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"value": "1 Principal accounting policies The following are the principal accounting policies adopted in preparing the financial statements. Critical accounting judgements and key sources of estimation uncertainty The principal accounting policies adopted by the Group are set out in this note to the consolidated financial statements. Certain of the Group\u2019s accounting policies inherently rely on subjective assumptions and judgements, such that it is possible over time the actual results could differ from the estimates based on the assumptions and judgements used by the Group. Due to the size of the amounts involved, changes in the assumptions relating to the following policies could potentially have a significant impact on the result for the year and/or the carrying values of assets and liabilities in the consolidated financial statements: In the course of preparing the financial statements, the below critical judgements and key sources of estimation uncertainty have had a significant effect on the amounts recognised in the financial statements for the years ended 31 December 2022. The critical accounting judgements made by management in applying the Group\u2019s accounting policies and the key sources of estimation uncertainty were the same as those applied to the consolidated financial statements for the year ended 31 December 2021, except for the critical accounting judgement relating to the sale of the Brazil and Argentina business in 2022 set out below. Critical judgements in applying the Group\u2019s accounting policies Exceptional and acquisition related items As set out in the Group\u2019s accounting policy below, judgement is used to determine those items which should be separately disclosed as exceptional and acquisition related items to provide valuable additional information for users of the financial statements in understanding the Group\u2019s performance. This judgement includes assessment of whether an item is of sufficient size or of a nature that is not consistent with normal trading activities. Please see note 4 for further details. UK pension surplus recognition The Group has recognised a net defined benefit pension surplus for the Coats UK Pension Scheme under IAS 19 of $180.7 million at 31 December 2022 (2021: $108.0 million). Judgement has been applied when interpreting the scheme rules to determine whether the Group can recognise this surplus asset amount on the statement of financial position or whether any economic benefits available as a refund are contingent upon factors beyond the Group\u2019s control and instead require an adjustment to be made to restrict the amount of the surplus recognised and reflect a liability arising from future committed contributions to the Coats UK Pension Scheme under IFRIC 14. The Group has determined that it has an unconditional right to a refund of the surplus assuming the gradual settlement of liabilities over time and therefore has recognised the full amount of the net defined benefit pension surplus. Please see note 10 for further details. Discontinued operations In management\u2019s judgement the Brazil and Argentina business which was sold in May 2022 represents a separate major geographical area and therefore its results for 2022 have been presented as a discontinued operation with 2021 comparative amounts represented to reclassify the results of the Brazil and Argentina business from continuing operations to discontinued operations Key sources of estimation uncertainty The key assumptions concerning the future, and other sources of estimation uncertainty at the balance sheet date, that may have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year, are discussed below. UK retirement benefit obligations The UK retirement benefit surplus recognised in the consolidated statement of financial position is the net of the fair value of scheme assets less the present values of the defined benefit obligations at the year end. Key assumptions involved in the determination of the present values of the defined benefit obligations include discount rates, beneficiary mortality and inflation rates. Changes in any or all of these assumptions could materially change the employee benefit surplus recognised in the consolidated statement of financial position. The carrying values of the Group\u2019s pension obligations as well as a sensitivity analysis relating to changes in discount rates, beneficiary mortality and inflation rates are included in note 10. a) Accounting convention and format The Group\u2019s financial statements for the year ended 31 December 2022 have been prepared in accordance with international accounting standards in conformity with the requirements of the Companies Act 2006, and complies with the disclosure requirements of the Listing Rules of the UK Financial Conduct Authority. The financial statements are prepared under the historical cost convention except for investments and derivatives which are stated at fair value and retirement benefit obligations which are valued in accordance with IAS 19 Employee Benefits. Except for the changes arising from the adoption of new accounting standards, interpretations and amendments (as detailed in note 1), the same accounting policies, presentation and methods of computation have been followed in these consolidated financial statements as applied in the Group\u2019s annual financial statements for the year ended 31 December 2021. Notes to the financial statements Coats Group plc
Annual Report and Accounts 2022
Notes to the financial statements cont.
Going concern
The Directors are satisfied that the Group has sufficient resources to continue in operation for the
foreseeable future, a period of not less than 12 months from the date of this report. Accordingly, they
continue to adopt the going concern basis in preparing the consolidated financial statements.
In assessing the Group\u2019s going concern position, the Directors have considered a number of factors,
including the current balance sheet position and available liquidity, the principal and emerging risks which
could impact the performance of the Group and compliance with borrowing covenants.
In order to assess the going concern status of the Group management has prepared:
\u2013 A base case scenario, aligned to the latest Group budget for 2023 as well as the Group\u2019s Medium Term
Plan for 2024;
\u2013 A severe but plausible downside scenario, which assumes that the global economic environment is
severely depressed over the assessment period; and
\u2013 A reverse stress test flexing sales to determine what circumstance would be required to either reduce
headroom to nil on committed borrowing facilities or breach borrowing covenants, whichever occurred
first.
The severe but plausible downside scenario includes further management actions that would be deployed if
required (for example further reduction in costs).
The reverse stress test also includes further controllable management actions that could be deployed if
required. The outcome of the reverse stress test was that the interest cover covenant would be breached,
however, at the breaking point in the test the Group still maintained a comfortable level of liquidity on
committed borrowing facilities. The Directors consider the likelihood of the condition in the reverse stress
test occurring to be remote.
Liquidity headroom
As at 31 December 2022 the Group\u2019s net debt excluding leases liabilities was $394.4 million (2021: $147.1
million). Following the completion of the new US Private Placement and repayment of the acquisition facility
in February 2023, the Group\u2019s committed debt facilities total $835 million across its Banking and US Private
Placement group, with a range of maturities from late 2024 through to 2030. As of 31 December 2022, based
on the facilities in place at that date, the Group had around $250 million of headroom against these
committed banking facilities.
In both the base case and the severe but plausible downside scenario liquidity is comfortable throughout the
assessment period.
b) Basis of preparation
Subsidiaries
Subsidiaries are consolidated from the effective date of acquisition or up to the effective date of disposal, as
appropriate. The effective date is when control passes to or from the Group. Control is achieved when the
Group has the power over the investee and is exposed, or has the rights to variable returns from its
involvement with the investee and has the ability to use its power to affect its returns. The existence and
effect of potential voting rights that are currently exercisable or convertible are considered in determining the
existence or otherwise of control. Where necessary, adjustments are made to the financial statements of
subsidiaries to align their accounting policies with those used by the Group.
Where subsidiaries are not 100% owned by the Group, the share attributable to outside shareholders is
reflected in non-controlling interests. Non-controlling interests are identified separately from the Group\u2019s
equity, and may initially be measured at either fair value or at the non-controlling interests\u2019 share of the fair
value of the subsidiary\u2019s identifiable net assets. The choice of measurement is made on an acquisition-by-
acquisition basis. Changes in the Group\u2019s interests in subsidiaries, that do not result in a loss of control, are
accounted for as equity transactions. Where control is lost, a gain or loss on disposal is recognised through
the consolidated income statement, calculated as the difference between the fair value of consideration
received (plus the fair value of any retained interest) and the Group\u2019s previous share of the former
subsidiary\u2019s net assets. Amounts previously recognised in other comprehensive income in relation to that
subsidiary are reclassified and recognised through the income statement as part of the gain or loss on
disposal.
Discontinued operations
On 10 May 2022 the Group announced the agreement to sell its business in Brazil and Argentina to Reelpar
SA, an entity backed by a Sao Paulo Private Equity Firm. The sale was completed on 26 May 2022, the date
which control passed to the acquirer. The results of the Brazil and Argentina business are presented as a
discontinued operation in the consolidated income statement for the year ended 31 December 2022.
Amounts for year ended 31 December 2021 in the consolidated income statement have been represented to
reclassify the results of the Brazil and Argentina business from continuing operations to discontinued
operations. Note 32 provides further details of the sale.
Joint ventures
Joint ventures are entities in which the Group has joint control, shared with a party outside the Group. The
Group reports its interests in joint ventures using the equity method.
1 Principal accounting policies cont.
Coats Group plc
Annual Report and Accounts 2022
Notes to the financial statements cont.
Group companies
Assets and liabilities of subsidiaries whose presentation currency is not USD are translated into the Group\u2019s
presentation currency at the rates of exchange ruling at the period end and their income statements are
translated at the average exchange rates for the year.
The exchange differences arising on the retranslation since 1 January 2004 are taken to a separate
component of equity. On disposal of such an entity, the deferred cumulative amount recognised in equity
since 1 January 2004 relating to that particular operation is recycled through the consolidated income
statement. Translation differences that arose before the date of transition to IFRS in respect of all such
entities are not presented as a separate component of equity.
Goodwill and fair value adjustments arising on acquisition of such operations are regarded as assets and
liabilities of the particular operation, expressed in the currency of the operation and recorded at the
exchange rate at the date of the transaction and subsequently retranslated at the applicable closing rates.
The principal exchange rates (to the US dollar) used in preparing these financial statements are as follows:
2022 2021
Average Sterling 0.81 0.73
Euro 0.95 0.85
Chinese Renminbi 6.73 6.45
Indian Rupee 78.59 73.92
Turkish Lira* 16.57 8.89
Period end Sterling 0.83 0.74
Euro 0.93 0.88
Chinese Renminbi 6.90 6.35
Indian Rupee 82.72 74.47
Turkish Lira 18.69 13.32
Covenant testing
The Group\u2019s committed borrowing facilities are subject to ongoing covenant testing. Covenants are
measured twice a year, at full year and half year and are measured under frozen accounting standards and
therefore exclude the effects of IFRS 16. The financial covenants under the borrowing agreements are for
leverage (net debt/EBITDA) less than 3.0 and interest cover (EBITDA/interest charge) to be in excess of 4.0.
All banking covenants tests were met comfortably at 31 December 2022, with leverage of 1.4x and interest
cover of 19.0x. The base case forecast indicates that banking covenants will be comfortably met throughout
the assessment period. Under the severe but plausible downside scenario covenant compliance is still
projected to be achieved throughout the assessment period, although with reduced but adequate headroom.
Conclusion
In conclusion, after reviewing the base case, the severe but plausible downside scenario and considering the
remote likelihood of the scenario in the reverse stress test occurring, the Directors have formed the
judgement that, at the time of approving the consolidated financial statements, there are no material
uncertainties that cast doubt on the Group\u2019s going concern status and that it is appropriate to prepare the
consolidated financial statements on the going concern basis.
c) Functional currency
The functional currency of Coats Group plc continued to be United States dollars (USD) during the year
ended 31 December 2022.
d) Foreign currencies
Foreign currency translation
The Group\u2019s presentation currency is USD. Transactions of companies within the Group are recorded in the
functional currency of that company. Currencies other than the functional currency are foreign currencies.
Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary
assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the
period end. All currency differences on monetary items are taken to the consolidated income statement with
the exception of currency differences that represent a net investment in a foreign operation, which are taken
directly to equity until disposal of the net investment, at which time they are recycled through the
consolidated income statement. Non-monetary items that are measured in terms of historical cost in a
foreign currency are translated using the exchange rate as at the date of initial transaction.
1 Principal accounting policies cont.
STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS OTHER INFO
Coats Group plc
Annual Report and Accounts 2022
Notes to the financial statements cont.
h) Property, plant and equipment
Owned assets
Items of property, plant and equipment are stated at cost less accumulated depreciation and any
accumulated impairments.
Subsequent expenditure
Expenditure incurred to replace a component of an item of property, plant and equipment that is accounted
for separately, including major inspection and overhaul expenditure, is capitalised. Other subsequent
expenditure is capitalised only when it increases the future economic benefits embodied in the item of
property, plant and equipment. All other expenditure is recognised in the income statement as an expense
as incurred.
Depreciation
Depreciation is charged to the income statement on a straight-line basis over the estimated useful lives of
property, plant and equipment, and major components that are accounted for separately. Land is not
depreciated. The estimated useful lives are as follows:
Freehold buildings 50 years to 100 years
Leasehold improvements 10 years to 50 years or over the term of the lease if shorter
Plant and equipment 3 years to 20 years
Vehicles and office equipment 2 years to 10 years
Assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at each period end.
i) Business combinations and Intangible assets
Business combinations
Acquisitions of subsidiaries and businesses are accounted for using the acquisition method. The
consideration for each acquisition is measured as the sum of the acquisition-date fair values of assets given,
liabilities incurred or assumed in exchange for control of the acquiree. Acquisition-related costs are
recognised in the consolidated income statement, as incurred, in operating costs.
If the initial accounting for a business combination is incomplete by the end of the reporting period in which
the combination occurs, the Group reports provisional amounts for the items for which the accounting is
incomplete. Those provisional amounts are adjusted during the measurement period (see below), or
additional assets or liabilities are recognised, to reflect new information obtained about facts and
circumstances that existed as of the acquisition date that, if known, would have affected the amounts
recognised as of that date.
* Cumulative inflation rates over a three-year period exceeded 100% in Turkey in Q2 2022 and is considered
as hyperinflationary and as a result IAS 29 \u201cFinancial Reporting in Hyperinflationary Economies\u201d has been
applied for the first time for the year ended 31 December 2022. In accordance with IAS 29, the financial
statements of the Company\u2019s subsidiary in Turkey are translated into the Group\u2019s US Dollar presentational
currency at the 31 December 2022 year end exchange rate. Monetary assets and liabilities are not restated.
All non-monetary items recorded at historical rates are restated for the change in purchasing power caused
by inflation from the date of initial recognition to the year end balance sheet date. The income statement of
the Company\u2019s subsidiary in Turkey is adjusted for inflation during the reporting period. Comparative
amounts in the Group\u2019s financial statements are not restated. The translation adjustment resulting from the
initial application of IAS 29 of $5.0 million was recognised in equity and a net monetary gain of $1.9 million
was recognised within finance income on non-monetary items held in Turkish Lira. The inflation rate used is
the consumer price index published by the Turkish Statistical Institute, TurkStat. The movement in the price
index for the year ended 31 December 2022 was 64%.
e) Operating segments
Operating segments are components of the Group about which separate financial information is available
that is evaluated by the Coats Group plc Group Executive Team in deciding how to allocate resources and in
assessing performance. See note 2 for further details.
f) Operating profit
Operating profit is stated before the share of results of joint ventures, investment and interest income,
finance costs and foreign exchange gains and losses from financing activities.
g) Exceptional and acquisition related items
The Group has adopted an income statement format which seeks to highlight significant items within the
Group results for the year. Exceptional items may include significant restructuring associated with a business
or property disposal, litigation costs and settlements, profit or loss on disposal of property, plant and
equipment, non-actuarial gains or losses arising from significant one off changes to defined benefit pension
obligations, regulatory investigation costs and impairment of assets. Acquisition related items include
amortisation of acquired intangible assets, acquisition transaction costs, contingent consideration linked to
employment and adjustments to contingent consideration. Please see note 4 for further details on why
management consider these items to be exceptional.
Judgement is used by the Group in assessing the particular items, which by virtue of their scale and nature,
should be presented in the income statement and disclosed in the related notes as exceptional items. In
determining whether an event or transaction is exceptional, materiality is a key consideration and qualitative
factors, such as frequency or predictability of occurrence, are also considered. This is consistent with the
way financial performance is measured by management and reported to the Board.
1 Principal accounting policies cont.
STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS OTHER INFO
Coats Group plc
Annual Report and Accounts 2022
Notes to the financial statements cont.
Intellectual property, comprising trademarks, designs, patents and product development which have a finite
useful life, are carried at cost less accumulated amortisation and impairment charges. Amortisation is
calculated using the straight-line method to allocate the cost over the assets\u2019 useful lives, which vary from 5
to 10 years.
The amortisation charge for both acquired and other intangibles assets is included within the distribution
costs and administrative expense lines in the consolidated income statement.
Impairment of property, plant and equipment, right-of-use assets and intangible assets excluding goodwill
Assets that have an indefinite useful life are not subject to amortisation and are tested annually for
impairment. Assets that are subject to depreciation or amortisation are reviewed for impairment whenever
events or changes in circumstances indicate that the carrying amount may not be recoverable.
An impairment charge is recognised for the amount by which the asset\u2019s carrying amount exceeds its
recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs to sell and its
value in use. In assessing value in use, the estimated future cash flows are discounted to their present value
using a pre-tax discount rate that reflects current market assessments of the time value of money and the
risks specific to the asset for which the estimates of future cash flows have not been adjusted. For the
purposes of assessing impairment, assets are measured at the CGU level.
Research and development
All research costs are expensed as incurred.
An internally-generated intangible asset arising from development is recognised only if all of the following
conditions are met:
\u2013 an asset is created that can be separately identified;
\u2013 it is probable that the asset created will generate future economic benefits; and
\u2013 the development costs can be measured reliably.
Internally-generated intangible assets are amortised on a straight-line basis over their useful lives.
Where no internally-generated intangible asset can be recognised, development expenditure is recognised
as an expense in the period in which it is incurred.
The measurement period is the period from the date of acquisition to the date the Group obtains complete
information about facts and circumstances that existed as of the acquisition date and is subject to a
maximum of one year.
Goodwill
Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-
controlling interests in the acquiree, and the fair value of the acquirer\u2019s previously held equity interest in the
acquiree (if any) over the net of the acquisition-date amounts of the identifiable assets acquired and the
liabilities assumed. Goodwill is recognised as an asset and tested for impairment at least annually.
Any impairment is recognised immediately in the income statement. On disposal of a subsidiary, the
attributable amount of goodwill is included in the determination of the profit or loss on disposal.
Goodwill is allocated to cash-generating units (CGUs) for the purpose of impairment testing. CGUs represent
the smallest group of assets that generate cash inflows that are largely independent of the cash inflows from
other assets or groups of assets.
Negative goodwill is recognised immediately in the income statement.
I ntangible assets acquired in a business combination
Intangible assets acquired in a business combination and recognised separately from goodwill are initially
recognised at their fair value at the acquisition date (which is regarded as their cost).
Subsequent to initial recognition, intangible assets acquired in a business combination are reported at cost
less accumulated amortisation and accumulated impairment losses, on the same basis as intangible assets
that are acquired separately.
The estimated useful lives (other than Coats Brands) are as follows:
Brands and trade names 5 years to 20 years
Technology 4 years to 10 years
Customer relationships 9 years to 15 years
The useful life of the Coats Brand is considered to be indefinite.
Other intangibles
Acquired computer software licences and computer software development costs are capitalised on the basis
of the costs incurred to acquire and bring to use the specific software and are amortised over their estimated
useful lives of up to 5 years.
1 Principal accounting policies cont.
Coats Group plc
Annual Report and Accounts 2022
Notes to the financial statements cont.
Right-of-use assets are depreciated over the shorter period of lease term and useful life of the underlying
asset. If a lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that
the Group expects to exercise a purchase option, the related right-of-use asset is depreciated over the useful
life of the underlying asset. The depreciation starts at the commencement date of the lease.
Variable rents that do not depend on an index are not included in the measurement of the lease liability and
the right-of-use asset. The related payments are recognised as an expense in the period in which the event
or condition that triggers those payments occurs.
k) Financial instruments
Financial assets and financial liabilities are recognised when the Group becomes a party to the contractual
provisions of the relevant financial instrument.
Financial assets
(i) Investments in equity securities
Investments in equity securities are recognised and derecognised on a trade date basis and are initially
measured at fair value, plus directly attributable transaction costs and are remeasured at subsequent
reporting dates at fair value, with movements recorded in other comprehensive income. Listed investments
are stated at market value. Unlisted investments are stated at fair value based on directors\u2019 valuation, which
is supported by external experts\u2019 advice or other external evidence.
(ii) Cash and cash equivalents
Cash and cash equivalents in the statement of financial position comprise cash at bank and in hand and
short-term deposits maturing in less than three months. For the purposes of the statement of cash flows,
cash and cash equivalents consist of cash and cash equivalents as defined above, net of outstanding bank
overdrafts.
(iii) Trade and other receivables
Trade receivables are recognised at fair value (which ordinarily reflects the invoice amount) and carried at
amortised cost, less an allowance for expected lifetime losses as permitted under the simplified approach in
IFRS 9. Fully provided balances are not written off from the balance sheet until the Group has decided to
cease enforcement activity.
Financial liabilities
(i) Trade payables
Trade payables are not interest-bearing and are recognised at fair value, and measured subsequently at
amortised cost.
j) Leases
The Group assesses whether a contract is or contains a lease, at inception of the contract. The Group
recognises a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in
which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less)
and leases of low value assets (defined as assets with a value of US$5,000 or less when new). For these
leases, the Group recognises the lease payments as an operating expense on a straight-line basis over the
term of the lease unless another systematic basis is more representative of the time pattern in which
economic benefits from the leased assets are consumed.
The lease liability is initially measured at the present value of the lease payments that are not paid at the
commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily
determined, the Group uses its incremental borrowing rate.
The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the
lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease
payments made.
The Group remeasures the lease liability (and makes a corresponding adjustment to the related right-of-use
asset) whenever:
\u2013 the lease term has changed or there is a change in the assessment of exercise of a purchase option, in
which case the lease liability is remeasured by discounting the revised lease payments using a revised
discount rate;
\u2013 the lease payments change due to changes in an index or rate or a change in expected payment under a
guaranteed residual value, in which cases the lease liability is remeasured by discounting the revised lease
payments using the initial discount rate (unless the lease payments change is due to a change in a floating
interest rate, in which case a revised discount rate is used); and
\u2013 a lease contract is modified and the lease modification is not accounted for as a separate lease, in which
case the lease liability is remeasured by discounting the revised lease payments using a revised discount
rate.
The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments
made at or before the commencement day and any initial direct costs. They are subsequently measured at
cost less accumulated depreciation and impairment losses.
Whenever the Group incurs an obligation for costs to dismantle and remove a leased asset, restore the site
on which it is located or restore the underlying asset to the condition required by the terms and conditions of
the lease, a provision is recognised and measured under IAS 37 \u2018Provisions, Contingent Liabilities and
Contingent Assets\u2019. The costs are included in the related right-of-use asset, unless those costs are incurred
to produce inventories.
1 Principal accounting policies cont.
Coats Group plc
Annual Report and Accounts 2022
Notes to the financial statements cont.
(v) Fair value hedges
Changes in the fair values of derivatives that are designated and qualify as fair value hedges are recognised
immediately through the income statement, together with any changes in the fair value of the related hedged
items due to changes in the hedged risks. On discontinuation of the hedge the adjustment to the carrying
amount of the hedged item arising from the hedged risk is amortised through the consolidated income
statement from that date.
(vi) Cash flow hedges
The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow
hedges is deferred in equity. Once the related hedged item is recognised in the income statement, the
amounts deferred in equity are recycled through the consolidated income statement. The gain or loss arising
from any ineffective portion of the hedge is recognised immediately through the consolidated
income statement.
(vii) Hedges of net investments in foreign operations
Gains and losses on hedging instruments relating to the effective portion of such hedges are recognised
through the translation reserve, and recycled through the consolidated income statement on disposal of the
respective foreign operations. The gain or loss arising from any ineffective portion of such hedges is
recognised immediately through the consolidated income statement.
l) Revenue
Revenue comprises the fair value of the sale of goods and services, net of sales tax and discounts and
rebates, and after eliminating sales within the Group. Revenue is recognised as follows:
(i) Sales of goods
Sales of goods are recognised in revenue at a single point in time when control of the goods has been
transferred to the buyer. The point in time at which control is deemed to have transferred varies depending
on the commercial terms agreed with the buyer.
(ii) Sales of services
Sales of services are recognised in the period in which the services are rendered, as follows:
\u2013 Software implementation and licensing income \u2013 performance obligations are satisfied over a period of
time and therefore revenue is recognised by reference to the stage of completion at the period end. The
Group uses labour hours expended to assess the stage of completion as it is deemed to be the most
appropriate basis to measure progress.
\u2013 Maintenance income \u2013 performance obligations are satisfied evenly over a fixed period of time and
therefore revenue is recognised on a straight line basis over the maintenance period.
Advances received from customers are included within contract liabilities.
( ii) Borrowings
Interest-bearing loans and overdrafts are initially measured at fair value, net of direct issue costs. These
financial liabilities are subsequently measured at amortised cost using the effective interest method, with
interest expense recognised over the period of the relevant liabilities. Financial liabilities designated as
hedged items in a fair value hedge are subsequently measured at fair value.
(iii) Compound instruments
The component parts of compound instruments are classified separately as financial liabilities and equity in
accordance with the substance of the contractual arrangement. At the date of issue, the fair value of the
liability component is estimated using the prevailing market interest rate for a similar non-convertible
instrument, and this amount is recorded as a liability at amortised cost. The equity component is the fair
value of the compound instrument as a whole less the amount of the liability component, and is recognised
in equity, net of income tax effect, without subsequent remeasurement.
(iv) Derivative financial instruments and hedge accounting
The Group\u2019s activities expose it to the financial risks of changes in foreign exchange rates and interest rates.
The use of financial derivatives is regulated by the Board or that of the relevant operating subsidiary in
accordance with their respective risk management strategies. Changes in values of all derivatives of a
financing nature are included within finance costs in the income statement.
Derivative financial instruments are initially measured at fair value at contract date and are remeasured at
each reporting date.
The Group designates hedging instruments as either fair value hedges, cash flow hedges or hedges of net
investments in foreign operations. Hedges of interest rate risk are accounted for as fair value or cash flow
hedges.
At the inception of each hedge transaction the issuing entity documents the relationship between the
hedging instrument and the hedged item and the anticipated effectiveness of the hedge transaction, and
monitors the ongoing effectiveness over the period of the hedge. Hedge accounting is discontinued when
the issuing entity revokes the hedging relationship, the hedge instrument expires, is sold, exercised or
otherwise terminated, and the adjustment to the carrying amount of the hedged item arising from the
hedged risk is amortised through the income statement from that date.
1 Principal accounting policies cont.
Coats Group plc
Annual Report and Accounts 2022
Notes to the financial statements cont.
For defined contribution plans, the Group pays contributions to publicly or privately administered pension
plans on a mandatory, contractual or voluntary basis. The contributions are recognised as employee benefit
expenses when they are due. Prepaid contributions are recognised as an asset to the extent that a cash
refund or a reduction in the future payments is available.
(ii) Share-based compensation
Cash-settled
Cash-settled share-based payments are measured at fair value (excluding the effect of non-market-based
vesting conditions) at each reporting date. The fair value is expensed on a straight-line basis over the vesting
period, with a corresponding increase in liabilities.
Equity-settled
The Group operates an equity-settled Long Term Incentive Plan for executives and senior management.
Awards under this Plan are subject to both market-based and non-market-based vesting criteria.
The fair value at the date of grant is established by using an appropriate simulation method to reflect the
likelihood of market-based performance conditions being met. The fair value is charged to the consolidated
income statement on a straight-line basis over the vesting period, with appropriate adjustments being made
during this period to reflect expected vesting for non-market-based performance conditions and forfeitures.
The corresponding credit is to equity shareholders\u2019 funds.
To satisfy awards under this Plan, shares may be purchased in the market by an Employee Benefit Trust over
the vesting period.
(iii) Non-share-based long-term incentive schemes
The anticipated present value cost of non-share-based incentive schemes is charged to the consolidated
income statement on a straight-line basis over the period the benefit is earned, based on remuneration rates
that are expected to be payable.
(iv) Termination benefits
Termination benefits are payable when employment is terminated before the normal retirement date, or
whenever an employee accepts voluntary redundancy in exchange for these benefits. The Group recognises
termination benefits when it is demonstrably committed to either: terminating the employment of current
employees according to a detailed formal plan without possibility of withdrawal; or providing termination
benefits as a result of an offer made to encourage voluntary redundancy. Benefits falling due more than 12
months after the period end are discounted to present value.
o) Taxation
The tax expense represents the sum of the current tax and deferred tax.
(iii) Income from sales of property
Income from sales of property is recognised on completion when legal title of the property passes to the
buyer.
m) Inventories
Inventories are valued at the lower of cost and net realisable value. Costs incurred in bringing each product
to its present location and condition are accounted for as follows:
Raw materials are valued at cost on a first-in, first-out basis.
The costs of finished goods and work in progress include direct materials and labour and a proportion of
manufacturing overheads based on normal operating capacity but excluding borrowing costs. Net realisable
value is the estimated selling price in the ordinary course of business, less estimated costs of completion and
the estimated costs necessary to make the sale. Provision is made for obsolete, slow-moving and defective
inventories.
n) Employee benefits
(i) Retirement and other post-employment obligations
For retirement and other post-employment benefit obligations, the cost of providing benefits is determined
using the Projected Unit Credit Method, with actuarial valuations being carried out at the end of each
reporting period by independent actuaries.
Remeasurement comprising actuarial gains and losses, the effect of the asset ceiling (if applicable) and the
return on scheme assets (excluding interest) are recognised immediately in the consolidated statement of
financial position with a charge or credit to the consolidated statement of comprehensive income in the
period in which they occur. Remeasurement recorded in the consolidated statement of comprehensive
income is not recycled.
Current and past service costs, along with the impact of any settlements or curtailments, are charged to the
consolidated income statement. The net interest expense on pension plans\u2019 liabilities and the expected
return on the plans\u2019 assets is recognised within finance expense in the consolidated income statement.
In addition, pension scheme administrative expenses including the Pension Protection Fund (PPF) levy and
actuary, audit, legal and trustee charges are recognised as administrative expenses.
The retirement benefit and other post employment benefit obligation recognised in the consolidated
statement of financial position represents the deficit or surplus in the Group\u2019s defined benefit schemes. Any
surplus resulting from this calculation is limited to the present value of any economic benefits available in the
form of refunds from the schemes or reductions in future contributions to the schemes and refunds expected
from the schemes to fund other Group defined benefit schemes, in accordance with relevant legislation.
1 Principal accounting policies cont.
Coats Group plc
Annual Report and Accounts 2022
Notes to the financial statements cont.
q) Borrowing costs
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which
are assets that necessarily take a substantial period of time to prepare for their intended use or sale, are
added to the cost of those assets, until such time as the assets are substantially ready for their intended use
or sale. Investment income earned on the temporary investment of specific borrowings pending
their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalisation.
All other borrowing costs are recognised in the income statement in the period in which they are incurred.
r) Provisions
A provision is recognised in the consolidated statement of financial position when the Group has a legal or
constructive obligation as a result of a past event, and it is probable that an outflow of economic benefits will
be required to settle the obligation. If the effect is material, a provision is determined by discounting the
expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of
money and, where appropriate, the risks specific to the liability. Where discounting is used, the increase in
the provision due to the passage of time is recognised as a borrowing cost.
When some or all of the economic benefits required to settle a provision are expected to be recovered from
an insurer, a receivable is recognised as an insurance reimbursement asset and included separately within
other receivables if it is virtually certain that reimbursement from the insurer will be received and the amount
of the receivable can be measured reliably.
s) Onerous contracts
A provision for onerous contracts is recognised when the expected benefits to be derived by the Group from
a contract are lower than the unavoidable cost of meeting its obligations under the contract.
t) Restructuring
A provision for restructuring is recognised when the Group has approved a detailed and formal restructuring
plan, and the restructuring has either commenced or has been announced publicly. Future operating costs
are not provided for.
u) Assets held for sale and discontinued operations
Non-current assets and businesses which are to be sold (disposal groups) classified as held for sale are
measured at the lower of carrying amount and fair value less costs to sell. Non-current assets (and disposal
groups) are classified as held for sale if their carrying amount is expected to be recovered through a sale
transaction rather than through continuing use. This condition is regarded as met only when such a sale is
highly probable and the asset (or disposal group) is available for immediate sale in its present condition.
Management must be committed to the sale, which should be expected to qualify for recognition as a
completed sale within one year from the date of classification.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as
reported in the consolidated income statement because it excludes items of income and expense that are
taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
Group\u2019s liability for current tax is calculated using tax rates that have been enacted by the period end.
Deferred tax is provided using the liability method, providing for temporary differences between the carrying
amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation
purposes. Deferred taxation is measured on a non-discounted basis. The following temporary differences are
not provided for: goodwill not deducted for tax purposes, the initial recognition of assets or liabilities that
affect neither accounting, nor taxable profit, and differences relating to investments in subsidiaries to the
extent that they will probably not reverse in the foreseeable future.
The amount of deferred tax provided is based on the expected manner of realisation or settlement of the
carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the period end.
A deferred tax asset is recognised only to the extent that it is probable that future profits will be available
against which the asset can be utilised. Deferred tax assets are reduced to the extent that it is no longer
probable that the related tax benefit will be realised. Deferred tax liabilities are recognised for taxable
temporary differences arising on investments in subsidiaries and associates, and interests in joint ventures,
except where the Group is able to control the reversal of the temporary difference and it is probable that the
temporary difference will not reverse in the foreseeable future. Deferred tax assets arising from deductible
temporary differences associated with such investments and interests are only recognised to the extent that
it is probable that there will be sufficient taxable profits against which to utilise the benefits of the temporary
differences and they are expected to reverse in the foreseeable future.
The carrying values of deferred tax assets are reviewed at each period end.
Deferred tax is charged or credited in the income statement, except when it relates to items charged or
credited directly to other comprehensive income or equity, in which case the deferred tax is also dealt with in
other comprehensive income or equity.
p) Government grants
Government grants are not recognised until there is reasonable assurance that the Group will comply with
the conditions attaching to them and that the grants will be received. Government grants are recognised in
profit or loss on a systematic basis over the periods in which the Group recognises as expenses the related
costs for which the grants are intended to compensate.
Government grants that are receivable as compensation for expenses or losses already incurred or for the
purpose of giving immediate financial support to the Group with no future related costs are recognised in
profit or loss in the period in which they become receivable.
1 Principal accounting policies cont.
Coats Group plc
Annual Report and Accounts 2022
Notes to the financial statements cont.
New IFRS accounting standards, interpretations and amendments adopted in the year
During the year, the Group has adopted the following standards, interpretations and amendments:
\u2013 Onerous Contracts \u2013 Cost of Fulfilling a Contract (Amendments to IAS 37);
\u2013 Annual Improvements to IFRS Standards 2018\u20132020;
\u2013 Property, Plant and Equipment: Proceeds before Intended Use (Amendments to IAS 16); and
\u2013 Reference to the Conceptual Framework (Amendments to IFRS 3).
The adoption of these standards has not had a material impact on the financial statements of the Group.
New IFRS accounting standards and interpretations not yet adopted
The following published standards and amendments to existing standards, which have not yet all been
endorsed by the UKEB, are expected to be effective as follows:
From the year beginning 1 January 2023:
\u2013 Classification of Liabilities as Current or Non-current (Amendments to IAS 1);
\u2013 IFRS 17 Insurance Contracts and amendments to IFRS 17 Insurance Contracts;
\u2013 Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2);
\u2013 Definition of Accounting Estimates (Amendments to IAS 8); and
\u2013 Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12).
From the year beginning 1 January 2024:
\u2013 Non-current Liabilities with Covenants (Amendments to IAS 1);
The directors do not expect that the adoption of the Standards and Interpretations listed above will have a
material impact on the financial statements of the Group in future periods, although the full assessment is not
complete.
2 Segmental analysis
Operating segments are components of the Group\u2019s business activities about which separate financial
information is available that is evaluated regularly by the chief operating decision maker (the Group
Executive Team). The Group\u2019s customers throughout the year ended 31 December 2022 were grouped into
two segments Apparel & Footwear and Performance Materials which have distinct different strategies and
differing customer/end-use market profiles. Effective 1 January 2023 the Group\u2019s new organisational
structure and reporting structure will consist of three divisions: Apparel, Footwear and Performance
Materials. The Group will report its financial results on this new segmental basis from half year 2023 and,
from 1 January 2023, this will be the basis on which financial information is reported internally to the chief
operating decision maker (CODM) for the purpose of allocating resources between segments and assessing
their performance.
Non-current assets are classified as held for sale from the date these conditions are met, and such assets
are no longer depreciated.
Discontinued operations are classified as held for sale and are either a separate business segment or a
geographical area of operations that is part of a single coordinated plan to sell. Once an operation has been
identified as discontinued, or is reclassified as discontinued, the comparative information in the Income
Statement is restated.
v) Climate change
In preparation of the consolidated financial statements, consideration has been given to the impact of climate
change on the Group\u2019s key accounting policies, estimates and judgements. As noted in the Taskforce on
Climate-related Financial Disclosures (TCFD) section of the Strategic Report on pages 35-38 we are exposed
to specific transitional and physical climate related risks. The key areas in the consolidated financial
statements that were identified for consideration of potential impacts from these climate related risks were
the assumptions used to support impairment reviews of cash generating units (CGUs) and accounting
policies on estimated useful lives of tangible fixed assets.
(i) Impairment of assets
The key climate related risks considered were the introduction of carbon taxes, disruption of water supply
and extreme weather events (floods and extreme heat). These risks as well as any potential mitigations were
considered when assessing the appropriateness of the assumptions used to project future cash flows to
support the value in use of a CGU. No specific significant financial impacts were identified in relation to the
CGUs that were subject to an impairment review during the year ended 31 December 2022 (see note 13). In
addition, no significant short to medium term (pre 2045) climate related impacts have been identified for
individual assets or other CGUs in the Group.
(ii) Fixed asset useful lives
Consideration was given as to whether the impact of physical risks relating to extreme weather events (e.g.
flood risk damage) may require a reassessment of the estimated useful lives of fixed assets. As noted in the
physical risks section in our TCFD disclosures, no significant impacts are currently expected in the short to
medium term (pre 2045), after which point the majority of the Group\u2019s current fixed asset portfolio will be fully
depreciated. As such, the reassessment of fixed asset useful lives to reflect potential impacts of climate
change was not deemed necessary.
In light of the above, the Group\u2019s current assessment is that the climate related risks detailed in the TCFD
disclosures section of the Strategic Report do not have a material impact on the key accounting policies,
estimates and judgements that form the basis of these consolidated financial statements .
1 Principal accounting policies cont.
STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS OTHER INFO
Coats Group plc Annual Report and Accounts 2022 Notes to the financial statements cont. b) Geographic information Year ended 31 December Revenue by origin Revenue by destination Non-current assets 2022 US$m 2021* US$m 2022 US$m 2021* US$m 2022 US$m 2021 US$m Europe, Middle East & Africa (EMEA) UK 23.1 14.4 13.0 14.8 256.8 258.9 Rest of EMEA 308.3 268.8 281.6 250.9 195.0 70.3 Americas USA 219.4 205.4 240.7 218.4 51.0 63.3 Rest of Americas 121.2 108.4 118.1 116.2 52.8 46.6 Asia & Rest of World India 184.4 166.7 184.3 161.8 39.7 46.1 China and Hong Kong 234.9 217.5 198.4 194.1 301.8 77.1 Vietnam 213.5 192.0 215.0 178.7 38.7 34.9 Other 279.0 273.5 332.7 311.8 63.7 67.2 1,583.8 1,446.7 1,583.8 1,446.7 999.5 664.4 Non-current assets excludes derivative financial instruments, investments, pension surpluses and deferred tax assets.\u20033 Revenue An analysis of the Group\u2019s revenue is as follows: Year ended 31 December 2022 US$m 2021* US$m Goods transferred at a point in time 1,573.6 1,435.6 Software solutions services transferred over time 10.2 11.1 1,583.8 1,446.7 Other operating income 1.2 \u2013 Finance income 2.6 0.4 1,587.6 1,447.1 * Represented to reflect the results of the Brazil and Argentina business as a discontinued operation (see note 1). The software solutions business is included in the Apparel & Footwear segment. As at December 2022, this internal reorganisation had not occurred with segment results grouped into two segments Apparel & Footwear and Performance Materials to which the CODM was provided financial information on which to assess performance and allocate resources. a) Segment revenue and results Year ended 31 December 2022 Apparel & Footwear US$m Performance Materials US$m Total US$m Revenue 1,163.4 420.4 1,583.8 Segment profit 200.8 34.1 234.9 Exceptional and acquisition related items (note 4) (53.9) Operating profit 181.0 Share of profits of joint ventures 1.1 Finance income 2.6 Finance costs (33.4) Profit before taxation from continuing operations 151.3 Year ended 31 December 2021* Apparel & Footwear US$m Performance Materials US$m Total US$m Revenue 1,048.1 398.6 1,446.7 Segment profit 170.7 27.0 197.7 Exceptional and acquisition related items (note 4) (19.5) Operating profit 178.2 Share of profits of joint ventures 1.2 Finance income 0.4 Finance costs (21.8) Profit before taxation from continuing operations 158.0 * Represented to reflect the results of the Brazil and Argentina business as a discontinued operation (see note 1). Segment results include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. Cost of sales and other operating costs not directly attributable to a segment are allocated to segments on an aggregated basis. Exceptional and acquisition related items are not allocated to segment s to align to the reporting provided to the chief operating decision maker. In addition, no measures of total assets, total liabilities and depreciation charges are reported for each reportable segment as such amounts are not regularly provided to the chief operating decision maker. The accounting policies of the reportable operating segments are the same as the Group\u2019s accounting policies described in note 1. 2 Segmental analysis cont. STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS Coats Group plc
Annual Report and Accounts 2022
Notes to the financial statements cont.
Judgement is used by the Group in assessing the particular items, which by virtue of their scale and nature,
are presented in the income statement and disclosed in the related notes as exceptional items. In
determining whether an event or transaction is exceptional, materiality is a key consideration and qualitative
factors, such as frequency or predictability of occurrence, are also considered. This is consistent with the
way financial performance is measured by management and reported to the Board.
Total exceptional and acquisition related items charged to profit before taxation for the year ended 31
December 2022 were $55.0 million (2021: $19.5 million) comprising exceptional items for the year ended 31
December 2022 of $31.2 million (2021: $3.7 million) and acquisition related items for the year ended 31
December 2022 of $23.8 million (2021: $15.8 million). Taxation in respect of exceptional and acquisition
related items is set out in note 9.
Exceptional items
Exceptional items charged/(credited) to operating profit during the year ended 31 December 2022 are set out
below:
Year ended 31 December
2022
US$m
2021*
US$m
Exceptional items:
Strategic project costs: 9.9 \u2013
- Cost of sales 3.8 \u2013
- Distribution costs 18.7 3.7
- Administration costs 32.4 3.7
Profit from sale of property:
Other operating income (1.2) \u2013
Total exceptional items charged to operating profit from continuing operations 31.2 3.7
* Represented to reflect the results of the Brazil and Argentina business as a discontinued operation (see note 1).
Disaggregation of revenue
The following table shows revenue disaggregated by primary geographic markets which reconciles with the
Group\u2019s reportable segments:
Year ended 31 December
2022
US$m
2021*
US$m
Continuing operations:
Asia 911.8 849.7
Americas 340.6 313.8
EMEA 331.4 283.2
1,583.8 1,446.7
Continuing operations:
Apparel & Footwear 1,163.4 1,0 48.1
Performance Materials 420.4 398.6
1,583.8 1,446.7
* Represented to reflect the results of the Brazil and Argentina business as a discontinued operation (see note 1).
Revenue from Texon and Rhenoflex totalling $87.2 million for the period to 31 December 2022 from their
respective acquisition dates (see note 31) is included in the amount above for the Apparel & Footwear
segment of which $34.4 million is included in Asia, $1.2 million is included in Americas and $51.6 million is
included in EMEA.
The Group had no revenue from a single customer which accounts for more than 10% of the Group\u2019s revenue.
4 Exceptional and acquisition related items
The Group\u2019s consolidated income statement format is presented before and after exceptional and acquisition
related items. Adjusted results exclude exceptional and acquisition related items on a consistent basis with
the previous reporting period to provide valuable additional information for users of the financial statements
in understanding the Group\u2019s performance and reflects how the performance of the business is managed
and measured on a day-to-day basis. Further details on alternative performance measures are set out in note
37.
Exceptional items may include significant restructuring associated with a business or property disposal,
litigation costs and settlements, profit or loss on disposal of property, plant and equipment, non-actuarial
gains or losses arising from significant one off changes to defined benefit pension obligations, regulatory
investigation costs and impairment of assets. Acquisition related items include amortisation of acquired
intangible assets, acquisition transaction costs, contingent consideration linked to employment and
adjustments to contingent consideration.
3 Revenue cont.
Coats Group plc
Annual Report and Accounts 2022
Notes to the financial statements cont.
Acquisition transaction costs charged to administrative expenses during the year ended 31 December 2022
of $11.9 million include transaction costs relating to the acquisitions of Texon and Rhenoflex (see note 31).
Acquisition transaction costs charged to finance costs during the year ended 31 December 2022 of $1.1
million relate to the $240.0 million term loan acquisition facility used to finance the acquisition of Texon (see
note 31).
During the year ended 31 December 2021, the Group pursed several acquisition opportunities and as a result
incurred transaction costs of $12.4 million
Acquisition transaction costs and amortisation of intangible assets acquired through business combinations
are not included within adjusted operating profit and adjusted earnings per share. These costs are
acquisition related and management consider them to be capital in nature and are not included in profitability
measures by which management assess the performance of the Group.
Excluding amortisation of intangible assets acquired through business combinations and recognised in
accordance with IFRS 3 \u201cBusiness Combinations\u201d from adjusted results also ensures that the performance of
the Group\u2019s acquired businesses is presented consistently with its organically grown businesses. It should be
noted that the use of acquired intangible assets contributed to the Group\u2019s results for the years presented
and will contribute to the Group\u2019s results in future periods as well. Amortisation of acquired intangible assets
will recur in future periods. Amortisation of software is included within operating results as management
consider these cost to be part of the trading performance of the business.
The Group has made acquisitions in prior years with earn-outs to allow part of the consideration to be based
on the future performance of the businesses acquired and to lock in key management. Where consideration
paid or contingent consideration payable in the future is employment linked, it is treated as an expense and
part of statutory results. However, all consideration of this type is excluded from adjusted operating profit
and adjusted earnings per share, as in management\u2019s view, these items are part of the capital transaction.
Strategic project costs \u2013 At the end of 2021 the Group commenced a strategic project to improve margins by
optimising the portfolio and footprint, improving the overall cost base efficiency, and mitigating structural
labour availability issues in the US. During the year a new facility was established in Mexico, manufacturing
processes were transferred from the US and a legacy facility in the US was exited. In EMEA thread
operations in Romania were consolidated in a purpose-built logistics facility and warehouses in Poland and
Hungary were exited. Corporate and overhead activities in the UK and US were moved closer to the Group\u2019s
operations and customers. As a result of these activities, exceptional restructuring costs totalling $32.4
million were incurred during the year ended 31 December 2022 which included severance costs of $22.5
million, non-cash impairment charges of tangible fixed assets and right-of-use assets of $4.7 million and $5.2
million of legal, advisers, closure and related costs.
The Group accelerated the implementation of this strategic project during the year ended 31 December
2022, delivering in-year efficiencies in 2022 ahead of the Group\u2019s expectations. In addition, the Group
expect to deliver total savings of $70 million by 2024, a significant increase on the $50 million the Group
previously expected to deliver. The additional $20 million savings will primarily arise from the transformation
of Asian operations, in particular in China and India.
During the previous year ended 31 December 2021, exceptional strategic project costs of $3.7 million were
incurred which included advisers\u2019 costs of $0.9 million, impairment charges relating to plant and equipment
in North America of $2.0 million and closure and related costs of $1.7 million. This was offset by an
exceptional credit of $0.9 million relating to the closure of a small business in Australia in a prior year.
Profit from sale of property \u2013 During the year ended 31 December 2022 a profit of $1.2 million was made
from the sale of a property as part of the above strategic project.
Acquisition related items
Acquisition related items are set out below:
Year ended 31 December
2022
US$m
2021
US$m
Acquisition related items:
Administrative expenses:
Acquisition transaction costs 11.9 12.4
Amortisation of acquired intangible assets 10.8 3.3
Acquisition earnouts and contingent consideration \u2013 0.1
22.7 15.8
Finance costs:
Acquisition transaction costs 1.1 \u2013
Total acquisition related items before taxation 23.8 15.8
4 Exceptional and acquisition related items cont.
Coats Group plc
Annual Report and Accounts 2022
Notes to the financial statements cont.
7 Finance costs
Year ended 31 December
2022
US$m
2021*
US$m
Interest on bank and other borrowings 18.9 10.4
Interest expense on lease liabilities 4.9 5.2
Net interest on pension scheme assets and liabilities 0.5 4.1
Other finance costs including unrealised gains and losses on foreign exchange contracts 9.1 2.1
33.4 21.8
Other finance costs for the year ended 31 December 2022 include acquisition related transaction costs of
$1.1 million incurred in connection with the $240.0 million term loan acquisition facility used to finance the
acquisition of Texon (see note 4).
8 Staff costs
The average monthly number of employees was:
Year ended 31 December 2022 2021*
Continuing operations1:
Manufacturing 14,329 13,819
Other staff 3,384 3,179
17,713 16,998
Discontinued operations2 1,240 1,475
Total number of employees 18,953 18,473
Comprising:
UK 256 182
Overseas 18,697 18,291
18,953 18,473
The total numbers employed at the end of the year were:
UK 228 179
Overseas 16,415 17,374
16,643 17,553
Discontinued operations \u2013 1,264
Total number of employees 16,643 18,817
1. The 2022 average number of employees for continuing operations includes the acquired Texon and Rhenoflex businesses from their respective
acquisition dates of 20 July 2022 and 23 August 2022 through to 31 December 2022 (see note 31).
2. The 2022 average number of employees for the discontinued Brazil and Argentina business are for the period until disposal on 10 May 2022 (see
note 32).
* Represented to reflect the results of the Brazil and Argentina business as a discontinued operation (see note 1).
5 Profit for the year (including discontinued operations)
Year ended 31 December
2022
US$m
2021
US$m
Profit for the year is stated after charging/(crediting):
Amortisation of intangible assets 12.6 6.0
Depreciation of owned property, plant and equipment 26.5 28.2
Depreciation of right-of-use assets 19.4 19.4
(Profit)/loss on disposal of property, plant and equipment (1.1) 0.1
Fees charged by Deloitte LLP
Group audit fees:
\u2013 Fees payable for the audit of the Company\u2019s annual accounts 1.0 0.7
\u2013 Fees payable for the audit of the Company\u2019s subsidiaries 1.7 1.5
Other Deloitte services:
\u2013 Taxation services 0.1 0.2
\u2013 Other services 0.1 0.2
Total fees charged by Deloitte LLP 2.9 2.6
Research and development expenditure 6.2 6.1
Bad and doubtful debts 1.1 (0.2)
Net foreign exchange losses 3.5 0.5
Rental income from land and buildings (0.2) (0.2)
Inventory as a material component of cost of sales 728.2 631.4
Inventory write-downs to net realisable value 4.1 5.3
6 Finance income
Year ended 31 December
2022
US$m
2021*
US$m
Income from investments 0.1 0.1
Net monetary gain arising from hyperinflation accounting (see note 1) 1.9 \u2013
Other interest receivable and similar income 0.6 0.3
2.6 0.4
* Represented to reflect the results of the Brazil and Argentina business as a discontinued operation (see note 1).
Coats Group plc
Annual Report and Accounts 2022
Notes to the financial statements cont.
The tax charge for the year can be reconciled as follows:
Year ended 31 December
2022 2021*
Adjusted
US$m
Exceptional and
acquisition
related items
US$m
Other
adjustments
1
US$m
Total
US$m
Adjusted
US$m
Exceptional and
acquisition
related items
US$m
Other
adjustments
1
US$m
Total
US$m
Profit before tax 206.8 (55.0) (0.5) 151.3 181.6 (19.5) (4.1) 158.0
Expected tax
charge/(credit) at
the UK statutory
rate of 19%
(2021: 19%) 39.3 (10.5) (0.1) 28.7 34.5 (3.7) (0.8) 30.0
Differences
between overseas
and UK taxation
rate (2 .1) 1.8 \u2013 (0.3) (0.1) 1.5 (0.1) 1.3
Non-deductible
expenses (1.7) 5.0 \u2013 3.3 0.8 2.0 \u2013 2.8
Non-taxable income (0.7) \u2013 \u2013 (0.7) (0.6) \u2013 \u2013 (0.6)
Local tax incentives (0.3) \u2013 \u2013 (0.3) (0.7) \u2013 \u2013 (0.7)
Utilisation of
unrecognised
deferred tax assets (1.3) \u2013 \u2013 (1.3) (3.5) \u2013 \u2013 (3.5)
Potential deferred
tax assets not
recognised 12.6 \u2013 (0.4) 12.2 7.7 \u2013 0.4 8.1
Impact of changes
in tax rates (0.5) \u2013 \u2013 (0.5) 1.7 \u2013 \u2013 1.7
Prior year
adjustments 2.0 \u2013 \u2013 2.0 1.9 \u2013 \u2013 1.9
Withholding tax on
remittances (net of
double tax credits)
and other taxes not
based on profits 13.3 \u2013 \u2013 13.3 12.1 \u2013 \u2013 12.1
Income tax
expense/(credit) 60.6 (3.7) (0.5) 56.4 53.8 (0.2) (0.5) 53.1
Effective tax rate 29% 7% 100% 37% 30% 1% 12% 34%
1. Other adjustments consist of net interest on pension scheme assets and liabilities of $0.5 million (2021: $4.1 million).
* Represented to reflect the results of the Brazil and Argentina business as a discontinued operation (see note 1).
Year ended 31 December
2022
US$m
2021*
US$m
Employee aggregate remuneration comprised (including directors)
1
:
Wages and salaries 288.1 304.6
Social security costs 28.2 29.7
Other pension costs (note 10) 9.4 10.0
325.7 344.3
Discontinued operations 5.6 12.3
331.3 356.6
1. This does not include any contingent consideration on acquisitions that is treated as an expense, due to it being linked to continued employment
(see note 4).
* Represented to reflect the results of the Brazil and Argentina business as a discontinued operation (see note 1).
9 Tax on profit from continuing operations
Year ended 31 December
2022
US$m
2021*
US$m
UK Corporation tax at 19% (2021: 19%) \u2013 \u2013
Overseas tax charge (56.2) (55.0)
Deferred tax (charge)/credit (0.2) 1.9
Total tax charge (56.4) (53.1)
* Represented to reflect the results of the Brazil and Argentina business as a discontinued operation (see note 1).
The overseas tax charge includes withholding tax charges and other taxes not based on profits for the year
ended 31 December 2022 of $13.3 million (2021: $12.1 million).
For the year ended 31 December 2022 the tax credit in respect of exceptional and acquisition related items
was $3.7 million (2021: $0.2 million). This includes exceptional tax credits of $2.0 million relating to
exceptional strategic projects and $1.7 million relating to the unwinding of tax liabilities on the amortisation of
intangible assets acquired as a result of the acquisitions of Texon and Rhenoflex during the year ended 31
December 2022 (refer to note 32).
8 Staff costs cont.
Coats Group plc Annual Report and Accounts 2022 Notes to the financial statements cont. Taxation paid During the year the Group made Corporate Income Tax payments in respect of continuing operations (including withholding and dividend distribution taxes) of $54.6 million (2021: $47.8 million). The amount of tax paid in each jurisdiction is as follows: Year ended 31 December 2022 US$m 2021* US$m UK 10.0 9.3 Vietnam 16.1 13.9 India 3.9 3.0 Indonesia 3.3 4.4 Hong Kong 3.1 1.2 Bangladesh 2.9 1.8 Turkey 2.3 0.4 Tunisia 2.2 \u2013 China 1.8 3.8 Colombia 1.6 1.3 USA 1.3 0.1 Hungary 0.9 0.7 Thailand 0.8 1.0 Pakistan 0.8 0.8 Singapore 0.7 2.3 Sri Lanka 0.6 0.8 Germany 0.6 \u2013 Spain 0.2 1.0 Poland 0.2 0.5 Others (15 countries each less than $0.5 million) 1.3 1.5 Total Corporate Income Tax paid 54.6 47.8 * Represented to reflect the results of the Brazil and Argentina business as a discontinued operation (see note 1). The Group\u2019s adjusted effective tax rate is higher than the blended rate of the countries we operate in primarily due to the impact of unrelieved tax losses in countries where we are not currently able to recognise deferred tax assets in respect of those losses and the impact of withholding taxes on the repatriation of earnings and royalties to the UK. Excluding exceptional and acquisition related items and the impact of IAS 19 finance charges, the adjusted effective rate on pre-tax profits was 29% (2021: 31%). The lower rate was driven by higher year on year profits, improved profit mix and a reduction in withholding taxes. Uncertain tax positions The Group\u2019s tax liability includes a number of tax provisions, which together total $26.3 million (2021: $20.2 million). The increase in the year is primarily due to $5.6 million of tax provisions relating to acquisitions (see note 31). These provisions relate to management\u2019s estimate of the amount of tax payable on open tax returns yet to be agreed with the local tax authorities. The Group evaluates uncertain tax items, which are subject to interpretation and agreement of the position with the local Tax Authorities and consequently agreement may not be reached for a number of years. Primarily the tax items for which a provision has been made relate to the interpretation of transfer pricing legislation and practices across the jurisdictions in which the Group operates. The final outcome on resolution of open issues with the relevant local Tax Authorities may vary significantly due to the uncertainty associated with such tax items and the continual evolution and development of local Tax Authorities. There is a wide range of possible outcomes and any variances in the final outcome to the provided amount will affect the tax financial results in the year of agreement. However, it is not expected that a material adjustment would be required to these provisions within the next year. The amount provided for uncertain tax positions has been made using the best estimate of the tax expected to be ultimately paid, taking into account any progress on the discussions with local Tax Authorities, together with expert in-house and third-party advice on the potential outcome and recent developments in case law, Tax Authority practices and previous experience. 9 Tax on profit from continuing operations cont. STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL Coats Group plc
Annual Report and Accounts 2022
Notes to the financial statements cont.
b) Defined contribution schemes
The Group operates a number of defined contribution plans around the world to provide pension benefits.
c) Defined benefit schemes
The Group operates various defined benefit pension and other post-employment arrangements in most of
the countries in which it operates. The most significant defined benefit pension schemes are the Coats UK
Pension Scheme and the Coats North America Pension Plan (US Plan) \u2013 more details of which are included
below. These schemes represent around 95% of the Group\u2019s total defined benefit obligations. Both these
schemes are pre-funded and report an accounting surplus, whereas the majority of the Group\u2019s other
arrangements (most significantly in Germany) are unfunded and benefits are met on an ongoing basis by the
Group.
The overall balance sheet position for the Group in respect of the defined benefit pension and other post-
employment arrangements shows a significant surplus under IAS 19 at the end of the financial year of $105.4
million. This is due mainly to the pre-funded schemes\u2019 assets exceeding the IAS 19 measure of their liabilities.
Importantly, the measurement of liabilities under IAS 19 differs from local requirements to determine the
Group\u2019s cash funding of these schemes, which are currently more onerous in the UK in particular and
contrary to the IAS 19 position leaves the scheme in a Technical Provision deficit position on the funding
basis (albeit significantly improved in recent periods).
Coats UK Pension Scheme
The Coats UK Pension Scheme (\u201cthe Scheme\u201d) is administered by a trustee. Its assets are held in funds that
are legally separated from the Group and are subject to UK legislation with oversight from the Pensions
Regulator. The trustee board is composed of representatives of both the Group and scheme members
together with two independent trustees. The trustee board is required by law and the Scheme\u2019s rules to act
in the interest of the Scheme\u2019s members and other stakeholders (for example the Group).
The sponsor of the Scheme is Coats Limited and the Company provides a guarantee to the Scheme.
The trustee board is responsible for setting the Scheme\u2019s investment policy following consultation with the
wider Group. Over the majority of the financial year, the trustee board operated an investment policy
whereby a portion of the fund is invested in assets (bonds and derivatives) that broadly match movements in
the value of the scheme\u2019s liabilities and a portion in assets that are anticipated to deliver a return in excess of
the change in value of the liabilities. This policy was augmented in December by the purchase of a bulk
annuity as summarised below.
The taxes paid in the UK and Singapore are primarily withholding taxes on royalties, group charges and
dividends, deducted and paid at source. In the current year the Group paid withholding taxes in the following
jurisdictions:
2022
US$m
2021
US$m
Indonesia 2.4 2.9
India 1.7 2.0
China 1.5 1.9
Vietnam 1.5 1.7
Bangladesh 1.1 1.8
Thailand 0.6 0.5
Estonia 0.4 0.6
Others (each less than $0.5 million) 2.2 0.4
Total withholding taxes paid 11.4 11.8
10 Retirement and other post-employment benefit arrangements
a) Pension and other post-employment costs
Pension and other post-employment costs charged to operating profit for the year were (continuing and
discontinued operations):
US$m
Year ended
31 December
2022
US$m US$m
Year ended
31 December
2021
US$m
Defined contribution schemes 5.5 4.0
Defined benefit schemes \u2013
Coats US funded \u2013 2.0
Other funded and unfunded 3.9 4.0
3.9 6.0
Past service cost/(credit) 1.3 (0.2)
Settlements 0.1 (3.5)
Administrative expenses for defined benefit schemes 4.7 5.0
15.5 11.3
9 Tax on profit from continuing operations cont.
Coats Group plc
Annual Report and Accounts 2022
Notes to the financial statements cont.
Latest funding valuation estimate
Recent updates indicate the funding deficit has fallen significantly and is now approaching fully funded on a
Technical Provisions basis. This significant improvement has been due to employer contributions, favourable
movements in the market (increasing discount rates) and the de-risking actions that the Group have taken,
for example the pensioner buy-in transaction referred to below. As a result of this significantly improved
funding position, and reflective of the collaborative working relationship with the Trustees, the Group has
agreed a mechanism to switch off / switch on the regular cash contributions to the Coats UK Pension
Scheme based on monthly estimates of the latest funding position. As such, if the Scheme remains in surplus
for a consecutive number of months cash contributions will cease entirely until any trigger on the downside
(i.e. a return to deficit) has been hit. At this point, contributions on a pre-agreed basis would resume.
Pensioner buy-in
In December 2022, the trustee board purchased a circa \u00a3350 million bulk annuity policy from Aviva, which
insures all the benefits payable in respect of around 3,700 pensioner members (a \u201cpensioner buy-in\u201d). This
policy will see all financial and demographic risks, including those related to longevity, covered for
approximately 20% of Scheme members. The bulk annuity policy is an asset of the Scheme. Under IAS 19 it
is deemed a qualifying insurance policy, due to it exactly matching the amount and timing of benefits
payable by the Scheme to the covered members. Under IAS 19, the value of the bulk annuity policy is
therefore set equal to the corresponding IAS 19 liabilities for covered members; not the premium paid. Given
the favourable pricing at the point of transaction, the pensioner buy-in has no material impact on the Group\u2019s
balance sheet or future income statements on an IAS 19 basis.
Coats North America Pension Plan
The Coats North America Pension Plan (Coats US) is a defined benefit scheme, the assets of which are held
in funds that are legally separated from the Group. In 2019 the Group agreed to amend the Plan to close to
new hires from 1 January 2020, and to cease future accrual for current employees from 1 January 2022.
The following disclosures are required in accordance with the requirements of IAS 19 and do not include
information in respect of schemes operated by joint ventures. The information provided below for defined
benefit plans has been prepared by independent qualified actuaries based on the most recent formal
actuarial valuations of the schemes (effective at 31 March 2021 and 1 January 2022 for the UK and US
respectively), updated to take account of the valuations of assets and liabilities as at 31 December 2022.
Cash funding commitments
The Scheme is subject to full actuarial valuations every three years using assumptions agreed between the
trustee board and the wider Group. The purpose of this valuation is to design a cash funding plan to ensure
that the pension scheme has sufficient assets available to meet the future payment of benefits to Scheme
members. It is this funding valuation basis, not accounting valuations under IAS 19, that determines the cash
funding the Group provides to the Scheme.
The valuation of liabilities for funding purposes differs from the IAS 19 valuation used for accounting
purposes, mainly due to the different actuarial assumptions used. To calculate the funding valuation liabilities
(the \u201cTechnical Provisions\u201d) the assumptions agreed with the trustee board must be set more prudently
overall, with the discount rate in particular reflecting a relatively cautious expectation of future returns on the
Scheme\u2019s assets. In contrast, under IAS 19, all the assumptions used to value the liabilities are the Company
directors\u2019 central best estimates according to established accounting principles with the exception of the
discount rate, which is based on high-quality (AA rated) corporate bond yields regardless of scheme
investment strategy and therefore differs in practice to the funding basis of valuation.
In November 2021, the Group and the trustee board agreed the latest funding valuation of the Scheme with
an effective date of 31 March 2021. This showed a prudent Technical Provisions (funding) deficit of \u00a3193
million ($261 million at 31 December 2021 exchange rates) and resulted in agreed ongoing deficit recovery
payments of \u00a322 million per annum ($27 million) until 31 December 2028. These payments are uprated each
year by the increase in the UK Retail Prices Index, but capped at 5% in any year. The difference between the
agreed schedule of payments which total around \u00a3170 million and the overall deficit of \u00a3193 million is
expected to be met by modest asset outperformance vs valuation assumptions over the c.7 year period. The
Group also meets the Scheme\u2019s administrative expenses and levies estimated at \u00a34 million ($5 million) per
annum.
In addition, over a number of months from May 2021 the Group had committed to pay circa $21 million of
agreed deficit recovery payments that fell due in 2020, but were deferred as part of Covid-19 underpinning
actions. The final monthly \u201ccatch-up\u201d payment was made in November 2022.
10 Retirement and other post-employment benefit arrangements cont.
Coats Group plc Annual Report and Accounts 2022 Notes to the financial statements cont. Risk Description Commentary Investment risk The scheme assets are shown on a mark-to- market basis. A decrease in asset values at a relevant measurement date, to the extent assets do not hedge liabilities, would lead to an increased disclosed deficit or reduced surplus. The UK funded scheme is diversified by asset class, at individual securities level; geography; and by investment managers. To the extent that any assets are not Sterling denominated the scheme hedges the majority of this currency exposure back to Sterling. The US scheme is fully funded and has a significant proportion of fixed income. The fixed income is invested directly to protect the funded status of the scheme. Trustees work with fixed income managers to consider the liabilities (including key period durations, credit spread duration and convexity) and have created a custom fixed income benchmark to match the liabilities and protect the funded status. In addition the schemes\u2019 investment policies recognise the need to generate cash flows to meet members\u2019 benefits as they fall due. Liquidity risk The scheme needs available financial resources to meet obligations when they fall due. Not being able to sell assets in a timely manner for the expected valuation could lead to an increased disclosed deficit or reduced surplus. The schemes\u2019 investment policies recognise the need to generate cash flows to meet members\u2019 benefits as they fall due. In addition, the UK scheme\u2019s hedging policy is run using low leverage in order to maintain strong liquidity, even after the pensioner buy-in transaction. The scheme suffered no meaningful impacts during the well documented market issues over September and October 2022, which faced those UK schemes relying heavily on \u201cLDI\u201d strategies. The following disclosures do not include information in respect of schemes operated by joint ventures. i) Principal risks The Group is exposed to actuarial and investment risks, the principal risks are: Risk Description Commentary Interest rate risk The present value of the defined benefit plan liabilities is calculated using a discount rate determined by reference to bond yields. A decrease in bond yield rates will increase defined benefit obligations. The impact of the movement in discount rates are shown on page 141. The Trustees of the UK and US schemes hedge these sensitivities through physical bonds and derivatives. The Coats UK Pension Schem e is currently over 90% (2021: over 85%) hedged against interest rate movements by reference to the Technical Provisions liability. Inflation The present value of the defined benefit liabilities are calculated by reference to assumed future inflation rates. An increase in inflation rates will increase defined benefit obligations. The impact of the movement in inflation rates are shown on page 141. The Trustees of the UK and US schemes hedge these sensitivities through physical bonds, derivatives and real assets. The Coats UK Pension Scheme is currently over 90% (2021: over 85%) hedged against inflation rate movements by reference to the Technical Provisions liability. Longevity risk The present value of the defined benefit plan liability is calculated by reference to the best estimate of member life expectancies. An increase in life expectancy will increase liabilities. The impact of an increase in life expectan cy is shown on page 141. Currently this is a ri sk that is largely unhedged by the Group\u2019s pension schemes. However, the UK scheme\u2019s recent \u00a3350 million pensioner buy-in with Aviva hedges roughly 20% of i ts longevity risk. 10 Retirement and other post-employment benefit arrangements cont. STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS Coats Group plc Annual Report and Accounts 2022 Notes to the financial statements cont. iii) Amounts recognised in the consolidated income statement Amounts recognised in income in respect of these defined benefit schemes are as follows: Year ended 31 December 2022 Coats UK Pension Scheme US$m Coats US US$m Other US$m Group US$m Current service cost \u2013 \u2013 (3.9) (3.9) Past service cost \u2013 (1.2) (0.1) (1.3) Settlements \u2013 \u2013 (0.1) (0.1) Administrative expenses (4.1) (0.5) (0.1) (4.7) (4.1) (1.7) (4.2) (10.0) Interest on defined benefit obligations \u2013 unwinding of discount (50.0) (1.3) (3.5) (54.8) Interest income on pension scheme assets 52.2 3.9 0.5 56.6 Effect of asset cap \u2013 (2.3) \u2013 (2.3) 2.2 0.3 (3.0) (0.5) Year ended 31 December 2021 Coats UK Pension Scheme US$m Coats US US$m Other US$m Group US$m Current service cost \u2013 (2.0) (4.0) (6.0) Past service (cost)/credit \u2013 (0.1) 0.3 0.2 Settlements \u2013 3.6 (0.1) 3.5 Administrative expenses (4.2) (0.7) (0.1) (5.0) (4.2) 0.8 (3.9) (7.3) Interest on defined benefit obligations \u2013 unwinding of discount (41.0) (1.9) (3.6) (46.5) Interest income on pension scheme assets 39.6 4.0 0.8 44.4 Effect of asset cap \u2013 (1.8) (0.4) (2.2) (1.4) 0.3 (3.2) (4.3) ii) Principal assumptions The principal assumptions for the UK and US schemes are as follows: Principal assumptions at 31 December 2022 Coats UK Pension Scheme % Coats US % Other % Rate of increase in salaries \u2013 \u2013 5.7 Rate of increase for pensions in payment Various \u2013 4.1 Discount rate 4.8 5.2 5.7 Inflation assumption 3.3 \u2013 4.5 Principal assumptions at 31 December 2021 Coats UK Pension Scheme % Coats US % Other % Rate of increase in salaries \u2013 3.0 4.9 Rate of increase for pensions in payment Various \u2013 2.9 Discount rate 1.9 2.8 4.0 Inflation assumption 3.5 2.2 3.0 The rate of increase for pensions in payment for members of the combined Coats UK Pension Scheme vary in accordance with each member\u2019s former scheme category and period of membership. For former Coats UK plan members the increases for pensions in payment are assumed to be at a rate of 3.0% (2021: 3.4%). For former Staveley scheme members, the majority of the increases for pensions in payment fall within the range 2.2%\u20133.0% (2021: 2.6%\u20133.4%). For former Brunel scheme members, the majority of the increases for pensions in payment fall within the range 3.4%\u20134.0% (2021: 3.2%\u20134.0%). The assumed life expectancy on retirement is: Year ended 31 December 2022 Year ended 31 December 2021 Coats UK Pension Scheme Years Coats US Years Coats UK Pension Scheme Years Coats US Years Retiring today at age 60: Males 25.6 24.9 25.8 24.8 Females 28.5 27.1 28.6 27.0 Retiring in 20 years at age 60: Males 27.1 26.6 27.3 26.5 Females 29.9 28.6 30.0 28.6 10 Retirement and other post-employment benefit arrangements cont. STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS OTHER Coats Group plc Annual Report and Accounts 2022 Notes to the financial statements cont. v) Amounts recognised in the consolidated statement of financial position The amounts included in the consolidated statement of financial position arising from the Group\u2019s defined benefit arrangements are as follows: Year ended 31 December 2022 Coats UK Pension Scheme US$m Coats US US$m Other US$m Total US$m Cash and cash equivalents 64.6 1.6 4.2 70.4 Equity instruments: US 47.6 12.3 0.6 60.5 UK 3.1 1.1 \u2013 4.2 Eurozone 8.4 4.5 \u2013 12.9 Other regions 20.1 7.0 1.2 28.3 Debt instruments: Corporate bonds (Investment grade) 428.2 43.6 1.6 473.4 Corporate bonds (Non-investment grade) 89.4 1.7 \u2013 91.1 Government/sovereign instruments 562.9 24.7 \u2013 587.6 Global real estate 238.5 \u2013 \u2013 238.5 Derivatives: Total return, interest and inflation swaps (20.7) \u2013 \u2013 (20.7) Assets held by insurance company: Insurance contracts 391.6 0.5 0.8 392.9 Diversified investment fund 5.5 \u2013 \u2013 5.5 Other 127.7 \u2013 \u2013 127.7 Total market value of assets 1,966.9 97.0 8.4 2,072.3 Actuarial value of scheme liabilities (1,786.2) (29.3) (96.7) (1,912.2) Net asset/(liability) in the scheme 180.7 67.7 (88.3) 160.1 Adjustment due to surplus cap \u2013 (54.7) \u2013 (54.7) Recoverable net asset/(liability) in the scheme 180.7 13.0 (88.3) 105.4 iv) Amounts recognised in the consolidated statement of comprehensive income Actuarial gains and losses were as follows: Year ended 31 December 2022 US$m Year ended 31 December 2021 US$m Effect of changes in demographic assumptions 10.8 (30.7) Effect of changes in financial assumptions 941.1 125.7 Effect of experience adjustments (67.7) 64.3 Remeasurement on assets (excluding interest income) (855.5) 50.6 Adjustment due to surplus cap 31.1 2.9 Included in the statement of comprehensive income 59.8 212.8 10 Retirement and other post-employment benefit arrangements cont. Coats Group plc
Annual Report and Accounts 2022
Notes to the financial statements cont.
The amounts are presented in the consolidated statement of financial position as follows:
Year ended 31 December
2022
US$m
2021
US$m
Non-current assets:
Funded 222.7 159.7
Current assets:
Funded 2.0 5.2
Current liabilities:
Funded (27.6) (41.9)
Unfunded (5.0) (6.1)
Non-current liabilities:
Funded (3.3) (5.6)
Unfunded (83.4) (90.2)
105.4 21.1
The schemes disclosed as part of the \u2018other\u2019 column in the tables above include surplus positions of $3.7
million (2021: $3.8 million).
Year ended 31 December 2021
Coats UK
Pension Scheme
US$m
Coats US
US$m
Other
US$m
Total
US$m
Cash and cash equivalents 73.3 4.0 2.7 80.0
Equity instruments:
US 124.0 17.8 1.2 143.0
UK 7.9 \u2013 \u2013 7.9
Eurozone 17.2 \u2013 \u2013 17.2
Other regions 43.9 17.1 3.5 64.5
Debt instruments:
Corporate bonds (Investment grade) 767.5 68.7 3.6 839.8
Corporate bonds (Non-investment grade) 244.3 2.6 \u2013 246.9
Government/sovereign instruments 1,440.9 31.2 \u2013 1,472.1
Global real estate 300.0 \u2013 0.1 30 0.1
Derivatives:
Total return, interest and inflation swaps 0.6 \u2013 \u2013 0.6
Assets held by insurance company:
Insurance contracts 2.7 0.5 0.8 4.0
Diversified investment fund \u2013 \u2013 4.3 4.3
Other 120.6 0.1 0.4 121.1
Total market value of assets 3,142.9 142.0 16.6 3,301.5
Actuarial value of scheme liabilities (3,034.9) (46.9) (114.9) (3,196.7)
Net asset/(liability) in the scheme 108.0 95.1 (98.3) 104.8
Adjustment due to surplus cap \u2013 (83.5) (0.2) (83.7)
Recoverable net asset/(liability) in the scheme 108.0 11.6 (98.5) 21.1
10 Retirement and other post-employment benefit arrangements cont.
Coats Group plc
Annual Report and Accounts 2022
Notes to the financial statements cont.
vi) Assets without a quoted price in an active market
For the Coats UK Pension Scheme, all assets in the table in section v of this note, except for cash and cash
equivalents, do not have a quoted price in an active market. For the Coats US scheme, included in the in
section v of this note are $nil (2021: $0.4 million) US equity instruments, $43.6 million (2021: $68.7 million) of
corporate bonds (Investment grade), $1.7 million (2021: $2.6 million) of corporate bonds (Non-investment
grade) and $0.5 million (2021: $0.5 million) of insurance contracts without a quoted price in an active market.
All other assets have a quoted price in an active market.
vii) Basis of asset valuation
Under IAS 19, plan assets must be valued at the bid market value at the balance sheet date. For the main
asset categories:
\u2013 Equities and bonds listed on recognised exchanges are valued at closing bid prices;
\u2013 Other bonds are measured using a combination of broker quotes and pricing models making assumptions
for credit risk, market risk and market yield curves;
\u2013 Global real estate assets are valued on either a fair value approach as provided by the investment
manager or notional bid valuations provided by the investment managers due to investments being held
within a single priced pooled investment vehicle. Valuations are prepared in accordance with the current
RICS Valuation \u2013 Global Standards (1 July 2017) and the RICS Valuation \u2013 Professional Standards UK
January 2014 (revised April 2015);
\u2013 Certain unlisted investments, for example derivatives and insurance contracts, are valued using a model
based valuation such as a discounted cash flow; and
\u2013 Diversified investment funds are valued at fair value which is typically the Net Asset Value provided by the
investment manager.
viii) Recoverability of plan surplus
The recoverable surplus on the Coats US scheme has been recognised in line with the benefit from
contribution holidays, plus annual refunds expected from the scheme to fund the US post-retirement medical
scheme in accordance with relevant US legislation. Following the disposal of North America Crafts in 2019,
Coats retains the previously incurred pension obligations from the business. The pension scheme was in a
surplus position of $67.7 million at 31 December 2022 of which a recoverable surplus of $13.0 million is
recognised on the Balance Sheet.
The Coats UK Pension Scheme moved into an IAS 19 surplus position during the previous year. The Group
has an unconditional right to a refund of the surplus assuming the gradual settlement of the liabilities over
time and therefore no additional minimum funding requirement has been recognised.
Year ended
31 December 2022
US$m
Year ended
31 December 2021
US$m
Movements in the present value of defined benefit obligations were as follows:
At 1 January (3,196.7) (3,588.5)
Current service cost (3.9) (6.0)
Decrease in liabilities on settlements 0.4 69.6
Past service (cost)/credit (1.3) 0.2
Interest on defined benefit obligations \u2013 unwinding of discount (54.8) (46.5)
Actuarial gains on obligations 884.2 159.3
Contributions from members (0.1) (0.1)
Benefits paid 157.2 177.1
Net movement due to acquisitions and disposals of subsidiaries (3.6) \u2013
Exchange difference 306.4 38.2
At 31 December (1,912.2) (3,196.7)
Movements in the fair value of scheme assets were as follows:
At 1 January 3,301.5 3,447.1
Interest income on scheme assets 56.6 44.4
Remeasurement on assets (excluding interest income) (855.5) 50.6
Decrease in assets on settlements (0.5) (66.1)
Assets transferred out of schemes \u2013 ( 7.0)
Contributions from members 0.1 0.1
Contribution from sponsoring companies 46.3 44.2
Benefits paid (157.2) (177.1)
Net movement due to acquisitions and disposals of subsidiaries (4.7) \u2013
Administrative expenses paid from plan assets (0.6) (1.0)
Exchange difference (313.7) (33.7)
At 31 December 2,072.3 3,301.5
Administrative expenses paid from plan assets excludes those expenses paid directly by the Group.
The reconciliation of the effect of the asset ceiling is as follows:
Unrecognised surplus at 1 January 83.7 84.4
Interest cost on unrecognised surplus 2.3 2.2
Changes in the effect of limiting a net defined benefit asset to the asset ceiling (excluding
interest) (31.3) (2.9)
Unrecognised surplus at 31 December 54.7 83.7
10 Retirement and other post-employment benefit arrangements cont.
Coats Group plc
Annual Report and Accounts 2022
Notes to the financial statements cont.
In presenting the above sensitivity analysis, the present value of the defined benefit obligation has been
calculated using the projected unit credit method at the end of the reporting period, which is the same as
that applied in calculating the defined benefit obligation liability recognised in the consolidated statement of
financial position. There was no change in the methods and assumptions used in preparing the sensitivity
analysis from prior years.
+1%
US$m
Year ended
31 December
2022
-1%
US$m
+1%
US$m
Year ended
31 December
2021
-1%
US$m
Sensitivity of medical schemes to medical cost trend rate assumptions:
Effect on total service cost and interest cost components of other
schemes 0.1 (0.1) 0.1 (0.1)
Effect on defined benefit obligation of other schemes 0.8 (0.7) 1.5 (1.4)
xi) Expected contributions for 2023
The total estimated amount to be paid in respect of all of the Group\u2019s retirement and other post-employment
benefit arrangements during the 2023 financial year (excluding administrative expenses paid by the
Company) is $31.6 million. The amount of contributions for the 2023 financial year will be lower in the event
that regular cash contributions to the Coats UK pension scheme are switched off under the mechanism set
out above.
11 Earnings per ordinary share
The calculation of basic earnings per ordinary share from continuing operations is based on the profit from
continuing operations attributable to equity shareholders and the weighted average number of Ordinary
Shares in issue during the year, excluding shares held by the Employee Benefit Trust but including shares
under share incentive schemes which are not contingently issuable.
The calculation of basic earnings per ordinary share from continuing and discontinued operations is based
on the profit attributable to equity shareholders. The weighted average number of ordinary shares used for
the calculation of basic earnings per ordinary share from continuing and discontinued operations is the same
as that used for basic earnings per ordinary share from continuing operations.
For diluted earnings per ordinary share, the weighted average number of ordinary shares in issue is adjusted
to include all potential dilutive ordinary shares. The Group has two classes of dilutive potential Ordinary
Shares: those shares relating to awards under the Group Deferred Bonus Plan which have been awarded but
not yet reached the end of the three year retention period and those long-term incentive plan awards for
which the performance criteria would have been satisfied if the end of the reporting period were the end of
the contingency period.
ix) Duration of plan liabilities
The weighted average duration of benefit obligations is 12 years (2021: 15 years) for the Coats UK scheme
and 9 years (2021: 11 years) for the Coats US scheme.
x) Sensitivities
Sensitivities regarding the discount rate, inflation (which also impacts the rate of increases in salaries and
rate of increase for pension in payments assumptions for the UK scheme) and mortality assumptions used to
measure the liabilities of the principal schemes, along with the impact they would have on the scheme
liabilities, are set out below. Interrelationships between assumptions might exist and the analysis below does
not take the effect of these interrelationships into account:
+0.25%
US$m
Year ended
31 December
2022
-0.25%
US$m
+0.25%
US$m
Year ended
31 December
2021
-0.25%
US$m
Coats UK Pension Scheme discount rate (51.4) 53.9 (108.8) 115.0
Coats US discount rate (0.7) 0.7 (1.2) 1.3
Coats UK Pension Scheme inflation rate 28.0 (30.1) 74.6 (72.0)
Coats US inflation rate \u2013 \u2013 \u2013 \u2013
An increase of 1.0% in the discount rate would result in the Coats UK Pension Scheme and the Coats US
scheme liabilities decreasing by $192.3 million and $2.6 million (2021: $401.4 million and $4.9 million).
A decrease of 1.0% in the discount rate would result in the Coats UK Pension Scheme and the Coats US
scheme liabilities increasing by $232.2 million and $3.1 million (2021: $502.7 million and $6.0 million)
respectively. The above sensitivity analysis (on a IAS 19 basis) considers the impact on the scheme liabilities
only and excludes any impacts on scheme assets from changes in discount and inflation rates. As noted on
page 136, the Coats UK Pension Scheme is currently over 90% hedged against interest rate and inflation rate
movements. Therefore on a Technical Provision basis, to the extent there is a change in the scheme liabilities
due to movements in discount and inflation rates there would be offsetting impacts from the scheme assets
due to the hedging in place.
If members of the Coats UK Pension Scheme live one year longer the scheme liabilities will increase by
$59.8 million (2021: $105.8 million). If members of the Coats US scheme live one year longer scheme
liabilities will increase by $0.4 million (2021: $0.7 million), however, there would be no overall impact on the
recoverable surplus.
10 Retirement and other post-employment benefit arrangements cont.
Coats Group plc
Annual Report and Accounts 2022
Notes to the financial statements cont.
13 Intangible assets
Cost
Acquired intangibles
Computer
software
US$m
Total
US$m
Goodwill
US$m
Brands &
trade names
US$m
Technology
US$m
Customer
relationships
US$m
Total
acquired
US$m
At 1 January 2021 27.2 243.3 18.1 7.1 268.5 86.8 382.5
Currency translation differences (1.0) \u2013 (0.9) (0.3) (1.2) (1.5) (3.7)
Additions \u2013 \u2013 \u2013 \u2013 \u2013 2.2 2.2
Disposals \u2013 \u2013 \u2013 \u2013 \u2013 (9.9) (9.9)
At 31 December 2021 26.2 243.3 17.2 6.8 267.3 77.6 371.1
Currency translation differences \u2013 0.3 (0.3) 1.0 1.0 (1.7) (0.7)
Acquisition of subsidiaries (see
note 31) 98.5 40.9 40.5 158.8 240.2 0.6 339.3
Additions \u2013 \u2013 \u2013 \u2013 \u2013 2 .1 2 .1
Disposals \u2013 \u2013 \u2013 \u2013 \u2013 (2.5) (2.5)
At 31 December 2022 124.7 284.5 57.4 166.6 508.5 76.1 709.3
Cumulative amounts charged
At 1 January 2021 \u2013 1.3 8.7 2.5 12.5 81.4 93.9
Currency translation differences \u2013 \u2013 (0.4) (0.1) (0.5) (1.5) (2.0)
Amortisation charge for the year \u2013 0.4 2.4 0.5 3.3 2.7 6.0
Disposals \u2013 \u2013 \u2013 \u2013 \u2013 (9.7) (9.7)
At 31 December 2021 \u2013 1.7 10.7 2.9 15.3 72.9 88.2
Currency translation differences \u2013 \u2013 (0.7) (0.1) (0.8) (1.6) (2.4)
Amortisation charge for the year \u2013 2 .1 3.6 5.1 10.8 1.8 12.6
Disposals \u2013 \u2013 \u2013 \u2013 \u2013 (2.5) (2.5)
At 31 December 2022 \u2013 3.8 13.6 7.9 25.3 70.6 95.9
Net book value at
31 December 2022 124.7 280.7 43.8 158.7 483.2 5.5 613.4
Net book value at
31 December 2021 26.2 241.6 6.5 3.9 252.0 4.7 282.9
11 Earnings per ordinary share cont.
Year ended 31 December
2022
US$m
2021*
US$m
Profit from continuing operations attributable to equity shareholders 72.9 85.2
(Loss)/profit from continuing and discontinued operations attributable to equity shareholders (14.7) 88.9
Year ended 31 December
2022
Number of
shares
m
2021
Number of
shares
m
Weighted average number of ordinary shares in issue for basic earnings per share 1,516.0 1,457.1
Adjustment for share options and LTIP awards 9.3 5.9
Weighted average number of ordinary shares in issue for diluted earnings per share 1,525.3 1,463.0
Year ended 31 December
2022
cents
2021*
cents
Continuing operations:
Basic earnings per ordinary share 4.80 5.84
Diluted earnings per ordinary share 4.77 5.82
Continuing and discontinued operations:
Basic (loss)/earnings per ordinary share (0.98) 6.10
Diluted (loss)/earnings per ordinary share (0.97) 6.07
* Represented to reflect the results of the Brazil and Argentina business as a discontinued operation (see note 1).
12 Dividends
Year ended 31 December
2022
US$m
2021
US$m
2022 interim dividend paid \u2013 0.70 cents per share 11.1 \u2013
2021 final dividend paid \u2013 1.50 cents per share 21.8 \u2013
2021 interim dividend paid \u2013 0.61 cents per share \u2013 8.8
2020 final dividend paid \u2013 1.30 cents per share \u2013 18.8
32.9 27.6
The proposed final dividend of 1.73 cents per ordinary share for the year ended 31 December 2022 is not
recognised as a liability in the consolidated statement of financial position in line with the requirements of
IAS 10 Events after the Reporting Period and, subject to shareholder approval, will be paid on 25 May 2023
to ordinary shareholders on the register on 28 April 2023, with an ex-dividend date of 27 April 2023.
STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS OTHER INFO
Coats Group plc Annual Report and Accounts 2022 Notes to the financial statements cont. The carrying amount of goodwill has been allocated as follows: Year ended 31 December 2022 US$m 2021 US$m Structural Footwear Components 100.1 \u2013 Gotex 12.3 13.0 US and Mexico 2.6 2.6 Coats Digital 8.0 8.8 Other 1.7 1.8 124.7 26.2 The carrying value of the provisional goodwill allocated to the Structural Footwear Components CGU, relating to the Texon and Rhenoflex businesses, which were acquired during the second half of 2022 was tested for impairment at the year end. The original business case cash flow forecasts which underpinned the amount of provisional goodwill recognised were reviewed, factoring in management\u2019s latest view of th e future outlook. No material adjustments were deemed necessary to the original business case cash flow forecasts. The carrying value of the goodwill allocated to the Gotex, US and Mexico and Coats Digital CGUs has been tested for impairment during the year by comparing the carrying value of the CGU to their value in use. The value in use calculations were based on projected cash flows, derived from the latest budgets approved b y the Board and factoring in the most recent trading activity. Projected cash flows are, discounted at CGU specific, risk adjusted, discount rates to calculate the net present value. The calculation of \u2018value in use\u2019 is most sensitive to the following assumptions: \u2013 CGU specific operating assumptions that are reflected in the budget and medium-term plan periods for the financial year to December 2025; \u2013 discount rates; and \u2013 growth rates used to extrapolate risk adjusted cash flows beyond the medium-term period. The carrying value of Coats brands at 31 December 2022 and 31 December 2021 is $239.6 million. There i s no foreseeable limit to the net cash inflows from royalties, which are generated from continued sales of thread resulting from the Coats brands, and those brands are therefore assessed as having indefinite usefu l lives. The recoverable amount of these brands has been estimated using the relief from royalty method to calculate the fair value and is re-assessed annually by reference to the discounted cash flow arising from the royalties generated by those brands. The fair value measurement is categorised in its entirety in line wit h level 3 of the fair value hierarchy. The valuation has been based on the latest budget and medium-term plan approved by the Board, covering the period to 31 December 2025, applying a pre-tax discount rate of 11.6% (2021: 10.5%) and long-term growth of 2.7% (2021: 2.7%). Management believes that no reasonable potentia l change in any of the above key assumptions would cause the carrying value to exceed its recoverable amount. Goodwill acquired in a business combination is allocated, at acquisition, to the cash generating units (CGUs) that are expected to benefit from that business combination. The Group completed two acquisitions during the year obtaining control of both Texon and Rhenoflex, leading manufacturers of structural footwear components supplying the world\u2019s leading footwear brands (see note 31). The provisional goodwill arisin g from these acquisitions has initially been allocated to a new Structural Footwear Components CGU. This initial allocation will be reviewed next year following further integration of Structural Footwear Components with the pre-existing Coats footwear and thread business . As set out in note 4, during the current year the Group commenced a strategic project to mitigate structura l labour availability issues in the US. As a result, a new facility was established in Mexico, and certain manufacturing processes were transferred from the US to Mexico. The Group has also integrated a number of key business processes of the US and Mexico businesses, and a significant proportion of US sales will now be fulfilled by Mexico. As such, the Group views the US and Mexico businesses as manufacturing sites serving customers in the US and Mexico rather than separate businesses. As the cash inflows of the US an d Mexico are inter-dependent, the Group considers goodwill arising from previous US acquisitions (Pharr HP and Patrick Yarn) to be allocated to the single CGU of US and Mexico. This is consistent with the informatio n used by the Board to monitor the goodwill arising from these acquisitions for impairment. 13 Intangible assets cont. Coats Group plc
Annual Report and Accounts 2022
Notes to the financial statements cont.
14 Property, plant and equipment
Cost
Land and
buildings
US$m
Plant and
equipment
US$m
Vehicles and
office equipment
US$m
Total
US$m
At 1 January 2021 163.1 562.8 76.5 802.4
Currency translation differences (4.6) (17.2) (2.1) (23.9)
Additions 3.0 22.1 2.6 27.7
Disposals (0.6) (16.5) (11.6) (28.7)
At 31 December 2021 160.9 551.2 65.4 777.5
Currency translation differences (4.9) (24.8) (2.5) (32.2)
Application of IAS 29 (see note 1) \u2013 7.3 \u2013 7.3
Acquisition of subsidiaries (see note 31) 10.2 12.9 0.6 23.7
Disposal of subsidiaries (see note 32) (8.9) (30.2) (3.9) (43.0)
Additions 3.4 24.4 2.4 30.2
Disposals (3.3) (11.7) (1.1) (16.1)
At 31 December 2022 157.4 529.1 60.9 747.4
Cumulative amounts charged
At 1 January 2021 77.4 404.3 66.3 548.0
Currency translation differences (2.3) (13.2) (1.7) (17.2)
Depreciation charge for the year 4.6 20.5 3.1 28.2
Impairment charge (see note 4) \u2013 2.0 \u2013 2.0
Disposals (0.6) (15.8) (11.6) (28.0)
At 31 December 2021 79.1 397.8 56.1 533.0
Currency translation differences (2.9) (18.5) (2.2) (23.6)
Depreciation charge for the year 4.7 19.3 2.5 26.5
Impairment charge (see note 4) \u2013 1.7 0.1 1.8
Disposal of subsidiaries (note 32) (3.7) (25.5) (3.0) (32.2)
Disposals (1.8) (11.6) (1.0) (14.4)
At 31 December 2022 75.4 363.2 52.5 491.1
Net book value at 31 December 2022 82.0 165.9 8.4 256.3
Net book value at 31 December 2021 81.8 153.4 9.3 244.5
CGU specific operating assumptions are applicable to the cash flows for the years 2023 to 2025 and relate
to revenue forecasts and forecast operating margins. A short-term growth rate is applied to the December
2025 plan to derive the cash flows arising in 2026\u20132027 and a long-term rate is applied to 2027 to
determine a terminal value. Revenue growth and operating margin improvement assumptions in 2026\u20132027
are as follows:
Revenue
growth
2026
%
Revenue
growth
2027
%
Operating margin
improvement
2026
%
Operating margin
improvement
2027
%
Gotex 7.5 3.0 0.7 \u2013
US and Mexico 5.0 5.0 0.1 0.2
Coats Digital 33.3 5.0 1.0 \u2013
The pre-tax discount rates applied to the cash flow forecasts are derived from the Group\u2019s post-tax weighted
average cost of capital. The Group\u2019s weighted average cost of capital is based on estimations of the
assumptions that market participants operating in similar sectors to Coats would make, using the Group\u2019s
economic profile as a starting point and adjusting appropriately. The pre-tax base discount rate of 11.6%
(2021: 10.5%) has been adjusted for economic risks that are not already captured in the specific operating
assumptions. This results in the impairment testing using a pre tax discount rate of 14.0% for Gotex, 11.9% for
US and Mexico, and 14.2% for Coats Digital.
The following scenarios would result in headroom being completely eliminated in the value in use impairment
assessments:
\u2013 the discount rate increasing by 1,100 bps in Gotex, 470 bps in US and Mexico and 1,700 bps
in Coats Digital; or
\u2013 cumulative 2023\u20132027 revenue is 54% lower in Gotex, 23% lower in US and Mexico and 49% lower
in Coats Digital; or
\u2013 cumulative 2023\u20132027 operating profit is 47% lower in Gotex, 34% lower in US and Mexico and 68% lower
in Coats Digital.
In light of this, management believes that no reasonable potential change in any of the above key
assumptions would cause the carrying value of any of the above CGUs to materially exceed their
recoverable amount .
Notes to the financial statements cont. Lease liability maturity analysis Undiscounted 2022 US$m Undiscounted 2021 US$m Discounted 2022 US$m Discounted 2021 US$m Payable within one year 24.2 22.6 19.0 17.8 Payable between one and two years 20.9 19.4 16.5 15.6 Payable between two and five years 43.5 38.9 32.9 31.3 Payable after more than five years 46.6 40.4 37.0 34.3 At 31 December 2022 135.2 121.3 105.4 99.0 The net increase in lease liabilities during the year ended 31 December 2022 was $6.4 million (2021: $33.0 million) which includes foreign exchange gains on lease liabilities of $6.6 million (2021: $0.2 million). The total cash outflow for leases in the year ended 31 December 2022 was $23.0 million (2021: $22.1 million). The Group\u2019s consolidated income statement includes the following amounts relating to leases: Year ended 31 December 2022 US$m 2021 US$m Depreciation expense 19.4 19.4 Interest expense on lease liabilities 4.9 5.2 Expenses relating to short term leases 0.6 1.1 Expenses relating to leases of low value assets 0.1 0.1 Expense relating to variable lease payments not included in the measurement of the lease liability 0.5 0.6 Impairment of right-of-use assets 2.9 \u2013 Income from subleasing right-of-use assets (0.2) (0.2) The Group subleases some of its right-of-use assets. At the balance sheet date, the Group had contracted with tenants for receipt of the following minimum lease payments: Year ended 31 December 2022 US$m 2021 US$m Receivable within one year 0.1 \u2013 Receivable between one and two years 0.1 \u2013 0.2 \u2013 16 Non-current investments Year ended 31 December 2022 US$m 2021 US$m Interests in joint ventures (see below) 13.1 12.0 Investments in equity securities: Unlisted investments 5.9 6.0 19.0 18.0 Analysis of net book value of land and buildings 31 December 2022 US$m 2021 US$m Freehold 64.2 67.8 Leasehold improvements: Over 50 years unexpired 2.7 1.8 Under 50 years unexpired 15.1 12.2 82.0 81.8 15 Leases The Group leases several assets including buildings, plants, vehicles and office equipment. The average lease term is 5 years (2021: 4 years). The Group\u2019s consolidated balance sheet includes the following amounts relating to leases: Right-of-use assets Net carrying amount Land and buildings US$m Plant and equipment US$m Vehicles and office equipment US$m Total US$m At 1 January 2022 80.4 4.5 6.7 91.6 At 31 December 2022 87.5 3.7 5.3 96.5 Depreciation expense for the year ended 31 December 2021 14.3 2.1 3.0 19.4 31 December 2022 14.1 2.5 2.8 19.4 Additions to the right-of-use assets during the year ended 31 December 2022 were $23.9 million (2021: $51.1 million). Lease liabilities Year ended 31 December 2022 US$m 2021 US$m Current 19.0 17.8 Non-current 86.4 81.2 105.4 99.0 14 Property, plant and equipment cont. Coats Group plc Annual Report and Accounts 2022 Notes to the financial statements cont. 17 Deferred tax assets Year ended 31 December 2022 US$m 2021 US$m Deferred tax assets 24.4 20.7 The Group\u2019s deferred tax assets are included within the analysis in note 24. The movements in the Group\u2019s deferred tax asset during the year were as follows: 2022 US$m 2021 US$m At 1 January 20.7 22.7 Currency translation differences \u2013 (0.6) Acquisition of subsidiaries (note 31) 3.3 \u2013 Reclassified from deferred tax liability \u2013 (0.1) Transfer to current tax \u2013 \u2013 Credited/(charged) to the income statement 1.8 (0.3) Charged to other comprehensive income and expense (1.4) (1.0) At 31 December 24.4 20.7 18 Inventories Year ended 31 December 2022 US$m 2021 US$m Raw materials and consumables 98.0 127.7 Work in progress 32.3 38.0 Finished goods and goods for resale 81.1 84.4 211.4 250.1 Interests in joint ventures US$m At 1 January 2022 12.0 Acquisitions (see note 31) 0.7 Dividends receivable (0.5) Share of profit after tax 0.9 At 31 December 2022 13.1 Year ended 31 December 2022 US$m 2021 US$m Share of net assets on acquisition 11.3 10.6 Share of post-acquisition retained profits 1.8 1.4 Share of net assets 13.1 12.0 The following table provides summarised financial information on the Group\u2019s share of its joint ventures, relating to the period during which they were joint ventures, and excludes goodwill: Year ended 31 December 2022 US$m 2021 US$m Summarised income statement information: Revenue 28.7 27.9 Profit before tax 1.2 1.7 Taxation (0.3) (0.5) Profit after tax 0.9 1.2 Year ended 31 December 2022 US$m 2021 US$m Summarised balance sheet information: Non-current assets 5.5 5.6 Current assets 15.4 15.0 20.9 20.6 Liabilities due within one year (7.8) (8.6) Net assets 13.1 12.0 16 Non-current investments cont. STRATEGIC REPORT CORPORATE Coats Group plc
Annual Report and Accounts 2022
Notes to the financial statements cont.
The loss allowance has been determined as follows:
Current
1\u20133 months past
due
3\u20136 months past
due
6+ months past
due
Total
2022
Expected loss rate 0.3% 2% 26% 79%
Gross carrying amount (US$m) 204.8 29.2 2.7 7.3 244.0
Loss allowance provision (US$m) 0.6 0.5 0.7 5.8 7.6
Current
1\u20133 months past
due
3\u20136 months past
due
6+ months past
due
Total
2021
Expected loss rate 0.3% 2% 35% 80%
Gross carrying amount (US$m) 214.9 24.9 2.0 8.6 250.4
Loss allowance provision (US$m) 0.7 0.6 0.7 6.9 8.9
The movements in the expected loss allowance are analysed as follows:
2022
US$m
2021
US$m
At 1 January 8.9 10.2
Currency translation differences (0.5) (0.6)
Acquisition of subsidiaries 0.7 \u2013
Disposal of subsidiaries (2.1) \u2013
Charged/(credited) to the income statement 1.1 (0.2)
Amounts written off during the year (0.5) (0.5)
At 31 December 7.6 8.9
As at 1 January 2021, trade receivables amounted to $224.1 million (net of loss allowance of $10.2 million).
20 Derivative financial instruments \u2013 assets
Derivative financial instruments within non-current and current assets comprise:
Year ended 31 December
2022
US$m
2021
US$m
Fair value through the income statement:
Forward foreign currency contracts 1.6 3.6
Interest rate swap contracts \u2013 1.9
1.6 5.5
Amounts shown within non-current assets \u2013 1.3
Amounts shown within current assets 1.6 4.2
The fair values of these financial instruments are calculated by discounting the future cash flows to net
present values using appropriate market interest and foreign currency rates prevailing at the year end.
19 Trade and other receivables
Year ended 31 December
2022
US$m
2021
US$m
Non-current assets:
Trade receivables 0.9 1.1
Other receivables 15.3 20.5
Prepaid pension contributions 4.0 5.8
Derivative financial instruments \u2013 1.3
20.2 28.7
Current assets:
Trade receivables 235.5 240.4
Current income tax assets 7.0 6.4
Prepayments and accrued income 7.4 7.0
Derivative financial instruments 1.6 4.2
Prepaid pension contributions 1.6 1.2
Amounts due from joint ventures \u2013 0.1
Other receivables 33.2 43.4
286.3 302.7
The fair value of trade and other receivables is not materially different to the carrying value.
Interest charged in respect of overdue trade receivables is immaterial.
Included within trade receivables is $6.6 million (2021: $7.7 million) relating to software solutions revenue
contracts, for which performance obligations are fulfilled over a period of time (see note 21).
The Group applies the simplified approach to providing for expected credit losses prescribed by IFRS 9,
which requires the use of the lifetime expected loss provision for all trade receivables. Credit risk is
minimised due to the quality and short-term nature of the Group\u2019s trade receivables as well as the fact that
the exposure is spread over a large number of customers. An allowance has been made for expected losses
on trade receivables of $7.6 million (2021: $8.9 million).
The Group monitors receivables for any significant increases in credit risk, and fully provides for trade
receivables which are more than 6 months overdue, unless there are specific circumstances which would
indicate otherwise. For all other trade receivables, when determining expected losses, the Group takes into
account the historical default experience and the financial position of the counterparties, as well as the future
prospects considering various sources of information. Impairment has been considered for other receivables,
and is considered not to be significant.
Coats Group plc
Annual Report and Accounts 2022
Notes to the financial statements cont.
22 Derivative financial instruments \u2013 liabilities
Derivative financial instruments within non-current and current liabilities comprise:
Year ended 31 December
2022
US$m
2021
US$m
Fair value through the income statement:
Forward foreign currency contracts 5.9 0.9
Interest rate swap contracts 3.1 \u2013
9.0 0.9
Amounts shown within non-current liabilities 3.0 0.1
Amounts shown within current liabilities 6.0 0.8
The fair values of these financial instruments are calculated by discounting the future cash flows to net
present values using appropriate market interest and foreign currency rates prevailing at the year end.
23 Borrowings
Year ended 31 December
2022
US$m
2021
US$m
Bank overdrafts 14.7 16.4
Borrowings repayable within one year 2.0 2.8
Due within one year 16.7 19.2
Borrowings repayable between one and two years 360.4 \u2013
Borrowings repayable between two and five years 189.7 135.1
Due after more than five years \u2013 100.0
Due after more than one year 550.1 235.1
Bank overdrafts 14.7 16.4
Series A and Series B Senior Notes 222.3 227.5
Bank and other borrowings 329.8 10.4
566.8 254.3
On 6 December 2017 the Group issued $125.0 million of 3.88% Series A Senior Notes due 6 December 2024
and $100.0 million of 4.07% Series B Senior Notes due 6 December 2027 in a US private placement. Interest
is payable semi-annually in arrears on 6 June and 6 December of each year beginning on 6 June 2018. The
Senior Notes are unsecured and rank equally with all the Group\u2019s other unsecured and unsubordinated
indebtedness.
Year ended 31 December
2022
US$m
2021
US$m
Amounts falling due within one year:
Trade payables 151.3 208.5
Amounts owed to joint ventures 15.0 16.3
Other tax and social security payable 8.9 7.7
Other payables 30.8 36.7
Accruals 43.9 50.8
Contract liabilities 7.9 6.8
Derivative financial instruments 6.0 0.8
Employee entitlements 14.6 19.2
278.4 346.8
Amounts falling due after more than one year:
Other payables 20.7 21.3
Contract liabilities 1.5 1.7
Employee entitlements 1.1 1.1
Derivative financial instruments 3.0 0.1
26.3 24.2
The fair value of trade and other payables is not materially different to the carrying value.
Interest paid to suppliers in respect of overdue trade payables is immaterial.
Contract liabilities amounting to $6.6 million (2021: $6.7 million) which were outstanding at 31 December
2021 were released to revenue during the year ended 31 December 2022, with the remainder expected to
be released in 2023 and 2024.
21 Trade and other payables
STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS OTHER INFO
148
Coats Group plc Annual Report and Accounts 2022 Notes to the financial statements cont. 2022 2021 Provided/ (recognised) US$m Unprovided/ (unrecognised) US$m Provided/ (recognised) US$m Unprovided/ (unrecognised) US$m The Group\u2019s net deferred tax liabilities/(assets) are analysed as follows: Accelerated tax depreciation on tangible fixed assets 14.8 (17.8) 13.9 (17.5) Other temporary differences (13.8) (7.6) (15.4) (10.8) Revenue losses carried forward (10.6) (242 .1) (11.4) (298.4) Capital losses carried forward \u2013 (355.7) \u2013 (355.7) Investment in subsidiaries 4.5 6.8 5.8 5.3 Acquired intangibles 51.8 \u2013 Brands 50.1 \u2013 59.9 \u2013 Retirement benefit obligations offset against brands (50.1) \u2013 (59.9) \u2013 Retirement benefit obligations (5.8) (1.5) (6.8) (2.8) 40.9 (617.9) (13.9) (679.9) Certain deferred tax assets and liabilities have been offset. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes: 2022 2021 Provided/ (recognised) US$m Provided/ (recognised) US$m Deferred tax assets (note 17) (24.4) (20.7) Deferred tax liabilities 65.3 6.8 40.9 (13.9) At the year end, the Group had approximately $1.5 billion (2021: $1.6 billion) of unused gross income tax losses and approximately $1.3 billion (2021: $1.4 billion) of unused gross capital losses available for offset against future profits. A deferred tax asset of $10.6 million (2021: $11.4 million) has been recognised in respect of $40.7 million (2021: $36.9 million) of such income tax losses. No deferred tax asset has been recognised in respect of the remaining losses due to lack of certainty regarding the availability of future taxable income. Such losses are only recognised in the financial statements to the extent that it is considered more likely than not that sufficient future taxable profits will be available for offset. In April 2021 the Group entered into a $360.0 million three year bank facility, with the ability for two one-year extensions. The facility bears interest at the risk free rate plus a credit adjustment spread and a margin. The facility also includes an ESG component which impacts the margin based on performance against three of the Group\u2019s published sustainability targets. On 20 July 2022, the Group fully drew down on a new $240 million term loan acquisition facility to fund the purchase of Texon (see note 31). This facility was to mature in July 2024, and the Group had an option to extend this term by a further nine months to May 2025. In February 2023, the Group completed the refinancing of this acquisition facility via the US Private Placement market with $250 million of Notes. $150 million 5.26% Series A Senior Notes are due on 16 February 2028 and $100 million 5.37% Series B Senior Notes are due on 16 February 2030. Series A and Series B Senior Notes at 31 December 2022 of $222.3 million includes a fair value adjustment to the nominal amount outstanding of $2.7 million, for which the Group has interest rate swaps which are accounted for as fair value hedges. The currency and interest rate profile of the Group\u2019s borrowings is included in note 34 on page 163. 24 Deferred tax liabilities 2022 US$m 2021 US$m At 1 January 6.8 9.0 Currency translation differences 2.0 0.2 Acquisition of subsidiaries (note 31) 54.8 \u2013 Reclassified from deferred tax assets \u2013 (0.1) Charged/(credited) to the income statement 2.0 (2.2) Credited to equity (0.3) (0.1) At 31 December 65.3 6.8 23 Borrowings cont. Property related provisions US$m Other provisions US$m Total US$m At 1 January 2022 2.1 33.7 35.8 Currency translation differences (0.2) (0.6) (0.8) Acquisition of subsidiaries (see note 31) \u2013 7.4 7.4 Disposal of subsidiaries (see note 32) \u2013 (0.9) (0.9) Utilised in year \u2013 (49.6) (49.6) (Credited)/charged to the income statement (1.0) 52.7 51.7 At 31 December 2022 0.9 42.7 43.6 Other provisions include the amounts set aside to cover certain legal and other regulatory claims, including in respect of the Lower Passaic River (see note 28 for further details), which are expected to be substantially utilised within the next ten years. 26 Share capital Year ended 31 December 2022 2021 Number US$m Number US$m Ordinary Shares of 5p each 1,597,810,385 99.0 1,452,570,385 90.1 During the year ended 31 December 2022 the Company issued 145,240,000 Ordinary shares of 5p each in connection with an equity placing as set out below. The par value of the shares issued was $8.9 million. The proceeds raised net of costs were $109.8 million and were used to fund the acquisition of Rhenoflex GmbH (see note 31). During the year ended 31 December 2021 the Company issued 493,113 Ordinary shares of 5p each following the exercise of awards under the Group\u2019s share based incentive plans. Number of shares US$m At 1 January 2022 1,452,570,385 90.1 Issue of ordinary shares 145,240,000 8.9 At 31 December 2022 1,597,810,385 99.0 As at 1 January 2021 the company had 1,452,077,272 Ordinary shares in issue. The company has one class o Ordinary shares which carry no right to fixed income. The own shares reserve of $0.1 million at 31 December 2022 (2021: $0.5 million) represents the cost of shares in Coats Group plc purchased in the market and held by an Employee Benefit Trust to satisfy awards under the Group\u2019s share based incentive plans. The number of shares held by the Employee Benefit Trust at 31 December 2022 was 805,501 (2021: 2,020,306). Details of share awards outstanding under the Group\u2019s LTIP and Deferred Bonus Plans are set out in note 33. The Group\u2019s income tax losses can be analysed as follows: 2022 US$m 2021 US$m Expiring within 5 years 17.0 33.2 Expiring in more than 5 years 10.5 15.5 Available indefinitely 1,457.8 1,510.5 1,485.3 1,559.2 At 31 December 2022, the aggregate amount of temporary differences associated with undistributed earnings of subsidiaries for which deferred tax liabilities have not been recognised is $6.8 million (2021: $5.3 million). Deferred tax on distribution of these profits has not been provided on the grounds that the Group is able to control the timing of the reversal of the remaining temporary differences and it is probable that they will not reverse in the foreseeable future. 25 Provisions Year ended 31 December 2022 US$m 2021 US$m Provisions are included as follows: Current liabilities 18.2 8.1 Non-current liabilities 25.4 27.7 43.6 35.8 Provisions are analysed as follows: Year ended 31 December 2022 US$m 2021 US$m Property related provisions 0.9 2.1 Other provisions 42.7 33.7 43.6 35.8 24 Deferred tax liabilities cont. Coats Group plc
Annual Report and Accounts 2022
Notes to the financial statements cont.
28 Contingent liabilities and environmental matters
Environmental matters
As noted in previous reports, the US Environmental Protection Agency (EPA) has notified Coats & Clark, Inc.
(CC) that CC is a \u2018potentially responsible party\u2019 (PRP) under the US Superfund law for investigation and
remediation costs at the 17-mile Lower Passaic River Study Area (LPR) in New Jersey in respect of alleged
operations of a predecessor\u2019s former facilities in that area prior to 1950. Over 100 PRPs have been identified
by EPA. Approximately 50 PRPs are currently members of a cooperating parties group (CPG) of companies,
formed to fund and conduct a remedial investigation and feasibility study of the area. CC joined the CPG
in 2011.
CC has analysed its predecessor\u2019s operating history prior to 1950, when it left the LPR, and has concluded
that it was not responsible for the contaminants and environmental damage that are the primary focus of the
EPA process. CC also believes that there are many parties that will participate in the LPR\u2019s remediation,
including those that are the most responsible for its contamination.
In March 2016, EPA issued a Record of Decision selecting a remedy for the lower 8 miles of the LPR at an
estimated cost of $1.38 billion on a net present value basis. The EPA\u2019s Record of Decision did not include a
remedial decision for the upper 9 miles of the LPR. The EPA may consider a remedial alternative proposed by
the CPG for the upper 9 miles, or it may select a different remedy. Discussions with EPA regarding the nature
and timing of such a decision are ongoing.
EPA has entered into an administrative order on consent (AOC) with Occidental Chemical Corporation (OCC),
which has been identified as being responsible for the most significant contamination in the river, concerning
the design of the selected remedy for the lower 8 miles of the LPR. Maxus Energy Corporation (Maxus),
which provided an indemnity to OCC that covered the LPR, has been granted Chapter 11 bankruptcy
protection, but OCC remains responsible for its remedial obligations even in the absence of Maxus\u2019
indemnity. The approved bankruptcy plan also created a liquidating trust to pursue potential claims against
Maxus\u2019 parent entity, YPF SA, and potentially others, which could result in additional funding for the LPR
remedy. While the ultimate costs of the remedial design and the final remedy are expected to be shared
among hundreds of parties, including many who are not currently in the CPG, the final allocation of remedial
costs among those parties in a settlement or court ruling has not yet been determined.
27 Reserves and non-controlling interests
Share
premium
account
US$m
Own
shares
US$m
Translation
reserve
US$m
Capital
reduction
reserve
US$m
Other
reserves
US$m
Retained
profit
US$m
Non-
controlling
interests
US$m
At 1 January 2022 10.5 (0.5) (105.7) 59.8 246.3 252.5 31.1
Dividends \u2013 \u2013 \u2013 \u2013 \u2013 (32.9) (18.3)
Currency translation differences \u2013 \u2013 (16.2) \u2013 \u2013 \u2013 (0.7)
Actuarial gains on employee
benefits \u2013 \u2013 \u2013 \u2013 \u2013 59.8 \u2013
Tax on actuarial gains \u2013 \u2013 \u2013 \u2013 \u2013 (1.4) \u2013
Application of IAS 29 (note 1) \u2013 \u2013 \u2013 \u2013 \u2013 5.0 \u2013
Issue of ordinary shares 100.9 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013
Purchase of own shares \u2013 (2.1) \u2013 \u2013 \u2013 \u2013 \u2013
Movement in own shares \u2013 2.5 \u2013 \u2013 \u2013 (2.5) \u2013
Share based payments \u2013 \u2013 \u2013 \u2013 \u2013 4.6 \u2013
Deferred tax on share schemes \u2013 \u2013 \u2013 \u2013 \u2013 0.3 \u2013
Loss for the year \u2013 \u2013 \u2013 \u2013 \u2013 (14.7) 22.0
At 31 December 2022 111.4 0.1 (121.9) 59.8 246.3 270.7 34.1
Other reserves of $246.3 million in the above table relate to legacy non-distributable reserves, which arose
during the period when the Group was part of the Guinness Peat Group.
The table below shows financial information of non-wholly owned subsidiaries of the Group that have non-
controlling interests:
Profit allocated to
non-controlling interests
Accumulated
non-controlling interests
Year ended
31 December
2022
US$m
Year ended
31 December
2021
US$m
31 December
2022
US$m
31 December
2021
US$m
EMEA 0.7 0.1 1.4 0.9
Asia & Rest of World 21.3 19.6 32.7 30.2
22.0 19.7 34.1 31.1
The proportion of ownership interests and voting rights of non-wholly owned subsidiaries of the Group held
by non-controlling interests is set out on pages 173 to 179.
STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS OTHER INFO
Coats Group plc
Annual Report and Accounts 2022
Notes to the financial statements cont.
In late 2022, the cash-out settlement for the full 17-mile LPR was lodged with the court by the Department of
Justice (DOJ) on behalf of EPA. Court approval is necessary for the settlement to go into effect, and OCC has
indicated that it will oppose such approval. The Group expects that DOJ and EPA will assert that the
settlement is just and reasonable and that it should be approved by the court, and courts have generally
deferred to EPA\u2019s judgment on such matters. However, it is nonetheless possible that the court may not
approve the settlement. It is also possible that the court may approve the settlement but permit OCC\u2019s
litigation against the settling parties to continue in whole or in part. Because of these continued
uncertainties, the Group is maintaining its current provision for the LPR for the present time.
Coats believes that CC\u2019s predecessor did not generate any of the contaminants which are driving the current
and anticipated remedial actions in the LPR, that it has valid legal defences which are based on its own
analysis of the relevant facts, that the EPA-appointed allocator correctly concluded that it has a de micromis
share of the total remediation costs, and that OCC and other parties will be responsible for a significant share
of the ultimate costs of remediation. As this matter evolves, the provision may be reduced if the settlement is
approved by the court and if the court bars further litigation against CC and other settling parties. It is
nonetheless still possible that additional provisions could be recorded and that such provisions could
increase materially based on further decisions by the court, negotiations among the parties and other future
events.
Following the sale of the North America Crafts business, including CC, announced on 22 January 2019,
Coats North America Consolidated Inc. (the seller) retains the control and responsibility for the eventual
outcome of the ongoing LPR environmental matters, including the rights to the related insurance
reimbursements.
29 Capital commitments
As at 31 December 2022, the Group had commitments of $5.6 million in respect of contracts placed for
future capital expenditure (2021: $5.1 million).
In March 2017, EPA notified 20 parties not associated with the disposal or release of any contaminants of
concern as being eligible for early cash out settlements. As expected, EPA did not identify CC as one of the
20 parties. EPA invited approximately 80 other parties, including CC, to participate in an allocation process to
determine their respective allocation shares and potential eligibility for future cash out settlements. In the
allocation, CC presented factual and scientific evidence that it is not responsible for the discharge of dioxins,
furans or PCBs \u2013 the contaminants that are driving the remediation of the LPR \u2013 and that it is a de minimis or
even smaller de micromis party. The allocation process concluded in December 2020. The EPA-appointed
allocator determined that CC is in the lowest tier (Tier 5) of allocation parties, and is responsible for only a de
micromis share of remedial costs.
On 30 June 2018, OCC filed a lawsuit against approximately 120 defendants, including CC, seeking recovery
of past environmental costs and contribution toward future environmental costs. OCC released claims for
certain past costs from 41 of the defendants, including CC, and is not seeking recovery of those past costs
from CC. OCC\u2019s lawsuit seeks resolution of many of the same issues addressed in the EPA sponsored
allocation process, and does not alter CC\u2019s defences or CC\u2019s continued belief that it is a de micromis party.
In 2015, a provision totalling $15.8 million was recorded for remediation costs for the entire 17 miles of the
LPR and the estimated associated legal and professional costs in defence of CC\u2019s position. The provision for
remediation costs was based on CC\u2019s estimated share of de minimis costs for (a) EPA\u2019s selected remedy for
the lower 8 miles of the LPR and (b) the remedy for the upper 9 miles proposed by the CPG, which was later
substantively adopted by the EPA. This charge to the income statement was net of insurance
reimbursements and was stated on a net present value basis. During the year ended 31 December 2018, an
additional provision of $8.0 million was recorded as an exceptional item to cover legal and professional fees.
The Group will continue to mitigate additional costs as far as possible through insurance and other avenues.
At 31 December 2022, the remaining provision, taking into account insurance reimbursement, was $9.2
million (2021: $11.2 million). The process concerning the LPR continues to evolve and these estimates are
subject to change based upon legal defence costs associated with the EPA process and OCC\u2019s lawsuit, the
share of remedial costs to be paid by the major polluters on the river, and the share of remaining remedial
costs apportioned among CC and other companies.
In 2022, CC and other parties entered into a settlement with EPA in which the settling parties agreed to pay
$150 million toward remediation of the full 17-mile LPR in exchange for a release for those matters addressed
in the settlement. CC\u2019s share of the cash-out settlement is consistent with a de micromis share of total
remedial costs for the full 17-mile LPR. EPA has indicated it will seek the balance of LPR remedial costs from
OCC and a small number of other parties that EPA has determined were not eligible to participate in a cash-
out settlement. These work parties (and not the cash-out parties) would be responsible for remedial costs
over-runs. The settlement does not address claims for natural resource damages by federal natural resource
trustees. The Group believes that CC\u2019s share, if any, of such costs would be de micromis.
28 Contingent liabilities and environmental matters cont.
Coats Group plc
Annual Report and Accounts 2022
Notes to the financial statements cont.
e) Capital expenditure and financial investment
Year ended 31 December
2022
US$m
2021*
US$m
Purchase of property, plant and equipment and intangible assets (33.8) (30.5)
(Purchase)/sale of other equity investments (0.1) 0.1
Disposal of property, plant and equipment 2.8 0.8
Discontinued operations (0.5) (0.7)
(31.6) (30.3)
f) Acquisitions and disposals of businesses
Year ended 31 December
2022
US$m
2021
US$m
Acquisition of businesses (note 31) (271.2) \u2013
Disposal of business (note 32) (17.0) \u2013
(288.2) \u2013
* Represented to reflect the results of the Brazil and Argentina business as a discontinued operation (see note 1).
g) Summary of net debt
Year ended 31 December
2022
US$m
2021
US$m
Cash and cash equivalents 172.4 107.2
Bank overdrafts (14.7) (16.4)
Net cash and cash equivalents 157.7 90.8
Borrowings (see note 23) (552.1) ( 237.9)
Net debt excluding lease liabilities (394.4) (147.1)
Lease liabilities (see note 15) (105.4) (99.0)
Total net debt (499.8) (246.1)
On 20 July 2022, the Group fully drew down on a new $240 million term loan acquisition facility to fund the
purchase of Texon (see note 31). This facility was to mature in July 2024, and the Group had an option to
extend this term by a further nine months to May 2025. In February 2023, the Group completed the
refinancing of this acquisition facility via the US Private Placement (USPP) market with $250 million of notes.
$150 million 5.26% Series A Senior Notes are due on 16 February 2028 and $100 million 5.37% Series B
Senior Notes are due on 16 February 2030.
For financial covenant purposes, the Group\u2019s leverage is calculated on the basis of net debt without IFRS 16
lease liabilities and at the Coats Group Finance Company Limited level. Net debt excluding IFRS 16 lease
liabilities at the Coats Group Finance Company Limited level at 31 December 2022 for covenant purposes
was $399.9 million (31 December 2021: $148.0 million).
a) Reconciliation of operating profit to cash generated from operations
Year ended 31 December
2022
US$m
2021*
US$m
Operating profit 181.0 178.2
Depreciation of owned property, plant and equipment 26.5 27.3
Deprecation of right-of-use assets 19.4 19.4
Amortisation of intangible assets 12.6 6.0
Decrease/(increase) in inventories 43.6 (66.8)
Decrease/(increase) in debtors 10.4 (38.2)
(Decrease)/increase in creditors (76.2) 91.5
Provisions and pension movements (41.6) (34.5)
Foreign exchange and other non-cash movements 8.8 13.0
Discontinued operations (8.0) (6.9)
Cash generated from operations 176.5 189.0
b) Interest paid
Year ended 31 December
2022
US$m
2021*
US$m
Interest paid (24.8) (11.0)
Discontinued operations (0.7) (1.5)
(25.5) (12.5)
c) Taxation paid
Year ended 31 December
2022
US$m
2021*
US$m
Overseas tax paid (54.6) (47.8)
Discontinued operations \u2013 (0.1)
(54.6) (47.9)
d) Investment income
Year ended 31 December
2022
US$m
2021
US$m
Dividends received from joint ventures 0.5 0.3
30 Notes to the consolidated cash flow statement
STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS OTHER INFO
153
Coats Group plc Annual Report and Accounts 2022 Notes to the financial statements cont. Total net debt is presented in the consolidated statement of financial position as follows: Year ended 31 December 2022 US$m 2021 US$m Current assets: Cash and cash equivalents 172.4 107.2 Current liabilities: Bank overdrafts and other borrowings (16.7) (19.2) Lease liabilities (19.0) (17.8) Non-current liabilities: Borrowings (550.1) (235.1) Lease liabilities (86.4) (81.2) Total net debt (499.8) (246.1 ) The components of net debt and movements during the periods are set out below: Series A and Series B Senior Notes US$m Bank loans US$m Lease liabilities US$m Total financing activity liabilities US$m Bank overdrafts US$m Cash at bank and in hand US$m Net debt US$m At 1 January 2021 (230.4) (2.3) (66.0) (298.7) (19.8) 71.9 (246.6) Financing cash flows \u2013 (8.4) 22.1 13.7 \u2013 \u2013 13.7 Other cash flows \u2013 \u2013 \u2013 \u2013 3.1 37.9 41.0 Non-cash movements 2.9 (1.4) (55.3) (53.8) \u2013 \u2013 (53.8) Foreign exchange \u2013 1.7 0.2 1.9 0.3 (2.6) (0.4) At 31 December 2021 (227.5) (10.4) (99.0) (336.9) (16.4) 107. 2 (246.1) Financing cash flows \u2013 (256.7) 18.1 (238.6) \u2013 \u2013 (238.6) Other cash flows \u2013 \u2013 4.9 4.9 1.7 70.4 77.0 Acquisition of subsidiaries (note 31) \u2013 (62.5) \u2013 (62.5) \u2013 \u2013 (62.5) Non-cash movements 5.2 (1.0) (36.0) (31.8) \u2013 \u2013 (31.8) Foreign exchange \u2013 0.8 6.6 7.4 \u2013 (5.2) 2.2 At 31 December 2022 (222.3) (329.8) (105.4) (657.5) (14.7) 172.4 (499.8) The non-cash movement during the year ended 31 December 2022 of $5.2 million (2021: $2.9 million) within Series A and Series B Senior Notes represents the movement in the fair value adjustment to the nominal amount outstanding of $225.0 million and relates to interest rate swaps which are accounted for as fair value hedges. The non-cash movement during the year ended 31 December 2022 of $36.0 million (2021: $55.3 million) within lease liabilities relates to the following: the unwind of lease liabilities of $4.9 million (2021: $5.2 million) and the impact of entering into new leases, disposals and modification of existing leases of $31.1 million (2021: $50.1 million). Total interest paid during the year ended 31 December 2022 was $25.5 million (2021: $17.6 million), which primarily relates to the above Senior Notes, bank loans and overdrafts and lease liabilities. Total interest charged to the profit and loss account for the year ended 31 December 2022 for the above Senior Notes, bank loans and overdrafts and lease liabilities was $23.8 million (2021: $15.6 million). 30 Notes to the consolidated cash flow statement cont. STRATEGIC REPORT CORPORATE GOVERNANCE Coats Group plc
Annual Report and Accounts 2022
Notes to the financial statements cont.
The provisional fair values of the identifiable assets and liabilities of Texon and Rhenoflex as at their
respective acquisition dates were as follows:
Provisional fair
value recognised
on acquisition of
Texon
US$m
Provisional fair
value recognised
on acquisition of
Rhenoflex
US$m
Provisional
Total
US$m
Assets
Acquired intangible assets
\u2013 Customer relationships 107.1 51.7 158.8
\u2013 Brands and trade names 26.7 14.2 40.9
\u2013 Technology 26.3 14.2 40.5
160.1 80.1 240.2
Computer software 0.1 0.5 0.6
Property, plant and equipment 14.4 9.3 23.7
Right-of-use-assets 4.9 4.3 9.2
Investments in joint ventures 0.7 \u2013 0.7
Deferred tax assets 2.6 0.7 3.3
Inventories 20.6 20.3 40.9
Trade and other receivables 26.0 13.8 39.8
Cash and cash equivalents 16.8 4.5 21.3
246.2 133.5 379.7
Liabilities
Trade and other payables (28.8) (12.7) (41.5)
Deferred tax liabilities (28.5) (26.3) (54.8)
Borrowings (24.4) (38.1) (62.5)
Lease liabilities (4.9) (4.3) (9.2)
Retirement benefit obligations ( 7.6) (2.7) (10.3)
Provisions (5.3) (2.1) (7.4)
(99.5) (86.2) (185.7)
Total identifiable net assets acquired at fair value 146.7 47.3 194.0
Goodwill recognised on acquisition (provisional) 64.3 34.2 98.5
Purchase consideration paid 211.0 81.5 292.5
31 Acquisitions
The Group completed two acquisitions during the year obtaining control of both Texon and Rhenoflex,
leading manufacturers of structural footwear components supplying the world\u2019s leading footwear brands.
Both have operations in Asia and Europe and are complementary additions to Coats\u2019 existing footwear
business with opportunities to leverage existing footprints and combine expertise in the attractive athleisure
footwear market.
\u2013 On 20 July 2022, the Group acquired the entire share capital of Torque Group International Fortune
Limited (\u2018Texon\u2019) for $211.0 million. On completion, the Group immediately settled all of Texon\u2019s external
bank debt of $24.4 million such that total cash outflow was $235.4 million.
\u2013 On 23 August 2022, the Group also purchased the entire share capital of Rhenoflex GmbH (\u2018Rhenoflex\u2019)
for $81.5 million. On completion, the Group immediately settled all of Rhenoflex\u2019s external bank debt of
$38.1 million such that the total cash outflow was $119.6 million.
The Texon transaction was funded through a new $240.0 million term loan acquisition facility and the
Rhenoflex transaction was predominately financed through an equity raise of $109.8 million net of costs.
These acquisitions have been accounted for as business combinations using the acquisition method in
accordance with IFRS 3 \u2018Business Combinations.\u2019 For each acquisition, a provisional assessment of the fair
values of identified assets acquired and liabilities assumed has been undertaken with assistance provided by
external valuation specialists.
In the provisional accounting, adjustments are made to the book values of the net assets of the companies
acquired to reflect their provisional fair values to the Group. Previously unrecognised assets and liabilities at
acquisition are included. As part of this exercise, accounting policies are aligned with those of the Group and
as the acquisitions were made in the second half of the year and given their global footprint, the fair values
presented below are provisional as these assessments will be completed within 12 months from each
relevant acquisition date.
STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS OTHER INFO
155
Coats Group plc
Annual Report and Accounts 2022
Notes to the financial statements cont.
From their acquisition dates, the contribution to revenues in the year to 31 December 2022 was $57.2 million
for Texon and $30.0 million for Rhenoflex. The contribution to operating profit excluding exceptional items
and amortisation of acquired intangible assets in the year to 31 December 2022 was $5.8 million for Texon
and $3.4 million for Rhenoflex in the year to 31 December 2022. The loss after tax in the year to 31 December
2022 (after exceptional items and amortisation of acquired intangible assets) was $1.9 million for Texon and a
profit of $0.5 million for Rhenoflex.
If the acquisitions had taken effect at the beginning of the reporting period (1 January 2022), the Group\u2019s
revenues for the year ended 31 December 2022 would have been $85.9 million higher for Texon and $60.0
million higher for Rhenoflex and the Group\u2019s profit after tax would have been $2.9 million higher for Texon
and $3.1 million higher for Rhenoflex based on management accounts.
Transaction costs totalling $12.6 million relating to the acquisitions of Texon ($8.6 million) and Rhenoflex ($4.0
million) have been expensed and are included in the consolidated income statement (see note 4).
Transaction costs of $11.5 million have been charged to administrative expenses and $1.1 million has been
charged to finance costs relating to the $240.0 million Texon term loan acquisition facility. Transaction costs
paid in the year ended 31 December 2022 relating to these acquisitions was $12.3 million and are included in
cash flows absorbed in operating activities in the consolidated cash flow statement. In addition costs of $2.8
million were incurred in connection with the equity raise to finance the acquisition of Rhenoflex which have
been charged to the share premium reserve.
The purchase consideration was paid in cash with the amounts included in the statement of consolidated
cash flows as follows:
Texon
US$m
Rhenoflex
US$m
Total
US$m
Purchase consideration paid to previous owners 211.0 81.5 292.5
Cash and cash equivalents acquired (16.8) (4.5) (21.3)
Acquisition of businesses \u2013 investing cash flows 194.2 77.0 271.2
External bank borrowings settled on completion \u2013 financing cash flows 24.4 38.1 62.5
Total cash out flow on respective acquisition dates 218.6 115.1 333.7
The repayment of external bank borrowings of Texon and Rhenoflex on the respective completion dates of
the acquisitions is presented as financing cash flows.
The total cash outflow for the acquisitions of Texon and Rhenoflex in the year ended 31 December 2022 was
$346.0 million (see note 37(e)) comprising the total cash outflow on the respective acquisition dates of
$333.7 million plus transaction costs paid of $12.3 million.
The fair value assessed for intangible customer relationship assets was $107.1 million for Texon and $51.7
million for Rhenoflex. In both cases this will be amortised over a fifteen-year useful economic life. As fair
value level one observable market prices are not available for these assets, management engaged external
professional valuation advisors to assist in identifying and valuing these assets The excess earnings method
was used to value these customer relationships which considers the use of other assets in the generation of
projected cash flows to isolate the economic benefit generated by the relationships.
The fair value assessed for brands and trade names was $26.7 million for Texon and $14.2 million for
Rhenoflex and for technology was $26.3 million for Texon and $14.2 million for Rhenoflex. The relief from
royalty method was used to value both the technology and the trade names which will be amortised over a
useful economic life of ten years. The relief from royalty method looks at the savings from owning the trade
name and technology compared to paying royalties for their use based on comparable market royalty rates.
The net deferred tax position reflected adjustments related to the deferred tax impact of the fair value uplifts
on acquired intangible assets and other fair value adjustments at the tax rates that are expected to be
applied to the temporary differences when they reverse, based on the laws that were enacted or
substantively enacted. Deferred tax liabilities recognised as a result of the acquisition of Texon and
Rhenoflex total $54.8 million. The Group\u2019s total deferred tax liabilities at 31 December 2022 were $65.3
million (2021: $6.8 million).
Fair value adjustments were also made to uplift property, plant and equipment by a total of $3.5 million for
Texon. Other adjustments were made to decrease pension obligations on an IAS 19 basis by $2.1 million and
$0.7 million at the acquisition dates for Texon and Rhenoflex respectively. Due to their contractual dates, the
fair value of receivables acquired approximated to the gross contractual amounts receivable. There was no
material expected credit losses for either acquisition and these receivables have materiality been settled
between the respective acquisition dates and the 31 December 2022 year-end date. There are no material
contingent liabilities recognised in accordance with paragraph 23 of IFRS 3.
Provisional goodwill of $64.3 million for Texon and $34.2 million for Rhenoflex represents the premium
attributable to purchasing separately established businesses with assembled workforces, opportunities for
synergies and exploitation of the general technological capabilities and knowledge base of each company.
Goodwill is not expected to be deductible for tax purposes.
Goodwill is not amortised but tested annually for impairment. For the purposes of annual impairment testing
the combined provisional goodwill has initially been allocated to a new Structural Footwear Components
cash generating unit. This initial allocation will be reviewed during 2023 following further integration of
Structural Footwear Components with the pre-existing Coats footwear and thread business.
Provisional goodwill and intangible assets acquired for Texon and Rhenoflex totalled $338.7 million. From
their respective acquisition dates to 31 December 2022, amortisation charges for acquired intangible assets
amounted to $5.6 million for Texon and $2.1 million for Rhenoflex.
31 Acquisitions cont.
Coats Group plc
Annual Report and Accounts 2022
Notes to the financial statements cont.
Exceptional items \u2013 discontinued operations
Exceptional items credited/(charged) to (loss)/profit from discontinued operations are set out below:
Year Ended 31 December
2022
US$m
2021*
US$m
Brazil indirect taxes:
\u2002\u2013 Cost of sales \u2013 5.8
\u2002\u2013 Finance income \u2013 4.2
\u2002\u2013 Taxation \u2013 (1.1)
Loss on disposal (note 32(b)) (68.9) \u2013
Exchange loss transferred to income statement on disposal (15.0) \u2013
Total exceptional items \u2013 discontinued operations (83.9) 8.9
Brazil indirect taxes
In 2021 the Brazilian Supreme Federal Court concluded its judgement that Brazilian ICMS (indirect tax on
goods and services) should not be included in the calculation basis of PIS (Program of Social Integration) and
COFINS (Contribution for the Financing of Social Security) indirect taxes.
As a result, estimated refunds were recognised as exceptional items in the results for the year ended 31
December 2021 of $5.8 million which was included in cost of sales and in addition exceptional interest
income was recognised year ended 31 December 2021 of $4.2 million. The exceptional tax charge for the
year ended 31 December 2021 was $1.1 million. These refunds dated back to 2003 and the estimated tax
credit amounts were expected to be utilised over a period of approximately six years, once the business has
received a favourable Court ruling.
(Loss)/earnings per ordinary share from discontinued operations
The (loss)/earnings per ordinary share from discontinued operations is as follows:
Year Ended 31 December
2022
Cents
2021*
Cents
(Loss)/earnings per ordinary share from discontinued operations:
Basic (loss)/earnings per ordinary share (5.78) 0.26
Diluted (loss)/earnings per ordinary share (5.74) 0.25
32 Discontinued operations
Sale of Brazil and Argentina
On 10 May 2022 the Group announced the agreement to sell its business in Brazil and Argentina to Reelpar
SA, an entity backed by a Sao Paulo Private Equity Firm. The sale was completed on 26 May 2022, the date
which control passed to the acquirer. Under the terms of the disposal, the Group paid $15.0 million to Reelpar
S.A. to support restructuring of the business. During the five years following the completion date earn-out
payments are payable to the Group in the event that certain operational cash flow targets are met by the
Brazil and Argentina business. No earn-out payments have been recognised by the Group as at 31
December 2022.
a) Discontinued operations
The results of the discontinued operations are presented below:
Year Ended 31 December
2022
US$m
2021*
US$m
Revenue 26.3 66.8
Cost of sales (22.6) (49.8)
Gross profit 3.7 17.0
Distribution costs (3.8) (10.2)
Administrative expenses (3.3) (5.6)
Operating (loss)/profit (3.4) 1.2
Investment income \u2013 4.2
Finance costs (0.3) (0.4)
(Loss)/profit before taxation (3.7) 5.0
Taxation \u2013 (1.3)
(Loss)/profit from discontinued operations for the year (3.7) 3.7
Loss on disposal (note 32 (b)) (68.9) \u2013
Exchange loss transferred to income statement on disposal (15.0) \u2013
Total (loss)/profit from discontinued operations (87.6) 3.7
* Represented to reflect the results of the Brazil and Argentina business as a discontinued operation (see note 1).
Revenue reported above includes inter-company sales for the year ended 31 December 2022 of $1.6 million
(2021: $3.6 million). External revenue of the Brazil and Argentina business for the year ended 31 December
2022 was $24.7 million (2021: $63.2 million).
STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS OTHER INFO
Coats Group plc
Annual Report and Accounts 2022
Notes to the financial statements cont.
33 Related party transactions
Remuneration of key management personnel
The Group Executive Team and Non-Executive Directors are deemed to be the key management personnel
of the Group. The remuneration of the Group Executive Team and Non-Executive Directors, is set out below
in aggregate for each of the categories specified in IAS 24 Related Party Disclosures. Further information
regarding the remuneration of individual directors is provided on pages 85 to 97 in the audited part of the
Directors\u2019 Remuneration Report.
Year ended 31 December
2022
US$m
2021
US$m
Short-term employee benefits 10.3 10.4
Share based payments 2 .1 1.6
12.4 12.0
Trading transactions
Transactions between the Company and its subsidiaries, which are related parties, have been eliminated on
consolidation and are not disclosed in this note. Transactions between the Group and its joint ventures are
disclosed below.
During the year, Group companies entered into the following transactions with related parties who are not
members of the Group:
Sale of goods Purchase of goods
2022
US$m
2021
US$m
2022
US$m
2021
US$m
Joint ventures 1.4 2.7 63.2 61.1
Amounts owing by/(to) joint ventures at the year end are disclosed in notes 19 and 21. All transactions with
joint ventures are at an arm\u2019s length and payment terms are consistent with normal trading terms with third
parties.
Cash flows from discontinued operations
The table below sets out the cash flows from discontinued operations:
Year Ended 31 December
2022
US$m
2021*
US$m
Net cash outflow from operating activities (8.7) (8.5)
Net cash outflow from investing activities (0.5) (0.7)
Net cash flows from discontinued operations (9.2) (9.2)
* Represented to reflect the results of the Brazil and Argentina business as a discontinued operation (see note 1).
b) Loss on disposal
The major classes of assets and liabilities disposed relating to the Brazil and Argentina business was
as follows:
US$m
Property, plant and equipment 10.8
Inventories 26.9
Trade and other receivables 35.7
Cash and cash equivalents 0.7
Total assets 74.1
Trade and other payables (18.1)
Current income tax liabilities (1.2)
Bank overdrafts (2.5)
Retirement benefit obligations (2.0)
Provisions (0.9)
Total liabilities (24.7)
Net assets disposed 49.4
Consideration paid 15.0
Disposal costs 4.5
Exceptional loss on disposal \u2013 discontinued operations 68.9
The consideration paid on the date of disposal was $15.0 million and net of cash and cash equivalents and
bank overdrafts disposed was $13.2 million. Disposal costs of $3.8 million were paid in the year ended 31
December 2022 and as a result the cash outflow in the year ended 31 December 2022 on the sale of the
Brazil and Argentina business was $17.0 million.
32 Discontinued operations cont.
Coats Group plc
Annual Report and Accounts 2022
Notes to the financial statements cont.
Financial liabilities
The Group\u2019s financial liabilities are summarised below:
Year ended 31 December
2022
US$m
2021
US$m
Financial liabilities carried at amortised cost:
Trade payables (note 21) 151.3 208.5
Amounts owed to joint ventures (note 21) 15.0 16.3
Other financial liabilities 74.7 116.3
Provisions (note 25) 0.9 2.1
Lease liabilities (note 15) 105.4 99.0
Borrowings (note 23) 566.8 254.3
914.1 696.5
Financial liabilities carried at fair value through the income statement:
Derivative financial instruments (note 22) 9.0 0.9
Total financial liabilities 923.1 697.4
Other financial liabilities include other payables, other than taxation, contract liabilities, employee
entitlements and other statutory liabilities.
The Group\u2019s main financial instruments comprise:
Financial assets:
\u2013 cash and cash equivalents;
\u2013 trade and other receivables that arise directly from the Group\u2019s operations; and
\u2013 derivatives, including forward foreign currency contracts and interest rate swaps.
Financial liabilities:
\u2013 trade, other payables and certain provisions that arise directly from the Group\u2019s operations;
\u2013 bank borrowings and overdrafts; and
\u2013 derivatives, including forward foreign currency contracts and interest rate swaps.
Financial assets
The Group\u2019s financial assets are summarised below:
Year ended 31 December
2022
US$m
2021
US$m
Financial assets carried at amortised cost:
Cash and cash equivalents 172.4 107.2
Trade receivables (note 19) 236.4 241.5
Amounts due from joint ventures (note 19) \u2013 0.1
Other receivables (note 19), net of non-financial assets $29.8 million (2021: $29.9 million) 18.7 34.0
427.5 382.8
Financial assets carried at fair value through the income statement:
Derivative financial instruments (note 20) 1.6 5.5
1.6 5.5
Other financial assets carried at fair value through the statement of comprehensive income:
Other investments (note 16) 5.9 6.0
5.9 6.0
Total financial assets 435.0 394.3
34 Derivatives and other financial instruments
STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS OTHER INFO
159
Coats Group plc
Annual Report and Accounts 2022
Notes to the financial statements cont.
Fair value measurements recognised in the statement of financial position
The following tables provide an analysis of financial instruments that are measured subsequent to initial
recognition at fair value, grouped into Levels 1 to 3 based on the degree to which the fair value is observable:
\u2013 Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for
identical assets or liabilities;
\u2013 Level 2 fair value measurements are those derived from inputs other than quoted prices that are
observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and
\u2013 Level 3 fair value measurements are those derived from valuation techniques which include inputs for the
asset or liability that are not observable market data (unobservable inputs).
Financial assets measured at fair value
Year ended 31 December
Total
US$m
Level 1
US$m
Level 2
US$m
Level 3
US$m
2022
Financial assets measured at fair value through the income
statement:
Trading derivatives 1.6 \u2013 1.6 \u2013
Derivatives designated as effective hedging instruments
Financial assets measured at fair value through the statement of
comprehensive income:
Other investments 5.9 0.9 \u2013 5.0
7.5 0.9 1.6 5.0
2021
Financial assets measured at fair value through the income
statement:
Trading derivatives 3.6 \u2013 3.6 \u2013
Derivatives designated as effective hedging instruments 1.9 \u2013 1.9 \u2013
Financial assets measured at fair value through the statement of
comprehensive income:
Other investments 6.0 1.0 \u2013 5.0
11.5 1.0 5.5 5.0
Fair value of financial assets and liabilities
The fair value of the Group\u2019s financial assets and liabilities is summarised below:
Year ended 31 December
2022 2021
Book value
US$m
Fair value
US$m
Book value
US$m
Fair value
US$m
Primary financial instruments:
Cash and cash equivalents 172.4 172.4 107.2 107.2
Trade receivables 236.4 236.4 241.5 241.5
Amounts due from joint ventures \u2013 \u2013 0.1 0.1
Other receivables 18.7 18.7 34.0 34.0
Other investments 5.9 5.9 6.0 6.0
Trade payables (151.3) (151.3) (208.5) (208.5)
Amounts owed to joint ventures (15.0) (15.0) (16.3) (16.3)
Other financial liabilities and provisions (75.6) (75.6) (118.4) (118.4)
Borrowings (566.8) (566.8) (254.3) (254.3)
Derivative financial instruments:
Forward foreign currency contracts (4.3) (4.3) 2.7 2.7
Interest rate swaps (3.1) (3.1) 1.9 1.9
Net financial liabilities (382.7) (382.7) (204.1) (204.1)
Unlisted investments are stated at fair value. For floating rate financial assets and liabilities, and for fixed rate
financial assets and liabilities with a maturity of less than 12 months, it has been assumed that fair values are
approximately the same as book values. Fair values for forward foreign currency contracts have been
estimated using applicable forward exchange rates at the year end. All other fair values have been calculated
by discounting expected cash flows at prevailing interest rates.
34 Derivatives and other financial instruments cont.
Coats Group plc
Annual Report and Accounts 2022
Notes to the financial statements cont.
Currency risk
The income and capital value of the Group\u2019s financial instruments can be affected by exchange rate
movements as a significant portion of both its financial assets and financial liabilities are denominated in
currencies other than US Dollars, which is the Group\u2019s presentational currency. The accounting impact of
these exposures will vary according to whether or not the Group company holding such financial assets and
liabilities reports in the currency in which they are denominated.
The Board recognises that the Group\u2019s US Dollar statement of financial position will be affected by short-term
movements in exchange rates, particularly the value of Sterling, Euro, Indian Rupee and Brazilian Real. The
Group\u2019s investments reflect the requirements of its customers, which results in investments in potentially
more volatile developing market currencies. However, as a diverse global business, there are many natural
offsets within the Group that tend to mitigate the risk associated with any individual currency volatility.
The Group uses forward foreign currency contracts to mitigate the currency exposure that arises on business
transacted by group companies in currencies other than their functional currency. Such foreign currency
contracts are only entered into when there is a commitment to the underlying transaction. The contracts
used to hedge future transactions typically have a maturity of between three months and one year.
Interest rate risk
In 2022, the Group financed its operations through shareholders\u2019 funds, bank borrowings, Senior Notes and
overdrafts. The Group\u2019s trading subsidiaries use a mixture of fixed and floating rate debt. The Group also has
access to committed bank facilities amounting to some $360.0 million, of which $90.0 million had been
drawn down at year end, a $240.0 million term loan acquisition facility and $225.0 million of Senior Notes
(see note 23).
Interest rate risk is managed by maintaining an appropriate mix between fixed and floating rate borrowings
using interest rate swap contracts. Interest rate swaps are accounted for as fair value or cash flow hedges,
depending on initial designation. Hedging activities are evaluated regularly to align with interest rate views
and risk appetite. In order to achieve hedge effectiveness, when entering into interest rate swap contracts,
the cash flows, interest rate references and maturity of the underlying exposure of the hedged item are
considered so as to match the hedging instrument. The ratio of fixed to floating rate hedging is established
according to Group policy which prescribes a banded range for the fixed to floating ratio. The ratio of fixed to
floating will decrease over a rolling 5-year period.
As at 31 December 2022 the Group has fixed to floating interest rate swap contracts designated as fair value
hedges against $65.0 million of fixed interest Senior Notes. The fair value of these hedges as at 31
December 2022 was $3.1 million (see note 22) and borrowings includes a corresponding fair value
adjustment to the nominal amount outstanding in the Consolidated Statement of Financial Position.
The Group\u2019s interest income does not vary significantly from the returns it would generate through investing
surplus cash at floating rates of interest since the interest rates are re-set on a regular basis.
Financial liabilities measured at fair value
Year ended 31 December
Total
US$m
Level 1
US$m
Level 2
US$m
Level 3
US$m
2022
Financial liabilities measured at fair value through the income
statement:
Trading derivatives (5.9) \u2013 (5.9) \u2013
Derivatives designated as effective hedging instruments (3.1) \u2013 (3.1) \u2013
(9.0) \u2013 (9.0) \u2013
2021
Financial liabilities measured at fair value through the income
statement:
Trading derivatives (0.9) \u2013 (0.9) \u2013
(0.9) \u2013 (0.9) \u2013
Level 1 financial instruments are valued based on quoted bid prices in an active market. Level 2 financial
instruments are measured by discounted cash flow. For interest rates swaps future cash flows are estimated
based on forward interest rates (from observable yield curves at the end of the reporting period) and
contract interest rates, discounted at a rate that reflects the credit risk of the various counterparties. For
foreign exchange contracts future cash flows are estimated based on forward exchange rates (from
observable forward exchange rates at the end of the reporting period) and contract forward rates,
discounted at a rate that reflects the credit risk of the various counterparties. Equity instruments that are
classified as level 3 financial instruments relate to the Group\u2019s investment in Twine Solutions Limited. Given
the business is at an early stage of its lifecycle and there have been no indications of impairment, the
carrying value is deemed to approximate to fair value.
The main risks arising from the Group\u2019s financial instruments are as follows:
\u2013 currency risk;
\u2013 interest rate risk;
\u2013 capital risk;
\u2013 market price risk;
\u2013 liquidity risk; and
\u2013 credit risk.
The Group\u2019s policies for managing those risks are described on pages 161 to 165 and, except as noted, have
remained unchanged since the beginning of the year to which these financial statements relate.
34 Derivatives and other financial instruments cont.
A reasonably possible change of one per cent in market interest rates would reduce profit before tax b approximately $5.0 million (2021: $2.5 million), and would reduce shareholders\u2019 funds by approximately $5.0 million (2021: $2.5 million). If interest rates fluctuate by a different rate, the aforementioned approximate impact can be linearly interpolated Trade and other receivables and trade and other payables are excluded from the following disclosure (othe than the currency disclosures) as there is limited interest rate risk Capital risk managemen The Group manages its capital so as to ensure that the Company and the Group will be able to continue as a going concern. The Group\u2019s capital structure comprises cash and cash equivalents and borrowings (see Summary of ne debt on page 153), and share capital and reserves attributable to the equity shareholders of the Company. Currency exposure The table below shows the extent to which Group companies have financial assets and liabilities, excluding forward foreign currency contracts, in currencies other than their functional currency. Foreign exchang differences arising on retranslation of these assets and liabilities are taken to the Group income statement. The table excludes loans between Group companies that form part of the net investment in overseas subsidiaries on which the exchange differences are dealt with through reserves, but includes other Group balances that eliminate on consolidation. Net foreign currency financial assets/(liabilities Sterling US$m US dollars US$ Euro US$ Indian Rupees US$m Brazilian Reals US$ Other US$m Total US$ Sterling \u2013 (0.3) 1.9 \u2013 \u2013 0.2 1.8 United States dollars (8.4) \u2013 (6.6) 0.5 \u2013 7.5 (7.0) Euros \u2013 5.1 \u2013 \u2013 \u2013 \u2013 5. Indian Rupees \u2013 (6.0) (0.1) \u2013 \u2013 \u2013 (6.1) Brazilian Reals \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Other currencies (0.2) 14.3 7.7 \u2013 \u2013 1.3 23.1 (8.6) 13.1 2.9 0.5 \u2013 9.0 16.9 34 Derivatives and other financial instruments cont. Functional currency 202 Net foreign currency financial assets/(liabilities Sterling US$ US dollars US$m Euro US$m Indian Rupees US$m Brazilian Reals US$m Other US$m Total US$ Sterling \u2013 (2.2) (1.5) \u2013 \u2013 0.5 (3.2 United States dollars ( 7.5) \u2013 (9.1) \u2013 \u2013 1.7 (14.9) Euros \u2013 1.4 \u2013 \u2013 \u2013 (0.1) 1.3 Indian Rupees \u2013 (1.0) (0.3) \u2013 \u2013 \u2013 (1.3 Brazilian Reals \u2013 (1.6) 0.2 \u2013 \u2013 0.1 (1.3 Other currencies (0.3) (17.9) 5.8 0.3 \u2013 \u2013 (12.1) ( 7.8) (21.3) (4.9) 0.3 \u2013 2.2 (31.5 The following table shows the impact on pre-tax profit and shareholders\u2019 funds of reasonably possibl changes in exchange rates against each of the major foreign currencies in which the Group transacts: 202 Sterling US$ Euro US$ Indian Rupees US$ Brazilian Reals US$ Increase in US dollar exchange rate 10% 10% 10% 10% (Decrease)/increase in profit before tax (1.1) (1.1) 0.6 \u2013 Increase/(decrease) in shareholders\u2019 funds 21.6 (0.8) 5.0 \u2013 2021 Sterling US$m Euro US$m Indian Rupees US$m Brazilian Reals US$ Increase in US dollar exchange rate 10% 10% 10% 10% (Decrease)/increase in profit before tax (2.4) (1.0) 0.1 0.2 Increase/(decrease) in shareholders\u2019 funds 21.6 (1.4) 4.9 0.1 Coats Group plc Annual Report and Accounts 2022 Notes to the financial statements cont. Details of fixed and non interest-bearing liabilities (excluding derivatives and trade and other payables) are provided below: Year ended 31 December 2022 2021 Fixed rate financial liabilities Financial liabilities on which no interest is paid Fixed rate financial liabilities Financial liabilities on which no interest is paid Weighted average interest rate % Weighted average period for which rate is fixed (months) Weighted average period until maturity (months) Weighted average interest rate % Weighted average period for which rate is fixed (months) Weighted average period until maturity (months) Currency: Sterling \u2013 \u2013 18 \u2013 \u2013 18 United States dollars 4.00 46 \u2013 4.00 58 \u2013 Other currencies 25.56 6 \u2013 23.95 9 \u2013 Weighted average 4.27 45 18 4.34 57 18 Currency profile of foreign exchange derivatives Year ended 31 December Assets Liabilities 2022 US$m 2021 US$m 2022 US$m 2021 US$m Currency: Sterling 55.0 109.6 \u2013 (0.7) United States dollars 39.2 35.2 (104.1) (179.6) Euros \u2013 \u2013 (26.6) (25.2) Indian Rupee 3.7 12.5 (1.8) \u2013 Brazilian Real \u2013 \u2013 \u2013 (1.2) Other currencies 43.3 64.2 (13.0) (12.1) 141.2 221.5 (145.5) (218.8) Market price risk The Group has equity and bond investments at 31 December 2022 of $5.9 million (2021: $6.0 million) held for strategic rather than trading purposes. The Group does not actively trade these investments and is not materially exposed to price risk. The sensitivity analyses below have been determined based on the exposure to reasonably possible price changes for the investments held at the year end. Currency profile of financial assets The currency profile of the Group\u2019s financial assets was as follows: 31 December 2022 2021 Investments US$m Cash and cash equivalents US$m Trade and other receivables US$m Derivative financial instruments US$m Total US$m Investments US$m Cash and cash equivalents US$m Trade and other receivables US$m Derivative financial instruments US$m Total US$m Currency: Sterling \u2013 1.7 6.2 10.7 18.6 \u2013 0.4 4.7 66.0 71.1 United States dollars 5.0 97.1 114.3 (26.7) 189.7 5.0 55.1 127.2 (99.7) 87.6 Euros 0.1 8.6 42.1 (3.9) 46.9 0.1 2.5 22.7 (14.9) 10.4 Indian Rupees 0.8 18.9 26.3 (0.5) 45.5 0.9 9.2 22.3 12.5 44.9 Brazilian Reals \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 2.2 22.9 \u2013 25.1 Other currencies \u2013 46.1 66.2 22.0 134.3 \u2013 37.8 75.8 41.6 155.2 Total financial assets 5.9 172.4 255.1 1.6 435.0 6.0 107.2 275.6 5.5 394.3 The investments included above comprise unlisted investments in shares and bonds. Currency and interest rate profile of financial liabilities The currency and interest rate profile of the Group\u2019s financial liabilities was as follows: 31 December 2022 2021 Floating rate US$m Fixed rate US$m Interest free US$m Lease liabilities US$m Derivative financial instruments US$m Total US$m Floating rate US$m Fixed rate US$m Interest free US$m Lease liabilities US$m Derivative financial instruments US$m Total US$m Currency: Sterling 0.3 - 4.1 3.8 (44.3) (36.1) 0.5 \u2013 13.8 4.5 (42.9) (24.1) United States dollars 400.5 160.0 99.5 28.5 41.3 729.8 79.6 160.0 143.6 17.1 42.8 443.1 Euros 4.0 - 26.9 12.2 22.7 65.8 9.4 \u2013 17.5 9.5 10.3 46.7 Indian Rupees - - 37.4 6.6 (2.4) 41.6 \u2013 \u2013 52.0 10.3 \u2013 62.3 Brazilian Reals - - - - - - \u2013 \u2013 10.4 \u2013 1.2 11.6 Other currencies - 2.0 74.0 54.3 (8.3) 122.0 2.0 2.8 105.9 57.6 (10.5) 157.8 Total financial liabilities 404.8 162.0 241.9 105.4 9.0 923.1 91.5 162.8 343.2 99.0 0.9 697.4 The benchmark for determining floating rate liabilities in the UK is the risk-free rate for both sterling and US$ amounts. 34 Derivatives and other financial instruments cont. STRATEGIC REPORT CORPORATE GOVERNANCE Coats Group plc
Annual Report and Accounts 2022
Notes to the financial statements cont.
Maturity of undiscounted financial liabilities (excluding derivatives)
The expected maturity of the Group\u2019s financial liabilities, using undiscounted cash flows, was as follows:
Year ended 31 December
2022
US$m
2021
US$m
In one year or less, or on demand 282.3 380.1
In more than one year but not more than two years 383.2 22.3
In more than two years but not more than five years 233.5 176.3
In more than five years 48.1 142.6
947.1 721.3
The above table comprises the gross amounts payable in respect of borrowings (including interest thereon),
trade and other non-statutory payables and certain provisions, over the period to the maturity of those
liabilities.
Maturity of undiscounted financial derivatives
The maturity of the Group\u2019s financial derivatives (on a gross basis), which include interest rate and foreign
exchange swaps, using undiscounted cash flows, was as follows:
Year ended 31 December
Assets Liabilities
2022
US$m
2021
US$m
2022
US$m
2021
US$m
In one year or less, or on demand 126.6 182.2 (131.3) (178.5)
In more than one year but not more than two years 14.5 24.8 (17.7) (24.3)
In more than two years but not more than five years \u2013 16.6 \u2013 (16.0)
141.1 223.6 (149.0) (218.8)
34 Derivatives and other financial instruments cont.
Year ended 31 December
2022
US$m
2021
US$m
Impact of a 10% increase in prices:
Increase in pre-tax profit for the year \u2013 \u2013
Increase in equity shareholders\u2019 funds 0.6 0.6
Liquidity risk
The Group typically holds cash balances in deposits with a short maturity. Additional resources can be drawn
through committed borrowing facilities at operating subsidiary level. During the year the Group has complied
with all externally imposed capital requirements.
The Group had the following undrawn committed borrowing facilities in respect of which all conditions
precedent had been met at the year-end:
Year ended 31 December
2022
US$m
2021
US$m
Expiring between one and two years \u2013 \u2013
Expiring between two and five years 270.0 350.0
Maturity of undiscounted financial assets (excluding derivatives)
The expected maturity of the Group\u2019s financial assets, using undiscounted cash flows, was as follows:
Year ended 31 December
2022
US$m
2021
US$m
In one year or less, or on demand 419.6 366.2
In more than one year but not more than two years 5.0 12.6
In more than two years but not more than five years 2.9 4.0
In more than five years 5.9 6.0
433.4 388.8
STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS OTHER INFO
164
Coats Group plc
Annual Report and Accounts 2022
Notes to the financial statements cont.
Customers requesting credit facilities are subject to a credit quality assessment, which may include a review
of their financial strength, previous credit history with the Group, payment record with other suppliers, bank
references and credit rating agency reports. All active customers are subject to an annual, or more frequent
if appropriate, review of their credit limits and credit periods.
The Group applies the simplified approach to providing for expected credit losses prescribed by IFRS 9,
which requires the use of the lifetime expected loss provision for all trade receivables (see note 19).
When determining expected losses for trade receivables, the Group takes into account the historical default
experience and the financial position of the counterparties, as well as the future prospects considering
various sources of information.
The Group does not have a significant credit risk exposure to any single customer.
Hedges
During 2022, the Group has hedged the following exposures:
\u2013 interest rate risk \u2013 using interest rate swaps which are designated as fair value or cash flow hedges; and
\u2013 currency risk \u2013 using forward foreign currency contracts.
At 31 December 2022, the fair value of such instruments was a net liability of $7.4 million (2021: net asset of
$4.6 million).
Interest rate swap fair value hedges outstanding at 31 December are expected to (decrease)/increase the
income statement in the following periods:
Year ended 31 December
2022
US$m
2021
US$m
Within one year (1.6) 0.9
Within one to two years (1.5) 0.5
Within two to five years \u2013 0.5
(3.1) 1.9
The interest rate swaps settle on a quarterly basis. The floating rate on the interest rate swaps is three
months\u2019 LIBOR.
34 Derivatives and other financial instruments cont.
Credit risk
Year ended 31 December
2022
US$m
2021
US$ m
The Group considers its maximum exposure to credit risk to be as follows:
Cash and cash equivalents 172.4 107.2
Derivative financial instruments 1.6 5.5
Trade receivables (net of impairment provision) 236.4 241.5
Amounts due from joint ventures \u2013 0.1
Other receivables 18.7 34.0
429.1 388.3
Financial assets considered not to have exposure to credit risk:
Other investments 5.9 6.0
Total financial assets 435.0 394.3
Analysis of trade receivables over permitted credit period:
Trade receivables up to 1 month over permitted credit period 21.0 17.5
Trade receivables between 1 and 2 months over permitted credit period 5.5 5.1
Trade receivables between 2 and 3 months over permitted credit period 2.2 1.7
Trade receivables between 3 and 6 months over permitted credit period 2.0 1.3
Trade receivables in excess of 6 months over permitted credit period 1.5 1.7
Total trade receivables (net of impairment provision) in excess of permitted credit period 32.2 27.3
Trade receivables within permitted credit period 204.2 214.2
Total net trade receivables 236.4 241.5
Analysis of trade receivables impairment provision:
Trade receivables up to 1 month over permitted credit period 0.6 0.8
Trade receivables between 1 and 2 months over permitted credit period 0.2 0.2
Trade receivables between 2 and 3 months over permitted credit period 0.3 0.3
Trade receivables between 3 and 6 months over permitted credit period 0.7 0.7
Trade receivables in excess of 6 months over permitted credit period 5.8 6.9
Total impairment provision 7.6 8.9
Trade receivables consist of a large number of customers, spread across diverse geographical areas and
industries.
Coats Group plc
Annual Report and Accounts 2022
Notes to the financial statements cont.
The total cost recognised in the consolidated Income Statement in respect of equity settled share-based
payment plans was as follows:
Year ended 31 December
2022
US$m
2021
US$m
Long Term Incentive Plan (LTIP) 3.7 3.9
Deferred bonuses 0.9 0.5
4.6 4.4
The average share price for the year ended 31 December 2022 was 66.0p (2021: 65.8p).
LTIP
Under the terms of the Coats Group LTIP, executive directors and key senior executives may be awarded
each year conditional entitlements to ordinary shares in the Company (in the form of nil cost options). The
vesting of awards is subject to the satisfaction of a three-year performance condition, which is determined by
the Remuneration Committee at the time of grant. The performance condition includes both market and non-
market based measures.
Details of options outstanding under equity settled awards:
2022
Options
2021
Options
Outstanding at 1 January 42,003,141 40,532,920
Granted during the year 12,221,204 15,492,212
Vested during the year (6,467,817) ( 7,136,430)
Lapsed during the year (4,422,917) (2,689,364)
Exercised during the year (2,438,040) (4,196,197)
Outstanding at 31 December 40,895,571 42,003,141
Exercisable at 31 December 3,692,768 4,917,10 4
The options outstanding at 31 December 2022 had a weighted average remaining contractual life of
7.5 years (2021: 7.7 years).
The fair value of the market-based component of these awards was calculated using the Monte Carlo
simulation method to reflect the likelihood of the market-based Total Shareholder Return (TSR) performance
condition, which attach to 20% (2021: 20%) of the award, being met, using the following assumptions:
2022 2021
Vesting period 3 years 3 years
Share price at valuation date 66.0p 59.2p
Exercise price Nil Nil
Risk free rate 1.04% 0.13%
Expected dividend yield 0% 0%
Expected volatility 39.93% 38.26%
Fair value per share 48.4p 16.8p
Deferred bonuses
Under the terms of the Coats Group Deferred Bonus Plan, any bonuses awarded to executive directors and
key senior management will be the subject of a mandatory 25% to 50% deferred into shares, to be held for a
three year retention period. Annual bonuses will be determined by reference to performance, in the normal
course measured over one financial year. Awards are normally exercisable after three years.
The options outstanding at 31 December 2022 had a weighted average remaining contractual life of 7.9
years (2021: 7.6 years).
36 Post balance sheet events
On 20 February 2023 the Group announced completion of a $250 million issue of US Private Placement
notes (see note 30 (g) for further details).
37 Alternative performance measures
This Annual Report contains both statutory measures and alternative performance measures which, in
management\u2019s view, provide valuable additional information for users of the financial statements in
understanding the Group\u2019s performance.
The Group\u2019s alternative performance measures and key performance indicators are aligned to the Group\u2019s
strategy and together are used to measure the performance of the business. A number of these measures
form the basis of performance measures for remuneration incentive schemes.
35 Share-based payments
STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS OTHER INFO
166
Coats Group plc
Annual Report and Accounts 2022
Notes to the financial statements cont.
Alternative performance measures are non-GAAP (Generally Accepted Accounting Practice) measures and
provide supplementary information to assist with the understanding of the Group\u2019s financial results and with
the evaluation of operating performance for all the periods presented. Alternative performance measures,
however, are not a measure of financial performance under International Financial Reporting Standards
(\u2018IFRS\u2019) and should not be considered as a substitute for measures determined in accordance with IFRS. As
the Group\u2019s alternative performance measures are not defined terms under IFRS they may therefore not be
comparable with similarly titled measures reported by other companies.
A reconciliation of alternative performance measures to the most directly comparable measures reported in
accordance with IFRS is provided on pages 167 to 169.
a) Organic growth on a constant exchange rate (CER) basis
Organic growth measures the change in revenue and operating profit before exceptional and acquisition
related items after adjusting for acquisitions. The effect of acquisitions is equalised by:
\u2013 removing from the year of acquisition, their revenue and operating profit; and
\u2013 in the following year, removing the revenue and operating profit for the number of months equivalent to
the pre-acquisition period in the prior year.
The effects of currency changes are removed through restating prior year revenue and operating profit at
current year exchange rates. The principal exchange rates used are set out in note 1.
Organic revenue growth on a CER basis measures the ability of the Group to grow sales by operating in
selected geographies and segments and offering differentiated cost competitive products and services.
Adjusted organic operating profit growth on a CER basis measures the profitability progression of the Group.
Adjusted operating profit is calculated by adding back exceptional and acquisition related items (see note 4
for further details).
Year ended 31 December
2022
US$m
2021*
US$m
%
Growth
Revenue from continuing operations 1,583.8 1,446.7 9%
Constant currency adjustment \u2013 (85.3)
Revenue on a CER basis 1,583.8 1,361.4 16%
Revenue from acquisitions
1
(87.2) \u2013
Organic revenue on a CER basis 1,496.6 1,361.4 10%
Year ended 31 December
2022
US$m
2021*
US$m
%
Growth
Operating profit from continuing operations
2
181.0 178.2 2%
Exceptional and acquisition related items (note 4) 53.9 19.5
Adjusted operating profit from continuing operations 234.9 197.7 19%
Constant currency adjustment \u2013 (12.3)
Adjusted operating profit on a CER basis 234.9 185.4 27%
Operating loss from acquisitions
1
(9.2) \u2013
Organic adjusted operating profit on a CER basis 225.7 185.4 22%
1. Revenue and operating profit from acquisitions relates to the acquisitions of Texon and Rhenoflex (see note 31).
2. Refer to the consolidated income statement for a reconciliation of profit before taxation to operating profit from continuing operations.
* Represented to reflect the results of the Brazil and Argentina business as a discontinued operation (see note 1).
b) Adjusted EBITDA
Adjusted EBITDA is presented as an alternative performance measure to show the operating performance of
the Group excluding the effects of depreciation, amortisation and impairments and excluding exceptional
and acquisition related items.
Operating profit from continuing operations before exceptional and acquisition related items and before
depreciation of owned fixed assets and right-of-use assets and amortisation (Adjusted EBITDA) is as set out
below:
Year ended 31 December
2022
US$m
2021*
US$m
Profit before taxation from continuing operations 151.3 158.0
Share of profit of joint ventures (1.1) (1.2)
Finance income (note 6) (2.6) (0.4)
Finance costs (note 7) 33.4 21.8
Operating profit from continuing operations
1
181.0 178.2
Exceptional and acquisition related items (note 4) 53.9 19.5
Adjusted operating profit from continuing operations 234.9 197.7
Depreciation of owned property, plant and equipment 26.5 27.3
Amortisation of intangible assets 1.8 2.7
Adjusted EBITDA including IFRS 16 depreciation of right-of-use assets (Pre-IFRS 16 basis) 263.2 227.7
Depreciation of right-of-use assets 19.4 19.4
Adjusted EBITDA 282.6 247.1
1. Refer to the consolidated income statement for a reconciliation of profit before taxation to operating profit from continuing operations.
* Represented to reflect the results of the Brazil and Argentina business as a discontinued operation (see note 1).
37 Alternative performance measures cont.
Coats Group plc
Annual Report and Accounts 2022
Notes to the financial statements cont.
Net debt including lease liabilities under IFRS 16 at 31 December 2022 was $499.8 million (2021: $246.1
million).
This gives a leverage ratio of net debt including lease liabilities to adjusted EBITDA at 31 December 2022 of
1.8 (2021: 1.0).
Net debt excluding lease liabilities under IFRS 16 at 31 December 2022 was $394.4 million (2021: $147.1
million).
This gives a leverage ratio on a pre-IFRS 16 basis at 31 December 2022 of 1.5 (2021: 0.6).
The Group\u2019s proforma leverage on a pre-IFRS 16 basis at 31 December 2022 is 1.4 after adjusting EBITDA to
include Texon and Rhenoflex as if the acquisitions had taken effect at the beginning of the reporting period (1
January 2022)
For the definition and calculation of net debt excluding lease liabilities see note 30 (g).
c) Adjusted effective tax rate
The adjusted effective tax rate removes the tax impact of exceptional and acquisition related items and net
interest on pension scheme assets and liabilities to arrive at a tax rate based on the adjusted profit before
taxation.
A significant proportion of the Group\u2019s net interest on pension scheme assets and liabilities relates to UK
pension plans for which there is no related current or deferred tax credit or charge recorded in the income
statement. The Group\u2019s net interest on pension scheme assets and liabilities is adjusted in arriving at the
adjusted effective tax shown below and, in management\u2019s view, were this not adjusted it would distort the
alternative performance measure. This is consistent with how the Group monitors and manages the effective
tax rate.
Year ended 31 December
2022
US$m
2021*
US$m
Profit before taxation from continuing operations 151.3 158.0
Exceptional and acquisition related items (note 4) 55.0 19.5
Net interest on pension scheme assets and liabilities 0.5 4.1
Adjusted profit before taxation from continuing operations 206.8 181.6
Taxation charge from continuing operations 56.4 53.1
Tax credit in respect of exceptional and acquisition related items 3.7 0.2
Tax credit in respect of net interest on pension scheme assets and liabilities 0.5 0.5
Adjusted tax charge from continuing operations 60.6 53.8
Adjusted effective tax rate 29% 30%
d) Adjusted earnings per share
The calculation of adjusted earnings per share is based on the profit from continuing operations attributable
to equity shareholders before exceptional and acquisition related items as set out below. Adjusted earnings
per share growth measures the progression of the benefits generated for shareholders.
Year ended 31 December
2022
US$m
2021*
US$m
Profit from continuing operations 94.9 104.9
Non-controlling interests (22.0) (19.7)
Profit from continuing operations attributable to equity shareholders 72.9 85.2
Exceptional and acquisition related items net of non-controlling interests (note 4) 54.7 19.5
Tax credit in respect of exceptional and acquisition related items (3.7) (0.2)
Adjusted profit from continuing operations 123.9 104.5
Weighted average number of Ordinary Shares 1,515,999,205 1,457,076,765
Adjusted earnings per share (cents) 8.17 7.17
Adjusted earnings per share (growth %) 14%
* Represented to reflect the results of the Brazil and Argentina business as a discontinued operation (see note 1).
The weighted average number of Ordinary Shares used for the calculation of adjusted earnings per share for
the year ended 31 December 2022 is 1,515,999,205 (2021: 1,457,076,765), the same as that used for basic
earnings per ordinary share from continuing operations (see note 11).
e) Adjusted free cash flow
Net cash generated by operating activities, a GAAP measure, reconciles to changes in net debt resulting
from cash flows (free cash flow) as set out in the consolidated cash flow statement. A reconciliation of free
cash flow to adjusted free cash flow is set out below.
Consistent with previous periods, adjusted free cash flow is defined as cash generated from continuing
activities less capital expenditure, interest, tax, dividends to minority interests and other items, and excluding
exceptional and discontinued items, acquisitions, purchase of own shares by the Employee Benefit Trust and
payments to the UK pension scheme.
Adjusted free cash flow measures the Group\u2019s cash generation that is available to service shareholder
dividends, pension obligations and acquisitions.
37 Alternative performance measures cont.
Notes to the financial statements cont. f) Adjusted return on capital employed Adjusted return on capital employed (ROCE) is defined as operating profit before exceptional and acquisition related items adjusted for the full year impact of acquisitions divided by period end capital employed as set out below. Adjusted ROCE measures the ability of the Group\u2019s assets to deliver returns. Year ended 31 December 2022 US$m 2021* US$m Operating profit from continuing operations before exceptional and acquisition related items adjusted for full year impact of acquisitions 1 250.9 197.7 Non-current assets: Acquired intangible assets 366.6 36.8 Property, plant and equipment 256.3 235.1 Right-of-use assets 96.5 91.6 Trade and other receivables 20.2 20.4 Current assets: Inventories 211.4 229.6 Trade and other receivables 286.3 279.8 Current liabilities: Trade and other payables (278.4) (328.9) Lease liabilities (19.0) (17.8) Non-current liabilities Trade and other payables (26.3) (24.2) Lease liabilities (86.4) (81.2) Capital employed 827.2 441.2 Adjusted ROCE 30% 45% The amounts shown above for non-current assets, current assets, current liabilities and non-current liabilities at 31 December 2021 exclude the discontinued Brazil and Argentina business. 1. Operating profit from continuing operations before exceptional and acquisition related items for the year ended 31 December 2022 has been adjusted to include Texon and Rhenoflex as if the acquisitions had taken effect at the beginning of the reporting period (1 January 2022). Including full year proforma results, rather than the actual consolidated results of these acquired businesses, better reflects the return from the capital position at the period end. Therefore this provides reliable and more relevant information on the financial performance of the Group to a user of the financial statements. Refer to note 4 for details of exceptional and acquisition related items. * Represented to reflect the results of the Brazil and Argentina business as a discontinued operation (see note 1). Amounts for non-current assets, current assets, current liabilities and non-current liabilities at 31 December 2021 exclude the discontinued Brazil and Argentina business. Year ended 31 December 2022 US$m 2021* US$m Change in net debt resulting from cash flows (free cash flow) (247.1) 32.6 Acquisition of businesses (note 31) 346.0 \u2013 Disposal of business (note 32) 17.0 \u2013 Net cash outflow from discontinued operations 9.2 9.2 Payments to UK pension scheme 42.7 42.4 Net cash flows in respect of other exceptional and acquisition related items 22.5 12.2 Issue of ordinary shares (note 26) (109.8) \u2013 Purchase of own shares by Employee Benefit Trust 2.1 \u2013 Dividends paid to equity shareholders 33.0 27.4 Tax inflow in respect of adjusted cash flow items (1.4) \u2013 Adjusted free cash flow 114.2 123.8 * Represented to reflect the results of the Brazil and Argentina business as a discontinued operation (see note 1). 37 Alternative performance measures cont. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory",
"language": "en",
"entity": "scheme:2138003SPYWGAITNFY17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-483": {
"value": "The following are the principal accounting policies adopted in preparing the financial statements. Critical accounting judgements and key sources of estimation uncertainty The principal accounting policies adopted by the Group are set out in this note to the consolidated financial statements. Certain of the Group\u2019s accounting policies inherently rely on subjective assumptions and judgements, such that it is possible over time the actual results could differ from the estimates based on the assumptions and judgements used by the Group. Due to the size of the amounts involved, changes in the assumptions relating to the following policies could potentially have a significant impact on the result for the year and/or the carrying values of assets and liabilities in the consolidated financial statements: In the course of preparing the financial statements, the below critical judgements and key sources of estimation uncertainty have had a significant effect on the amounts recognised in the financial statements for the years ended 31 December 2022. The critical accounting judgements made by management in applying the Group\u2019s accounting policies and the key sources of estimation uncertainty were the same as those applied to the consolidated financial statements for the year ended 31 December 2021, except for the critical accounting judgement relating to the sale of the Brazil and Argentina business in 2022 set out below. Critical judgements in applying the Group\u2019s accounting policies Exceptional and acquisition related items As set out in the Group\u2019s accounting policy below, judgement is used to determine those items which should be separately disclosed as exceptional and acquisition related items to provide valuable additional information for users of the financial statements in understanding the Group\u2019s performance. This judgement includes assessment of whether an item is of sufficient size or of a nature that is not consistent with normal trading activities. Please see note 4 for further details. UK pension surplus recognition The Group has recognised a net defined benefit pension surplus for the Coats UK Pension Scheme under IAS 19 of $180.7 million at 31 December 2022 (2021: $108.0 million). Judgement has been applied when interpreting the scheme rules to determine whether the Group can recognise this surplus asset amount on the statement of financial position or whether any economic benefits available as a refund are contingent upon factors beyond the Group\u2019s control and instead require an adjustment to be made to restrict the amount of the surplus recognised and reflect a liability arising from future committed contributions to the Coats UK Pension Scheme under IFRIC 14. The Group has determined that it has an unconditional right to a refund of the surplus assuming the gradual settlement of liabilities over time and therefore has recognised the full amount of the net defined benefit pension surplus. Please see note 10 for further details. Discontinued operations In management\u2019s judgement the Brazil and Argentina business which was sold in May 2022 represents a separate major geographical area and therefore its results for 2022 have been presented as a discontinued operation with 2021 comparative amounts represented to reclassify the results of the Brazil and Argentina business from continuing operations to discontinued operations Key sources of estimation uncertainty The key assumptions concerning the future, and other sources of estimation uncertainty at the balance sheet date, that may have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year, are discussed below. UK retirement benefit obligations The UK retirement benefit surplus recognised in the consolidated statement of financial position is the net of the fair value of scheme assets less the present values of the defined benefit obligations at the year end. Key assumptions involved in the determination of the present values of the defined benefit obligations include discount rates, beneficiary mortality and inflation rates. Changes in any or all of these assumptions could materially change the employee benefit surplus recognised in the consolidated statement of financial position. The carrying values of the Group\u2019s pension obligations as well as a sensitivity analysis relating to changes in discount rates, beneficiary mortality and inflation rates are included in note 10. a) Accounting convention and format The Group\u2019s financial statements for the year ended 31 December 2022 have been prepared in accordance with international accounting standards in conformity with the requirements of the Companies Act 2006, and complies with the disclosure requirements of the Listing Rules of the UK Financial Conduct Authority. The financial statements are prepared under the historical cost convention except for investments and derivatives which are stated at fair value and retirement benefit obligations which are valued in accordance with IAS 19 Employee Benefits. Except for the changes arising from the adoption of new accounting standards, interpretations and amendments (as detailed in note 1), the same accounting policies, presentation and methods of computation have been followed in these consolidated financial statements as applied in the Group\u2019s annual financial statements for the year ended 31 December 2021. Coats Group plc Annual Report and Accounts 2022 Notes to the financial statements cont. Going concern The Directors are satisfied that the Group has sufficient resources to continue in operation for the foreseeable future, a period of not less than 12 months from the date of this report. Accordingly, they continue to adopt the going concern basis in preparing the consolidated financial statements. In assessing the Group\u2019s going concern position, the Directors have considered a number of factors, including the current balance sheet position and available liquidity, the principal and emerging risks which could impact the performance of the Group and compliance with borrowing covenants. In order to assess the going concern status of the Group management has prepared: \u2013 A base case scenario, aligned to the latest Group budget for 2023 as well as the Group\u2019s Medium Term Plan for 2024; \u2013 A severe but plausible downside scenario, which assumes that the global economic environment is severely depressed over the assessment period; and \u2013 A reverse stress test flexing sales to determine what circumstance would be required to either reduce headroom to nil on committed borrowing facilities or breach borrowing covenants, whichever occurred first. The severe but plausible downside scenario includes further management actions that would be deployed if required (for example further reduction in costs). The reverse stress test also includes further controllable management actions that could be deployed if required. The outcome of the reverse stress test was that the interest cover covenant would be breached, however, at the breaking point in the test the Group still maintained a comfortable level of liquidity on committed borrowing facilities. The Directors consider the likelihood of the condition in the reverse stress test occurring to be remote. Liquidity headroom As at 31 December 2022 the Group\u2019s net debt excluding leases liabilities was $394.4 million (2021: $147.1 million). Following the completion of the new US Private Placement and repayment of the acquisition facility in February 2023, the Group\u2019s committed debt facilities total $835 million across its Banking and US Private Placement group, with a range of maturities from late 2024 through to 2030. As of 31 December 2022, based on the facilities in place at that date, the Group had around $250 million of headroom against these committed banking facilities. In both the base case and the severe but plausible downside scenario liquidity is comfortable throughout the assessment period. b) Basis of preparation Subsidiaries Subsidiaries are consolidated from the effective date of acquisition or up to the effective date of disposal, as appropriate. The effective date is when control passes to or from the Group. Control is achieved when the Group has the power over the investee and is exposed, or has the rights to variable returns from its involvement with the investee and has the ability to use its power to affect its returns. The existence and effect of potential voting rights that are currently exercisable or convertible are considered in determining the existence or otherwise of control. Where necessary, adjustments are made to the financial statements of subsidiaries to align their accounting policies with those used by the Group. Where subsidiaries are not 100% owned by the Group, the share attributable to outside shareholders is reflected in non-controlling interests. Non-controlling interests are identified separately from the Group\u2019s equity, and may initially be measured at either fair value or at the non-controlling interests\u2019 share of the fair value of the subsidiary\u2019s identifiable net assets. The choice of measurement is made on an acquisition-by- acquisition basis. Changes in the Group\u2019s interests in subsidiaries, that do not result in a loss of control, are accounted for as equity transactions. Where control is lost, a gain or loss on disposal is recognised through the consolidated income statement, calculated as the difference between the fair value of consideration received (plus the fair value of any retained interest) and the Group\u2019s previous share of the former subsidiary\u2019s net assets. Amounts previously recognised in other comprehensive income in relation to that subsidiary are reclassified and recognised through the income statement as part of the gain or loss on disposal. Discontinued operations On 10 May 2022 the Group announced the agreement to sell its business in Brazil and Argentina to Reelpar SA, an entity backed by a Sao Paulo Private Equity Firm. The sale was completed on 26 May 2022, the date which control passed to the acquirer. The results of the Brazil and Argentina business are presented as a discontinued operation in the consolidated income statement for the year ended 31 December 2022. Amounts for year ended 31 December 2021 in the consolidated income statement have been represented to reclassify the results of the Brazil and Argentina business from continuing operations to discontinued operations. Note 32 provides further details of the sale. Joint ventures Joint ventures are entities in which the Group has joint control, shared with a party outside the Group. The Group reports its interests in joint ventures using the equity method. 1 Principal accounting policies cont. Coats Group plc Annual Report and Accounts 2022 Notes to the financial statements cont. Group companies Assets and liabilities of subsidiaries whose presentation currency is not USD are translated into the Group\u2019s presentation currency at the rates of exchange ruling at the period end and their income statements are translated at the average exchange rates for the year. The exchange differences arising on the retranslation since 1 January 2004 are taken to a separate component of equity. On disposal of such an entity, the deferred cumulative amount recognised in equity since 1 January 2004 relating to that particular operation is recycled through the consolidated income statement. Translation differences that arose before the date of transition to IFRS in respect of all such entities are not presented as a separate component of equity. Goodwill and fair value adjustments arising on acquisition of such operations are regarded as assets and liabilities of the particular operation, expressed in the currency of the operation and recorded at the exchange rate at the date of the transaction and subsequently retranslated at the applicable closing rates. The principal exchange rates (to the US dollar) used in preparing these financial statements are as follows: 2022 2021 Average Sterling 0.81 0.73 Euro 0.95 0.85 Chinese Renminbi 6.73 6.45 Indian Rupee 78.59 73.92 Turkish Lira* 16.57 8.89 Period end Sterling 0.83 0.74 Euro 0.93 0.88 Chinese Renminbi 6.90 6.35 Indian Rupee 82.72 74.47 Turkish Lira 18.69 13.32 Covenant testing The Group\u2019s committed borrowing facilities are subject to ongoing covenant testing. Covenants are measured twice a year, at full year and half year and are measured under frozen accounting standards and therefore exclude the effects of IFRS 16. The financial covenants under the borrowing agreements are for leverage (net debt/EBITDA) less than 3.0 and interest cover (EBITDA/interest charge) to be in excess of 4.0. All banking covenants tests were met comfortably at 31 December 2022, with leverage of 1.4x and interest cover of 19.0x. The base case forecast indicates that banking covenants will be comfortably met throughout the assessment period. Under the severe but plausible downside scenario covenant compliance is still projected to be achieved throughout the assessment period, although with reduced but adequate headroom. Conclusion In conclusion, after reviewing the base case, the severe but plausible downside scenario and considering the remote likelihood of the scenario in the reverse stress test occurring, the Directors have formed the judgement that, at the time of approving the consolidated financial statements, there are no material uncertainties that cast doubt on the Group\u2019s going concern status and that it is appropriate to prepare the consolidated financial statements on the going concern basis. c) Functional currency The functional currency of Coats Group plc continued to be United States dollars (USD) during the year ended 31 December 2022. d) Foreign currencies Foreign currency translation The Group\u2019s presentation currency is USD. Transactions of companies within the Group are recorded in the functional currency of that company. Currencies other than the functional currency are foreign currencies. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the period end. All currency differences on monetary items are taken to the consolidated income statement with the exception of currency differences that represent a net investment in a foreign operation, which are taken directly to equity until disposal of the net investment, at which time they are recycled through the consolidated income statement. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rate as at the date of initial transaction. 1 Principal accounting policies cont. STRATEGIC REPORT CORPORATE GOVERNANCE Coats Group plc Annual Report and Accounts 2022 Notes to the financial statements cont. h) Property, plant and equipment Owned assets Items of property, plant and equipment are stated at cost less accumulated depreciation and any accumulated impairments. Subsequent expenditure Expenditure incurred to replace a component of an item of property, plant and equipment that is accounted for separately, including major inspection and overhaul expenditure, is capitalised. Other subsequent expenditure is capitalised only when it increases the future economic benefits embodied in the item of property, plant and equipment. All other expenditure is recognised in the income statement as an expense as incurred. Depreciation Depreciation is charged to the income statement on a straight-line basis over the estimated useful lives of property, plant and equipment, and major components that are accounted for separately. Land is not depreciated. The estimated useful lives are as follows: Freehold buildings 50 years to 100 years Leasehold improvements 10 years to 50 years or over the term of the lease if shorter Plant and equipment 3 years to 20 years Vehicles and office equipment 2 years to 10 years Assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at each period end. i) Business combinations and Intangible assets Business combinations Acquisitions of subsidiaries and businesses are accounted for using the acquisition method. The consideration for each acquisition is measured as the sum of the acquisition-date fair values of assets given, liabilities incurred or assumed in exchange for control of the acquiree. Acquisition-related costs are recognised in the consolidated income statement, as incurred, in operating costs. If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the Group reports provisional amounts for the items for which the accounting is incomplete. Those provisional amounts are adjusted during the measurement period (see below), or additional assets or liabilities are recognised, to reflect new information obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the amounts recognised as of that date. * Cumulative inflation rates over a three-year period exceeded 100% in Turkey in Q2 2022 and is considered as hyperinflationary and as a result IAS 29 \u201cFinancial Reporting in Hyperinflationary Economies\u201d has been applied for the first time for the year ended 31 December 2022. In accordance with IAS 29, the financial statements of the Company\u2019s subsidiary in Turkey are translated into the Group\u2019s US Dollar presentational currency at the 31 December 2022 year end exchange rate. Monetary assets and liabilities are not restated. All non-monetary items recorded at historical rates are restated for the change in purchasing power caused by inflation from the date of initial recognition to the year end balance sheet date. The income statement of the Company\u2019s subsidiary in Turkey is adjusted for inflation during the reporting period. Comparative amounts in the Group\u2019s financial statements are not restated. The translation adjustment resulting from the initial application of IAS 29 of $5.0 million was recognised in equity and a net monetary gain of $1.9 million was recognised within finance income on non-monetary items held in Turkish Lira. The inflation rate used is the consumer price index published by the Turkish Statistical Institute, TurkStat. The movement in the price index for the year ended 31 December 2022 was 64%. e) Operating segments Operating segments are components of the Group about which separate financial information is available that is evaluated by the Coats Group plc Group Executive Team in deciding how to allocate resources and in assessing performance. See note 2 for further details. f) Operating profit Operating profit is stated before the share of results of joint ventures, investment and interest income, finance costs and foreign exchange gains and losses from financing activities. g) Exceptional and acquisition related items The Group has adopted an income statement format which seeks to highlight significant items within the Group results for the year. Exceptional items may include significant restructuring associated with a business or property disposal, litigation costs and settlements, profit or loss on disposal of property, plant and equipment, non-actuarial gains or losses arising from significant one off changes to defined benefit pension obligations, regulatory investigation costs and impairment of assets. Acquisition related items include amortisation of acquired intangible assets, acquisition transaction costs, contingent consideration linked to employment and adjustments to contingent consideration. Please see note 4 for further details on why management consider these items to be exceptional. Judgement is used by the Group in assessing the particular items, which by virtue of their scale and nature, should be presented in the income statement and disclosed in the related notes as exceptional items. In determining whether an event or transaction is exceptional, materiality is a key consideration and qualitative factors, such as frequency or predictability of occurrence, are also considered. This is consistent with the way financial performance is measured by management and reported to the Board. 1 Principal accounting policies cont. STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL Coats Group plc Annual Report and Accounts 2022 Notes to the financial statements cont. Intellectual property, comprising trademarks, designs, patents and product development which have a finite useful life, are carried at cost less accumulated amortisation and impairment charges. Amortisation is calculated using the straight-line method to allocate the cost over the assets\u2019 useful lives, which vary from 5 to 10 years. The amortisation charge for both acquired and other intangibles assets is included within the distribution costs and administrative expense lines in the consolidated income statement. Impairment of property, plant and equipment, right-of-use assets and intangible assets excluding goodwill Assets that have an indefinite useful life are not subject to amortisation and are tested annually for impairment. Assets that are subject to depreciation or amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment charge is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. For the purposes of assessing impairment, assets are measured at the CGU level. Research and development All research costs are expensed as incurred. An internally-generated intangible asset arising from development is recognised only if all of the following conditions are met: \u2013 an asset is created that can be separately identified; \u2013 it is probable that the asset created will generate future economic benefits; and \u2013 the development costs can be measured reliably. Internally-generated intangible assets are amortised on a straight-line basis over their useful lives. Where no internally-generated intangible asset can be recognised, development expenditure is recognised as an expense in the period in which it is incurred. The measurement period is the period from the date of acquisition to the date the Group obtains complete information about facts and circumstances that existed as of the acquisition date and is subject to a maximum of one year. Goodwill Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non- controlling interests in the acquiree, and the fair value of the acquirer\u2019s previously held equity interest in the acquiree (if any) over the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed. Goodwill is recognised as an asset and tested for impairment at least annually. Any impairment is recognised immediately in the income statement. On disposal of a subsidiary, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. Goodwill is allocated to cash-generating units (CGUs) for the purpose of impairment testing. CGUs represent the smallest group of assets that generate cash inflows that are largely independent of the cash inflows from other assets or groups of assets. Negative goodwill is recognised immediately in the income statement. I ntangible assets acquired in a business combination Intangible assets acquired in a business combination and recognised separately from goodwill are initially recognised at their fair value at the acquisition date (which is regarded as their cost). Subsequent to initial recognition, intangible assets acquired in a business combination are reported at cost less accumulated amortisation and accumulated impairment losses, on the same basis as intangible assets that are acquired separately. The estimated useful lives (other than Coats Brands) are as follows: Brands and trade names 5 years to 20 years Technology 4 years to 10 years Customer relationships 9 years to 15 years The useful life of the Coats Brand is considered to be indefinite. Other intangibles Acquired computer software licences and computer software development costs are capitalised on the basis of the costs incurred to acquire and bring to use the specific software and are amortised over their estimated useful lives of up to 5 years. 1 Principal accounting policies cont. Coats Group plc Annual Report and Accounts 2022 Notes to the financial statements cont. Right-of-use assets are depreciated over the shorter period of lease term and useful life of the underlying asset. If a lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the Group expects to exercise a purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. The depreciation starts at the commencement date of the lease. Variable rents that do not depend on an index are not included in the measurement of the lease liability and the right-of-use asset. The related payments are recognised as an expense in the period in which the event or condition that triggers those payments occurs. k) Financial instruments Financial assets and financial liabilities are recognised when the Group becomes a party to the contractual provisions of the relevant financial instrument. Financial assets (i) Investments in equity securities Investments in equity securities are recognised and derecognised on a trade date basis and are initially measured at fair value, plus directly attributable transaction costs and are remeasured at subsequent reporting dates at fair value, with movements recorded in other comprehensive income. Listed investments are stated at market value. Unlisted investments are stated at fair value based on directors\u2019 valuation, which is supported by external experts\u2019 advice or other external evidence. (ii) Cash and cash equivalents Cash and cash equivalents in the statement of financial position comprise cash at bank and in hand and short-term deposits maturing in less than three months. For the purposes of the statement of cash flows, cash and cash equivalents consist of cash and cash equivalents as defined above, net of outstanding bank overdrafts. (iii) Trade and other receivables Trade receivables are recognised at fair value (which ordinarily reflects the invoice amount) and carried at amortised cost, less an allowance for expected lifetime losses as permitted under the simplified approach in IFRS 9. Fully provided balances are not written off from the balance sheet until the Group has decided to cease enforcement activity. Financial liabilities (i) Trade payables Trade payables are not interest-bearing and are recognised at fair value, and measured subsequently at amortised cost. j) Leases The Group assesses whether a contract is or contains a lease, at inception of the contract. The Group recognises a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets (defined as assets with a value of US$5,000 or less when new). For these leases, the Group recognises the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the Group uses its incremental borrowing rate. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made. The Group remeasures the lease liability (and makes a corresponding adjustment to the related right-of-use asset) whenever: \u2013 the lease term has changed or there is a change in the assessment of exercise of a purchase option, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate; \u2013 the lease payments change due to changes in an index or rate or a change in expected payment under a guaranteed residual value, in which cases the lease liability is remeasured by discounting the revised lease payments using the initial discount rate (unless the lease payments change is due to a change in a floating interest rate, in which case a revised discount rate is used); and \u2013 a lease contract is modified and the lease modification is not accounted for as a separate lease, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate. The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses. Whenever the Group incurs an obligation for costs to dismantle and remove a leased asset, restore the site on which it is located or restore the underlying asset to the condition required by the terms and conditions of the lease, a provision is recognised and measured under IAS 37 \u2018Provisions, Contingent Liabilities and Contingent Assets\u2019. The costs are included in the related right-of-use asset, unless those costs are incurred to produce inventories. 1 Principal accounting policies cont. Coats Group plc Annual Report and Accounts 2022 Notes to the financial statements cont. (v) Fair value hedges Changes in the fair values of derivatives that are designated and qualify as fair value hedges are recognised immediately through the income statement, together with any changes in the fair value of the related hedged items due to changes in the hedged risks. On discontinuation of the hedge the adjustment to the carrying amount of the hedged item arising from the hedged risk is amortised through the consolidated income statement from that date. (vi) Cash flow hedges The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is deferred in equity. Once the related hedged item is recognised in the income statement, the amounts deferred in equity are recycled through the consolidated income statement. The gain or loss arising from any ineffective portion of the hedge is recognised immediately through the consolidated income statement. (vii) Hedges of net investments in foreign operations Gains and losses on hedging instruments relating to the effective portion of such hedges are recognised through the translation reserve, and recycled through the consolidated income statement on disposal of the respective foreign operations. The gain or loss arising from any ineffective portion of such hedges is recognised immediately through the consolidated income statement. l) Revenue Revenue comprises the fair value of the sale of goods and services, net of sales tax and discounts and rebates, and after eliminating sales within the Group. Revenue is recognised as follows: (i) Sales of goods Sales of goods are recognised in revenue at a single point in time when control of the goods has been transferred to the buyer. The point in time at which control is deemed to have transferred varies depending on the commercial terms agreed with the buyer. (ii) Sales of services Sales of services are recognised in the period in which the services are rendered, as follows: \u2013 Software implementation and licensing income \u2013 performance obligations are satisfied over a period of time and therefore revenue is recognised by reference to the stage of completion at the period end. The Group uses labour hours expended to assess the stage of completion as it is deemed to be the most appropriate basis to measure progress. \u2013 Maintenance income \u2013 performance obligations are satisfied evenly over a fixed period of time and therefore revenue is recognised on a straight line basis over the maintenance period. Advances received from customers are included within contract liabilities. ( ii) Borrowings Interest-bearing loans and overdrafts are initially measured at fair value, net of direct issue costs. These financial liabilities are subsequently measured at amortised cost using the effective interest method, with interest expense recognised over the period of the relevant liabilities. Financial liabilities designated as hedged items in a fair value hedge are subsequently measured at fair value. (iii) Compound instruments The component parts of compound instruments are classified separately as financial liabilities and equity in accordance with the substance of the contractual arrangement. At the date of issue, the fair value of the liability component is estimated using the prevailing market interest rate for a similar non-convertible instrument, and this amount is recorded as a liability at amortised cost. The equity component is the fair value of the compound instrument as a whole less the amount of the liability component, and is recognised in equity, net of income tax effect, without subsequent remeasurement. (iv) Derivative financial instruments and hedge accounting The Group\u2019s activities expose it to the financial risks of changes in foreign exchange rates and interest rates. The use of financial derivatives is regulated by the Board or that of the relevant operating subsidiary in accordance with their respective risk management strategies. Changes in values of all derivatives of a financing nature are included within finance costs in the income statement. Derivative financial instruments are initially measured at fair value at contract date and are remeasured at each reporting date. The Group designates hedging instruments as either fair value hedges, cash flow hedges or hedges of net investments in foreign operations. Hedges of interest rate risk are accounted for as fair value or cash flow hedges. At the inception of each hedge transaction the issuing entity documents the relationship between the hedging instrument and the hedged item and the anticipated effectiveness of the hedge transaction, and monitors the ongoing effectiveness over the period of the hedge. Hedge accounting is discontinued when the issuing entity revokes the hedging relationship, the hedge instrument expires, is sold, exercised or otherwise terminated, and the adjustment to the carrying amount of the hedged item arising from the hedged risk is amortised through the income statement from that date. 1 Principal accounting policies cont. Coats Group plc Annual Report and Accounts 2022 Notes to the financial statements cont. For defined contribution plans, the Group pays contributions to publicly or privately administered pension plans on a mandatory, contractual or voluntary basis. The contributions are recognised as employee benefit expenses when they are due. Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction in the future payments is available. (ii) Share-based compensation Cash-settled Cash-settled share-based payments are measured at fair value (excluding the effect of non-market-based vesting conditions) at each reporting date. The fair value is expensed on a straight-line basis over the vesting period, with a corresponding increase in liabilities. Equity-settled The Group operates an equity-settled Long Term Incentive Plan for executives and senior management. Awards under this Plan are subject to both market-based and non-market-based vesting criteria. The fair value at the date of grant is established by using an appropriate simulation method to reflect the likelihood of market-based performance conditions being met. The fair value is charged to the consolidated income statement on a straight-line basis over the vesting period, with appropriate adjustments being made during this period to reflect expected vesting for non-market-based performance conditions and forfeitures. The corresponding credit is to equity shareholders\u2019 funds. To satisfy awards under this Plan, shares may be purchased in the market by an Employee Benefit Trust over the vesting period. (iii) Non-share-based long-term incentive schemes The anticipated present value cost of non-share-based incentive schemes is charged to the consolidated income statement on a straight-line basis over the period the benefit is earned, based on remuneration rates that are expected to be payable. (iv) Termination benefits Termination benefits are payable when employment is terminated before the normal retirement date, or whenever an employee accepts voluntary redundancy in exchange for these benefits. The Group recognises termination benefits when it is demonstrably committed to either: terminating the employment of current employees according to a detailed formal plan without possibility of withdrawal; or providing termination benefits as a result of an offer made to encourage voluntary redundancy. Benefits falling due more than 12 months after the period end are discounted to present value. o) Taxation The tax expense represents the sum of the current tax and deferred tax. (iii) Income from sales of property Income from sales of property is recognised on completion when legal title of the property passes to the buyer. m) Inventories Inventories are valued at the lower of cost and net realisable value. Costs incurred in bringing each product to its present location and condition are accounted for as follows: Raw materials are valued at cost on a first-in, first-out basis. The costs of finished goods and work in progress include direct materials and labour and a proportion of manufacturing overheads based on normal operating capacity but excluding borrowing costs. Net realisable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs necessary to make the sale. Provision is made for obsolete, slow-moving and defective inventories. n) Employee benefits (i) Retirement and other post-employment obligations For retirement and other post-employment benefit obligations, the cost of providing benefits is determined using the Projected Unit Credit Method, with actuarial valuations being carried out at the end of each reporting period by independent actuaries. Remeasurement comprising actuarial gains and losses, the effect of the asset ceiling (if applicable) and the return on scheme assets (excluding interest) are recognised immediately in the consolidated statement of financial position with a charge or credit to the consolidated statement of comprehensive income in the period in which they occur. Remeasurement recorded in the consolidated statement of comprehensive income is not recycled. Current and past service costs, along with the impact of any settlements or curtailments, are charged to the consolidated income statement. The net interest expense on pension plans\u2019 liabilities and the expected return on the plans\u2019 assets is recognised within finance expense in the consolidated income statement. In addition, pension scheme administrative expenses including the Pension Protection Fund (PPF) levy and actuary, audit, legal and trustee charges are recognised as administrative expenses. The retirement benefit and other post employment benefit obligation recognised in the consolidated statement of financial position represents the deficit or surplus in the Group\u2019s defined benefit schemes. Any surplus resulting from this calculation is limited to the present value of any economic benefits available in the form of refunds from the schemes or reductions in future contributions to the schemes and refunds expected from the schemes to fund other Group defined benefit schemes, in accordance with relevant legislation. 1 Principal accounting policies cont. Coats Group plc Annual Report and Accounts 2022 Notes to the financial statements cont. q) Borrowing costs Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to prepare for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in the income statement in the period in which they are incurred. r) Provisions A provision is recognised in the consolidated statement of financial position when the Group has a legal or constructive obligation as a result of a past event, and it is probable that an outflow of economic benefits will be required to settle the obligation. If the effect is material, a provision is determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific to the liability. Where discounting is used, the increase in the provision due to the passage of time is recognised as a borrowing cost. When some or all of the economic benefits required to settle a provision are expected to be recovered from an insurer, a receivable is recognised as an insurance reimbursement asset and included separately within other receivables if it is virtually certain that reimbursement from the insurer will be received and the amount of the receivable can be measured reliably. s) Onerous contracts A provision for onerous contracts is recognised when the expected benefits to be derived by the Group from a contract are lower than the unavoidable cost of meeting its obligations under the contract. t) Restructuring A provision for restructuring is recognised when the Group has approved a detailed and formal restructuring plan, and the restructuring has either commenced or has been announced publicly. Future operating costs are not provided for. u) Assets held for sale and discontinued operations Non-current assets and businesses which are to be sold (disposal groups) classified as held for sale are measured at the lower of carrying amount and fair value less costs to sell. Non-current assets (and disposal groups) are classified as held for sale if their carrying amount is expected to be recovered through a sale transaction rather than through continuing use. This condition is regarded as met only when such a sale is highly probable and the asset (or disposal group) is available for immediate sale in its present condition. Management must be committed to the sale, which should be expected to qualify for recognition as a completed sale within one year from the date of classification. The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the consolidated income statement because it excludes items of income and expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Group\u2019s liability for current tax is calculated using tax rates that have been enacted by the period end. Deferred tax is provided using the liability method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred taxation is measured on a non-discounted basis. The following temporary differences are not provided for: goodwill not deducted for tax purposes, the initial recognition of assets or liabilities that affect neither accounting, nor taxable profit, and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the period end. A deferred tax asset is recognised only to the extent that it is probable that future profits will be available against which the asset can be utilised. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realised. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates, and interests in joint ventures, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences associated with such investments and interests are only recognised to the extent that it is probable that there will be sufficient taxable profits against which to utilise the benefits of the temporary differences and they are expected to reverse in the foreseeable future. The carrying values of deferred tax assets are reviewed at each period end. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to other comprehensive income or equity, in which case the deferred tax is also dealt with in other comprehensive income or equity. p) Government grants Government grants are not recognised until there is reasonable assurance that the Group will comply with the conditions attaching to them and that the grants will be received. Government grants are recognised in profit or loss on a systematic basis over the periods in which the Group recognises as expenses the related costs for which the grants are intended to compensate. Government grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the Group with no future related costs are recognised in profit or loss in the period in which they become receivable. 1 Principal accounting policies cont. Non-current assets are classified as held for sale from the date these conditions are met, and such assets are no longer depreciated. Discontinued operations are classified as held for sale and are either a separate business segment or a geographical area of operations that is part of a single coordinated plan to sell. Once an operation has been identified as discontinued, or is reclassified as discontinued, the comparative information in the Income Statement is restated. v) Climate change In preparation of the consolidated financial statements, consideration has been given to the impact of climate change on the Group\u2019s key accounting policies, estimates and judgements. As noted in the Taskforce on Climate-related Financial Disclosures (TCFD) section of the Strategic Report on pages 35-38 we are exposed to specific transitional and physical climate related risks. The key areas in the consolidated financial statements that were identified for consideration of potential impacts from these climate related risks were the assumptions used to support impairment reviews of cash generating units (CGUs) and accounting policies on estimated useful lives of tangible fixed assets. (i) Impairment of assets The key climate related risks considered were the introduction of carbon taxes, disruption of water supply and extreme weather events (floods and extreme heat). These risks as well as any potential mitigations were considered when assessing the appropriateness of the assumptions used to project future cash flows to support the value in use of a CGU. No specific significant financial impacts were identified in relation to the CGUs that were subject to an impairment review during the year ended 31 December 2022 (see note 13). In addition, no significant short to medium term (pre 2045) climate related impacts have been identified for individual assets or other CGUs in the Group. (ii) Fixed asset useful lives Consideration was given as to whether the impact of physical risks relating to extreme weather events (e.g. flood risk damage) may require a reassessment of the estimated useful lives of fixed assets. As noted in the physical risks section in our TCFD disclosures, no significant impacts are currently expected in the short to medium term (pre 2045), after which point the majority of the Group\u2019s current fixed asset portfolio will be fully depreciated. As such, the reassessment of fixed asset useful lives to reflect potential impacts of climate change was not deemed necessary. In light of the above, the Group\u2019s current assessment is that the climate related risks detailed in the TCFD disclosures section of the Strategic Report do not have a material impact on the key accounting policies, estimates and judgements that form the basis of these consolidated financial statements New IFRS accounting standards, interpretations and amendments adopted in the year During the year, the Group has adopted the following standards, interpretations and amendments: \u2013 Onerous Contracts \u2013 Cost of Fulfilling a Contract (Amendments to IAS 37); \u2013 Annual Improvements to IFRS Standards 2018\u20132020; \u2013 Property, Plant and Equipment: Proceeds before Intended Use (Amendments to IAS 16); and \u2013 Reference to the Conceptual Framework (Amendments to IFRS 3). The adoption of these standards has not had a material impact on the financial statements of the Group. New IFRS accounting standards and interpretations not yet adopted The following published standards and amendments to existing standards, which have not yet all been endorsed by the UKEB, are expected to be effective as follows: From the year beginning 1 January 2023: \u2013 Classification of Liabilities as Current or Non-current (Amendments to IAS 1); \u2013 IFRS 17 Insurance Contracts and amendments to IFRS 17 Insurance Contracts; \u2013 Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2); \u2013 Definition of Accounting Estimates (Amendments to IAS 8); and \u2013 Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12). From the year beginning 1 January 2024: \u2013 Non-current Liabilities with Covenants (Amendments to IAS 1); The directors do not expect that the adoption of the Standards and Interpretations listed above will have a material impact on the financial statements of the Group in future periods, although the full assessment is not complete.",
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"value": "The following are the principal accounting policies adopted in preparing the financial statements. Critical accounting judgements and key sources of estimation uncertainty The principal accounting policies adopted by the Group are set out in this note to the consolidated financial statements. Certain of the Group\u2019s accounting policies inherently rely on subjective assumptions and judgements, such that it is possible over time the actual results could differ from the estimates based on the assumptions and judgements used by the Group. Due to the size of the amounts involved, changes in the assumptions relating to the following policies could potentially have a significant impact on the result for the year and/or the carrying values of assets and liabilities in the consolidated financial statements: In the course of preparing the financial statements, the below critical judgements and key sources of estimation uncertainty have had a significant effect on the amounts recognised in the financial statements for the years ended 31 December 2022. The critical accounting judgements made by management in applying the Group\u2019s accounting policies and the key sources of estimation uncertainty were the same as those applied to the consolidated financial statements for the year ended 31 December 2021, except for the critical accounting judgement relating to the sale of the Brazil and Argentina business in 2022 set out below. Critical judgements in applying the Group\u2019s accounting policies Exceptional and acquisition related items As set out in the Group\u2019s accounting policy below, judgement is used to determine those items which should be separately disclosed as exceptional and acquisition related items to provide valuable additional information for users of the financial statements in understanding the Group\u2019s performance. This judgement includes assessment of whether an item is of sufficient size or of a nature that is not consistent with normal trading activities. Please see note 4 for further details. UK pension surplus recognition The Group has recognised a net defined benefit pension surplus for the Coats UK Pension Scheme under IAS 19 of $180.7 million at 31 December 2022 (2021: $108.0 million). Judgement has been applied when interpreting the scheme rules to determine whether the Group can recognise this surplus asset amount on the statement of financial position or whether any economic benefits available as a refund are contingent upon factors beyond the Group\u2019s control and instead require an adjustment to be made to restrict the amount of the surplus recognised and reflect a liability arising from future committed contributions to the Coats UK Pension Scheme under IFRIC 14. The Group has determined that it has an unconditional right to a refund of the surplus assuming the gradual settlement of liabilities over time and therefore has recognised the full amount of the net defined benefit pension surplus. Please see note 10 for further details. Discontinued operations In management\u2019s judgement the Brazil and Argentina business which was sold in May 2022 represents a separate major geographical area and therefore its results for 2022 have been presented as a discontinued operation with 2021 comparative amounts represented to reclassify the results of the Brazil and Argentina business from continuing operations to discontinued operations Key sources of estimation uncertainty The key assumptions concerning the future, and other sources of estimation uncertainty at the balance sheet date, that may have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year, are discussed below. UK retirement benefit obligations The UK retirement benefit surplus recognised in the consolidated statement of financial position is the net of the fair value of scheme assets less the present values of the defined benefit obligations at the year end. Key assumptions involved in the determination of the present values of the defined benefit obligations include discount rates, beneficiary mortality and inflation rates. Changes in any or all of these assumptions could materially change the employee benefit surplus recognised in the consolidated statement of financial position. The carrying values of the Group\u2019s pension obligations as well as a sensitivity analysis relating to changes in discount rates, beneficiary mortality and inflation rates are included in note 10. ",
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"value": "a) Accounting convention and format The Group\u2019s financial statements for the year ended 31 December 2022 have been prepared in accordance with international accounting standards in conformity with the requirements of the Companies Act 2006, and complies with the disclosure requirements of the Listing Rules of the UK Financial Conduct Authority. The financial statements are prepared under the historical cost convention except for investments and derivatives which are stated at fair value and retirement benefit obligations which are valued in accordance with IAS 19 Employee Benefits. Except for the changes arising from the adoption of new accounting standards, interpretations and amendments (as detailed in note 1), the same accounting policies, presentation and methods of computation have been followed in these consolidated financial statements as applied in the Group\u2019s annual financial statements for the year ended 31 December 2021. ",
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"language": "en",
"entity": "scheme:2138003SPYWGAITNFY17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-543": {
"value": "Going concern The Directors are satisfied that the Group has sufficient resources to continue in operation for the foreseeable future, a period of not less than 12 months from the date of this report. Accordingly, they continue to adopt the going concern basis in preparing the consolidated financial statements. In assessing the Group\u2019s going concern position, the Directors have considered a number of factors, including the current balance sheet position and available liquidity, the principal and emerging risks which could impact the performance of the Group and compliance with borrowing covenants. In order to assess the going concern status of the Group management has prepared: \u2013 A base case scenario, aligned to the latest Group budget for 2023 as well as the Group\u2019s Medium Term Plan for 2024; \u2013 A severe but plausible downside scenario, which assumes that the global economic environment is severely depressed over the assessment period; and \u2013 A reverse stress test flexing sales to determine what circumstance would be required to either reduce headroom to nil on committed borrowing facilities or breach borrowing covenants, whichever occurred first. The severe but plausible downside scenario includes further management actions that would be deployed if required (for example further reduction in costs). The reverse stress test also includes further controllable management actions that could be deployed if required. The outcome of the reverse stress test was that the interest cover covenant would be breached, however, at the breaking point in the test the Group still maintained a comfortable level of liquidity on committed borrowing facilities. The Directors consider the likelihood of the condition in the reverse stress test occurring to be remote. Liquidity headroom As at 31 December 2022 the Group\u2019s net debt excluding leases liabilities was $394.4 million (2021: $147.1 million). Following the completion of the new US Private Placement and repayment of the acquisition facility in February 2023, the Group\u2019s committed debt facilities total $835 million across its Banking and US Private Placement group, with a range of maturities from late 2024 through to 2030. As of 31 December 2022, based on the facilities in place at that date, the Group had around $250 million of headroom against these committed banking facilities. In both the base case and the severe but plausible downside scenario liquidity is comfortable throughout the assessment period. Covenant testing The Group\u2019s committed borrowing facilities are subject to ongoing covenant testing. Covenants are measured twice a year, at full year and half year and are measured under frozen accounting standards and therefore exclude the effects of IFRS 16. The financial covenants under the borrowing agreements are for leverage (net debt/EBITDA) less than 3.0 and interest cover (EBITDA/interest charge) to be in excess of 4.0. All banking covenants tests were met comfortably at 31 December 2022, with leverage of 1.4x and interest cover of 19.0x. The base case forecast indicates that banking covenants will be comfortably met throughout the assessment period. Under the severe but plausible downside scenario covenant compliance is still projected to be achieved throughout the assessment period, although with reduced but adequate headroom. Conclusion In conclusion, after reviewing the base case, the severe but plausible downside scenario and considering the remote likelihood of the scenario in the reverse stress test occurring, the Directors have formed the judgement that, at the time of approving the consolidated financial statements, there are no material uncertainties that cast doubt on the Group\u2019s going concern status and that it is appropriate to prepare the consolidated financial statements on the going concern basis. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:2138003SPYWGAITNFY17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-486": {
"value": "b) Basis of preparation Subsidiaries Subsidiaries are consolidated from the effective date of acquisition or up to the effective date of disposal, as appropriate. The effective date is when control passes to or from the Group. Control is achieved when the Group has the power over the investee and is exposed, or has the rights to variable returns from its involvement with the investee and has the ability to use its power to affect its returns. The existence and effect of potential voting rights that are currently exercisable or convertible are considered in determining the existence or otherwise of control. Where necessary, adjustments are made to the financial statements of subsidiaries to align their accounting policies with those used by the Group. Where subsidiaries are not 100% owned by the Group, the share attributable to outside shareholders is reflected in non-controlling interests. Non-controlling interests are identified separately from the Group\u2019s equity, and may initially be measured at either fair value or at the non-controlling interests\u2019 share of the fair value of the subsidiary\u2019s identifiable net assets. The choice of measurement is made on an acquisition-by- acquisition basis. Changes in the Group\u2019s interests in subsidiaries, that do not result in a loss of control, are accounted for as equity transactions. Where control is lost, a gain or loss on disposal is recognised through the consolidated income statement, calculated as the difference between the fair value of consideration received (plus the fair value of any retained interest) and the Group\u2019s previous share of the former subsidiary\u2019s net assets. Amounts previously recognised in other comprehensive income in relation to that subsidiary are reclassified and recognised through the income statement as part of the gain or loss on disposal. Discontinued operations On 10 May 2022 the Group announced the agreement to sell its business in Brazil and Argentina to Reelpar SA, an entity backed by a Sao Paulo Private Equity Firm. The sale was completed on 26 May 2022, the date which control passed to the acquirer. The results of the Brazil and Argentina business are presented as a discontinued operation in the consolidated income statement for the year ended 31 December 2022. Amounts for year ended 31 December 2021 in the consolidated income statement have been represented to reclassify the results of the Brazil and Argentina business from continuing operations to discontinued operations. Note 32 provides further details of the sale. Joint ventures Joint ventures are entities in which the Group has joint control, shared with a party outside the Group. The Group reports its interests in joint ventures using the equity method. Going concern The Directors are satisfied that the Group has sufficient resources to continue in operation for the foreseeable future, a period of not less than 12 months from the date of this report. Accordingly, they continue to adopt the going concern basis in preparing the consolidated financial statements. In assessing the Group\u2019s going concern position, the Directors have considered a number of factors, including the current balance sheet position and available liquidity, the principal and emerging risks which could impact the performance of the Group and compliance with borrowing covenants. In order to assess the going concern status of the Group management has prepared: \u2013 A base case scenario, aligned to the latest Group budget for 2023 as well as the Group\u2019s Medium Term Plan for 2024; \u2013 A severe but plausible downside scenario, which assumes that the global economic environment is severely depressed over the assessment period; and \u2013 A reverse stress test flexing sales to determine what circumstance would be required to either reduce headroom to nil on committed borrowing facilities or breach borrowing covenants, whichever occurred first. The severe but plausible downside scenario includes further management actions that would be deployed if required (for example further reduction in costs). The reverse stress test also includes further controllable management actions that could be deployed if required. The outcome of the reverse stress test was that the interest cover covenant would be breached, however, at the breaking point in the test the Group still maintained a comfortable level of liquidity on committed borrowing facilities. The Directors consider the likelihood of the condition in the reverse stress test occurring to be remote. Liquidity headroom As at 31 December 2022 the Group\u2019s net debt excluding leases liabilities was $394.4 million (2021: $147.1 million). Following the completion of the new US Private Placement and repayment of the acquisition facility in February 2023, the Group\u2019s committed debt facilities total $835 million across its Banking and US Private Placement group, with a range of maturities from late 2024 through to 2030. As of 31 December 2022, based on the facilities in place at that date, the Group had around $250 million of headroom against these committed banking facilities. In both the base case and the severe but plausible downside scenario liquidity is comfortable throughout the assessment period. Covenant testing The Group\u2019s committed borrowing facilities are subject to ongoing covenant testing. Covenants are measured twice a year, at full year and half year and are measured under frozen accounting standards and therefore exclude the effects of IFRS 16. The financial covenants under the borrowing agreements are for leverage (net debt/EBITDA) less than 3.0 and interest cover (EBITDA/interest charge) to be in excess of 4.0. All banking covenants tests were met comfortably at 31 December 2022, with leverage of 1.4x and interest cover of 19.0x. The base case forecast indicates that banking covenants will be comfortably met throughout the assessment period. Under the severe but plausible downside scenario covenant compliance is still projected to be achieved throughout the assessment period, although with reduced but adequate headroom. Conclusion In conclusion, after reviewing the base case, the severe but plausible downside scenario and considering the remote likelihood of the scenario in the reverse stress test occurring, the Directors have formed the judgement that, at the time of approving the consolidated financial statements, there are no material uncertainties that cast doubt on the Group\u2019s going concern status and that it is appropriate to prepare the consolidated financial statements on the going concern basis. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:2138003SPYWGAITNFY17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-540": {
"value": "Subsidiaries Subsidiaries are consolidated from the effective date of acquisition or up to the effective date of disposal, as appropriate. The effective date is when control passes to or from the Group. Control is achieved when the Group has the power over the investee and is exposed, or has the rights to variable returns from its involvement with the investee and has the ability to use its power to affect its returns. The existence and effect of potential voting rights that are currently exercisable or convertible are considered in determining the existence or otherwise of control. Where necessary, adjustments are made to the financial statements of subsidiaries to align their accounting policies with those used by the Group. Where subsidiaries are not 100% owned by the Group, the share attributable to outside shareholders is reflected in non-controlling interests. Non-controlling interests are identified separately from the Group\u2019s equity, and may initially be measured at either fair value or at the non-controlling interests\u2019 share of the fair value of the subsidiary\u2019s identifiable net assets. The choice of measurement is made on an acquisition-by- acquisition basis. Changes in the Group\u2019s interests in subsidiaries, that do not result in a loss of control, are accounted for as equity transactions. Where control is lost, a gain or loss on disposal is recognised through the consolidated income statement, calculated as the difference between the fair value of consideration received (plus the fair value of any retained interest) and the Group\u2019s previous share of the former subsidiary\u2019s net assets. Amounts previously recognised in other comprehensive income in relation to that subsidiary are reclassified and recognised through the income statement as part of the gain or loss on disposal. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:2138003SPYWGAITNFY17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-541": {
"value": "Discontinued operations On 10 May 2022 the Group announced the agreement to sell its business in Brazil and Argentina to Reelpar SA, an entity backed by a Sao Paulo Private Equity Firm. The sale was completed on 26 May 2022, the date which control passed to the acquirer. The results of the Brazil and Argentina business are presented as a discontinued operation in the consolidated income statement for the year ended 31 December 2022. Amounts for year ended 31 December 2021 in the consolidated income statement have been represented to reclassify the results of the Brazil and Argentina business from continuing operations to discontinued operations. Note 32 provides further details of the sale. u) Assets held for sale and discontinued operations Non-current assets and businesses which are to be sold (disposal groups) classified as held for sale are measured at the lower of carrying amount and fair value less costs to sell. Non-current assets (and disposal groups) are classified as held for sale if their carrying amount is expected to be recovered through a sale transaction rather than through continuing use. This condition is regarded as met only when such a sale is highly probable and the asset (or disposal group) is available for immediate sale in its present condition. Management must be committed to the sale, which should be expected to qualify for recognition as a completed sale within one year from the date of classification. Non-current assets are classified as held for sale from the date these conditions are met, and such assets are no longer depreciated. Discontinued operations are classified as held for sale and are either a separate business segment or a geographical area of operations that is part of a single coordinated plan to sell. Once an operation has been identified as discontinued, or is reclassified as discontinued, the comparative information in the Income Statement is restated. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:2138003SPYWGAITNFY17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-542": {
"value": "Joint ventures Joint ventures are entities in which the Group has joint control, shared with a party outside the Group. The Group reports its interests in joint ventures using the equity method. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:2138003SPYWGAITNFY17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-487": {
"value": "c) Functional currency The functional currency of Coats Group plc continued to be United States dollars (USD) during the year ended 31 December 2022. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:2138003SPYWGAITNFY17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-488": {
"value": "d) Foreign currencies Foreign currency translation The Group\u2019s presentation currency is USD. Transactions of companies within the Group are recorded in the functional currency of that company. Currencies other than the functional currency are foreign currencies. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the period end. All currency differences on monetary items are taken to the consolidated income statement with the exception of currency differences that represent a net investment in a foreign operation, which are taken directly to equity until disposal of the net investment, at which time they are recycled through the consolidated income statement. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rate as at the date of initial transaction. Group companies Assets and liabilities of subsidiaries whose presentation currency is not USD are translated into the Group\u2019s presentation currency at the rates of exchange ruling at the period end and their income statements are translated at the average exchange rates for the year. The exchange differences arising on the retranslation since 1 January 2004 are taken to a separate component of equity. On disposal of such an entity, the deferred cumulative amount recognised in equity since 1 January 2004 relating to that particular operation is recycled through the consolidated income statement. Translation differences that arose before the date of transition to IFRS in respect of all such entities are not presented as a separate component of equity. Goodwill and fair value adjustments arising on acquisition of such operations are regarded as assets and liabilities of the particular operation, expressed in the currency of the operation and recorded at the exchange rate at the date of the transaction and subsequently retranslated at the applicable closing rates. The principal exchange rates (to the US dollar) used in preparing these financial statements are as follows: 2022 2021 Average Sterling 0.81 0.73 Euro 0.95 0.85 Chinese Renminbi 6.73 6.45 Indian Rupee 78.59 73.92 Turkish Lira* 16.57 8.89 Period end Sterling 0.83 0.74 Euro 0.93 0.88 Chinese Renminbi 6.90 6.35 Indian Rupee 82.72 74.47 Turkish Lira 18.69 13.32 * Cumulative inflation rates over a three-year period exceeded 100% in Turkey in Q2 2022 and is considered as hyperinflationary and as a result IAS 29 \u201cFinancial Reporting in Hyperinflationary Economies\u201d has been applied for the first time for the year ended 31 December 2022. In accordance with IAS 29, the financial statements of the Company\u2019s subsidiary in Turkey are translated into the Group\u2019s US Dollar presentational currency at the 31 December 2022 year end exchange rate. Monetary assets and liabilities are not restated. All non-monetary items recorded at historical rates are restated for the change in purchasing power caused by inflation from the date of initial recognition to the year end balance sheet date. The income statement of the Company\u2019s subsidiary in Turkey is adjusted for inflation during the reporting period. Comparative amounts in the Group\u2019s financial statements are not restated. The translation adjustment resulting from the initial application of IAS 29 of $5.0 million was recognised in equity and a net monetary gain of $1.9 million was recognised within finance income on non-monetary items held in Turkish Lira. The inflation rate used is the consumer price index published by the Turkish Statistical Institute, TurkStat. The movement in the price index for the year ended 31 December 2022 was 64%. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:2138003SPYWGAITNFY17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-492": {
"value": "h) Property, plant and equipment Owned assets Items of property, plant and equipment are stated at cost less accumulated depreciation and any accumulated impairments. Subsequent expenditure Expenditure incurred to replace a component of an item of property, plant and equipment that is accounted for separately, including major inspection and overhaul expenditure, is capitalised. Other subsequent expenditure is capitalised only when it increases the future economic benefits embodied in the item of property, plant and equipment. All other expenditure is recognised in the income statement as an expense as incurred. Depreciation Depreciation is charged to the income statement on a straight-line basis over the estimated useful lives of property, plant and equipment, and major components that are accounted for separately. Land is not depreciated. The estimated useful lives are as follows: Freehold buildings 50 years to 100 years Leasehold improvements 10 years to 50 years or over the term of the lease if shorter Plant and equipment 3 years to 20 years Vehicles and office equipment 2 years to 10 years Assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at each period end. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:2138003SPYWGAITNFY17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-544": {
"value": "Depreciation Depreciation is charged to the income statement on a straight-line basis over the estimated useful lives of property, plant and equipment, and major components that are accounted for separately. Land is not depreciated. The estimated useful lives are as follows: Freehold buildings 50 years to 100 years Leasehold improvements 10 years to 50 years or over the term of the lease if shorter Plant and equipment 3 years to 20 years Vehicles and office equipment 2 years to 10 years Assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at each period end. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:2138003SPYWGAITNFY17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-545": {
"value": "i) Business combinations and Intangible assets Business combinations Acquisitions of subsidiaries and businesses are accounted for using the acquisition method. The consideration for each acquisition is measured as the sum of the acquisition-date fair values of assets given, liabilities incurred or assumed in exchange for control of the acquiree. Acquisition-related costs are recognised in the consolidated income statement, as incurred, in operating costs. If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the Group reports provisional amounts for the items for which the accounting is incomplete. Those provisional amounts are adjusted during the measurement period (see below), or additional assets or liabilities are recognised, to reflect new information obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the amounts recognised as of that date. The measurement period is the period from the date of acquisition to the date the Group obtains complete information about facts and circumstances that existed as of the acquisition date and is subject to a maximum of one year. Goodwill Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non- controlling interests in the acquiree, and the fair value of the acquirer\u2019s previously held equity interest in the acquiree (if any) over the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed. Goodwill is recognised as an asset and tested for impairment at least annually. Any impairment is recognised immediately in the income statement. On disposal of a subsidiary, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. Goodwill is allocated to cash-generating units (CGUs) for the purpose of impairment testing. CGUs represent the smallest group of assets that generate cash inflows that are largely independent of the cash inflows from other assets or groups of assets. Negative goodwill is recognised immediately in the income statement. I ntangible assets acquired in a business combination Intangible assets acquired in a business combination and recognised separately from goodwill are initially recognised at their fair value at the acquisition date (which is regarded as their cost). Subsequent to initial recognition, intangible assets acquired in a business combination are reported at cost less accumulated amortisation and accumulated impairment losses, on the same basis as intangible assets that are acquired separately. The estimated useful lives (other than Coats Brands) are as follows: Brands and trade names 5 years to 20 years Technology 4 years to 10 years Customer relationships 9 years to 15 years The useful life of the Coats Brand is considered to be indefinite. Other intangibles Acquired computer software licences and computer software development costs are capitalised on the basis of the costs incurred to acquire and bring to use the specific software and are amortised over their estimated useful lives of up to 5 years. Intellectual property, comprising trademarks, designs, patents and product development which have a finite useful life, are carried at cost less accumulated amortisation and impairment charges. Amortisation is calculated using the straight-line method to allocate the cost over the assets\u2019 useful lives, which vary from 5 to 10 years. The amortisation charge for both acquired and other intangibles assets is included within the distribution costs and administrative expense lines in the consolidated income statement. Impairment of property, plant and equipment, right-of-use assets and intangible assets excluding goodwill Assets that have an indefinite useful life are not subject to amortisation and are tested annually for impairment. Assets that are subject to depreciation or amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment charge is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. For the purposes of assessing impairment, assets are measured at the CGU level. Research and development All research costs are expensed as incurred. An internally-generated intangible asset arising from development is recognised only if all of the following conditions are met: \u2013 an asset is created that can be separately identified; \u2013 it is probable that the asset created will generate future economic benefits; and \u2013 the development costs can be measured reliably. Internally-generated intangible assets are amortised on a straight-line basis over their useful lives. Where no internally-generated intangible asset can be recognised, development expenditure is recognised as an expense in the period in which it is incurred. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138003SPYWGAITNFY17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-493": {
"value": "i) Business combinations and Intangible assets Business combinations Acquisitions of subsidiaries and businesses are accounted for using the acquisition method. The consideration for each acquisition is measured as the sum of the acquisition-date fair values of assets given, liabilities incurred or assumed in exchange for control of the acquiree. Acquisition-related costs are recognised in the consolidated income statement, as incurred, in operating costs. If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the Group reports provisional amounts for the items for which the accounting is incomplete. Those provisional amounts are adjusted during the measurement period (see below), or additional assets or liabilities are recognised, to reflect new information obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the amounts recognised as of that date. The measurement period is the period from the date of acquisition to the date the Group obtains complete information about facts and circumstances that existed as of the acquisition date and is subject to a maximum of one year. Goodwill Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non- controlling interests in the acquiree, and the fair value of the acquirer\u2019s previously held equity interest in the acquiree (if any) over the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed. Goodwill is recognised as an asset and tested for impairment at least annually. Any impairment is recognised immediately in the income statement. On disposal of a subsidiary, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. Goodwill is allocated to cash-generating units (CGUs) for the purpose of impairment testing. CGUs represent the smallest group of assets that generate cash inflows that are largely independent of the cash inflows from other assets or groups of assets. Negative goodwill is recognised immediately in the income statement. I ntangible assets acquired in a business combination Intangible assets acquired in a business combination and recognised separately from goodwill are initially recognised at their fair value at the acquisition date (which is regarded as their cost). Subsequent to initial recognition, intangible assets acquired in a business combination are reported at cost less accumulated amortisation and accumulated impairment losses, on the same basis as intangible assets that are acquired separately. The estimated useful lives (other than Coats Brands) are as follows: Brands and trade names 5 years to 20 years Technology 4 years to 10 years Customer relationships 9 years to 15 years The useful life of the Coats Brand is considered to be indefinite. Other intangibles Acquired computer software licences and computer software development costs are capitalised on the basis of the costs incurred to acquire and bring to use the specific software and are amortised over their estimated useful lives of up to 5 years. Intellectual property, comprising trademarks, designs, patents and product development which have a finite useful life, are carried at cost less accumulated amortisation and impairment charges. Amortisation is calculated using the straight-line method to allocate the cost over the assets\u2019 useful lives, which vary from 5 to 10 years. The amortisation charge for both acquired and other intangibles assets is included within the distribution costs and administrative expense lines in the consolidated income statement. Impairment of property, plant and equipment, right-of-use assets and intangible assets excluding goodwill Assets that have an indefinite useful life are not subject to amortisation and are tested annually for impairment. Assets that are subject to depreciation or amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment charge is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. For the purposes of assessing impairment, assets are measured at the CGU level. Research and development All research costs are expensed as incurred. An internally-generated intangible asset arising from development is recognised only if all of the following conditions are met: \u2013 an asset is created that can be separately identified; \u2013 it is probable that the asset created will generate future economic benefits; and \u2013 the development costs can be measured reliably. Internally-generated intangible assets are amortised on a straight-line basis over their useful lives. Where no internally-generated intangible asset can be recognised, development expenditure is recognised as an expense in the period in which it is incurred. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138003SPYWGAITNFY17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-568": {
"value": "Business combinations Acquisitions of subsidiaries and businesses are accounted for using the acquisition method. The consideration for each acquisition is measured as the sum of the acquisition-date fair values of assets given, liabilities incurred or assumed in exchange for control of the acquiree. Acquisition-related costs are recognised in the consolidated income statement, as incurred, in operating costs. If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the Group reports provisional amounts for the items for which the accounting is incomplete. Those provisional amounts are adjusted during the measurement period (see below), or additional assets or liabilities are recognised, to reflect new information obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the amounts recognised as of that date. The measurement period is the period from the date of acquisition to the date the Group obtains complete information about facts and circumstances that existed as of the acquisition date and is subject to a maximum of one year. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:2138003SPYWGAITNFY17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-489": {
"value": "e) Operating segments Operating segments are components of the Group about which separate financial information is available that is evaluated by the Coats Group plc Group Executive Team in deciding how to allocate resources and in assessing performance. See note 2 for further details. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:2138003SPYWGAITNFY17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-490": {
"value": "f) Operating profit Operating profit is stated before the share of results of joint ventures, investment and interest income, finance costs and foreign exchange gains and losses from financing activities. ",
"dimensions": {
"concept": "coatsgroupplc:DescriptionOfAccountingPolicyForOperatingProfit",
"language": "en",
"entity": "scheme:2138003SPYWGAITNFY17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-491": {
"value": "g) Exceptional and acquisition related items The Group has adopted an income statement format which seeks to highlight significant items within the Group results for the year. Exceptional items may include significant restructuring associated with a business or property disposal, litigation costs and settlements, profit or loss on disposal of property, plant and equipment, non-actuarial gains or losses arising from significant one off changes to defined benefit pension obligations, regulatory investigation costs and impairment of assets. Acquisition related items include amortisation of acquired intangible assets, acquisition transaction costs, contingent consideration linked to employment and adjustments to contingent consideration. Please see note 4 for further details on why management consider these items to be exceptional. Judgement is used by the Group in assessing the particular items, which by virtue of their scale and nature, should be presented in the income statement and disclosed in the related notes as exceptional items. In determining whether an event or transaction is exceptional, materiality is a key consideration and qualitative factors, such as frequency or predictability of occurrence, are also considered. This is consistent with the way financial performance is measured by management and reported to the Board. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExceptionalItemsExplanatory",
"language": "en",
"entity": "scheme:2138003SPYWGAITNFY17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-571": {
"value": "Impairment of property, plant and equipment, right-of-use assets and intangible assets excluding goodwill Assets that have an indefinite useful life are not subject to amortisation and are tested annually for impairment. Assets that are subject to depreciation or amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment charge is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. For the purposes of assessing impairment, assets are measured at the CGU level. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:2138003SPYWGAITNFY17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-572": {
"value": "Research and development All research costs are expensed as incurred. An internally-generated intangible asset arising from development is recognised only if all of the following conditions are met: \u2013 an asset is created that can be separately identified; \u2013 it is probable that the asset created will generate future economic benefits; and \u2013 the development costs can be measured reliably. Internally-generated intangible assets are amortised on a straight-line basis over their useful lives. Where no internally-generated intangible asset can be recognised, development expenditure is recognised as an expense in the period in which it is incurred. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:2138003SPYWGAITNFY17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-569": {
"value": "Goodwill Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non- controlling interests in the acquiree, and the fair value of the acquirer\u2019s previously held equity interest in the acquiree (if any) over the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed. Goodwill is recognised as an asset and tested for impairment at least annually. Any impairment is recognised immediately in the income statement. On disposal of a subsidiary, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. Goodwill is allocated to cash-generating units (CGUs) for the purpose of impairment testing. CGUs represent the smallest group of assets that generate cash inflows that are largely independent of the cash inflows from other assets or groups of assets. Negative goodwill is recognised immediately in the income statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138003SPYWGAITNFY17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-570": {
"value": "ntangible assets acquired in a business combination Intangible assets acquired in a business combination and recognised separately from goodwill are initially recognised at their fair value at the acquisition date (which is regarded as their cost). Subsequent to initial recognition, intangible assets acquired in a business combination are reported at cost less accumulated amortisation and accumulated impairment losses, on the same basis as intangible assets that are acquired separately. The estimated useful lives (other than Coats Brands) are as follows: Brands and trade names 5 years to 20 years Technology 4 years to 10 years Customer relationships 9 years to 15 years The useful life of the Coats Brand is considered to be indefinite. Other intangibles Acquired computer software licences and computer software development costs are capitalised on the basis of the costs incurred to acquire and bring to use the specific software and are amortised over their estimated useful lives of up to 5 years. Intellectual property, comprising trademarks, designs, patents and product development which have a finite useful life, are carried at cost less accumulated amortisation and impairment charges. Amortisation is calculated using the straight-line method to allocate the cost over the assets\u2019 useful lives, which vary from 5 to 10 years. The amortisation charge for both acquired and other intangibles assets is included within the distribution costs and administrative expense lines in the consolidated income statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138003SPYWGAITNFY17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-495": {
"value": "k) Financial instruments Financial assets and financial liabilities are recognised when the Group becomes a party to the contractual provisions of the relevant financial instrument. Financial assets (i) Investments in equity securities Investments in equity securities are recognised and derecognised on a trade date basis and are initially measured at fair value, plus directly attributable transaction costs and are remeasured at subsequent reporting dates at fair value, with movements recorded in other comprehensive income. Listed investments are stated at market value. Unlisted investments are stated at fair value based on directors\u2019 valuation, which is supported by external experts\u2019 advice or other external evidence. (ii) Cash and cash equivalents Cash and cash equivalents in the statement of financial position comprise cash at bank and in hand and short-term deposits maturing in less than three months. For the purposes of the statement of cash flows, cash and cash equivalents consist of cash and cash equivalents as defined above, net of outstanding bank overdrafts. (iii) Trade and other receivables Trade receivables are recognised at fair value (which ordinarily reflects the invoice amount) and carried at amortised cost, less an allowance for expected lifetime losses as permitted under the simplified approach in IFRS 9. Fully provided balances are not written off from the balance sheet until the Group has decided to cease enforcement activity. Financial liabilities (i) Trade payables Trade payables are not interest-bearing and are recognised at fair value, and measured subsequently at amortised cost. ( ii) Borrowings Interest-bearing loans and overdrafts are initially measured at fair value, net of direct issue costs. These financial liabilities are subsequently measured at amortised cost using the effective interest method, with interest expense recognised over the period of the relevant liabilities. Financial liabilities designated as hedged items in a fair value hedge are subsequently measured at fair value. (iii) Compound instruments The component parts of compound instruments are classified separately as financial liabilities and equity in accordance with the substance of the contractual arrangement. At the date of issue, the fair value of the liability component is estimated using the prevailing market interest rate for a similar non-convertible instrument, and this amount is recorded as a liability at amortised cost. The equity component is the fair value of the compound instrument as a whole less the amount of the liability component, and is recognised in equity, net of income tax effect, without subsequent remeasurement. (iv) Derivative financial instruments and hedge accounting The Group\u2019s activities expose it to the financial risks of changes in foreign exchange rates and interest rates. The use of financial derivatives is regulated by the Board or that of the relevant operating subsidiary in accordance with their respective risk management strategies. Changes in values of all derivatives of a financing nature are included within finance costs in the income statement. Derivative financial instruments are initially measured at fair value at contract date and are remeasured at each reporting date. The Group designates hedging instruments as either fair value hedges, cash flow hedges or hedges of net investments in foreign operations. Hedges of interest rate risk are accounted for as fair value or cash flow hedges. At the inception of each hedge transaction the issuing entity documents the relationship between the hedging instrument and the hedged item and the anticipated effectiveness of the hedge transaction, and monitors the ongoing effectiveness over the period of the hedge. Hedge accounting is discontinued when the issuing entity revokes the hedging relationship, the hedge instrument expires, is sold, exercised or otherwise terminated, and the adjustment to the carrying amount of the hedged item arising from the hedged risk is amortised through the income statement from that date. (v) Fair value hedges Changes in the fair values of derivatives that are designated and qualify as fair value hedges are recognised immediately through the income statement, together with any changes in the fair value of the related hedged items due to changes in the hedged risks. On discontinuation of the hedge the adjustment to the carrying amount of the hedged item arising from the hedged risk is amortised through the consolidated income statement from that date. (vi) Cash flow hedges The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is deferred in equity. Once the related hedged item is recognised in the income statement, the amounts deferred in equity are recycled through the consolidated income statement. The gain or loss arising from any ineffective portion of the hedge is recognised immediately through the consolidated income statement. (vii) Hedges of net investments in foreign operations Gains and losses on hedging instruments relating to the effective portion of such hedges are recognised through the translation reserve, and recycled through the consolidated income statement on disposal of the respective foreign operations. The gain or loss arising from any ineffective portion of such hedges is recognised immediately through the consolidated income statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:2138003SPYWGAITNFY17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-546": {
"value": "Financial assets (i) Investments in equity securities Investments in equity securities are recognised and derecognised on a trade date basis and are initially measured at fair value, plus directly attributable transaction costs and are remeasured at subsequent reporting dates at fair value, with movements recorded in other comprehensive income. Listed investments are stated at market value. Unlisted investments are stated at fair value based on directors\u2019 valuation, which is supported by external experts\u2019 advice or other external evidence. (ii) Cash and cash equivalents Cash and cash equivalents in the statement of financial position comprise cash at bank and in hand and short-term deposits maturing in less than three months. For the purposes of the statement of cash flows, cash and cash equivalents consist of cash and cash equivalents as defined above, net of outstanding bank overdrafts. (iii) Trade and other receivables Trade receivables are recognised at fair value (which ordinarily reflects the invoice amount) and carried at amortised cost, less an allowance for expected lifetime losses as permitted under the simplified approach in IFRS 9. Fully provided balances are not written off from the balance sheet until the Group has decided to cease enforcement activity. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:2138003SPYWGAITNFY17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-573": {
"value": "(ii) Cash and cash equivalents Cash and cash equivalents in the statement of financial position comprise cash at bank and in hand and short-term deposits maturing in less than three months. For the purposes of the statement of cash flows, cash and cash equivalents consist of cash and cash equivalents as defined above, net of outstanding bank overdrafts. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:2138003SPYWGAITNFY17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-574": {
"value": "(iii) Trade and other receivables Trade receivables are recognised at fair value (which ordinarily reflects the invoice amount) and carried at amortised cost, less an allowance for expected lifetime losses as permitted under the simplified approach in IFRS 9. Fully provided balances are not written off from the balance sheet until the Group has decided to cease enforcement activity. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:2138003SPYWGAITNFY17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-547": {
"value": "Financial liabilities (i) Trade payables Trade payables are not interest-bearing and are recognised at fair value, and measured subsequently at amortised cost. ii) Borrowings Interest-bearing loans and overdrafts are initially measured at fair value, net of direct issue costs. These financial liabilities are subsequently measured at amortised cost using the effective interest method, with interest expense recognised over the period of the relevant liabilities. Financial liabilities designated as hedged items in a fair value hedge are subsequently measured at fair value. (iii) Compound instruments The component parts of compound instruments are classified separately as financial liabilities and equity in accordance with the substance of the contractual arrangement. At the date of issue, the fair value of the liability component is estimated using the prevailing market interest rate for a similar non-convertible instrument, and this amount is recorded as a liability at amortised cost. The equity component is the fair value of the compound instrument as a whole less the amount of the liability component, and is recognised in equity, net of income tax effect, without subsequent remeasurement. (iv) Derivative financial instruments and hedge accounting The Group\u2019s activities expose it to the financial risks of changes in foreign exchange rates and interest rates. The use of financial derivatives is regulated by the Board or that of the relevant operating subsidiary in accordance with their respective risk management strategies. Changes in values of all derivatives of a financing nature are included within finance costs in the income statement. Derivative financial instruments are initially measured at fair value at contract date and are remeasured at each reporting date. The Group designates hedging instruments as either fair value hedges, cash flow hedges or hedges of net investments in foreign operations. Hedges of interest rate risk are accounted for as fair value or cash flow hedges. At the inception of each hedge transaction the issuing entity documents the relationship between the hedging instrument and the hedged item and the anticipated effectiveness of the hedge transaction, and monitors the ongoing effectiveness over the period of the hedge. Hedge accounting is discontinued when the issuing entity revokes the hedging relationship, the hedge instrument expires, is sold, exercised or otherwise terminated, and the adjustment to the carrying amount of the hedged item arising from the hedged risk is amortised through the income statement from that date. (v) Fair value hedges Changes in the fair values of derivatives that are designated and qualify as fair value hedges are recognised immediately through the income statement, together with any changes in the fair value of the related hedged items due to changes in the hedged risks. On discontinuation of the hedge the adjustment to the carrying amount of the hedged item arising from the hedged risk is amortised through the consolidated income statement from that date. (vi) Cash flow hedges The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is deferred in equity. Once the related hedged item is recognised in the income statement, the amounts deferred in equity are recycled through the consolidated income statement. The gain or loss arising from any ineffective portion of the hedge is recognised immediately through the consolidated income statement. (vii) Hedges of net investments in foreign operations Gains and losses on hedging instruments relating to the effective portion of such hedges are recognised through the translation reserve, and recycled through the consolidated income statement on disposal of the respective foreign operations. The gain or loss arising from any ineffective portion of such hedges is recognised immediately through the consolidated income statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:2138003SPYWGAITNFY17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-575": {
"value": "(i) Trade payables Trade payables are not interest-bearing and are recognised at fair value, and measured subsequently at amortised cost. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:2138003SPYWGAITNFY17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-494": {
"value": "j) Leases The Group assesses whether a contract is or contains a lease, at inception of the contract. The Group recognises a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets (defined as assets with a value of US$5,000 or less when new). For these leases, the Group recognises the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the Group uses its incremental borrowing rate. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made. The Group remeasures the lease liability (and makes a corresponding adjustment to the related right-of-use asset) whenever: \u2013 the lease term has changed or there is a change in the assessment of exercise of a purchase option, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate; \u2013 the lease payments change due to changes in an index or rate or a change in expected payment under a guaranteed residual value, in which cases the lease liability is remeasured by discounting the revised lease payments using the initial discount rate (unless the lease payments change is due to a change in a floating interest rate, in which case a revised discount rate is used); and \u2013 a lease contract is modified and the lease modification is not accounted for as a separate lease, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate. The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses. Whenever the Group incurs an obligation for costs to dismantle and remove a leased asset, restore the site on which it is located or restore the underlying asset to the condition required by the terms and conditions of the lease, a provision is recognised and measured under IAS 37 \u2018Provisions, Contingent Liabilities and Contingent Assets\u2019. The costs are included in the related right-of-use asset, unless those costs are incurred to produce inventories. Right-of-use assets are depreciated over the shorter period of lease term and useful life of the underlying asset. If a lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the Group expects to exercise a purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. The depreciation starts at the commencement date of the lease. Variable rents that do not depend on an index are not included in the measurement of the lease liability and the right-of-use asset. The related payments are recognised as an expense in the period in which the event or condition that triggers those payments occurs. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:2138003SPYWGAITNFY17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-496": {
"value": "l) Revenue Revenue comprises the fair value of the sale of goods and services, net of sales tax and discounts and rebates, and after eliminating sales within the Group. Revenue is recognised as follows: (i) Sales of goods Sales of goods are recognised in revenue at a single point in time when control of the goods has been transferred to the buyer. The point in time at which control is deemed to have transferred varies depending on the commercial terms agreed with the buyer. (ii) Sales of services Sales of services are recognised in the period in which the services are rendered, as follows: \u2013 Software implementation and licensing income \u2013 performance obligations are satisfied over a period of time and therefore revenue is recognised by reference to the stage of completion at the period end. The Group uses labour hours expended to assess the stage of completion as it is deemed to be the most appropriate basis to measure progress. \u2013 Maintenance income \u2013 performance obligations are satisfied evenly over a fixed period of time and therefore revenue is recognised on a straight line basis over the maintenance period. Advances received from customers are included within contract liabilities. (iii) Income from sales of property Income from sales of property is recognised on completion when legal title of the property passes to the buyer. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:2138003SPYWGAITNFY17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-576": {
"value": "( ii) Borrowings Interest-bearing loans and overdrafts are initially measured at fair value, net of direct issue costs. These financial liabilities are subsequently measured at amortised cost using the effective interest method, with interest expense recognised over the period of the relevant liabilities. Financial liabilities designated as hedged items in a fair value hedge are subsequently measured at fair value. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:2138003SPYWGAITNFY17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-577": {
"value": "(iv) Derivative financial instruments and hedge accounting The Group\u2019s activities expose it to the financial risks of changes in foreign exchange rates and interest rates. The use of financial derivatives is regulated by the Board or that of the relevant operating subsidiary in accordance with their respective risk management strategies. Changes in values of all derivatives of a financing nature are included within finance costs in the income statement. Derivative financial instruments are initially measured at fair value at contract date and are remeasured at each reporting date. The Group designates hedging instruments as either fair value hedges, cash flow hedges or hedges of net investments in foreign operations. Hedges of interest rate risk are accounted for as fair value or cash flow hedges. At the inception of each hedge transaction the issuing entity documents the relationship between the hedging instrument and the hedged item and the anticipated effectiveness of the hedge transaction, and monitors the ongoing effectiveness over the period of the hedge. Hedge accounting is discontinued when the issuing entity revokes the hedging relationship, the hedge instrument expires, is sold, exercised or otherwise terminated, and the adjustment to the carrying amount of the hedged item arising from the hedged risk is amortised through the income statement from that date. (v) Fair value hedges Changes in the fair values of derivatives that are designated and qualify as fair value hedges are recognised immediately through the income statement, together with any changes in the fair value of the related hedged items due to changes in the hedged risks. On discontinuation of the hedge the adjustment to the carrying amount of the hedged item arising from the hedged risk is amortised through the consolidated income statement from that date. (vi) Cash flow hedges The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is deferred in equity. Once the related hedged item is recognised in the income statement, the amounts deferred in equity are recycled through the consolidated income statement. The gain or loss arising from any ineffective portion of the hedge is recognised immediately through the consolidated income statement. (vii) Hedges of net investments in foreign operations Gains and losses on hedging instruments relating to the effective portion of such hedges are recognised through the translation reserve, and recycled through the consolidated income statement on disposal of the respective foreign operations. The gain or loss arising from any ineffective portion of such hedges is recognised immediately through the consolidated income statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:2138003SPYWGAITNFY17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-548": {
"value": "(ii) Share-based compensation Cash-settled Cash-settled share-based payments are measured at fair value (excluding the effect of non-market-based vesting conditions) at each reporting date. The fair value is expensed on a straight-line basis over the vesting period, with a corresponding increase in liabilities. Equity-settled The Group operates an equity-settled Long Term Incentive Plan for executives and senior management. Awards under this Plan are subject to both market-based and non-market-based vesting criteria. The fair value at the date of grant is established by using an appropriate simulation method to reflect the likelihood of market-based performance conditions being met. The fair value is charged to the consolidated income statement on a straight-line basis over the vesting period, with appropriate adjustments being made during this period to reflect expected vesting for non-market-based performance conditions and forfeitures. The corresponding credit is to equity shareholders\u2019 funds. To satisfy awards under this Plan, shares may be purchased in the market by an Employee Benefit Trust over the vesting period. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:2138003SPYWGAITNFY17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-549": {
"value": "(iv) Termination benefits Termination benefits are payable when employment is terminated before the normal retirement date, or whenever an employee accepts voluntary redundancy in exchange for these benefits. The Group recognises termination benefits when it is demonstrably committed to either: terminating the employment of current employees according to a detailed formal plan without possibility of withdrawal; or providing termination benefits as a result of an offer made to encourage voluntary redundancy. Benefits falling due more than 12 months after the period end are discounted to present value. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits",
"language": "en",
"entity": "scheme:2138003SPYWGAITNFY17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-550": {
"value": "o) Taxation The tax expense represents the sum of the current tax and deferred tax. The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the consolidated income statement because it excludes items of income and expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Group\u2019s liability for current tax is calculated using tax rates that have been enacted by the period end. Deferred tax is provided using the liability method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred taxation is measured on a non-discounted basis. The following temporary differences are not provided for: goodwill not deducted for tax purposes, the initial recognition of assets or liabilities that affect neither accounting, nor taxable profit, and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the period end. A deferred tax asset is recognised only to the extent that it is probable that future profits will be available against which the asset can be utilised. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realised. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates, and interests in joint ventures, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences associated with such investments and interests are only recognised to the extent that it is probable that there will be sufficient taxable profits against which to utilise the benefits of the temporary differences and they are expected to reverse in the foreseeable future. The carrying values of deferred tax assets are reviewed at each period end. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to other comprehensive income or equity, in which case the deferred tax is also dealt with in other comprehensive income or equity. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2138003SPYWGAITNFY17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-499": {
"value": "o) Taxation The tax expense represents the sum of the current tax and deferred tax. The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the consolidated income statement because it excludes items of income and expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Group\u2019s liability for current tax is calculated using tax rates that have been enacted by the period end. Deferred tax is provided using the liability method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred taxation is measured on a non-discounted basis. The following temporary differences are not provided for: goodwill not deducted for tax purposes, the initial recognition of assets or liabilities that affect neither accounting, nor taxable profit, and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the period end. A deferred tax asset is recognised only to the extent that it is probable that future profits will be available against which the asset can be utilised. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realised. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates, and interests in joint ventures, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences associated with such investments and interests are only recognised to the extent that it is probable that there will be sufficient taxable profits against which to utilise the benefits of the temporary differences and they are expected to reverse in the foreseeable future. The carrying values of deferred tax assets are reviewed at each period end. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to other comprehensive income or equity, in which case the deferred tax is also dealt with in other comprehensive income or equity. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2138003SPYWGAITNFY17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-497": {
"value": "m) Inventories Inventories are valued at the lower of cost and net realisable value. Costs incurred in bringing each product to its present location and condition are accounted for as follows: Raw materials are valued at cost on a first-in, first-out basis. The costs of finished goods and work in progress include direct materials and labour and a proportion of manufacturing overheads based on normal operating capacity but excluding borrowing costs. Net realisable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs necessary to make the sale. Provision is made for obsolete, slow-moving and defective inventories. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:2138003SPYWGAITNFY17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-498": {
"value": "n) Employee benefits (i) Retirement and other post-employment obligations For retirement and other post-employment benefit obligations, the cost of providing benefits is determined using the Projected Unit Credit Method, with actuarial valuations being carried out at the end of each reporting period by independent actuaries. Remeasurement comprising actuarial gains and losses, the effect of the asset ceiling (if applicable) and the return on scheme assets (excluding interest) are recognised immediately in the consolidated statement of financial position with a charge or credit to the consolidated statement of comprehensive income in the period in which they occur. Remeasurement recorded in the consolidated statement of comprehensive income is not recycled. Current and past service costs, along with the impact of any settlements or curtailments, are charged to the consolidated income statement. The net interest expense on pension plans\u2019 liabilities and the expected return on the plans\u2019 assets is recognised within finance expense in the consolidated income statement. In addition, pension scheme administrative expenses including the Pension Protection Fund (PPF) levy and actuary, audit, legal and trustee charges are recognised as administrative expenses. The retirement benefit and other post employment benefit obligation recognised in the consolidated statement of financial position represents the deficit or surplus in the Group\u2019s defined benefit schemes. Any surplus resulting from this calculation is limited to the present value of any economic benefits available in the form of refunds from the schemes or reductions in future contributions to the schemes and refunds expected from the schemes to fund other Group defined benefit schemes, in accordance with relevant legislation. For defined contribution plans, the Group pays contributions to publicly or privately administered pension plans on a mandatory, contractual or voluntary basis. The contributions are recognised as employee benefit expenses when they are due. Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction in the future payments is available. (ii) Share-based compensation Cash-settled Cash-settled share-based payments are measured at fair value (excluding the effect of non-market-based vesting conditions) at each reporting date. The fair value is expensed on a straight-line basis over the vesting period, with a corresponding increase in liabilities. Equity-settled The Group operates an equity-settled Long Term Incentive Plan for executives and senior management. Awards under this Plan are subject to both market-based and non-market-based vesting criteria. The fair value at the date of grant is established by using an appropriate simulation method to reflect the likelihood of market-based performance conditions being met. The fair value is charged to the consolidated income statement on a straight-line basis over the vesting period, with appropriate adjustments being made during this period to reflect expected vesting for non-market-based performance conditions and forfeitures. The corresponding credit is to equity shareholders\u2019 funds. To satisfy awards under this Plan, shares may be purchased in the market by an Employee Benefit Trust over the vesting period. (iii) Non-share-based long-term incentive schemes The anticipated present value cost of non-share-based incentive schemes is charged to the consolidated income statement on a straight-line basis over the period the benefit is earned, based on remuneration rates that are expected to be payable. (iv) Termination benefits Termination benefits are payable when employment is terminated before the normal retirement date, or whenever an employee accepts voluntary redundancy in exchange for these benefits. The Group recognises termination benefits when it is demonstrably committed to either: terminating the employment of current employees according to a detailed formal plan without possibility of withdrawal; or providing termination benefits as a result of an offer made to encourage voluntary redundancy. Benefits falling due more than 12 months after the period end are discounted to present value. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:2138003SPYWGAITNFY17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-501": {
"value": "q) Borrowing costs Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to prepare for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in the income statement in the period in which they are incurred. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:2138003SPYWGAITNFY17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-502": {
"value": "r) Provisions A provision is recognised in the consolidated statement of financial position when the Group has a legal or constructive obligation as a result of a past event, and it is probable that an outflow of economic benefits will be required to settle the obligation. If the effect is material, a provision is determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific to the liability. Where discounting is used, the increase in the provision due to the passage of time is recognised as a borrowing cost. When some or all of the economic benefits required to settle a provision are expected to be recovered from an insurer, a receivable is recognised as an insurance reimbursement asset and included separately within other receivables if it is virtually certain that reimbursement from the insurer will be received and the amount of the receivable can be measured reliably. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:2138003SPYWGAITNFY17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-503": {
"value": "s) Onerous contracts A provision for onerous contracts is recognised when the expected benefits to be derived by the Group from a contract are lower than the unavoidable cost of meeting its obligations under the contract. ",
"dimensions": {
"concept": "coatsgroupplc:DescriptionOfAccountingPolicyForOnerousContracts",
"language": "en",
"entity": "scheme:2138003SPYWGAITNFY17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-504": {
"value": "t) Restructuring A provision for restructuring is recognised when the Group has approved a detailed and formal restructuring plan, and the restructuring has either commenced or has been announced publicly. Future operating costs are not provided for. ",
"dimensions": {
"concept": "coatsgroupplc:DescriptionOfAccountingPolicyForRestructuring",
"language": "en",
"entity": "scheme:2138003SPYWGAITNFY17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-505": {
"value": "u) Assets held for sale and discontinued operations Non-current assets and businesses which are to be sold (disposal groups) classified as held for sale are measured at the lower of carrying amount and fair value less costs to sell. Non-current assets (and disposal groups) are classified as held for sale if their carrying amount is expected to be recovered through a sale transaction rather than through continuing use. This condition is regarded as met only when such a sale is highly probable and the asset (or disposal group) is available for immediate sale in its present condition. Management must be committed to the sale, which should be expected to qualify for recognition as a completed sale within one year from the date of classification. Non-current assets are classified as held for sale from the date these conditions are met, and such assets are no longer depreciated. Discontinued operations are classified as held for sale and are either a separate business segment or a geographical area of operations that is part of a single coordinated plan to sell. Once an operation has been identified as discontinued, or is reclassified as discontinued, the comparative information in the Income Statement is restated. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:2138003SPYWGAITNFY17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-500": {
"value": "p) Government grants Government grants are not recognised until there is reasonable assurance that the Group will comply with the conditions attaching to them and that the grants will be received. Government grants are recognised in profit or loss on a systematic basis over the periods in which the Group recognises as expenses the related costs for which the grants are intended to compensate. Government grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the Group with no future related costs are recognised in profit or loss in the period in which they become receivable. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:2138003SPYWGAITNFY17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-507": {
"value": "New IFRS accounting standards, interpretations and amendments adopted in the year During the year, the Group has adopted the following standards, interpretations and amendments: \u2013 Onerous Contracts \u2013 Cost of Fulfilling a Contract (Amendments to IAS 37); \u2013 Annual Improvements to IFRS Standards 2018\u20132020; \u2013 Property, Plant and Equipment: Proceeds before Intended Use (Amendments to IAS 16); and \u2013 Reference to the Conceptual Framework (Amendments to IFRS 3). The adoption of these standards has not had a material impact on the financial statements of the Group. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations",
"language": "en",
"entity": "scheme:2138003SPYWGAITNFY17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-508": {
"value": "New IFRS accounting standards and interpretations not yet adopted The following published standards and amendments to existing standards, which have not yet all been endorsed by the UKEB, are expected to be effective as follows: From the year beginning 1 January 2023: \u2013 Classification of Liabilities as Current or Non-current (Amendments to IAS 1); \u2013 IFRS 17 Insurance Contracts and amendments to IFRS 17 Insurance Contracts; \u2013 Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2); \u2013 Definition of Accounting Estimates (Amendments to IAS 8); and \u2013 Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12). From the year beginning 1 January 2024: \u2013 Non-current Liabilities with Covenants (Amendments to IAS 1); The directors do not expect that the adoption of the Standards and Interpretations listed above will have a material impact on the financial statements of the Group in future periods, although the full assessment is not complete.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations",
"language": "en",
"entity": "scheme:2138003SPYWGAITNFY17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-509": {
"value": "2 Segmental analysis Operating segments are components of the Group\u2019s business activities about which separate financial information is available that is evaluated regularly by the chief operating decision maker (the Group Executive Team). The Group\u2019s customers throughout the year ended 31 December 2022 were grouped into two segments Apparel & Footwear and Performance Materials which have distinct different strategies and differing customer/end-use market profiles. Effective 1 January 2023 the Group\u2019s new organisational structure and reporting structure will consist of three divisions: Apparel, Footwear and Performance Materials. The Group will report its financial results on this new segmental basis from half year 2023 and, from 1 January 2023, this will be the basis on which financial information is reported internally to the chief operating decision maker (CODM) for the purpose of allocating resources between segments and assessing their performance. As at December 2022, this internal reorganisation had not occurred with segment results grouped into two segments Apparel & Footwear and Performance Materials to which the CODM was provided financial information on which to assess performance and allocate resources. a) Segment revenue and results Year ended 31 December 2022 Apparel & Footwear US$m Performance Materials US$m Total US$m Revenue 1,163.4 420.4 1,583.8 Segment profit 200.8 34.1 234.9 Exceptional and acquisition related items (note 4) (53.9) Operating profit 181.0 Share of profits of joint ventures 1.1 Finance income 2.6 Finance costs (33.4) Profit before taxation from continuing operations 151.3 Year ended 31 December 2021* Apparel & Footwear US$m Performance Materials US$m Total US$m Revenue 1,048.1 398.6 1,446.7 Segment profit 170.7 27.0 197.7 Exceptional and acquisition related items (note 4) (19.5) Operating profit 178.2 Share of profits of joint ventures 1.2 Finance income 0.4 Finance costs (21.8) Profit before taxation from continuing operations 158.0 * Represented to reflect the results of the Brazil and Argentina business as a discontinued operation (see note 1). Segment results include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. Cost of sales and other operating costs not directly attributable to a segment are allocated to segments on an aggregated basis. Exceptional and acquisition related items are not allocated to segment to align to the reporting provided to the chief operating decision maker. In addition, no measures of total assets, total liabilities and depreciation charges are reported for each reportable segment as such amounts are not regularly provided to the chief operating decision maker. The accounting policies of the reportable operating segments are the same as the Group\u2019s accounting policies described in note 1. 2 Segmental analysis cont. b) Geographic information
Year ended 31 December
Revenue by origin Revenue by destination Non-current assets
2022
US$m
2021*
US$m
2022
US$m
2021*
US$m
2022
US$m
2021
US$m
Europe, Middle East & Africa (EMEA)
UK 23.1 14.4 13.0 14.8 256.8 258.9
Rest of EMEA 308.3 268.8 281.6 250.9 195.0 70.3
Americas
USA 219.4 205.4 240.7 218.4 51.0 63.3
Rest of Americas 121.2 108.4 118.1 116.2 52.8 46.6
Asia & Rest of World
India 184.4 166.7 184.3 161.8 39.7 46.1
China and Hong Kong 234.9 217.5 198.4 194.1 301.8 77.1
Vietnam 213.5 192.0 215.0 178.7 38.7 34.9
Other 279.0 273.5 332.7 311.8 63.7 67.2
1,583.8 1,446.7 1,583.8 1,446.7 999.5 664.4
Non-current assets excludes derivative financial instruments, investments, pension surpluses and deferred
tax assets.\u2003
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:2138003SPYWGAITNFY17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-506": {
"value": "v) Climate change In preparation of the consolidated financial statements, consideration has been given to the impact of climate change on the Group\u2019s key accounting policies, estimates and judgements. As noted in the Taskforce on Climate-related Financial Disclosures (TCFD) section of the Strategic Report on pages 35-38 we are exposed to specific transitional and physical climate related risks. The key areas in the consolidated financial statements that were identified for consideration of potential impacts from these climate related risks were the assumptions used to support impairment reviews of cash generating units (CGUs) and accounting policies on estimated useful lives of tangible fixed assets. (i) Impairment of assets The key climate related risks considered were the introduction of carbon taxes, disruption of water supply and extreme weather events (floods and extreme heat). These risks as well as any potential mitigations were considered when assessing the appropriateness of the assumptions used to project future cash flows to support the value in use of a CGU. No specific significant financial impacts were identified in relation to the CGUs that were subject to an impairment review during the year ended 31 December 2022 (see note 13). In addition, no significant short to medium term (pre 2045) climate related impacts have been identified for individual assets or other CGUs in the Group. (ii) Fixed asset useful lives Consideration was given as to whether the impact of physical risks relating to extreme weather events (e.g. flood risk damage) may require a reassessment of the estimated useful lives of fixed assets. As noted in the physical risks section in our TCFD disclosures, no significant impacts are currently expected in the short to medium term (pre 2045), after which point the majority of the Group\u2019s current fixed asset portfolio will be fully depreciated. As such, the reassessment of fixed asset useful lives to reflect potential impacts of climate change was not deemed necessary. In light of the above, the Group\u2019s current assessment is that the climate related risks detailed in the TCFD disclosures section of the Strategic Report do not have a material impact on the key accounting policies, estimates and judgements that form the basis of these consolidated financial statements . ",
"dimensions": {
"concept": "coatsgroupplc:DescriptionOfAccountingPolicyForClimateChange",
"language": "en",
"entity": "scheme:2138003SPYWGAITNFY17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-510": {
"value": "3 Revenue
An analysis of the Group\u2019s revenue is as follows:
Year ended 31 December
2022
US$m
2021*
US$m
Goods transferred at a point in time 1,573.6 1,435.6
Software solutions services transferred over time 10.2 11.1
1,583.8 1,446.7
Other operating income 1.2 \u2013
Finance income 2.6 0.4
1,587.6 1,447.1
* Represented to reflect the results of the Brazil and Argentina business as a discontinued operation (see note 1).
The software solutions business is included in the Apparel & Footwear segment.
Disaggregation of revenue The following table shows revenue disaggregated by primary geographic markets which reconciles with the Group\u2019s reportable segments: Year ended 31 December 2022 US$m 2021* US$m Continuing operations: Asia 911.8 849.7 Americas 340.6 313.8 EMEA 331.4 283.2 1,583.8 1,446.7 Continuing operations: Apparel & Footwear 1,163.4 1,0 48.1 Performance Materials 420.4 398.6 1,583.8 1,446.7 * Represented to reflect the results of the Brazil and Argentina business as a discontinued operation (see note 1). Revenue from Texon and Rhenoflex totalling $87.2 million for the period to 31 December 2022 from their respective acquisition dates (see note 31) is included in the amount above for the Apparel & Footwear segment of which $34.4 million is included in Asia, $1.2 million is included in Americas and $51.6 million is included in EMEA. The Group had no revenue from a single customer which accounts for more than 10% of the Group\u2019s revenue. 3 Revenue cont. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:2138003SPYWGAITNFY17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-511": {
"value": "4 Exceptional and acquisition related items The Group\u2019s consolidated income statement format is presented before and after exceptional and acquisition related items. Adjusted results exclude exceptional and acquisition related items on a consistent basis with the previous reporting period to provide valuable additional information for users of the financial statements in understanding the Group\u2019s performance and reflects how the performance of the business is managed and measured on a day-to-day basis. Further details on alternative performance measures are set out in note 37. Exceptional items may include significant restructuring associated with a business or property disposal, litigation costs and settlements, profit or loss on disposal of property, plant and equipment, non-actuarial gains or losses arising from significant one off changes to defined benefit pension obligations, regulatory investigation costs and impairment of assets. Acquisition related items include amortisation of acquired intangible assets, acquisition transaction costs, contingent consideration linked to employment and adjustments to contingent consideration. Judgement is used by the Group in assessing the particular items, which by virtue of their scale and nature, are presented in the income statement and disclosed in the related notes as exceptional items. In determining whether an event or transaction is exceptional, materiality is a key consideration and qualitative factors, such as frequency or predictability of occurrence, are also considered. This is consistent with the way financial performance is measured by management and reported to the Board. Total exceptional and acquisition related items charged to profit before taxation for the year ended 31 December 2022 were $55.0 million (2021: $19.5 million) comprising exceptional items for the year ended 31 December 2022 of $31.2 million (2021: $3.7 million) and acquisition related items for the year ended 31 December 2022 of $23.8 million (2021: $15.8 million). Taxation in respect of exceptional and acquisition related items is set out in note 9. Exceptional items Exceptional items charged/(credited) to operating profit during the year ended 31 December 2022 are set out below: Year ended 31 December 2022 US$m 2021* US$m Exceptional items: Strategic project costs: 9.9 \u2013 - Cost of sales 3.8 \u2013 - Distribution costs 18.7 3.7 - Administration costs 32.4 3.7 Profit from sale of property: Other operating income (1.2) \u2013 Total exceptional items charged to operating profit from continuing operations 31.2 3.7 * Represented to reflect the results of the Brazil and Argentina business as a discontinued operation (see note 1). Strategic project costs \u2013 At the end of 2021 the Group commenced a strategic project to improve margins by optimising the portfolio and footprint, improving the overall cost base efficiency, and mitigating structural labour availability issues in the US. During the year a new facility was established in Mexico, manufacturing processes were transferred from the US and a legacy facility in the US was exited. In EMEA thread operations in Romania were consolidated in a purpose-built logistics facility and warehouses in Poland and Hungary were exited. Corporate and overhead activities in the UK and US were moved closer to the Group\u2019s operations and customers. As a result of these activities, exceptional restructuring costs totalling $32.4 million were incurred during the year ended 31 December 2022 which included severance costs of $22.5 million, non-cash impairment charges of tangible fixed assets and right-of-use assets of $4.7 million and $5.2 million of legal, advisers, closure and related costs. The Group accelerated the implementation of this strategic project during the year ended 31 December 2022, delivering in-year efficiencies in 2022 ahead of the Group\u2019s expectations. In addition, the Group expect to deliver total savings of $70 million by 2024, a significant increase on the $50 million the Group previously expected to deliver. The additional $20 million savings will primarily arise from the transformation of Asian operations, in particular in China and India. During the previous year ended 31 December 2021, exceptional strategic project costs of $3.7 million were incurred which included advisers\u2019 costs of $0.9 million, impairment charges relating to plant and equipment in North America of $2.0 million and closure and related costs of $1.7 million. This was offset by an exceptional credit of $0.9 million relating to the closure of a small business in Australia in a prior year. Profit from sale of property \u2013 During the year ended 31 December 2022 a profit of $1.2 million was made from the sale of a property as part of the above strategic project. Acquisition related items Acquisition related items are set out below: Year ended 31 December 2022 US$m 2021 US$m Acquisition related items: Administrative expenses: Acquisition transaction costs 11.9 12.4 Amortisation of acquired intangible assets 10.8 3.3 Acquisition earnouts and contingent consideration \u2013 0.1 22.7 15.8 Finance costs: Acquisition transaction costs 1.1 \u2013 Total acquisition related items before taxation 23.8 15.8 4 Exceptional and acquisition related items cont. Acquisition transaction costs charged to administrative expenses during the year ended 31 December 2022 of $11.9 million include transaction costs relating to the acquisitions of Texon and Rhenoflex (see note 31). Acquisition transaction costs charged to finance costs during the year ended 31 December 2022 of $1.1 million relate to the $240.0 million term loan acquisition facility used to finance the acquisition of Texon (see note 31). During the year ended 31 December 2021, the Group pursed several acquisition opportunities and as a result incurred transaction costs of $12.4 million Acquisition transaction costs and amortisation of intangible assets acquired through business combinations are not included within adjusted operating profit and adjusted earnings per share. These costs are acquisition related and management consider them to be capital in nature and are not included in profitability measures by which management assess the performance of the Group. Excluding amortisation of intangible assets acquired through business combinations and recognised in accordance with IFRS 3 \u201cBusiness Combinations\u201d from adjusted results also ensures that the performance of the Group\u2019s acquired businesses is presented consistently with its organically grown businesses. It should be noted that the use of acquired intangible assets contributed to the Group\u2019s results for the years presented and will contribute to the Group\u2019s results in future periods as well. Amortisation of acquired intangible assets will recur in future periods. Amortisation of software is included within operating results as management consider these cost to be part of the trading performance of the business. The Group has made acquisitions in prior years with earn-outs to allow part of the consideration to be based on the future performance of the businesses acquired and to lock in key management. Where consideration paid or contingent consideration payable in the future is employment linked, it is treated as an expense and part of statutory results. However, all consideration of this type is excluded from adjusted operating profit and adjusted earnings per share, as in management\u2019s view, these items are part of the capital transaction. ",
"dimensions": {
"concept": "coatsgroupplc:DisclosureOfExceptionalAndAcquisitionRelatedItems",
"language": "en",
"entity": "scheme:2138003SPYWGAITNFY17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-552": {
"value": "7 Finance costs Year ended 31 December 2022 US$m 2021* US$m Interest on bank and other borrowings 18.9 10.4 Interest expense on lease liabilities 4.9 5.2 Net interest on pension scheme assets and liabilities 0.5 4.1 Other finance costs including unrealised gains and losses on foreign exchange contracts 9.1 2.1 33.4 21.8 Other finance costs for the year ended 31 December 2022 include acquisition related transaction costs of $1.1 million incurred in connection with the $240.0 million term loan acquisition facility used to finance the acquisition of Texon (see note 4). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:2138003SPYWGAITNFY17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-514": {
"value": "8 Staff costs The average monthly number of employees was: Year ended 31 December 2022 2021* Continuing operations1: Manufacturing 14,329 13,819 Other staff 3,384 3,179 17,713 16,998 Discontinued operations2 1,240 1,475 Total number of employees 18,953 18,473 Comprising: UK 256 182 Overseas 18,697 18,291 18,953 18,473 The total numbers employed at the end of the year were: UK 228 179 Overseas 16,415 17,374 16,643 17,553 Discontinued operations \u2013 1,264 Total number of employees 16,643 18,817 1. The 2022 average number of employees for continuing operations includes the acquired Texon and Rhenoflex businesses from their respective acquisition dates of 20 July 2022 and 23 August 2022 through to 31 December 2022 (see note 31). 2. The 2022 average number of employees for the discontinued Brazil and Argentina business are for the period until disposal on 10 May 2022 (see note 32). * Represented to reflect the results of the Brazil and Argentina business as a discontinued operation (see note 1). Year ended 31 December 2022 US$m 2021* US$m Employee aggregate remuneration comprised (including directors)1 : Wages and salaries 288.1 304.6 Social security costs 28.2 29.7 Other pension costs (note 10) 9.4 10.0 325.7 344.3 Discontinued operations 5.6 12.3 331.3 356.6 1. This does not include any contingent consideration on acquisitions that is treated as an expense, due to it being linked to continued employment (see note 4). * Represented to reflect the results of the Brazil and Argentina business as a discontinued operation (see note 1). 8 Staff costs cont. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:2138003SPYWGAITNFY17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-512": {
"value": "5 Profit for the year (including discontinued operations) Year ended 31 December 2022 US$m 2021 US$m Profit for the year is stated after charging/(crediting): Amortisation of intangible assets 12.6 6.0 Depreciation of owned property, plant and equipment 26.5 28.2 Depreciation of right-of-use assets 19.4 19.4 (Profit)/loss on disposal of property, plant and equipment (1.1) 0.1 Fees charged by Deloitte LLP Group audit fees: \u2013 Fees payable for the audit of the Company\u2019s annual accounts 1.0 0.7 \u2013 Fees payable for the audit of the Company\u2019s subsidiaries 1.7 1.5 Other Deloitte services: \u2013 Taxation services 0.1 0.2 \u2013 Other services 0.1 0.2 Total fees charged by Deloitte LLP 2.9 2.6 Research and development expenditure 6.2 6.1 Bad and doubtful debts 1.1 (0.2) Net foreign exchange losses 3.5 0.5 Rental income from land and buildings (0.2) (0.2) Inventory as a material component of cost of sales 728.2 631.4 Inventory write-downs to net realisable value 4.1 5.3 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory",
"language": "en",
"entity": "scheme:2138003SPYWGAITNFY17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-551": {
"value": "6 Finance income Year ended 31 December 2022 US$m 2021* US$m Income from investments 0.1 0.1 Net monetary gain arising from hyperinflation accounting (see note 1) 1.9 \u2013 Other interest receivable and similar income 0.6 0.3 2.6 0.4 * Represented to reflect the results of the Brazil and Argentina business as a discontinued operation (see note 1). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:2138003SPYWGAITNFY17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-513": {
"value": "6 Finance income Year ended 31 December 2022 US$m 2021* US$m Income from investments 0.1 0.1 Net monetary gain arising from hyperinflation accounting (see note 1) 1.9 \u2013 Other interest receivable and similar income 0.6 0.3 2.6 0.4 * Represented to reflect the results of the Brazil and Argentina business as a discontinued operation (see note 1). 7 Finance costs Year ended 31 December 2022 US$m 2021* US$m Interest on bank and other borrowings 18.9 10.4 Interest expense on lease liabilities 4.9 5.2 Net interest on pension scheme assets and liabilities 0.5 4.1 Other finance costs including unrealised gains and losses on foreign exchange contracts 9.1 2.1 33.4 21.8 Other finance costs for the year ended 31 December 2022 include acquisition related transaction costs of $1.1 million incurred in connection with the $240.0 million term loan acquisition facility used to finance the acquisition of Texon (see note 4). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"fact-515": {
"value": "9 Tax on profit from continuing operations Year ended 31 December 2022 US$m 2021* US$m UK Corporation tax at 19% (2021: 19%) \u2013 \u2013 Overseas tax charge (56.2) (55.0) Deferred tax (charge)/credit (0.2) 1.9 Total tax charge (56.4) (53.1) * Represented to reflect the results of the Brazil and Argentina business as a discontinued operation (see note 1). The overseas tax charge includes withholding tax charges and other taxes not based on profits for the year ended 31 December 2022 of $13.3 million (2021: $12.1 million). For the year ended 31 December 2022 the tax credit in respect of exceptional and acquisition related items was $3.7 million (2021: $0.2 million). This includes exceptional tax credits of $2.0 million relating to exceptional strategic projects and $1.7 million relating to the unwinding of tax liabilities on the amortisation of intangible assets acquired as a result of the acquisitions of Texon and Rhenoflex during the year ended 31 December 2022 (refer to note 32). The tax charge for the year can be reconciled as follows: Year ended 31 December 2022 2021* Adjusted US$m Exceptional and acquisition related items US$m Other adjustments 1 US$m Total US$m Adjusted US$m Exceptional and acquisition related items US$m Other adjustments 1 US$m Total US$m Profit before tax 206.8 (55.0) (0.5) 151.3 181.6 (19.5) (4.1) 158.0 Expected tax charge/(credit) at the UK statutory rate of 19% (2021: 19%) 39.3 (10.5) (0.1) 28.7 34.5 (3.7) (0.8) 30.0 Differences between overseas and UK taxation rate (2 .1) 1.8 \u2013 (0.3) (0.1) 1.5 (0.1) 1.3 Non-deductible expenses (1.7) 5.0 \u2013 3.3 0.8 2.0 \u2013 2.8 Non-taxable income (0.7) \u2013 \u2013 (0.7) (0.6) \u2013 \u2013 (0.6) Local tax incentives (0.3) \u2013 \u2013 (0.3) (0.7) \u2013 \u2013 (0.7) Utilisation of unrecognised deferred tax assets (1.3) \u2013 \u2013 (1.3) (3.5) \u2013 \u2013 (3.5) Potential deferred tax assets not recognised 12.6 \u2013 (0.4) 12.2 7.7 \u2013 0.4 8.1 Impact of changes in tax rates (0.5) \u2013 \u2013 (0.5) 1.7 \u2013 \u2013 1.7 Prior year adjustments 2.0 \u2013 \u2013 2.0 1.9 \u2013 \u2013 1.9 Withholding tax on remittances (net of double tax credits) and other taxes not based on profits 13.3 \u2013 \u2013 13.3 12.1 \u2013 \u2013 12.1 Income tax expense/(credit) 60.6 (3.7) (0.5) 56.4 53.8 (0.2) (0.5) 53.1 Effective tax rate 29% 7% 100% 37% 30% 1% 12% 34% 1. Other adjustments consist of net interest on pension scheme assets and liabilities of $0.5 million (2021: $4.1 million). * Represented to reflect the results of the Brazil and Argentina business as a discontinued operation (see note 1). The Group\u2019s adjusted effective tax rate is higher than the blended rate of the countries we operate in primarily due to the impact of unrelieved tax losses in countries where we are not currently able to recognise deferred tax assets in respect of those losses and the impact of withholding taxes on the repatriation of earnings and royalties to the UK. Excluding exceptional and acquisition related items and the impact of IAS 19 finance charges, the adjusted effective rate on pre-tax profits was 29% (2021: 31%). The lower rate was driven by higher year on year profits, improved profit mix and a reduction in withholding taxes. Uncertain tax positions The Group\u2019s tax liability includes a number of tax provisions, which together total $26.3 million (2021: $20.2 million). The increase in the year is primarily due to $5.6 million of tax provisions relating to acquisitions (see note 31). These provisions relate to management\u2019s estimate of the amount of tax payable on open tax returns yet to be agreed with the local tax authorities. The Group evaluates uncertain tax items, which are subject to interpretation and agreement of the position with the local Tax Authorities and consequently agreement may not be reached for a number of years. Primarily the tax items for which a provision has been made relate to the interpretation of transfer pricing legislation and practices across the jurisdictions in which the Group operates. The final outcome on resolution of open issues with the relevant local Tax Authorities may vary significantly due to the uncertainty associated with such tax items and the continual evolution and development of local Tax Authorities. There is a wide range of possible outcomes and any variances in the final outcome to the provided amount will affect the tax financial results in the year of agreement. However, it is not expected that a material adjustment would be required to these provisions within the next year. The amount provided for uncertain tax positions has been made using the best estimate of the tax expected to be ultimately paid, taking into account any progress on the discussions with local Tax Authorities, together with expert in-house and third-party advice on the potential outcome and recent developments in case law, Tax Authority practices and previous experience. 9 Tax on profit from continuing operations cont. Taxation paid During the year the Group made Corporate Income Tax payments in respect of continuing operations (including withholding and dividend distribution taxes) of $54.6 million (2021: $47.8 million). The amount of tax paid in each jurisdiction is as follows: Year ended 31 December 2022 US$m 2021* US$m UK 10.0 9.3 Vietnam 16.1 13.9 India 3.9 3.0 Indonesia 3.3 4.4 Hong Kong 3.1 1.2 Bangladesh 2.9 1.8 Turkey 2.3 0.4 Tunisia 2.2 \u2013 China 1.8 3.8 Colombia 1.6 1.3 USA 1.3 0.1 Hungary 0.9 0.7 Thailand 0.8 1.0 Pakistan 0.8 0.8 Singapore 0.7 2.3 Sri Lanka 0.6 0.8 Germany 0.6 \u2013 Spain 0.2 1.0 Poland 0.2 0.5 Others (15 countries each less than $0.5 million) 1.3 1.5 Total Corporate Income Tax paid 54.6 47.8 * Represented to reflect the results of the Brazil and Argentina business as a discontinued operation (see note 1). The taxes paid in the UK and Singapore are primarily withholding taxes on royalties, group charges and dividends, deducted and paid at source. In the current year the Group paid withholding taxes in the following jurisdictions: 2022 US$m 2021 US$m Indonesia 2.4 2.9 India 1.7 2.0 China 1.5 1.9 Vietnam 1.5 1.7 Bangladesh 1.1 1.8 Thailand 0.6 0.5 Estonia 0.4 0.6 Others (each less than $0.5 million) 2.2 0.4 Total withholding taxes paid 11.4 11.8 9 Tax on profit from continuing operations cont. ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-553": {
"value": "b) Defined contribution schemes The Group operates a number of defined contribution plans around the world to provide pension benefits. ",
"dimensions": {
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"fact-554": {
"value": "c) Defined benefit schemes The Group operates various defined benefit pension and other post-employment arrangements in most of the countries in which it operates. The most significant defined benefit pension schemes are the Coats UK Pension Scheme and the Coats North America Pension Plan (US Plan) \u2013 more details of which are included below. These schemes represent around 95% of the Group\u2019s total defined benefit obligations. Both these schemes are pre-funded and report an accounting surplus, whereas the majority of the Group\u2019s other arrangements (most significantly in Germany) are unfunded and benefits are met on an ongoing basis by the Group. The overall balance sheet position for the Group in respect of the defined benefit pension and other post- employment arrangements shows a significant surplus under IAS 19 at the end of the financial year of $105.4 million. This is due mainly to the pre-funded schemes\u2019 assets exceeding the IAS 19 measure of their liabilities. Importantly, the measurement of liabilities under IAS 19 differs from local requirements to determine the Group\u2019s cash funding of these schemes, which are currently more onerous in the UK in particular and contrary to the IAS 19 position leaves the scheme in a Technical Provision deficit position on the funding basis (albeit significantly improved in recent periods). Coats UK Pension Scheme The Coats UK Pension Scheme (\u201cthe Scheme\u201d) is administered by a trustee. Its assets are held in funds that are legally separated from the Group and are subject to UK legislation with oversight from the Pensions Regulator. The trustee board is composed of representatives of both the Group and scheme members together with two independent trustees. The trustee board is required by law and the Scheme\u2019s rules to act in the interest of the Scheme\u2019s members and other stakeholders (for example the Group). The sponsor of the Scheme is Coats Limited and the Company provides a guarantee to the Scheme. The trustee board is responsible for setting the Scheme\u2019s investment policy following consultation with the wider Group. Over the majority of the financial year, the trustee board operated an investment policy whereby a portion of the fund is invested in assets (bonds and derivatives) that broadly match movements in the value of the scheme\u2019s liabilities and a portion in assets that are anticipated to deliver a return in excess of the change in value of the liabilities. This policy was augmented in December by the purchase of a bulk annuity as summarised below. Cash funding commitments The Scheme is subject to full actuarial valuations every three years using assumptions agreed between the trustee board and the wider Group. The purpose of this valuation is to design a cash funding plan to ensure that the pension scheme has sufficient assets available to meet the future payment of benefits to Scheme members. It is this funding valuation basis, not accounting valuations under IAS 19, that determines the cash funding the Group provides to the Scheme. The valuation of liabilities for funding purposes differs from the IAS 19 valuation used for accounting purposes, mainly due to the different actuarial assumptions used. To calculate the funding valuation liabilities (the \u201cTechnical Provisions\u201d) the assumptions agreed with the trustee board must be set more prudently overall, with the discount rate in particular reflecting a relatively cautious expectation of future returns on the Scheme\u2019s assets. In contrast, under IAS 19, all the assumptions used to value the liabilities are the Company directors\u2019 central best estimates according to established accounting principles with the exception of the discount rate, which is based on high-quality (AA rated) corporate bond yields regardless of scheme investment strategy and therefore differs in practice to the funding basis of valuation. In November 2021, the Group and the trustee board agreed the latest funding valuation of the Scheme with an effective date of 31 March 2021. This showed a prudent Technical Provisions (funding) deficit of \u00a3193 million ($261 million at 31 December 2021 exchange rates) and resulted in agreed ongoing deficit recovery payments of \u00a322 million per annum ($27 million) until 31 December 2028. These payments are uprated each year by the increase in the UK Retail Prices Index, but capped at 5% in any year. The difference between the agreed schedule of payments which total around \u00a3170 million and the overall deficit of \u00a3193 million is expected to be met by modest asset outperformance vs valuation assumptions over the c.7 year period. The Group also meets the Scheme\u2019s administrative expenses and levies estimated at \u00a34 million ($5 million) per annum. In addition, over a number of months from May 2021 the Group had committed to pay circa $21 million of agreed deficit recovery payments that fell due in 2020, but were deferred as part of Covid-19 underpinning actions. The final monthly \u201ccatch-up\u201d payment was made in November 2022. 10 Retirement and other post-employment benefit arrangements cont. Latest funding valuation estimate Recent updates indicate the funding deficit has fallen significantly and is now approaching fully funded on a Technical Provisions basis. This significant improvement has been due to employer contributions, favourable movements in the market (increasing discount rates) and the de-risking actions that the Group have taken, for example the pensioner buy-in transaction referred to below. As a result of this significantly improved funding position, and reflective of the collaborative working relationship with the Trustees, the Group has agreed a mechanism to switch off / switch on the regular cash contributions to the Coats UK Pension Scheme based on monthly estimates of the latest funding position. As such, if the Scheme remains in surplus for a consecutive number of months cash contributions will cease entirely until any trigger on the downside (i.e. a return to deficit) has been hit. At this point, contributions on a pre-agreed basis would resume. Pensioner buy-in In December 2022, the trustee board purchased a circa \u00a3350 million bulk annuity policy from Aviva, which insures all the benefits payable in respect of around 3,700 pensioner members (a \u201cpensioner buy-in\u201d). This policy will see all financial and demographic risks, including those related to longevity, covered for approximately 20% of Scheme members. The bulk annuity policy is an asset of the Scheme. Under IAS 19 it is deemed a qualifying insurance policy, due to it exactly matching the amount and timing of benefits payable by the Scheme to the covered members. Under IAS 19, the value of the bulk annuity policy is therefore set equal to the corresponding IAS 19 liabilities for covered members; not the premium paid. Given the favourable pricing at the point of transaction, the pensioner buy-in has no material impact on the Group\u2019s balance sheet or future income statements on an IAS 19 basis. Coats North America Pension Plan The Coats North America Pension Plan (Coats US) is a defined benefit scheme, the assets of which are held in funds that are legally separated from the Group. In 2019 the Group agreed to amend the Plan to close to new hires from 1 January 2020, and to cease future accrual for current employees from 1 January 2022. The following disclosures are required in accordance with the requirements of IAS 19 and do not include information in respect of schemes operated by joint ventures. The information provided below for defined benefit plans has been prepared by independent qualified actuaries based on the most recent formal actuarial valuations of the schemes (effective at 31 March 2021 and 1 January 2022 for the UK and US respectively), updated to take account of the valuations of assets and liabilities as at 31 December 2022. The following disclosures do not include information in respect of schemes operated by joint ventures. i) Principal risks The Group is exposed to actuarial and investment risks, the principal risks are: Risk Description Commentary Interest rate risk The present value of the defined benefit plan liabilities is calculated using a discount rate determined by reference to bond yields. A decrease in bond yield rates will increase defined benefit obligations. The impact of the movement in discount rates are shown on page 141. The Trustees of the UK and US schemes hedge these sensitivities through physical bonds and derivatives. The Coats UK Pension Schem e is currently over 90% (2021: over 85%) hedged against interest rate movements by reference to the Technical Provisions liability. Inflation The present value of the defined benefit liabilities are calculated by reference to assumed future inflation rates. An increase in inflation rates will increase defined benefit obligations. The impact of the movement in inflation rates are shown on page 141. The Trustees of the UK and US schemes hedge these sensitivities through physical bonds, derivatives and real assets. The Coats UK Pension Scheme is currently over 90% (2021: over 85%) hedged against inflation rate movements by reference to the Technical Provisions liability. Longevity risk The present value of the defined benefit plan liability is calculated by reference to the best estimate of member life expectancies. An increase in life expectancy will increase liabilities. The impact of an increase in life expectan cy is shown on page 141. Currently this is a ri sk that is largely unhedged by the Group\u2019s pension schemes. However, the UK scheme\u2019s recent \u00a3350 million pensioner buy-in with Aviva hedges roughly 20% of i ts longevity risk. 10 Retirement and other post-employment benefit arrangements cont. Risk Description Commentary Investment risk The scheme assets are shown on a mark-to- market basis. A decrease in asset values at a relevant measurement date, to the extent assets do not hedge liabilities, would lead to an increased disclosed deficit or reduced surplus. The UK funded scheme is diversified by asset class, at individual securities level; geography; and by investment managers. To the extent that any assets are not Sterling denominated the scheme hedges the majority of this currency exposure back to Sterling. The US scheme is fully funded and has a significant proportion of fixed income. The fixed income is invested directly to protect the funded status of the scheme. Trustees work with fixed income managers to consider the liabilities (including key period durations, credit spread duration and convexity) and have created a custom fixed income benchmark to match the liabilities and protect the funded status. In addition the schemes\u2019 investment policies recognise the need to generate cash flows to meet members\u2019 benefits as they fall due. Liquidity risk The scheme needs available financial resources to meet obligations when they fall due. Not being able to sell assets in a timely manner for the expected valuation could lead to an increased disclosed deficit or reduced surplus. The schemes\u2019 investment policies recognise the need to generate cash flows to meet members\u2019 benefits as they fall due. In addition, the UK scheme\u2019s hedging policy is run using low leverage in order to maintain strong liquidity, even after the pensioner buy-in transaction. The scheme suffered no meaningful impacts during the well documented market issues over September and October 2022, which faced those UK schemes relying heavily on \u201cLDI\u201d strategies. ii) Principal assumptions The principal assumptions for the UK and US schemes are as follows: Principal assumptions at 31 December 2022 Coats UK Pension Scheme % Coats US % Other % Rate of increase in salaries \u2013 \u2013 5.7 Rate of increase for pensions in payment Various \u2013 4.1 Discount rate 4.8 5.2 5.7 Inflation assumption 3.3 \u2013 4.5 Principal assumptions at 31 December 2021 Coats UK Pension Scheme % Coats US % Other % Rate of increase in salaries \u2013 3.0 4.9 Rate of increase for pensions in payment Various \u2013 2.9 Discount rate 1.9 2.8 4.0 Inflation assumption 3.5 2.2 3.0 The rate of increase for pensions in payment for members of the combined Coats UK Pension Scheme vary in accordance with each member\u2019s former scheme category and period of membership. For former Coats UK plan members the increases for pensions in payment are assumed to be at a rate of 3.0% (2021: 3.4%). For former Staveley scheme members, the majority of the increases for pensions in payment fall within the range 2.2%\u20133.0% (2021: 2.6%\u20133.4%). For former Brunel scheme members, the majority of the increases for pensions in payment fall within the range 3.4%\u20134.0% (2021: 3.2%\u20134.0%). The assumed life expectancy on retirement is: Year ended 31 December 2022 Year ended 31 December 2021 Coats UK Pension Scheme Years Coats US Years Coats UK Pension Scheme Years Coats US Years Retiring today at age 60: Males 25.6 24.9 25.8 24.8 Females 28.5 27.1 28.6 27.0 Retiring in 20 years at age 60: Males 27.1 26.6 27.3 26.5 Females 29.9 28.6 30.0 28.6 10 Retirement and other post-employment benefit arrangements cont. iii) Amounts recognised in the consolidated income statement Amounts recognised in income in respect of these defined benefit schemes are as follows: Year ended 31 December 2022 Coats UK Pension Scheme US$m Coats US US$m Other US$m Group US$m Current service cost \u2013 \u2013 (3.9) (3.9) Past service cost \u2013 (1.2) (0.1) (1.3) Settlements \u2013 \u2013 (0.1) (0.1) Administrative expenses (4.1) (0.5) (0.1) (4.7) (4.1) (1.7) (4.2) (10.0) Interest on defined benefit obligations \u2013 unwinding of discount (50.0) (1.3) (3.5) (54.8) Interest income on pension scheme assets 52.2 3.9 0.5 56.6 Effect of asset cap \u2013 (2.3) \u2013 (2.3) 2.2 0.3 (3.0) (0.5) Year ended 31 December 2021 Coats UK Pension Scheme US$m Coats US US$m Other US$m Group US$m Current service cost \u2013 (2.0) (4.0) (6.0) Past service (cost)/credit \u2013 (0.1) 0.3 0.2 Settlements \u2013 3.6 (0.1) 3.5 Administrative expenses (4.2) (0.7) (0.1) (5.0) (4.2) 0.8 (3.9) (7.3) Interest on defined benefit obligations \u2013 unwinding of discount (41.0) (1.9) (3.6) (46.5) Interest income on pension scheme assets 39.6 4.0 0.8 44.4 Effect of asset cap \u2013 (1.8) (0.4) (2.2) (1.4) 0.3 (3.2) (4.3) iv) Amounts recognised in the consolidated statement of comprehensive income Actuarial gains and losses were as follows: Year ended 31 December 2022 US$m Year ended 31 December 2021 US$m Effect of changes in demographic assumptions 10.8 (30.7) Effect of changes in financial assumptions 941.1 125.7 Effect of experience adjustments (67.7) 64.3 Remeasurement on assets (excluding interest income) (855.5) 50.6 Adjustment due to surplus cap 31.1 2.9 Included in the statement of comprehensive income 59.8 212.8 10 Retirement and other post-employment benefit arrangements cont. v) Amounts recognised in the consolidated statement of financial position The amounts included in the consolidated statement of financial position arising from the Group\u2019s defined benefit arrangements are as follows: Year ended 31 December 2022 Coats UK Pension Scheme US$m Coats US US$m Other US$m Total US$m Cash and cash equivalents 64.6 1.6 4.2 70.4 Equity instruments: US 47.6 12.3 0.6 60.5 UK 3.1 1.1 \u2013 4.2 Eurozone 8.4 4.5 \u2013 12.9 Other regions 20.1 7.0 1.2 28.3 Debt instruments: Corporate bonds (Investment grade) 428.2 43.6 1.6 473.4 Corporate bonds (Non-investment grade) 89.4 1.7 \u2013 91.1 Government/sovereign instruments 562.9 24.7 \u2013 587.6 Global real estate 238.5 \u2013 \u2013 238.5 Derivatives: Total return, interest and inflation swaps (20.7) \u2013 \u2013 (20.7) Assets held by insurance company: Insurance contracts 391.6 0.5 0.8 392.9 Diversified investment fund 5.5 \u2013 \u2013 5.5 Other 127.7 \u2013 \u2013 127.7 Total market value of assets 1,966.9 97.0 8.4 2,072.3 Actuarial value of scheme liabilities (1,786.2) (29.3) (96.7) (1,912.2) Net asset/(liability) in the scheme 180.7 67.7 (88.3) 160.1 Adjustment due to surplus cap \u2013 (54.7) \u2013 (54.7) Recoverable net asset/(liability) in the scheme 180.7 13.0 (88.3) 105.4 Year ended 31 December 2021 Coats UK Pension Scheme US$m Coats US US$m Other US$m Total US$m Cash and cash equivalents 73.3 4.0 2.7 80.0 Equity instruments: US 124.0 17.8 1.2 143.0 UK 7.9 \u2013 \u2013 7.9 Eurozone 17.2 \u2013 \u2013 17.2 Other regions 43.9 17.1 3.5 64.5 Debt instruments: Corporate bonds (Investment grade) 767.5 68.7 3.6 839.8 Corporate bonds (Non-investment grade) 244.3 2.6 \u2013 246.9 Government/sovereign instruments 1,440.9 31.2 \u2013 1,472.1 Global real estate 300.0 \u2013 0.1 30 0.1 Derivatives: Total return, interest and inflation swaps 0.6 \u2013 \u2013 0.6 Assets held by insurance company: Insurance contracts 2.7 0.5 0.8 4.0 Diversified investment fund \u2013 \u2013 4.3 4.3 Other 120.6 0.1 0.4 121.1 Total market value of assets 3,142.9 142.0 16.6 3,301.5 Actuarial value of scheme liabilities (3,034.9) (46.9) (114.9) (3,196.7) Net asset/(liability) in the scheme 108.0 95.1 (98.3) 104.8 Adjustment due to surplus cap \u2013 (83.5) (0.2) (83.7) Recoverable net asset/(liability) in the scheme 108.0 11.6 (98.5) 21.1 10 Retirement and other post-employment benefit arrangements cont. The amounts are presented in the consolidated statement of financial position as follows: Year ended 31 December 2022 US$m 2021 US$m Non-current assets: Funded 222.7 159.7 Current assets: Funded 2.0 5.2 Current liabilities: Funded (27.6) (41.9) Unfunded (5.0) (6.1) Non-current liabilities: Funded (3.3) (5.6) Unfunded (83.4) (90.2) 105.4 21.1 The schemes disclosed as part of the \u2018other\u2019 column in the tables above include surplus positions of $3.7 million (2021: $3.8 million). Year ended 31 December 2022 US$m Year ended 31 December 2021 US$m Movements in the present value of defined benefit obligations were as follows: At 1 January (3,196.7) (3,588.5) Current service cost (3.9) (6.0) Decrease in liabilities on settlements 0.4 69.6 Past service (cost)/credit (1.3) 0.2 Interest on defined benefit obligations \u2013 unwinding of discount (54.8) (46.5) Actuarial gains on obligations 884.2 159.3 Contributions from members (0.1) (0.1) Benefits paid 157.2 177.1 Net movement due to acquisitions and disposals of subsidiaries (3.6) \u2013 Exchange difference 306.4 38.2 At 31 December (1,912.2) (3,196.7) Movements in the fair value of scheme assets were as follows: At 1 January 3,301.5 3,447.1 Interest income on scheme assets 56.6 44.4 Remeasurement on assets (excluding interest income) (855.5) 50.6 Decrease in assets on settlements (0.5) (66.1) Assets transferred out of schemes \u2013 ( 7.0) Contributions from members 0.1 0.1 Contribution from sponsoring companies 46.3 44.2 Benefits paid (157.2) (177.1) Net movement due to acquisitions and disposals of subsidiaries (4.7) \u2013 Administrative expenses paid from plan assets (0.6) (1.0) Exchange difference (313.7) (33.7) At 31 December 2,072.3 3,301.5 Administrative expenses paid from plan assets excludes those expenses paid directly by the Group. The reconciliation of the effect of the asset ceiling is as follows: Unrecognised surplus at 1 January 83.7 84.4 Interest cost on unrecognised surplus 2.3 2.2 Changes in the effect of limiting a net defined benefit asset to the asset ceiling (excluding interest) (31.3) (2.9) Unrecognised surplus at 31 December 54.7 83.7 10 Retirement and other post-employment benefit arrangements cont. vi) Assets without a quoted price in an active market For the Coats UK Pension Scheme, all assets in the table in section v of this note, except for cash and cash equivalents, do not have a quoted price in an active market. For the Coats US scheme, included in the in section v of this note are $nil (2021: $0.4 million) US equity instruments, $43.6 million (2021: $68.7 million) of corporate bonds (Investment grade), $1.7 million (2021: $2.6 million) of corporate bonds (Non-investment grade) and $0.5 million (2021: $0.5 million) of insurance contracts without a quoted price in an active market. All other assets have a quoted price in an active market. vii) Basis of asset valuation Under IAS 19, plan assets must be valued at the bid market value at the balance sheet date. For the main asset categories: \u2013 Equities and bonds listed on recognised exchanges are valued at closing bid prices; \u2013 Other bonds are measured using a combination of broker quotes and pricing models making assumptions for credit risk, market risk and market yield curves; \u2013 Global real estate assets are valued on either a fair value approach as provided by the investment manager or notional bid valuations provided by the investment managers due to investments being held within a single priced pooled investment vehicle. Valuations are prepared in accordance with the current RICS Valuation \u2013 Global Standards (1 July 2017) and the RICS Valuation \u2013 Professional Standards UK January 2014 (revised April 2015); \u2013 Certain unlisted investments, for example derivatives and insurance contracts, are valued using a model based valuation such as a discounted cash flow; and \u2013 Diversified investment funds are valued at fair value which is typically the Net Asset Value provided by the investment manager. viii) Recoverability of plan surplus The recoverable surplus on the Coats US scheme has been recognised in line with the benefit from contribution holidays, plus annual refunds expected from the scheme to fund the US post-retirement medical scheme in accordance with relevant US legislation. Following the disposal of North America Crafts in 2019, Coats retains the previously incurred pension obligations from the business. The pension scheme was in a surplus position of $67.7 million at 31 December 2022 of which a recoverable surplus of $13.0 million is recognised on the Balance Sheet. The Coats UK Pension Scheme moved into an IAS 19 surplus position during the previous year. The Group has an unconditional right to a refund of the surplus assuming the gradual settlement of the liabilities over time and therefore no additional minimum funding requirement has been recognised. ix) Duration of plan liabilities The weighted average duration of benefit obligations is 12 years (2021: 15 years) for the Coats UK scheme and 9 years (2021: 11 years) for the Coats US scheme. x) Sensitivities Sensitivities regarding the discount rate, inflation (which also impacts the rate of increases in salaries and rate of increase for pension in payments assumptions for the UK scheme) and mortality assumptions used to measure the liabilities of the principal schemes, along with the impact they would have on the scheme liabilities, are set out below. Interrelationships between assumptions might exist and the analysis below does not take the effect of these interrelationships into account: +0.25% US$m Year ended 31 December 2022 -0.25% US$m +0.25% US$m Year ended 31 December 2021 -0.25% US$m Coats UK Pension Scheme discount rate (51.4) 53.9 (108.8) 115.0 Coats US discount rate (0.7) 0.7 (1.2) 1.3 Coats UK Pension Scheme inflation rate 28.0 (30.1) 74.6 (72.0) Coats US inflation rate \u2013 \u2013 \u2013 \u2013 An increase of 1.0% in the discount rate would result in the Coats UK Pension Scheme and the Coats US scheme liabilities decreasing by $192.3 million and $2.6 million (2021: $401.4 million and $4.9 million). A decrease of 1.0% in the discount rate would result in the Coats UK Pension Scheme and the Coats US scheme liabilities increasing by $232.2 million and $3.1 million (2021: $502.7 million and $6.0 million) respectively. The above sensitivity analysis (on a IAS 19 basis) considers the impact on the scheme liabilities only and excludes any impacts on scheme assets from changes in discount and inflation rates. As noted on page 136, the Coats UK Pension Scheme is currently over 90% hedged against interest rate and inflation rate movements. Therefore on a Technical Provision basis, to the extent there is a change in the scheme liabilities due to movements in discount and inflation rates there would be offsetting impacts from the scheme assets due to the hedging in place. If members of the Coats UK Pension Scheme live one year longer the scheme liabilities will increase by $59.8 million (2021: $105.8 million). If members of the Coats US scheme live one year longer scheme liabilities will increase by $0.4 million (2021: $0.7 million), however, there would be no overall impact on the recoverable surplus. 10 Retirement and other post-employment benefit arrangements cont. In presenting the above sensitivity analysis, the present value of the defined benefit obligation has been calculated using the projected unit credit method at the end of the reporting period, which is the same as that applied in calculating the defined benefit obligation liability recognised in the consolidated statement of financial position. There was no change in the methods and assumptions used in preparing the sensitivity analysis from prior years. +1% US$m Year ended 31 December 2022 -1% US$m +1% US$m Year ended 31 December 2021 -1% US$m Sensitivity of medical schemes to medical cost trend rate assumptions: Effect on total service cost and interest cost components of other schemes 0.1 (0.1) 0.1 (0.1) Effect on defined benefit obligation of other schemes 0.8 (0.7) 1.5 (1.4) xi) Expected contributions for 2023 The total estimated amount to be paid in respect of all of the Group\u2019s retirement and other post-employment benefit arrangements during the 2023 financial year (excluding administrative expenses paid by the Company) is $31.6 million. The amount of contributions for the 2023 financial year will be lower in the event that regular cash contributions to the Coats UK pension scheme are switched off under the mechanism set out above. ",
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"fact-516": {
"value": "10 Retirement and other post-employment benefit arrangements a) Pension and other post-employment costs Pension and other post-employment costs charged to operating profit for the year were (continuing and discontinued operations): US$m Year ended 31 December 2022 US$m US$m Year ended 31 December 2021 US$m Defined contribution schemes 5.5 4.0 Defined benefit schemes \u2013 Coats US funded \u2013 2.0 Other funded and unfunded 3.9 4.0 3.9 6.0 Past service cost/(credit) 1.3 (0.2) Settlements 0.1 (3.5) Administrative expenses for defined benefit schemes 4.7 5.0 15.5 11.3 b) Defined contribution schemes The Group operates a number of defined contribution plans around the world to provide pension benefits. c) Defined benefit schemes The Group operates various defined benefit pension and other post-employment arrangements in most of the countries in which it operates. The most significant defined benefit pension schemes are the Coats UK Pension Scheme and the Coats North America Pension Plan (US Plan) \u2013 more details of which are included below. These schemes represent around 95% of the Group\u2019s total defined benefit obligations. Both these schemes are pre-funded and report an accounting surplus, whereas the majority of the Group\u2019s other arrangements (most significantly in Germany) are unfunded and benefits are met on an ongoing basis by the Group. The overall balance sheet position for the Group in respect of the defined benefit pension and other post- employment arrangements shows a significant surplus under IAS 19 at the end of the financial year of $105.4 million. This is due mainly to the pre-funded schemes\u2019 assets exceeding the IAS 19 measure of their liabilities. Importantly, the measurement of liabilities under IAS 19 differs from local requirements to determine the Group\u2019s cash funding of these schemes, which are currently more onerous in the UK in particular and contrary to the IAS 19 position leaves the scheme in a Technical Provision deficit position on the funding basis (albeit significantly improved in recent periods). Coats UK Pension Scheme The Coats UK Pension Scheme (\u201cthe Scheme\u201d) is administered by a trustee. Its assets are held in funds that are legally separated from the Group and are subject to UK legislation with oversight from the Pensions Regulator. The trustee board is composed of representatives of both the Group and scheme members together with two independent trustees. The trustee board is required by law and the Scheme\u2019s rules to act in the interest of the Scheme\u2019s members and other stakeholders (for example the Group). The sponsor of the Scheme is Coats Limited and the Company provides a guarantee to the Scheme. The trustee board is responsible for setting the Scheme\u2019s investment policy following consultation with the wider Group. Over the majority of the financial year, the trustee board operated an investment policy whereby a portion of the fund is invested in assets (bonds and derivatives) that broadly match movements in the value of the scheme\u2019s liabilities and a portion in assets that are anticipated to deliver a return in excess of the change in value of the liabilities. This policy was augmented in December by the purchase of a bulk annuity as summarised below. Cash funding commitments The Scheme is subject to full actuarial valuations every three years using assumptions agreed between the trustee board and the wider Group. The purpose of this valuation is to design a cash funding plan to ensure that the pension scheme has sufficient assets available to meet the future payment of benefits to Scheme members. It is this funding valuation basis, not accounting valuations under IAS 19, that determines the cash funding the Group provides to the Scheme. The valuation of liabilities for funding purposes differs from the IAS 19 valuation used for accounting purposes, mainly due to the different actuarial assumptions used. To calculate the funding valuation liabilities (the \u201cTechnical Provisions\u201d) the assumptions agreed with the trustee board must be set more prudently overall, with the discount rate in particular reflecting a relatively cautious expectation of future returns on the Scheme\u2019s assets. In contrast, under IAS 19, all the assumptions used to value the liabilities are the Company directors\u2019 central best estimates according to established accounting principles with the exception of the discount rate, which is based on high-quality (AA rated) corporate bond yields regardless of scheme investment strategy and therefore differs in practice to the funding basis of valuation. In November 2021, the Group and the trustee board agreed the latest funding valuation of the Scheme with an effective date of 31 March 2021. This showed a prudent Technical Provisions (funding) deficit of \u00a3193 million ($261 million at 31 December 2021 exchange rates) and resulted in agreed ongoing deficit recovery payments of \u00a322 million per annum ($27 million) until 31 December 2028. These payments are uprated each year by the increase in the UK Retail Prices Index, but capped at 5% in any year. The difference between the agreed schedule of payments which total around \u00a3170 million and the overall deficit of \u00a3193 million is expected to be met by modest asset outperformance vs valuation assumptions over the c.7 year period. The Group also meets the Scheme\u2019s administrative expenses and levies estimated at \u00a34 million ($5 million) per annum. In addition, over a number of months from May 2021 the Group had committed to pay circa $21 million of agreed deficit recovery payments that fell due in 2020, but were deferred as part of Covid-19 underpinning actions. The final monthly \u201ccatch-up\u201d payment was made in November 2022. 10 Retirement and other post-employment benefit arrangements cont. Latest funding valuation estimate Recent updates indicate the funding deficit has fallen significantly and is now approaching fully funded on a Technical Provisions basis. This significant improvement has been due to employer contributions, favourable movements in the market (increasing discount rates) and the de-risking actions that the Group have taken, for example the pensioner buy-in transaction referred to below. As a result of this significantly improved funding position, and reflective of the collaborative working relationship with the Trustees, the Group has agreed a mechanism to switch off / switch on the regular cash contributions to the Coats UK Pension Scheme based on monthly estimates of the latest funding position. As such, if the Scheme remains in surplus for a consecutive number of months cash contributions will cease entirely until any trigger on the downside (i.e. a return to deficit) has been hit. At this point, contributions on a pre-agreed basis would resume. Pensioner buy-in In December 2022, the trustee board purchased a circa \u00a3350 million bulk annuity policy from Aviva, which insures all the benefits payable in respect of around 3,700 pensioner members (a \u201cpensioner buy-in\u201d). This policy will see all financial and demographic risks, including those related to longevity, covered for approximately 20% of Scheme members. The bulk annuity policy is an asset of the Scheme. Under IAS 19 it is deemed a qualifying insurance policy, due to it exactly matching the amount and timing of benefits payable by the Scheme to the covered members. Under IAS 19, the value of the bulk annuity policy is therefore set equal to the corresponding IAS 19 liabilities for covered members; not the premium paid. Given the favourable pricing at the point of transaction, the pensioner buy-in has no material impact on the Group\u2019s balance sheet or future income statements on an IAS 19 basis. Coats North America Pension Plan The Coats North America Pension Plan (Coats US) is a defined benefit scheme, the assets of which are held in funds that are legally separated from the Group. In 2019 the Group agreed to amend the Plan to close to new hires from 1 January 2020, and to cease future accrual for current employees from 1 January 2022. The following disclosures are required in accordance with the requirements of IAS 19 and do not include information in respect of schemes operated by joint ventures. The information provided below for defined benefit plans has been prepared by independent qualified actuaries based on the most recent formal actuarial valuations of the schemes (effective at 31 March 2021 and 1 January 2022 for the UK and US respectively), updated to take account of the valuations of assets and liabilities as at 31 December 2022. The following disclosures do not include information in respect of schemes operated by joint ventures. i) Principal risks The Group is exposed to actuarial and investment risks, the principal risks are: Risk Description Commentary Interest rate risk The present value of the defined benefit plan liabilities is calculated using a discount rate determined by reference to bond yields. A decrease in bond yield rates will increase defined benefit obligations. The impact of the movement in discount rates are shown on page 141. The Trustees of the UK and US schemes hedge these sensitivities through physical bonds and derivatives. The Coats UK Pension Schem is currently over 90% (2021: over 85%) hedged against interest rate movements reference to the Technical Provisions liability. Inflation The present value of the defined benefit liabilities are calculated by reference to assumed future inflation rates. An increase in inflation rates will increase defined benefit obligations. The impact of the movement in inflation rates are shown on page 141. The Trustees of the UK and US schemes hedge these sensitivities through physical bonds, derivatives and real assets. The Coats UK Pension Scheme is currently over 90% (2021: over 85%) hedged against inflation rate movements by reference to the Technical Provisions liability. Longevity risk The present value of the defined benefit plan liability is calculated by reference to the best estimate of member life expectancies. An increase in life expectancy will increase liabilities. The impact of an increase in life expectan is shown on page 141. Currently this is a ri that is largely unhedged by the Group\u2019s pension schemes. However, the UK scheme\u2019s recent \u00a3350 million pensioner buy-in with Aviva hedges roughly 20% of i longevity risk. 10 Retirement and other post-employment benefit arrangements cont. Risk Description Commentary Investment risk The scheme assets are shown on a mark-to- market basis. A decrease in asset values at a relevant measurement date, to the extent assets do not hedge liabilities, would lead to an increased disclosed deficit or reduced surplus. The UK funded scheme is diversified by asset class, at individual securities level; geography; and by investment managers. To the extent that any assets are not Sterling denominated the scheme hedges the majority of this currency exposure back to Sterling. The US scheme is fully funded and has a significant proportion of fixed income. The fixed income is invested directly to protect the funded status of the scheme. Trustees work with fixed income managers to consider the liabilities (including key period durations, credit spread duration and convexity) and have created a custom fixed income benchmark to match the liabilities and protect the funded status. In addition the schemes\u2019 investment policies recognise the need to generate cash flows to meet members\u2019 benefits as they fall due. Liquidity risk The scheme needs available financial resources to meet obligations when they fall due. Not being able to sell assets in a timely manner for the expected valuation could lead to an increased disclosed deficit or reduced surplus. The schemes\u2019 investment policies recognise the need to generate cash flows to meet members\u2019 benefits as they fall due. In addition, the UK scheme\u2019s hedging policy is run using low leverage in order to maintain strong liquidity, even after the pensioner buy-in transaction. The scheme suffered no meaningful impacts during the well documented market issues over September and October 2022, which faced those UK schemes relying heavily on \u201cLDI\u201d strategies. ii) Principal assumptions The principal assumptions for the UK and US schemes are as follows: Principal assumptions at 31 December 2022 Coats UK Pension Scheme % Coats US % Other % Rate of increase in salaries \u2013 \u2013 5.7 Rate of increase for pensions in payment Various \u2013 4.1 Discount rate 4.8 5.2 5.7 Inflation assumption 3.3 \u2013 4.5 Principal assumptions at 31 December 2021 Coats UK Pension Scheme % Coats US % Other % Rate of increase in salaries \u2013 3.0 4.9 Rate of increase for pensions in payment Various \u2013 2.9 Discount rate 1.9 2.8 4.0 Inflation assumption 3.5 2.2 3.0 The rate of increase for pensions in payment for members of the combined Coats UK Pension Scheme vary in accordance with each member\u2019s former scheme category and period of membership. For former Coats UK plan members the increases for pensions in payment are assumed to be at a rate of 3.0% (2021: 3.4%). For former Staveley scheme members, the majority of the increases for pensions in payment fall within the range 2.2%\u20133.0% (2021: 2.6%\u20133.4%). For former Brunel scheme members, the majority of the increases for pensions in payment fall within the range 3.4%\u20134.0% (2021: 3.2%\u20134.0%). The assumed life expectancy on retirement is: Year ended 31 December 2022 Year ended 31 December 2021 Coats UK Pension Scheme Years Coats US Years Coats UK Pension Scheme Years Coats US Years Retiring today at age 60: Males 25.6 24.9 25.8 24.8 Females 28.5 27.1 28.6 27.0 Retiring in 20 years at age 60: Males 27.1 26.6 27.3 26.5 Females 29.9 28.6 30.0 28.6 10 Retirement and other post-employment benefit arrangements cont. iii) Amounts recognised in the consolidated income statement Amounts recognised in income in respect of these defined benefit schemes are as follows: Year ended 31 December 2022 Coats UK Pension Scheme US$m Coats US US$m Other US$m Group US$m Current service cost \u2013 \u2013 (3.9) (3.9) Past service cost \u2013 (1.2) (0.1) (1.3) Settlements \u2013 \u2013 (0.1) (0.1) Administrative expenses (4.1) (0.5) (0.1) (4.7) (4.1) (1.7) (4.2) (10.0) Interest on defined benefit obligations \u2013 unwinding of discount (50.0) (1.3) (3.5) (54.8) Interest income on pension scheme assets 52.2 3.9 0.5 56.6 Effect of asset cap \u2013 (2.3) \u2013 (2.3) 2.2 0.3 (3.0) (0.5) Year ended 31 December 2021 Coats UK Pension Scheme US$m Coats US US$m Other US$m Group US$m Current service cost \u2013 (2.0) (4.0) (6.0) Past service (cost)/credit \u2013 (0.1) 0.3 0.2 Settlements \u2013 3.6 (0.1) 3.5 Administrative expenses (4.2) (0.7) (0.1) (5.0) (4.2) 0.8 (3.9) (7.3) Interest on defined benefit obligations \u2013 unwinding of discount (41.0) (1.9) (3.6) (46.5) Interest income on pension scheme assets 39.6 4.0 0.8 44.4 Effect of asset cap \u2013 (1.8) (0.4) (2.2) (1.4) 0.3 (3.2) (4.3) iv) Amounts recognised in the consolidated statement of comprehensive income Actuarial gains and losses were as follows: Year ended 31 December 2022 US$m Year ended 31 December 2021 US$m Effect of changes in demographic assumptions 10.8 (30.7) Effect of changes in financial assumptions 941.1 125.7 Effect of experience adjustments (67.7) 64.3 Remeasurement on assets (excluding interest income) (855.5) 50.6 Adjustment due to surplus cap 31.1 2.9 Included in the statement of comprehensive income 59.8 212.8 10 Retirement and other post-employment benefit arrangements cont. v) Amounts recognised in the consolidated statement of financial position The amounts included in the consolidated statement of financial position arising from the Group\u2019s defined benefit arrangements are as follows: Year ended 31 December 2022 Coats UK Pension Scheme US$m Coats US US$m Other US$m Total US$m Cash and cash equivalents 64.6 1.6 4.2 70.4 Equity instruments: US 47.6 12.3 0.6 60.5 UK 3.1 1.1 \u2013 4.2 Eurozone 8.4 4.5 \u2013 12.9 Other regions 20.1 7.0 1.2 28.3 Debt instruments: Corporate bonds (Investment grade) 428.2 43.6 1.6 473.4 Corporate bonds (Non-investment grade) 89.4 1.7 \u2013 91.1 Government/sovereign instruments 562.9 24.7 \u2013 587.6 Global real estate 238.5 \u2013 \u2013 238.5 Derivatives: Total return, interest and inflation swaps (20.7) \u2013 \u2013 (20.7) Assets held by insurance company: Insurance contracts 391.6 0.5 0.8 392.9 Diversified investment fund 5.5 \u2013 \u2013 5.5 Other 127.7 \u2013 \u2013 127.7 Total market value of assets 1,966.9 97.0 8.4 2,072.3 Actuarial value of scheme liabilities (1,786.2) (29.3) (96.7) (1,912.2) Net asset/(liability) in the scheme 180.7 67.7 (88.3) 160.1 Adjustment due to surplus cap \u2013 (54.7) \u2013 (54.7) Recoverable net asset/(liability) in the scheme 180.7 13.0 (88.3) 105.4 Year ended 31 December 2021 Coats UK Pension Scheme US$m Coats US US$m Other US$m Total US$m Cash and cash equivalents 73.3 4.0 2.7 80.0 Equity instruments: US 124.0 17.8 1.2 143.0 UK 7.9 \u2013 \u2013 7.9 Eurozone 17.2 \u2013 \u2013 17.2 Other regions 43.9 17.1 3.5 64.5 Debt instruments: Corporate bonds (Investment grade) 767.5 68.7 3.6 839.8 Corporate bonds (Non-investment grade) 244.3 2.6 \u2013 246.9 Government/sovereign instruments 1,440.9 31.2 \u2013 1,472.1 Global real estate 300.0 \u2013 0.1 30 0.1 Derivatives: Total return, interest and inflation swaps 0.6 \u2013 \u2013 0.6 Assets held by insurance company: Insurance contracts 2.7 0.5 0.8 4.0 Diversified investment fund \u2013 \u2013 4.3 4.3 Other 120.6 0.1 0.4 121.1 Total market value of assets 3,142.9 142.0 16.6 3,301.5 Actuarial value of scheme liabilities (3,034.9) (46.9) (114.9) (3,196.7) Net asset/(liability) in the scheme 108.0 95.1 (98.3) 104.8 Adjustment due to surplus cap \u2013 (83.5) (0.2) (83.7) Recoverable net asset/(liability) in the scheme 108.0 11.6 (98.5) 21.1 10 Retirement and other post-employment benefit arrangements cont. The amounts are presented in the consolidated statement of financial position as follows: Year ended 31 December 2022 US$m 2021 US$m Non-current assets: Funded 222.7 159.7 Current assets: Funded 2.0 5.2 Current liabilities: Funded (27.6) (41.9) Unfunded (5.0) (6.1) Non-current liabilities: Funded (3.3) (5.6) Unfunded (83.4) (90.2) 105.4 21.1 The schemes disclosed as part of the \u2018other\u2019 column in the tables above include surplus positions of $3.7 million (2021: $3.8 million). Year ended 31 December 2022 US$m Year ended 31 December 2021 US$m Movements in the present value of defined benefit obligations were as follows: At 1 January (3,196.7) (3,588.5) Current service cost (3.9) (6.0) Decrease in liabilities on settlements 0.4 69.6 Past service (cost)/credit (1.3) 0.2 Interest on defined benefit obligations \u2013 unwinding of discount (54.8) (46.5) Actuarial gains on obligations 884.2 159.3 Contributions from members (0.1) (0.1) Benefits paid 157.2 177.1 Net movement due to acquisitions and disposals of subsidiaries (3.6) \u2013 Exchange difference 306.4 38.2 At 31 December (1,912.2) (3,196.7) Movements in the fair value of scheme assets were as follows: At 1 January 3,301.5 3,447.1 Interest income on scheme assets 56.6 44.4 Remeasurement on assets (excluding interest income) (855.5) 50.6 Decrease in assets on settlements (0.5) (66.1) Assets transferred out of schemes \u2013 ( 7.0) Contributions from members 0.1 0.1 Contribution from sponsoring companies 46.3 44.2 Benefits paid (157.2) (177.1) Net movement due to acquisitions and disposals of subsidiaries (4.7) \u2013 Administrative expenses paid from plan assets (0.6) (1.0) Exchange difference (313.7) (33.7) At 31 December 2,072.3 3,301.5 Administrative expenses paid from plan assets excludes those expenses paid directly by the Group. The reconciliation of the effect of the asset ceiling is as follows: Unrecognised surplus at 1 January 83.7 84.4 Interest cost on unrecognised surplus 2.3 2.2 Changes in the effect of limiting a net defined benefit asset to the asset ceiling (excluding interest) (31.3) (2.9) Unrecognised surplus at 31 December 54.7 83.7 10 Retirement and other post-employment benefit arrangements cont. vi) Assets without a quoted price in an active market For the Coats UK Pension Scheme, all assets in the table in section v of this note, except for cash and cash equivalents, do not have a quoted price in an active market. For the Coats US scheme, included in the in section v of this note are $nil (2021: $0.4 million) US equity instruments, $43.6 million (2021: $68.7 million) of corporate bonds (Investment grade), $1.7 million (2021: $2.6 million) of corporate bonds (Non-investment grade) and $0.5 million (2021: $0.5 million) of insurance contracts without a quoted price in an active market. All other assets have a quoted price in an active market. vii) Basis of asset valuation Under IAS 19, plan assets must be valued at the bid market value at the balance sheet date. For the main asset categories: \u2013 Equities and bonds listed on recognised exchanges are valued at closing bid prices; \u2013 Other bonds are measured using a combination of broker quotes and pricing models making assumptions for credit risk, market risk and market yield curves; \u2013 Global real estate assets are valued on either a fair value approach as provided by the investment manager or notional bid valuations provided by the investment managers due to investments being held within a single priced pooled investment vehicle. Valuations are prepared in accordance with the current RICS Valuation \u2013 Global Standards (1 July 2017) and the RICS Valuation \u2013 Professional Standards UK January 2014 (revised April 2015); \u2013 Certain unlisted investments, for example derivatives and insurance contracts, are valued using a model based valuation such as a discounted cash flow; and \u2013 Diversified investment funds are valued at fair value which is typically the Net Asset Value provided by the investment manager. viii) Recoverability of plan surplus The recoverable surplus on the Coats US scheme has been recognised in line with the benefit from contribution holidays, plus annual refunds expected from the scheme to fund the US post-retirement medical scheme in accordance with relevant US legislation. Following the disposal of North America Crafts in 2019, Coats retains the previously incurred pension obligations from the business. The pension scheme was in a surplus position of $67.7 million at 31 December 2022 of which a recoverable surplus of $13.0 million is recognised on the Balance Sheet. The Coats UK Pension Scheme moved into an IAS 19 surplus position during the previous year. The Group has an unconditional right to a refund of the surplus assuming the gradual settlement of the liabilities over time and therefore no additional minimum funding requirement has been recognised. ix) Duration of plan liabilities The weighted average duration of benefit obligations is 12 years (2021: 15 years) for the Coats UK scheme and 9 years (2021: 11 years) for the Coats US scheme. x) Sensitivities Sensitivities regarding the discount rate, inflation (which also impacts the rate of increases in salaries and rate of increase for pension in payments assumptions for the UK scheme) and mortality assumptions used to measure the liabilities of the principal schemes, along with the impact they would have on the scheme liabilities, are set out below. Interrelationships between assumptions might exist and the analysis below does not take the effect of these interrelationships into account: +0.25% US$m Year ended 31 December 2022 -0.25% US$m +0.25% US$m Year ended 31 December 2021 -0.25% US$m Coats UK Pension Scheme discount rate (51.4) 53.9 (108.8) 115.0 Coats US discount rate (0.7) 0.7 (1.2) 1.3 Coats UK Pension Scheme inflation rate 28.0 (30.1) 74.6 (72.0) Coats US inflation rate \u2013 \u2013 \u2013 \u2013 An increase of 1.0% in the discount rate would result in the Coats UK Pension Scheme and the Coats US scheme liabilities decreasing by $192.3 million and $2.6 million (2021: $401.4 million and $4.9 million). A decrease of 1.0% in the discount rate would result in the Coats UK Pension Scheme and the Coats US scheme liabilities increasing by $232.2 million and $3.1 million (2021: $502.7 million and $6.0 million) respectively. The above sensitivity analysis (on a IAS 19 basis) considers the impact on the scheme liabilities only and excludes any impacts on scheme assets from changes in discount and inflation rates. As noted on page 136, the Coats UK Pension Scheme is currently over 90% hedged against interest rate and inflation rate movements. Therefore on a Technical Provision basis, to the extent there is a change in the scheme liabilities due to movements in discount and inflation rates there would be offsetting impacts from the scheme assets due to the hedging in place. If members of the Coats UK Pension Scheme live one year longer the scheme liabilities will increase by $59.8 million (2021: $105.8 million). If members of the Coats US scheme live one year longer scheme liabilities will increase by $0.4 million (2021: $0.7 million), however, there would be no overall impact on the recoverable surplus. 10 Retirement and other post-employment benefit arrangements cont. In presenting the above sensitivity analysis, the present value of the defined benefit obligation has been calculated using the projected unit credit method at the end of the reporting period, which is the same as that applied in calculating the defined benefit obligation liability recognised in the consolidated statement of financial position. There was no change in the methods and assumptions used in preparing the sensitivity analysis from prior years. +1% US$m Year ended 31 December 2022 -1% US$m +1% US$m Year ended 31 December 2021 -1% US$m Sensitivity of medical schemes to medical cost trend rate assumptions: Effect on total service cost and interest cost components of other schemes 0.1 (0.1) 0.1 (0.1) Effect on defined benefit obligation of other schemes 0.8 (0.7) 1.5 (1.4) xi) Expected contributions for 2023 The total estimated amount to be paid in respect of all of the Group\u2019s retirement and other post-employment benefit arrangements during the 2023 financial year (excluding administrative expenses paid by the Company) is $31.6 million. The amount of contributions for the 2023 financial year will be lower in the event that regular cash contributions to the Coats UK pension scheme are switched off under the mechanism set out above. ",
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"value": "11 Earnings per ordinary share The calculation of basic earnings per ordinary share from continuing operations is based on the profit from continuing operations attributable to equity shareholders and the weighted average number of Ordinary Shares in issue during the year, excluding shares held by the Employee Benefit Trust but including shares under share incentive schemes which are not contingently issuable. The calculation of basic earnings per ordinary share from continuing and discontinued operations is based on the profit attributable to equity shareholders. The weighted average number of ordinary shares used for the calculation of basic earnings per ordinary share from continuing and discontinued operations is the same as that used for basic earnings per ordinary share from continuing operations. For diluted earnings per ordinary share, the weighted average number of ordinary shares in issue is adjusted to include all potential dilutive ordinary shares. The Group has two classes of dilutive potential Ordinary Shares: those shares relating to awards under the Group Deferred Bonus Plan which have been awarded but not yet reached the end of the three year retention period and those long-term incentive plan awards for which the performance criteria would have been satisfied if the end of the reporting period were the end of the contingency period. 11 Earnings per ordinary share cont. Year ended 31 December 2022 US$m 2021* US$m Profit from continuing operations attributable to equity shareholders 72.9 85.2 (Loss)/profit from continuing and discontinued operations attributable to equity shareholders (14.7) 88.9 Year ended 31 December 2022 Number of shares m 2021 Number of shares m Weighted average number of ordinary shares in issue for basic earnings per share 1,516.0 1,457.1 Adjustment for share options and LTIP awards 9.3 5.9 Weighted average number of ordinary shares in issue for diluted earnings per share 1,525.3 1,463.0 Year ended 31 December 2022 cents 2021* cents Continuing operations: Basic earnings per ordinary share 4.80 5.84 Diluted earnings per ordinary share 4.77 5.82 Continuing and discontinued operations: Basic (loss)/earnings per ordinary share (0.98) 6.10 Diluted (loss)/earnings per ordinary share (0.97) 6.07 * Represented to reflect the results of the Brazil and Argentina business as a discontinued operation (see note 1). ",
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},
"fact-578": {
"value": "13 Intangible assets Cost Acquired intangibles Computer software US$m Total US$m Goodwill US$m Brands & trade names US$m Technology US$m Customer relationships US$m Total acquired US$m At 1 January 2021 27.2 243.3 18.1 7.1 268.5 86.8 382.5 Currency translation differences (1.0) \u2013 (0.9) (0.3) (1.2) (1.5) (3.7) Additions \u2013 \u2013 \u2013 \u2013 \u2013 2.2 2.2 Disposals \u2013 \u2013 \u2013 \u2013 \u2013 (9.9) (9.9) At 31 December 2021 26.2 243.3 17.2 6.8 267.3 77.6 371.1 Currency translation differences \u2013 0.3 (0.3) 1.0 1.0 (1.7) (0.7) Acquisition of subsidiaries (see note 31) 98.5 40.9 40.5 158.8 240.2 0.6 339.3 Additions \u2013 \u2013 \u2013 \u2013 \u2013 2 .1 2 .1 Disposals \u2013 \u2013 \u2013 \u2013 \u2013 (2.5) (2.5) At 31 December 2022 124.7 284.5 57.4 166.6 508.5 76.1 709.3 Cumulative amounts charged At 1 January 2021 \u2013 1.3 8.7 2.5 12.5 81.4 93.9 Currency translation differences \u2013 \u2013 (0.4) (0.1) (0.5) (1.5) (2.0) Amortisation charge for the year \u2013 0.4 2.4 0.5 3.3 2.7 6.0 Disposals \u2013 \u2013 \u2013 \u2013 \u2013 (9.7) (9.7) At 31 December 2021 \u2013 1.7 10.7 2.9 15.3 72.9 88.2 Currency translation differences \u2013 \u2013 (0.7) (0.1) (0.8) (1.6) (2.4) Amortisation charge for the year \u2013 2 .1 3.6 5.1 10.8 1.8 12.6 Disposals \u2013 \u2013 \u2013 \u2013 \u2013 (2.5) (2.5) At 31 December 2022 \u2013 3.8 13.6 7.9 25.3 70.6 95.9 Net book value at 31 December 2022 124.7 280.7 43.8 158.7 483.2 5.5 613.4 Net book value at 31 December 2021 26.2 241.6 6.5 3.9 252.0 4.7 282.9 The carrying amount of goodwill has been allocated as follows: Year ended 31 December 2022 US$m 2021 US$m Structural Footwear Components 100.1 \u2013 Gotex 12.3 13.0 US and Mexico 2.6 2.6 Coats Digital 8.0 8.8 Other 1.7 1.8 124.7 26.2 The carrying value of the provisional goodwill allocated to the Structural Footwear Components CGU, relating to the Texon and Rhenoflex businesses, which were acquired during the second half of 2022 was tested for impairment at the year end. The original business case cash flow forecasts which underpinned the amount of provisional goodwill recognised were reviewed, factoring in management\u2019s latest view of th future outlook. No material adjustments were deemed necessary to the original business case cash flow forecasts. The carrying value of the goodwill allocated to the Gotex, US and Mexico and Coats Digital CGUs has been tested for impairment during the year by comparing the carrying value of the CGU to their value in use. The value in use calculations were based on projected cash flows, derived from the latest budgets approved b the Board and factoring in the most recent trading activity. Projected cash flows are, discounted at CGU specific, risk adjusted, discount rates to calculate the net present value. The calculation of \u2018value in use\u2019 is most sensitive to the following assumptions: \u2013 CGU specific operating assumptions that are reflected in the budget and medium-term plan periods for the financial year to December 2025; \u2013 discount rates; and \u2013 growth rates used to extrapolate risk adjusted cash flows beyond the medium-term period. The carrying value of Coats brands at 31 December 2022 and 31 December 2021 is $239.6 million. There i no foreseeable limit to the net cash inflows from royalties, which are generated from continued sales of thread resulting from the Coats brands, and those brands are therefore assessed as having indefinite usefu lives. The recoverable amount of these brands has been estimated using the relief from royalty method to calculate the fair value and is re-assessed annually by reference to the discounted cash flow arising from the royalties generated by those brands. The fair value measurement is categorised in its entirety in line wit level 3 of the fair value hierarchy. The valuation has been based on the latest budget and medium-term plan approved by the Board, covering the period to 31 December 2025, applying a pre-tax discount rate of 11.6% (2021: 10.5%) and long-term growth of 2.7% (2021: 2.7%). Management believes that no reasonable potentia change in any of the above key assumptions would cause the carrying value to exceed its recoverable amount. Goodwill acquired in a business combination is allocated, at acquisition, to the cash generating units (CGUs) that are expected to benefit from that business combination. The Group completed two acquisitions during the year obtaining control of both Texon and Rhenoflex, leading manufacturers of structural footwear components supplying the world\u2019s leading footwear brands (see note 31). The provisional goodwill arisin from these acquisitions has initially been allocated to a new Structural Footwear Components CGU. This initial allocation will be reviewed next year following further integration of Structural Footwear Components with the pre-existing Coats footwear and thread business As set out in note 4, during the current year the Group commenced a strategic project to mitigate structura labour availability issues in the US. As a result, a new facility was established in Mexico, and certain manufacturing processes were transferred from the US to Mexico. The Group has also integrated a number of key business processes of the US and Mexico businesses, and a significant proportion of US sales will now be fulfilled by Mexico. As such, the Group views the US and Mexico businesses as manufacturing sites serving customers in the US and Mexico rather than separate businesses. As the cash inflows of the US an Mexico are inter-dependent, the Group considers goodwill arising from previous US acquisitions (Pharr HP and Patrick Yarn) to be allocated to the single CGU of US and Mexico. This is consistent with the informatio used by the Board to monitor the goodwill arising from these acquisitions for impairment. 13 Intangible assets cont. CGU specific operating assumptions are applicable to the cash flows for the years 2023 to 2025 and relate to revenue forecasts and forecast operating margins. A short-term growth rate is applied to the December 2025 plan to derive the cash flows arising in 2026\u20132027 and a long-term rate is applied to 2027 to determine a terminal value. Revenue growth and operating margin improvement assumptions in 2026\u20132027 are as follows: Revenue growth 2026 % Revenue growth 2027 % Operating margin improvement 2026 % Operating margin improvement 2027 % Gotex 7.5 3.0 0.7 \u2013 US and Mexico 5.0 5.0 0.1 0.2 Coats Digital 33.3 5.0 1.0 \u2013 The pre-tax discount rates applied to the cash flow forecasts are derived from the Group\u2019s post-tax weighted average cost of capital. The Group\u2019s weighted average cost of capital is based on estimations of the assumptions that market participants operating in similar sectors to Coats would make, using the Group\u2019s economic profile as a starting point and adjusting appropriately. The pre-tax base discount rate of 11.6% (2021: 10.5%) has been adjusted for economic risks that are not already captured in the specific operating assumptions. This results in the impairment testing using a pre tax discount rate of 14.0% for Gotex, 11.9% for US and Mexico, and 14.2% for Coats Digital. The following scenarios would result in headroom being completely eliminated in the value in use impairment assessments: \u2013 the discount rate increasing by 1,100 bps in Gotex, 470 bps in US and Mexico and 1,700 bps in Coats Digital; or \u2013 cumulative 2023\u20132027 revenue is 54% lower in Gotex, 23% lower in US and Mexico and 49% lower in Coats Digital; or \u2013 cumulative 2023\u20132027 operating profit is 47% lower in Gotex, 34% lower in US and Mexico and 68% lower in Coats Digital. In light of this, management believes that no reasonable potential change in any of the above key assumptions would cause the carrying value of any of the above CGUs to materially exceed their recoverable amount ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138003SPYWGAITNFY17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-555": {
"value": "13 Intangible assets Cost Acquired intangibles Computer software US$m Total US$m Goodwill US$m Brands & trade names US$m Technology US$m Customer relationships US$m Total acquired US$m At 1 January 2021 27.2 243.3 18.1 7.1 268.5 86.8 382.5 Currency translation differences (1.0) \u2013 (0.9) (0.3) (1.2) (1.5) (3.7) Additions \u2013 \u2013 \u2013 \u2013 \u2013 2.2 2.2 Disposals \u2013 \u2013 \u2013 \u2013 \u2013 (9.9) (9.9) At 31 December 2021 26.2 243.3 17.2 6.8 267.3 77.6 371.1 Currency translation differences \u2013 0.3 (0.3) 1.0 1.0 (1.7) (0.7) Acquisition of subsidiaries (see note 31) 98.5 40.9 40.5 158.8 240.2 0.6 339.3 Additions \u2013 \u2013 \u2013 \u2013 \u2013 2 .1 2 .1 Disposals \u2013 \u2013 \u2013 \u2013 \u2013 (2.5) (2.5) At 31 December 2022 124.7 284.5 57.4 166.6 508.5 76.1 709.3 Cumulative amounts charged At 1 January 2021 \u2013 1.3 8.7 2.5 12.5 81.4 93.9 Currency translation differences \u2013 \u2013 (0.4) (0.1) (0.5) (1.5) (2.0) Amortisation charge for the year \u2013 0.4 2.4 0.5 3.3 2.7 6.0 Disposals \u2013 \u2013 \u2013 \u2013 \u2013 (9.7) (9.7) At 31 December 2021 \u2013 1.7 10.7 2.9 15.3 72.9 88.2 Currency translation differences \u2013 \u2013 (0.7) (0.1) (0.8) (1.6) (2.4) Amortisation charge for the year \u2013 2 .1 3.6 5.1 10.8 1.8 12.6 Disposals \u2013 \u2013 \u2013 \u2013 \u2013 (2.5) (2.5) At 31 December 2022 \u2013 3.8 13.6 7.9 25.3 70.6 95.9 Net book value at 31 December 2022 124.7 280.7 43.8 158.7 483.2 5.5 613.4 Net book value at 31 December 2021 26.2 241.6 6.5 3.9 252.0 4.7 282.9 The carrying amount of goodwill has been allocated as follows: Year ended 31 December 2022 US$m 2021 US$m Structural Footwear Components 100.1 \u2013 Gotex 12.3 13.0 US and Mexico 2.6 2.6 Coats Digital 8.0 8.8 Other 1.7 1.8 124.7 26.2 The carrying value of the provisional goodwill allocated to the Structural Footwear Components CGU, relating to the Texon and Rhenoflex businesses, which were acquired during the second half of 2022 was tested for impairment at the year end. The original business case cash flow forecasts which underpinned the amount of provisional goodwill recognised were reviewed, factoring in management\u2019s latest view of th e future outlook. No material adjustments were deemed necessary to the original business case cash flow forecasts. The carrying value of the goodwill allocated to the Gotex, US and Mexico and Coats Digital CGUs has been tested for impairment during the year by comparing the carrying value of the CGU to their value in use. The value in use calculations were based on projected cash flows, derived from the latest budgets approved b y the Board and factoring in the most recent trading activity. Projected cash flows are, discounted at CGU specific, risk adjusted, discount rates to calculate the net present value. The calculation of \u2018value in use\u2019 is most sensitive to the following assumptions: \u2013 CGU specific operating assumptions that are reflected in the budget and medium-term plan periods for the financial year to December 2025; \u2013 discount rates; and \u2013 growth rates used to extrapolate risk adjusted cash flows beyond the medium-term period. The carrying value of Coats brands at 31 December 2022 and 31 December 2021 is $239.6 million. There i s no foreseeable limit to the net cash inflows from royalties, which are generated from continued sales of thread resulting from the Coats brands, and those brands are therefore assessed as having indefinite usefu l lives. The recoverable amount of these brands has been estimated using the relief from royalty method to calculate the fair value and is re-assessed annually by reference to the discounted cash flow arising from the royalties generated by those brands. The fair value measurement is categorised in its entirety in line wit h level 3 of the fair value hierarchy. The valuation has been based on the latest budget and medium-term plan approved by the Board, covering the period to 31 December 2025, applying a pre-tax discount rate of 11.6% (2021: 10.5%) and long-term growth of 2.7% (2021: 2.7%). Management believes that no reasonable potentia l change in any of the above key assumptions would cause the carrying value to exceed its recoverable amount. Goodwill acquired in a business combination is allocated, at acquisition, to the cash generating units (CGUs) that are expected to benefit from that business combination. The Group completed two acquisitions during the year obtaining control of both Texon and Rhenoflex, leading manufacturers of structural footwear components supplying the world\u2019s leading footwear brands (see note 31). The provisional goodwill arisin g from these acquisitions has initially been allocated to a new Structural Footwear Components CGU. This initial allocation will be reviewed next year following further integration of Structural Footwear Components with the pre-existing Coats footwear and thread business . As set out in note 4, during the current year the Group commenced a strategic project to mitigate structura l labour availability issues in the US. As a result, a new facility was established in Mexico, and certain manufacturing processes were transferred from the US to Mexico. The Group has also integrated a number of key business processes of the US and Mexico businesses, and a significant proportion of US sales will now be fulfilled by Mexico. As such, the Group views the US and Mexico businesses as manufacturing sites serving customers in the US and Mexico rather than separate businesses. As the cash inflows of the US an d Mexico are inter-dependent, the Group considers goodwill arising from previous US acquisitions (Pharr HP and Patrick Yarn) to be allocated to the single CGU of US and Mexico. This is consistent with the informatio n used by the Board to monitor the goodwill arising from these acquisitions for impairment. 13 Intangible assets cont. CGU specific operating assumptions are applicable to the cash flows for the years 2023 to 2025 and relate to revenue forecasts and forecast operating margins. A short-term growth rate is applied to the December 2025 plan to derive the cash flows arising in 2026\u20132027 and a long-term rate is applied to 2027 to determine a terminal value. Revenue growth and operating margin improvement assumptions in 2026\u20132027 are as follows: Revenue growth 2026 % Revenue growth 2027 % Operating margin improvement 2026 % Operating margin improvement 2027 % Gotex 7.5 3.0 0.7 \u2013 US and Mexico 5.0 5.0 0.1 0.2 Coats Digital 33.3 5.0 1.0 \u2013 The pre-tax discount rates applied to the cash flow forecasts are derived from the Group\u2019s post-tax weighted average cost of capital. The Group\u2019s weighted average cost of capital is based on estimations of the assumptions that market participants operating in similar sectors to Coats would make, using the Group\u2019s economic profile as a starting point and adjusting appropriately. The pre-tax base discount rate of 11.6% (2021: 10.5%) has been adjusted for economic risks that are not already captured in the specific operating assumptions. This results in the impairment testing using a pre tax discount rate of 14.0% for Gotex, 11.9% for US and Mexico, and 14.2% for Coats Digital. The following scenarios would result in headroom being completely eliminated in the value in use impairment assessments: \u2013 the discount rate increasing by 1,100 bps in Gotex, 470 bps in US and Mexico and 1,700 bps in Coats Digital; or \u2013 cumulative 2023\u20132027 revenue is 54% lower in Gotex, 23% lower in US and Mexico and 49% lower in Coats Digital; or \u2013 cumulative 2023\u20132027 operating profit is 47% lower in Gotex, 34% lower in US and Mexico and 68% lower in Coats Digital. In light of this, management believes that no reasonable potential change in any of the above key assumptions would cause the carrying value of any of the above CGUs to materially exceed their recoverable amount . ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:2138003SPYWGAITNFY17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-519": {
"value": "13 Intangible assets Cost Acquired intangibles Computer software US$m Total US$m Goodwill US$m Brands & trade names US$m Technology US$m Customer relationships US$m Total acquired US$m At 1 January 2021 27.2 243.3 18.1 7.1 268.5 86.8 382.5 Currency translation differences (1.0) \u2013 (0.9) (0.3) (1.2) (1.5) (3.7) Additions \u2013 \u2013 \u2013 \u2013 \u2013 2.2 2.2 Disposals \u2013 \u2013 \u2013 \u2013 \u2013 (9.9) (9.9) At 31 December 2021 26.2 243.3 17.2 6.8 267.3 77.6 371.1 Currency translation differences \u2013 0.3 (0.3) 1.0 1.0 (1.7) (0.7) Acquisition of subsidiaries (see note 31) 98.5 40.9 40.5 158.8 240.2 0.6 339.3 Additions \u2013 \u2013 \u2013 \u2013 \u2013 2 .1 2 .1 Disposals \u2013 \u2013 \u2013 \u2013 \u2013 (2.5) (2.5) At 31 December 2022 124.7 284.5 57.4 166.6 508.5 76.1 709.3 Cumulative amounts charged At 1 January 2021 \u2013 1.3 8.7 2.5 12.5 81.4 93.9 Currency translation differences \u2013 \u2013 (0.4) (0.1) (0.5) (1.5) (2.0) Amortisation charge for the year \u2013 0.4 2.4 0.5 3.3 2.7 6.0 Disposals \u2013 \u2013 \u2013 \u2013 \u2013 (9.7) (9.7) At 31 December 2021 \u2013 1.7 10.7 2.9 15.3 72.9 88.2 Currency translation differences \u2013 \u2013 (0.7) (0.1) (0.8) (1.6) (2.4) Amortisation charge for the year \u2013 2 .1 3.6 5.1 10.8 1.8 12.6 Disposals \u2013 \u2013 \u2013 \u2013 \u2013 (2.5) (2.5) At 31 December 2022 \u2013 3.8 13.6 7.9 25.3 70.6 95.9 Net book value at 31 December 2022 124.7 280.7 43.8 158.7 483.2 5.5 613.4 Net book value at 31 December 2021 26.2 241.6 6.5 3.9 252.0 4.7 282.9 The carrying amount of goodwill has been allocated as follows:
Year ended 31 December
2022
US$m
2021
US$m
Structural Footwear Components 100.1 \u2013
Gotex 12.3 13.0
US and Mexico 2.6 2.6
Coats Digital 8.0 8.8
Other 1.7 1.8
124.7 26.2
The carrying value of the provisional goodwill allocated to the Structural Footwear Components CGU,
relating to the Texon and Rhenoflex businesses, which were acquired during the second half of 2022 was
tested for impairment at the year end. The original business case cash flow forecasts which underpinned the
amount of provisional goodwill recognised were reviewed, factoring in management\u2019s latest view of th e
future outlook. No material adjustments were deemed necessary to the original business case cash flow
forecasts.
The carrying value of the goodwill allocated to the Gotex, US and Mexico and Coats Digital CGUs has been
tested for impairment during the year by comparing the carrying value of the CGU to their value in use. The
value in use calculations were based on projected cash flows, derived from the latest budgets approved b y
the Board and factoring in the most recent trading activity. Projected cash flows are, discounted at CGU
specific, risk adjusted, discount rates to calculate the net present value.
The calculation of \u2018value in use\u2019 is most sensitive to the following assumptions:
\u2013 CGU specific operating assumptions that are reflected in the budget and medium-term plan periods for the
financial year to December 2025;
\u2013 discount rates; and
\u2013 growth rates used to extrapolate risk adjusted cash flows beyond the medium-term period.
The carrying value of Coats brands at 31 December 2022 and 31 December 2021 is $239.6 million. There i s
no foreseeable limit to the net cash inflows from royalties, which are generated from continued sales of
thread resulting from the Coats brands, and those brands are therefore assessed as having indefinite usefu l
lives. The recoverable amount of these brands has been estimated using the relief from royalty method to
calculate the fair value and is re-assessed annually by reference to the discounted cash flow arising from the
royalties generated by those brands. The fair value measurement is categorised in its entirety in line wit h
level 3 of the fair value hierarchy. The valuation has been based on the latest budget and medium-term plan
approved by the Board, covering the period to 31 December 2025, applying a pre-tax discount rate of 11.6%
(2021: 10.5%) and long-term growth of 2.7% (2021: 2.7%). Management believes that no reasonable potentia l
change in any of the above key assumptions would cause the carrying value to exceed its recoverable
amount.
Goodwill acquired in a business combination is allocated, at acquisition, to the cash generating units (CGUs)
that are expected to benefit from that business combination. The Group completed two acquisitions during
the year obtaining control of both Texon and Rhenoflex, leading manufacturers of structural footwear
components supplying the world\u2019s leading footwear brands (see note 31). The provisional goodwill arisin g
from these acquisitions has initially been allocated to a new Structural Footwear Components CGU. This
initial allocation will be reviewed next year following further integration of Structural Footwear Components
with the pre-existing Coats footwear and thread business .
As set out in note 4, during the current year the Group commenced a strategic project to mitigate structura l
labour availability issues in the US. As a result, a new facility was established in Mexico, and certain
manufacturing processes were transferred from the US to Mexico. The Group has also integrated a number
of key business processes of the US and Mexico businesses, and a significant proportion of US sales will
now be fulfilled by Mexico. As such, the Group views the US and Mexico businesses as manufacturing sites
serving customers in the US and Mexico rather than separate businesses. As the cash inflows of the US an d
Mexico are inter-dependent, the Group considers goodwill arising from previous US acquisitions (Pharr HP
and Patrick Yarn) to be allocated to the single CGU of US and Mexico. This is consistent with the informatio n
used by the Board to monitor the goodwill arising from these acquisitions for impairment.
13 Intangible assets cont.
CGU specific operating assumptions are applicable to the cash flows for the years 2023 to 2025 and relate to revenue forecasts and forecast operating margins. A short-term growth rate is applied to the December 2025 plan to derive the cash flows arising in 2026\u20132027 and a long-term rate is applied to 2027 to determine a terminal value. Revenue growth and operating margin improvement assumptions in 2026\u20132027 are as follows: Revenue growth 2026 % Revenue growth 2027 % Operating margin improvement 2026 % Operating margin improvement 2027 % Gotex 7.5 3.0 0.7 \u2013 US and Mexico 5.0 5.0 0.1 0.2 Coats Digital 33.3 5.0 1.0 \u2013 The pre-tax discount rates applied to the cash flow forecasts are derived from the Group\u2019s post-tax weighted average cost of capital. The Group\u2019s weighted average cost of capital is based on estimations of the assumptions that market participants operating in similar sectors to Coats would make, using the Group\u2019s economic profile as a starting point and adjusting appropriately. The pre-tax base discount rate of 11.6% (2021: 10.5%) has been adjusted for economic risks that are not already captured in the specific operating assumptions. This results in the impairment testing using a pre tax discount rate of 14.0% for Gotex, 11.9% for US and Mexico, and 14.2% for Coats Digital. The following scenarios would result in headroom being completely eliminated in the value in use impairment assessments: \u2013 the discount rate increasing by 1,100 bps in Gotex, 470 bps in US and Mexico and 1,700 bps in Coats Digital; or \u2013 cumulative 2023\u20132027 revenue is 54% lower in Gotex, 23% lower in US and Mexico and 49% lower in Coats Digital; or \u2013 cumulative 2023\u20132027 operating profit is 47% lower in Gotex, 34% lower in US and Mexico and 68% lower in Coats Digital. In light of this, management believes that no reasonable potential change in any of the above key assumptions would cause the carrying value of any of the above CGUs to materially exceed their recoverable amount . ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138003SPYWGAITNFY17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-518": {
"value": "12 Dividends Year ended 31 December 2022 US$m 2021 US$m 2022 interim dividend paid \u2013 0.70 cents per share 11.1 \u2013 2021 final dividend paid \u2013 1.50 cents per share 21.8 \u2013 2021 interim dividend paid \u2013 0.61 cents per share \u2013 8.8 2020 final dividend paid \u2013 1.30 cents per share \u2013 18.8 32.9 27.6 The proposed final dividend of 1.73 cents per ordinary share for the year ended 31 December 2022 is not recognised as a liability in the consolidated statement of financial position in line with the requirements of IAS 10 Events after the Reporting Period and, subject to shareholder approval, will be paid on 25 May 2023 to ordinary shareholders on the register on 28 April 2023, with an ex-dividend date of 27 April 2023. STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS OTHER",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:2138003SPYWGAITNFY17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-520": {
"value": "14 Property, plant and equipment Cost Land and buildings US$m Plant and equipment US$m Vehicles and office equipment US$m Total US$m At 1 January 2021 163.1 562.8 76.5 802.4 Currency translation differences (4.6) (17.2) (2.1) (23.9) Additions 3.0 22.1 2.6 27.7 Disposals (0.6) (16.5) (11.6) (28.7) At 31 December 2021 160.9 551.2 65.4 777.5 Currency translation differences (4.9) (24.8) (2.5) (32.2) Application of IAS 29 (see note 1) \u2013 7.3 \u2013 7.3 Acquisition of subsidiaries (see note 31) 10.2 12.9 0.6 23.7 Disposal of subsidiaries (see note 32) (8.9) (30.2) (3.9) (43.0) Additions 3.4 24.4 2.4 30.2 Disposals (3.3) (11.7) (1.1) (16.1) At 31 December 2022 157.4 529.1 60.9 747.4 Cumulative amounts charged At 1 January 2021 77.4 404.3 66.3 548.0 Currency translation differences (2.3) (13.2) (1.7) (17.2) Depreciation charge for the year 4.6 20.5 3.1 28.2 Impairment charge (see note 4) \u2013 2.0 \u2013 2.0 Disposals (0.6) (15.8) (11.6) (28.0) At 31 December 2021 79.1 397.8 56.1 533.0 Currency translation differences (2.9) (18.5) (2.2) (23.6) Depreciation charge for the year 4.7 19.3 2.5 26.5 Impairment charge (see note 4) \u2013 1.7 0.1 1.8 Disposal of subsidiaries (note 32) (3.7) (25.5) (3.0) (32.2) Disposals (1.8) (11.6) (1.0) (14.4) At 31 December 2022 75.4 363.2 52.5 491.1 Net book value at 31 December 2022 82.0 165.9 8.4 256.3 Net book value at 31 December 2021 81.8 153.4 9.3 244.5 Analysis of net book value of land and buildings 31 December 2022 US$m 2021 US$m Freehold 64.2 67.8 Leasehold improvements: Over 50 years unexpired 2.7 1.8 Under 50 years unexpired 15.1 12.2 82.0 81.8 14 Property, plant and equipment cont. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:2138003SPYWGAITNFY17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-522": {
"value": "16 Non-current investments Year ended 31 December 2022 US$m 2021 US$m Interests in joint ventures (see below) 13.1 12.0 Investments in equity securities: Unlisted investments 5.9 6.0 19.0 18.0 Interests in joint ventures US$m At 1 January 2022 12.0 Acquisitions (see note 31) 0.7 Dividends receivable (0.5) Share of profit after tax 0.9 At 31 December 2022 13.1 Year ended 31 December 2022 US$m 2021 US$m Share of net assets on acquisition 11.3 10.6 Share of post-acquisition retained profits 1.8 1.4 Share of net assets 13.1 12.0 The following table provides summarised financial information on the Group\u2019s share of its joint ventures, relating to the period during which they were joint ventures, and excludes goodwill: Year ended 31 December 2022 US$m 2021 US$m Summarised income statement information: Revenue 28.7 27.9 Profit before tax 1.2 1.7 Taxation (0.3) (0.5) Profit after tax 0.9 1.2 Year ended 31 December 2022 US$m 2021 US$m Summarised balance sheet information: Non-current assets 5.5 5.6 Current assets 15.4 15.0 20.9 20.6 Liabilities due within one year (7.8) (8.6) Net assets 13.1 12.0 16 Non-current investments cont. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:2138003SPYWGAITNFY17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-521": {
"value": "15 Leases The Group leases several assets including buildings, plants, vehicles and office equipment. The average lease term is 5 years (2021: 4 years). The Group\u2019s consolidated balance sheet includes the following amounts relating to leases: Right-of-use assets Net carrying amount Land and buildings US$m Plant and equipment US$m Vehicles and office equipment US$m Total US$m At 1 January 2022 80.4 4.5 6.7 91.6 At 31 December 2022 87.5 3.7 5.3 96.5 Depreciation expense for the year ended 31 December 2021 14.3 2.1 3.0 19.4 31 December 2022 14.1 2.5 2.8 19.4 Additions to the right-of-use assets during the year ended 31 December 2022 were $23.9 million (2021: $51.1 million). Lease liabilities Year ended 31 December 2022 US$m 2021 US$m Current 19.0 17.8 Non-current 86.4 81.2 105.4 99.0 Lease liability maturity analysis Undiscounted 2022 US$m Undiscounted 2021 US$m Discounted 2022 US$m Discounted 2021 US$m Payable within one year 24.2 22.6 19.0 17.8 Payable between one and two years 20.9 19.4 16.5 15.6 Payable between two and five years 43.5 38.9 32.9 31.3 Payable after more than five years 46.6 40.4 37.0 34.3 At 31 December 2022 135.2 121.3 105.4 99.0 The net increase in lease liabilities during the year ended 31 December 2022 was $6.4 million (2021: $33.0 million) which includes foreign exchange gains on lease liabilities of $6.6 million (2021: $0.2 million). The total cash outflow for leases in the year ended 31 December 2022 was $23.0 million (2021: $22.1 million). The Group\u2019s consolidated income statement includes the following amounts relating to leases: Year ended 31 December 2022 US$m 2021 US$m Depreciation expense 19.4 19.4 Interest expense on lease liabilities 4.9 5.2 Expenses relating to short term leases 0.6 1.1 Expenses relating to leases of low value assets 0.1 0.1 Expense relating to variable lease payments not included in the measurement of the lease liability 0.5 0.6 Impairment of right-of-use assets 2.9 \u2013 Income from subleasing right-of-use assets (0.2) (0.2) The Group subleases some of its right-of-use assets. At the balance sheet date, the Group had contracted with tenants for receipt of the following minimum lease payments: Year ended 31 December 2022 US$m 2021 US$m Receivable within one year 0.1 \u2013 Receivable between one and two years 0.1 \u2013 0.2 \u2013 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:2138003SPYWGAITNFY17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-556": {
"value": "Right-of-use assets Net carrying amount Land and buildings US$m Plant and equipment US$m Vehicles and office equipment US$m Total US$m At 1 January 2022 80.4 4.5 6.7 91.6 At 31 December 2022 87.5 3.7 5.3 96.5 Depreciation expense for the year ended 31 December 2021 14.3 2.1 3.0 19.4 31 December 2022 14.1 2.5 2.8 19.4 Additions to the right-of-use assets during the year ended 31 December 2022 were $23.9 million (2021: $51.1 million). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory",
"language": "en",
"entity": "scheme:2138003SPYWGAITNFY17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-523": {
"value": "17 Deferred tax assets Year ended 31 December 2022 US$m 2021 US$m Deferred tax assets 24.4 20.7 The Group\u2019s deferred tax assets are included within the analysis in note 24. The movements in the Group\u2019s deferred tax asset during the year were as follows: 2022 US$m 2021 US$m At 1 January 20.7 22.7 Currency translation differences \u2013 (0.6) Acquisition of subsidiaries (note 31) 3.3 \u2013 Reclassified from deferred tax liability \u2013 (0.1) Transfer to current tax \u2013 \u2013 Credited/(charged) to the income statement 1.8 (0.3) Charged to other comprehensive income and expense (1.4) (1.0) At 31 December 24.4 20.7 24 Deferred tax liabilities 2022 US$m 2021 US$m At 1 January 6.8 9.0 Currency translation differences 2.0 0.2 Acquisition of subsidiaries (note 31) 54.8 \u2013 Reclassified from deferred tax assets \u2013 (0.1) Charged/(credited) to the income statement 2.0 (2.2) Credited to equity (0.3) (0.1) At 31 December 65.3 6.8 232022 2021 Provided/ (recognised) US$m Unprovided/ (unrecognised) US$m Provided/ (recognised) US$m Unprovided/ (unrecognised) US$m The Group\u2019s net deferred tax liabilities/(assets) are analysed as follows: Accelerated tax depreciation on tangible fixed assets 14.8 (17.8) 13.9 (17.5) Other temporary differences (13.8) (7.6) (15.4) (10.8) Revenue losses carried forward (10.6) (242 .1) (11.4) (298.4) Capital losses carried forward \u2013 (355.7) \u2013 (355.7) Investment in subsidiaries 4.5 6.8 5.8 5.3 Acquired intangibles 51.8 \u2013 Brands 50.1 \u2013 59.9 \u2013 Retirement benefit obligations offset against brands (50.1) \u2013 (59.9) \u2013 Retirement benefit obligations (5.8) (1.5) (6.8) (2.8) 40.9 (617.9) (13.9) (679.9) Certain deferred tax assets and liabilities have been offset. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes: 2022 2021 Provided/ (recognised) US$m Provided/ (recognised) US$m Deferred tax assets (note 17) (24.4) (20.7) Deferred tax liabilities 65.3 6.8 40.9 (13.9) At the year end, the Group had approximately $1.5 billion (2021: $1.6 billion) of unused gross income tax losses and approximately $1.3 billion (2021: $1.4 billion) of unused gross capital losses available for offset against future profits. A deferred tax asset of $10.6 million (2021: $11.4 million) has been recognised in respect of $40.7 million (2021: $36.9 million) of such income tax losses. No deferred tax asset has been recognised in respect of the remaining losses due to lack of certainty regarding the availability of future taxable income. Such losses are only recognised in the financial statements to the extent that it is considered more likely than not that sufficient future taxable profits will be available for offset. The Group\u2019s income tax losses can be analysed as follows: 2022 US$m 2021 US$m Expiring within 5 years 17.0 33.2 Expiring in more than 5 years 10.5 15.5 Available indefinitely 1,457.8 1,510.5 1,485.3 1,559.2 At 31 December 2022, the aggregate amount of temporary differences associated with undistributed earnings of subsidiaries for which deferred tax liabilities have not been recognised is $6.8 million (2021: $5.3 million). Deferred tax on distribution of these profits has not been provided on the grounds that the Group is able to control the timing of the reversal of the remaining temporary differences and it is probable that they will not reverse in the foreseeable future. 24 Deferred tax liabilities cont. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:2138003SPYWGAITNFY17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-524": {
"value": "18 Inventories Year ended 31 December 2022 US$m 2021 US$m Raw materials and consumables 98.0 127.7 Work in progress 32.3 38.0 Finished goods and goods for resale 81.1 84.4 211.4 250.1 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:2138003SPYWGAITNFY17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-526": {
"value": "20 Derivative financial instruments \u2013 assets Derivative financial instruments within non-current and current assets comprise: Year ended 31 December 2022 US$m 2021 US$m Fair value through the income statement: Forward foreign currency contracts 1.6 3.6 Interest rate swap contracts \u2013 1.9 1.6 5.5 Amounts shown within non-current assets \u2013 1.3 Amounts shown within current assets 1.6 4.2 The fair values of these financial instruments are calculated by discounting the future cash flows to net present values using appropriate market interest and foreign currency rates prevailing at the year end. 22 Derivative financial instruments \u2013 liabilities Derivative financial instruments within non-current and current liabilities comprise: Year ended 31 December 2022 US$m 2021 US$m Fair value through the income statement: Forward foreign currency contracts 5.9 0.9 Interest rate swap contracts 3.1 \u2013 9.0 0.9 Amounts shown within non-current liabilities 3.0 0.1 Amounts shown within current liabilities 6.0 0.8 The fair values of these financial instruments are calculated by discounting the future cash flows to net present values using appropriate market interest and foreign currency rates prevailing at the year end. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:2138003SPYWGAITNFY17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-525": {
"value": "19 Trade and other receivables Year ended 31 December 2022 US$m 2021 US$m Non-current assets: Trade receivables 0.9 1.1 Other receivables 15.3 20.5 Prepaid pension contributions 4.0 5.8 Derivative financial instruments \u2013 1.3 20.2 28.7 Current assets: Trade receivables 235.5 240.4 Current income tax assets 7.0 6.4 Prepayments and accrued income 7.4 7.0 Derivative financial instruments 1.6 4.2 Prepaid pension contributions 1.6 1.2 Amounts due from joint ventures \u2013 0.1 Other receivables 33.2 43.4 286.3 302.7 The fair value of trade and other receivables is not materially different to the carrying value. Interest charged in respect of overdue trade receivables is immaterial. Included within trade receivables is $6.6 million (2021: $7.7 million) relating to software solutions revenue contracts, for which performance obligations are fulfilled over a period of time (see note 21). The Group applies the simplified approach to providing for expected credit losses prescribed by IFRS 9, which requires the use of the lifetime expected loss provision for all trade receivables. Credit risk is minimised due to the quality and short-term nature of the Group\u2019s trade receivables as well as the fact that the exposure is spread over a large number of customers. An allowance has been made for expected losses on trade receivables of $7.6 million (2021: $8.9 million). The Group monitors receivables for any significant increases in credit risk, and fully provides for trade receivables which are more than 6 months overdue, unless there are specific circumstances which would indicate otherwise. For all other trade receivables, when determining expected losses, the Group takes into account the historical default experience and the financial position of the counterparties, as well as the future prospects considering various sources of information. Impairment has been considered for other receivables, and is considered not to be significant. The loss allowance has been determined as follows: Current 1\u20133 months past due 3\u20136 months past due 6+ months past due Total 2022 Expected loss rate 0.3% 2% 26% 79% Gross carrying amount (US$m) 204.8 29.2 2.7 7.3 244.0 Loss allowance provision (US$m) 0.6 0.5 0.7 5.8 7.6 Current 1\u20133 months past due 3\u20136 months past due 6+ months past due Total 2021 Expected loss rate 0.3% 2% 35% 80% Gross carrying amount (US$m) 214.9 24.9 2.0 8.6 250.4 Loss allowance provision (US$m) 0.7 0.6 0.7 6.9 8.9 The movements in the expected loss allowance are analysed as follows: 2022 US$m 2021 US$m At 1 January 8.9 10.2 Currency translation differences (0.5) (0.6) Acquisition of subsidiaries 0.7 \u2013 Disposal of subsidiaries (2.1) \u2013 Charged/(credited) to the income statement 1.1 (0.2) Amounts written off during the year (0.5) (0.5) At 31 December 7.6 8.9 As at 1 January 2021, trade receivables amounted to $224.1 million (net of loss allowance of $10.2 million). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:2138003SPYWGAITNFY17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-528": {
"value": "23 Borrowings Year ended 31 December 2022 US$m 2021 US$m Bank overdrafts 14.7 16.4 Borrowings repayable within one year 2.0 2.8 Due within one year 16.7 19.2 Borrowings repayable between one and two years 360.4 \u2013 Borrowings repayable between two and five years 189.7 135.1 Due after more than five years \u2013 100.0 Due after more than one year 550.1 235.1 Bank overdrafts 14.7 16.4 Series A and Series B Senior Notes 222.3 227.5 Bank and other borrowings 329.8 10.4 566.8 254.3 On 6 December 2017 the Group issued $125.0 million of 3.88% Series A Senior Notes due 6 December 2024 and $100.0 million of 4.07% Series B Senior Notes due 6 December 2027 in a US private placement. Interest is payable semi-annually in arrears on 6 June and 6 December of each year beginning on 6 June 2018. The Senior Notes are unsecured and rank equally with all the Group\u2019s other unsecured and unsubordinated indebtedness. In April 2021 the Group entered into a $360.0 million three year bank facility, with the ability for two one-year extensions. The facility bears interest at the risk free rate plus a credit adjustment spread and a margin. The facility also includes an ESG component which impacts the margin based on performance against three of the Group\u2019s published sustainability targets. On 20 July 2022, the Group fully drew down on a new $240 million term loan acquisition facility to fund the purchase of Texon (see note 31). This facility was to mature in July 2024, and the Group had an option to extend this term by a further nine months to May 2025. In February 2023, the Group completed the refinancing of this acquisition facility via the US Private Placement market with $250 million of Notes. $150 million 5.26% Series A Senior Notes are due on 16 February 2028 and $100 million 5.37% Series B Senior Notes are due on 16 February 2030. Series A and Series B Senior Notes at 31 December 2022 of $222.3 million includes a fair value adjustment to the nominal amount outstanding of $2.7 million, for which the Group has interest rate swaps which are accounted for as fair value hedges. The currency and interest rate profile of the Group\u2019s borrowings is included in note 34 on page 163. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:2138003SPYWGAITNFY17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-527": {
"value": "Year ended 31 December 2022 US$m 2021 US$m Amounts falling due within one year: Trade payables 151.3 208.5 Amounts owed to joint ventures 15.0 16.3 Other tax and social security payable 8.9 7.7 Other payables 30.8 36.7 Accruals 43.9 50.8 Contract liabilities 7.9 6.8 Derivative financial instruments 6.0 0.8 Employee entitlements 14.6 19.2 278.4 346.8 Amounts falling due after more than one year: Other payables 20.7 21.3 Contract liabilities 1.5 1.7 Employee entitlements 1.1 1.1 Derivative financial instruments 3.0 0.1 26.3 24.2 The fair value of trade and other payables is not materially different to the carrying value. Interest paid to suppliers in respect of overdue trade payables is immaterial. Contract liabilities amounting to $6.6 million (2021: $6.7 million) which were outstanding at 31 December 2021 were released to revenue during the year ended 31 December 2022, with the remainder expected to be released in 2023 and 2024. 21 Trade and other payables ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:2138003SPYWGAITNFY17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-530": {
"value": "26 Share capital
Year ended 31 December
2022 2021
Number US$m Number US$m
Ordinary Shares of 5p each 1,597,810,385 99.0 1,452,570,385 90.1
During the year ended 31 December 2022 the Company issued 145,240,000 Ordinary shares of 5p each in
connection with an equity placing as set out below. The par value of the shares issued was $8.9 million. The
proceeds raised net of costs were $109.8 million and were used to fund the acquisition of Rhenoflex GmbH
(see note 31). During the year ended 31 December 2021 the Company issued 493,113 Ordinary shares of 5p
each following the exercise of awards under the Group\u2019s share based incentive plans.
Number of shares US$m
At 1 January 2022 1,452,570,385 90.1
Issue of ordinary shares 145,240,000 8.9
At 31 December 2022 1,597,810,385 99.0
As at 1 January 2021 the company had 1,452,077,272 Ordinary shares in issue. The company has one class o f
Ordinary shares which carry no right to fixed income.
The own shares reserve of $0.1 million at 31 December 2022 (2021: $0.5 million) represents the cost of
shares in Coats Group plc purchased in the market and held by an Employee Benefit Trust to satisfy awards
under the Group\u2019s share based incentive plans.
The number of shares held by the Employee Benefit Trust at 31 December 2022 was 805,501 (2021:
2,020,306).
Details of share awards outstanding under the Group\u2019s LTIP and Deferred Bonus Plans are set out in note 33.
27 Reserves and non-controlling interests Share premium account US$m Own shares US$m Translation reserve US$m Capital reduction reserve US$m Other reserves US$m Retained profit US$m Non- controlling interests US$m At 1 January 2022 10.5 (0.5) (105.7) 59.8 246.3 252.5 31.1 Dividends \u2013 \u2013 \u2013 \u2013 \u2013 (32.9) (18.3) Currency translation differences \u2013 \u2013 (16.2) \u2013 \u2013 \u2013 (0.7) Actuarial gains on employee benefits \u2013 \u2013 \u2013 \u2013 \u2013 59.8 \u2013 Tax on actuarial gains \u2013 \u2013 \u2013 \u2013 \u2013 (1.4) \u2013 Application of IAS 29 (note 1) \u2013 \u2013 \u2013 \u2013 \u2013 5.0 \u2013 Issue of ordinary shares 100.9 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Purchase of own shares \u2013 (2.1) \u2013 \u2013 \u2013 \u2013 \u2013 Movement in own shares \u2013 2.5 \u2013 \u2013 \u2013 (2.5) \u2013 Share based payments \u2013 \u2013 \u2013 \u2013 \u2013 4.6 \u2013 Deferred tax on share schemes \u2013 \u2013 \u2013 \u2013 \u2013 0.3 \u2013 Loss for the year \u2013 \u2013 \u2013 \u2013 \u2013 (14.7) 22.0 At 31 December 2022 111.4 0.1 (121.9) 59.8 246.3 270.7 34.1 Other reserves of $246.3 million in the above table relate to legacy non-distributable reserves, which arose during the period when the Group was part of the Guinness Peat Group. The table below shows financial information of non-wholly owned subsidiaries of the Group that have non- controlling interests: Profit allocated to non-controlling interests Accumulated non-controlling interests Year ended 31 December 2022 US$m Year ended 31 December 2021 US$m 31 December 2022 US$m 31 December 2021 US$m EMEA 0.7 0.1 1.4 0.9 Asia & Rest of World 21.3 19.6 32.7 30.2 22.0 19.7 34.1 31.1 The proportion of ownership interests and voting rights of non-wholly owned subsidiaries of the Group held by non-controlling interests is set out on pages 173 to 179. STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:2138003SPYWGAITNFY17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-557": {
"value": "26 Share capital Year ended 31 December 2022 2021 Number US$m Number US$m Ordinary Shares of 5p each 1,597,810,385 99.0 1,452,570,385 90.1 During the year ended 31 December 2022 the Company issued 145,240,000 Ordinary shares of 5p each in connection with an equity placing as set out below. The par value of the shares issued was $8.9 million. The proceeds raised net of costs were $109.8 million and were used to fund the acquisition of Rhenoflex GmbH (see note 31). During the year ended 31 December 2021 the Company issued 493,113 Ordinary shares of 5p each following the exercise of awards under the Group\u2019s share based incentive plans. Number of shares US$m At 1 January 2022 1,452,570,385 90.1 Issue of ordinary shares 145,240,000 8.9 At 31 December 2022 1,597,810,385 99.0 As at 1 January 2021 the company had 1,452,077,272 Ordinary shares in issue. The company has one class o f Ordinary shares which carry no right to fixed income. The own shares reserve of $0.1 million at 31 December 2022 (2021: $0.5 million) represents the cost of shares in Coats Group plc purchased in the market and held by an Employee Benefit Trust to satisfy awards under the Group\u2019s share based incentive plans. The number of shares held by the Employee Benefit Trust at 31 December 2022 was 805,501 (2021: 2,020,306). Details of share awards outstanding under the Group\u2019s LTIP and Deferred Bonus Plans are set out in note 33. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:2138003SPYWGAITNFY17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-529": {
"value": "25 Provisions Year ended 31 December 2022 US$m 2021 US$m Provisions are included as follows: Current liabilities 18.2 8.1 Non-current liabilities 25.4 27.7 43.6 35.8 Provisions are analysed as follows: Year ended 31 December 2022 US$m 2021 US$m Property related provisions 0.9 2.1 Other provisions 42.7 33.7 43.6 35.8 Property related provisions US$m Other provisions US$m Total US$m At 1 January 2022 2.1 33.7 35.8 Currency translation differences (0.2) (0.6) (0.8) Acquisition of subsidiaries (see note 31) \u2013 7.4 7.4 Disposal of subsidiaries (see note 32) \u2013 (0.9) (0.9) Utilised in year \u2013 (49.6) (49.6) (Credited)/charged to the income statement (1.0) 52.7 51.7 At 31 December 2022 0.9 42.7 43.6 Other provisions include the amounts set aside to cover certain legal and other regulatory claims, including in respect of the Lower Passaic River (see note 28 for further details), which are expected to be substantially utilised within the next ten years. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:2138003SPYWGAITNFY17",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-531": {
"value": "28 Contingent liabilities and environmental matters Environmental matters As noted in previous reports, the US Environmental Protection Agency (EPA) has notified Coats & Clark, Inc. (CC) that CC is a \u2018potentially responsible party\u2019 (PRP) under the US Superfund law for investigation and remediation costs at the 17-mile Lower Passaic River Study Area (LPR) in New Jersey in respect of alleged operations of a predecessor\u2019s former facilities in that area prior to 1950. Over 100 PRPs have been identified by EPA. Approximately 50 PRPs are currently members of a cooperating parties group (CPG) of companies, formed to fund and conduct a remedial investigation and feasibility study of the area. CC joined the CPG in 2011. CC has analysed its predecessor\u2019s operating history prior to 1950, when it left the LPR, and has concluded that it was not responsible for the contaminants and environmental damage that are the primary focus of the EPA process. CC also believes that there are many parties that will participate in the LPR\u2019s remediation, including those that are the most responsible for its contamination. In March 2016, EPA issued a Record of Decision selecting a remedy for the lower 8 miles of the LPR at an estimated cost of $1.38 billion on a net present value basis. The EPA\u2019s Record of Decision did not include a remedial decision for the upper 9 miles of the LPR. The EPA may consider a remedial alternative proposed by the CPG for the upper 9 miles, or it may select a different remedy. Discussions with EPA regarding the nature and timing of such a decision are ongoing. EPA has entered into an administrative order on consent (AOC) with Occidental Chemical Corporation (OCC), which has been identified as being responsible for the most significant contamination in the river, concerning the design of the selected remedy for the lower 8 miles of the LPR. Maxus Energy Corporation (Maxus), which provided an indemnity to OCC that covered the LPR, has been granted Chapter 11 bankruptcy protection, but OCC remains responsible for its remedial obligations even in the absence of Maxus\u2019 indemnity. The approved bankruptcy plan also created a liquidating trust to pursue potential claims against Maxus\u2019 parent entity, YPF SA, and potentially others, which could result in additional funding for the LPR remedy. While the ultimate costs of the remedial design and the final remedy are expected to be shared among hundreds of parties, including many who are not currently in the CPG, the final allocation of remedial costs among those parties in a settlement or court ruling has not yet been determined. In March 2017, EPA notified 20 parties not associated with the disposal or release of any contaminants of concern as being eligible for early cash out settlements. As expected, EPA did not identify CC as one of the 20 parties. EPA invited approximately 80 other parties, including CC, to participate in an allocation process to determine their respective allocation shares and potential eligibility for future cash out settlements. In the allocation, CC presented factual and scientific evidence that it is not responsible for the discharge of dioxins, furans or PCBs \u2013 the contaminants that are driving the remediation of the LPR \u2013 and that it is a de minimis or even smaller de micromis party. The allocation process concluded in December 2020. The EPA-appointed allocator determined that CC is in the lowest tier (Tier 5) of allocation parties, and is responsible for only a de micromis share of remedial costs. On 30 June 2018, OCC filed a lawsuit against approximately 120 defendants, including CC, seeking recovery of past environmental costs and contribution toward future environmental costs. OCC released claims for certain past costs from 41 of the defendants, including CC, and is not seeking recovery of those past costs from CC. OCC\u2019s lawsuit seeks resolution of many of the same issues addressed in the EPA sponsored allocation process, and does not alter CC\u2019s defences or CC\u2019s continued belief that it is a de micromis party. In 2015, a provision totalling $15.8 million was recorded for remediation costs for the entire 17 miles of the LPR and the estimated associated legal and professional costs in defence of CC\u2019s position. The provision for remediation costs was based on CC\u2019s estimated share of de minimis costs for (a) EPA\u2019s selected remedy for the lower 8 miles of the LPR and (b) the remedy for the upper 9 miles proposed by the CPG, which was later substantively adopted by the EPA. This charge to the income statement was net of insurance reimbursements and was stated on a net present value basis. During the year ended 31 December 2018, an additional provision of $8.0 million was recorded as an exceptional item to cover legal and professional fees. The Group will continue to mitigate additional costs as far as possible through insurance and other avenues. At 31 December 2022, the remaining provision, taking into account insurance reimbursement, was $9.2 million (2021: $11.2 million). The process concerning the LPR continues to evolve and these estimates are subject to change based upon legal defence costs associated with the EPA process and OCC\u2019s lawsuit, the share of remedial costs to be paid by the major polluters on the river, and the share of remaining remedial costs apportioned among CC and other companies. In 2022, CC and other parties entered into a settlement with EPA in which the settling parties agreed to pay $150 million toward remediation of the full 17-mile LPR in exchange for a release for those matters addressed in the settlement. CC\u2019s share of the cash-out settlement is consistent with a de micromis share of total remedial costs for the full 17-mile LPR. EPA has indicated it will seek the balance of LPR remedial costs from OCC and a small number of other parties that EPA has determined were not eligible to participate in a cash- out settlement. These work parties (and not the cash-out parties) would be responsible for remedial costs over-runs. The settlement does not address claims for natural resource damages by federal natural resource trustees. The Group believes that CC\u2019s share, if any, of such costs would be de micromis. 28 Contingent liabilities and environmental matters cont. In late 2022, the cash-out settlement for the full 17-mile LPR was lodged with the court by the Department of Justice (DOJ) on behalf of EPA. Court approval is necessary for the settlement to go into effect, and OCC has indicated that it will oppose such approval. The Group expects that DOJ and EPA will assert that the settlement is just and reasonable and that it should be approved by the court, and courts have generally deferred to EPA\u2019s judgment on such matters. However, it is nonetheless possible that the court may not approve the settlement. It is also possible that the court may approve the settlement but permit OCC\u2019s litigation against the settling parties to continue in whole or in part. Because of these continued uncertainties, the Group is maintaining its current provision for the LPR for the present time. Coats believes that CC\u2019s predecessor did not generate any of the contaminants which are driving the current and anticipated remedial actions in the LPR, that it has valid legal defences which are based on its own analysis of the relevant facts, that the EPA-appointed allocator correctly concluded that it has a de micromis share of the total remediation costs, and that OCC and other parties will be responsible for a significant share of the ultimate costs of remediation. As this matter evolves, the provision may be reduced if the settlement is approved by the court and if the court bars further litigation against CC and other settling parties. It is nonetheless still possible that additional provisions could be recorded and that such provisions could increase materially based on further decisions by the court, negotiations among the parties and other future events. Following the sale of the North America Crafts business, including CC, announced on 22 January 2019, Coats North America Consolidated Inc. (the seller) retains the control and responsibility for the eventual outcome of the ongoing LPR environmental matters, including the rights to the related insurance reimbursements. 29 Capital commitments As at 31 December 2022, the Group had commitments of $5.6 million in respect of contracts placed for future capital expenditure (2021: $5.1 million). ",
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"fact-559": {
"value": "28 Contingent liabilities and environmental matters Environmental matters As noted in previous reports, the US Environmental Protection Agency (EPA) has notified Coats & Clark, Inc. (CC) that CC is a \u2018potentially responsible party\u2019 (PRP) under the US Superfund law for investigation and remediation costs at the 17-mile Lower Passaic River Study Area (LPR) in New Jersey in respect of alleged operations of a predecessor\u2019s former facilities in that area prior to 1950. Over 100 PRPs have been identified by EPA. Approximately 50 PRPs are currently members of a cooperating parties group (CPG) of companies, formed to fund and conduct a remedial investigation and feasibility study of the area. CC joined the CPG in 2011. CC has analysed its predecessor\u2019s operating history prior to 1950, when it left the LPR, and has concluded that it was not responsible for the contaminants and environmental damage that are the primary focus of the EPA process. CC also believes that there are many parties that will participate in the LPR\u2019s remediation, including those that are the most responsible for its contamination. In March 2016, EPA issued a Record of Decision selecting a remedy for the lower 8 miles of the LPR at an estimated cost of $1.38 billion on a net present value basis. The EPA\u2019s Record of Decision did not include a remedial decision for the upper 9 miles of the LPR. The EPA may consider a remedial alternative proposed by the CPG for the upper 9 miles, or it may select a different remedy. Discussions with EPA regarding the nature and timing of such a decision are ongoing. EPA has entered into an administrative order on consent (AOC) with Occidental Chemical Corporation (OCC), which has been identified as being responsible for the most significant contamination in the river, concerning the design of the selected remedy for the lower 8 miles of the LPR. Maxus Energy Corporation (Maxus), which provided an indemnity to OCC that covered the LPR, has been granted Chapter 11 bankruptcy protection, but OCC remains responsible for its remedial obligations even in the absence of Maxus\u2019 indemnity. The approved bankruptcy plan also created a liquidating trust to pursue potential claims against Maxus\u2019 parent entity, YPF SA, and potentially others, which could result in additional funding for the LPR remedy. While the ultimate costs of the remedial design and the final remedy are expected to be shared among hundreds of parties, including many who are not currently in the CPG, the final allocation of remedial costs among those parties in a settlement or court ruling has not yet been determined. In March 2017, EPA notified 20 parties not associated with the disposal or release of any contaminants of concern as being eligible for early cash out settlements. As expected, EPA did not identify CC as one of the 20 parties. EPA invited approximately 80 other parties, including CC, to participate in an allocation process to determine their respective allocation shares and potential eligibility for future cash out settlements. In the allocation, CC presented factual and scientific evidence that it is not responsible for the discharge of dioxins, furans or PCBs \u2013 the contaminants that are driving the remediation of the LPR \u2013 and that it is a de minimis or even smaller de micromis party. The allocation process concluded in December 2020. The EPA-appointed allocator determined that CC is in the lowest tier (Tier 5) of allocation parties, and is responsible for only a de micromis share of remedial costs. On 30 June 2018, OCC filed a lawsuit against approximately 120 defendants, including CC, seeking recovery of past environmental costs and contribution toward future environmental costs. OCC released claims for certain past costs from 41 of the defendants, including CC, and is not seeking recovery of those past costs from CC. OCC\u2019s lawsuit seeks resolution of many of the same issues addressed in the EPA sponsored allocation process, and does not alter CC\u2019s defences or CC\u2019s continued belief that it is a de micromis party. In 2015, a provision totalling $15.8 million was recorded for remediation costs for the entire 17 miles of the LPR and the estimated associated legal and professional costs in defence of CC\u2019s position. The provision for remediation costs was based on CC\u2019s estimated share of de minimis costs for (a) EPA\u2019s selected remedy for the lower 8 miles of the LPR and (b) the remedy for the upper 9 miles proposed by the CPG, which was later substantively adopted by the EPA. This charge to the income statement was net of insurance reimbursements and was stated on a net present value basis. During the year ended 31 December 2018, an additional provision of $8.0 million was recorded as an exceptional item to cover legal and professional fees. The Group will continue to mitigate additional costs as far as possible through insurance and other avenues. At 31 December 2022, the remaining provision, taking into account insurance reimbursement, was $9.2 million (2021: $11.2 million). The process concerning the LPR continues to evolve and these estimates are subject to change based upon legal defence costs associated with the EPA process and OCC\u2019s lawsuit, the share of remedial costs to be paid by the major polluters on the river, and the share of remaining remedial costs apportioned among CC and other companies. In 2022, CC and other parties entered into a settlement with EPA in which the settling parties agreed to pay $150 million toward remediation of the full 17-mile LPR in exchange for a release for those matters addressed in the settlement. CC\u2019s share of the cash-out settlement is consistent with a de micromis share of total remedial costs for the full 17-mile LPR. EPA has indicated it will seek the balance of LPR remedial costs from OCC and a small number of other parties that EPA has determined were not eligible to participate in a cash- out settlement. These work parties (and not the cash-out parties) would be responsible for remedial costs over-runs. The settlement does not address claims for natural resource damages by federal natural resource trustees. The Group believes that CC\u2019s share, if any, of such costs would be de micromis. 28 Contingent liabilities and environmental matters cont. In late 2022, the cash-out settlement for the full 17-mile LPR was lodged with the court by the Department of Justice (DOJ) on behalf of EPA. Court approval is necessary for the settlement to go into effect, and OCC has indicated that it will oppose such approval. The Group expects that DOJ and EPA will assert that the settlement is just and reasonable and that it should be approved by the court, and courts have generally deferred to EPA\u2019s judgment on such matters. However, it is nonetheless possible that the court may not approve the settlement. It is also possible that the court may approve the settlement but permit OCC\u2019s litigation against the settling parties to continue in whole or in part. Because of these continued uncertainties, the Group is maintaining its current provision for the LPR for the present time. Coats believes that CC\u2019s predecessor did not generate any of the contaminants which are driving the current and anticipated remedial actions in the LPR, that it has valid legal defences which are based on its own analysis of the relevant facts, that the EPA-appointed allocator correctly concluded that it has a de micromis share of the total remediation costs, and that OCC and other parties will be responsible for a significant share of the ultimate costs of remediation. As this matter evolves, the provision may be reduced if the settlement is approved by the court and if the court bars further litigation against CC and other settling parties. It is nonetheless still possible that additional provisions could be recorded and that such provisions could increase materially based on further decisions by the court, negotiations among the parties and other future events. Following the sale of the North America Crafts business, including CC, announced on 22 January 2019, Coats North America Consolidated Inc. (the seller) retains the control and responsibility for the eventual outcome of the ongoing LPR environmental matters, including the rights to the related insurance reimbursements. ",
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"fact-558": {
"value": "27 Reserves and non-controlling interests Share premium account US$m Own shares US$m Translation reserve US$m Capital reduction reserve US$m Other reserves US$m Retained profit US$m Non- controlling interests US$m At 1 January 2022 10.5 (0.5) (105.7) 59.8 246.3 252.5 31.1 Dividends \u2013 \u2013 \u2013 \u2013 \u2013 (32.9) (18.3) Currency translation differences \u2013 \u2013 (16.2) \u2013 \u2013 \u2013 (0.7) Actuarial gains on employee benefits \u2013 \u2013 \u2013 \u2013 \u2013 59.8 \u2013 Tax on actuarial gains \u2013 \u2013 \u2013 \u2013 \u2013 (1.4) \u2013 Application of IAS 29 (note 1) \u2013 \u2013 \u2013 \u2013 \u2013 5.0 \u2013 Issue of ordinary shares 100.9 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Purchase of own shares \u2013 (2.1) \u2013 \u2013 \u2013 \u2013 \u2013 Movement in own shares \u2013 2.5 \u2013 \u2013 \u2013 (2.5) \u2013 Share based payments \u2013 \u2013 \u2013 \u2013 \u2013 4.6 \u2013 Deferred tax on share schemes \u2013 \u2013 \u2013 \u2013 \u2013 0.3 \u2013 Loss for the year \u2013 \u2013 \u2013 \u2013 \u2013 (14.7) 22.0 At 31 December 2022 111.4 0.1 (121.9) 59.8 246.3 270.7 34.1 Other reserves of $246.3 million in the above table relate to legacy non-distributable reserves, which arose during the period when the Group was part of the Guinness Peat Group. The table below shows financial information of non-wholly owned subsidiaries of the Group that have non- controlling interests: Profit allocated to non-controlling interests Accumulated non-controlling interests Year ended 31 December 2022 US$m Year ended 31 December 2021 US$m 31 December 2022 US$m 31 December 2021 US$m EMEA 0.7 0.1 1.4 0.9 Asia & Rest of World 21.3 19.6 32.7 30.2 22.0 19.7 34.1 31.1 The proportion of ownership interests and voting rights of non-wholly owned subsidiaries of the Group held by non-controlling interests is set out on pages 173 to 179. STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL",
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"fact-579": {
"value": "Other reserves of $246.3 million in the above table relate to legacy non-distributable reserves, which arose during the period when the Group was part of the Guinness Peat Group. The table below shows financial information of non-wholly owned subsidiaries of the Group that have non- controlling interests: Profit allocated to non-controlling interests Accumulated non-controlling interests Year ended 31 December 2022 US$m Year ended 31 December 2021 US$m 31 December 2022 US$m 31 December 2021 US$m EMEA 0.7 0.1 1.4 0.9 Asia & Rest of World 21.3 19.6 32.7 30.2 22.0 19.7 34.1 31.1 The proportion of ownership interests and voting rights of non-wholly owned subsidiaries of the Group held by non-controlling interests is set out on pages 173 to 179. STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL",
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"fact-560": {
"value": "29 Capital commitments As at 31 December 2022, the Group had commitments of $5.6 million in respect of contracts placed for future capital expenditure (2021: $5.1 million). ",
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"fact-561": {
"value": "g) Summary of net debt Year ended 31 December 2022 US$m 2021 US$m Cash and cash equivalents 172.4 107.2 Bank overdrafts (14.7) (16.4) Net cash and cash equivalents 157.7 90.8 Borrowings (see note 23) (552.1) ( 237.9) Net debt excluding lease liabilities (394.4) (147.1) Lease liabilities (see note 15) (105.4) (99.0) Total net debt (499.8) (246.1) On 20 July 2022, the Group fully drew down on a new $240 million term loan acquisition facility to fund the purchase of Texon (see note 31). This facility was to mature in July 2024, and the Group had an option to extend this term by a further nine months to May 2025. In February 2023, the Group completed the refinancing of this acquisition facility via the US Private Placement (USPP) market with $250 million of notes. $150 million 5.26% Series A Senior Notes are due on 16 February 2028 and $100 million 5.37% Series B Senior Notes are due on 16 February 2030. For financial covenant purposes, the Group\u2019s leverage is calculated on the basis of net debt without IFRS 16 lease liabilities and at the Coats Group Finance Company Limited level. Net debt excluding IFRS 16 lease liabilities at the Coats Group Finance Company Limited level at 31 December 2022 for covenant purposes was $399.9 million (31 December 2021: $148.0 million). The components of net debt and movements during the periods are set out below: Series A and Series B Senior Notes US$m Bank loans US$m Lease liabilities US$m Total financing activity liabilities US$m Bank overdrafts US$m Cash at bank and in hand US$m Net debt US$m At 1 January 2021 (230.4) (2.3) (66.0) (298.7) (19.8) 71.9 (246.6) Financing cash flows \u2013 (8.4) 22.1 13.7 \u2013 \u2013 13.7 Other cash flows \u2013 \u2013 \u2013 \u2013 3.1 37.9 41.0 Non-cash movements 2.9 (1.4) (55.3) (53.8) \u2013 \u2013 (53.8) Foreign exchange \u2013 1.7 0.2 1.9 0.3 (2.6) (0.4) At 31 December 2021 (227.5) (10.4) (99.0) (336.9) (16.4) 107. 2 (246.1) Financing cash flows \u2013 (256.7) 18.1 (238.6) \u2013 \u2013 (238.6) Other cash flows \u2013 \u2013 4.9 4.9 1.7 70.4 77.0 Acquisition of subsidiaries (note 31) \u2013 (62.5) \u2013 (62.5) \u2013 \u2013 (62.5) Non-cash movements 5.2 (1.0) (36.0) (31.8) \u2013 \u2013 (31.8) Foreign exchange \u2013 0.8 6.6 7.4 \u2013 (5.2) 2.2 At 31 December 2022 (222.3) (329.8) (105.4) (657.5) (14.7) 172.4 (499.8) The non-cash movement during the year ended 31 December 2022 of $5.2 million (2021: $2.9 million) within Series A and Series B Senior Notes represents the movement in the fair value adjustment to the nominal amount outstanding of $225.0 million and relates to interest rate swaps which are accounted for as fair value hedges. The non-cash movement during the year ended 31 December 2022 of $36.0 million (2021: $55.3 million) within lease liabilities relates to the following: the unwind of lease liabilities of $4.9 million (2021: $5.2 million) and the impact of entering into new leases, disposals and modification of existing leases of $31.1 million (2021: $50.1 million). Total interest paid during the year ended 31 December 2022 was $25.5 million (2021: $17.6 million), which primarily relates to the above Senior Notes, bank loans and overdrafts and lease liabilities. Total interest charged to the profit and loss account for the year ended 31 December 2022 for the above Senior Notes, bank loans and overdrafts and lease liabilities was $23.8 million (2021: $15.6 million). 30 Notes to the consolidated cash flow statement cont. Total net debt is presented in the consolidated statement of financial position as follows: Year ended 31 December 2022 US$m 2021 US$m Current assets: Cash and cash equivalents 172.4 107.2 Current liabilities: Bank overdrafts and other borrowings (16.7) (19.2) Lease liabilities (19.0) (17.8) Non-current liabilities: Borrowings (550.1) (235.1) Lease liabilities (86.4) (81.2) Total net debt (499.8) (246.1 ) ",
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"fact-532": {
"value": "a) Reconciliation of operating profit to cash generated from operations Year ended 31 December 2022 US$m 2021* US$m Operating profit 181.0 178.2 Depreciation of owned property, plant and equipment 26.5 27.3 Deprecation of right-of-use assets 19.4 19.4 Amortisation of intangible assets 12.6 6.0 Decrease/(increase) in inventories 43.6 (66.8) Decrease/(increase) in debtors 10.4 (38.2) (Decrease)/increase in creditors (76.2) 91.5 Provisions and pension movements (41.6) (34.5) Foreign exchange and other non-cash movements 8.8 13.0 Discontinued operations (8.0) (6.9) Cash generated from operations 176.5 189.0 b) Interest paid Year ended 31 December 2022 US$m 2021* US$m Interest paid (24.8) (11.0) Discontinued operations (0.7) (1.5) (25.5) (12.5) c) Taxation paid Year ended 31 December 2022 US$m 2021* US$m Overseas tax paid (54.6) (47.8) Discontinued operations \u2013 (0.1) (54.6) (47.9) d) Investment income Year ended 31 December 2022 US$m 2021 US$m Dividends received from joint ventures 0.5 0.3 30 Notes to the consolidated cash flow statement e) Capital expenditure and financial investment Year ended 31 December 2022 US$m 2021* US$m Purchase of property, plant and equipment and intangible assets (33.8) (30.5) (Purchase)/sale of other equity investments (0.1) 0.1 Disposal of property, plant and equipment 2.8 0.8 Discontinued operations (0.5) (0.7) (31.6) (30.3) f) Acquisitions and disposals of businesses Year ended 31 December 2022 US$m 2021 US$m Acquisition of businesses (note 31) (271.2) \u2013 Disposal of business (note 32) (17.0) \u2013 (288.2) \u2013 * Represented to reflect the results of the Brazil and Argentina business as a discontinued operation (see note 1). g) Summary of net debt Year ended 31 December 2022 US$m 2021 US$m Cash and cash equivalents 172.4 107.2 Bank overdrafts (14.7) (16.4) Net cash and cash equivalents 157.7 90.8 Borrowings (see note 23) (552.1) ( 237.9) Net debt excluding lease liabilities (394.4) (147.1) Lease liabilities (see note 15) (105.4) (99.0) Total net debt (499.8) (246.1) On 20 July 2022, the Group fully drew down on a new $240 million term loan acquisition facility to fund the purchase of Texon (see note 31). This facility was to mature in July 2024, and the Group had an option to extend this term by a further nine months to May 2025. In February 2023, the Group completed the refinancing of this acquisition facility via the US Private Placement (USPP) market with $250 million of notes. $150 million 5.26% Series A Senior Notes are due on 16 February 2028 and $100 million 5.37% Series B Senior Notes are due on 16 February 2030. For financial covenant purposes, the Group\u2019s leverage is calculated on the basis of net debt without IFRS 16 lease liabilities and at the Coats Group Finance Company Limited level. Net debt excluding IFRS 16 lease liabilities at the Coats Group Finance Company Limited level at 31 December 2022 for covenant purposes was $399.9 million (31 December 2021: $148.0 million). The components of net debt and movements during the periods are set out below: Series A and Series B Senior Notes US$m Bank loans US$m Lease liabilities US$m Total financing activity liabilities US$m Bank overdrafts US$m Cash at bank and in hand US$m Net debt US$m At 1 January 2021 (230.4) (2.3) (66.0) (298.7) (19.8) 71.9 (246.6) Financing cash flows \u2013 (8.4) 22.1 13.7 \u2013 \u2013 13.7 Other cash flows \u2013 \u2013 \u2013 \u2013 3.1 37.9 41.0 Non-cash movements 2.9 (1.4) (55.3) (53.8) \u2013 \u2013 (53.8) Foreign exchange \u2013 1.7 0.2 1.9 0.3 (2.6) (0.4) At 31 December 2021 (227.5) (10.4) (99.0) (336.9) (16.4) 107. 2 (246.1) Financing cash flows \u2013 (256.7) 18.1 (238.6) \u2013 \u2013 (238.6) Other cash flows \u2013 \u2013 4.9 4.9 1.7 70.4 77.0 Acquisition of subsidiaries (note 31) \u2013 (62.5) \u2013 (62.5) \u2013 \u2013 (62.5) Non-cash movements 5.2 (1.0) (36.0) (31.8) \u2013 \u2013 (31.8) Foreign exchange \u2013 0.8 6.6 7.4 \u2013 (5.2) 2.2 At 31 December 2022 (222.3) (329.8) (105.4) (657.5) (14.7) 172.4 (499.8) The non-cash movement during the year ended 31 December 2022 of $5.2 million (2021: $2.9 million) within Series A and Series B Senior Notes represents the movement in the fair value adjustment to the nominal amount outstanding of $225.0 million and relates to interest rate swaps which are accounted for as fair value hedges. The non-cash movement during the year ended 31 December 2022 of $36.0 million (2021: $55.3 million) within lease liabilities relates to the following: the unwind of lease liabilities of $4.9 million (2021: $5.2 million) and the impact of entering into new leases, disposals and modification of existing leases of $31.1 million (2021: $50.1 million). Total interest paid during the year ended 31 December 2022 was $25.5 million (2021: $17.6 million), which primarily relates to the above Senior Notes, bank loans and overdrafts and lease liabilities. Total interest charged to the profit and loss account for the year ended 31 December 2022 for the above Senior Notes, bank loans and overdrafts and lease liabilities was $23.8 million (2021: $15.6 million). 30 Notes to the consolidated cash flow statement cont. Total net debt is presented in the consolidated statement of financial position as follows: Year ended 31 December 2022 US$m 2021 US$m Current assets: Cash and cash equivalents 172.4 107.2 Current liabilities: Bank overdrafts and other borrowings (16.7) (19.2) Lease liabilities (19.0) (17.8) Non-current liabilities: Borrowings (550.1) (235.1) Lease liabilities (86.4) (81.2) Total net debt (499.8) (246.1 ",
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"fact-533": {
"value": "31 Acquisitions The Group completed two acquisitions during the year obtaining control of both Texon and Rhenoflex, leading manufacturers of structural footwear components supplying the world\u2019s leading footwear brands. Both have operations in Asia and Europe and are complementary additions to Coats\u2019 existing footwear business with opportunities to leverage existing footprints and combine expertise in the attractive athleisure footwear market. \u2013 On 20 July 2022, the Group acquired the entire share capital of Torque Group International Fortune Limited (\u2018Texon\u2019) for $211.0 million. On completion, the Group immediately settled all of Texon\u2019s external bank debt of $24.4 million such that total cash outflow was $235.4 million. \u2013 On 23 August 2022, the Group also purchased the entire share capital of Rhenoflex GmbH (\u2018Rhenoflex\u2019) for $81.5 million. On completion, the Group immediately settled all of Rhenoflex\u2019s external bank debt of $38.1 million such that the total cash outflow was $119.6 million. The Texon transaction was funded through a new $240.0 million term loan acquisition facility and the Rhenoflex transaction was predominately financed through an equity raise of $109.8 million net of costs. These acquisitions have been accounted for as business combinations using the acquisition method in accordance with IFRS 3 \u2018Business Combinations.\u2019 For each acquisition, a provisional assessment of the fair values of identified assets acquired and liabilities assumed has been undertaken with assistance provided by external valuation specialists. In the provisional accounting, adjustments are made to the book values of the net assets of the companies acquired to reflect their provisional fair values to the Group. Previously unrecognised assets and liabilities at acquisition are included. As part of this exercise, accounting policies are aligned with those of the Group and as the acquisitions were made in the second half of the year and given their global footprint, the fair values presented below are provisional as these assessments will be completed within 12 months from each relevant acquisition date. STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS OTHER INFO 155 The provisional fair values of the identifiable assets and liabilities of Texon and Rhenoflex as at their respective acquisition dates were as follows: Provisional fair value recognised on acquisition of Texon US$m Provisional fair value recognised on acquisition of Rhenoflex US$m Provisional Total US$m Assets Acquired intangible assets \u2013 Customer relationships 107.1 51.7 158.8 \u2013 Brands and trade names 26.7 14.2 40.9 \u2013 Technology 26.3 14.2 40.5 160.1 80.1 240.2 Computer software 0.1 0.5 0.6 Property, plant and equipment 14.4 9.3 23.7 Right-of-use-assets 4.9 4.3 9.2 Investments in joint ventures 0.7 \u2013 0.7 Deferred tax assets 2.6 0.7 3.3 Inventories 20.6 20.3 40.9 Trade and other receivables 26.0 13.8 39.8 Cash and cash equivalents 16.8 4.5 21.3 246.2 133.5 379.7 Liabilities Trade and other payables (28.8) (12.7) (41.5) Deferred tax liabilities (28.5) (26.3) (54.8) Borrowings (24.4) (38.1) (62.5) Lease liabilities (4.9) (4.3) (9.2) Retirement benefit obligations ( 7.6) (2.7) (10.3) Provisions (5.3) (2.1) (7.4) (99.5) (86.2) (185.7) Total identifiable net assets acquired at fair value 146.7 47.3 194.0 Goodwill recognised on acquisition (provisional) 64.3 34.2 98.5 Purchase consideration paid 211.0 81.5 292.5 The fair value assessed for intangible customer relationship assets was $107.1 million for Texon and $51.7 million for Rhenoflex. In both cases this will be amortised over a fifteen-year useful economic life. As fair value level one observable market prices are not available for these assets, management engaged external professional valuation advisors to assist in identifying and valuing these assets The excess earnings method was used to value these customer relationships which considers the use of other assets in the generation of projected cash flows to isolate the economic benefit generated by the relationships. The fair value assessed for brands and trade names was $26.7 million for Texon and $14.2 million for Rhenoflex and for technology was $26.3 million for Texon and $14.2 million for Rhenoflex. The relief from royalty method was used to value both the technology and the trade names which will be amortised over a useful economic life of ten years. The relief from royalty method looks at the savings from owning the trade name and technology compared to paying royalties for their use based on comparable market royalty rates. The net deferred tax position reflected adjustments related to the deferred tax impact of the fair value uplifts on acquired intangible assets and other fair value adjustments at the tax rates that are expected to be applied to the temporary differences when they reverse, based on the laws that were enacted or substantively enacted. Deferred tax liabilities recognised as a result of the acquisition of Texon and Rhenoflex total $54.8 million. The Group\u2019s total deferred tax liabilities at 31 December 2022 were $65.3 million (2021: $6.8 million). Fair value adjustments were also made to uplift property, plant and equipment by a total of $3.5 million for Texon. Other adjustments were made to decrease pension obligations on an IAS 19 basis by $2.1 million and $0.7 million at the acquisition dates for Texon and Rhenoflex respectively. Due to their contractual dates, the fair value of receivables acquired approximated to the gross contractual amounts receivable. There was no material expected credit losses for either acquisition and these receivables have materiality been settled between the respective acquisition dates and the 31 December 2022 year-end date. There are no material contingent liabilities recognised in accordance with paragraph 23 of IFRS 3. Provisional goodwill of $64.3 million for Texon and $34.2 million for Rhenoflex represents the premium attributable to purchasing separately established businesses with assembled workforces, opportunities for synergies and exploitation of the general technological capabilities and knowledge base of each company. Goodwill is not expected to be deductible for tax purposes. Goodwill is not amortised but tested annually for impairment. For the purposes of annual impairment testing the combined provisional goodwill has initially been allocated to a new Structural Footwear Components cash generating unit. This initial allocation will be reviewed during 2023 following further integration of Structural Footwear Components with the pre-existing Coats footwear and thread business. Provisional goodwill and intangible assets acquired for Texon and Rhenoflex totalled $338.7 million. From their respective acquisition dates to 31 December 2022, amortisation charges for acquired intangible assets amounted to $5.6 million for Texon and $2.1 million for Rhenoflex. 31 Acquisitions cont. From their acquisition dates, the contribution to revenues in the year to 31 December 2022 was $57.2 million for Texon and $30.0 million for Rhenoflex. The contribution to operating profit excluding exceptional items and amortisation of acquired intangible assets in the year to 31 December 2022 was $5.8 million for Texon and $3.4 million for Rhenoflex in the year to 31 December 2022. The loss after tax in the year to 31 December 2022 (after exceptional items and amortisation of acquired intangible assets) was $1.9 million for Texon and a profit of $0.5 million for Rhenoflex. If the acquisitions had taken effect at the beginning of the reporting period (1 January 2022), the Group\u2019s revenues for the year ended 31 December 2022 would have been $85.9 million higher for Texon and $60.0 million higher for Rhenoflex and the Group\u2019s profit after tax would have been $2.9 million higher for Texon and $3.1 million higher for Rhenoflex based on management accounts. Transaction costs totalling $12.6 million relating to the acquisitions of Texon ($8.6 million) and Rhenoflex ($4.0 million) have been expensed and are included in the consolidated income statement (see note 4). Transaction costs of $11.5 million have been charged to administrative expenses and $1.1 million has been charged to finance costs relating to the $240.0 million Texon term loan acquisition facility. Transaction costs paid in the year ended 31 December 2022 relating to these acquisitions was $12.3 million and are included in cash flows absorbed in operating activities in the consolidated cash flow statement. In addition costs of $2.8 million were incurred in connection with the equity raise to finance the acquisition of Rhenoflex which have been charged to the share premium reserve. The purchase consideration was paid in cash with the amounts included in the statement of consolidated cash flows as follows: Texon US$m Rhenoflex US$m Total US$m Purchase consideration paid to previous owners 211.0 81.5 292.5 Cash and cash equivalents acquired (16.8) (4.5) (21.3) Acquisition of businesses \u2013 investing cash flows 194.2 77.0 271.2 External bank borrowings settled on completion \u2013 financing cash flows 24.4 38.1 62.5 Total cash out flow on respective acquisition dates 218.6 115.1 333.7 The repayment of external bank borrowings of Texon and Rhenoflex on the respective completion dates of the acquisitions is presented as financing cash flows. The total cash outflow for the acquisitions of Texon and Rhenoflex in the year ended 31 December 2022 was $346.0 million (see note 37(e)) comprising the total cash outflow on the respective acquisition dates of $333.7 million plus transaction costs paid of $12.3 million. ",
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"fact-534": {
"value": "32 Discontinued operations Sale of Brazil and Argentina On 10 May 2022 the Group announced the agreement to sell its business in Brazil and Argentina to Reelpar SA, an entity backed by a Sao Paulo Private Equity Firm. The sale was completed on 26 May 2022, the date which control passed to the acquirer. Under the terms of the disposal, the Group paid $15.0 million to Reelpar S.A. to support restructuring of the business. During the five years following the completion date earn-out payments are payable to the Group in the event that certain operational cash flow targets are met by the Brazil and Argentina business. No earn-out payments have been recognised by the Group as at 31 December 2022. a) Discontinued operations The results of the discontinued operations are presented below: Year Ended 31 December 2022 US$m 2021* US$m Revenue 26.3 66.8 Cost of sales (22.6) (49.8) Gross profit 3.7 17.0 Distribution costs (3.8) (10.2) Administrative expenses (3.3) (5.6) Operating (loss)/profit (3.4) 1.2 Investment income \u2013 4.2 Finance costs (0.3) (0.4) (Loss)/profit before taxation (3.7) 5.0 Taxation \u2013 (1.3) (Loss)/profit from discontinued operations for the year (3.7) 3.7 Loss on disposal (note 32 (b)) (68.9) \u2013 Exchange loss transferred to income statement on disposal (15.0) \u2013 Total (loss)/profit from discontinued operations (87.6) 3.7 * Represented to reflect the results of the Brazil and Argentina business as a discontinued operation (see note 1). Revenue reported above includes inter-company sales for the year ended 31 December 2022 of $1.6 million (2021: $3.6 million). External revenue of the Brazil and Argentina business for the year ended 31 December 2022 was $24.7 million (2021: $63.2 million). STRATEGIC REPORT Exceptional items \u2013 discontinued operations Exceptional items credited/(charged) to (loss)/profit from discontinued operations are set out below: Year Ended 31 December 2022 US$m 2021* US$m Brazil indirect taxes:\u2002\u2013 Cost of sales \u2013 5.8\u2002\u2013 Finance income \u2013 4.2\u2002\u2013 Taxation \u2013 (1.1) Loss on disposal (note 32(b)) (68.9) \u2013 Exchange loss transferred to income statement on disposal (15.0) \u2013 Total exceptional items \u2013 discontinued operations (83.9) 8.9 Brazil indirect taxes In 2021 the Brazilian Supreme Federal Court concluded its judgement that Brazilian ICMS (indirect tax on goods and services) should not be included in the calculation basis of PIS (Program of Social Integration) and COFINS (Contribution for the Financing of Social Security) indirect taxes. As a result, estimated refunds were recognised as exceptional items in the results for the year ended 31 December 2021 of $5.8 million which was included in cost of sales and in addition exceptional interest income was recognised year ended 31 December 2021 of $4.2 million. The exceptional tax charge for the year ended 31 December 2021 was $1.1 million. These refunds dated back to 2003 and the estimated tax credit amounts were expected to be utilised over a period of approximately six years, once the business has received a favourable Court ruling. (Loss)/earnings per ordinary share from discontinued operations The (loss)/earnings per ordinary share from discontinued operations is as follows: Year Ended 31 December 2022 Cents 2021* Cents (Loss)/earnings per ordinary share from discontinued operations: Basic (loss)/earnings per ordinary share (5.78) 0.26 Diluted (loss)/earnings per ordinary share (5.74) 0.25 Cash flows from discontinued operations The table below sets out the cash flows from discontinued operations: Year Ended 31 December 2022 US$m 2021* US$m Net cash outflow from operating activities (8.7) (8.5) Net cash outflow from investing activities (0.5) (0.7) Net cash flows from discontinued operations (9.2) (9.2) * Represented to reflect the results of the Brazil and Argentina business as a discontinued operation (see note 1). b) Loss on disposal The major classes of assets and liabilities disposed relating to the Brazil and Argentina business was as follows: US$m Property, plant and equipment 10.8 Inventories 26.9 Trade and other receivables 35.7 Cash and cash equivalents 0.7 Total assets 74.1 Trade and other payables (18.1) Current income tax liabilities (1.2) Bank overdrafts (2.5) Retirement benefit obligations (2.0) Provisions (0.9) Total liabilities (24.7) Net assets disposed 49.4 Consideration paid 15.0 Disposal costs 4.5 Exceptional loss on disposal \u2013 discontinued operations 68.9 The consideration paid on the date of disposal was $15.0 million and net of cash and cash equivalents and bank overdrafts disposed was $13.2 million. Disposal costs of $3.8 million were paid in the year ended 31 December 2022 and as a result the cash outflow in the year ended 31 December 2022 on the sale of the Brazil and Argentina business was $17.0 million. 32 Discontinued operations cont. ",
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"fact-535": {
"value": "33 Related party transactions Remuneration of key management personnel The Group Executive Team and Non-Executive Directors are deemed to be the key management personnel of the Group. The remuneration of the Group Executive Team and Non-Executive Directors, is set out below in aggregate for each of the categories specified in IAS 24 Related Party Disclosures. Further information regarding the remuneration of individual directors is provided on pages 85 to 97 in the audited part of the Directors\u2019 Remuneration Report. Year ended 31 December 2022 US$m 2021 US$m Short-term employee benefits 10.3 10.4 Share based payments 2 .1 1.6 12.4 12.0 Trading transactions Transactions between the Company and its subsidiaries, which are related parties, have been eliminated on consolidation and are not disclosed in this note. Transactions between the Group and its joint ventures are disclosed below. During the year, Group companies entered into the following transactions with related parties who are not members of the Group: Sale of goods Purchase of goods 2022 US$m 2021 US$m 2022 US$m 2021 US$m Joint ventures 1.4 2.7 63.2 61.1 Amounts owing by/(to) joint ventures at the year end are disclosed in notes 19 and 21. All transactions with joint ventures are at an arm\u2019s length and payment terms are consistent with normal trading terms with third parties. ",
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"fact-562": {
"value": "Remuneration of key management personnel The Group Executive Team and Non-Executive Directors are deemed to be the key management personnel of the Group. The remuneration of the Group Executive Team and Non-Executive Directors, is set out below in aggregate for each of the categories specified in IAS 24 Related Party Disclosures. Further information regarding the remuneration of individual directors is provided on pages 85 to 97 in the audited part of the Directors\u2019 Remuneration Report. Year ended 31 December 2022 US$m 2021 US$m Short-term employee benefits 10.3 10.4 Share based payments 2 .1 1.6 12.4 12.0 ",
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"fact-563": {
"value": "Trading transactions Transactions between the Company and its subsidiaries, which are related parties, have been eliminated on consolidation and are not disclosed in this note. Transactions between the Group and its joint ventures are disclosed below. During the year, Group companies entered into the following transactions with related parties who are not members of the Group: Sale of goods Purchase of goods 2022 US$m 2021 US$m 2022 US$m 2021 US$m Joint ventures 1.4 2.7 63.2 61.1 Amounts owing by/(to) joint ventures at the year end are disclosed in notes 19 and 21. All transactions with joint ventures are at an arm\u2019s length and payment terms are consistent with normal trading terms with third parties. ",
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"fact-565": {
"value": "Financial liabilities The Group\u2019s financial liabilities are summarised below: Year ended 31 December 2022 US$m 2021 US$m Financial liabilities carried at amortised cost: Trade payables (note 21) 151.3 208.5 Amounts owed to joint ventures (note 21) 15.0 16.3 Other financial liabilities 74.7 116.3 Provisions (note 25) 0.9 2.1 Lease liabilities (note 15) 105.4 99.0 Borrowings (note 23) 566.8 254.3 914.1 696.5 Financial liabilities carried at fair value through the income statement: Derivative financial instruments (note 22) 9.0 0.9 Total financial liabilities 923.1 697.4 Other financial liabilities include other payables, other than taxation, contract liabilities, employee entitlements and other statutory liabilities. ",
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"fact-536": {
"value": "The Group\u2019s main financial instruments comprise: Financial assets: \u2013 cash and cash equivalents; \u2013 trade and other receivables that arise directly from the Group\u2019s operations; and \u2013 derivatives, including forward foreign currency contracts and interest rate swaps. Financial liabilities: \u2013 trade, other payables and certain provisions that arise directly from the Group\u2019s operations; \u2013 bank borrowings and overdrafts; and \u2013 derivatives, including forward foreign currency contracts and interest rate swaps. Financial assets The Group\u2019s financial assets are summarised below: Year ended 31 December 2022 US$m 2021 US$m Financial assets carried at amortised cost: Cash and cash equivalents 172.4 107.2 Trade receivables (note 19) 236.4 241.5 Amounts due from joint ventures (note 19) \u2013 0.1 Other receivables (note 19), net of non-financial assets $29.8 million (2021: $29.9 million) 18.7 34.0 427.5 382.8 Financial assets carried at fair value through the income statement: Derivative financial instruments (note 20) 1.6 5.5 1.6 5.5 Other financial assets carried at fair value through the statement of comprehensive income: Other investments (note 16) 5.9 6.0 5.9 6.0 Total financial assets 435.0 394.3 34 Derivatives and other financial instruments Financial liabilities The Group\u2019s financial liabilities are summarised below: Year ended 31 December 2022 US$m 2021 US$m Financial liabilities carried at amortised cost: Trade payables (note 21) 151.3 208.5 Amounts owed to joint ventures (note 21) 15.0 16.3 Other financial liabilities 74.7 116.3 Provisions (note 25) 0.9 2.1 Lease liabilities (note 15) 105.4 99.0 Borrowings (note 23) 566.8 254.3 914.1 696.5 Financial liabilities carried at fair value through the income statement: Derivative financial instruments (note 22) 9.0 0.9 Total financial liabilities 923.1 697.4 Other financial liabilities include other payables, other than taxation, contract liabilities, employee entitlements and other statutory liabilities. Fair value of financial assets and liabilities The fair value of the Group\u2019s financial assets and liabilities is summarised below: Year ended 31 December 2022 2021 Book value US$m Fair value US$m Book value US$m Fair value US$m Primary financial instruments: Cash and cash equivalents 172.4 172.4 107.2 107.2 Trade receivables 236.4 236.4 241.5 241.5 Amounts due from joint ventures \u2013 \u2013 0.1 0.1 Other receivables 18.7 18.7 34.0 34.0 Other investments 5.9 5.9 6.0 6.0 Trade payables (151.3) (151.3) (208.5) (208.5) Amounts owed to joint ventures (15.0) (15.0) (16.3) (16.3) Other financial liabilities and provisions (75.6) (75.6) (118.4) (118.4) Borrowings (566.8) (566.8) (254.3) (254.3) Derivative financial instruments: Forward foreign currency contracts (4.3) (4.3) 2.7 2.7 Interest rate swaps (3.1) (3.1) 1.9 1.9 Net financial liabilities (382.7) (382.7) (204.1) (204.1) Unlisted investments are stated at fair value. For floating rate financial assets and liabilities, and for fixed rate financial assets and liabilities with a maturity of less than 12 months, it has been assumed that fair values are approximately the same as book values. Fair values for forward foreign currency contracts have been estimated using applicable forward exchange rates at the year end. All other fair values have been calculated by discounting expected cash flows at prevailing interest rates. 34 Derivatives and other financial instruments cont. Fair value measurements recognised in the statement of financial position The following tables provide an analysis of financial instruments that are measured subsequent to initial recognition at fair value, grouped into Levels 1 to 3 based on the degree to which the fair value is observable: \u2013 Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities; \u2013 Level 2 fair value measurements are those derived from inputs other than quoted prices that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and \u2013 Level 3 fair value measurements are those derived from valuation techniques which include inputs for the asset or liability that are not observable market data (unobservable inputs). Financial assets measured at fair value Year ended 31 December Total US$m Level 1 US$m Level 2 US$m Level 3 US$m 2022 Financial assets measured at fair value through the income statement: Trading derivatives 1.6 \u2013 1.6 \u2013 Derivatives designated as effective hedging instruments Financial assets measured at fair value through the statement of comprehensive income: Other investments 5.9 0.9 \u2013 5.0 7.5 0.9 1.6 5.0 2021 Financial assets measured at fair value through the income statement: Trading derivatives 3.6 \u2013 3.6 \u2013 Derivatives designated as effective hedging instruments 1.9 \u2013 1.9 \u2013 Financial assets measured at fair value through the statement of comprehensive income: Other investments 6.0 1.0 \u2013 5.0 11.5 1.0 5.5 5.0 Financial liabilities measured at fair value Year ended 31 December Total US$m Level 1 US$m Level 2 US$m Level 3 US$m 2022 Financial liabilities measured at fair value through the income statement: Trading derivatives (5.9) \u2013 (5.9) \u2013 Derivatives designated as effective hedging instruments (3.1) \u2013 (3.1) \u2013 (9.0) \u2013 (9.0) \u2013 2021 Financial liabilities measured at fair value through the income statement: Trading derivatives (0.9) \u2013 (0.9) \u2013 (0.9) \u2013 (0.9) \u2013 Level 1 financial instruments are valued based on quoted bid prices in an active market. Level 2 financial instruments are measured by discounted cash flow. For interest rates swaps future cash flows are estimated based on forward interest rates (from observable yield curves at the end of the reporting period) and contract interest rates, discounted at a rate that reflects the credit risk of the various counterparties. For foreign exchange contracts future cash flows are estimated based on forward exchange rates (from observable forward exchange rates at the end of the reporting period) and contract forward rates, discounted at a rate that reflects the credit risk of the various counterparties. Equity instruments that are classified as level 3 financial instruments relate to the Group\u2019s investment in Twine Solutions Limited. Given the business is at an early stage of its lifecycle and there have been no indications of impairment, the carrying value is deemed to approximate to fair value. The main risks arising from the Group\u2019s financial instruments are as follows: \u2013 currency risk; \u2013 interest rate risk; \u2013 capital risk; \u2013 market price risk; \u2013 liquidity risk; and \u2013 credit risk. The Group\u2019s policies for managing those risks are described on pages 161 to 165 and, except as noted, have remained unchanged since the beginning of the year to which these financial statements relate. 34 Derivatives and other financial instruments cont. Currency risk The income and capital value of the Group\u2019s financial instruments can be affected by exchange rate movements as a significant portion of both its financial assets and financial liabilities are denominated in currencies other than US Dollars, which is the Group\u2019s presentational currency. The accounting impact of these exposures will vary according to whether or not the Group company holding such financial assets and liabilities reports in the currency in which they are denominated. The Board recognises that the Group\u2019s US Dollar statement of financial position will be affected by short-term movements in exchange rates, particularly the value of Sterling, Euro, Indian Rupee and Brazilian Real. The Group\u2019s investments reflect the requirements of its customers, which results in investments in potentially more volatile developing market currencies. However, as a diverse global business, there are many natural offsets within the Group that tend to mitigate the risk associated with any individual currency volatility. The Group uses forward foreign currency contracts to mitigate the currency exposure that arises on business transacted by group companies in currencies other than their functional currency. Such foreign currency contracts are only entered into when there is a commitment to the underlying transaction. The contracts used to hedge future transactions typically have a maturity of between three months and one year. Interest rate risk In 2022, the Group financed its operations through shareholders\u2019 funds, bank borrowings, Senior Notes and overdrafts. The Group\u2019s trading subsidiaries use a mixture of fixed and floating rate debt. The Group also has access to committed bank facilities amounting to some $360.0 million, of which $90.0 million had been drawn down at year end, a $240.0 million term loan acquisition facility and $225.0 million of Senior Notes (see note 23). Interest rate risk is managed by maintaining an appropriate mix between fixed and floating rate borrowings using interest rate swap contracts. Interest rate swaps are accounted for as fair value or cash flow hedges, depending on initial designation. Hedging activities are evaluated regularly to align with interest rate views and risk appetite. In order to achieve hedge effectiveness, when entering into interest rate swap contracts, the cash flows, interest rate references and maturity of the underlying exposure of the hedged item are considered so as to match the hedging instrument. The ratio of fixed to floating rate hedging is established according to Group policy which prescribes a banded range for the fixed to floating ratio. The ratio of fixed to floating will decrease over a rolling 5-year period. As at 31 December 2022 the Group has fixed to floating interest rate swap contracts designated as fair value hedges against $65.0 million of fixed interest Senior Notes. The fair value of these hedges as at 31 December 2022 was $3.1 million (see note 22) and borrowings includes a corresponding fair value adjustment to the nominal amount outstanding in the Consolidated Statement of Financial Position. The Group\u2019s interest income does not vary significantly from the returns it would generate through investing surplus cash at floating rates of interest since the interest rates are re-set on a regular basis. A reasonably possible change of one per cent in market interest rates would reduce profit before tax b y approximately $5.0 million (2021: $2.5 million), and would reduce shareholders\u2019 funds by approximately $5.0 million (2021: $2.5 million). If interest rates fluctuate by a different rate, the aforementioned approximate impact can be linearly interpolated . Trade and other receivables and trade and other payables are excluded from the following disclosure (othe r than the currency disclosures) as there is limited interest rate risk . Capital risk managemen t The Group manages its capital so as to ensure that the Company and the Group will be able to continue as a going concern. The Group\u2019s capital structure comprises cash and cash equivalents and borrowings (see Summary of ne t debt on page 153), and share capital and reserves attributable to the equity shareholders of the Company. Currency exposure The table below shows the extent to which Group companies have financial assets and liabilities, excluding forward foreign currency contracts, in currencies other than their functional currency. Foreign exchang e differences arising on retranslation of these assets and liabilities are taken to the Group income statement. The table excludes loans between Group companies that form part of the net investment in overseas subsidiaries on which the exchange differences are dealt with through reserves, but includes other Group balances that eliminate on consolidation. Functional currency 2022 Net foreign currency financial assets/(liabilities ) Sterling US$m US dollars US$ m Euro US$ m Indian Rupees US$m Brazilian Reals US$m Other US$m Total US$ m Sterling \u2013 (0.3) 1.9 \u2013 \u2013 0.2 1.8 United States dollars (8.4) \u2013 (6.6) 0.5 \u2013 7.5 (7.0) Euros \u2013 5.1 \u2013 \u2013 \u2013 \u2013 5. 1 Indian Rupees \u2013 (6.0) (0.1) \u2013 \u2013 \u2013 (6.1) Brazilian Reals \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Other currencies (0.2) 14.3 7.7 \u2013 \u2013 1.3 23.1 (8.6) 13.1 2.9 0.5 \u2013 9.0 16.9 34 Derivatives and other financial instruments cont. Functional currency 202 1 Net foreign currency financial assets/(liabilities ) Sterling US$ m US dollars US$m Euro US$m Indian Rupees US$m Brazilian Reals US$m Other US$m Total US$ m Sterling \u2013 (2.2) (1.5) \u2013 \u2013 0.5 (3.2 ) United States dollars ( 7.5) \u2013 (9.1) \u2013 \u2013 1.7 (14.9) Euros \u2013 1.4 \u2013 \u2013 \u2013 (0.1) 1.3 Indian Rupees \u2013 (1.0) (0.3) \u2013 \u2013 \u2013 (1.3 ) Brazilian Reals \u2013 (1.6) 0.2 \u2013 \u2013 0.1 (1.3 ) Other currencies (0.3) (17.9) 5.8 0.3 \u2013 \u2013 (12.1) ( 7.8) (21.3) (4.9) 0.3 \u2013 2.2 (31.5 ) The following table shows the impact on pre-tax profit and shareholders\u2019 funds of reasonably possibl e changes in exchange rates against each of the major foreign currencies in which the Group transacts: 202 2 Sterling US$ m Euro US$ m Indian Rupees US$ m Brazilian Reals US$ m Increase in US dollar exchange rate 10% 10% 10% 10% (Decrease)/increase in profit before tax (1.1) (1.1) 0.6 \u2013 Increase/(decrease) in shareholders\u2019 funds 21.6 (0.8) 5.0 \u2013 2021 Sterling US$m Euro US$m Indian Rupees US$m Brazilian Reals US$ m Increase in US dollar exchange rate 10% 10% 10% 10% (Decrease)/increase in profit before tax (2.4) (1.0) 0.1 0.2 Increase/(decrease) in shareholders\u2019 funds 21.6 (1.4) 4.9 0.1 Currency profile of financial assets The currency profile of the Group\u2019s financial assets was as follows: 31 December 2022 2021 Investments US$m Cash and cash equivalents US$m Trade and other receivables US$m Derivative financial instruments US$m Total US$m Investments US$m Cash and cash equivalents US$m Trade and other receivables US$m Derivative financial instruments US$m Total US$m Currency: Sterling \u2013 1.7 6.2 10.7 18.6 \u2013 0.4 4.7 66.0 71.1 United States dollars 5.0 97.1 114.3 (26.7) 189.7 5.0 55.1 127.2 (99.7) 87.6 Euros 0.1 8.6 42.1 (3.9) 46.9 0.1 2.5 22.7 (14.9) 10.4 Indian Rupees 0.8 18.9 26.3 (0.5) 45.5 0.9 9.2 22.3 12.5 44.9 Brazilian Reals \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 2.2 22.9 \u2013 25.1 Other currencies \u2013 46.1 66.2 22.0 134.3 \u2013 37.8 75.8 41.6 155.2 Total financial assets 5.9 172.4 255.1 1.6 435.0 6.0 107.2 275.6 5.5 394.3 The investments included above comprise unlisted investments in shares and bonds. Currency and interest rate profile of financial liabilities The currency and interest rate profile of the Group\u2019s financial liabilities was as follows: 31 December 2022 2021 Floating rate US$m Fixed rate US$m Interest free US$m Lease liabilities US$m Derivative financial instruments US$m Total US$m Floating rate US$m Fixed rate US$m Interest free US$m Lease liabilities US$m Derivative financial instruments US$m Total US$m Currency: Sterling 0.3 - 4.1 3.8 (44.3) (36.1) 0.5 \u2013 13.8 4.5 (42.9) (24.1) United States dollars 400.5 160.0 99.5 28.5 41.3 729.8 79.6 160.0 143.6 17.1 42.8 443.1 Euros 4.0 - 26.9 12.2 22.7 65.8 9.4 \u2013 17.5 9.5 10.3 46.7 Indian Rupees - - 37.4 6.6 (2.4) 41.6 \u2013 \u2013 52.0 10.3 \u2013 62.3 Brazilian Reals - - - - - - \u2013 \u2013 10.4 \u2013 1.2 11.6 Other currencies - 2.0 74.0 54.3 (8.3) 122.0 2.0 2.8 105.9 57.6 (10.5) 157.8 Total financial liabilities 404.8 162.0 241.9 105.4 9.0 923.1 91.5 162.8 343.2 99.0 0.9 697.4 The benchmark for determining floating rate liabilities in the UK is the risk-free rate for both sterling and US$ amounts. 34 Derivatives and other financial instruments cont. Details of fixed and non interest-bearing liabilities (excluding derivatives and trade and other payables) are provided below: Year ended 31 December 2022 2021 Fixed rate financial liabilities Financial liabilities on which no interest is paid Fixed rate financial liabilities Financial liabilities on which no interest is paid Weighted average interest rate % Weighted average period for which rate is fixed (months) Weighted average period until maturity (months) Weighted average interest rate % Weighted average period for which rate is fixed (months) Weighted average period until maturity (months) Currency: Sterling \u2013 \u2013 18 \u2013 \u2013 18 United States dollars 4.00 46 \u2013 4.00 58 \u2013 Other currencies 25.56 6 \u2013 23.95 9 \u2013 Weighted average 4.27 45 18 4.34 57 18 Currency profile of foreign exchange derivatives Year ended 31 December Assets Liabilities 2022 US$m 2021 US$m 2022 US$m 2021 US$m Currency: Sterling 55.0 109.6 \u2013 (0.7) United States dollars 39.2 35.2 (104.1) (179.6) Euros \u2013 \u2013 (26.6) (25.2) Indian Rupee 3.7 12.5 (1.8) \u2013 Brazilian Real \u2013 \u2013 \u2013 (1.2) Other currencies 43.3 64.2 (13.0) (12.1) 141.2 221.5 (145.5) (218.8) Market price risk The Group has equity and bond investments at 31 December 2022 of $5.9 million (2021: $6.0 million) held for strategic rather than trading purposes. The Group does not actively trade these investments and is not materially exposed to price risk. The sensitivity analyses below have been determined based on the exposure to reasonably possible price changes for the investments held at the year end. 34 Derivatives and other financial instruments cont. Year ended 31 December 2022 US$m 2021 US$m Impact of a 10% increase in prices: Increase in pre-tax profit for the year \u2013 \u2013 Increase in equity shareholders\u2019 funds 0.6 0.6 Liquidity risk The Group typically holds cash balances in deposits with a short maturity. Additional resources can be drawn through committed borrowing facilities at operating subsidiary level. During the year the Group has complied with all externally imposed capital requirements. The Group had the following undrawn committed borrowing facilities in respect of which all conditions precedent had been met at the year-end: Year ended 31 December 2022 US$m 2021 US$m Expiring between one and two years \u2013 \u2013 Expiring between two and five years 270.0 350.0 Maturity of undiscounted financial assets (excluding derivatives) The expected maturity of the Group\u2019s financial assets, using undiscounted cash flows, was as follows: Year ended 31 December 2022 US$m 2021 US$m In one year or less, or on demand 419.6 366.2 In more than one year but not more than two years 5.0 12.6 In more than two years but not more than five years 2.9 4.0 In more than five years 5.9 6.0 433.4 388.8 Maturity of undiscounted financial liabilities (excluding derivatives) The expected maturity of the Group\u2019s financial liabilities, using undiscounted cash flows, was as follows: Year ended 31 December 2022 US$m 2021 US$m In one year or less, or on demand 282.3 380.1 In more than one year but not more than two years 383.2 22.3 In more than two years but not more than five years 233.5 176.3 In more than five years 48.1 142.6 947.1 721.3 The above table comprises the gross amounts payable in respect of borrowings (including interest thereon), trade and other non-statutory payables and certain provisions, over the period to the maturity of those liabilities. Maturity of undiscounted financial derivatives The maturity of the Group\u2019s financial derivatives (on a gross basis), which include interest rate and foreign exchange swaps, using undiscounted cash flows, was as follows: Year ended 31 December Assets Liabilities 2022 US$m 2021 US$m 2022 US$m 2021 US$m In one year or less, or on demand 126.6 182.2 (131.3) (178.5) In more than one year but not more than two years 14.5 24.8 (17.7) (24.3) In more than two years but not more than five years \u2013 16.6 \u2013 (16.0) 141.1 223.6 (149.0) (218.8) 34 Derivatives and other financial instruments cont. Credit risk Year ended 31 December 2022 US$m 2021 US$ The Group considers its maximum exposure to credit risk to be as follows: Cash and cash equivalents 172.4 107.2 Derivative financial instruments 1.6 5.5 Trade receivables (net of impairment provision) 236.4 241.5 Amounts due from joint ventures \u2013 0.1 Other receivables 18.7 34.0 429.1 388.3 Financial assets considered not to have exposure to credit risk: Other investments 5.9 6.0 Total financial assets 435.0 394.3 Analysis of trade receivables over permitted credit period: Trade receivables up to 1 month over permitted credit period 21.0 17.5 Trade receivables between 1 and 2 months over permitted credit period 5.5 5.1 Trade receivables between 2 and 3 months over permitted credit period 2.2 1.7 Trade receivables between 3 and 6 months over permitted credit period 2.0 1.3 Trade receivables in excess of 6 months over permitted credit period 1.5 1.7 Total trade receivables (net of impairment provision) in excess of permitted credit period 32.2 27.3 Trade receivables within permitted credit period 204.2 214.2 Total net trade receivables 236.4 241.5 Analysis of trade receivables impairment provision: Trade receivables up to 1 month over permitted credit period 0.6 0.8 Trade receivables between 1 and 2 months over permitted credit period 0.2 0.2 Trade receivables between 2 and 3 months over permitted credit period 0.3 0.3 Trade receivables between 3 and 6 months over permitted credit period 0.7 0.7 Trade receivables in excess of 6 months over permitted credit period 5.8 6.9 Total impairment provision 7.6 8.9 Trade receivables consist of a large number of customers, spread across diverse geographical areas and industries. Customers requesting credit facilities are subject to a credit quality assessment, which may include a review of their financial strength, previous credit history with the Group, payment record with other suppliers, bank references and credit rating agency reports. All active customers are subject to an annual, or more frequent if appropriate, review of their credit limits and credit periods. The Group applies the simplified approach to providing for expected credit losses prescribed by IFRS 9, which requires the use of the lifetime expected loss provision for all trade receivables (see note 19). When determining expected losses for trade receivables, the Group takes into account the historical default experience and the financial position of the counterparties, as well as the future prospects considering various sources of information. The Group does not have a significant credit risk exposure to any single customer. Hedges During 2022, the Group has hedged the following exposures: \u2013 interest rate risk \u2013 using interest rate swaps which are designated as fair value or cash flow hedges; and \u2013 currency risk \u2013 using forward foreign currency contracts. At 31 December 2022, the fair value of such instruments was a net liability of $7.4 million (2021: net asset of $4.6 million). Interest rate swap fair value hedges outstanding at 31 December are expected to (decrease)/increase the income statement in the following periods: Year ended 31 December 2022 US$m 2021 US$m Within one year (1.6) 0.9 Within one to two years (1.5) 0.5 Within two to five years \u2013 0.5 (3.1) 1.9 The interest rate swaps settle on a quarterly basis. The floating rate on the interest rate swaps is three months\u2019 LIBOR. ",
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"fact-564": {
"value": "Financial assets The Group\u2019s financial assets are summarised below: Year ended 31 December 2022 US$m 2021 US$m Financial assets carried at amortised cost: Cash and cash equivalents 172.4 107.2 Trade receivables (note 19) 236.4 241.5 Amounts due from joint ventures (note 19) \u2013 0.1 Other receivables (note 19), net of non-financial assets $29.8 million (2021: $29.9 million) 18.7 34.0 427.5 382.8 Financial assets carried at fair value through the income statement: Derivative financial instruments (note 20) 1.6 5.5 1.6 5.5 Other financial assets carried at fair value through the statement of comprehensive income: Other investments (note 16) 5.9 6.0 5.9 6.0 Total financial assets 435.0 394.3 ",
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"fact-566": {
"value": "Fair value of financial assets and liabilities The fair value of the Group\u2019s financial assets and liabilities is summarised below: Year ended 31 December 2022 2021 Book value US$m Fair value US$m Book value US$m Fair value US$m Primary financial instruments: Cash and cash equivalents 172.4 172.4 107.2 107.2 Trade receivables 236.4 236.4 241.5 241.5 Amounts due from joint ventures \u2013 \u2013 0.1 0.1 Other receivables 18.7 18.7 34.0 34.0 Other investments 5.9 5.9 6.0 6.0 Trade payables (151.3) (151.3) (208.5) (208.5) Amounts owed to joint ventures (15.0) (15.0) (16.3) (16.3) Other financial liabilities and provisions (75.6) (75.6) (118.4) (118.4) Borrowings (566.8) (566.8) (254.3) (254.3) Derivative financial instruments: Forward foreign currency contracts (4.3) (4.3) 2.7 2.7 Interest rate swaps (3.1) (3.1) 1.9 1.9 Net financial liabilities (382.7) (382.7) (204.1) (204.1) Unlisted investments are stated at fair value. For floating rate financial assets and liabilities, and for fixed rate financial assets and liabilities with a maturity of less than 12 months, it has been assumed that fair values are approximately the same as book values. Fair values for forward foreign currency contracts have been estimated using applicable forward exchange rates at the year end. All other fair values have been calculated by discounting expected cash flows at prevailing interest rates. Fair value measurements recognised in the statement of financial position The following tables provide an analysis of financial instruments that are measured subsequent to initial recognition at fair value, grouped into Levels 1 to 3 based on the degree to which the fair value is observable: \u2013 Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities; \u2013 Level 2 fair value measurements are those derived from inputs other than quoted prices that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and \u2013 Level 3 fair value measurements are those derived from valuation techniques which include inputs for the asset or liability that are not observable market data (unobservable inputs). Financial assets measured at fair value Year ended 31 December Total US$m Level 1 US$m Level 2 US$m Level 3 US$m 2022 Financial assets measured at fair value through the income statement: Trading derivatives 1.6 \u2013 1.6 \u2013 Derivatives designated as effective hedging instruments Financial assets measured at fair value through the statement of comprehensive income: Other investments 5.9 0.9 \u2013 5.0 7.5 0.9 1.6 5.0 2021 Financial assets measured at fair value through the income statement: Trading derivatives 3.6 \u2013 3.6 \u2013 Derivatives designated as effective hedging instruments 1.9 \u2013 1.9 \u2013 Financial assets measured at fair value through the statement of comprehensive income: Other investments 6.0 1.0 \u2013 5.0 11.5 1.0 5.5 5.0 Financial liabilities measured at fair value Year ended 31 December Total US$m Level 1 US$m Level 2 US$m Level 3 US$m 2022 Financial liabilities measured at fair value through the income statement: Trading derivatives (5.9) \u2013 (5.9) \u2013 Derivatives designated as effective hedging instruments (3.1) \u2013 (3.1) \u2013 (9.0) \u2013 (9.0) \u2013 2021 Financial liabilities measured at fair value through the income statement: Trading derivatives (0.9) \u2013 (0.9) \u2013 (0.9) \u2013 (0.9) \u2013 Level 1 financial instruments are valued based on quoted bid prices in an active market. Level 2 financial instruments are measured by discounted cash flow. For interest rates swaps future cash flows are estimated based on forward interest rates (from observable yield curves at the end of the reporting period) and contract interest rates, discounted at a rate that reflects the credit risk of the various counterparties. For foreign exchange contracts future cash flows are estimated based on forward exchange rates (from observable forward exchange rates at the end of the reporting period) and contract forward rates, discounted at a rate that reflects the credit risk of the various counterparties. Equity instruments that are classified as level 3 financial instruments relate to the Group\u2019s investment in Twine Solutions Limited. Given the business is at an early stage of its lifecycle and there have been no indications of impairment, the carrying value is deemed to approximate to fair value. 34 Derivatives and other financial instruments cont. ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-567": {
"value": "The main risks arising from the Group\u2019s financial instruments are as follows: \u2013 currency risk; \u2013 interest rate risk; \u2013 capital risk; \u2013 market price risk; \u2013 liquidity risk; and \u2013 credit risk. The Group\u2019s policies for managing those risks are described on pages 161 to 165 and, except as noted, have remained unchanged since the beginning of the year to which these financial statements relate. Currency risk The income and capital value of the Group\u2019s financial instruments can be affected by exchange rate movements as a significant portion of both its financial assets and financial liabilities are denominated in currencies other than US Dollars, which is the Group\u2019s presentational currency. The accounting impact of these exposures will vary according to whether or not the Group company holding such financial assets and liabilities reports in the currency in which they are denominated. The Board recognises that the Group\u2019s US Dollar statement of financial position will be affected by short-term movements in exchange rates, particularly the value of Sterling, Euro, Indian Rupee and Brazilian Real. The Group\u2019s investments reflect the requirements of its customers, which results in investments in potentially more volatile developing market currencies. However, as a diverse global business, there are many natural offsets within the Group that tend to mitigate the risk associated with any individual currency volatility. The Group uses forward foreign currency contracts to mitigate the currency exposure that arises on business transacted by group companies in currencies other than their functional currency. Such foreign currency contracts are only entered into when there is a commitment to the underlying transaction. The contracts used to hedge future transactions typically have a maturity of between three months and one year. Interest rate risk In 2022, the Group financed its operations through shareholders\u2019 funds, bank borrowings, Senior Notes and overdrafts. The Group\u2019s trading subsidiaries use a mixture of fixed and floating rate debt. The Group also has access to committed bank facilities amounting to some $360.0 million, of which $90.0 million had been drawn down at year end, a $240.0 million term loan acquisition facility and $225.0 million of Senior Notes (see note 23). Interest rate risk is managed by maintaining an appropriate mix between fixed and floating rate borrowings using interest rate swap contracts. Interest rate swaps are accounted for as fair value or cash flow hedges, depending on initial designation. Hedging activities are evaluated regularly to align with interest rate views and risk appetite. In order to achieve hedge effectiveness, when entering into interest rate swap contracts, the cash flows, interest rate references and maturity of the underlying exposure of the hedged item are considered so as to match the hedging instrument. The ratio of fixed to floating rate hedging is established according to Group policy which prescribes a banded range for the fixed to floating ratio. The ratio of fixed to floating will decrease over a rolling 5-year period. As at 31 December 2022 the Group has fixed to floating interest rate swap contracts designated as fair value hedges against $65.0 million of fixed interest Senior Notes. The fair value of these hedges as at 31 December 2022 was $3.1 million (see note 22) and borrowings includes a corresponding fair value adjustment to the nominal amount outstanding in the Consolidated Statement of Financial Position. The Group\u2019s interest income does not vary significantly from the returns it would generate through investing surplus cash at floating rates of interest since the interest rates are re-set on a regular basis. A reasonably possible change of one per cent in market interest rates would reduce profit before tax b y approximately $5.0 million (2021: $2.5 million), and would reduce shareholders\u2019 funds by approximately $5.0 million (2021: $2.5 million). If interest rates fluctuate by a different rate, the aforementioned approximate impact can be linearly interpolated . Trade and other receivables and trade and other payables are excluded from the following disclosure (othe r than the currency disclosures) as there is limited interest rate risk . Capital risk managemen t The Group manages its capital so as to ensure that the Company and the Group will be able to continue as a going concern. The Group\u2019s capital structure comprises cash and cash equivalents and borrowings (see Summary of ne t debt on page 153), and share capital and reserves attributable to the equity shareholders of the Company. Currency exposure The table below shows the extent to which Group companies have financial assets and liabilities, excluding forward foreign currency contracts, in currencies other than their functional currency. Foreign exchang e differences arising on retranslation of these assets and liabilities are taken to the Group income statement. The table excludes loans between Group companies that form part of the net investment in overseas subsidiaries on which the exchange differences are dealt with through reserves, but includes other Group balances that eliminate on consolidation. Functional currency 2022 Net foreign currency financial assets/(liabilities ) Sterling US$m US dollars US$ m Euro US$ m Indian Rupees US$m Brazilian Reals US$m Other US$m Total US$ m Sterling \u2013 (0.3) 1.9 \u2013 \u2013 0.2 1.8 United States dollars (8.4) \u2013 (6.6) 0.5 \u2013 7.5 (7.0) Euros \u2013 5.1 \u2013 \u2013 \u2013 \u2013 5. 1 Indian Rupees \u2013 (6.0) (0.1) \u2013 \u2013 \u2013 (6.1) Brazilian Reals \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Other currencies (0.2) 14.3 7.7 \u2013 \u2013 1.3 23.1 (8.6) 13.1 2.9 0.5 \u2013 9.0 16.9 34 Derivatives and other financial instruments cont. Functional currency 202 1 Net foreign currency financial assets/(liabilities ) Sterling US$ m US dollars US$m Euro US$m Indian Rupees US$m Brazilian Reals US$m Other US$m Total US$ m Sterling \u2013 (2.2) (1.5) \u2013 \u2013 0.5 (3.2 ) United States dollars ( 7.5) \u2013 (9.1) \u2013 \u2013 1.7 (14.9) Euros \u2013 1.4 \u2013 \u2013 \u2013 (0.1) 1.3 Indian Rupees \u2013 (1.0) (0.3) \u2013 \u2013 \u2013 (1.3 ) Brazilian Reals \u2013 (1.6) 0.2 \u2013 \u2013 0.1 (1.3 ) Other currencies (0.3) (17.9) 5.8 0.3 \u2013 \u2013 (12.1) ( 7.8) (21.3) (4.9) 0.3 \u2013 2.2 (31.5 ) The following table shows the impact on pre-tax profit and shareholders\u2019 funds of reasonably possibl e changes in exchange rates against each of the major foreign currencies in which the Group transacts: 202 2 Sterling US$ m Euro US$ m Indian Rupees US$ m Brazilian Reals US$ m Increase in US dollar exchange rate 10% 10% 10% 10% (Decrease)/increase in profit before tax (1.1) (1.1) 0.6 \u2013 Increase/(decrease) in shareholders\u2019 funds 21.6 (0.8) 5.0 \u2013 2021 Sterling US$m Euro US$m Indian Rupees US$m Brazilian Reals US$ m Increase in US dollar exchange rate 10% 10% 10% 10% (Decrease)/increase in profit before tax (2.4) (1.0) 0.1 0.2 Increase/(decrease) in shareholders\u2019 funds 21.6 (1.4) 4.9 0.1 Currency profile of financial assets The currency profile of the Group\u2019s financial assets was as follows: 31 December 2022 2021 Investments US$m Cash and cash equivalents US$m Trade and other receivables US$m Derivative financial instruments US$m Total US$m Investments US$m Cash and cash equivalents US$m Trade and other receivables US$m Derivative financial instruments US$m Total US$m Currency: Sterling \u2013 1.7 6.2 10.7 18.6 \u2013 0.4 4.7 66.0 71.1 United States dollars 5.0 97.1 114.3 (26.7) 189.7 5.0 55.1 127.2 (99.7) 87.6 Euros 0.1 8.6 42.1 (3.9) 46.9 0.1 2.5 22.7 (14.9) 10.4 Indian Rupees 0.8 18.9 26.3 (0.5) 45.5 0.9 9.2 22.3 12.5 44.9 Brazilian Reals \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 2.2 22.9 \u2013 25.1 Other currencies \u2013 46.1 66.2 22.0 134.3 \u2013 37.8 75.8 41.6 155.2 Total financial assets 5.9 172.4 255.1 1.6 435.0 6.0 107.2 275.6 5.5 394.3 The investments included above comprise unlisted investments in shares and bonds. Currency and interest rate profile of financial liabilities The currency and interest rate profile of the Group\u2019s financial liabilities was as follows: 31 December 2022 2021 Floating rate US$m Fixed rate US$m Interest free US$m Lease liabilities US$m Derivative financial instruments US$m Total US$m Floating rate US$m Fixed rate US$m Interest free US$m Lease liabilities US$m Derivative financial instruments US$m Total US$m Currency: Sterling 0.3 - 4.1 3.8 (44.3) (36.1) 0.5 \u2013 13.8 4.5 (42.9) (24.1) United States dollars 400.5 160.0 99.5 28.5 41.3 729.8 79.6 160.0 143.6 17.1 42.8 443.1 Euros 4.0 - 26.9 12.2 22.7 65.8 9.4 \u2013 17.5 9.5 10.3 46.7 Indian Rupees - - 37.4 6.6 (2.4) 41.6 \u2013 \u2013 52.0 10.3 \u2013 62.3 Brazilian Reals - - - - - - \u2013 \u2013 10.4 \u2013 1.2 11.6 Other currencies - 2.0 74.0 54.3 (8.3) 122.0 2.0 2.8 105.9 57.6 (10.5) 157.8 Total financial liabilities 404.8 162.0 241.9 105.4 9.0 923.1 91.5 162.8 343.2 99.0 0.9 697.4 The benchmark for determining floating rate liabilities in the UK is the risk-free rate for both sterling and US$ amounts. 34 Derivatives and other financial instruments cont. Details of fixed and non interest-bearing liabilities (excluding derivatives and trade and other payables) are provided below: Year ended 31 December 2022 2021 Fixed rate financial liabilities Financial liabilities on which no interest is paid Fixed rate financial liabilities Financial liabilities on which no interest is paid Weighted average interest rate % Weighted average period for which rate is fixed (months) Weighted average period until maturity (months) Weighted average interest rate % Weighted average period for which rate is fixed (months) Weighted average period until maturity (months) Currency: Sterling \u2013 \u2013 18 \u2013 \u2013 18 United States dollars 4.00 46 \u2013 4.00 58 \u2013 Other currencies 25.56 6 \u2013 23.95 9 \u2013 Weighted average 4.27 45 18 4.34 57 18 Currency profile of foreign exchange derivatives Year ended 31 December Assets Liabilities 2022 US$m 2021 US$m 2022 US$m 2021 US$m Currency: Sterling 55.0 109.6 \u2013 (0.7) United States dollars 39.2 35.2 (104.1) (179.6) Euros \u2013 \u2013 (26.6) (25.2) Indian Rupee 3.7 12.5 (1.8) \u2013 Brazilian Real \u2013 \u2013 \u2013 (1.2) Other currencies 43.3 64.2 (13.0) (12.1) 141.2 221.5 (145.5) (218.8) Market price risk The Group has equity and bond investments at 31 December 2022 of $5.9 million (2021: $6.0 million) held for strategic rather than trading purposes. The Group does not actively trade these investments and is not materially exposed to price risk. The sensitivity analyses below have been determined based on the exposure to reasonably possible price changes for the investments held at the year end. 34 Derivatives and other financial instruments cont. Year ended 31 December 2022 US$m 2021 US$m Impact of a 10% increase in prices: Increase in pre-tax profit for the year \u2013 \u2013 Increase in equity shareholders\u2019 funds 0.6 0.6 Liquidity risk The Group typically holds cash balances in deposits with a short maturity. Additional resources can be drawn through committed borrowing facilities at operating subsidiary level. During the year the Group has complied with all externally imposed capital requirements. The Group had the following undrawn committed borrowing facilities in respect of which all conditions precedent had been met at the year-end: Year ended 31 December 2022 US$m 2021 US$m Expiring between one and two years \u2013 \u2013 Expiring between two and five years 270.0 350.0 Maturity of undiscounted financial assets (excluding derivatives) The expected maturity of the Group\u2019s financial assets, using undiscounted cash flows, was as follows: Year ended 31 December 2022 US$m 2021 US$m In one year or less, or on demand 419.6 366.2 In more than one year but not more than two years 5.0 12.6 In more than two years but not more than five years 2.9 4.0 In more than five years 5.9 6.0 433.4 388.8 STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS OTHER INFO 164 Maturity of undiscounted financial liabilities (excluding derivatives) The expected maturity of the Group\u2019s financial liabilities, using undiscounted cash flows, was as follows: Year ended 31 December 2022 US$m 2021 US$m In one year or less, or on demand 282.3 380.1 In more than one year but not more than two years 383.2 22.3 In more than two years but not more than five years 233.5 176.3 In more than five years 48.1 142.6 947.1 721.3 The above table comprises the gross amounts payable in respect of borrowings (including interest thereon), trade and other non-statutory payables and certain provisions, over the period to the maturity of those liabilities. Maturity of undiscounted financial derivatives The maturity of the Group\u2019s financial derivatives (on a gross basis), which include interest rate and foreign exchange swaps, using undiscounted cash flows, was as follows: Year ended 31 December Assets Liabilities 2022 US$m 2021 US$m 2022 US$m 2021 US$m In one year or less, or on demand 126.6 182.2 (131.3) (178.5) In more than one year but not more than two years 14.5 24.8 (17.7) (24.3) In more than two years but not more than five years \u2013 16.6 \u2013 (16.0) 141.1 223.6 (149.0) (218.8) 34 Derivatives and other financial instruments cont. Credit risk Year ended 31 December 2022 US$m 2021 US$ m The Group considers its maximum exposure to credit risk to be as follows: Cash and cash equivalents 172.4 107.2 Derivative financial instruments 1.6 5.5 Trade receivables (net of impairment provision) 236.4 241.5 Amounts due from joint ventures \u2013 0.1 Other receivables 18.7 34.0 429.1 388.3 Financial assets considered not to have exposure to credit risk: Other investments 5.9 6.0 Total financial assets 435.0 394.3 Analysis of trade receivables over permitted credit period: Trade receivables up to 1 month over permitted credit period 21.0 17.5 Trade receivables between 1 and 2 months over permitted credit period 5.5 5.1 Trade receivables between 2 and 3 months over permitted credit period 2.2 1.7 Trade receivables between 3 and 6 months over permitted credit period 2.0 1.3 Trade receivables in excess of 6 months over permitted credit period 1.5 1.7 Total trade receivables (net of impairment provision) in excess of permitted credit period 32.2 27.3 Trade receivables within permitted credit period 204.2 214.2 Total net trade receivables 236.4 241.5 Analysis of trade receivables impairment provision: Trade receivables up to 1 month over permitted credit period 0.6 0.8 Trade receivables between 1 and 2 months over permitted credit period 0.2 0.2 Trade receivables between 2 and 3 months over permitted credit period 0.3 0.3 Trade receivables between 3 and 6 months over permitted credit period 0.7 0.7 Trade receivables in excess of 6 months over permitted credit period 5.8 6.9 Total impairment provision 7.6 8.9 Trade receivables consist of a large number of customers, spread across diverse geographical areas and industries. Customers requesting credit facilities are subject to a credit quality assessment, which may include a review of their financial strength, previous credit history with the Group, payment record with other suppliers, bank references and credit rating agency reports. All active customers are subject to an annual, or more frequent if appropriate, review of their credit limits and credit periods. The Group applies the simplified approach to providing for expected credit losses prescribed by IFRS 9, which requires the use of the lifetime expected loss provision for all trade receivables (see note 19). When determining expected losses for trade receivables, the Group takes into account the historical default experience and the financial position of the counterparties, as well as the future prospects considering various sources of information. The Group does not have a significant credit risk exposure to any single customer. Hedges During 2022, the Group has hedged the following exposures: \u2013 interest rate risk \u2013 using interest rate swaps which are designated as fair value or cash flow hedges; and \u2013 currency risk \u2013 using forward foreign currency contracts. At 31 December 2022, the fair value of such instruments was a net liability of $7.4 million (2021: net asset of $4.6 million). Interest rate swap fair value hedges outstanding at 31 December are expected to (decrease)/increase the income statement in the following periods: Year ended 31 December 2022 US$m 2021 US$m Within one year (1.6) 0.9 Within one to two years (1.5) 0.5 Within two to five years \u2013 0.5 (3.1) 1.9 The interest rate swaps settle on a quarterly basis. The floating rate on the interest rate swaps is three months\u2019 LIBOR. ",
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"fact-580": {
"value": "Capital risk managemen t The Group manages its capital so as to ensure that the Company and the Group will be able to continue as a going concern. The Group\u2019s capital structure comprises cash and cash equivalents and borrowings (see Summary of ne t debt on page 153), and share capital and reserves attributable to the equity shareholders of the Company. ",
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"fact-581": {
"value": "Currency exposure The table below shows the extent to which Group companies have financial assets and liabilities, excluding forward foreign currency contracts, in currencies other than their functional currency. Foreign exchang e differences arising on retranslation of these assets and liabilities are taken to the Group income statement. The table excludes loans between Group companies that form part of the net investment in overseas subsidiaries on which the exchange differences are dealt with through reserves, but includes other Group balances that eliminate on consolidation. Functional currency 2022 Net foreign currency financial assets/(liabilities ) Sterling US$m US dollars US$ m Euro US$ m Indian Rupees US$m Brazilian Reals US$m Other US$m Total US$ m Sterling \u2013 (0.3) 1.9 \u2013 \u2013 0.2 1.8 United States dollars (8.4) \u2013 (6.6) 0.5 \u2013 7.5 (7.0) Euros \u2013 5.1 \u2013 \u2013 \u2013 \u2013 5. 1 Indian Rupees \u2013 (6.0) (0.1) \u2013 \u2013 \u2013 (6.1) Brazilian Reals \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Other currencies (0.2) 14.3 7.7 \u2013 \u2013 1.3 23.1 (8.6) 13.1 2.9 0.5 \u2013 9.0 16.9 Functional currency 202 1 Net foreign currency financial assets/(liabilities ) Sterling US$ m US dollars US$m Euro US$m Indian Rupees US$m Brazilian Reals US$m Other US$m Total US$ m Sterling \u2013 (2.2) (1.5) \u2013 \u2013 0.5 (3.2 ) United States dollars ( 7.5) \u2013 (9.1) \u2013 \u2013 1.7 (14.9) Euros \u2013 1.4 \u2013 \u2013 \u2013 (0.1) 1.3 Indian Rupees \u2013 (1.0) (0.3) \u2013 \u2013 \u2013 (1.3 ) Brazilian Reals \u2013 (1.6) 0.2 \u2013 \u2013 0.1 (1.3 ) Other currencies (0.3) (17.9) 5.8 0.3 \u2013 \u2013 (12.1) ( 7.8) (21.3) (4.9) 0.3 \u2013 2.2 (31.5 ) The following table shows the impact on pre-tax profit and shareholders\u2019 funds of reasonably possibl e changes in exchange rates against each of the major foreign currencies in which the Group transacts: 202 2 Sterling US$ m Euro US$ m Indian Rupees US$ m Brazilian Reals US$ m Increase in US dollar exchange rate 10% 10% 10% 10% (Decrease)/increase in profit before tax (1.1) (1.1) 0.6 \u2013 Increase/(decrease) in shareholders\u2019 funds 21.6 (0.8) 5.0 \u2013 2021 Sterling US$m Euro US$m Indian Rupees US$m Brazilian Reals US$ m Increase in US dollar exchange rate 10% 10% 10% 10% (Decrease)/increase in profit before tax (2.4) (1.0) 0.1 0.2 Increase/(decrease) in shareholders\u2019 funds 21.6 (1.4) 4.9 0.1 ",
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"fact-583": {
"value": "Currency profile of foreign exchange derivatives Year ended 31 December Assets Liabilities 2022 US$m 2021 US$m 2022 US$m 2021 US$m Currency: Sterling 55.0 109.6 \u2013 (0.7) United States dollars 39.2 35.2 (104.1) (179.6) Euros \u2013 \u2013 (26.6) (25.2) Indian Rupee 3.7 12.5 (1.8) \u2013 Brazilian Real \u2013 \u2013 \u2013 (1.2) Other currencies 43.3 64.2 (13.0) (12.1) 141.2 221.5 (145.5) (218.8) ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-585": {
"value": "Market price risk The Group has equity and bond investments at 31 December 2022 of $5.9 million (2021: $6.0 million) held for strategic rather than trading purposes. The Group does not actively trade these investments and is not materially exposed to price risk. The sensitivity analyses below have been determined based on the exposure to reasonably possible price changes for the investments held at the year end. 34 Derivatives and other financial instruments cont. Year ended 31 December 2022 US$m 2021 US$m Impact of a 10% increase in prices: Increase in pre-tax profit for the year \u2013 \u2013 Increase in equity shareholders\u2019 funds 0.6 0.6 ",
"dimensions": {
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-582": {
"value": "Currency profile of financial assets The currency profile of the Group\u2019s financial assets was as follows: 31 December 2022 2021 Investments US$m Cash and cash equivalents US$m Trade and other receivables US$m Derivative financial instruments US$m Total US$m Investments US$m Cash and cash equivalents US$m Trade and other receivables US$m Derivative financial instruments US$m Total US$m Currency: Sterling \u2013 1.7 6.2 10.7 18.6 \u2013 0.4 4.7 66.0 71.1 United States dollars 5.0 97.1 114.3 (26.7) 189.7 5.0 55.1 127.2 (99.7) 87.6 Euros 0.1 8.6 42.1 (3.9) 46.9 0.1 2.5 22.7 (14.9) 10.4 Indian Rupees 0.8 18.9 26.3 (0.5) 45.5 0.9 9.2 22.3 12.5 44.9 Brazilian Reals \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 2.2 22.9 \u2013 25.1 Other currencies \u2013 46.1 66.2 22.0 134.3 \u2013 37.8 75.8 41.6 155.2 Total financial assets 5.9 172.4 255.1 1.6 435.0 6.0 107.2 275.6 5.5 394.3 The investments included above comprise unlisted investments in shares and bonds. 34 Derivatives and other financial instruments cont. ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-584": {
"value": "Currency and interest rate profile of financial liabilities The currency and interest rate profile of the Group\u2019s financial liabilities was as follows: 31 December 2022 2021 Floating rate US$m Fixed rate US$m Interest free US$m Lease liabilities US$m Derivative financial instruments US$m Total US$m Floating rate US$m Fixed rate US$m Interest free US$m Lease liabilities US$m Derivative financial instruments US$m Total US$m Currency: Sterling 0.3 - 4.1 3.8 (44.3) (36.1) 0.5 \u2013 13.8 4.5 (42.9) (24.1) United States dollars 400.5 160.0 99.5 28.5 41.3 729.8 79.6 160.0 143.6 17.1 42.8 443.1 Euros 4.0 - 26.9 12.2 22.7 65.8 9.4 \u2013 17.5 9.5 10.3 46.7 Indian Rupees - - 37.4 6.6 (2.4) 41.6 \u2013 \u2013 52.0 10.3 \u2013 62.3 Brazilian Reals - - - - - - \u2013 \u2013 10.4 \u2013 1.2 11.6 Other currencies - 2.0 74.0 54.3 (8.3) 122.0 2.0 2.8 105.9 57.6 (10.5) 157.8 Total financial liabilities 404.8 162.0 241.9 105.4 9.0 923.1 91.5 162.8 343.2 99.0 0.9 697.4 The benchmark for determining floating rate liabilities in the UK is the risk-free rate for both sterling and US$ amounts. Details of fixed and non interest-bearing liabilities (excluding derivatives and trade and other payables) are provided below: Year ended 31 December 2022 2021 Fixed rate financial liabilities Financial liabilities on which no interest is paid Fixed rate financial liabilities Financial liabilities on which no interest is paid Weighted average interest rate % Weighted average period for which rate is fixed (months) Weighted average period until maturity (months) Weighted average interest rate % Weighted average period for which rate is fixed (months) Weighted average period until maturity (months) Currency: Sterling \u2013 \u2013 18 \u2013 \u2013 18 United States dollars 4.00 46 \u2013 4.00 58 \u2013 Other currencies 25.56 6 \u2013 23.95 9 \u2013 Weighted average 4.27 45 18 4.34 57 18 ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-586": {
"value": "Liquidity risk The Group typically holds cash balances in deposits with a short maturity. Additional resources can be drawn through committed borrowing facilities at operating subsidiary level. During the year the Group has complied with all externally imposed capital requirements. The Group had the following undrawn committed borrowing facilities in respect of which all conditions precedent had been met at the year-end: Year ended 31 December 2022 US$m 2021 US$m Expiring between one and two years \u2013 \u2013 Expiring between two and five years 270.0 350.0 Maturity of undiscounted financial assets (excluding derivatives) The expected maturity of the Group\u2019s financial assets, using undiscounted cash flows, was as follows: Year ended 31 December 2022 US$m 2021 US$m In one year or less, or on demand 419.6 366.2 In more than one year but not more than two years 5.0 12.6 In more than two years but not more than five years 2.9 4.0 In more than five years 5.9 6.0 433.4 388.8 STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS OTHER INFO 164 Maturity of undiscounted financial liabilities (excluding derivatives) The expected maturity of the Group\u2019s financial liabilities, using undiscounted cash flows, was as follows: Year ended 31 December 2022 US$m 2021 US$m In one year or less, or on demand 282.3 380.1 In more than one year but not more than two years 383.2 22.3 In more than two years but not more than five years 233.5 176.3 In more than five years 48.1 142.6 947.1 721.3 The above table comprises the gross amounts payable in respect of borrowings (including interest thereon), trade and other non-statutory payables and certain provisions, over the period to the maturity of those liabilities. Maturity of undiscounted financial derivatives The maturity of the Group\u2019s financial derivatives (on a gross basis), which include interest rate and foreign exchange swaps, using undiscounted cash flows, was as follows: Year ended 31 December Assets Liabilities 2022 US$m 2021 US$m 2022 US$m 2021 US$m In one year or less, or on demand 126.6 182.2 (131.3) (178.5) In more than one year but not more than two years 14.5 24.8 (17.7) (24.3) In more than two years but not more than five years \u2013 16.6 \u2013 (16.0) 141.1 223.6 (149.0) (218.8) ",
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"language": "en",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-588": {
"value": "Hedges During 2022, the Group has hedged the following exposures: \u2013 interest rate risk \u2013 using interest rate swaps which are designated as fair value or cash flow hedges; and \u2013 currency risk \u2013 using forward foreign currency contracts. At 31 December 2022, the fair value of such instruments was a net liability of $7.4 million (2021: net asset of $4.6 million). Interest rate swap fair value hedges outstanding at 31 December are expected to (decrease)/increase the income statement in the following periods: Year ended 31 December 2022 US$m 2021 US$m Within one year (1.6) 0.9 Within one to two years (1.5) 0.5 Within two to five years \u2013 0.5 (3.1) 1.9 The interest rate swaps settle on a quarterly basis. The floating rate on the interest rate swaps is three months\u2019 LIBOR. ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
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"fact-587": {
"value": "Credit risk Year ended 31 December 2022 US$m 2021 US$ m The Group considers its maximum exposure to credit risk to be as follows: Cash and cash equivalents 172.4 107.2 Derivative financial instruments 1.6 5.5 Trade receivables (net of impairment provision) 236.4 241.5 Amounts due from joint ventures \u2013 0.1 Other receivables 18.7 34.0 429.1 388.3 Financial assets considered not to have exposure to credit risk: Other investments 5.9 6.0 Total financial assets 435.0 394.3 Analysis of trade receivables over permitted credit period: Trade receivables up to 1 month over permitted credit period 21.0 17.5 Trade receivables between 1 and 2 months over permitted credit period 5.5 5.1 Trade receivables between 2 and 3 months over permitted credit period 2.2 1.7 Trade receivables between 3 and 6 months over permitted credit period 2.0 1.3 Trade receivables in excess of 6 months over permitted credit period 1.5 1.7 Total trade receivables (net of impairment provision) in excess of permitted credit period 32.2 27.3 Trade receivables within permitted credit period 204.2 214.2 Total net trade receivables 236.4 241.5 Analysis of trade receivables impairment provision: Trade receivables up to 1 month over permitted credit period 0.6 0.8 Trade receivables between 1 and 2 months over permitted credit period 0.2 0.2 Trade receivables between 2 and 3 months over permitted credit period 0.3 0.3 Trade receivables between 3 and 6 months over permitted credit period 0.7 0.7 Trade receivables in excess of 6 months over permitted credit period 5.8 6.9 Total impairment provision 7.6 8.9 Trade receivables consist of a large number of customers, spread across diverse geographical areas and industries. Customers requesting credit facilities are subject to a credit quality assessment, which may include a review of their financial strength, previous credit history with the Group, payment record with other suppliers, bank references and credit rating agency reports. All active customers are subject to an annual, or more frequent if appropriate, review of their credit limits and credit periods. The Group applies the simplified approach to providing for expected credit losses prescribed by IFRS 9, which requires the use of the lifetime expected loss provision for all trade receivables (see note 19). When determining expected losses for trade receivables, the Group takes into account the historical default experience and the financial position of the counterparties, as well as the future prospects considering various sources of information. The Group does not have a significant credit risk exposure to any single customer. ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-537": {
"value": "The total cost recognised in the consolidated Income Statement in respect of equity settled share-based payment plans was as follows: Year ended 31 December 2022 US$m 2021 US$m Long Term Incentive Plan (LTIP) 3.7 3.9 Deferred bonuses 0.9 0.5 4.6 4.4 The average share price for the year ended 31 December 2022 was 66.0p (2021: 65.8p). LTIP Under the terms of the Coats Group LTIP, executive directors and key senior executives may be awarded each year conditional entitlements to ordinary shares in the Company (in the form of nil cost options). The vesting of awards is subject to the satisfaction of a three-year performance condition, which is determined by the Remuneration Committee at the time of grant. The performance condition includes both market and non- market based measures. Details of options outstanding under equity settled awards: 2022 Options 2021 Options Outstanding at 1 January 42,003,141 40,532,920 Granted during the year 12,221,204 15,492,212 Vested during the year (6,467,817) ( 7,136,430) Lapsed during the year (4,422,917) (2,689,364) Exercised during the year (2,438,040) (4,196,197) Outstanding at 31 December 40,895,571 42,003,141 Exercisable at 31 December 3,692,768 4,917,10 4 The options outstanding at 31 December 2022 had a weighted average remaining contractual life of 7.5 years (2021: 7.7 years). 35 Share-based payments The fair value of the market-based component of these awards was calculated using the Monte Carlo simulation method to reflect the likelihood of the market-based Total Shareholder Return (TSR) performance condition, which attach to 20% (2021: 20%) of the award, being met, using the following assumptions: 2022 2021 Vesting period 3 years 3 years Share price at valuation date 66.0p 59.2p Exercise price Nil Nil Risk free rate 1.04% 0.13% Expected dividend yield 0% 0% Expected volatility 39.93% 38.26% Fair value per share 48.4p 16.8p Deferred bonuses Under the terms of the Coats Group Deferred Bonus Plan, any bonuses awarded to executive directors and key senior management will be the subject of a mandatory 25% to 50% deferred into shares, to be held for a three year retention period. Annual bonuses will be determined by reference to performance, in the normal course measured over one financial year. Awards are normally exercisable after three years. The options outstanding at 31 December 2022 had a weighted average remaining contractual life of 7.9 years (2021: 7.6 years). ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-538": {
"value": "36 Post balance sheet events On 20 February 2023 the Group announced completion of a $250 million issue of US Private Placement notes (see note 30 (g) for further details). ",
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"fact-539": {
"value": "37 Alternative performance measures This Annual Report contains both statutory measures and alternative performance measures which, in management\u2019s view, provide valuable additional information for users of the financial statements in understanding the Group\u2019s performance. The Group\u2019s alternative performance measures and key performance indicators are aligned to the Group\u2019s strategy and together are used to measure the performance of the business. A number of these measures form the basis of performance measures for remuneration incentive schemes. Alternative performance measures are non-GAAP (Generally Accepted Accounting Practice) measures and provide supplementary information to assist with the understanding of the Group\u2019s financial results and with the evaluation of operating performance for all the periods presented. Alternative performance measures, however, are not a measure of financial performance under International Financial Reporting Standards (\u2018IFRS\u2019) and should not be considered as a substitute for measures determined in accordance with IFRS. As the Group\u2019s alternative performance measures are not defined terms under IFRS they may therefore not be comparable with similarly titled measures reported by other companies. A reconciliation of alternative performance measures to the most directly comparable measures reported in accordance with IFRS is provided on pages 167 to 169. a) Organic growth on a constant exchange rate (CER) basis Organic growth measures the change in revenue and operating profit before exceptional and acquisition related items after adjusting for acquisitions. The effect of acquisitions is equalised by: \u2013 removing from the year of acquisition, their revenue and operating profit; and \u2013 in the following year, removing the revenue and operating profit for the number of months equivalent to the pre-acquisition period in the prior year. The effects of currency changes are removed through restating prior year revenue and operating profit at current year exchange rates. The principal exchange rates used are set out in note 1. Organic revenue growth on a CER basis measures the ability of the Group to grow sales by operating in selected geographies and segments and offering differentiated cost competitive products and services. Adjusted organic operating profit growth on a CER basis measures the profitability progression of the Group. Adjusted operating profit is calculated by adding back exceptional and acquisition related items (see note 4 for further details). Year ended 31 December 2022 US$m 2021* US$m % Growth Revenue from continuing operations 1,583.8 1,446.7 9% Constant currency adjustment \u2013 (85.3) Revenue on a CER basis 1,583.8 1,361.4 16% Revenue from acquisitions1 (87.2) \u2013 Organic revenue on a CER basis 1,496.6 1,361.4 10% 37 Alternative performance measures cont. Year ended 31 December 2022 US$m 2021* US$m % Growth Operating profit from continuing operations2 181.0 178.2 2% Exceptional and acquisition related items (note 4) 53.9 19.5 Adjusted operating profit from continuing operations 234.9 197.7 19% Constant currency adjustment \u2013 (12.3) Adjusted operating profit on a CER basis 234.9 185.4 27% Operating loss from acquisitions1 (9.2) \u2013 Organic adjusted operating profit on a CER basis 225.7 185.4 22% 1. Revenue and operating profit from acquisitions relates to the acquisitions of Texon and Rhenoflex (see note 31). 2. Refer to the consolidated income statement for a reconciliation of profit before taxation to operating profit from continuing operations. * Represented to reflect the results of the Brazil and Argentina business as a discontinued operation (see note 1). b) Adjusted EBITDA Adjusted EBITDA is presented as an alternative performance measure to show the operating performance of the Group excluding the effects of depreciation, amortisation and impairments and excluding exceptional and acquisition related items. Operating profit from continuing operations before exceptional and acquisition related items and before depreciation of owned fixed assets and right-of-use assets and amortisation (Adjusted EBITDA) is as set out below: Year ended 31 December 2022 US$m 2021* US$m Profit before taxation from continuing operations 151.3 158.0 Share of profit of joint ventures (1.1) (1.2) Finance income (note 6) (2.6) (0.4) Finance costs (note 7) 33.4 21.8 Operating profit from continuing operations1 181.0 178.2 Exceptional and acquisition related items (note 4) 53.9 19.5 Adjusted operating profit from continuing operations 234.9 197.7 Depreciation of owned property, plant and equipment 26.5 27.3 Amortisation of intangible assets 1.8 2.7 Adjusted EBITDA including IFRS 16 depreciation of right-of-use assets (Pre-IFRS 16 basis) 263.2 227.7 Depreciation of right-of-use assets 19.4 19.4 Adjusted EBITDA 282.6 247.1 1. Refer to the consolidated income statement for a reconciliation of profit before taxation to operating profit from continuing operations. * Represented to reflect the results of the Brazil and Argentina business as a discontinued operation (see note 1). Net debt including lease liabilities under IFRS 16 at 31 December 2022 was $499.8 million (2021: $246.1 million). This gives a leverage ratio of net debt including lease liabilities to adjusted EBITDA at 31 December 2022 of 1.8 (2021: 1.0). Net debt excluding lease liabilities under IFRS 16 at 31 December 2022 was $394.4 million (2021: $147.1 million). This gives a leverage ratio on a pre-IFRS 16 basis at 31 December 2022 of 1.5 (2021: 0.6). The Group\u2019s proforma leverage on a pre-IFRS 16 basis at 31 December 2022 is 1.4 after adjusting EBITDA to include Texon and Rhenoflex as if the acquisitions had taken effect at the beginning of the reporting period (1 January 2022) For the definition and calculation of net debt excluding lease liabilities see note 30 (g). c) Adjusted effective tax rate The adjusted effective tax rate removes the tax impact of exceptional and acquisition related items and net interest on pension scheme assets and liabilities to arrive at a tax rate based on the adjusted profit before taxation. A significant proportion of the Group\u2019s net interest on pension scheme assets and liabilities relates to UK pension plans for which there is no related current or deferred tax credit or charge recorded in the income statement. The Group\u2019s net interest on pension scheme assets and liabilities is adjusted in arriving at the adjusted effective tax shown below and, in management\u2019s view, were this not adjusted it would distort the alternative performance measure. This is consistent with how the Group monitors and manages the effective tax rate. Year ended 31 December 2022 US$m 2021* US$m Profit before taxation from continuing operations 151.3 158.0 Exceptional and acquisition related items (note 4) 55.0 19.5 Net interest on pension scheme assets and liabilities 0.5 4.1 Adjusted profit before taxation from continuing operations 206.8 181.6 Taxation charge from continuing operations 56.4 53.1 Tax credit in respect of exceptional and acquisition related items 3.7 0.2 Tax credit in respect of net interest on pension scheme assets and liabilities 0.5 0.5 Adjusted tax charge from continuing operations 60.6 53.8 Adjusted effective tax rate 29% 30% 37 Alternative performance measures cont. d) Adjusted earnings per share The calculation of adjusted earnings per share is based on the profit from continuing operations attributable to equity shareholders before exceptional and acquisition related items as set out below. Adjusted earnings per share growth measures the progression of the benefits generated for shareholders. Year ended 31 December 2022 US$m 2021* US$m Profit from continuing operations 94.9 104.9 Non-controlling interests (22.0) (19.7) Profit from continuing operations attributable to equity shareholders 72.9 85.2 Exceptional and acquisition related items net of non-controlling interests (note 4) 54.7 19.5 Tax credit in respect of exceptional and acquisition related items (3.7) (0.2) Adjusted profit from continuing operations 123.9 104.5 Weighted average number of Ordinary Shares 1,515,999,205 1,457,076,765 Adjusted earnings per share (cents) 8.17 7.17 Adjusted earnings per share (growth %) 14% * Represented to reflect the results of the Brazil and Argentina business as a discontinued operation (see note 1). The weighted average number of Ordinary Shares used for the calculation of adjusted earnings per share for the year ended 31 December 2022 is 1,515,999,205 (2021: 1,457,076,765), the same as that used for basic earnings per ordinary share from continuing operations (see note 11). e) Adjusted free cash flow Net cash generated by operating activities, a GAAP measure, reconciles to changes in net debt resulting from cash flows (free cash flow) as set out in the consolidated cash flow statement. A reconciliation of free cash flow to adjusted free cash flow is set out below. Consistent with previous periods, adjusted free cash flow is defined as cash generated from continuing activities less capital expenditure, interest, tax, dividends to minority interests and other items, and excluding exceptional and discontinued items, acquisitions, purchase of own shares by the Employee Benefit Trust and payments to the UK pension scheme. Adjusted free cash flow measures the Group\u2019s cash generation that is available to service shareholder dividends, pension obligations and acquisitions. Year ended 31 December 2022 US$m 2021* US$m Change in net debt resulting from cash flows (free cash flow) (247.1) 32.6 Acquisition of businesses (note 31) 346.0 \u2013 Disposal of business (note 32) 17.0 \u2013 Net cash outflow from discontinued operations 9.2 9.2 Payments to UK pension scheme 42.7 42.4 Net cash flows in respect of other exceptional and acquisition related items 22.5 12.2 Issue of ordinary shares (note 26) (109.8) \u2013 Purchase of own shares by Employee Benefit Trust 2.1 \u2013 Dividends paid to equity shareholders 33.0 27.4 Tax inflow in respect of adjusted cash flow items (1.4) \u2013 Adjusted free cash flow 114.2 123.8 * Represented to reflect the results of the Brazil and Argentina business as a discontinued operation (see note 1). 37 Alternative performance measures cont. f) Adjusted return on capital employed Adjusted return on capital employed (ROCE) is defined as operating profit before exceptional and acquisition related items adjusted for the full year impact of acquisitions divided by period end capital employed as set out below. Adjusted ROCE measures the ability of the Group\u2019s assets to deliver returns. Year ended 31 December 2022 US$m 2021* US$m Operating profit from continuing operations before exceptional and acquisition related items adjusted for full year impact of acquisitions 1 250.9 197.7 Non-current assets: Acquired intangible assets 366.6 36.8 Property, plant and equipment 256.3 235.1 Right-of-use assets 96.5 91.6 Trade and other receivables 20.2 20.4 Current assets: Inventories 211.4 229.6 Trade and other receivables 286.3 279.8 Current liabilities: Trade and other payables (278.4) (328.9) Lease liabilities (19.0) (17.8) Non-current liabilities Trade and other payables (26.3) (24.2) Lease liabilities (86.4) (81.2) Capital employed 827.2 441.2 Adjusted ROCE 30% 45% The amounts shown above for non-current assets, current assets, current liabilities and non-current liabilities at 31 December 2021 exclude the discontinued Brazil and Argentina business. 1. Operating profit from continuing operations before exceptional and acquisition related items for the year ended 31 December 2022 has been adjusted to include Texon and Rhenoflex as if the acquisitions had taken effect at the beginning of the reporting period (1 January 2022). Including full year proforma results, rather than the actual consolidated results of these acquired businesses, better reflects the return from the capital position at the period end. Therefore this provides reliable and more relevant information on the financial performance of the Group to a user of the financial statements. Refer to note 4 for details of exceptional and acquisition related items. * Represented to reflect the results of the Brazil and Argentina business as a discontinued operation (see note 1). Amounts for non-current assets, current assets, current liabilities and non-current liabilities at 31 December 2021 exclude the discontinued Brazil and Argentina business. ",
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