax on adjusted results is 23.5% (2022: 21.9%). The income tax expense for the adjusted pro\ufb01t before tax for the 12 months ended 31 December 2023 is \u00a3124.8m (2022: \u00a3128.4m). The Group\u2019s adjusted effective tax rate for the 12 months ended 31 December 2023 is 24.6% (2022: 26.3%). Differences between the consolidated effective tax rate of 24.7% and the weighted average notional statutory UK rate of 23.5% include but are not limited to: the mix of pro\ufb01ts; the effect of tax rates in foreign jurisdictions; non-deductible expenses; the effect of movement in unrecognised deferred tax assets; movements in the provision for uncertain tax positions; withholding tax on intra-group dividends; tax-exempt income; and under/over provisions in previous periods. The Group receives tax incentives in certain jurisdictions, resulting in a lower tax charge to the income statement. These tax incentives mainly relate to China\u2019s High and New Technology Enterprise and Technology Advanced Service Enterprise incentives. Without these incentives the adjusted effective tax rate would be 26.9% (2022: 28.3%). The tax on SDIs primarily relates to intangibles, impairment of \ufb01xed assets, restructuring, integration and contingent consideration.
The main rate of UK corporation tax from 1 April 2023 is 25.0%. As the rate of UK corporation tax until
31 March 2023 was 19.0%, the weighted average UK corporation tax rate applicable for the year ended
31 December 2023 is 23.5%. Deferred tax on UK temporary differences at 31 December 2023 has been
provided at 25%.
On 20 June 2023, Finance (No.2) Act 2023 was substantively enacted in the UK, introducing a global minimum
effective tax rate of 15%. The legislation implements a domestic top-up tax and a multinational top-up tax and
will apply to Intertek from the \ufb01nancial year ending 31 December 2024 onwards. Based on initial analysis using
prior year \ufb01nancial data, most territories in which the Group operates are expected to qualify for one of the
safe harbour exemptions and where this is not the case, the incremental tax arising under Pillar Two is not
expected to be material. The Group is monitoring the status of implementation of the OECD Pillar Two Model
Rules outside of the UK. Intertek has applied the exception under IAS 12 to recognising and disclosing
information about deferred tax assets and liabilities related to top-up income taxes.
Income tax recognised in other comprehensive income (\u2018OCI\u2019)
As noted in the accounting policy, tax is recognised in the same place as the relevant accounting charge.
The income tax recognised on items recorded in other comprehensive income is shown below:
Before tax Tax charge Net of tax Before tax Tax charge Net of tax
2023 2023 2023 2022 2022 2022
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Foreign exchange
translation differences
of foreign operations
(147. 1)
4.9
(142.2)
181.5
(4.9)
176.6
Net exchange gain/(loss) on
hedges of net investments
in foreign operations
58.8
(2.0)
56.8
(120.0)
\u2013
(120.0)
(Loss)/Gain on fair value of
cash \ufb02ow hedges
(0.1)
\u2013
(0.1)
\u2013
4.1
4.1
Remeasurements on de\ufb01ned
bene\ufb01t pension schemes
(2.6)
0.1
(2.5)
17.4
(3.5)
13.9
Tax on other items that will
never be reclassi\ufb01ed to
pro\ufb01t or loss
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Total other
comprehensive
(expense)/income
for the year
(91.0)
3.0
(88.0)
78.9
(4.3)
74.6
Tax charge
The total income tax charge, comprising the current tax charge and the movement in deferred tax, recognised
in the income statement is analysed as follows:
2023 2022
\u00a3m \u00a3m
Current tax charge for the period
116.7
114.4
Adjustments relating to prior year liabilities
(0.7)
(3.7)
Current tax
116.0
110.7
Deferred tax movement related to current year
(11.6)
0.8
Deferred tax movement related to prior year
(0.2)
1.5
Deferred tax movement
(11.8)
2.3
Total tax in income statement
104.2
113.0
Tax on adjusted result
124.8
128.4
Tax on Separately Disclosed Items
(20.6)
(15.4)
Total tax in income statement
104.2
113.0
Reconciliation of effective tax rate
The following table provides a reconciliation of the UK statutory corporation tax rate to the effective tax rate
of the Group on pro\ufb01t before taxation.
2023 2022
\u00a3m \u00a3m
Pro\ufb01t before taxation
422.3
419.8
Notional tax charge at UK standard rate 23.5% (2022: 19.0%)
99.3
79.8
Differences in overseas tax rates
(1.0)
7.6
Withholding tax on intercompany dividends
6.9
8.5
Non-deductible expenses
13.4
20.7
Tax exempt income
(7.4)
(5.1)
Change in tax rate impact
(0.9)
(1.6)
Movement in unrecognised deferred tax
(0.4)
3.0
Adjustments in respect of prior years
(0.9)
(2.2)
Other
2
(4.8)
2.3
Total tax in income statement
104.2
113.0
1
1. Adjustments in respect of prior years mainly relate to current and deferred tax adjustments for the UK, the US, Australia and China.
2. The Other category contains R&D tax incentives and super deductions of \u00a34.0m (2022: \u00a32.6m), a net \u00a33.3m credit on provisions
(2022: \u00a32.7m charge) following a review of uncertain tax positions across multiple territories, and other local taxes.
Movements in deferred tax temporary differences during the year
The movement in the year in deferred tax assets and liabilities is shown below:
Recognised Recognised
1 January Exchange in income in equity 31 December
2023 adjustments Acquisitions statement and OCI 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Intangible assets
(93.8)
3.8
(4.9)
11.7
3.0
(80.2)
Property, \ufb01xtures, \ufb01ttings
and equipment
(13.1)
0.8
(0.5)
(1.0)
0.3
(13.5)
Pensions
(4.1)
\u2013
\u2013
(0.1)
0.1
(4.1)
Equity-settled transactions
5.3
\u2013
\u2013
0.4
0.1
5.8
Provisions and other
temporary differences
37.8
(1.7)
(0.4)
4.5
2.6
42.8
Tax value of losses
13.7
(0.7)
\u2013
(3.7)
1.0
10.3
Total
(54.2)
2.2
(5.8)
11.8
7.1
(38.9)
Recognised Recognised
1 January Exchange in income in equity 31 December
2022 adjustments Acquisitions statement and OCI 2022
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Intangible assets
(90.6)
(12.2)
(8.0)
17.0
\u2013
(93.8)
Property, \ufb01xtures, \ufb01ttings
and equipment
3.2
0.1
\u2013
(16.4)
\u2013
(13.1)
Pensions
(0.2)
\u2013
\u2013
(0.4)
(3.5)
(4.1)
Equity-settled transactions
7.7
\u2013
\u2013
(1.1)
(1.3)
5.3
Provisions and other
temporary differences
40.9
0.8
(3.1)
(0.8)
\u2013
37. 8
Tax value of losses
10.9
0.6
2.8
(0.6)
\u2013
13.7
Total
(28.1)
(10.7)
(8.3)
(2.3)
(4.8)
(54.2)
Income tax recognised directly in equity As noted in the accounting policy, tax is recognised in the same place as the relevant accounting charge. The income tax on items recognised in equity is shown below:
Before tax Tax charge Net of tax Before tax Tax charge Net of tax
2023 2023 2023 2022 2022 2022
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Equity-settled
transactions
21.2
0.1
21.3
17.5
(1.3)
16.2
Deferred tax Recognised deferred tax assets and liabilities Deferred tax assets and liabilities are attributable to the following:
Assets Assets Liabilities Liabilities Net Net
2023 2022 2023 2022 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Intangible assets
1.0
0.2
(81.2)
(94.0)
(80.2)
(93.8)
Property, plant
and equipment
71.5
4.2
(85.0)
( 17.3)
(13.5)
(13.1)
Pensions
1.0
0.7
(5.1)
(4.8)
(4.1)
(4.1)
Equity-settled transactions
5.8
5.3
\u2013
\u2013
5.8
5.3
Provisions and other
temporary differences
56.5
60.7
(13.7)
(22.9)
42.8
37. 8
Tax value of losses
10.3
13.7
\u2013
\u2013
10.3
13.7
Total
146.1
84.8
(185.0)
(139.0)
(38.9)
(54.2)
As shown on balance sheet:
Deferred tax assets*
36.4
45.0
Deferred tax liabilities*
(75.3)
(99.2)
Total
(38.9)
(54.2)
* The deferred tax by category shown above is not netted off within companies or jurisdictions. The balance sheet shows the net position within companies or jurisdictions. The difference between the two asset and liability totals is \u00a3109.7m, but the net liability of \u00a338.9m is the same in both cases. Included within Property, \ufb01xtures, \ufb01ttings and equipment is a deferred tax asset of \u00a368.6m and a deferred tax liability of \u00a363.6m in respect of leasing transactions. Deferred tax assets and deferred tax liabilities are shown separately following the adoption of Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12). The equivalent split of the net deferred asset of \u00a35.3m as at 31 December 2022 is a deferred tax asset of \u00a370.8m in respect of lease liabilities and a deferred tax liability of \u00a365.5m in respect of right-of-use assets. Deferred tax assets totalling \u00a39.3m have been recognised primarily in respect of Brazil and Canada that have taxable losses either in the current or prior period. In evaluating whether it is probable that taxable pro\ufb01ts will be earned in future accounting periods, all available evidence was considered, including approved budgets and forecasts. Following this evaluation, it is considered more likely than not that there will be sufficient future taxable pro\ufb01ts to realise these deferred tax assets, the majority of which can be carried forward inde\ufb01nitely excluding \u00a30.9m losses which are due to expire within \ufb01ve years and \u00a30.5m losses which are due to expire after \ufb01ve years. Of the \u00a3146.1m of deferred tax assets displayed above, \u00a314.6m are expected to be recovered within 12 months of the date of this Annual Report and Accounts
Expiry of unrecognised deferred tax assets \u2013 tax losses and tax credits
2023 2022
\u00a3m \u00a3m
Tax losses expiring:
Within 10 years
37.6
51.2
More than 10 years
76.5
73.0
Available inde\ufb01nitely
51.3
51.8
Total
165.4
176.0
Tax credits expiring:
Within 10 years
9.9
13.5
More than 10 years
\u2013
\u2013
Available inde\ufb01nitely
\u2013
\u2013
Total
9.9
13.5
In addition to the above, no speci\ufb01ed time expiry is anticipated in respect of the other unrecognised deferred
tax assets.
Unrecognised deferred tax assets
Deferred tax assets have not been recognised in respect of the items shown below. The numbers shown are
the gross temporary differences, and to calculate the potential deferred tax asset it is necessary to multiply
these by the tax rates in each case:
2023 2022
\u00a3m \u00a3m
Intangibles
33.9
32.3
Pensions
1.5
1.5
Provisions and other temporary differences
3.6
1.0
Tax losses
165.4
176.0
Foreign tax credits
9.9
13.5
Property, \ufb01xtures, \ufb01ttings and equipment
(0.1)
\u2013
Total
214.2
224.3
1
1. The total unrecognised foreign tax credits is \u00a32.7m, the grossed-up equivalent amount of which is \u00a39.9m as stated above.
Deferred tax assets have not been recognised in respect of these items because it is not probable that
future taxable pro\ufb01ts will be available in certain jurisdictions against which the Group can utilise the
bene\ufb01ts from them.
Of the unrecognised tax losses above, \u00a3103.9m (2022: \u00a3110.8m) of these relate to US state tax losses
due to insufficient taxable pro\ufb01ts expected in the relevant states. In addition, \u00a39.2m (2022: \u00a38.2m) of these
unrecognised losses relate to a dormant company resident in Hong Kong with no probable future pro\ufb01ts.
A further \u00a313.8m (2022: \u00a314.8m) of these unrecognised losses relate to entities based in the UK, however
these mainly relate to (i) non-trade de\ufb01cits in entities where there is no probable prospect of future non-trade
pro\ufb01ts and (ii) capital losses where there is uncertainty on their utilisation in future periods.
There is a temporary difference of \u00a3332.5m (2022: \u00a3285.1m) which relates to unremitted post-acquisition
overseas earnings. No deferred tax is provided on this amount as the distribution of these retained earnings
is under the control of the Group and there is no intention to either repatriate from, or sell, the associated
subsidiaries in the foreseeable future.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-557": { "value": "Accounting policy Income tax for the year comprises current and deferred tax. Income tax is recognised in the same primary statement as the accounting transaction to which it relates. Current tax Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Tax provisions are recognised for uncertain tax positions where a risk of an additional tax liability has been identi\ufb01ed and it is probable that the Group will be required to settle that tax liability. Measurement is dependent on management\u2019s expectation of the outcome of decisions by tax authorities in the various tax jurisdictions in which the Group operates. This is assessed on a case-by-case basis using in-house tax experts, professional \ufb01rms and previous experience. Where the outcome of discussions with tax authorities is different from the amount initially recorded, this difference will impact the tax expense in the period in which the determination is made. Deferred tax Deferred tax is provided using the balance sheet liability method, providing for temporary differences between the carrying amount of assets and liabilities for \ufb01nancial reporting purposes and the amounts used for taxation purposes, except for: \u2022 recognition of consolidated goodwill; \u2022 the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable pro\ufb01t; and \u2022 differences relating to investments in subsidiaries, branches, associates and interest in joint ventures, the reversal of which is under the control of the Group and where it is probable that the difference 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 that have been enacted or substantively enacted at the balance sheet date, for the periods when the asset is realised or the liability is settled. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different taxable entities which intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realised simultaneously. Deferred tax assets are recognised to the extent that there are taxable temporary differences relating to the same taxation authority, the same taxable company or different taxable companies part of the same tax group, which are expected to reverse in the same period, or to the extent that it is probable that future taxable pro\ufb01ts will be available against which the temporary difference can be utilised. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable pro\ufb01ts will be available to allow all or part of the deferred tax asset to be utilised. In calculating future taxable pro\ufb01ts, the future forecasts considered were consistent with those used for the purposes of the Group\u2019s going concern and viability assessments. The Group does not currently expect the climate-related risks discussed in Book one, pages 58 to 66 to have an impact on the availability to recover the deferred tax assets identi\ufb01ed below. Any additional income taxes that arise from the distribution of dividends are recognised at the same time as the liability to pay the related dividend. Tax expense The Group operates across many different tax jurisdictions. Income and pro\ufb01ts are earned and taxed in the individual countries in which they occur. The statutory tax charge, including the impact of SDIs, of \u00a3104.2m (2022: \u00a3113.0m), equates to an effective rate of 24.7% (2022: 26.9%) and the cash tax on adjusted results is 23.5% (2022: 21.9%). The income tax expense for the adjusted pro\ufb01t before tax for the 12 months ended 31 December 2023 is \u00a3124.8m (2022: \u00a3128.4m). The Group\u2019s adjusted effective tax rate for the 12 months ended 31 December 2023 is 24.6% (2022: 26.3%). Differences between the consolidated effective tax rate of 24.7% and the weighted average notional statutory UK rate of 23.5% include but are not limited to: the mix of pro\ufb01ts; the effect of tax rates in foreign jurisdictions; non-deductible expenses; the effect of movement in unrecognised deferred tax assets; movements in the provision for uncertain tax positions; withholding tax on intra-group dividends; tax-exempt income; and under/over provisions in previous periods. The Group receives tax incentives in certain jurisdictions, resulting in a lower tax charge to the income statement. These tax incentives mainly relate to China\u2019s High and New Technology Enterprise and Technology Advanced Service Enterprise incentives. Without these incentives the adjusted effective tax rate would be 26.9% (2022: 28.3%). The tax on SDIs primarily relates to intangibles, impairment of \ufb01xed assets, restructuring, integration and contingent consideration. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-579": { "value": "Deferred tax Deferred tax is provided using the balance sheet liability method, providing for temporary differences between the carrying amount of assets and liabilities for \ufb01nancial reporting purposes and the amounts used for taxation purposes, except for: \u2022 recognition of consolidated goodwill; \u2022 the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable pro\ufb01t; and \u2022 differences relating to investments in subsidiaries, branches, associates and interest in joint ventures, the reversal of which is under the control of the Group and where it is probable that the difference 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 that have been enacted or substantively enacted at the balance sheet date, for the periods when the asset is realised or the liability is settled. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different taxable entities which intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realised simultaneously. Deferred tax assets are recognised to the extent that there are taxable temporary differences relating to the same taxation authority, the same taxable company or different taxable companies part of the same tax group, which are expected to reverse in the same period, or to the extent that it is probable that future taxable pro\ufb01ts will be available against which the temporary difference can be utilised. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable pro\ufb01ts will be available to allow all or part of the deferred tax asset to be utilised. In calculating future taxable pro\ufb01ts, the future forecasts considered were consistent with those used for the purposes of the Group\u2019s going concern and viability assessments. The Group does not currently expect the climate-related risks discussed in Book one, pages 58 to 66 to have an impact on the availability to recover the deferred tax assets identi\ufb01ed below. Any additional income taxes that arise from the distribution of dividends are recognised at the same time as the liability to pay the related dividend. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-511": { "value": "6 Taxation Continued Income tax recognised directly in equity As noted in the accounting policy, tax is recognised in the same place as the relevant accounting charge. The income tax on items recognised in equity is shown below:
Before tax Tax charge Net of tax Before tax Tax charge Net of tax
2023 2023 2023 2022 2022 2022
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Equity-settled
transactions
21.2
0.1
21.3
17.5
(1.3)
16.2
Deferred tax Recognised deferred tax assets and liabilities Deferred tax assets and liabilities are attributable to the following:
Assets Assets Liabilities Liabilities Net Net
2023 2022 2023 2022 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Intangible assets
1.0
0.2
(81.2)
(94.0)
(80.2)
(93.8)
Property, plant
and equipment
71.5
4.2
(85.0)
( 17.3)
(13.5)
(13.1)
Pensions
1.0
0.7
(5.1)
(4.8)
(4.1)
(4.1)
Equity-settled transactions
5.8
5.3
\u2013
\u2013
5.8
5.3
Provisions and other
temporary differences
56.5
60.7
(13.7)
(22.9)
42.8
37. 8
Tax value of losses
10.3
13.7
\u2013
\u2013
10.3
13.7
Total
146.1
84.8
(185.0)
(139.0)
(38.9)
(54.2)
As shown on balance sheet:
Deferred tax assets*
36.4
45.0
Deferred tax liabilities*
(75.3)
(99.2)
Total
(38.9)
(54.2)
* The deferred tax by category shown above is not netted off within companies or jurisdictions. The balance sheet shows the net position within companies or jurisdictions. The difference between the two asset and liability totals is \u00a3109.7m, but the net liability of \u00a338.9m is the same in both cases. Included within Property, \ufb01xtures, \ufb01ttings and equipment is a deferred tax asset of \u00a368.6m and a deferred tax liability of \u00a363.6m in respect of leasing transactions. Deferred tax assets and deferred tax liabilities are shown separately following the adoption of Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12). The equivalent split of the net deferred asset of \u00a35.3m as at 31 December 2022 is a deferred tax asset of \u00a370.8m in respect of lease liabilities and a deferred tax liability of \u00a365.5m in respect of right-of-use assets. Deferred tax assets totalling \u00a39.3m have been recognised primarily in respect of Brazil and Canada that have taxable losses either in the current or prior period. In evaluating whether it is probable that taxable pro\ufb01ts will be earned in future accounting periods, all available evidence was considered, including approved budgets and forecasts. Following this evaluation, it is considered more likely than not that there will be sufficient future taxable pro\ufb01ts to realise these deferred tax assets, the majority of which can be carried forward inde\ufb01nitely excluding \u00a30.9m losses which are due to expire within \ufb01ve years and \u00a30.5m losses which are due to expire after \ufb01ve years. Of the \u00a3146.1m of deferred tax assets displayed above, \u00a314.6m are expected to be recovered within 12 months of the date of this Annual Report and Accounts . Movements in deferred tax temporary differences during the year The movement in the year in deferred tax assets and liabilities is shown below:
Recognised Recognised
1 January Exchange in income in equity 31 December
2023 adjustments Acquisitions statement and OCI 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Intangible assets
(93.8)
3.8
(4.9)
11.7
3.0
(80.2)
Property, \ufb01xtures, \ufb01ttings
and equipment
(13.1)
0.8
(0.5)
(1.0)
0.3
(13.5)
Pensions
(4.1)
\u2013
\u2013
(0.1)
0.1
(4.1)
Equity-settled transactions
5.3
\u2013
\u2013
0.4
0.1
5.8
Provisions and other
temporary differences
37.8
(1.7)
(0.4)
4.5
2.6
42.8
Tax value of losses
13.7
(0.7)
\u2013
(3.7)
1.0
10.3
Total
(54.2)
2.2
(5.8)
11.8
7.1
(38.9)
Recognised Recognised
1 January Exchange in income in equity 31 December
2022 adjustments Acquisitions statement and OCI 2022
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Intangible assets
(90.6)
(12.2)
(8.0)
17.0
\u2013
(93.8)
Property, \ufb01xtures, \ufb01ttings
and equipment
3.2
0.1
\u2013
(16.4)
\u2013
(13.1)
Pensions
(0.2)
\u2013
\u2013
(0.4)
(3.5)
(4.1)
Equity-settled transactions
7.7
\u2013
\u2013
(1.1)
(1.3)
5.3
Provisions and other
temporary differences
40.9
0.8
(3.1)
(0.8)
\u2013
37. 8
Tax value of losses
10.9
0.6
2.8
(0.6)
\u2013
13.7
Total
(28.1)
(10.7)
(8.3)
(2.3)
(4.8)
(54.2)
Expiry of unrecognised deferred tax assets \u2013 tax losses and tax credits
2023 2022
\u00a3m \u00a3m
Tax losses expiring:
Within 10 years
37.6
51.2
More than 10 years
76.5
73.0
Available inde\ufb01nitely
51.3
51.8
Total
165.4
176.0
Tax credits expiring:
Within 10 years
9.9
13.5
More than 10 years
\u2013
\u2013
Available inde\ufb01nitely
\u2013
\u2013
Total
9.9
13.5
In addition to the above, no speci\ufb01ed time expiry is anticipated in respect of the other unrecognised deferred tax assets. Unrecognised deferred tax assets Deferred tax assets have not been recognised in respect of the items shown below. The numbers shown are the gross temporary differences, and to calculate the potential deferred tax asset it is necessary to multiply these by the tax rates in each case:
2023 2022
\u00a3m \u00a3m
Intangibles
33.9
32.3
Pensions
1.5
1.5
Provisions and other temporary differences
3.6
1.0
Tax losses
165.4
176.0
Foreign tax credits
9.9
13.5
Property, \ufb01xtures, \ufb01ttings and equipment
(0.1)
\u2013
Total
214.2
224.3
1 1. The total unrecognised foreign tax credits is \u00a32.7m, the grossed-up equivalent amount of which is \u00a39.9m as stated above. Deferred tax assets have not been recognised in respect of these items because it is not probable that future taxable pro\ufb01ts will be available in certain jurisdictions against which the Group can utilise the bene\ufb01ts from them. Of the unrecognised tax losses above, \u00a3103.9m (2022: \u00a3110.8m) of these relate to US state tax losses due to insufficient taxable pro\ufb01ts expected in the relevant states. In addition, \u00a39.2m (2022: \u00a38.2m) of these unrecognised losses relate to a dormant company resident in Hong Kong with no probable future pro\ufb01ts. A further \u00a313.8m (2022: \u00a314.8m) of these unrecognised losses relate to entities based in the UK, however these mainly relate to (i) non-trade de\ufb01cits in entities where there is no probable prospect of future non-trade pro\ufb01ts and (ii) capital losses where there is uncertainty on their utilisation in future periods. There is a temporary difference of \u00a3332.5m (2022: \u00a3285.1m) which relates to unremitted post-acquisition overseas earnings. No deferred tax is provided on this amount as the distribution of these retained earnings is under the control of the Group and there is no intention to either repatriate from, or sell, the associated subsidiaries in the foreseeable future.", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-495": { "value": "
Deferred tax
Recognised deferred tax assets and liabilities
Deferred tax assets and liabilities are attributable to the following:
Assets Assets Liabilities Liabilities Net Net
2023 2022 2023 2022 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Intangible assets
1.0
0.2
(81.2)
(94.0)
(80.2)
(93.8)
Property, plant
and equipment
71.5
4.2
(85.0)
( 17.3)
(13.5)
(13.1)
Pensions
1.0
0.7
(5.1)
(4.8)
(4.1)
(4.1)
Equity-settled transactions
5.8
5.3
\u2013
\u2013
5.8
5.3
Provisions and other
temporary differences
56.5
60.7
(13.7)
(22.9)
42.8
37. 8
Tax value of losses
10.3
13.7
\u2013
\u2013
10.3
13.7
Total
146.1
84.8
(185.0)
(139.0)
(38.9)
(54.2)
As shown on balance sheet:
Deferred tax assets*
36.4
45.0
Deferred tax liabilities*
(75.3)
(99.2)
Total
(38.9)
(54.2)
* The deferred tax by category shown above is not netted off within companies or jurisdictions. The balance sheet shows the net position
within companies or jurisdictions. The difference between the two asset and liability totals is \u00a3109.7m, but the net liability of \u00a338.9m is the
same in both cases. Included within Property, \ufb01xtures, \ufb01ttings and equipment is a deferred tax asset of \u00a368.6m and a deferred tax liability
of \u00a363.6m in respect of leasing transactions. Deferred tax assets and deferred tax liabilities are shown separately following the adoption
of Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12). The equivalent split of the net
deferred asset of \u00a35.3m as at 31 December 2022 is a deferred tax asset of \u00a370.8m in respect of lease liabilities and a deferred tax liability
of \u00a365.5m in respect of right-of-use assets. Deferred tax assets totalling \u00a39.3m have been recognised primarily in respect of Brazil and
Canada that have taxable losses either in the current or prior period. In evaluating whether it is probable that taxable pro\ufb01ts will be earned in
future accounting periods, all available evidence was considered, including approved budgets and forecasts. Following this evaluation, it is
considered more likely than not that there will be sufficient future taxable pro\ufb01ts to realise these deferred tax assets, the majority of which
can be carried forward inde\ufb01nitely excluding \u00a30.9m losses which are due to expire within \ufb01ve years and \u00a30.5m losses which are due to expire
after \ufb01ve years. Of the \u00a3146.1m of deferred tax assets displayed above, \u00a314.6m are expected to be recovered within 12 months of the date
of this Annual Report and Accounts .
Movements in deferred tax temporary differences during the year The movement in the year in deferred tax assets and liabilities is shown below:
Recognised Recognised
1 January Exchange in income in equity 31 December
2023 adjustments Acquisitions statement and OCI 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Intangible assets
(93.8)
3.8
(4.9)
11.7
3.0
(80.2)
Property, \ufb01xtures, \ufb01ttings
and equipment
(13.1)
0.8
(0.5)
(1.0)
0.3
(13.5)
Pensions
(4.1)
\u2013
\u2013
(0.1)
0.1
(4.1)
Equity-settled transactions
5.3
\u2013
\u2013
0.4
0.1
5.8
Provisions and other
temporary differences
37.8
(1.7)
(0.4)
4.5
2.6
42.8
Tax value of losses
13.7
(0.7)
\u2013
(3.7)
1.0
10.3
Total
(54.2)
2.2
(5.8)
11.8
7.1
(38.9)
Recognised Recognised
1 January Exchange in income in equity 31 December
2022 adjustments Acquisitions statement and OCI 2022
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Intangible assets
(90.6)
(12.2)
(8.0)
17.0
\u2013
(93.8)
Property, \ufb01xtures, \ufb01ttings
and equipment
3.2
0.1
\u2013
(16.4)
\u2013
(13.1)
Pensions
(0.2)
\u2013
\u2013
(0.4)
(3.5)
(4.1)
Equity-settled transactions
7.7
\u2013
\u2013
(1.1)
(1.3)
5.3
Provisions and other
temporary differences
40.9
0.8
(3.1)
(0.8)
\u2013
37. 8
Tax value of losses
10.9
0.6
2.8
(0.6)
\u2013
13.7
Total
(28.1)
(10.7)
(8.3)
(2.3)
(4.8)
(54.2)
Expiry of unrecognised deferred tax assets \u2013 tax losses and tax credits
2023 2022
\u00a3m \u00a3m
Tax losses expiring:
Within 10 years
37.6
51.2
More than 10 years
76.5
73.0
Available inde\ufb01nitely
51.3
51.8
Total
165.4
176.0
Tax credits expiring:
Within 10 years
9.9
13.5
More than 10 years
\u2013
\u2013
Available inde\ufb01nitely
\u2013
\u2013
Total
9.9
13.5
In addition to the above, no speci\ufb01ed time expiry is anticipated in respect of the other unrecognised deferred tax assets. Unrecognised deferred tax assets Deferred tax assets have not been recognised in respect of the items shown below. The numbers shown are the gross temporary differences, and to calculate the potential deferred tax asset it is necessary to multiply these by the tax rates in each case:
2023 2022
\u00a3m \u00a3m
Intangibles
33.9
32.3
Pensions
1.5
1.5
Provisions and other temporary differences
3.6
1.0
Tax losses
165.4
176.0
Foreign tax credits
9.9
13.5
Property, \ufb01xtures, \ufb01ttings and equipment
(0.1)
\u2013
Total
214.2
224.3
1 1. The total unrecognised foreign tax credits is \u00a32.7m, the grossed-up equivalent amount of which is \u00a39.9m as stated above. Deferred tax assets have not been recognised in respect of these items because it is not probable that future taxable pro\ufb01ts will be available in certain jurisdictions against which the Group can utilise the bene\ufb01ts from them. Of the unrecognised tax losses above, \u00a3103.9m (2022: \u00a3110.8m) of these relate to US state tax losses due to insufficient taxable pro\ufb01ts expected in the relevant states. In addition, \u00a39.2m (2022: \u00a38.2m) of these unrecognised losses relate to a dormant company resident in Hong Kong with no probable future pro\ufb01ts. A further \u00a313.8m (2022: \u00a314.8m) of these unrecognised losses relate to entities based in the UK, however these mainly relate to (i) non-trade de\ufb01cits in entities where there is no probable prospect of future non-trade pro\ufb01ts and (ii) capital losses where there is uncertainty on their utilisation in future periods. There is a temporary difference of \u00a3332.5m (2022: \u00a3285.1m) which relates to unremitted post-acquisition overseas earnings. No deferred tax is provided on this amount as the distribution of these retained earnings is under the control of the Group and there is no intention to either repatriate from, or sell, the associated subsidiaries in the foreseeable future.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-468": { "value": "7 Earnings per ordinary share The calculation of earnings per ordinary share is based on pro\ufb01t attributable to ordinary shareholders of the Company and the weighted average number of ordinary shares in issue during the year. Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares in issue on the assumption of conversion of all potentially dilutive ordinary shares. Potential ordinary shares shall be treated as dilutive when, and only when, their conversion to ordinary shares would decrease earnings per share or increase loss per share from continuing operations. In addition to the earnings per share required by IAS 33 Earnings Per Share, an adjusted earnings per share has also been calculated and is based on earnings excluding the effect of amortisation of acquisition intangibles, goodwill impairment and other Separately Disclosed Items. It has been calculated to allow shareholders a better understanding of the trading performance of the Group. Details of the adjusted earnings per share are set out below:
2023 2022
\u00a3m \u00a3m
Pro\ufb01t attributable to ordinary shareholders
297.4
288.8
Separately Disclosed Items after tax (note 3)
64.3
53.0
Adjusted earnings
361.7
341.8
Number of shares (millions)
Basic weighted average number of ordinary shares
161.3
161.2
Potentially dilutive share awards
0.9
0.7
Diluted weighted average number of shares
162.2
161.9
Basic earnings per share
184.4p
179.2p
Impact of potentially dilutive share awards
(1.0)p
(0.8)p
Diluted earnings per share
183.4p
178.4p
Adjusted basic earnings per share
224.2p
212.0p
Impact of potentially dilutive share awards
(1.2)p
(0.9)p
Adjusted diluted earnings per share
223.0p
211.1p
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-558": { "value": "The calculation of earnings per ordinary share is based on pro\ufb01t attributable to ordinary shareholders of the Company and the weighted average number of ordinary shares in issue during the year. Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares in issue on the assumption of conversion of all potentially dilutive ordinary shares. Potential ordinary shares shall be treated as dilutive when, and only when, their conversion to ordinary shares would decrease earnings per share or increase loss per share from continuing operations. In addition to the earnings per share required by IAS 33 Earnings Per Share, an adjusted earnings per share has also been calculated and is based on earnings excluding the effect of amortisation of acquisition intangibles, goodwill impairment and other Separately Disclosed Items. It has been calculated to allow shareholders a better understanding of the trading performance of the Group.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-469": { "value": "8 Property, plant and equipment Accounting policy Property, plant and equipment Owned assets Items of property, plant and equipment are measured at cost less accumulated depreciation and accumulated impairment losses. Cost includes expenditure that is directly attributable to the acquisition of the asset. Leased assets All leases where the Group is the lessee (with the exception of short-term and low-value leases) are recognised in the statement of \ufb01nancial position. A lease liability is recognised based on the present value of the future lease payments, and a corresponding right-of-use asset is recognised. The right-of-use asset is depreciated over the shorter of the lease term or the useful life of the asset. Lease payments are apportioned between \ufb01nance charges and a reduction of the lease liability. Low-value items, usually below \u00a34,000, and short-term leases with a term of 12 months or less are not required to be recognised on the balance sheet and payments made in relation to these leases are recognised on a straight-line basis in the income statement. The Group leases various properties, principally offices and testing laboratories, which have varying terms and renewal rights that are typical to the territory in which they are located. Non-property includes all other leases, such as cars and printers. Normally the lease term is the contractual start to end date, except when a break or extension option is reasonably certain to be taken, which is considered on a lease-by-lease basis. Depreciation Depreciation is charged to the income statement on a straight-line basis over the estimated useful lives of items of property, plant and equipment. Leased assets are depreciated over the shorter of the expected lease term and their useful lives. Freehold land is not depreciated. The estimated useful lives are as follows: Freehold buildings 50 years Leasehold buildings Term of lease Fixtures, \ufb01ttings, plant and equipment 3 to 10 years Depreciation methods, residual values and the useful lives of assets are reassessed at each reporting date. Impairment Non-\ufb01nancial assets The carrying amounts of the Group\u2019s non-\ufb01nancial assets, other than inventories and deferred tax assets, are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset\u2019s recoverable amount is estimated to determine the level of any impairment.
Property, plant and equipment
The property, plant and equipment employed by the business is analysed below:
Fixtures,
\ufb01ttings,
Land and plant and
buildings equipment Total
\u00a3m \u00a3m \u00a3m
Cost
At 1 January 2022
577. 2
1,175.0
1,752.2
Exchange adjustments
38.0
67.9
105.9
Additions
87.5
110.4
197.9
Disposals
(57.4)
(54.2)
(111.6)
Businesses acquired (note\ue01e10)
\u2013
0.1
0.1
At 31 December 2022
645.3
1,299.2
1,944.5
Accumulated depreciation
At 1 January 2022
276.9
833.5
1,110.4
Exchange adjustments
20.2
56.7
76.9
Charge for the year
66.4
93.8
160.2
Impairments
\u2013
2.4
2.4
Disposals
(47.7 )
(52.1)
(99.8)
At 31 December 2022
315.8
934.3
1,250.1
Net book value at 31 December 2022
329.5
364.9
694.4
As a result of the Group\u2019s cost reduction programme initiated in 2022, there were individual \ufb01xtures, \ufb01ttings,
plant and equipment assets no longer in use which resulted in an impairment of \u00a32.6m (2022: \u00a32.4m), with the
cost recognised in SDI as a restructuring cost (see note 3).
The net book value of the right-of-use asset for leases comprised:
Land and
buildings Other Total
\u00a3m \u00a3m \u00a3m
At 1 January 2022
240.3
26.5
266.8
Cost movement in year
63.1
4.9
68.0
Depreciation movement in year
(33.9)
(3.3)
( 37.2 )
Net book value at 31 December 2022
269.5
28.1
297.6
Land and
buildings Other Total
\u00a3m \u00a3m \u00a3m
At 1 January 2023
269.5
28.1
2 97.6
Cost movement in year
(0.1)
4.7
4.6
Depreciation movement in year
(18.1)
2.5
(15.6)
Net book value at 31 December 2023
251.3
35.3
286.6
For lease liabilities, interest expenses on lease liabilities and cash out\ufb02ows for leases, refer to note 14;
for expense relating to short-term leases and leases of low-value assets, refer to note 4.
Other leases include motor vehicles, office equipment and \ufb01xtures and \ufb01ttings.
Fixtures,
\ufb01ttings,
Land and plant and
buildings equipment Total
\u00a3m \u00a3m \u00a3m
Cost
At 1 January 2023
645.3
1,299.2
1,944.5
Exchange adjustments
(29.0)
(78.3)
(107.3)
Additions
65.4
116.1
181.5
Disposals
(48.1)
(64.1)
(112.2)
Businesses acquired (note\ue01e10)
0.8
1.4
2.2
At 31 December 2023
634.4
1,274.3
1,908.7
Accumulated depreciation
At 1 January 2023
315.8
934.3
1,250.1
Exchange adjustments
(15.0)
(59.5)
(74.5)
Charge for the year
65.6
90.4
156.0
Impairments
\u2013
2.6
2.6
Disposals
(34.6)
(60.5)
(95.1)
At 31 December 2023
331.8
9 07.3
1,239.1
Net book value at 31 December 2023
302.6
3 67. 0
669.6
Fixtures, \ufb01ttings, plant and equipment include assets in the course of construction of \u00a341.7m at 31 December
2023 (2022: \u00a333.6m), mainly comprising laboratories under construction. These assets will not be depreciated
until they are available for use.
The net book value of land and buildings comprised:
2023 2022
\u00a3m \u00a3m
Freehold
47.7
56.6
Leasehold
254.9
272.9
Total
302.6
329.5
Contracts for capital expenditure which are not provided in the \ufb01nancial statements amounted to \u00a37.2m
(2 022: \u00a37.4 m).
We have speci\ufb01cally reviewed our portfolio of freehold properties (total 2023 net book value of \u00a347.7m
(2022: \u00a356.6m)) to consider whether there are indications of material impairment arising from the potential
physical risks arising from climate change. We have not impaired any assets this year as a result of this exercise.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-559": { "value": "Accounting policy Property, plant and equipment Owned assets Items of property, plant and equipment are measured at cost less accumulated depreciation and accumulated impairment losses. Cost includes expenditure that is directly attributable to the acquisition of the asset. Leased assets All leases where the Group is the lessee (with the exception of short-term and low-value leases) are recognised in the statement of \ufb01nancial position. A lease liability is recognised based on the present value of the future lease payments, and a corresponding right-of-use asset is recognised. The right-of-use asset is depreciated over the shorter of the lease term or the useful life of the asset. Lease payments are apportioned between \ufb01nance charges and a reduction of the lease liability. Low-value items, usually below \u00a34,000, and short-term leases with a term of 12 months or less are not required to be recognised on the balance sheet and payments made in relation to these leases are recognised on a straight-line basis in the income statement. The Group leases various properties, principally offices and testing laboratories, which have varying terms and renewal rights that are typical to the territory in which they are located. Non-property includes all other leases, such as cars and printers. Normally the lease term is the contractual start to end date, except when a break or extension option is reasonably certain to be taken, which is considered on a lease-by-lease basis. Depreciation Depreciation is charged to the income statement on a straight-line basis over the estimated useful lives of items of property, plant and equipment. Leased assets are depreciated over the shorter of the expected lease term and their useful lives. Freehold land is not depreciated. The estimated useful lives are as follows: Freehold buildings 50 years Leasehold buildings Term of lease Fixtures, \ufb01ttings, plant and equipment 3 to 10 years Depreciation methods, residual values and the useful lives of assets are reassessed at each reporting date. Impairment Non-\ufb01nancial assets The carrying amounts of the Group\u2019s non-\ufb01nancial assets, other than inventories and deferred tax assets, are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset\u2019s recoverable amount is estimated to determine the level of any impairment. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-580": { "value": "Leased assets All leases where the Group is the lessee (with the exception of short-term and low-value leases) are recognised in the statement of \ufb01nancial position. A lease liability is recognised based on the present value of the future lease payments, and a corresponding right-of-use asset is recognised. The right-of-use asset is depreciated over the shorter of the lease term or the useful life of the asset. Lease payments are apportioned between \ufb01nance charges and a reduction of the lease liability. Low-value items, usually below \u00a34,000, and short-term leases with a term of 12 months or less are not required to be recognised on the balance sheet and payments made in relation to these leases are recognised on a straight-line basis in the income statement. The Group leases various properties, principally offices and testing laboratories, which have varying terms and renewal rights that are typical to the territory in which they are located. Non-property includes all other leases, such as cars and printers. Normally the lease term is the contractual start to end date, except when a break or extension option is reasonably certain to be taken, which is considered on a lease-by-lease basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-581": { "value": "Depreciation Depreciation is charged to the income statement on a straight-line basis over the estimated useful lives of items of property, plant and equipment. Leased assets are depreciated over the shorter of the expected lease term and their useful lives. Freehold land is not depreciated. The estimated useful lives are as follows: Freehold buildings 50 years Leasehold buildings Term of lease Fixtures, \ufb01ttings, plant and equipment 3 to 10 years Depreciation methods, residual values and the useful lives of assets are reassessed at each reporting date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-589": { "value": "Impairment Non-\ufb01nancial assets The carrying amounts of the Group\u2019s non-\ufb01nancial assets, other than inventories and deferred tax assets, are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset\u2019s recoverable amount is estimated to determine the level of any impairment. Impairment Goodwill is not subject to amortisation and is tested annually for impairment and when circumstances indicate that the carrying value may be impaired. Goodwill is also tested for impairment in the year of any acquisition. Other intangible assets are subject to amortisation and are reviewed for impairment whenever events or changes in circumstances indicate that the amount carried in the statement of \ufb01nancial position may be less than its recoverable amount. Any impairment is recognised in the income statement within operating costs. Impairment is determined for goodwill by assessing the recoverable amount of each asset or group of assets, i.e. CGU, to which the goodwill relates. A CGU represents an asset grouping at the lowest level for which there are separately identi\ufb01able cash \ufb02ows. The recoverable amount of an asset or a CGU is the greater of its fair value less costs to sell and value in use. In assessing value in use, the estimated future cash \ufb02ows are discounted to their present value using a pre-tax discount rate that re\ufb02ects current market assessments of the time value of money and the risks speci\ufb01c to the asset. The estimation process is complex due to the inherent risks and uncertainties and if different estimates were used this could materially change the projected value of the cash \ufb02ows. An impairment loss in respect of goodwill is not reversed. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-582": { "value": "Impairment Non-\ufb01nancial assets The carrying amounts of the Group\u2019s non-\ufb01nancial assets, other than inventories and deferred tax assets, are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset\u2019s recoverable amount is estimated to determine the level of any impairment. Impairment Goodwill is not subject to amortisation and is tested annually for impairment and when circumstances indicate that the carrying value may be impaired. Goodwill is also tested for impairment in the year of any acquisition. Other intangible assets are subject to amortisation and are reviewed for impairment whenever events or changes in circumstances indicate that the amount carried in the statement of \ufb01nancial position may be less than its recoverable amount. Any impairment is recognised in the income statement within operating costs. Impairment is determined for goodwill by assessing the recoverable amount of each asset or group of assets, i.e. CGU, to which the goodwill relates. A CGU represents an asset grouping at the lowest level for which there are separately identi\ufb01able cash \ufb02ows. The recoverable amount of an asset or a CGU is the greater of its fair value less costs to sell and value in use. In assessing value in use, the estimated future cash \ufb02ows are discounted to their present value using a pre-tax discount rate that re\ufb02ects current market assessments of the time value of money and the risks speci\ufb01c to the asset. The estimation process is complex due to the inherent risks and uncertainties and if different estimates were used this could materially change the projected value of the cash \ufb02ows. An impairment loss in respect of goodwill is not reversed. Impairment A \ufb01nancial asset is assessed for impairment at each reporting date by application of an expected loss model in line with IFRS 9 requirements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-512": { "value": "9 Goodwill and other intangible assets Accounting policy Goodwill Goodwill arises on the acquisition of businesses. Goodwill represents the difference between the cost of acquisition and the Group\u2019s interest in the fair value of the identi\ufb01able assets and liabilities acquired. Goodwill is stated at cost less any accumulated impairment losses. Goodwill is allocated to cash generating units (\u2018CGUs\u2019) and is not amortised but is tested annually for impairment. Business combinations are accounted for using the acquisition method at the acquisition date, which is the date on which control is obtained. The Group measures goodwill as the fair value of the consideration transferred less the net recognised amount (generally fair value) of the identi\ufb01able assets acquired and liabilities assumed, all measured as of the acquisition date. Costs related to the acquisition, other than those associated with the issue of debt or equity securities, are expensed as incurred. Costs relating to acquisitions are shown in note 3. Any contingent consideration payable is recognised at fair value at the acquisition date with subsequent changes recognised in pro\ufb01t or loss. If at the reporting date the fair values of the acquiree\u2019s identi\ufb01able assets, liabilities and contingent liabilities can only be established provisionally, then these values are used. Adjustments to the fair values can be made within 12 months of the acquisition date and are taken as adjustments to goodwill. Other intangible assets When the Group makes an acquisition, management reviews the business and assets acquired to determine whether any intangible assets should be recognised separately from goodwill. If, based on management\u2019s judgement, such an asset is identi\ufb01ed, then it is valued by discounting the probable future cash \ufb02ows expected to be generated by the asset, over the estimated life of the asset. Where there is uncertainty over the amount of economic bene\ufb01t and the useful life, this is factored into the calculation. Intangible assets arising on acquisitions and computer software are stated at cost less accumulated amortisation and accumulated impairment losses. Identi\ufb01able intangibles are those which can be sold separately or which arise from legal rights regardless of whether those rights are separable, and which have \ufb01nite useful lives. Amortisation is charged to the income statement on a straight-line basis over the estimated useful lives. The estimated useful lives are as follows: Computer software Up to 7 years Customer relationships Up to 20 years Technology and know-how Up to 15 years Trade names Up to 18 years Licences Contractual life Covenants not to compete Contractual life Impairment Goodwill is not subject to amortisation and is tested annually for impairment and when circumstances indicate that the carrying value may be impaired. Goodwill is also tested for impairment in the year of any acquisition. Other intangible assets are subject to amortisation and are reviewed for impairment whenever events or changes in circumstances indicate that the amount carried in the statement of \ufb01nancial position may be less than its recoverable amount. Any impairment is recognised in the income statement within operating costs. Impairment is determined for goodwill by assessing the recoverable amount of each asset or group of assets, i.e. CGU, to which the goodwill relates. A CGU represents an asset grouping at the lowest level for which there are separately identi\ufb01able cash \ufb02ows. The recoverable amount of an asset or a CGU is the greater of its fair value less costs to sell and value in use. In assessing value in use, the estimated future cash \ufb02ows are discounted to their present value using a pre-tax discount rate that re\ufb02ects current market assessments of the time value of money and the risks speci\ufb01c to the asset. The estimation process is complex due to the inherent risks and uncertainties and if different estimates were used this could materially change the projected value of the cash \ufb02ows. An impairment loss in respect of goodwill is not reversed.
Other intangible assets
Technology/
Know-how Other Total other
Customer and trade acquisition Computer intangible
Goodwill relationships names intangibles software assets
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 January 2023
1,975.5
547.2
112.2
31.2
282.5
973.1
Exchange adjustments
(83.1)
(21.8)
(5.5)
(1.0)
(15.2)
(43.5)
Additions
\u2013
\u2013
\u2013
\u2013
23.9
23.9
Transfers
0.3
\u2013
\u2013
\u2013
\u2013
\u2013
Disposal
\u2013
\u2013
\u2013
\u2013
(6.5)
(6.5)
Businesses acquired (note\ue01e10)
30.2
8.0
8.6
\u2013
\u2013
16.6
At 31 December 2023
1,922.9
533.4
115.3
30.2
284.7
963.6
Accumulated amortisation
At 1 January 2023
557.1
372.9
39.9
28.9
168.5
610.2
Exchange adjustments
(20.0)
(13.5)
(2.2)
(0.9)
(8.1)
(24.7)
Charge for the year
\u2013
21.9
11.5
0.8
19.3
53.5
Disposal
\u2013
\u2013
\u2013
\u2013
(6.3)
(6.3)
Impairment
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
At 31 December 2023
537.1
381.3
49.2
28.8
173.4
632.7
Net book value at
31 December 2023
1,385.8
152.1
66.1
1.4
111.3
330.9
Other intangible assets Computer software additions of \u00a323.9m (2022: \u00a320.4m) relates to separately acquired computer software of \u00a39.9m (2022: \u00a36.9m) and internally developed intangible assets of \u00a314.0m (2022: \u00a313.5m). The other acquisition intangibles net book value of \u00a31.4m (2022: \u00a32.3m) consists of guaranteed income, order backlog, licences and non-compete covenants. The average remaining amortisation period for customer relationships is seven years (2022: seven years). As a result of the Group\u2019s cost reduction programme initiated in 2022, there were two individual technology assets no longer in use which resulted in an impairment of \u00a312.9m in 2022, with the cost recognised in SDI as a restructuring cost (see note 3). No impairment related to IT assets was incurred in 2023. Computer software net book value of \u00a3111.3m (2022: \u00a3114.0m) includes software in construction of \u00a341.5m (2022: \u00a342.8m). Research and development expenditure of \u00a338.7m (2022: \u00a337.6m) was recognised as an expense in the year. Goodwill arising from acquisitions in the current and prior year has been allocated to reportable segments as follows:
Represented
2023 2022
\u00a3m \u00a3m
Consumer Products
\u2013
\u2013
Corporate Assurance
17.0
\u2013
Health and Safety
13.2
\u2013
Industry and Infrastructure
\u2013
\u2013
World of Energy
\u2013
66.6
At 31 December
30.2
66.6
In performing our annual impairment testing, the recoverable amount of each CGU has been calculated based on its value in use, estimated as the present value of projected future cash \ufb02ows. In order to re\ufb02ect the changes to the Group\u2019s strategy described in note 2, and consequential changes to the monitoring of goodwill by management, the number of CGUs to which goodwill is allocated has increased from 13 to 17. This change had no impact on the carrying value of goodwill. The goodwill held in the CGUs and aggregated groups of CGUs shown below is considered signi\ufb01cant within th total carrying amount of goodwill at 31 December 2023:
Represented
2023 pre-tax 2023 2022
discount rate \u00a3m \u00a3m
Consumer Products
11.9\u201312.1%
104.0
104.9
Corporate Assurance
12.0\u201312.2%
705.1
725.5
Health and Safety
12.1\u201313.4%
150.2
137.5
Industry and Infrastructure
4
11.4\u201313.3%
271.5
288.4
World of Energy
12.0\u201313.0%
155.0
162.1
At 31 December
1,385.8
1,418.4
1 2 3 5 6 1 Within Consumer Products, goodwill allocated to the Electrical and Connected World CGU was \u00a388.5m (2022: \u00a393.4m) and the pre-tax discount rate was 12.1%. 2 Within Corporate Assurance, goodwill allocated to the Business Assurance CGU was \u00a3699.7m (2022: \u00a3720.0m), and the pre-tax discount rate was 12.0%. 3 Within Health and Safety, goodwill allocated to the Food CGU is \u00a340.8m (2022: \u00a340.4m), and goodwill allocated to the Chemical & Pharma CGU is \u00a376.6m (2022: \u00a378.7m). Pre-tax discount rates were 12.1% and 13.4% respectively. 4 Within Industry and Infrastructure, goodwill allocated to the Minerals CGU is \u00a336.9m (2022: \u00a338.8m) and goodwill allocated to the Building & Construction CGU is \u00a3223.7m (2022: \u00a3238.2m). Pre-tax discount rates were 13.3% and 12.1% respectively. 5 Within World of Energy, goodwill allocated to the Caleb Brett CGU is \u00a342.5m (2022: \u00a343.3m), goodwill allocated to the Transportation Technologies CGU is \u00a344.5m (2022: \u00a346.9m) and goodwill allocated to the CEA CGU is \u00a363.6m (2022: \u00a366.6m), as discussed in note 10. Pre-tax discount rates were 13.0%, 12.0% and 12.0% respectively. 6 All goodwill is recorded in local currency. Additions during the year are converted at the exchange rate on the date of the transaction and the goodwill at the end of the year is stated at closing exchange rates. Impairment review In order to determine whether impairments are required, the Group estimates the recoverable amount of each CGU. The calculation is based on projecting future cash \ufb02ows over a \ufb01ve-year period and using a terminal value to incorporate expectations of growth thereafter. The long-term growth rate is used in the perpetuity calculations. A discount factor is applied to obtain a value in use which is the recoverable amount. Goodwill arising in year from acquisitions is assessed for impairment separately from the above CGUs and on an acquisition-by-acquisition basis. There was no impairment of goodwill for Controle Anal\u00edtico or PlayerLync, from the date of acquisition to 31 December 2023. There would be no impact on the impairment review through the inclusion of Controle Anal\u00edtico and PlayerLync within the CGU review. No impairments were required on goodwill arising in 2023 (2022: no impairments). The calculation of the value in use includes assessment of long-term growth rates and discount rates. Long-term growth rates predict growth beyond the Group\u2019s planning cycle, and range from 2.3% to 3.0% (2022: 1.7% to 2.6%). The discount rate for each CGU is based on the Group\u2019s weighted average cost of capital adjusted for the risks speci\ufb01c to the CGU. Pre-tax discount rates ranged from 11.4% to 13.4% (2022: 9.0% to 10.2%). The underlying cash \ufb02ows include consideration of the potential impact of in\ufb02ation. Key assumptions The key assumptions include the rate of revenue and pro\ufb01t growth within each of the territories and business lines in which the Group operates. These are based on the Group\u2019s approved budget and \ufb01ve-year strategic plan. Finally, the discount rate used to bring the cash \ufb02ow back to a present value varies depending on the location of the operation and the nature of the operations. The estimated future cash \ufb02ows are discounted to their present value using a discount rate that re\ufb02ects current market assessments of the time value of money and the risks speci\ufb01c to the asset. Sensitivity analysis None of the reasonable downside sensitivity scenarios on key assumptions would cause the carrying amount of each CGU to exceed its recoverable amount. The sensitivities modelled by management include: (i) Assuming revenues decline each year by 1% in 2024 to 2028 from the 2024 budgeted revenues, with margins increasing with base assumptions. (ii) Assuming zero growth in operating pro\ufb01t margins in 2024 to 2028 with revenues increasing per base assumptions. (iii) Assuming an increase in the discount rates used by 1%. Management considers that the likelihood of any or all of the above scenarios occurring is low Goodwill and intangible assets The total goodwill arising on acquisitions made during 2023 was \u00a330.2m, of which \u00a3nil is expected to be deductible for tax purposes. The goodwill arising represents the value of the assembled workforce and the bene\ufb01ts the Group expects to gain from increasing its presence in the relevant sectors in which the acquired businesses operate. The intangible assets of \u00a316.6m primarily represent the value of customer relationships, trade names and technology. The \ufb01nal values will be calculated within 12 months following the date of acquisition. The deferred tax thereon was \u00a35.7m. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-496": { "value": "9 Goodwill and other intangible assets Accounting policy Goodwill Goodwill arises on the acquisition of businesses. Goodwill represents the difference between the cost of acquisition and the Group\u2019s interest in the fair value of the identi\ufb01able assets and liabilities acquired. Goodwill is stated at cost less any accumulated impairment losses. Goodwill is allocated to cash generating units (\u2018CGUs\u2019) and is not amortised but is tested annually for impairment. Business combinations are accounted for using the acquisition method at the acquisition date, which is the date on which control is obtained. The Group measures goodwill as the fair value of the consideration transferred less the net recognised amount (generally fair value) of the identi\ufb01able assets acquired and liabilities assumed, all measured as of the acquisition date. Costs related to the acquisition, other than those associated with the issue of debt or equity securities, are expensed as incurred. Costs relating to acquisitions are shown in note 3. Any contingent consideration payable is recognised at fair value at the acquisition date with subsequent changes recognised in pro\ufb01t or loss. If at the reporting date the fair values of the acquiree\u2019s identi\ufb01able assets, liabilities and contingent liabilities can only be established provisionally, then these values are used. Adjustments to the fair values can be made within 12 months of the acquisition date and are taken as adjustments to goodwill. Other intangible assets When the Group makes an acquisition, management reviews the business and assets acquired to determine whether any intangible assets should be recognised separately from goodwill. If, based on management\u2019s judgement, such an asset is identi\ufb01ed, then it is valued by discounting the probable future cash \ufb02ows expected to be generated by the asset, over the estimated life of the asset. Where there is uncertainty over the amount of economic bene\ufb01t and the useful life, this is factored into the calculation. Intangible assets arising on acquisitions and computer software are stated at cost less accumulated amortisation and accumulated impairment losses. Identi\ufb01able intangibles are those which can be sold separately or which arise from legal rights regardless of whether those rights are separable, and which have \ufb01nite useful lives. Amortisation is charged to the income statement on a straight-line basis over the estimated useful lives. The estimated useful lives are as follows: Computer software Up to 7 years Customer relationships Up to 20 years Technology and know-how Up to 15 years Trade names Up to 18 years Licences Contractual life Covenants not to compete Contractual life Impairment Goodwill is not subject to amortisation and is tested annually for impairment and when circumstances indicate that the carrying value may be impaired. Goodwill is also tested for impairment in the year of any acquisition. Other intangible assets are subject to amortisation and are reviewed for impairment whenever events or changes in circumstances indicate that the amount carried in the statement of \ufb01nancial position may be less than its recoverable amount. Any impairment is recognised in the income statement within operating costs. Impairment is determined for goodwill by assessing the recoverable amount of each asset or group of assets, i.e. CGU, to which the goodwill relates. A CGU represents an asset grouping at the lowest level for which there are separately identi\ufb01able cash \ufb02ows. The recoverable amount of an asset or a CGU is the greater of its fair value less costs to sell and value in use. In assessing value in use, the estimated future cash \ufb02ows are discounted to their present value using a pre-tax discount rate that re\ufb02ects current market assessments of the time value of money and the risks speci\ufb01c to the asset. The estimation process is complex due to the inherent risks and uncertainties and if different estimates were used this could materially change the projected value of the cash \ufb02ows. An impairment loss in respect of goodwill is not reversed.
Other intangible assets
Technology/
Know-how Other Total other
Customer and trade acquisition Computer intangible
Goodwill relationships names intangibles software assets
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 January 2023
1,975.5
547.2
112.2
31.2
282.5
973.1
Exchange adjustments
(83.1)
(21.8)
(5.5)
(1.0)
(15.2)
(43.5)
Additions
\u2013
\u2013
\u2013
\u2013
23.9
23.9
Transfers
0.3
\u2013
\u2013
\u2013
\u2013
\u2013
Disposal
\u2013
\u2013
\u2013
\u2013
(6.5)
(6.5)
Businesses acquired (note\ue01e10)
30.2
8.0
8.6
\u2013
\u2013
16.6
At 31 December 2023
1,922.9
533.4
115.3
30.2
284.7
963.6
Accumulated amortisation
At 1 January 2023
557.1
372.9
39.9
28.9
168.5
610.2
Exchange adjustments
(20.0)
(13.5)
(2.2)
(0.9)
(8.1)
(24.7)
Charge for the year
\u2013
21.9
11.5
0.8
19.3
53.5
Disposal
\u2013
\u2013
\u2013
\u2013
(6.3)
(6.3)
Impairment
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
At 31 December 2023
537.1
381.3
49.2
28.8
173.4
632.7
Net book value at
31 December 2023
1,385.8
152.1
66.1
1.4
111.3
330.9
Other intangible assets Computer software additions of \u00a323.9m (2022: \u00a320.4m) relates to separately acquired computer software of \u00a39.9m (2022: \u00a36.9m) and internally developed intangible assets of \u00a314.0m (2022: \u00a313.5m). The other acquisition intangibles net book value of \u00a31.4m (2022: \u00a32.3m) consists of guaranteed income, order backlog, licences and non-compete covenants. The average remaining amortisation period for customer relationships is seven years (2022: seven years). As a result of the Group\u2019s cost reduction programme initiated in 2022, there were two individual technology assets no longer in use which resulted in an impairment of \u00a312.9m in 2022, with the cost recognised in SDI as a restructuring cost (see note 3). No impairment related to IT assets was incurred in 2023. Computer software net book value of \u00a3111.3m (2022: \u00a3114.0m) includes software in construction of \u00a341.5m (2022: \u00a342.8m). Research and development expenditure of \u00a338.7m (2022: \u00a337.6m) was recognised as an expense in the year. Intangibles The intangibles employed by the business are analysed below:
Other intangible assets
Technology/
Know-how Other Total other
Customer and trade acquisition Computer intangible
Goodwill relationships names intangibles software assets
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 January 2022
1,763.9
496.3
97.4
29.2
245.7
868.6
Exchange adjustments
139.2
38.8
8.7
2.0
21.7
71.2
Additions
\u2013
\u2013
\u2013
\u2013
20.4
20.4
Transfers
5.8
\u2013
2.9
\u2013
\u2013
2.9
Disposal
\u2013
\u2013
\u2013
\u2013
(5.3)
(5.3)
Businesses acquired (note\ue01e10)
66.6
12.1
3.2
\u2013
\u2013
15.3
At 31 December 2022
1,975.5
5 47.2
112.2
31.2
282.5
973.1
Accumulated amortisation
At 1 January 2022
522.5
327.7
25.9
25.9
130.6
510.1
Exchange adjustments
34.6
23.0
2.7
1.7
10.0
37.4
Charge for the year
\u2013
22.2
11.3
1.3
20.3
55.1
Disposal
\u2013
\u2013
\u2013
\u2013
(5.3)
(5.3)
Impairment
\u2013
\u2013
\u2013
\u2013
12.9
12.9
At 31 December 2022
557.1
372.9
39.9
28.9
168.5
610.2
Net book value at
31 December 2022
1,418.4
174.3
72.3
2.3
114.0
362.9
Impairment review In order to determine whether impairments are required, the Group estimates the recoverable amount of each CGU. The calculation is based on projecting future cash \ufb02ows over a \ufb01ve-year period and using a terminal value to incorporate expectations of growth thereafter. The long-term growth rate is used in the perpetuity calculations. A discount factor is applied to obtain a value in use which is the recoverable amount. Goodwill arising in year from acquisitions is assessed for impairment separately from the above CGUs and on an acquisition-by-acquisition basis. There was no impairment of goodwill for Controle Anal\u00edtico or PlayerLync, from the date of acquisition to 31 December 2023. There would be no impact on the impairment review through the inclusion of Controle Anal\u00edtico and PlayerLync within the CGU review. No impairments were required on goodwill arising in 2023 (2022: no impairments). The calculation of the value in use includes assessment of long-term growth rates and discount rates. Long-term growth rates predict growth beyond the Group\u2019s planning cycle, and range from 2.3% to 3.0% (2022: 1.7% to 2.6%). The discount rate for each CGU is based on the Group\u2019s weighted average cost of capital adjusted for the risks speci\ufb01c to the CGU. Pre-tax discount rates ranged from 11.4% to 13.4% (2022: 9.0% to 10.2%). The underlying cash \ufb02ows include consideration of the potential impact of in\ufb02ation. Key assumptions The key assumptions include the rate of revenue and pro\ufb01t growth within each of the territories and business lines in which the Group operates. These are based on the Group\u2019s approved budget and \ufb01ve-year strategic plan. Finally, the discount rate used to bring the cash \ufb02ow back to a present value varies depending on the location of the operation and the nature of the operations. The estimated future cash \ufb02ows are discounted to their present value using a discount rate that re\ufb02ects current market assessments of the time value of money and the risks speci\ufb01c to the asset. Sensitivity analysis None of the reasonable downside sensitivity scenarios on key assumptions would cause the carrying amount of each CGU to exceed its recoverable amount. The sensitivities modelled by management include: (i) Assuming revenues decline each year by 1% in 2024 to 2028 from the 2024 budgeted revenues, with margins increasing with base assumptions. (ii) Assuming zero growth in operating pro\ufb01t margins in 2024 to 2028 with revenues increasing per base assumptions. (iii) Assuming an increase in the discount rates used by 1%. Management considers that the likelihood of any or all of the above scenarios occurring is low . Goodwill Goodwill arising from acquisitions in the current and prior year has been allocated to reportable segments as follows:
Represented
2023 2022
\u00a3m \u00a3m
Consumer Products
\u2013
\u2013
Corporate Assurance
17.0
\u2013
Health and Safety
13.2
\u2013
Industry and Infrastructure
\u2013
\u2013
World of Energy
\u2013
66.6
At 31 December
30.2
66.6
In performing our annual impairment testing, the recoverable amount of each CGU has been calculated based on its value in use, estimated as the present value of projected future cash \ufb02ows. In order to re\ufb02ect the changes to the Group\u2019s strategy described in note 2, and consequential changes to the monitoring of goodwill by management, the number of CGUs to which goodwill is allocated has increased from 13 to 17. This change had no impact on the carrying value of goodwill. The goodwill held in the CGUs and aggregated groups of CGUs shown below is considered signi\ufb01cant within th e total carrying amount of goodwill at 31 December 2023:
Represented
2023 pre-tax 2023 2022
discount rate \u00a3m \u00a3m
Consumer Products
11.9\u201312.1%
104.0
104.9
Corporate Assurance
12.0\u201312.2%
705.1
725.5
Health and Safety
12.1\u201313.4%
150.2
137.5
Industry and Infrastructure
4
11.4\u201313.3%
271.5
288.4
World of Energy
12.0\u201313.0%
155.0
162.1
At 31 December
1,385.8
1,418.4
1 2 3 5 6 1 Within Consumer Products, goodwill allocated to the Electrical and Connected World CGU was \u00a388.5m (2022: \u00a393.4m) and the pre-tax discount rate was 12.1%. 2 Within Corporate Assurance, goodwill allocated to the Business Assurance CGU was \u00a3699.7m (2022: \u00a3720.0m), and the pre-tax discount rate was 12.0%. 3 Within Health and Safety, goodwill allocated to the Food CGU is \u00a340.8m (2022: \u00a340.4m), and goodwill allocated to the Chemical & Pharma CGU is \u00a376.6m (2022: \u00a378.7m). Pre-tax discount rates were 12.1% and 13.4% respectively. 4 Within Industry and Infrastructure, goodwill allocated to the Minerals CGU is \u00a336.9m (2022: \u00a338.8m) and goodwill allocated to the Building & Construction CGU is \u00a3223.7m (2022: \u00a3238.2m). Pre-tax discount rates were 13.3% and 12.1% respectively. 5 Within World of Energy, goodwill allocated to the Caleb Brett CGU is \u00a342.5m (2022: \u00a343.3m), goodwill allocated to the Transportation Technologies CGU is \u00a344.5m (2022: \u00a346.9m) and goodwill allocated to the CEA CGU is \u00a363.6m (2022: \u00a366.6m), as discussed in note 10. Pre-tax discount rates were 13.0%, 12.0% and 12.0% respectively. 6 All goodwill is recorded in local currency. Additions during the year are converted at the exchange rate on the date of the transaction and the goodwill at the end of the year is stated at closing exchange rates. Goodwill and intangible assets The total goodwill arising on acquisitions made during 2023 was \u00a330.2m, of which \u00a3nil is expected to be deductible for tax purposes. The goodwill arising represents the value of the assembled workforce and the bene\ufb01ts the Group expects to gain from increasing its presence in the relevant sectors in which the acquired businesses operate. The intangible assets of \u00a316.6m primarily represent the value of customer relationships, trade names and technology. The \ufb01nal values will be calculated within 12 months following the date of acquisition. The deferred tax thereon was \u00a35.7m. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-470": { "value": "9 Goodwill and other intangible assets Accounting policy Goodwill Goodwill arises on the acquisition of businesses. Goodwill represents the difference between the cost of acquisition and the Group\u2019s interest in the fair value of the identi\ufb01able assets and liabilities acquired. Goodwill is stated at cost less any accumulated impairment losses. Goodwill is allocated to cash generating units (\u2018CGUs\u2019) and is not amortised but is tested annually for impairment. Business combinations are accounted for using the acquisition method at the acquisition date, which is the date on which control is obtained. The Group measures goodwill as the fair value of the consideration transferred less the net recognised amount (generally fair value) of the identi\ufb01able assets acquired and liabilities assumed, all measured as of the acquisition date. Costs related to the acquisition, other than those associated with the issue of debt or equity securities, are expensed as incurred. Costs relating to acquisitions are shown in note 3. Any contingent consideration payable is recognised at fair value at the acquisition date with subsequent changes recognised in pro\ufb01t or loss. If at the reporting date the fair values of the acquiree\u2019s identi\ufb01able assets, liabilities and contingent liabilities can only be established provisionally, then these values are used. Adjustments to the fair values can be made within 12 months of the acquisition date and are taken as adjustments to goodwill. Other intangible assets When the Group makes an acquisition, management reviews the business and assets acquired to determine whether any intangible assets should be recognised separately from goodwill. If, based on management\u2019s judgement, such an asset is identi\ufb01ed, then it is valued by discounting the probable future cash \ufb02ows expected to be generated by the asset, over the estimated life of the asset. Where there is uncertainty over the amount of economic bene\ufb01t and the useful life, this is factored into the calculation. Intangible assets arising on acquisitions and computer software are stated at cost less accumulated amortisation and accumulated impairment losses. Identi\ufb01able intangibles are those which can be sold separately or which arise from legal rights regardless of whether those rights are separable, and which have \ufb01nite useful lives. Amortisation is charged to the income statement on a straight-line basis over the estimated useful lives. The estimated useful lives are as follows: Computer software Up to 7 years Customer relationships Up to 20 years Technology and know-how Up to 15 years Trade names Up to 18 years Licences Contractual life Covenants not to compete Contractual life Impairment Goodwill is not subject to amortisation and is tested annually for impairment and when circumstances indicate that the carrying value may be impaired. Goodwill is also tested for impairment in the year of any acquisition. Other intangible assets are subject to amortisation and are reviewed for impairment whenever events or changes in circumstances indicate that the amount carried in the statement of \ufb01nancial position may be less than its recoverable amount. Any impairment is recognised in the income statement within operating costs. Impairment is determined for goodwill by assessing the recoverable amount of each asset or group of assets, i.e. CGU, to which the goodwill relates. A CGU represents an asset grouping at the lowest level for which there are separately identi\ufb01able cash \ufb02ows. The recoverable amount of an asset or a CGU is the greater of its fair value less costs to sell and value in use. In assessing value in use, the estimated future cash \ufb02ows are discounted to their present value using a pre-tax discount rate that re\ufb02ects current market assessments of the time value of money and the risks speci\ufb01c to the asset. The estimation process is complex due to the inherent risks and uncertainties and if different estimates were used this could materially change the projected value of the cash \ufb02ows. An impairment loss in respect of goodwill is not reversed.
Other intangible assets
Technology/
Know-how Other Total other
Customer and trade acquisition Computer intangible
Goodwill relationships names intangibles software assets
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 January 2023
1,975.5
547.2
112.2
31.2
282.5
973.1
Exchange adjustments
(83.1)
(21.8)
(5.5)
(1.0)
(15.2)
(43.5)
Additions
\u2013
\u2013
\u2013
\u2013
23.9
23.9
Transfers
0.3
\u2013
\u2013
\u2013
\u2013
\u2013
Disposal
\u2013
\u2013
\u2013
\u2013
(6.5)
(6.5)
Businesses acquired (note\ue01e10)
30.2
8.0
8.6
\u2013
\u2013
16.6
At 31 December 2023
1,922.9
533.4
115.3
30.2
284.7
963.6
Accumulated amortisation
At 1 January 2023
557.1
372.9
39.9
28.9
168.5
610.2
Exchange adjustments
(20.0)
(13.5)
(2.2)
(0.9)
(8.1)
(24.7)
Charge for the year
\u2013
21.9
11.5
0.8
19.3
53.5
Disposal
\u2013
\u2013
\u2013
\u2013
(6.3)
(6.3)
Impairment
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
At 31 December 2023
537.1
381.3
49.2
28.8
173.4
632.7
Net book value at
31 December 2023
1,385.8
152.1
66.1
1.4
111.3
330.9
Other intangible assets
Computer software additions of \u00a323.9m (2022: \u00a320.4m) relates to separately acquired computer software
of \u00a39.9m (2022: \u00a36.9m) and internally developed intangible assets of \u00a314.0m (2022: \u00a313.5m).
The other acquisition intangibles net book value of \u00a31.4m (2022: \u00a32.3m) consists of guaranteed income,
order backlog, licences and non-compete covenants.
The average remaining amortisation period for customer relationships is seven years (2022: seven years).
As a result of the Group\u2019s cost reduction programme initiated in 2022, there were two individual technology
assets no longer in use which resulted in an impairment of \u00a312.9m in 2022, with the cost recognised in SDI
as a restructuring cost (see note 3). No impairment related to IT assets was incurred in 2023.
Computer software net book value of \u00a3111.3m (2022: \u00a3114.0m) includes software in construction of
\u00a341.5m (2022: \u00a342.8m). Research and development expenditure of \u00a338.7m (2022: \u00a337.6m) was recognised
as an expense in the year.
Intangibles
The intangibles employed by the business are analysed below:
Other intangible assets
Technology/
Know-how Other Total other
Customer and trade acquisition Computer intangible
Goodwill relationships names intangibles software assets
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 January 2022
1,763.9
496.3
97.4
29.2
245.7
868.6
Exchange adjustments
139.2
38.8
8.7
2.0
21.7
71.2
Additions
\u2013
\u2013
\u2013
\u2013
20.4
20.4
Transfers
5.8
\u2013
2.9
\u2013
\u2013
2.9
Disposal
\u2013
\u2013
\u2013
\u2013
(5.3)
(5.3)
Businesses acquired (note\ue01e10)
66.6
12.1
3.2
\u2013
\u2013
15.3
At 31 December 2022
1,975.5
5 47.2
112.2
31.2
282.5
973.1
Accumulated amortisation
At 1 January 2022
522.5
327.7
25.9
25.9
130.6
510.1
Exchange adjustments
34.6
23.0
2.7
1.7
10.0
37.4
Charge for the year
\u2013
22.2
11.3
1.3
20.3
55.1
Disposal
\u2013
\u2013
\u2013
\u2013
(5.3)
(5.3)
Impairment
\u2013
\u2013
\u2013
\u2013
12.9
12.9
At 31 December 2022
557.1
372.9
39.9
28.9
168.5
610.2
Net book value at
31 December 2022
1,418.4
174.3
72.3
2.3
114.0
362.9
Impairment review
In order to determine whether impairments are required, the Group estimates the recoverable amount of
each CGU. The calculation is based on projecting future cash \ufb02ows over a \ufb01ve-year period and using a terminal
value to incorporate expectations of growth thereafter. The long-term growth rate is used in the perpetuity
calculations. A discount factor is applied to obtain a value in use which is the recoverable amount. Goodwill
arising in year from acquisitions is assessed for impairment separately from the above CGUs and on an
acquisition-by-acquisition basis. There was no impairment of goodwill for Controle Anal\u00edtico or PlayerLync,
from the date of acquisition to 31 December 2023. There would be no impact on the impairment review
through the inclusion of Controle Anal\u00edtico and PlayerLync within the CGU review. No impairments were
required on goodwill arising in 2023 (2022: no impairments).
The calculation of the value in use includes assessment of long-term growth rates and discount rates.
Long-term growth rates predict growth beyond the Group\u2019s planning cycle, and range from 2.3% to 3.0%
(2022: 1.7% to 2.6%). The discount rate for each CGU is based on the Group\u2019s weighted average cost of
capital adjusted for the risks speci\ufb01c to the CGU. Pre-tax discount rates ranged from 11.4% to 13.4%
(2022: 9.0% to 10.2%). The underlying cash \ufb02ows include consideration of the potential impact of in\ufb02ation.
Key assumptions
The key assumptions include the rate of revenue and pro\ufb01t growth within each of the territories and business
lines in which the Group operates. These are based on the Group\u2019s approved budget and \ufb01ve-year strategic
plan. Finally, the discount rate used to bring the cash \ufb02ow back to a present value varies depending on the
location of the operation and the nature of the operations. The estimated future cash \ufb02ows are discounted to
their present value using a discount rate that re\ufb02ects current market assessments of the time value of money
and the risks speci\ufb01c to the asset.
Sensitivity analysis
None of the reasonable downside sensitivity scenarios on key assumptions would cause the carrying amount
of each CGU to exceed its recoverable amount. The sensitivities modelled by management include:
(i) Assuming revenues decline each year by 1% in 2024 to 2028 from the 2024 budgeted revenues, with
margins increasing with base assumptions.
(ii) Assuming zero growth in operating pro\ufb01t margins in 2024 to 2028 with revenues increasing per base
assumptions.
(iii) Assuming an increase in the discount rates used by 1%.
Management considers that the likelihood of any or all of the above scenarios occurring is low .
Goodwill
Goodwill arising from acquisitions in the current and prior year has been allocated to reportable segments
as follows:
Represented
2023 2022
\u00a3m \u00a3m
Consumer Products
\u2013
\u2013
Corporate Assurance
17.0
\u2013
Health and Safety
13.2
\u2013
Industry and Infrastructure
\u2013
\u2013
World of Energy
\u2013
66.6
At 31 December
30.2
66.6
In performing our annual impairment testing, the recoverable amount of each CGU has been calculated based
on its value in use, estimated as the present value of projected future cash \ufb02ows. In order to re\ufb02ect the
changes to the Group\u2019s strategy described in note 2, and consequential changes to the monitoring of goodwill
by management, the number of CGUs to which goodwill is allocated has increased from 13 to 17. This change
had no impact on the carrying value of goodwill.
The goodwill held in the CGUs and aggregated groups of CGUs shown below is considered signi\ufb01cant within th e
total carrying amount of goodwill at 31 December 2023:
Represented
2023 pre-tax 2023 2022
discount rate \u00a3m \u00a3m
Consumer Products
11.9\u201312.1%
104.0
104.9
Corporate Assurance
12.0\u201312.2%
705.1
725.5
Health and Safety
12.1\u201313.4%
150.2
137.5
Industry and Infrastructure
4
11.4\u201313.3%
271.5
288.4
World of Energy
12.0\u201313.0%
155.0
162.1
At 31 December
1,385.8
1,418.4
1
2
3
5
6
1 Within Consumer Products, goodwill allocated to the Electrical and Connected World CGU was \u00a388.5m (2022: \u00a393.4m) and the pre-tax
discount rate was 12.1%.
2 Within Corporate Assurance, goodwill allocated to the Business Assurance CGU was \u00a3699.7m (2022: \u00a3720.0m), and the pre-tax discount
rate was 12.0%.
3 Within Health and Safety, goodwill allocated to the Food CGU is \u00a340.8m (2022: \u00a340.4m), and goodwill allocated to the Chemical & Pharma
CGU is \u00a376.6m (2022: \u00a378.7m). Pre-tax discount rates were 12.1% and 13.4% respectively.
4 Within Industry and Infrastructure, goodwill allocated to the Minerals CGU is \u00a336.9m (2022: \u00a338.8m) and goodwill allocated to the Building
& Construction CGU is \u00a3223.7m (2022: \u00a3238.2m). Pre-tax discount rates were 13.3% and 12.1% respectively.
5 Within World of Energy, goodwill allocated to the Caleb Brett CGU is \u00a342.5m (2022: \u00a343.3m), goodwill allocated to the Transportation
Technologies CGU is \u00a344.5m (2022: \u00a346.9m) and goodwill allocated to the CEA CGU is \u00a363.6m (2022: \u00a366.6m), as discussed in note 10.
Pre-tax discount rates were 13.0%, 12.0% and 12.0% respectively.
6 All goodwill is recorded in local currency. Additions during the year are converted at the exchange rate on the date of the transaction and
the goodwill at the end of the year is stated at closing exchange rates.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-560": { "value": "Accounting policy Goodwill Goodwill arises on the acquisition of businesses. Goodwill represents the difference between the cost of acquisition and the Group\u2019s interest in the fair value of the identi\ufb01able assets and liabilities acquired. Goodwill is stated at cost less any accumulated impairment losses. Goodwill is allocated to cash generating units (\u2018CGUs\u2019) and is not amortised but is tested annually for impairment. Business combinations are accounted for using the acquisition method at the acquisition date, which is the date on which control is obtained. The Group measures goodwill as the fair value of the consideration transferred less the net recognised amount (generally fair value) of the identi\ufb01able assets acquired and liabilities assumed, all measured as of the acquisition date. Costs related to the acquisition, other than those associated with the issue of debt or equity securities, are expensed as incurred. Costs relating to acquisitions are shown in note 3. Any contingent consideration payable is recognised at fair value at the acquisition date with subsequent changes recognised in pro\ufb01t or loss. If at the reporting date the fair values of the acquiree\u2019s identi\ufb01able assets, liabilities and contingent liabilities can only be established provisionally, then these values are used. Adjustments to the fair values can be made within 12 months of the acquisition date and are taken as adjustments to goodwill. Other intangible assets When the Group makes an acquisition, management reviews the business and assets acquired to determine whether any intangible assets should be recognised separately from goodwill. If, based on management\u2019s judgement, such an asset is identi\ufb01ed, then it is valued by discounting the probable future cash \ufb02ows expected to be generated by the asset, over the estimated life of the asset. Where there is uncertainty over the amount of economic bene\ufb01t and the useful life, this is factored into the calculation. Intangible assets arising on acquisitions and computer software are stated at cost less accumulated amortisation and accumulated impairment losses. Identi\ufb01able intangibles are those which can be sold separately or which arise from legal rights regardless of whether those rights are separable, and which have \ufb01nite useful lives. Amortisation is charged to the income statement on a straight-line basis over the estimated useful lives. The estimated useful lives are as follows: Computer software Up to 7 years Customer relationships Up to 20 years Technology and know-how Up to 15 years Trade names Up to 18 years Licences Contractual life Covenants not to compete Contractual life Impairment Goodwill is not subject to amortisation and is tested annually for impairment and when circumstances indicate that the carrying value may be impaired. Goodwill is also tested for impairment in the year of any acquisition. Other intangible assets are subject to amortisation and are reviewed for impairment whenever events or changes in circumstances indicate that the amount carried in the statement of \ufb01nancial position may be less than its recoverable amount. Any impairment is recognised in the income statement within operating costs. Impairment is determined for goodwill by assessing the recoverable amount of each asset or group of assets, i.e. CGU, to which the goodwill relates. A CGU represents an asset grouping at the lowest level for which there are separately identi\ufb01able cash \ufb02ows. The recoverable amount of an asset or a CGU is the greater of its fair value less costs to sell and value in use. In assessing value in use, the estimated future cash \ufb02ows are discounted to their present value using a pre-tax discount rate that re\ufb02ects current market assessments of the time value of money and the risks speci\ufb01c to the asset. The estimation process is complex due to the inherent risks and uncertainties and if different estimates were used this could materially change the projected value of the cash \ufb02ows. An impairment loss in respect of goodwill is not reversed. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-592": { "value": "Goodwill Goodwill arises on the acquisition of businesses. Goodwill represents the difference between the cost of acquisition and the Group\u2019s interest in the fair value of the identi\ufb01able assets and liabilities acquired. Goodwill is stated at cost less any accumulated impairment losses. Goodwill is allocated to cash generating units (\u2018CGUs\u2019) and is not amortised but is tested annually for impairment. Business combinations are accounted for using the acquisition method at the acquisition date, which is the date on which control is obtained. The Group measures goodwill as the fair value of the consideration transferred less the net recognised amount (generally fair value) of the identi\ufb01able assets acquired and liabilities assumed, all measured as of the acquisition date. Costs related to the acquisition, other than those associated with the issue of debt or equity securities, are expensed as incurred. Costs relating to acquisitions are shown in note 3. Any contingent consideration payable is recognised at fair value at the acquisition date with subsequent changes recognised in pro\ufb01t or loss. If at the reporting date the fair values of the acquiree\u2019s identi\ufb01able assets, liabilities and contingent liabilities can only be established provisionally, then these values are used. Adjustments to the fair values can be made within 12 months of the acquisition date and are taken as adjustments to goodwill. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-590": { "value": "Goodwill Goodwill arises on the acquisition of businesses. Goodwill represents the difference between the cost of acquisition and the Group\u2019s interest in the fair value of the identi\ufb01able assets and liabilities acquired. Goodwill is stated at cost less any accumulated impairment losses. Goodwill is allocated to cash generating units (\u2018CGUs\u2019) and is not amortised but is tested annually for impairment. Business combinations are accounted for using the acquisition method at the acquisition date, which is the date on which control is obtained. The Group measures goodwill as the fair value of the consideration transferred less the net recognised amount (generally fair value) of the identi\ufb01able assets acquired and liabilities assumed, all measured as of the acquisition date. Costs related to the acquisition, other than those associated with the issue of debt or equity securities, are expensed as incurred. Costs relating to acquisitions are shown in note 3. Any contingent consideration payable is recognised at fair value at the acquisition date with subsequent changes recognised in pro\ufb01t or loss. If at the reporting date the fair values of the acquiree\u2019s identi\ufb01able assets, liabilities and contingent liabilities can only be established provisionally, then these values are used. Adjustments to the fair values can be made within 12 months of the acquisition date and are taken as adjustments to goodwill. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-583": { "value": "Goodwill Goodwill arises on the acquisition of businesses. Goodwill represents the difference between the cost of acquisition and the Group\u2019s interest in the fair value of the identi\ufb01able assets and liabilities acquired. Goodwill is stated at cost less any accumulated impairment losses. Goodwill is allocated to cash generating units (\u2018CGUs\u2019) and is not amortised but is tested annually for impairment. Business combinations are accounted for using the acquisition method at the acquisition date, which is the date on which control is obtained. The Group measures goodwill as the fair value of the consideration transferred less the net recognised amount (generally fair value) of the identi\ufb01able assets acquired and liabilities assumed, all measured as of the acquisition date. Costs related to the acquisition, other than those associated with the issue of debt or equity securities, are expensed as incurred. Costs relating to acquisitions are shown in note 3. Any contingent consideration payable is recognised at fair value at the acquisition date with subsequent changes recognised in pro\ufb01t or loss. If at the reporting date the fair values of the acquiree\u2019s identi\ufb01able assets, liabilities and contingent liabilities can only be established provisionally, then these values are used. Adjustments to the fair values can be made within 12 months of the acquisition date and are taken as adjustments to goodwill. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-584": { "value": "Other intangible assets When the Group makes an acquisition, management reviews the business and assets acquired to determine whether any intangible assets should be recognised separately from goodwill. If, based on management\u2019s judgement, such an asset is identi\ufb01ed, then it is valued by discounting the probable future cash \ufb02ows expected to be generated by the asset, over the estimated life of the asset. Where there is uncertainty over the amount of economic bene\ufb01t and the useful life, this is factored into the calculation. Intangible assets arising on acquisitions and computer software are stated at cost less accumulated amortisation and accumulated impairment losses. Identi\ufb01able intangibles are those which can be sold separately or which arise from legal rights regardless of whether those rights are separable, and which have \ufb01nite useful lives. Amortisation is charged to the income statement on a straight-line basis over the estimated useful lives. The estimated useful lives are as follows: Computer software Up to 7 years Customer relationships Up to 20 years Technology and know-how Up to 15 years Trade names Up to 18 years Licences Contractual life Covenants not to compete Contractual life ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-532": { "value": "Impairment review In order to determine whether impairments are required, the Group estimates the recoverable amount of each CGU. The calculation is based on projecting future cash \ufb02ows over a \ufb01ve-year period and using a terminal value to incorporate expectations of growth thereafter. The long-term growth rate is used in the perpetuity calculations. A discount factor is applied to obtain a value in use which is the recoverable amount. Goodwill arising in year from acquisitions is assessed for impairment separately from the above CGUs and on an acquisition-by-acquisition basis. There was no impairment of goodwill for Controle Anal\u00edtico or PlayerLync, from the date of acquisition to 31 December 2023. There would be no impact on the impairment review through the inclusion of Controle Anal\u00edtico and PlayerLync within the CGU review. No impairments were required on goodwill arising in 2023 (2022: no impairments). The calculation of the value in use includes assessment of long-term growth rates and discount rates. Long-term growth rates predict growth beyond the Group\u2019s planning cycle, and range from 2.3% to 3.0% (2022: 1.7% to 2.6%). The discount rate for each CGU is based on the Group\u2019s weighted average cost of capital adjusted for the risks speci\ufb01c to the CGU. Pre-tax discount rates ranged from 11.4% to 13.4% (2022: 9.0% to 10.2%). The underlying cash \ufb02ows include consideration of the potential impact of in\ufb02ation. ", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-471": { "value": "
10 Acquisitions
Acquisitions in 2023
On 31 March 2023, the Group acquired Controle Anal\u00edtico An\u00e1lises T\u00e9cnicas Ltda (\u2018Controle Anal\u00edtico\u2019), a
leading provider of environmental analysis, with a focus on water testing, based in Brazil, for a purchase
price of \u00a318.8m. Purchase consideration net of cash acquired was \u00a318.3m. The purchase price includes cash
consideration of \u00a315.1m and a further contingent consideration payable of \u00a33.7m. The net cash out\ufb02ow in
the period associated with this acquisition was \u00a314.6m.
The acquisition of Controle Anal\u00edtico represents an attractive and complementary opportunity for the Group
to expand its leading Food and Agri Total Quality Assurance solutions in Brazil by expanding our presence and
service offering in the environmental testing market.
On 9 August 2023, the Group acquired PlayerLync Holdings, Inc. (\u2018PlayerLync\u2019), a leading SaaS-based platform
which combines mobile learning, operational support and compliance, content management and people
engagement in a single application, based in the USA, for a purchase price of \u00a328.5m. Purchase consideration
net of cash acquired was \u00a325.9m. The net cash out\ufb02ow in the period associated with this acquisition was
\u00a325.9m.
The acquisition creates compelling additional growth opportunities for Intertek to strengthen its existing
People Assurance service offering, further enhancing the Group\u2019s differentiated Total Quality Assurance
proposition and Science-based Customer Excellence advantage.
Provisional details of the net assets acquired and fair value adjustments are set out in the following tables.
These analyses are provisional and amendments may be made to these \ufb01gures in the 12 months following
the date of acquisition.
2023
Provisional
fair value to
Group on
Controle Anal\u00edtico An\u00e1lises T\u00e9cnicas Ltda acquisition
Total \u00a3m
Property, plant and equipment
2.2
Goodwill
13.2
Other intangible assets
5.4
Trade and other receivables
0.6
Trade and other payables
(0.8)
Deferred tax liabilities
(2.3)
Net assets acquired (net of cash acquired)
18.3
2023
Provisional
fair value to
Group on
PlayerLync Holdings, Inc acquisition
Total \u00a3m
Goodwill
17.0
Other intangible assets
11.2
Trade and other receivables
3.0
Trade and other payables
(1.9)
Deferred tax liabilities
(3.4)
Net assets acquired (net of cash acquired)
25.9
Goodwill and intangible assets
The total goodwill arising on acquisitions made during 2023 was \u00a330.2m, of which \u00a3nil is expected to be
deductible for tax purposes. The goodwill arising represents the value of the assembled workforce and the
bene\ufb01ts the Group expects to gain from increasing its presence in the relevant sectors in which the acquired
businesses operate. The intangible assets of \u00a316.6m primarily represent the value of customer relationships,
trade names and technology. The \ufb01nal values will be calculated within 12 months following the date of
acquisition. The deferred tax thereon was \u00a35.7m.
Consideration paid
The total cash consideration for the acquisitions in the year was \u00a343.6m (2022: \u00a379.3m), with further
contingent consideration payable of \u00a35.5m (2022: \u00a312.9m) that comprises \u00a33.7m purchase consideration and
\u00a31.8m revaluation of contingent consideration recognised during the year, which is disclosed in note 13. Cash
consideration includes cash acquired of \u00a33.1m (2022: \u00a313.4m). The estimated purchase price net of cash was
\u00a340.5m (2022: \u00a365.9m).
Contribution of acquisitions to revenue and pro\ufb01ts
In total, acquisitions made during 2023 contributed revenues of \u00a39.1m (2022: \u00a311.9m) and a statutory net
pro\ufb01t after tax of \u00a31.4m (2022: \u00a32.1m) from the date of acquisition to year-end. The Group revenue and
statutory pro\ufb01t after tax for the year ended 31 December 2023 would have been \u00a33,334.5m and \u00a3318.6m
respectively if the acquisitions were assumed to have been made on 1 January 2023.
Acquisition-related costs
Acquisition-related costs of \u00a31.3m related to current year acquisitions are included in operating costs in
the consolidated income statement as an SDI (see note 3) and in operating cash \ufb02ows in the consolidated
statement of cash \ufb02ows.
Acquisitions in 2022
On 1 August 2022 the Group acquired Clean Energy Associates, LLC (\u2018CEA\u2019) a market-leading independent
provider of Total Quality Assurance, supply chain traceability and technical services to the fast-growing solar
energy and energy storage sectors with a headquarters in the USA and an operation based in China, for a
purchase price of US$112.4m (\u00a392.2m). Purchase consideration net of cash acquired was US$96.1m (\u00a378.8m).
The purchase price includes cash consideration of \u00a379.3m and a further contingent consideration payable of
\u00a312.9m. Goodwill of \u00a366.6m was generated in this purchase.
The net assets acquired and fair value adjustments are set out in the following table.
2022
Fair value to
Group on
Clean Energy Associates LLC acquisition
Total \u00a3m
Property, plant and equipment
0.1
Goodwill
66.6
Other intangible assets
15.3
Trade and other receivables
5.9
Trade and other payables
(5.5)
Provisions for liabilities and charges
\u2013
Deferred tax liabilities
(3.6)
Net assets acquired (net of cash acquired)
78.8
The provisional fair values disclosed in 2022 have been updated for CEA, resulting in an increase in goodwill
of \u00a30.3m and movements in trade and other receivables and trade and other payables. These fair value
adjustments were made in the 12 months following the acquisition and are now \ufb01nal.
Key assumptions
The key assumptions in deriving the contingent consideration to be recognised include the weighted
probability of making a payout and the discount rate used to bring the cash \ufb02ow back to present values.
The discount rates used for the calculation are aligned with the discount rates used for impairment purposes
as set out in note 9.
Sensitivity analysis
It is estimated that an increase of 1% in the discount rate used to calculate the contingent consideration would
have decreased the \ufb01nancial liability by \u00a30.3m, and a 1% decrease in the discount rate would have increased
the \ufb01nancial liability by \u00a30.3m. It has also been estimated that an increase of 10% in the probability used to
calculate the contingent consideration would have increased the \ufb01nancial liability by \u00a33.6m, whilst a decrease
of 10% in the probability used would have decreased the \ufb01nancial liability by \u00a33.6m.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-533": { "value": "10 Acquisitions Acquisitions in 2023 On 31 March 2023, the Group acquired Controle Anal\u00edtico An\u00e1lises T\u00e9cnicas Ltda (\u2018Controle Anal\u00edtico\u2019), a leading provider of environmental analysis, with a focus on water testing, based in Brazil, for a purchase price of \u00a318.8m. Purchase consideration net of cash acquired was \u00a318.3m. The purchase price includes cash consideration of \u00a315.1m and a further contingent consideration payable of \u00a33.7m. The net cash out\ufb02ow in the period associated with this acquisition was \u00a314.6m. The acquisition of Controle Anal\u00edtico represents an attractive and complementary opportunity for the Group to expand its leading Food and Agri Total Quality Assurance solutions in Brazil by expanding our presence and service offering in the environmental testing market. On 9 August 2023, the Group acquired PlayerLync Holdings, Inc. (\u2018PlayerLync\u2019), a leading SaaS-based platform which combines mobile learning, operational support and compliance, content management and people engagement in a single application, based in the USA, for a purchase price of \u00a328.5m. Purchase consideration net of cash acquired was \u00a325.9m. The net cash out\ufb02ow in the period associated with this acquisition was \u00a325.9m. The acquisition creates compelling additional growth opportunities for Intertek to strengthen its existing People Assurance service offering, further enhancing the Group\u2019s differentiated Total Quality Assurance proposition and Science-based Customer Excellence advantage. Provisional details of the net assets acquired and fair value adjustments are set out in the following tables. These analyses are provisional and amendments may be made to these \ufb01gures in the 12 months following the date of acquisition.
2023
Provisional
fair value to
Group on
Controle Anal\u00edtico An\u00e1lises T\u00e9cnicas Ltda acquisition
Total \u00a3m
Property, plant and equipment
2.2
Goodwill
13.2
Other intangible assets
5.4
Trade and other receivables
0.6
Trade and other payables
(0.8)
Deferred tax liabilities
(2.3)
Net assets acquired (net of cash acquired)
18.3
2023
Provisional
fair value to
Group on
PlayerLync Holdings, Inc acquisition
Total \u00a3m
Goodwill
17.0
Other intangible assets
11.2
Trade and other receivables
3.0
Trade and other payables
(1.9)
Deferred tax liabilities
(3.4)
Net assets acquired (net of cash acquired)
25.9
Goodwill and intangible assets The total goodwill arising on acquisitions made during 2023 was \u00a330.2m, of which \u00a3nil is expected to be deductible for tax purposes. The goodwill arising represents the value of the assembled workforce and the bene\ufb01ts the Group expects to gain from increasing its presence in the relevant sectors in which the acquired businesses operate. The intangible assets of \u00a316.6m primarily represent the value of customer relationships, trade names and technology. The \ufb01nal values will be calculated within 12 months following the date of acquisition. The deferred tax thereon was \u00a35.7m. Consideration paid The total cash consideration for the acquisitions in the year was \u00a343.6m (2022: \u00a379.3m), with further contingent consideration payable of \u00a35.5m (2022: \u00a312.9m) that comprises \u00a33.7m purchase consideration and \u00a31.8m revaluation of contingent consideration recognised during the year, which is disclosed in note 13. Cash consideration includes cash acquired of \u00a33.1m (2022: \u00a313.4m). The estimated purchase price net of cash was \u00a340.5m (2022: \u00a365.9m). Contribution of acquisitions to revenue and pro\ufb01ts In total, acquisitions made during 2023 contributed revenues of \u00a39.1m (2022: \u00a311.9m) and a statutory net pro\ufb01t after tax of \u00a31.4m (2022: \u00a32.1m) from the date of acquisition to year-end. The Group revenue and statutory pro\ufb01t after tax for the year ended 31 December 2023 would have been \u00a33,334.5m and \u00a3318.6m respectively if the acquisitions were assumed to have been made on 1 January 2023. Acquisition-related costs Acquisition-related costs of \u00a31.3m related to current year acquisitions are included in operating costs in the consolidated income statement as an SDI (see note 3) and in operating cash \ufb02ows in the consolidated statement of cash \ufb02ows. Associates Moody International Certi\ufb01cation Ltd (40.0%) 53, Nautic, Triq l-Ortolan, San Gwann, SGN 1943, Malta Moody Certi\ufb01cation Maroc SARL(30.0%) 28, Rue de Provins, 2 eme etage, Casablanca, Morocco Moody International SA (35.0%) 4 Rue Des Brasseurs, Zone 3 Abidjan, C\u00f4te d\u2019Ivoire ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-543": { "value": "11 Trade and other receivables Accounting policy Trade receivables are recognised initially at the value of the invoice sent to the customer and subsequently at the amounts considered recoverable (amortised cost). Estimates are used in determining the level of receivables that will not, in the opinion of the Directors, be collected. The Group applies the simpli\ufb01ed approach permitted by IFRS 9, which requires the use of the lifetime expected loss provision for all receivables, including contract assets. The provision calculations are based on historical credit losses and forward-looking data, namely speci\ufb01c country risk classi\ufb01cations with higher default rates applied to older balances. This approach is followed for all receivables unless there are speci\ufb01c circumstances, such as the bankruptcy of a customer or emerging market risks, which would render the receivable irrecoverable and therefore require a speci\ufb01c provision. A provision is made against trade receivables and contract assets until such time as the Group believes the amount to be irrecoverable, after which the trade receivable or contract assets balance is written off. Trade and other receivables Trade and other receivables are analysed below:
Current Current Non-current Non-current
2023 2022 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m
Trade receivables
512.7
519.2
13.9
13.1
Contract assets
107.2
100.4
\u2013
\u2013
Other receivables
52.0
59.4
7.9
8.4
Prepayments
53.2
47.4
\u2013
\u2013
Total trade and other receivables
725.1
726.4
21.8
21.5
Trade receivables and contract assets are shown net of allowance for impairment losses of \u00a311.2m (2022: \u00a313.9m) and \u00a31.6m (2022: \u00a31.7m) respectively. Net impairment on trade receivables and contract assets charged as part of operating costs was \u00a32.3m (2022: \u00a39.4m credit) and \u00a3nil (2022: \u00a30.1m) respectively. There is no material difference between the above amounts for trade and other receivables and their fair value, due to their short-term duration. There is no concentration of credit risk with respect to trade receivables as the Group has a large number of customers who are internationally dispersed. Non-current receivables are discounted to the present value using an appropriate discount rate. The ageing of trade receivables and contract assets at the reporting date was as follows:
2023 2022
\u00a3m \u00a3m
Under 3 months
528.1
514.9
Between 3 and 6 months
57.3
85.4
Between 6 and 12 months
25.7
27.9
Over 12 months
35.5
20.1
Gross trade receivables and contract assets
646.6
648.3
Allowance for impairment
(12.8)
(15.6)
Trade receivables and contract assets, net of allowance
633.8
632.7
Included in trade receivables under three months of \u00a3424.8m (2022: \u00a3418.4m) are trade receivables of \u00a3374.4m (2022: \u00a3365.2m) that are not yet due for payment. The movement in the allowance for impairment in respect of trade receivables and contract assets during the year was as follows:
2023 2022
Impairment allowance for doubtful trade receivables and contract assets \u00a3m \u00a3m
At 1 January
15.6
15.4
Exchange differences
(2.3)
1.9
Acquisitions
0.1
0.2
Net impairment loss recognised
2.3
9.5
Receivables written off
(2.9)
(11.4)
At 31 December
12.8
15.6
Sensitivity analysis Trade receivables and contract assets are assessed for impairment using a calculated credit loss assumption. A 0.25% variance in the assumed credit risk factor would impact impairment by \u00a32.2m. There were no material individual impairments of trade receivables or contract assets.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-472": { "value": "11 Trade and other receivables Accounting policy Trade receivables are recognised initially at the value of the invoice sent to the customer and subsequently at the amounts considered recoverable (amortised cost). Estimates are used in determining the level of receivables that will not, in the opinion of the Directors, be collected. The Group applies the simpli\ufb01ed approach permitted by IFRS 9, which requires the use of the lifetime expected loss provision for all receivables, including contract assets. The provision calculations are based on historical credit losses and forward-looking data, namely speci\ufb01c country risk classi\ufb01cations with higher default rates applied to older balances. This approach is followed for all receivables unless there are speci\ufb01c circumstances, such as the bankruptcy of a customer or emerging market risks, which would render the receivable irrecoverable and therefore require a speci\ufb01c provision. A provision is made against trade receivables and contract assets until such time as the Group believes the amount to be irrecoverable, after which the trade receivable or contract assets balance is written off. Trade and other receivables Trade and other receivables are analysed below:
Current Current Non-current Non-current
2023 2022 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m
Trade receivables
512.7
519.2
13.9
13.1
Contract assets
107.2
100.4
\u2013
\u2013
Other receivables
52.0
59.4
7.9
8.4
Prepayments
53.2
47.4
\u2013
\u2013
Total trade and other receivables
725.1
726.4
21.8
21.5
Trade receivables and contract assets are shown net of allowance for impairment losses of \u00a311.2m (2022: \u00a313.9m) and \u00a31.6m (2022: \u00a31.7m) respectively. Net impairment on trade receivables and contract assets charged as part of operating costs was \u00a32.3m (2022: \u00a39.4m credit) and \u00a3nil (2022: \u00a30.1m) respectively. There is no material difference between the above amounts for trade and other receivables and their fair value, due to their short-term duration. There is no concentration of credit risk with respect to trade receivables as the Group has a large number of customers who are internationally dispersed. Non-current receivables are discounted to the present value using an appropriate discount rate. The ageing of trade receivables and contract assets at the reporting date was as follows:
2023 2022
\u00a3m \u00a3m
Under 3 months
528.1
514.9
Between 3 and 6 months
57.3
85.4
Between 6 and 12 months
25.7
27.9
Over 12 months
35.5
20.1
Gross trade receivables and contract assets
646.6
648.3
Allowance for impairment
(12.8)
(15.6)
Trade receivables and contract assets, net of allowance
633.8
632.7
Included in trade receivables under three months of \u00a3424.8m (2022: \u00a3418.4m) are trade receivables of \u00a3374.4m (2022: \u00a3365.2m) that are not yet due for payment. The movement in the allowance for impairment in respect of trade receivables and contract assets during the year was as follows:
2023 2022
Impairment allowance for doubtful trade receivables and contract assets \u00a3m \u00a3m
At 1 January
15.6
15.4
Exchange differences
(2.3)
1.9
Acquisitions
0.1
0.2
Net impairment loss recognised
2.3
9.5
Receivables written off
(2.9)
(11.4)
At 31 December
12.8
15.6
Sensitivity analysis Trade receivables and contract assets are assessed for impairment using a calculated credit loss assumption. A 0.25% variance in the assumed credit risk factor would impact impairment by \u00a32.2m. There were no material individual impairments of trade receivables or contract assets.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-561": { "value": "Trade receivables are recognised initially at the value of the invoice sent to the customer and subsequently at the amounts considered recoverable (amortised cost). Estimates are used in determining the level of receivables that will not, in the opinion of the Directors, be collected. The Group applies the simpli\ufb01ed approach permitted by IFRS 9, which requires the use of the lifetime expected loss provision for all receivables, including contract assets. The provision calculations are based on historical credit losses and forward-looking data, namely speci\ufb01c country risk classi\ufb01cations with higher default rates applied to older balances. This approach is followed for all receivables unless there are speci\ufb01c circumstances, such as the bankruptcy of a customer or emerging market risks, which would render the receivable irrecoverable and therefore require a speci\ufb01c provision. A provision is made against trade receivables and contract assets until such time as the Group believes the amount to be irrecoverable, after which the trade receivable or contract assets balance is written off. Trade and other receivables Trade and other receivables are recognised initially at fair value and subsequently at amortised cost less impairment losses (including bad debt provision). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-497": { "value": "
Current Current Non-current Non-current
2023 2022 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m
Trade receivables
512.7
519.2
13.9
13.1
Contract assets
107.2
100.4
\u2013
\u2013
Other receivables
52.0
59.4
7.9
8.4
Prepayments
53.2
47.4
\u2013
\u2013
Total trade and other receivables
725.1
726.4
21.8
21.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-513": { "value": "
Current Current Non-current Non-current
2023 2022 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m
Trade receivables
512.7
519.2
13.9
13.1
Contract assets
107.2
100.4
\u2013
\u2013
Other receivables
52.0
59.4
7.9
8.4
Prepayments
53.2
47.4
\u2013
\u2013
Total trade and other receivables
725.1
726.4
21.8
21.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-534": { "value": "
Current Current Non-current Non-current
2023 2022 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m
Trade receivables
512.7
519.2
13.9
13.1
Contract assets
107.2
100.4
\u2013
\u2013
Other receivables
52.0
59.4
7.9
8.4
Prepayments
53.2
47.4
\u2013
\u2013
Total trade and other receivables
725.1
726.4
21.8
21.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-498": { "value": "
Trade receivables and contract assets are shown net of allowance for impairment losses of \u00a311.2m (2022:
\u00a313.9m) and \u00a31.6m (2022: \u00a31.7m) respectively. Net impairment on trade receivables and contract assets
charged as part of operating costs was \u00a32.3m (2022: \u00a39.4m credit) and \u00a3nil (2022: \u00a30.1m) respectively.
There is no material difference between the above amounts for trade and other receivables and their fair value,
due to their short-term duration. There is no concentration of credit risk with respect to trade receivables as
the Group has a large number of customers who are internationally dispersed. Non-current receivables are
discounted to the present value using an appropriate discount rate.
The ageing of trade receivables and contract assets at the reporting date was as follows:
2023 2022
\u00a3m \u00a3m
Under 3 months
528.1
514.9
Between 3 and 6 months
57.3
85.4
Between 6 and 12 months
25.7
27.9
Over 12 months
35.5
20.1
Gross trade receivables and contract assets
646.6
648.3
Allowance for impairment
(12.8)
(15.6)
Trade receivables and contract assets, net of allowance
633.8
632.7
Included in trade receivables under three months of \u00a3424.8m (2022: \u00a3418.4m) are trade receivables of
\u00a3374.4m (2022: \u00a3365.2m) that are not yet due for payment.
The movement in the allowance for impairment in respect of trade receivables and contract assets during the
year was as follows:
2023 2022
Impairment allowance for doubtful trade receivables and contract assets \u00a3m \u00a3m
At 1 January
15.6
15.4
Exchange differences
(2.3)
1.9
Acquisitions
0.1
0.2
Net impairment loss recognised
2.3
9.5
Receivables written off
(2.9)
(11.4)
At 31 December
12.8
15.6
Sensitivity analysis
Trade receivables and contract assets are assessed for impairment using a calculated credit loss assumption.
A 0.25% variance in the assumed credit risk factor would impact impairment by \u00a32.2m. There were no material
individual impairments of trade receivables or contract assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-473": { "value": "12 Trade and other payables Accounting policy Trade payables Trade payables are recognised at the value of the invoice received from a supplier. The carrying value of trade payables is considered approximate to fair value. Trade and other payables Trade and other payables are analysed below:
Current Current Non-current Non-current
2023 2022 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m
Trade payables
204.8
172.1
0.5
0.7
Other payables
76.8
85.9
19.5
19.5
Accruals
305.5
308.4
3.7
7. 8
Contract liabilities
148.5
156.8
6.4
6.6
Total trade and other payables
735.6
723.2
30.1
34.6
The Group\u2019s exposure to liquidity risk related to trade payables is disclosed in note 14. \u00a3133.3m of contract liabilities at the end of 2022 was recognised in revenue in 2023 (2022: \u00a3113.3m). Other payables include revenue taxes, interest payable and retirement liabilities. Contract liabilities consist of consideration received in advance of the Group transferring the related good or service to the client. In one part of the Group an arrangement is available that allows payment terms to suppliers to be extended by up to 60 days. At 31 December 2023, this arrangement was applicable to trade payables totalling \u00a32.3m (2022: \u00a31.6m).", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-549": { "value": "12 Trade and other payables Accounting policy Trade payables Trade payables are recognised at the value of the invoice received from a supplier. The carrying value of trade payables is considered approximate to fair value. Trade and other payables Trade and other payables are analysed below:
Current Current Non-current Non-current
2023 2022 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m
Trade payables
204.8
172.1
0.5
0.7
Other payables
76.8
85.9
19.5
19.5
Accruals
305.5
308.4
3.7
7. 8
Contract liabilities
148.5
156.8
6.4
6.6
Total trade and other payables
735.6
723.2
30.1
34.6
The Group\u2019s exposure to liquidity risk related to trade payables is disclosed in note 14. \u00a3133.3m of contract liabilities at the end of 2022 was recognised in revenue in 2023 (2022: \u00a3113.3m). Other payables include revenue taxes, interest payable and retirement liabilities. Contract liabilities consist of consideration received in advance of the Group transferring the related good or service to the client. In one part of the Group an arrangement is available that allows payment terms to suppliers to be extended by up to 60 days. At 31 December 2023, this arrangement was applicable to trade payables totalling \u00a32.3m (2022: \u00a31.6m).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-562": { "value": "12 Trade and other payables Accounting policy Trade payables Trade payables are recognised at the value of the invoice received from a supplier. The carrying value of trade payables is considered approximate to fair value. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-499": { "value": "
Current Current Non-current Non-current
2023 2022 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m
Trade payables
204.8
172.1
0.5
0.7
Other payables
76.8
85.9
19.5
19.5
Accruals
305.5
308.4
3.7
7. 8
Contract liabilities
148.5
156.8
6.4
6.6
Total trade and other payables
735.6
723.2
30.1
34.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-514": { "value": "
Current Current Non-current Non-current
2023 2022 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m
Trade payables
204.8
172.1
0.5
0.7
Other payables
76.8
85.9
19.5
19.5
Accruals
305.5
308.4
3.7
7. 8
Contract liabilities
148.5
156.8
6.4
6.6
Total trade and other payables
735.6
723.2
30.1
34.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-535": { "value": "
Current Current Non-current Non-current
2023 2022 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m
Trade payables
204.8
172.1
0.5
0.7
Other payables
76.8
85.9
19.5
19.5
Accruals
305.5
308.4
3.7
7. 8
Contract liabilities
148.5
156.8
6.4
6.6
Total trade and other payables
735.6
723.2
30.1
34.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-544": { "value": "13 Provisions Accounting policy A provision is recognised in the balance sheet when the Group has a present legal or constructive obligation that can be estimated reliably as a result of a past event, and it is probable that an out\ufb02ow of economic bene\ufb01ts will be required to settle the obligation. Provisions
Contingent
consideration Claims Other Total
\u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2023
17.2
5.0
8.2
30.4
Exchange adjustments
(1.5)
(0.2)
(0.2)
(1.9)
Provided in the year:
\u2013
5.4
23.3
28.7
in respect of current year acquisitions
5.5
\u2013
\u2013
5.5
in respect of prior year acquisitions
17.9
\u2013
\u2013
17.9
Released during the year
(0.8)
(0.1)
(1.1)
(2.0)
Utilised during the year
(2.7)
(4.7)
( 17.4)
(24.8)
At 31 December 2023
35.6
5.4
12.8
53.8
Included in:
Current liabilities
\u2013
5.4
12.6
18.0
Non-current liabilities
35.6
\u2013
0.2
35.8
At 31 December 2023
35.6
5.4
12.8
53.8
The maximum contingent consideration, on a discounted basis, that could be paid in relation to acquisitions is \u00a3176.2m. Further detail on the timing of the cash \ufb02ow can be found in note 14. The contingent consideration is a \ufb01nancial liability discounted to the present value of the redemption amount held at fair value through pro\ufb01t and loss with the measurement basis disclosed in note 14. The Group is involved in various claims and lawsuits incidental to the ordinary course of its business. The outcome of such litigation and the timing of any potential liability cannot be readily foreseen, as it is often subject to legal proceedings. Based on information currently available, the Directors consider that the cost to the Group of an unfavourable outcome arising from such litigation is unlikely to have a materially adverse effect on the \ufb01nancial position of the Group in the foreseeable future. The provision for claims of \u00a35.4m (2022: \u00a35.0m) represents an estimate of the amounts payable in connection with identi\ufb01ed claims from customers, former employees and other plaintiffs and associated legal costs. The timing of the cash out\ufb02ow relating to the provisions is uncertain but is likely to be within one year. Details of contingent liabilities in respect of claims are set out in note 22. The other provision of \u00a312.8m (2022: \u00a38.2m) includes restructuring provisions. The timing of the cash out\ufb02ow is uncertain, but is likely to be within one year. 22 Contingent liabilities
2023 2022
\u00a3m \u00a3m
Guarantees, letters of credit and performance bonds
41.1
40.0
Litigation The Group is involved in various claims and lawsuits incidental to the ordinary course of its business, including claims for damages, negligence and commercial disputes regarding inspection and testing, and disputes with employees and former employees. The Group is not currently party to any legal proceedings other than ordinary litigation incidental to the conduct of business. These claims are not currently expected to result in meaningful costs and liabilities to the Group. The Group maintains appropriate insurance cover to provide protection from the small number of signi\ufb01cant claims it is subject to from time to time. Tax The Group operates in more than 100 countries and with complex tax laws and regulations. At any point in time it is normal for there to be a number of open years which may be subject to enquiry by local authorities. In some jurisdictions the Group receives tax incentives (see note 6) which are subject to renewal and review and reduce the amount of tax payable. Where the effect of the laws and regulations is unclear, estimates are used in determining the liability for the tax to be paid. The Group considers the estimates, assumptions and judgements to be reasonable but this can involve complex issues which may take a number of years to resolve.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-474": { "value": "13 Provisions Accounting policy A provision is recognised in the balance sheet when the Group has a present legal or constructive obligation that can be estimated reliably as a result of a past event, and it is probable that an out\ufb02ow of economic bene\ufb01ts will be required to settle the obligation. Provisions
Contingent
consideration Claims Other Total
\u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2023
17.2
5.0
8.2
30.4
Exchange adjustments
(1.5)
(0.2)
(0.2)
(1.9)
Provided in the year:
\u2013
5.4
23.3
28.7
in respect of current year acquisitions
5.5
\u2013
\u2013
5.5
in respect of prior year acquisitions
17.9
\u2013
\u2013
17.9
Released during the year
(0.8)
(0.1)
(1.1)
(2.0)
Utilised during the year
(2.7)
(4.7)
( 17.4)
(24.8)
At 31 December 2023
35.6
5.4
12.8
53.8
Included in:
Current liabilities
\u2013
5.4
12.6
18.0
Non-current liabilities
35.6
\u2013
0.2
35.8
At 31 December 2023
35.6
5.4
12.8
53.8
The maximum contingent consideration, on a discounted basis, that could be paid in relation to acquisitions is \u00a3176.2m. Further detail on the timing of the cash \ufb02ow can be found in note 14. The contingent consideration is a \ufb01nancial liability discounted to the present value of the redemption amount held at fair value through pro\ufb01t and loss with the measurement basis disclosed in note 14. The Group is involved in various claims and lawsuits incidental to the ordinary course of its business. The outcome of such litigation and the timing of any potential liability cannot be readily foreseen, as it is often subject to legal proceedings. Based on information currently available, the Directors consider that the cost to the Group of an unfavourable outcome arising from such litigation is unlikely to have a materially adverse effect on the \ufb01nancial position of the Group in the foreseeable future. The provision for claims of \u00a35.4m (2022: \u00a35.0m) represents an estimate of the amounts payable in connection with identi\ufb01ed claims from customers, former employees and other plaintiffs and associated legal costs. The timing of the cash out\ufb02ow relating to the provisions is uncertain but is likely to be within one year. Details of contingent liabilities in respect of claims are set out in note 22. The other provision of \u00a312.8m (2022: \u00a38.2m) includes restructuring provisions. The timing of the cash out\ufb02ow is uncertain, but is likely to be within one year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-563": { "value": "Accounting policy A provision is recognised in the balance sheet when the Group has a present legal or constructive obligation that can be estimated reliably as a result of a past event, and it is probable that an out\ufb02ow of economic bene\ufb01ts will be required to settle the obligation. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-593": { "value": "14 Borrowings and \ufb01nancial instruments Accounting policy Net \ufb01nancing costs Net \ufb01nancing costs comprise interest expense on borrowings; interest expense on tax balances; facility fees; interest receivable on funds invested; interest income and expense relating to pension assets and liabilities and lease interest expense under IFRS 16; net foreign exchange gains or losses on \ufb01nancial assets or liabilities; unrealised market or fair value gains or losses on \ufb01nancial assets or liabilities, including contingent consideration; and gains and losses on hedging instruments that are recognised in the income statement. Interest income and interest expense are recognised as they accrue using the effective interest rate method. As permitted by IAS 7, interest paid is classi\ufb01ed within operating cash \ufb02ows and interest received is classi\ufb01ed within investing cash \ufb02ows. Trade and other receivables Trade and other receivables are recognised initially at fair value and subsequently at amortised cost less impairment losses (including bad debt provision). Cash and cash equivalents and net debt Cash and cash equivalents on the balance sheet comprise cash at bank and in hand and short-term deposits with original maturities of less than 90 days which are subject to an insigni\ufb01cant risk of changes in value. Non-current assets include deposits with maturities exceeding 90 days. In the consolidated statement of cash \ufb02ows, net cash and cash equivalents comprise cash and cash equivalents, as de\ufb01ned above, net of bank overdrafts. Net \ufb01nancial debt comprises borrowings less cash and cash equivalents and total net debt is net \ufb01nancial debt plus the IFRS 16 lease liability. Non-derivative \ufb01nancial liabilities Trade and other payables are recognised initially at fair value and subsequently at their amortised cost. Interest-bearing borrowings are initially recognised at fair value less transaction costs. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost with any difference between cost and redemption value being recognised in the income statement over the period of the borrowings on an effective interest basis . Put options held by non-controlling interests that arise on acquisition are recognised initially at the present value of the redemption amount. They are subsequently measured at amortised cost using the effective interest method. The discount is unwound through SDIs as a \ufb01nance charge. Derivative \ufb01nancial instruments The Group uses derivative \ufb01nancial instruments, including cross currency interest rate swaps and foreign currency forwards, to hedge economically its exposure to foreign exchange risks. In accordance with its treasury policy, the Group does not hold or issue derivative \ufb01nancial instruments for speculative purposes. Derivative \ufb01nancial instruments are recognised initially and subsequently at fair value; attributable transaction costs are recognised in pro\ufb01t or loss when incurred. The gain or loss on remeasurement to fair value at each period end is recognised immediately in the income statement except where derivatives qualify for hedge accounting. The fair value of cross currency interest rate swaps is estimated using the present value of the estimated future cash \ufb02ows based on observable yield curves. The fair value of foreign currency forwards is estimated using present value of future cash \ufb02ows based on the foreign exchange rates at the balance sheet date. Hedging Hedge of monetary assets and liabilities Where a derivative \ufb01nancial instrument is used economically to hedge the foreign exchange exposure of a recognised monetary asset or liability, no hedge accounting is applied and any gain or loss on the hedging instrument is recognised in the income statement in the same caption as the foreign exchange on the related item. Hedge of net investment in foreign operations The Group is exposed to foreign exchange risk exposure arising from its net investment in foreign currency operations and net assets. To the extent that the Group has debt, it is held in currencies that hedge the foreign exchange risks from the Group\u2019s net investments, or cross currency interest rate swaps are used to achieve the same objective. The portion of the gain or loss on an instrument designated as a hedge of a net investment in a foreign operation that is determined to be an effective hedge is recognised directly in equity in the translation reserve. The value in relation to the hedge instrument that is held within the cumulative foreign currency translation reserve is recycled through the income statement when the hedged subsidiary is disposed of. If the instrument is no longer deemed effective, then future movements in fair value are posted to the income statement. Cash \ufb02ow hedges Cash \ufb02ow hedges comprise derivative \ufb01nancial instruments designated in a hedging relationship to manage interest rate risk and foreign exchange risk to which the cash \ufb02ows of certain assets and liabilities are exposed. The Group is exposed to the variability in cash \ufb02ows arising from the foreign exchange risk exposures. In accordance with the Group\u2019s hedging strategy, the Group has cross currency interest rate swaps designated as cash \ufb02ow hedges. The effective portion of changes in the fair value of a derivative that is designated and quali\ufb01es for hedge accounting is recognised in other comprehensive income. The value in relation to the hedge instrument that is held within the cumulative cash \ufb02ow hedge reserve (disclosed within other reserves) is recycled through the income statement when the hedged item impacts the income statement. If the instrument is no longer deemed effective, then future movements in fair value are posted to the income statement. Interest Rate Benchmark Reform LIBOR was discontinued as a published benchmark rate for some currencies as of 1 January 2022. The Group has reviewed and renegotiated signi\ufb01cant borrowing and commercial contracts to replace LIBOR references with alternative benchmark rates, as needed. Impairment A \ufb01nancial asset is assessed for impairment at each reporting date by application of an expected loss model in line with IFRS 9 requirements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-500": { "value": "14 Borrowings and \ufb01nancial instruments Accounting policy Net \ufb01nancing costs Net \ufb01nancing costs comprise interest expense on borrowings; interest expense on tax balances; facility fees; interest receivable on funds invested; interest income and expense relating to pension assets and liabilities and lease interest expense under IFRS 16; net foreign exchange gains or losses on \ufb01nancial assets or liabilities; unrealised market or fair value gains or losses on \ufb01nancial assets or liabilities, including contingent consideration; and gains and losses on hedging instruments that are recognised in the income statement. Interest income and interest expense are recognised as they accrue using the effective interest rate method. As permitted by IAS 7, interest paid is classi\ufb01ed within operating cash \ufb02ows and interest received is classi\ufb01ed within investing cash \ufb02ows. Trade and other receivables Trade and other receivables are recognised initially at fair value and subsequently at amortised cost less impairment losses (including bad debt provision). Cash and cash equivalents and net debt Cash and cash equivalents on the balance sheet comprise cash at bank and in hand and short-term deposits with original maturities of less than 90 days which are subject to an insigni\ufb01cant risk of changes in value. Non-current assets include deposits with maturities exceeding 90 days. In the consolidated statement of cash \ufb02ows, net cash and cash equivalents comprise cash and cash equivalents, as de\ufb01ned above, net of bank overdrafts. Net \ufb01nancial debt comprises borrowings less cash and cash equivalents and total net debt is net \ufb01nancial debt plus the IFRS 16 lease liability. Non-derivative \ufb01nancial liabilities Trade and other payables are recognised initially at fair value and subsequently at their amortised cost. Interest-bearing borrowings are initially recognised at fair value less transaction costs. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost with any difference between cost and redemption value being recognised in the income statement over the period of the borrowings on an effective interest basis . Put options held by non-controlling interests that arise on acquisition are recognised initially at the present value of the redemption amount. They are subsequently measured at amortised cost using the effective interest method. The discount is unwound through SDIs as a \ufb01nance charge. Derivative \ufb01nancial instruments The Group uses derivative \ufb01nancial instruments, including cross currency interest rate swaps and foreign currency forwards, to hedge economically its exposure to foreign exchange risks. In accordance with its treasury policy, the Group does not hold or issue derivative \ufb01nancial instruments for speculative purposes. Derivative \ufb01nancial instruments are recognised initially and subsequently at fair value; attributable transaction costs are recognised in pro\ufb01t or loss when incurred. The gain or loss on remeasurement to fair value at each period end is recognised immediately in the income statement except where derivatives qualify for hedge accounting. The fair value of cross currency interest rate swaps is estimated using the present value of the estimated future cash \ufb02ows based on observable yield curves. The fair value of foreign currency forwards is estimated using present value of future cash \ufb02ows based on the foreign exchange rates at the balance sheet date. Hedging Hedge of monetary assets and liabilities Where a derivative \ufb01nancial instrument is used economically to hedge the foreign exchange exposure of a recognised monetary asset or liability, no hedge accounting is applied and any gain or loss on the hedging instrument is recognised in the income statement in the same caption as the foreign exchange on the related item. Hedge of net investment in foreign operations The Group is exposed to foreign exchange risk exposure arising from its net investment in foreign currency operations and net assets. To the extent that the Group has debt, it is held in currencies that hedge the foreign exchange risks from the Group\u2019s net investments, or cross currency interest rate swaps are used to achieve the same objective. The portion of the gain or loss on an instrument designated as a hedge of a net investment in a foreign operation that is determined to be an effective hedge is recognised directly in equity in the translation reserve. The value in relation to the hedge instrument that is held within the cumulative foreign currency translation reserve is recycled through the income statement when the hedged subsidiary is disposed of. If the instrument is no longer deemed effective, then future movements in fair value are posted to the income statement. Cash \ufb02ow hedges Cash \ufb02ow hedges comprise derivative \ufb01nancial instruments designated in a hedging relationship to manage interest rate risk and foreign exchange risk to which the cash \ufb02ows of certain assets and liabilities are exposed. The Group is exposed to the variability in cash \ufb02ows arising from the foreign exchange risk exposures. In accordance with the Group\u2019s hedging strategy, the Group has cross currency interest rate swaps designated as cash \ufb02ow hedges. The effective portion of changes in the fair value of a derivative that is designated and quali\ufb01es for hedge accounting is recognised in other comprehensive income. The value in relation to the hedge instrument that is held within the cumulative cash \ufb02ow hedge reserve (disclosed within other reserves) is recycled through the income statement when the hedged item impacts the income statement. If the instrument is no longer deemed effective, then future movements in fair value are posted to the income statement. Interest Rate Benchmark Reform LIBOR was discontinued as a published benchmark rate for some currencies as of 1 January 2022. The Group has reviewed and renegotiated signi\ufb01cant borrowing and commercial contracts to replace LIBOR references with alternative benchmark rates, as needed. Impairment A \ufb01nancial asset is assessed for impairment at each reporting date by application of an expected loss model in line with IFRS 9 requirements. Net \ufb01nancing costs Net \ufb01nancing costs are shown below:
2023 2022
Recognised in income statement \u00a3m \u00a3m
Finance income
Interest on bank balances
3.8
2.2
Total \ufb01nance income
3.8
2.2
Finance expense
Interest on borrowings
(33.6)
(29.6)
Net pension interest income/(cost) (note 16)
1.0
0.1
Foreign exchange differences on revaluation of net monetary assets and liabilities
(2.5)
8.6
Leases \u2013 IFRS 16
(10.8)
(10.2)
Facility fees and other*
(21.8)
(3.7)
Total \ufb01nance expense*
(67.7)
(34.8)
Net \ufb01nancing costs*
(63.9)
(32.6)
* Includes \u00a320.0m cost (2022: \u00a30.7m cost) relating to SDIs . Analysis of net debt
2023 2022
\u00a3m \u00a3m
Cash and cash equivalents per the statement of \ufb01nancial position
299.3
321.6
Overdrafts
(0.7)
(0.9)
Cash per the statement of cash \ufb02ows
298.6
320.7
The components of net debt are outlined below:
1 January Non-cash Exchange 31 December
2023 Cash \ufb02ow movements adjustments 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cash
320.7
13.7
\u2013
(35.8)
298.6
Borrowings:
Revolving credit facility US$850m 2027
\u2013
2.2
\u2013
(2.2)
\u2013
Senior notes US$160m 2023
(133.1)
125.2
\u2013
8.0
\u2013
Acquisition facility \u2018A\u2019 AU$88.0m 2023
(49.4)
44.9
\u2013
4.5
\u2013
Acquisition facility \u2018A\u2019 US$96.9m 2023
(80.6)
75.1
\u2013
5.5
\u2013
Senior notes US$125m 2024
(104.0)
\u2013
\u2013
6.3
(97.7)
Senior notes US$120m 2025
(99.8)
2.2
\u2013
3.8
(93.8)
Senior notes US$75m 2026
(62.4)
\u2013
\u2013
3.8
(58.6)
Senior notes US$150m 2027
(124.8)
\u2013
\u2013
7.6
(117.2)
Senior notes US$165m 2028
( 137.3)
\u2013
\u2013
8.2
(129.1)
Senior notes US$165m 2029
( 137.3)
\u2013
\u2013
8.3
(129.0)
Senior notes US$160m 2030
(133.1)
\u2013
\u2013
8.1
(125.0)
Senior notes EUR\u20ac120m 2026
\u2013
(104.1)
\u2013
\u2013
(104.1)
Senior notes EUR\u20ac25m 2027
\u2013
(21.7)
\u2013
\u2013
(21.7)
Senior notes EUR\u20ac40m 2028
\u2013
(34.7)
\u2013
\u2013
(34.7)
Other*
3.2
\u2013
(1.6)
\u2013
1.6
Total borrowings
(1,058.6)
89.1
(1.6)
61.9
(909.2)
Total net \ufb01nancial debt
( 7 37.9)
102.8
(1.6)
26.1
(610.6)
Lease liabilities
(322.2)
77.8
(78.3)
14.9
(307.8)
Total net debt
(1,060.1)
180.6
(79.9)
41.0
(918.4)
* Includes other uncommitted borrowings of \u00a30.8m (2022: \u00a30.8m) and facility fees of \u00a32.4m (2022: \u00a34.0m).
Borrowings
Borrowings are split into current and non-current as outlined below:
Current Current Non-current Non-current
2023 2022 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m
Senior term loans and notes
97.8
263.1
813.0
798.7
Other borrowings
(1.0)
(1.6)
(0.6)
(1.6)
Total borrowings
96.8
261.5
812.4
797.1
2023 2022
Analysis of debt \u00a3m \u00a3m
Debt falling due:
In one year or less
96.8
261.5
Between one and two years
93.2
103.0
Between two and \ufb01ve years
464.6
286.0
Over \ufb01ve years
254.6
408.1
Total borrowings
909.2
1,058.6
Description of borrowings
Total undrawn committed borrowing facilities as at 31 December 2023 were \u00a3664.3m (2022: \u00a3707.3m).
US$850m revolving credit facility
The Group has a US$850m multi-currency revolving credit facility, which is the Group\u2019s principal facility and in
December 2021 was extended from 2026-2027. Advances under the facility bear interest at a rate equal to
a risk-free rate, or their local currency equivalent, plus a margin, depending on the Group\u2019s \ufb01nancial leverage.
Drawings under this facility at 31 December 2023 were \u00a3nil (2022: \u00a3nil).
US$692m acquisition facility
In May 2021 the Group agreed a US$692m multi-currency acquisition facility to \ufb01nance the acquisition of
SAI Global with \u00a3357.4m repaid in March 2022 and the balance of \u00a3130.0m repaid in September 2023.
Advances under the facility bear interest at a rate equal to USD LIBOR or AUD BBSW, plus a margin. Drawings
under this facility at 31 December 2023 were \u00a3nil (2022: \u00a3130.0m) .
1 January Non-cash Exchange 31 December
2022 Cash \ufb02ow movements adjustments 2022
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cash
264.0
51.7
\u2013
5.0
320.7
Borrowings:
Revolving credit facility US$850m 2027
(65.9)
71.9
\u2013
(6.0)
\u2013
Senior notes US$140m 2022
(103.8)
103.0
\u2013
0.8
\u2013
Acquisition facility \u2018B\u2019 AU$264.1m 2022
(141.9)
143.7
\u2013
(1.8)
\u2013
Acquisition facility \u2018B\u2019 US$290.7m 2022
(215.5)
218.2
\u2013
(2.7)
\u2013
Senior notes US$160m 2023
(118.6)
(0.1)
\u2013
(14.4)
(133.1)
Acquisition facility \u2018A\u2019 AU$88.0m 2023
(47.3)
\u2013
\u2013
(2.1)
(49.4)
Acquisition facility \u2018A\u2019 US$96.9m 2023
(72.0)
0.2
\u2013
(8.8)
(80.6)
Senior notes US$125m 2024
(92.7)
\u2013
\u2013
(11.3)
(104.0)
Senior notes US$120m 2025
(88.8)
(0.2)
\u2013
(10.8)
(99.8)
Senior notes US$75m 2026
(55.5)
(0.1)
\u2013
(6.8)
(62.4)
Senior notes US$150m 2027
\u2013
(109.4)
\u2013
(15.4)
(124.8)
Senior notes US$165m 2028
\u2013
(123.8)
\u2013
(13.5)
(137.3)
Senior notes US$165m 2029
\u2013
(123.8)
\u2013
(13.5)
(137.3)
Senior notes US$160m 2030
\u2013
(120.0)
\u2013
(13.1)
(133.1)
Other*
4.7
\u2013
(1.5)
\u2013
3.2
Total borrowings
(997. 3)
59.6
(1.5)
(119.4)
(1,058.6)
Total net \ufb01nancial debt
(733.3)
111.3
(1.5)
(114.4)
( 7 37.9)
Lease liabilities
(292.3)
81.4
(92.4)
(18.9)
(322.2)
Total net debt
(1,025.6)
192.7
(93.9)
(133.3)
(1,060.1)
Credit risk Exposure to credit risk Credit risks arise mainly from the possibility that customers may not be able to settle their obligations as agreed. The Group monitors the creditworthiness of customers on an ongoing basis. The Group\u2019s credit risk is diversi\ufb01ed due to the large number of entities, industries and regions that make up the Group\u2019s customer base. The carrying amount of \ufb01nancial assets represents the maximum credit exposure. At the reporting date this was as follows:
2023 2022
\u00a3m \u00a3m
Trade receivables, net of allowance (note\ue01e11)
526.6
532.3
Cash and cash equivalents
298.6
320.7
Total
825.2
853.0
The maximum exposure to credit risk for trade receivables at the reporting date by geographic region was as follows:
2023 2022
\u00a3m \u00a3m
Asia Paci\ufb01c
135.2
141.4
Americas
208.2
205.9
Europe, Middle East and Africa
183.2
185.0
Total
526.6
532.3
Counterparty risk Cash and cash equivalents and available borrowing facilities are at risk in the event that the counterparty is not able to meet its obligations in regard to the cash held or facilities available to the Group. The Group also enters into transactions with counterparties in relation to derivative \ufb01nancial instruments. If the counterparty was not able to meet its obligations, the Group may be exposed to additional foreign currency or interest rate risk. Counterparty credit risk inherent in all hedge relationships is monitored throughout the period of the hedge but this risk is not expected to be signi\ufb01cant. The Group, wherever possible, enters into arrangements with counterparties who have a robust credit standing, which the Group de\ufb01nes as a \ufb01nancial institution with a credit rating of at least investment grade. The Group has existing relationships with a number of banks that meet this criterion, and seeks to use their services wherever possible while avoiding excessive concentration of credit risk. Given the diverse geographic nature of the Group\u2019s activities, it is not always possible to use a relationship bank. Therefore the Group has set limits on the level of deposits to be held at non-relationship banks to minimise the risk to the Group. It is also Group policy to remit any excess funds from local entities back to Intertek Group Treasury in the UK. Given the controls in place and based on a current assessment of our banking relationships, management does not expect any counterparty to fail to meet its obligations. Private placement bonds In October 2011 the Group issued US$140m of senior notes repaid on 18 January 2022 at a \ufb01xed annual interest rate of 3.75% and US$105m repaid on 18 January 2024 at a \ufb01xed annual interest rate of 3.85%, funded from the existing revolving credit facility. In February 2013 the Group issued US$80m of senior notes. These notes were issued in two tranches, with US$40m repaid on 14 February 2023 at a \ufb01xed annual interest rate of 3.10% and US$40m repayable on 14 February 2025 at a \ufb01xed annual interest rate of 3.25%. In July 2014 the Group issued US$110m of senior notes. These notes were issued in four tranches with US$15m repaid on 31 July 2021 at a \ufb01xed annual interest rate of 3.37%, US$20m repayable on 31 July 2024 at a \ufb01xed annual interest rate of 3.86%, US$60m repayable on 31 October 2026 at a \ufb01xed annual interest rate of 4.05% and US$15m repayable on 31 December 2026 at a \ufb01xed annual interest rate of 4.10%. In December 2020 the Group issued US$200m of senior notes. These notes were issued in two tranches with US$120m repaid on 2 December 2023 at a \ufb01xed annual interest rate of 1.97% and US$80m repayable on 2 December 2025 at a \ufb01xed annual interest rate of 2.08%. In December 2021 the Group issued US$640m of senior notes. These notes were issued in four tranches with US$150m repayable on 13 January 2027 at a \ufb01xed annual interest rate of 2.24%, US$165m repayable on 15 March 2028 at a \ufb01xed annual interest rate of 2.33%, US$165m repayable on 15 March 2029 at a \ufb01xed annual interest rate of 2.47% and US$160m repayable on 15 March 2030 at a \ufb01xed annual interest rate of 2.54%. In December 2023 the Group issued EUR\u20ac185m of senior notes that was drawn. These notes were issued in three tranches with EUR\u20ac120m repayable on 21 December 2026 at a \ufb01xed annual interest rate of 3.94%, EUR\u20ac25m repayable on 21 December 2027 at a \ufb01xed annual interest rate of 3.89% and EUR\u20ac40m repayable on 21 December 2028 at a \ufb01xed annual interest rate of 3.88%. Lease liabilities Undiscounted lease liabilities are split into current and non-current as outlined below:
2023 2022
\u00a3m \u00a3m
Analysis of lease liabilities falling due:
Current:
Repayable in less than 1 year
79.9
80.5
Non-current:
Repayable in 1\u20132 years
62.2
61.2
Repayable in 2\u20135 years
104.4
106.5
Repayable in more than 5 years
145.6
161.0
Total lease liabilities
392.1
409.2
Financial risks Details of the Group\u2019s treasury controls, exposures and the policies and processes for managing capital and credit, liquidity, interest rate and currency risk are set out below and in the Financial review in Book one, pages 30 to 35.
Carrying Contractual 6 months 6\u201312 More than
amount cash \ufb02ows or less months 1\u20132 years 2\u20135 years 5 years
2022 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Non-derivative \ufb01nancial
liabilities/(assets)
Senior term loans and notes
1,061.8
1,170.4
47.4
244.1
123.4
337.1
418.4
Other loans
(3.2)
0.8
\u2013
\u2013
\u2013
0.2
0.6
Trade payables (note 12)
172.8
172.8
164.2
7.9
0.7
\u2013
\u2013
Lease liabilities
322.2
409.2
41.4
39.1
61.2
106.5
161.0
Contingent consideration
(note\ue01e13)
17.2
17.2
2.8
\u2013
0.8
13.6
\u2013
1,570.8
1,770.4
255.8
291.1
186.1
457.4
580.0
Derivative \ufb01nancial
liabilities/(assets)
Foreign currency forwards
Out\ufb02ow
2.8
1,069.7
1,069.7
\u2013
\u2013
\u2013
\u2013
In\ufb02ow
(1.1)
(1,068.0)
(1,068.0)
\u2013
\u2013
\u2013
\u2013
1.7
1.7
1.7
\u2013
\u2013
\u2013
\u2013
Cross currency interest
rate swaps
Out\ufb02ow
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
In\ufb02ow
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Total
1,572.5
1,772.1
257.5
291.1
186.1
457.4
580.0
Interest rate risk The Group\u2019s objective is to manage the risk to the business from movements in interest rates, and to provide stability and predictability of the near-term (12-month horizon) interest expense. To achieve this, the Group uses \ufb02oating rate bank debt facilities, \ufb01xed US private placements and cross currency interest rate swaps. Sensitivity At 31 December 2023, it is estimated that the impact on variable rate net debt of a general increase of 3% in interest rates would be a decrease in the Group\u2019s pro\ufb01t before tax of approximately \u00a38.9m (2022: \u00a311.6m). This analysis assumes all other variables remain constant . Liquidity risk Liquidity risk is the risk that the Group will not be able to meet its obligations as and when they fall due. The Group\u2019s policy is to: \u2022 ensure sufficient liquidity is available to Group companies in the amounts, currencies and locations required to support the Group\u2019s operations; and \u2022 ensure the Group has adequate available sources of funding to protect against unforeseen internal and external events. To ensure this policy is met, the Group monitors cash balances daily, projects cash requirements on a rolling basis and funds itself using debt instruments with a range of maturities. The following are the undiscounted contractual cash \ufb02ows of \ufb01nancial liabilities/(assets) including interest (for \ufb02oating rate instruments, interest payments are based on the interest rate at 31 December):
Carrying Contractual 6 months 6\u201312 More than
amount cash \ufb02ows or less months 1\u20132 years 2\u20135 years 5 years
2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Non-derivative \ufb01nancial
liabilities/(assets)
Senior term loans and notes
910.8
1,000.7
94.8
28.4
113.2
505.8
258.5
Other loans
(1.6)
0.8
\u2013
\u2013
\u2013
0.1
0.7
Trade payables (note 12)
205.3
205.3
199.3
5.5
0.5
\u2013
\u2013
Lease liabilities
307.8
392.1
41.6
38.3
62.2
104.4
145.6
Contingent consideration
(note\ue01e13)
35.6
35.6
\u2013
\u2013
35.6
\u2013
\u2013
1,457.9
1,634.5
335.7
72.2
211.5
610.3
404.8
Derivative \ufb01nancial
liabilities/(assets)
Foreign currency forwards
Out\ufb02ow
0.7
776.7
776.7
\u2013
\u2013
\u2013
\u2013
In\ufb02ow
(0.3)
(776.3)
(776.3)
\u2013
\u2013
\u2013
\u2013
0.4
0.4
0.4
\u2013
\u2013
\u2013
\u2013
Cross currency interest
rate swaps
Out\ufb02ow
1.7
96.4
0.2
0.2
96.0
\u2013
\u2013
In\ufb02ow
\u2013
( 97.8)
(1.0)
(1.2)
(95.6)
\u2013
\u2013
1.7
(1.4)
(0.8)
(1.0)
0.4
\u2013
\u2013
Total
146
0.0
1633.
5
335.3
71.2
211.9
610.3
404.8
Recognised assets and liabilities Changes in the fair value of foreign currency forwards that economically hedge monetary assets and liabilities in foreign currencies, and for which no hedge accounting is applied, are recognised in the income statement. Cash \ufb02ow hedge The Group holds a US$40m \ufb01xed interest rate USD private placement bond maturing in February 2025 and a US$80m \ufb01xed interest rate USD private placement bond maturing in December 2025. The nominal amount of these loans as at 31 December 2023 was \u00a393.8m (2022: \u00a3nil). The bonds are hedged using US$40m USD/CNH \ufb01xed-to-\ufb01xed cross currency swaps maturing in February 2025 and a US$80m USD/CNH \ufb01xed-to-\ufb01xed cross currency swaps maturing in December 2025. The cross currency interest rate swaps were bifurcated into two relationships: 1) A cash \ufb02ow hedge of foreign currency risk on US$120m borrowings; and 2) A net investment hedge of CNH 876m net assets of the Group. The weighted average exchange rates for the cross currency interest rates swaps were GBP/USD 1.2300 and GBP/CNH 8.9790. The timings of the cash \ufb02ows on both the hedging instrument and the borrowings re expected to match since the maturity pro\ufb01le and coupon pro\ufb01le for bond and hedge matches. In 2023, \u00a33.3m of the cash \ufb02ow hedge reserve was recycled through to the income statement to offset the impact of the hedged US$40m and US$80m bond. The remaining balance of the cash \ufb02ow hedge reserve is expected to be recycled through to the income statement up to the expiry of the bonds in February 2025 and December 2025 respectively. Hedge of net investment in foreign operations The Group\u2019s foreign currency denominated loans are designated as a hedge to protect the same amount of net investment in the Group\u2019s foreign currency operations and net assets, against adverse changes in exchange rates. The Group is exposed to foreign exchange risk exposure arising from its net investment in foreign currency operations and net assets. The Group uses a combination of debt and cross currency interest rate swaps to hedge foreign exchange risks. The Group\u2019s foreign currency denominated loans are designated as a hedge to protect the same amount of net investment in the Group\u2019s foreign currency operations and net assets, against adverse changes in exchange rates. The nominal amount of these loans as at 31 December 2023 was \u00a3817.0m (2022: \u00a31,061.8m). The Group\u2019s cross currency interest rate swaps are designated as hedge to protect the same amount of net investment in the Group\u2019s CNY net assets, against adverse changes in exchange rates. The nominal amount of these cross currency interest rates as at 31 December 2023 was \u00a393.8m (2022: nil). 189.6m USD/GBP foreign currency forwards were designated as a hedge to protect the same amount of net investment in the Group\u2019s USD operations and net assets, against adverse changes in exchange rates. The hedges remained outstanding as at 31 December 2021 and were settled during March 2022 . Foreign currency risk The Group\u2019s objective in managing foreign currency risk is to safeguard the Group\u2019s \ufb01nancial assets from economic loss due to \ufb02uctuations in foreign currencies, and to protect margins on cross currency contracts and operations. To achieve this, the Group\u2019s policy is to hedge its foreign currency exposures where appropriate. The net assets of foreign subsidiaries represent a signi\ufb01cant portion of the Group\u2019s shareholders\u2019 funds, and a substantial percentage of the Group\u2019s revenue and operating costs are incurred in currencies other than sterling. Due to the high proportion of international activity, the Group\u2019s pro\ufb01t is exposed to exchange rate \ufb02uctuations. Two types of risk arise as a result: (i) translation risk, that is, the risk of adverse currency \ufb02uctuations in the translation of foreign currency operations and foreign assets and liabilities into sterling; and (ii) transaction risk, that is, the risk that currency \ufb02uctuations will have a negative effect on the value of the Group\u2019s commercial cash \ufb02ows in various currencies. The foreign currency pro\ufb01les of cash, trade receivables and payables subject to translation risk and transaction risk, at the reporting date, were as follows:
Carrying Chinese Hong Kong Other
amount Sterling US dollar renminbi dollar currencies
2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cash
298.6
24.6
97.1
46.7
2.4
127.8
Trade receivables (note\ue01e11)
526.6
41.4
258.9
36.1
6.1
184.1
Trade payables (note 12)
205.3
22.3
75.5
22.4
2.4
82.7
Carrying Chinese Hong Kong Other
amount Sterling US dollar renminbi dollar currencies
2022 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cash
320.7
72.9
85.5
42.3
0.7
119.3
Trade receivables (note\ue01e11)
532.3
37.7
216.5
39.5
6.5
232.1
Trade payables (note 12)
172.8
25.6
55.7
20.1
2.7
68.7
A foreign exchange loss of \u00a358.8m (2022: \u00a3120.0m foreign exchange gain) was recognised in the translation
reserve in equity, re\ufb02ecting the translation of the Group\u2019s foreign currency denominated loans to sterling
and the impact of changes in fair value of the foreign currency forwards. The weighted average exchange
rates of the borrowings designated as net investment hedge was GBP/USD 1.3906 and GBP/EUR 1.1525.
The Group has the following hedging instruments:
Other comprehensive income
FX (gain)/
loss
Fair value recycled
gain/(loss) to the Hedges
31
Nominal Carrying 1 January deferred income closed in
December
amounts in value 2023 to OCI statement
year
2023
2023 local currency \u00a3m \u00a3m \u00a3m \u00a3m
\u00a3m
\u00a3m
Cash \ufb02ow hedges \u2013
foreign exchange and
interest rate risk
Cross currency interest rate
swaps- continuing
\u2013
\u2013
\u2013
(3.4)
3.3
\u2013
(0.1)
Hedges of net investment
in a foreign operation \u2013
foreign exchange risk
Forward currency forward
\u2013 discontinued
\u2013
\u2013
1.2
\u2013
\u2013
\u2013
1.2
Cross currency interest rate
swaps \u2013 continuing
\u2013
\u2013
\u2013
1.7
\u2013
\u2013
1.7
Cross currency interest rate
swaps \u2013 discontinued
\u2013
\u2013
(19.0)
\u2013
\u2013
\u2013
(19.0)
Foreign currency borrowings
\u2013 continuing
\u00a3910.8m
910.8
(145.5)
57.1
\u2013
(3.7)
(92.1)
Foreign currency borrowings
\u2013 discontinued
\u2013
\u2013
(195.3)
\u2013
\u2013
3.7
(191.6)
910.8
(358.6)
55.4
3.3
\u2013
(299.9)
The Group entered into AU$264m of foreign currency forwards which paid USD and received AUD, which
matured in March 2022. The foreign currency forwards were bifurcated into two relationships: 1) a cash \ufb02ow
hedge of AU$264m versus GBP foreign currency risk in AUD denominated borrowings; and 2) a net investment
hedge of USD versus GBP foreign currency risk in USD denominated net assets of the Group.
The weighted average exchange rates of the forwards were GBP/USD 1.3209 and GBP/AUD 1.8388.
Other comprehensive income FX (gain)/ loss Fair value recycled gain/(loss) to the Hedges 31 Nominal Carrying 1 January deferred income closed in December amounts in value 2022 to OCI statement year 2022 local currency \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Cash \ufb02ow hedges \u2013 foreign exchange and interest rate risk Foreign currency forward \u2013 continuing \u2013 \u2013 \u2013 1.9 (1.9) \u2013 \u2013 Hedges of net investment in a foreign operation \u2013 foreign exchange risk Foreign currency forward \u2013 continuing \u2013 \u2013 3.0 (1.8) \u2013 (1.2) \u2013 Forward currency forward \u2013 discontinued \u2013 \u2013 \u2013 \u2013 \u2013 1.2 1.2 Cross currency interest rate swaps \u2013 discontinued \u2013 \u2013 (19.0) \u2013 \u2013 \u2013 (19.0) Foreign currency borrowings \u2013 continuing \u00a31,061.8m 1,061.8 (46.5) (118.2) \u2013 19.2 (145.5) Foreign currency borrowings \u2013 discontinued \u2013 \u2013 (176.1) \u2013 \u2013 (19.2) (195.3) 1,061.8 (238.6) (118.1) (1.9) \u2013 (358.6) The foreign currency forwards previously designated in discontinued hedge relationships were disclosed within other receivables in the statement of \ufb01nancial position. The cross currency interest rate swaps designated in hedge relationships are disclosed within other payables in the statement of \ufb01nancial position. Foreign currency denominated loans and their corresponding hedged items are matched and the Group expects highly effective hedging relationships. The change in value of the hedged item is used as the basis for recognising hedge ineffectiveness for the period. Net ineffectiveness on the net investment hedges recognised in the income statement was \u00a3nil. Hedge ineffectiveness may occur if there are insufficient net assets in foreign currency to match hedging instruments in the relevant currency. The hedge ratio for each designation will be established by comparing the quantity of the hedging instrument and the quantity of the hedged item to determine their relative weighting; for all of the Group\u2019s existing hedge relationships the hedge ratio has been determined as 1:1 Level 1: Quoted prices (unadjusted) 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 directly (that is, as prices) or indirectly (that is, derived from prices). Level 3: Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs). The carrying values of the hedging instruments; US$840.0m senior notes and EUR\u20ac185.0m senior notes are included within borrowings within the statement of \ufb01nancial position. Fair value gains and losses on the hedging instruments designated in the cash \ufb02ow and net investment hedge have been presented as \u2018fair value on cash \ufb02ow hedges\u2019 and \u2018net exchange on hedges of net investments in foreign operations\u2019 respectively within the statement of other comprehensive income. Foreign exchange losses of \u00a33.3m recycled from the cash \ufb02ow hedge reserve are presented in interest on borrowings within \ufb01nance expenses in the income statement. Sensitivity It is estimated that an increase of 10% in the value of sterling against the US dollar and Chinese renminbi (the main currencies impacting the Group) would have increased the Group\u2019s pro\ufb01t before tax for 2023 by approximately \u00a322.6m (2022: \u00a320.4m decrease). This analysis assumes all other variables remain constant. It is estimated that an increase of 10% in the value of sterling against the currencies of the hedging instruments would have increased OCI by approximately \u00a383.0m (2022: \u00a396.5m) which would be offset by the retranslation of the Group\u2019s investment in foreign operations in the same currencies. This analysis assumes all other variables remain constant. Fair values The table below provides a comparison of book values and corresponding fair values of all the Group\u2019s \ufb01nancia instruments by class.
Book value Fair value Book value Fair value
2023 2023 2022 2022
\u00a3m \u00a3m \u00a3m \u00a3m
Financial assets
Cash and cash equivalents
298.6
298.6
320.7
320.7
Trade receivables (note\ue01e11)
526.6
526.6
532.3
532.3
Foreign currency forwards*
0.3
0.3
1.1
1.1
Total \ufb01nancial assets
825.5
825.5
854.1
854.1
Financial liabilities
Interest-bearing loans and borrowings
909.2
817.3
1,058.6
936.8
Trade payables (note 12)
205.3
205.3
172.8
172.8
Foreign currency forwards*
0.7
0.7
2.8
2.8
Cross currency interest rate swaps*
1.7
1.7
\u2013
\u2013
Contingent consideration**
35.6
35.6
17. 2
17.2
Total \ufb01nancial liabilities
1
152.5
106
0.6
1,251.4
1,129.6
* Cross currency interest rate swaps and foreign currency forwards are categorised as Level 2, under which the fair value is measured using inputs other than quoted prices observable for the asset or liability, either directly or indirectly. ** Contingent consideration is categorised as Level 3 under which the fair value is measured using unobservable inputs \u2013 being the EBITDA performance of the acquired companies. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-475": { "value": "14 Borrowings and \ufb01nancial instruments Accounting policy Net \ufb01nancing costs Net \ufb01nancing costs comprise interest expense on borrowings; interest expense on tax balances; facility fees; interest receivable on funds invested; interest income and expense relating to pension assets and liabilities and lease interest expense under IFRS 16; net foreign exchange gains or losses on \ufb01nancial assets or liabilities; unrealised market or fair value gains or losses on \ufb01nancial assets or liabilities, including contingent consideration; and gains and losses on hedging instruments that are recognised in the income statement. Interest income and interest expense are recognised as they accrue using the effective interest rate method. As permitted by IAS 7, interest paid is classi\ufb01ed within operating cash \ufb02ows and interest received is classi\ufb01ed within investing cash \ufb02ows. Trade and other receivables Trade and other receivables are recognised initially at fair value and subsequently at amortised cost less impairment losses (including bad debt provision). Cash and cash equivalents and net debt Cash and cash equivalents on the balance sheet comprise cash at bank and in hand and short-term deposits with original maturities of less than 90 days which are subject to an insigni\ufb01cant risk of changes in value. Non-current assets include deposits with maturities exceeding 90 days. In the consolidated statement of cash \ufb02ows, net cash and cash equivalents comprise cash and cash equivalents, as de\ufb01ned above, net of bank overdrafts. Net \ufb01nancial debt comprises borrowings less cash and cash equivalents and total net debt is net \ufb01nancial debt plus the IFRS 16 lease liability. Non-derivative \ufb01nancial liabilities Trade and other payables are recognised initially at fair value and subsequently at their amortised cost. Interest-bearing borrowings are initially recognised at fair value less transaction costs. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost with any difference between cost and redemption value being recognised in the income statement over the period of the borrowings on an effective interest basis . Put options held by non-controlling interests that arise on acquisition are recognised initially at the present value of the redemption amount. They are subsequently measured at amortised cost using the effective interest method. The discount is unwound through SDIs as a \ufb01nance charge. Derivative \ufb01nancial instruments The Group uses derivative \ufb01nancial instruments, including cross currency interest rate swaps and foreign currency forwards, to hedge economically its exposure to foreign exchange risks. In accordance with its treasury policy, the Group does not hold or issue derivative \ufb01nancial instruments for speculative purposes. Derivative \ufb01nancial instruments are recognised initially and subsequently at fair value; attributable transaction costs are recognised in pro\ufb01t or loss when incurred. The gain or loss on remeasurement to fair value at each period end is recognised immediately in the income statement except where derivatives qualify for hedge accounting. The fair value of cross currency interest rate swaps is estimated using the present value of the estimated future cash \ufb02ows based on observable yield curves. The fair value of foreign currency forwards is estimated using present value of future cash \ufb02ows based on the foreign exchange rates at the balance sheet date. Hedging Hedge of monetary assets and liabilities Where a derivative \ufb01nancial instrument is used economically to hedge the foreign exchange exposure of a recognised monetary asset or liability, no hedge accounting is applied and any gain or loss on the hedging instrument is recognised in the income statement in the same caption as the foreign exchange on the related item. Hedge of net investment in foreign operations The Group is exposed to foreign exchange risk exposure arising from its net investment in foreign currency operations and net assets. To the extent that the Group has debt, it is held in currencies that hedge the foreign exchange risks from the Group\u2019s net investments, or cross currency interest rate swaps are used to achieve the same objective. The portion of the gain or loss on an instrument designated as a hedge of a net investment in a foreign operation that is determined to be an effective hedge is recognised directly in equity in the translation reserve. The value in relation to the hedge instrument that is held within the cumulative foreign currency translation reserve is recycled through the income statement when the hedged subsidiary is disposed of. If the instrument is no longer deemed effective, then future movements in fair value are posted to the income statement. Cash \ufb02ow hedges Cash \ufb02ow hedges comprise derivative \ufb01nancial instruments designated in a hedging relationship to manage interest rate risk and foreign exchange risk to which the cash \ufb02ows of certain assets and liabilities are exposed. The Group is exposed to the variability in cash \ufb02ows arising from the foreign exchange risk exposures. In accordance with the Group\u2019s hedging strategy, the Group has cross currency interest rate swaps designated as cash \ufb02ow hedges. The effective portion of changes in the fair value of a derivative that is designated and quali\ufb01es for hedge accounting is recognised in other comprehensive income. The value in relation to the hedge instrument that is held within the cumulative cash \ufb02ow hedge reserve (disclosed within other reserves) is recycled through the income statement when the hedged item impacts the income statement. If the instrument is no longer deemed effective, then future movements in fair value are posted to the income statement. Interest Rate Benchmark Reform LIBOR was discontinued as a published benchmark rate for some currencies as of 1 January 2022. The Group has reviewed and renegotiated signi\ufb01cant borrowing and commercial contracts to replace LIBOR references with alternative benchmark rates, as needed.
Analysis of net debt
2023 2022
\u00a3m \u00a3m
Cash and cash equivalents per the statement of \ufb01nancial position
299.3
321.6
Overdrafts
(0.7)
(0.9)
Cash per the statement of cash \ufb02ows
298.6
320.7
The components of net debt are outlined below:
1 January Non-cash Exchange 31 December
2023 Cash \ufb02ow movements adjustments 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cash
320.7
13.7
\u2013
(35.8)
298.6
Borrowings:
Revolving credit facility US$850m 2027
\u2013
2.2
\u2013
(2.2)
\u2013
Senior notes US$160m 2023
(133.1)
125.2
\u2013
8.0
\u2013
Acquisition facility \u2018A\u2019 AU$88.0m 2023
(49.4)
44.9
\u2013
4.5
\u2013
Acquisition facility \u2018A\u2019 US$96.9m 2023
(80.6)
75.1
\u2013
5.5
\u2013
Senior notes US$125m 2024
(104.0)
\u2013
\u2013
6.3
(97.7)
Senior notes US$120m 2025
(99.8)
2.2
\u2013
3.8
(93.8)
Senior notes US$75m 2026
(62.4)
\u2013
\u2013
3.8
(58.6)
Senior notes US$150m 2027
(124.8)
\u2013
\u2013
7.6
(117.2)
Senior notes US$165m 2028
( 137.3)
\u2013
\u2013
8.2
(129.1)
Senior notes US$165m 2029
( 137.3)
\u2013
\u2013
8.3
(129.0)
Senior notes US$160m 2030
(133.1)
\u2013
\u2013
8.1
(125.0)
Senior notes EUR\u20ac120m 2026
\u2013
(104.1)
\u2013
\u2013
(104.1)
Senior notes EUR\u20ac25m 2027
\u2013
(21.7)
\u2013
\u2013
(21.7)
Senior notes EUR\u20ac40m 2028
\u2013
(34.7)
\u2013
\u2013
(34.7)
Other*
3.2
\u2013
(1.6)
\u2013
1.6
Total borrowings
(1,058.6)
89.1
(1.6)
61.9
(909.2)
Total net \ufb01nancial debt
( 7 37.9)
102.8
(1.6)
26.1
(610.6)
Lease liabilities
(322.2)
77.8
(78.3)
14.9
(307.8)
Total net debt
(1,060.1)
180.6
(79.9)
41.0
(918.4)
* Includes other uncommitted borrowings of \u00a30.8m (2022: \u00a30.8m) and facility fees of \u00a32.4m (2022: \u00a34.0m).
Impairment A \ufb01nancial asset is assessed for impairment at each reporting date by application of an expected loss model in line with IFRS 9 requirements. Net \ufb01nancing costs Net \ufb01nancing costs are shown below:
2023 2022
Recognised in income statement \u00a3m \u00a3m
Finance income
Interest on bank balances
3.8
2.2
Total \ufb01nance income
3.8
2.2
Finance expense
Interest on borrowings
(33.6)
(29.6)
Net pension interest income/(cost) (note 16)
1.0
0.1
Foreign exchange differences on revaluation of net monetary assets and liabilities
(2.5)
8.6
Leases \u2013 IFRS 16
(10.8)
(10.2)
Facility fees and other*
(21.8)
(3.7)
Total \ufb01nance expense*
(67.7)
(34.8)
Net \ufb01nancing costs*
(63.9)
(32.6)
* Includes \u00a320.0m cost (2022: \u00a30.7m cost) relating to SDIs . Borrowings Borrowings are split into current and non-current as outlined below:
Current Current Non-current Non-current
2023 2022 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m
Senior term loans and notes
97.8
263.1
813.0
798.7
Other borrowings
(1.0)
(1.6)
(0.6)
(1.6)
Total borrowings
96.8
261.5
812.4
797.1
2023 2022
Analysis of debt \u00a3m \u00a3m
Debt falling due:
In one year or less
96.8
261.5
Between one and two years
93.2
103.0
Between two and \ufb01ve years
464.6
286.0
Over \ufb01ve years
254.6
408.1
Total borrowings
909.2
1,058.6
Description of borrowings Total undrawn committed borrowing facilities as at 31 December 2023 were \u00a3664.3m (2022: \u00a3707.3m). US$850m revolving credit facility The Group has a US$850m multi-currency revolving credit facility, which is the Group\u2019s principal facility and in December 2021 was extended from 2026-2027. Advances under the facility bear interest at a rate equal to a risk-free rate, or their local currency equivalent, plus a margin, depending on the Group\u2019s \ufb01nancial leverage. Drawings under this facility at 31 December 2023 were \u00a3nil (2022: \u00a3nil). US$692m acquisition facility In May 2021 the Group agreed a US$692m multi-currency acquisition facility to \ufb01nance the acquisition of SAI Global with \u00a3357.4m repaid in March 2022 and the balance of \u00a3130.0m repaid in September 2023. Advances under the facility bear interest at a rate equal to USD LIBOR or AUD BBSW, plus a margin. Drawings under this facility at 31 December 2023 were \u00a3nil (2022: \u00a3130.0m)
1 January Non-cash Exchange 31 December
2022 Cash \ufb02ow movements adjustments 2022
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cash
264.0
51.7
\u2013
5.0
320.7
Borrowings:
Revolving credit facility US$850m 2027
(65.9)
71.9
\u2013
(6.0)
\u2013
Senior notes US$140m 2022
(103.8)
103.0
\u2013
0.8
\u2013
Acquisition facility \u2018B\u2019 AU$264.1m 2022
(141.9)
143.7
\u2013
(1.8)
\u2013
Acquisition facility \u2018B\u2019 US$290.7m 2022
(215.5)
218.2
\u2013
(2.7)
\u2013
Senior notes US$160m 2023
(118.6)
(0.1)
\u2013
(14.4)
(133.1)
Acquisition facility \u2018A\u2019 AU$88.0m 2023
(47.3)
\u2013
\u2013
(2.1)
(49.4)
Acquisition facility \u2018A\u2019 US$96.9m 2023
(72.0)
0.2
\u2013
(8.8)
(80.6)
Senior notes US$125m 2024
(92.7)
\u2013
\u2013
(11.3)
(104.0)
Senior notes US$120m 2025
(88.8)
(0.2)
\u2013
(10.8)
(99.8)
Senior notes US$75m 2026
(55.5)
(0.1)
\u2013
(6.8)
(62.4)
Senior notes US$150m 2027
\u2013
(109.4)
\u2013
(15.4)
(124.8)
Senior notes US$165m 2028
\u2013
(123.8)
\u2013
(13.5)
(137.3)
Senior notes US$165m 2029
\u2013
(123.8)
\u2013
(13.5)
(137.3)
Senior notes US$160m 2030
\u2013
(120.0)
\u2013
(13.1)
(133.1)
Other*
4.7
\u2013
(1.5)
\u2013
3.2
Total borrowings
(997. 3)
59.6
(1.5)
(119.4)
(1,058.6)
Total net \ufb01nancial debt
(733.3)
111.3
(1.5)
(114.4)
( 7 37.9)
Lease liabilities
(292.3)
81.4
(92.4)
(18.9)
(322.2)
Total net debt
(1,025.6)
192.7
(93.9)
(133.3)
(1,060.1)
Credit risk
Exposure to credit risk
Credit risks arise mainly from the possibility that customers may not be able to settle their obligations as
agreed. The Group monitors the creditworthiness of customers on an ongoing basis. The Group\u2019s credit risk is
diversi\ufb01ed due to the large number of entities, industries and regions that make up the Group\u2019s customer base.
The carrying amount of \ufb01nancial assets represents the maximum credit exposure. At the reporting date this
was as follows:
2023 2022
\u00a3m \u00a3m
Trade receivables, net of allowance (note\ue01e11)
526.6
532.3
Cash and cash equivalents
298.6
320.7
Total
825.2
853.0
The maximum exposure to credit risk for trade receivables at the reporting date by geographic region was
as follows:
2023 2022
\u00a3m \u00a3m
Asia Paci\ufb01c
135.2
141.4
Americas
208.2
205.9
Europe, Middle East and Africa
183.2
185.0
Total
526.6
532.3
Counterparty risk
Cash and cash equivalents and available borrowing facilities are at risk in the event that the counterparty is not
able to meet its obligations in regard to the cash held or facilities available to the Group. The Group also enters
into transactions with counterparties in relation to derivative \ufb01nancial instruments. If the counterparty was
not able to meet its obligations, the Group may be exposed to additional foreign currency or interest rate risk.
Counterparty credit risk inherent in all hedge relationships is monitored throughout the period of the hedge
but this risk is not expected to be signi\ufb01cant.
The Group, wherever possible, enters into arrangements with counterparties who have a robust credit
standing, which the Group de\ufb01nes as a \ufb01nancial institution with a credit rating of at least investment grade.
The Group has existing relationships with a number of banks that meet this criterion, and seeks to use their
services wherever possible while avoiding excessive concentration of credit risk. Given the diverse geographic
nature of the Group\u2019s activities, it is not always possible to use a relationship bank. Therefore the Group has set
limits on the level of deposits to be held at non-relationship banks to minimise the risk to the Group. It is also
Group policy to remit any excess funds from local entities back to Intertek Group Treasury in the UK. Given
the controls in place and based on a current assessment of our banking relationships, management does not
expect any counterparty to fail to meet its obligations.
Private placement bonds
In October 2011 the Group issued US$140m of senior notes repaid on 18 January 2022 at a \ufb01xed annual
interest rate of 3.75% and US$105m repaid on 18 January 2024 at a \ufb01xed annual interest rate of 3.85%,
funded from the existing revolving credit facility.
In February 2013 the Group issued US$80m of senior notes. These notes were issued in two tranches, with
US$40m repaid on 14 February 2023 at a \ufb01xed annual interest rate of 3.10% and US$40m repayable on
14 February 2025 at a \ufb01xed annual interest rate of 3.25%.
In July 2014 the Group issued US$110m of senior notes. These notes were issued in four tranches with
US$15m repaid on 31 July 2021 at a \ufb01xed annual interest rate of 3.37%, US$20m repayable on 31 July 2024
at a \ufb01xed annual interest rate of 3.86%, US$60m repayable on 31 October 2026 at a \ufb01xed annual interest
rate of 4.05% and US$15m repayable on 31 December 2026 at a \ufb01xed annual interest rate of 4.10%.
In December 2020 the Group issued US$200m of senior notes. These notes were issued in two tranches
with US$120m repaid on 2 December 2023 at a \ufb01xed annual interest rate of 1.97% and US$80m repayable
on 2 December 2025 at a \ufb01xed annual interest rate of 2.08%.
In December 2021 the Group issued US$640m of senior notes. These notes were issued in four tranches
with US$150m repayable on 13 January 2027 at a \ufb01xed annual interest rate of 2.24%, US$165m repayable
on 15 March 2028 at a \ufb01xed annual interest rate of 2.33%, US$165m repayable on 15 March 2029 at a
\ufb01xed annual interest rate of 2.47% and US$160m repayable on 15 March 2030 at a \ufb01xed annual interest
rate of 2.54%.
In December 2023 the Group issued EUR\u20ac185m of senior notes that was drawn. These notes were issued in
three tranches with EUR\u20ac120m repayable on 21 December 2026 at a \ufb01xed annual interest rate of 3.94%,
EUR\u20ac25m repayable on 21 December 2027 at a \ufb01xed annual interest rate of 3.89% and EUR\u20ac40m repayable
on 21 December 2028 at a \ufb01xed annual interest rate of 3.88%.
Lease liabilities
Undiscounted lease liabilities are split into current and non-current as outlined below:
2023 2022
\u00a3m \u00a3m
Analysis of lease liabilities falling due:
Current:
Repayable in less than 1 year
79.9
80.5
Non-current:
Repayable in 1\u20132 years
62.2
61.2
Repayable in 2\u20135 years
104.4
106.5
Repayable in more than 5 years
145.6
161.0
Total lease liabilities
392.1
409.2
Financial risks
Details of the Group\u2019s treasury controls, exposures and the policies and processes for managing capital
and credit, liquidity, interest rate and currency risk are set out below and in the Financial review in Book one,
pages 30 to 35.
Carrying Contractual 6 months 6\u201312 More than
amount cash \ufb02ows or less months 1\u20132 years 2\u20135 years 5 years
2022 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Non-derivative \ufb01nancial
liabilities/(assets)
Senior term loans and notes
1,061.8
1,170.4
47.4
244.1
123.4
337.1
418.4
Other loans
(3.2)
0.8
\u2013
\u2013
\u2013
0.2
0.6
Trade payables (note 12)
172.8
172.8
164.2
7.9
0.7
\u2013
\u2013
Lease liabilities
322.2
409.2
41.4
39.1
61.2
106.5
161.0
Contingent consideration
(note\ue01e13)
17.2
17.2
2.8
\u2013
0.8
13.6
\u2013
1,570.8
1,770.4
255.8
291.1
186.1
457.4
580.0
Derivative \ufb01nancial
liabilities/(assets)
Foreign currency forwards
Out\ufb02ow
2.8
1,069.7
1,069.7
\u2013
\u2013
\u2013
\u2013
In\ufb02ow
(1.1)
(1,068.0)
(1,068.0)
\u2013
\u2013
\u2013
\u2013
1.7
1.7
1.7
\u2013
\u2013
\u2013
\u2013
Cross currency interest
rate swaps
Out\ufb02ow
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
In\ufb02ow
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Total
1,572.5
1,772.1
257.5
291.1
186.1
457.4
580.0
Interest rate risk
The Group\u2019s objective is to manage the risk to the business from movements in interest rates, and to provide
stability and predictability of the near-term (12-month horizon) interest expense. To achieve this, the Group
uses \ufb02oating rate bank debt facilities, \ufb01xed US private placements and cross currency interest rate swaps.
Sensitivity
At 31 December 2023, it is estimated that the impact on variable rate net debt of a general increase of 3% in
interest rates would be a decrease in the Group\u2019s pro\ufb01t before tax of approximately \u00a38.9m (2022: \u00a311.6m).
This analysis assumes all other variables remain constant .
Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its obligations as and when they fall due.
The Group\u2019s policy is to:
\u2022 ensure sufficient liquidity is available to Group companies in the amounts, currencies and locations required
to support the Group\u2019s operations; and
\u2022 ensure the Group has adequate available sources of funding to protect against unforeseen internal and
external events.
To ensure this policy is met, the Group monitors cash balances daily, projects cash requirements on a rolling
basis and funds itself using debt instruments with a range of maturities.
The following are the undiscounted contractual cash \ufb02ows of \ufb01nancial liabilities/(assets) including interest
(for \ufb02oating rate instruments, interest payments are based on the interest rate at 31 December):
Carrying Contractual 6 months 6\u201312 More than
amount cash \ufb02ows or less months 1\u20132 years 2\u20135 years 5 years
2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Non-derivative \ufb01nancial
liabilities/(assets)
Senior term loans and notes
910.8
1,000.7
94.8
28.4
113.2
505.8
258.5
Other loans
(1.6)
0.8
\u2013
\u2013
\u2013
0.1
0.7
Trade payables (note 12)
205.3
205.3
199.3
5.5
0.5
\u2013
\u2013
Lease liabilities
307.8
392.1
41.6
38.3
62.2
104.4
145.6
Contingent consideration
(note\ue01e13)
35.6
35.6
\u2013
\u2013
35.6
\u2013
\u2013
1,457.9
1,634.5
335.7
72.2
211.5
610.3
404.8
Derivative \ufb01nancial
liabilities/(assets)
Foreign currency forwards
Out\ufb02ow
0.7
776.7
776.7
\u2013
\u2013
\u2013
\u2013
In\ufb02ow
(0.3)
(776.3)
(776.3)
\u2013
\u2013
\u2013
\u2013
0.4
0.4
0.4
\u2013
\u2013
\u2013
\u2013
Cross currency interest
rate swaps
Out\ufb02ow
1.7
96.4
0.2
0.2
96.0
\u2013
\u2013
In\ufb02ow
\u2013
( 97.8)
(1.0)
(1.2)
(95.6)
\u2013
\u2013
1.7
(1.4)
(0.8)
(1.0)
0.4
\u2013
\u2013
Total
146
0.0
1633.
5
335.3
71.2
211.9
610.3
404.8
Recognised assets and liabilities
Changes in the fair value of foreign currency forwards that economically hedge monetary assets and liabilities
in foreign currencies, and for which no hedge accounting is applied, are recognised in the income statement.
Cash \ufb02ow hedge
The Group holds a US$40m \ufb01xed interest rate USD private placement bond maturing in February 2025 and a
US$80m \ufb01xed interest rate USD private placement bond maturing in December 2025. The nominal amount of
these loans as at 31 December 2023 was \u00a393.8m (2022: \u00a3nil).
The bonds are hedged using US$40m USD/CNH \ufb01xed-to-\ufb01xed cross currency swaps maturing in February
2025 and a US$80m USD/CNH \ufb01xed-to-\ufb01xed cross currency swaps maturing in December 2025.
The cross currency interest rate swaps were bifurcated into two relationships: 1) A cash \ufb02ow hedge of foreign
currency risk on US$120m borrowings; and 2) A net investment hedge of CNH 876m net assets of the Group.
The weighted average exchange rates for the cross currency interest rates swaps were GBP/USD 1.2300 and
GBP/CNH 8.9790.
The timings of the cash \ufb02ows on both the hedging instrument and the borrowings re expected to match since
the maturity pro\ufb01le and coupon pro\ufb01le for bond and hedge matches. In 2023, \u00a33.3m of the cash \ufb02ow hedge
reserve was recycled through to the income statement to offset the impact of the hedged US$40m and
US$80m bond. The remaining balance of the cash \ufb02ow hedge reserve is expected to be recycled through
to the income statement up to the expiry of the bonds in February 2025 and December 2025 respectively.
Hedge of net investment in foreign operations
The Group\u2019s foreign currency denominated loans are designated as a hedge to protect the same amount
of net investment in the Group\u2019s foreign currency operations and net assets, against adverse changes in
exchange rates.
The Group is exposed to foreign exchange risk exposure arising from its net investment in foreign currency
operations and net assets. The Group uses a combination of debt and cross currency interest rate swaps to
hedge foreign exchange risks. The Group\u2019s foreign currency denominated loans are designated as a hedge to
protect the same amount of net investment in the Group\u2019s foreign currency operations and net assets, against
adverse changes in exchange rates. The nominal amount of these loans as at 31 December 2023 was \u00a3817.0m
(2022: \u00a31,061.8m).
The Group\u2019s cross currency interest rate swaps are designated as hedge to protect the same amount of net
investment in the Group\u2019s CNY net assets, against adverse changes in exchange rates. The nominal amount
of these cross currency interest rates as at 31 December 2023 was \u00a393.8m (2022: nil).
189.6m USD/GBP foreign currency forwards were designated as a hedge to protect the same amount of net
investment in the Group\u2019s USD operations and net assets, against adverse changes in exchange rates. The
hedges remained outstanding as at 31 December 2021 and were settled during March 2022 .
Foreign currency risk
The Group\u2019s objective in managing foreign currency risk is to safeguard the Group\u2019s \ufb01nancial assets from
economic loss due to \ufb02uctuations in foreign currencies, and to protect margins on cross currency contracts and
operations. To achieve this, the Group\u2019s policy is to hedge its foreign currency exposures where appropriate.
The net assets of foreign subsidiaries represent a signi\ufb01cant portion of the Group\u2019s shareholders\u2019 funds, and
a substantial percentage of the Group\u2019s revenue and operating costs are incurred in currencies other than
sterling. Due to the high proportion of international activity, the Group\u2019s pro\ufb01t is exposed to exchange rate
\ufb02uctuations. Two types of risk arise as a result: (i) translation risk, that is, the risk of adverse currency
\ufb02uctuations in the translation of foreign currency operations and foreign assets and liabilities into sterling;
and (ii) transaction risk, that is, the risk that currency \ufb02uctuations will have a negative effect on the value of
the Group\u2019s commercial cash \ufb02ows in various currencies.
The foreign currency pro\ufb01les of cash, trade receivables and payables subject to translation risk and transaction
risk, at the reporting date, were as follows:
Carrying Chinese Hong Kong Other
amount Sterling US dollar renminbi dollar currencies
2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cash
298.6
24.6
97.1
46.7
2.4
127.8
Trade receivables (note\ue01e11)
526.6
41.4
258.9
36.1
6.1
184.1
Trade payables (note 12)
205.3
22.3
75.5
22.4
2.4
82.7
Carrying Chinese Hong Kong Other
amount Sterling US dollar renminbi dollar currencies
2022 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cash
320.7
72.9
85.5
42.3
0.7
119.3
Trade receivables (note\ue01e11)
532.3
37.7
216.5
39.5
6.5
232.1
Trade payables (note 12)
172.8
25.6
55.7
20.1
2.7
68.7
Other comprehensive income
FX (gain)/
loss
Fair value recycled
gain/(loss) to the Hedges
31
Nominal Carrying 1 January deferred income closed in
December
amounts in value 2022 to OCI statement
year
2022
2022 local currency \u00a3m \u00a3m \u00a3m \u00a3m
\u00a3m
\u00a3m
Cash \ufb02ow hedges \u2013
foreign exchange and
interest rate risk
Foreign currency forward
\u2013 continuing
\u2013
\u2013
\u2013
1.9
(1.9)
\u2013
\u2013
Hedges of net investment
in a foreign operation \u2013
foreign exchange risk
Foreign currency forward
\u2013 continuing
\u2013
\u2013
3.0
(1.8)
\u2013
(1.2)
\u2013
Forward currency forward
\u2013 discontinued
\u2013
\u2013
\u2013
\u2013
\u2013
1.2
1.2
Cross currency interest rate
swaps \u2013 discontinued
\u2013
\u2013
(19.0)
\u2013
\u2013
\u2013
(19.0)
Foreign currency borrowings
\u2013 continuing
\u00a31,061.8m
1,061.8
(46.5)
(118.2)
\u2013
19.2
(145.5)
Foreign currency borrowings
\u2013 discontinued
\u2013
\u2013
(176.1)
\u2013
\u2013
(19.2)
(195.3)
1,061.8
(238.6)
(118.1)
(1.9)
\u2013
(358.6)
The foreign currency forwards previously designated in discontinued hedge relationships were disclosed
within other receivables in the statement of \ufb01nancial position. The cross currency interest rate swaps
designated in hedge relationships are disclosed within other payables in the statement of \ufb01nancial position.
Foreign currency denominated loans and their corresponding hedged items are matched and the Group
expects highly effective hedging relationships. The change in value of the hedged item is used as the basis
for recognising hedge ineffectiveness for the period. Net ineffectiveness on the net investment hedges
recognised in the income statement was \u00a3nil.
Hedge ineffectiveness may occur if there are insufficient net assets in foreign currency to match hedging
instruments in the relevant currency.
The hedge ratio for each designation will be established by comparing the quantity of the hedging instrument
and the quantity of the hedged item to determine their relative weighting; for all of the Group\u2019s existing hedge
relationships the hedge ratio has been determined as 1:1 .
A foreign exchange loss of \u00a358.8m (2022: \u00a3120.0m foreign exchange gain) was recognised in the translation reserve in equity, re\ufb02ecting the translation of the Group\u2019s foreign currency denominated loans to sterling and the impact of changes in fair value of the foreign currency forwards. The weighted average exchange rates of the borrowings designated as net investment hedge was GBP/USD 1.3906 and GBP/EUR 1.1525. The Group has the following hedging instruments:
Other comprehensive income
FX (gain)/
loss
Fair value recycled
gain/(loss) to the Hedges
31
Nominal Carrying 1 January deferred income closed in
December
amounts in value 2023 to OCI statement
year
2023
2023 local currency \u00a3m \u00a3m \u00a3m \u00a3m
\u00a3m
\u00a3m
Cash \ufb02ow hedges \u2013
foreign exchange and
interest rate risk
Cross currency interest rate
swaps- continuing
\u2013
\u2013
\u2013
(3.4)
3.3
\u2013
(0.1)
Hedges of net investment
in a foreign operation \u2013
foreign exchange risk
Forward currency forward
\u2013 discontinued
\u2013
\u2013
1.2
\u2013
\u2013
\u2013
1.2
Cross currency interest rate
swaps \u2013 continuing
\u2013
\u2013
\u2013
1.7
\u2013
\u2013
1.7
Cross currency interest rate
swaps \u2013 discontinued
\u2013
\u2013
(19.0)
\u2013
\u2013
\u2013
(19.0)
Foreign currency borrowings
\u2013 continuing
\u00a3910.8m
910.8
(145.5)
57.1
\u2013
(3.7)
(92.1)
Foreign currency borrowings
\u2013 discontinued
\u2013
\u2013
(195.3)
\u2013
\u2013
3.7
(191.6)
910.8
(358.6)
55.4
3.3
\u2013
(299.9)
The Group entered into AU$264m of foreign currency forwards which paid USD and received AUD, which matured in March 2022. The foreign currency forwards were bifurcated into two relationships: 1) a cash \ufb02ow hedge of AU$264m versus GBP foreign currency risk in AUD denominated borrowings; and 2) a net investment hedge of USD versus GBP foreign currency risk in USD denominated net assets of the Group. The weighted average exchange rates of the forwards were GBP/USD 1.3209 and GBP/AUD 1.8388.
Level 1: Quoted prices (unadjusted) 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 directly (that is, as prices) or indirectly (that is, derived from prices).
Level 3: Inputs for the asset or liability that are not based on observable market data (that is,
unobservable inputs).
The carrying values of the hedging instruments; US$840.0m senior notes and EUR\u20ac185.0m senior notes are
included within borrowings within the statement of \ufb01nancial position.
Fair value gains and losses on the hedging instruments designated in the cash \ufb02ow and net investment hedge s
have been presented as \u2018fair value on cash \ufb02ow hedges\u2019 and \u2018net exchange on hedges of net investments in
foreign operations\u2019 respectively within the statement of other comprehensive income.
Foreign exchange losses of \u00a33.3m recycled from the cash \ufb02ow hedge reserve are presented in interest on
borrowings within \ufb01nance expenses in the income statement.
Sensitivity
It is estimated that an increase of 10% in the value of sterling against the US dollar and Chinese renminbi
(the main currencies impacting the Group) would have increased the Group\u2019s pro\ufb01t before tax for 2023
by approximately \u00a322.6m (2022: \u00a320.4m decrease). This analysis assumes all other variables remain constant.
It is estimated that an increase of 10% in the value of sterling against the currencies of the hedging
instruments would have increased OCI by approximately \u00a383.0m (2022: \u00a396.5m) which would be offset
by the retranslation of the Group\u2019s investment in foreign operations in the same currencies. This analysis
assumes all other variables remain constant.
Fair values
The table below provides a comparison of book values and corresponding fair values of all the Group\u2019s \ufb01nancia l
instruments by class.
Book value Fair value Book value Fair value
2023 2023 2022 2022
\u00a3m \u00a3m \u00a3m \u00a3m
Financial assets
Cash and cash equivalents
298.6
298.6
320.7
320.7
Trade receivables (note\ue01e11)
526.6
526.6
532.3
532.3
Foreign currency forwards*
0.3
0.3
1.1
1.1
Total \ufb01nancial assets
825.5
825.5
854.1
854.1
Financial liabilities
Interest-bearing loans and borrowings
909.2
817.3
1,058.6
936.8
Trade payables (note 12)
205.3
205.3
172.8
172.8
Foreign currency forwards*
0.7
0.7
2.8
2.8
Cross currency interest rate swaps*
1.7
1.7
\u2013
\u2013
Contingent consideration**
35.6
35.6
17. 2
17.2
Total \ufb01nancial liabilities
1
152.5
106
0.6
1,251.4
1,129.6
* Cross currency interest rate swaps and foreign currency forwards are categorised as Level 2, under which the fair value is measured using
inputs other than quoted prices observable for the asset or liability, either directly or indirectly.
** Contingent consideration is categorised as Level 3 under which the fair value is measured using unobservable inputs \u2013 being the EBITDA
performance of the acquired companies.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-591": { "value": "Net \ufb01nancing costs Net \ufb01nancing costs comprise interest expense on borrowings; interest expense on tax balances; facility fees; interest receivable on funds invested; interest income and expense relating to pension assets and liabilities and lease interest expense under IFRS 16; net foreign exchange gains or losses on \ufb01nancial assets or liabilities; unrealised market or fair value gains or losses on \ufb01nancial assets or liabilities, including contingent consideration; and gains and losses on hedging instruments that are recognised in the income statement. Interest income and interest expense are recognised as they accrue using the effective interest rate method. As permitted by IAS 7, interest paid is classi\ufb01ed within operating cash \ufb02ows and interest received is classi\ufb01ed within investing cash \ufb02ows. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-585": { "value": "Net \ufb01nancing costs Net \ufb01nancing costs comprise interest expense on borrowings; interest expense on tax balances; facility fees; interest receivable on funds invested; interest income and expense relating to pension assets and liabilities and lease interest expense under IFRS 16; net foreign exchange gains or losses on \ufb01nancial assets or liabilities; unrealised market or fair value gains or losses on \ufb01nancial assets or liabilities, including contingent consideration; and gains and losses on hedging instruments that are recognised in the income statement. Interest income and interest expense are recognised as they accrue using the effective interest rate method. As permitted by IAS 7, interest paid is classi\ufb01ed within operating cash \ufb02ows and interest received is classi\ufb01ed within investing cash \ufb02ows. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-564": { "value": "Net \ufb01nancing costs Net \ufb01nancing costs comprise interest expense on borrowings; interest expense on tax balances; facility fees; interest receivable on funds invested; interest income and expense relating to pension assets and liabilities and lease interest expense under IFRS 16; net foreign exchange gains or losses on \ufb01nancial assets or liabilities; unrealised market or fair value gains or losses on \ufb01nancial assets or liabilities, including contingent consideration; and gains and losses on hedging instruments that are recognised in the income statement. Interest income and interest expense are recognised as they accrue using the effective interest rate method. As permitted by IAS 7, interest paid is classi\ufb01ed within operating cash \ufb02ows and interest received is classi\ufb01ed within investing cash \ufb02ows. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-565": { "value": "Cash and cash equivalents and net debt Cash and cash equivalents on the balance sheet comprise cash at bank and in hand and short-term deposits with original maturities of less than 90 days which are subject to an insigni\ufb01cant risk of changes in value. Non-current assets include deposits with maturities exceeding 90 days. In the consolidated statement of cash \ufb02ows, net cash and cash equivalents comprise cash and cash equivalents, as de\ufb01ned above, net of bank overdrafts. Net \ufb01nancial debt comprises borrowings less cash and cash equivalents and total net debt is net \ufb01nancial debt plus the IFRS 16 lease liability. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-566": { "value": "Non-derivative \ufb01nancial liabilities Trade and other payables are recognised initially at fair value and subsequently at their amortised cost. Interest-bearing borrowings are initially recognised at fair value less transaction costs. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost with any difference between cost and redemption value being recognised in the income statement over the period of the borrowings on an effective interest basis . Put options held by non-controlling interests that arise on acquisition are recognised initially at the present value of the redemption amount. They are subsequently measured at amortised cost using the effective interest method. The discount is unwound through SDIs as a \ufb01nance charge. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-586": { "value": "Interest-bearing borrowings are initially recognised at fair value less transaction costs. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost with any difference between cost and redemption value being recognised in the income statement over the period of the borrowings on an effective interest basis ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-587": { "value": "Derivative \ufb01nancial instruments The Group uses derivative \ufb01nancial instruments, including cross currency interest rate swaps and foreign currency forwards, to hedge economically its exposure to foreign exchange risks. In accordance with its treasury policy, the Group does not hold or issue derivative \ufb01nancial instruments for speculative purposes. Derivative \ufb01nancial instruments are recognised initially and subsequently at fair value; attributable transaction costs are recognised in pro\ufb01t or loss when incurred. The gain or loss on remeasurement to fair value at each period end is recognised immediately in the income statement except where derivatives qualify for hedge accounting. The fair value of cross currency interest rate swaps is estimated using the present value of the estimated future cash \ufb02ows based on observable yield curves. The fair value of foreign currency forwards is estimated using present value of future cash \ufb02ows based on the foreign exchange rates at the balance sheet date. Hedging Hedge of monetary assets and liabilities Where a derivative \ufb01nancial instrument is used economically to hedge the foreign exchange exposure of a recognised monetary asset or liability, no hedge accounting is applied and any gain or loss on the hedging instrument is recognised in the income statement in the same caption as the foreign exchange on the related item. Hedge of net investment in foreign operations The Group is exposed to foreign exchange risk exposure arising from its net investment in foreign currency operations and net assets. To the extent that the Group has debt, it is held in currencies that hedge the foreign exchange risks from the Group\u2019s net investments, or cross currency interest rate swaps are used to achieve the same objective. The portion of the gain or loss on an instrument designated as a hedge of a net investment in a foreign operation that is determined to be an effective hedge is recognised directly in equity in the translation reserve. The value in relation to the hedge instrument that is held within the cumulative foreign currency translation reserve is recycled through the income statement when the hedged subsidiary is disposed of. If the instrument is no longer deemed effective, then future movements in fair value are posted to the income statement. Cash \ufb02ow hedges Cash \ufb02ow hedges comprise derivative \ufb01nancial instruments designated in a hedging relationship to manage interest rate risk and foreign exchange risk to which the cash \ufb02ows of certain assets and liabilities are exposed. The Group is exposed to the variability in cash \ufb02ows arising from the foreign exchange risk exposures. In accordance with the Group\u2019s hedging strategy, the Group has cross currency interest rate swaps designated as cash \ufb02ow hedges. The effective portion of changes in the fair value of a derivative that is designated and quali\ufb01es for hedge accounting is recognised in other comprehensive income. The value in relation to the hedge instrument that is held within the cumulative cash \ufb02ow hedge reserve (disclosed within other reserves) is recycled through the income statement when the hedged item impacts the income statement. If the instrument is no longer deemed effective, then future movements in fair value are posted to the income statement. Interest Rate Benchmark Reform LIBOR was discontinued as a published benchmark rate for some currencies as of 1 January 2022. The Group has reviewed and renegotiated signi\ufb01cant borrowing and commercial contracts to replace LIBOR references with alternative benchmark rates, as needed. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-567": { "value": "Derivative \ufb01nancial instruments The Group uses derivative \ufb01nancial instruments, including cross currency interest rate swaps and foreign currency forwards, to hedge economically its exposure to foreign exchange risks. In accordance with its treasury policy, the Group does not hold or issue derivative \ufb01nancial instruments for speculative purposes. Derivative \ufb01nancial instruments are recognised initially and subsequently at fair value; attributable transaction costs are recognised in pro\ufb01t or loss when incurred. The gain or loss on remeasurement to fair value at each period end is recognised immediately in the income statement except where derivatives qualify for hedge accounting. The fair value of cross currency interest rate swaps is estimated using the present value of the estimated future cash \ufb02ows based on observable yield curves. The fair value of foreign currency forwards is estimated using present value of future cash \ufb02ows based on the foreign exchange rates at the balance sheet date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-568": { "value": "Hedging Hedge of monetary assets and liabilities Where a derivative \ufb01nancial instrument is used economically to hedge the foreign exchange exposure of a recognised monetary asset or liability, no hedge accounting is applied and any gain or loss on the hedging instrument is recognised in the income statement in the same caption as the foreign exchange on the related item. Hedge of net investment in foreign operations The Group is exposed to foreign exchange risk exposure arising from its net investment in foreign currency operations and net assets. To the extent that the Group has debt, it is held in currencies that hedge the foreign exchange risks from the Group\u2019s net investments, or cross currency interest rate swaps are used to achieve the same objective. The portion of the gain or loss on an instrument designated as a hedge of a net investment in a foreign operation that is determined to be an effective hedge is recognised directly in equity in the translation reserve. The value in relation to the hedge instrument that is held within the cumulative foreign currency translation reserve is recycled through the income statement when the hedged subsidiary is disposed of. If the instrument is no longer deemed effective, then future movements in fair value are posted to the income statement. Cash \ufb02ow hedges Cash \ufb02ow hedges comprise derivative \ufb01nancial instruments designated in a hedging relationship to manage interest rate risk and foreign exchange risk to which the cash \ufb02ows of certain assets and liabilities are exposed. The Group is exposed to the variability in cash \ufb02ows arising from the foreign exchange risk exposures. In accordance with the Group\u2019s hedging strategy, the Group has cross currency interest rate swaps designated as cash \ufb02ow hedges. The effective portion of changes in the fair value of a derivative that is designated and quali\ufb01es for hedge accounting is recognised in other comprehensive income. The value in relation to the hedge instrument that is held within the cumulative cash \ufb02ow hedge reserve (disclosed within other reserves) is recycled through the income statement when the hedged item impacts the income statement. If the instrument is no longer deemed effective, then future movements in fair value are posted to the income statement. Interest Rate Benchmark Reform LIBOR was discontinued as a published benchmark rate for some currencies as of 1 January 2022. The Group has reviewed and renegotiated signi\ufb01cant borrowing and commercial contracts to replace LIBOR references with alternative benchmark rates, as needed. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-537": { "value": "Analysis of net debt
2023 2022
\u00a3m \u00a3m
Cash and cash equivalents per the statement of \ufb01nancial position
299.3
321.6
Overdrafts
(0.7)
(0.9)
Cash per the statement of cash \ufb02ows
298.6
320.7
The components of net debt are outlined below:
1 January Non-cash Exchange 31 December
2023 Cash \ufb02ow movements adjustments 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cash
320.7
13.7
\u2013
(35.8)
298.6
Borrowings:
Revolving credit facility US$850m 2027
\u2013
2.2
\u2013
(2.2)
\u2013
Senior notes US$160m 2023
(133.1)
125.2
\u2013
8.0
\u2013
Acquisition facility \u2018A\u2019 AU$88.0m 2023
(49.4)
44.9
\u2013
4.5
\u2013
Acquisition facility \u2018A\u2019 US$96.9m 2023
(80.6)
75.1
\u2013
5.5
\u2013
Senior notes US$125m 2024
(104.0)
\u2013
\u2013
6.3
(97.7)
Senior notes US$120m 2025
(99.8)
2.2
\u2013
3.8
(93.8)
Senior notes US$75m 2026
(62.4)
\u2013
\u2013
3.8
(58.6)
Senior notes US$150m 2027
(124.8)
\u2013
\u2013
7.6
(117.2)
Senior notes US$165m 2028
( 137.3)
\u2013
\u2013
8.2
(129.1)
Senior notes US$165m 2029
( 137.3)
\u2013
\u2013
8.3
(129.0)
Senior notes US$160m 2030
(133.1)
\u2013
\u2013
8.1
(125.0)
Senior notes EUR\u20ac120m 2026
\u2013
(104.1)
\u2013
\u2013
(104.1)
Senior notes EUR\u20ac25m 2027
\u2013
(21.7)
\u2013
\u2013
(21.7)
Senior notes EUR\u20ac40m 2028
\u2013
(34.7)
\u2013
\u2013
(34.7)
Other*
3.2
\u2013
(1.6)
\u2013
1.6
Total borrowings
(1,058.6)
89.1
(1.6)
61.9
(909.2)
Total net \ufb01nancial debt
( 7 37.9)
102.8
(1.6)
26.1
(610.6)
Lease liabilities
(322.2)
77.8
(78.3)
14.9
(307.8)
Total net debt
(1,060.1)
180.6
(79.9)
41.0
(918.4)
* Includes other uncommitted borrowings of \u00a30.8m (2022: \u00a30.8m) and facility fees of \u00a32.4m (2022: \u00a34.0m).
1 January Non-cash Exchange 31 December
2022 Cash \ufb02ow movements adjustments 2022
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cash
264.0
51.7
\u2013
5.0
320.7
Borrowings:
Revolving credit facility US$850m 2027
(65.9)
71.9
\u2013
(6.0)
\u2013
Senior notes US$140m 2022
(103.8)
103.0
\u2013
0.8
\u2013
Acquisition facility \u2018B\u2019 AU$264.1m 2022
(141.9)
143.7
\u2013
(1.8)
\u2013
Acquisition facility \u2018B\u2019 US$290.7m 2022
(215.5)
218.2
\u2013
(2.7)
\u2013
Senior notes US$160m 2023
(118.6)
(0.1)
\u2013
(14.4)
(133.1)
Acquisition facility \u2018A\u2019 AU$88.0m 2023
(47.3)
\u2013
\u2013
(2.1)
(49.4)
Acquisition facility \u2018A\u2019 US$96.9m 2023
(72.0)
0.2
\u2013
(8.8)
(80.6)
Senior notes US$125m 2024
(92.7)
\u2013
\u2013
(11.3)
(104.0)
Senior notes US$120m 2025
(88.8)
(0.2)
\u2013
(10.8)
(99.8)
Senior notes US$75m 2026
(55.5)
(0.1)
\u2013
(6.8)
(62.4)
Senior notes US$150m 2027
\u2013
(109.4)
\u2013
(15.4)
(124.8)
Senior notes US$165m 2028
\u2013
(123.8)
\u2013
(13.5)
(137.3)
Senior notes US$165m 2029
\u2013
(123.8)
\u2013
(13.5)
(137.3)
Senior notes US$160m 2030
\u2013
(120.0)
\u2013
(13.1)
(133.1)
Other*
4.7
\u2013
(1.5)
\u2013
3.2
Total borrowings
(997. 3)
59.6
(1.5)
(119.4)
(1,058.6)
Total net \ufb01nancial debt
(733.3)
111.3
(1.5)
(114.4)
( 7 37.9)
Lease liabilities
(292.3)
81.4
(92.4)
(18.9)
(322.2)
Total net debt
(1,025.6)
192.7
(93.9)
(133.3)
(1,060.1)
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-516": { "value": "Analysis of net debt
2023 2022
\u00a3m \u00a3m
Cash and cash equivalents per the statement of \ufb01nancial position
299.3
321.6
Overdrafts
(0.7)
(0.9)
Cash per the statement of cash \ufb02ows
298.6
320.7
The components of net debt are outlined below:
1 January Non-cash Exchange 31 December
2023 Cash \ufb02ow movements adjustments 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cash
320.7
13.7
\u2013
(35.8)
298.6
Borrowings:
Revolving credit facility US$850m 2027
\u2013
2.2
\u2013
(2.2)
\u2013
Senior notes US$160m 2023
(133.1)
125.2
\u2013
8.0
\u2013
Acquisition facility \u2018A\u2019 AU$88.0m 2023
(49.4)
44.9
\u2013
4.5
\u2013
Acquisition facility \u2018A\u2019 US$96.9m 2023
(80.6)
75.1
\u2013
5.5
\u2013
Senior notes US$125m 2024
(104.0)
\u2013
\u2013
6.3
(97.7)
Senior notes US$120m 2025
(99.8)
2.2
\u2013
3.8
(93.8)
Senior notes US$75m 2026
(62.4)
\u2013
\u2013
3.8
(58.6)
Senior notes US$150m 2027
(124.8)
\u2013
\u2013
7.6
(117.2)
Senior notes US$165m 2028
( 137.3)
\u2013
\u2013
8.2
(129.1)
Senior notes US$165m 2029
( 137.3)
\u2013
\u2013
8.3
(129.0)
Senior notes US$160m 2030
(133.1)
\u2013
\u2013
8.1
(125.0)
Senior notes EUR\u20ac120m 2026
\u2013
(104.1)
\u2013
\u2013
(104.1)
Senior notes EUR\u20ac25m 2027
\u2013
(21.7)
\u2013
\u2013
(21.7)
Senior notes EUR\u20ac40m 2028
\u2013
(34.7)
\u2013
\u2013
(34.7)
Other*
3.2
\u2013
(1.6)
\u2013
1.6
Total borrowings
(1,058.6)
89.1
(1.6)
61.9
(909.2)
Total net \ufb01nancial debt
( 7 37.9)
102.8
(1.6)
26.1
(610.6)
Lease liabilities
(322.2)
77.8
(78.3)
14.9
(307.8)
Total net debt
(1,060.1)
180.6
(79.9)
41.0
(918.4)
* Includes other uncommitted borrowings of \u00a30.8m (2022: \u00a30.8m) and facility fees of \u00a32.4m (2022: \u00a34.0m).
1 January Non-cash Exchange 31 December
2022 Cash \ufb02ow movements adjustments 2022
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cash
264.0
51.7
\u2013
5.0
320.7
Borrowings:
Revolving credit facility US$850m 2027
(65.9)
71.9
\u2013
(6.0)
\u2013
Senior notes US$140m 2022
(103.8)
103.0
\u2013
0.8
\u2013
Acquisition facility \u2018B\u2019 AU$264.1m 2022
(141.9)
143.7
\u2013
(1.8)
\u2013
Acquisition facility \u2018B\u2019 US$290.7m 2022
(215.5)
218.2
\u2013
(2.7)
\u2013
Senior notes US$160m 2023
(118.6)
(0.1)
\u2013
(14.4)
(133.1)
Acquisition facility \u2018A\u2019 AU$88.0m 2023
(47.3)
\u2013
\u2013
(2.1)
(49.4)
Acquisition facility \u2018A\u2019 US$96.9m 2023
(72.0)
0.2
\u2013
(8.8)
(80.6)
Senior notes US$125m 2024
(92.7)
\u2013
\u2013
(11.3)
(104.0)
Senior notes US$120m 2025
(88.8)
(0.2)
\u2013
(10.8)
(99.8)
Senior notes US$75m 2026
(55.5)
(0.1)
\u2013
(6.8)
(62.4)
Senior notes US$150m 2027
\u2013
(109.4)
\u2013
(15.4)
(124.8)
Senior notes US$165m 2028
\u2013
(123.8)
\u2013
(13.5)
(137.3)
Senior notes US$165m 2029
\u2013
(123.8)
\u2013
(13.5)
(137.3)
Senior notes US$160m 2030
\u2013
(120.0)
\u2013
(13.1)
(133.1)
Other*
4.7
\u2013
(1.5)
\u2013
3.2
Total borrowings
(997. 3)
59.6
(1.5)
(119.4)
(1,058.6)
Total net \ufb01nancial debt
(733.3)
111.3
(1.5)
(114.4)
( 7 37.9)
Lease liabilities
(292.3)
81.4
(92.4)
(18.9)
(322.2)
Total net debt
(1,025.6)
192.7
(93.9)
(133.3)
(1,060.1)
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-569": { "value": "Impairment A \ufb01nancial asset is assessed for impairment at each reporting date by application of an expected loss model in line with IFRS 9 requirements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-515": { "value": "
Net \ufb01nancing costs
Net \ufb01nancing costs are shown below:
2023 2022
Recognised in income statement \u00a3m \u00a3m
Finance income
Interest on bank balances
3.8
2.2
Total \ufb01nance income
3.8
2.2
Finance expense
Interest on borrowings
(33.6)
(29.6)
Net pension interest income/(cost) (note 16)
1.0
0.1
Foreign exchange differences on revaluation of net monetary assets and liabilities
(2.5)
8.6
Leases \u2013 IFRS 16
(10.8)
(10.2)
Facility fees and other*
(21.8)
(3.7)
Total \ufb01nance expense*
(67.7)
(34.8)
Net \ufb01nancing costs*
(63.9)
(32.6)
* Includes \u00a320.0m cost (2022: \u00a30.7m cost) relating to SDIs .
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-588": { "value": "Net \ufb01nancing costs Net \ufb01nancing costs are shown below:
2023 2022
Recognised in income statement \u00a3m \u00a3m
Finance income
Interest on bank balances
3.8
2.2
Total \ufb01nance income
3.8
2.2
Finance expense
Interest on borrowings
(33.6)
(29.6)
Net pension interest income/(cost) (note 16)
1.0
0.1
Foreign exchange differences on revaluation of net monetary assets and liabilities
(2.5)
8.6
Leases \u2013 IFRS 16
(10.8)
(10.2)
Facility fees and other*
(21.8)
(3.7)
Total \ufb01nance expense*
(67.7)
(34.8)
Net \ufb01nancing costs*
(63.9)
(32.6)
* Includes \u00a320.0m cost (2022: \u00a30.7m cost) relating to SDIs . ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-570": { "value": "Net \ufb01nancing costs Net \ufb01nancing costs are shown below:
2023 2022
Recognised in income statement \u00a3m \u00a3m
Finance income
Interest on bank balances
3.8
2.2
Total \ufb01nance income
3.8
2.2
Finance expense
Interest on borrowings
(33.6)
(29.6)
Net pension interest income/(cost) (note 16)
1.0
0.1
Foreign exchange differences on revaluation of net monetary assets and liabilities
(2.5)
8.6
Leases \u2013 IFRS 16
(10.8)
(10.2)
Facility fees and other*
(21.8)
(3.7)
Total \ufb01nance expense*
(67.7)
(34.8)
Net \ufb01nancing costs*
(63.9)
(32.6)
* Includes \u00a320.0m cost (2022: \u00a30.7m cost) relating to SDIs . ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-550": { "value": "Net \ufb01nancing costs Net \ufb01nancing costs are shown below:
2023 2022
Recognised in income statement \u00a3m \u00a3m
Finance income
Interest on bank balances
3.8
2.2
Total \ufb01nance income
3.8
2.2
Finance expense
Interest on borrowings
(33.6)
(29.6)
Net pension interest income/(cost) (note 16)
1.0
0.1
Foreign exchange differences on revaluation of net monetary assets and liabilities
(2.5)
8.6
Leases \u2013 IFRS 16
(10.8)
(10.2)
Facility fees and other*
(21.8)
(3.7)
Total \ufb01nance expense*
(67.7)
(34.8)
Net \ufb01nancing costs*
(63.9)
(32.6)
* Includes \u00a320.0m cost (2022: \u00a30.7m cost) relating to SDIs ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-545": { "value": "Net \ufb01nancing costs Net \ufb01nancing costs are shown below:
2023 2022
Recognised in income statement \u00a3m \u00a3m
Finance income
Interest on bank balances
3.8
2.2
Total \ufb01nance income
3.8
2.2
Finance expense
Interest on borrowings
(33.6)
(29.6)
Net pension interest income/(cost) (note 16)
1.0
0.1
Foreign exchange differences on revaluation of net monetary assets and liabilities
(2.5)
8.6
Leases \u2013 IFRS 16
(10.8)
(10.2)
Facility fees and other*
(21.8)
(3.7)
Total \ufb01nance expense*
(67.7)
(34.8)
Net \ufb01nancing costs*
(63.9)
(32.6)
* Includes \u00a320.0m cost (2022: \u00a30.7m cost) relating to SDIs . ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-536": { "value": "Net \ufb01nancing costs Net \ufb01nancing costs are shown below:
2023 2022
Recognised in income statement \u00a3m \u00a3m
Finance income
Interest on bank balances
3.8
2.2
Total \ufb01nance income
3.8
2.2
Finance expense
Interest on borrowings
(33.6)
(29.6)
Net pension interest income/(cost) (note 16)
1.0
0.1
Foreign exchange differences on revaluation of net monetary assets and liabilities
(2.5)
8.6
Leases \u2013 IFRS 16
(10.8)
(10.2)
Facility fees and other*
(21.8)
(3.7)
Total \ufb01nance expense*
(67.7)
(34.8)
Net \ufb01nancing costs*
(63.9)
(32.6)
* Includes \u00a320.0m cost (2022: \u00a30.7m cost) relating to SDIs . ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-517": { "value": "Borrowings Borrowings are split into current and non-current as outlined below:
Current Current Non-current Non-current
2023 2022 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m
Senior term loans and notes
97.8
263.1
813.0
798.7
Other borrowings
(1.0)
(1.6)
(0.6)
(1.6)
Total borrowings
96.8
261.5
812.4
797.1
2023 2022
Analysis of debt \u00a3m \u00a3m
Debt falling due:
In one year or less
96.8
261.5
Between one and two years
93.2
103.0
Between two and \ufb01ve years
464.6
286.0
Over \ufb01ve years
254.6
408.1
Total borrowings
909.2
1,058.6
Description of borrowings Total undrawn committed borrowing facilities as at 31 December 2023 were \u00a3664.3m (2022: \u00a3707.3m). US$850m revolving credit facility The Group has a US$850m multi-currency revolving credit facility, which is the Group\u2019s principal facility and in December 2021 was extended from 2026-2027. Advances under the facility bear interest at a rate equal to a risk-free rate, or their local currency equivalent, plus a margin, depending on the Group\u2019s \ufb01nancial leverage. Drawings under this facility at 31 December 2023 were \u00a3nil (2022: \u00a3nil). US$692m acquisition facility In May 2021 the Group agreed a US$692m multi-currency acquisition facility to \ufb01nance the acquisition of SAI Global with \u00a3357.4m repaid in March 2022 and the balance of \u00a3130.0m repaid in September 2023. Advances under the facility bear interest at a rate equal to USD LIBOR or AUD BBSW, plus a margin. Drawings under this facility at 31 December 2023 were \u00a3nil (2022: \u00a3130.0m) . Private placement bonds In October 2011 the Group issued US$140m of senior notes repaid on 18 January 2022 at a \ufb01xed annual interest rate of 3.75% and US$105m repaid on 18 January 2024 at a \ufb01xed annual interest rate of 3.85%, funded from the existing revolving credit facility. In February 2013 the Group issued US$80m of senior notes. These notes were issued in two tranches, with US$40m repaid on 14 February 2023 at a \ufb01xed annual interest rate of 3.10% and US$40m repayable on 14 February 2025 at a \ufb01xed annual interest rate of 3.25%. In July 2014 the Group issued US$110m of senior notes. These notes were issued in four tranches with US$15m repaid on 31 July 2021 at a \ufb01xed annual interest rate of 3.37%, US$20m repayable on 31 July 2024 at a \ufb01xed annual interest rate of 3.86%, US$60m repayable on 31 October 2026 at a \ufb01xed annual interest rate of 4.05% and US$15m repayable on 31 December 2026 at a \ufb01xed annual interest rate of 4.10%. In December 2020 the Group issued US$200m of senior notes. These notes were issued in two tranches with US$120m repaid on 2 December 2023 at a \ufb01xed annual interest rate of 1.97% and US$80m repayable on 2 December 2025 at a \ufb01xed annual interest rate of 2.08%. In December 2021 the Group issued US$640m of senior notes. These notes were issued in four tranches with US$150m repayable on 13 January 2027 at a \ufb01xed annual interest rate of 2.24%, US$165m repayable on 15 March 2028 at a \ufb01xed annual interest rate of 2.33%, US$165m repayable on 15 March 2029 at a \ufb01xed annual interest rate of 2.47% and US$160m repayable on 15 March 2030 at a \ufb01xed annual interest rate of 2.54%. In December 2023 the Group issued EUR\u20ac185m of senior notes that was drawn. These notes were issued in three tranches with EUR\u20ac120m repayable on 21 December 2026 at a \ufb01xed annual interest rate of 3.94%, EUR\u20ac25m repayable on 21 December 2027 at a \ufb01xed annual interest rate of 3.89% and EUR\u20ac40m repayable on 21 December 2028 at a \ufb01xed annual interest rate of 3.88%. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-538": { "value": "Credit risk Exposure to credit risk Credit risks arise mainly from the possibility that customers may not be able to settle their obligations as agreed. The Group monitors the creditworthiness of customers on an ongoing basis. The Group\u2019s credit risk is diversi\ufb01ed due to the large number of entities, industries and regions that make up the Group\u2019s customer base. The carrying amount of \ufb01nancial assets represents the maximum credit exposure. At the reporting date this was as follows:
2023 2022
\u00a3m \u00a3m
Trade receivables, net of allowance (note\ue01e11)
526.6
532.3
Cash and cash equivalents
298.6
320.7
Total
825.2
853.0
The maximum exposure to credit risk for trade receivables at the reporting date by geographic region was as follows:
2023 2022
\u00a3m \u00a3m
Asia Paci\ufb01c
135.2
141.4
Americas
208.2
205.9
Europe, Middle East and Africa
183.2
185.0
Total
526.6
532.3
Counterparty risk Cash and cash equivalents and available borrowing facilities are at risk in the event that the counterparty is not able to meet its obligations in regard to the cash held or facilities available to the Group. The Group also enters into transactions with counterparties in relation to derivative \ufb01nancial instruments. If the counterparty was not able to meet its obligations, the Group may be exposed to additional foreign currency or interest rate risk. Counterparty credit risk inherent in all hedge relationships is monitored throughout the period of the hedge but this risk is not expected to be signi\ufb01cant. The Group, wherever possible, enters into arrangements with counterparties who have a robust credit standing, which the Group de\ufb01nes as a \ufb01nancial institution with a credit rating of at least investment grade. The Group has existing relationships with a number of banks that meet this criterion, and seeks to use their services wherever possible while avoiding excessive concentration of credit risk. Given the diverse geographic nature of the Group\u2019s activities, it is not always possible to use a relationship bank. Therefore the Group has set limits on the level of deposits to be held at non-relationship banks to minimise the risk to the Group. It is also Group policy to remit any excess funds from local entities back to Intertek Group Treasury in the UK. Given the controls in place and based on a current assessment of our banking relationships, management does not expect any counterparty to fail to meet its obligations. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-518": { "value": "Lease liabilities Undiscounted lease liabilities are split into current and non-current as outlined below:
2023 2022
\u00a3m \u00a3m
Analysis of lease liabilities falling due:
Current:
Repayable in less than 1 year
79.9
80.5
Non-current:
Repayable in 1\u20132 years
62.2
61.2
Repayable in 2\u20135 years
104.4
106.5
Repayable in more than 5 years
145.6
161.0
Total lease liabilities
392.1
409.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-519": { "value": "Financial risks Details of the Group\u2019s treasury controls, exposures and the policies and processes for managing capital and credit, liquidity, interest rate and currency risk are set out below and in the Financial review in Book one, pages 30 to 35. Credit risk Exposure to credit risk Credit risks arise mainly from the possibility that customers may not be able to settle their obligations as agreed. The Group monitors the creditworthiness of customers on an ongoing basis. The Group\u2019s credit risk is diversi\ufb01ed due to the large number of entities, industries and regions that make up the Group\u2019s customer base. The carrying amount of \ufb01nancial assets represents the maximum credit exposure. At the reporting date this was as follows:
2023 2022
\u00a3m \u00a3m
Trade receivables, net of allowance (note\ue01e11)
526.6
532.3
Cash and cash equivalents
298.6
320.7
Total
825.2
853.0
The maximum exposure to credit risk for trade receivables at the reporting date by geographic region was as follows:
2023 2022
\u00a3m \u00a3m
Asia Paci\ufb01c
135.2
141.4
Americas
208.2
205.9
Europe, Middle East and Africa
183.2
185.0
Total
526.6
532.3
Counterparty risk Cash and cash equivalents and available borrowing facilities are at risk in the event that the counterparty is not able to meet its obligations in regard to the cash held or facilities available to the Group. The Group also enters into transactions with counterparties in relation to derivative \ufb01nancial instruments. If the counterparty was not able to meet its obligations, the Group may be exposed to additional foreign currency or interest rate risk. Counterparty credit risk inherent in all hedge relationships is monitored throughout the period of the hedge but this risk is not expected to be signi\ufb01cant. The Group, wherever possible, enters into arrangements with counterparties who have a robust credit standing, which the Group de\ufb01nes as a \ufb01nancial institution with a credit rating of at least investment grade. The Group has existing relationships with a number of banks that meet this criterion, and seeks to use their services wherever possible while avoiding excessive concentration of credit risk. Given the diverse geographic nature of the Group\u2019s activities, it is not always possible to use a relationship bank. Therefore the Group has set limits on the level of deposits to be held at non-relationship banks to minimise the risk to the Group. It is also Group policy to remit any excess funds from local entities back to Intertek Group Treasury in the UK. Given the controls in place and based on a current assessment of our banking relationships, management does not expect any counterparty to fail to meet its obligations.
Carrying Contractual 6 months 6\u201312 More than
amount cash \ufb02ows or less months 1\u20132 years 2\u20135 years 5 years
2022 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Non-derivative \ufb01nancial
liabilities/(assets)
Senior term loans and notes
1,061.8
1,170.4
47.4
244.1
123.4
337.1
418.4
Other loans
(3.2)
0.8
\u2013
\u2013
\u2013
0.2
0.6
Trade payables (note 12)
172.8
172.8
164.2
7.9
0.7
\u2013
\u2013
Lease liabilities
322.2
409.2
41.4
39.1
61.2
106.5
161.0
Contingent consideration
(note\ue01e13)
17.2
17.2
2.8
\u2013
0.8
13.6
\u2013
1,570.8
1,770.4
255.8
291.1
186.1
457.4
580.0
Derivative \ufb01nancial
liabilities/(assets)
Foreign currency forwards
Out\ufb02ow
2.8
1,069.7
1,069.7
\u2013
\u2013
\u2013
\u2013
In\ufb02ow
(1.1)
(1,068.0)
(1,068.0)
\u2013
\u2013
\u2013
\u2013
1.7
1.7
1.7
\u2013
\u2013
\u2013
\u2013
Cross currency interest
rate swaps
Out\ufb02ow
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
In\ufb02ow
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Total
1,572.5
1,772.1
257.5
291.1
186.1
457.4
580.0
Interest rate risk The Group\u2019s objective is to manage the risk to the business from movements in interest rates, and to provide stability and predictability of the near-term (12-month horizon) interest expense. To achieve this, the Group uses \ufb02oating rate bank debt facilities, \ufb01xed US private placements and cross currency interest rate swaps. Sensitivity At 31 December 2023, it is estimated that the impact on variable rate net debt of a general increase of 3% in interest rates would be a decrease in the Group\u2019s pro\ufb01t before tax of approximately \u00a38.9m (2022: \u00a311.6m). This analysis assumes all other variables remain constant Liquidity risk Liquidity risk is the risk that the Group will not be able to meet its obligations as and when they fall due. The Group\u2019s policy is to: \u2022 ensure sufficient liquidity is available to Group companies in the amounts, currencies and locations required to support the Group\u2019s operations; and \u2022 ensure the Group has adequate available sources of funding to protect against unforeseen internal and external events. To ensure this policy is met, the Group monitors cash balances daily, projects cash requirements on a rolling basis and funds itself using debt instruments with a range of maturities. The following are the undiscounted contractual cash \ufb02ows of \ufb01nancial liabilities/(assets) including interest (for \ufb02oating rate instruments, interest payments are based on the interest rate at 31 December):
Carrying Contractual 6 months 6\u201312 More than
amount cash \ufb02ows or less months 1\u20132 years 2\u20135 years 5 years
2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Non-derivative \ufb01nancial
liabilities/(assets)
Senior term loans and notes
910.8
1,000.7
94.8
28.4
113.2
505.8
258.5
Other loans
(1.6)
0.8
\u2013
\u2013
\u2013
0.1
0.7
Trade payables (note 12)
205.3
205.3
199.3
5.5
0.5
\u2013
\u2013
Lease liabilities
307.8
392.1
41.6
38.3
62.2
104.4
145.6
Contingent consideration
(note\ue01e13)
35.6
35.6
\u2013
\u2013
35.6
\u2013
\u2013
1,457.9
1,634.5
335.7
72.2
211.5
610.3
404.8
Derivative \ufb01nancial
liabilities/(assets)
Foreign currency forwards
Out\ufb02ow
0.7
776.7
776.7
\u2013
\u2013
\u2013
\u2013
In\ufb02ow
(0.3)
(776.3)
(776.3)
\u2013
\u2013
\u2013
\u2013
0.4
0.4
0.4
\u2013
\u2013
\u2013
\u2013
Cross currency interest
rate swaps
Out\ufb02ow
1.7
96.4
0.2
0.2
96.0
\u2013
\u2013
In\ufb02ow
\u2013
( 97.8)
(1.0)
(1.2)
(95.6)
\u2013
\u2013
1.7
(1.4)
(0.8)
(1.0)
0.4
\u2013
\u2013
Total
146
0.0
1633.
5
335.3
71.2
211.9
610.3
404.8
Recognised assets and liabilities Changes in the fair value of foreign currency forwards that economically hedge monetary assets and liabilities in foreign currencies, and for which no hedge accounting is applied, are recognised in the income statement. Cash \ufb02ow hedge The Group holds a US$40m \ufb01xed interest rate USD private placement bond maturing in February 2025 and a US$80m \ufb01xed interest rate USD private placement bond maturing in December 2025. The nominal amount of these loans as at 31 December 2023 was \u00a393.8m (2022: \u00a3nil). The bonds are hedged using US$40m USD/CNH \ufb01xed-to-\ufb01xed cross currency swaps maturing in February 2025 and a US$80m USD/CNH \ufb01xed-to-\ufb01xed cross currency swaps maturing in December 2025. The cross currency interest rate swaps were bifurcated into two relationships: 1) A cash \ufb02ow hedge of foreign currency risk on US$120m borrowings; and 2) A net investment hedge of CNH 876m net assets of the Group. The weighted average exchange rates for the cross currency interest rates swaps were GBP/USD 1.2300 and GBP/CNH 8.9790. The timings of the cash \ufb02ows on both the hedging instrument and the borrowings re expected to match since the maturity pro\ufb01le and coupon pro\ufb01le for bond and hedge matches. In 2023, \u00a33.3m of the cash \ufb02ow hedge reserve was recycled through to the income statement to offset the impact of the hedged US$40m and US$80m bond. The remaining balance of the cash \ufb02ow hedge reserve is expected to be recycled through to the income statement up to the expiry of the bonds in February 2025 and December 2025 respectively. Hedge of net investment in foreign operations The Group\u2019s foreign currency denominated loans are designated as a hedge to protect the same amount of net investment in the Group\u2019s foreign currency operations and net assets, against adverse changes in exchange rates. The Group is exposed to foreign exchange risk exposure arising from its net investment in foreign currency operations and net assets. The Group uses a combination of debt and cross currency interest rate swaps to hedge foreign exchange risks. The Group\u2019s foreign currency denominated loans are designated as a hedge to protect the same amount of net investment in the Group\u2019s foreign currency operations and net assets, against adverse changes in exchange rates. The nominal amount of these loans as at 31 December 2023 was \u00a3817.0m (2022: \u00a31,061.8m). The Group\u2019s cross currency interest rate swaps are designated as hedge to protect the same amount of net investment in the Group\u2019s CNY net assets, against adverse changes in exchange rates. The nominal amount of these cross currency interest rates as at 31 December 2023 was \u00a393.8m (2022: nil). 189.6m USD/GBP foreign currency forwards were designated as a hedge to protect the same amount of net investment in the Group\u2019s USD operations and net assets, against adverse changes in exchange rates. The hedges remained outstanding as at 31 December 2021 and were settled during March 2022 . Foreign currency risk The Group\u2019s objective in managing foreign currency risk is to safeguard the Group\u2019s \ufb01nancial assets from economic loss due to \ufb02uctuations in foreign currencies, and to protect margins on cross currency contracts and operations. To achieve this, the Group\u2019s policy is to hedge its foreign currency exposures where appropriate. The net assets of foreign subsidiaries represent a signi\ufb01cant portion of the Group\u2019s shareholders\u2019 funds, and a substantial percentage of the Group\u2019s revenue and operating costs are incurred in currencies other than sterling. Due to the high proportion of international activity, the Group\u2019s pro\ufb01t is exposed to exchange rate \ufb02uctuations. Two types of risk arise as a result: (i) translation risk, that is, the risk of adverse currency \ufb02uctuations in the translation of foreign currency operations and foreign assets and liabilities into sterling; and (ii) transaction risk, that is, the risk that currency \ufb02uctuations will have a negative effect on the value of the Group\u2019s commercial cash \ufb02ows in various currencies. The foreign currency pro\ufb01les of cash, trade receivables and payables subject to translation risk and transaction risk, at the reporting date, were as follows:
Carrying Chinese Hong Kong Other
amount Sterling US dollar renminbi dollar currencies
2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cash
298.6
24.6
97.1
46.7
2.4
127.8
Trade receivables (note\ue01e11)
526.6
41.4
258.9
36.1
6.1
184.1
Trade payables (note 12)
205.3
22.3
75.5
22.4
2.4
82.7
Carrying Chinese Hong Kong Other
amount Sterling US dollar renminbi dollar currencies
2022 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cash
320.7
72.9
85.5
42.3
0.7
119.3
Trade receivables (note\ue01e11)
532.3
37.7
216.5
39.5
6.5
232.1
Trade payables (note 12)
172.8
25.6
55.7
20.1
2.7
68.7
FX (gain)/ loss Fair value recycled gain/(loss) to the Hedges 31 Nominal Carrying 1 January deferred income closed in December amounts in value 2022 to OCI statement year 2022 2022 local currency \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Cash \ufb02ow hedges \u2013 foreign exchange and interest rate risk Foreign currency forward \u2013 continuing \u2013 \u2013 \u2013 1.9 (1.9) \u2013 \u2013 Hedges of net investment in a foreign operation \u2013 foreign exchange risk Foreign currency forward \u2013 continuing \u2013 \u2013 3.0 (1.8) \u2013 (1.2) \u2013 Forward currency forward \u2013 discontinued \u2013 \u2013 \u2013 \u2013 \u2013 1.2 1.2 Cross currency interest rate swaps \u2013 discontinued \u2013 \u2013 (19.0) \u2013 \u2013 \u2013 (19.0) Foreign currency borrowings \u2013 continuing \u00a31,061.8m 1,061.8 (46.5) (118.2) \u2013 19.2 (145.5) Foreign currency borrowings \u2013 discontinued \u2013 \u2013 (176.1) \u2013 \u2013 (19.2) (195.3) 1,061.8 (238.6) (118.1) (1.9) \u2013 (358.6) The foreign currency forwards previously designated in discontinued hedge relationships were disclosed within other receivables in the statement of \ufb01nancial position. The cross currency interest rate swaps designated in hedge relationships are disclosed within other payables in the statement of \ufb01nancial position. Foreign currency denominated loans and their corresponding hedged items are matched and the Group expects highly effective hedging relationships. The change in value of the hedged item is used as the basis for recognising hedge ineffectiveness for the period. Net ineffectiveness on the net investment hedges recognised in the income statement was \u00a3nil. Hedge ineffectiveness may occur if there are insufficient net assets in foreign currency to match hedging instruments in the relevant currency. The hedge ratio for each designation will be established by comparing the quantity of the hedging instrument and the quantity of the hedged item to determine their relative weighting; for all of the Group\u2019s existing hedge relationships the hedge ratio has been determined as 1:1 . A foreign exchange loss of \u00a358.8m (2022: \u00a3120.0m foreign exchange gain) was recognised in the translation reserve in equity, re\ufb02ecting the translation of the Group\u2019s foreign currency denominated loans to sterling and the impact of changes in fair value of the foreign currency forwards. The weighted average exchange rates of the borrowings designated as net investment hedge was GBP/USD 1.3906 and GBP/EUR 1.1525. The Group has the following hedging instruments:
Other comprehensive income
FX (gain)/
loss
Fair value recycled
gain/(loss) to the Hedges
31
Nominal Carrying 1 January deferred income closed in
December
amounts in value 2023 to OCI statement
year
2023
2023 local currency \u00a3m \u00a3m \u00a3m \u00a3m
\u00a3m
\u00a3m
Cash \ufb02ow hedges \u2013
foreign exchange and
interest rate risk
Cross currency interest rate
swaps- continuing
\u2013
\u2013
\u2013
(3.4)
3.3
\u2013
(0.1)
Hedges of net investment
in a foreign operation \u2013
foreign exchange risk
Forward currency forward
\u2013 discontinued
\u2013
\u2013
1.2
\u2013
\u2013
\u2013
1.2
Cross currency interest rate
swaps \u2013 continuing
\u2013
\u2013
\u2013
1.7
\u2013
\u2013
1.7
Cross currency interest rate
swaps \u2013 discontinued
\u2013
\u2013
(19.0)
\u2013
\u2013
\u2013
(19.0)
Foreign currency borrowings
\u2013 continuing
\u00a3910.8m
910.8
(145.5)
57.1
\u2013
(3.7)
(92.1)
Foreign currency borrowings
\u2013 discontinued
\u2013
\u2013
(195.3)
\u2013
\u2013
3.7
(191.6)
910.8
(358.6)
55.4
3.3
\u2013
(299.9)
The Group entered into AU$264m of foreign currency forwards which paid USD and received AUD, which matured in March 2022. The foreign currency forwards were bifurcated into two relationships: 1) a cash \ufb02ow hedge of AU$264m versus GBP foreign currency risk in AUD denominated borrowings; and 2) a net investment hedge of USD versus GBP foreign currency risk in USD denominated net assets of the Group. The weighted average exchange rates of the forwards were GBP/USD 1.3209 and GBP/AUD 1.8388. Level 1: Quoted prices (unadjusted) 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 directly (that is, as prices) or indirectly (that is, derived from prices). Level 3: Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs). The carrying values of the hedging instruments; US$840.0m senior notes and EUR\u20ac185.0m senior notes are included within borrowings within the statement of \ufb01nancial position. Fair value gains and losses on the hedging instruments designated in the cash \ufb02ow and net investment hedge s have been presented as \u2018fair value on cash \ufb02ow hedges\u2019 and \u2018net exchange on hedges of net investments in foreign operations\u2019 respectively within the statement of other comprehensive income. Foreign exchange losses of \u00a33.3m recycled from the cash \ufb02ow hedge reserve are presented in interest on borrowings within \ufb01nance expenses in the income statement. Sensitivity It is estimated that an increase of 10% in the value of sterling against the US dollar and Chinese renminbi (the main currencies impacting the Group) would have increased the Group\u2019s pro\ufb01t before tax for 2023 by approximately \u00a322.6m (2022: \u00a320.4m decrease). This analysis assumes all other variables remain constant. It is estimated that an increase of 10% in the value of sterling against the currencies of the hedging instruments would have increased OCI by approximately \u00a383.0m (2022: \u00a396.5m) which would be offset by the retranslation of the Group\u2019s investment in foreign operations in the same currencies. This analysis assumes all other variables remain constant. Fair values The table below provides a comparison of book values and corresponding fair values of all the Group\u2019s \ufb01nancia l instruments by class.
Book value Fair value Book value Fair value
2023 2023 2022 2022
\u00a3m \u00a3m \u00a3m \u00a3m
Financial assets
Cash and cash equivalents
298.6
298.6
320.7
320.7
Trade receivables (note\ue01e11)
526.6
526.6
532.3
532.3
Foreign currency forwards*
0.3
0.3
1.1
1.1
Total \ufb01nancial assets
825.5
825.5
854.1
854.1
Financial liabilities
Interest-bearing loans and borrowings
909.2
817.3
1,058.6
936.8
Trade payables (note 12)
205.3
205.3
172.8
172.8
Foreign currency forwards*
0.7
0.7
2.8
2.8
Cross currency interest rate swaps*
1.7
1.7
\u2013
\u2013
Contingent consideration**
35.6
35.6
17. 2
17.2
Total \ufb01nancial liabilities
1
152.5
106
0.6
1,251.4
1,129.6
* Cross currency interest rate swaps and foreign currency forwards are categorised as Level 2, under which the fair value is measured using inputs other than quoted prices observable for the asset or liability, either directly or indirectly. ** Contingent consideration is categorised as Level 3 under which the fair value is measured using unobservable inputs \u2013 being the EBITDA performance of the acquired companies. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-540": { "value": "Interest rate risk The Group\u2019s objective is to manage the risk to the business from movements in interest rates, and to provide stability and predictability of the near-term (12-month horizon) interest expense. To achieve this, the Group uses \ufb02oating rate bank debt facilities, \ufb01xed US private placements and cross currency interest rate swaps. Sensitivity At 31 December 2023, it is estimated that the impact on variable rate net debt of a general increase of 3% in interest rates would be a decrease in the Group\u2019s pro\ufb01t before tax of approximately \u00a38.9m (2022: \u00a311.6m). This analysis assumes all other variables remain constant . Recognised assets and liabilities Changes in the fair value of foreign currency forwards that economically hedge monetary assets and liabilities in foreign currencies, and for which no hedge accounting is applied, are recognised in the income statement. Cash \ufb02ow hedge The Group holds a US$40m \ufb01xed interest rate USD private placement bond maturing in February 2025 and a US$80m \ufb01xed interest rate USD private placement bond maturing in December 2025. The nominal amount of these loans as at 31 December 2023 was \u00a393.8m (2022: \u00a3nil). The bonds are hedged using US$40m USD/CNH \ufb01xed-to-\ufb01xed cross currency swaps maturing in February 2025 and a US$80m USD/CNH \ufb01xed-to-\ufb01xed cross currency swaps maturing in December 2025. The cross currency interest rate swaps were bifurcated into two relationships: 1) A cash \ufb02ow hedge of foreign currency risk on US$120m borrowings; and 2) A net investment hedge of CNH 876m net assets of the Group. The weighted average exchange rates for the cross currency interest rates swaps were GBP/USD 1.2300 and GBP/CNH 8.9790. The timings of the cash \ufb02ows on both the hedging instrument and the borrowings re expected to match since the maturity pro\ufb01le and coupon pro\ufb01le for bond and hedge matches. In 2023, \u00a33.3m of the cash \ufb02ow hedge reserve was recycled through to the income statement to offset the impact of the hedged US$40m and US$80m bond. The remaining balance of the cash \ufb02ow hedge reserve is expected to be recycled through to the income statement up to the expiry of the bonds in February 2025 and December 2025 respectively. Hedge of net investment in foreign operations The Group\u2019s foreign currency denominated loans are designated as a hedge to protect the same amount of net investment in the Group\u2019s foreign currency operations and net assets, against adverse changes in exchange rates. The Group is exposed to foreign exchange risk exposure arising from its net investment in foreign currency operations and net assets. The Group uses a combination of debt and cross currency interest rate swaps to hedge foreign exchange risks. The Group\u2019s foreign currency denominated loans are designated as a hedge to protect the same amount of net investment in the Group\u2019s foreign currency operations and net assets, against adverse changes in exchange rates. The nominal amount of these loans as at 31 December 2023 was \u00a3817.0m (2022: \u00a31,061.8m). The Group\u2019s cross currency interest rate swaps are designated as hedge to protect the same amount of net investment in the Group\u2019s CNY net assets, against adverse changes in exchange rates. The nominal amount of these cross currency interest rates as at 31 December 2023 was \u00a393.8m (2022: nil). 189.6m USD/GBP foreign currency forwards were designated as a hedge to protect the same amount of net investment in the Group\u2019s USD operations and net assets, against adverse changes in exchange rates. The hedges remained outstanding as at 31 December 2021 and were settled during March 2022 . Foreign currency risk The Group\u2019s objective in managing foreign currency risk is to safeguard the Group\u2019s \ufb01nancial assets from economic loss due to \ufb02uctuations in foreign currencies, and to protect margins on cross currency contracts and operations. To achieve this, the Group\u2019s policy is to hedge its foreign currency exposures where appropriate. The net assets of foreign subsidiaries represent a signi\ufb01cant portion of the Group\u2019s shareholders\u2019 funds, and a substantial percentage of the Group\u2019s revenue and operating costs are incurred in currencies other than sterling. Due to the high proportion of international activity, the Group\u2019s pro\ufb01t is exposed to exchange rate \ufb02uctuations. Two types of risk arise as a result: (i) translation risk, that is, the risk of adverse currency \ufb02uctuations in the translation of foreign currency operations and foreign assets and liabilities into sterling; and (ii) transaction risk, that is, the risk that currency \ufb02uctuations will have a negative effect on the value of the Group\u2019s commercial cash \ufb02ows in various currencies. The foreign currency pro\ufb01les of cash, trade receivables and payables subject to translation risk and transaction risk, at the reporting date, were as follows:
Carrying Chinese Hong Kong Other
amount Sterling US dollar renminbi dollar currencies
2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cash
298.6
24.6
97.1
46.7
2.4
127.8
Trade receivables (note\ue01e11)
526.6
41.4
258.9
36.1
6.1
184.1
Trade payables (note 12)
205.3
22.3
75.5
22.4
2.4
82.7
Carrying Chinese Hong Kong Other
amount Sterling US dollar renminbi dollar currencies
2022 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cash
320.7
72.9
85.5
42.3
0.7
119.3
Trade receivables (note\ue01e11)
532.3
37.7
216.5
39.5
6.5
232.1
Trade payables (note 12)
172.8
25.6
55.7
20.1
2.7
68.7
Other comprehensive income
FX (gain)/
loss
Fair value recycled
gain/(loss) to the Hedges
31
Nominal Carrying 1 January deferred income closed in
December
amounts in value 2022 to OCI statement
year
2022
2022 local currency \u00a3m \u00a3m \u00a3m \u00a3m
\u00a3m
\u00a3m
Cash \ufb02ow hedges \u2013
foreign exchange and
interest rate risk
Foreign currency forward
\u2013 continuing
\u2013
\u2013
\u2013
1.9
(1.9)
\u2013
\u2013
Hedges of net investment
in a foreign operation \u2013
foreign exchange risk
Foreign currency forward
\u2013 continuing
\u2013
\u2013
3.0
(1.8)
\u2013
(1.2)
\u2013
Forward currency forward
\u2013 discontinued
\u2013
\u2013
\u2013
\u2013
\u2013
1.2
1.2
Cross currency interest rate
swaps \u2013 discontinued
\u2013
\u2013
(19.0)
\u2013
\u2013
\u2013
(19.0)
Foreign currency borrowings
\u2013 continuing
\u00a31,061.8m
1,061.8
(46.5)
(118.2)
\u2013
19.2
(145.5)
Foreign currency borrowings
\u2013 discontinued
\u2013
\u2013
(176.1)
\u2013
\u2013
(19.2)
(195.3)
1,061.8
(238.6)
(118.1)
(1.9)
\u2013
(358.6)
The foreign currency forwards previously designated in discontinued hedge relationships were disclosed within other receivables in the statement of \ufb01nancial position. The cross currency interest rate swaps designated in hedge relationships are disclosed within other payables in the statement of \ufb01nancial position. Foreign currency denominated loans and their corresponding hedged items are matched and the Group expects highly effective hedging relationships. The change in value of the hedged item is used as the basis for recognising hedge ineffectiveness for the period. Net ineffectiveness on the net investment hedges recognised in the income statement was \u00a3nil. Hedge ineffectiveness may occur if there are insufficient net assets in foreign currency to match hedging instruments in the relevant currency. The hedge ratio for each designation will be established by comparing the quantity of the hedging instrument and the quantity of the hedged item to determine their relative weighting; for all of the Group\u2019s existing hedge relationships the hedge ratio has been determined as 1:1 . A foreign exchange loss of \u00a358.8m (2022: \u00a3120.0m foreign exchange gain) was recognised in the translation reserve in equity, re\ufb02ecting the translation of the Group\u2019s foreign currency denominated loans to sterling and the impact of changes in fair value of the foreign currency forwards. The weighted average exchange rates of the borrowings designated as net investment hedge was GBP/USD 1.3906 and GBP/EUR 1.1525. The Group has the following hedging instruments:
Other comprehensive income
FX (gain)/
loss
Fair value recycled
gain/(loss) to the Hedges
31
Nominal Carrying 1 January deferred income closed in
December
amounts in value 2023 to OCI statement
year
2023
2023 local currency \u00a3m \u00a3m \u00a3m \u00a3m
\u00a3m
\u00a3m
Cash \ufb02ow hedges \u2013
foreign exchange and
interest rate risk
Cross currency interest rate
swaps- continuing
\u2013
\u2013
\u2013
(3.4)
3.3
\u2013
(0.1)
Hedges of net investment
in a foreign operation \u2013
foreign exchange risk
Forward currency forward
\u2013 discontinued
\u2013
\u2013
1.2
\u2013
\u2013
\u2013
1.2
Cross currency interest rate
swaps \u2013 continuing
\u2013
\u2013
\u2013
1.7
\u2013
\u2013
1.7
Cross currency interest rate
swaps \u2013 discontinued
\u2013
\u2013
(19.0)
\u2013
\u2013
\u2013
(19.0)
Foreign currency borrowings
\u2013 continuing
\u00a3910.8m
910.8
(145.5)
57.1
\u2013
(3.7)
(92.1)
Foreign currency borrowings
\u2013 discontinued
\u2013
\u2013
(195.3)
\u2013
\u2013
3.7
(191.6)
910.8
(358.6)
55.4
3.3
\u2013
(299.9)
The Group entered into AU$264m of foreign currency forwards which paid USD and received AUD, which matured in March 2022. The foreign currency forwards were bifurcated into two relationships: 1) a cash \ufb02ow hedge of AU$264m versus GBP foreign currency risk in AUD denominated borrowings; and 2) a net investment hedge of USD versus GBP foreign currency risk in USD denominated net assets of the Group. The weighted average exchange rates of the forwards were GBP/USD 1.3209 and GBP/AUD 1.8388. The carrying values of the hedging instruments; US$840.0m senior notes and EUR\u20ac185.0m senior notes are included within borrowings within the statement of \ufb01nancial position. Fair value gains and losses on the hedging instruments designated in the cash \ufb02ow and net investment hedge s have been presented as \u2018fair value on cash \ufb02ow hedges\u2019 and \u2018net exchange on hedges of net investments in foreign operations\u2019 respectively within the statement of other comprehensive income. Foreign exchange losses of \u00a33.3m recycled from the cash \ufb02ow hedge reserve are presented in interest on borrowings within \ufb01nance expenses in the income statement. Sensitivity It is estimated that an increase of 10% in the value of sterling against the US dollar and Chinese renminbi (the main currencies impacting the Group) would have increased the Group\u2019s pro\ufb01t before tax for 2023 by approximately \u00a322.6m (2022: \u00a320.4m decrease). This analysis assumes all other variables remain constant. It is estimated that an increase of 10% in the value of sterling against the currencies of the hedging instruments would have increased OCI by approximately \u00a383.0m (2022: \u00a396.5m) which would be offset by the retranslation of the Group\u2019s investment in foreign operations in the same currencies. This analysis assumes all other variables remain constant. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-571": { "value": "Sensitivity At 31 December 2023, it is estimated that the impact on variable rate net debt of a general increase of 3% in interest rates would be a decrease in the Group\u2019s pro\ufb01t before tax of approximately \u00a38.9m (2022: \u00a311.6m). This analysis assumes all other variables remain constant . Sensitivity It is estimated that an increase of 10% in the value of sterling against the US dollar and Chinese renminbi (the main currencies impacting the Group) would have increased the Group\u2019s pro\ufb01t before tax for 2023 by approximately \u00a322.6m (2022: \u00a320.4m decrease). This analysis assumes all other variables remain constant. It is estimated that an increase of 10% in the value of sterling against the currencies of the hedging instruments would have increased OCI by approximately \u00a383.0m (2022: \u00a396.5m) which would be offset by the retranslation of the Group\u2019s investment in foreign operations in the same currencies. This analysis assumes all other variables remain constant. ", "dimensions": { "concept": "ifrs-full:SensitivityAnalysisForEachTypeOfMarketRisk", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-539": { "value": "Liquidity risk Liquidity risk is the risk that the Group will not be able to meet its obligations as and when they fall due. The Group\u2019s policy is to: \u2022 ensure sufficient liquidity is available to Group companies in the amounts, currencies and locations required to support the Group\u2019s operations; and \u2022 ensure the Group has adequate available sources of funding to protect against unforeseen internal and external events. To ensure this policy is met, the Group monitors cash balances daily, projects cash requirements on a rolling basis and funds itself using debt instruments with a range of maturities. The following are the undiscounted contractual cash \ufb02ows of \ufb01nancial liabilities/(assets) including interest (for \ufb02oating rate instruments, interest payments are based on the interest rate at 31 December):
Carrying Contractual 6 months 6\u201312 More than
amount cash \ufb02ows or less months 1\u20132 years 2\u20135 years 5 years
2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Non-derivative \ufb01nancial
liabilities/(assets)
Senior term loans and notes
910.8
1,000.7
94.8
28.4
113.2
505.8
258.5
Other loans
(1.6)
0.8
\u2013
\u2013
\u2013
0.1
0.7
Trade payables (note 12)
205.3
205.3
199.3
5.5
0.5
\u2013
\u2013
Lease liabilities
307.8
392.1
41.6
38.3
62.2
104.4
145.6
Contingent consideration
(note\ue01e13)
35.6
35.6
\u2013
\u2013
35.6
\u2013
\u2013
1,457.9
1,634.5
335.7
72.2
211.5
610.3
404.8
Derivative \ufb01nancial
liabilities/(assets)
Foreign currency forwards
Out\ufb02ow
0.7
776.7
776.7
\u2013
\u2013
\u2013
\u2013
In\ufb02ow
(0.3)
(776.3)
(776.3)
\u2013
\u2013
\u2013
\u2013
0.4
0.4
0.4
\u2013
\u2013
\u2013
\u2013
Cross currency interest
rate swaps
Out\ufb02ow
1.7
96.4
0.2
0.2
96.0
\u2013
\u2013
In\ufb02ow
\u2013
( 97.8)
(1.0)
(1.2)
(95.6)
\u2013
\u2013
1.7
(1.4)
(0.8)
(1.0)
0.4
\u2013
\u2013
Total
146
0.0
1633.
5
335.3
71.2
211.9
610.3
404.8
Carrying Contractual 6 months 6\u201312 More than
amount cash \ufb02ows or less months 1\u20132 years 2\u20135 years 5 years
2022 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Non-derivative \ufb01nancial
liabilities/(assets)
Senior term loans and notes
1,061.8
1,170.4
47.4
244.1
123.4
337.1
418.4
Other loans
(3.2)
0.8
\u2013
\u2013
\u2013
0.2
0.6
Trade payables (note 12)
172.8
172.8
164.2
7.9
0.7
\u2013
\u2013
Lease liabilities
322.2
409.2
41.4
39.1
61.2
106.5
161.0
Contingent consideration
(note\ue01e13)
17.2
17.2
2.8
\u2013
0.8
13.6
\u2013
1,570.8
1,770.4
255.8
291.1
186.1
457.4
580.0
Derivative \ufb01nancial
liabilities/(assets)
Foreign currency forwards
Out\ufb02ow
2.8
1,069.7
1,069.7
\u2013
\u2013
\u2013
\u2013
In\ufb02ow
(1.1)
(1,068.0)
(1,068.0)
\u2013
\u2013
\u2013
\u2013
1.7
1.7
1.7
\u2013
\u2013
\u2013
\u2013
Cross currency interest
rate swaps
Out\ufb02ow
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
In\ufb02ow
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Total
1,572.5
1,772.1
257.5
291.1
186.1
457.4
580.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-546": { "value": "
Carrying Contractual 6 months 6\u201312 More than
amount cash \ufb02ows or less months 1\u20132 years 2\u20135 years 5 years
2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Non-derivative \ufb01nancial
liabilities/(assets)
Senior term loans and notes
910.8
1,000.7
94.8
28.4
113.2
505.8
258.5
Other loans
(1.6)
0.8
\u2013
\u2013
\u2013
0.1
0.7
Trade payables (note 12)
205.3
205.3
199.3
5.5
0.5
\u2013
\u2013
Lease liabilities
307.8
392.1
41.6
38.3
62.2
104.4
145.6
Contingent consideration
(note\ue01e13)
35.6
35.6
\u2013
\u2013
35.6
\u2013
\u2013
1,457.9
1,634.5
335.7
72.2
211.5
610.3
404.8
Derivative \ufb01nancial
liabilities/(assets)
Foreign currency forwards
Out\ufb02ow
0.7
776.7
776.7
\u2013
\u2013
\u2013
\u2013
In\ufb02ow
(0.3)
(776.3)
(776.3)
\u2013
\u2013
\u2013
\u2013
0.4
0.4
0.4
\u2013
\u2013
\u2013
\u2013
Cross currency interest
rate swaps
Out\ufb02ow
1.7
96.4
0.2
0.2
96.0
\u2013
\u2013
In\ufb02ow
\u2013
( 97.8)
(1.0)
(1.2)
(95.6)
\u2013
\u2013
1.7
(1.4)
(0.8)
(1.0)
0.4
\u2013
\u2013
Total
146
0.0
1633.
5
335.3
71.2
211.9
610.3
404.8
Carrying Contractual 6 months 6\u201312 More than
amount cash \ufb02ows or less months 1\u20132 years 2\u20135 years 5 years
2022 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Non-derivative \ufb01nancial
liabilities/(assets)
Senior term loans and notes
1,061.8
1,170.4
47.4
244.1
123.4
337.1
418.4
Other loans
(3.2)
0.8
\u2013
\u2013
\u2013
0.2
0.6
Trade payables (note 12)
172.8
172.8
164.2
7.9
0.7
\u2013
\u2013
Lease liabilities
322.2
409.2
41.4
39.1
61.2
106.5
161.0
Contingent consideration
(note\ue01e13)
17.2
17.2
2.8
\u2013
0.8
13.6
\u2013
1,570.8
1,770.4
255.8
291.1
186.1
457.4
580.0
Derivative \ufb01nancial
liabilities/(assets)
Foreign currency forwards
Out\ufb02ow
2.8
1,069.7
1,069.7
\u2013
\u2013
\u2013
\u2013
In\ufb02ow
(1.1)
(1,068.0)
(1,068.0)
\u2013
\u2013
\u2013
\u2013
1.7
1.7
1.7
\u2013
\u2013
\u2013
\u2013
Cross currency interest
rate swaps
Out\ufb02ow
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
In\ufb02ow
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Total
1,572.5
1,772.1
257.5
291.1
186.1
457.4
580.0
", "dimensions": { "concept": "ifrs-full:MaturityAnalysisForNonderivativeFinancialLiabilities", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-551": { "value": "
Carrying Contractual 6 months 6\u201312 More than
amount cash \ufb02ows or less months 1\u20132 years 2\u20135 years 5 years
2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Non-derivative \ufb01nancial
liabilities/(assets)
Senior term loans and notes
910.8
1,000.7
94.8
28.4
113.2
505.8
258.5
Other loans
(1.6)
0.8
\u2013
\u2013
\u2013
0.1
0.7
Trade payables (note 12)
205.3
205.3
199.3
5.5
0.5
\u2013
\u2013
Lease liabilities
307.8
392.1
41.6
38.3
62.2
104.4
145.6
Contingent consideration
(note\ue01e13)
35.6
35.6
\u2013
\u2013
35.6
\u2013
\u2013
1,457.9
1,634.5
335.7
72.2
211.5
610.3
404.8
Derivative \ufb01nancial
liabilities/(assets)
Foreign currency forwards
Out\ufb02ow
0.7
776.7
776.7
\u2013
\u2013
\u2013
\u2013
In\ufb02ow
(0.3)
(776.3)
(776.3)
\u2013
\u2013
\u2013
\u2013
0.4
0.4
0.4
\u2013
\u2013
\u2013
\u2013
Cross currency interest
rate swaps
Out\ufb02ow
1.7
96.4
0.2
0.2
96.0
\u2013
\u2013
In\ufb02ow
\u2013
( 97.8)
(1.0)
(1.2)
(95.6)
\u2013
\u2013
1.7
(1.4)
(0.8)
(1.0)
0.4
\u2013
\u2013
Total
146
0.0
1633.
5
335.3
71.2
211.9
610.3
404.8
Carrying Contractual 6 months 6\u201312 More than
amount cash \ufb02ows or less months 1\u20132 years 2\u20135 years 5 years
2022 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Non-derivative \ufb01nancial
liabilities/(assets)
Senior term loans and notes
1,061.8
1,170.4
47.4
244.1
123.4
337.1
418.4
Other loans
(3.2)
0.8
\u2013
\u2013
\u2013
0.2
0.6
Trade payables (note 12)
172.8
172.8
164.2
7.9
0.7
\u2013
\u2013
Lease liabilities
322.2
409.2
41.4
39.1
61.2
106.5
161.0
Contingent consideration
(note\ue01e13)
17.2
17.2
2.8
\u2013
0.8
13.6
\u2013
1,570.8
1,770.4
255.8
291.1
186.1
457.4
580.0
Derivative \ufb01nancial
liabilities/(assets)
Foreign currency forwards
Out\ufb02ow
2.8
1,069.7
1,069.7
\u2013
\u2013
\u2013
\u2013
In\ufb02ow
(1.1)
(1,068.0)
(1,068.0)
\u2013
\u2013
\u2013
\u2013
1.7
1.7
1.7
\u2013
\u2013
\u2013
\u2013
Cross currency interest
rate swaps
Out\ufb02ow
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
In\ufb02ow
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Total
1,572.5
1,772.1
257.5
291.1
186.1
457.4
580.0
", "dimensions": { "concept": "ifrs-full:MaturityAnalysisForDerivativeFinancialLiabilities", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-552": { "value": "Recognised assets and liabilities Changes in the fair value of foreign currency forwards that economically hedge monetary assets and liabilities in foreign currencies, and for which no hedge accounting is applied, are recognised in the income statement. Cash \ufb02ow hedge The Group holds a US$40m \ufb01xed interest rate USD private placement bond maturing in February 2025 and a US$80m \ufb01xed interest rate USD private placement bond maturing in December 2025. The nominal amount of these loans as at 31 December 2023 was \u00a393.8m (2022: \u00a3nil). The bonds are hedged using US$40m USD/CNH \ufb01xed-to-\ufb01xed cross currency swaps maturing in February 2025 and a US$80m USD/CNH \ufb01xed-to-\ufb01xed cross currency swaps maturing in December 2025. The cross currency interest rate swaps were bifurcated into two relationships: 1) A cash \ufb02ow hedge of foreign currency risk on US$120m borrowings; and 2) A net investment hedge of CNH 876m net assets of the Group. The weighted average exchange rates for the cross currency interest rates swaps were GBP/USD 1.2300 and GBP/CNH 8.9790. The timings of the cash \ufb02ows on both the hedging instrument and the borrowings re expected to match since the maturity pro\ufb01le and coupon pro\ufb01le for bond and hedge matches. In 2023, \u00a33.3m of the cash \ufb02ow hedge reserve was recycled through to the income statement to offset the impact of the hedged US$40m and US$80m bond. The remaining balance of the cash \ufb02ow hedge reserve is expected to be recycled through to the income statement up to the expiry of the bonds in February 2025 and December 2025 respectively. Hedge of net investment in foreign operations The Group\u2019s foreign currency denominated loans are designated as a hedge to protect the same amount of net investment in the Group\u2019s foreign currency operations and net assets, against adverse changes in exchange rates. The Group is exposed to foreign exchange risk exposure arising from its net investment in foreign currency operations and net assets. The Group uses a combination of debt and cross currency interest rate swaps to hedge foreign exchange risks. The Group\u2019s foreign currency denominated loans are designated as a hedge to protect the same amount of net investment in the Group\u2019s foreign currency operations and net assets, against adverse changes in exchange rates. The nominal amount of these loans as at 31 December 2023 was \u00a3817.0m (2022: \u00a31,061.8m). The Group\u2019s cross currency interest rate swaps are designated as hedge to protect the same amount of net investment in the Group\u2019s CNY net assets, against adverse changes in exchange rates. The nominal amount of these cross currency interest rates as at 31 December 2023 was \u00a393.8m (2022: nil). 189.6m USD/GBP foreign currency forwards were designated as a hedge to protect the same amount of net investment in the Group\u2019s USD operations and net assets, against adverse changes in exchange rates. The hedges remained outstanding as at 31 December 2021 and were settled during March 2022 A foreign exchange loss of \u00a358.8m (2022: \u00a3120.0m foreign exchange gain) was recognised in the translation reserve in equity, re\ufb02ecting the translation of the Group\u2019s foreign currency denominated loans to sterling and the impact of changes in fair value of the foreign currency forwards. The weighted average exchange rates of the borrowings designated as net investment hedge was GBP/USD 1.3906 and GBP/EUR 1.1525. The Group has the following hedging instruments:
Other comprehensive income
FX (gain)/
loss
Fair value recycled
gain/(loss) to the Hedges
31
Nominal Carrying 1 January deferred income closed in
December
amounts in value 2023 to OCI statement
year
2023
2023 local currency \u00a3m \u00a3m \u00a3m \u00a3m
\u00a3m
\u00a3m
Cash \ufb02ow hedges \u2013
foreign exchange and
interest rate risk
Cross currency interest rate
swaps- continuing
\u2013
\u2013
\u2013
(3.4)
3.3
\u2013
(0.1)
Hedges of net investment
in a foreign operation \u2013
foreign exchange risk
Forward currency forward
\u2013 discontinued
\u2013
\u2013
1.2
\u2013
\u2013
\u2013
1.2
Cross currency interest rate
swaps \u2013 continuing
\u2013
\u2013
\u2013
1.7
\u2013
\u2013
1.7
Cross currency interest rate
swaps \u2013 discontinued
\u2013
\u2013
(19.0)
\u2013
\u2013
\u2013
(19.0)
Foreign currency borrowings
\u2013 continuing
\u00a3910.8m
910.8
(145.5)
57.1
\u2013
(3.7)
(92.1)
Foreign currency borrowings
\u2013 discontinued
\u2013
\u2013
(195.3)
\u2013
\u2013
3.7
(191.6)
910.8
(358.6)
55.4
3.3
\u2013
(299.9)
The Group entered into AU$264m of foreign currency forwards which paid USD and received AUD, which matured in March 2022. The foreign currency forwards were bifurcated into two relationships: 1) a cash \ufb02ow hedge of AU$264m versus GBP foreign currency risk in AUD denominated borrowings; and 2) a net investment hedge of USD versus GBP foreign currency risk in USD denominated net assets of the Group. The weighted average exchange rates of the forwards were GBP/USD 1.3209 and GBP/AUD 1.8388. Other comprehensive income FX (gain)/ loss Fair value recycled gain/(loss) to the Hedges 31 Nominal Carrying 1 January deferred income closed in December amounts in value 2022 to OCI statement year 2022 local currency \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Cash \ufb02ow hedges \u2013 foreign exchange and interest rate risk Foreign currency forward \u2013 continuing \u2013 \u2013 \u2013 1.9 (1.9) \u2013 \u2013 Hedges of net investment in a foreign operation \u2013 foreign exchange risk Foreign currency forward \u2013 continuing \u2013 \u2013 3.0 (1.8) \u2013 (1.2) \u2013 Forward currency forward \u2013 discontinued \u2013 \u2013 \u2013 \u2013 \u2013 1.2 1.2 Cross currency interest rate swaps \u2013 discontinued \u2013 \u2013 (19.0) \u2013 \u2013 \u2013 (19.0) Foreign currency borrowings \u2013 continuing \u00a31,061.8m 1,061.8 (46.5) (118.2) \u2013 19.2 (145.5) Foreign currency borrowings \u2013 discontinued \u2013 \u2013 (176.1) \u2013 \u2013 (19.2) (195.3) 1,061.8 (238.6) (118.1) (1.9) \u2013 (358.6) The foreign currency forwards previously designated in discontinued hedge relationships were disclosed within other receivables in the statement of \ufb01nancial position. The cross currency interest rate swaps designated in hedge relationships are disclosed within other payables in the statement of \ufb01nancial position. Foreign currency denominated loans and their corresponding hedged items are matched and the Group expects highly effective hedging relationships. The change in value of the hedged item is used as the basis for recognising hedge ineffectiveness for the period. Net ineffectiveness on the net investment hedges recognised in the income statement was \u00a3nil. Hedge ineffectiveness may occur if there are insufficient net assets in foreign currency to match hedging instruments in the relevant currency. The hedge ratio for each designation will be established by comparing the quantity of the hedging instrument and the quantity of the hedged item to determine their relative weighting; for all of the Group\u2019s existing hedge relationships the hedge ratio has been determined as 1:1 The carrying values of the hedging instruments; US$840.0m senior notes and EUR\u20ac185.0m senior notes are included within borrowings within the statement of \ufb01nancial position. Fair value gains and losses on the hedging instruments designated in the cash \ufb02ow and net investment hedge s have been presented as \u2018fair value on cash \ufb02ow hedges\u2019 and \u2018net exchange on hedges of net investments in foreign operations\u2019 respectively within the statement of other comprehensive income. Foreign exchange losses of \u00a33.3m recycled from the cash \ufb02ow hedge reserve are presented in interest on borrowings within \ufb01nance expenses in the income statement. Sensitivity It is estimated that an increase of 10% in the value of sterling against the US dollar and Chinese renminbi (the main currencies impacting the Group) would have increased the Group\u2019s pro\ufb01t before tax for 2023 by approximately \u00a322.6m (2022: \u00a320.4m decrease). This analysis assumes all other variables remain constant. It is estimated that an increase of 10% in the value of sterling against the currencies of the hedging instruments would have increased OCI by approximately \u00a383.0m (2022: \u00a396.5m) which would be offset by the retranslation of the Group\u2019s investment in foreign operations in the same currencies. This analysis assumes all other variables remain constant. ", "dimensions": { "concept": "ifrs-full:DisclosureOfHedgeAccountingExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-547": { "value": "Recognised assets and liabilities Changes in the fair value of foreign currency forwards that economically hedge monetary assets and liabilities in foreign currencies, and for which no hedge accounting is applied, are recognised in the income statement. Cash \ufb02ow hedge The Group holds a US$40m \ufb01xed interest rate USD private placement bond maturing in February 2025 and a US$80m \ufb01xed interest rate USD private placement bond maturing in December 2025. The nominal amount of these loans as at 31 December 2023 was \u00a393.8m (2022: \u00a3nil). The bonds are hedged using US$40m USD/CNH \ufb01xed-to-\ufb01xed cross currency swaps maturing in February 2025 and a US$80m USD/CNH \ufb01xed-to-\ufb01xed cross currency swaps maturing in December 2025. The cross currency interest rate swaps were bifurcated into two relationships: 1) A cash \ufb02ow hedge of foreign currency risk on US$120m borrowings; and 2) A net investment hedge of CNH 876m net assets of the Group. The weighted average exchange rates for the cross currency interest rates swaps were GBP/USD 1.2300 and GBP/CNH 8.9790. The timings of the cash \ufb02ows on both the hedging instrument and the borrowings re expected to match since the maturity pro\ufb01le and coupon pro\ufb01le for bond and hedge matches. In 2023, \u00a33.3m of the cash \ufb02ow hedge reserve was recycled through to the income statement to offset the impact of the hedged US$40m and US$80m bond. The remaining balance of the cash \ufb02ow hedge reserve is expected to be recycled through to the income statement up to the expiry of the bonds in February 2025 and December 2025 respectively. Hedge of net investment in foreign operations The Group\u2019s foreign currency denominated loans are designated as a hedge to protect the same amount of net investment in the Group\u2019s foreign currency operations and net assets, against adverse changes in exchange rates. The Group is exposed to foreign exchange risk exposure arising from its net investment in foreign currency operations and net assets. The Group uses a combination of debt and cross currency interest rate swaps to hedge foreign exchange risks. The Group\u2019s foreign currency denominated loans are designated as a hedge to protect the same amount of net investment in the Group\u2019s foreign currency operations and net assets, against adverse changes in exchange rates. The nominal amount of these loans as at 31 December 2023 was \u00a3817.0m (2022: \u00a31,061.8m). The Group\u2019s cross currency interest rate swaps are designated as hedge to protect the same amount of net investment in the Group\u2019s CNY net assets, against adverse changes in exchange rates. The nominal amount of these cross currency interest rates as at 31 December 2023 was \u00a393.8m (2022: nil). 189.6m USD/GBP foreign currency forwards were designated as a hedge to protect the same amount of net investment in the Group\u2019s USD operations and net assets, against adverse changes in exchange rates. The hedges remained outstanding as at 31 December 2021 and were settled during March 2022 . A foreign exchange loss of \u00a358.8m (2022: \u00a3120.0m foreign exchange gain) was recognised in the translation reserve in equity, re\ufb02ecting the translation of the Group\u2019s foreign currency denominated loans to sterling and the impact of changes in fair value of the foreign currency forwards. The weighted average exchange rates of the borrowings designated as net investment hedge was GBP/USD 1.3906 and GBP/EUR 1.1525. The Group has the following hedging instruments:
Other comprehensive income
FX (gain)/
loss
Fair value recycled
gain/(loss) to the Hedges
31
Nominal Carrying 1 January deferred income closed in
December
amounts in value 2023 to OCI statement
year
2023
2023 local currency \u00a3m \u00a3m \u00a3m \u00a3m
\u00a3m
\u00a3m
Cash \ufb02ow hedges \u2013
foreign exchange and
interest rate risk
Cross currency interest rate
swaps- continuing
\u2013
\u2013
\u2013
(3.4)
3.3
\u2013
(0.1)
Hedges of net investment
in a foreign operation \u2013
foreign exchange risk
Forward currency forward
\u2013 discontinued
\u2013
\u2013
1.2
\u2013
\u2013
\u2013
1.2
Cross currency interest rate
swaps \u2013 continuing
\u2013
\u2013
\u2013
1.7
\u2013
\u2013
1.7
Cross currency interest rate
swaps \u2013 discontinued
\u2013
\u2013
(19.0)
\u2013
\u2013
\u2013
(19.0)
Foreign currency borrowings
\u2013 continuing
\u00a3910.8m
910.8
(145.5)
57.1
\u2013
(3.7)
(92.1)
Foreign currency borrowings
\u2013 discontinued
\u2013
\u2013
(195.3)
\u2013
\u2013
3.7
(191.6)
910.8
(358.6)
55.4
3.3
\u2013
(299.9)
The Group entered into AU$264m of foreign currency forwards which paid USD and received AUD, which matured in March 2022. The foreign currency forwards were bifurcated into two relationships: 1) a cash \ufb02ow hedge of AU$264m versus GBP foreign currency risk in AUD denominated borrowings; and 2) a net investment hedge of USD versus GBP foreign currency risk in USD denominated net assets of the Group. The weighted average exchange rates of the forwards were GBP/USD 1.3209 and GBP/AUD 1.8388. Other comprehensive income FX (gain)/ loss Fair value recycled gain/(loss) to the Hedges 31 Nominal Carrying 1 January deferred income closed in December amounts in value 2022 to OCI statement year 2022 local currency \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Cash \ufb02ow hedges \u2013 foreign exchange and interest rate risk Foreign currency forward \u2013 continuing \u2013 \u2013 \u2013 1.9 (1.9) \u2013 \u2013 Hedges of net investment in a foreign operation \u2013 foreign exchange risk Foreign currency forward \u2013 continuing \u2013 \u2013 3.0 (1.8) \u2013 (1.2) \u2013 Forward currency forward \u2013 discontinued \u2013 \u2013 \u2013 \u2013 \u2013 1.2 1.2 Cross currency interest rate swaps \u2013 discontinued \u2013 \u2013 (19.0) \u2013 \u2013 \u2013 (19.0) Foreign currency borrowings \u2013 continuing \u00a31,061.8m 1,061.8 (46.5) (118.2) \u2013 19.2 (145.5) Foreign currency borrowings \u2013 discontinued \u2013 \u2013 (176.1) \u2013 \u2013 (19.2) (195.3) 1,061.8 (238.6) (118.1) (1.9) \u2013 (358.6) The foreign currency forwards previously designated in discontinued hedge relationships were disclosed within other receivables in the statement of \ufb01nancial position. The cross currency interest rate swaps designated in hedge relationships are disclosed within other payables in the statement of \ufb01nancial position. Foreign currency denominated loans and their corresponding hedged items are matched and the Group expects highly effective hedging relationships. The change in value of the hedged item is used as the basis for recognising hedge ineffectiveness for the period. Net ineffectiveness on the net investment hedges recognised in the income statement was \u00a3nil. Hedge ineffectiveness may occur if there are insufficient net assets in foreign currency to match hedging instruments in the relevant currency. The hedge ratio for each designation will be established by comparing the quantity of the hedging instrument and the quantity of the hedged item to determine their relative weighting; for all of the Group\u2019s existing hedge relationships the hedge ratio has been determined as 1:1 The carrying values of the hedging instruments; US$840.0m senior notes and EUR\u20ac185.0m senior notes are included within borrowings within the statement of \ufb01nancial position. Fair value gains and losses on the hedging instruments designated in the cash \ufb02ow and net investment hedge s have been presented as \u2018fair value on cash \ufb02ow hedges\u2019 and \u2018net exchange on hedges of net investments in foreign operations\u2019 respectively within the statement of other comprehensive income. Foreign exchange losses of \u00a33.3m recycled from the cash \ufb02ow hedge reserve are presented in interest on borrowings within \ufb01nance expenses in the income statement. Sensitivity It is estimated that an increase of 10% in the value of sterling against the US dollar and Chinese renminbi (the main currencies impacting the Group) would have increased the Group\u2019s pro\ufb01t before tax for 2023 by approximately \u00a322.6m (2022: \u00a320.4m decrease). This analysis assumes all other variables remain constant. It is estimated that an increase of 10% in the value of sterling against the currencies of the hedging instruments would have increased OCI by approximately \u00a383.0m (2022: \u00a396.5m) which would be offset by the retranslation of the Group\u2019s investment in foreign operations in the same currencies. This analysis assumes all other variables remain constant. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-476": { "value": "15 Capital and reserves Accounting policy Dividends Interim dividends are recognised as a movement in equity when they are paid. Final dividends are reported as a movement in equity in the year in which they are approved by the shareholders. Own shares held by the Employee Share Ownership Trust (\u2018ESOT\u2019) Transactions of the Group-sponsored ESOT are included in the Group \ufb01nancial statements. In particular, the Trust\u2019s purchases of shares in the Company are debited directly in equity to retained earnings . Share capital
2023 2023 2022
Group and Company number \u00a3m \u00a3m
Allotted, called up and fully paid:
Ordinary shares of 1p each at start of year
161,393,127
1.6
1.6
Share awards
\u2013
-
\u2013
Ordinary shares of 1p each at end of year
161,393,127
1.6
1.6
Shares classi\ufb01ed in shareholders\u2019 funds
1.6
1.6
The holders of ordinary shares are entitled to receive dividends and are entitled to vote at general meetings of the Company. During the year, the Company issued nil (2022: nil) ordinary shares in respect of all share plans. Purchase of own shares for trust During the year ended 31 December 2023, the Company \ufb01nanced the purchase of 278,751 (2022: 45,000) of its own shares with an aggregate nominal value of \u00a32,788 (2022: \u00a3450) for \u00a311.6m (2022: \u00a32.3m) which was charged to retained earnings in equity and was held by the ESOT. This trust is managed by an independent offshore trustee. During the year, 261,359 shares were utilised to satisfy the vesting of share awards (note 17). At 31 December 2023, the ESOT held 149,799 shares (2022: 132,407 shares) with an aggregate nominal value of \u00a31,498 (2022: \u00a31,324). The associated cash out\ufb02ow of \u00a311.6m (2022: \u00a32.3m) has been presented as a \ufb01nancing cash \ufb02ow.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-573": { "value": "Dividends Interim dividends are recognised as a movement in equity when they are paid. Final dividends are reported as a movement in equity in the year in which they are approved by the shareholders. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-520": { "value": "Own shares held by the Employee Share Ownership Trust (\u2018ESOT\u2019) Transactions of the Group-sponsored ESOT are included in the Group \ufb01nancial statements. In particular, the Trust\u2019s purchases of shares in the Company are debited directly in equity to retained earnings ", "dimensions": { "concept": "intertekgroupplc:DescriptionOfAccountingPolicyForPurchaseOfOwnShares", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-501": { "value": "
Share capital
2023 2023 2022
Group and Company number \u00a3m \u00a3m
Allotted, called up and fully paid:
Ordinary shares of 1p each at start of year
161,393,127
1.6
1.6
Share awards
\u2013
-
\u2013
Ordinary shares of 1p each at end of year
161,393,127
1.6
1.6
Shares classi\ufb01ed in shareholders\u2019 funds
1.6
1.6
The holders of ordinary shares are entitled to receive dividends and are entitled to vote at general meetings
of the Company.
During the year, the Company issued nil (2022: nil) ordinary shares in respect of all share plans.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-502": { "value": "Purchase of own shares for trust During the year ended 31 December 2023, the Company \ufb01nanced the purchase of 278,751 (2022: 45,000) of its own shares with an aggregate nominal value of \u00a32,788 (2022: \u00a3450) for \u00a311.6m (2022: \u00a32.3m) which was charged to retained earnings in equity and was held by the ESOT. This trust is managed by an independent offshore trustee. During the year, 261,359 shares were utilised to satisfy the vesting of share awards (note 17). At 31 December 2023, the ESOT held 149,799 shares (2022: 132,407 shares) with an aggregate nominal value of \u00a31,498 (2022: \u00a31,324). The associated cash out\ufb02ow of \u00a311.6m (2022: \u00a32.3m) has been presented as a \ufb01nancing cash \ufb02ow.", "dimensions": { "concept": "intertekgroupplc:DisclosureOfPurchaseOfOwnShares", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-572": { "value": "Fair values The table below provides a comparison of book values and corresponding fair values of all the Group\u2019s \ufb01nancia l instruments by class.
Book value Fair value Book value Fair value
2023 2023 2022 2022
\u00a3m \u00a3m \u00a3m \u00a3m
Financial assets
Cash and cash equivalents
298.6
298.6
320.7
320.7
Trade receivables (note\ue01e11)
526.6
526.6
532.3
532.3
Foreign currency forwards*
0.3
0.3
1.1
1.1
Total \ufb01nancial assets
825.5
825.5
854.1
854.1
Financial liabilities
Interest-bearing loans and borrowings
909.2
817.3
1,058.6
936.8
Trade payables (note 12)
205.3
205.3
172.8
172.8
Foreign currency forwards*
0.7
0.7
2.8
2.8
Cross currency interest rate swaps*
1.7
1.7
\u2013
\u2013
Contingent consideration**
35.6
35.6
17. 2
17.2
Total \ufb01nancial liabilities
1
152.5
106
0.6
1,251.4
1,129.6
* Cross currency interest rate swaps and foreign currency forwards are categorised as Level 2, under which the fair value is measured using inputs other than quoted prices observable for the asset or liability, either directly or indirectly. ** Contingent consideration is categorised as Level 3 under which the fair value is measured using unobservable inputs \u2013 being the EBITDA performance of the acquired companies. Level 1: Quoted prices (unadjusted) 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 directly (that is, as prices) or indirectly (that is, derived from prices). Level 3: Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs). ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-541": { "value": "The table below provides a comparison of book values and corresponding fair values of all the Group\u2019s \ufb01nancia instruments by class.
Book value Fair value Book value Fair value
2023 2023 2022 2022
\u00a3m \u00a3m \u00a3m \u00a3m
Financial assets
Cash and cash equivalents
298.6
298.6
320.7
320.7
Trade receivables (note\ue01e11)
526.6
526.6
532.3
532.3
Foreign currency forwards*
0.3
0.3
1.1
1.1
Total \ufb01nancial assets
825.5
825.5
854.1
854.1
Financial liabilities
Interest-bearing loans and borrowings
909.2
817.3
1,058.6
936.8
Trade payables (note 12)
205.3
205.3
172.8
172.8
Foreign currency forwards*
0.7
0.7
2.8
2.8
Cross currency interest rate swaps*
1.7
1.7
\u2013
\u2013
Contingent consideration**
35.6
35.6
17. 2
17.2
Total \ufb01nancial liabilities
1
152.5
106
0.6
1,251.4
1,129.6
* Cross currency interest rate swaps and foreign currency forwards are categorised as Level 2, under which the fair value is measured using inputs other than quoted prices observable for the asset or liability, either directly or indirectly. ** Contingent consideration is categorised as Level 3 under which the fair value is measured using unobservable inputs \u2013 being the EBITDA performance of the acquired companies. Level 1: Quoted prices (unadjusted) 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 directly (that is, as prices) or indirectly (that is, derived from prices). Level 3: Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs). ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-574": { "value": "Intertek Group plc 35 De\ufb01ned contribution plans A de\ufb01ned contribution plan is a post-employment bene\ufb01t plan under which an entity pays \ufb01xed contributions into a separate entity and will have no legal or constructive obligation to pay further amounts. Obligations for contributions to de\ufb01ned contribution pension plans are recognised as an employee bene\ufb01t expense in the income statement as incurred. De\ufb01ned bene\ufb01t plans A de\ufb01ned bene\ufb01t plan is a post-employment bene\ufb01t plan other than a de\ufb01ned contribution plan. The Group\u2019s net obligation in respect of material de\ufb01ned bene\ufb01t pension plans is calculated separately for each plan by estimating the amount of future bene\ufb01t that employees have earned in return for their service in the current and prior years; that bene\ufb01t is discounted to determine its present value. The fair value of any plan assets is deducted.
In calculating the de\ufb01ned bene\ufb01t surplus or de\ufb01cit, the discount rate is the yield at the reporting date on AA
credit-rated bonds that have maturity dates approximating the terms of the Group\u2019s obligations and that are
denominated in the same currency in which the bene\ufb01ts are expected to be paid. The calculation is performed
annually by a quali\ufb01ed actuary using the projected unit credit method.
The increase in the present value of the liabilities expected to arise from the employees\u2019 services in the
accounting period is charged to the operating pro\ufb01t in the income statement. The expected return on the
schemes\u2019 assets and the interest on the present value of the schemes\u2019 liabilities, during the accounting period,
are shown as \ufb01nance income and \ufb01nance expense, respectively.
The Group operates a number of pension schemes throughout the world. In most locations, these are de\ufb01ned
contribution arrangements. However, there are signi\ufb01cant de\ufb01ned bene\ufb01t schemes in the United Kingdom
and Switzerland. The United Kingdom Scheme is funded, with assets held in separate trustee-administered
funds and the Switzerland Scheme is an insured scheme. The scheme in the United Kingdom was closed to new
entrants in 2002. Other funded de\ufb01ned bene\ufb01t schemes are not considered to be material and are therefore
accounted for as if they were de\ufb01ned contribution schemes.
In line with IAS 19 and IFRIC 14, if a scheme has a surplus this is recognised on the statement of \ufb01nancial
position if the economic bene\ufb01t is available to the Group as a result of the surplus. Economic bene\ufb01t is de\ufb01ned
as when an entity has an unconditional right to a refund from the scheme whilst the scheme is ongoing; or
assuming the gradual settlement of the scheme liabilities over time until all members have left the scheme/
died; or assuming the full settlement of the scheme\u2019s liabilities in a single event. In the event of a surplus,
the relevant scheme rules will be reviewed in line with IFRIC 14 and a legal opinion obtained to identify if the
surplus can be recognised by the Group.
The Group recognises all actuarial remeasurements in each year in equity through the consolidated statement
of comprehensive income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-503": { "value": "
2023 2022
2023 Pence per 2022 Pence per
Dividends \u00a3m share \u00a3m share
Amounts recognised as distributions to equity holders:
Final dividend for the year ended 31 December 2021
\u2013
\u2013
115.5
71.6
Interim dividend for the year ended 31 December 2022
\u2013
\u2013
55.1
34.2
Final dividend for the year ended 31 December 2022
115.5
71 . 6
\u2013
\u2013
Interim dividend for the year ended 31 December 2023
60.8
37.7
\u2013
\u2013
Dividends paid
176.3
109.3
170.6
105.8
After the reporting date, the Directors proposed a \ufb01nal dividend of 7 4.0p per share in respect of the year
ended 31 December 2023, which is expected to amount to \u00a3120.2m. This dividend is subject to approval
by shareholders at the Annual General Meeting and therefore, in accordance with IAS 10 Events After the
Reporting Date, it has not been included as a liability in these \ufb01nancial statements. If approved, the \ufb01nal
dividend will be paid to shareholders on 21 June 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-522": { "value": "0.716", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:2138003GAT25WW1RN369", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-521": { "value": "0.716", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:2138003GAT25WW1RN369", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-524": { "value": "74", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-477": { "value": "16 Employee bene\ufb01ts Accounting policy Pension schemes De\ufb01ned contribution plans A de\ufb01ned contribution plan is a post-employment bene\ufb01t plan under which an entity pays \ufb01xed contributions into a separate entity and will have no legal or constructive obligation to pay further amounts. Obligations for contributions to de\ufb01ned contribution pension plans are recognised as an employee bene\ufb01t expense in the income statement as incurred. De\ufb01ned bene\ufb01t plans A de\ufb01ned bene\ufb01t plan is a post-employment bene\ufb01t plan other than a de\ufb01ned contribution plan. The Group\u2019s net obligation in respect of material de\ufb01ned bene\ufb01t pension plans is calculated separately for each plan by estimating the amount of future bene\ufb01t that employees have earned in return for their service in the current and prior years; that bene\ufb01t is discounted to determine its present value. The fair value of any plan assets is deducted. In calculating the de\ufb01ned bene\ufb01t surplus or de\ufb01cit, the discount rate is the yield at the reporting date on AA credit-rated bonds that have maturity dates approximating the terms of the Group\u2019s obligations and that are denominated in the same currency in which the bene\ufb01ts are expected to be paid. The calculation is performed annually by a quali\ufb01ed actuary using the projected unit credit method. The increase in the present value of the liabilities expected to arise from the employees\u2019 services in the accounting period is charged to the operating pro\ufb01t in the income statement. The expected return on the schemes\u2019 assets and the interest on the present value of the schemes\u2019 liabilities, during the accounting period, are shown as \ufb01nance income and \ufb01nance expense, respectively. The Group operates a number of pension schemes throughout the world. In most locations, these are de\ufb01ned contribution arrangements. However, there are signi\ufb01cant de\ufb01ned bene\ufb01t schemes in the United Kingdom and Switzerland. The United Kingdom Scheme is funded, with assets held in separate trustee-administered funds and the Switzerland Scheme is an insured scheme. The scheme in the United Kingdom was closed to new entrants in 2002. Other funded de\ufb01ned bene\ufb01t schemes are not considered to be material and are therefore accounted for as if they were de\ufb01ned contribution schemes. In line with IAS 19 and IFRIC 14, if a scheme has a surplus this is recognised on the statement of \ufb01nancial position if the economic bene\ufb01t is available to the Group as a result of the surplus. Economic bene\ufb01t is de\ufb01ned as when an entity has an unconditional right to a refund from the scheme whilst the scheme is ongoing; or assuming the gradual settlement of the scheme liabilities over time until all members have left the scheme/ died; or assuming the full settlement of the scheme\u2019s liabilities in a single event. In the event of a surplus, the relevant scheme rules will be reviewed in line with IFRIC 14 and a legal opinion obtained to identify if the surplus can be recognised by the Group. The Group recognises all actuarial remeasurements in each year in equity through the consolidated statement of comprehensive income. Total pension cost The total pension cost included in operating pro\ufb01t for the Group was:
2023 2022
\u00a3m \u00a3m
De\ufb01ned contribution schemes
(59.8)
(59.6)
De\ufb01ned bene\ufb01t schemes \u2013 current service cost and administration expenses
(1.2)
(1.9)
Pension cost included in operating pro\ufb01t (note\ue01e5)
(61.0)
(61.5)
The pension cost for the de\ufb01ned bene\ufb01t schemes was assessed in accordance with the advice of quali\ufb01ed actuaries. The last full triennial actuarial valuation of The Intertek Pension Scheme in the United Kingdom (\u2018United Kingdom Scheme\u2019) was carried out as at 31 March 2022, and for IAS 19 accounting purposes has been updated to 31 December 2023. The Switzerland Scheme was valued for IAS 19 purposes as at 31 December 2023. The average duration of the schemes\u2019 liabilities is 13 years for the United Kingdom Scheme and 16 years for the Switzerland Scheme.
The fair value changes in the scheme assets are shown below:
2023 2022
\u00a3m \u00a3m
Fair value of scheme assets at 1 January
121.1
155.4
Interest income
5.5
2.7
Normal contributions by the employer
1.4
1.3
Special contributions by the employer
\u2013
2.0
Contributions by scheme participants
0.6
0.6
Bene\ufb01ts paid
(4.9)
(4.2)
Effect of exchange rate changes on overseas schemes
0.4
1.5
Remeasurements
2.5
(29.8)
Scheme administration expenses
(0.4)
(0.4)
Settlements*
\u2013
(8.0)
Fair value of scheme assets at 31 December
126.2
121.1
* Settlements represent transfer to the reinsurer of assets and legal obligations related to the bene\ufb01ts provided to inactive members of part
of the Switzerland Scheme.
Asset allocation
Investment statements were provided by the investment managers which showed that, as at 31 December
2023, the invested assets of the United Kingdom Scheme totalled \u00a3111.8m (2022: \u00a3108.2m), broken down
as follows:
United Kingdom Scheme
2023 2022
Asset class \u00a3m \u00a3m
Equities
44.5
44.2
Property
3.1
4.5
Liability-Driven Investment (\u2018LDI\u2019)*
12.2
11.8
Corporate debt instruments
46.6
37.9
Cash
5.4
9.8
Total
111.8
108.2
* Investments are included at fair value. The pooled investment vehicles are held under a managed fund policy in the name of the Scheme.
Pooled investment vehicles (including the LDI Fund) which are not traded on active markets, but where the investment manager has provided
a monthly trading price, are valued using the last single price, provided by the investment manager at or before the year-end. The LDI Fund
provides the hedge against adverse movements in in\ufb02ation and interest rates. It seeks to match the sensitivity of the Scheme\u2019s liability cash
\ufb02ow to changes in interest rates and in\ufb02ation; it is invested in gilts, swaps, futures, repo contracts and money market instruments.
During February 2024, following a review of the Scheme\u2019s investment strategy and funding level, the Trustee
agreed to changes to the Scheme\u2019s asset allocation by class. These changes, which will be completed by June
2024, will reduce future funding level volatility and de-risk the Scheme\u2019s strategy by investing in assets that
in aggregate will broadly match movements in liabilities. The change to asset classes does not incur material
costs to the Scheme.
De\ufb01ned bene\ufb01t schemes
The cost of de\ufb01ned bene\ufb01t schemes
The amounts recognised in the income statement were as follows:
2023 2022
\u00a3m \u00a3m
Current service cost
(0.8)
(1.5)
Scheme administration expenses
(0.4)
(0.4)
Net pension interest income (note\ue01e14)
1.0
0.1
Total charge
(0.2)
(1.8)
The current service cost and scheme administration expenses are included in operating costs in the income
statement and pension interest cost and interest income are included in net \ufb01nancing costs.
Included in other comprehensive income:
2023 2022
\u00a3m \u00a3m
Remeasurements arising from:
Demographic assumptions
0.2
(0.6)
Financial assumptions
(5.4)
52.3
Experience adjustment
(0.5)
(5.3)
Asset valuation
2.5
(29.8)
Other
0.6
0.8
Total
(2.6)
17.4
Company contributions
In 2022 the Company assessed the triennial actuarial valuation for the United Kingdom Scheme and its impact
on the scheme funding plan in 2022 and future years. In 2024 the Group expects to make normal contributions
of \u00a30.6m (2023: \u00a30.6m) and a special contribution of \u00a3nil (2023: \u00a3nil). The next triennial valuation is due to
take place as at 31 March 2025 and will include a review of the Company\u2019s future contribution requirements.
Pension asset/liability for de\ufb01ned bene\ufb01t schemes
The amounts recognised in the statement of \ufb01nancial position for de\ufb01ned bene\ufb01t schemes were as follows:
United
Kingdom Switzerland
Scheme Scheme Total
31 December 2023 \u00a3m \u00a3m \u00a3m
Fair value of scheme assets
111.8
14.4
126.2
Present value of funded de\ufb01ned bene\ufb01t obligations
(90.0)
(19.2)
(109.2)
Surplus/(de\ufb01cit) in schemes
21.8
(4.8)
17.0
Life expectancy assumptions at year-end for:
United Kingdom Scheme
Switzerland Scheme
2023
2022
2023
2022
Male aged 40
48.3
48.4
49.5
49.4
Male aged 65
21.6
21.7
22.0
22.0
Female aged 40
50.4
50.6
51.1
51.0
Female aged 65
23.7
23.8
23.8
23.7
The table above shows, for the United Kingdom Scheme, the number of years a male or female is expected
to live, assuming they were aged either 40 (and lives to 65) or 65 at 31 December. The mortality tables
adopted in 2023 for the United Kingdom Scheme are S3PA tables, based on the CMI 2022 mortality projection
model with a 1.25% long-term annual rate for future improvements. In 2022 the S3PA tables were used, based
on the CMI 2021 mortality projection model with a 1.25% long-term annual rate for future improvement. For
the Switzerland Scheme, the mortality table adopted in 2023 and 2022 is the BVG 2020, an industry standard
in Switzerland which is based on statistical evidence of major Switzerland pension funds.
Sensitivity analysis
The table below sets out the sensitivity on the United Kingdom pension assets and liabilities as at
31 December 2023 of the two main assumptions:
United Kingdom Scheme
Increase/
(decrease) in
surplus/
Liabilities de\ufb01cit
Change in assumptions \u00a3m \u00a3m
No change
90.0
\u2013
0.25% rise in discount rate
87.2
(2.8)
0.25% fall in discount rate
93.0
3.0
0.25% rise in in\ufb02ation
91.4
1.4
0.25% fall in in\ufb02ation
88.5
(1.5)
The United Kingdom Scheme is also subject to the mortality assumption. If the mortality tables used are rated
up/down one year, the value placed on the liabilities increases by \u00a33.4m and decreases by \u00a33.4m, respectively.
Funding arrangements
United Kingdom Scheme
The Trustees use the projected unit credit method with a three-year control period. Currently the scheme
members pay contributions at the rate of 8.5% of salary. The employer pays contributions of 18.5% of salary,
plus \u00a30.2m per year to fund scheme expenses. The employer has not made any additional contributions in
2023 as a result of the surplus disclosed by the 2022 valuation.
The United Kingdom Scheme had bank account assets of \u00a32.4m as at 31 December 2023 (2022: \u00a39.6m).
The United Kingdom Scheme invested assets comprising both quoted and unquoted assets. The value of
quoted assets in 2023 was \u00a311.4m (2022: \u00a311.7m), included within equities in the above table, with the
remaining assets being unquoted. The invested assets of the Switzerland Scheme comprise cash in savings
and contribution accounts. The Switzerland Scheme is fully insured.
Changes in the present value of the de\ufb01ned bene\ufb01t obligations were as follows:
2023 2022
\u00a3m \u00a3m
De\ufb01ned bene\ufb01t obligations at 1 January
102.0
154.0
Current service cost
0.8
1.5
Interest cost
4.4
2.6
Contributions by scheme participants
0.7
0.7
Bene\ufb01ts paid
(4.9)
(4.2)
Effect of exchange rate changes on overseas schemes
0.5
1.8
Remeasurements
5.7
(46.4)
Settlements
\u2013
(8.0)
De\ufb01ned bene\ufb01t obligations at 31 December
109.2
102.0
Principal actuarial assumptions:
United Kingdom Scheme
Switzerland Scheme
2023 2022 2023 2022
% % % %
Discount rate
4.6
4.85
1.4
2.3
In\ufb02ation rate (based on CPI)
2.05
2.1
n/a
n/a
Rate of salary increases
\u2013
\u2013
1.75
1.75
Rate of pension increases:
CPI subject to a maximum of 5% p.a.
2.1
2.15
n/a
n/a
Increases subject to a maximum of 2.5% p.a.
1.7
1.7
n/a
n/a
The Switzerland Scheme is an insured plan.
Funding risks
The main risks for the schemes are:
Investment return risk: If the assets underperform the returns assumed in setting the funding
targets then additional contributions may be required at subsequent
valuations.
Investment matching risk: The schemes invest signi\ufb01cantly in equities, whereas the funding targets are
closely related to the returns on bonds. If equities fall in value relative to the
matching asset of bonds, additional contributions may be required.
Longevity risk: If future improvements in longevity exceed the assumptions made for
scheme funding then additional contributions may be required.
Role of third parties
The United Kingdom Scheme is managed by Trustees on behalf of its members. The Trustees take advice
from appropriate third parties including investment advisers, actuaries and lawyers as necessary.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-523": { "value": "De\ufb01ned contribution plans A de\ufb01ned contribution plan is a post-employment bene\ufb01t plan under which an entity pays \ufb01xed contributions into a separate entity and will have no legal or constructive obligation to pay further amounts. Obligations for contributions to de\ufb01ned contribution pension plans are recognised as an employee bene\ufb01t expense in the income statement as incurred. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-504": { "value": "De\ufb01ned bene\ufb01t schemes The cost of de\ufb01ned bene\ufb01t schemes The amounts recognised in the income statement were as follows:
2023 2022
\u00a3m \u00a3m
Current service cost
(0.8)
(1.5)
Scheme administration expenses
(0.4)
(0.4)
Net pension interest income (note\ue01e14)
1.0
0.1
Total charge
(0.2)
(1.8)
The current service cost and scheme administration expenses are included in operating costs in the income statement and pension interest cost and interest income are included in net \ufb01nancing costs. Included in other comprehensive income:
2023 2022
\u00a3m \u00a3m
Remeasurements arising from:
Demographic assumptions
0.2
(0.6)
Financial assumptions
(5.4)
52.3
Experience adjustment
(0.5)
(5.3)
Asset valuation
2.5
(29.8)
Other
0.6
0.8
Total
(2.6)
17.4
Company contributions In 2022 the Company assessed the triennial actuarial valuation for the United Kingdom Scheme and its impact on the scheme funding plan in 2022 and future years. In 2024 the Group expects to make normal contributions of \u00a30.6m (2023: \u00a30.6m) and a special contribution of \u00a3nil (2023: \u00a3nil). The next triennial valuation is due to take place as at 31 March 2025 and will include a review of the Company\u2019s future contribution requirements. Pension asset/liability for de\ufb01ned bene\ufb01t schemes The amounts recognised in the statement of \ufb01nancial position for de\ufb01ned bene\ufb01t schemes were as follows:
United
Kingdom Switzerland
Scheme Scheme Total
31 December 2023 \u00a3m \u00a3m \u00a3m
Fair value of scheme assets
111.8
14.4
126.2
Present value of funded de\ufb01ned bene\ufb01t obligations
(90.0)
(19.2)
(109.2)
Surplus/(de\ufb01cit) in schemes
21.8
(4.8)
17.0
The fair value changes in the scheme assets are shown below:
2023 2022
\u00a3m \u00a3m
Fair value of scheme assets at 1 January
121.1
155.4
Interest income
5.5
2.7
Normal contributions by the employer
1.4
1.3
Special contributions by the employer
\u2013
2.0
Contributions by scheme participants
0.6
0.6
Bene\ufb01ts paid
(4.9)
(4.2)
Effect of exchange rate changes on overseas schemes
0.4
1.5
Remeasurements
2.5
(29.8)
Scheme administration expenses
(0.4)
(0.4)
Settlements*
\u2013
(8.0)
Fair value of scheme assets at 31 December
126.2
121.1
* Settlements represent transfer to the reinsurer of assets and legal obligations related to the bene\ufb01ts provided to inactive members of part of the Switzerland Scheme. Asset allocation Investment statements were provided by the investment managers which showed that, as at 31 December 2023, the invested assets of the United Kingdom Scheme totalled \u00a3111.8m (2022: \u00a3108.2m), broken down as follows:
United Kingdom Scheme
2023 2022
Asset class \u00a3m \u00a3m
Equities
44.5
44.2
Property
3.1
4.5
Liability-Driven Investment (\u2018LDI\u2019)*
12.2
11.8
Corporate debt instruments
46.6
37.9
Cash
5.4
9.8
Total
111.8
108.2
* Investments are included at fair value. The pooled investment vehicles are held under a managed fund policy in the name of the Scheme. Pooled investment vehicles (including the LDI Fund) which are not traded on active markets, but where the investment manager has provided a monthly trading price, are valued using the last single price, provided by the investment manager at or before the year-end. The LDI Fund provides the hedge against adverse movements in in\ufb02ation and interest rates. It seeks to match the sensitivity of the Scheme\u2019s liability cash \ufb02ow to changes in interest rates and in\ufb02ation; it is invested in gilts, swaps, futures, repo contracts and money market instruments. During February 2024, following a review of the Scheme\u2019s investment strategy and funding level, the Trustee agreed to changes to the Scheme\u2019s asset allocation by class. These changes, which will be completed by June 2024, will reduce future funding level volatility and de-risk the Scheme\u2019s strategy by investing in assets that in aggregate will broadly match movements in liabilities. The change to asset classes does not incur material costs to the Scheme. Life expectancy assumptions at year-end for:
United Kingdom Scheme
Switzerland Scheme
2023
2022
2023
2022
Male aged 40
48.3
48.4
49.5
49.4
Male aged 65
21.6
21.7
22.0
22.0
Female aged 40
50.4
50.6
51.1
51.0
Female aged 65
23.7
23.8
23.8
23.7
The table above shows, for the United Kingdom Scheme, the number of years a male or female is expected to live, assuming they were aged either 40 (and lives to 65) or 65 at 31 December. The mortality tables adopted in 2023 for the United Kingdom Scheme are S3PA tables, based on the CMI 2022 mortality projection model with a 1.25% long-term annual rate for future improvements. In 2022 the S3PA tables were used, based on the CMI 2021 mortality projection model with a 1.25% long-term annual rate for future improvement. For the Switzerland Scheme, the mortality table adopted in 2023 and 2022 is the BVG 2020, an industry standard in Switzerland which is based on statistical evidence of major Switzerland pension funds. Sensitivity analysis The table below sets out the sensitivity on the United Kingdom pension assets and liabilities as at 31 December 2023 of the two main assumptions:
United Kingdom Scheme
Increase/
(decrease) in
surplus/
Liabilities de\ufb01cit
Change in assumptions \u00a3m \u00a3m
No change
90.0
\u2013
0.25% rise in discount rate
87.2
(2.8)
0.25% fall in discount rate
93.0
3.0
0.25% rise in in\ufb02ation
91.4
1.4
0.25% fall in in\ufb02ation
88.5
(1.5)
The United Kingdom Scheme is also subject to the mortality assumption. If the mortality tables used are rated up/down one year, the value placed on the liabilities increases by \u00a33.4m and decreases by \u00a33.4m, respectively. Funding arrangements United Kingdom Scheme The Trustees use the projected unit credit method with a three-year control period. Currently the scheme members pay contributions at the rate of 8.5% of salary. The employer pays contributions of 18.5% of salary, plus \u00a30.2m per year to fund scheme expenses. The employer has not made any additional contributions in 2023 as a result of the surplus disclosed by the 2022 valuation. The United Kingdom Scheme had bank account assets of \u00a32.4m as at 31 December 2023 (2022: \u00a39.6m). The United Kingdom Scheme invested assets comprising both quoted and unquoted assets. The value of quoted assets in 2023 was \u00a311.4m (2022: \u00a311.7m), included within equities in the above table, with the remaining assets being unquoted. The invested assets of the Switzerland Scheme comprise cash in savings and contribution accounts. The Switzerland Scheme is fully insured. Changes in the present value of the de\ufb01ned bene\ufb01t obligations were as follows:
2023 2022
\u00a3m \u00a3m
De\ufb01ned bene\ufb01t obligations at 1 January
102.0
154.0
Current service cost
0.8
1.5
Interest cost
4.4
2.6
Contributions by scheme participants
0.7
0.7
Bene\ufb01ts paid
(4.9)
(4.2)
Effect of exchange rate changes on overseas schemes
0.5
1.8
Remeasurements
5.7
(46.4)
Settlements
\u2013
(8.0)
De\ufb01ned bene\ufb01t obligations at 31 December
109.2
102.0
Principal actuarial assumptions:
United Kingdom Scheme
Switzerland Scheme
2023 2022 2023 2022
% % % %
Discount rate
4.6
4.85
1.4
2.3
In\ufb02ation rate (based on CPI)
2.05
2.1
n/a
n/a
Rate of salary increases
\u2013
\u2013
1.75
1.75
Rate of pension increases:
CPI subject to a maximum of 5% p.a.
2.1
2.15
n/a
n/a
Increases subject to a maximum of 2.5% p.a.
1.7
1.7
n/a
n/a
The Switzerland Scheme is an insured plan. Funding risks The main risks for the schemes are: Investment return risk: If the assets underperform the returns assumed in setting the funding targets then additional contributions may be required at subsequent valuations. Investment matching risk: The schemes invest signi\ufb01cantly in equities, whereas the funding targets are closely related to the returns on bonds. If equities fall in value relative to the matching asset of bonds, additional contributions may be required. Longevity risk: If future improvements in longevity exceed the assumptions made for scheme funding then additional contributions may be required. Role of third parties The United Kingdom Scheme is managed by Trustees on behalf of its members. The Trustees take advice from appropriate third parties including investment advisers, actuaries and lawyers as necessary.", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-525": { "value": "Pension asset/liability for de\ufb01ned bene\ufb01t schemes The amounts recognised in the statement of \ufb01nancial position for de\ufb01ned bene\ufb01t schemes were as follows:
United
Kingdom Switzerland
Scheme Scheme Total
31 December 2023 \u00a3m \u00a3m \u00a3m
Fair value of scheme assets
111.8
14.4
126.2
Present value of funded de\ufb01ned bene\ufb01t obligations
(90.0)
(19.2)
(109.2)
Surplus/(de\ufb01cit) in schemes
21.8
(4.8)
17.0
The fair value changes in the scheme assets are shown below:
2023 2022
\u00a3m \u00a3m
Fair value of scheme assets at 1 January
121.1
155.4
Interest income
5.5
2.7
Normal contributions by the employer
1.4
1.3
Special contributions by the employer
\u2013
2.0
Contributions by scheme participants
0.6
0.6
Bene\ufb01ts paid
(4.9)
(4.2)
Effect of exchange rate changes on overseas schemes
0.4
1.5
Remeasurements
2.5
(29.8)
Scheme administration expenses
(0.4)
(0.4)
Settlements*
\u2013
(8.0)
Fair value of scheme assets at 31 December
126.2
121.1
* Settlements represent transfer to the reinsurer of assets and legal obligations related to the bene\ufb01ts provided to inactive members of part of the Switzerland Scheme. ", "dimensions": { "concept": "ifrs-full:DisclosureOfNetDefinedBenefitLiabilityAssetExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-526": { "value": "Sensitivity analysis The table below sets out the sensitivity on the United Kingdom pension assets and liabilities as at 31 December 2023 of the two main assumptions:
United Kingdom Scheme
Increase/
(decrease) in
surplus/
Liabilities de\ufb01cit
Change in assumptions \u00a3m \u00a3m
No change
90.0
\u2013
0.25% rise in discount rate
87.2
(2.8)
0.25% fall in discount rate
93.0
3.0
0.25% rise in in\ufb02ation
91.4
1.4
0.25% fall in in\ufb02ation
88.5
(1.5)
The United Kingdom Scheme is also subject to the mortality assumption. If the mortality tables used are rated up/down one year, the value placed on the liabilities increases by \u00a33.4m and decreases by \u00a33.4m, respectively. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSensitivityAnalysisForActuarialAssumptionsExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-575": { "value": "
Share-based payment transactions
The share-based compensation plans operated by the Group allow employees to acquire shares of the
Company. The fair value of the employee services, received in exchange for the grant of shares, is measured
at the grant date and is recognised as an expense with a corresponding increase in equity. The charge is
calculated using the Black-Scholes method and expensed to the income statement over the vesting period of
the relevant award. The charge for the Deferred Share Awards is adjusted to re\ufb02ect expected and actual levels
of vesting for service conditions. The expense of the LTIP Share Awards is calculated using the Monte Carlo
method and the fair value adjusted for the probability of performance conditions being achieved .
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-478": { "value": "Share-based payment transactions The share-based compensation plans operated by the Group allow employees to acquire shares of the Company. The fair value of the employee services, received in exchange for the grant of shares, is measured at the grant date and is recognised as an expense with a corresponding increase in equity. The charge is calculated using the Black-Scholes method and expensed to the income statement over the vesting period of the relevant award. The charge for the Deferred Share Awards is adjusted to re\ufb02ect expected and actual levels of vesting for service conditions. The expense of the LTIP Share Awards is calculated using the Monte Carlo method and the fair value adjusted for the probability of performance conditions being achieved . Share plans 2011 Long Term Incentive Plan The Deferred Bonus Plan 2005 was replaced in 2011 with the Intertek 2011 Long Term Incentive Plan (\u2018LTIP\u2019). Deferred Share Awards (previously Share Awards) and LTIP Share Awards (previously Performance Awards) have been granted under this plan. The \ufb01rst awards were granted on 7 April 2006. The awards under these plans vest three years after grant date, subject to ful\ufb01lment of the performance conditions. The last awards under the 2011 Plan vested in 2023. 2021 Long Term Incentive Plan The Intertek 2021 Long Term Incentive Plan (\u20182021 Plan\u2019) was approved at the 2020 Annual General Meeting as the Intertek 2011 Long Term Incentive Plan was approaching the end of its ten-year life cycle. The 2021 Plan is broadly similar to the previous Long Term Incentive Plan, but with amendments to take account of developments in market practice. The awards made in 2023 were made under the 2021 Plan on 13 March 2023 and 6 June 2023. The awards under these plans vest three years after grant date, subject to ful\ufb01lment of the non-market based performance conditions.
Equity-settled transactions
During the year ended 31 December 2023, the Group recognised an expense of \u00a321.2m (2022: \u00a317.5m). The
weighted average fair values and the assumptions used in their calculations are set out below:
2023
Awards
Deferred Share LTIP Share
Share Awards Awards Awards
Fair value at measurement date (pence)
4,384
4,057
3,487
Share price (pence)
4,384
4,057
4,050
Share price volatility
\u2013
\u2013
27.6%
Risk free rate
\u2013
\u2013
3.3%
Time to maturity (years)
1\u20133
3
3
2022
Awards
Deferred Share LTIP Share
Share Awards Awards Awards
Fair value at measurement date (pence)
4,636
4,845
4,180
Share price (pence)
4,636
4,845
4,180
Share price volatility
\u2013
\u2013
26.6%
Risk-free rate
\u2013
\u2013
1.3%
Time to maturity (years)
1\u20133
3
3
The weighted average exercise prices of all share awards in the year are \u00a3nil (2022: \u00a3nil).
All Share Awards are granted under a service condition. Such condition is not taken into account in the fair
value measurement at grant date. From 2020 the LTIP Share Awards were granted under performance-related
non-market conditions only.
2023
2022
Deferred LTIP Share Deferred LTIP Share
Outstanding awards Share Awards
Awards
Total awards
Share Awards
Awards
Total awards
At beginning of year
674,193
810,416
1,484,609
662,706
791,842
1,454,548
Granted*
307,630
438,982
746,612
323,181
359,589
682,770
Vested**
(229,836)
(152,017)
(381,853)
(251,311)
\u2013
(251,311)
Forfeited
(60,473)
(162,805)
(223,278)
(60,383)
(341,015)
(401,398)
At end of year
691,514
934,576
1,626,090
674,193
810,416
1,484,609
* Includes 15,317 Deferred Share Awards (2022: 15,388) and 22,907 LTIP Share Awards (2022: 21,150 ) granted in respect of dividend accruals. ** Of the 381,853 awards vested in 2023, nil were satis\ufb01ed by the issue of shares and 252,075 by the transfer of shares from the ESOT (see note 15). The balance of 129,778 awards represented a tax liability of \u00a35.4m (2022: \u00a34.1m) which was settled in cash on behalf of employees by the Group, of which \u00a34.7m was settled by the Company. Buyout Awards On 1 April 2021, Jonathan Timmis was granted conditional rights to acquire 39,000 shares under a one-off arrangement as a condition of his recruitment as CFO of the Company, granted under the Long Term Incentive Plan 2021. The award comprised three parts of 13,000 shares, vesting on 1 April 2022, 1 April 2023 and 1 April 2024. Further details are shown in the Remuneration report in Book two, pages 78 to 103.. Deferred Share Plan Awards may be granted under the Deferred Share Plan (\u2018DSP\u2019) to employees of the Group (other than the Executive Directors of the Company) selected by the Remuneration Committee over existing, issued ordinary shares of the Company only. The DSP was adopted primarily to allow for the deferral of a proportion of selected employees\u2019 annual bonus into shares in the Company but may also be used for the grant of other awards (such as incentive awards and buyout awards for key employees) in circumstances that the Remuneration Committee deems appropriate. Awards will normally have a three-year vesting period. Awards may be made subject to performance conditions and are subject to normal good and bad leaver provisions and malus and clawback.
2023
2022
Deferred Total Deferred Total
Outstanding awards Share Awards awards Share Awards awards
At beginning of year
37,80
4
37,8 04
37,368
37,368
Granted*
14,315
14,315
22,420
22,420
Vested**
(14,827)
(14,827)
(21,984)
(21,984)
Forfeited
(6,409)
(6,409)
\u2013
\u2013
At end of year
30,883
30,883
37, 8 0 4
37, 8 0 4
* Includes 815 Deferred Share Awards (2022: 1,119) granted in respect of dividend accruals. ** Of the 14,827 awards vested in 2023, 9,284 were satis\ufb01ed by the transfer of shares from the ESOT (see note 15). The balance of 5,543 awards represented a tax liability of \u00a30.2m which was settled in cash on behalf of employees by the Group, of which \u00a30.2m was settled by the Company", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-479": { "value": "
18 Subsequent events
On 18 January 2024, funded from the existing revolving facility, a US$105m senior note at a \ufb01xed annual
interest rate of 3.85% was repaid.
During February 2024, following a review of the United Kingdom pension Scheme\u2019s investment strategy and
funding level, the Trustee approved changes to the Scheme\u2019s asset allocation by class, as described in note 16.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-480": { "value": "19 Capital management The Directors determine the appropriate capital structure of Intertek; speci\ufb01cally how much capital is raised from shareholders (equity) and how much is borrowed from \ufb01nancial institutions (debt) in order to \ufb01nance the Group\u2019s activities. These activities include ongoing operations as well as acquisitions as described in note 10. The Group\u2019s policy is to maintain a robust capital base (including cash and debt) to ensure the market and key stakeholders retain con\ufb01dence in the capital pro\ufb01le. Debt capital is monitored by Group Treasury assessing the liquidity buffer on a short- and longer-term basis as discussed in note 14. Financial net debt has decreased from \u00a3737.9m at 31 December 2022 to \u00a3610.6m at 31 December 2023. The Group has a strong balance sheet with \ufb01nancial net debt to EBITDA of 0.8x (2022: 1.1x). During 2023, the Group has continued the working capital focus, and through disciplined performance management, working capital has reduced by \u00a331.0m to negative \u00a378.8m. Working capital is de\ufb01ned on page 3. The Group uses key performance indicators, including return on invested capital (\u2018ROIC\u2019) and adjusted diluted earnings per share to monitor the capital position of the Group to ensure it is being utilised effectively. The rate of ROIC, de\ufb01ned as adjusted operating pro\ufb01t less adjusted taxes divided by invested capital, measures how effectively the Group generates pro\ufb01t from its invested capital. This is a key measure to assess the efficiency of investment decisions and is also an important criterion in the decision-making process. ROIC in 2023 was 20.5% (2022: 18.0%). Adjusted diluted earnings per share is a key measure of value creation for the Board and for shareholders and in 2023 was 223.0p (2022: 211.1p). The dividend policy also forms part of the Board\u2019s capital management policy, and the Board ensures there is appropriate earnings cover for the dividend proposed at both the interim and year-end. Our current dividend policy aims to deliver sustainable dividend growth over time, based on a target dividend payout ratio of c.50%. Re\ufb02ecting the Group\u2019s strong cash generation in 2023, the recommended \ufb01nal dividend is 74.0p bringing the full year dividend to 111.7p, which is a year-on-year increase of 5.6%, and re\ufb02ects a dividend payout ratio of 50%", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-481": { "value": "20 Non-controlling interest Accounting policy Acquisitions of non-controlling interests are accounted for as transactions with owners in their capacity as owners and therefore no goodwill is recognised as a result of such transactions. Non-controlling interest An analysis of the movement in non-controlling interest is shown below:
2023 2022
\u00a3m \u00a3m
At 1 January
34.0
32.3
Exchange adjustments
(2.2)
0.3
Share of pro\ufb01t for the year
20.7
18.0
Adjustment arising from changes in non-controlling interest
(0.7)
\u2013
Dividends paid to non-controlling interest
(15.1)
(16.6)
At 31 December
36.7
34.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-576": { "value": "Acquisitions of non-controlling interests are accounted for as transactions with owners in their capacity as owners and therefore no goodwill is recognised as a result of such transactions. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-482": { "value": "
21 Related parties
Identity of related parties
The Group has a related party relationship with its key management. Balances and transactions between the
Company and its subsidiaries and between subsidiaries have been eliminated on consolidation and are not
discussed in this note.
Transactions with key management personnel
Key management personnel compensation, including the Group\u2019s Directors, is shown in the table below:
2023 2022
\u00a3m \u00a3m
Short-term bene\ufb01ts
12.5
9.8
Post-employment bene\ufb01ts
0.6
0.7
Equity-settled transactions
10.8
3.6
Total
23.9
14.1
More detailed information concerning Directors\u2019 remuneration, shareholdings, pension entitlements and
other long-term incentive plans is shown in the audited parts of the Remuneration report in Book two,
pages 92 to 103. Apart from the above, no member of key management had a personal interest in any
business transactions of the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-527": { "value": "21 Related parties Identity of related parties The Group has a related party relationship with its key management. Balances and transactions between the Company and its subsidiaries and between subsidiaries have been eliminated on consolidation and are not discussed in this note. Transactions with key management personnel Key management personnel compensation, including the Group\u2019s Directors, is shown in the table below:
2023 2022
\u00a3m \u00a3m
Short-term bene\ufb01ts
12.5
9.8
Post-employment bene\ufb01ts
0.6
0.7
Equity-settled transactions
10.8
3.6
Total
23.9
14.1
More detailed information concerning Directors\u2019 remuneration, shareholdings, pension entitlements and other long-term incentive plans is shown in the audited parts of the Remuneration report in Book two, pages 92 to 103. Apart from the above, no member of key management had a personal interest in any business transactions of the Group.", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-505": { "value": "Transactions with key management personnel Key management personnel compensation, including the Group\u2019s Directors, is shown in the table below:
2023 2022
\u00a3m \u00a3m
Short-term bene\ufb01ts
12.5
9.8
Post-employment bene\ufb01ts
0.6
0.7
Equity-settled transactions
10.8
3.6
Total
23.9
14.1
More detailed information concerning Directors\u2019 remuneration, shareholdings, pension entitlements and other long-term incentive plans is shown in the audited parts of the Remuneration report in Book two, pages 92 to 103. Apart from the above, no member of key management had a personal interest in any business transactions of the Group.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-483": { "value": "
22 Contingent liabilities
2023 2022
\u00a3m \u00a3m
Guarantees, letters of credit and performance bonds
41.1
40.0
Litigation
The Group is involved in various claims and lawsuits incidental to the ordinary course of its business, including
claims for damages, negligence and commercial disputes regarding inspection and testing, and disputes with
employees and former employees. The Group is not currently party to any legal proceedings other than
ordinary litigation incidental to the conduct of business. These claims are not currently expected to result in
meaningful costs and liabilities to the Group. The Group maintains appropriate insurance cover to provide
protection from the small number of signi\ufb01cant claims it is subject to from time to time.
Tax
The Group operates in more than 100 countries and with complex tax laws and regulations. At any point in
time it is normal for there to be a number of open years which may be subject to enquiry by local authorities.
In some jurisdictions the Group receives tax incentives (see note 6) which are subject to renewal and review
and reduce the amount of tax payable. Where the effect of the laws and regulations is unclear, estimates are
used in determining the liability for the tax to be paid. The Group considers the estimates, assumptions and
judgements to be reasonable but this can involve complex issues which may take a number of years to resolve.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-506": { "value": "22 Contingent liabilities
2023 2022
\u00a3m \u00a3m
Guarantees, letters of credit and performance bonds
41.1
40.0
Litigation The Group is involved in various claims and lawsuits incidental to the ordinary course of its business, including claims for damages, negligence and commercial disputes regarding inspection and testing, and disputes with employees and former employees. The Group is not currently party to any legal proceedings other than ordinary litigation incidental to the conduct of business. These claims are not currently expected to result in meaningful costs and liabilities to the Group. The Group maintains appropriate insurance cover to provide protection from the small number of signi\ufb01cant claims it is subject to from time to time. Tax The Group operates in more than 100 countries and with complex tax laws and regulations. At any point in time it is normal for there to be a number of open years which may be subject to enquiry by local authorities. In some jurisdictions the Group receives tax incentives (see note 6) which are subject to renewal and review and reduce the amount of tax payable. Where the effect of the laws and regulations is unclear, estimates are used in determining the liability for the tax to be paid. The Group considers the estimates, assumptions and judgements to be reasonable but this can involve complex issues which may take a number of years to resolve.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-484": { "value": "
23 Principal Group companies
The principal subsidiaries whose results or \ufb01nancial position, in the opinion of the Directors, principally affect
the \ufb01gures of the Group have been shown below. All the subsidiaries shown were consolidated with Intertek
Group plc as at 31 December 2023. Unless otherwise stated, these entities are wholly owned indirect
subsidiaries and the address of the registered office is Academy Place, 1\u20139 Brook Street, Brentwood, Essex,
CM14 5NQ, United Kingdom.
Country of Incorporation and principal place of
Company name
operation
Activity
Intertek Australia Holdings Pty Limited
Australia
Holding
Intertek Finance plc
England
Finance
Intertek Holdings Limited
England
Holding
Intertek Technical Services, Inc.
USA
Trading
Intertek Testing Services Holdings Limited
(ii)
England
Holding
Intertek Testing Services Hong Kong Limited
Hong Kong
Trading
Intertek Testing Services Limited Shanghai
China
Trading
Intertek Testing Services NA, Inc.
USA
Trading
Intertek Testing Services Shenzhen Limited
China
Trading
Intertek USA, Inc.
USA
Trading
Intertek USD Finance Limited
England
Finance
Labtest Hong Kong Limited
Hong Kong
Trading
RCG-Moody International Limited
England
Holding
Testing Holdings USA, Inc.
USA
Holding
(i)
(ii)
(iii)
(iv)
(v)
(vi)
(vii)
(viii)
(ix)
(vi)
(i) Registered office address: 544 Bickley Road, Maddington WA 6109, Australia.
(ii) Directly owned by Intertek Group plc.
(iii) Registered office address is: 25025 I-45, Suite 300, Spring, TX 77380, United States.
(iv) Registered office address is: 2/F Garment Centre, 576 Castle Peak Road, Kowloon, Hong Kong.
(v) Equity shareholding 85%, company controlled by the Group based on management\u2019s assessment; Registered office address is: 2nd Floor,
West District, Free Trade Test Zone, Zhangyang Road, Shanghai, China.
(vi) Registered office address is: 3933 US Route 11, Cortland, NY 13045, United States.
(vii) Registered office address is: 3-5/F of Bldg. 1, 1-5/F of Bldg. 3, No. 4012, Wuhe Ave. North, Bantian Street, Yuanzheng Science and Technology
Industrial Park, Shenzhen, Guangdong, China.
(viii) Registered office address is: 545 E. Algonquin Road, Arlington Heights, Illinois 60005, United States.
(ix) Registered office address is: 2/F, Garment Centre, 576 Castle Peak Road, Kowloon, Hong Kong.
Group companies
In accordance with section 409 of the Companies Act 2006, all related undertakings are set out in the
following list. Related undertakings comprise subsidiaries, partnerships, associates, joint ventures and joint
arrangements. The principal subsidiaries listed above have not been duplicated in the following list.
Where no address is listed, the address of the registered office is Academy Place, 1\u20139 Brook Street, Brentwood,
Essex, CM14 5NQ, United Kingdom. Unless otherwise stated, the share capital for all related undertakings
included in this note comprises ordinary or common stock shares which are indirectly held by Intertek Group plc
as at 31 December 2023. The percentage held by class of share is stated where this is less than 100%. No
subsidiary undertakings have been excluded from the consolidation.
Fully owned subsidiaries
0949491 B.C. Limited
1200-925 West Georgia Street, Vancouver, British Columbia, V6C 3L2, Canada
4th Strand, LLC
(i)
(xv)
1950 Evergreen Boulevard, Suite 100, Duluth, GA 30096, United States
Acucert Labs, LLP
(xv)
82/2, Shreyas, 25th Road, Sion West, Mumbai, 400022, India
Acumen Security, LLC
2400 Research Blvd, Suite 395, Rockville, MD 20850, United States
Adelaide Inspection Services Pty Limited
544 Bickley Road, Maddington WA 6109, Australia
Admon Labs Servicios Corporativos y Administrativos, S.A. de C.V.
Boulevard Adolfo Lopez Mateos #2259, Atlamaya, Alvaro Obregon, Ciudad de Mexico, C.P. 01760, Mexico
Advancing Food Safety Pty Limited.
(i)
544 Bickley Road, Maddington WA 6109, Australia
Ageus Solutions Inc.
255 Michael Cowpland Dr., Suite 200, Ottawa, Ontario, K2M 0M5, Canada
Alchemy Investment Holdings, Inc.
5300 Riata Park Court, Austin, TX 78727, United States
Alchemy Systems, L.P.
(xv)
5301 Riata Park Court, Austin, TX 78727, United States
Alchemy Systems Training, Inc.
5300 Riata Park Court, Austin, TX 78727, United States
Alchemy Systems Training Limited
Alchemy Training Technologies, Inc.
1 Germain Street, Suite 1500, Saint John, NB E2L 4V1, Canada
Alta Analytical Laboratory, Inc.
(i)
200 Westlake Park Blvd., Westlake Building 4, Suite 400, Houston, TX 77079, United States
Anstat Pty Limited
544 Bickley Road, Maddington WA 6109, Australia
Architectural Testing, Inc.
130, Derry Court, York, PA 17406, United States
Architectural Testing Holdings, Inc.
130 Derry Court, York, PA 17406, United States
Bellini & Sandrini Holding LTDA
Rua Carlos Tosin, 860, sala 1, Distrito Industrial, Distrito Industrial, Estado de S\u00e3o Paulo, Brazil
Bigart Ecosystems, LLC
(xv)
212 S. Wallace Avenue Bozeman, MT 59715, United States
Genalysis Laboratory Services Pty Limited
(vi)
544 Bickley Road, Maddington WA 6109, Australia
Geotechnical Services Pty Limited
544 Bickley Road, Maddington WA 6109, Australia
Global Trust Certi\ufb01cation (UK) Limited
(ii)
Global X-Ray & Testing Corporation
112 East Service Road, Morgan City, LA 70380, United States
Global X-Ray Holdings, Inc.
112 East Service Road, Morgan City, LA 70380, United States
Guangzhou Intertek Quality Testing Technology Co., Ltd.
Room 301, No.8 Baoying East Road, Huangpu District, Guangzhou, China
H.P. White Laboratory Inc.
3114 Scarboro Road, Street, MD 21154, United States
Hawks Acquisition Holding, Inc.
545 E. Algonquin Road, Arlington Heights, Illinois 60005, United States
Hi-Tech Holdings, Inc.
(i)
CT Corporation System, 1200 S.Pine Island Road, Plantation, FL 33324, United States
Hi-Tech Testing Service, Inc.
CT Corporation System, 1999 Bryan Street Suite 900, Dallas, TX 75201, United States
ILI Infodisk, Incorporated.
205 W. Wacker Dr, Suite 1800, Chicago, IL 60606, United States
ILI Limited
Inspection Services (US), LLC
(xv)
237 Stuart Road, Amelia, LA 70340, United States
International Cargo Services, Inc.
(i)
c/o CT Corp, 8550 United Plaza Blvd, Baton Rouge, LA 70809, United States
International Inspection Services Limited
33/37 Athol Street, Douglas, IM1 1LB, Isle of Man
Intertek (Mauritius) Limited
2 Palmerston Road, Phoenix, Mauritius
Intertek (Schweiz) AG
TechCenter, Kaegenstrasse 18, 4153 Reinach, Switzerland
Intertek Algeria Ltd EURL
Zone urbaine Garidi 1, N\u00b0C7/C8, B\u00e2timent F1, 1er \u00e9tage Local N\u00b01, 16051, Kouba, Wilaya d\u2019Alger, Algeria
Intertek Arabia A.C.
Office no. 213, Olaya Business Center, Al-Khobar, 31952, Saudi Arabia
Intertek Argentina Certi\ufb01caciones S.A.
(iii)
Cerrito 1136 3rd \ufb02oor CF, Ciudad Aut\u00f3noma de Buenos Aires, C1010AAX, Argentina
Intertek Aruba N.V.
Lago Heights Straat 28A, San Nicolas, Aruba
Caleb Brett Ecuador S.A.
Centro Commercial Mall del Sol, Av. Joaqu\u00edn Orrantia Gonz\u00e1lez y Juan Tanca Marengo, Torre B, Piso 5,
O\ufb01cina 505, Guayaquil, Ecuador
Catalyst Awareness, Inc.
43 Carolinian Lane, Cambridge, ON N1S 5B5, Canada
Center for the Evaluation of Clean Energy Technology, Inc.
3933 US Route 11, Cortland, NY 13045, United States
Check Safety First Limited
Checkpoint Solutions Ltd
Cristal Middle East SAE
22 El-Imam Ali, Almazah, Heliopolis, Cairo Governorate, Egypt
Cristal North Africa CNA
Immeuble, SOGIT Faisant angle de la rue, lac victoria, et rue du des lacs de mazurie, les berges du lac,
1053 Tunis Le bureau, B5 situ\u00e9, au 2\u00e8me \u00e9tage, Tunis, Tunisia
Electronic Warfare Associates-Canada, Ltd
1223 Michael Street North, Suite 200, Ottawa, ON K1J 7T2, Canada
Enertech Australia Pty. Limited
544 Bickley Road, Maddington WA 6109, Australia
Entela-Taiwan, Inc
4700 Broadmoor Avenue SE, Suite 200, Kentwood, MI 49512, United States
Esperanza Guernsey Holdings Limited
PO Box 472, St Julian\u2019s Court, St Julian\u2019s Avenue, St Peter Port, GY1 6AX, Guernsey
Esperanza International Services (Southern Africa) (Pty.) Limited
Charter House, 13 Brand Road, Glenwood, Durban, South Africa
Excel Partnership, Inc.
250 S. Wacker Drive, Suite 1800, Chicago, IL 60606, United States
Fivetix Professional Services Private Limited
F-Wing, I Floor, Tex Centre, 26-A Chandiwali Farm Road, Andheri (East) Mumbai Mumbai City MH 400072, India
Four Front Research (India) Pvt Limited
(ii)
Plot# 847, 5th Floor, Near Electricity Substation, Ayyappa Society Road, Madhapur, Hyderabad, Telangana,
500081, India
Frameworks Inc.
1595 Sixteenth Avenue, Suite 301, Richmond Hill, ON L4B 3N9, Canada
Gamatek, S.A. de C.V.
Alanis Valdez #2308, Industrial, Monterrey, Nuevo Leon, Mexico
GCA Calidad y Analisis de Mexico, S.A. de C.V.
Jacarandas #19, San Clemente, Alvaro Obregon, Ciudad de Mexico, C.P. 01740, Mexico
Gellatly Hankey Marine Services (M) Sdn. Bhd.
Unit 30-01 Level 30, Tower A, Vertical Business Suite, Avenue 3, Bangsar South, No. 8, Jalan Kerinchi, 59200
Kuala Lumpur, Malaysia
Intertek Certi\ufb01cation AS Leif Weldings vei 8, 3208 Sandefjord, Norway Intertek Certi\ufb01cation GmbH Marie-Bernays-Ring 19a, 41199 Monchengladbach, Germany Intertek Certi\ufb01cation Japan Limited Nihonbashi North Square, 1-4-2, Nihonbashi \u2013 Horidomecho, Chuo-ku, Tokyo, 103-0012, Japan Intertek Certi\ufb01cation Limited Intertek Colombia S.A. Calle 127A No. 53A-45, O\ufb01cina 1103, Bogot\u00e1, Colombia Intertek Commodities Mozambique Lda (xvi) Rua 1233, NR 72 R/C, Distrito Urbano 1, Maputo, Mozambique Intertek Consulting & Training (UK) Limited (ii) Northpoint Aberdeen Science & Energy Park, Exploration Drive, Bridge of Don, Aberdeen, AB23 8HZ, United Kingdom Intertek Consulting & Training (USA), Inc. (i) 25025 I-45, Suite 300, Spring, TX 77380, United States Intertek Consulting & Training Egypt (ii) 46 B Street #7, Maadi, Cairo, Egypt Intertek Consumer Goods GmbH W\u00fcrzburger Strasse 152, 90766 F\u00fcrth, Germany Intertek Curacao N.V. Barendslaan #3, Rio Canario Willemstad, Curacao, Netherlands Antilles Intertek de Guatemala SA 46 Calle 21-53 Zona 12, Expobodega 46, Edi\ufb01cio 10, Guatemala Ciudad, Guatemala Intertek de Nicaragua S.A. Zona Franca Astro KM 47, Carretera Tipitapa Masaya, Nave 20, Managua, Nicaragua Intertek Denmark A/S Dokhavnsvej 3, 4400 Kalundborg, Denmark Intertek Deutschland GmbH Stangenstrasse 1, 70771 Leinfelden-Echterdingen, Germany Intertek DIC A/S Buen 12, 2, 6000 Kolding, Denmark Intertek do Brasil Inspecoes Ltda Av Eng. Augusto Barata s/n, Alamoa, Santos, SP, CEP11095-650, Brazil Intertek Egypt for Testing Services 2nd Floor, Block 13001, Piece 15, Street 13, First Industrial Zone, (Beside Abou Ghali Motors), Elobour City, Cairo, Egypt Intertek Engineering Service Shanghai Limited Room 301-6, No.14, Lane 1401, Jiangchang Road, Jing \u2019an District, Shanghai, China Intertek Evaluate AB Torshamnsgatan 43, Box 1103, Kista, S-164 22, Sweden IIntertek Asset Integrity Management, Inc. 25025 I-45, Suite 300, Spring, TX 77380, United States Intertek ATI SRL 266-268 Calea Rahovei Street, Building 61, 1st Floor, Sector 5, Bucharest, Romania Intertek Azeri Limited 2236 Mirza Davud Str., Xatai District, Baku, AZ 1026, Azerbaijan Intertek BA EOOD 24A Akad. Metodi Popov Str., Floor 5, So\ufb01a, 1113, Bulgaria Intertek Bangladesh Limited Phoenix Tower, Plot\u2013407 (3rd Floor), Tejgaon I/A, Dhaka, Bangladesh Intertek Belgium NV Kruisschansweg 11, 2040 Antwerp, Belgium Intertek Burkina Faso Ltd Sarl Lot 113, Parcelle no. PE 1/2, Secteur no.11. Ouagadougou, 02 BP 5984, Burkina Faso Intertek C&T Australia Holdings PTY Ltd (i) 544 Bickley Road, Maddington, WA 6109, Australia Intertek C&T Australia Pty Ltd Level 3, 235 St Georges Terrace, Perth WA 6000, Australia Intertek Caleb Brett (Uruguay) S.A. (xiv) Cerrito 507, 4th Floor, Of. 46 and 47, Montevideo, 11000, Uruguay Intertek Caleb Brett Chile S.A. Avenida Las Condes N\u00b0 11287 Torre A, o\ufb01cina 301 A Las Condes, Santiago, Chile Intertek Caleb Brett El Salvador S.A. de C.V. Recinto Industrial de RASA zona industrial de Acajutla, Sonsonate, El Salvador Intertek Caleb Brett Germany GmbH Georgswerder Bogen 3, D-21109 Hamburg, Germany Intertek Caleb Brett Panama, Inc. Zona Procesadora para la Exportacion de Albrook, Building 6, Ancon Panama, Panama Intertek Caleb Brett Venezuela C.A. Av. Mohedano, Centro Gerencial Mohedano, piso 4, o\ufb01cina 4-C, La Castellana, Municipio Chacao, Venezuela Intertek Canada Newco Limited 1829-32nd Avenue, Lachine, QC H8T 3J1, Canada Intertek Capacitacion Chile Spa Avenida Las Condes N\u00b0 11287 Torre A, o\ufb01cina 301 A Las Condes, Santiago, Chile Intertek Capital Resources Limited Intertek Certi\ufb01cation AB Torshamnsgatan 43, Box 1103, Kista, S-164 22, Sweden
Intertek Industry and Certi\ufb01cation Services (Thailand) Limited
539/2 Gypsum Metropolitan Tower, 11C Fl., Sri-Ayudhaya Road, Tanon \u2013 Phayathai Subdistrict, Khet
Ratchathewi, Bangkok, 10400, Thailand
Intertek Industry Ghana Ltd
House Number 1, North Industrial Area, Klan, Anoma Ntuu Link, Accra, PO BOX 533, Ghana
Intertek Industry Holdings (Pty) Ltd
53 Phillip Engelbrecht Drive, Woodhill Office Park Building 2, 1st Floor Unit 8B Meyersdal, Gauteng, 1448,
South Africa
Intertek Industry Holdings Mozambique Limitada
Cidade de Maputo, Distrito Kampfumo, Baiiro Sommerchield, Avenida 1301 n\u02da97, Mozambique
Intertek Industry Services (S) Pte Ltd
2 International Business Park, #10-09/10, The Strategy, 609930, Singapore
Intertek Industry Services Brasil Ltda
Alameda Rio Negro, 161, room 702 \u2013 7th \ufb02oor, Alphaville, Barueri-SP, 06454-000-SP, Brazil
Intertek Industry Services de Argentina S.A.
Cerrito 1136, 2nd \ufb02oor CF, Ciudad Autonoma de Buenos Aires, C1010AAX, Argentina
Intertek Industry Services Japan Limited
Nihonbashi North Square, 1-4-2, Nihonbashi \u2013 Horidomecho, Chuo-ku, Tokyo, 103-0012, Japan
Intertek Industry Services Romania Srl
266-268 Calea Rahovei Street, Building 61, 1st Floor, Sector 5, Bucharest, Romania
Intertek Industry WLL
Office # 24, Building 400, Road 3207, Mahooz, Block 332, Manama, Bahrain
Intertek Inspection Services Ltd
2561 Avenue Georges V, Montreal-Est, QC H1L 6S4, Canada
Intertek Inspection Services Scandinavia AS
Leif Weldings vei 8, 3208 Sandefjord, Norway
Intertek Inspection Services UK Limited
Intertek International Gabon SARL
Quartier Montagne Sainte \u2013 Immeuble Dumez, 2\u00e9me \u00e9tage, Libreville, B.P: 13312, Gabon
Intertek International Guinee S.A.R.L.
(i)
Conakry Republique de Guinee, Compte Bancaire: 52481.369.10 0 (SGBG), Conakry Guinea
Intertek International Inc.
8600 NW 17th Street, Suite 100, Miami, FL 33126, United States
Intertek International Kazakhstan, LLC
Building 2A, Abay street, Atyrau City, 060002, Kazakhstan
Intertek International Limited
Intertek International Ltd Egypt
69, Road 161, Intersection with Road 104, Ground Floor, Maadi, Cairo, Egypt
Intertek International Nederland BV
Leerlooierstraat 135, 3194AB Hoogvliet, Rotterdam, The Netherlands
Intertek Finance No. 2 Ltd
(x)
Intertek Finland OY
Teknoublevardi 3-5, FI-01530 Vantaa, Finland
Intertek Food Services GmbH
Olof-Palme-Strasse 8, 28719 Bremen, Germany
Intertek France SAS
ZAC Ecopark 2, 27400, Heudebouville, France
Intertek Fujairah FZC
P.O. Box 1307, Fujairah, United Arab Emirates
Intertek Genalysis (Zambia) Limited
Plot No 25/26 Nkwazi House, Nkwazi and Cha Cha Cha Roads, PO Box 31014, Lusaka, Zambia
Intertek Genalysis Madagascar SA
Saint Denis Terrain II, Parcel 2 Ambatofotsy, Ampandrianomby, Madagascar
Intertek Genalysis South Africa Pty Ltd
544 Bickley Road, Maddington WA 6109, Australia
Intertek Ghana Limited
1st Floor Gian, Towers Office, Number 2 Community, Gian Towers Tema, Accra, Accra Metropolitan,
P.O. BOX GP 199, Ghana
Intertek Global (Iraq) Limited
Intertek Global Limited
26 New Street, St Helier, Jersey, JE2 3RA, Jersey
Intertek Health Sciences Inc.
(v)
2233 Argentia Road, Suite # 201, Mississauga, ON L5N 2X7, Canada
Intertek Holding Deutschland GmbH
Stangenstrasse 1, 70771 Leinfelden-Echterdingen, Germany
Intertek Holdings France SAS
ZAC Ecopark 2, 27400 Heudebouville, France
Intertek Holdings Italia SRL
(xvi)
Via Guido Miglioli 2/A, Cernusco sul Naviglio, 20063, Milano, Italy
Intertek Holdings Nederland B.V.
Leerlooierstraat 135, 3194AB Hoogvliet, Rotterdam, The Netherlands
Intertek Holdings Norge AS
Oljevegen 2, Tananger, 4056, Norway
Intertek Ib\u00e9rica Spain, S.L.
Alameda Recalde, 27-5, 48009, Bilbao, Vizcaya, Spain
Intertek India Private Limited
E-20, Block B1, Mohan Co-operative Industrial Area, Mathura Road, New Delhi, 110044, India
Intertek Industrial Services GmbH
Marie-Bernays-Ring 19a, 41199 Monchengladbach, Germany
Intertek Pakistan (Private) Limited Intertek House, Plot No.1-5/11-A, Sector-5, Korangi Industrial Area, Karachi, Pakistan Intertek Poland sp.z.o.o. Cyprysowa 23 B, 02-265, Warsaw, Poland Intertek Polychemlab B.V. Koolwaterstofstraat 1, 6161 RA, Geleen, The Netherlands Intertek Portugal, Unipessoal Lda (xvi) Rua Antero de Quental, 221-Sala 102, 4455-586, Pera\ufb01ta-Matosinhos, Portugal Intertek Quality Services Ltd (i) Intertek Resource Solutions (Trinidad) Limited #91-92 Union Road, Marabella, Trinidad, Trinidad and Tobago Intertek Resource Solutions, Inc. 25025 I-45, Suite 300, Spring, TX 77380, United States Intertek Rus JSC Proektiruemyi 4062-I, 6-25- Pomeshch, 115432, Moscow, Russian Federation Intertek S.R.O Sokolovsk\u00e1 131/86, Karl\u00edn, Praha 8, 186 00, Czech Republic Intertek Saudi Arabia Limited Southern Olaya Center, Office No. 213, Makkah Al-Mukaramah Street, P.O. Box 2526, Al-Khobar, 31952, Saudi Arabia Intertek ScanBi Diagnostics AB Box 166, Alnarp, SE-230 53, Sweden Intertek Secretaries Limited (i) Intertek Semko AB Torshamnsgatan 43, Box 1103, Kista, S-164 22, Sweden Intertek Services (Pty) Ltd 1st Floor, Building D, Stoneridge Office Park, 8 Greenstone Place, Greenstone, Gauteng, Johannesburg, 1609, South Africa Intertek Servicios C.A. (i) Res. San Ignacio, Calle San Ignacio de Loyola con Avenue Francisco de Miranda, Local 3, Chacao, Caracas, Venezuela Intertek Statius N.V. Man \u2018O\u2019 War #B3, Oranjestad, St. Eustatius, Netherlands Antilles Intertek Surveying Services (USA), LLC (xv) 16441 Space Center Boulevard, Suite D-100, Houston, TX 77058, United States Intertek Surveying Services UK Limited Averon House 3 Dail Nan Rocas, Teaninich Industrial Estate, Alness, IV17 0PH, United Kingdom Intertek Technical Inspections Canada Inc. (iv) 1829-32nd Avenue, Lachine, Quebec, H8T 3J1, Canada Intertek Technical Services PTY Limited 544 Bickley Road, Maddington WA 6109, Australia Intertek International Niger SARL BP 2769, 2nd Floor Lot 792 Block Q, Independance Boulevard, Rue GM-20, Niger Intertek International Suriname N.V. Prins Hendrikstraat 49, Paramaribo, Suriname Intertek International Tanzania Limited Minazini Street, Kilwa Road 5, Dar es Salaam, United Republic of Tanzania Intertek Italia SpA Via Guido Miglioli 2/A, Cernusco sul Naviglio, 20063, Milano, Italy Intertek Japan K.K. Pier City Shibaura Building, 4F, 3-18-1, Kaigan, Minato-ku, Tokyo, 108-0022, Japan Intertek Kalite Servisleri Limited Sirketi Cevizli Mah. Tansel Cad. No: 12-18, Maltepe, Istanbul, Turkey Intertek Korea Industry Service Ltd Yeouido Dept Bldg #916, 36-2, Yeouido-Dong, Youngdeungpo-Gu, Seoul, 150-749, South Korea Intertek Labtest S.A.R.L 7 Boulevard La Resistance IMM La Comanav Etage 7, Casablanca, 20300, Morocco Intertek Malta Limited 24A Level 2, Flagstone Wharf, Marsa MRS 1932, Malta Intertek Management Services (Australia) Pty Ltd 544 Bickley Road, Maddington WA 6109, Australia Intertek Med SARL AU Zone Franche Logistique Tanger Med, Plateau Bureaux 4, Lot 130, Tanger, Morocco Intertek Medical Noti\ufb01ed Body AB Torshamnsgatan 43, Box 1103, Kista, S-164 22, Sweden Intertek Medical Noti\ufb01ed Body UK Ltd Intertek Minerals Limited Osu Badu Street, Airport Residential Area, Accra, Greater Accra, CP8196, Ghana Intertek Myanmar Limited Classic Strand Cono, No.693/701, Room (4-A), (4th Floor), Merchant Road, Pabedan Township, Yangon, Myanmar Intertek Nederland B.V. Leerlooierstraat 135, 3194 AB Hoogvliet, Rotterdam, The Netherlands Intertek Nominees Limited Intertek OCA France SARL Route Industrielle \u2013 Centre Routier, 76600, Gonfreville L\u2019Orcher, France Intertek Overseas Holdings Limited Intertek Overseas Holdings, Eritrea Limited (i) 3rd Floor, Warsay Avenue, P.O. Box 4588, Asmara, Eritrea
Intertek Testing Services Environmental Laboratories Inc.
(i)
Lexis Document Services, 15 East North Street, Dover, DE 19901, United States
Intertek Testing Services NA Limited
1829-32nd Avenue, Lachine QC H8T 3J1, Canada
Intertek Testing Services NA Sweden AB
(i)
c/o Intertek Semko AB, Box 1103, Kista, 16422, Sweden
Intertek Testing Services Namibia (Proprietary) Limited
15th Floor, Frans Indongo Gardens, Dr Frans Indongo Street, Windhoek, Namibia
Intertek Testing Services Paci\ufb01c Limited
2/F, Garment Centre, 576 Castle Peak Road, Kowloon, Hong Kong
Intertek Testing Services Peru S.A.
Jr. Mariscal Jose de la Mar No. 200 Urb., Res. El Pino, San Luis, Lima, Peru
Intertek Testing Services Philippines, Inc.
Intertek Building, 2307 Chino Roces Avenue Extension, Metro Manila, Makati City, 1231, Philippines
Intertek Testing Services Taiwan Limited
8F No. 423 Ruiguang Rd, Neihu District, Taipei, 11492, Taiwan
Intertek Testing Services Tianjin Limited
1-6/F, Block B, No. 7 Guiyuan Road, Hi-Tech Pack, Tianjin, China
Intertek Testing Services Zhejiang Ltd
Building No.2, Juanhu Science and Technology Innovation Park, No. 500 East Shuiyueting Road, Haining City,
Zhejiang Province, China
Intertek Timor, S.A.
(i)
Hotel Timor, Colmera, Vera Cruz, Dili, Timor-Leste
Intertek Training Malaysia Sdn. Bhd.
6-L12-01, Level 12, Tower 2, Menara PGRM, No. 6 & 8 Jalan Pudu Ulu, Cheras, 56100 Kuala Lumpur, Malaysia
Intertek Trinidad Limited
#91-92 Union Road, Marabella, Trinidad and Tobago
Intertek UK Holdings Limited
Intertek USA Finance LLC
c/o CSC Services of Nevada, Inc., 2215-B Renaissance Dr, Las Vegas NV 89919, United States
Intertek Vietnam Limited
3rd & 4th \ufb02oor, Au Viet Building, No. 01 Le Duc Tho Str., Mai Dich Ward, Cau Giay District, Hanoi City, Vietnam
Intertek West Africa SARL
Immeuble Centre Pavillon, 4eme \u00e9tage, Rue Paul Langevin, Marcory, Zone 4, Abidjan, C\u00f4te d\u2019Ivoire
Intertek West Lab AS
Oljevegen 2, 4056 Tananger, Norway
Intertek Genalysis SI Limited
(i)
c/o Baoro & Associates, Top Floor, Y. Sato Building, Point Cruz, Honiara, Solomon Islands
Intertek Technical Testing and Analysis Private Limited Company
Bole Sub City Woreda 04, House Number 064/A/, Abune Yosef, Addis Ababa, 4260, Ethiopia
Intertek Testing & Certi\ufb01cation Limited
Intertek Testing and Inspection Services UK Limited
Intertek Testing Management Ltd
Intertek Testing Services (Australia) Pty Limited
544 Bickley Road, Maddington WA 6109, Australia
Intertek Testing Services (Cambodia) Company Limited
13AC, Street 337, Sangkat Boeung Kak I, Khan Tuol Kork, Phnom Penh, Cambodia
Intertek Testing Services (East Africa) (Pty) Limited
5th Floor Charter House, 13 Brand Road Glenwood, Kwa-Zulu Natal, 4001, South Africa
Intertek Testing Services (Fiji) Pte Limited
c/o BDO, Level 10, FNPF Place, 343 Victoria Parade, Suva, Fiji
Intertek Testing Services (Guangzhou) Ltd
No.3-1, Road 1, Xinhaixin Street, Huangge, Nansha District, Guangzhou, Guangdong, China
Intertek Testing Services (ITS) Canada Ltd
105-9000 Bill Fox Way, Burnaby BC V5J 5J3, Canada
Intertek Testing Services (Japan) K. K.
Nihonbashi North Square, 1-4-2, Nihonbashi \u2013 Horidomecho, Chuo-ku, Tokyo, 103-0012, Japan
Intertek Testing Services (NZ) Limited
3 Kepa Road, Ruakaka, Northland, 0171, New Zealand
Intertek Testing Services (Shanghai FTZ) Co., Ltd
7th Floor, Building No. 51, 1089 North Qinzhou Road, Xuhui District, Shanghai, China
Intertek Testing Services (Singapore) Pte Ltd.
3 Irving Road #05-01 to 05, Tai Seng Centre, 369522, Singapore
Intertek Testing Services (Thailand) Limited
1285/5 Prachachuen Road, Wong-Sawang Sub-District, Bangsue District, Bangkok, 10800, Thailand
Intertek Testing Services Argentina S.A.
Cerrito 1136, piso 3ro, Frente. Ciudad Autonoma de Buenos Aires, (C1010AAX), Argentina
Intertek Testing Services Bolivia S.A.
Calle Chichapi # 2125, Santa Cruz, de la Sierra, Bolivia
Intertek Testing Services Caleb Brett Egypt Limited
Intertek Testing Services Chongqing Co., Limited
1F/6F Building 3 No.5, East Gangcheng Loop Road, Chongqing China
Intertek Testing Services de Honduras, S.A.
Edi\ufb01cio la Pradera, locales 5 y 6. 1-2 Ave, 1 calle, Puerto Cortes, Barrio el Centro, Honduras
Intertek Testing Services De Mexico, S.A. De C.V.
(iii)
Poniente 134, No 660 Industrial Vallejo, Mexico DF CP, 02300, Mexico
Metoc Limited
(iii)
Midwest Engineering Services, Inc.
(i)
CT Corporation System, 8020 Excelsior Dr., Suite 200, Madison WI 53717, United States
Moody (Shanghai) Consulting Co., Ltd
Room 403, No.5-6, Lane 1218, Wanrong Road, Jing \u2018an District, Shanghai, China
Moody International (Holdings) Limited
(viii)
Moody International (India) Private Limited
E-20, Block B1, Mohan Co-operative Industrial Area, Mathura Road, New Delhi, 110044, India
Moody International (Russia) Limited
(ii)
Moody International Certi\ufb01cation India Limited
E-20, Block B1, Mohan Co-operative Industrial Area, Mathura Road, New Delhi, 110044, India
Moody International Holdings LLC
(xv)
237 Stuart Road, Amelia, LA 70340, United States
MT Group LLC
145 Sherwood Avenue, Farmingdale NY 11735, United States
MT Operating of New Jersey, LLC
(xv)
145 Sherwood Avenue, Farmingdale NY 11735, United States
MT Operating of New York, LLC
(xv)
145 Sherwood Avenue, Farmingdale NY 11735, United States
N T A Monitor Limited
NDT Services Limited
Northern Territory Environmental Laboratories Pty Ltd
(i)
544 Bickley Road, Maddington WA 6109, Australia
NTA Monitor (M) Sdn Bhd
No. 18-B, Jalan Kancil off Jalan Pudu, 55100 Kuala Lumpur, Wilayah Persekutuan, Malaysia
Paulsen & Bayes-Davy Ltd
2/F, Garment Centre, 576 Castle Peak Road, Kowloon, Hong Kong
Petroleum Services of Union Lab Sdn. Bhd.
Suite C-7-10 (B), Level 9, Block C, UE3 Corporate Offices, Menara Uncang Emas, No 85 Jalan Loke Yew,
Taman Miharja, 55200 Kuala Lumpur, Malaysia
Pittsburgh Testing Laboratory Inc.
(i)
PSI, 850 Poplar Street, Pittsburgh PA 15220, United States
PlayerLync Holdings, Inc.
1209 Orange Street, Wilmington, New Castle DE 19801, United States
PlayerLync LLC
1209 Orange Street, Wilmington, New Castle DE 19801, United States
Profesionales Contables en Asesor\u00eda Empresarial y de Ingenieria S.A.S.
Calle 120, No. 45A \u2013 32, Bogota, Colombia
Professional Service Industries (Canada) Inc.
(i)
200 Bay Street, Suite 3800, Royal Bank Plaza, South Tower, Toronto ON M5J 2J7, Canada
ITS (PNG) Limited
Section 27 Allotment 27, Voco Point, Lae, Morobe Province, Papua New Guinea
ITS (Subic Bay), Inc.
Area 8 \u2013 10, Lots 11/12 Boton Wharf, Argonaut Highway, Subic Bay, Freeport Zone, Olongapo City, Philippines
ITS Guinea SARLU
Resident Almamya 103 Community De Kaloum, Conakry, Guinea
ITS Hong Kong NA, Limited
(i)
2/F Garment Centre, 576 Castle Peak Road, Kowloon, Hong Kong
ITS Labtest Bangladesh Limited
Phoenix Tower, Plot \u2013 407 (3rd Floor), Tejgaon I/A, Dhaka, Bangladesh
ITS Testing Holdings Canada Limited
9000 Bill Fox Way, Suite 105, Burnaby, British Columbia, V5J 5J3, Canada
ITS Testing Services (UK) Limited
ITS Testing Services Co. LLC
Ras Tanura KSA, PO Box 216, 31941, Saudi Arabia
JLA Brasil Laborat\u00f3rio de An\u00e1lises de Alimentos S.A.
Rua Carlos Tosin, 860, sala 1, Distrito Industrial, Distrito Industrial, Estado de S\u00e3o Paulo, Brazil
KJ Tech Services GmbH
(xii)
Pallaswiesenstra\u00dfe 168, 64293, Darmstadt, Germany
Laboratorio Fermi S.A. de C.V.
Jacarandes #15, San Clemente, Alvaro Obregon, Ciudad de Mexico, C.P. 01740, Mexico
Laboratorios ABC Qu\u00edmica, Investigaci\u00f3n y An\u00e1lisis, S.A. de C.V.
(xiii)
Jacarandas #19, San Clemente, Alvaro Obreg\u00f3n, Ciudad de Mexico, C.P. 01740, Mexico
Laboratory Services International Rotterdam B.V.
Pittsburghstraat 9, 3047 BL, Rotterdam, The Netherlands
Labtest International Inc.
545 E. Algonquin Road, Arlington Heights, IL 60005, United States
Lintec Testing Services Limited
Louisiana Grain Services, Inc.
(i)
c/o CT Corp, 8550 United Plaza Blvd, Baton Rouge LA 70809, United States
Mace Land Company, Inc.
3114 Scarboro Road, Street, MD 21154, United States
Management Systems International Limited
(i)
Materials Testing Lab, Inc.
145 Sherwood Avenue, Farmingdale NY 11735, United States
McPhar Geoservices (Philippines) Inc.
Building 7 & 8 Philcrest 1 Compound, Km23 West Service Road, Bo. Cupang, Muntinlupa City, Philippines
Melbourn Scienti\ufb01c Limited
Melbourn Scienti\ufb01c, Saxon Way, Melbourn, Hertfordshire, Royston, SG8 6DN, United Kingdom
SAI Global Japan Co. Ltd.
MK Bldg. 8F, 2-28-22 Shiba, Minato-ku Tokyo, Japan
SAI Global Korea Co., Ltd
(Dangjeong-dong, Intertek Building) 3, Gongdan-ro 160beon-gil, Gunpo-si, Gyeonggi-do, Seoul, South Korea
SAI Global Mexico, S. de R.L. de C.V
(xvi)
Poniente 134, No 660 Industrial Vallejo, Mexico DF CP, 02300, Mexico
SAI Global Pty Limited
544 Bickley Road, Maddington WA 6109, Australia
SAI Global SARL
29 Rue du Pont, 92200 Neuilly-sur-Seine, France
SAI Global UK Holdings Limited
SAI Global US Holdings, Inc.
205 W. Wacker Dr, Suite 1800, Chicago, IL 60606, United States
Schindler & Associates (L.C.)
(i)
(xv)
24900 Pitkin Road, Suite 200, The Woodlands TX 77386, United States
Shanghai Orient Intertek Testing Services Company Limited
Room 304\\401,No 1\\4\\5, Lane 2028, Changzhong Road, Jing\u2019an District, Shanghai, China
Shanghai Tianxiao Investment Consultancy Company Limited
Room 502, No.5-6, 1218 WanRong Road, Shanghai 200070, China
Technical Company for Testing and Conformity Services & Systems LLC
Gates No. 1/2/6, Building 73/ Area 903, Karadah, Al Rusafa, Baghdad, Iraq
Testing Holdings Sweden AB
Torshamnsgatan 43, Box 1103, Kista, S-164 22, Sweden
Tradegood.com International Limited
2/F, Garment Centre, 576 Castle Peak Road, Kowloon, Hong Kong
Van Sluys & Bayet NV
Kruisschansweg 11, 2040 Antwerp, Belgium
White Land Company, Inc.
3114 Scarboro Road, Street, MD 21154, United States
Wilson Inspection X-Ray Services, Inc.
(i)
Michael E Wilson, 6010 Edgewater Dr., Corpus Christi TX 78412, United States
Wisco SE Asia PTE Limited
(i)
3 Irving Road #05-01 to 05, Tai Seng Centre, 369522, Singapore
Youngever Holdings Ltd
Luna Tower, Waterfront Drive, Road Town, Tortola, VG 1110, British Virgin Islands
Professional Service Industries, Inc.
545 E. Algonquin Road, Arlington Heights, IL 60005, United States
Professional Service Industries Holdings, Inc.
545 E. Algonquin Road, Arlington Heights, IL 60005, United States
PSI Acquisitions, Inc.
545 E. Algonquin Road, Arlington Heights, IL 60005, United States
PT. Moody Technical Services
Graha STR 3rd \ufb02oor, Suite#302, Jl. Ampera Raya No. 11, Jakarta, 12550, Indonesia
PT. RCG Moody
Graha STR 3rd \ufb02oor, Suite#302, Jl. Ampera Raya No. 11, Jakarta, 12550, Indonesia
PT. SAI Global Indonesia
Graha Iskandarsyah Lantai 4, Jalan Iskandarsyah Raya Nomor 66-C, Kebayoran Baru, Jakarta, 12160, Indonesia
QMI-SAI Canada Limited
20 Carlson Court, Suite 200, Toronto ON M9W 7K6, Canada
RCG Moody International Uruguay S.A.
Cerrito 507, 4th Floor, Off. 46, 47, Montevideo 11000, Uruguay
SAI Global Assurance Learning Limited
(ii)
SAI Global Assurance Pty Limited
544 Bickley Road, Maddington WA 6109, Australia
SAI Global Assurance Services Limited
SAI Global Assurance Services sp. z o.o.
Oszczepnik\u00f3w 4, 02-633 Warszawa, Poland
SAI Global Australia (China) Pty Limited
(i)
544 Bickley Road, Maddington WA 6109, Australia
SAI Global Australia Pty Limited
544 Bickley Road, Maddington WA 6109, Australia
SAI Global Certi\ufb01cation Services Pty Limited
(i)
544 Bickley Road, Maddington WA 6109, Australia
SAI Global CIS UK Limited
SAI Global GmbH
(ii)
Friedrich-Ebert-Anlage 36, 60325 Frankfurt am Main, Germany
SAI Global GP
(xv)
205 W. Wacker Dr, Suite 1800, Chicago, IL 60606, United States
SAI Global, Inc.
615 South DuPont Highway, Dover, DE 19901, United States
SAI Global Italia S.R.L.
Corso Tazzoli 235/3, CAP 10137, Turin, Italy
Intertek Industry Services (PTY) LTD (69.9%)
Woodhill Office Park Building 2, First Floor Unit 8b, 53 Phillip Engelbrecht Drive, Meyersdal Gauteng, 1448,
South Africa
Intertek Industry Services Colombia Limited (99.0%)
Calle 127A No. 53A-45, O\ufb01cina 1103, Bogot\u00e1, Colombia
Intertek Inspection (Malaysia) Sdn. Bhd.
(xi)
(xix)
(40%)
D-28-3, Level 28, Menara Suezcap 1, No. 2 Jalan Kerinchi, Gerbang Kerinchi Lestari, 59200 Kuala Lumpur,
Malaysia
Intertek Kimsco Co., Ltd (50.0%)
9F, Hansan Building, 115, Seosomun-ro, Jung-gu, Seoul, 04515, South Korea
Intertek Lanka (Private) Limited (70.0%)
Intertek House, No: 282, Kaduwela Road, Battaramulla, Sri Lanka
Intertek Libya Technical Services and Consultations Company Spa (65.0%)
P.O Box 3788, Hay Alandalus, Gargaresh, Tripoli, Libya
Intertek Life Bridge (Shanghai) Testing Services Co., Ltd (80.0%)
4F, No.6 BLD, Lane 1218, Wanrong Road, Shanghai 200070, China
Intertek Ltd (99.9%)
Borco Administration Bldg, West Sunrise Highway, Freeport, Grand Bahama, The Bahamas
Intertek \u2013 QNP LLP
(xvii)
(51.0%)
Building 2A, Abay street, Atyrau City, 060002, Kazakhstan
Intertek Robotic Laboratories Pty Limited (50.0%)
544 Bickley Road, Maddington WA 6109, Australia
Intertek South Africa Holdings (Pty) Ltd (75.0%)
5th Floor, Charter House, 13 Brand Road, Glenwood, Kwazulu-Natal, South Africa
Intertek Test Hizmetleri Anonim Sirketi (85.0%)
Merkez Mahallesi, Sanayi Cad. No.23, Altindag Plaza, Yenibosna-34197, Istanbul, Turkey
Intertek Testing Services (South Africa) (Pty) Ltd
(xi)
(xix)
(49.5%)
5th Floor, Charter House, 13 Brand Road, Glenwood, Durban, South Africa
Intertek Testing Services Changzhou Ltd (85.0%)
Room 201, No 4 Floor, Changzhou Testing Industrial Park, Tanning District, Changzhou, China
Intertek Testing Services Korea Limited (50.0%)
1st Fl., Aju Digital Tower, 284-56, Seongsu-dong 2-ga, Seongdong-gu, Seoul 133-120, South Korea
Intertek Testing Services Nigeria Limited (65.9%)
73B Marine Road, Apapa GRA, Apapa, Lagos, 102272, Nigeria
Intertek Testing Services Sichuan Co., Ltd (90.0%)
No 1, Jiuxiang Blvd, Pharmacy Industry Park, Luzhou National High Technology District, Sichuan, China
Intertek Testing Services Wuxi Ltd (70.0%)
1/F, No.8 Fubei Road, Xishan Economic Development Zone, Wuxi, Jiangsu, 214101, China
ITS Caleb Brett Deniz Survey A S (50.0%)
Ulus Mah. Oz Topuz cad. no.32, Besiktas, Istanbul, 34340, Turkey
Related undertakings where the effective interest is less than 100%
Caleb Brett Abu Dhabi LLC
(xviii)
(xix)
(49.0%)
CB UAE (Private) Ltd, c/o Al Nahiya Group, PO Box 3728, Abu Dhabi, United Arab Emirates
Clean Energy Associates, LLC
(xv)
(85.0%)
16192 Coastal Highway, Lewes, DE, 19958, United States
Clean Energy Associates Limited (85.0%)
302-308 Hennessy Road, Room 2003, Wanchai, Hong Kong
Clean Energy Associates (China) Limited (85.0%)
Room 159, Building 4th, No. 2118 Guanghua Road, Minhang District, Shanghai, China
Controle Anal\u00edtico An\u00e1lises T\u00e9cnicas Ltda. (80.0%)
281 Rua Le\u00e3o XIII, Vila dos Rem\u00e9dios, Osasco, S\u00e3o Paulo, 06298-180, Brazil
CQC-SAI Management Technologies (Beijing) Co., Ltd (70%)
Level 21, Suite 2101-2103A, Beijing AVIC Building, No 10B, East 3rd Ring Road, Chaoyang District,
Beijing 100022, China
Euro Mechanical Instrument Services LLC
(xix)
(49.0%)
PO Box 46153, Abu Dhabi, United Arab Emirates
International Inspection Services LLC
(xviii)
(70.0%)
PO Box 193, Al Hamriyah, Muscat, PC 131, Oman
Intertek (Qeshm Island) Limited (51.0%)
Unit 107, Goldis Building, Valiasr Boulevard, Qeshm Island, Islamic Republic of Iran
Intertek Angola LDA (99.0%)
282 Rua Amilcar Cabral no.147 2nd \ufb02oor, Apartment Z, Luanda, Angola
Intertek Burkina Faso SAS
(xix)
(49%)
Lot 113, Parcelle no. PE 1/2, Secteur no.11. Ouagagougou, 02 BP 5984, Burkina Faso
Intertek Caleb Brett Tzn Limited (75%)
Plot number 5, Minizani str.-Opposite Roman Catholic Church, Kilwa Road, Kurasini Temeke, Dar Es Salaam,
15109, United Republic of Tanzania
Intertek Certi\ufb01cation International Sdn. Bhd.
(xix)
(40%)
6-L12-01, Level 12, Tower 2, Menara PGRM, No. 6 & 8 Jalan Pudu Ulu, Cheras, 56100 Kuala Lumpur, Malaysia
Intertek ETL SEMKO KOREA Limited (90.0%)
5F, Intertek building, Gongdan-ro, 160beon-gil 3, Gunpo-si, Gyeonggi-do, 15845, South Korea
Intertek Geronimo JV Limited (70.0%)
1, North Industrial Area, Klan Street, Accra, Ghana
Intertek Global International LLC
(xv)
(xix)
(49%)
Building 242, Office No.3, C-Ring Road, Doha, PO Box 47146, Qatar
Intertek GM Testing Service Zhuhai Co., Ltd (70.0%)
6F of Research and Development Building, Guangdong-Macau TCM Park Commercial Service Center, 2682 Huan
Dao Bei Road, Hengqin New Area, Zhuhai, Guangdong China
Associates Moody International Certi\ufb01cation Ltd (40.0%) 53, Nautic, Triq l-Ortolan, San Gwann, SGN 1943, Malta Moody Certi\ufb01cation Maroc SARL(30.0%) 28, Rue de Provins, 2 eme etage, Casablanca, Morocco Moody International SA (35.0%) 4 Rue Des Brasseurs, Zone 3 Abidjan, C\u00f4te d\u2019Ivoire (i) Dormant. (ii) In Liquidation/Strike off requested. (iii) Ownership held in class A and B shares (iv) Ownership held in class A and E shares. (v) Ownership held in class A, B, C, D and E shares. (vi) Ownership held in class A, B, C, D, E and F shares. (vii) Ownership held in ordinary and ordinary-A shares. (viii) Ownership held in ordinary, ordinary-A, ordinary-B and deferred shares. (ix) Ownership held in ordinary and preference shares. (x) Ownership held in ordinary and redeemable shares. (xi) Ownership held in ordinary and redeemable preference shares. (xii) Ownership held in No.1, No.2.1 and No.2.2 shares. (xiii) Ownership held in class I Series B shares and class II Series B shares (xiv) Ownership held in ordinary bearer shares. (xv) Ownership held in membership units. (xvi) Ownership held in quota capital shares. (xvii) Ownership held in charter fund capital. (xviii) The Group obtains 99% of the economic bene\ufb01t of the company. (xix) Intertek has de facto control of the company
ITS Testing Services (M) Sdn Bhd (74.0%)
Unit 30-01, Level 30, Tower A, Vertical Business Suite, Avenue 3, Bangsar South, No.8, Jalan Kerinchi,
59200 Kuala Lumpur, Malaysia
ITS Testing Services Holdings (M) Sdn Bhd
(xix)
(49.0%)
Unit 30-01 Level 30, Tower A, Vertical Business Suite, Avenue 3, Bangsar South, No. 8, Jalan Kerinchi,
59200 Kuala Lumpur, Malaysia
Moody International Angola Ltda
(i)
(xvi)
(78.6%)
Rua de Macau, Edi\ufb01co ex Edil Apto 1, Res de Chao Esq. C.P 215, Cabinda, Angola
Moody International Bangladesh Limited (99.9%)
House 6, Road 17/A, Block E, Ground Floor, Banani, Dhaka, 1213, Bangladesh
Moody International Holdings Chile Ltda (99.0%)
Avenida Las Condes N\u00b0 11287 Torre A, o\ufb01cina 301 A Las Condes, Santiago, Chile
Moody International Lanka (Private) Ltd
(i)
(99.9%)
No.5, St Albans Place, Colombo-4, Sri Lanka
Moody International Philippines, Inc.
(i)
(92.5%)
Intertek Building, 2310 Chino Roces Avenue Extension, Metro Manila, Makati City, 1231, Philippines
PT Citrabuana Indoloka (50.0%)
Jl. Raya Bogor KM 28, RT/RW. 04/07, Kel. Pekayon, Kec. Pasar Rebo, Jakarta Timur, 13710, Indonesia
PT. Global Assurance Services
(ii)
(99.8%)
Graha Iskandarsyah Raya No.66-C, Jakarta, 12160, Indonesia
PT. Intertek Utama Services
(xix)
(49.0%)
Jl. Raya Bogor KM. 28, RT/RW. 04/07, Kel. Pekayon, Kec. Pasar Rebo, Jakarta Timur, 13710, Indonesia
Qatar Calibration Services LLC
(xix)
(49.0%)
Petrotec, PO Box 16069, 8th Floor, Toyota Tower, Doha, Qatar
RCG Moody International de Venezuela S.A.
(i)
(99.0%)
Res Morgana, p_4, #04, Av.Andres Bello, Fco de Miranda, Los Polos Grandes, Caracas, Venezuela
SAI Global (Cyprus) Holdings Limited (60.0%)
1 Lampousas Street, 1095 Nicosia, Cyprus
SAI Global Eurasia LLC (60.0%)
59 pomeshch. 17-n kom., litera a, 7, nab. Reki Volkovki, 192102, St. Petersburg, Russian Federation
Shanghai Moody Management & Technical Services Co. Ltd
(i)
(90.0%)
Room 225, No. 14 at Lane No. 1700 Luo Shan Road, Shanghai, China
Soci\u00e9t\u00e9 SAI Global Tunisia SARL (75.0%)
67, Avenue Alain Savary, Cite les Jardins 2 Bloc A, Tunis, Tunisia
Soci\u00e9t\u00e9 Tunisienne Intertek Caleb Brett SARL (51.0%)
67 rue Ech-Chem, Tunis, 1002, Tunisia
The Wine Warehouse (Chepstow) Management Company Limited (75%)
", "dimensions": { "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-507": { "value": "23 Principal Group companies The principal subsidiaries whose results or \ufb01nancial position, in the opinion of the Directors, principally affect the \ufb01gures of the Group have been shown below. All the subsidiaries shown were consolidated with Intertek Group plc as at 31 December 2023. Unless otherwise stated, these entities are wholly owned indirect subsidiaries and the address of the registered office is Academy Place, 1\u20139 Brook Street, Brentwood, Essex, CM14 5NQ, United Kingdom.
Country of Incorporation and principal place of
Company name
operation
Activity
Intertek Australia Holdings Pty Limited
Australia
Holding
Intertek Finance plc
England
Finance
Intertek Holdings Limited
England
Holding
Intertek Technical Services, Inc.
USA
Trading
Intertek Testing Services Holdings Limited
(ii)
England
Holding
Intertek Testing Services Hong Kong Limited
Hong Kong
Trading
Intertek Testing Services Limited Shanghai
China
Trading
Intertek Testing Services NA, Inc.
USA
Trading
Intertek Testing Services Shenzhen Limited
China
Trading
Intertek USA, Inc.
USA
Trading
Intertek USD Finance Limited
England
Finance
Labtest Hong Kong Limited
Hong Kong
Trading
RCG-Moody International Limited
England
Holding
Testing Holdings USA, Inc.
USA
Holding
(i) (ii) (iii) (iv) (v) (vi) (vii) (viii) (ix) (vi) (i) Registered office address: 544 Bickley Road, Maddington WA 6109, Australia. (ii) Directly owned by Intertek Group plc. (iii) Registered office address is: 25025 I-45, Suite 300, Spring, TX 77380, United States. (iv) Registered office address is: 2/F Garment Centre, 576 Castle Peak Road, Kowloon, Hong Kong. (v) Equity shareholding 85%, company controlled by the Group based on management\u2019s assessment; Registered office address is: 2nd Floor, West District, Free Trade Test Zone, Zhangyang Road, Shanghai, China. (vi) Registered office address is: 3933 US Route 11, Cortland, NY 13045, United States. (vii) Registered office address is: 3-5/F of Bldg. 1, 1-5/F of Bldg. 3, No. 4012, Wuhe Ave. North, Bantian Street, Yuanzheng Science and Technology Industrial Park, Shenzhen, Guangdong, China. (viii) Registered office address is: 545 E. Algonquin Road, Arlington Heights, Illinois 60005, United States. (ix) Registered office address is: 2/F, Garment Centre, 576 Castle Peak Road, Kowloon, Hong Kong. Group companies In accordance with section 409 of the Companies Act 2006, all related undertakings are set out in the following list. Related undertakings comprise subsidiaries, partnerships, associates, joint ventures and joint arrangements. The principal subsidiaries listed above have not been duplicated in the following list. Where no address is listed, the address of the registered office is Academy Place, 1\u20139 Brook Street, Brentwood, Essex, CM14 5NQ, United Kingdom. Unless otherwise stated, the share capital for all related undertakings included in this note comprises ordinary or common stock shares which are indirectly held by Intertek Group plc as at 31 December 2023. The percentage held by class of share is stated where this is less than 100%. No subsidiary undertakings have been excluded from the consolidation. Fully owned subsidiaries 0949491 B.C. Limited 1200-925 West Georgia Street, Vancouver, British Columbia, V6C 3L2, Canada 4th Strand, LLC (i) (xv) 1950 Evergreen Boulevard, Suite 100, Duluth, GA 30096, United States Acucert Labs, LLP (xv) 82/2, Shreyas, 25th Road, Sion West, Mumbai, 400022, India Acumen Security, LLC 2400 Research Blvd, Suite 395, Rockville, MD 20850, United States Adelaide Inspection Services Pty Limited 544 Bickley Road, Maddington WA 6109, Australia Admon Labs Servicios Corporativos y Administrativos, S.A. de C.V. Boulevard Adolfo Lopez Mateos #2259, Atlamaya, Alvaro Obregon, Ciudad de Mexico, C.P. 01760, Mexico Advancing Food Safety Pty Limited. (i) 544 Bickley Road, Maddington WA 6109, Australia Ageus Solutions Inc. 255 Michael Cowpland Dr., Suite 200, Ottawa, Ontario, K2M 0M5, Canada Alchemy Investment Holdings, Inc. 5300 Riata Park Court, Austin, TX 78727, United States Alchemy Systems, L.P. (xv) 5301 Riata Park Court, Austin, TX 78727, United States Alchemy Systems Training, Inc. 5300 Riata Park Court, Austin, TX 78727, United States Alchemy Systems Training Limited Alchemy Training Technologies, Inc. 1 Germain Street, Suite 1500, Saint John, NB E2L 4V1, Canada Alta Analytical Laboratory, Inc. (i) 200 Westlake Park Blvd., Westlake Building 4, Suite 400, Houston, TX 77079, United States Anstat Pty Limited 544 Bickley Road, Maddington WA 6109, Australia Architectural Testing, Inc. 130, Derry Court, York, PA 17406, United States Architectural Testing Holdings, Inc. 130 Derry Court, York, PA 17406, United States Bellini & Sandrini Holding LTDA Rua Carlos Tosin, 860, sala 1, Distrito Industrial, Distrito Industrial, Estado de S\u00e3o Paulo, Brazil Bigart Ecosystems, LLC (xv) 212 S. Wallace Avenue Bozeman, MT 59715, United States Genalysis Laboratory Services Pty Limited (vi) 544 Bickley Road, Maddington WA 6109, Australia Geotechnical Services Pty Limited 544 Bickley Road, Maddington WA 6109, Australia Global Trust Certi\ufb01cation (UK) Limited (ii) Global X-Ray & Testing Corporation 112 East Service Road, Morgan City, LA 70380, United States Global X-Ray Holdings, Inc. 112 East Service Road, Morgan City, LA 70380, United States Guangzhou Intertek Quality Testing Technology Co., Ltd. Room 301, No.8 Baoying East Road, Huangpu District, Guangzhou, China H.P. White Laboratory Inc. 3114 Scarboro Road, Street, MD 21154, United States Hawks Acquisition Holding, Inc. 545 E. Algonquin Road, Arlington Heights, Illinois 60005, United States Hi-Tech Holdings, Inc. (i) CT Corporation System, 1200 S.Pine Island Road, Plantation, FL 33324, United States Hi-Tech Testing Service, Inc. CT Corporation System, 1999 Bryan Street Suite 900, Dallas, TX 75201, United States ILI Infodisk, Incorporated. 205 W. Wacker Dr, Suite 1800, Chicago, IL 60606, United States ILI Limited Inspection Services (US), LLC (xv) 237 Stuart Road, Amelia, LA 70340, United States International Cargo Services, Inc. (i) c/o CT Corp, 8550 United Plaza Blvd, Baton Rouge, LA 70809, United States International Inspection Services Limited 33/37 Athol Street, Douglas, IM1 1LB, Isle of Man Intertek (Mauritius) Limited 2 Palmerston Road, Phoenix, Mauritius Intertek (Schweiz) AG TechCenter, Kaegenstrasse 18, 4153 Reinach, Switzerland Intertek Algeria Ltd EURL Zone urbaine Garidi 1, N\u00b0C7/C8, B\u00e2timent F1, 1er \u00e9tage Local N\u00b01, 16051, Kouba, Wilaya d\u2019Alger, Algeria Intertek Arabia A.C. Office no. 213, Olaya Business Center, Al-Khobar, 31952, Saudi Arabia Intertek Argentina Certi\ufb01caciones S.A. (iii) Cerrito 1136 3rd \ufb02oor CF, Ciudad Aut\u00f3noma de Buenos Aires, C1010AAX, Argentina Intertek Aruba N.V. Lago Heights Straat 28A, San Nicolas, Aruba Caleb Brett Ecuador S.A. Centro Commercial Mall del Sol, Av. Joaqu\u00edn Orrantia Gonz\u00e1lez y Juan Tanca Marengo, Torre B, Piso 5, O\ufb01cina 505, Guayaquil, Ecuador Catalyst Awareness, Inc. 43 Carolinian Lane, Cambridge, ON N1S 5B5, Canada Center for the Evaluation of Clean Energy Technology, Inc. 3933 US Route 11, Cortland, NY 13045, United States Check Safety First Limited Checkpoint Solutions Ltd Cristal Middle East SAE 22 El-Imam Ali, Almazah, Heliopolis, Cairo Governorate, Egypt Cristal North Africa CNA Immeuble, SOGIT Faisant angle de la rue, lac victoria, et rue du des lacs de mazurie, les berges du lac, 1053 Tunis Le bureau, B5 situ\u00e9, au 2\u00e8me \u00e9tage, Tunis, Tunisia Electronic Warfare Associates-Canada, Ltd 1223 Michael Street North, Suite 200, Ottawa, ON K1J 7T2, Canada Enertech Australia Pty. Limited 544 Bickley Road, Maddington WA 6109, Australia Entela-Taiwan, Inc 4700 Broadmoor Avenue SE, Suite 200, Kentwood, MI 49512, United States Esperanza Guernsey Holdings Limited PO Box 472, St Julian\u2019s Court, St Julian\u2019s Avenue, St Peter Port, GY1 6AX, Guernsey Esperanza International Services (Southern Africa) (Pty.) Limited Charter House, 13 Brand Road, Glenwood, Durban, South Africa Excel Partnership, Inc. 250 S. Wacker Drive, Suite 1800, Chicago, IL 60606, United States Fivetix Professional Services Private Limited F-Wing, I Floor, Tex Centre, 26-A Chandiwali Farm Road, Andheri (East) Mumbai Mumbai City MH 400072, India Four Front Research (India) Pvt Limited (ii) Plot# 847, 5th Floor, Near Electricity Substation, Ayyappa Society Road, Madhapur, Hyderabad, Telangana, 500081, India Frameworks Inc. 1595 Sixteenth Avenue, Suite 301, Richmond Hill, ON L4B 3N9, Canada Gamatek, S.A. de C.V. Alanis Valdez #2308, Industrial, Monterrey, Nuevo Leon, Mexico GCA Calidad y Analisis de Mexico, S.A. de C.V. Jacarandas #19, San Clemente, Alvaro Obregon, Ciudad de Mexico, C.P. 01740, Mexico Gellatly Hankey Marine Services (M) Sdn. Bhd. Unit 30-01 Level 30, Tower A, Vertical Business Suite, Avenue 3, Bangsar South, No. 8, Jalan Kerinchi, 59200 Kuala Lumpur, Malaysia Intertek Certi\ufb01cation AS Leif Weldings vei 8, 3208 Sandefjord, Norway Intertek Certi\ufb01cation GmbH Marie-Bernays-Ring 19a, 41199 Monchengladbach, Germany Intertek Certi\ufb01cation Japan Limited Nihonbashi North Square, 1-4-2, Nihonbashi \u2013 Horidomecho, Chuo-ku, Tokyo, 103-0012, Japan Intertek Certi\ufb01cation Limited Intertek Colombia S.A. Calle 127A No. 53A-45, O\ufb01cina 1103, Bogot\u00e1, Colombia Intertek Commodities Mozambique Lda (xvi) Rua 1233, NR 72 R/C, Distrito Urbano 1, Maputo, Mozambique Intertek Consulting & Training (UK) Limited (ii) Northpoint Aberdeen Science & Energy Park, Exploration Drive, Bridge of Don, Aberdeen, AB23 8HZ, United Kingdom Intertek Consulting & Training (USA), Inc. (i) 25025 I-45, Suite 300, Spring, TX 77380, United States Intertek Consulting & Training Egypt (ii) 46 B Street #7, Maadi, Cairo, Egypt Intertek Consumer Goods GmbH W\u00fcrzburger Strasse 152, 90766 F\u00fcrth, Germany Intertek Curacao N.V. Barendslaan #3, Rio Canario Willemstad, Curacao, Netherlands Antilles Intertek de Guatemala SA 46 Calle 21-53 Zona 12, Expobodega 46, Edi\ufb01cio 10, Guatemala Ciudad, Guatemala Intertek de Nicaragua S.A. Zona Franca Astro KM 47, Carretera Tipitapa Masaya, Nave 20, Managua, Nicaragua Intertek Denmark A/S Dokhavnsvej 3, 4400 Kalundborg, Denmark Intertek Deutschland GmbH Stangenstrasse 1, 70771 Leinfelden-Echterdingen, Germany Intertek DIC A/S Buen 12, 2, 6000 Kolding, Denmark Intertek do Brasil Inspecoes Ltda Av Eng. Augusto Barata s/n, Alamoa, Santos, SP, CEP11095-650, Brazil Intertek Egypt for Testing Services 2nd Floor, Block 13001, Piece 15, Street 13, First Industrial Zone, (Beside Abou Ghali Motors), Elobour City, Cairo, Egypt Intertek Engineering Service Shanghai Limited Room 301-6, No.14, Lane 1401, Jiangchang Road, Jing \u2019an District, Shanghai, China Intertek Evaluate AB Torshamnsgatan 43, Box 1103, Kista, S-164 22, Sweden IIntertek Asset Integrity Management, Inc. 25025 I-45, Suite 300, Spring, TX 77380, United States Intertek ATI SRL 266-268 Calea Rahovei Street, Building 61, 1st Floor, Sector 5, Bucharest, Romania Intertek Azeri Limited 2236 Mirza Davud Str., Xatai District, Baku, AZ 1026, Azerbaijan Intertek BA EOOD 24A Akad. Metodi Popov Str., Floor 5, So\ufb01a, 1113, Bulgaria Intertek Bangladesh Limited Phoenix Tower, Plot\u2013407 (3rd Floor), Tejgaon I/A, Dhaka, Bangladesh Intertek Belgium NV Kruisschansweg 11, 2040 Antwerp, Belgium Intertek Burkina Faso Ltd Sarl Lot 113, Parcelle no. PE 1/2, Secteur no.11. Ouagadougou, 02 BP 5984, Burkina Faso Intertek C&T Australia Holdings PTY Ltd (i) 544 Bickley Road, Maddington, WA 6109, Australia Intertek C&T Australia Pty Ltd Level 3, 235 St Georges Terrace, Perth WA 6000, Australia Intertek Caleb Brett (Uruguay) S.A. (xiv) Cerrito 507, 4th Floor, Of. 46 and 47, Montevideo, 11000, Uruguay Intertek Caleb Brett Chile S.A. Avenida Las Condes N\u00b0 11287 Torre A, o\ufb01cina 301 A Las Condes, Santiago, Chile Intertek Caleb Brett El Salvador S.A. de C.V. Recinto Industrial de RASA zona industrial de Acajutla, Sonsonate, El Salvador Intertek Caleb Brett Germany GmbH Georgswerder Bogen 3, D-21109 Hamburg, Germany Intertek Caleb Brett Panama, Inc. Zona Procesadora para la Exportacion de Albrook, Building 6, Ancon Panama, Panama Intertek Caleb Brett Venezuela C.A. Av. Mohedano, Centro Gerencial Mohedano, piso 4, o\ufb01cina 4-C, La Castellana, Municipio Chacao, Venezuela Intertek Canada Newco Limited 1829-32nd Avenue, Lachine, QC H8T 3J1, Canada Intertek Capacitacion Chile Spa Avenida Las Condes N\u00b0 11287 Torre A, o\ufb01cina 301 A Las Condes, Santiago, Chile Intertek Capital Resources Limited Intertek Certi\ufb01cation AB Torshamnsgatan 43, Box 1103, Kista, S-164 22, Sweden Intertek Industry and Certi\ufb01cation Services (Thailand) Limited 539/2 Gypsum Metropolitan Tower, 11C Fl., Sri-Ayudhaya Road, Tanon \u2013 Phayathai Subdistrict, Khet Ratchathewi, Bangkok, 10400, Thailand Intertek Industry Ghana Ltd House Number 1, North Industrial Area, Klan, Anoma Ntuu Link, Accra, PO BOX 533, Ghana Intertek Industry Holdings (Pty) Ltd 53 Phillip Engelbrecht Drive, Woodhill Office Park Building 2, 1st Floor Unit 8B Meyersdal, Gauteng, 1448, South Africa Intertek Industry Holdings Mozambique Limitada Cidade de Maputo, Distrito Kampfumo, Baiiro Sommerchield, Avenida 1301 n\u02da97, Mozambique Intertek Industry Services (S) Pte Ltd 2 International Business Park, #10-09/10, The Strategy, 609930, Singapore Intertek Industry Services Brasil Ltda Alameda Rio Negro, 161, room 702 \u2013 7th \ufb02oor, Alphaville, Barueri-SP, 06454-000-SP, Brazil Intertek Industry Services de Argentina S.A. Cerrito 1136, 2nd \ufb02oor CF, Ciudad Autonoma de Buenos Aires, C1010AAX, Argentina Intertek Industry Services Japan Limited Nihonbashi North Square, 1-4-2, Nihonbashi \u2013 Horidomecho, Chuo-ku, Tokyo, 103-0012, Japan Intertek Industry Services Romania Srl 266-268 Calea Rahovei Street, Building 61, 1st Floor, Sector 5, Bucharest, Romania Intertek Industry WLL Office # 24, Building 400, Road 3207, Mahooz, Block 332, Manama, Bahrain Intertek Inspection Services Ltd 2561 Avenue Georges V, Montreal-Est, QC H1L 6S4, Canada Intertek Inspection Services Scandinavia AS Leif Weldings vei 8, 3208 Sandefjord, Norway Intertek Inspection Services UK Limited Intertek International Gabon SARL Quartier Montagne Sainte \u2013 Immeuble Dumez, 2\u00e9me \u00e9tage, Libreville, B.P: 13312, Gabon Intertek International Guinee S.A.R.L. (i) Conakry Republique de Guinee, Compte Bancaire: 52481.369.10 0 (SGBG), Conakry Guinea Intertek International Inc. 8600 NW 17th Street, Suite 100, Miami, FL 33126, United States Intertek International Kazakhstan, LLC Building 2A, Abay street, Atyrau City, 060002, Kazakhstan Intertek International Limited Intertek International Ltd Egypt 69, Road 161, Intersection with Road 104, Ground Floor, Maadi, Cairo, Egypt Intertek International Nederland BV Leerlooierstraat 135, 3194AB Hoogvliet, Rotterdam, The Netherlands Intertek Finance No. 2 Ltd (x) Intertek Finland OY Teknoublevardi 3-5, FI-01530 Vantaa, Finland Intertek Food Services GmbH Olof-Palme-Strasse 8, 28719 Bremen, Germany Intertek France SAS ZAC Ecopark 2, 27400, Heudebouville, France Intertek Fujairah FZC P.O. Box 1307, Fujairah, United Arab Emirates Intertek Genalysis (Zambia) Limited Plot No 25/26 Nkwazi House, Nkwazi and Cha Cha Cha Roads, PO Box 31014, Lusaka, Zambia Intertek Genalysis Madagascar SA Saint Denis Terrain II, Parcel 2 Ambatofotsy, Ampandrianomby, Madagascar Intertek Genalysis South Africa Pty Ltd 544 Bickley Road, Maddington WA 6109, Australia Intertek Ghana Limited 1st Floor Gian, Towers Office, Number 2 Community, Gian Towers Tema, Accra, Accra Metropolitan, P.O. BOX GP 199, Ghana Intertek Global (Iraq) Limited Intertek Global Limited 26 New Street, St Helier, Jersey, JE2 3RA, Jersey Intertek Health Sciences Inc. (v) 2233 Argentia Road, Suite # 201, Mississauga, ON L5N 2X7, Canada Intertek Holding Deutschland GmbH Stangenstrasse 1, 70771 Leinfelden-Echterdingen, Germany Intertek Holdings France SAS ZAC Ecopark 2, 27400 Heudebouville, France Intertek Holdings Italia SRL (xvi) Via Guido Miglioli 2/A, Cernusco sul Naviglio, 20063, Milano, Italy Intertek Holdings Nederland B.V. Leerlooierstraat 135, 3194AB Hoogvliet, Rotterdam, The Netherlands Intertek Holdings Norge AS Oljevegen 2, Tananger, 4056, Norway Intertek Ib\u00e9rica Spain, S.L. Alameda Recalde, 27-5, 48009, Bilbao, Vizcaya, Spain Intertek India Private Limited E-20, Block B1, Mohan Co-operative Industrial Area, Mathura Road, New Delhi, 110044, India Intertek Industrial Services GmbH Marie-Bernays-Ring 19a, 41199 Monchengladbach, Germany Intertek Pakistan (Private) Limited Intertek House, Plot No.1-5/11-A, Sector-5, Korangi Industrial Area, Karachi, Pakistan Intertek Poland sp.z.o.o. Cyprysowa 23 B, 02-265, Warsaw, Poland Intertek Polychemlab B.V. Koolwaterstofstraat 1, 6161 RA, Geleen, The Netherlands Intertek Portugal, Unipessoal Lda (xvi) Rua Antero de Quental, 221-Sala 102, 4455-586, Pera\ufb01ta-Matosinhos, Portugal Intertek Quality Services Ltd (i) Intertek Resource Solutions (Trinidad) Limited #91-92 Union Road, Marabella, Trinidad, Trinidad and Tobago Intertek Resource Solutions, Inc. 25025 I-45, Suite 300, Spring, TX 77380, United States Intertek Rus JSC Proektiruemyi 4062-I, 6-25- Pomeshch, 115432, Moscow, Russian Federation Intertek S.R.O Sokolovsk\u00e1 131/86, Karl\u00edn, Praha 8, 186 00, Czech Republic Intertek Saudi Arabia Limited Southern Olaya Center, Office No. 213, Makkah Al-Mukaramah Street, P.O. Box 2526, Al-Khobar, 31952, Saudi Arabia Intertek ScanBi Diagnostics AB Box 166, Alnarp, SE-230 53, Sweden Intertek Secretaries Limited (i) Intertek Semko AB Torshamnsgatan 43, Box 1103, Kista, S-164 22, Sweden Intertek Services (Pty) Ltd 1st Floor, Building D, Stoneridge Office Park, 8 Greenstone Place, Greenstone, Gauteng, Johannesburg, 1609, South Africa Intertek Servicios C.A. (i) Res. San Ignacio, Calle San Ignacio de Loyola con Avenue Francisco de Miranda, Local 3, Chacao, Caracas, Venezuela Intertek Statius N.V. Man \u2018O\u2019 War #B3, Oranjestad, St. Eustatius, Netherlands Antilles Intertek Surveying Services (USA), LLC (xv) 16441 Space Center Boulevard, Suite D-100, Houston, TX 77058, United States Intertek Surveying Services UK Limited Averon House 3 Dail Nan Rocas, Teaninich Industrial Estate, Alness, IV17 0PH, United Kingdom Intertek Technical Inspections Canada Inc. (iv) 1829-32nd Avenue, Lachine, Quebec, H8T 3J1, Canada Intertek Technical Services PTY Limited 544 Bickley Road, Maddington WA 6109, Australia Intertek International Niger SARL BP 2769, 2nd Floor Lot 792 Block Q, Independance Boulevard, Rue GM-20, Niger Intertek International Suriname N.V. Prins Hendrikstraat 49, Paramaribo, Suriname Intertek International Tanzania Limited Minazini Street, Kilwa Road 5, Dar es Salaam, United Republic of Tanzania Intertek Italia SpA Via Guido Miglioli 2/A, Cernusco sul Naviglio, 20063, Milano, Italy Intertek Japan K.K. Pier City Shibaura Building, 4F, 3-18-1, Kaigan, Minato-ku, Tokyo, 108-0022, Japan Intertek Kalite Servisleri Limited Sirketi Cevizli Mah. Tansel Cad. No: 12-18, Maltepe, Istanbul, Turkey Intertek Korea Industry Service Ltd Yeouido Dept Bldg #916, 36-2, Yeouido-Dong, Youngdeungpo-Gu, Seoul, 150-749, South Korea Intertek Labtest S.A.R.L 7 Boulevard La Resistance IMM La Comanav Etage 7, Casablanca, 20300, Morocco Intertek Malta Limited 24A Level 2, Flagstone Wharf, Marsa MRS 1932, Malta Intertek Management Services (Australia) Pty Ltd 544 Bickley Road, Maddington WA 6109, Australia Intertek Med SARL AU Zone Franche Logistique Tanger Med, Plateau Bureaux 4, Lot 130, Tanger, Morocco Intertek Medical Noti\ufb01ed Body AB Torshamnsgatan 43, Box 1103, Kista, S-164 22, Sweden Intertek Medical Noti\ufb01ed Body UK Ltd Intertek Minerals Limited Osu Badu Street, Airport Residential Area, Accra, Greater Accra, CP8196, Ghana Intertek Myanmar Limited Classic Strand Cono, No.693/701, Room (4-A), (4th Floor), Merchant Road, Pabedan Township, Yangon, Myanmar Intertek Nederland B.V. Leerlooierstraat 135, 3194 AB Hoogvliet, Rotterdam, The Netherlands Intertek Nominees Limited Intertek OCA France SARL Route Industrielle \u2013 Centre Routier, 76600, Gonfreville L\u2019Orcher, France Intertek Overseas Holdings Limited Intertek Overseas Holdings, Eritrea Limited (i) 3rd Floor, Warsay Avenue, P.O. Box 4588, Asmara, Eritrea Intertek Testing Services Environmental Laboratories Inc. (i) Lexis Document Services, 15 East North Street, Dover, DE 19901, United States Intertek Testing Services NA Limited 1829-32nd Avenue, Lachine QC H8T 3J1, Canada Intertek Testing Services NA Sweden AB (i) c/o Intertek Semko AB, Box 1103, Kista, 16422, Sweden Intertek Testing Services Namibia (Proprietary) Limited 15th Floor, Frans Indongo Gardens, Dr Frans Indongo Street, Windhoek, Namibia Intertek Testing Services Paci\ufb01c Limited 2/F, Garment Centre, 576 Castle Peak Road, Kowloon, Hong Kong Intertek Testing Services Peru S.A. Jr. Mariscal Jose de la Mar No. 200 Urb., Res. El Pino, San Luis, Lima, Peru Intertek Testing Services Philippines, Inc. Intertek Building, 2307 Chino Roces Avenue Extension, Metro Manila, Makati City, 1231, Philippines Intertek Testing Services Taiwan Limited 8F No. 423 Ruiguang Rd, Neihu District, Taipei, 11492, Taiwan Intertek Testing Services Tianjin Limited 1-6/F, Block B, No. 7 Guiyuan Road, Hi-Tech Pack, Tianjin, China Intertek Testing Services Zhejiang Ltd Building No.2, Juanhu Science and Technology Innovation Park, No. 500 East Shuiyueting Road, Haining City, Zhejiang Province, China Intertek Timor, S.A. (i) Hotel Timor, Colmera, Vera Cruz, Dili, Timor-Leste Intertek Training Malaysia Sdn. Bhd. 6-L12-01, Level 12, Tower 2, Menara PGRM, No. 6 & 8 Jalan Pudu Ulu, Cheras, 56100 Kuala Lumpur, Malaysia Intertek Trinidad Limited #91-92 Union Road, Marabella, Trinidad and Tobago Intertek UK Holdings Limited Intertek USA Finance LLC c/o CSC Services of Nevada, Inc., 2215-B Renaissance Dr, Las Vegas NV 89919, United States Intertek Vietnam Limited 3rd & 4th \ufb02oor, Au Viet Building, No. 01 Le Duc Tho Str., Mai Dich Ward, Cau Giay District, Hanoi City, Vietnam Intertek West Africa SARL Immeuble Centre Pavillon, 4eme \u00e9tage, Rue Paul Langevin, Marcory, Zone 4, Abidjan, C\u00f4te d\u2019Ivoire Intertek West Lab AS Oljevegen 2, 4056 Tananger, Norway Intertek Genalysis SI Limited (i) c/o Baoro & Associates, Top Floor, Y. Sato Building, Point Cruz, Honiara, Solomon Islands Intertek Technical Testing and Analysis Private Limited Company Bole Sub City Woreda 04, House Number 064/A/, Abune Yosef, Addis Ababa, 4260, Ethiopia Intertek Testing & Certi\ufb01cation Limited Intertek Testing and Inspection Services UK Limited Intertek Testing Management Ltd Intertek Testing Services (Australia) Pty Limited 544 Bickley Road, Maddington WA 6109, Australia Intertek Testing Services (Cambodia) Company Limited 13AC, Street 337, Sangkat Boeung Kak I, Khan Tuol Kork, Phnom Penh, Cambodia Intertek Testing Services (East Africa) (Pty) Limited 5th Floor Charter House, 13 Brand Road Glenwood, Kwa-Zulu Natal, 4001, South Africa Intertek Testing Services (Fiji) Pte Limited c/o BDO, Level 10, FNPF Place, 343 Victoria Parade, Suva, Fiji Intertek Testing Services (Guangzhou) Ltd No.3-1, Road 1, Xinhaixin Street, Huangge, Nansha District, Guangzhou, Guangdong, China Intertek Testing Services (ITS) Canada Ltd 105-9000 Bill Fox Way, Burnaby BC V5J 5J3, Canada Intertek Testing Services (Japan) K. K. Nihonbashi North Square, 1-4-2, Nihonbashi \u2013 Horidomecho, Chuo-ku, Tokyo, 103-0012, Japan Intertek Testing Services (NZ) Limited 3 Kepa Road, Ruakaka, Northland, 0171, New Zealand Intertek Testing Services (Shanghai FTZ) Co., Ltd 7th Floor, Building No. 51, 1089 North Qinzhou Road, Xuhui District, Shanghai, China Intertek Testing Services (Singapore) Pte Ltd. 3 Irving Road #05-01 to 05, Tai Seng Centre, 369522, Singapore Intertek Testing Services (Thailand) Limited 1285/5 Prachachuen Road, Wong-Sawang Sub-District, Bangsue District, Bangkok, 10800, Thailand Intertek Testing Services Argentina S.A. Cerrito 1136, piso 3ro, Frente. Ciudad Autonoma de Buenos Aires, (C1010AAX), Argentina Intertek Testing Services Bolivia S.A. Calle Chichapi # 2125, Santa Cruz, de la Sierra, Bolivia Intertek Testing Services Caleb Brett Egypt Limited Intertek Testing Services Chongqing Co., Limited 1F/6F Building 3 No.5, East Gangcheng Loop Road, Chongqing China Intertek Testing Services de Honduras, S.A. Edi\ufb01cio la Pradera, locales 5 y 6. 1-2 Ave, 1 calle, Puerto Cortes, Barrio el Centro, Honduras Intertek Testing Services De Mexico, S.A. De C.V. (iii) Poniente 134, No 660 Industrial Vallejo, Mexico DF CP, 02300, Mexico Metoc Limited (iii) Midwest Engineering Services, Inc.(i) CT Corporation System, 8020 Excelsior Dr., Suite 200, Madison WI 53717, United States Moody (Shanghai) Consulting Co., Ltd Room 403, No.5-6, Lane 1218, Wanrong Road, Jing \u2018an District, Shanghai, China Moody International (Holdings) Limited(viii) Moody International (India) Private Limited E-20, Block B1, Mohan Co-operative Industrial Area, Mathura Road, New Delhi, 110044, India Moody International (Russia) Limited (ii) Moody International Certi\ufb01cation India Limited E-20, Block B1, Mohan Co-operative Industrial Area, Mathura Road, New Delhi, 110044, India Moody International Holdings LLC(xv) 237 Stuart Road, Amelia, LA 70340, United States MT Group LLC 145 Sherwood Avenue, Farmingdale NY 11735, United States MT Operating of New Jersey, LLC(xv) 145 Sherwood Avenue, Farmingdale NY 11735, United States MT Operating of New York, LLC (xv) 145 Sherwood Avenue, Farmingdale NY 11735, United States N T A Monitor Limited NDT Services Limited Northern Territory Environmental Laboratories Pty Ltd(i) 544 Bickley Road, Maddington WA 6109, Australia NTA Monitor (M) Sdn Bhd No. 18-B, Jalan Kancil off Jalan Pudu, 55100 Kuala Lumpur, Wilayah Persekutuan, Malaysia Paulsen & Bayes-Davy Ltd 2/F, Garment Centre, 576 Castle Peak Road, Kowloon, Hong Kong Petroleum Services of Union Lab Sdn. Bhd. Suite C-7-10 (B), Level 9, Block C, UE3 Corporate Offices, Menara Uncang Emas, No 85 Jalan Loke Yew, Taman Miharja, 55200 Kuala Lumpur, Malaysia Pittsburgh Testing Laboratory Inc. (i) PSI, 850 Poplar Street, Pittsburgh PA 15220, United States PlayerLync Holdings, Inc. 1209 Orange Street, Wilmington, New Castle DE 19801, United States PlayerLync LLC 1209 Orange Street, Wilmington, New Castle DE 19801, United States Profesionales Contables en Asesor\u00eda Empresarial y de Ingenieria S.A.S. Calle 120, No. 45A \u2013 32, Bogota, Colombia Professional Service Industries (Canada) Inc. (i) 200 Bay Street, Suite 3800, Royal Bank Plaza, South Tower, Toronto ON M5J 2J7, Canada ITS (PNG) Limited Section 27 Allotment 27, Voco Point, Lae, Morobe Province, Papua New Guinea ITS (Subic Bay), Inc. Area 8 \u2013 10, Lots 11/12 Boton Wharf, Argonaut Highway, Subic Bay, Freeport Zone, Olongapo City, Philippines ITS Guinea SARLU Resident Almamya 103 Community De Kaloum, Conakry, Guinea ITS Hong Kong NA, Limited (i) 2/F Garment Centre, 576 Castle Peak Road, Kowloon, Hong Kong ITS Labtest Bangladesh Limited Phoenix Tower, Plot \u2013 407 (3rd Floor), Tejgaon I/A, Dhaka, Bangladesh ITS Testing Holdings Canada Limited 9000 Bill Fox Way, Suite 105, Burnaby, British Columbia, V5J 5J3, Canada ITS Testing Services (UK) Limited ITS Testing Services Co. LLC Ras Tanura KSA, PO Box 216, 31941, Saudi Arabia JLA Brasil Laborat\u00f3rio de An\u00e1lises de Alimentos S.A. Rua Carlos Tosin, 860, sala 1, Distrito Industrial, Distrito Industrial, Estado de S\u00e3o Paulo, Brazil KJ Tech Services GmbH (xii) Pallaswiesenstra\u00dfe 168, 64293, Darmstadt, Germany Laboratorio Fermi S.A. de C.V. Jacarandes #15, San Clemente, Alvaro Obregon, Ciudad de Mexico, C.P. 01740, Mexico Laboratorios ABC Qu\u00edmica, Investigaci\u00f3n y An\u00e1lisis, S.A. de C.V. (xiii) Jacarandas #19, San Clemente, Alvaro Obreg\u00f3n, Ciudad de Mexico, C.P. 01740, Mexico Laboratory Services International Rotterdam B.V. Pittsburghstraat 9, 3047 BL, Rotterdam, The Netherlands Labtest International Inc. 545 E. Algonquin Road, Arlington Heights, IL 60005, United States Lintec Testing Services Limited Louisiana Grain Services, Inc. (i) c/o CT Corp, 8550 United Plaza Blvd, Baton Rouge LA 70809, United States Mace Land Company, Inc. 3114 Scarboro Road, Street, MD 21154, United States Management Systems International Limited (i) Materials Testing Lab, Inc. 145 Sherwood Avenue, Farmingdale NY 11735, United States McPhar Geoservices (Philippines) Inc. Building 7 & 8 Philcrest 1 Compound, Km23 West Service Road, Bo. Cupang, Muntinlupa City, Philippines Melbourn Scienti\ufb01c Limited Melbourn Scienti\ufb01c, Saxon Way, Melbourn, Hertfordshire, Royston, SG8 6DN, United Kingdom SAI Global Japan Co. Ltd. MK Bldg. 8F, 2-28-22 Shiba, Minato-ku Tokyo, Japan SAI Global Korea Co., Ltd (Dangjeong-dong, Intertek Building) 3, Gongdan-ro 160beon-gil, Gunpo-si, Gyeonggi-do, Seoul, South Korea SAI Global Mexico, S. de R.L. de C.V (xvi) Poniente 134, No 660 Industrial Vallejo, Mexico DF CP, 02300, Mexico SAI Global Pty Limited 544 Bickley Road, Maddington WA 6109, Australia SAI Global SARL 29 Rue du Pont, 92200 Neuilly-sur-Seine, France SAI Global UK Holdings Limited SAI Global US Holdings, Inc. 205 W. Wacker Dr, Suite 1800, Chicago, IL 60606, United States Schindler & Associates (L.C.) (i) (xv) 24900 Pitkin Road, Suite 200, The Woodlands TX 77386, United States Shanghai Orient Intertek Testing Services Company Limited Room 304\\401,No 1\\4\\5, Lane 2028, Changzhong Road, Jing\u2019an District, Shanghai, China Shanghai Tianxiao Investment Consultancy Company Limited Room 502, No.5-6, 1218 WanRong Road, Shanghai 200070, China Technical Company for Testing and Conformity Services & Systems LLC Gates No. 1/2/6, Building 73/ Area 903, Karadah, Al Rusafa, Baghdad, Iraq Testing Holdings Sweden AB Torshamnsgatan 43, Box 1103, Kista, S-164 22, Sweden Tradegood.com International Limited 2/F, Garment Centre, 576 Castle Peak Road, Kowloon, Hong Kong Van Sluys & Bayet NV Kruisschansweg 11, 2040 Antwerp, Belgium White Land Company, Inc. 3114 Scarboro Road, Street, MD 21154, United States Wilson Inspection X-Ray Services, Inc. (i) Michael E Wilson, 6010 Edgewater Dr., Corpus Christi TX 78412, United States Wisco SE Asia PTE Limited (i) 3 Irving Road #05-01 to 05, Tai Seng Centre, 369522, Singapore Youngever Holdings Ltd Luna Tower, Waterfront Drive, Road Town, Tortola, VG 1110, British Virgin Islands Professional Service Industries, Inc. 545 E. Algonquin Road, Arlington Heights, IL 60005, United States Professional Service Industries Holdings, Inc. 545 E. Algonquin Road, Arlington Heights, IL 60005, United States PSI Acquisitions, Inc. 545 E. Algonquin Road, Arlington Heights, IL 60005, United States PT. Moody Technical Services Graha STR 3rd \ufb02oor, Suite#302, Jl. Ampera Raya No. 11, Jakarta, 12550, Indonesia PT. RCG Moody Graha STR 3rd \ufb02oor, Suite#302, Jl. Ampera Raya No. 11, Jakarta, 12550, Indonesia PT. SAI Global Indonesia Graha Iskandarsyah Lantai 4, Jalan Iskandarsyah Raya Nomor 66-C, Kebayoran Baru, Jakarta, 12160, Indonesia QMI-SAI Canada Limited 20 Carlson Court, Suite 200, Toronto ON M9W 7K6, Canada RCG Moody International Uruguay S.A. Cerrito 507, 4th Floor, Off. 46, 47, Montevideo 11000, Uruguay SAI Global Assurance Learning Limited (ii) SAI Global Assurance Pty Limited 544 Bickley Road, Maddington WA 6109, Australia SAI Global Assurance Services Limited SAI Global Assurance Services sp. z o.o. Oszczepnik\u00f3w 4, 02-633 Warszawa, Poland SAI Global Australia (China) Pty Limited (i) 544 Bickley Road, Maddington WA 6109, Australia SAI Global Australia Pty Limited 544 Bickley Road, Maddington WA 6109, Australia SAI Global Certi\ufb01cation Services Pty Limited (i) 544 Bickley Road, Maddington WA 6109, Australia SAI Global CIS UK Limited SAI Global GmbH (ii) Friedrich-Ebert-Anlage 36, 60325 Frankfurt am Main, Germany SAI Global GP (xv) 205 W. Wacker Dr, Suite 1800, Chicago, IL 60606, United States SAI Global, Inc. 615 South DuPont Highway, Dover, DE 19901, United States SAI Global Italia S.R.L. Corso Tazzoli 235/3, CAP 10137, Turin, Italy Intertek Industry Services (PTY) LTD (69.9%) Woodhill Office Park Building 2, First Floor Unit 8b, 53 Phillip Engelbrecht Drive, Meyersdal Gauteng, 1448, South Africa Intertek Industry Services Colombia Limited (99.0%) Calle 127A No. 53A-45, O\ufb01cina 1103, Bogot\u00e1, Colombia Intertek Inspection (Malaysia) Sdn. Bhd. (xi) (xix) (40%) D-28-3, Level 28, Menara Suezcap 1, No. 2 Jalan Kerinchi, Gerbang Kerinchi Lestari, 59200 Kuala Lumpur, Malaysia Intertek Kimsco Co., Ltd (50.0%) 9F, Hansan Building, 115, Seosomun-ro, Jung-gu, Seoul, 04515, South Korea Intertek Lanka (Private) Limited (70.0%) Intertek House, No: 282, Kaduwela Road, Battaramulla, Sri Lanka Intertek Libya Technical Services and Consultations Company Spa (65.0%) P.O Box 3788, Hay Alandalus, Gargaresh, Tripoli, Libya Intertek Life Bridge (Shanghai) Testing Services Co., Ltd (80.0%) 4F, No.6 BLD, Lane 1218, Wanrong Road, Shanghai 200070, China Intertek Ltd (99.9%) Borco Administration Bldg, West Sunrise Highway, Freeport, Grand Bahama, The Bahamas Intertek \u2013 QNP LLP (xvii) (51.0%) Building 2A, Abay street, Atyrau City, 060002, Kazakhstan Intertek Robotic Laboratories Pty Limited (50.0%) 544 Bickley Road, Maddington WA 6109, Australia Intertek South Africa Holdings (Pty) Ltd (75.0%) 5th Floor, Charter House, 13 Brand Road, Glenwood, Kwazulu-Natal, South Africa Intertek Test Hizmetleri Anonim Sirketi (85.0%) Merkez Mahallesi, Sanayi Cad. No.23, Altindag Plaza, Yenibosna-34197, Istanbul, Turkey Intertek Testing Services (South Africa) (Pty) Ltd (xi) (xix) (49.5%) 5th Floor, Charter House, 13 Brand Road, Glenwood, Durban, South Africa Intertek Testing Services Changzhou Ltd (85.0%) Room 201, No 4 Floor, Changzhou Testing Industrial Park, Tanning District, Changzhou, China Intertek Testing Services Korea Limited (50.0%) 1st Fl., Aju Digital Tower, 284-56, Seongsu-dong 2-ga, Seongdong-gu, Seoul 133-120, South Korea Intertek Testing Services Nigeria Limited (65.9%) 73B Marine Road, Apapa GRA, Apapa, Lagos, 102272, Nigeria Intertek Testing Services Sichuan Co., Ltd (90.0%) No 1, Jiuxiang Blvd, Pharmacy Industry Park, Luzhou National High Technology District, Sichuan, China Intertek Testing Services Wuxi Ltd (70.0%) 1/F, No.8 Fubei Road, Xishan Economic Development Zone, Wuxi, Jiangsu, 214101, China ITS Caleb Brett Deniz Survey A S (50.0%) Ulus Mah. Oz Topuz cad. no.32, Besiktas, Istanbul, 34340, Turkey Related undertakings where the effective interest is less than 100% Caleb Brett Abu Dhabi LLC (xviii) (xix) (49.0%) CB UAE (Private) Ltd, c/o Al Nahiya Group, PO Box 3728, Abu Dhabi, United Arab Emirates Clean Energy Associates, LLC (xv) (85.0%) 16192 Coastal Highway, Lewes, DE, 19958, United States Clean Energy Associates Limited (85.0%) 302-308 Hennessy Road, Room 2003, Wanchai, Hong Kong Clean Energy Associates (China) Limited (85.0%) Room 159, Building 4th, No. 2118 Guanghua Road, Minhang District, Shanghai, China Controle Anal\u00edtico An\u00e1lises T\u00e9cnicas Ltda. (80.0%) 281 Rua Le\u00e3o XIII, Vila dos Rem\u00e9dios, Osasco, S\u00e3o Paulo, 06298-180, Brazil CQC-SAI Management Technologies (Beijing) Co., Ltd (70%) Level 21, Suite 2101-2103A, Beijing AVIC Building, No 10B, East 3rd Ring Road, Chaoyang District, Beijing 100022, China Euro Mechanical Instrument Services LLC (xix) (49.0%) PO Box 46153, Abu Dhabi, United Arab Emirates International Inspection Services LLC (xviii) (70.0%) PO Box 193, Al Hamriyah, Muscat, PC 131, Oman Intertek (Qeshm Island) Limited (51.0%) Unit 107, Goldis Building, Valiasr Boulevard, Qeshm Island, Islamic Republic of Iran Intertek Angola LDA (99.0%) 282 Rua Amilcar Cabral no.147 2nd \ufb02oor, Apartment Z, Luanda, Angola Intertek Burkina Faso SAS (xix) (49%) Lot 113, Parcelle no. PE 1/2, Secteur no.11. Ouagagougou, 02 BP 5984, Burkina Faso Intertek Caleb Brett Tzn Limited (75%) Plot number 5, Minizani str.-Opposite Roman Catholic Church, Kilwa Road, Kurasini Temeke, Dar Es Salaam, 15109, United Republic of Tanzania Intertek Certi\ufb01cation International Sdn. Bhd. (xix) (40%) 6-L12-01, Level 12, Tower 2, Menara PGRM, No. 6 & 8 Jalan Pudu Ulu, Cheras, 56100 Kuala Lumpur, Malaysia Intertek ETL SEMKO KOREA Limited (90.0%) 5F, Intertek building, Gongdan-ro, 160beon-gil 3, Gunpo-si, Gyeonggi-do, 15845, South Korea Intertek Geronimo JV Limited (70.0%) 1, North Industrial Area, Klan Street, Accra, Ghana Intertek Global International LLC (xv) (xix) (49%) Building 242, Office No.3, C-Ring Road, Doha, PO Box 47146, Qatar Intertek GM Testing Service Zhuhai Co., Ltd (70.0%) 6F of Research and Development Building, Guangdong-Macau TCM Park Commercial Service Center, 2682 Huan Dao Bei Road, Hengqin New Area, Zhuhai, Guangdong China (i) Dormant. (ii) In Liquidation/Strike off requested. (iii) Ownership held in class A and B shares (iv) Ownership held in class A and E shares. (v) Ownership held in class A, B, C, D and E shares. (vi) Ownership held in class A, B, C, D, E and F shares. (vii) Ownership held in ordinary and ordinary-A shares. (viii) Ownership held in ordinary, ordinary-A, ordinary-B and deferred shares. (ix) Ownership held in ordinary and preference shares. (x) Ownership held in ordinary and redeemable shares. (xi) Ownership held in ordinary and redeemable preference shares. (xii) Ownership held in No.1, No.2.1 and No.2.2 shares. (xiii) Ownership held in class I Series B shares and class II Series B shares (xiv) Ownership held in ordinary bearer shares. (xv) Ownership held in membership units. (xvi) Ownership held in quota capital shares. (xvii) Ownership held in charter fund capital. (xviii) The Group obtains 99% of the economic bene\ufb01t of the company. (xix) Intertek has de facto control of the company . ITS Testing Services (M) Sdn Bhd (74.0%) Unit 30-01, Level 30, Tower A, Vertical Business Suite, Avenue 3, Bangsar South, No.8, Jalan Kerinchi, 59200 Kuala Lumpur, Malaysia ITS Testing Services Holdings (M) Sdn Bhd (xix) (49.0%) Unit 30-01 Level 30, Tower A, Vertical Business Suite, Avenue 3, Bangsar South, No. 8, Jalan Kerinchi, 59200 Kuala Lumpur, Malaysia Moody International Angola Ltda (i) (xvi) (78.6%) Rua de Macau, Edi\ufb01co ex Edil Apto 1, Res de Chao Esq. C.P 215, Cabinda, Angola Moody International Bangladesh Limited (99.9%) House 6, Road 17/A, Block E, Ground Floor, Banani, Dhaka, 1213, Bangladesh Moody International Holdings Chile Ltda (99.0%) Avenida Las Condes N\u00b0 11287 Torre A, o\ufb01cina 301 A Las Condes, Santiago, Chile Moody International Lanka (Private) Ltd (i) (99.9%) No.5, St Albans Place, Colombo-4, Sri Lanka Moody International Philippines, Inc. (i) (92.5%) Intertek Building, 2310 Chino Roces Avenue Extension, Metro Manila, Makati City, 1231, Philippines PT Citrabuana Indoloka (50.0%) Jl. Raya Bogor KM 28, RT/RW. 04/07, Kel. Pekayon, Kec. Pasar Rebo, Jakarta Timur, 13710, Indonesia PT. Global Assurance Services (ii) (99.8%) Graha Iskandarsyah Raya No.66-C, Jakarta, 12160, Indonesia PT. Intertek Utama Services (xix) (49.0%) Jl. Raya Bogor KM. 28, RT/RW. 04/07, Kel. Pekayon, Kec. Pasar Rebo, Jakarta Timur, 13710, Indonesia Qatar Calibration Services LLC (xix) (49.0%) Petrotec, PO Box 16069, 8th Floor, Toyota Tower, Doha, Qatar RCG Moody International de Venezuela S.A. (i) (99.0%) Res Morgana, p_4, #04, Av.Andres Bello, Fco de Miranda, Los Polos Grandes, Caracas, Venezuela SAI Global (Cyprus) Holdings Limited (60.0%) 1 Lampousas Street, 1095 Nicosia, Cyprus SAI Global Eurasia LLC (60.0%) 59 pomeshch. 17-n kom., litera a, 7, nab. Reki Volkovki, 192102, St. Petersburg, Russian Federation Shanghai Moody Management & Technical Services Co. Ltd (i) (90.0%) Room 225, No. 14 at Lane No. 1700 Luo Shan Road, Shanghai, China Soci\u00e9t\u00e9 SAI Global Tunisia SARL (75.0%) 67, Avenue Alain Savary, Cite les Jardins 2 Bloc A, Tunis, Tunisia Soci\u00e9t\u00e9 Tunisienne Intertek Caleb Brett SARL (51.0%) 67 rue Ech-Chem, Tunis, 1002, Tunisia The Wine Warehouse (Chepstow) Management Company Limited (75%)", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-548": { "value": "23 Principal Group companies The principal subsidiaries whose results or \ufb01nancial position, in the opinion of the Directors, principally affect the \ufb01gures of the Group have been shown below. All the subsidiaries shown were consolidated with Intertek Group plc as at 31 December 2023. Unless otherwise stated, these entities are wholly owned indirect subsidiaries and the address of the registered office is Academy Place, 1\u20139 Brook Street, Brentwood, Essex, CM14 5NQ, United Kingdom.
Country of Incorporation and principal place of
Company name
operation
Activity
Intertek Australia Holdings Pty Limited
Australia
Holding
Intertek Finance plc
England
Finance
Intertek Holdings Limited
England
Holding
Intertek Technical Services, Inc.
USA
Trading
Intertek Testing Services Holdings Limited
(ii)
England
Holding
Intertek Testing Services Hong Kong Limited
Hong Kong
Trading
Intertek Testing Services Limited Shanghai
China
Trading
Intertek Testing Services NA, Inc.
USA
Trading
Intertek Testing Services Shenzhen Limited
China
Trading
Intertek USA, Inc.
USA
Trading
Intertek USD Finance Limited
England
Finance
Labtest Hong Kong Limited
Hong Kong
Trading
RCG-Moody International Limited
England
Holding
Testing Holdings USA, Inc.
USA
Holding
(i) (ii) (iii) (iv) (v) (vi) (vii) (viii) (ix) (vi) (i) Registered office address: 544 Bickley Road, Maddington WA 6109, Australia. (ii) Directly owned by Intertek Group plc. (iii) Registered office address is: 25025 I-45, Suite 300, Spring, TX 77380, United States. (iv) Registered office address is: 2/F Garment Centre, 576 Castle Peak Road, Kowloon, Hong Kong. (v) Equity shareholding 85%, company controlled by the Group based on management\u2019s assessment; Registered office address is: 2nd Floor, West District, Free Trade Test Zone, Zhangyang Road, Shanghai, China. (vi) Registered office address is: 3933 US Route 11, Cortland, NY 13045, United States. (vii) Registered office address is: 3-5/F of Bldg. 1, 1-5/F of Bldg. 3, No. 4012, Wuhe Ave. North, Bantian Street, Yuanzheng Science and Technology Industrial Park, Shenzhen, Guangdong, China. (viii) Registered office address is: 545 E. Algonquin Road, Arlington Heights, Illinois 60005, United States. (ix) Registered office address is: 2/F, Garment Centre, 576 Castle Peak Road, Kowloon, Hong Kong. Group companies In accordance with section 409 of the Companies Act 2006, all related undertakings are set out in the following list. Related undertakings comprise subsidiaries, partnerships, associates, joint ventures and joint arrangements. The principal subsidiaries listed above have not been duplicated in the following list. Where no address is listed, the address of the registered office is Academy Place, 1\u20139 Brook Street, Brentwood, Essex, CM14 5NQ, United Kingdom. Unless otherwise stated, the share capital for all related undertakings included in this note comprises ordinary or common stock shares which are indirectly held by Intertek Group plc as at 31 December 2023. The percentage held by class of share is stated where this is less than 100%. No subsidiary undertakings have been excluded from the consolidation. Fully owned subsidiaries 0949491 B.C. Limited 1200-925 West Georgia Street, Vancouver, British Columbia, V6C 3L2, Canada 4th Strand, LLC (i) (xv) 1950 Evergreen Boulevard, Suite 100, Duluth, GA 30096, United States Acucert Labs, LLP (xv) 82/2, Shreyas, 25th Road, Sion West, Mumbai, 400022, India Acumen Security, LLC 2400 Research Blvd, Suite 395, Rockville, MD 20850, United States Adelaide Inspection Services Pty Limited 544 Bickley Road, Maddington WA 6109, Australia Admon Labs Servicios Corporativos y Administrativos, S.A. de C.V. Boulevard Adolfo Lopez Mateos #2259, Atlamaya, Alvaro Obregon, Ciudad de Mexico, C.P. 01760, Mexico Advancing Food Safety Pty Limited. (i) 544 Bickley Road, Maddington WA 6109, Australia Ageus Solutions Inc. 255 Michael Cowpland Dr., Suite 200, Ottawa, Ontario, K2M 0M5, Canada Alchemy Investment Holdings, Inc. 5300 Riata Park Court, Austin, TX 78727, United States Alchemy Systems, L.P. (xv) 5301 Riata Park Court, Austin, TX 78727, United States Alchemy Systems Training, Inc. 5300 Riata Park Court, Austin, TX 78727, United States Alchemy Systems Training Limited Alchemy Training Technologies, Inc. 1 Germain Street, Suite 1500, Saint John, NB E2L 4V1, Canada Alta Analytical Laboratory, Inc. (i) 200 Westlake Park Blvd., Westlake Building 4, Suite 400, Houston, TX 77079, United States Anstat Pty Limited 544 Bickley Road, Maddington WA 6109, Australia Architectural Testing, Inc. 130, Derry Court, York, PA 17406, United States Architectural Testing Holdings, Inc. 130 Derry Court, York, PA 17406, United States Bellini & Sandrini Holding LTDA Rua Carlos Tosin, 860, sala 1, Distrito Industrial, Distrito Industrial, Estado de S\u00e3o Paulo, Brazil Bigart Ecosystems, LLC (xv) 212 S. Wallace Avenue Bozeman, MT 59715, United States Genalysis Laboratory Services Pty Limited (vi) 544 Bickley Road, Maddington WA 6109, Australia Geotechnical Services Pty Limited 544 Bickley Road, Maddington WA 6109, Australia Global Trust Certi\ufb01cation (UK) Limited (ii) Global X-Ray & Testing Corporation 112 East Service Road, Morgan City, LA 70380, United States Global X-Ray Holdings, Inc. 112 East Service Road, Morgan City, LA 70380, United States Guangzhou Intertek Quality Testing Technology Co., Ltd. Room 301, No.8 Baoying East Road, Huangpu District, Guangzhou, China H.P. White Laboratory Inc. 3114 Scarboro Road, Street, MD 21154, United States Hawks Acquisition Holding, Inc. 545 E. Algonquin Road, Arlington Heights, Illinois 60005, United States Hi-Tech Holdings, Inc. (i) CT Corporation System, 1200 S.Pine Island Road, Plantation, FL 33324, United States Hi-Tech Testing Service, Inc. CT Corporation System, 1999 Bryan Street Suite 900, Dallas, TX 75201, United States ILI Infodisk, Incorporated. 205 W. Wacker Dr, Suite 1800, Chicago, IL 60606, United States ILI Limited Inspection Services (US), LLC (xv) 237 Stuart Road, Amelia, LA 70340, United States International Cargo Services, Inc. (i) c/o CT Corp, 8550 United Plaza Blvd, Baton Rouge, LA 70809, United States International Inspection Services Limited 33/37 Athol Street, Douglas, IM1 1LB, Isle of Man Intertek (Mauritius) Limited 2 Palmerston Road, Phoenix, Mauritius Intertek (Schweiz) AG TechCenter, Kaegenstrasse 18, 4153 Reinach, Switzerland Intertek Algeria Ltd EURL Zone urbaine Garidi 1, N\u00b0C7/C8, B\u00e2timent F1, 1er \u00e9tage Local N\u00b01, 16051, Kouba, Wilaya d\u2019Alger, Algeria Intertek Arabia A.C. Office no. 213, Olaya Business Center, Al-Khobar, 31952, Saudi Arabia Intertek Argentina Certi\ufb01caciones S.A. (iii) Cerrito 1136 3rd \ufb02oor CF, Ciudad Aut\u00f3noma de Buenos Aires, C1010AAX, Argentina Intertek Aruba N.V. Lago Heights Straat 28A, San Nicolas, Aruba Caleb Brett Ecuador S.A. Centro Commercial Mall del Sol, Av. Joaqu\u00edn Orrantia Gonz\u00e1lez y Juan Tanca Marengo, Torre B, Piso 5, O\ufb01cina 505, Guayaquil, Ecuador Catalyst Awareness, Inc. 43 Carolinian Lane, Cambridge, ON N1S 5B5, Canada Center for the Evaluation of Clean Energy Technology, Inc. 3933 US Route 11, Cortland, NY 13045, United States Check Safety First Limited Checkpoint Solutions Ltd Cristal Middle East SAE 22 El-Imam Ali, Almazah, Heliopolis, Cairo Governorate, Egypt Cristal North Africa CNA Immeuble, SOGIT Faisant angle de la rue, lac victoria, et rue du des lacs de mazurie, les berges du lac, 1053 Tunis Le bureau, B5 situ\u00e9, au 2\u00e8me \u00e9tage, Tunis, Tunisia Electronic Warfare Associates-Canada, Ltd 1223 Michael Street North, Suite 200, Ottawa, ON K1J 7T2, Canada Enertech Australia Pty. Limited 544 Bickley Road, Maddington WA 6109, Australia Entela-Taiwan, Inc 4700 Broadmoor Avenue SE, Suite 200, Kentwood, MI 49512, United States Esperanza Guernsey Holdings Limited PO Box 472, St Julian\u2019s Court, St Julian\u2019s Avenue, St Peter Port, GY1 6AX, Guernsey Esperanza International Services (Southern Africa) (Pty.) Limited Charter House, 13 Brand Road, Glenwood, Durban, South Africa Excel Partnership, Inc. 250 S. Wacker Drive, Suite 1800, Chicago, IL 60606, United States Fivetix Professional Services Private Limited F-Wing, I Floor, Tex Centre, 26-A Chandiwali Farm Road, Andheri (East) Mumbai Mumbai City MH 400072, India Four Front Research (India) Pvt Limited (ii) Plot# 847, 5th Floor, Near Electricity Substation, Ayyappa Society Road, Madhapur, Hyderabad, Telangana, 500081, India Frameworks Inc. 1595 Sixteenth Avenue, Suite 301, Richmond Hill, ON L4B 3N9, Canada Gamatek, S.A. de C.V. Alanis Valdez #2308, Industrial, Monterrey, Nuevo Leon, Mexico GCA Calidad y Analisis de Mexico, S.A. de C.V. Jacarandas #19, San Clemente, Alvaro Obregon, Ciudad de Mexico, C.P. 01740, Mexico Gellatly Hankey Marine Services (M) Sdn. Bhd. Unit 30-01 Level 30, Tower A, Vertical Business Suite, Avenue 3, Bangsar South, No. 8, Jalan Kerinchi, 59200 Kuala Lumpur, Malaysia
Intertek Certi\ufb01cation AS
Leif Weldings vei 8, 3208 Sandefjord, Norway
Intertek Certi\ufb01cation GmbH
Marie-Bernays-Ring 19a, 41199 Monchengladbach, Germany
Intertek Certi\ufb01cation Japan Limited
Nihonbashi North Square, 1-4-2, Nihonbashi \u2013 Horidomecho, Chuo-ku, Tokyo, 103-0012, Japan
Intertek Certi\ufb01cation Limited
Intertek Colombia S.A.
Calle 127A No. 53A-45, O\ufb01cina 1103, Bogot\u00e1, Colombia
Intertek Commodities Mozambique Lda
(xvi)
Rua 1233, NR 72 R/C, Distrito Urbano 1, Maputo, Mozambique
Intertek Consulting & Training (UK) Limited
(ii)
Northpoint Aberdeen Science & Energy Park, Exploration Drive, Bridge of Don, Aberdeen, AB23 8HZ,
United Kingdom
Intertek Consulting & Training (USA), Inc.
(i)
25025 I-45, Suite 300, Spring, TX 77380, United States
Intertek Consulting & Training Egypt
(ii)
46 B Street #7, Maadi, Cairo, Egypt
Intertek Consumer Goods GmbH
W\u00fcrzburger Strasse 152, 90766 F\u00fcrth, Germany
Intertek Curacao N.V.
Barendslaan #3, Rio Canario Willemstad, Curacao, Netherlands Antilles
Intertek de Guatemala SA
46 Calle 21-53 Zona 12, Expobodega 46, Edi\ufb01cio 10, Guatemala Ciudad, Guatemala
Intertek de Nicaragua S.A.
Zona Franca Astro KM 47, Carretera Tipitapa Masaya, Nave 20, Managua, Nicaragua
Intertek Denmark A/S
Dokhavnsvej 3, 4400 Kalundborg, Denmark
Intertek Deutschland GmbH
Stangenstrasse 1, 70771 Leinfelden-Echterdingen, Germany
Intertek DIC A/S
Buen 12, 2, 6000 Kolding, Denmark
Intertek do Brasil Inspecoes Ltda
Av Eng. Augusto Barata s/n, Alamoa, Santos, SP, CEP11095-650, Brazil
Intertek Egypt for Testing Services
2nd Floor, Block 13001, Piece 15, Street 13, First Industrial Zone, (Beside Abou Ghali Motors), Elobour City,
Cairo, Egypt
Intertek Engineering Service Shanghai Limited
Room 301-6, No.14, Lane 1401, Jiangchang Road, Jing \u2019an District, Shanghai, China
Intertek Evaluate AB
Torshamnsgatan 43, Box 1103, Kista, S-164 22, Sweden
IIntertek Asset Integrity Management, Inc.
25025 I-45, Suite 300, Spring, TX 77380, United States
Intertek ATI SRL
266-268 Calea Rahovei Street, Building 61, 1st Floor, Sector 5, Bucharest, Romania
Intertek Azeri Limited
2236 Mirza Davud Str., Xatai District, Baku, AZ 1026, Azerbaijan
Intertek BA EOOD
24A Akad. Metodi Popov Str., Floor 5, So\ufb01a, 1113, Bulgaria
Intertek Bangladesh Limited
Phoenix Tower, Plot\u2013407 (3rd Floor), Tejgaon I/A, Dhaka, Bangladesh
Intertek Belgium NV
Kruisschansweg 11, 2040 Antwerp, Belgium
Intertek Burkina Faso Ltd Sarl
Lot 113, Parcelle no. PE 1/2, Secteur no.11. Ouagadougou, 02 BP 5984, Burkina Faso
Intertek C&T Australia Holdings PTY Ltd
(i)
544 Bickley Road, Maddington, WA 6109, Australia
Intertek C&T Australia Pty Ltd
Level 3, 235 St Georges Terrace, Perth WA 6000, Australia
Intertek Caleb Brett (Uruguay) S.A.
(xiv)
Cerrito 507, 4th Floor, Of. 46 and 47, Montevideo, 11000, Uruguay
Intertek Caleb Brett Chile S.A.
Avenida Las Condes N\u00b0 11287 Torre A, o\ufb01cina 301 A Las Condes, Santiago, Chile
Intertek Caleb Brett El Salvador S.A. de C.V.
Recinto Industrial de RASA zona industrial de Acajutla, Sonsonate, El Salvador
Intertek Caleb Brett Germany GmbH
Georgswerder Bogen 3, D-21109 Hamburg, Germany
Intertek Caleb Brett Panama, Inc.
Zona Procesadora para la Exportacion de Albrook, Building 6, Ancon Panama, Panama
Intertek Caleb Brett Venezuela C.A.
Av. Mohedano, Centro Gerencial Mohedano, piso 4, o\ufb01cina 4-C, La Castellana, Municipio Chacao, Venezuela
Intertek Canada Newco Limited
1829-32nd Avenue, Lachine, QC H8T 3J1, Canada
Intertek Capacitacion Chile Spa
Avenida Las Condes N\u00b0 11287 Torre A, o\ufb01cina 301 A Las Condes, Santiago, Chile
Intertek Capital Resources Limited
Intertek Certi\ufb01cation AB
Torshamnsgatan 43, Box 1103, Kista, S-164 22, Sweden
Intertek Industry and Certi\ufb01cation Services (Thailand) Limited 539/2 Gypsum Metropolitan Tower, 11C Fl., Sri-Ayudhaya Road, Tanon \u2013 Phayathai Subdistrict, Khet Ratchathewi, Bangkok, 10400, Thailand Intertek Industry Ghana Ltd House Number 1, North Industrial Area, Klan, Anoma Ntuu Link, Accra, PO BOX 533, Ghana Intertek Industry Holdings (Pty) Ltd 53 Phillip Engelbrecht Drive, Woodhill Office Park Building 2, 1st Floor Unit 8B Meyersdal, Gauteng, 1448, South Africa Intertek Industry Holdings Mozambique Limitada Cidade de Maputo, Distrito Kampfumo, Baiiro Sommerchield, Avenida 1301 n\u02da97, Mozambique Intertek Industry Services (S) Pte Ltd 2 International Business Park, #10-09/10, The Strategy, 609930, Singapore Intertek Industry Services Brasil Ltda Alameda Rio Negro, 161, room 702 \u2013 7th \ufb02oor, Alphaville, Barueri-SP, 06454-000-SP, Brazil Intertek Industry Services de Argentina S.A. Cerrito 1136, 2nd \ufb02oor CF, Ciudad Autonoma de Buenos Aires, C1010AAX, Argentina Intertek Industry Services Japan Limited Nihonbashi North Square, 1-4-2, Nihonbashi \u2013 Horidomecho, Chuo-ku, Tokyo, 103-0012, Japan Intertek Industry Services Romania Srl 266-268 Calea Rahovei Street, Building 61, 1st Floor, Sector 5, Bucharest, Romania Intertek Industry WLL Office # 24, Building 400, Road 3207, Mahooz, Block 332, Manama, Bahrain Intertek Inspection Services Ltd 2561 Avenue Georges V, Montreal-Est, QC H1L 6S4, Canada Intertek Inspection Services Scandinavia AS Leif Weldings vei 8, 3208 Sandefjord, Norway Intertek Inspection Services UK Limited Intertek International Gabon SARL Quartier Montagne Sainte \u2013 Immeuble Dumez, 2\u00e9me \u00e9tage, Libreville, B.P: 13312, Gabon Intertek International Guinee S.A.R.L. (i) Conakry Republique de Guinee, Compte Bancaire: 52481.369.10 0 (SGBG), Conakry Guinea Intertek International Inc. 8600 NW 17th Street, Suite 100, Miami, FL 33126, United States Intertek International Kazakhstan, LLC Building 2A, Abay street, Atyrau City, 060002, Kazakhstan Intertek International Limited Intertek International Ltd Egypt 69, Road 161, Intersection with Road 104, Ground Floor, Maadi, Cairo, Egypt Intertek International Nederland BV Leerlooierstraat 135, 3194AB Hoogvliet, Rotterdam, The Netherlands Intertek Finance No. 2 Ltd (x) Intertek Finland OY Teknoublevardi 3-5, FI-01530 Vantaa, Finland Intertek Food Services GmbH Olof-Palme-Strasse 8, 28719 Bremen, Germany Intertek France SAS ZAC Ecopark 2, 27400, Heudebouville, France Intertek Fujairah FZC P.O. Box 1307, Fujairah, United Arab Emirates Intertek Genalysis (Zambia) Limited Plot No 25/26 Nkwazi House, Nkwazi and Cha Cha Cha Roads, PO Box 31014, Lusaka, Zambia Intertek Genalysis Madagascar SA Saint Denis Terrain II, Parcel 2 Ambatofotsy, Ampandrianomby, Madagascar Intertek Genalysis South Africa Pty Ltd 544 Bickley Road, Maddington WA 6109, Australia Intertek Ghana Limited 1st Floor Gian, Towers Office, Number 2 Community, Gian Towers Tema, Accra, Accra Metropolitan, P.O. BOX GP 199, Ghana Intertek Global (Iraq) Limited Intertek Global Limited 26 New Street, St Helier, Jersey, JE2 3RA, Jersey Intertek Health Sciences Inc. (v) 2233 Argentia Road, Suite # 201, Mississauga, ON L5N 2X7, Canada Intertek Holding Deutschland GmbH Stangenstrasse 1, 70771 Leinfelden-Echterdingen, Germany Intertek Holdings France SAS ZAC Ecopark 2, 27400 Heudebouville, France Intertek Holdings Italia SRL (xvi) Via Guido Miglioli 2/A, Cernusco sul Naviglio, 20063, Milano, Italy Intertek Holdings Nederland B.V. Leerlooierstraat 135, 3194AB Hoogvliet, Rotterdam, The Netherlands Intertek Holdings Norge AS Oljevegen 2, Tananger, 4056, Norway Intertek Ib\u00e9rica Spain, S.L. Alameda Recalde, 27-5, 48009, Bilbao, Vizcaya, Spain Intertek India Private Limited E-20, Block B1, Mohan Co-operative Industrial Area, Mathura Road, New Delhi, 110044, India Intertek Industrial Services GmbH Marie-Bernays-Ring 19a, 41199 Monchengladbach, Germany
Intertek Pakistan (Private) Limited
Intertek House, Plot No.1-5/11-A, Sector-5, Korangi Industrial Area, Karachi, Pakistan
Intertek Poland sp.z.o.o.
Cyprysowa 23 B, 02-265, Warsaw, Poland
Intertek Polychemlab B.V.
Koolwaterstofstraat 1, 6161 RA, Geleen, The Netherlands
Intertek Portugal, Unipessoal Lda
(xvi)
Rua Antero de Quental, 221-Sala 102, 4455-586, Pera\ufb01ta-Matosinhos, Portugal
Intertek Quality Services Ltd
(i)
Intertek Resource Solutions (Trinidad) Limited
#91-92 Union Road, Marabella, Trinidad, Trinidad and Tobago
Intertek Resource Solutions, Inc.
25025 I-45, Suite 300, Spring, TX 77380, United States
Intertek Rus JSC
Proektiruemyi 4062-I, 6-25- Pomeshch, 115432, Moscow, Russian Federation
Intertek S.R.O
Sokolovsk\u00e1 131/86, Karl\u00edn, Praha 8, 186 00, Czech Republic
Intertek Saudi Arabia Limited
Southern Olaya Center, Office No. 213, Makkah Al-Mukaramah Street, P.O. Box 2526, Al-Khobar, 31952,
Saudi Arabia
Intertek ScanBi Diagnostics AB
Box 166, Alnarp, SE-230 53, Sweden
Intertek Secretaries Limited
(i)
Intertek Semko AB
Torshamnsgatan 43, Box 1103, Kista, S-164 22, Sweden
Intertek Services (Pty) Ltd
1st Floor, Building D, Stoneridge Office Park, 8 Greenstone Place, Greenstone, Gauteng, Johannesburg, 1609,
South Africa
Intertek Servicios C.A.
(i)
Res. San Ignacio, Calle San Ignacio de Loyola con Avenue Francisco de Miranda, Local 3, Chacao, Caracas,
Venezuela
Intertek Statius N.V.
Man \u2018O\u2019 War #B3, Oranjestad, St. Eustatius, Netherlands Antilles
Intertek Surveying Services (USA), LLC
(xv)
16441 Space Center Boulevard, Suite D-100, Houston, TX 77058, United States
Intertek Surveying Services UK Limited
Averon House 3 Dail Nan Rocas, Teaninich Industrial Estate, Alness, IV17 0PH, United Kingdom
Intertek Technical Inspections Canada Inc.
(iv)
1829-32nd Avenue, Lachine, Quebec, H8T 3J1, Canada
Intertek Technical Services PTY Limited
544 Bickley Road, Maddington WA 6109, Australia
Intertek International Niger SARL
BP 2769, 2nd Floor Lot 792 Block Q, Independance Boulevard, Rue GM-20, Niger
Intertek International Suriname N.V.
Prins Hendrikstraat 49, Paramaribo, Suriname
Intertek International Tanzania Limited
Minazini Street, Kilwa Road 5, Dar es Salaam, United Republic of Tanzania
Intertek Italia SpA
Via Guido Miglioli 2/A, Cernusco sul Naviglio, 20063, Milano, Italy
Intertek Japan K.K.
Pier City Shibaura Building, 4F, 3-18-1, Kaigan, Minato-ku, Tokyo, 108-0022, Japan
Intertek Kalite Servisleri Limited Sirketi
Cevizli Mah. Tansel Cad. No: 12-18, Maltepe, Istanbul, Turkey
Intertek Korea Industry Service Ltd
Yeouido Dept Bldg #916, 36-2, Yeouido-Dong, Youngdeungpo-Gu, Seoul, 150-749, South Korea
Intertek Labtest S.A.R.L
7 Boulevard La Resistance IMM La Comanav Etage 7, Casablanca, 20300, Morocco
Intertek Malta Limited
24A Level 2, Flagstone Wharf, Marsa MRS 1932, Malta
Intertek Management Services (Australia) Pty Ltd
544 Bickley Road, Maddington WA 6109, Australia
Intertek Med SARL AU
Zone Franche Logistique Tanger Med, Plateau Bureaux 4, Lot 130, Tanger, Morocco
Intertek Medical Noti\ufb01ed Body AB
Torshamnsgatan 43, Box 1103, Kista, S-164 22, Sweden
Intertek Medical Noti\ufb01ed Body UK Ltd
Intertek Minerals Limited
Osu Badu Street, Airport Residential Area, Accra, Greater Accra, CP8196, Ghana
Intertek Myanmar Limited
Classic Strand Cono, No.693/701, Room (4-A), (4th Floor), Merchant Road, Pabedan Township, Yangon, Myanmar
Intertek Nederland B.V.
Leerlooierstraat 135, 3194 AB Hoogvliet, Rotterdam, The Netherlands
Intertek Nominees Limited
Intertek OCA France SARL
Route Industrielle \u2013 Centre Routier, 76600, Gonfreville L\u2019Orcher, France
Intertek Overseas Holdings Limited
Intertek Overseas Holdings, Eritrea Limited
(i)
3rd Floor, Warsay Avenue, P.O. Box 4588, Asmara, Eritrea
Intertek Testing Services Environmental Laboratories Inc. (i) Lexis Document Services, 15 East North Street, Dover, DE 19901, United States Intertek Testing Services NA Limited 1829-32nd Avenue, Lachine QC H8T 3J1, Canada Intertek Testing Services NA Sweden AB (i) c/o Intertek Semko AB, Box 1103, Kista, 16422, Sweden Intertek Testing Services Namibia (Proprietary) Limited 15th Floor, Frans Indongo Gardens, Dr Frans Indongo Street, Windhoek, Namibia Intertek Testing Services Paci\ufb01c Limited 2/F, Garment Centre, 576 Castle Peak Road, Kowloon, Hong Kong Intertek Testing Services Peru S.A. Jr. Mariscal Jose de la Mar No. 200 Urb., Res. El Pino, San Luis, Lima, Peru Intertek Testing Services Philippines, Inc. Intertek Building, 2307 Chino Roces Avenue Extension, Metro Manila, Makati City, 1231, Philippines Intertek Testing Services Taiwan Limited 8F No. 423 Ruiguang Rd, Neihu District, Taipei, 11492, Taiwan Intertek Testing Services Tianjin Limited 1-6/F, Block B, No. 7 Guiyuan Road, Hi-Tech Pack, Tianjin, China Intertek Testing Services Zhejiang Ltd Building No.2, Juanhu Science and Technology Innovation Park, No. 500 East Shuiyueting Road, Haining City, Zhejiang Province, China Intertek Timor, S.A. (i) Hotel Timor, Colmera, Vera Cruz, Dili, Timor-Leste Intertek Training Malaysia Sdn. Bhd. 6-L12-01, Level 12, Tower 2, Menara PGRM, No. 6 & 8 Jalan Pudu Ulu, Cheras, 56100 Kuala Lumpur, Malaysia Intertek Trinidad Limited #91-92 Union Road, Marabella, Trinidad and Tobago Intertek UK Holdings Limited Intertek USA Finance LLC c/o CSC Services of Nevada, Inc., 2215-B Renaissance Dr, Las Vegas NV 89919, United States Intertek Vietnam Limited 3rd & 4th \ufb02oor, Au Viet Building, No. 01 Le Duc Tho Str., Mai Dich Ward, Cau Giay District, Hanoi City, Vietnam Intertek West Africa SARL Immeuble Centre Pavillon, 4eme \u00e9tage, Rue Paul Langevin, Marcory, Zone 4, Abidjan, C\u00f4te d\u2019Ivoire Intertek West Lab AS Oljevegen 2, 4056 Tananger, Norway Intertek Genalysis SI Limited (i) c/o Baoro & Associates, Top Floor, Y. Sato Building, Point Cruz, Honiara, Solomon Islands Intertek Technical Testing and Analysis Private Limited Company Bole Sub City Woreda 04, House Number 064/A/, Abune Yosef, Addis Ababa, 4260, Ethiopia Intertek Testing & Certi\ufb01cation Limited Intertek Testing and Inspection Services UK Limited Intertek Testing Management Ltd Intertek Testing Services (Australia) Pty Limited 544 Bickley Road, Maddington WA 6109, Australia Intertek Testing Services (Cambodia) Company Limited 13AC, Street 337, Sangkat Boeung Kak I, Khan Tuol Kork, Phnom Penh, Cambodia Intertek Testing Services (East Africa) (Pty) Limited 5th Floor Charter House, 13 Brand Road Glenwood, Kwa-Zulu Natal, 4001, South Africa Intertek Testing Services (Fiji) Pte Limited c/o BDO, Level 10, FNPF Place, 343 Victoria Parade, Suva, Fiji Intertek Testing Services (Guangzhou) Ltd No.3-1, Road 1, Xinhaixin Street, Huangge, Nansha District, Guangzhou, Guangdong, China Intertek Testing Services (ITS) Canada Ltd 105-9000 Bill Fox Way, Burnaby BC V5J 5J3, Canada Intertek Testing Services (Japan) K. K. Nihonbashi North Square, 1-4-2, Nihonbashi \u2013 Horidomecho, Chuo-ku, Tokyo, 103-0012, Japan Intertek Testing Services (NZ) Limited 3 Kepa Road, Ruakaka, Northland, 0171, New Zealand Intertek Testing Services (Shanghai FTZ) Co., Ltd 7th Floor, Building No. 51, 1089 North Qinzhou Road, Xuhui District, Shanghai, China Intertek Testing Services (Singapore) Pte Ltd. 3 Irving Road #05-01 to 05, Tai Seng Centre, 369522, Singapore Intertek Testing Services (Thailand) Limited 1285/5 Prachachuen Road, Wong-Sawang Sub-District, Bangsue District, Bangkok, 10800, Thailand Intertek Testing Services Argentina S.A. Cerrito 1136, piso 3ro, Frente. Ciudad Autonoma de Buenos Aires, (C1010AAX), Argentina Intertek Testing Services Bolivia S.A. Calle Chichapi # 2125, Santa Cruz, de la Sierra, Bolivia Intertek Testing Services Caleb Brett Egypt Limited Intertek Testing Services Chongqing Co., Limited 1F/6F Building 3 No.5, East Gangcheng Loop Road, Chongqing China Intertek Testing Services de Honduras, S.A. Edi\ufb01cio la Pradera, locales 5 y 6. 1-2 Ave, 1 calle, Puerto Cortes, Barrio el Centro, Honduras Intertek Testing Services De Mexico, S.A. De C.V. (iii) Poniente 134, No 660 Industrial Vallejo, Mexico DF CP, 02300, Mexico Metoc Limited (iii) Midwest Engineering Services, Inc. (i) CT Corporation System, 8020 Excelsior Dr., Suite 200, Madison WI 53717, United States Moody (Shanghai) Consulting Co., Ltd Room 403, No.5-6, Lane 1218, Wanrong Road, Jing \u2018an District, Shanghai, China Moody International (Holdings) Limited (viii) Moody International (India) Private Limited E-20, Block B1, Mohan Co-operative Industrial Area, Mathura Road, New Delhi, 110044, India Moody International (Russia) Limited (ii) Moody International Certi\ufb01cation India Limited E-20, Block B1, Mohan Co-operative Industrial Area, Mathura Road, New Delhi, 110044, India Moody International Holdings LLC (xv) 237 Stuart Road, Amelia, LA 70340, United States MT Group LLC 145 Sherwood Avenue, Farmingdale NY 11735, United States MT Operating of New Jersey, LLC (xv) 145 Sherwood Avenue, Farmingdale NY 11735, United States MT Operating of New York, LLC (xv) 145 Sherwood Avenue, Farmingdale NY 11735, United States N T A Monitor Limited NDT Services Limited Northern Territory Environmental Laboratories Pty Ltd (i) 544 Bickley Road, Maddington WA 6109, Australia NTA Monitor (M) Sdn Bhd No. 18-B, Jalan Kancil off Jalan Pudu, 55100 Kuala Lumpur, Wilayah Persekutuan, Malaysia Paulsen & Bayes-Davy Ltd 2/F, Garment Centre, 576 Castle Peak Road, Kowloon, Hong Kong Petroleum Services of Union Lab Sdn. Bhd. Suite C-7-10 (B), Level 9, Block C, UE3 Corporate Offices, Menara Uncang Emas, No 85 Jalan Loke Yew, Taman Miharja, 55200 Kuala Lumpur, Malaysia Pittsburgh Testing Laboratory Inc. (i) PSI, 850 Poplar Street, Pittsburgh PA 15220, United States PlayerLync Holdings, Inc. 1209 Orange Street, Wilmington, New Castle DE 19801, United States PlayerLync LLC 1209 Orange Street, Wilmington, New Castle DE 19801, United States Profesionales Contables en Asesor\u00eda Empresarial y de Ingenieria S.A.S. Calle 120, No. 45A \u2013 32, Bogota, Colombia Professional Service Industries (Canada) Inc. (i) 200 Bay Street, Suite 3800, Royal Bank Plaza, South Tower, Toronto ON M5J 2J7, Canada ITS (PNG) Limited Section 27 Allotment 27, Voco Point, Lae, Morobe Province, Papua New Guinea ITS (Subic Bay), Inc. Area 8 \u2013 10, Lots 11/12 Boton Wharf, Argonaut Highway, Subic Bay, Freeport Zone, Olongapo City, Philippines ITS Guinea SARLU Resident Almamya 103 Community De Kaloum, Conakry, Guinea ITS Hong Kong NA, Limited (i) 2/F Garment Centre, 576 Castle Peak Road, Kowloon, Hong Kong ITS Labtest Bangladesh Limited Phoenix Tower, Plot \u2013 407 (3rd Floor), Tejgaon I/A, Dhaka, Bangladesh ITS Testing Holdings Canada Limited 9000 Bill Fox Way, Suite 105, Burnaby, British Columbia, V5J 5J3, Canada ITS Testing Services (UK) Limited ITS Testing Services Co. LLC Ras Tanura KSA, PO Box 216, 31941, Saudi Arabia JLA Brasil Laborat\u00f3rio de An\u00e1lises de Alimentos S.A. Rua Carlos Tosin, 860, sala 1, Distrito Industrial, Distrito Industrial, Estado de S\u00e3o Paulo, Brazil KJ Tech Services GmbH (xii) Pallaswiesenstra\u00dfe 168, 64293, Darmstadt, Germany Laboratorio Fermi S.A. de C.V. Jacarandes #15, San Clemente, Alvaro Obregon, Ciudad de Mexico, C.P. 01740, Mexico Laboratorios ABC Qu\u00edmica, Investigaci\u00f3n y An\u00e1lisis, S.A. de C.V. (xiii) Jacarandas #19, San Clemente, Alvaro Obreg\u00f3n, Ciudad de Mexico, C.P. 01740, Mexico Laboratory Services International Rotterdam B.V. Pittsburghstraat 9, 3047 BL, Rotterdam, The Netherlands Labtest International Inc. 545 E. Algonquin Road, Arlington Heights, IL 60005, United States Lintec Testing Services Limited Louisiana Grain Services, Inc. (i) c/o CT Corp, 8550 United Plaza Blvd, Baton Rouge LA 70809, United States Mace Land Company, Inc. 3114 Scarboro Road, Street, MD 21154, United States Management Systems International Limited (i) Materials Testing Lab, Inc. 145 Sherwood Avenue, Farmingdale NY 11735, United States McPhar Geoservices (Philippines) Inc. Building 7 & 8 Philcrest 1 Compound, Km23 West Service Road, Bo. Cupang, Muntinlupa City, Philippines Melbourn Scienti\ufb01c Limited Melbourn Scienti\ufb01c, Saxon Way, Melbourn, Hertfordshire, Royston, SG8 6DN, United Kingdom SAI Global Japan Co. Ltd. MK Bldg. 8F, 2-28-22 Shiba, Minato-ku Tokyo, Japan SAI Global Korea Co., Ltd (Dangjeong-dong, Intertek Building) 3, Gongdan-ro 160beon-gil, Gunpo-si, Gyeonggi-do, Seoul, South Korea SAI Global Mexico, S. de R.L. de C.V (xvi) Poniente 134, No 660 Industrial Vallejo, Mexico DF CP, 02300, Mexico SAI Global Pty Limited 544 Bickley Road, Maddington WA 6109, Australia SAI Global SARL 29 Rue du Pont, 92200 Neuilly-sur-Seine, France SAI Global UK Holdings Limited SAI Global US Holdings, Inc. 205 W. Wacker Dr, Suite 1800, Chicago, IL 60606, United States Schindler & Associates (L.C.) (i) (xv) 24900 Pitkin Road, Suite 200, The Woodlands TX 77386, United States Shanghai Orient Intertek Testing Services Company Limited Room 304\\401,No 1\\4\\5, Lane 2028, Changzhong Road, Jing\u2019an District, Shanghai, China Shanghai Tianxiao Investment Consultancy Company Limited Room 502, No.5-6, 1218 WanRong Road, Shanghai 200070, China Technical Company for Testing and Conformity Services & Systems LLC Gates No. 1/2/6, Building 73/ Area 903, Karadah, Al Rusafa, Baghdad, Iraq Testing Holdings Sweden AB Torshamnsgatan 43, Box 1103, Kista, S-164 22, Sweden Tradegood.com International Limited 2/F, Garment Centre, 576 Castle Peak Road, Kowloon, Hong Kong Van Sluys & Bayet NV Kruisschansweg 11, 2040 Antwerp, Belgium White Land Company, Inc. 3114 Scarboro Road, Street, MD 21154, United States Wilson Inspection X-Ray Services, Inc. (i) Michael E Wilson, 6010 Edgewater Dr., Corpus Christi TX 78412, United States Wisco SE Asia PTE Limited (i) 3 Irving Road #05-01 to 05, Tai Seng Centre, 369522, Singapore Youngever Holdings Ltd Luna Tower, Waterfront Drive, Road Town, Tortola, VG 1110, British Virgin Islands Professional Service Industries, Inc. 545 E. Algonquin Road, Arlington Heights, IL 60005, United States Professional Service Industries Holdings, Inc. 545 E. Algonquin Road, Arlington Heights, IL 60005, United States PSI Acquisitions, Inc. 545 E. Algonquin Road, Arlington Heights, IL 60005, United States PT. Moody Technical Services Graha STR 3rd \ufb02oor, Suite#302, Jl. Ampera Raya No. 11, Jakarta, 12550, Indonesia PT. RCG Moody Graha STR 3rd \ufb02oor, Suite#302, Jl. Ampera Raya No. 11, Jakarta, 12550, Indonesia PT. SAI Global Indonesia Graha Iskandarsyah Lantai 4, Jalan Iskandarsyah Raya Nomor 66-C, Kebayoran Baru, Jakarta, 12160, Indonesia QMI-SAI Canada Limited 20 Carlson Court, Suite 200, Toronto ON M9W 7K6, Canada RCG Moody International Uruguay S.A. Cerrito 507, 4th Floor, Off. 46, 47, Montevideo 11000, Uruguay SAI Global Assurance Learning Limited (ii) SAI Global Assurance Pty Limited 544 Bickley Road, Maddington WA 6109, Australia SAI Global Assurance Services Limited SAI Global Assurance Services sp. z o.o. Oszczepnik\u00f3w 4, 02-633 Warszawa, Poland SAI Global Australia (China) Pty Limited (i) 544 Bickley Road, Maddington WA 6109, Australia SAI Global Australia Pty Limited 544 Bickley Road, Maddington WA 6109, Australia SAI Global Certi\ufb01cation Services Pty Limited (i) 544 Bickley Road, Maddington WA 6109, Australia SAI Global CIS UK Limited SAI Global GmbH (ii) Friedrich-Ebert-Anlage 36, 60325 Frankfurt am Main, Germany SAI Global GP (xv) 205 W. Wacker Dr, Suite 1800, Chicago, IL 60606, United States SAI Global, Inc. 615 South DuPont Highway, Dover, DE 19901, United States SAI Global Italia S.R.L. Corso Tazzoli 235/3, CAP 10137, Turin, Italy Intertek Industry Services (PTY) LTD (69.9%) Woodhill Office Park Building 2, First Floor Unit 8b, 53 Phillip Engelbrecht Drive, Meyersdal Gauteng, 1448, South Africa Intertek Industry Services Colombia Limited (99.0%) Calle 127A No. 53A-45, O\ufb01cina 1103, Bogot\u00e1, Colombia Intertek Inspection (Malaysia) Sdn. Bhd. (xi) (xix) (40%) D-28-3, Level 28, Menara Suezcap 1, No. 2 Jalan Kerinchi, Gerbang Kerinchi Lestari, 59200 Kuala Lumpur, Malaysia Intertek Kimsco Co., Ltd (50.0%) 9F, Hansan Building, 115, Seosomun-ro, Jung-gu, Seoul, 04515, South Korea Intertek Lanka (Private) Limited (70.0%) Intertek House, No: 282, Kaduwela Road, Battaramulla, Sri Lanka Intertek Libya Technical Services and Consultations Company Spa (65.0%) P.O Box 3788, Hay Alandalus, Gargaresh, Tripoli, Libya Intertek Life Bridge (Shanghai) Testing Services Co., Ltd (80.0%) 4F, No.6 BLD, Lane 1218, Wanrong Road, Shanghai 200070, China Intertek Ltd (99.9%) Borco Administration Bldg, West Sunrise Highway, Freeport, Grand Bahama, The Bahamas Intertek \u2013 QNP LLP (xvii) (51.0%) Building 2A, Abay street, Atyrau City, 060002, Kazakhstan Intertek Robotic Laboratories Pty Limited (50.0%) 544 Bickley Road, Maddington WA 6109, Australia Intertek South Africa Holdings (Pty) Ltd (75.0%) 5th Floor, Charter House, 13 Brand Road, Glenwood, Kwazulu-Natal, South Africa Intertek Test Hizmetleri Anonim Sirketi (85.0%) Merkez Mahallesi, Sanayi Cad. No.23, Altindag Plaza, Yenibosna-34197, Istanbul, Turkey Intertek Testing Services (South Africa) (Pty) Ltd (xi) (xix) (49.5%) 5th Floor, Charter House, 13 Brand Road, Glenwood, Durban, South Africa Intertek Testing Services Changzhou Ltd (85.0%) Room 201, No 4 Floor, Changzhou Testing Industrial Park, Tanning District, Changzhou, China Intertek Testing Services Korea Limited (50.0%) 1st Fl., Aju Digital Tower, 284-56, Seongsu-dong 2-ga, Seongdong-gu, Seoul 133-120, South Korea Intertek Testing Services Nigeria Limited (65.9%) 73B Marine Road, Apapa GRA, Apapa, Lagos, 102272, Nigeria Intertek Testing Services Sichuan Co., Ltd (90.0%) No 1, Jiuxiang Blvd, Pharmacy Industry Park, Luzhou National High Technology District, Sichuan, China Intertek Testing Services Wuxi Ltd (70.0%) 1/F, No.8 Fubei Road, Xishan Economic Development Zone, Wuxi, Jiangsu, 214101, China ITS Caleb Brett Deniz Survey A S (50.0%) Ulus Mah. Oz Topuz cad. no.32, Besiktas, Istanbul, 34340, Turkey Related undertakings where the effective interest is less than 100% Caleb Brett Abu Dhabi LLC (xviii) (xix) (49.0%) CB UAE (Private) Ltd, c/o Al Nahiya Group, PO Box 3728, Abu Dhabi, United Arab Emirates Clean Energy Associates, LLC (xv) (85.0%) 16192 Coastal Highway, Lewes, DE, 19958, United States Clean Energy Associates Limited (85.0%) 302-308 Hennessy Road, Room 2003, Wanchai, Hong Kong Clean Energy Associates (China) Limited (85.0%) Room 159, Building 4th, No. 2118 Guanghua Road, Minhang District, Shanghai, China Controle Anal\u00edtico An\u00e1lises T\u00e9cnicas Ltda. (80.0%) 281 Rua Le\u00e3o XIII, Vila dos Rem\u00e9dios, Osasco, S\u00e3o Paulo, 06298-180, Brazil CQC-SAI Management Technologies (Beijing) Co., Ltd (70%) Level 21, Suite 2101-2103A, Beijing AVIC Building, No 10B, East 3rd Ring Road, Chaoyang District, Beijing 100022, China Euro Mechanical Instrument Services LLC (xix) (49.0%) PO Box 46153, Abu Dhabi, United Arab Emirates International Inspection Services LLC (xviii) (70.0%) PO Box 193, Al Hamriyah, Muscat, PC 131, Oman Intertek (Qeshm Island) Limited (51.0%) Unit 107, Goldis Building, Valiasr Boulevard, Qeshm Island, Islamic Republic of Iran Intertek Angola LDA (99.0%) 282 Rua Amilcar Cabral no.147 2nd \ufb02oor, Apartment Z, Luanda, Angola Intertek Burkina Faso SAS (xix) (49%) Lot 113, Parcelle no. PE 1/2, Secteur no.11. Ouagagougou, 02 BP 5984, Burkina Faso Intertek Caleb Brett Tzn Limited (75%) Plot number 5, Minizani str.-Opposite Roman Catholic Church, Kilwa Road, Kurasini Temeke, Dar Es Salaam, 15109, United Republic of Tanzania Intertek Certi\ufb01cation International Sdn. Bhd. (xix) (40%) 6-L12-01, Level 12, Tower 2, Menara PGRM, No. 6 & 8 Jalan Pudu Ulu, Cheras, 56100 Kuala Lumpur, Malaysia Intertek ETL SEMKO KOREA Limited (90.0%) 5F, Intertek building, Gongdan-ro, 160beon-gil 3, Gunpo-si, Gyeonggi-do, 15845, South Korea Intertek Geronimo JV Limited (70.0%) 1, North Industrial Area, Klan Street, Accra, Ghana Intertek Global International LLC (xv) (xix) (49%) Building 242, Office No.3, C-Ring Road, Doha, PO Box 47146, Qatar Intertek GM Testing Service Zhuhai Co., Ltd (70.0%) 6F of Research and Development Building, Guangdong-Macau TCM Park Commercial Service Center, 2682 Huan Dao Bei Road, Hengqin New Area, Zhuhai, Guangdong China Associates Moody International Certi\ufb01cation Ltd (40.0%) 53, Nautic, Triq l-Ortolan, San Gwann, SGN 1943, Malta Moody Certi\ufb01cation Maroc SARL(30.0%) 28, Rue de Provins, 2 eme etage, Casablanca, Morocco Moody International SA (35.0%) 4 Rue Des Brasseurs, Zone 3 Abidjan, C\u00f4te d\u2019Ivoire (i) Dormant. (ii) In Liquidation/Strike off requested. (iii) Ownership held in class A and B shares (iv) Ownership held in class A and E shares. (v) Ownership held in class A, B, C, D and E shares. (vi) Ownership held in class A, B, C, D, E and F shares. (vii) Ownership held in ordinary and ordinary-A shares. (viii) Ownership held in ordinary, ordinary-A, ordinary-B and deferred shares. (ix) Ownership held in ordinary and preference shares. (x) Ownership held in ordinary and redeemable shares. (xi) Ownership held in ordinary and redeemable preference shares. (xii) Ownership held in No.1, No.2.1 and No.2.2 shares. (xiii) Ownership held in class I Series B shares and class II Series B shares (xiv) Ownership held in ordinary bearer shares. (xv) Ownership held in membership units. (xvi) Ownership held in quota capital shares. (xvii) Ownership held in charter fund capital. (xviii) The Group obtains 99% of the economic bene\ufb01t of the company. (xix) Intertek has de facto control of the company ITS Testing Services (M) Sdn Bhd (74.0%) Unit 30-01, Level 30, Tower A, Vertical Business Suite, Avenue 3, Bangsar South, No.8, Jalan Kerinchi, 59200 Kuala Lumpur, Malaysia ITS Testing Services Holdings (M) Sdn Bhd (xix) (49.0%) Unit 30-01 Level 30, Tower A, Vertical Business Suite, Avenue 3, Bangsar South, No. 8, Jalan Kerinchi, 59200 Kuala Lumpur, Malaysia Moody International Angola Ltda (i) (xvi) (78.6%) Rua de Macau, Edi\ufb01co ex Edil Apto 1, Res de Chao Esq. C.P 215, Cabinda, Angola Moody International Bangladesh Limited (99.9%) House 6, Road 17/A, Block E, Ground Floor, Banani, Dhaka, 1213, Bangladesh Moody International Holdings Chile Ltda (99.0%) Avenida Las Condes N\u00b0 11287 Torre A, o\ufb01cina 301 A Las Condes, Santiago, Chile Moody International Lanka (Private) Ltd (i) (99.9%) No.5, St Albans Place, Colombo-4, Sri Lanka Moody International Philippines, Inc. (i) (92.5%) Intertek Building, 2310 Chino Roces Avenue Extension, Metro Manila, Makati City, 1231, Philippines PT Citrabuana Indoloka (50.0%) Jl. Raya Bogor KM 28, RT/RW. 04/07, Kel. Pekayon, Kec. Pasar Rebo, Jakarta Timur, 13710, Indonesia PT. Global Assurance Services (ii) (99.8%) Graha Iskandarsyah Raya No.66-C, Jakarta, 12160, Indonesia PT. Intertek Utama Services (xix) (49.0%) Jl. Raya Bogor KM. 28, RT/RW. 04/07, Kel. Pekayon, Kec. Pasar Rebo, Jakarta Timur, 13710, Indonesia Qatar Calibration Services LLC (xix) (49.0%) Petrotec, PO Box 16069, 8th Floor, Toyota Tower, Doha, Qatar RCG Moody International de Venezuela S.A. (i) (99.0%) Res Morgana, p_4, #04, Av.Andres Bello, Fco de Miranda, Los Polos Grandes, Caracas, Venezuela SAI Global (Cyprus) Holdings Limited (60.0%) 1 Lampousas Street, 1095 Nicosia, Cyprus SAI Global Eurasia LLC (60.0%) 59 pomeshch. 17-n kom., litera a, 7, nab. Reki Volkovki, 192102, St. Petersburg, Russian Federation Shanghai Moody Management & Technical Services Co. Ltd (i) (90.0%) Room 225, No. 14 at Lane No. 1700 Luo Shan Road, Shanghai, China Soci\u00e9t\u00e9 SAI Global Tunisia SARL (75.0%) 67, Avenue Alain Savary, Cite les Jardins 2 Bloc A, Tunis, Tunisia Soci\u00e9t\u00e9 Tunisienne Intertek Caleb Brett SARL (51.0%) 67 rue Ech-Chem, Tunis, 1002, Tunisia The Wine Warehouse (Chepstow) Management Company Limited (75%)", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:2138003GAT25WW1RN369", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-508": { "value": "
Associates
Moody International Certi\ufb01cation Ltd (40.0%)
53, Nautic, Triq l-Ortolan, San Gwann, SGN 1943, Malta
Moody Certi\ufb01cation Maroc SARL(30.0%)
28, Rue de Provins, 2 eme etage, Casablanca, Morocco
Moody International SA (35.0%)
4 Rue Des Brasseurs, Zone 3 Abidjan, C\u00f4te d\u2019Ivoire
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