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"fact-486": {
"value": "Notes (forming part of the consolidated financial statements)
1. Accounting policies
This section sets out our significant accounting policies that relate to the financial statements as a whole, along with the critical
accounting judgements and estimates that management has identified as having a potentially material impact on the Group\u2019s
consolidated financial statements. Where an accounting policy is applicable to a specific note in the financial statements, the policy
is described within that note.
Basis of preparation
Renishaw plc (the Company) is a company incorporated in England and Wales. The Group financial statements consolidate those
of the Company and its subsidiaries (together referred to as the Group, and \u2018we\u2019) and equity account the Group\u2019s interest in joint
ventures. The parent company financial statements present information about the Company as a separate entity and not about
the Group.
The Group financial statements have been prepared and approved by the Directors in accordance with UK-adopted International
Accounting Standards (IAS). The parent company financial statements have been prepared in accordance with Financial Reporting
Standard 101 \u2018Reduced Disclosure Framework\u2019.
The consolidated financial statements are presented in Sterling, which is the Company\u2019s functional currency and the Group\u2019s
presentational currency, and all values are rounded to the nearest thousand (\u00a3\u2019000).
The accounting policies set out below have, unless otherwise stated, been applied consistently to all periods presented in these
Group financial statements. Judgements made by the Directors, in the application of these accounting policies, that have a
significant effect on the financial statements and estimates with a significant risk of material adjustment in the next year are noted on
page 161.
Basis of consolidation
Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to or has rights to variable returns
from its involvement with the entity and has the ability to affect those returns through its power over the entity. In assessing control,
the Group takes into consideration potential voting rights that are exercisable. The acquisition date is the date on which control is
transferred to the acquirer. The financial statements of subsidiaries are included in the consolidated financial statements from the
date that control commences until the date that control ceases. Losses applicable to the non-controlling interests in a subsidiary are
allocated to the non-controlling interests even if doing so causes the non-controlling interests to have a deficit balance.
Joint ventures are accounted for using the equity method (equity-accounted investees) and are initially recognised at cost.
The Group\u2019s investment includes goodwill identified on acquisition, net of any accumulated impairment losses.
The consolidated financial statements include the Group\u2019s share of the total comprehensive income and equity movements of equity
accounted investees, from the date that significant influence commences until the date that significant influence ceases. When the
Group\u2019s share of losses exceeds its interest in an equity accounted investee, the Group\u2019s carrying amount is reduced to nil and
recognition of further losses is discontinued (except to the extent that the Group has incurred legal obligations or made payments on
behalf of an investee).
Intragroup balances and transactions, and any unrealised income and expenses arising from intragroup transactions, are eliminated
on consolidation. Unrealised gains arising from transactions with equity accounted investees are eliminated against the investment
to the extent of the Group\u2019s interest in the investee. Unrealised losses are eliminated in the same way as unrealised gains, but only
to the extent that there is no evidence of impairment.
Foreign currencies
On consolidation, overseas subsidiaries\u2019 results are translated into Sterling at weighted average exchange rates for the year by
translating each overseas subsidiary\u2019s monthly results at exchange rates applicable to each of the respective months. Assets and
liabilities denominated in foreign currencies at the balance sheet date are translated into Sterling at the foreign exchange rates
prevailing at that date. Differences on exchange resulting from the translation of overseas assets and liabilities are recognised in
Other comprehensive income and are accumulated in equity.
Monetary assets and liabilities denominated in foreign currencies are reported at the rates prevailing at the time, with any gain or
loss arising from subsequent exchange rate movements being included as an exchange gain or loss in the Consolidated income
statement. Foreign currency differences arising from transactions are recognised in the Consolidated income statement.
New, revised or changes to existing accounting standards
The following accounting standard amendments became effective as at 1 January 2022 and have been adopted in the preparation
of these financial statements, with effect from 1 July 2022:
\u2013 amendments to IFRS 3, References to the Conceptual Framework;
\u2013 amendments to IAS 16, Property, Plant and Equipment - Proceeds before Intended Use; and
\u2013 amendments to IAS 37, Onerous Contracts - Costs of Fulfilling a Contract.
These have not had a material effect on these financial statements.
At the date of these financial statements, the following amendments that are potentially relevant to the Group, and which have not
been applied in these financial statements, were in issue but not yet effective:
\u2013 amendments to IAS 1, Classification of Liabilities as Current or Non-current (not yet endorsed by the UK);
\u2013 amendments to IAS 1 and IFRS Practice Statement 2, Disclosure of Accounting Policies;
\u2013 amendments to IAS 7, Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures (not yet endorsed by the UK);
\u2013 amendments to IAS 8, Definition of Accounting Estimates;
\u2013 amendments to IAS 12, International Tax Reform Pillar Two Model Rules;
\u2013 amendments to IAS 12, Deferred Tax related to Assets and Liabilities arising from a Single Transaction; and
\u2013 amendments to IFRS 16, Lease Liability in a Sale and Leaseback.
The adoption of these Standards and Interpretations in future periods is not expected to have a material impact on the financial
statements of the Group.
The Finance (No 2) Bill 2023, that includes Pillar Two legislation, was substantively enacted on 20 June 2023 for IFRS purposes.
As permitted by the amendments to IAS 12 International Tax Reform Pillar Two Model Rules the Group has applied the exemption
from recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes.
Alternative performance measures
The financial statements are prepared in accordance with adopted IFRS and applied in accordance with the provisions of the
Companies Act 2006. In measuring our performance, the financial measures that we use include those which have been derived
from our reported results, to eliminate factors which distort year-on-year comparisons.
These are considered non-GAAP financial measures. We believe this information, along with comparable GAAP measurements,
is useful to stakeholders in providing a basis for measuring our operational performance. The Board use these financial measures,
along with the most directly comparable GAAP financial measures, in evaluating our performance (see note 29).
Separately disclosed items
The Directors consider that certain items should be separately disclosed to aid understanding of the Group\u2019s performance.
Gains and losses from the fair value of financial instruments are therefore separately disclosed in the Consolidated income
statement, where these gains and losses relate to certain forward currency contracts that are not effective for hedge accounting.
Restructuring costs are also separately disclosed where significant costs have been incurred in rationalising and reorganising our
business as part of a Board-approved initiative, and relate to matters that do not frequently recur.
During the period, a change to the US defined benefit pension scheme rules, per note 23, resulted in a significant non-recurring
amount being recognised in the Consolidated income statement. In the previous period, a change to the UK defined benefit pension
scheme rules resulted in a significant non-recurring amount being recognised in the Consolidated income statement. These have
also been separately disclosed.
These items are also excluded from Adjusted profit before tax, Adjusted operating profit and Adjusted earnings per share measures,
as explained in note 29 Alternative performance measures.
Critical accounting judgements and estimation uncertainties
The preparation of financial statements in conformity with UK-adopted IAS requires management to make judgements, estimates
and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses.
The estimates and associated assumptions are based on historical experience and other factors that are believed to be reasonable
under the circumstances. The results of this form the basis of making judgements about carrying values of assets and liabilities that
are not readily apparent from other sources. Actual results may therefore differ from these estimates. The estimates and underlying
assumptions are reviewed on an ongoing basis.
The areas of key estimation uncertainty and critical accounting judgement that have a significant risk of causing a material
adjustment to the carrying amount of assets and liabilities in the next financial year are summarised below, with further details
included within accounting policies as indicated.
Item Key judgements (J) and estimates (E) Page
Taxation E \u2013 Estimates of future profits to use deferred tax assets 166
Research and development costs J \u2013 Whether a project meets the criteria for capitalisation 172
Goodwill and capitalised development costs E \u2013 Estimates of future cash flows for impairment testing 172
Inventories E \u2013 Determination of net realisable value 177
Defined benefit pension schemes E \u2013 Valuation of defined benefit pension schemes\u2019 liabilities 180
Cash flow hedges E \u2013 Estimates of highly probable forecasts of the hedged item 184
Climate change
We have considered the potential effect of physical and transitional climate change risks when preparing these consolidated
financial statements and have also considered the effect of our own Net Zero commitments. Our consideration of the potential effect
of climate change on these consolidated financial statements included reviewing:
\u2013 discounted cashflow forecasts, used in accounting for goodwill, capitalised development costs, and deferred tax assets;
\u2013 useful economic lives and residual values of property, plant and equipment;
\u2013 planned use of right-of-use assets; and
\u2013 expected demand for inventories.
We also considered the estimated capital expenditure needed in the next five years to deliver our Net Zero plan.
Overall, we do not believe that climate change has a material effect on our accounting judgements and estimates, nor in the carrying
value of assets and liabilities in the consolidated financial statements for the year ended 30 June 2023. We will continue to review the
effect of climate change on financial statements in the future, and update our accounting and disclosures as the position changes.
Going concern
In preparing these financial statements, the Directors have adopted the going concern basis. The decision to adopt the going
concern basis was made after considering:
\u2013 the Group\u2019s business model and key markets, as set out on pages 20 to 21 and 32 to 33 respectively;
\u2013 the Group\u2019s risk management processes and principal risks, disclosed on pages 48 \u2013 59;
\u2013 the Group\u2019s financial resources and strategies (pages 62 \u2013 84); and
\u2013 the process undertaken to review the Group\u2019s viability, including scenario testing, as set out on pages 60 \u2013 61.
The financial models for the viability review were based on the pessimistic version of the five-year business plan, but covering a
period to 30 September 2026. For context, revenue in the first year of this pessimistic base scenario is similar to FY2023 revenue of
\u00a3688.6m, while costs and other cash outflows still reflect ambitious growth plans. In the going concern assessment, the Directors
reviewed this same version of the plan but to 30 September 2024, as well as the \u2018severe but plausible\u2019 scenarios used in the viability
review, again to 30 September 2024. These scenarios reflected a significant reduction in revenue, a significant increase in costs, and
a third scenario incorporating both a reduction to revenue and an increase in costs but to a less degree than the first two scenarios.
In each scenario the Group\u2019s cash balances remained positive throughout the period to 30 September 2024.
The Directors also reviewed a reverse stress test for the period to 30 September 2024, identifying what would need to happen
in this period for the Group to deplete its cash and cash equivalents and bank deposit balances. This identified a trading level
so low (between 50 and 60% of FY2023 revenue) that the Directors feel that the events that could trigger this would be remote.
The Directors also concluded that the risk of a one-off cash outflow that would exhaust the Group\u2019s cash and cash equivalents and
bank deposits balances in the assessment period was also remote.
Based on this assessment, incorporating a review of the current position, the scenarios, the principal risks and mitigation, the
Directors have a reasonable expectation that the Group will be able to continue operating and meet its liabilities as they fall due over
the period to 30 September 2024.
2. Revenue disaggregation and segmental analysis
We manage our business by segment, comprising Manufacturing technologies and Analytical instruments and medical devices, and
by geographical region. The results of these segments and regions are regularly reviewed by the Board to assess performance and
allocate resources, and are presented in this note.
Accounting policy
The Group generates revenue from the sale of goods, capital equipment and services. These can be sold both on their own
and together.
a) Sale of goods, capital equipment and services
The Group\u2019s contracts with customers consist both of contracts with one performance obligation and contracts with multiple
performance obligations.
For contracts with one performance obligation, revenue is measured at the transaction price, which is typically the contract value
except for customers entitled to volume rebates, and recognised at the point in time when control of the product transfers to the
customer. This point in time is typically when the products are made available for collection by the customer, collected by the
shipping agent, or delivered to the customer, depending upon the shipping terms applied to the specific contract.
Contracts with multiple performance obligations typically exist where, in addition to supplying products, we also supply services
such as user training, servicing and maintenance, and installation. Where the installation service is simple, does not include
a significant integration service and could be performed by another party then the installation is accounted for as a separate
performance obligation. Where the contracts include multiple performance obligations, the transaction price is allocated to each
performance obligation based on the relative stand-alone selling prices. The revenue allocated to each performance obligation is
then recognised when, or as, that performance obligation is satisfied. For installation, this is typically at the point in time in which
installation is complete. For training, this is typically the point in time at which training is delivered. For servicing and maintenance,
the revenue is recognised evenly over the course of the servicing agreement except for ad-hoc servicing and maintenance which
is recognised at the point in time in which the work is undertaken.
b) Sale of software
The Group provides software licences and software maintenance to customers, sold both on their own and together with
associated products. For software licences, where the licence and/or maintenance is provided as part of a contract that provides
customers with software licences and other goods and services then the transaction price is allocated on the same basis as
described in a) above.
The Group\u2019s distinct software licences provide a right of use, and therefore revenue from software licences is recognised at the
point in time in which the licence is supplied to the customer. Revenue from software maintenance is recognised evenly over the
term of the maintenance agreement.
c) Extended warranties
The Group provides standard warranties to customers that address potential latent defects that existed at point of sale and as
required by law (assurance-type warranties). In some contracts, the Group also provides warranties that extend beyond the
standard warranty period and may be sold to the customer (service-type warranties).
Assurance-type warranties are accounted for by the Group under IAS 37 \u2018Provisions, Contingent Liabilities and Contingent
Assets\u2019. Service-type warranties are accounted for as separate performance obligations and therefore a portion of the transaction
price is allocated to this element, and then recognised evenly over the period in which the service is provided.
d) Contract balances
Contract assets represent the Group\u2019s right to consideration in exchange for goods, capital equipment and/or services that have
been transferred to a customer, and mainly includes accrued revenue in respect of goods and services provided to a customer
but not yet fully billed. Contract assets are distinct from receivables, which represent the Group\u2019s right to consideration that
is unconditional.
Contract liabilities represent the Group\u2019s obligation to transfer goods, capital equipment and/or services to a customer for which
the Group has either received consideration or consideration is due from the customer.
e) Disaggregation of revenue
The Group disaggregates revenue from contracts with customers between: goods, capital equipment and installation, and
aftermarket services; operating segment; and geographical location.
Management believe these categories best depict how the nature, amount, timing and uncertainty of the Group\u2019s revenue is
affected by economic factors.
Within the two operating segments there are multiple product offerings with similar economic characteristics, similar production
processes and similar customer bases. Our Manufacturing technologies business consists of industrial metrology, position
measurement and additive manufacturing (AM) product groups, while our Analytical instruments and medical devices business
consists of spectroscopy and neurological product lines. More details of the Group\u2019s products and services are given in the
Strategic Report.
Year ended 30 June 2023
Manufacturing
technologies
\u00a3\u2019000
Analytical instruments
and medical devices
\u00a3\u2019000
Total
\u00a3\u2019000
Revenue 648,240 40,333 688,573
Depreciation, amortisation and impairment 28,431 3,447 31,878
Operating profit before losses from fair value of financial instruments
and US defined benefit pension scheme past service cost 132,843 5,184 138,027
Share of profits of joint ventures 2,768 \u2013 2,768
Net financial income/(expense) \u2013 \u2013 7,808
US defined benefit pension scheme past service cost \u2013 \u2013 (2,139)
Losses from the fair value of financial instruments \u2013 \u2013 (1,399)
Profit before tax \u2013 \u2013 145,065
Year ended 30 June 2022
Manufacturing
technologies
\u00a3\u2019000
Analytical instruments
and medical devices
\u00a3\u2019000
Total
\u00a3\u2019000
Revenue 634,588 36,488 671,076
Depreciation, amortisation and impairment 36,552 2,570 39,122
Operating profit before losses from fair value of financial instruments
and UK defined benefit pension scheme past service cost 162,549 2,809 165,358
Share of profits of joint ventures 4,342 \u2013 4,342
Net financial income/(expense) \u2013 \u2013 (2,006)
UK defined benefit pension scheme past service cost \u2013 \u2013 (11,695)
Losses from the fair value of financial instruments \u2013 \u2013 (10,413)
Profit before tax \u2013 \u2013 145,586
There is no allocation of assets and liabilities to operating segments. Depreciation, amortisation and impairments are allocated to
segments on the basis of the level of activity.
The following table shows the analysis of non-current assets, excluding deferred tax, derivatives and employee benefits, by
geographical region:
2023
\u00a3\u2019000
2022
\u00a3\u2019000
UK 231,619 181,530
Overseas 152,008 155,725
Total non-current assets 383,627 337,255
No overseas country had non-current assets amounting to 10% or more of the Group\u2019s total non-current assets.
The following table shows the disaggregation of Group revenue by category:
2023
\u00a3\u2019000
2022
\u00a3\u2019000
Goods, capital equipment and installation 624,992 615,641
Aftermarket services 63,581 55,435
Total Group revenue 688,573 671,076
Aftermarket services include repairs, maintenance and servicing, programming, training, extended warranties, and software licences
and maintenance. There is no significant difference between our two operating segments as to their split of revenue by type.
The analysis of revenue by geographical market was:
2023
\u00a3\u2019000
2022
\u00a3\u2019000
APAC total 310,637 317,023
UK (country of domicile) 38,899 31,536
EMEA, excluding UK 177,582 174,290
EMEA total 216,481 205,826
Americas total 161,455 148,227
Total Group revenue 688,573 671,076
Revenue in the previous table has been allocated to regions based on the geographical location of the customer. Countries with
individually significant revenue figures in the context of the Group were:
2023
\u00a3\u2019000
2022
\u00a3\u2019000
China 155,360 152,772
USA 138,721 128,531
Japan 67,915 69,829
Germany 61,565 58,636
There was no revenue from transactions with a single external customer which amounted to more than 10% of the Group\u2019s total revenue.
3. Employee costs
The remuneration costs of our people account for a significant proportion of our total expenditure, which are analysed in this note.
The aggregate employee costs for the year were:
2023
\u00a3\u2019000
2022
\u00a3\u2019000
Wages and salaries 226,126 207,783
Compulsory social security contributions 26,579 24,497
Contributions to defined contribution pension schemes 26,142 21,988
Share-based payment charge 677 180
Total payroll costs 279,524 254,448
Wages and salaries and compulsory social security contributions include \u00a311,338,000 (2022: \u00a317,914,000) relating to
performance bonuses.
The average number of people employed by the Group during the year was:
2023
Number
2022
Number
UK 3,332 3,132
Overseas 1,804 1,799
Average number of employees 5,136 4,931
Key management personnel have been assessed to be the Directors of the Company and the Senior Leadership Team (SLT), which
includes an average of 21 people (2022: 21 people).
The total remuneration of the Directors and the SLT was:
2023
\u00a3\u2019000
2022 restated*
\u00a3\u2019000
2022
\u00a3\u2019000
Short-term employee benefits 5,659 8,061 3,763
Post-employment benefits 511 444 121
Share-based payment charge 677 180 180
Total remuneration of key management personnel 6,847 8,685 4,064
Short-term employee benefits include nil (2022: \u00a32,791,000) relating to performance bonuses payable in cash.
The share-based payment charge relates to share awards granted in previous years, not yet vested. No shares (2022: \u00a31,915,000
equivalent) are to be awarded in respect of 2023 (see note 24).
Further details of Directors\u2019 remuneration are given in the Directors\u2019 Remuneration Report.
* The assessment of key management personnel was updated during the year to include the SLT, who are, along with the Directors,
deemed to have authority and responsibility for planning, directing and controlling the activities of the Renishaw Group. This also
follows the expansion of the deferred annual equity incentive plan (DAEIP) to include the SLT, as explained in the Governance
section. Accordingly, 2022 figures have been restated.
4. Cost of sales
Our cost of sales includes the costs to manufacture our products and our engineering spend on existing and new products,
net of capitalisation and research and development tax credits.
Included in cost of sales are the following amounts:
2023
\u00a3\u2019000
2022
\u00a3\u2019000
Production costs 247,665 234,919
Research and development expenditure 72,500 59,415
Other engineering expenditure 28,063 26,356
Gross engineering expenditure 100,563 85,771
Development expenditure capitalised (net of amortisation) (5,298) (3,268)
Development expenditure impaired 1,611 \u2013
Research and development tax credit (6,633) (3,895)
Total engineering costs 90,243 78,608
Total cost of sales 337,908 313,527
Production costs includes the raw material and component costs, payroll costs and sub-contract costs, and allocated overheads
associated with manufacturing our products.
Research and development expenditure includes the payroll costs, material costs and allocated overheads attributed to projects
identified as relating to new products or processes. Other engineering expenditure includes the payroll costs, material costs and
allocated overheads attributed to projects identified as relating to existing products or processes.
5. Financial income and expenses
Financial income mainly arises from bank interest on our deposits. We are also exposed to realised currency gains and losses on
translation of foreign currency denominated intragroup balances and offsetting financial instruments.
Included in financial income and expenses are the following amounts:
Financial income notes
2023
\u00a3\u2019000
2022
\u00a3\u2019000
Bank interest receivable 6,302 834
Interest on pension schemes\u2019 assets 23 1,639 \u2013
Fair value gains from one-month forward currency contracts 25 1,728 98
Total financial income 9,669 932
Financial expenses notes
2023
\u00a3\u2019000
2022
\u00a3\u2019000
Interest on pension schemes\u2019 liabilities 23 29 306
Currency losses 1,130 1,414
Lease interest 21 348 481
Interest payable on borrowings 20 46 52
Other interest payable 308 110
Realised currency reserve losses from discontinuation of foreign operation \u2013 575
Total financial expenses 1,861 2,938
Currency losses relate to revaluations of foreign currency-denominated balances using latest reporting currency exchange rates.
The losses recognised in 2022 and 2023 largely related to an appreciation of Sterling relative to the US dollar affecting US dollar-
denominated intragroup balances in the Company.
Certain intragroup balances are classified as \u2018net investments in foreign operations\u2019, such that revaluations from currency
movements on designated balances accumulate in the Currency translation reserve in Equity. Rolling one-month forward currency
contracts are used to offset currency movements on remaining intragroup balances, with fair value gains and losses being
recognised in financial income or expenses. See note 25 for further details.
6. Profit before tax
Detailed below are other notable amounts recognised in the Consolidated income statement.
Included in the profit before tax are the following costs/(income):
notes
2023
\u00a3\u2019000
2022
\u00a3\u2019000
Depreciation and impairment of property, plant and equipment, and investment properties (a) 9,11 19,882 27,157
Loss on sale of property, plant and equipment (a) 9 155 157
Depreciation and impairment of right-of-use assets (a) 10 4,223 6,042
Amortisation, impairment and write-off of intangible assets (a) 12 7,773 5,923
Profit from sale of shares in associate (c) \u2013 582
Impairment of net assets of foreign operation (b) \u2013 2,126
Grant income (a) (3,017) (2,840)
These costs/(income) can be found under the following headings in the Consolidated income statement: (a) within cost of sales,
distribution costs and administrative expenses, (b) within distribution costs, and (c) within administrative expenses. Further detail on
each element can be found in the relevant notes.
Grant income relates to government grants, relating to R&D activities, which are recognised in the Consolidated income statement
as a deduction against expenditure. Where grants are received in advance of the related expenses, they are initially recognised in
the Consolidated balance sheet and released to match the related expenditure. Where grants are expected to be received after the
related expenditure has occurred, and there is reasonable assurance that the entity will comply with the grant conditions, amounts
are recognised to offset the expenditure and an asset recognised.
Costs within Administrative expenses relating to auditor fees included:
2023
\u00a3\u2019000
2022
\u00a3\u2019000
Audit of these financial statements 707 718
Audit of subsidiary undertakings pursuant to legislation 576 526
Other assurance 6 32
All other non-audit fees \u2013 \u2013
Total auditor fees 1,289 1,276
7. Taxation
The Group tax charge is affected by our geographic mix of profits and other factors explained in this note. Our expected future tax
charges and related tax assets are also set out in the deferred tax section, together with our view on whether we will be able to make
use of these in the future.
Accounting policy
Tax on the profit for the year comprises current and deferred tax. Tax is recognised in the Consolidated income statement except
to the extent that it relates to items recognised directly in Other comprehensive income, in which case it is recognised in the
Consolidated statement of comprehensive income and expense. Current tax is the expected tax payable on the taxable income
for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in
previous years.
Deferred tax is provided on temporary differences between the carrying amounts of assets and liabilities for financial reporting
purposes and the amounts used for taxation purposes. The following temporary differences are not provided for:
\u2013 the initial recognition of goodwill;
\u2013 the initial recognition of assets or liabilities that affect neither accounting nor taxable profit other than in a business combination;
and
\u2013 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 balance sheet date.
Key estimate \u2013 Estimates of future profits to support the recognition of deferred tax assets
Deferred tax assets are recognised to the extent it is probable that future taxable profits (including the future release of deferred
tax liabilities) will be available, against which the deductible temporary differences can be used, based on management\u2019s
assumptions relating to the amounts and timing of future taxable profits. Estimates of future profitability on an entity basis are
required to ascertain whether it is probable that sufficient taxable profits will arise to support the recognition of deferred tax assets
relating to the corresponding entity.
The following table shows an analysis of the tax charge:
2023
\u00a3\u2019000
2022
\u00a3\u2019000
Current tax:
UK corporation tax on profits for the year 5,814 9,288
UK corporation tax \u2013 prior year adjustments (1,307) (28)
Overseas tax on profits for the year 14,161 16,734
Overseas tax \u2013 prior year adjustments 291 (176)
Total current tax 18,959 25,818
Deferred tax:
Origination and reversal of temporary differences 9,140 (1,372)
Prior year adjustments (1,052) 166
Derecognition of previously recognised tax losses and excess interest 439 623
Recognition of previously unrecognised tax losses and excess interest (591) \u2013
Effect on deferred tax of changes in tax rates 2,068 \u2013
10,004 (583)
Tax charge on profit 28,963 25,235
The tax for the year is lower (2022: lower) than the weighted UK standard rate of corporation tax of 20.5% (2022: 19%).
The differences are explained as follows:
2023
\u00a3\u2019000
2022
\u00a3\u2019000
Profit before tax 145,065 145,586
Tax at 20.5% (2022: 19.0%) 29,738 27,661
Effects of:
Different tax rates applicable in overseas subsidiaries (1,695) (1,834)
Permanent differences 1,595 978
Companies with unrelieved tax losses 292 \u2013
Share of profits of joint ventures (567) (825)
Tax incentives (patent box and capital allowances super-deduction) (679) (1,400)
Prior year adjustments (2,068) (38)
Effect on deferred tax of changes in tax rates 2,068 \u2013
Recognition of previously unrecognised tax losses and excess interest (591) \u2013
Derecognition of previously recognised tax losses and excess interest 439 623
Irrecoverable withholding tax 609 2
Other differences (178) 68
Tax charge on profit 28,963 25,235
Effective tax rate 20.0% 17.3%
We operate in many countries around the world and the overall effective tax rate (ETR) is a result of the combination of the varying
tax rates applicable throughout these countries. The FY2023 effective tax rate has increased mostly as a result of a reduction in
patent box tax incentives and an increase in the UK tax rate from 19% to 25%.
The Group\u2019s future ETR will mainly depend on the geographic mix of profits and whether there are any changes to tax legislation in
the Group\u2019s most significant countries of operations.
Deferred tax
Deferred tax assets and liabilities are offset where there is a legally enforceable right of offset and there is an intention to net settle
the balances. After taking these offsets into account, the net position of \u00a318,826,000 liability (2022: \u00a378,000 asset) is presented as a
\u00a319,944,000 deferred tax asset (2022: \u00a322,893,000 asset) and a \u00a338,770,000 deferred tax liability (2022: \u00a322,815,000 liability) in the
Consolidated balance sheet.
Where deferred tax assets are recognised, the Directors are of the opinion, based on recent and forecast trading, that the level of
profits in current and future years make it more likely than not that these assets will be recovered.
Deferred tax balances at the end of the year were:
2023 2022
Assets
\u00a3\u2019000
Liabilities
\u00a3\u2019000
Net
\u00a3\u2019000
Assets
\u00a3\u2019000
Liabilities
\u00a3\u2019000
Net
\u00a3\u2019000
Property, plant and equipment 735 (25,124) (24,389) 517 (19,966) (19,449)
Intangible assets \u2013 (3,922) (3,922) \u2013 (2,980) (2,980)
Intragroup trading (inventories) 16,765 \u2013 16,765 20,158 \u2013 20,158
Intragroup trading (fixed assets) 1,770 \u2013 1,770 1,457 \u2013 1,457
Defined benefit pension schemes 6 (14,354) (14,348) 125 (11,173) (11,048)
Derivatives \u2013 (2,184) (2,184) 3,508 \u2013 3,508
Tax losses 2,281 \u2013 2,281 3,893 \u2013 3,893
Other 5,894 (693) 5,201 4,953 (414) 4,539
Balance at the end of the year 27,451 (46,277) (18,826) 34,611 (34,533) 78
Other deferred tax assets include temporary differences relating to inventory provisions totalling \u00a32,256,000 (2022: \u00a31,774,000),
other provisions (including bad debt provisions) of \u00a3913,000 (2022: \u00a3975,000), and employee benefits relating to Renishaw KK of
\u00a3806,000 (2022: \u00a3853,000), with the remaining balance relating to several other smaller temporary differences.
The movements in the deferred tax balance during the year were:
2023
\u00a3\u2019000
2022
\u00a3\u2019000
Balance at the beginning of the year 78 10,890
Movements in the Consolidated income statement (10,004) 583
Movement in relation to the cash flow hedging reserve (5,692) 6,155
Movement in relation to the defined benefit pension scheme liabilities (3,071) (17,650)
Movements in the Consolidated statement of comprehensive income and expense (8,763) (11,495)
Currency translation (137) 100
Balance at the end of the year (18,826) 78
The deferred tax movement in the Consolidated income statement is analysed as:
2023
\u00a3\u2019000
2022
\u00a3\u2019000
Property, plant and equipment (4,940) (2,328)
Intangible assets (942) (371)
Intragroup trading (inventories) (3,393) 5,619
Intragroup trading (fixed assets) 313 205
Defined benefit pension schemes (229) 2,255
Derivatives \u2013 284
Tax losses (1,612) (4,472)
Other 799 (609)
Total movement for the year (10,004) 583
Deferred tax assets of \u00a32,281,000 (2022: \u00a33,893,000) in respect of losses are recognised where it is considered likely that the
business will generate sufficient future taxable profits. Deferred tax assets have not been recognised in respect of tax losses
carried forward of \u00a36,563,000 (2022: \u00a34,815,000), due to uncertainty over their offset against future taxable profits and therefore their
recoverability. These losses are held by Group companies in France, Brazil, Australia, Canada and the US, where for 97% of losses
there are no time limitations on their utilisation.
In determining profit forecasts for each Group company, the key variable is the revenue forecasts, which have been estimated using
consistently applied external and internal data sources. Sensitivity analysis indicates that a reduction of 5% to relevant revenue
forecasts would result in an impairment to deferred tax assets recognised in respect of losses and intragroup trading (inventories) of
less than \u00a3300,000. An increase of 5% to relevant revenue forecasts would result in additions to deferred tax assets in respect of tax
losses not recognised of less than \u00a3200,000.
It is likely that the majority of unremitted earnings of overseas subsidiaries would qualify for the UK dividend exemption. However,
\u00a365,555,000 (2022: \u00a361,204,000) of those earnings may still result in a tax liability principally as a result of withholding taxes levied
by the overseas jurisdictions in which those subsidiaries operate. The tax liabilities for the earnings for which management intend to
repatriate in the foreseeable future are not material and consequently no deferred tax liability has been recognised.
8. Earnings per share
Basic earnings per share is the amount of profit generated in a financial year attributable to equity shareholders, divided by the
weighted average number of shares in issue during the year.
Basic and diluted earnings per share are calculated on earnings of \u00a3116,102,000 (2022: \u00a3120,351,000) and on 72,719,565 shares
(2022: 72,774,147 shares), being the number of shares in issue. The number of shares excludes 68,978 (2022:14,396) shares
held by the Employee Benefit Trust (EBT). On this basis, earnings per share (basic and diluted) is calculated as 159.7 pence
(2022: 165.4 pence).
There is no difference between the weighted average earnings per share and the basic and diluted earnings per share.
For the calculation of adjusted earnings per share, per note 29, earnings of \u00a3116,102,000 (2022: \u00a3120,351,000) are adjusted by
post-tax amounts for:
\u2013 fair value (gains)/losses on financial instruments not eligible for hedge accounting (reported in Revenue), which represents the
amount by which revenue would change had all the derivatives qualified as eligible for hedge accounting, \u00a35,488,000 gain;
\u2013 fair value (gains)/losses on financial instruments not eligible for hedge accounting (reported in Gains/(losses) from the fair value
of financial instruments), \u00a31,133,000 loss;
\u2013 a revised estimate of 2020 restructuring costs, \u00a3570,000 gain; and
\u2013 a US defined benefit pension scheme past service cost, \u00a31,626,000 loss.
9. Property, plant and equipment
The Group makes significant investments in distribution and in-house manufacturing infrastructure. During the year we have
significantly expanded our production facility in Wales and invested in our manufacturing equipment in the UK. We expect to
complete this facility and continue our investments in property, plant and equipment in the coming year.
Accounting policy
Freehold land is not depreciated. Other assets are stated at cost less accumulated depreciation and accumulated impairment
losses, if any. Depreciation is provided to write off the cost of assets less their estimated residual value on a straight-line basis
over their estimated useful economic lives as follows: freehold buildings, 50 years; plant and equipment, 3 to 25 years; and
vehicles, 3 to 4 years.
Year ended 30 June 2023
Freehold
land and
buildings
\u00a3\u2019000
Plant and
equipment
\u00a3\u2019000
Motor
vehicles
\u00a3\u2019000
Assets in the
course of
construction
\u00a3\u2019000
Total
\u00a3\u2019000
Cost
At 1 July 2022 217,820 263,557 7,520 7,481 496,378
Additions 1,730 16,934 1,033 54,075 73,772
Transfers 3,240 4,847 \u2013 (8,087) \u2013
Disposals (5,383) (9,681) (1,369) \u2013 (16,433)
Currency adjustment (4,022) (2,501) (72) \u2013 (6,595)
At 30 June 2023 213,385 273,156 7,112 53,469 547,122
Depreciation
At 1 July 2022 43,816 202,214 6,495 \u2013 252,525
Charge for the year 4,175 14,891 576 \u2013 19,642
Disposals (1,619) (5,544) (1,167) \u2013 (8,330)
Currency adjustment (725) (2,015) (60) \u2013 (2,800)
At 30 June 2023 45,647 209,546 5,844 \u2013 261,037
Net book value
At 30 June 2023 167,738 63,610 1,268 53,469 286,085
At 30 June 2022 174,004 61,343 1,025 7,481 243,853
Losses on disposals of Property, plant and equipment amounted to \u00a3155,000 (2022: \u00a3157,000).
Additions to assets in the course of construction comprise \u00a342,646,000 (2022: \u00a3826,000) for land and buildings and \u00a311,429,000
(2022: \u00a36,318,000) for plant and equipment.
At 30 June 2023, properties with a net book value of \u00a388,778,000 (2022: \u00a354,208,000) were subject to a fixed charge to secure the
UK defined benefit pension scheme liabilities.
Year ended 30 June 2022
Freehold
land and
buildings
\u00a3\u2019000
Plant and
equipment
\u00a3\u2019000
Motor
vehicles
\u00a3\u2019000
Assets in the
course of
construction
\u00a3\u2019000
Total
\u00a3\u2019000
Cost
At 1 July 2021 216,783 242,432 7,421 7,109 473,745
Additions 5,715 16,756 1,150 7,144 30,765
Transfers 2,800 3,972 \u2013 (6,772) \u2013
Transfers to Investment properties (11,563) \u2013 \u2013 \u2013 (11,563)
Disposals 97 (3,587) (1,269) \u2013 (4,759)
Currency adjustment 3,988 3,984 218 \u2013 8,190
At 30 June 2022 217,820 263,557 7,520 7,481 496,378
Depreciation
At 1 July 2021 38,530 182,557 6,416 \u2013 227,503
Charge for the year 4,623 20,029 1,056 \u2013 25,708
Impairment 1,259 \u2013 \u2013 \u2013 1,259
Transfers to Investment properties (1,222) \u2013 \u2013 \u2013 (1,222)
Disposals 81 (2,837) (1,180) \u2013 (3,936)
Currency adjustment 545 2,465 203 \u2013 3,213
At 30 June 2022 43,816 202,214 6,495 \u2013 252,525
Net book value
At 30 June 2022 174,004 61,343 1,025 7,481 243,853
At 30 June 2021 178,253 59,875 1,005 7,109 246,242
10. Right-of-use assets
The Group leases mostly properties and cars from third parties and recognises an associated right-of-use asset where we are
afforded control and economic benefit from the use of the asset.
Accounting policy
At the commencement date of a lease arrangement the Group recognises a right-of-use asset for the leased item and a lease
liability for any payments due. Right-of-use assets are initially measured at cost, being the present value of the lease liability plus
any initial costs incurred in entering the lease and less any incentives received. See note 21 for further detail on lease liabilities.
Right-of-use assets are subsequently depreciated on a straight-line basis from the commencement date to the earlier of the end
of the useful life or the end of the lease term.
Year ended 30 June 2023
Leasehold
property
\u00a3\u2019000
Plant and
equipment
\u00a3\u2019000
Motor
vehicles
\u00a3\u2019000
Total
\u00a3\u2019000
Net book value
At 1 July 2022 8,055 117 1,778 9,950
Additions 261 64 2,907 3,232
Reductions in consideration (308) \u2013 (13) (321)
Depreciation (2,737) (93) (1,392) (4,222)
Currency adjustment (202) 1 (36) (237)
At 30 June 2023 5,069 89 3,244 8,402
Year ended 30 June 2022
Leasehold
property
\u00a3\u2019000
Plant and
equipment
\u00a3\u2019000
Motor
vehicles
\u00a3\u2019000
Total
\u00a3\u2019000
Net book value
At 1 July 2021 10,297 102 2,030 12,429
Additions 1,293 115 1,058 2,466
Depreciation (2,805) (102) (1,298) (4,205)
Impairment (1,837) \u2013 \u2013 (1,837)
Currency adjustment 1,107 2 (12) 1,097
At 30 June 2022 8,055 117 1,778 9,950
11. Investment properties
The Group\u2019s investment properties consist of five properties in the UK, Ireland and India, which are occupied by rent-paying
third parties.
Accounting policy
Where property owned by the Group is deemed to be held to earn rentals or for long-term capital appreciation it is recognised
as investment property.
Where a property is part-occupied by the Group, portions of the property are recognised as investment property if they
meet the above description and if these portions could be sold separately and reliably measured. If the portions could not
be sold separately, the property is recognised as an investment property only if a significant proportion is held for rental or
appreciation purposes.
The Group has elected to value investment properties on a cost basis, initially comprising an investment property\u2019s purchase
price and any directly attributable expenditure. Depreciation is provided to write off the cost of assets on a straight-line basis
over their estimated useful economic lives, being 50 years. Amounts relating to freehold land is not depreciated.
2023
\u00a3\u2019000
2022
\u00a3\u2019000
Cost
Balance at the beginning of the year 11,905 \u2013
Transfers from Property, plant and equipment \u2013 11,563
Additions 252 195
Disposals \u2013 (102)
Currency adjustment (261) 249
Balance at the end of the year 11,896 11,905
Depreciation
Balance at the beginning of the year 1,337 \u2013
Transfers from Property, plant and equipment \u2013 1,222
Charge for the year 240 190
Disposals \u2013 (81)
Currency adjustment (4) 6
Balance at the end of the year 1,573 1,337
Net book value 10,323 10,568
The Group has no restrictions on the realisability of its investment properties and no contractual obligations to purchase, construct or
develop investment properties.
Amounts recognised in the Consolidated income statement relating to investment properties:
2023
\u00a3\u2019000
2022
\u00a3\u2019000
Rental income derived from investment properties 915 453
Direct operating expenses (including repairs and maintenance) 258 105
Profit arising from investment properties 657 348
The fair value of the Group\u2019s investment properties totalled \u00a314,718,000 at 30 June 2023 (2022: \u00a314,626,000). Fair values of each
investment property have been determined by independent valuers who hold recognised and relevant professional qualifications
and have recent experience in the location and category of each investment property being valued.
12. Intangible assets
Our Consolidated balance sheet contains significant intangible assets, mostly in relation to goodwill, which arises when we acquire
a business and pay a higher amount than the fair value of its net assets, and capitalised development costs. We make significant
investments into the development of new products, which is a key part of our business model, and some of these costs are initially
capitalised and then expensed over the lifetime of future sales of that product.
Accounting policy
Goodwill arising on acquisition represents the difference between the cost of the acquisition and the fair value of the net
identifiable assets acquired, net of deferred tax. Identifiable intangibles are those which can be sold separately or which arise
from legal rights regardless of whether those rights are separable.
Goodwill is stated at cost less any accumulated impairment losses. It is not amortised but is tested annually for impairment or
earlier if there are any indications of impairment. The annual impairment review involves comparing the carrying amount to the
estimated recoverable amount and recognising an impairment loss if the recoverable amount is lower. Impairment losses are
recognised in the Consolidated income statement.
Intangible assets such as customer lists, patents, trade marks, know-how and intellectual property that are acquired by the Group
are stated at cost less amortisation and impairment losses. Amortisation is charged to the Consolidated income statement on
a straight-line basis over the estimated useful lives of the intangible assets. The estimated useful lives of the intangible assets
included in the Consolidated balance sheet reflect the benefit derived by the Group and vary from five to 10 years.
Expenditure on research activities is recognised in the Consolidated income statement as an expense as incurred.
Expenditure on development activities is capitalised if: the product or process is technically and commercially feasible; the Group
intends and has the technical ability and sufficient resources to complete development; future economic benefits are probable;
and the Group can measure reliably the expenditure attributable to the intangible asset during its development.
Development activities involve a plan or design for the production of new or substantially improved products or processes.
The expenditure capitalised includes the cost of materials, direct labour and an appropriate proportion of overheads.
Other development expenditure is recognised in the Consolidated income statement as an expense as incurred.
Capitalised development expenditure is amortised over the useful economic life appropriate to each product or process,
ranging from five to 10 years, and is stated at cost less accumulated amortisation and less accumulated impairment losses.
Amortisation commences when a product or process is available for use as intended by management. Capitalised development
expenditure is removed from the balance sheet 10 years after being fully amortised.
All non-current assets are tested for impairment whenever there is an indication that their carrying value may be impaired.
An impairment loss is recognised in the Consolidated income statement to the extent that an asset\u2019s carrying value exceeds its
recoverable amount, which represents the higher of the asset\u2019s fair value less costs to sell and its value-in-use. An asset\u2019s value-
in-use represents the present value of the future cash flows expected to be derived from the asset or from the cash-generating
unit to which it relates. The present value is calculated using a discount rate that reflects the current market assessment of the
time value of money and the risks specific to the asset concerned.
Goodwill and capitalised development costs are subject to an annual impairment test.
Key judgement \u2013 Whether a project meets the criteria for capitalisation
Product development costs are capitalised once a project has reached a certain stage of development, being the point at which
the product has passed testing to demonstrate it meets the technical specifications of the project and it satisfies all applicable
regulations. Judgements are required to assess whether the new product development has reached the appropriate point for
capitalisation of costs to begin. These costs are subsequently amortised over their useful economic life once ready for use.
Should a product be subsequently obsoleted, the accumulated capitalised development costs would need to be immediately
written off in the Consolidated income statement.
Key estimate \u2013 Estimates of future cash flows used for impairment testing
Determining whether goodwill and capitalised development costs are impaired requires an estimation of the value-in-use of
cash-generating units (CGUs) to which goodwill has been allocated. To calculate the value-in-use we need to estimate the future
cashflows of each CGU and select the appropriate discount rate for each CGU.
Year ended 30 June 2023
Goodwill
\u00a3\u2019000
Other
intangible
assets
\u00a3\u2019000
Internally
generated
development
costs
\u00a3\u2019000
Software
licences and
intellectual
property
\u00a3\u2019000
Total
\u00a3\u2019000
Cost
At 1 July 2022 20,475 4,629 168,212 22,379 215,695
Additions \u2013 254 10,448 125 10,827
Disposals \u2013 \u2013 \u2013 (10,518) (10,518)
Currency adjustment (214) (8) \u2013 (8) (230)
At 30 June 2023 20,261 4,875 178,660 11,978 215,774
Amortisation
At 1 July 2022 9,028 2,240 139,460 20,749 171,477
Charge for the year \u2013 179 5,150 833 6,162
Impairment \u2013 \u2013 1,611 \u2013 1,611
Disposals \u2013 \u2013 \u2013 (9,969) (9,969)
Currency adjustment \u2013 33 \u2013 (8) 25
At 30 June 2023 9,028 2,452 146,221 11,605 169,306
Net book value
At 30 June 2023 11,233 2,423 32,439 373 46,468
At 30 June 2022 11,447 2,389 28,752 1,630 44,218
Year ended 30 June 2022
Goodwill
\u00a3\u2019000
Other
intangible
assets
\u00a3\u2019000
Internally
generated
development
costs
\u00a3\u2019000
Software
licences and
intellectual
property
\u00a3\u2019000
Total
\u00a3\u2019000
Cost
At 1 July 2021 19,533 15,783 177,291 24,962 237,569
Additions \u2013 53 7,966 876 8,895
Write-off \u2013 \u2013 \u2013 (3,510) (3,510)
Disposals \u2013 (11,211) (17,045) \u2013 (28,256)
Currency adjustment 942 4 \u2013 51 997
At 30 June 2022 20,475 4,629 168,212 22,379 215,695
Amortisation
At 1 July 2021 9,028 13,254 151,807 19,685 193,774
Charge for the year \u2013 201 4,698 1,024 5,923
Disposals \u2013 (11,211) (17,045) \u2013 (28,256)
Currency adjustment \u2013 (4) \u2013 40 36
At 30 June 2022 9,028 2,240 139,460 20,749 171,477
Net book value
At 30 June 2022 11,447 2,389 28,752 1,630 44,218
At 30 June 2021 10,505 2,529 25,484 5,277 43,795
Goodwill
Goodwill has arisen on the acquisition of several businesses and has an indeterminable useful life. It is therefore not amortised
but is instead tested for impairment annually and at any point during the year when an indicator of impairment exists. Goodwill is
allocated to cash generating units (CGUs), as set on page 174. This is the lowest level in the Group at which goodwill is monitored
for impairment and is at a lower level than the Group\u2019s operating segments.
The analysis of goodwill according to business acquired is:
2023
\u00a3\u2019000
2022
\u00a3\u2019000
itp GmbH 2,985 2,985
Renishaw Mayfield S.A. 2,089 2,055
Renishaw Fixturing Solutions, LLC 5,454 5,677
Other smaller acquisitions 705 730
Total goodwill 11,233 11,447
The recoverable amounts of acquired goodwill are based on value-in-use calculations. These calculations use cash flow projections
based on the financial business plans approved by management for the next five financial years. The cash flows beyond this
forecast are extrapolated to perpetuity using a nil growth rate on a prudent basis, to reflect the uncertainties over forecasting beyond
five years.
The following pre-tax discount rates have been used in discounting the projected cash flows:
Business acquired CGU
2023
Discount rate
2022
Discount rate
itp GmbH itp GmbH entity (\u2018ITP\u2019) 13.2% 11.3%
Renishaw Fixturing Solutions, LLC Renishaw plc (\u2018PLC\u2019) 14.3% 11.5%
Renishaw Mayfield S.A. Renishaw Mayfield S.A. entity (\u2018Mayfield\u2019) 26.3% 22.9%
The Group post-tax weighted average cost of capital, calculated at 30 June 2023, is 10.7% (2022: 9.0%). The increase is mainly
driven by higher risk-free rates in the market. Pre-tax discount rates for Manufacturing technologies CGUs (ITP and PLC) are
calculated from this basis, given that they are aligned with the wider Group\u2019s industries, markets and processes. The Analytical
instruments and medical devices\u2019 CGU (Mayfield) has a higher risk weighting, reflecting the less mature nature of this segment.
During the period, the CGU relating to the goodwill arising on the acquisition of Renishaw Fixturing Solutions, LLC has been
changed from the Renishaw fixturing product line to Renishaw plc. This follows the closure of Renishaw Fixturing Solutions, LLC,
with production of fixturing products now undertaken by the manufacturing division of Renishaw plc.
For there to be an impairment in the PLC, ITP or Mayfield CGUs the discount rate would need to increase to at least 20%, 18%
and 32% respectively.
The following bases have been used in determining cash flow projections:
CGU
2023
Basis of forecast
2022
Basis of forecast
itp GmbH entity five-year business plan five-year business plan
Renishaw plc five-year business plan five-year business plan
Renishaw Mayfield S.A. entity five-year business plan five-year business plan
These five-year business plans are considered fair estimates based on management\u2019s view of the future and experience of past
performance of the individual CGUs, and are calculated at a disaggregated level. Within these plans, revenue forecasts are
calculated with reference to external market data, Renishaw past outperformance, and new product launches, consistent with
revenue forecasts across the Group. Production costs, engineering costs, distribution costs and administrative expenses are
calculated based on management\u2019s best estimates of what is required to support revenue growth and new product development.
Estimates of capital expenditure and working capital requirements are also included in the cash flow projections.
The key estimate within these business plans is the forecasting of revenue growth, given that the cost bases of the businesses can
be flexed in line with revenue performance. Given the average revenue growth assumptions included in the five-year business plans,
management\u2019s sensitivity analysis involves modelling a reduction in the forecast cash flows utilised in those business plans and
therefore into perpetuity. For there to be an impairment there would need to be a reduction to these forecast cash flows of 29% for
ITP, 30% for PLC and 21% for Mayfield. Management deems the likelihood of these reductions to be unlikely.
Internally generated development costs
The key assumption in determining the value-in-use for internally generated development costs is the forecast unit sales over the
useful economic life, which is determined by management using their knowledge and experience with similar products and the
sales history of products already available in the market. Resulting cash flow projections over five to 10 years, the period over which
product demand forecasts can be reasonably predicted and internally generated development costs are written off, are discounted
using pre-tax discount rates, which are calculated from the Group post-tax weighted average cost of capital of 10.7% (2022: 9.0%).
There was an impairment of \u00a31,611,000 (2022: nil) of internally generated development costs in the year, which wholly related to a
drug delivery project in our Neurological business. Revenue from our drug delivery business continues to be slow due to the long
lead-time of pharmaceutical programmes, although we remain confident in our opportunity pipeline. The uncertainty of the near-term
cash flows resulted in this partial impairment of \u00a31,611,000, with the remaining net book value totalling \u00a31,984,000 at 30 June 2023.
For the largest projects, comprising 95% of the net book value at 30 June 2023, a 10% reduction to forecast unit sales,
or an increase in the discount rate by 5%, would result in an impairment of less than \u00a3800,000.
13. Investments in joint ventures
Where we make an investment in a company which gives us significant influence but not full control, we account for our share of their
post-tax profits in our financial statements. We have joint venture arrangements with two companies, RLS and MSP.
The Group\u2019s investments in joint ventures (all investments being in the ordinary share capital of the joint ventures), whose accounting
years end on 30 June, were:
Country of incorporation and
principal place of business
Ownership %
2023
Ownership %
2022
RLS Merilna tehnika d.o.o. (\u2018RLS\u2019) \u2013 joint venture Slovenia 50.0 50.0
Metrology Software Products Limited (\u2018MSP\u2019) \u2013 joint venture England & Wales 70.0 70.0
Although the Group owns 70% of the ordinary share capital of MSP, this is accounted for as a joint venture as the \u2018control\u2019
requirements of IFRS 10 are not satisfied. This is primarily because the shareholders agreement includes that for so long as the
Group\u2019s holding is less than 75% of the total shares of MSP, Renishaw agrees to exercise its voting rights such that it only votes
as if it has the same aggregate shareholding as the remaining Management Shareholders.
Movements during the year were:
2023
\u00a3\u2019000
2022
\u00a3\u2019000
Balance at the beginning of the year 20,570 16,634
Dividends received (924) (525)
Share of profits of joint ventures 2,768 4,342
Currency differences \u2013 119
Balance at the end of the year 22,414 20,570
Summarised financial information for joint ventures:
RLS MSP
2023
\u00a3\u2019000
2022
\u00a3\u2019000
2023
\u00a3\u2019000
2022
\u00a3\u2019000
Assets 43,168 42,308 4,539 4,601
Liabilities (4,969) (7,422) (378) (963)
Net assets 38,199 34,886 4,161 3,638
Group\u2019s share of net assets 19,100 17,443 2,913 2,547
Revenue 35,764 35,247 2,554 2,492
Profit/(loss) for the year 5,162 7,886 264 570
Group\u2019s share of profit/(loss) for the year 2,583 3,943 185 399
For the nature of the activities, see note C.45.
The financial statements of RLS have been prepared on the basis of Slovenian Accounting Standards.
The financial statements of MSP have been prepared on the basis of FRS 102.
14. Leases (as lessor)
The Group acts as a lessor for Renishaw-manufactured equipment on finance and operating lease arrangements. This is principally
for high-value capital equipment such as our additive manufacturing machines.
Accounting policy
Where the Group transfers the risks and rewards of ownership of lease assets to a third party, the Group recognises a receivable
in the amount of the net investment in the lease. The lease receivable is subsequently reduced by the principal received, while an
interest component is recognised as financial income in the Consolidated income statement. Standard contract terms are up to
five years and there is a nominal residual value receivable at the end of the contract.
Where the Group retains the risks and rewards of ownership of lease assets, it continues to recognise the leased asset in
Property, plant and equipment. Income from operating leases is recognised on a straight-line basis over the lease term and
recognised as Revenue rather than Other revenue as such income is not material. Operating leases are on one to five year terms.
The total future lease payments are split between the principal and interest amounts below:
2023 2022
Gross
investment
\u00a3\u2019000
Interest
\u00a3\u2019000
Net
investment
\u00a3\u2019000
Gross
investment
\u00a3\u2019000
Interest
\u00a3\u2019000
Net
investment
\u00a3\u2019000
Receivable in less than one year 4,375 611 3,764 3,703 355 3,348
Receivable between one and two years 3,600 447 3,153 2,882 252 2,630
Receivable between two and three years 3,283 289 2,994 2,015 148 1,867
Receivable between three and four years 2,478 151 2,327 1,779 70 1,709
Receivable between four and five years 1,502 41 1,461 770 15 755
Total future minimum lease payments receivable 15,238 1,539 13,699 11,149 840 10,309
Finance lease receivables are presented as \u00a39,935,000 (2022: \u00a36,961,000) non-current assets and \u00a33,764,000 (2022: \u00a33,348,000)
current assets in the Consolidated balance sheet.
The total of future minimum lease payments receivable under non-cancellable operating leases were:
2023
\u00a3\u2019000
2022
\u00a3\u2019000
Receivable in less than one year 1,394 1,246
Receivable between one and four years 1,569 2,365
Total future minimum lease payments receivable 2,963 3,611
During the year, \u00a3974,000 (2022: \u00a31,184,000) was recognised in Revenue from operating leases.
15. Cash and cash equivalents and bank deposits
We have always valued having cash in the bank to protect the Group from downturns and enable us to react swiftly to investment or
market capture opportunities. We currently hold significant cash and cash equivalents and bank deposits, which is mostly in the UK
and spread across several banks with high credit ratings.
Accounting policy
Cash and cash equivalents comprise cash balances, and deposits with an original maturity of less than three months or with an
original maturity date of more than three months where the deposit can be accessed on demand without significant penalty for
early withdrawal and where the original deposit amount is recoverable in full.
Cash and cash equivalents
An analysis of cash and cash equivalents at the end of the year was:
2023
\u00a3\u2019000
2022
\u00a3\u2019000
Bank balances and cash in hand 80,196 141,208
Short-term deposits 1,192 11,954
Balance at the end of the year 81,388 153,162
Bank deposits
Bank deposits at the end of the year amounted to \u00a3125,000,000 (2022: \u00a3100,000,000), of which \u00a330,000,000 matured on 7 August
2023, \u00a345,000,000 matures in December 2023, and \u00a350,000,000 matures in March 2024.
16. Inventories
We have increased our inventories in the year, in line with increases in global demand and reflecting planned increases in certain
component safety stock levels to mitigate global supply shortages, and remain committed to high customer delivery performance.
Accounting policy
Inventory and work in progress is valued at the lower of actual cost on a first-in, first-out (FIFO) basis and net realisable value.
In respect of work in progress and finished goods, cost includes all production overheads and the attributable proportion of
indirect overhead expenses that are required to bring inventories to their present location and condition. Overheads are absorbed
into inventories on the basis of normal capacity or on actual hours if higher.
Key estimate \u2013 Determination of net realisable inventory value
Determining the net realisable value of inventory requires management to estimate future demand, especially in respect of
provisioning for slow moving and potentially obsolete inventory. When calculating an inventory provision, management use
historic usage levels (capped at 18 months), demand from customer orders and manufacturing build plans as a basis for
estimating the future annual demand of individual stock items, except in the following instances:
\u2013 for key products and their components, provisions are typically made for quantities held in excess of three years\u2019 demand.
A demand basis lower than three years is used for those key products and related components where the sales history is more
volatile; and
\u2013 where strategic purchases of critical components have been made, an outlook beyond three years is considered
where appropriate.
An analysis of inventories at the end of the year was:
2023
\u00a3\u2019000
2022
\u00a3\u2019000
Raw materials 66,210 56,034
Work in progress 35,354 31,002
Finished goods 84,193 75,446
Balance at the end of the year 185,757 162,482
At the end of the year, the gross cost of inventories which had provisions held against them totalled \u00a324,525,000
(2022: \u00a317,520,000). During the year, the amount of write-down of inventories recognised as an expense in the Consolidated income
statement was \u00a38,228,000 (2022: \u00a3481,000).
A 10% reduction in the value of exceptions in the Renishaw plc inventory provision calculation would result in an increase in the
write-down of inventories of \u00a31,130,000. Inventories in Renishaw plc account for 64% of the total Inventories of the Group.
17. Provisions
A provision is a liability recorded in the Consolidated balance sheet, where there is uncertainty over the timing or amount that will be
paid, and is therefore often estimated. The main provision we hold is in relation to warranties provided with the sale of our products.
Accounting policy
The Group provides a warranty from the date of purchase, except for those products that are installed by the Group where the
warranty starts from the date of completion of the installation. This is typically for a 12-month period, although up to three years is
given for a small number of products. A warranty provision is included in the Group financial statements, which is calculated on
the basis of historical returns and internal quality reports.
Warranty provision movements during the year were:
2023
\u00a3\u2019000
2022
\u00a3\u2019000
Balance at the beginning of the year 4,244 6,259
Created during the year 2,382 1,975
Unused amounts reversed (717) (1,688)
Utilised in the year (3,151) (2,302)
(1,486) (2,015)
Balance at the end of the year 2,758 4,244
The warranty provision has been calculated on the basis of historical return-in-warranty information and other internal reports. It is
expected that most of this expenditure will be incurred in the next financial year and all expenditure will be incurred within three
years of the balance sheet date.
18. Contract liabilities
Contract liabilities represent the Group\u2019s obligation to transfer goods, capital equipment and/or services to a customer for which
the Group has either received consideration or consideration is due from the customer. Our balances mostly comprise advances
received from customers and payments for services yet to be completed.
Balances at the end of the year were:
2023
\u00a3\u2019000
2022
\u00a3\u2019000
Goods, capital equipment and installation 615 1,470
Aftermarket services 4,793 4,471
Deferred revenue 5,408 5,941
Advances received from customers 4,563 7,015
Balance at the end of the year 9,971 12,956
The aggregate amount of the transaction price allocated to performance obligations that are unsatisfied at the end of the year is
\u00a39,971,000 (2022: \u00a312,956,000). Of this, \u00a32,214,000 (2022: \u00a31,620,000) is not expected to be recognised in the next financial year.
19. Other payables
Separate to our trade payables and contract liabilities, which directly relate to our trading activities, our Other payables mostly
comprises amounts payable to employees, or relating to employees.
Balances at the end of the year were:
2023
\u00a3\u2019000
2022
\u00a3\u2019000
Payroll taxes and social security 6,677 6,823
Performance bonuses 11,338 16,179
Holiday pay and retirement accruals 7,383 7,810
Indirect tax payable 4,486 1,762
Other creditors and accruals 18,246 19,375
Total other payables 48,130 51,949
Holiday pay accruals are based on a calculation of the number of days\u2019 holiday earned during the year, but not yet taken.
Other creditors and accruals includes a number of other individually smaller accruals.
20. Borrowings
The Group\u2019s only source of external borrowing is a fixed-interest loan facility in our Japanese subsidiary, entered into to directly
finance the purchase of a new distribution facility in Japan in 2019.
Third-party borrowings at 30 June 2023 consist of a five year loan entered into on 31 May 2019 by Renishaw KK, with original
principal of JPY 1,447,000,000 (\u00a310,486,000). Principal of JPY 12,000,000 is repayable each month, with a fixed interest rate of
0.81% also paid on monthly accretion. The residual principal at 31 May 2024 of JPY 739,000,000 can either be repaid in full at that
time, or extended for another five years. There are no covenants attached to this loan.
Movements during the year were:
2023
\u00a3\u2019000
2022
\u00a3\u2019000
Balance at the beginning of the year 6,079 7,449
Interest 46 52
Repayments (914) (974)
Currency adjustment (517) (448)
Balance at the end of the year 4,694 6,079
Borrowings are held at amortised cost. There is no significant difference between the book value and fair value of borrowings, which
is estimated by discounting contractual future cash flows, which represents level 2 of the fair value hierarchy defined in note 25.
21. Leases (as lessee)
The Group leases distribution properties and cars from third parties and recognises an associated lease liability for the total present
value of payments the lease contracts commit us to.
Accounting policy
At the commencement date of a lease arrangement the Group recognises a right-of-use asset for the leased item and a lease
liability for any payments due. Lease liabilities are initially measured at the present value of the lease payments that are not
paid at the commencement date, discounted using the incremental borrowing rate of the applicable entity. The lease liability is
subsequently measured at amortised cost using the effective interest method and is remeasured if there is a change in future
lease payments arising from a change in an index or rate (such as an inflation-linked increase) or if there is a change in the
Group\u2019s assessment of whether it will exercise an extension or termination option. When this happens there is a corresponding
adjustment to the right-of-use asset. Where the Group enters into leases with a lease term of 12 months or less, these are treated
as \u2018short-term\u2019 leases and are recognised on a straight-line basis as an expense in the Consolidated income statement. The same
treatment applies to low-value assets, which are typically IT equipment and office equipment.
Lease liabilities are analysed as below:
2023
Leasehold
property
\u00a3\u2019000
Plant and
equipment
\u00a3\u2019000
Motor
vehicles
\u00a3\u2019000
Total
\u00a3\u2019000
Due in less than one year 1,737 21 1,520 3,278
Due between one and two years 691 13 1,192 1,896
Due between two and three years 510 13 858 1,381
Due between three and four years 351 6 387 744
Due between four and five years 110 1 66 177
Due in more than five years 3,481 \u2013 \u2013 3,481
Total future minimum lease payments payable 6,880 54 4,023 10,957
Effect of discounting (1,566) (1) (756) (2,324)
Lease liabilities 5,314 53 3,267 8,633
2022
Leasehold
property
\u00a3\u2019000
Plant and
equipment
\u00a3\u2019000
Motor
vehicles
\u00a3\u2019000
Total
\u00a3\u2019000
Due in less than one year 2,916 33 930 3,879
Due between one and two years 1,857 18 523 2,398
Due between two and three years 805 10 278 1,093
Due between three and four years 624 9 78 711
Due between four and five years 553 3 7 563
Due in more than five years 3,611 \u2013 \u2013 3,611
Total future minimum lease payments payable 10,366 73 1,816 12,255
Effect of discounting (1,993) (1) (81) (2,075)
Lease liabilities 8,373 72 1,735 10,180
Lease liabilities are also presented as a \u00a33,009,000 (2022: \u00a33,714,000) current liability and a \u00a35,624,000 (2022: \u00a36,466,000) non-
current liability in the Consolidated balance sheet.
Amounts recognised in the Consolidated income statement relating to leases were:
2023
\u00a3\u2019000
2022
\u00a3\u2019000
Depreciation of right-of-use assets 4,223 4,205
Impairment of right-of-use assets \u2013 1,837
Derecognition of lease liabilities \u2013 (1,985)
Interest expense on lease liabilities 348 481
Expenses relating to short-term and low-value leases 471 51
Total expense recognised in the Consolidated income statement 5,042 4,589
Total cash outflows for leases 5,025 4,613
During the previous year we withdrew from Russia, including moving out of a leased property by August 2022. We therefore
derecognised amounts relating to the leased property totalling \u00a31,985,000, with a corresponding impairment to the right-of-use asset
of \u00a31,837,000.
22. Changes in liabilities arising from financing activities
1 July 2022 Cash flows Other Currency 30 June 2023
Lease liabilities 10,180 (4,206) 2,918 (259) 8,633
Borrowings 6,079 (914) 46 (517) 4,694
16,259 (5,120) 2,964 (776) 13,327
1 July 2021 Cash flows Other Currency 30 June 2022
Lease liabilities 12,562 (4,081) 513 1,186 10,180
Borrowings 7,449 (974) 52 (448) 6,079
20,011 (5,055) 565 738 16,259
See notes 20 and 21 for further details on borrowing and leasing activities.
23. Employee benefits
The Group operates contributory pension schemes, largely for UK, Ireland and USA employees, which were of the defined benefit
type up to 5 April 2007, 31 December 2007 and 30 June 2012 respectively, at which time they ceased any future accrual for existing
members and were closed to new members. The Group\u2019s largest defined benefit scheme is in the UK.
Accounting policy
Defined benefit pension schemes are administered by trustees who are independent of the Group finances. Investment assets of
the schemes are measured at fair value using the bid price of the unitised investments, quoted by the investment manager, at the
reporting date. Pension scheme liabilities are measured using a projected unit method and discounted at the current rate of return
on a high-quality corporate bond of equivalent term and currency to the liability. Remeasurements arising from defined benefit
schemes comprise actuarial gains and losses, the return on scheme assets (excluding interest) and the effect of the asset ceiling
(if any, excluding interest). The Company recognises them immediately in Other comprehensive income and all other expenses
related to defined benefit schemes are included in the Consolidated income statement.
The pension schemes\u2019 surpluses, to the extent that they are considered recoverable, or deficits are recognised in full and
presented on the face of the Consolidated balance sheet under Employee benefits. Where a guarantee is in place in relation to
a pension scheme deficit, liabilities are reported in accordance with IFRIC 14 \u2018The Limit on a Defined Benefit Asset, Minimum
Funding Requirements and their Interaction\u2019. To the extent that contributions payable will not be available as a refund after they
are paid into the plan, a liability is recognised at the point the obligation arises, which is the point at which the minimum funding
guarantee is agreed. Overseas-based employees are covered by a combination of state, defined benefit and private pension
schemes in their countries of residence. Actuarial valuations of overseas pension schemes were not obtained, apart from Ireland
and USA, because of the low number of members.
For defined contribution schemes, the amount charged to the Consolidated income statement represents the contributions
payable to the schemes in respect of the accounting period.
Key estimate \u2013 Valuation of defined benefit pension schemes\u2019 liabilities
Determining the value of the future defined benefit obligation requires estimation in respect of the assumptions used to determine
the present values. These include future mortality, discount rate and inflation. Management makes these estimates in consultation
with independent actuaries.
The total pension cost of the Group for the year was \u00a326,142,000 (2022: \u00a321,988,000), of which \u00a3126,000 (2022: \u00a3121,000) related to
Directors and \u00a36,220,000 (2022: \u00a35,292,000) related to overseas schemes.
The latest full actuarial valuation of the UK defined benefit pension scheme was carried out as at 30 September 2021 and updated
to 30 June 2023 by a qualified independent actuary. The mortality assumption used for 2023 is the S3PxA base tables and CMI
2022 model, with long-term improvements of 1% per annum. Adjustments have been made to both the core base tables and CMI
2022 model to allow for the scheme\u2019s membership profile and best estimate assumptions of future mortality improvements.
Major assumptions used by actuaries for the UK, Ireland and US schemes were:
30 June 2023 30 June 2022
UK scheme Ireland scheme US scheme UK scheme Ireland scheme US scheme
Rate of increase in pension payments 3.05% 2.70% \u2013 3.05% 2.45% \u2013
Discount rate 5.10% 3.60% \u2013 3.60% 3.20% 4.50%
Inflation rate (RPI) 3.25% 2.70% \u2013 3.10% 2.45% \u2013
Inflation rate (CPI)
2.25%
pre-2030
3.25% post-2030 \u2013 \u2013
2.10%
pre-2030
3.10% post-2030 \u2013 \u2013
Retirement age 64 65 65 64 65 65
The life expectancies from the retirement age of 65 for the UK scheme implied by the mortality assumption at age 65 and 45 are:
2023
years
2022
years
Male currently aged 65 21.1 21.5
Female currently aged 65 23.5 23.8
Male currently aged 45 21.8 22.2
Female currently aged 45 24.3 24.7
The weighted average duration of the UK defined benefit obligation is around 17 years (2022: 22 years).
The assets and liabilities in the defined benefit pension schemes were:
30 June
2023
\u00a3\u2019000
% of
total
assets
30 June
2022
\u00a3\u2019000
% of
total
assets
Market value of assets:
Index linked gilts 55,183 28 1,489 1
Credit and fixed income funds 54,656 28 19,489 9
Cash and other 40,576 20 802 \u2013
Multi-asset funds 26,966 14 82,442 38
Fixed interest gilts 13,219 7 1,502 1
Equities 5,729 3 111,025 51
196,329 100 216,749 100
Actuarial value of liabilities (138,958) \u2013 (174,504) \u2013
Surplus in the schemes 57,371 \u2013 42,245 \u2013
Deferred tax thereon (14,348) \u2013 (11,048) \u2013
Note C.40 gives the analysis of the UK defined benefit pension scheme. For the other schemes, the market value of assets at the
end of the year was \u00a314,642,000 (2022: \u00a322,888,000) and the actuarial value of liabilities was \u00a314,687,000 (2022: \u00a320,973,000).
The UK scheme was in a net surplus position at 30 June 2023 totalling \u00a357,416,000, (2022: surplus \u00a340,331,000), and is therefore
presented in non-current assets in the Consolidated balance sheet. The Ireland scheme was in a net deficit position at 30 June 2023
(2022: deficit), totalling \u00a345,000, and is therefore presented in non-current liabilities.
Equities are held in externally-managed funds and primarily relate to UK and US equities. Credit and fixed income funds, fixed
interest gilts, and index linked gilts relate to UK, US and Eurozone government-linked securities, again held in externally-managed
funds. The fair values of these equity and fixed income instruments are determined using the bid price of the unitised investments,
quoted by the investment manager, at the reporting date and therefore represent \u2018Level 2\u2019 of the fair value hierarchy defined in note
25. Multi-asset funds are also held in externally-managed funds, with active asset allocation to diversify growth across asset classes
such as equities, bonds and money-market instruments. The fair value of these funds is determined on a comparable basis to the
equity and fixed income funds, and therefore are also \u2018Level 2\u2019 assets. Cash and other at 30 June 2023 mostly comprises a Sterling
liquidity fund, in which the principal is preserved and same day liquidity is available.
In October 2022, following a significant improvement in the UK scheme\u2019s funding position due to rising gilt yields, the Trustees (in
consultation with the Company) de-risked the investment strategy by disinvesting from the scheme\u2019s equity and diversified growth
holdings and investing the proceeds into index-linked gilts. The overall impact of these changes is to reduce investment risk, with the
assets better matching the expected movements in the liabilities. We now believe the scheme is fully funded and are in the process
of seeking to insure the liabilities. No scheme assets are directly invested in the Group\u2019s own equity.
The movements in the schemes\u2019 assets and liabilities were:
Year ended 30 June 2023
Assets
\u00a3\u2019000
Liabilities
\u00a3\u2019000
Total
\u00a3\u2019000
Balance at the beginning of the year 216,749 (174,504) 42,245
Contributions paid 2,341 \u2013 2,341
Interest on pension schemes 7,745 (6,135) 1,610
Remeasurement loss from augmentation of members\u2019 benefits (US) \u2013 (1,930) (1,930)
Remeasurement gain/(loss) under IAS 19 (16,722) 30,334 13,612
Scheme administration expenses (398) \u2013 (398)
(Loss)/gain on settlements (1,098) 989 (109)
Benefits paid (12,288) 12,288 \u2013
Balance at the end of the year 196,329 (138,958) 57,371
Year ended 30 June 2022
Assets
\u00a3\u2019000
Liabilities
\u00a3\u2019000
Total
\u00a3\u2019000
Balance at the beginning of the year 231,355 (255,053) (23,698)
Contributions paid 8,866 \u2013 8,866
Interest on pension schemes 4,337 (4,643) (306)
Remeasurement loss from augmentation of members\u2019 benefits (UK) \u2013 (11,695) (11,695)
Remeasurement gain/(loss) under IAS 19, the asset ceiling and IFRIC 14 (17,264) 86,342 69,078
Benefits paid (10,545) 10,545 \u2013
Balance at the end of the year 216,749 (174,504) 42,245
The analysis of the amount recognised in the Consolidated statement of comprehensive income and expense was:
2023
\u00a3\u2019000
2022
\u00a3\u2019000
Actuarial gain/(loss) arising from:
Changes in demographic assumptions 2,028 3,860
Changes in financial assumptions 37,318 67,442
Experience adjustment (9,012) (7,818)
Return on plan assets excluding interest income (16,722) (17,264)
Adjustment for the asset ceiling \u2013 3,280
Adjustment to liabilities for IFRIC 14 \u2013 19,578
Total amount recognised in the Consolidated statement of comprehensive income and expense 13,612 69,078
The cumulative amount of actuarial gains and losses recognised in the Consolidated statement of comprehensive income and
expense was a loss of \u00a38,807,000 (2022: loss of \u00a322,419,000).
The net surplus of the Group\u2019s defined benefit pension schemes, on an IAS 19 basis, has increased from \u00a342,245,000 at 30 June
2022 to \u00a357,371,000 at 30 June 2023, primarily reflecting the effect of an increase in the UK discount rate, based on increases in
corporate bond yields, which was partially offset by a reduction in investment asset values.
In 2022, the Company agreed to an augmentation of UK scheme members\u2019 benefits to reflect current and historic administrative
revaluation practice. The impact on liabilities of this plan amendment, totalling \u00a311,695,000, was recognised as a past service cost in
the Consolidated income statement.
In 2023, a termination of the US plan (other than distribution of surplus) was completed, with most members opting for lump
sum payments, and it was agreed that the surplus will be distributed to qualifying scheme members. Accordingly, the surplus of
\u00a31,930,000 has been treated as an augmentation to member benefits. This, together with related expenses of \u00a3209,000, has been
reported separately in the Consolidated income statement as a past service cost and excluded from adjusted profit measures.
For the UK scheme, the latest actuarial report prepared in September 2021 shows a deficit of \u00a352,800,000, which is based on
funding to self-sufficiency and uses prudent assumptions. IAS 19 requires best estimate assumptions to be used, resulting in the
IAS 19 net surplus being higher than the actuarial deficit.
The existing deficit funding plan for the UK defined benefit pension scheme is in place until 30 June 2031, at which time any
outstanding deficit will be paid. The agreement will end sooner if the actuarial deficit (calculated on a self-sufficiency basis) is
eliminated in the meantime. The net book value of properties subject to fixed charges under this agreement at 30 June 2023 was
\u00a388,778,000 (2022: \u00a354,208,000).
The charges may be enforced by the Trustees if one of the following occurs: (a) the Company does not pay funds into the scheme in
line with the agreed plan; (b) an insolvency event occurs in relation to the Company; or (c) the Company does not pay any deficit at
30 June 2031.
Under the Ireland defined benefit pension scheme deficit funding plan, a property owned by Renishaw Ireland (DAC) is subject to a
registered fixed charge to secure the Ireland defined benefit pension scheme\u2019s deficit.
For the UK defined benefit scheme, a guide to the sensitivity of the value of the respective liabilities is as follows:
Variation Approximate effect on liabilities
UK \u2013 discount rate Increase/decrease by 0.5% -\u00a39.6m/+\u00a310.7m
UK \u2013 future inflation Increase/decrease by 0.5% +\u00a38.2m/-\u00a37.6m
UK \u2013 mortality Increased/decreased life by one year +\u00a34.0m/-\u00a33.8m
24. Share-based payments
The Group provides share-based payment arrangements to certain employees in accordance with the Renishaw plc deferred annual
equity incentive plan. The Governance section provides information of how these awards are determined.
Accounting policy
Renishaw shares are granted in accordance with the Renishaw plc deferred annual equity incentive plan (the Plan). The share
awards are subject only to continuing service of the employee and are equity settled. The fair value of the awards at the date
of grant, which is estimated to be equal to the market value, is charged to the Consolidated income statement on a straight-
line basis over a three-year vesting period, with appropriate adjustments made to reflect expected or actual forfeitures.
The corresponding credit is to Other reserve.
The number of shares to be awarded is calculated by dividing the relevant amount of annual bonus under the Plan by the
average price of a share during a period determined by the Remuneration Committee of not more than five dealing days ending
with the dealing day before the award date. These shares must be purchased on the open market and cannot be satisfied by
issuance of new shares or transfer of existing treasury shares.
The Renishaw Employee Benefit Trust (EBT) is responsible for purchasing shares on the open market on behalf of the Company
to satisfy the Plan awards. These are held by the EBT until transferring to the employee, which will normally be on the third
anniversary of the award date, subject to continued employment. Malus and clawback provisions can be operated by the
Committee within five years of the award date. During the vesting period, no dividends are payable on the shares. However, upon
vesting, employees will be entitled to additional shares or cash, equivalent to the value of dividends paid on the awarded shares
during this period. This amount is accrued over the vesting period.
Own shares held are recognised as an element in equity until they are transferred at the end of the vesting period, and such
shares are excluded from earnings per share calculations.
The total cost recognised in the 2023 Consolidated income statement in respect of the Plan was \u00a3677,000 (2022: \u00a3180,000).
See note 26 for reconciliations of amounts recognised in Equity.
In accordance with the Plan, no shares (2022: \u00a31,915,000 equivalent) are to be awarded in respect of 2023. See the Directors\u2019
Remuneration Report for further details of the Plan.
25. Financial instruments
The Group has exposure to credit risk, liquidity risk and market risk arising from its use of financial instruments. This note presents
information about the Group\u2019s exposure to these risks, along with the Group\u2019s objectives, policies and processes for measuring and
managing the risks.
Accounting policy
The Group measures financial instruments such as forward exchange contracts at fair value at each balance sheet date in
accordance with IFRS 9 \u2018Financial Instruments\u2019. Fair value, as defined by IFRS 13 \u2018Fair Value Measurement\u2019, is the price that
would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the
measurement date. This note provides detail on the IFRS 13 fair value hierarchy.
Trade and other current receivables are initially recognised at fair value and are subsequently held at amortised cost less any
provision for bad and doubtful debts and expected credit losses according to IFRS 9. Loans to associates and joint ventures
are initially recognised at fair value and are subsequently held at amortised cost. Trade and other current payables are initially
recognised at fair value and are subsequently held at amortised cost.
Financial liabilities in the form of loans are initially recognised at fair value and are subsequently held at amortised cost.
Financial liabilities are assessed for embedded derivatives and whether any such derivatives are closely related. If not closely
related, such derivatives are accounted for at fair value in the Consolidated income statement.
Foreign currency derivatives are used to manage risks arising from changes in foreign currency rates relating to overseas sales
and foreign currency-denominated assets and liabilities. The Group does not enter into derivatives for speculative purposes.
Foreign currency derivatives are stated at their fair value, being the estimated amount that the Group would pay or receive to
terminate them at the balance sheet date, based on prevailing foreign currency rates.
Changes in the fair value of foreign currency derivatives which are designated and effective as hedges of future cash flows are
recognised in Other comprehensive income and in the Cash flow hedging reserve, and subsequently transferred to the carrying
amount of the hedged item or the Consolidated income statement. Realised gains or losses on cash flow hedges are therefore
recognised in the Consolidated income statement within revenue in the same period as the hedged item.
Hedge accounting is discontinued when the hedging instrument expires or when the hedging instrument or hedged item no
longer qualify for hedge accounting. If the forecast transaction is still expected to occur, but is no longer highly probable,
the cumulative gain or loss in the cash flow hedge reserve remains in that reserve until the transaction occurs. If the forecast
transaction is no longer expected to occur, the cumulative gain or loss in the cash flow hedge reserve is immediately reclassified
to the Consolidated income statement.
Changes in fair value of foreign currency derivatives, which are ineffective or do not meet the criteria for hedge accounting in
IFRS 9, are recognised in the Consolidated income statement within Gains/losses from the fair value of financial instruments.
In addition to derivatives held for cash flow hedging purposes, the Group uses short-term derivatives not designated as hedging
instruments to offset gains and losses from exchange rate movements on foreign currency-denominated assets and liabilities.
Gains and losses from currency movements on underlying assets and liabilities, realised gains and losses on these derivatives,
and fair value gains and losses on outstanding derivatives of this nature are all recognised in Financial income and expenses in
the Consolidated income statement.
Key estimate \u2013 Estimates of highly probable forecasts of the hedged item
Derivatives are effective for hedge accounting to the extent that the hedged item is \u2018highly probable\u2019 to occur, with \u2018highly
probable\u2019 indicating a much greater likelihood of occurrence than the term \u2018more likely than not\u2019. Determining a highly probable
sales forecast for Renishaw plc and Renishaw UK Sales Limited, being the hedged item, over a multiple year time period,
requires judgement of the suitability of external and internal data sources and estimations of future sales.
Fair value
There is no significant difference between the fair value of financial assets and financial liabilities and their carrying value in the
Consolidated balance sheet. All financial assets and liabilities are held at amortised cost, apart from the forward foreign currency
exchange contracts, which are held at fair value, with changes going through the Consolidated income statement unless the
contracts are subject to hedge accounting.
The fair values of the forward foreign currency exchange contracts have been calculated by a third-party expert, discounting
estimated future cash flows on the basis of market expectations of future exchange rates, representing level 2 in the IFRS 13 fair
value hierarchy. The IFRS 13 level categorisation relates to the extent the fair value can be determined by reference to comparable
market values. The classifications are: level 1 where instruments are quoted on an active market; level 2 where the assumptions
used to arrive at fair value have comparable market data; and level 3 where the assumptions used to arrive at fair value do not have
comparable market data.
Credit risk
The Group\u2019s liquid funds are substantially held with banks with high credit ratings and the credit risk relating to these funds is
therefore limited. The Group carries a credit risk relating to non-payment of trade receivables by its customers. The Group\u2019s policy
is that credit evaluations are carried out on all new customers before credit is given above certain thresholds. Risk is spread across
a large number of customers with no significant concentration with one customer or in any one geographical area. The Group
establishes an allowance for impairment in respect of trade receivables where recoverability is considered doubtful.
An analysis by currency of the Group\u2019s financial assets at the year end is as follows:
Trade & finance lease receivables Other receivables
Cash and cash equivalents and
bank deposits
Currency
2023
\u00a3\u2019000
2022
\u00a3\u2019000
2023
\u00a3\u2019000
2022
\u00a3\u2019000
2023
\u00a3\u2019000
2022
\u00a3\u2019000
Pound Sterling 17,530 21,391 20,592 19,565 161,489 201,668
US Dollar 49,609 45,433 814 867 12,465 13,965
Euro 28,418 28,314 1,433 1,568 6,481 8,712
Japanese Yen 16,555 19,480 137 457 6,481 5,720
Other 25,014 23,242 5,003 4,611 19,472 23,097
137,126 137,860 27,979 27,068 206,388 253,162
The above trade & finance lease receivables, other receivables and cash and bank deposits are predominately held in the functional
currency of the relevant entity, with the exception of \u00a319,669,000 (2022: \u00a321,271,000) of US Dollar-denominated trade receivables
being held in Renishaw (Hong Kong) Limited and \u00a31,697,000 (2022: \u00a31,852,000) of Euro-denominated trade receivables being held
in Renishaw UK Sales Limited, along with some foreign currency cash balances which are of a short-term nature.
The ageing of trade receivables past due at the end of the year was:
2023
\u00a3\u2019000
2022
\u00a3\u2019000
Past due zero to one month 11,808 9,548
Past due one to two months 3,880 3,879
Past due more than two months 9,732 5,252
Balance at the end of the year 25,420 18,679
Movements in the provision for impairment of trade receivables during the year were:
2023
\u00a3\u2019000
2022
\u00a3\u2019000
Balance at the beginning of the year 2,540 3,826
Changes in amounts provided 1,784 (834)
Amounts used (886) (452)
Balance at the end of the year 3,438 2,540
The Group applies the simplified approach when measuring the expected credit loss for trade receivables, with a provision matrix
used to determine a lifetime expected credit loss.
For this provision matrix, trade receivables are grouped into credit risk categories, with category 1 being the lowest risk and category
5 the highest. Risk scores are allocated to the customer\u2019s country of operation, their type (such as distributor, end user and OEM),
their industry and the proportion of their debt that was past due at the year-end. These scores are then weighted to produce an
overall risk score for the customer, with the lowest scores being allocated to category 1 and the highest scores to category 5.
The matrix then applies an expected credit loss rate to each category, with this rate being determined by adjusting the Group\u2019s
historic credit loss rates to reflect forward-looking information.
Where certain customers have been identified as having a significantly elevated credit risk these have been provided for on a
specific basis. Both elements of expected credit loss are shown in the matrix below and have been shown separately so as not to
distort the expected credit loss rate.
Year ended 30 June 2023
Risk category 1
\u00a3\u2019000
Risk category 2
\u00a3\u2019000
Risk category 3
\u00a3\u2019000
Risk category 4
\u00a3\u2019000
Risk category 5
\u00a3\u2019000
2023 Total
\u00a3\u2019000
Gross trade receivables 3,126 60,826 57,991 4,922 \u2013 126,865
Expected credit loss rate 0.34% 0.38% 0.41% 0.44% \u2013 0.39%
Expected credit loss allowance 11 228 240 22 \u2013 501
Specific loss allowance \u2013 219 1,313 1,405 \u2013 2,937
Total expected credit loss 11 447 1,553 1,427 \u2013 3,438
Net trade receivables 3,115 60,379 56,438 3,495 \u2013 123,427
Year ended 30 June 2022
Risk category 1
\u00a3\u2019000
Risk category 2
\u00a3\u2019000
Risk category 3
\u00a3\u2019000
Risk category 4
\u00a3\u2019000
Risk category 5
\u00a3\u2019000
2022 Total
\u00a3\u2019000
Gross trade receivables 2,742 51,598 70,298 5,453 \u2013 130,091
Expected credit loss rate 0.19% 0.20% 0.22% 0.24% \u2013 0.21%
Expected credit loss allowance 5 104 154 13 \u2013 276
Specific loss allowance \u2013 \u2013 1,502 762 \u2013 2,264
Total expected credit loss 5 104 1,656 775 \u2013 2,540
Net trade receivables 2,737 51,494 68,642 4,678 \u2013 127,551
Finance lease receivables are subject to the same approach as noted above for trade receivables.
Derivative assets are assessed based on the credit risk of the banks counterparty to the forward contracts.
Other receivables include mostly prepayments and indirect tax receivables. Prepayment balances are reviewed at each reporting
period to confirm that prepaid goods or services are still expected to be received, while tax balances are reviewed for recoverability.
Other receivables at the year end comprised:
2023
\u00a3\u2019000
2022
\u00a3\u2019000
Indirect tax receivable 9,304 9,010
Software maintenance 5,857 7,430
Grants 1,426 1,250
Other prepayments 11,392 9,378
Total other receivables 27,979 27,068
The maximum exposure to credit risk is \u00a3386,309,000 (2022: \u00a3425,211,000), comprising the Group\u2019s trade, finance and other
receivables, cash and cash equivalents and derivative assets.
The maturities of non-current other receivables, being only derivatives, at the year end were:
2023
\u00a3\u2019000
2022
\u00a3\u2019000
Receivable between one and two years 9,443 \u2013
Receivable between two and five years \u2013 \u2013
9,443 \u2013
Liquidity risk
Our approach to managing liquidity is to ensure, as far as possible, that we will always have sufficient liquidity to meet our liabilities
when due, without incurring unacceptable losses or risking damage to the Group\u2019s reputation. We use monthly cash flow forecasts
on a rolling 12-month basis to monitor cash requirements.
With cash and cash equivalents and bank deposits at 30 June 2023 totalling \u00a3206,388,000 and \u00a384,297,000 cash flows generated
from operating activities in the period, the Group remains in a strong liquidity position.
In respect of cash and cash equivalents and bank deposits, the carrying value is materially the same as fair value because of the
short maturity of the bank deposits. Bank deposits are affected by interest rates that are either fixed or floating, which can change
over time, affecting the Group\u2019s interest income. An increase of 1% in interest rates would result in an increase in interest income of
approximately \u00a31,250,000.
The contractual maturities of financial liabilities at the year end were:
Contractual cash flows
Year ended 30 June 2023
Carrying
amount
\u00a3\u2019000
Effect of
discounting
\u00a3\u2019000
Gross
maturities
\u00a3\u2019000
Up to 1 year
\u00a3\u2019000
1\u20132 years
\u00a3\u2019000
2\u20135 years
\u00a3\u2019000
Trade payables 21,551 \u2013 21,551 21,551 \u2013 \u2013
Other payables 48,130 \u2013 48,130 48,130 \u2013 \u2013
Borrowings 4,694 36 4,730 4,730 \u2013 \u2013
Forward exchange contracts 5,209 \u2013 5,209 5,089 120 \u2013
79,584 36 79,620 79,500 120 \u2013
Contractual cash flows
Year ended 30 June 2022
Carrying amount
\u00a3\u2019000
Effect of
discounting
\u00a3\u2019000
Gross
maturities
\u00a3\u2019000
Up to 1 year
\u00a3\u2019000
1\u20132 years
\u00a3\u2019000
2\u20135 years
\u00a3\u2019000
Trade payables 30,947 \u2013 30,947 30,947 \u2013 \u2013
Other payables 51,949 \u2013 51,949 51,949 \u2013 \u2013
Borrowings 6,079 82 6,161 926 5,235 \u2013
Forward exchange contracts 27,353 \u2013 27,353 17,890 9,463 \u2013
116,328 82 116,410 101,712 14,698 \u2013
Market risk
As noted in the Strategic Report under Principal risks and uncertainties, the Group operates in several foreign currencies with the
majority of sales being made in these non-Sterling currencies, but with most manufacturing being undertaken in the UK, Ireland
and India.
A large proportion of sales are made in US Dollar, Euro and Japanese Yen, therefore the Group enters into US Dollar, Euro and
Japanese Yen derivative financial instruments to manage its exposure to foreign currency risk, including:
i. forward foreign currency exchange contracts to hedge a significant proportion of the Group\u2019s forecasted US Dollar, Euro and
Japanese Yen revenues over the next 24 months;
ii. foreign currency option contracts, entered into alongside the forward contracts above until May 2018 as part of the Group hedging
strategy, are ineffective for cash flow hedging purposes. Note 29, \u2018Alternative performance measures\u2019, gives an adjusted measure
of profit before tax to reflect the original intention that these derivatives were entered into for hedging purposes. The final option
contract matured in November 2021; and
iii. one-month forward foreign currency exchange contracts to offset the gains/losses from exchange rate movements arising from
foreign currency-denominated intragroup balances of the Company.
The amounts of foreign currencies relating to these forward contracts and options are, in Sterling terms:
2023 2022
Nominal value
\u00a3\u2019000
Fair value
\u00a3\u2019000
Nominal value
\u00a3\u2019000
Fair value
\u00a3\u2019000
US Dollar 345,010 5,009 306,270 (26,249)
Euro 179,992 1,389 129,799 1,711
Japanese Yen 30,318 3,209 37,941 4,306
555,320 9,607 474,010 (20,232)
The following are the exchange rates which have been applicable during the financial year:
2023 2022
Currency
Average
forward
contract rate
Year end
exchange
rate
Average
exchange
rate
Average
forward
contract rate
Year end
exchange
rate
Average
exchange
rate
US Dollar 1.24 1.27 1.21 1.34 1.22 1.33
Euro 1.13 1.16 1.15 1.12 1.16 1.18
Japanese Yen 141 183 166 132 165 156
Hedging
In relation to the forward currency contracts in a designated cash flow hedge, the hedged item is a layer component of forecast
sales transactions. Forecast transactions are deemed highly probable to occur and Group policy is to hedge around 75% of net
foreign currency exposure for USD, EUR and JPY. The hedged item creates an exposure to receive USD, EUR or JPY, while the
forward contract is to sell USD, EUR or JPY and buy GBP. Therefore, there is a strong economic relationship between the hedging
instrument and the hedged item. The hedge ratio is 100%, such that, by way of example, \u00a310m nominal value of forward currency
contracts are used to hedge \u00a310m of forecast sales. Fair value gains or losses on the forward currency contracts are offset by
foreign currency gain or losses on the translation of USD, EUR and JPY based sales revenue, relative to the forward rate at the
date the forward contracts were arranged. Foreign currency exposures in HKD and USD are aggregated and only USD forward
currency contracts are used to hedge these currency exposures. Sources of hedge ineffectiveness according to IFRS 9 Financial
Instruments include:
\u2013 changes in timing of the hedged item;
\u2013 reduction in the amount of the hedged sales considered to be highly probable;
\u2013 a change in the credit risk of Renishaw or the bank counterparty to the forward contract; and
\u2013 differences in assumptions used in calculating fair value.
During 2020, global macroeconomic uncertainty resulted in a reduction to the \u2018highly probable\u2019 revenue forecasts of Renishaw
plc and Renishaw UK Sales Limited, being the hedged item, which resulted in proportions of forward contracts failing hedge
effectiveness testing, with nominal value amounting to \u00a3247,547,000. These contracts have matured in the periods since, and the
remaining nominal value of ineffective forward contracts at 30 June 2023 was nil (2022: \u00a363,045,000). Fair value gains of \u00a35,504,000
(2022: \u00a38,349,000 losses) recognised in the Consolidated income statement relate to the unwinding of the mark-to-market valuations
of the ineffective contracts.
No contracts have become ineffective during the period. A decrease of 10% in the highly probable forecasts would result in around
\u00a330,000,000 nominal value of forward contracts becoming ineffective.
For both the Group and the Company, the following table details the fair value of these forward foreign currency derivatives
according to the categorisations of instruments noted on page 187:
2023 2022
Nominal value
\u00a3\u2019000
Fair value
\u00a3\u2019000
Nominal value
\u00a3\u2019000
Fair value
\u00a3\u2019000
Forward currency contracts in a designated cash flow hedge (i)
Non-current derivative assets 268,908 9,443 \u2013 \u2013
Current derivative assets 118,271 4,461 77,460 7,077
Current derivative liabilities 109,434 (5,048) 128,950 (12,046)
Non-current derivative liabilities 21,148 (120) 179,149 (9,463)
517,761 8,736 385,559 (14,432)
Amounts recognised in the Consolidated statement of
comprehensive income and expense \u2013 23,167 \u2013 28,423
Forward currency contracts ineffective as a cash flow hedge (i)
Current derivative liabilities \u2013 \u2013 63,045 (5,504)
Amounts recognised in Losses from the fair value of financial instruments in
the Consolidated income statement \u2013 (1,399) \u2013 (11,551)
Foreign currency options ineffective as a cash flow hedge (ii)
Amounts recognised in Losses from the fair value of financial instruments in
the Consolidated income statement \u2013 \u2013 \u2013 1,138
Forward currency contracts not in a designated cash flow hedge (iii)
Current derivative assets 17,134 912 4,880 44
Current derivative liabilities 20,425 (41) 20,526 (340)
37,559 871 25,406 (296)
Amounts recognised in Financial income/(expense) in the
Consolidated income statement \u2013 1,728 \u2013 98
Total forward contracts and options
Non-current derivative assets 268,908 9,443 \u2013 \u2013
Current derivative assets 135,405 5,373 82,340 7,121
Current derivative liabilities 129,859 (5,089) 212,521 (17,890)
Non-current derivative liabilities 21,148 (120) 179,149 (9,463)
555,320 9,607 474,010 (20,232)
The total losses recognised in Revenue in the Consolidated income statement relating to cash flow hedges previously recognised
through other comprehensive income amounted to \u00a321,553,000 (2022: \u00a33,385,000).
For the Group\u2019s foreign currency forward contracts at the balance sheet date, if Sterling appreciated by 5% against the US Dollar,
Euro and Japanese Yen, this would increase pre-tax equity by \u00a324,655,000 and increase profit before tax by \u00a31,789,000, while a
depreciation of 5% would decrease pre-tax equity by \u00a327,251,000 and decrease profit before tax by \u00a31,977,000.
26. Share capital and reserves
The Group defines capital as being the equity attributable to the owners of the Company, which is captioned on the Consolidated
balance sheet. The Board\u2019s policy is to maintain a strong capital base, ensuring the security of the Group, and to maintain a balance
between significant returns to shareholders, with a progressive dividend policy. This note presents figures relating to this capital
management, along with an analysis of all elements of Equity attributable to shareholders and non-controlling interests.
Share capital
2023
\u00a3\u2019000
2022
\u00a3\u2019000
Allotted, called-up and fully paid 72,788,543 ordinary shares of 20p each 14,558 14,558
The ordinary shares are the only class of share in the Company. Holders of ordinary shares are entitled to vote at general meetings
of the Company and receive dividends as declared. The Articles of Association of the Company do not contain any restrictions on
the transfer of shares nor on voting rights.
Dividends paid
Dividends paid comprised:
2023
\u00a3\u2019000
2022
\u00a3\u2019000
2022 final dividend paid of 56.6p per share (2021: 52.0p) 41,190 37,850
Interim dividend paid of 16.8p per share (2022: 16.0p) 12,217 11,644
Total dividends paid 53,407 49,494
A final dividend of 59.4p per share is proposed in respect of 2023, which will be payable on 7 December 2023 to shareholders on
the register on 3 November 2023.
Own shares held
The EBT is responsible for purchasing shares on the open market on behalf of the Company to satisfy the Plan awards, see note 24
for further detail. Own shares held are recognised as an element in equity until they are transferred at the end of the vesting period.
Movements during the year were:
2023
\u00a3\u2019000
2022
\u00a3\u2019000
Balance at the beginning of the year (750) (404)
Disposal of own shares on vesting of awards \u2013 404
Acquisition of own shares (2,213) (750)
Balance at the end of the year 2,963 (750)
In November 2021, 14,396 shares were purchased on the open market by the EBT at a price of \u00a352.10, costing a total of \u00a3750,017.
The fair value of these awards at the grant date, being 28 October 2021, was \u00a3734,317. These shares will vest on 28 October 2024,
with no forfeitures expected at 30 June 2023.
In November 2022, 54,582 shares were purchased on the open market by the EBT at a price of \u00a340.24, costing a total of \u00a32,212,831.
The fair value of these awards at the grant date, being 26 October 2022, was \u00a31,915,000. These shares will vest on 26 October
2025, with no forfeitures expected at 30 June 2023.
Other reserve
The other reserve relates to share-based payments charges according to IFRS 2 in relation to the Plan, along with historical amounts
relating to investments in subsidiary undertakings not eliminated on consolidation.
Movements during the year were:
2023
\u00a3\u2019000
2022
\u00a3\u2019000
Balance at the beginning of the year (180) 44
Share-based payments charge in respect of shares vesting in 2022 \u2013 16
Transfer of own shares on vesting of awards \u2013 (404)
Share-based payments charge in respect of shares vesting in 2024 245 164
Share-based payments charge in respect of shares vesting in 2025 432 \u2013
Balance at the end of the year 497 (180)
Currency translation reserve
The currency translation reserve comprises all foreign exchange differences arising from the translation of the financial statements of
the overseas operations and currency movements on intragroup loan balances classified as net investments in overseas operations.
Movements during the year were:
2023
\u00a3\u2019000
2022
\u00a3\u2019000
Balance at the beginning of the year 14,459 3,719
(Loss)/gain on net assets of foreign currency operations (5,905) 3,529
Transfer of accumulated loss relating to net assets of Russian operation \u2013 575
(Loss)/gain on intragroup loans classified as net investments in foreign operations (2,095) 8,047
Tax on translation of net investments in foreign operations 313 (1,529)
(Loss)/gain in the year relating to subsidiaries (7,687) 10,622
Currency exchange differences relating to joint ventures \u2013 118
Balance at the end of the year 6,772 14,459
See note 5 for further information on intragroup loans classified as net investments.
Cash flow hedging reserve
The cash flow hedging reserve, for both the Group and the Company, comprises all foreign exchange differences arising from the
valuation of forward exchange contracts which are effective hedges and mature after the year end. These are valued on a mark-to-
market basis, are accounted for in Other comprehensive income and expense and accumulated in Equity, and are recycled through
the Consolidated income statement and Company income statement when the hedged item affects the income statement, or when
the hedging relationship ceases to be effective. See note 25 for further detail.
Movements during the year were:
2023
\u00a3\u2019000
2022
\u00a3\u2019000
Balance at the beginning of the year (10,923) 11,345
Losses on contract maturity recognised in revenue during the year (21,553) (3,385)
Revaluations during the year 44,720 (25,038)
Deferred tax movement (5,692) 6,155
Balance at the end of the year 6,552 (10,923)
Non-controlling interest
Movements during the year were:
2023
\u00a3\u2019000
2022
\u00a3\u2019000
Balance at the beginning of the year (577) (577)
Share of profit for the year \u2013 \u2013
Balance at the end of the year (577) (577)
The non-controlling interest represents the minority shareholdings in Renishaw Diagnostics Limited \u2013 7.6%.
27. Capital commitments
At the end of a financial year, we typically have obligations to make payments in the future, for which no provision is made in the
financial statements. In 2022, we committed to the expansion of one of our production facilities in Wales, UK, which is expected to
cost an additional \u00a335m over the next year.
Authorised and committed capital expenditure at the end of the year were:
2023
\u00a3\u2019000
2022
\u00a3\u2019000
Freehold land and buildings 35,607 65,328
Plant and equipment 11,423 22,760
Motor vehicles 14 319
Total committed capital expenditure 47,044 88,407
28. Related parties
We report our two joint venture companies, RLS Merilna tehnika d.o.o. and Metrology Software Products Limited, as related parties.
Joint ventures and other related parties had the following transactions and balances with the Group:
2023
\u00a3\u2019000
2022
\u00a3\u2019000
Purchased goods and services from the Group during the year 117 553
Sold goods and services to the Group during the year 24,271 29,355
Paid dividends to the Group during the year 924 525
Amounts owed to the Group at the year end 35 1
Amounts owed by the Group at the year end 2,837 3,950
Loans owed to the Group at the year end \u2013 350
There were no bad debts relating to related parties written off during 2023 or 2022.
By virtue of their long-standing voting agreement, Sir David McMurtry (Executive Chairman 36.23% shareholder) and John Deer
(Non-executive Deputy Chairman, together with his wife, 16.59%), are the ultimate controlling party of the Group. See page 137
of the Governance Report for further details in relation to this. The only significant transactions between the Group and these parties
are in relation to their respective remuneration, as detailed in the Governance Report.
29. Alternative performance measures
There are sometimes infrequently occurring events which impact our financial statements, recognised according to applicable IFRS,
that we believe should be excluded from adjusted performance measures to give readers additional useful and comparable views of
our underlying performance.
In accordance with Renishaw\u2019s alternative performance measures (APMs) policy and ESMA Guidelines on Alternative Performance
Measures (2015), APMs we use are Revenue at constant exchange rates, Adjusted profit before tax, Adjusted earnings per share,
and Adjusted operating profit.
Revenue at constant exchange rates is defined as revenue recalculated using the same rates as were applicable to the previous
year and excluding forward contract gains and losses.
Revenue at constant exchange rates:
2023
\u00a3\u2019000
2022
\u00a3\u2019000
Statutory revenue as reported 688,573 671,076
Adjustment for forward contract gains 7,815 (744)
Adjustment to restate current year at previous year exchange rates (33,549) \u2013
Revenue at constant exchange rates 662,839 670,332
Year-on-year revenue growth at constant exchange rates -1.1% \u2013
Year-on-year revenue growth at constant exchange rates for 2022 was +18.3%.
Adjusted profit before tax, Adjusted earnings per share and Adjusted operating profit are defined as the profit before tax, earnings
per share and operating profit after excluding:
\u2013 costs relating to a revision to a provision made in 2020 relating to restructuring (a);
\u2013 third-party costs relating to the formal sales process (\u2018FSP\u2019) (b);
\u2013 a UK defined benefit pension scheme past service cost (c);
\u2013 a US defined benefit pension scheme past service cost (d); and
\u2013 gains and losses in fair value from forward currency contracts which did not qualify for hedge accounting and which have yet to
mature (e).
a) Restructuring costs, where applicable during a year, are reported separately in the Consolidated income statement and excluded
from adjusted measures on the basis that they relate to matters that do not frequently recur. During 2022, a revised estimate of a
warranty provision relating to restructuring in 2020 resulted in a reduction to this provision of \u00a31,688,000, then in 2023 a further
revision resulted in a reduction of \u00a3717,000. As this provision was initially excluded from adjusted measures, the revised estimates
have also been excluded.
b) Third-party legal and advisory costs relating to the 2021 FSP were excluded from adjusted measures in 2021. During 2022,
\u00a3200,000 was released from an accrual made in respect of these costs relating to indirect tax, which was also excluded in the
previous year.
c) In 2022, the Company agreed to an augmentation of UK defined benefit pension scheme members\u2019 benefits. This was effected
in the scheme Rules through a Deed of Amendment to the Trust Deed and Rules, signed by the Trustees and Company on 20 June
2022, therefore relates to a matter which is not expected to frequently recur. The impact on liabilities of this plan amendment, totalling
\u00a311,695,000, were recognised as a past service cost, reported separately in the Consolidated income statement and excluded from
adjusted profit measures.
d) In 2023, a termination of the US plan (other than distribution of surplus) was completed, with most members opting for lump sum
payments. It was agreed that the surplus will be distributed to qualifying scheme members. Accordingly, the surplus of \u00a32,139,000
has been treated as an augmentation to member benefits, reported separately in the Consolidated income statement and excluded
from adjusted profit measures. See note 23 for further detail.
e) From 2017, the gains and losses from the fair value of financial instruments not effective for cash flow hedging have been
excluded from statutory profit before tax, statutory earnings per share and statutory operating profit in arriving at Adjusted profit
before tax, Adjusted earnings per share and Adjusted operating profit to reflect the Board\u2019s intent that the instruments would provide
effective hedges. This is classified as \u2018Fair value (gains)/losses on financial instruments not eligible for hedge accounting (i)\u2019 in the
following reconciliations. The amounts shown as reported in revenue represent the amount by which revenue would change had all
the derivatives qualified as eligible for hedge accounting.
Gains and losses which recycle through the Consolidated income statement as a result of contracts deemed ineffective during 2020,
as described in note 25, are also excluded from adjusted profit measures, on the basis that all forward contracts are still expected to
be effective hedges for Group revenue. This is classified as \u2018Fair value (gains)/losses on financial instruments not eligible for hedge
accounting (ii)\u2019 in the following reconciliations.
The Board considers these alternative performance measures to be additional useful measures to analyse the underlying
performance of the Group.
Adjusted profit before tax:
2023
\u00a3\u2019000
2022
\u00a3\u2019000
Statutory profit before tax 145,065 145,586
Revised estimate of 2020 restructuring provisions (717) (1,688)
Third-party FSP costs \u2013 (200)
UK defined benefit pension scheme past service cost \u2013 11,695
US defined benefit pension scheme past service cost 2,139 \u2013
Fair value (gains)/losses on financial instruments not eligible for hedge accounting (i):
\u2013 reported in revenue \u2013 2,621
\u2013 reported in (gains)/losses from the fair value of financial instruments \u2013 (1,138)
Fair value (gains)/losses on financial instruments not eligible for hedge accounting (ii):
\u2013 reported in revenue (6,903) (4,685)
\u2013 reported in (gains)/losses from the fair value of financial instruments 1,399 11,551
Adjusted profit before tax 140,983 163,742
Adjusted earnings per share:
2023
pence
2022
pence
Statutory earnings per share 159.7 165.4
Revised estimate of 2020 restructuring provisions (0.8) (0.3)
Third-party FSP costs \u2013 (1.9)
UK defined benefit pension scheme past service cost \u2013 13.0
US defined benefit pension scheme past service cost 2.2 \u2013
Fair value (gains)/losses on financial instruments not eligible for hedge accounting (i):
\u2013 reported in revenue \u2013 2.9
\u2013 reported in (gains)/losses from the fair value of financial instruments \u2013 (1.3)
Fair value (gains)/losses on financial instruments not eligible for hedge accounting (ii):
\u2013 reported in revenue (7.5) (5.2)
\u2013 reported in (gains)/losses from the fair value of financial instruments 1.5 12.9
Adjusted earnings per share 155.1 185.5
Adjusted operating profit:
2023
\u00a3\u2019000
2022
\u00a3\u2019000
Statutory operating profit 134,489 143,250
Revised estimate of 2020 restructuring provisions (717) (1,688)
Third-party FSP costs \u2013 (200)
UK defined benefit pension scheme past service cost \u2013 11,695
US defined benefit pension scheme past service cost 2,139 \u2013
Fair value (gains)/losses on financial instruments not eligible for hedge accounting (i):
\u2013 reported in revenue \u2013 2,621
\u2013 reported in (gains)/losses from the fair value of financial instruments \u2013 (1,138)
Fair value (gains)/losses on financial instruments not eligible for hedge accounting (ii):
\u2013 reported in revenue (6,903) (4,685)
\u2013 reported in (gains)/losses from the fair value of financial instruments 1,399 11,551
Adjusted operating profit 130,407 161,406
Adjustments to the segmental operating profit:
Manufacturing technologies
2023
\u00a3\u2019000
2022
\u00a3\u2019000
Operating profit before losses from fair value of financial instruments and
UK and US defined benefit pension schemes\u2019 past service cost 132,843 162,549
Revised estimate of 2020 restructuring provisions (717) (1,688)
Third-party FSP costs \u2013 (197)
Fair value (gains)/losses on financial instruments not eligible for hedge accounting (i):
\u2013 reported in revenue \u2013 2,576
Fair value (gains)/losses on financial instruments not eligible for hedge accounting (ii):
\u2013 reported in revenue (6,644) (4,605)
Adjusted manufacturing technologies operating profit 125,482 158,635
Analytical instruments and medical devices
2023
\u00a3\u2019000
2022
\u00a3\u2019000
Operating profit before losses from fair value of financial instruments and
UK and US defined benefit pension schemes\u2019 past service cost 5,184 2,809
Third-party FSP costs \u2013 (3)
Fair value (gains)/losses on financial instruments not eligible for hedge accounting (i):
\u2013 reported in revenue \u2013 45
Fair value (gains)/losses on financial instruments not eligible for hedge accounting (ii):
\u2013 reported in revenue (259) (80)
Adjusted analytical instruments and medical devices operating profit 4,925 2,771
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory",
"language": "en",
"entity": "scheme:21380048ADXM6Z67CT18",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-487": {
"value": "1. Accounting policies This section sets out our significant accounting policies that relate to the financial statements as a whole, along with the critical accounting judgements and estimates that management has identified as having a potentially material impact on the Group\u2019s consolidated financial statements. Where an accounting policy is applicable to a specific note in the financial statements, the policy is described within that note. Basis of preparation Renishaw plc (the Company) is a company incorporated in England and Wales. The Group financial statements consolidate those of the Company and its subsidiaries (together referred to as the Group, and \u2018we\u2019) and equity account the Group\u2019s interest in joint ventures. The parent company financial statements present information about the Company as a separate entity and not about the Group. The Group financial statements have been prepared and approved by the Directors in accordance with UK-adopted International Accounting Standards (IAS). The parent company financial statements have been prepared in accordance with Financial Reporting Standard 101 \u2018Reduced Disclosure Framework\u2019. The consolidated financial statements are presented in Sterling, which is the Company\u2019s functional currency and the Group\u2019s presentational currency, and all values are rounded to the nearest thousand (\u00a3\u2019000). The accounting policies set out below have, unless otherwise stated, been applied consistently to all periods presented in these Group financial statements. Judgements made by the Directors, in the application of these accounting policies, that have a significant effect on the financial statements and estimates with a significant risk of material adjustment in the next year are noted on page 161. Basis of consolidation Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to or has rights to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. In assessing control, the Group takes into consideration potential voting rights that are exercisable. The acquisition date is the date on which control is transferred to the acquirer. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. Losses applicable to the non-controlling interests in a subsidiary are allocated to the non-controlling interests even if doing so causes the non-controlling interests to have a deficit balance. Joint ventures are accounted for using the equity method (equity-accounted investees) and are initially recognised at cost. The Group\u2019s investment includes goodwill identified on acquisition, net of any accumulated impairment losses. The consolidated financial statements include the Group\u2019s share of the total comprehensive income and equity movements of equity accounted investees, from the date that significant influence commences until the date that significant influence ceases. When the Group\u2019s share of losses exceeds its interest in an equity accounted investee, the Group\u2019s carrying amount is reduced to nil and recognition of further losses is discontinued (except to the extent that the Group has incurred legal obligations or made payments on behalf of an investee). Intragroup balances and transactions, and any unrealised income and expenses arising from intragroup transactions, are eliminated on consolidation. Unrealised gains arising from transactions with equity accounted investees are eliminated against the investment to the extent of the Group\u2019s interest in the investee. Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment. Foreign currencies On consolidation, overseas subsidiaries\u2019 results are translated into Sterling at weighted average exchange rates for the year by translating each overseas subsidiary\u2019s monthly results at exchange rates applicable to each of the respective months. Assets and liabilities denominated in foreign currencies at the balance sheet date are translated into Sterling at the foreign exchange rates prevailing at that date. Differences on exchange resulting from the translation of overseas assets and liabilities are recognised in Other comprehensive income and are accumulated in equity. Monetary assets and liabilities denominated in foreign currencies are reported at the rates prevailing at the time, with any gain or loss arising from subsequent exchange rate movements being included as an exchange gain or loss in the Consolidated income statement. Foreign currency differences arising from transactions are recognised in the Consolidated income statement. New, revised or changes to existing accounting standards The following accounting standard amendments became effective as at 1 January 2022 and have been adopted in the preparation of these financial statements, with effect from 1 July 2022: \u2013 amendments to IFRS 3, References to the Conceptual Framework; \u2013 amendments to IAS 16, Property, Plant and Equipment - Proceeds before Intended Use; and \u2013 amendments to IAS 37, Onerous Contracts - Costs of Fulfilling a Contract. These have not had a material effect on these financial statements. At the date of these financial statements, the following amendments that are potentially relevant to the Group, and which have not been applied in these financial statements, were in issue but not yet effective: \u2013 amendments to IAS 1, Classification of Liabilities as Current or Non-current (not yet endorsed by the UK); \u2013 amendments to IAS 1 and IFRS Practice Statement 2, Disclosure of Accounting Policies; \u2013 amendments to IAS 7, Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures (not yet endorsed by the UK); \u2013 amendments to IAS 8, Definition of Accounting Estimates; \u2013 amendments to IAS 12, International Tax Reform Pillar Two Model Rules; \u2013 amendments to IAS 12, Deferred Tax related to Assets and Liabilities arising from a Single Transaction; and \u2013 amendments to IFRS 16, Lease Liability in a Sale and Leaseback. The adoption of these Standards and Interpretations in future periods is not expected to have a material impact on the financial statements of the Group. The Finance (No 2) Bill 2023, that includes Pillar Two legislation, was substantively enacted on 20 June 2023 for IFRS purposes. As permitted by the amendments to IAS 12 International Tax Reform Pillar Two Model Rules the Group has applied the exemption from recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes. Alternative performance measures The financial statements are prepared in accordance with adopted IFRS and applied in accordance with the provisions of the Companies Act 2006. In measuring our performance, the financial measures that we use include those which have been derived from our reported results, to eliminate factors which distort year-on-year comparisons. These are considered non-GAAP financial measures. We believe this information, along with comparable GAAP measurements, is useful to stakeholders in providing a basis for measuring our operational performance. The Board use these financial measures, along with the most directly comparable GAAP financial measures, in evaluating our performance (see note 29). Separately disclosed items The Directors consider that certain items should be separately disclosed to aid understanding of the Group\u2019s performance. Gains and losses from the fair value of financial instruments are therefore separately disclosed in the Consolidated income statement, where these gains and losses relate to certain forward currency contracts that are not effective for hedge accounting. Restructuring costs are also separately disclosed where significant costs have been incurred in rationalising and reorganising our business as part of a Board-approved initiative, and relate to matters that do not frequently recur. During the period, a change to the US defined benefit pension scheme rules, per note 23, resulted in a significant non-recurring amount being recognised in the Consolidated income statement. In the previous period, a change to the UK defined benefit pension scheme rules resulted in a significant non-recurring amount being recognised in the Consolidated income statement. These have also been separately disclosed. These items are also excluded from Adjusted profit before tax, Adjusted operating profit and Adjusted earnings per share measures, as explained in note 29 Alternative performance measures. Critical accounting judgements and estimation uncertainties The preparation of financial statements in conformity with UK-adopted IAS requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and other factors that are believed to be reasonable under the circumstances. The results of this form the basis of making judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may therefore differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. The areas of key estimation uncertainty and critical accounting judgement that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities in the next financial year are summarised below, with further details included within accounting policies as indicated. Item Key judgements (J) and estimates (E) Page Taxation E \u2013 Estimates of future profits to use deferred tax assets 166 Research and development costs J \u2013 Whether a project meets the criteria for capitalisation 172 Goodwill and capitalised development costs E \u2013 Estimates of future cash flows for impairment testing 172 Inventories E \u2013 Determination of net realisable value 177 Defined benefit pension schemes E \u2013 Valuation of defined benefit pension schemes\u2019 liabilities 180 Cash flow hedges E \u2013 Estimates of highly probable forecasts of the hedged item 184 Climate change We have considered the potential effect of physical and transitional climate change risks when preparing these consolidated financial statements and have also considered the effect of our own Net Zero commitments. Our consideration of the potential effect of climate change on these consolidated financial statements included reviewing: \u2013 discounted cashflow forecasts, used in accounting for goodwill, capitalised development costs, and deferred tax assets; \u2013 useful economic lives and residual values of property, plant and equipment; \u2013 planned use of right-of-use assets; and \u2013 expected demand for inventories. We also considered the estimated capital expenditure needed in the next five years to deliver our Net Zero plan. Overall, we do not believe that climate change has a material effect on our accounting judgements and estimates, nor in the carrying value of assets and liabilities in the consolidated financial statements for the year ended 30 June 2023. We will continue to review the effect of climate change on financial statements in the future, and update our accounting and disclosures as the position changes. Going concern In preparing these financial statements, the Directors have adopted the going concern basis. The decision to adopt the going concern basis was made after considering: \u2013 the Group\u2019s business model and key markets, as set out on pages 20 to 21 and 32 to 33 respectively; \u2013 the Group\u2019s risk management processes and principal risks, disclosed on pages 48 \u2013 59; \u2013 the Group\u2019s financial resources and strategies (pages 62 \u2013 84); and \u2013 the process undertaken to review the Group\u2019s viability, including scenario testing, as set out on pages 60 \u2013 61. The financial models for the viability review were based on the pessimistic version of the five-year business plan, but covering a period to 30 September 2026. For context, revenue in the first year of this pessimistic base scenario is similar to FY2023 revenue of \u00a3688.6m, while costs and other cash outflows still reflect ambitious growth plans. In the going concern assessment, the Directors reviewed this same version of the plan but to 30 September 2024, as well as the \u2018severe but plausible\u2019 scenarios used in the viability review, again to 30 September 2024. These scenarios reflected a significant reduction in revenue, a significant increase in costs, and a third scenario incorporating both a reduction to revenue and an increase in costs but to a less degree than the first two scenarios. In each scenario the Group\u2019s cash balances remained positive throughout the period to 30 September 2024. The Directors also reviewed a reverse stress test for the period to 30 September 2024, identifying what would need to happen in this period for the Group to deplete its cash and cash equivalents and bank deposit balances. This identified a trading level so low (between 50 and 60% of FY2023 revenue) that the Directors feel that the events that could trigger this would be remote. The Directors also concluded that the risk of a one-off cash outflow that would exhaust the Group\u2019s cash and cash equivalents and bank deposits balances in the assessment period was also remote. Based on this assessment, incorporating a review of the current position, the scenarios, the principal risks and mitigation, the Directors have a reasonable expectation that the Group will be able to continue operating and meet its liabilities as they fall due over the period to 30 September 2024. Accounting policy The Group generates revenue from the sale of goods, capital equipment and services. These can be sold both on their own and together. a) Sale of goods, capital equipment and services The Group\u2019s contracts with customers consist both of contracts with one performance obligation and contracts with multiple performance obligations. For contracts with one performance obligation, revenue is measured at the transaction price, which is typically the contract value except for customers entitled to volume rebates, and recognised at the point in time when control of the product transfers to the customer. This point in time is typically when the products are made available for collection by the customer, collected by the shipping agent, or delivered to the customer, depending upon the shipping terms applied to the specific contract. Contracts with multiple performance obligations typically exist where, in addition to supplying products, we also supply services such as user training, servicing and maintenance, and installation. Where the installation service is simple, does not include a significant integration service and could be performed by another party then the installation is accounted for as a separate performance obligation. Where the contracts include multiple performance obligations, the transaction price is allocated to each performance obligation based on the relative stand-alone selling prices. The revenue allocated to each performance obligation is then recognised when, or as, that performance obligation is satisfied. For installation, this is typically at the point in time in which installation is complete. For training, this is typically the point in time at which training is delivered. For servicing and maintenance, the revenue is recognised evenly over the course of the servicing agreement except for ad-hoc servicing and maintenance which is recognised at the point in time in which the work is undertaken. b) Sale of software The Group provides software licences and software maintenance to customers, sold both on their own and together with associated products. For software licences, where the licence and/or maintenance is provided as part of a contract that provides customers with software licences and other goods and services then the transaction price is allocated on the same basis as described in a) above. The Group\u2019s distinct software licences provide a right of use, and therefore revenue from software licences is recognised at the point in time in which the licence is supplied to the customer. Revenue from software maintenance is recognised evenly over the term of the maintenance agreement. c) Extended warranties The Group provides standard warranties to customers that address potential latent defects that existed at point of sale and as required by law (assurance-type warranties). In some contracts, the Group also provides warranties that extend beyond the standard warranty period and may be sold to the customer (service-type warranties). Assurance-type warranties are accounted for by the Group under IAS 37 \u2018Provisions, Contingent Liabilities and Contingent Assets\u2019. Service-type warranties are accounted for as separate performance obligations and therefore a portion of the transaction price is allocated to this element, and then recognised evenly over the period in which the service is provided. d) Contract balances Contract assets represent the Group\u2019s right to consideration in exchange for goods, capital equipment and/or services that have been transferred to a customer, and mainly includes accrued revenue in respect of goods and services provided to a customer but not yet fully billed. Contract assets are distinct from receivables, which represent the Group\u2019s right to consideration that is unconditional. Contract liabilities represent the Group\u2019s obligation to transfer goods, capital equipment and/or services to a customer for which the Group has either received consideration or consideration is due from the customer. e) Disaggregation of revenue The Group disaggregates revenue from contracts with customers between: goods, capital equipment and installation, and aftermarket services; operating segment; and geographical location. Management believe these categories best depict how the nature, amount, timing and uncertainty of the Group\u2019s revenue is affected by economic factors. Accounting policy Tax on the profit for the year comprises current and deferred tax. Tax is recognised in the Consolidated income statement except to the extent that it relates to items recognised directly in Other comprehensive income, in which case it is recognised in the Consolidated statement of comprehensive income and expense. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in previous years. Deferred tax is provided on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: \u2013 the initial recognition of goodwill; \u2013 the initial recognition of assets or liabilities that affect neither accounting nor taxable profit other than in a business combination; and \u2013 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 balance sheet date. Key estimate \u2013 Estimates of future profits to support the recognition of deferred tax assets Deferred tax assets are recognised to the extent it is probable that future taxable profits (including the future release of deferred tax liabilities) will be available, against which the deductible temporary differences can be used, based on management\u2019s assumptions relating to the amounts and timing of future taxable profits. Estimates of future profitability on an entity basis are required to ascertain whether it is probable that sufficient taxable profits will arise to support the recognition of deferred tax assets relating to the corresponding entity. Accounting policy Freehold land is not depreciated. Other assets are stated at cost less accumulated depreciation and accumulated impairment losses, if any. Depreciation is provided to write off the cost of assets less their estimated residual value on a straight-line basis over their estimated useful economic lives as follows: freehold buildings, 50 years; plant and equipment, 3 to 25 years; and vehicles, 3 to 4 years. Accounting policy At the commencement date of a lease arrangement the Group recognises a right-of-use asset for the leased item and a lease liability for any payments due. Right-of-use assets are initially measured at cost, being the present value of the lease liability plus any initial costs incurred in entering the lease and less any incentives received. See note 21 for further detail on lease liabilities. Right-of-use assets are subsequently depreciated on a straight-line basis from the commencement date to the earlier of the end of the useful life or the end of the lease term. Accounting policy Where property owned by the Group is deemed to be held to earn rentals or for long-term capital appreciation it is recognised as investment property. Where a property is part-occupied by the Group, portions of the property are recognised as investment property if they meet the above description and if these portions could be sold separately and reliably measured. If the portions could not be sold separately, the property is recognised as an investment property only if a significant proportion is held for rental or appreciation purposes. The Group has elected to value investment properties on a cost basis, initially comprising an investment property\u2019s purchase price and any directly attributable expenditure. Depreciation is provided to write off the cost of assets on a straight-line basis over their estimated useful economic lives, being 50 years. Amounts relating to freehold land is not depreciated. Accounting policy Goodwill arising on acquisition represents the difference between the cost of the acquisition and the fair value of the net identifiable assets acquired, net of deferred tax. Identifiable intangibles are those which can be sold separately or which arise from legal rights regardless of whether those rights are separable. Goodwill is stated at cost less any accumulated impairment losses. It is not amortised but is tested annually for impairment or earlier if there are any indications of impairment. The annual impairment review involves comparing the carrying amount to the estimated recoverable amount and recognising an impairment loss if the recoverable amount is lower. Impairment losses are recognised in the Consolidated income statement. Intangible assets such as customer lists, patents, trade marks, know-how and intellectual property that are acquired by the Group are stated at cost less amortisation and impairment losses. Amortisation is charged to the Consolidated income statement on a straight-line basis over the estimated useful lives of the intangible assets. The estimated useful lives of the intangible assets included in the Consolidated balance sheet reflect the benefit derived by the Group and vary from five to 10 years. Expenditure on research activities is recognised in the Consolidated income statement as an expense as incurred. Expenditure on development activities is capitalised if: the product or process is technically and commercially feasible; the Group intends and has the technical ability and sufficient resources to complete development; future economic benefits are probable; and the Group can measure reliably the expenditure attributable to the intangible asset during its development. Development activities involve a plan or design for the production of new or substantially improved products or processes. The expenditure capitalised includes the cost of materials, direct labour and an appropriate proportion of overheads. Other development expenditure is recognised in the Consolidated income statement as an expense as incurred. Capitalised development expenditure is amortised over the useful economic life appropriate to each product or process, ranging from five to 10 years, and is stated at cost less accumulated amortisation and less accumulated impairment losses. Amortisation commences when a product or process is available for use as intended by management. Capitalised development expenditure is removed from the balance sheet 10 years after being fully amortised. All non-current assets are tested for impairment whenever there is an indication that their carrying value may be impaired. An impairment loss is recognised in the Consolidated income statement to the extent that an asset\u2019s carrying value exceeds its recoverable amount, which represents the higher of the asset\u2019s fair value less costs to sell and its value-in-use. An asset\u2019s value- in-use represents the present value of the future cash flows expected to be derived from the asset or from the cash-generating unit to which it relates. The present value is calculated using a discount rate that reflects the current market assessment of the time value of money and the risks specific to the asset concerned. Goodwill and capitalised development costs are subject to an annual impairment test. Key judgement \u2013 Whether a project meets the criteria for capitalisation Product development costs are capitalised once a project has reached a certain stage of development, being the point at which the product has passed testing to demonstrate it meets the technical specifications of the project and it satisfies all applicable regulations. Judgements are required to assess whether the new product development has reached the appropriate point for capitalisation of costs to begin. These costs are subsequently amortised over their useful economic life once ready for use. Should a product be subsequently obsoleted, the accumulated capitalised development costs would need to be immediately written off in the Consolidated income statement. Key estimate \u2013 Estimates of future cash flows used for impairment testing Determining whether goodwill and capitalised development costs are impaired requires an estimation of the value-in-use of cash-generating units (CGUs) to which goodwill has been allocated. To calculate the value-in-use we need to estimate the future cashflows of each CGU and select the appropriate discount rate for each CGU. Accounting policy Where the Group transfers the risks and rewards of ownership of lease assets to a third party, the Group recognises a receivable in the amount of the net investment in the lease. The lease receivable is subsequently reduced by the principal received, while an interest component is recognised as financial income in the Consolidated income statement. Standard contract terms are up to five years and there is a nominal residual value receivable at the end of the contract. Where the Group retains the risks and rewards of ownership of lease assets, it continues to recognise the leased asset in Property, plant and equipment. Income from operating leases is recognised on a straight-line basis over the lease term and recognised as Revenue rather than Other revenue as such income is not material. Operating leases are on one to five year terms. Accounting policy Cash and cash equivalents comprise cash balances, and deposits with an original maturity of less than three months or with an original maturity date of more than three months where the deposit can be accessed on demand without significant penalty for early withdrawal and where the original deposit amount is recoverable in full. Accounting policy Inventory and work in progress is valued at the lower of actual cost on a first-in, first-out (FIFO) basis and net realisable value. In respect of work in progress and finished goods, cost includes all production overheads and the attributable proportion of indirect overhead expenses that are required to bring inventories to their present location and condition. Overheads are absorbed into inventories on the basis of normal capacity or on actual hours if higher. Key estimate \u2013 Determination of net realisable inventory value Determining the net realisable value of inventory requires management to estimate future demand, especially in respect of provisioning for slow moving and potentially obsolete inventory. When calculating an inventory provision, management use historic usage levels (capped at 18 months), demand from customer orders and manufacturing build plans as a basis for estimating the future annual demand of individual stock items, except in the following instances: \u2013 for key products and their components, provisions are typically made for quantities held in excess of three years\u2019 demand. A demand basis lower than three years is used for those key products and related components where the sales history is more volatile; and \u2013 where strategic purchases of critical components have been made, an outlook beyond three years is considered where appropriate. Accounting policy The Group provides a warranty from the date of purchase, except for those products that are installed by the Group where the warranty starts from the date of completion of the installation. This is typically for a 12-month period, although up to three years is given for a small number of products. A warranty provision is included in the Group financial statements, which is calculated on the basis of historical returns and internal quality reports. Accounting policy At the commencement date of a lease arrangement the Group recognises a right-of-use asset for the leased item and a lease liability for any payments due. Lease liabilities are initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the incremental borrowing rate of the applicable entity. The lease liability is subsequently measured at amortised cost using the effective interest method and is remeasured if there is a change in future lease payments arising from a change in an index or rate (such as an inflation-linked increase) or if there is a change in the Group\u2019s assessment of whether it will exercise an extension or termination option. When this happens there is a corresponding adjustment to the right-of-use asset. Where the Group enters into leases with a lease term of 12 months or less, these are treated as \u2018short-term\u2019 leases and are recognised on a straight-line basis as an expense in the Consolidated income statement. The same treatment applies to low-value assets, which are typically IT equipment and office equipment. Accounting policy Defined benefit pension schemes are administered by trustees who are independent of the Group finances. Investment assets of the schemes are measured at fair value using the bid price of the unitised investments, quoted by the investment manager, at the reporting date. Pension scheme liabilities are measured using a projected unit method and discounted at the current rate of return on a high-quality corporate bond of equivalent term and currency to the liability. Remeasurements arising from defined benefit schemes comprise actuarial gains and losses, the return on scheme assets (excluding interest) and the effect of the asset ceiling (if any, excluding interest). The Company recognises them immediately in Other comprehensive income and all other expenses related to defined benefit schemes are included in the Consolidated income statement. The pension schemes\u2019 surpluses, to the extent that they are considered recoverable, or deficits are recognised in full and presented on the face of the Consolidated balance sheet under Employee benefits. Where a guarantee is in place in relation to a pension scheme deficit, liabilities are reported in accordance with IFRIC 14 \u2018The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction\u2019. To the extent that contributions payable will not be available as a refund after they are paid into the plan, a liability is recognised at the point the obligation arises, which is the point at which the minimum funding guarantee is agreed. Overseas-based employees are covered by a combination of state, defined benefit and private pension schemes in their countries of residence. Actuarial valuations of overseas pension schemes were not obtained, apart from Ireland and USA, because of the low number of members. For defined contribution schemes, the amount charged to the Consolidated income statement represents the contributions payable to the schemes in respect of the accounting period. Key estimate \u2013 Valuation of defined benefit pension schemes\u2019 liabilities Determining the value of the future defined benefit obligation requires estimation in respect of the assumptions used to determine the present values. These include future mortality, discount rate and inflation. Management makes these estimates in consultation with independent actuaries. Accounting policy Renishaw shares are granted in accordance with the Renishaw plc deferred annual equity incentive plan (the Plan). The share awards are subject only to continuing service of the employee and are equity settled. The fair value of the awards at the date of grant, which is estimated to be equal to the market value, is charged to the Consolidated income statement on a straight- line basis over a three-year vesting period, with appropriate adjustments made to reflect expected or actual forfeitures. The corresponding credit is to Other reserve. The number of shares to be awarded is calculated by dividing the relevant amount of annual bonus under the Plan by the average price of a share during a period determined by the Remuneration Committee of not more than five dealing days ending with the dealing day before the award date. These shares must be purchased on the open market and cannot be satisfied by issuance of new shares or transfer of existing treasury shares. The Renishaw Employee Benefit Trust (EBT) is responsible for purchasing shares on the open market on behalf of the Company to satisfy the Plan awards. These are held by the EBT until transferring to the employee, which will normally be on the third anniversary of the award date, subject to continued employment. Malus and clawback provisions can be operated by the Committee within five years of the award date. During the vesting period, no dividends are payable on the shares. However, upon vesting, employees will be entitled to additional shares or cash, equivalent to the value of dividends paid on the awarded shares during this period. This amount is accrued over the vesting period. Own shares held are recognised as an element in equity until they are transferred at the end of the vesting period, and such shares are excluded from earnings per share calculations. Accounting policy The Group measures financial instruments such as forward exchange contracts at fair value at each balance sheet date in accordance with IFRS 9 \u2018Financial Instruments\u2019. Fair value, as defined by IFRS 13 \u2018Fair Value Measurement\u2019, is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. This note provides detail on the IFRS 13 fair value hierarchy. Trade and other current receivables are initially recognised at fair value and are subsequently held at amortised cost less any provision for bad and doubtful debts and expected credit losses according to IFRS 9. Loans to associates and joint ventures are initially recognised at fair value and are subsequently held at amortised cost. Trade and other current payables are initially recognised at fair value and are subsequently held at amortised cost. Financial liabilities in the form of loans are initially recognised at fair value and are subsequently held at amortised cost. Financial liabilities are assessed for embedded derivatives and whether any such derivatives are closely related. If not closely related, such derivatives are accounted for at fair value in the Consolidated income statement. Foreign currency derivatives are used to manage risks arising from changes in foreign currency rates relating to overseas sales and foreign currency-denominated assets and liabilities. The Group does not enter into derivatives for speculative purposes. Foreign currency derivatives are stated at their fair value, being the estimated amount that the Group would pay or receive to terminate them at the balance sheet date, based on prevailing foreign currency rates. Changes in the fair value of foreign currency derivatives which are designated and effective as hedges of future cash flows are recognised in Other comprehensive income and in the Cash flow hedging reserve, and subsequently transferred to the carrying amount of the hedged item or the Consolidated income statement. Realised gains or losses on cash flow hedges are therefore recognised in the Consolidated income statement within revenue in the same period as the hedged item. Hedge accounting is discontinued when the hedging instrument expires or when the hedging instrument or hedged item no longer qualify for hedge accounting. If the forecast transaction is still expected to occur, but is no longer highly probable, the cumulative gain or loss in the cash flow hedge reserve remains in that reserve until the transaction occurs. If the forecast transaction is no longer expected to occur, the cumulative gain or loss in the cash flow hedge reserve is immediately reclassified to the Consolidated income statement. Changes in fair value of foreign currency derivatives, which are ineffective or do not meet the criteria for hedge accounting in IFRS 9, are recognised in the Consolidated income statement within Gains/losses from the fair value of financial instruments. In addition to derivatives held for cash flow hedging purposes, the Group uses short-term derivatives not designated as hedging instruments to offset gains and losses from exchange rate movements on foreign currency-denominated assets and liabilities. Gains and losses from currency movements on underlying assets and liabilities, realised gains and losses on these derivatives, and fair value gains and losses on outstanding derivatives of this nature are all recognised in Financial income and expenses in the Consolidated income statement. Key estimate \u2013 Estimates of highly probable forecasts of the hedged item Derivatives are effective for hedge accounting to the extent that the hedged item is \u2018highly probable\u2019 to occur, with \u2018highly probable\u2019 indicating a much greater likelihood of occurrence than the term \u2018more likely than not\u2019. Determining a highly probable sales forecast for Renishaw plc and Renishaw UK Sales Limited, being the hedged item, over a multiple year time period, requires judgement of the suitability of external and internal data sources and estimations of future sales. ",
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"value": "Basis of preparation Renishaw plc (the Company) is a company incorporated in England and Wales. The Group financial statements consolidate those of the Company and its subsidiaries (together referred to as the Group, and \u2018we\u2019) and equity account the Group\u2019s interest in joint ventures. The parent company financial statements present information about the Company as a separate entity and not about the Group. The Group financial statements have been prepared and approved by the Directors in accordance with UK-adopted International Accounting Standards (IAS). The parent company financial statements have been prepared in accordance with Financial Reporting Standard 101 \u2018Reduced Disclosure Framework\u2019. The consolidated financial statements are presented in Sterling, which is the Company\u2019s functional currency and the Group\u2019s presentational currency, and all values are rounded to the nearest thousand (\u00a3\u2019000). The accounting policies set out below have, unless otherwise stated, been applied consistently to all periods presented in these Group financial statements. Judgements made by the Directors, in the application of these accounting policies, that have a significant effect on the financial statements and estimates with a significant risk of material adjustment in the next year are noted on page 161. ",
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"value": "England and Wales",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:21380048ADXM6Z67CT18",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-522": {
"value": "The Group financial statements have been prepared and approved by the Directors in accordance with UK-adopted International Accounting Standards (IAS). The parent company financial statements have been prepared in accordance with Financial Reporting Standard 101 \u2018Reduced Disclosure Framework\u2019. ",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:21380048ADXM6Z67CT18",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-523": {
"value": "The consolidated financial statements are presented in Sterling, which is the Company\u2019s functional currency and the Group\u2019s presentational currency, and all values are rounded to the nearest thousand (\u00a3\u2019000). ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:21380048ADXM6Z67CT18",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-489": {
"value": "Basis of consolidation Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to or has rights to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. In assessing control, the Group takes into consideration potential voting rights that are exercisable. The acquisition date is the date on which control is transferred to the acquirer. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. Losses applicable to the non-controlling interests in a subsidiary are allocated to the non-controlling interests even if doing so causes the non-controlling interests to have a deficit balance. Joint ventures are accounted for using the equity method (equity-accounted investees) and are initially recognised at cost. The Group\u2019s investment includes goodwill identified on acquisition, net of any accumulated impairment losses. The consolidated financial statements include the Group\u2019s share of the total comprehensive income and equity movements of equity accounted investees, from the date that significant influence commences until the date that significant influence ceases. When the Group\u2019s share of losses exceeds its interest in an equity accounted investee, the Group\u2019s carrying amount is reduced to nil and recognition of further losses is discontinued (except to the extent that the Group has incurred legal obligations or made payments on behalf of an investee). Intragroup balances and transactions, and any unrealised income and expenses arising from intragroup transactions, are eliminated on consolidation. Unrealised gains arising from transactions with equity accounted investees are eliminated against the investment to the extent of the Group\u2019s interest in the investee. Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:21380048ADXM6Z67CT18",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-490": {
"value": "Foreign currencies On consolidation, overseas subsidiaries\u2019 results are translated into Sterling at weighted average exchange rates for the year by translating each overseas subsidiary\u2019s monthly results at exchange rates applicable to each of the respective months. Assets and liabilities denominated in foreign currencies at the balance sheet date are translated into Sterling at the foreign exchange rates prevailing at that date. Differences on exchange resulting from the translation of overseas assets and liabilities are recognised in Other comprehensive income and are accumulated in equity. Monetary assets and liabilities denominated in foreign currencies are reported at the rates prevailing at the time, with any gain or loss arising from subsequent exchange rate movements being included as an exchange gain or loss in the Consolidated income statement. Foreign currency differences arising from transactions are recognised in the Consolidated income statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:21380048ADXM6Z67CT18",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-524": {
"value": "New, revised or changes to existing accounting standards The following accounting standard amendments became effective as at 1 January 2022 and have been adopted in the preparation of these financial statements, with effect from 1 July 2022: \u2013 amendments to IFRS 3, References to the Conceptual Framework; \u2013 amendments to IAS 16, Property, Plant and Equipment - Proceeds before Intended Use; and \u2013 amendments to IAS 37, Onerous Contracts - Costs of Fulfilling a Contract. These have not had a material effect on these financial statements. At the date of these financial statements, the following amendments that are potentially relevant to the Group, and which have not been applied in these financial statements, were in issue but not yet effective: \u2013 amendments to IAS 1, Classification of Liabilities as Current or Non-current (not yet endorsed by the UK); \u2013 amendments to IAS 1 and IFRS Practice Statement 2, Disclosure of Accounting Policies; \u2013 amendments to IAS 7, Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures (not yet endorsed by the UK); \u2013 amendments to IAS 8, Definition of Accounting Estimates; \u2013 amendments to IAS 12, International Tax Reform Pillar Two Model Rules; \u2013 amendments to IAS 12, Deferred Tax related to Assets and Liabilities arising from a Single Transaction; and \u2013 amendments to IFRS 16, Lease Liability in a Sale and Leaseback. The adoption of these Standards and Interpretations in future periods is not expected to have a material impact on the financial statements of the Group. The Finance (No 2) Bill 2023, that includes Pillar Two legislation, was substantively enacted on 20 June 2023 for IFRS purposes. As permitted by the amendments to IAS 12 International Tax Reform Pillar Two Model Rules the Group has applied the exemption from recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations",
"language": "en",
"entity": "scheme:21380048ADXM6Z67CT18",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-491": {
"value": "New, revised or changes to existing accounting standards The following accounting standard amendments became effective as at 1 January 2022 and have been adopted in the preparation of these financial statements, with effect from 1 July 2022: \u2013 amendments to IFRS 3, References to the Conceptual Framework; \u2013 amendments to IAS 16, Property, Plant and Equipment - Proceeds before Intended Use; and \u2013 amendments to IAS 37, Onerous Contracts - Costs of Fulfilling a Contract. These have not had a material effect on these financial statements. At the date of these financial statements, the following amendments that are potentially relevant to the Group, and which have not been applied in these financial statements, were in issue but not yet effective: \u2013 amendments to IAS 1, Classification of Liabilities as Current or Non-current (not yet endorsed by the UK); \u2013 amendments to IAS 1 and IFRS Practice Statement 2, Disclosure of Accounting Policies; \u2013 amendments to IAS 7, Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures (not yet endorsed by the UK); \u2013 amendments to IAS 8, Definition of Accounting Estimates; \u2013 amendments to IAS 12, International Tax Reform Pillar Two Model Rules; \u2013 amendments to IAS 12, Deferred Tax related to Assets and Liabilities arising from a Single Transaction; and \u2013 amendments to IFRS 16, Lease Liability in a Sale and Leaseback. The adoption of these Standards and Interpretations in future periods is not expected to have a material impact on the financial statements of the Group. The Finance (No 2) Bill 2023, that includes Pillar Two legislation, was substantively enacted on 20 June 2023 for IFRS purposes. As permitted by the amendments to IAS 12 International Tax Reform Pillar Two Model Rules the Group has applied the exemption from recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:21380048ADXM6Z67CT18",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-492": {
"value": "Alternative performance measures The financial statements are prepared in accordance with adopted IFRS and applied in accordance with the provisions of the Companies Act 2006. In measuring our performance, the financial measures that we use include those which have been derived from our reported results, to eliminate factors which distort year-on-year comparisons. These are considered non-GAAP financial measures. We believe this information, along with comparable GAAP measurements, is useful to stakeholders in providing a basis for measuring our operational performance. The Board use these financial measures, along with the most directly comparable GAAP financial measures, in evaluating our performance (see note 29). ",
"dimensions": {
"concept": "renishawplc:DescriptionOfAccountingPolicyForAlternativePerformanceMeasures",
"language": "en",
"entity": "scheme:21380048ADXM6Z67CT18",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-493": {
"value": "Separately disclosed items The Directors consider that certain items should be separately disclosed to aid understanding of the Group\u2019s performance. Gains and losses from the fair value of financial instruments are therefore separately disclosed in the Consolidated income statement, where these gains and losses relate to certain forward currency contracts that are not effective for hedge accounting. Restructuring costs are also separately disclosed where significant costs have been incurred in rationalising and reorganising our business as part of a Board-approved initiative, and relate to matters that do not frequently recur. During the period, a change to the US defined benefit pension scheme rules, per note 23, resulted in a significant non-recurring amount being recognised in the Consolidated income statement. In the previous period, a change to the UK defined benefit pension scheme rules resulted in a significant non-recurring amount being recognised in the Consolidated income statement. These have also been separately disclosed. These items are also excluded from Adjusted profit before tax, Adjusted operating profit and Adjusted earnings per share measures, as explained in note 29 Alternative performance measures. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements",
"language": "en",
"entity": "scheme:21380048ADXM6Z67CT18",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-566": {
"value": "Critical accounting judgements and estimation uncertainties The preparation of financial statements in conformity with UK-adopted IAS requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and other factors that are believed to be reasonable under the circumstances. The results of this form the basis of making judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may therefore differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. The areas of key estimation uncertainty and critical accounting judgement that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities in the next financial year are summarised below, with further details included within accounting policies as indicated. Item Key judgements (J) and estimates (E) Page Taxation E \u2013 Estimates of future profits to use deferred tax assets 166 Research and development costs J \u2013 Whether a project meets the criteria for capitalisation 172 Goodwill and capitalised development costs E \u2013 Estimates of future cash flows for impairment testing 172 Inventories E \u2013 Determination of net realisable value 177 Defined benefit pension schemes E \u2013 Valuation of defined benefit pension schemes\u2019 liabilities 180 Cash flow hedges E \u2013 Estimates of highly probable forecasts of the hedged item 184 Key estimate \u2013 Estimates of future profits to support the recognition of deferred tax assets Deferred tax assets are recognised to the extent it is probable that future taxable profits (including the future release of deferred tax liabilities) will be available, against which the deductible temporary differences can be used, based on management\u2019s assumptions relating to the amounts and timing of future taxable profits. Estimates of future profitability on an entity basis are required to ascertain whether it is probable that sufficient taxable profits will arise to support the recognition of deferred tax assets relating to the corresponding entity. Key judgement \u2013 Whether a project meets the criteria for capitalisation Product development costs are capitalised once a project has reached a certain stage of development, being the point at which the product has passed testing to demonstrate it meets the technical specifications of the project and it satisfies all applicable regulations. Judgements are required to assess whether the new product development has reached the appropriate point for capitalisation of costs to begin. These costs are subsequently amortised over their useful economic life once ready for use. Should a product be subsequently obsoleted, the accumulated capitalised development costs would need to be immediately written off in the Consolidated income statement. Key estimate \u2013 Estimates of future cash flows used for impairment testing Determining whether goodwill and capitalised development costs are impaired requires an estimation of the value-in-use of cash-generating units (CGUs) to which goodwill has been allocated. To calculate the value-in-use we need to estimate the future cashflows of each CGU and select the appropriate discount rate for each CGU. Key estimate \u2013 Determination of net realisable inventory value Determining the net realisable value of inventory requires management to estimate future demand, especially in respect of provisioning for slow moving and potentially obsolete inventory. When calculating an inventory provision, management use historic usage levels (capped at 18 months), demand from customer orders and manufacturing build plans as a basis for estimating the future annual demand of individual stock items, except in the following instances: \u2013 for key products and their components, provisions are typically made for quantities held in excess of three years\u2019 demand. A demand basis lower than three years is used for those key products and related components where the sales history is more volatile; and \u2013 where strategic purchases of critical components have been made, an outlook beyond three years is considered where appropriate. Key estimate \u2013 Valuation of defined benefit pension schemes\u2019 liabilities Determining the value of the future defined benefit obligation requires estimation in respect of the assumptions used to determine the present values. These include future mortality, discount rate and inflation. Management makes these estimates in consultation with independent actuaries. Key estimate \u2013 Estimates of highly probable forecasts of the hedged item Derivatives are effective for hedge accounting to the extent that the hedged item is \u2018highly probable\u2019 to occur, with \u2018highly probable\u2019 indicating a much greater likelihood of occurrence than the term \u2018more likely than not\u2019. Determining a highly probable sales forecast for Renishaw plc and Renishaw UK Sales Limited, being the hedged item, over a multiple year time period, requires judgement of the suitability of external and internal data sources and estimations of future sales. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:21380048ADXM6Z67CT18",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-495": {
"value": "Climate change We have considered the potential effect of physical and transitional climate change risks when preparing these consolidated financial statements and have also considered the effect of our own Net Zero commitments. Our consideration of the potential effect of climate change on these consolidated financial statements included reviewing: \u2013 discounted cashflow forecasts, used in accounting for goodwill, capitalised development costs, and deferred tax assets; \u2013 useful economic lives and residual values of property, plant and equipment; \u2013 planned use of right-of-use assets; and \u2013 expected demand for inventories. We also considered the estimated capital expenditure needed in the next five years to deliver our Net Zero plan. Overall, we do not believe that climate change has a material effect on our accounting judgements and estimates, nor in the carrying value of assets and liabilities in the consolidated financial statements for the year ended 30 June 2023. We will continue to review the effect of climate change on financial statements in the future, and update our accounting and disclosures as the position changes. ",
"dimensions": {
"concept": "renishawplc:DescriptionOfAccountingPolicyForClimateChange",
"language": "en",
"entity": "scheme:21380048ADXM6Z67CT18",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-494": {
"value": "Going concern In preparing these financial statements, the Directors have adopted the going concern basis. The decision to adopt the going concern basis was made after considering: \u2013 the Group\u2019s business model and key markets, as set out on pages 20 to 21 and 32 to 33 respectively; \u2013 the Group\u2019s risk management processes and principal risks, disclosed on pages 48 \u2013 59; \u2013 the Group\u2019s financial resources and strategies (pages 62 \u2013 84); and \u2013 the process undertaken to review the Group\u2019s viability, including scenario testing, as set out on pages 60 \u2013 61. The financial models for the viability review were based on the pessimistic version of the five-year business plan, but covering a period to 30 September 2026. For context, revenue in the first year of this pessimistic base scenario is similar to FY2023 revenue of \u00a3688.6m, while costs and other cash outflows still reflect ambitious growth plans. In the going concern assessment, the Directors reviewed this same version of the plan but to 30 September 2024, as well as the \u2018severe but plausible\u2019 scenarios used in the viability review, again to 30 September 2024. These scenarios reflected a significant reduction in revenue, a significant increase in costs, and a third scenario incorporating both a reduction to revenue and an increase in costs but to a less degree than the first two scenarios. In each scenario the Group\u2019s cash balances remained positive throughout the period to 30 September 2024. The Directors also reviewed a reverse stress test for the period to 30 September 2024, identifying what would need to happen in this period for the Group to deplete its cash and cash equivalents and bank deposit balances. This identified a trading level so low (between 50 and 60% of FY2023 revenue) that the Directors feel that the events that could trigger this would be remote. The Directors also concluded that the risk of a one-off cash outflow that would exhaust the Group\u2019s cash and cash equivalents and bank deposits balances in the assessment period was also remote. Based on this assessment, incorporating a review of the current position, the scenarios, the principal risks and mitigation, the Directors have a reasonable expectation that the Group will be able to continue operating and meet its liabilities as they fall due over the period to 30 September 2024. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:21380048ADXM6Z67CT18",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-525": {
"value": "2. Revenue disaggregation and segmental analysis We manage our business by segment, comprising Manufacturing technologies and Analytical instruments and medical devices, and by geographical region. The results of these segments and regions are regularly reviewed by the Board to assess performance and allocate resources, and are presented in this note. Accounting policy The Group generates revenue from the sale of goods, capital equipment and services. These can be sold both on their own and together. a) Sale of goods, capital equipment and services The Group\u2019s contracts with customers consist both of contracts with one performance obligation and contracts with multiple performance obligations. For contracts with one performance obligation, revenue is measured at the transaction price, which is typically the contract value except for customers entitled to volume rebates, and recognised at the point in time when control of the product transfers to the customer. This point in time is typically when the products are made available for collection by the customer, collected by the shipping agent, or delivered to the customer, depending upon the shipping terms applied to the specific contract. Contracts with multiple performance obligations typically exist where, in addition to supplying products, we also supply services such as user training, servicing and maintenance, and installation. Where the installation service is simple, does not include a significant integration service and could be performed by another party then the installation is accounted for as a separate performance obligation. Where the contracts include multiple performance obligations, the transaction price is allocated to each performance obligation based on the relative stand-alone selling prices. The revenue allocated to each performance obligation is then recognised when, or as, that performance obligation is satisfied. For installation, this is typically at the point in time in which installation is complete. For training, this is typically the point in time at which training is delivered. For servicing and maintenance, the revenue is recognised evenly over the course of the servicing agreement except for ad-hoc servicing and maintenance which is recognised at the point in time in which the work is undertaken. b) Sale of software The Group provides software licences and software maintenance to customers, sold both on their own and together with associated products. For software licences, where the licence and/or maintenance is provided as part of a contract that provides customers with software licences and other goods and services then the transaction price is allocated on the same basis as described in a) above. The Group\u2019s distinct software licences provide a right of use, and therefore revenue from software licences is recognised at the point in time in which the licence is supplied to the customer. Revenue from software maintenance is recognised evenly over the term of the maintenance agreement. c) Extended warranties The Group provides standard warranties to customers that address potential latent defects that existed at point of sale and as required by law (assurance-type warranties). In some contracts, the Group also provides warranties that extend beyond the standard warranty period and may be sold to the customer (service-type warranties). Assurance-type warranties are accounted for by the Group under IAS 37 \u2018Provisions, Contingent Liabilities and Contingent Assets\u2019. Service-type warranties are accounted for as separate performance obligations and therefore a portion of the transaction price is allocated to this element, and then recognised evenly over the period in which the service is provided. d) Contract balances Contract assets represent the Group\u2019s right to consideration in exchange for goods, capital equipment and/or services that have been transferred to a customer, and mainly includes accrued revenue in respect of goods and services provided to a customer but not yet fully billed. Contract assets are distinct from receivables, which represent the Group\u2019s right to consideration that is unconditional. Contract liabilities represent the Group\u2019s obligation to transfer goods, capital equipment and/or services to a customer for which the Group has either received consideration or consideration is due from the customer. e) Disaggregation of revenue The Group disaggregates revenue from contracts with customers between: goods, capital equipment and installation, and aftermarket services; operating segment; and geographical location. Management believe these categories best depict how the nature, amount, timing and uncertainty of the Group\u2019s revenue is affected by economic factors. Within the two operating segments there are multiple product offerings with similar economic characteristics, similar production processes and similar customer bases. Our Manufacturing technologies business consists of industrial metrology, position measurement and additive manufacturing (AM) product groups, while our Analytical instruments and medical devices business consists of spectroscopy and neurological product lines. More details of the Group\u2019s products and services are given in the Strategic Report. Year ended 30 June 2023 Manufacturing technologies \u00a3\u2019000 Analytical instruments and medical devices \u00a3\u2019000 Total \u00a3\u2019000 Revenue 648,240 40,333 688,573 Depreciation, amortisation and impairment 28,431 3,447 31,878 Operating profit before losses from fair value of financial instruments and US defined benefit pension scheme past service cost 132,843 5,184 138,027 Share of profits of joint ventures 2,768 \u2013 2,768 Net financial income/(expense) \u2013 \u2013 7,808 US defined benefit pension scheme past service cost \u2013 \u2013 (2,139) Losses from the fair value of financial instruments \u2013 \u2013 (1,399) Profit before tax \u2013 \u2013 145,065 Year ended 30 June 2022 Manufacturing technologies \u00a3\u2019000 Analytical instruments and medical devices \u00a3\u2019000 Total \u00a3\u2019000 Revenue 634,588 36,488 671,076 Depreciation, amortisation and impairment 36,552 2,570 39,122 Operating profit before losses from fair value of financial instruments and UK defined benefit pension scheme past service cost 162,549 2,809 165,358 Share of profits of joint ventures 4,342 \u2013 4,342 Net financial income/(expense) \u2013 \u2013 (2,006) UK defined benefit pension scheme past service cost \u2013 \u2013 (11,695) Losses from the fair value of financial instruments \u2013 \u2013 (10,413) Profit before tax \u2013 \u2013 145,586 There is no allocation of assets and liabilities to operating segments. Depreciation, amortisation and impairments are allocated to segments on the basis of the level of activity. The following table shows the analysis of non-current assets, excluding deferred tax, derivatives and employee benefits, by geographical region: 2023 \u00a3\u2019000 2022 \u00a3\u2019000 UK 231,619 181,530 Overseas 152,008 155,725 Total non-current assets 383,627 337,255 No overseas country had non-current assets amounting to 10% or more of the Group\u2019s total non-current assets. The following table shows the disaggregation of Group revenue by category: 2023 \u00a3\u2019000 2022 \u00a3\u2019000 Goods, capital equipment and installation 624,992 615,641 Aftermarket services 63,581 55,435 Total Group revenue 688,573 671,076 Aftermarket services include repairs, maintenance and servicing, programming, training, extended warranties, and software licences and maintenance. There is no significant difference between our two operating segments as to their split of revenue by type. The analysis of revenue by geographical market was: 2023 \u00a3\u2019000 2022 \u00a3\u2019000 APAC total 310,637 317,023 UK (country of domicile) 38,899 31,536 EMEA, excluding UK 177,582 174,290 EMEA total 216,481 205,826 Americas total 161,455 148,227 Total Group revenue 688,573 671,076 Revenue in the previous table has been allocated to regions based on the geographical location of the customer. Countries with individually significant revenue figures in the context of the Group were: 2023 \u00a3\u2019000 2022 \u00a3\u2019000 China 155,360 152,772 USA 138,721 128,531 Japan 67,915 69,829 Germany 61,565 58,636 There was no revenue from transactions with a single external customer which amounted to more than 10% of the Group\u2019s total revenue. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:21380048ADXM6Z67CT18",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-496": {
"value": "2. Revenue disaggregation and segmental analysis We manage our business by segment, comprising Manufacturing technologies and Analytical instruments and medical devices, and by geographical region. The results of these segments and regions are regularly reviewed by the Board to assess performance and allocate resources, and are presented in this note. Accounting policy The Group generates revenue from the sale of goods, capital equipment and services. These can be sold both on their own and together. a) Sale of goods, capital equipment and services The Group\u2019s contracts with customers consist both of contracts with one performance obligation and contracts with multiple performance obligations. For contracts with one performance obligation, revenue is measured at the transaction price, which is typically the contract value except for customers entitled to volume rebates, and recognised at the point in time when control of the product transfers to the customer. This point in time is typically when the products are made available for collection by the customer, collected by the shipping agent, or delivered to the customer, depending upon the shipping terms applied to the specific contract. Contracts with multiple performance obligations typically exist where, in addition to supplying products, we also supply services such as user training, servicing and maintenance, and installation. Where the installation service is simple, does not include a significant integration service and could be performed by another party then the installation is accounted for as a separate performance obligation. Where the contracts include multiple performance obligations, the transaction price is allocated to each performance obligation based on the relative stand-alone selling prices. The revenue allocated to each performance obligation is then recognised when, or as, that performance obligation is satisfied. For installation, this is typically at the point in time in which installation is complete. For training, this is typically the point in time at which training is delivered. For servicing and maintenance, the revenue is recognised evenly over the course of the servicing agreement except for ad-hoc servicing and maintenance which is recognised at the point in time in which the work is undertaken. b) Sale of software The Group provides software licences and software maintenance to customers, sold both on their own and together with associated products. For software licences, where the licence and/or maintenance is provided as part of a contract that provides customers with software licences and other goods and services then the transaction price is allocated on the same basis as described in a) above. The Group\u2019s distinct software licences provide a right of use, and therefore revenue from software licences is recognised at the point in time in which the licence is supplied to the customer. Revenue from software maintenance is recognised evenly over the term of the maintenance agreement. c) Extended warranties The Group provides standard warranties to customers that address potential latent defects that existed at point of sale and as required by law (assurance-type warranties). In some contracts, the Group also provides warranties that extend beyond the standard warranty period and may be sold to the customer (service-type warranties). Assurance-type warranties are accounted for by the Group under IAS 37 \u2018Provisions, Contingent Liabilities and Contingent Assets\u2019. Service-type warranties are accounted for as separate performance obligations and therefore a portion of the transaction price is allocated to this element, and then recognised evenly over the period in which the service is provided. d) Contract balances Contract assets represent the Group\u2019s right to consideration in exchange for goods, capital equipment and/or services that have been transferred to a customer, and mainly includes accrued revenue in respect of goods and services provided to a customer but not yet fully billed. Contract assets are distinct from receivables, which represent the Group\u2019s right to consideration that is unconditional. Contract liabilities represent the Group\u2019s obligation to transfer goods, capital equipment and/or services to a customer for which the Group has either received consideration or consideration is due from the customer. e) Disaggregation of revenue The Group disaggregates revenue from contracts with customers between: goods, capital equipment and installation, and aftermarket services; operating segment; and geographical location. Management believe these categories best depict how the nature, amount, timing and uncertainty of the Group\u2019s revenue is affected by economic factors. Within the two operating segments there are multiple product offerings with similar economic characteristics, similar production processes and similar customer bases. Our Manufacturing technologies business consists of industrial metrology, position measurement and additive manufacturing (AM) product groups, while our Analytical instruments and medical devices business consists of spectroscopy and neurological product lines. More details of the Group\u2019s products and services are given in the Strategic Report. Year ended 30 June 2023 Manufacturing technologies \u00a3\u2019000 Analytical instruments and medical devices \u00a3\u2019000 Total \u00a3\u2019000 Revenue 648,240 40,333 688,573 Depreciation, amortisation and impairment 28,431 3,447 31,878 Operating profit before losses from fair value of financial instruments and US defined benefit pension scheme past service cost 132,843 5,184 138,027 Share of profits of joint ventures 2,768 \u2013 2,768 Net financial income/(expense) \u2013 \u2013 7,808 US defined benefit pension scheme past service cost \u2013 \u2013 (2,139) Losses from the fair value of financial instruments \u2013 \u2013 (1,399) Profit before tax \u2013 \u2013 145,065 Year ended 30 June 2022 Manufacturing technologies \u00a3\u2019000 Analytical instruments and medical devices \u00a3\u2019000 Total \u00a3\u2019000 Revenue 634,588 36,488 671,076 Depreciation, amortisation and impairment 36,552 2,570 39,122 Operating profit before losses from fair value of financial instruments and UK defined benefit pension scheme past service cost 162,549 2,809 165,358 Share of profits of joint ventures 4,342 \u2013 4,342 Net financial income/(expense) \u2013 \u2013 (2,006) UK defined benefit pension scheme past service cost \u2013 \u2013 (11,695) Losses from the fair value of financial instruments \u2013 \u2013 (10,413) Profit before tax \u2013 \u2013 145,586 There is no allocation of assets and liabilities to operating segments. Depreciation, amortisation and impairments are allocated to segments on the basis of the level of activity. The following table shows the analysis of non-current assets, excluding deferred tax, derivatives and employee benefits, by geographical region: 2023 \u00a3\u2019000 2022 \u00a3\u2019000 UK 231,619 181,530 Overseas 152,008 155,725 Total non-current assets 383,627 337,255 No overseas country had non-current assets amounting to 10% or more of the Group\u2019s total non-current assets. The following table shows the disaggregation of Group revenue by category: 2023 \u00a3\u2019000 2022 \u00a3\u2019000 Goods, capital equipment and installation 624,992 615,641 Aftermarket services 63,581 55,435 Total Group revenue 688,573 671,076 Aftermarket services include repairs, maintenance and servicing, programming, training, extended warranties, and software licences and maintenance. There is no significant difference between our two operating segments as to their split of revenue by type. The analysis of revenue by geographical market was: 2023 \u00a3\u2019000 2022 \u00a3\u2019000 APAC total 310,637 317,023 UK (country of domicile) 38,899 31,536 EMEA, excluding UK 177,582 174,290 EMEA total 216,481 205,826 Americas total 161,455 148,227 Total Group revenue 688,573 671,076 Revenue in the previous table has been allocated to regions based on the geographical location of the customer. Countries with individually significant revenue figures in the context of the Group were: 2023 \u00a3\u2019000 2022 \u00a3\u2019000 China 155,360 152,772 USA 138,721 128,531 Japan 67,915 69,829 Germany 61,565 58,636 There was no revenue from transactions with a single external customer which amounted to more than 10% of the Group\u2019s total revenue. ",
"dimensions": {
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"language": "en",
"entity": "scheme:21380048ADXM6Z67CT18",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-561": {
"value": "Accounting policy The Group generates revenue from the sale of goods, capital equipment and services. These can be sold both on their own and together. a) Sale of goods, capital equipment and services The Group\u2019s contracts with customers consist both of contracts with one performance obligation and contracts with multiple performance obligations. For contracts with one performance obligation, revenue is measured at the transaction price, which is typically the contract value except for customers entitled to volume rebates, and recognised at the point in time when control of the product transfers to the customer. This point in time is typically when the products are made available for collection by the customer, collected by the shipping agent, or delivered to the customer, depending upon the shipping terms applied to the specific contract. Contracts with multiple performance obligations typically exist where, in addition to supplying products, we also supply services such as user training, servicing and maintenance, and installation. Where the installation service is simple, does not include a significant integration service and could be performed by another party then the installation is accounted for as a separate performance obligation. Where the contracts include multiple performance obligations, the transaction price is allocated to each performance obligation based on the relative stand-alone selling prices. The revenue allocated to each performance obligation is then recognised when, or as, that performance obligation is satisfied. For installation, this is typically at the point in time in which installation is complete. For training, this is typically the point in time at which training is delivered. For servicing and maintenance, the revenue is recognised evenly over the course of the servicing agreement except for ad-hoc servicing and maintenance which is recognised at the point in time in which the work is undertaken. b) Sale of software The Group provides software licences and software maintenance to customers, sold both on their own and together with associated products. For software licences, where the licence and/or maintenance is provided as part of a contract that provides customers with software licences and other goods and services then the transaction price is allocated on the same basis as described in a) above. The Group\u2019s distinct software licences provide a right of use, and therefore revenue from software licences is recognised at the point in time in which the licence is supplied to the customer. Revenue from software maintenance is recognised evenly over the term of the maintenance agreement. c) Extended warranties The Group provides standard warranties to customers that address potential latent defects that existed at point of sale and as required by law (assurance-type warranties). In some contracts, the Group also provides warranties that extend beyond the standard warranty period and may be sold to the customer (service-type warranties). Assurance-type warranties are accounted for by the Group under IAS 37 \u2018Provisions, Contingent Liabilities and Contingent Assets\u2019. Service-type warranties are accounted for as separate performance obligations and therefore a portion of the transaction price is allocated to this element, and then recognised evenly over the period in which the service is provided. d) Contract balances Contract assets represent the Group\u2019s right to consideration in exchange for goods, capital equipment and/or services that have been transferred to a customer, and mainly includes accrued revenue in respect of goods and services provided to a customer but not yet fully billed. Contract assets are distinct from receivables, which represent the Group\u2019s right to consideration that is unconditional. Contract liabilities represent the Group\u2019s obligation to transfer goods, capital equipment and/or services to a customer for which the Group has either received consideration or consideration is due from the customer. e) Disaggregation of revenue The Group disaggregates revenue from contracts with customers between: goods, capital equipment and installation, and aftermarket services; operating segment; and geographical location. Management believe these categories best depict how the nature, amount, timing and uncertainty of the Group\u2019s revenue is affected by economic factors. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:21380048ADXM6Z67CT18",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-549": {
"value": "Accounting policy The Group generates revenue from the sale of goods, capital equipment and services. These can be sold both on their own and together. a) Sale of goods, capital equipment and services The Group\u2019s contracts with customers consist both of contracts with one performance obligation and contracts with multiple performance obligations. For contracts with one performance obligation, revenue is measured at the transaction price, which is typically the contract value except for customers entitled to volume rebates, and recognised at the point in time when control of the product transfers to the customer. This point in time is typically when the products are made available for collection by the customer, collected by the shipping agent, or delivered to the customer, depending upon the shipping terms applied to the specific contract. Contracts with multiple performance obligations typically exist where, in addition to supplying products, we also supply services such as user training, servicing and maintenance, and installation. Where the installation service is simple, does not include a significant integration service and could be performed by another party then the installation is accounted for as a separate performance obligation. Where the contracts include multiple performance obligations, the transaction price is allocated to each performance obligation based on the relative stand-alone selling prices. The revenue allocated to each performance obligation is then recognised when, or as, that performance obligation is satisfied. For installation, this is typically at the point in time in which installation is complete. For training, this is typically the point in time at which training is delivered. For servicing and maintenance, the revenue is recognised evenly over the course of the servicing agreement except for ad-hoc servicing and maintenance which is recognised at the point in time in which the work is undertaken. b) Sale of software The Group provides software licences and software maintenance to customers, sold both on their own and together with associated products. For software licences, where the licence and/or maintenance is provided as part of a contract that provides customers with software licences and other goods and services then the transaction price is allocated on the same basis as described in a) above. The Group\u2019s distinct software licences provide a right of use, and therefore revenue from software licences is recognised at the point in time in which the licence is supplied to the customer. Revenue from software maintenance is recognised evenly over the term of the maintenance agreement. c) Extended warranties The Group provides standard warranties to customers that address potential latent defects that existed at point of sale and as required by law (assurance-type warranties). In some contracts, the Group also provides warranties that extend beyond the standard warranty period and may be sold to the customer (service-type warranties). Assurance-type warranties are accounted for by the Group under IAS 37 \u2018Provisions, Contingent Liabilities and Contingent Assets\u2019. Service-type warranties are accounted for as separate performance obligations and therefore a portion of the transaction price is allocated to this element, and then recognised evenly over the period in which the service is provided. d) Contract balances Contract assets represent the Group\u2019s right to consideration in exchange for goods, capital equipment and/or services that have been transferred to a customer, and mainly includes accrued revenue in respect of goods and services provided to a customer but not yet fully billed. Contract assets are distinct from receivables, which represent the Group\u2019s right to consideration that is unconditional. Contract liabilities represent the Group\u2019s obligation to transfer goods, capital equipment and/or services to a customer for which the Group has either received consideration or consideration is due from the customer. e) Disaggregation of revenue The Group disaggregates revenue from contracts with customers between: goods, capital equipment and installation, and aftermarket services; operating segment; and geographical location. Management believe these categories best depict how the nature, amount, timing and uncertainty of the Group\u2019s revenue is affected by economic factors. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:21380048ADXM6Z67CT18",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-539": {
"value": "The following table shows the analysis of non-current assets, excluding deferred tax, derivatives and employee benefits, by geographical region: 2023 \u00a3\u2019000 2022 \u00a3\u2019000 UK 231,619 181,530 Overseas 152,008 155,725 Total non-current assets 383,627 337,255 No overseas country had non-current assets amounting to 10% or more of the Group\u2019s total non-current assets. The following table shows the disaggregation of Group revenue by category: 2023 \u00a3\u2019000 2022 \u00a3\u2019000 Goods, capital equipment and installation 624,992 615,641 Aftermarket services 63,581 55,435 Total Group revenue 688,573 671,076 Aftermarket services include repairs, maintenance and servicing, programming, training, extended warranties, and software licences and maintenance. There is no significant difference between our two operating segments as to their split of revenue by type. The analysis of revenue by geographical market was: 2023 \u00a3\u2019000 2022 \u00a3\u2019000 APAC total 310,637 317,023 UK (country of domicile) 38,899 31,536 EMEA, excluding UK 177,582 174,290 EMEA total 216,481 205,826 Americas total 161,455 148,227 Total Group revenue 688,573 671,076 Revenue in the previous table has been allocated to regions based on the geographical location of the customer. Countries with individually significant revenue figures in the context of the Group were: 2023 \u00a3\u2019000 2022 \u00a3\u2019000 China 155,360 152,772 USA 138,721 128,531 Japan 67,915 69,829 Germany 61,565 58,636 There was no revenue from transactions with a single external customer which amounted to more than 10% of the Group\u2019s total revenue. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory",
"language": "en",
"entity": "scheme:21380048ADXM6Z67CT18",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-6": {
"value": "UK",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:21380048ADXM6Z67CT18",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-497": {
"value": "3. Employee costs The remuneration costs of our people account for a significant proportion of our total expenditure, which are analysed in this note. The aggregate employee costs for the year were: 2023 \u00a3\u2019000 2022 \u00a3\u2019000 Wages and salaries 226,126 207,783 Compulsory social security contributions 26,579 24,497 Contributions to defined contribution pension schemes 26,142 21,988 Share-based payment charge 677 180 Total payroll costs 279,524 254,448 Wages and salaries and compulsory social security contributions include \u00a311,338,000 (2022: \u00a317,914,000) relating to performance bonuses. The average number of people employed by the Group during the year was: 2023 Number 2022 Number UK 3,332 3,132 Overseas 1,804 1,799 Average number of employees 5,136 4,931 Key management personnel have been assessed to be the Directors of the Company and the Senior Leadership Team (SLT), which includes an average of 21 people (2022: 21 people). The total remuneration of the Directors and the SLT was: 2023 \u00a3\u2019000 2022 restated* \u00a3\u2019000 2022 \u00a3\u2019000 Short-term employee benefits 5,659 8,061 3,763 Post-employment benefits 511 444 121 Share-based payment charge 677 180 180 Total remuneration of key management personnel 6,847 8,685 4,064 Short-term employee benefits include nil (2022: \u00a32,791,000) relating to performance bonuses payable in cash. The share-based payment charge relates to share awards granted in previous years, not yet vested. No shares (2022: \u00a31,915,000 equivalent) are to be awarded in respect of 2023 (see note 24). Further details of Directors\u2019 remuneration are given in the Directors\u2019 Remuneration Report. * The assessment of key management personnel was updated during the year to include the SLT, who are, along with the Directors, deemed to have authority and responsibility for planning, directing and controlling the activities of the Renishaw Group. This also follows the expansion of the deferred annual equity incentive plan (DAEIP) to include the SLT, as explained in the Governance section. Accordingly, 2022 figures have been restated. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:21380048ADXM6Z67CT18",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-526": {
"value": "4. Cost of sales Our cost of sales includes the costs to manufacture our products and our engineering spend on existing and new products, net of capitalisation and research and development tax credits. Included in cost of sales are the following amounts: 2023 \u00a3\u2019000 2022 \u00a3\u2019000 Production costs 247,665 234,919 Research and development expenditure 72,500 59,415 Other engineering expenditure 28,063 26,356 Gross engineering expenditure 100,563 85,771 Development expenditure capitalised (net of amortisation) (5,298) (3,268) Development expenditure impaired 1,611 \u2013 Research and development tax credit (6,633) (3,895) Total engineering costs 90,243 78,608 Total cost of sales 337,908 313,527 Production costs includes the raw material and component costs, payroll costs and sub-contract costs, and allocated overheads associated with manufacturing our products. Research and development expenditure includes the payroll costs, material costs and allocated overheads attributed to projects identified as relating to new products or processes. Other engineering expenditure includes the payroll costs, material costs and allocated overheads attributed to projects identified as relating to existing products or processes. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:21380048ADXM6Z67CT18",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-498": {
"value": "4. Cost of sales Our cost of sales includes the costs to manufacture our products and our engineering spend on existing and new products, net of capitalisation and research and development tax credits. Included in cost of sales are the following amounts: 2023 \u00a3\u2019000 2022 \u00a3\u2019000 Production costs 247,665 234,919 Research and development expenditure 72,500 59,415 Other engineering expenditure 28,063 26,356 Gross engineering expenditure 100,563 85,771 Development expenditure capitalised (net of amortisation) (5,298) (3,268) Development expenditure impaired 1,611 \u2013 Research and development tax credit (6,633) (3,895) Total engineering costs 90,243 78,608 Total cost of sales 337,908 313,527 Production costs includes the raw material and component costs, payroll costs and sub-contract costs, and allocated overheads associated with manufacturing our products. Research and development expenditure includes the payroll costs, material costs and allocated overheads attributed to projects identified as relating to new products or processes. Other engineering expenditure includes the payroll costs, material costs and allocated overheads attributed to projects identified as relating to existing products or processes. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory",
"language": "en",
"entity": "scheme:21380048ADXM6Z67CT18",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-548": {
"value": "5. Financial income and expenses Financial income mainly arises from bank interest on our deposits. We are also exposed to realised currency gains and losses on translation of foreign currency denominated intragroup balances and offsetting financial instruments. Included in financial income and expenses are the following amounts: Financial income notes 2023 \u00a3\u2019000 2022 \u00a3\u2019000 Bank interest receivable 6,302 834 Interest on pension schemes\u2019 assets 23 1,639 \u2013 Fair value gains from one-month forward currency contracts 25 1,728 98 Total financial income 9,669 932 Financial expenses notes 2023 \u00a3\u2019000 2022 \u00a3\u2019000 Interest on pension schemes\u2019 liabilities 23 29 306 Currency losses 1,130 1,414 Lease interest 21 348 481 Interest payable on borrowings 20 46 52 Other interest payable 308 110 Realised currency reserve losses from discontinuation of foreign operation \u2013 575 Total financial expenses 1,861 2,938 Currency losses relate to revaluations of foreign currency-denominated balances using latest reporting currency exchange rates. The losses recognised in 2022 and 2023 largely related to an appreciation of Sterling relative to the US dollar affecting US dollar- denominated intragroup balances in the Company. Certain intragroup balances are classified as \u2018net investments in foreign operations\u2019, such that revaluations from currency movements on designated balances accumulate in the Currency translation reserve in Equity. Rolling one-month forward currency contracts are used to offset currency movements on remaining intragroup balances, with fair value gains and losses being recognised in financial income or expenses. See note 25 for further details. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:21380048ADXM6Z67CT18",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-547": {
"value": "5. Financial income and expenses Financial income mainly arises from bank interest on our deposits. We are also exposed to realised currency gains and losses on translation of foreign currency denominated intragroup balances and offsetting financial instruments. Included in financial income and expenses are the following amounts: Financial income notes 2023 \u00a3\u2019000 2022 \u00a3\u2019000 Bank interest receivable 6,302 834 Interest on pension schemes\u2019 assets 23 1,639 \u2013 Fair value gains from one-month forward currency contracts 25 1,728 98 Total financial income 9,669 932 Financial expenses notes 2023 \u00a3\u2019000 2022 \u00a3\u2019000 Interest on pension schemes\u2019 liabilities 23 29 306 Currency losses 1,130 1,414 Lease interest 21 348 481 Interest payable on borrowings 20 46 52 Other interest payable 308 110 Realised currency reserve losses from discontinuation of foreign operation \u2013 575 Total financial expenses 1,861 2,938 Currency losses relate to revaluations of foreign currency-denominated balances using latest reporting currency exchange rates. The losses recognised in 2022 and 2023 largely related to an appreciation of Sterling relative to the US dollar affecting US dollar- denominated intragroup balances in the Company. Certain intragroup balances are classified as \u2018net investments in foreign operations\u2019, such that revaluations from currency movements on designated balances accumulate in the Currency translation reserve in Equity. Rolling one-month forward currency contracts are used to offset currency movements on remaining intragroup balances, with fair value gains and losses being recognised in financial income or expenses. See note 25 for further details. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:21380048ADXM6Z67CT18",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-546": {
"value": "5. Financial income and expenses Financial income mainly arises from bank interest on our deposits. We are also exposed to realised currency gains and losses on translation of foreign currency denominated intragroup balances and offsetting financial instruments. Included in financial income and expenses are the following amounts: Financial income notes 2023 \u00a3\u2019000 2022 \u00a3\u2019000 Bank interest receivable 6,302 834 Interest on pension schemes\u2019 assets 23 1,639 \u2013 Fair value gains from one-month forward currency contracts 25 1,728 98 Total financial income 9,669 932 Financial expenses notes 2023 \u00a3\u2019000 2022 \u00a3\u2019000 Interest on pension schemes\u2019 liabilities 23 29 306 Currency losses 1,130 1,414 Lease interest 21 348 481 Interest payable on borrowings 20 46 52 Other interest payable 308 110 Realised currency reserve losses from discontinuation of foreign operation \u2013 575 Total financial expenses 1,861 2,938 Currency losses relate to revaluations of foreign currency-denominated balances using latest reporting currency exchange rates. The losses recognised in 2022 and 2023 largely related to an appreciation of Sterling relative to the US dollar affecting US dollar- denominated intragroup balances in the Company. Certain intragroup balances are classified as \u2018net investments in foreign operations\u2019, such that revaluations from currency movements on designated balances accumulate in the Currency translation reserve in Equity. Rolling one-month forward currency contracts are used to offset currency movements on remaining intragroup balances, with fair value gains and losses being recognised in financial income or expenses. See note 25 for further details. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:21380048ADXM6Z67CT18",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-540": {
"value": "5. Financial income and expenses Financial income mainly arises from bank interest on our deposits. We are also exposed to realised currency gains and losses on translation of foreign currency denominated intragroup balances and offsetting financial instruments. Included in financial income and expenses are the following amounts: Financial income notes 2023 \u00a3\u2019000 2022 \u00a3\u2019000 Bank interest receivable 6,302 834 Interest on pension schemes\u2019 assets 23 1,639 \u2013 Fair value gains from one-month forward currency contracts 25 1,728 98 Total financial income 9,669 932 Financial expenses notes 2023 \u00a3\u2019000 2022 \u00a3\u2019000 Interest on pension schemes\u2019 liabilities 23 29 306 Currency losses 1,130 1,414 Lease interest 21 348 481 Interest payable on borrowings 20 46 52 Other interest payable 308 110 Realised currency reserve losses from discontinuation of foreign operation \u2013 575 Total financial expenses 1,861 2,938 Currency losses relate to revaluations of foreign currency-denominated balances using latest reporting currency exchange rates. The losses recognised in 2022 and 2023 largely related to an appreciation of Sterling relative to the US dollar affecting US dollar- denominated intragroup balances in the Company. Certain intragroup balances are classified as \u2018net investments in foreign operations\u2019, such that revaluations from currency movements on designated balances accumulate in the Currency translation reserve in Equity. Rolling one-month forward currency contracts are used to offset currency movements on remaining intragroup balances, with fair value gains and losses being recognised in financial income or expenses. See note 25 for further details. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:21380048ADXM6Z67CT18",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-527": {
"value": "5. Financial income and expenses Financial income mainly arises from bank interest on our deposits. We are also exposed to realised currency gains and losses on translation of foreign currency denominated intragroup balances and offsetting financial instruments. Included in financial income and expenses are the following amounts: Financial income notes 2023 \u00a3\u2019000 2022 \u00a3\u2019000 Bank interest receivable 6,302 834 Interest on pension schemes\u2019 assets 23 1,639 \u2013 Fair value gains from one-month forward currency contracts 25 1,728 98 Total financial income 9,669 932 Financial expenses notes 2023 \u00a3\u2019000 2022 \u00a3\u2019000 Interest on pension schemes\u2019 liabilities 23 29 306 Currency losses 1,130 1,414 Lease interest 21 348 481 Interest payable on borrowings 20 46 52 Other interest payable 308 110 Realised currency reserve losses from discontinuation of foreign operation \u2013 575 Total financial expenses 1,861 2,938 Currency losses relate to revaluations of foreign currency-denominated balances using latest reporting currency exchange rates. The losses recognised in 2022 and 2023 largely related to an appreciation of Sterling relative to the US dollar affecting US dollar- denominated intragroup balances in the Company. Certain intragroup balances are classified as \u2018net investments in foreign operations\u2019, such that revaluations from currency movements on designated balances accumulate in the Currency translation reserve in Equity. Rolling one-month forward currency contracts are used to offset currency movements on remaining intragroup balances, with fair value gains and losses being recognised in financial income or expenses. See note 25 for further details. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:21380048ADXM6Z67CT18",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-499": {
"value": "5. Financial income and expenses Financial income mainly arises from bank interest on our deposits. We are also exposed to realised currency gains and losses on translation of foreign currency denominated intragroup balances and offsetting financial instruments. Included in financial income and expenses are the following amounts: Financial income notes 2023 \u00a3\u2019000 2022 \u00a3\u2019000 Bank interest receivable 6,302 834 Interest on pension schemes\u2019 assets 23 1,639 \u2013 Fair value gains from one-month forward currency contracts 25 1,728 98 Total financial income 9,669 932 Financial expenses notes 2023 \u00a3\u2019000 2022 \u00a3\u2019000 Interest on pension schemes\u2019 liabilities 23 29 306 Currency losses 1,130 1,414 Lease interest 21 348 481 Interest payable on borrowings 20 46 52 Other interest payable 308 110 Realised currency reserve losses from discontinuation of foreign operation \u2013 575 Total financial expenses 1,861 2,938 Currency losses relate to revaluations of foreign currency-denominated balances using latest reporting currency exchange rates. The losses recognised in 2022 and 2023 largely related to an appreciation of Sterling relative to the US dollar affecting US dollar- denominated intragroup balances in the Company. Certain intragroup balances are classified as \u2018net investments in foreign operations\u2019, such that revaluations from currency movements on designated balances accumulate in the Currency translation reserve in Equity. Rolling one-month forward currency contracts are used to offset currency movements on remaining intragroup balances, with fair value gains and losses being recognised in financial income or expenses. See note 25 for further details. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:21380048ADXM6Z67CT18",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-500": {
"value": "6. Profit before tax Detailed below are other notable amounts recognised in the Consolidated income statement. Included in the profit before tax are the following costs/(income): notes 2023 \u00a3\u2019000 2022 \u00a3\u2019000 Depreciation and impairment of property, plant and equipment, and investment properties (a) 9,11 19,882 27,157 Loss on sale of property, plant and equipment (a) 9 155 157 Depreciation and impairment of right-of-use assets (a) 10 4,223 6,042 Amortisation, impairment and write-off of intangible assets (a) 12 7,773 5,923 Profit from sale of shares in associate (c) \u2013 582 Impairment of net assets of foreign operation (b) \u2013 2,126 Grant income (a) (3,017) (2,840) These costs/(income) can be found under the following headings in the Consolidated income statement: (a) within cost of sales, distribution costs and administrative expenses, (b) within distribution costs, and (c) within administrative expenses. Further detail on each element can be found in the relevant notes. Grant income relates to government grants, relating to R&D activities, which are recognised in the Consolidated income statement as a deduction against expenditure. Where grants are received in advance of the related expenses, they are initially recognised in the Consolidated balance sheet and released to match the related expenditure. Where grants are expected to be received after the related expenditure has occurred, and there is reasonable assurance that the entity will comply with the grant conditions, amounts are recognised to offset the expenditure and an asset recognised. Costs within Administrative expenses relating to auditor fees included: 2023 \u00a3\u2019000 2022 \u00a3\u2019000 Audit of these financial statements 707 718 Audit of subsidiary undertakings pursuant to legislation 576 526 Other assurance 6 32 All other non-audit fees \u2013 \u2013 Total auditor fees 1,289 1,276 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory",
"language": "en",
"entity": "scheme:21380048ADXM6Z67CT18",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-501": {
"value": "7. Taxation The Group tax charge is affected by our geographic mix of profits and other factors explained in this note. Our expected future tax charges and related tax assets are also set out in the deferred tax section, together with our view on whether we will be able to make use of these in the future. Accounting policy Tax on the profit for the year comprises current and deferred tax. Tax is recognised in the Consolidated income statement except to the extent that it relates to items recognised directly in Other comprehensive income, in which case it is recognised in the Consolidated statement of comprehensive income and expense. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in previous years. Deferred tax is provided on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: \u2013 the initial recognition of goodwill; \u2013 the initial recognition of assets or liabilities that affect neither accounting nor taxable profit other than in a business combination; and \u2013 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 balance sheet date. Key estimate \u2013 Estimates of future profits to support the recognition of deferred tax assets Deferred tax assets are recognised to the extent it is probable that future taxable profits (including the future release of deferred tax liabilities) will be available, against which the deductible temporary differences can be used, based on management\u2019s assumptions relating to the amounts and timing of future taxable profits. Estimates of future profitability on an entity basis are required to ascertain whether it is probable that sufficient taxable profits will arise to support the recognition of deferred tax assets relating to the corresponding entity. The following table shows an analysis of the tax charge: 2023 \u00a3\u2019000 2022 \u00a3\u2019000 Current tax: UK corporation tax on profits for the year 5,814 9,288 UK corporation tax \u2013 prior year adjustments (1,307) (28) Overseas tax on profits for the year 14,161 16,734 Overseas tax \u2013 prior year adjustments 291 (176) Total current tax 18,959 25,818 Deferred tax: Origination and reversal of temporary differences 9,140 (1,372) Prior year adjustments (1,052) 166 Derecognition of previously recognised tax losses and excess interest 439 623 Recognition of previously unrecognised tax losses and excess interest (591) \u2013 Effect on deferred tax of changes in tax rates 2,068 \u2013 10,004 (583) Tax charge on profit 28,963 25,235 The tax for the year is lower (2022: lower) than the weighted UK standard rate of corporation tax of 20.5% (2022: 19%). The differences are explained as follows: 2023 \u00a3\u2019000 2022 \u00a3\u2019000 Profit before tax 145,065 145,586 Tax at 20.5% (2022: 19.0%) 29,738 27,661 Effects of: Different tax rates applicable in overseas subsidiaries (1,695) (1,834) Permanent differences 1,595 978 Companies with unrelieved tax losses 292 \u2013 Share of profits of joint ventures (567) (825) Tax incentives (patent box and capital allowances super-deduction) (679) (1,400) Prior year adjustments (2,068) (38) Effect on deferred tax of changes in tax rates 2,068 \u2013 Recognition of previously unrecognised tax losses and excess interest (591) \u2013 Derecognition of previously recognised tax losses and excess interest 439 623 Irrecoverable withholding tax 609 2 Other differences (178) 68 Tax charge on profit 28,963 25,235 Effective tax rate 20.0% 17.3% We operate in many countries around the world and the overall effective tax rate (ETR) is a result of the combination of the varying tax rates applicable throughout these countries. The FY2023 effective tax rate has increased mostly as a result of a reduction in patent box tax incentives and an increase in the UK tax rate from 19% to 25%. The Group\u2019s future ETR will mainly depend on the geographic mix of profits and whether there are any changes to tax legislation in the Group\u2019s most significant countries of operations. Deferred tax Deferred tax assets and liabilities are offset where there is a legally enforceable right of offset and there is an intention to net settle the balances. After taking these offsets into account, the net position of \u00a318,826,000 liability (2022: \u00a378,000 asset) is presented as a \u00a319,944,000 deferred tax asset (2022: \u00a322,893,000 asset) and a \u00a338,770,000 deferred tax liability (2022: \u00a322,815,000 liability) in the Consolidated balance sheet. Where deferred tax assets are recognised, the Directors are of the opinion, based on recent and forecast trading, that the level of profits in current and future years make it more likely than not that these assets will be recovered. Deferred tax balances at the end of the year were: 2023 2022 Assets \u00a3\u2019000 Liabilities \u00a3\u2019000 Net \u00a3\u2019000 Assets \u00a3\u2019000 Liabilities \u00a3\u2019000 Net \u00a3\u2019000 Property, plant and equipment 735 (25,124) (24,389) 517 (19,966) (19,449) Intangible assets \u2013 (3,922) (3,922) \u2013 (2,980) (2,980) Intragroup trading (inventories) 16,765 \u2013 16,765 20,158 \u2013 20,158 Intragroup trading (fixed assets) 1,770 \u2013 1,770 1,457 \u2013 1,457 Defined benefit pension schemes 6 (14,354) (14,348) 125 (11,173) (11,048) Derivatives \u2013 (2,184) (2,184) 3,508 \u2013 3,508 Tax losses 2,281 \u2013 2,281 3,893 \u2013 3,893 Other 5,894 (693) 5,201 4,953 (414) 4,539 Balance at the end of the year 27,451 (46,277) (18,826) 34,611 (34,533) 78 Other deferred tax assets include temporary differences relating to inventory provisions totalling \u00a32,256,000 (2022: \u00a31,774,000), other provisions (including bad debt provisions) of \u00a3913,000 (2022: \u00a3975,000), and employee benefits relating to Renishaw KK of \u00a3806,000 (2022: \u00a3853,000), with the remaining balance relating to several other smaller temporary differences. The movements in the deferred tax balance during the year were: 2023 \u00a3\u2019000 2022 \u00a3\u2019000 Balance at the beginning of the year 78 10,890 Movements in the Consolidated income statement (10,004) 583 Movement in relation to the cash flow hedging reserve (5,692) 6,155 Movement in relation to the defined benefit pension scheme liabilities (3,071) (17,650) Movements in the Consolidated statement of comprehensive income and expense (8,763) (11,495) Currency translation (137) 100 Balance at the end of the year (18,826) 78 The deferred tax movement in the Consolidated income statement is analysed as: 2023 \u00a3\u2019000 2022 \u00a3\u2019000 Property, plant and equipment (4,940) (2,328) Intangible assets (942) (371) Intragroup trading (inventories) (3,393) 5,619 Intragroup trading (fixed assets) 313 205 Defined benefit pension schemes (229) 2,255 Derivatives \u2013 284 Tax losses (1,612) (4,472) Other 799 (609) Total movement for the year (10,004) 583 Deferred tax assets of \u00a32,281,000 (2022: \u00a33,893,000) in respect of losses are recognised where it is considered likely that the business will generate sufficient future taxable profits. Deferred tax assets have not been recognised in respect of tax losses carried forward of \u00a36,563,000 (2022: \u00a34,815,000), due to uncertainty over their offset against future taxable profits and therefore their recoverability. These losses are held by Group companies in France, Brazil, Australia, Canada and the US, where for 97% of losses there are no time limitations on their utilisation. In determining profit forecasts for each Group company, the key variable is the revenue forecasts, which have been estimated using consistently applied external and internal data sources. Sensitivity analysis indicates that a reduction of 5% to relevant revenue forecasts would result in an impairment to deferred tax assets recognised in respect of losses and intragroup trading (inventories) of less than \u00a3300,000. An increase of 5% to relevant revenue forecasts would result in additions to deferred tax assets in respect of tax losses not recognised of less than \u00a3200,000. It is likely that the majority of unremitted earnings of overseas subsidiaries would qualify for the UK dividend exemption. However, \u00a365,555,000 (2022: \u00a361,204,000) of those earnings may still result in a tax liability principally as a result of withholding taxes levied by the overseas jurisdictions in which those subsidiaries operate. The tax liabilities for the earnings for which management intend to repatriate in the foreseeable future are not material and consequently no deferred tax liability has been recognised. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:21380048ADXM6Z67CT18",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-562": {
"value": "Accounting policy Tax on the profit for the year comprises current and deferred tax. Tax is recognised in the Consolidated income statement except to the extent that it relates to items recognised directly in Other comprehensive income, in which case it is recognised in the Consolidated statement of comprehensive income and expense. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in previous years. Deferred tax is provided on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: \u2013 the initial recognition of goodwill; \u2013 the initial recognition of assets or liabilities that affect neither accounting nor taxable profit other than in a business combination; and \u2013 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 balance sheet date. Key estimate \u2013 Estimates of future profits to support the recognition of deferred tax assets Deferred tax assets are recognised to the extent it is probable that future taxable profits (including the future release of deferred tax liabilities) will be available, against which the deductible temporary differences can be used, based on management\u2019s assumptions relating to the amounts and timing of future taxable profits. Estimates of future profitability on an entity basis are required to ascertain whether it is probable that sufficient taxable profits will arise to support the recognition of deferred tax assets relating to the corresponding entity. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:21380048ADXM6Z67CT18",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-550": {
"value": "Accounting policy Tax on the profit for the year comprises current and deferred tax. Tax is recognised in the Consolidated income statement except to the extent that it relates to items recognised directly in Other comprehensive income, in which case it is recognised in the Consolidated statement of comprehensive income and expense. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in previous years. Deferred tax is provided on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: \u2013 the initial recognition of goodwill; \u2013 the initial recognition of assets or liabilities that affect neither accounting nor taxable profit other than in a business combination; and \u2013 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 balance sheet date. Key estimate \u2013 Estimates of future profits to support the recognition of deferred tax assets Deferred tax assets are recognised to the extent it is probable that future taxable profits (including the future release of deferred tax liabilities) will be available, against which the deductible temporary differences can be used, based on management\u2019s assumptions relating to the amounts and timing of future taxable profits. Estimates of future profitability on an entity basis are required to ascertain whether it is probable that sufficient taxable profits will arise to support the recognition of deferred tax assets relating to the corresponding entity. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:21380048ADXM6Z67CT18",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-502": {
"value": "8. Earnings per share Basic earnings per share is the amount of profit generated in a financial year attributable to equity shareholders, divided by the weighted average number of shares in issue during the year. Basic and diluted earnings per share are calculated on earnings of \u00a3116,102,000 (2022: \u00a3120,351,000) and on 72,719,565 shares (2022: 72,774,147 shares), being the number of shares in issue. The number of shares excludes 68,978 (2022:14,396) shares held by the Employee Benefit Trust (EBT). On this basis, earnings per share (basic and diluted) is calculated as 159.7 pence (2022: 165.4 pence). There is no difference between the weighted average earnings per share and the basic and diluted earnings per share. For the calculation of adjusted earnings per share, per note 29, earnings of \u00a3116,102,000 (2022: \u00a3120,351,000) are adjusted by post-tax amounts for: \u2013 fair value (gains)/losses on financial instruments not eligible for hedge accounting (reported in Revenue), which represents the amount by which revenue would change had all the derivatives qualified as eligible for hedge accounting, \u00a35,488,000 gain; \u2013 fair value (gains)/losses on financial instruments not eligible for hedge accounting (reported in Gains/(losses) from the fair value of financial instruments), \u00a31,133,000 loss; \u2013 a revised estimate of 2020 restructuring costs, \u00a3570,000 gain; and \u2013 a US defined benefit pension scheme past service cost, \u00a31,626,000 loss. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:21380048ADXM6Z67CT18",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-503": {
"value": "9. Property, plant and equipment The Group makes significant investments in distribution and in-house manufacturing infrastructure. During the year we have significantly expanded our production facility in Wales and invested in our manufacturing equipment in the UK. We expect to complete this facility and continue our investments in property, plant and equipment in the coming year. Accounting policy Freehold land is not depreciated. Other assets are stated at cost less accumulated depreciation and accumulated impairment losses, if any. Depreciation is provided to write off the cost of assets less their estimated residual value on a straight-line basis over their estimated useful economic lives as follows: freehold buildings, 50 years; plant and equipment, 3 to 25 years; and vehicles, 3 to 4 years. Year ended 30 June 2023 Freehold land and buildings \u00a3\u2019000 Plant and equipment \u00a3\u2019000 Motor vehicles \u00a3\u2019000 Assets in the course of construction \u00a3\u2019000 Total \u00a3\u2019000 Cost At 1 July 2022 217,820 263,557 7,520 7,481 496,378 Additions 1,730 16,934 1,033 54,075 73,772 Transfers 3,240 4,847 \u2013 (8,087) \u2013 Disposals (5,383) (9,681) (1,369) \u2013 (16,433) Currency adjustment (4,022) (2,501) (72) \u2013 (6,595) At 30 June 2023 213,385 273,156 7,112 53,469 547,122 Depreciation At 1 July 2022 43,816 202,214 6,495 \u2013 252,525 Charge for the year 4,175 14,891 576 \u2013 19,642 Disposals (1,619) (5,544) (1,167) \u2013 (8,330) Currency adjustment (725) (2,015) (60) \u2013 (2,800) At 30 June 2023 45,647 209,546 5,844 \u2013 261,037 Net book value At 30 June 2023 167,738 63,610 1,268 53,469 286,085 At 30 June 2022 174,004 61,343 1,025 7,481 243,853 Losses on disposals of Property, plant and equipment amounted to \u00a3155,000 (2022: \u00a3157,000). Additions to assets in the course of construction comprise \u00a342,646,000 (2022: \u00a3826,000) for land and buildings and \u00a311,429,000 (2022: \u00a36,318,000) for plant and equipment. At 30 June 2023, properties with a net book value of \u00a388,778,000 (2022: \u00a354,208,000) were subject to a fixed charge to secure the UK defined benefit pension scheme liabilities. Year ended 30 June 2022 Freehold land and buildings \u00a3\u2019000 Plant and equipment \u00a3\u2019000 Motor vehicles \u00a3\u2019000 Assets in the course of construction \u00a3\u2019000 Total \u00a3\u2019000 Cost At 1 July 2021 216,783 242,432 7,421 7,109 473,745 Additions 5,715 16,756 1,150 7,144 30,765 Transfers 2,800 3,972 \u2013 (6,772) \u2013 Transfers to Investment properties (11,563) \u2013 \u2013 \u2013 (11,563) Disposals 97 (3,587) (1,269) \u2013 (4,759) Currency adjustment 3,988 3,984 218 \u2013 8,190 At 30 June 2022 217,820 263,557 7,520 7,481 496,378 Depreciation At 1 July 2021 38,530 182,557 6,416 \u2013 227,503 Charge for the year 4,623 20,029 1,056 \u2013 25,708 Impairment 1,259 \u2013 \u2013 \u2013 1,259 Transfers to Investment properties (1,222) \u2013 \u2013 \u2013 (1,222) Disposals 81 (2,837) (1,180) \u2013 (3,936) Currency adjustment 545 2,465 203 \u2013 3,213 At 30 June 2022 43,816 202,214 6,495 \u2013 252,525 Net book value At 30 June 2022 174,004 61,343 1,025 7,481 243,853 At 30 June 2021 178,253 59,875 1,005 7,109 246,242 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:21380048ADXM6Z67CT18",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-551": {
"value": "Accounting policy Freehold land is not depreciated. Other assets are stated at cost less accumulated depreciation and accumulated impairment losses, if any. Depreciation is provided to write off the cost of assets less their estimated residual value on a straight-line basis over their estimated useful economic lives as follows: freehold buildings, 50 years; plant and equipment, 3 to 25 years; and vehicles, 3 to 4 years. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:21380048ADXM6Z67CT18",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-504": {
"value": "10. Right-of-use assets The Group leases mostly properties and cars from third parties and recognises an associated right-of-use asset where we are afforded control and economic benefit from the use of the asset. Accounting policy At the commencement date of a lease arrangement the Group recognises a right-of-use asset for the leased item and a lease liability for any payments due. Right-of-use assets are initially measured at cost, being the present value of the lease liability plus any initial costs incurred in entering the lease and less any incentives received. See note 21 for further detail on lease liabilities. Right-of-use assets are subsequently depreciated on a straight-line basis from the commencement date to the earlier of the end of the useful life or the end of the lease term. Year ended 30 June 2023 Leasehold property \u00a3\u2019000 Plant and equipment \u00a3\u2019000 Motor vehicles \u00a3\u2019000 Total \u00a3\u2019000 Net book value At 1 July 2022 8,055 117 1,778 9,950 Additions 261 64 2,907 3,232 Reductions in consideration (308) \u2013 (13) (321) Depreciation (2,737) (93) (1,392) (4,222) Currency adjustment (202) 1 (36) (237) At 30 June 2023 5,069 89 3,244 8,402 Year ended 30 June 2022 Leasehold property \u00a3\u2019000 Plant and equipment \u00a3\u2019000 Motor vehicles \u00a3\u2019000 Total \u00a3\u2019000 Net book value At 1 July 2021 10,297 102 2,030 12,429 Additions 1,293 115 1,058 2,466 Depreciation (2,805) (102) (1,298) (4,205) Impairment (1,837) \u2013 \u2013 (1,837) Currency adjustment 1,107 2 (12) 1,097 At 30 June 2022 8,055 117 1,778 9,950 14. Leases (as lessor) The Group acts as a lessor for Renishaw-manufactured equipment on finance and operating lease arrangements. This is principally for high-value capital equipment such as our additive manufacturing machines. Accounting policy Where the Group transfers the risks and rewards of ownership of lease assets to a third party, the Group recognises a receivable in the amount of the net investment in the lease. The lease receivable is subsequently reduced by the principal received, while an interest component is recognised as financial income in the Consolidated income statement. Standard contract terms are up to five years and there is a nominal residual value receivable at the end of the contract. Where the Group retains the risks and rewards of ownership of lease assets, it continues to recognise the leased asset in Property, plant and equipment. Income from operating leases is recognised on a straight-line basis over the lease term and recognised as Revenue rather than Other revenue as such income is not material. Operating leases are on one to five year terms. The total future lease payments are split between the principal and interest amounts below: 2023 2022 Gross investment \u00a3\u2019000 Interest \u00a3\u2019000 Net investment \u00a3\u2019000 Gross investment \u00a3\u2019000 Interest \u00a3\u2019000 Net investment \u00a3\u2019000 Receivable in less than one year 4,375 611 3,764 3,703 355 3,348 Receivable between one and two years 3,600 447 3,153 2,882 252 2,630 Receivable between two and three years 3,283 289 2,994 2,015 148 1,867 Receivable between three and four years 2,478 151 2,327 1,779 70 1,709 Receivable between four and five years 1,502 41 1,461 770 15 755 Total future minimum lease payments receivable 15,238 1,539 13,699 11,149 840 10,309 Finance lease receivables are presented as \u00a39,935,000 (2022: \u00a36,961,000) non-current assets and \u00a33,764,000 (2022: \u00a33,348,000) current assets in the Consolidated balance sheet. The total of future minimum lease payments receivable under non-cancellable operating leases were: 2023 \u00a3\u2019000 2022 \u00a3\u2019000 Receivable in less than one year 1,394 1,246 Receivable between one and four years 1,569 2,365 Total future minimum lease payments receivable 2,963 3,611 During the year, \u00a3974,000 (2022: \u00a31,184,000) was recognised in Revenue from operating leases. 21. Leases (as lessee) The Group leases distribution properties and cars from third parties and recognises an associated lease liability for the total present value of payments the lease contracts commit us to. Accounting policy At the commencement date of a lease arrangement the Group recognises a right-of-use asset for the leased item and a lease liability for any payments due. Lease liabilities are initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the incremental borrowing rate of the applicable entity. The lease liability is subsequently measured at amortised cost using the effective interest method and is remeasured if there is a change in future lease payments arising from a change in an index or rate (such as an inflation-linked increase) or if there is a change in the Group\u2019s assessment of whether it will exercise an extension or termination option. When this happens there is a corresponding adjustment to the right-of-use asset. Where the Group enters into leases with a lease term of 12 months or less, these are treated as \u2018short-term\u2019 leases and are recognised on a straight-line basis as an expense in the Consolidated income statement. The same treatment applies to low-value assets, which are typically IT equipment and office equipment. Lease liabilities are analysed as below: 2023 Leasehold property \u00a3\u2019000 Plant and equipment \u00a3\u2019000 Motor vehicles \u00a3\u2019000 Total \u00a3\u2019000 Due in less than one year 1,737 21 1,520 3,278 Due between one and two years 691 13 1,192 1,896 Due between two and three years 510 13 858 1,381 Due between three and four years 351 6 387 744 Due between four and five years 110 1 66 177 Due in more than five years 3,481 \u2013 \u2013 3,481 Total future minimum lease payments payable 6,880 54 4,023 10,957 Effect of discounting (1,566) (1) (756) (2,324) Lease liabilities 5,314 53 3,267 8,633 2022 Leasehold property \u00a3\u2019000 Plant and equipment \u00a3\u2019000 Motor vehicles \u00a3\u2019000 Total \u00a3\u2019000 Due in less than one year 2,916 33 930 3,879 Due between one and two years 1,857 18 523 2,398 Due between two and three years 805 10 278 1,093 Due between three and four years 624 9 78 711 Due between four and five years 553 3 7 563 Due in more than five years 3,611 \u2013 \u2013 3,611 Total future minimum lease payments payable 10,366 73 1,816 12,255 Effect of discounting (1,993) (1) (81) (2,075) Lease liabilities 8,373 72 1,735 10,180 Lease liabilities are also presented as a \u00a33,009,000 (2022: \u00a33,714,000) current liability and a \u00a35,624,000 (2022: \u00a36,466,000) non- current liability in the Consolidated balance sheet. Amounts recognised in the Consolidated income statement relating to leases were: 2023 \u00a3\u2019000 2022 \u00a3\u2019000 Depreciation of right-of-use assets 4,223 4,205 Impairment of right-of-use assets \u2013 1,837 Derecognition of lease liabilities \u2013 (1,985) Interest expense on lease liabilities 348 481 Expenses relating to short-term and low-value leases 471 51 Total expense recognised in the Consolidated income statement 5,042 4,589 Total cash outflows for leases 5,025 4,613 During the previous year we withdrew from Russia, including moving out of a leased property by August 2022. We therefore derecognised amounts relating to the leased property totalling \u00a31,985,000, with a corresponding impairment to the right-of-use asset of \u00a31,837,000. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:21380048ADXM6Z67CT18",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-552": {
"value": "Accounting policy At the commencement date of a lease arrangement the Group recognises a right-of-use asset for the leased item and a lease liability for any payments due. Right-of-use assets are initially measured at cost, being the present value of the lease liability plus any initial costs incurred in entering the lease and less any incentives received. See note 21 for further detail on lease liabilities. Right-of-use assets are subsequently depreciated on a straight-line basis from the commencement date to the earlier of the end of the useful life or the end of the lease term. Accounting policy Where the Group transfers the risks and rewards of ownership of lease assets to a third party, the Group recognises a receivable in the amount of the net investment in the lease. The lease receivable is subsequently reduced by the principal received, while an interest component is recognised as financial income in the Consolidated income statement. Standard contract terms are up to five years and there is a nominal residual value receivable at the end of the contract. Where the Group retains the risks and rewards of ownership of lease assets, it continues to recognise the leased asset in Property, plant and equipment. Income from operating leases is recognised on a straight-line basis over the lease term and recognised as Revenue rather than Other revenue as such income is not material. Operating leases are on one to five year terms. Accounting policy At the commencement date of a lease arrangement the Group recognises a right-of-use asset for the leased item and a lease liability for any payments due. Lease liabilities are initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the incremental borrowing rate of the applicable entity. The lease liability is subsequently measured at amortised cost using the effective interest method and is remeasured if there is a change in future lease payments arising from a change in an index or rate (such as an inflation-linked increase) or if there is a change in the Group\u2019s assessment of whether it will exercise an extension or termination option. When this happens there is a corresponding adjustment to the right-of-use asset. Where the Group enters into leases with a lease term of 12 months or less, these are treated as \u2018short-term\u2019 leases and are recognised on a straight-line basis as an expense in the Consolidated income statement. The same treatment applies to low-value assets, which are typically IT equipment and office equipment. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:21380048ADXM6Z67CT18",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-505": {
"value": "11. Investment properties The Group\u2019s investment properties consist of five properties in the UK, Ireland and India, which are occupied by rent-paying third parties. Accounting policy Where property owned by the Group is deemed to be held to earn rentals or for long-term capital appreciation it is recognised as investment property. Where a property is part-occupied by the Group, portions of the property are recognised as investment property if they meet the above description and if these portions could be sold separately and reliably measured. If the portions could not be sold separately, the property is recognised as an investment property only if a significant proportion is held for rental or appreciation purposes. The Group has elected to value investment properties on a cost basis, initially comprising an investment property\u2019s purchase price and any directly attributable expenditure. Depreciation is provided to write off the cost of assets on a straight-line basis over their estimated useful economic lives, being 50 years. Amounts relating to freehold land is not depreciated. 2023 \u00a3\u2019000 2022 \u00a3\u2019000 Cost Balance at the beginning of the year 11,905 \u2013 Transfers from Property, plant and equipment \u2013 11,563 Additions 252 195 Disposals \u2013 (102) Currency adjustment (261) 249 Balance at the end of the year 11,896 11,905 Depreciation Balance at the beginning of the year 1,337 \u2013 Transfers from Property, plant and equipment \u2013 1,222 Charge for the year 240 190 Disposals \u2013 (81) Currency adjustment (4) 6 Balance at the end of the year 1,573 1,337 Net book value 10,323 10,568 The Group has no restrictions on the realisability of its investment properties and no contractual obligations to purchase, construct or develop investment properties. Amounts recognised in the Consolidated income statement relating to investment properties: 2023 \u00a3\u2019000 2022 \u00a3\u2019000 Rental income derived from investment properties 915 453 Direct operating expenses (including repairs and maintenance) 258 105 Profit arising from investment properties 657 348 The fair value of the Group\u2019s investment properties totalled \u00a314,718,000 at 30 June 2023 (2022: \u00a314,626,000). Fair values of each investment property have been determined by independent valuers who hold recognised and relevant professional qualifications and have recent experience in the location and category of each investment property being valued. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory",
"language": "en",
"entity": "scheme:21380048ADXM6Z67CT18",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-553": {
"value": "Accounting policy Where property owned by the Group is deemed to be held to earn rentals or for long-term capital appreciation it is recognised as investment property. Where a property is part-occupied by the Group, portions of the property are recognised as investment property if they meet the above description and if these portions could be sold separately and reliably measured. If the portions could not be sold separately, the property is recognised as an investment property only if a significant proportion is held for rental or appreciation purposes. The Group has elected to value investment properties on a cost basis, initially comprising an investment property\u2019s purchase price and any directly attributable expenditure. Depreciation is provided to write off the cost of assets on a straight-line basis over their estimated useful economic lives, being 50 years. Amounts relating to freehold land is not depreciated. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory",
"language": "en",
"entity": "scheme:21380048ADXM6Z67CT18",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-541": {
"value": "12. Intangible assets Our Consolidated balance sheet contains significant intangible assets, mostly in relation to goodwill, which arises when we acquire a business and pay a higher amount than the fair value of its net assets, and capitalised development costs. We make significant investments into the development of new products, which is a key part of our business model, and some of these costs are initially capitalised and then expensed over the lifetime of future sales of that product. Accounting policy Goodwill arising on acquisition represents the difference between the cost of the acquisition and the fair value of the net identifiable assets acquired, net of deferred tax. Identifiable intangibles are those which can be sold separately or which arise from legal rights regardless of whether those rights are separable. Goodwill is stated at cost less any accumulated impairment losses. It is not amortised but is tested annually for impairment or earlier if there are any indications of impairment. The annual impairment review involves comparing the carrying amount to the estimated recoverable amount and recognising an impairment loss if the recoverable amount is lower. Impairment losses are recognised in the Consolidated income statement. Intangible assets such as customer lists, patents, trade marks, know-how and intellectual property that are acquired by the Group are stated at cost less amortisation and impairment losses. Amortisation is charged to the Consolidated income statement on a straight-line basis over the estimated useful lives of the intangible assets. The estimated useful lives of the intangible assets included in the Consolidated balance sheet reflect the benefit derived by the Group and vary from five to 10 years. Expenditure on research activities is recognised in the Consolidated income statement as an expense as incurred. Expenditure on development activities is capitalised if: the product or process is technically and commercially feasible; the Group intends and has the technical ability and sufficient resources to complete development; future economic benefits are probable; and the Group can measure reliably the expenditure attributable to the intangible asset during its development. Development activities involve a plan or design for the production of new or substantially improved products or processes. The expenditure capitalised includes the cost of materials, direct labour and an appropriate proportion of overheads. Other development expenditure is recognised in the Consolidated income statement as an expense as incurred. Capitalised development expenditure is amortised over the useful economic life appropriate to each product or process, ranging from five to 10 years, and is stated at cost less accumulated amortisation and less accumulated impairment losses. Amortisation commences when a product or process is available for use as intended by management. Capitalised development expenditure is removed from the balance sheet 10 years after being fully amortised. All non-current assets are tested for impairment whenever there is an indication that their carrying value may be impaired. An impairment loss is recognised in the Consolidated income statement to the extent that an asset\u2019s carrying value exceeds its recoverable amount, which represents the higher of the asset\u2019s fair value less costs to sell and its value-in-use. An asset\u2019s value- in-use represents the present value of the future cash flows expected to be derived from the asset or from the cash-generating unit to which it relates. The present value is calculated using a discount rate that reflects the current market assessment of the time value of money and the risks specific to the asset concerned. Goodwill and capitalised development costs are subject to an annual impairment test. Key judgement \u2013 Whether a project meets the criteria for capitalisation Product development costs are capitalised once a project has reached a certain stage of development, being the point at which the product has passed testing to demonstrate it meets the technical specifications of the project and it satisfies all applicable regulations. Judgements are required to assess whether the new product development has reached the appropriate point for capitalisation of costs to begin. These costs are subsequently amortised over their useful economic life once ready for use. Should a product be subsequently obsoleted, the accumulated capitalised development costs would need to be immediately written off in the Consolidated income statement. Key estimate \u2013 Estimates of future cash flows used for impairment testing Determining whether goodwill and capitalised development costs are impaired requires an estimation of the value-in-use of cash-generating units (CGUs) to which goodwill has been allocated. To calculate the value-in-use we need to estimate the future cashflows of each CGU and select the appropriate discount rate for each CGU. Year ended 30 June 2023 Goodwill \u00a3\u2019000 Other intangible assets \u00a3\u2019000 Internally generated development costs \u00a3\u2019000 Software licences and intellectual property \u00a3\u2019000 Total \u00a3\u2019000 Cost At 1 July 2022 20,475 4,629 168,212 22,379 215,695 Additions \u2013 254 10,448 125 10,827 Disposals \u2013 \u2013 \u2013 (10,518) (10,518) Currency adjustment (214) (8) \u2013 (8) (230) At 30 June 2023 20,261 4,875 178,660 11,978 215,774 Amortisation At 1 July 2022 9,028 2,240 139,460 20,749 171,477 Charge for the year \u2013 179 5,150 833 6,162 Impairment \u2013 \u2013 1,611 \u2013 1,611 Disposals \u2013 \u2013 \u2013 (9,969) (9,969) Currency adjustment \u2013 33 \u2013 (8) 25 At 30 June 2023 9,028 2,452 146,221 11,605 169,306 Net book value At 30 June 2023 11,233 2,423 32,439 373 46,468 At 30 June 2022 11,447 2,389 28,752 1,630 44,218 Year ended 30 June 2022 Goodwill \u00a3\u2019000 Other intangible assets \u00a3\u2019000 Internally generated development costs \u00a3\u2019000 Software licences and intellectual property \u00a3\u2019000 Total \u00a3\u2019000 Cost At 1 July 2021 19,533 15,783 177,291 24,962 237,569 Additions \u2013 53 7,966 876 8,895 Write-off \u2013 \u2013 \u2013 (3,510) (3,510) Disposals \u2013 (11,211) (17,045) \u2013 (28,256) Currency adjustment 942 4 \u2013 51 997 At 30 June 2022 20,475 4,629 168,212 22,379 215,695 Amortisation At 1 July 2021 9,028 13,254 151,807 19,685 193,774 Charge for the year \u2013 201 4,698 1,024 5,923 Disposals \u2013 (11,211) (17,045) \u2013 (28,256) Currency adjustment \u2013 (4) \u2013 40 36 At 30 June 2022 9,028 2,240 139,460 20,749 171,477 Net book value At 30 June 2022 11,447 2,389 28,752 1,630 44,218 At 30 June 2021 10,505 2,529 25,484 5,277 43,795 Goodwill Goodwill has arisen on the acquisition of several businesses and has an indeterminable useful life. It is therefore not amortised but is instead tested for impairment annually and at any point during the year when an indicator of impairment exists. Goodwill is allocated to cash generating units (CGUs), as set on page 174. This is the lowest level in the Group at which goodwill is monitored for impairment and is at a lower level than the Group\u2019s operating segments. The analysis of goodwill according to business acquired is: 2023 \u00a3\u2019000 2022 \u00a3\u2019000 itp GmbH 2,985 2,985 Renishaw Mayfield S.A. 2,089 2,055 Renishaw Fixturing Solutions, LLC 5,454 5,677 Other smaller acquisitions 705 730 Total goodwill 11,233 11,447 The recoverable amounts of acquired goodwill are based on value-in-use calculations. These calculations use cash flow projections based on the financial business plans approved by management for the next five financial years. The cash flows beyond this forecast are extrapolated to perpetuity using a nil growth rate on a prudent basis, to reflect the uncertainties over forecasting beyond five years. The following pre-tax discount rates have been used in discounting the projected cash flows: Business acquired CGU 2023 Discount rate 2022 Discount rate itp GmbH itp GmbH entity (\u2018ITP\u2019) 13.2% 11.3% Renishaw Fixturing Solutions, LLC Renishaw plc (\u2018PLC\u2019) 14.3% 11.5% Renishaw Mayfield S.A. Renishaw Mayfield S.A. entity (\u2018Mayfield\u2019) 26.3% 22.9% The Group post-tax weighted average cost of capital, calculated at 30 June 2023, is 10.7% (2022: 9.0%). The increase is mainly driven by higher risk-free rates in the market. Pre-tax discount rates for Manufacturing technologies CGUs (ITP and PLC) are calculated from this basis, given that they are aligned with the wider Group\u2019s industries, markets and processes. The Analytical instruments and medical devices\u2019 CGU (Mayfield) has a higher risk weighting, reflecting the less mature nature of this segment. During the period, the CGU relating to the goodwill arising on the acquisition of Renishaw Fixturing Solutions, LLC has been changed from the Renishaw fixturing product line to Renishaw plc. This follows the closure of Renishaw Fixturing Solutions, LLC, with production of fixturing products now undertaken by the manufacturing division of Renishaw plc. For there to be an impairment in the PLC, ITP or Mayfield CGUs the discount rate would need to increase to at least 20%, 18% and 32% respectively. The following bases have been used in determining cash flow projections: CGU 2023 Basis of forecast 2022 Basis of forecast itp GmbH entity five-year business plan five-year business plan Renishaw plc five-year business plan five-year business plan Renishaw Mayfield S.A. entity five-year business plan five-year business plan These five-year business plans are considered fair estimates based on management\u2019s view of the future and experience of past performance of the individual CGUs, and are calculated at a disaggregated level. Within these plans, revenue forecasts are calculated with reference to external market data, Renishaw past outperformance, and new product launches, consistent with revenue forecasts across the Group. Production costs, engineering costs, distribution costs and administrative expenses are calculated based on management\u2019s best estimates of what is required to support revenue growth and new product development. Estimates of capital expenditure and working capital requirements are also included in the cash flow projections. The key estimate within these business plans is the forecasting of revenue growth, given that the cost bases of the businesses can be flexed in line with revenue performance. Given the average revenue growth assumptions included in the five-year business plans, management\u2019s sensitivity analysis involves modelling a reduction in the forecast cash flows utilised in those business plans and therefore into perpetuity. For there to be an impairment there would need to be a reduction to these forecast cash flows of 29% for ITP, 30% for PLC and 21% for Mayfield. Management deems the likelihood of these reductions to be unlikely. Internally generated development costs The key assumption in determining the value-in-use for internally generated development costs is the forecast unit sales over the useful economic life, which is determined by management using their knowledge and experience with similar products and the sales history of products already available in the market. Resulting cash flow projections over five to 10 years, the period over which product demand forecasts can be reasonably predicted and internally generated development costs are written off, are discounted using pre-tax discount rates, which are calculated from the Group post-tax weighted average cost of capital of 10.7% (2022: 9.0%). There was an impairment of \u00a31,611,000 (2022: nil) of internally generated development costs in the year, which wholly related to a drug delivery project in our Neurological business. Revenue from our drug delivery business continues to be slow due to the long lead-time of pharmaceutical programmes, although we remain confident in our opportunity pipeline. The uncertainty of the near-term cash flows resulted in this partial impairment of \u00a31,611,000, with the remaining net book value totalling \u00a31,984,000 at 30 June 2023. For the largest projects, comprising 95% of the net book value at 30 June 2023, a 10% reduction to forecast unit sales, or an increase in the discount rate by 5%, would result in an impairment of less than \u00a3800,000. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:21380048ADXM6Z67CT18",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-528": {
"value": "12. Intangible assets Our Consolidated balance sheet contains significant intangible assets, mostly in relation to goodwill, which arises when we acquire a business and pay a higher amount than the fair value of its net assets, and capitalised development costs. We make significant investments into the development of new products, which is a key part of our business model, and some of these costs are initially capitalised and then expensed over the lifetime of future sales of that product. Accounting policy Goodwill arising on acquisition represents the difference between the cost of the acquisition and the fair value of the net identifiable assets acquired, net of deferred tax. Identifiable intangibles are those which can be sold separately or which arise from legal rights regardless of whether those rights are separable. Goodwill is stated at cost less any accumulated impairment losses. It is not amortised but is tested annually for impairment or earlier if there are any indications of impairment. The annual impairment review involves comparing the carrying amount to the estimated recoverable amount and recognising an impairment loss if the recoverable amount is lower. Impairment losses are recognised in the Consolidated income statement. Intangible assets such as customer lists, patents, trade marks, know-how and intellectual property that are acquired by the Group are stated at cost less amortisation and impairment losses. Amortisation is charged to the Consolidated income statement on a straight-line basis over the estimated useful lives of the intangible assets. The estimated useful lives of the intangible assets included in the Consolidated balance sheet reflect the benefit derived by the Group and vary from five to 10 years. Expenditure on research activities is recognised in the Consolidated income statement as an expense as incurred. Expenditure on development activities is capitalised if: the product or process is technically and commercially feasible; the Group intends and has the technical ability and sufficient resources to complete development; future economic benefits are probable; and the Group can measure reliably the expenditure attributable to the intangible asset during its development. Development activities involve a plan or design for the production of new or substantially improved products or processes. The expenditure capitalised includes the cost of materials, direct labour and an appropriate proportion of overheads. Other development expenditure is recognised in the Consolidated income statement as an expense as incurred. Capitalised development expenditure is amortised over the useful economic life appropriate to each product or process, ranging from five to 10 years, and is stated at cost less accumulated amortisation and less accumulated impairment losses. Amortisation commences when a product or process is available for use as intended by management. Capitalised development expenditure is removed from the balance sheet 10 years after being fully amortised. All non-current assets are tested for impairment whenever there is an indication that their carrying value may be impaired. An impairment loss is recognised in the Consolidated income statement to the extent that an asset\u2019s carrying value exceeds its recoverable amount, which represents the higher of the asset\u2019s fair value less costs to sell and its value-in-use. An asset\u2019s value- in-use represents the present value of the future cash flows expected to be derived from the asset or from the cash-generating unit to which it relates. The present value is calculated using a discount rate that reflects the current market assessment of the time value of money and the risks specific to the asset concerned. Goodwill and capitalised development costs are subject to an annual impairment test. Key judgement \u2013 Whether a project meets the criteria for capitalisation Product development costs are capitalised once a project has reached a certain stage of development, being the point at which the product has passed testing to demonstrate it meets the technical specifications of the project and it satisfies all applicable regulations. Judgements are required to assess whether the new product development has reached the appropriate point for capitalisation of costs to begin. These costs are subsequently amortised over their useful economic life once ready for use. Should a product be subsequently obsoleted, the accumulated capitalised development costs would need to be immediately written off in the Consolidated income statement. Key estimate \u2013 Estimates of future cash flows used for impairment testing Determining whether goodwill and capitalised development costs are impaired requires an estimation of the value-in-use of cash-generating units (CGUs) to which goodwill has been allocated. To calculate the value-in-use we need to estimate the future cashflows of each CGU and select the appropriate discount rate for each CGU. Year ended 30 June 2023 Goodwill \u00a3\u2019000 Other intangible assets \u00a3\u2019000 Internally generated development costs \u00a3\u2019000 Software licences and intellectual property \u00a3\u2019000 Total \u00a3\u2019000 Cost At 1 July 2022 20,475 4,629 168,212 22,379 215,695 Additions \u2013 254 10,448 125 10,827 Disposals \u2013 \u2013 \u2013 (10,518) (10,518) Currency adjustment (214) (8) \u2013 (8) (230) At 30 June 2023 20,261 4,875 178,660 11,978 215,774 Amortisation At 1 July 2022 9,028 2,240 139,460 20,749 171,477 Charge for the year \u2013 179 5,150 833 6,162 Impairment \u2013 \u2013 1,611 \u2013 1,611 Disposals \u2013 \u2013 \u2013 (9,969) (9,969) Currency adjustment \u2013 33 \u2013 (8) 25 At 30 June 2023 9,028 2,452 146,221 11,605 169,306 Net book value At 30 June 2023 11,233 2,423 32,439 373 46,468 At 30 June 2022 11,447 2,389 28,752 1,630 44,218 Year ended 30 June 2022 Goodwill \u00a3\u2019000 Other intangible assets \u00a3\u2019000 Internally generated development costs \u00a3\u2019000 Software licences and intellectual property \u00a3\u2019000 Total \u00a3\u2019000 Cost At 1 July 2021 19,533 15,783 177,291 24,962 237,569 Additions \u2013 53 7,966 876 8,895 Write-off \u2013 \u2013 \u2013 (3,510) (3,510) Disposals \u2013 (11,211) (17,045) \u2013 (28,256) Currency adjustment 942 4 \u2013 51 997 At 30 June 2022 20,475 4,629 168,212 22,379 215,695 Amortisation At 1 July 2021 9,028 13,254 151,807 19,685 193,774 Charge for the year \u2013 201 4,698 1,024 5,923 Disposals \u2013 (11,211) (17,045) \u2013 (28,256) Currency adjustment \u2013 (4) \u2013 40 36 At 30 June 2022 9,028 2,240 139,460 20,749 171,477 Net book value At 30 June 2022 11,447 2,389 28,752 1,630 44,218 At 30 June 2021 10,505 2,529 25,484 5,277 43,795 Goodwill Goodwill has arisen on the acquisition of several businesses and has an indeterminable useful life. It is therefore not amortised but is instead tested for impairment annually and at any point during the year when an indicator of impairment exists. Goodwill is allocated to cash generating units (CGUs), as set on page 174. This is the lowest level in the Group at which goodwill is monitored for impairment and is at a lower level than the Group\u2019s operating segments. The analysis of goodwill according to business acquired is: 2023 \u00a3\u2019000 2022 \u00a3\u2019000 itp GmbH 2,985 2,985 Renishaw Mayfield S.A. 2,089 2,055 Renishaw Fixturing Solutions, LLC 5,454 5,677 Other smaller acquisitions 705 730 Total goodwill 11,233 11,447 The recoverable amounts of acquired goodwill are based on value-in-use calculations. These calculations use cash flow projections based on the financial business plans approved by management for the next five financial years. The cash flows beyond this forecast are extrapolated to perpetuity using a nil growth rate on a prudent basis, to reflect the uncertainties over forecasting beyond five years. The following pre-tax discount rates have been used in discounting the projected cash flows: Business acquired CGU 2023 Discount rate 2022 Discount rate itp GmbH itp GmbH entity (\u2018ITP\u2019) 13.2% 11.3% Renishaw Fixturing Solutions, LLC Renishaw plc (\u2018PLC\u2019) 14.3% 11.5% Renishaw Mayfield S.A. Renishaw Mayfield S.A. entity (\u2018Mayfield\u2019) 26.3% 22.9% The Group post-tax weighted average cost of capital, calculated at 30 June 2023, is 10.7% (2022: 9.0%). The increase is mainly driven by higher risk-free rates in the market. Pre-tax discount rates for Manufacturing technologies CGUs (ITP and PLC) are calculated from this basis, given that they are aligned with the wider Group\u2019s industries, markets and processes. The Analytical instruments and medical devices\u2019 CGU (Mayfield) has a higher risk weighting, reflecting the less mature nature of this segment. During the period, the CGU relating to the goodwill arising on the acquisition of Renishaw Fixturing Solutions, LLC has been changed from the Renishaw fixturing product line to Renishaw plc. This follows the closure of Renishaw Fixturing Solutions, LLC, with production of fixturing products now undertaken by the manufacturing division of Renishaw plc. For there to be an impairment in the PLC, ITP or Mayfield CGUs the discount rate would need to increase to at least 20%, 18% and 32% respectively. The following bases have been used in determining cash flow projections: CGU 2023 Basis of forecast 2022 Basis of forecast itp GmbH entity five-year business plan five-year business plan Renishaw plc five-year business plan five-year business plan Renishaw Mayfield S.A. entity five-year business plan five-year business plan These five-year business plans are considered fair estimates based on management\u2019s view of the future and experience of past performance of the individual CGUs, and are calculated at a disaggregated level. Within these plans, revenue forecasts are calculated with reference to external market data, Renishaw past outperformance, and new product launches, consistent with revenue forecasts across the Group. Production costs, engineering costs, distribution costs and administrative expenses are calculated based on management\u2019s best estimates of what is required to support revenue growth and new product development. Estimates of capital expenditure and working capital requirements are also included in the cash flow projections. The key estimate within these business plans is the forecasting of revenue growth, given that the cost bases of the businesses can be flexed in line with revenue performance. Given the average revenue growth assumptions included in the five-year business plans, management\u2019s sensitivity analysis involves modelling a reduction in the forecast cash flows utilised in those business plans and therefore into perpetuity. For there to be an impairment there would need to be a reduction to these forecast cash flows of 29% for ITP, 30% for PLC and 21% for Mayfield. Management deems the likelihood of these reductions to be unlikely. Internally generated development costs The key assumption in determining the value-in-use for internally generated development costs is the forecast unit sales over the useful economic life, which is determined by management using their knowledge and experience with similar products and the sales history of products already available in the market. Resulting cash flow projections over five to 10 years, the period over which product demand forecasts can be reasonably predicted and internally generated development costs are written off, are discounted using pre-tax discount rates, which are calculated from the Group post-tax weighted average cost of capital of 10.7% (2022: 9.0%). There was an impairment of \u00a31,611,000 (2022: nil) of internally generated development costs in the year, which wholly related to a drug delivery project in our Neurological business. Revenue from our drug delivery business continues to be slow due to the long lead-time of pharmaceutical programmes, although we remain confident in our opportunity pipeline. The uncertainty of the near-term cash flows resulted in this partial impairment of \u00a31,611,000, with the remaining net book value totalling \u00a31,984,000 at 30 June 2023. For the largest projects, comprising 95% of the net book value at 30 June 2023, a 10% reduction to forecast unit sales, or an increase in the discount rate by 5%, would result in an impairment of less than \u00a3800,000. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:21380048ADXM6Z67CT18",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-506": {
"value": "12. Intangible assets Our Consolidated balance sheet contains significant intangible assets, mostly in relation to goodwill, which arises when we acquire a business and pay a higher amount than the fair value of its net assets, and capitalised development costs. We make significant investments into the development of new products, which is a key part of our business model, and some of these costs are initially capitalised and then expensed over the lifetime of future sales of that product. Accounting policy Goodwill arising on acquisition represents the difference between the cost of the acquisition and the fair value of the net identifiable assets acquired, net of deferred tax. Identifiable intangibles are those which can be sold separately or which arise from legal rights regardless of whether those rights are separable. Goodwill is stated at cost less any accumulated impairment losses. It is not amortised but is tested annually for impairment or earlier if there are any indications of impairment. The annual impairment review involves comparing the carrying amount to the estimated recoverable amount and recognising an impairment loss if the recoverable amount is lower. Impairment losses are recognised in the Consolidated income statement. Intangible assets such as customer lists, patents, trade marks, know-how and intellectual property that are acquired by the Group are stated at cost less amortisation and impairment losses. Amortisation is charged to the Consolidated income statement on a straight-line basis over the estimated useful lives of the intangible assets. The estimated useful lives of the intangible assets included in the Consolidated balance sheet reflect the benefit derived by the Group and vary from five to 10 years. Expenditure on research activities is recognised in the Consolidated income statement as an expense as incurred. Expenditure on development activities is capitalised if: the product or process is technically and commercially feasible; the Group intends and has the technical ability and sufficient resources to complete development; future economic benefits are probable; and the Group can measure reliably the expenditure attributable to the intangible asset during its development. Development activities involve a plan or design for the production of new or substantially improved products or processes. The expenditure capitalised includes the cost of materials, direct labour and an appropriate proportion of overheads. Other development expenditure is recognised in the Consolidated income statement as an expense as incurred. Capitalised development expenditure is amortised over the useful economic life appropriate to each product or process, ranging from five to 10 years, and is stated at cost less accumulated amortisation and less accumulated impairment losses. Amortisation commences when a product or process is available for use as intended by management. Capitalised development expenditure is removed from the balance sheet 10 years after being fully amortised. All non-current assets are tested for impairment whenever there is an indication that their carrying value may be impaired. An impairment loss is recognised in the Consolidated income statement to the extent that an asset\u2019s carrying value exceeds its recoverable amount, which represents the higher of the asset\u2019s fair value less costs to sell and its value-in-use. An asset\u2019s value- in-use represents the present value of the future cash flows expected to be derived from the asset or from the cash-generating unit to which it relates. The present value is calculated using a discount rate that reflects the current market assessment of the time value of money and the risks specific to the asset concerned. Goodwill and capitalised development costs are subject to an annual impairment test. Key judgement \u2013 Whether a project meets the criteria for capitalisation Product development costs are capitalised once a project has reached a certain stage of development, being the point at which the product has passed testing to demonstrate it meets the technical specifications of the project and it satisfies all applicable regulations. Judgements are required to assess whether the new product development has reached the appropriate point for capitalisation of costs to begin. These costs are subsequently amortised over their useful economic life once ready for use. Should a product be subsequently obsoleted, the accumulated capitalised development costs would need to be immediately written off in the Consolidated income statement. Key estimate \u2013 Estimates of future cash flows used for impairment testing Determining whether goodwill and capitalised development costs are impaired requires an estimation of the value-in-use of cash-generating units (CGUs) to which goodwill has been allocated. To calculate the value-in-use we need to estimate the future cashflows of each CGU and select the appropriate discount rate for each CGU. Year ended 30 June 2023 Goodwill \u00a3\u2019000 Other intangible assets \u00a3\u2019000 Internally generated development costs \u00a3\u2019000 Software licences and intellectual property \u00a3\u2019000 Total \u00a3\u2019000 Cost At 1 July 2022 20,475 4,629 168,212 22,379 215,695 Additions \u2013 254 10,448 125 10,827 Disposals \u2013 \u2013 \u2013 (10,518) (10,518) Currency adjustment (214) (8) \u2013 (8) (230) At 30 June 2023 20,261 4,875 178,660 11,978 215,774 Amortisation At 1 July 2022 9,028 2,240 139,460 20,749 171,477 Charge for the year \u2013 179 5,150 833 6,162 Impairment \u2013 \u2013 1,611 \u2013 1,611 Disposals \u2013 \u2013 \u2013 (9,969) (9,969) Currency adjustment \u2013 33 \u2013 (8) 25 At 30 June 2023 9,028 2,452 146,221 11,605 169,306 Net book value At 30 June 2023 11,233 2,423 32,439 373 46,468 At 30 June 2022 11,447 2,389 28,752 1,630 44,218 Year ended 30 June 2022 Goodwill \u00a3\u2019000 Other intangible assets \u00a3\u2019000 Internally generated development costs \u00a3\u2019000 Software licences and intellectual property \u00a3\u2019000 Total \u00a3\u2019000 Cost At 1 July 2021 19,533 15,783 177,291 24,962 237,569 Additions \u2013 53 7,966 876 8,895 Write-off \u2013 \u2013 \u2013 (3,510) (3,510) Disposals \u2013 (11,211) (17,045) \u2013 (28,256) Currency adjustment 942 4 \u2013 51 997 At 30 June 2022 20,475 4,629 168,212 22,379 215,695 Amortisation At 1 July 2021 9,028 13,254 151,807 19,685 193,774 Charge for the year \u2013 201 4,698 1,024 5,923 Disposals \u2013 (11,211) (17,045) \u2013 (28,256) Currency adjustment \u2013 (4) \u2013 40 36 At 30 June 2022 9,028 2,240 139,460 20,749 171,477 Net book value At 30 June 2022 11,447 2,389 28,752 1,630 44,218 At 30 June 2021 10,505 2,529 25,484 5,277 43,795 Goodwill Goodwill has arisen on the acquisition of several businesses and has an indeterminable useful life. It is therefore not amortised but is instead tested for impairment annually and at any point during the year when an indicator of impairment exists. Goodwill is allocated to cash generating units (CGUs), as set on page 174. This is the lowest level in the Group at which goodwill is monitored for impairment and is at a lower level than the Group\u2019s operating segments. The analysis of goodwill according to business acquired is: 2023 \u00a3\u2019000 2022 \u00a3\u2019000 itp GmbH 2,985 2,985 Renishaw Mayfield S.A. 2,089 2,055 Renishaw Fixturing Solutions, LLC 5,454 5,677 Other smaller acquisitions 705 730 Total goodwill 11,233 11,447 The recoverable amounts of acquired goodwill are based on value-in-use calculations. These calculations use cash flow projections based on the financial business plans approved by management for the next five financial years. The cash flows beyond this forecast are extrapolated to perpetuity using a nil growth rate on a prudent basis, to reflect the uncertainties over forecasting beyond five years. The following pre-tax discount rates have been used in discounting the projected cash flows: Business acquired CGU 2023 Discount rate 2022 Discount rate itp GmbH itp GmbH entity (\u2018ITP\u2019) 13.2% 11.3% Renishaw Fixturing Solutions, LLC Renishaw plc (\u2018PLC\u2019) 14.3% 11.5% Renishaw Mayfield S.A. Renishaw Mayfield S.A. entity (\u2018Mayfield\u2019) 26.3% 22.9% The Group post-tax weighted average cost of capital, calculated at 30 June 2023, is 10.7% (2022: 9.0%). The increase is mainly driven by higher risk-free rates in the market. Pre-tax discount rates for Manufacturing technologies CGUs (ITP and PLC) are calculated from this basis, given that they are aligned with the wider Group\u2019s industries, markets and processes. The Analytical instruments and medical devices\u2019 CGU (Mayfield) has a higher risk weighting, reflecting the less mature nature of this segment. During the period, the CGU relating to the goodwill arising on the acquisition of Renishaw Fixturing Solutions, LLC has been changed from the Renishaw fixturing product line to Renishaw plc. This follows the closure of Renishaw Fixturing Solutions, LLC, with production of fixturing products now undertaken by the manufacturing division of Renishaw plc. For there to be an impairment in the PLC, ITP or Mayfield CGUs the discount rate would need to increase to at least 20%, 18% and 32% respectively. The following bases have been used in determining cash flow projections: CGU 2023 Basis of forecast 2022 Basis of forecast itp GmbH entity five-year business plan five-year business plan Renishaw plc five-year business plan five-year business plan Renishaw Mayfield S.A. entity five-year business plan five-year business plan These five-year business plans are considered fair estimates based on management\u2019s view of the future and experience of past performance of the individual CGUs, and are calculated at a disaggregated level. Within these plans, revenue forecasts are calculated with reference to external market data, Renishaw past outperformance, and new product launches, consistent with revenue forecasts across the Group. Production costs, engineering costs, distribution costs and administrative expenses are calculated based on management\u2019s best estimates of what is required to support revenue growth and new product development. Estimates of capital expenditure and working capital requirements are also included in the cash flow projections. The key estimate within these business plans is the forecasting of revenue growth, given that the cost bases of the businesses can be flexed in line with revenue performance. Given the average revenue growth assumptions included in the five-year business plans, management\u2019s sensitivity analysis involves modelling a reduction in the forecast cash flows utilised in those business plans and therefore into perpetuity. For there to be an impairment there would need to be a reduction to these forecast cash flows of 29% for ITP, 30% for PLC and 21% for Mayfield. Management deems the likelihood of these reductions to be unlikely. Internally generated development costs The key assumption in determining the value-in-use for internally generated development costs is the forecast unit sales over the useful economic life, which is determined by management using their knowledge and experience with similar products and the sales history of products already available in the market. Resulting cash flow projections over five to 10 years, the period over which product demand forecasts can be reasonably predicted and internally generated development costs are written off, are discounted using pre-tax discount rates, which are calculated from the Group post-tax weighted average cost of capital of 10.7% (2022: 9.0%). There was an impairment of \u00a31,611,000 (2022: nil) of internally generated development costs in the year, which wholly related to a drug delivery project in our Neurological business. Revenue from our drug delivery business continues to be slow due to the long lead-time of pharmaceutical programmes, although we remain confident in our opportunity pipeline. The uncertainty of the near-term cash flows resulted in this partial impairment of \u00a31,611,000, with the remaining net book value totalling \u00a31,984,000 at 30 June 2023. For the largest projects, comprising 95% of the net book value at 30 June 2023, a 10% reduction to forecast unit sales, or an increase in the discount rate by 5%, would result in an impairment of less than \u00a3800,000. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:21380048ADXM6Z67CT18",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-565": {
"value": "Accounting policy Goodwill arising on acquisition represents the difference between the cost of the acquisition and the fair value of the net identifiable assets acquired, net of deferred tax. Identifiable intangibles are those which can be sold separately or which arise from legal rights regardless of whether those rights are separable. Goodwill is stated at cost less any accumulated impairment losses. It is not amortised but is tested annually for impairment or earlier if there are any indications of impairment. The annual impairment review involves comparing the carrying amount to the estimated recoverable amount and recognising an impairment loss if the recoverable amount is lower. Impairment losses are recognised in the Consolidated income statement. Intangible assets such as customer lists, patents, trade marks, know-how and intellectual property that are acquired by the Group are stated at cost less amortisation and impairment losses. Amortisation is charged to the Consolidated income statement on a straight-line basis over the estimated useful lives of the intangible assets. The estimated useful lives of the intangible assets included in the Consolidated balance sheet reflect the benefit derived by the Group and vary from five to 10 years. Expenditure on research activities is recognised in the Consolidated income statement as an expense as incurred. Expenditure on development activities is capitalised if: the product or process is technically and commercially feasible; the Group intends and has the technical ability and sufficient resources to complete development; future economic benefits are probable; and the Group can measure reliably the expenditure attributable to the intangible asset during its development. Development activities involve a plan or design for the production of new or substantially improved products or processes. The expenditure capitalised includes the cost of materials, direct labour and an appropriate proportion of overheads. Other development expenditure is recognised in the Consolidated income statement as an expense as incurred. Capitalised development expenditure is amortised over the useful economic life appropriate to each product or process, ranging from five to 10 years, and is stated at cost less accumulated amortisation and less accumulated impairment losses. Amortisation commences when a product or process is available for use as intended by management. Capitalised development expenditure is removed from the balance sheet 10 years after being fully amortised. All non-current assets are tested for impairment whenever there is an indication that their carrying value may be impaired. An impairment loss is recognised in the Consolidated income statement to the extent that an asset\u2019s carrying value exceeds its recoverable amount, which represents the higher of the asset\u2019s fair value less costs to sell and its value-in-use. An asset\u2019s value- in-use represents the present value of the future cash flows expected to be derived from the asset or from the cash-generating unit to which it relates. The present value is calculated using a discount rate that reflects the current market assessment of the time value of money and the risks specific to the asset concerned. Goodwill and capitalised development costs are subject to an annual impairment test. Key judgement \u2013 Whether a project meets the criteria for capitalisation Product development costs are capitalised once a project has reached a certain stage of development, being the point at which the product has passed testing to demonstrate it meets the technical specifications of the project and it satisfies all applicable regulations. Judgements are required to assess whether the new product development has reached the appropriate point for capitalisation of costs to begin. These costs are subsequently amortised over their useful economic life once ready for use. Should a product be subsequently obsoleted, the accumulated capitalised development costs would need to be immediately written off in the Consolidated income statement. Key estimate \u2013 Estimates of future cash flows used for impairment testing Determining whether goodwill and capitalised development costs are impaired requires an estimation of the value-in-use of cash-generating units (CGUs) to which goodwill has been allocated. To calculate the value-in-use we need to estimate the future cashflows of each CGU and select the appropriate discount rate for each CGU. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:21380048ADXM6Z67CT18",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-563": {
"value": "Accounting policy Goodwill arising on acquisition represents the difference between the cost of the acquisition and the fair value of the net identifiable assets acquired, net of deferred tax. Identifiable intangibles are those which can be sold separately or which arise from legal rights regardless of whether those rights are separable. Goodwill is stated at cost less any accumulated impairment losses. It is not amortised but is tested annually for impairment or earlier if there are any indications of impairment. The annual impairment review involves comparing the carrying amount to the estimated recoverable amount and recognising an impairment loss if the recoverable amount is lower. Impairment losses are recognised in the Consolidated income statement. Intangible assets such as customer lists, patents, trade marks, know-how and intellectual property that are acquired by the Group are stated at cost less amortisation and impairment losses. Amortisation is charged to the Consolidated income statement on a straight-line basis over the estimated useful lives of the intangible assets. The estimated useful lives of the intangible assets included in the Consolidated balance sheet reflect the benefit derived by the Group and vary from five to 10 years. Expenditure on research activities is recognised in the Consolidated income statement as an expense as incurred. Expenditure on development activities is capitalised if: the product or process is technically and commercially feasible; the Group intends and has the technical ability and sufficient resources to complete development; future economic benefits are probable; and the Group can measure reliably the expenditure attributable to the intangible asset during its development. Development activities involve a plan or design for the production of new or substantially improved products or processes. The expenditure capitalised includes the cost of materials, direct labour and an appropriate proportion of overheads. Other development expenditure is recognised in the Consolidated income statement as an expense as incurred. Capitalised development expenditure is amortised over the useful economic life appropriate to each product or process, ranging from five to 10 years, and is stated at cost less accumulated amortisation and less accumulated impairment losses. Amortisation commences when a product or process is available for use as intended by management. Capitalised development expenditure is removed from the balance sheet 10 years after being fully amortised. All non-current assets are tested for impairment whenever there is an indication that their carrying value may be impaired. An impairment loss is recognised in the Consolidated income statement to the extent that an asset\u2019s carrying value exceeds its recoverable amount, which represents the higher of the asset\u2019s fair value less costs to sell and its value-in-use. An asset\u2019s value- in-use represents the present value of the future cash flows expected to be derived from the asset or from the cash-generating unit to which it relates. The present value is calculated using a discount rate that reflects the current market assessment of the time value of money and the risks specific to the asset concerned. Goodwill and capitalised development costs are subject to an annual impairment test. Key judgement \u2013 Whether a project meets the criteria for capitalisation Product development costs are capitalised once a project has reached a certain stage of development, being the point at which the product has passed testing to demonstrate it meets the technical specifications of the project and it satisfies all applicable regulations. Judgements are required to assess whether the new product development has reached the appropriate point for capitalisation of costs to begin. These costs are subsequently amortised over their useful economic life once ready for use. Should a product be subsequently obsoleted, the accumulated capitalised development costs would need to be immediately written off in the Consolidated income statement. Key estimate \u2013 Estimates of future cash flows used for impairment testing Determining whether goodwill and capitalised development costs are impaired requires an estimation of the value-in-use of cash-generating units (CGUs) to which goodwill has been allocated. To calculate the value-in-use we need to estimate the future cashflows of each CGU and select the appropriate discount rate for each CGU. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:21380048ADXM6Z67CT18",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-554": {
"value": "Accounting policy Goodwill arising on acquisition represents the difference between the cost of the acquisition and the fair value of the net identifiable assets acquired, net of deferred tax. Identifiable intangibles are those which can be sold separately or which arise from legal rights regardless of whether those rights are separable. Goodwill is stated at cost less any accumulated impairment losses. It is not amortised but is tested annually for impairment or earlier if there are any indications of impairment. The annual impairment review involves comparing the carrying amount to the estimated recoverable amount and recognising an impairment loss if the recoverable amount is lower. Impairment losses are recognised in the Consolidated income statement. Intangible assets such as customer lists, patents, trade marks, know-how and intellectual property that are acquired by the Group are stated at cost less amortisation and impairment losses. Amortisation is charged to the Consolidated income statement on a straight-line basis over the estimated useful lives of the intangible assets. The estimated useful lives of the intangible assets included in the Consolidated balance sheet reflect the benefit derived by the Group and vary from five to 10 years. Expenditure on research activities is recognised in the Consolidated income statement as an expense as incurred. Expenditure on development activities is capitalised if: the product or process is technically and commercially feasible; the Group intends and has the technical ability and sufficient resources to complete development; future economic benefits are probable; and the Group can measure reliably the expenditure attributable to the intangible asset during its development. Development activities involve a plan or design for the production of new or substantially improved products or processes. The expenditure capitalised includes the cost of materials, direct labour and an appropriate proportion of overheads. Other development expenditure is recognised in the Consolidated income statement as an expense as incurred. Capitalised development expenditure is amortised over the useful economic life appropriate to each product or process, ranging from five to 10 years, and is stated at cost less accumulated amortisation and less accumulated impairment losses. Amortisation commences when a product or process is available for use as intended by management. Capitalised development expenditure is removed from the balance sheet 10 years after being fully amortised. All non-current assets are tested for impairment whenever there is an indication that their carrying value may be impaired. An impairment loss is recognised in the Consolidated income statement to the extent that an asset\u2019s carrying value exceeds its recoverable amount, which represents the higher of the asset\u2019s fair value less costs to sell and its value-in-use. An asset\u2019s value- in-use represents the present value of the future cash flows expected to be derived from the asset or from the cash-generating unit to which it relates. The present value is calculated using a discount rate that reflects the current market assessment of the time value of money and the risks specific to the asset concerned. Goodwill and capitalised development costs are subject to an annual impairment test. Key judgement \u2013 Whether a project meets the criteria for capitalisation Product development costs are capitalised once a project has reached a certain stage of development, being the point at which the product has passed testing to demonstrate it meets the technical specifications of the project and it satisfies all applicable regulations. Judgements are required to assess whether the new product development has reached the appropriate point for capitalisation of costs to begin. These costs are subsequently amortised over their useful economic life once ready for use. Should a product be subsequently obsoleted, the accumulated capitalised development costs would need to be immediately written off in the Consolidated income statement. Key estimate \u2013 Estimates of future cash flows used for impairment testing Determining whether goodwill and capitalised development costs are impaired requires an estimation of the value-in-use of cash-generating units (CGUs) to which goodwill has been allocated. To calculate the value-in-use we need to estimate the future cashflows of each CGU and select the appropriate discount rate for each CGU. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:21380048ADXM6Z67CT18",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-507": {
"value": "13. Investments in joint ventures Where we make an investment in a company which gives us significant influence but not full control, we account for our share of their post-tax profits in our financial statements. We have joint venture arrangements with two companies, RLS and MSP. The Group\u2019s investments in joint ventures (all investments being in the ordinary share capital of the joint ventures), whose accounting years end on 30 June, were: Country of incorporation and principal place of business Ownership % 2023 Ownership % 2022 RLS Merilna tehnika d.o.o. (\u2018RLS\u2019) \u2013 joint venture Slovenia 50.0 50.0 Metrology Software Products Limited (\u2018MSP\u2019) \u2013 joint venture England & Wales 70.0 70.0 Although the Group owns 70% of the ordinary share capital of MSP, this is accounted for as a joint venture as the \u2018control\u2019 requirements of IFRS 10 are not satisfied. This is primarily because the shareholders agreement includes that for so long as the Group\u2019s holding is less than 75% of the total shares of MSP, Renishaw agrees to exercise its voting rights such that it only votes as if it has the same aggregate shareholding as the remaining Management Shareholders. Movements during the year were: 2023 \u00a3\u2019000 2022 \u00a3\u2019000 Balance at the beginning of the year 20,570 16,634 Dividends received (924) (525) Share of profits of joint ventures 2,768 4,342 Currency differences \u2013 119 Balance at the end of the year 22,414 20,570 Summarised financial information for joint ventures: RLS MSP 2023 \u00a3\u2019000 2022 \u00a3\u2019000 2023 \u00a3\u2019000 2022 \u00a3\u2019000 Assets 43,168 42,308 4,539 4,601 Liabilities (4,969) (7,422) (378) (963) Net assets 38,199 34,886 4,161 3,638 Group\u2019s share of net assets 19,100 17,443 2,913 2,547 Revenue 35,764 35,247 2,554 2,492 Profit/(loss) for the year 5,162 7,886 264 570 Group\u2019s share of profit/(loss) for the year 2,583 3,943 185 399 For the nature of the activities, see note C.45. The financial statements of RLS have been prepared on the basis of Slovenian Accounting Standards. The financial statements of MSP have been prepared on the basis of FRS 102. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
"language": "en",
"entity": "scheme:21380048ADXM6Z67CT18",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-508": {
"value": "15. Cash and cash equivalents and bank deposits We have always valued having cash in the bank to protect the Group from downturns and enable us to react swiftly to investment or market capture opportunities. We currently hold significant cash and cash equivalents and bank deposits, which is mostly in the UK and spread across several banks with high credit ratings. Accounting policy Cash and cash equivalents comprise cash balances, and deposits with an original maturity of less than three months or with an original maturity date of more than three months where the deposit can be accessed on demand without significant penalty for early withdrawal and where the original deposit amount is recoverable in full. Cash and cash equivalents An analysis of cash and cash equivalents at the end of the year was: 2023 \u00a3\u2019000 2022 \u00a3\u2019000 Bank balances and cash in hand 80,196 141,208 Short-term deposits 1,192 11,954 Balance at the end of the year 81,388 153,162 Bank deposits Bank deposits at the end of the year amounted to \u00a3125,000,000 (2022: \u00a3100,000,000), of which \u00a330,000,000 matured on 7 August 2023, \u00a345,000,000 matures in December 2023, and \u00a350,000,000 matures in March 2024. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:21380048ADXM6Z67CT18",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-555": {
"value": "Accounting policy Cash and cash equivalents comprise cash balances, and deposits with an original maturity of less than three months or with an original maturity date of more than three months where the deposit can be accessed on demand without significant penalty for early withdrawal and where the original deposit amount is recoverable in full. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:21380048ADXM6Z67CT18",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-509": {
"value": "16. Inventories We have increased our inventories in the year, in line with increases in global demand and reflecting planned increases in certain component safety stock levels to mitigate global supply shortages, and remain committed to high customer delivery performance. Accounting policy Inventory and work in progress is valued at the lower of actual cost on a first-in, first-out (FIFO) basis and net realisable value. In respect of work in progress and finished goods, cost includes all production overheads and the attributable proportion of indirect overhead expenses that are required to bring inventories to their present location and condition. Overheads are absorbed into inventories on the basis of normal capacity or on actual hours if higher. Key estimate \u2013 Determination of net realisable inventory value Determining the net realisable value of inventory requires management to estimate future demand, especially in respect of provisioning for slow moving and potentially obsolete inventory. When calculating an inventory provision, management use historic usage levels (capped at 18 months), demand from customer orders and manufacturing build plans as a basis for estimating the future annual demand of individual stock items, except in the following instances: \u2013 for key products and their components, provisions are typically made for quantities held in excess of three years\u2019 demand. A demand basis lower than three years is used for those key products and related components where the sales history is more volatile; and \u2013 where strategic purchases of critical components have been made, an outlook beyond three years is considered where appropriate. An analysis of inventories at the end of the year was: 2023 \u00a3\u2019000 2022 \u00a3\u2019000 Raw materials 66,210 56,034 Work in progress 35,354 31,002 Finished goods 84,193 75,446 Balance at the end of the year 185,757 162,482 At the end of the year, the gross cost of inventories which had provisions held against them totalled \u00a324,525,000 (2022: \u00a317,520,000). During the year, the amount of write-down of inventories recognised as an expense in the Consolidated income statement was \u00a38,228,000 (2022: \u00a3481,000). A 10% reduction in the value of exceptions in the Renishaw plc inventory provision calculation would result in an increase in the write-down of inventories of \u00a31,130,000. Inventories in Renishaw plc account for 64% of the total Inventories of the Group. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:21380048ADXM6Z67CT18",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-556": {
"value": "Accounting policy Inventory and work in progress is valued at the lower of actual cost on a first-in, first-out (FIFO) basis and net realisable value. In respect of work in progress and finished goods, cost includes all production overheads and the attributable proportion of indirect overhead expenses that are required to bring inventories to their present location and condition. Overheads are absorbed into inventories on the basis of normal capacity or on actual hours if higher. Key estimate \u2013 Determination of net realisable inventory value Determining the net realisable value of inventory requires management to estimate future demand, especially in respect of provisioning for slow moving and potentially obsolete inventory. When calculating an inventory provision, management use historic usage levels (capped at 18 months), demand from customer orders and manufacturing build plans as a basis for estimating the future annual demand of individual stock items, except in the following instances: \u2013 for key products and their components, provisions are typically made for quantities held in excess of three years\u2019 demand. A demand basis lower than three years is used for those key products and related components where the sales history is more volatile; and \u2013 where strategic purchases of critical components have been made, an outlook beyond three years is considered where appropriate. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:21380048ADXM6Z67CT18",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-510": {
"value": "17. Provisions A provision is a liability recorded in the Consolidated balance sheet, where there is uncertainty over the timing or amount that will be paid, and is therefore often estimated. The main provision we hold is in relation to warranties provided with the sale of our products. Accounting policy The Group provides a warranty from the date of purchase, except for those products that are installed by the Group where the warranty starts from the date of completion of the installation. This is typically for a 12-month period, although up to three years is given for a small number of products. A warranty provision is included in the Group financial statements, which is calculated on the basis of historical returns and internal quality reports. Warranty provision movements during the year were: 2023 \u00a3\u2019000 2022 \u00a3\u2019000 Balance at the beginning of the year 4,244 6,259 Created during the year 2,382 1,975 Unused amounts reversed (717) (1,688) Utilised in the year (3,151) (2,302) (1,486) (2,015) Balance at the end of the year 2,758 4,244 The warranty provision has been calculated on the basis of historical return-in-warranty information and other internal reports. It is expected that most of this expenditure will be incurred in the next financial year and all expenditure will be incurred within three years of the balance sheet date. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:21380048ADXM6Z67CT18",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-557": {
"value": "Accounting policy The Group provides a warranty from the date of purchase, except for those products that are installed by the Group where the warranty starts from the date of completion of the installation. This is typically for a 12-month period, although up to three years is given for a small number of products. A warranty provision is included in the Group financial statements, which is calculated on the basis of historical returns and internal quality reports. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:21380048ADXM6Z67CT18",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-511": {
"value": "18. Contract liabilities Contract liabilities represent the Group\u2019s obligation to transfer goods, capital equipment and/or services to a customer for which the Group has either received consideration or consideration is due from the customer. Our balances mostly comprise advances received from customers and payments for services yet to be completed. Balances at the end of the year were: 2023 \u00a3\u2019000 2022 \u00a3\u2019000 Goods, capital equipment and installation 615 1,470 Aftermarket services 4,793 4,471 Deferred revenue 5,408 5,941 Advances received from customers 4,563 7,015 Balance at the end of the year 9,971 12,956 The aggregate amount of the transaction price allocated to performance obligations that are unsatisfied at the end of the year is \u00a39,971,000 (2022: \u00a312,956,000). Of this, \u00a32,214,000 (2022: \u00a31,620,000) is not expected to be recognised in the next financial year. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentContractsLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:21380048ADXM6Z67CT18",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-512": {
"value": "19. Other payables Separate to our trade payables and contract liabilities, which directly relate to our trading activities, our Other payables mostly comprises amounts payable to employees, or relating to employees. Balances at the end of the year were: 2023 \u00a3\u2019000 2022 \u00a3\u2019000 Payroll taxes and social security 6,677 6,823 Performance bonuses 11,338 16,179 Holiday pay and retirement accruals 7,383 7,810 Indirect tax payable 4,486 1,762 Other creditors and accruals 18,246 19,375 Total other payables 48,130 51,949 Holiday pay accruals are based on a calculation of the number of days\u2019 holiday earned during the year, but not yet taken. Other creditors and accruals includes a number of other individually smaller accruals. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:21380048ADXM6Z67CT18",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-513": {
"value": "20. Borrowings The Group\u2019s only source of external borrowing is a fixed-interest loan facility in our Japanese subsidiary, entered into to directly finance the purchase of a new distribution facility in Japan in 2019. Third-party borrowings at 30 June 2023 consist of a five year loan entered into on 31 May 2019 by Renishaw KK, with original principal of JPY 1,447,000,000 (\u00a310,486,000). Principal of JPY 12,000,000 is repayable each month, with a fixed interest rate of 0.81% also paid on monthly accretion. The residual principal at 31 May 2024 of JPY 739,000,000 can either be repaid in full at that time, or extended for another five years. There are no covenants attached to this loan. Movements during the year were: 2023 \u00a3\u2019000 2022 \u00a3\u2019000 Balance at the beginning of the year 6,079 7,449 Interest 46 52 Repayments (914) (974) Currency adjustment (517) (448) Balance at the end of the year 4,694 6,079 Borrowings are held at amortised cost. There is no significant difference between the book value and fair value of borrowings, which is estimated by discounting contractual future cash flows, which represents level 2 of the fair value hierarchy defined in note 25. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:21380048ADXM6Z67CT18",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-529": {
"value": "22. Changes in liabilities arising from financing activities 1 July 2022 Cash flows Other Currency 30 June 2023 Lease liabilities 10,180 (4,206) 2,918 (259) 8,633 Borrowings 6,079 (914) 46 (517) 4,694 16,259 (5,120) 2,964 (776) 13,327 1 July 2021 Cash flows Other Currency 30 June 2022 Lease liabilities 12,562 (4,081) 513 1,186 10,180 Borrowings 7,449 (974) 52 (448) 6,079 20,011 (5,055) 565 738 16,259 See notes 20 and 21 for further details on borrowing and leasing activities. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:21380048ADXM6Z67CT18",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-514": {
"value": "22. Changes in liabilities arising from financing activities 1 July 2022 Cash flows Other Currency 30 June 2023 Lease liabilities 10,180 (4,206) 2,918 (259) 8,633 Borrowings 6,079 (914) 46 (517) 4,694 16,259 (5,120) 2,964 (776) 13,327 1 July 2021 Cash flows Other Currency 30 June 2022 Lease liabilities 12,562 (4,081) 513 1,186 10,180 Borrowings 7,449 (974) 52 (448) 6,079 20,011 (5,055) 565 738 16,259 See notes 20 and 21 for further details on borrowing and leasing activities. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:21380048ADXM6Z67CT18",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-515": {
"value": "23. Employee benefits The Group operates contributory pension schemes, largely for UK, Ireland and USA employees, which were of the defined benefit type up to 5 April 2007, 31 December 2007 and 30 June 2012 respectively, at which time they ceased any future accrual for existing members and were closed to new members. The Group\u2019s largest defined benefit scheme is in the UK. Accounting policy Defined benefit pension schemes are administered by trustees who are independent of the Group finances. Investment assets of the schemes are measured at fair value using the bid price of the unitised investments, quoted by the investment manager, at the reporting date. Pension scheme liabilities are measured using a projected unit method and discounted at the current rate of return on a high-quality corporate bond of equivalent term and currency to the liability. Remeasurements arising from defined benefit schemes comprise actuarial gains and losses, the return on scheme assets (excluding interest) and the effect of the asset ceiling (if any, excluding interest). The Company recognises them immediately in Other comprehensive income and all other expenses related to defined benefit schemes are included in the Consolidated income statement. The pension schemes\u2019 surpluses, to the extent that they are considered recoverable, or deficits are recognised in full and presented on the face of the Consolidated balance sheet under Employee benefits. Where a guarantee is in place in relation to a pension scheme deficit, liabilities are reported in accordance with IFRIC 14 \u2018The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction\u2019. To the extent that contributions payable will not be available as a refund after they are paid into the plan, a liability is recognised at the point the obligation arises, which is the point at which the minimum funding guarantee is agreed. Overseas-based employees are covered by a combination of state, defined benefit and private pension schemes in their countries of residence. Actuarial valuations of overseas pension schemes were not obtained, apart from Ireland and USA, because of the low number of members. For defined contribution schemes, the amount charged to the Consolidated income statement represents the contributions payable to the schemes in respect of the accounting period. Key estimate \u2013 Valuation of defined benefit pension schemes\u2019 liabilities Determining the value of the future defined benefit obligation requires estimation in respect of the assumptions used to determine the present values. These include future mortality, discount rate and inflation. Management makes these estimates in consultation with independent actuaries. The total pension cost of the Group for the year was \u00a326,142,000 (2022: \u00a321,988,000), of which \u00a3126,000 (2022: \u00a3121,000) related to Directors and \u00a36,220,000 (2022: \u00a35,292,000) related to overseas schemes. The latest full actuarial valuation of the UK defined benefit pension scheme was carried out as at 30 September 2021 and updated to 30 June 2023 by a qualified independent actuary. The mortality assumption used for 2023 is the S3PxA base tables and CMI 2022 model, with long-term improvements of 1% per annum. Adjustments have been made to both the core base tables and CMI 2022 model to allow for the scheme\u2019s membership profile and best estimate assumptions of future mortality improvements. Major assumptions used by actuaries for the UK, Ireland and US schemes were: 30 June 2023 30 June 2022 UK scheme Ireland scheme US scheme UK scheme Ireland scheme US scheme Rate of increase in pension payments 3.05% 2.70% \u2013 3.05% 2.45% \u2013 Discount rate 5.10% 3.60% \u2013 3.60% 3.20% 4.50% Inflation rate (RPI) 3.25% 2.70% \u2013 3.10% 2.45% \u2013 Inflation rate (CPI) 2.25% pre-2030 3.25% post-2030 \u2013 \u2013 2.10% pre-2030 3.10% post-2030 \u2013 \u2013 Retirement age 64 65 65 64 65 65 The life expectancies from the retirement age of 65 for the UK scheme implied by the mortality assumption at age 65 and 45 are: 2023 years 2022 years Male currently aged 65 21.1 21.5 Female currently aged 65 23.5 23.8 Male currently aged 45 21.8 22.2 Female currently aged 45 24.3 24.7 The weighted average duration of the UK defined benefit obligation is around 17 years (2022: 22 years). The assets and liabilities in the defined benefit pension schemes were: 30 June 2023 \u00a3\u2019000 % of total assets 30 June 2022 \u00a3\u2019000 % of total assets Market value of assets: Index linked gilts 55,183 28 1,489 1 Credit and fixed income funds 54,656 28 19,489 9 Cash and other 40,576 20 802 \u2013 Multi-asset funds 26,966 14 82,442 38 Fixed interest gilts 13,219 7 1,502 1 Equities 5,729 3 111,025 51 196,329 100 216,749 100 Actuarial value of liabilities (138,958) \u2013 (174,504) \u2013 Surplus in the schemes 57,371 \u2013 42,245 \u2013 Deferred tax thereon (14,348) \u2013 (11,048) \u2013 Note C.40 gives the analysis of the UK defined benefit pension scheme. For the other schemes, the market value of assets at the end of the year was \u00a314,642,000 (2022: \u00a322,888,000) and the actuarial value of liabilities was \u00a314,687,000 (2022: \u00a320,973,000). The UK scheme was in a net surplus position at 30 June 2023 totalling \u00a357,416,000, (2022: surplus \u00a340,331,000), and is therefore presented in non-current assets in the Consolidated balance sheet. The Ireland scheme was in a net deficit position at 30 June 2023 (2022: deficit), totalling \u00a345,000, and is therefore presented in non-current liabilities. Equities are held in externally-managed funds and primarily relate to UK and US equities. Credit and fixed income funds, fixed interest gilts, and index linked gilts relate to UK, US and Eurozone government-linked securities, again held in externally-managed funds. The fair values of these equity and fixed income instruments are determined using the bid price of the unitised investments, quoted by the investment manager, at the reporting date and therefore represent \u2018Level 2\u2019 of the fair value hierarchy defined in note 25. Multi-asset funds are also held in externally-managed funds, with active asset allocation to diversify growth across asset classes such as equities, bonds and money-market instruments. The fair value of these funds is determined on a comparable basis to the equity and fixed income funds, and therefore are also \u2018Level 2\u2019 assets. Cash and other at 30 June 2023 mostly comprises a Sterling liquidity fund, in which the principal is preserved and same day liquidity is available. In October 2022, following a significant improvement in the UK scheme\u2019s funding position due to rising gilt yields, the Trustees (in consultation with the Company) de-risked the investment strategy by disinvesting from the scheme\u2019s equity and diversified growth holdings and investing the proceeds into index-linked gilts. The overall impact of these changes is to reduce investment risk, with the assets better matching the expected movements in the liabilities. We now believe the scheme is fully funded and are in the process of seeking to insure the liabilities. No scheme assets are directly invested in the Group\u2019s own equity. The movements in the schemes\u2019 assets and liabilities were: Year ended 30 June 2023 Assets \u00a3\u2019000 Liabilities \u00a3\u2019000 Total \u00a3\u2019000 Balance at the beginning of the year 216,749 (174,504) 42,245 Contributions paid 2,341 \u2013 2,341 Interest on pension schemes 7,745 (6,135) 1,610 Remeasurement loss from augmentation of members\u2019 benefits (US) \u2013 (1,930) (1,930) Remeasurement gain/(loss) under IAS 19 (16,722) 30,334 13,612 Scheme administration expenses (398) \u2013 (398) (Loss)/gain on settlements (1,098) 989 (109) Benefits paid (12,288) 12,288 \u2013 Balance at the end of the year 196,329 (138,958) 57,371 Year ended 30 June 2022 Assets \u00a3\u2019000 Liabilities \u00a3\u2019000 Total \u00a3\u2019000 Balance at the beginning of the year 231,355 (255,053) (23,698) Contributions paid 8,866 \u2013 8,866 Interest on pension schemes 4,337 (4,643) (306) Remeasurement loss from augmentation of members\u2019 benefits (UK) \u2013 (11,695) (11,695) Remeasurement gain/(loss) under IAS 19, the asset ceiling and IFRIC 14 (17,264) 86,342 69,078 Benefits paid (10,545) 10,545 \u2013 Balance at the end of the year 216,749 (174,504) 42,245 The analysis of the amount recognised in the Consolidated statement of comprehensive income and expense was: 2023 \u00a3\u2019000 2022 \u00a3\u2019000 Actuarial gain/(loss) arising from: Changes in demographic assumptions 2,028 3,860 Changes in financial assumptions 37,318 67,442 Experience adjustment (9,012) (7,818) Return on plan assets excluding interest income (16,722) (17,264) Adjustment for the asset ceiling \u2013 3,280 Adjustment to liabilities for IFRIC 14 \u2013 19,578 Total amount recognised in the Consolidated statement of comprehensive income and expense 13,612 69,078 The cumulative amount of actuarial gains and losses recognised in the Consolidated statement of comprehensive income and expense was a loss of \u00a38,807,000 (2022: loss of \u00a322,419,000). The net surplus of the Group\u2019s defined benefit pension schemes, on an IAS 19 basis, has increased from \u00a342,245,000 at 30 June 2022 to \u00a357,371,000 at 30 June 2023, primarily reflecting the effect of an increase in the UK discount rate, based on increases in corporate bond yields, which was partially offset by a reduction in investment asset values. In 2022, the Company agreed to an augmentation of UK scheme members\u2019 benefits to reflect current and historic administrative revaluation practice. The impact on liabilities of this plan amendment, totalling \u00a311,695,000, was recognised as a past service cost in the Consolidated income statement. In 2023, a termination of the US plan (other than distribution of surplus) was completed, with most members opting for lump sum payments, and it was agreed that the surplus will be distributed to qualifying scheme members. Accordingly, the surplus of \u00a31,930,000 has been treated as an augmentation to member benefits. This, together with related expenses of \u00a3209,000, has been reported separately in the Consolidated income statement as a past service cost and excluded from adjusted profit measures. For the UK scheme, the latest actuarial report prepared in September 2021 shows a deficit of \u00a352,800,000, which is based on funding to self-sufficiency and uses prudent assumptions. IAS 19 requires best estimate assumptions to be used, resulting in the IAS 19 net surplus being higher than the actuarial deficit. The existing deficit funding plan for the UK defined benefit pension scheme is in place until 30 June 2031, at which time any outstanding deficit will be paid. The agreement will end sooner if the actuarial deficit (calculated on a self-sufficiency basis) is eliminated in the meantime. The net book value of properties subject to fixed charges under this agreement at 30 June 2023 was \u00a388,778,000 (2022: \u00a354,208,000). The charges may be enforced by the Trustees if one of the following occurs: (a) the Company does not pay funds into the scheme in line with the agreed plan; (b) an insolvency event occurs in relation to the Company; or (c) the Company does not pay any deficit at 30 June 2031. Under the Ireland defined benefit pension scheme deficit funding plan, a property owned by Renishaw Ireland (DAC) is subject to a registered fixed charge to secure the Ireland defined benefit pension scheme\u2019s deficit. For the UK defined benefit scheme, a guide to the sensitivity of the value of the respective liabilities is as follows: Variation Approximate effect on liabilities UK \u2013 discount rate Increase/decrease by 0.5% -\u00a39.6m/+\u00a310.7m UK \u2013 future inflation Increase/decrease by 0.5% +\u00a38.2m/-\u00a37.6m UK \u2013 mortality Increased/decreased life by one year +\u00a34.0m/-\u00a33.8m ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:21380048ADXM6Z67CT18",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-558": {
"value": "Accounting policy Defined benefit pension schemes are administered by trustees who are independent of the Group finances. Investment assets of the schemes are measured at fair value using the bid price of the unitised investments, quoted by the investment manager, at the reporting date. Pension scheme liabilities are measured using a projected unit method and discounted at the current rate of return on a high-quality corporate bond of equivalent term and currency to the liability. Remeasurements arising from defined benefit schemes comprise actuarial gains and losses, the return on scheme assets (excluding interest) and the effect of the asset ceiling (if any, excluding interest). The Company recognises them immediately in Other comprehensive income and all other expenses related to defined benefit schemes are included in the Consolidated income statement. The pension schemes\u2019 surpluses, to the extent that they are considered recoverable, or deficits are recognised in full and presented on the face of the Consolidated balance sheet under Employee benefits. Where a guarantee is in place in relation to a pension scheme deficit, liabilities are reported in accordance with IFRIC 14 \u2018The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction\u2019. To the extent that contributions payable will not be available as a refund after they are paid into the plan, a liability is recognised at the point the obligation arises, which is the point at which the minimum funding guarantee is agreed. Overseas-based employees are covered by a combination of state, defined benefit and private pension schemes in their countries of residence. Actuarial valuations of overseas pension schemes were not obtained, apart from Ireland and USA, because of the low number of members. For defined contribution schemes, the amount charged to the Consolidated income statement represents the contributions payable to the schemes in respect of the accounting period. Key estimate \u2013 Valuation of defined benefit pension schemes\u2019 liabilities Determining the value of the future defined benefit obligation requires estimation in respect of the assumptions used to determine the present values. These include future mortality, discount rate and inflation. Management makes these estimates in consultation with independent actuaries. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:21380048ADXM6Z67CT18",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-516": {
"value": "24. Share-based payments The Group provides share-based payment arrangements to certain employees in accordance with the Renishaw plc deferred annual equity incentive plan. The Governance section provides information of how these awards are determined. Accounting policy Renishaw shares are granted in accordance with the Renishaw plc deferred annual equity incentive plan (the Plan). The share awards are subject only to continuing service of the employee and are equity settled. The fair value of the awards at the date of grant, which is estimated to be equal to the market value, is charged to the Consolidated income statement on a straight- line basis over a three-year vesting period, with appropriate adjustments made to reflect expected or actual forfeitures. The corresponding credit is to Other reserve. The number of shares to be awarded is calculated by dividing the relevant amount of annual bonus under the Plan by the average price of a share during a period determined by the Remuneration Committee of not more than five dealing days ending with the dealing day before the award date. These shares must be purchased on the open market and cannot be satisfied by issuance of new shares or transfer of existing treasury shares. The Renishaw Employee Benefit Trust (EBT) is responsible for purchasing shares on the open market on behalf of the Company to satisfy the Plan awards. These are held by the EBT until transferring to the employee, which will normally be on the third anniversary of the award date, subject to continued employment. Malus and clawback provisions can be operated by the Committee within five years of the award date. During the vesting period, no dividends are payable on the shares. However, upon vesting, employees will be entitled to additional shares or cash, equivalent to the value of dividends paid on the awarded shares during this period. This amount is accrued over the vesting period. Own shares held are recognised as an element in equity until they are transferred at the end of the vesting period, and such shares are excluded from earnings per share calculations. The total cost recognised in the 2023 Consolidated income statement in respect of the Plan was \u00a3677,000 (2022: \u00a3180,000). See note 26 for reconciliations of amounts recognised in Equity. In accordance with the Plan, no shares (2022: \u00a31,915,000 equivalent) are to be awarded in respect of 2023. See the Directors\u2019 Remuneration Report for further details of the Plan. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:21380048ADXM6Z67CT18",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-559": {
"value": "Accounting policy Renishaw shares are granted in accordance with the Renishaw plc deferred annual equity incentive plan (the Plan). The share awards are subject only to continuing service of the employee and are equity settled. The fair value of the awards at the date of grant, which is estimated to be equal to the market value, is charged to the Consolidated income statement on a straight- line basis over a three-year vesting period, with appropriate adjustments made to reflect expected or actual forfeitures. The corresponding credit is to Other reserve. The number of shares to be awarded is calculated by dividing the relevant amount of annual bonus under the Plan by the average price of a share during a period determined by the Remuneration Committee of not more than five dealing days ending with the dealing day before the award date. These shares must be purchased on the open market and cannot be satisfied by issuance of new shares or transfer of existing treasury shares. The Renishaw Employee Benefit Trust (EBT) is responsible for purchasing shares on the open market on behalf of the Company to satisfy the Plan awards. These are held by the EBT until transferring to the employee, which will normally be on the third anniversary of the award date, subject to continued employment. Malus and clawback provisions can be operated by the Committee within five years of the award date. During the vesting period, no dividends are payable on the shares. However, upon vesting, employees will be entitled to additional shares or cash, equivalent to the value of dividends paid on the awarded shares during this period. This amount is accrued over the vesting period. Own shares held are recognised as an element in equity until they are transferred at the end of the vesting period, and such shares are excluded from earnings per share calculations. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:21380048ADXM6Z67CT18",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-517": {
"value": "25. Financial instruments The Group has exposure to credit risk, liquidity risk and market risk arising from its use of financial instruments. This note presents information about the Group\u2019s exposure to these risks, along with the Group\u2019s objectives, policies and processes for measuring and managing the risks. Accounting policy The Group measures financial instruments such as forward exchange contracts at fair value at each balance sheet date in accordance with IFRS 9 \u2018Financial Instruments\u2019. Fair value, as defined by IFRS 13 \u2018Fair Value Measurement\u2019, is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. This note provides detail on the IFRS 13 fair value hierarchy. Trade and other current receivables are initially recognised at fair value and are subsequently held at amortised cost less any provision for bad and doubtful debts and expected credit losses according to IFRS 9. Loans to associates and joint ventures are initially recognised at fair value and are subsequently held at amortised cost. Trade and other current payables are initially recognised at fair value and are subsequently held at amortised cost. Financial liabilities in the form of loans are initially recognised at fair value and are subsequently held at amortised cost. Financial liabilities are assessed for embedded derivatives and whether any such derivatives are closely related. If not closely related, such derivatives are accounted for at fair value in the Consolidated income statement. Foreign currency derivatives are used to manage risks arising from changes in foreign currency rates relating to overseas sales and foreign currency-denominated assets and liabilities. The Group does not enter into derivatives for speculative purposes. Foreign currency derivatives are stated at their fair value, being the estimated amount that the Group would pay or receive to terminate them at the balance sheet date, based on prevailing foreign currency rates. Changes in the fair value of foreign currency derivatives which are designated and effective as hedges of future cash flows are recognised in Other comprehensive income and in the Cash flow hedging reserve, and subsequently transferred to the carrying amount of the hedged item or the Consolidated income statement. Realised gains or losses on cash flow hedges are therefore recognised in the Consolidated income statement within revenue in the same period as the hedged item. Hedge accounting is discontinued when the hedging instrument expires or when the hedging instrument or hedged item no longer qualify for hedge accounting. If the forecast transaction is still expected to occur, but is no longer highly probable, the cumulative gain or loss in the cash flow hedge reserve remains in that reserve until the transaction occurs. If the forecast transaction is no longer expected to occur, the cumulative gain or loss in the cash flow hedge reserve is immediately reclassified to the Consolidated income statement. Changes in fair value of foreign currency derivatives, which are ineffective or do not meet the criteria for hedge accounting in IFRS 9, are recognised in the Consolidated income statement within Gains/losses from the fair value of financial instruments. In addition to derivatives held for cash flow hedging purposes, the Group uses short-term derivatives not designated as hedging instruments to offset gains and losses from exchange rate movements on foreign currency-denominated assets and liabilities. Gains and losses from currency movements on underlying assets and liabilities, realised gains and losses on these derivatives, and fair value gains and losses on outstanding derivatives of this nature are all recognised in Financial income and expenses in the Consolidated income statement. Key estimate \u2013 Estimates of highly probable forecasts of the hedged item Derivatives are effective for hedge accounting to the extent that the hedged item is \u2018highly probable\u2019 to occur, with \u2018highly probable\u2019 indicating a much greater likelihood of occurrence than the term \u2018more likely than not\u2019. Determining a highly probable sales forecast for Renishaw plc and Renishaw UK Sales Limited, being the hedged item, over a multiple year time period, requires judgement of the suitability of external and internal data sources and estimations of future sales. Fair value There is no significant difference between the fair value of financial assets and financial liabilities and their carrying value in the Consolidated balance sheet. All financial assets and liabilities are held at amortised cost, apart from the forward foreign currency exchange contracts, which are held at fair value, with changes going through the Consolidated income statement unless the contracts are subject to hedge accounting. The fair values of the forward foreign currency exchange contracts have been calculated by a third-party expert, discounting estimated future cash flows on the basis of market expectations of future exchange rates, representing level 2 in the IFRS 13 fair value hierarchy. The IFRS 13 level categorisation relates to the extent the fair value can be determined by reference to comparable market values. The classifications are: level 1 where instruments are quoted on an active market; level 2 where the assumptions used to arrive at fair value have comparable market data; and level 3 where the assumptions used to arrive at fair value do not have comparable market data. Credit risk The Group\u2019s liquid funds are substantially held with banks with high credit ratings and the credit risk relating to these funds is therefore limited. The Group carries a credit risk relating to non-payment of trade receivables by its customers. The Group\u2019s policy is that credit evaluations are carried out on all new customers before credit is given above certain thresholds. Risk is spread across a large number of customers with no significant concentration with one customer or in any one geographical area. The Group establishes an allowance for impairment in respect of trade receivables where recoverability is considered doubtful. An analysis by currency of the Group\u2019s financial assets at the year end is as follows: Trade & finance lease receivables Other receivables Cash and cash equivalents and bank deposits Currency 2023 \u00a3\u2019000 2022 \u00a3\u2019000 2023 \u00a3\u2019000 2022 \u00a3\u2019000 2023 \u00a3\u2019000 2022 \u00a3\u2019000 Pound Sterling 17,530 21,391 20,592 19,565 161,489 201,668 US Dollar 49,609 45,433 814 867 12,465 13,965 Euro 28,418 28,314 1,433 1,568 6,481 8,712 Japanese Yen 16,555 19,480 137 457 6,481 5,720 Other 25,014 23,242 5,003 4,611 19,472 23,097 137,126 137,860 27,979 27,068 206,388 253,162 The above trade & finance lease receivables, other receivables and cash and bank deposits are predominately held in the functional currency of the relevant entity, with the exception of \u00a319,669,000 (2022: \u00a321,271,000) of US Dollar-denominated trade receivables being held in Renishaw (Hong Kong) Limited and \u00a31,697,000 (2022: \u00a31,852,000) of Euro-denominated trade receivables being held in Renishaw UK Sales Limited, along with some foreign currency cash balances which are of a short-term nature. The ageing of trade receivables past due at the end of the year was: 2023 \u00a3\u2019000 2022 \u00a3\u2019000 Past due zero to one month 11,808 9,548 Past due one to two months 3,880 3,879 Past due more than two months 9,732 5,252 Balance at the end of the year 25,420 18,679 Movements in the provision for impairment of trade receivables during the year were: 2023 \u00a3\u2019000 2022 \u00a3\u2019000 Balance at the beginning of the year 2,540 3,826 Changes in amounts provided 1,784 (834) Amounts used (886) (452) Balance at the end of the year 3,438 2,540 The Group applies the simplified approach when measuring the expected credit loss for trade receivables, with a provision matrix used to determine a lifetime expected credit loss. For this provision matrix, trade receivables are grouped into credit risk categories, with category 1 being the lowest risk and category 5 the highest. Risk scores are allocated to the customer\u2019s country of operation, their type (such as distributor, end user and OEM), their industry and the proportion of their debt that was past due at the year-end. These scores are then weighted to produce an overall risk score for the customer, with the lowest scores being allocated to category 1 and the highest scores to category 5. The matrix then applies an expected credit loss rate to each category, with this rate being determined by adjusting the Group\u2019s historic credit loss rates to reflect forward-looking information. Where certain customers have been identified as having a significantly elevated credit risk these have been provided for on a specific basis. Both elements of expected credit loss are shown in the matrix below and have been shown separately so as not to distort the expected credit loss rate. Year ended 30 June 2023 Risk category 1 \u00a3\u2019000 Risk category 2 \u00a3\u2019000 Risk category 3 \u00a3\u2019000 Risk category 4 \u00a3\u2019000 Risk category 5 \u00a3\u2019000 2023 Total \u00a3\u2019000 Gross trade receivables 3,126 60,826 57,991 4,922 \u2013 126,865 Expected credit loss rate 0.34% 0.38% 0.41% 0.44% \u2013 0.39% Expected credit loss allowance 11 228 240 22 \u2013 501 Specific loss allowance \u2013 219 1,313 1,405 \u2013 2,937 Total expected credit loss 11 447 1,553 1,427 \u2013 3,438 Net trade receivables 3,115 60,379 56,438 3,495 \u2013 123,427 Year ended 30 June 2022 Risk category 1 \u00a3\u2019000 Risk category 2 \u00a3\u2019000 Risk category 3 \u00a3\u2019000 Risk category 4 \u00a3\u2019000 Risk category 5 \u00a3\u2019000 2022 Total \u00a3\u2019000 Gross trade receivables 2,742 51,598 70,298 5,453 \u2013 130,091 Expected credit loss rate 0.19% 0.20% 0.22% 0.24% \u2013 0.21% Expected credit loss allowance 5 104 154 13 \u2013 276 Specific loss allowance \u2013 \u2013 1,502 762 \u2013 2,264 Total expected credit loss 5 104 1,656 775 \u2013 2,540 Net trade receivables 2,737 51,494 68,642 4,678 \u2013 127,551 Finance lease receivables are subject to the same approach as noted above for trade receivables. Derivative assets are assessed based on the credit risk of the banks counterparty to the forward contracts. Other receivables include mostly prepayments and indirect tax receivables. Prepayment balances are reviewed at each reporting period to confirm that prepaid goods or services are still expected to be received, while tax balances are reviewed for recoverability. Other receivables at the year end comprised: 2023 \u00a3\u2019000 2022 \u00a3\u2019000 Indirect tax receivable 9,304 9,010 Software maintenance 5,857 7,430 Grants 1,426 1,250 Other prepayments 11,392 9,378 Total other receivables 27,979 27,068 The maximum exposure to credit risk is \u00a3386,309,000 (2022: \u00a3425,211,000), comprising the Group\u2019s trade, finance and other receivables, cash and cash equivalents and derivative assets. The maturities of non-current other receivables, being only derivatives, at the year end were: 2023 \u00a3\u2019000 2022 \u00a3\u2019000 Receivable between one and two years 9,443 \u2013 Receivable between two and five years \u2013 \u2013 9,443 \u2013 Liquidity risk Our approach to managing liquidity is to ensure, as far as possible, that we will always have sufficient liquidity to meet our liabilities when due, without incurring unacceptable losses or risking damage to the Group\u2019s reputation. We use monthly cash flow forecasts on a rolling 12-month basis to monitor cash requirements. With cash and cash equivalents and bank deposits at 30 June 2023 totalling \u00a3206,388,000 and \u00a384,297,000 cash flows generated from operating activities in the period, the Group remains in a strong liquidity position. In respect of cash and cash equivalents and bank deposits, the carrying value is materially the same as fair value because of the short maturity of the bank deposits. Bank deposits are affected by interest rates that are either fixed or floating, which can change over time, affecting the Group\u2019s interest income. An increase of 1% in interest rates would result in an increase in interest income of approximately \u00a31,250,000. The contractual maturities of financial liabilities at the year end were: Contractual cash flows Year ended 30 June 2023 Carrying amount \u00a3\u2019000 Effect of discounting \u00a3\u2019000 Gross maturities \u00a3\u2019000 Up to 1 year \u00a3\u2019000 1\u20132 years \u00a3\u2019000 2\u20135 years \u00a3\u2019000 Trade payables 21,551 \u2013 21,551 21,551 \u2013 \u2013 Other payables 48,130 \u2013 48,130 48,130 \u2013 \u2013 Borrowings 4,694 36 4,730 4,730 \u2013 \u2013 Forward exchange contracts 5,209 \u2013 5,209 5,089 120 \u2013 79,584 36 79,620 79,500 120 \u2013 Contractual cash flows Year ended 30 June 2022 Carrying amount \u00a3\u2019000 Effect of discounting \u00a3\u2019000 Gross maturities \u00a3\u2019000 Up to 1 year \u00a3\u2019000 1\u20132 years \u00a3\u2019000 2\u20135 years \u00a3\u2019000 Trade payables 30,947 \u2013 30,947 30,947 \u2013 \u2013 Other payables 51,949 \u2013 51,949 51,949 \u2013 \u2013 Borrowings 6,079 82 6,161 926 5,235 \u2013 Forward exchange contracts 27,353 \u2013 27,353 17,890 9,463 \u2013 116,328 82 116,410 101,712 14,698 \u2013 Market risk As noted in the Strategic Report under Principal risks and uncertainties, the Group operates in several foreign currencies with the majority of sales being made in these non-Sterling currencies, but with most manufacturing being undertaken in the UK, Ireland and India. A large proportion of sales are made in US Dollar, Euro and Japanese Yen, therefore the Group enters into US Dollar, Euro and Japanese Yen derivative financial instruments to manage its exposure to foreign currency risk, including: i. forward foreign currency exchange contracts to hedge a significant proportion of the Group\u2019s forecasted US Dollar, Euro and Japanese Yen revenues over the next 24 months; ii. foreign currency option contracts, entered into alongside the forward contracts above until May 2018 as part of the Group hedging strategy, are ineffective for cash flow hedging purposes. Note 29, \u2018Alternative performance measures\u2019, gives an adjusted measure of profit before tax to reflect the original intention that these derivatives were entered into for hedging purposes. The final option contract matured in November 2021; and iii. one-month forward foreign currency exchange contracts to offset the gains/losses from exchange rate movements arising from foreign currency-denominated intragroup balances of the Company. The amounts of foreign currencies relating to these forward contracts and options are, in Sterling terms: 2023 2022 Nominal value \u00a3\u2019000 Fair value \u00a3\u2019000 Nominal value \u00a3\u2019000 Fair value \u00a3\u2019000 US Dollar 345,010 5,009 306,270 (26,249) Euro 179,992 1,389 129,799 1,711 Japanese Yen 30,318 3,209 37,941 4,306 555,320 9,607 474,010 (20,232) The following are the exchange rates which have been applicable during the financial year: 2023 2022 Currency Average forward contract rate Year end exchange rate Average exchange rate Average forward contract rate Year end exchange rate Average exchange rate US Dollar 1.24 1.27 1.21 1.34 1.22 1.33 Euro 1.13 1.16 1.15 1.12 1.16 1.18 Japanese Yen 141 183 166 132 165 156 Hedging In relation to the forward currency contracts in a designated cash flow hedge, the hedged item is a layer component of forecast sales transactions. Forecast transactions are deemed highly probable to occur and Group policy is to hedge around 75% of net foreign currency exposure for USD, EUR and JPY. The hedged item creates an exposure to receive USD, EUR or JPY, while the forward contract is to sell USD, EUR or JPY and buy GBP. Therefore, there is a strong economic relationship between the hedging instrument and the hedged item. The hedge ratio is 100%, such that, by way of example, \u00a310m nominal value of forward currency contracts are used to hedge \u00a310m of forecast sales. Fair value gains or losses on the forward currency contracts are offset by foreign currency gain or losses on the translation of USD, EUR and JPY based sales revenue, relative to the forward rate at the date the forward contracts were arranged. Foreign currency exposures in HKD and USD are aggregated and only USD forward currency contracts are used to hedge these currency exposures. Sources of hedge ineffectiveness according to IFRS 9 Financial Instruments include: \u2013 changes in timing of the hedged item; \u2013 reduction in the amount of the hedged sales considered to be highly probable; \u2013 a change in the credit risk of Renishaw or the bank counterparty to the forward contract; and \u2013 differences in assumptions used in calculating fair value. During 2020, global macroeconomic uncertainty resulted in a reduction to the \u2018highly probable\u2019 revenue forecasts of Renishaw plc and Renishaw UK Sales Limited, being the hedged item, which resulted in proportions of forward contracts failing hedge effectiveness testing, with nominal value amounting to \u00a3247,547,000. These contracts have matured in the periods since, and the remaining nominal value of ineffective forward contracts at 30 June 2023 was nil (2022: \u00a363,045,000). Fair value gains of \u00a35,504,000 (2022: \u00a38,349,000 losses) recognised in the Consolidated income statement relate to the unwinding of the mark-to-market valuations of the ineffective contracts. No contracts have become ineffective during the period. A decrease of 10% in the highly probable forecasts would result in around \u00a330,000,000 nominal value of forward contracts becoming ineffective. For both the Group and the Company, the following table details the fair value of these forward foreign currency derivatives according to the categorisations of instruments noted on page 187: 2023 2022 Nominal value \u00a3\u2019000 Fair value \u00a3\u2019000 Nominal value \u00a3\u2019000 Fair value \u00a3\u2019000 Forward currency contracts in a designated cash flow hedge (i) Non-current derivative assets 268,908 9,443 \u2013 \u2013 Current derivative assets 118,271 4,461 77,460 7,077 Current derivative liabilities 109,434 (5,048) 128,950 (12,046) Non-current derivative liabilities 21,148 (120) 179,149 (9,463) 517,761 8,736 385,559 (14,432) Amounts recognised in the Consolidated statement of comprehensive income and expense \u2013 23,167 \u2013 28,423 Forward currency contracts ineffective as a cash flow hedge (i) Current derivative liabilities \u2013 \u2013 63,045 (5,504) Amounts recognised in Losses from the fair value of financial instruments in the Consolidated income statement \u2013 (1,399) \u2013 (11,551) Foreign currency options ineffective as a cash flow hedge (ii) Amounts recognised in Losses from the fair value of financial instruments in the Consolidated income statement \u2013 \u2013 \u2013 1,138 Forward currency contracts not in a designated cash flow hedge (iii) Current derivative assets 17,134 912 4,880 44 Current derivative liabilities 20,425 (41) 20,526 (340) 37,559 871 25,406 (296) Amounts recognised in Financial income/(expense) in the Consolidated income statement \u2013 1,728 \u2013 98 Total forward contracts and options Non-current derivative assets 268,908 9,443 \u2013 \u2013 Current derivative assets 135,405 5,373 82,340 7,121 Current derivative liabilities 129,859 (5,089) 212,521 (17,890) Non-current derivative liabilities 21,148 (120) 179,149 (9,463) 555,320 9,607 474,010 (20,232) The total losses recognised in Revenue in the Consolidated income statement relating to cash flow hedges previously recognised through other comprehensive income amounted to \u00a321,553,000 (2022: \u00a33,385,000). For the Group\u2019s foreign currency forward contracts at the balance sheet date, if Sterling appreciated by 5% against the US Dollar, Euro and Japanese Yen, this would increase pre-tax equity by \u00a324,655,000 and increase profit before tax by \u00a31,789,000, while a depreciation of 5% would decrease pre-tax equity by \u00a327,251,000 and decrease profit before tax by \u00a31,977,000. ",
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"fact-564": {
"value": "Accounting policy The Group measures financial instruments such as forward exchange contracts at fair value at each balance sheet date in accordance with IFRS 9 \u2018Financial Instruments\u2019. Fair value, as defined by IFRS 13 \u2018Fair Value Measurement\u2019, is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. This note provides detail on the IFRS 13 fair value hierarchy. Trade and other current receivables are initially recognised at fair value and are subsequently held at amortised cost less any provision for bad and doubtful debts and expected credit losses according to IFRS 9. Loans to associates and joint ventures are initially recognised at fair value and are subsequently held at amortised cost. Trade and other current payables are initially recognised at fair value and are subsequently held at amortised cost. Financial liabilities in the form of loans are initially recognised at fair value and are subsequently held at amortised cost. Financial liabilities are assessed for embedded derivatives and whether any such derivatives are closely related. If not closely related, such derivatives are accounted for at fair value in the Consolidated income statement. Foreign currency derivatives are used to manage risks arising from changes in foreign currency rates relating to overseas sales and foreign currency-denominated assets and liabilities. The Group does not enter into derivatives for speculative purposes. Foreign currency derivatives are stated at their fair value, being the estimated amount that the Group would pay or receive to terminate them at the balance sheet date, based on prevailing foreign currency rates. Changes in the fair value of foreign currency derivatives which are designated and effective as hedges of future cash flows are recognised in Other comprehensive income and in the Cash flow hedging reserve, and subsequently transferred to the carrying amount of the hedged item or the Consolidated income statement. Realised gains or losses on cash flow hedges are therefore recognised in the Consolidated income statement within revenue in the same period as the hedged item. Hedge accounting is discontinued when the hedging instrument expires or when the hedging instrument or hedged item no longer qualify for hedge accounting. If the forecast transaction is still expected to occur, but is no longer highly probable, the cumulative gain or loss in the cash flow hedge reserve remains in that reserve until the transaction occurs. If the forecast transaction is no longer expected to occur, the cumulative gain or loss in the cash flow hedge reserve is immediately reclassified to the Consolidated income statement. Changes in fair value of foreign currency derivatives, which are ineffective or do not meet the criteria for hedge accounting in IFRS 9, are recognised in the Consolidated income statement within Gains/losses from the fair value of financial instruments. In addition to derivatives held for cash flow hedging purposes, the Group uses short-term derivatives not designated as hedging instruments to offset gains and losses from exchange rate movements on foreign currency-denominated assets and liabilities. Gains and losses from currency movements on underlying assets and liabilities, realised gains and losses on these derivatives, and fair value gains and losses on outstanding derivatives of this nature are all recognised in Financial income and expenses in the Consolidated income statement. Key estimate \u2013 Estimates of highly probable forecasts of the hedged item Derivatives are effective for hedge accounting to the extent that the hedged item is \u2018highly probable\u2019 to occur, with \u2018highly probable\u2019 indicating a much greater likelihood of occurrence than the term \u2018more likely than not\u2019. Determining a highly probable sales forecast for Renishaw plc and Renishaw UK Sales Limited, being the hedged item, over a multiple year time period, requires judgement of the suitability of external and internal data sources and estimations of future sales. ",
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"fact-560": {
"value": "Accounting policy The Group measures financial instruments such as forward exchange contracts at fair value at each balance sheet date in accordance with IFRS 9 \u2018Financial Instruments\u2019. Fair value, as defined by IFRS 13 \u2018Fair Value Measurement\u2019, is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. This note provides detail on the IFRS 13 fair value hierarchy. Trade and other current receivables are initially recognised at fair value and are subsequently held at amortised cost less any provision for bad and doubtful debts and expected credit losses according to IFRS 9. Loans to associates and joint ventures are initially recognised at fair value and are subsequently held at amortised cost. Trade and other current payables are initially recognised at fair value and are subsequently held at amortised cost. Financial liabilities in the form of loans are initially recognised at fair value and are subsequently held at amortised cost. Financial liabilities are assessed for embedded derivatives and whether any such derivatives are closely related. If not closely related, such derivatives are accounted for at fair value in the Consolidated income statement. Foreign currency derivatives are used to manage risks arising from changes in foreign currency rates relating to overseas sales and foreign currency-denominated assets and liabilities. The Group does not enter into derivatives for speculative purposes. Foreign currency derivatives are stated at their fair value, being the estimated amount that the Group would pay or receive to terminate them at the balance sheet date, based on prevailing foreign currency rates. Changes in the fair value of foreign currency derivatives which are designated and effective as hedges of future cash flows are recognised in Other comprehensive income and in the Cash flow hedging reserve, and subsequently transferred to the carrying amount of the hedged item or the Consolidated income statement. Realised gains or losses on cash flow hedges are therefore recognised in the Consolidated income statement within revenue in the same period as the hedged item. Hedge accounting is discontinued when the hedging instrument expires or when the hedging instrument or hedged item no longer qualify for hedge accounting. If the forecast transaction is still expected to occur, but is no longer highly probable, the cumulative gain or loss in the cash flow hedge reserve remains in that reserve until the transaction occurs. If the forecast transaction is no longer expected to occur, the cumulative gain or loss in the cash flow hedge reserve is immediately reclassified to the Consolidated income statement. Changes in fair value of foreign currency derivatives, which are ineffective or do not meet the criteria for hedge accounting in IFRS 9, are recognised in the Consolidated income statement within Gains/losses from the fair value of financial instruments. In addition to derivatives held for cash flow hedging purposes, the Group uses short-term derivatives not designated as hedging instruments to offset gains and losses from exchange rate movements on foreign currency-denominated assets and liabilities. Gains and losses from currency movements on underlying assets and liabilities, realised gains and losses on these derivatives, and fair value gains and losses on outstanding derivatives of this nature are all recognised in Financial income and expenses in the Consolidated income statement. Key estimate \u2013 Estimates of highly probable forecasts of the hedged item Derivatives are effective for hedge accounting to the extent that the hedged item is \u2018highly probable\u2019 to occur, with \u2018highly probable\u2019 indicating a much greater likelihood of occurrence than the term \u2018more likely than not\u2019. Determining a highly probable sales forecast for Renishaw plc and Renishaw UK Sales Limited, being the hedged item, over a multiple year time period, requires judgement of the suitability of external and internal data sources and estimations of future sales. ",
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"fact-530": {
"value": "Fair value There is no significant difference between the fair value of financial assets and financial liabilities and their carrying value in the Consolidated balance sheet. All financial assets and liabilities are held at amortised cost, apart from the forward foreign currency exchange contracts, which are held at fair value, with changes going through the Consolidated income statement unless the contracts are subject to hedge accounting. The fair values of the forward foreign currency exchange contracts have been calculated by a third-party expert, discounting estimated future cash flows on the basis of market expectations of future exchange rates, representing level 2 in the IFRS 13 fair value hierarchy. The IFRS 13 level categorisation relates to the extent the fair value can be determined by reference to comparable market values. The classifications are: level 1 where instruments are quoted on an active market; level 2 where the assumptions used to arrive at fair value have comparable market data; and level 3 where the assumptions used to arrive at fair value do not have comparable market data. ",
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"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
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"entity": "scheme:21380048ADXM6Z67CT18",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-542": {
"value": "Credit risk The Group\u2019s liquid funds are substantially held with banks with high credit ratings and the credit risk relating to these funds is therefore limited. The Group carries a credit risk relating to non-payment of trade receivables by its customers. The Group\u2019s policy is that credit evaluations are carried out on all new customers before credit is given above certain thresholds. Risk is spread across a large number of customers with no significant concentration with one customer or in any one geographical area. The Group establishes an allowance for impairment in respect of trade receivables where recoverability is considered doubtful. An analysis by currency of the Group\u2019s financial assets at the year end is as follows: Trade & finance lease receivables Other receivables Cash and cash equivalents and bank deposits Currency 2023 \u00a3\u2019000 2022 \u00a3\u2019000 2023 \u00a3\u2019000 2022 \u00a3\u2019000 2023 \u00a3\u2019000 2022 \u00a3\u2019000 Pound Sterling 17,530 21,391 20,592 19,565 161,489 201,668 US Dollar 49,609 45,433 814 867 12,465 13,965 Euro 28,418 28,314 1,433 1,568 6,481 8,712 Japanese Yen 16,555 19,480 137 457 6,481 5,720 Other 25,014 23,242 5,003 4,611 19,472 23,097 137,126 137,860 27,979 27,068 206,388 253,162 The above trade & finance lease receivables, other receivables and cash and bank deposits are predominately held in the functional currency of the relevant entity, with the exception of \u00a319,669,000 (2022: \u00a321,271,000) of US Dollar-denominated trade receivables being held in Renishaw (Hong Kong) Limited and \u00a31,697,000 (2022: \u00a31,852,000) of Euro-denominated trade receivables being held in Renishaw UK Sales Limited, along with some foreign currency cash balances which are of a short-term nature. The ageing of trade receivables past due at the end of the year was: 2023 \u00a3\u2019000 2022 \u00a3\u2019000 Past due zero to one month 11,808 9,548 Past due one to two months 3,880 3,879 Past due more than two months 9,732 5,252 Balance at the end of the year 25,420 18,679 Movements in the provision for impairment of trade receivables during the year were: 2023 \u00a3\u2019000 2022 \u00a3\u2019000 Balance at the beginning of the year 2,540 3,826 Changes in amounts provided 1,784 (834) Amounts used (886) (452) Balance at the end of the year 3,438 2,540 The Group applies the simplified approach when measuring the expected credit loss for trade receivables, with a provision matrix used to determine a lifetime expected credit loss. For this provision matrix, trade receivables are grouped into credit risk categories, with category 1 being the lowest risk and category 5 the highest. Risk scores are allocated to the customer\u2019s country of operation, their type (such as distributor, end user and OEM), their industry and the proportion of their debt that was past due at the year-end. These scores are then weighted to produce an overall risk score for the customer, with the lowest scores being allocated to category 1 and the highest scores to category 5. The matrix then applies an expected credit loss rate to each category, with this rate being determined by adjusting the Group\u2019s historic credit loss rates to reflect forward-looking information. Where certain customers have been identified as having a significantly elevated credit risk these have been provided for on a specific basis. Both elements of expected credit loss are shown in the matrix below and have been shown separately so as not to distort the expected credit loss rate. Year ended 30 June 2023 Risk category 1 \u00a3\u2019000 Risk category 2 \u00a3\u2019000 Risk category 3 \u00a3\u2019000 Risk category 4 \u00a3\u2019000 Risk category 5 \u00a3\u2019000 2023 Total \u00a3\u2019000 Gross trade receivables 3,126 60,826 57,991 4,922 \u2013 126,865 Expected credit loss rate 0.34% 0.38% 0.41% 0.44% \u2013 0.39% Expected credit loss allowance 11 228 240 22 \u2013 501 Specific loss allowance \u2013 219 1,313 1,405 \u2013 2,937 Total expected credit loss 11 447 1,553 1,427 \u2013 3,438 Net trade receivables 3,115 60,379 56,438 3,495 \u2013 123,427 Year ended 30 June 2022 Risk category 1 \u00a3\u2019000 Risk category 2 \u00a3\u2019000 Risk category 3 \u00a3\u2019000 Risk category 4 \u00a3\u2019000 Risk category 5 \u00a3\u2019000 2022 Total \u00a3\u2019000 Gross trade receivables 2,742 51,598 70,298 5,453 \u2013 130,091 Expected credit loss rate 0.19% 0.20% 0.22% 0.24% \u2013 0.21% Expected credit loss allowance 5 104 154 13 \u2013 276 Specific loss allowance \u2013 \u2013 1,502 762 \u2013 2,264 Total expected credit loss 5 104 1,656 775 \u2013 2,540 Net trade receivables 2,737 51,494 68,642 4,678 \u2013 127,551 Finance lease receivables are subject to the same approach as noted above for trade receivables. Derivative assets are assessed based on the credit risk of the banks counterparty to the forward contracts. Other receivables include mostly prepayments and indirect tax receivables. Prepayment balances are reviewed at each reporting period to confirm that prepaid goods or services are still expected to be received, while tax balances are reviewed for recoverability. Other receivables at the year end comprised: 2023 \u00a3\u2019000 2022 \u00a3\u2019000 Indirect tax receivable 9,304 9,010 Software maintenance 5,857 7,430 Grants 1,426 1,250 Other prepayments 11,392 9,378 Total other receivables 27,979 27,068 The maximum exposure to credit risk is \u00a3386,309,000 (2022: \u00a3425,211,000), comprising the Group\u2019s trade, finance and other receivables, cash and cash equivalents and derivative assets. The maturities of non-current other receivables, being only derivatives, at the year end were: 2023 \u00a3\u2019000 2022 \u00a3\u2019000 Receivable between one and two years 9,443 \u2013 Receivable between two and five years \u2013 \u2013 9,443 \u2013 ",
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"entity": "scheme:21380048ADXM6Z67CT18",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
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},
"fact-531": {
"value": "Credit risk The Group\u2019s liquid funds are substantially held with banks with high credit ratings and the credit risk relating to these funds is therefore limited. The Group carries a credit risk relating to non-payment of trade receivables by its customers. The Group\u2019s policy is that credit evaluations are carried out on all new customers before credit is given above certain thresholds. Risk is spread across a large number of customers with no significant concentration with one customer or in any one geographical area. The Group establishes an allowance for impairment in respect of trade receivables where recoverability is considered doubtful. An analysis by currency of the Group\u2019s financial assets at the year end is as follows: Trade & finance lease receivables Other receivables Cash and cash equivalents and bank deposits Currency 2023 \u00a3\u2019000 2022 \u00a3\u2019000 2023 \u00a3\u2019000 2022 \u00a3\u2019000 2023 \u00a3\u2019000 2022 \u00a3\u2019000 Pound Sterling 17,530 21,391 20,592 19,565 161,489 201,668 US Dollar 49,609 45,433 814 867 12,465 13,965 Euro 28,418 28,314 1,433 1,568 6,481 8,712 Japanese Yen 16,555 19,480 137 457 6,481 5,720 Other 25,014 23,242 5,003 4,611 19,472 23,097 137,126 137,860 27,979 27,068 206,388 253,162 The above trade & finance lease receivables, other receivables and cash and bank deposits are predominately held in the functional currency of the relevant entity, with the exception of \u00a319,669,000 (2022: \u00a321,271,000) of US Dollar-denominated trade receivables being held in Renishaw (Hong Kong) Limited and \u00a31,697,000 (2022: \u00a31,852,000) of Euro-denominated trade receivables being held in Renishaw UK Sales Limited, along with some foreign currency cash balances which are of a short-term nature. The ageing of trade receivables past due at the end of the year was: 2023 \u00a3\u2019000 2022 \u00a3\u2019000 Past due zero to one month 11,808 9,548 Past due one to two months 3,880 3,879 Past due more than two months 9,732 5,252 Balance at the end of the year 25,420 18,679 Movements in the provision for impairment of trade receivables during the year were: 2023 \u00a3\u2019000 2022 \u00a3\u2019000 Balance at the beginning of the year 2,540 3,826 Changes in amounts provided 1,784 (834) Amounts used (886) (452) Balance at the end of the year 3,438 2,540 The Group applies the simplified approach when measuring the expected credit loss for trade receivables, with a provision matrix used to determine a lifetime expected credit loss. For this provision matrix, trade receivables are grouped into credit risk categories, with category 1 being the lowest risk and category 5 the highest. Risk scores are allocated to the customer\u2019s country of operation, their type (such as distributor, end user and OEM), their industry and the proportion of their debt that was past due at the year-end. These scores are then weighted to produce an overall risk score for the customer, with the lowest scores being allocated to category 1 and the highest scores to category 5. The matrix then applies an expected credit loss rate to each category, with this rate being determined by adjusting the Group\u2019s historic credit loss rates to reflect forward-looking information. Where certain customers have been identified as having a significantly elevated credit risk these have been provided for on a specific basis. Both elements of expected credit loss are shown in the matrix below and have been shown separately so as not to distort the expected credit loss rate. Year ended 30 June 2023 Risk category 1 \u00a3\u2019000 Risk category 2 \u00a3\u2019000 Risk category 3 \u00a3\u2019000 Risk category 4 \u00a3\u2019000 Risk category 5 \u00a3\u2019000 2023 Total \u00a3\u2019000 Gross trade receivables 3,126 60,826 57,991 4,922 \u2013 126,865 Expected credit loss rate 0.34% 0.38% 0.41% 0.44% \u2013 0.39% Expected credit loss allowance 11 228 240 22 \u2013 501 Specific loss allowance \u2013 219 1,313 1,405 \u2013 2,937 Total expected credit loss 11 447 1,553 1,427 \u2013 3,438 Net trade receivables 3,115 60,379 56,438 3,495 \u2013 123,427 Year ended 30 June 2022 Risk category 1 \u00a3\u2019000 Risk category 2 \u00a3\u2019000 Risk category 3 \u00a3\u2019000 Risk category 4 \u00a3\u2019000 Risk category 5 \u00a3\u2019000 2022 Total \u00a3\u2019000 Gross trade receivables 2,742 51,598 70,298 5,453 \u2013 130,091 Expected credit loss rate 0.19% 0.20% 0.22% 0.24% \u2013 0.21% Expected credit loss allowance 5 104 154 13 \u2013 276 Specific loss allowance \u2013 \u2013 1,502 762 \u2013 2,264 Total expected credit loss 5 104 1,656 775 \u2013 2,540 Net trade receivables 2,737 51,494 68,642 4,678 \u2013 127,551 Finance lease receivables are subject to the same approach as noted above for trade receivables. Derivative assets are assessed based on the credit risk of the banks counterparty to the forward contracts. Other receivables include mostly prepayments and indirect tax receivables. Prepayment balances are reviewed at each reporting period to confirm that prepaid goods or services are still expected to be received, while tax balances are reviewed for recoverability. Other receivables at the year end comprised: 2023 \u00a3\u2019000 2022 \u00a3\u2019000 Indirect tax receivable 9,304 9,010 Software maintenance 5,857 7,430 Grants 1,426 1,250 Other prepayments 11,392 9,378 Total other receivables 27,979 27,068 The maximum exposure to credit risk is \u00a3386,309,000 (2022: \u00a3425,211,000), comprising the Group\u2019s trade, finance and other receivables, cash and cash equivalents and derivative assets. The maturities of non-current other receivables, being only derivatives, at the year end were: 2023 \u00a3\u2019000 2022 \u00a3\u2019000 Receivable between one and two years 9,443 \u2013 Receivable between two and five years \u2013 \u2013 9,443 \u2013 Liquidity risk Our approach to managing liquidity is to ensure, as far as possible, that we will always have sufficient liquidity to meet our liabilities when due, without incurring unacceptable losses or risking damage to the Group\u2019s reputation. We use monthly cash flow forecasts on a rolling 12-month basis to monitor cash requirements. With cash and cash equivalents and bank deposits at 30 June 2023 totalling \u00a3206,388,000 and \u00a384,297,000 cash flows generated from operating activities in the period, the Group remains in a strong liquidity position. In respect of cash and cash equivalents and bank deposits, the carrying value is materially the same as fair value because of the short maturity of the bank deposits. Bank deposits are affected by interest rates that are either fixed or floating, which can change over time, affecting the Group\u2019s interest income. An increase of 1% in interest rates would result in an increase in interest income of approximately \u00a31,250,000. The contractual maturities of financial liabilities at the year end were: Contractual cash flows Year ended 30 June 2023 Carrying amount \u00a3\u2019000 Effect of discounting \u00a3\u2019000 Gross maturities \u00a3\u2019000 Up to 1 year \u00a3\u2019000 1\u20132 years \u00a3\u2019000 2\u20135 years \u00a3\u2019000 Trade payables 21,551 \u2013 21,551 21,551 \u2013 \u2013 Other payables 48,130 \u2013 48,130 48,130 \u2013 \u2013 Borrowings 4,694 36 4,730 4,730 \u2013 \u2013 Forward exchange contracts 5,209 \u2013 5,209 5,089 120 \u2013 79,584 36 79,620 79,500 120 \u2013 Contractual cash flows Year ended 30 June 2022 Carrying amount \u00a3\u2019000 Effect of discounting \u00a3\u2019000 Gross maturities \u00a3\u2019000 Up to 1 year \u00a3\u2019000 1\u20132 years \u00a3\u2019000 2\u20135 years \u00a3\u2019000 Trade payables 30,947 \u2013 30,947 30,947 \u2013 \u2013 Other payables 51,949 \u2013 51,949 51,949 \u2013 \u2013 Borrowings 6,079 82 6,161 926 5,235 \u2013 Forward exchange contracts 27,353 \u2013 27,353 17,890 9,463 \u2013 116,328 82 116,410 101,712 14,698 \u2013 Market risk As noted in the Strategic Report under Principal risks and uncertainties, the Group operates in several foreign currencies with the majority of sales being made in these non-Sterling currencies, but with most manufacturing being undertaken in the UK, Ireland and India. A large proportion of sales are made in US Dollar, Euro and Japanese Yen, therefore the Group enters into US Dollar, Euro and Japanese Yen derivative financial instruments to manage its exposure to foreign currency risk, including: i. forward foreign currency exchange contracts to hedge a significant proportion of the Group\u2019s forecasted US Dollar, Euro and Japanese Yen revenues over the next 24 months; ii. foreign currency option contracts, entered into alongside the forward contracts above until May 2018 as part of the Group hedging strategy, are ineffective for cash flow hedging purposes. Note 29, \u2018Alternative performance measures\u2019, gives an adjusted measure of profit before tax to reflect the original intention that these derivatives were entered into for hedging purposes. The final option contract matured in November 2021; and iii. one-month forward foreign currency exchange contracts to offset the gains/losses from exchange rate movements arising from foreign currency-denominated intragroup balances of the Company. The amounts of foreign currencies relating to these forward contracts and options are, in Sterling terms: 2023 2022 Nominal value \u00a3\u2019000 Fair value \u00a3\u2019000 Nominal value \u00a3\u2019000 Fair value \u00a3\u2019000 US Dollar 345,010 5,009 306,270 (26,249) Euro 179,992 1,389 129,799 1,711 Japanese Yen 30,318 3,209 37,941 4,306 555,320 9,607 474,010 (20,232) The following are the exchange rates which have been applicable during the financial year: 2023 2022 Currency Average forward contract rate Year end exchange rate Average exchange rate Average forward contract rate Year end exchange rate Average exchange rate US Dollar 1.24 1.27 1.21 1.34 1.22 1.33 Euro 1.13 1.16 1.15 1.12 1.16 1.18 Japanese Yen 141 183 166 132 165 156 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:21380048ADXM6Z67CT18",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-543": {
"value": "Liquidity risk Our approach to managing liquidity is to ensure, as far as possible, that we will always have sufficient liquidity to meet our liabilities when due, without incurring unacceptable losses or risking damage to the Group\u2019s reputation. We use monthly cash flow forecasts on a rolling 12-month basis to monitor cash requirements. With cash and cash equivalents and bank deposits at 30 June 2023 totalling \u00a3206,388,000 and \u00a384,297,000 cash flows generated from operating activities in the period, the Group remains in a strong liquidity position. In respect of cash and cash equivalents and bank deposits, the carrying value is materially the same as fair value because of the short maturity of the bank deposits. Bank deposits are affected by interest rates that are either fixed or floating, which can change over time, affecting the Group\u2019s interest income. An increase of 1% in interest rates would result in an increase in interest income of approximately \u00a31,250,000. The contractual maturities of financial liabilities at the year end were: Contractual cash flows Year ended 30 June 2023 Carrying amount \u00a3\u2019000 Effect of discounting \u00a3\u2019000 Gross maturities \u00a3\u2019000 Up to 1 year \u00a3\u2019000 1\u20132 years \u00a3\u2019000 2\u20135 years \u00a3\u2019000 Trade payables 21,551 \u2013 21,551 21,551 \u2013 \u2013 Other payables 48,130 \u2013 48,130 48,130 \u2013 \u2013 Borrowings 4,694 36 4,730 4,730 \u2013 \u2013 Forward exchange contracts 5,209 \u2013 5,209 5,089 120 \u2013 79,584 36 79,620 79,500 120 \u2013 Contractual cash flows Year ended 30 June 2022 Carrying amount \u00a3\u2019000 Effect of discounting \u00a3\u2019000 Gross maturities \u00a3\u2019000 Up to 1 year \u00a3\u2019000 1\u20132 years \u00a3\u2019000 2\u20135 years \u00a3\u2019000 Trade payables 30,947 \u2013 30,947 30,947 \u2013 \u2013 Other payables 51,949 \u2013 51,949 51,949 \u2013 \u2013 Borrowings 6,079 82 6,161 926 5,235 \u2013 Forward exchange contracts 27,353 \u2013 27,353 17,890 9,463 \u2013 116,328 82 116,410 101,712 14,698 \u2013 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:21380048ADXM6Z67CT18",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-544": {
"value": "Market risk As noted in the Strategic Report under Principal risks and uncertainties, the Group operates in several foreign currencies with the majority of sales being made in these non-Sterling currencies, but with most manufacturing being undertaken in the UK, Ireland and India. A large proportion of sales are made in US Dollar, Euro and Japanese Yen, therefore the Group enters into US Dollar, Euro and Japanese Yen derivative financial instruments to manage its exposure to foreign currency risk, including: i. forward foreign currency exchange contracts to hedge a significant proportion of the Group\u2019s forecasted US Dollar, Euro and Japanese Yen revenues over the next 24 months; ii. foreign currency option contracts, entered into alongside the forward contracts above until May 2018 as part of the Group hedging strategy, are ineffective for cash flow hedging purposes. Note 29, \u2018Alternative performance measures\u2019, gives an adjusted measure of profit before tax to reflect the original intention that these derivatives were entered into for hedging purposes. The final option contract matured in November 2021; and iii. one-month forward foreign currency exchange contracts to offset the gains/losses from exchange rate movements arising from foreign currency-denominated intragroup balances of the Company. The amounts of foreign currencies relating to these forward contracts and options are, in Sterling terms: 2023 2022 Nominal value \u00a3\u2019000 Fair value \u00a3\u2019000 Nominal value \u00a3\u2019000 Fair value \u00a3\u2019000 US Dollar 345,010 5,009 306,270 (26,249) Euro 179,992 1,389 129,799 1,711 Japanese Yen 30,318 3,209 37,941 4,306 555,320 9,607 474,010 (20,232) The following are the exchange rates which have been applicable during the financial year: 2023 2022 Currency Average forward contract rate Year end exchange rate Average exchange rate Average forward contract rate Year end exchange rate Average exchange rate US Dollar 1.24 1.27 1.21 1.34 1.22 1.33 Euro 1.13 1.16 1.15 1.12 1.16 1.18 Japanese Yen 141 183 166 132 165 156 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:21380048ADXM6Z67CT18",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-545": {
"value": "Hedging In relation to the forward currency contracts in a designated cash flow hedge, the hedged item is a layer component of forecast sales transactions. Forecast transactions are deemed highly probable to occur and Group policy is to hedge around 75% of net foreign currency exposure for USD, EUR and JPY. The hedged item creates an exposure to receive USD, EUR or JPY, while the forward contract is to sell USD, EUR or JPY and buy GBP. Therefore, there is a strong economic relationship between the hedging instrument and the hedged item. The hedge ratio is 100%, such that, by way of example, \u00a310m nominal value of forward currency contracts are used to hedge \u00a310m of forecast sales. Fair value gains or losses on the forward currency contracts are offset by foreign currency gain or losses on the translation of USD, EUR and JPY based sales revenue, relative to the forward rate at the date the forward contracts were arranged. Foreign currency exposures in HKD and USD are aggregated and only USD forward currency contracts are used to hedge these currency exposures. Sources of hedge ineffectiveness according to IFRS 9 Financial Instruments include: \u2013 changes in timing of the hedged item; \u2013 reduction in the amount of the hedged sales considered to be highly probable; \u2013 a change in the credit risk of Renishaw or the bank counterparty to the forward contract; and \u2013 differences in assumptions used in calculating fair value. During 2020, global macroeconomic uncertainty resulted in a reduction to the \u2018highly probable\u2019 revenue forecasts of Renishaw plc and Renishaw UK Sales Limited, being the hedged item, which resulted in proportions of forward contracts failing hedge effectiveness testing, with nominal value amounting to \u00a3247,547,000. These contracts have matured in the periods since, and the remaining nominal value of ineffective forward contracts at 30 June 2023 was nil (2022: \u00a363,045,000). Fair value gains of \u00a35,504,000 (2022: \u00a38,349,000 losses) recognised in the Consolidated income statement relate to the unwinding of the mark-to-market valuations of the ineffective contracts. No contracts have become ineffective during the period. A decrease of 10% in the highly probable forecasts would result in around \u00a330,000,000 nominal value of forward contracts becoming ineffective. For both the Group and the Company, the following table details the fair value of these forward foreign currency derivatives according to the categorisations of instruments noted on page 187: 2023 2022 Nominal value \u00a3\u2019000 Fair value \u00a3\u2019000 Nominal value \u00a3\u2019000 Fair value \u00a3\u2019000 Forward currency contracts in a designated cash flow hedge (i) Non-current derivative assets 268,908 9,443 \u2013 \u2013 Current derivative assets 118,271 4,461 77,460 7,077 Current derivative liabilities 109,434 (5,048) 128,950 (12,046) Non-current derivative liabilities 21,148 (120) 179,149 (9,463) 517,761 8,736 385,559 (14,432) Amounts recognised in the Consolidated statement of comprehensive income and expense \u2013 23,167 \u2013 28,423 Forward currency contracts ineffective as a cash flow hedge (i) Current derivative liabilities \u2013 \u2013 63,045 (5,504) Amounts recognised in Losses from the fair value of financial instruments in the Consolidated income statement \u2013 (1,399) \u2013 (11,551) Foreign currency options ineffective as a cash flow hedge (ii) Amounts recognised in Losses from the fair value of financial instruments in the Consolidated income statement \u2013 \u2013 \u2013 1,138 Forward currency contracts not in a designated cash flow hedge (iii) Current derivative assets 17,134 912 4,880 44 Current derivative liabilities 20,425 (41) 20,526 (340) 37,559 871 25,406 (296) Amounts recognised in Financial income/(expense) in the Consolidated income statement \u2013 1,728 \u2013 98 Total forward contracts and options Non-current derivative assets 268,908 9,443 \u2013 \u2013 Current derivative assets 135,405 5,373 82,340 7,121 Current derivative liabilities 129,859 (5,089) 212,521 (17,890) Non-current derivative liabilities 21,148 (120) 179,149 (9,463) 555,320 9,607 474,010 (20,232) The total losses recognised in Revenue in the Consolidated income statement relating to cash flow hedges previously recognised through other comprehensive income amounted to \u00a321,553,000 (2022: \u00a33,385,000). For the Group\u2019s foreign currency forward contracts at the balance sheet date, if Sterling appreciated by 5% against the US Dollar, Euro and Japanese Yen, this would increase pre-tax equity by \u00a324,655,000 and increase profit before tax by \u00a31,789,000, while a depreciation of 5% would decrease pre-tax equity by \u00a327,251,000 and decrease profit before tax by \u00a31,977,000. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfHedgeAccountingExplanatory",
"language": "en",
"entity": "scheme:21380048ADXM6Z67CT18",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-518": {
"value": "26. Share capital and reserves The Group defines capital as being the equity attributable to the owners of the Company, which is captioned on the Consolidated balance sheet. The Board\u2019s policy is to maintain a strong capital base, ensuring the security of the Group, and to maintain a balance between significant returns to shareholders, with a progressive dividend policy. This note presents figures relating to this capital management, along with an analysis of all elements of Equity attributable to shareholders and non-controlling interests. Share capital 2023 \u00a3\u2019000 2022 \u00a3\u2019000 Allotted, called-up and fully paid 72,788,543 ordinary shares of 20p each 14,558 14,558 The ordinary shares are the only class of share in the Company. Holders of ordinary shares are entitled to vote at general meetings of the Company and receive dividends as declared. The Articles of Association of the Company do not contain any restrictions on the transfer of shares nor on voting rights. Dividends paid Dividends paid comprised: 2023 \u00a3\u2019000 2022 \u00a3\u2019000 2022 final dividend paid of 56.6p per share (2021: 52.0p) 41,190 37,850 Interim dividend paid of 16.8p per share (2022: 16.0p) 12,217 11,644 Total dividends paid 53,407 49,494 A final dividend of 59.4p per share is proposed in respect of 2023, which will be payable on 7 December 2023 to shareholders on the register on 3 November 2023. Own shares held The EBT is responsible for purchasing shares on the open market on behalf of the Company to satisfy the Plan awards, see note 24 for further detail. Own shares held are recognised as an element in equity until they are transferred at the end of the vesting period. Movements during the year were: 2023 \u00a3\u2019000 2022 \u00a3\u2019000 Balance at the beginning of the year (750) (404) Disposal of own shares on vesting of awards \u2013 404 Acquisition of own shares (2,213) (750) Balance at the end of the year 2,963 (750) In November 2021, 14,396 shares were purchased on the open market by the EBT at a price of \u00a352.10, costing a total of \u00a3750,017. The fair value of these awards at the grant date, being 28 October 2021, was \u00a3734,317. These shares will vest on 28 October 2024, with no forfeitures expected at 30 June 2023. In November 2022, 54,582 shares were purchased on the open market by the EBT at a price of \u00a340.24, costing a total of \u00a32,212,831. The fair value of these awards at the grant date, being 26 October 2022, was \u00a31,915,000. These shares will vest on 26 October 2025, with no forfeitures expected at 30 June 2023. Other reserve The other reserve relates to share-based payments charges according to IFRS 2 in relation to the Plan, along with historical amounts relating to investments in subsidiary undertakings not eliminated on consolidation. Movements during the year were: 2023 \u00a3\u2019000 2022 \u00a3\u2019000 Balance at the beginning of the year (180) 44 Share-based payments charge in respect of shares vesting in 2022 \u2013 16 Transfer of own shares on vesting of awards \u2013 (404) Share-based payments charge in respect of shares vesting in 2024 245 164 Share-based payments charge in respect of shares vesting in 2025 432 \u2013 Balance at the end of the year 497 (180) Currency translation reserve The currency translation reserve comprises all foreign exchange differences arising from the translation of the financial statements of the overseas operations and currency movements on intragroup loan balances classified as net investments in overseas operations. Movements during the year were: 2023 \u00a3\u2019000 2022 \u00a3\u2019000 Balance at the beginning of the year 14,459 3,719 (Loss)/gain on net assets of foreign currency operations (5,905) 3,529 Transfer of accumulated loss relating to net assets of Russian operation \u2013 575 (Loss)/gain on intragroup loans classified as net investments in foreign operations (2,095) 8,047 Tax on translation of net investments in foreign operations 313 (1,529) (Loss)/gain in the year relating to subsidiaries (7,687) 10,622 Currency exchange differences relating to joint ventures \u2013 118 Balance at the end of the year 6,772 14,459 See note 5 for further information on intragroup loans classified as net investments. Cash flow hedging reserve The cash flow hedging reserve, for both the Group and the Company, comprises all foreign exchange differences arising from the valuation of forward exchange contracts which are effective hedges and mature after the year end. These are valued on a mark-to- market basis, are accounted for in Other comprehensive income and expense and accumulated in Equity, and are recycled through the Consolidated income statement and Company income statement when the hedged item affects the income statement, or when the hedging relationship ceases to be effective. See note 25 for further detail. Movements during the year were: 2023 \u00a3\u2019000 2022 \u00a3\u2019000 Balance at the beginning of the year (10,923) 11,345 Losses on contract maturity recognised in revenue during the year (21,553) (3,385) Revaluations during the year 44,720 (25,038) Deferred tax movement (5,692) 6,155 Balance at the end of the year 6,552 (10,923) Non-controlling interest Movements during the year were: 2023 \u00a3\u2019000 2022 \u00a3\u2019000 Balance at the beginning of the year (577) (577) Share of profit for the year \u2013 \u2013 Balance at the end of the year (577) (577) The non-controlling interest represents the minority shareholdings in Renishaw Diagnostics Limited \u2013 7.6%. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:21380048ADXM6Z67CT18",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-532": {
"value": "Share capital 2023 \u00a3\u2019000 2022 \u00a3\u2019000 Allotted, called-up and fully paid 72,788,543 ordinary shares of 20p each 14,558 14,558 The ordinary shares are the only class of share in the Company. Holders of ordinary shares are entitled to vote at general meetings of the Company and receive dividends as declared. The Articles of Association of the Company do not contain any restrictions on the transfer of shares nor on voting rights. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:21380048ADXM6Z67CT18",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-533": {
"value": "Dividends paid Dividends paid comprised: 2023 \u00a3\u2019000 2022 \u00a3\u2019000 2022 final dividend paid of 56.6p per share (2021: 52.0p) 41,190 37,850 Interim dividend paid of 16.8p per share (2022: 16.0p) 12,217 11,644 Total dividends paid 53,407 49,494 A final dividend of 59.4p per share is proposed in respect of 2023, which will be payable on 7 December 2023 to shareholders on the register on 3 November 2023. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:21380048ADXM6Z67CT18",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-534": {
"value": "Own shares held The EBT is responsible for purchasing shares on the open market on behalf of the Company to satisfy the Plan awards, see note 24 for further detail. Own shares held are recognised as an element in equity until they are transferred at the end of the vesting period. Movements during the year were: 2023 \u00a3\u2019000 2022 \u00a3\u2019000 Balance at the beginning of the year (750) (404) Disposal of own shares on vesting of awards \u2013 404 Acquisition of own shares (2,213) (750) Balance at the end of the year 2,963 (750) In November 2021, 14,396 shares were purchased on the open market by the EBT at a price of \u00a352.10, costing a total of \u00a3750,017. The fair value of these awards at the grant date, being 28 October 2021, was \u00a3734,317. These shares will vest on 28 October 2024, with no forfeitures expected at 30 June 2023. In November 2022, 54,582 shares were purchased on the open market by the EBT at a price of \u00a340.24, costing a total of \u00a32,212,831. The fair value of these awards at the grant date, being 26 October 2022, was \u00a31,915,000. These shares will vest on 26 October 2025, with no forfeitures expected at 30 June 2023. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:21380048ADXM6Z67CT18",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-535": {
"value": "Other reserve The other reserve relates to share-based payments charges according to IFRS 2 in relation to the Plan, along with historical amounts relating to investments in subsidiary undertakings not eliminated on consolidation. Movements during the year were: 2023 \u00a3\u2019000 2022 \u00a3\u2019000 Balance at the beginning of the year (180) 44 Share-based payments charge in respect of shares vesting in 2022 \u2013 16 Transfer of own shares on vesting of awards \u2013 (404) Share-based payments charge in respect of shares vesting in 2024 245 164 Share-based payments charge in respect of shares vesting in 2025 432 \u2013 Balance at the end of the year 497 (180) Currency translation reserve The currency translation reserve comprises all foreign exchange differences arising from the translation of the financial statements of the overseas operations and currency movements on intragroup loan balances classified as net investments in overseas operations. Movements during the year were: 2023 \u00a3\u2019000 2022 \u00a3\u2019000 Balance at the beginning of the year 14,459 3,719 (Loss)/gain on net assets of foreign currency operations (5,905) 3,529 Transfer of accumulated loss relating to net assets of Russian operation \u2013 575 (Loss)/gain on intragroup loans classified as net investments in foreign operations (2,095) 8,047 Tax on translation of net investments in foreign operations 313 (1,529) (Loss)/gain in the year relating to subsidiaries (7,687) 10,622 Currency exchange differences relating to joint ventures \u2013 118 Balance at the end of the year 6,772 14,459 See note 5 for further information on intragroup loans classified as net investments. Cash flow hedging reserve The cash flow hedging reserve, for both the Group and the Company, comprises all foreign exchange differences arising from the valuation of forward exchange contracts which are effective hedges and mature after the year end. These are valued on a mark-to- market basis, are accounted for in Other comprehensive income and expense and accumulated in Equity, and are recycled through the Consolidated income statement and Company income statement when the hedged item affects the income statement, or when the hedging relationship ceases to be effective. See note 25 for further detail. Movements during the year were: 2023 \u00a3\u2019000 2022 \u00a3\u2019000 Balance at the beginning of the year (10,923) 11,345 Losses on contract maturity recognised in revenue during the year (21,553) (3,385) Revaluations during the year 44,720 (25,038) Deferred tax movement (5,692) 6,155 Balance at the end of the year 6,552 (10,923) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:21380048ADXM6Z67CT18",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-536": {
"value": "Non-controlling interest Movements during the year were: 2023 \u00a3\u2019000 2022 \u00a3\u2019000 Balance at the beginning of the year (577) (577) Share of profit for the year \u2013 \u2013 Balance at the end of the year (577) (577) The non-controlling interest represents the minority shareholdings in Renishaw Diagnostics Limited \u2013 7.6%. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:21380048ADXM6Z67CT18",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-519": {
"value": "27. Capital commitments At the end of a financial year, we typically have obligations to make payments in the future, for which no provision is made in the financial statements. In 2022, we committed to the expansion of one of our production facilities in Wales, UK, which is expected to cost an additional \u00a335m over the next year. Authorised and committed capital expenditure at the end of the year were: 2023 \u00a3\u2019000 2022 \u00a3\u2019000 Freehold land and buildings 35,607 65,328 Plant and equipment 11,423 22,760 Motor vehicles 14 319 Total committed capital expenditure 47,044 88,407 ",
"dimensions": {
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"language": "en",
"entity": "scheme:21380048ADXM6Z67CT18",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
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},
"fact-537": {
"value": "27. Capital commitments At the end of a financial year, we typically have obligations to make payments in the future, for which no provision is made in the financial statements. In 2022, we committed to the expansion of one of our production facilities in Wales, UK, which is expected to cost an additional \u00a335m over the next year. Authorised and committed capital expenditure at the end of the year were: 2023 \u00a3\u2019000 2022 \u00a3\u2019000 Freehold land and buildings 35,607 65,328 Plant and equipment 11,423 22,760 Motor vehicles 14 319 Total committed capital expenditure 47,044 88,407 ",
"dimensions": {
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"language": "en",
"entity": "scheme:21380048ADXM6Z67CT18",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
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},
"fact-538": {
"value": "28. Related parties We report our two joint venture companies, RLS Merilna tehnika d.o.o. and Metrology Software Products Limited, as related parties. Joint ventures and other related parties had the following transactions and balances with the Group: 2023 \u00a3\u2019000 2022 \u00a3\u2019000 Purchased goods and services from the Group during the year 117 553 Sold goods and services to the Group during the year 24,271 29,355 Paid dividends to the Group during the year 924 525 Amounts owed to the Group at the year end 35 1 Amounts owed by the Group at the year end 2,837 3,950 Loans owed to the Group at the year end \u2013 350 There were no bad debts relating to related parties written off during 2023 or 2022. By virtue of their long-standing voting agreement, Sir David McMurtry (Executive Chairman 36.23% shareholder) and John Deer (Non-executive Deputy Chairman, together with his wife, 16.59%), are the ultimate controlling party of the Group. See page 137 of the Governance Report for further details in relation to this. The only significant transactions between the Group and these parties are in relation to their respective remuneration, as detailed in the Governance Report. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory",
"language": "en",
"entity": "scheme:21380048ADXM6Z67CT18",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact-520": {
"value": "28. Related parties We report our two joint venture companies, RLS Merilna tehnika d.o.o. and Metrology Software Products Limited, as related parties. Joint ventures and other related parties had the following transactions and balances with the Group: 2023 \u00a3\u2019000 2022 \u00a3\u2019000 Purchased goods and services from the Group during the year 117 553 Sold goods and services to the Group during the year 24,271 29,355 Paid dividends to the Group during the year 924 525 Amounts owed to the Group at the year end 35 1 Amounts owed by the Group at the year end 2,837 3,950 Loans owed to the Group at the year end \u2013 350 There were no bad debts relating to related parties written off during 2023 or 2022. By virtue of their long-standing voting agreement, Sir David McMurtry (Executive Chairman 36.23% shareholder) and John Deer (Non-executive Deputy Chairman, together with his wife, 16.59%), are the ultimate controlling party of the Group. See page 137 of the Governance Report for further details in relation to this. The only significant transactions between the Group and these parties are in relation to their respective remuneration, as detailed in the Governance Report. ",
"dimensions": {
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"language": "en",
"entity": "scheme:21380048ADXM6Z67CT18",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
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"fact-521": {
"value": "29. Alternative performance measures There are sometimes infrequently occurring events which impact our financial statements, recognised according to applicable IFRS, that we believe should be excluded from adjusted performance measures to give readers additional useful and comparable views of our underlying performance. In accordance with Renishaw\u2019s alternative performance measures (APMs) policy and ESMA Guidelines on Alternative Performance Measures (2015), APMs we use are Revenue at constant exchange rates, Adjusted profit before tax, Adjusted earnings per share, and Adjusted operating profit. Revenue at constant exchange rates is defined as revenue recalculated using the same rates as were applicable to the previous year and excluding forward contract gains and losses. Revenue at constant exchange rates: 2023 \u00a3\u2019000 2022 \u00a3\u2019000 Statutory revenue as reported 688,573 671,076 Adjustment for forward contract gains 7,815 (744) Adjustment to restate current year at previous year exchange rates (33,549) \u2013 Revenue at constant exchange rates 662,839 670,332 Year-on-year revenue growth at constant exchange rates -1.1% \u2013 Year-on-year revenue growth at constant exchange rates for 2022 was +18.3%. Adjusted profit before tax, Adjusted earnings per share and Adjusted operating profit are defined as the profit before tax, earnings per share and operating profit after excluding: \u2013 costs relating to a revision to a provision made in 2020 relating to restructuring (a); \u2013 third-party costs relating to the formal sales process (\u2018FSP\u2019) (b); \u2013 a UK defined benefit pension scheme past service cost (c); \u2013 a US defined benefit pension scheme past service cost (d); and \u2013 gains and losses in fair value from forward currency contracts which did not qualify for hedge accounting and which have yet to mature (e). a) Restructuring costs, where applicable during a year, are reported separately in the Consolidated income statement and excluded from adjusted measures on the basis that they relate to matters that do not frequently recur. During 2022, a revised estimate of a warranty provision relating to restructuring in 2020 resulted in a reduction to this provision of \u00a31,688,000, then in 2023 a further revision resulted in a reduction of \u00a3717,000. As this provision was initially excluded from adjusted measures, the revised estimates have also been excluded. b) Third-party legal and advisory costs relating to the 2021 FSP were excluded from adjusted measures in 2021. During 2022, \u00a3200,000 was released from an accrual made in respect of these costs relating to indirect tax, which was also excluded in the previous year. c) In 2022, the Company agreed to an augmentation of UK defined benefit pension scheme members\u2019 benefits. This was effected in the scheme Rules through a Deed of Amendment to the Trust Deed and Rules, signed by the Trustees and Company on 20 June 2022, therefore relates to a matter which is not expected to frequently recur. The impact on liabilities of this plan amendment, totalling \u00a311,695,000, were recognised as a past service cost, reported separately in the Consolidated income statement and excluded from adjusted profit measures. d) In 2023, a termination of the US plan (other than distribution of surplus) was completed, with most members opting for lump sum payments. It was agreed that the surplus will be distributed to qualifying scheme members. Accordingly, the surplus of \u00a32,139,000 has been treated as an augmentation to member benefits, reported separately in the Consolidated income statement and excluded from adjusted profit measures. See note 23 for further detail. e) From 2017, the gains and losses from the fair value of financial instruments not effective for cash flow hedging have been excluded from statutory profit before tax, statutory earnings per share and statutory operating profit in arriving at Adjusted profit before tax, Adjusted earnings per share and Adjusted operating profit to reflect the Board\u2019s intent that the instruments would provide effective hedges. This is classified as \u2018Fair value (gains)/losses on financial instruments not eligible for hedge accounting (i)\u2019 in the following reconciliations. The amounts shown as reported in revenue represent the amount by which revenue would change had all the derivatives qualified as eligible for hedge accounting. Gains and losses which recycle through the Consolidated income statement as a result of contracts deemed ineffective during 2020, as described in note 25, are also excluded from adjusted profit measures, on the basis that all forward contracts are still expected to be effective hedges for Group revenue. This is classified as \u2018Fair value (gains)/losses on financial instruments not eligible for hedge accounting (ii)\u2019 in the following reconciliations. The Board considers these alternative performance measures to be additional useful measures to analyse the underlying performance of the Group. Adjusted profit before tax: 2023 \u00a3\u2019000 2022 \u00a3\u2019000 Statutory profit before tax 145,065 145,586 Revised estimate of 2020 restructuring provisions (717) (1,688) Third-party FSP costs \u2013 (200) UK defined benefit pension scheme past service cost \u2013 11,695 US defined benefit pension scheme past service cost 2,139 \u2013 Fair value (gains)/losses on financial instruments not eligible for hedge accounting (i): \u2013 reported in revenue \u2013 2,621 \u2013 reported in (gains)/losses from the fair value of financial instruments \u2013 (1,138) Fair value (gains)/losses on financial instruments not eligible for hedge accounting (ii): \u2013 reported in revenue (6,903) (4,685) \u2013 reported in (gains)/losses from the fair value of financial instruments 1,399 11,551 Adjusted profit before tax 140,983 163,742 Adjusted earnings per share: 2023 pence 2022 pence Statutory earnings per share 159.7 165.4 Revised estimate of 2020 restructuring provisions (0.8) (0.3) Third-party FSP costs \u2013 (1.9) UK defined benefit pension scheme past service cost \u2013 13.0 US defined benefit pension scheme past service cost 2.2 \u2013 Fair value (gains)/losses on financial instruments not eligible for hedge accounting (i): \u2013 reported in revenue \u2013 2.9 \u2013 reported in (gains)/losses from the fair value of financial instruments \u2013 (1.3) Fair value (gains)/losses on financial instruments not eligible for hedge accounting (ii): \u2013 reported in revenue (7.5) (5.2) \u2013 reported in (gains)/losses from the fair value of financial instruments 1.5 12.9 Adjusted earnings per share 155.1 185.5 Adjusted operating profit: 2023 \u00a3\u2019000 2022 \u00a3\u2019000 Statutory operating profit 134,489 143,250 Revised estimate of 2020 restructuring provisions (717) (1,688) Third-party FSP costs \u2013 (200) UK defined benefit pension scheme past service cost \u2013 11,695 US defined benefit pension scheme past service cost 2,139 \u2013 Fair value (gains)/losses on financial instruments not eligible for hedge accounting (i): \u2013 reported in revenue \u2013 2,621 \u2013 reported in (gains)/losses from the fair value of financial instruments \u2013 (1,138) Fair value (gains)/losses on financial instruments not eligible for hedge accounting (ii): \u2013 reported in revenue (6,903) (4,685) \u2013 reported in (gains)/losses from the fair value of financial instruments 1,399 11,551 Adjusted operating profit 130,407 161,406 Adjustments to the segmental operating profit: Manufacturing technologies 2023 \u00a3\u2019000 2022 \u00a3\u2019000 Operating profit before losses from fair value of financial instruments and UK and US defined benefit pension schemes\u2019 past service cost 132,843 162,549 Revised estimate of 2020 restructuring provisions (717) (1,688) Third-party FSP costs \u2013 (197) Fair value (gains)/losses on financial instruments not eligible for hedge accounting (i): \u2013 reported in revenue \u2013 2,576 Fair value (gains)/losses on financial instruments not eligible for hedge accounting (ii): \u2013 reported in revenue (6,644) (4,605) Adjusted manufacturing technologies operating profit 125,482 158,635 Analytical instruments and medical devices 2023 \u00a3\u2019000 2022 \u00a3\u2019000 Operating profit before losses from fair value of financial instruments and UK and US defined benefit pension schemes\u2019 past service cost 5,184 2,809 Third-party FSP costs \u2013 (3) Fair value (gains)/losses on financial instruments not eligible for hedge accounting (i): \u2013 reported in revenue \u2013 45 Fair value (gains)/losses on financial instruments not eligible for hedge accounting (ii): \u2013 reported in revenue (259) (80) Adjusted analytical instruments and medical devices operating profit 4,925 2,771",
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"language": "en",
"entity": "scheme:21380048ADXM6Z67CT18",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
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"fact-7": {
"value": "New Mills Wotton-under-Edge Gloucestershire GL12 8JR",
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"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:21380048ADXM6Z67CT18",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
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