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"value": "2022 The principal accounting policies adopted in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. Basis of preparation The consolidated financial statements have been prepared under the historical cost convention, in accordance with applicable law and UK- adopted international accounting standards. A summary of the more important Group accounting policies is set out below. Going concern The consolidated financial statements have been prepared on a going concern basis which the Directors believe to be appropriate for the following reasons: At 31 December 2022 the Group had \u00a31,122m of committed debt facilities available from its banking group, USPP bondholders and lease providers, with principal maturities between 2023 and 2030, of which \u00a3579.3m (2021: \u00a3334.4m) was undrawn, together with cash balances of \u00a3320.6m (2021: \u00a3112.8m). The Directors have reviewed the liquidity and covenant forecasts for the Group\u2019s going concern assessment period covering at least 12 months from the date of approval of the financial statements. Based on these forecasts, the Group continues to have significant liquidity headroom and strong financial covenant headroom under its debt facilities. A reverse stress testing scenario has been performed which assesses that adjusted operating profit would need to fall by over 90% to trigger an event of default as at 30 June 2024, before considering additional unmodelled actions to conserve cash. The Directors do not consider this a plausible scenario. The Directors have also considered the impact on the Group from the agreement to acquire Solus Biotech for total consideration of approximately \u00a3232m. This acquisition will be funded by the reinvestment of PTIC disposal proceeds and will have no material impact on Croda\u2019s leverage and a limited impact on its liquidity. The Directors have also considered the unlikely scenario that if the full reinvestment of PTIC disposal proceeds was not made within the agreed timelines with the USPP bondholders, certain future financial covenant restrictions could trigger a partial repayment of the USPP bonds. In this event any potential repayment could be funded from cash balances and other existing debt facilities. The Directors are therefore satisfied that the Group has sufficient resources to continue in operation for a period of not less than 12 months from the date of approval of the financial statements. Accordingly, the consolidated financial statements have been prepared on a going concern basis. Climate change The Group has long recognised the scale of the climate emergency and considers this to offer both opportunities and risks in the future. The Group\u2019s current climate change strategy focuses on reducing its carbon footprint and increasing its use of bio-based raw materials, whilst the benefits in using its ingredients will enable more carbon to be saved than were emitted through operations and supply chain. The impact of climate change has been considered in the preparation of these financial statements across a number of areas, including; our review of property, plant and equipment remaining useful lives and our evaluation of critical accounting estimates and judgements which are detailed below, consistent with the risks and opportunities set out on pages 66 to 68. None of these risks had a material effect on the consolidated financial statements of the Group. The Group will continue developing its assessment of the impact that climate change has on the assets and liabilities recognised and presented in its financial statements. Critical accounting judgements and key sources of estimation uncertainty The Group\u2019s significant accounting policies under UK-adopted international accounting standards have been set by management with the approval of the Audit Committee. The application of these policies requires estimates and assumptions to be made concerning the future and judgements to be made on the applicability of policies to particular situations. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Under UK-adopted international accounting standards an estimate or judgement may be considered critical if it involves matters that are highly uncertain or where different estimation methods could reasonably have been used, or if changes in the estimate that would have a material impact on the Group\u2019s results are likely to occur from period to period. The critical accounting judgement required when preparing the Group\u2019s accounts is as follows: (i) Business disposal \u2013 The Group completed the divestment of the majority of its Per formance Technologies and Industri al Chemicals ('PTIC') business to a wholly owned subsidiary of Cargill Inc. on 30 June 2022. The Group\u2019s assessment that the disposal group does not meet the definition of a separate major line of business or geograp hical area of operations, and therefore is not a discontinued operation, is a key judgement. The key con siderations in forming this conclusion were: \u2022 The Group is not exiting a geographical area of operations; Croda will remain active in all territories in which the divested b usiness operates. \u2022 Whilst the majority of the PTIC business is being divested, a significant proportion remains with Croda via the reta ined Indus trial Specialties product portfolio, supply agreements an d retained production capabilities. \u2022 The complex carve-out requirements of the disposal mean that the operations and cash flows of the divested business cannot b e distinguished clearly from the remaining Croda Group. Croda Sipo in which Croda has a 65% shareholding was excluded from the transaction that completed on 30 June 2022. The Group\u2019s assessment that Sipo is not available for sale in its present condition is a key judgement in determining that Sipo is not classified as an asset held for sale at 31 December 2022. The sale of Sipo to Cargill Inc. is subject to reaching agreement with our partner to also sell its stake, which now appears unlikely to occur in the near term. The critical accounting estimates and assumptions required when preparing the Group\u2019s accounts are as follows: (i) Post-retirement benefits \u2013 as disclosed in note 11, the Group\u2019s principal retirement benefit schemes are of the defined benefit type. Year end recognition of the liabilities under these schemes and the valuation of assets held to fund these liabilities require a number of significant assumptions to be made, relating to key financial market indicators such as inflation and expectations on future salary growth and asset returns. These assumptions are made by the Group in conjunction with the schemes\u2019 actuaries and the Directors are of the view that any estimation should be appropriate and in line with consensus opinion. The critical accounting estimate specifically relates to the Group\u2019s UK scheme, given the size of the liabilities and their sensitivity to underlying assumptions. Small changes in these assumptions could result in a material adjustment to carrying values in the next financial year. (ii) Goodwill impairment \u2013 Management are required to undertake an annual test for impairment of indefinite lived assets such as goodwill. Accordingly, the Group tests annually whether goodwill has suffered any impairment by comparing the carrying value of the underlying Cash Generating Units (\u2018CGUs\u2019) to their recoverable amount calculated by detailed value in use calculations. These value in use calculations require the use of estimates to enable the calculation of the net present value of cash flow projections of the relevant CGU. The critical assumptions are as follows: \u2022 Terminal value growth in EBITDA (calculated as operating profit before depreciation and amortisation) \u2013 set for each CGU with reference to the long-term growth rate for the market and territory in which the CGU operates but not exceeding the Group's long-term average growth rate, estimated at 3%. \u2022 Selection of appropriate market participant real post-tax discount rates to reflect the specific nature of the CGU. \u2022 Specific risk adjusted, real term cash flow projections including key assumptions on revenue growth and operating margins \u2013 generally over a five-year period unless the profile of a particular CGU warrants a longer period. An impairment of \u00a334.6m was recorded in relation to goodwill arising on the acquisition of Iberchem's Flavours business. The assumptions selected and associated sensitivity analysis are disclosed in note 12. Excluding the Flavours CGU, recoverable amounts currently exceed carrying values including goodwill; however, testing did identify that reasonable possible changes in key assumptions would cause the recoverable amount of the Fragrances CGU to be less than the carrying value. The assumptions selected and associated sensitivity analysis are disclosed in note 12. Due to the nature of the Fragrances and Flavours businesses, including their low carbon footprint, the key assumptions were not materially impacted by the climate change risks and opportunities set out in the Annual Report on pages 66 to 68. The Group\u2019s other annual impairment tests were not considered to be materially impacted by the climate change risks and opportunities. Given the size of the goodwill balances for the Fragrances and Flavours CGUs and the carrying values\u2019 sensitivity to underlying assumptions, small changes in these assumptions could result in a material adjustment to carrying values in the next financial year. Changes in accounting policy (i) The Group adopted the following new accounting policies on 1 January 2022 to comply with amendments to IFRS. The accounting pronouncements, none of which had a material impact on the Group\u2019s financial reporting on adoption, are: \u2022 Annual Improvements to IFRS Standards 2018-2020; \u2022 Amendments to IAS 16 \u2018Property, Plant and Equipment: Proceeds before Intended Use\u2019; \u2022 Amendments to IAS 37 \u2018Onerous Contracts- Cost of Fulfilling a Contract\u2019; and \u2022 Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 \u2018Interest Rate Benchmark Reform - Phase 2\u2019. (ii) The IASB has issued the following pronouncements for annual periods beginning on or after 1 January 2023 or 1 January 2024: \u2022 Amendments to IFRS 3 \u2018Reference to the Conceptual Framework\u2019; \u2022 IFRS 17 \u2018Insurance Contracts\u2019 and Amendments to IFRS 17 \u2018Insurance Contracts\u2019; \u2022 Amendments to IAS 1 \u2018Classification of Liabilities as Current or Non-Current\u2019; \u2022 Amendments to IAS 1 \u2018Disclosure of Accounting Policies\u2019; \u2022 Amendments to IAS 1 \u2018Non-current Liabilities with Covenants\u2019; \u2022 Amendment to IAS 8 \u2018Definition of Accounting Estimates\u2019; and \u2022 Amendments to IFRS 16 \u2018Lease Liability in a Sale and Leaseback\u2019; and \u2022 Amendment to IAS 12 \u2018Deferred Tax related to Assets and Liabilities arising from a Single Transaction\u2019. The Group is assessing the impact of these new standards and the Group\u2019s financial reporting will be presented in accordance with these standards from 1 January 2023 or 1 January 2024 as applicable. Group Accounting Policies continued 166 Croda International Plc Annual Report and Accounts 2022 Group accounts General information Croda International Plc is a public limited company, which is listed on the London Stock Exchange and incorporated and domiciled in the United Kingdom. It is registered in England and Wales and the address of its registered office can be found on 212. Subsidiaries Subsidiaries are all entities over which the Parent Company has control. The Parent 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. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. The Group uses the acquisition method of accounting to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred and the equity interests issued by the Group. Acquisition costs are expensed as incurred. Identifiable assets acquired, and liabilities and contingent liabilities assumed, in a business combination are measured initially at their fair values at the acquisition date, irrespective of the extent of any minority interest. The excess of the cost of acquisition over the Group\u2019s share of identifiable net assets acquired is recorded as goodwill. Intra-Group transactions, balances and unrealised gains on transactions between Group companies are eliminated. Unrealised losses are also eliminated. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. Transactions with non-controlling interests The Group treats transactions with non-controlling interests as transactions with the equity owners of the Group. For purchases from non-controlling interests, the difference between any consideration paid and the relevant share acquired of the carrying value of net assets of the subsidiary is recorded as equity. Gains or losses on disposals to non-controlling interests are also recorded in equity. Intangible assets Goodwill On acquisition of a business, fair values are attributed to the net assets acquired. Goodwill arises where the fair value of the consideration given for a business exceeds such net assets. Goodwill arising on acquisitions is capitalised and carried at cost less accumulated impairment losses. Goodwill is subject to impairment review, both annually and when there are indications that the carrying value may not be recoverable. For the purpose of impairment testing, assets are grouped at the lowest levels for which there are separately identifiable cash flows, known as CGUs. Goodwill is allocated to the CGU that is expected to benefit from the synergies of the acquisition. For goodwill balances where the relevant group of CGUs exceeds the size of the Group\u2019s operating segments, impairment testing is performed at the operating segment level. If the recoverable amount of the CGU is less than the carrying value of the goodwill, an impairment loss is recognised immediately against the goodwill value. The recoverable amount of the CGU is the higher of fair value less costs to sell and value in use. Fair value less costs to sell is measured on a market-based approach using prices and other relevant information generated by market transactions. Value in use is estimated with reference to estimated risk adjusted future post-tax cash flows in real terms discounted to net present value using a market participant real post-tax discount rate that reflects the time value of money and size risk premium specific to the CGU. Post-tax calculations, rather than pre-tax, are used as they are considered more accurate. For disclosure purposes, pre-tax discount rates are then back-solved using the equivalent pre-tax cash flows, and therefore there is no material difference between the calculations on a pre-tax or post-tax basis. Where required, specific risks associated with the CGU are adjusted through changes to the future cash flow projections. The Group uses growth estimates that track below the Group\u2019s historical growth rates unless the profile of a particular CGU warrants a different treatment. Other intangible assets arising on acquisition On acquisition, intangible assets other than goodwill are recognised if they can be identified through being separable from the acquired entity or arising from specific contractual or legal rights. Once recognised, such intangible assets will be initially valued using an appropriate methodology. There were no acquisitions in 2022. For acquisitions in 2021 the following intangible asset types recognised and valuation methodologies applied were: \u2022 Technology processes (relief-from-royalty and replacement cost) \u2022 Customer relationships (income approach) \u2022 Trade names and brands (relief-from-royalty) Following initial recognition, the asset will be written down on a straight-line basis over its useful life, which range from 7 to 15 years for technology processes and from 6 to 20 years for trade names, brands and customer relationships. Useful lives are regularly reviewed to ensure their continuing relevance. Croda International Plc Annual Report and Accounts 2022 167 Financial statements Research and development Research expenditure, undertaken with the prospect of gaining new scientific, technical or commercial knowledge and understanding, is charged to the income statement in the year in which it is incurred. Internal development expenditure, whereby research findings are applied to a plan for the production of new or substantially improved products or processes, is charged to the income statement in the year in which it is incurred unless it meets the recognition criteria of IAS 38 \u2018Intangible Assets\u2019. Development uncertainties typically mean that such criteria are not met, most commonly because the Group can only demonstrate the existence of a market at a late stage in the product development cycle, at which point the material element of project spend has already been incurred and charged to the income statement. This includes, for example, substantiating potential product claims for use by our customers. Until the desired outcome of such work can be proven, at an economic production cost, the market for a product cannot be said to exist. Furthermore, the Group does not have the ability to reliably measure the development expenditure attributable to all projects during development. Where, however, the recognition criteria are met, intangible assets are capitalised and amortised over their useful economic lives from product launch. Intangible assets relating to products in development are subject to impairment testing at each balance sheet date or earlier upon indication of impairment. Any impairment losses are written off to the income statement. Computer software Cloud computing arrangements are assessed and classified as either service contracts or intangible assets. Computer software licences that meet the definition of an intangible asset, covering a period of greater than a year, are capitalised on the basis of the costs incurred to acquire and bring to use the specific software. These costs are amortised over their estimated useful lives which range from 3 to 7 years. Revenue recognition Revenue is measured based on the consideration specified in a contract with a customer and excludes intra-Group sales. The Group recognises revenue on completion of contractual performance obligations, generally when it transfers control over a product or service to a customer. Sale of goods The principal activity from which the Group generates revenue is the supply of products to customers from its various manufacturing sites and warehouses, and in some limited instances from consignment inventory held on customer sites. Products are supplied under a variety of standard terms and conditions, and in each case, revenue is recognised when contractual performance obligations between the Group and the customer are satisfied. This will typically be on dispatch or delivery. When sales discount and rebate arrangements result in net variable consideration, appropriate provisions are recognised as a deduction from revenue at the point of sale. The Group typically uses the expected value method for estimating rebates, reflecting that such contracts have similar characteristics and a range of possible outcomes. The Group recognises revenue to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue will not be required. Interest and dividend income Interest income is recognised on a time-proportion basis using the effective interest method. Dividend income is recognised when the right to receive payment is established. Government grants The Group recognises government grant income related to assets when the grant becomes receivable and deducts the income from the cost of the associated asset. Government grant income is recognised separately in the Group Statement of Cash Flows. Group Accounting Policies continued 168 Croda International Plc Annual Report and Accounts 2022 Segmental reporting An operating segment is a group of assets and operations engaged in providing products and services that are subject to risks or returns that are different from those of other segments. Operating segments presented in the financial statements are consistent with the internal reporting provided to the Group\u2019s Chief Operating Decision Maker, which has been identified as the Group Executive Committee. Employee benefits Pension obligations The Group accounts for pensions and similar benefits under IAS 19 \u2018Employee Benefits\u2019 (revised). In respect of defined benefit plans (pension plans that define an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation), obligations are measured at discounted present value whilst plan assets are recorded at fair value. The assets and liabilities recognised in the balance sheet in respect of defined benefit pension plans are the net of plan obligations and assets. A scheme surplus is only recognised as an asset in the balance sheet when the Group has the unconditional right to future economic benefits in the form of a refund or a reduction in future contributions. For those schemes where an accounting surplus is currently recognised, the Group expects to recover the value through reduced future contributions. No allowance is made in the past service liability in respect of either the future expenses of running the schemes or for non-service-related death in service benefits which may arise in the future. The operating costs of such plans are charged to operating profit and the finance costs are recognised as financial income or an expense as appropriate. Service costs are spread systematically over the lives of employees and financing costs are recognised in the periods in which they arise. Remeasurements are recognised in the statement of comprehensive income. Payments to defined contribution schemes (pension plans under which the Group pays fixed contributions into a separate entity) are charged as an expense as they fall due. Other post-retirement benefits Some Group companies provide post-retirement healthcare benefits to their retirees. The entitlement to these benefits is usually conditional on the employee remaining in service up to retirement age and the completion of a minimum service period. The expected costs of these benefits are accrued over the period of employment using an accounting methodology similar to that for defined benefit pension plans. Remeasurements are recognised in the statement of comprehensive income. These obligations are valued annually by independent qualified actuaries. Termination benefits Termination benefits are payable when employment is terminated by the Group before the normal retirement date, or whenever an employee accepts voluntary redundancy in exchange for these benefits. The Group recognises termination benefits when it is demonstrably committed to either (i) terminating the employment of current employees according to a detailed formal plan without possibility of withdrawal or (ii) providing termination benefits as a result of an offer made to encourage voluntary redundancy. Share-based payments The Group operates a number of cash and equity settled, share- based incentive schemes. These are accounted for in accordance with IFRS 2 \u2018Share-based Payments\u2019, which requires an expense to be recognised in the income statement over the vesting period of the options. The expense is based on the fair value of each instrument which is calculated using the Black Scholes or binomial model as appropriate. Any expense is adjusted to reflect expected and actual levels of options vesting for non-market-based performance criteria. Currency translations Functional and presentation currency Items included in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (\u2018the functional currency\u2019). The consolidated financial statements are presented in Sterling, which is the Company\u2019s functional and presentation currency. Transactions and balances Monetary assets and liabilities are translated at the exchange rates ruling at the end of the financial period. Exchange profits or losses on trading transactions are included in the Group income statement except when deferred in equity as qualifying cash flow hedges and qualifying net investment hedges. Group companies The results and financial position of all the Group entities that have a functional currency different from the presentation currency are translated into the presentation currency as follows: (i) assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance sheet; (ii) income and expenses for each income statement are translated at average exchange rates (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the dates of the transactions); and (iii) all resulting exchange differences are recognised as a separate component of equity. On consolidation, exchange differences arising from the translation of the net investment in foreign entities, and of borrowings and other currency instruments designated as hedges of such investments, are taken to shareholders\u2019 equity. When a foreign operation is sold, such exchange differences are recognised in the income statement as part of the gain or loss on sale. Croda International Plc Annual Report and Accounts 2022 169 Financial statements Taxation The charge for taxation is based on the profit for the year and takes into account taxation deferred because of temporary differences between the treatment of certain items for taxation and for accounting purposes. Temporary differences arise on differences between the carrying value of assets and liabilities in the financial statements and their tax base and primarily relate to the difference between tax allowances on tangible fixed assets and the corresponding depreciation charge, and upon the net pension fund deficit. Full provision is made for the tax effects of these differences. No provision is made for unremitted earnings of foreign subsidiaries where there is no commitment to remit such earnings. Similarly, no provision is made for temporary differences relating to investments in subsidiaries since realisation of such differences can be controlled and is not probable in the foreseeable future. Deferred tax assets are recognised, using the balance sheet liability method, to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised. All taxation is calculated on the basis of the tax rates and laws enacted or substantively enacted at the balance sheet date. Income statement presentation Adjusted results are stated before exceptional items and amortisation of intangible assets arising on acquisition, and tax thereon. The Board believes that the adjusted presentation (and the columnar format adopted for the Group income statement) assists shareholders by providing a basis upon which to analyse business performance and make year-on-year comparisons. The same measures are used by management for planning, budgeting and reporting purposes and for the internal assessment of operating performance across the Group. The adjusted presentation is adopted on a consistent basis for each half year and full year results. Exceptional items Exceptional items are those items that in the Directors\u2019 view are required to be separately disclosed by virtue of their size or incidence to enable a full understanding of the Group\u2019s financial performance. In the current year exceptional items relate to the gain on business disposal, discount unwind and fair value adjustment in respect of contingent consideration, goodwill impairment and property, plant and equipment impairment. Exceptional items in the prior year related to discount unwind and fair value adjustment in respect of contingent consideration, a pension curtailment gain (arising from transfer of the Dutch scheme to a collective defined contribution arrangement), acquisition costs and fees incurred in preparation of the disposal of part of the PTIC business. Details can be found in note 3 on pages 173 and 174. Property, plant and equipment Property, plant and equipment is stated at historical cost less depreciation, with the exception of assets acquired as part of a business combination. Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition for its intended use. The Group\u2019s policy is to write off the difference between the cost of all property, plant and equipment, except freehold land, and their residual value on a straight-line basis over their estimated useful lives. Reviews are made annually of the estimated remaining lives and residual values of individual productive assets, taking account of commercial and technological obsolescence, the impact of climate change as well as normal wear and tear, and adjustments are made where appropriate. Under this policy it becomes impractical to calculate average asset lives exactly. However, the total lives range from approximately 15 to 40 years for land and buildings, and 3 to 25 years for plant and equipment. All individual assets are reviewed for impairment when there are indications that the carrying value may not be recoverable. The Group\u2019s \u2018plant and equipment\u2019 asset class predominantly relates to the value of plant and equipment at the Group\u2019s manufacturing facilities. Consequently, the Group does not seek to analyse out of this class other items such as motor vehicles and office equipment. Impairment of non-financial assets The Group assesses at each year end whether an asset may be impaired. If any evidence exists of impairment, the estimated recoverable amount is compared to the carrying value of the asset and an impairment loss is recognised where appropriate. The recoverable amount is the higher of an asset\u2019s value in use and fair value less costs to sell. In addition to this, goodwill is tested for impairment at least annually. Non-financial assets other than goodwill which have suffered impairment are reviewed for possible reversal of the impairment at each reporting date. Leases When entering into a new contract, the Group assesses whether it is, or contains, a lease. A lease conveys a right to control the use of an identified asset for a period of time in exchange for consideration. The Group recognises a right of use asset and a lease liability at the lease commencement date. The right of use asset is initially measured at cost, and subsequently at cost less any accumulated depreciation and impairment losses, adjusted for certain remeasurements of the lease liability. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date and discounted using the interest rate implicit in the lease or, more typically, the Group\u2019s incremental borrowing rate (when the implicit rate cannot be readily determined). The lease liability is subsequently increased by the interest cost on the lease liability and decreased by lease payments made. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, a change in the estimate of the amount expected to be payable under a residual value guarantee or changes in the Group\u2019s assessment of whether a purchase, extension or termination option is reasonably certain to be exercised. The Group adopts recognition exemptions for short-term (less than 12 months) and low value leases and elects not to separate lease components from any associated fixed non-lease components. The Group classifies payments of lease liabilities (principal and interest portions) as part of financing activities. Payments of short-term, low value and variable lease components are classified within operating activities. Group Accounting Policies continued 170 Croda International Plc Annual Report and Accounts 2022 Derivative financial instruments The Group uses derivative financial instruments where deemed appropriate to hedge its exposure to interest rates and short-term currency rate fluctuations. The Group\u2019s accounting policy is set out below. Derivative financial instruments are recorded initially at cost. Subsequent measurement depends on the designation of the instrument as either: (i) a hedge of the fair value of recognised assets or liabilities or a firm commitment (fair value hedge); or (ii) a hedge of highly probable forecast transactions (cash flow hedge). (i) Fair value hedge Changes in the fair value of derivatives, for example interest rate swaps and foreign exchange contracts, that are designated and qualify as fair value hedges are recorded in the income statement, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk. (ii) Cash flow hedge The Group designates the spot element of forward foreign exchange contracts to hedge its currency risk and applies a hedge ratio of 1:1. The forward elements of the forward exchange contracts are excluded from the designation of the hedging instrument and are separately accounted for as a cost of hedging, which is recognised in equity in a cost of hedging reserve. The Group\u2019s policy is for the critical terms of the forward exchange contracts to align with the hedged item. The Group determines the existence of an economic relationship between the hedging instrument and the hedged item based on the current amount and timing of the respective cash flows. The Group assesses whether the derivative designated in each hedging relationship is expected to be and has been effective in offsetting changes in the cash flows of the hedged item using the hypothetical derivative method. In these hedge relationships, the main sources of ineffectiveness are changes in the time or amount of the hedged transactions. The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges are recognised in equity. The gain or loss relating to the ineffective portion is recognised immediately in the income statement. Amounts accumulated in equity are recycled in the income statement in the periods when the hedged item will affect profit or loss (for instance when the forecast sale that is hedged takes place). However, when the forecast transaction that is hedged results in the recognition of a non-financial asset (for example inventory) or a liability, the gains and losses previously deferred in equity are transferred from equity and included in the initial measurement of the cost of the asset or liability. When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in equity at that time remains in equity and is recognised when the forecast transaction is ultimately recognised in the income statement. When a forecast transaction is no longer expected to occur, the cumulative gain or loss that was reported in equity is immediately transferred to the income statement. Certain derivative instruments do not qualify for hedge accounting. Changes in the fair value of any derivative instruments that do not qualify for hedge accounting are recognised immediately in the income statement. Borrowings Borrowings are recognised initially at fair value, net of transaction costs incurred. Any difference between the proceeds (net of transaction costs) and the redemption value is recognised in the income statement over the period of the borrowings using the effective interest method. Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the balance sheet date . Borrowing costs General and specific borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. Trade and other payables Trade and other payables are recognised initially at fair value. With the exception of contingent consideration and forward foreign exchange contracts, trade and other payables are subsequently measured at amortised cost using the effective interest method. Contingent consideration is measured at fair value based on the present value of the expected future payments, discounted using a risk-adjusted discount rate. Continent consideration is remeasured at fair value at each reporting date and subsequent changes in fair value and associated discount unwind are recognised in the income statement. Forward foreign exchange contracts are initially recognised at cost and subsequently measured at fair value on a mark-to-market basis. Inventories Inventories are stated at the lower of cost and net realisable amount on a first in first out basis. Cost comprises all expenditure, including related production overheads, incurred in the normal course of business in bringing the inventory to its location and condition at the balance sheet date. Net realisable amount is the estimated selling price in the ordinary course of business less any applicable variable selling costs. Provision is made for obsolete, slow moving and defective inventory where appropriate. Profits arising on intra-group sales are eliminated in so far as the product remains in Group inventory at the year end. Trade and other receivables Trade and other receivables are recognised initially at fair value and subsequently measured at amortised cost, using the effective interest method, less impairment losses. A provision for impairment of trade receivables is recognised based on lifetime expected losses, but principally comprises balances where objective evidence exists that the amount will not be collectible. Such amounts are written down to their estimated recoverable amounts, with the charge being made to operating expenses. Cash and cash equivalents Cash and cash equivalents comprise cash balances and short-term deposits. Bank overdrafts that are repayable on demand and form an integral part of the Group\u2019s cash management are included as a component of cash and cash equivalents for the purpose of the statement of cash flows. Cash and bank overdrafts are offset and the net amount reported in the balance sheet when there is a legally enforceable right to offset the recognised amounts, there is an intention to settle on a net basis and interest is charged on a net basis. Croda International Plc Annual Report and Accounts 2022 171 Financial statements Environmental, site restoration and other provisions The Group is exposed to environmental liabilities relating to its operations. Provisions are made immediately where a legal or constructive obligation is identified, can be quantified and it is regarded as more likely than not that an outflow of resources will be required to settle the obligation. The Group does consider the impact of discounting when establishing provisions and provisions are discounted when the impact is material and the timing of cash flows can be estimated with reasonable certainty. Share capital Investment in own shares (i) Employee share ownership trusts \u2013 shares acquired by the trustees of the employee share ownership trust (the Trustees), funded by the Company and held for the continuing benefit of the Company are shown as a reduction in equity attributable to owners of the parent. Movements in the year arising from additional purchases by the Trustees of shares or the receipt of funds due to the exercise of options by employees are accounted for within reserves and shown as a movement in equity attributable to owners of the parent in the year. Administration expenses of the trusts are charged to the Company\u2019s income statement as incurred. (ii) Treasury shares \u2013 where any Group company purchases the Company\u2019s equity share capital as treasury shares, the consideration paid, including any directly attributable incremental costs (net of income taxes), is deducted from equity attributable to the Company\u2019s equity holders until the shares are cancelled, reissued or disposed of. Where such shares are subsequently sold or reissued, any consideration received, net of any directly attributable incremental transaction costs and the related income tax effects, is included in equity attributable to the Company\u2019s equity holders. Dividends Dividends on ordinary share capital are recognised as a liability when the liability is irrevocable. Accordingly, final dividends are recognised when approved by shareholders and interim dividends are recognised when paid. Investments Investments in equity securities are measured at fair value, with movements in the fair value being recognised in the income statement or equity on an instrument-by-instrument basis. Investments in associates are initially recorded at cost and subsequently adjusted for the Group\u2019s share of results. Investments are subject to impairment testing at each balance sheet date or earlier upon indication of impairment. Notes to the Group Accounts 172 Croda International Plc Annual Report and Accounts 2022 1. Segmental analysis The Group\u2019s sales, marketing and research activities are organised into three global market sectors, being Consumer Care, Life Sciences and Industrial Specialties. These are the segments for which summary management information is presented to the Group\u2019s Executive Committee, which is deemed to be the Group\u2019s Chief Operating Decision Maker. A review of each sector can be found within the Strategic Report on pages 34 to 42. There is no material trade between segments. Segmental results include items directly attributable to a specific segment as well as those that can be allocated on a reasonable basis. 2022 \u00a3m Restated 2021 \u00a3m Income statement Revenue Consumer Care 897.8 763.0 Life Sciences 682.3 572.3 Industrial Specialties 509.2 554.3 Total Group revenue 2,089.3 1,889.6 Adjusted operating profit Consumer Care 204.7 188.5 Life Sciences 229.4 208.5 Industrial Specialties 81.0 71.6 Total Group operating profit (before exceptional items and amortisation of intangible assets arising on acquisition) 515.1 468.6 Exceptional items and amortisation of intangible assets arising on acquisition 1 (70.4) (30.4) Total Group operating profit 444.7 438.2 1 Relates to Consumer Care \u00a360.2m (2021: \u00a320.5m), Life Sciences \u00a39.1m (2021: \u00a37.5m) and Industrial Specialties \u00a31.1m (2021: \u00a32.4m) Following the divestment of the majority of the Performance Technologies and Industrial Chemicals business as announced in the 2022 Interim Statement, the retained business now forms a new Industrial Specialties sector. Accordingly, the Group has combined the previously reported segment information for the year ended 31 December 2021 for both Performance Technologies and Industrial Chemicals and shown as Industrial Specialties. This is aligned with the information that is regularly reported to the Group's Executive Committee. In the following table, revenue has been disaggregated by sector and destination. This is the primary management information that is presented to the Group\u2019s Executive Committee. Europe, Middle East & Africa \u00a3m North America \u00a3m Latin America \u00a3m Asia \u00a3m Total \u00a3m Revenue 2022 Consumer Care 353.2 232.5 91.2 220.9 897.8 Life Sciences 297.5 186.1 89.8 108.9 682.3 Industrial Specialties 220.0 111.3 23.1 154.8 509.2 Total Group revenue 870.7 529.9 204.1 484.6 2,089.3 Revenue 2021 (Restated) Consumer Care 300.3 210.9 68.6 183.2 763.0 Life Sciences 266.3 167.2 60.9 77.9 572.3 Industrial Specialties 258.7 115.1 24.8 155.7 554.3 Total Group revenue 825.3 493.2 154.3 416.8 1,889.6 2022 \u00a3m Restated 2021 \u00a3m Depreciation and amortisation (before amortisation of intangible assets arising on acquisition) Consumer Care 40.4 31.7 Life Sciences 26.7 22.1 Industrial Specialties 19.3 25.2 Total Group 86.4 79.0 The Group manages its business segments on a global basis. The operations are based in the following geographical areas: Europe, wit manufacturing sites in the UK, France, the Netherlands, Italy, Spain and Denmark; North America, with manufacturing sites in the US; Lati America, with manufacturing sites in Brazil, Argentina, Colombia and Mexico; Asia, with manufacturing sites in Singapore, Japan, India, China Indonesia, Malaysia and Australia; and South Africa and Tunisia The Group\u2019s revenue from external customers in the UK is \u00a366.3m (2021: \u00a352.3m), in France is \u00a3121.5m (2021: \u00a396.9m), in Germany i \u00a3120.9m (2021: \u00a3196.0m), in China is \u00a3189.3m (2021: \u00a3161.4m), in the US is \u00a3491.1m (2021: \u00a3455.3m) and the total revenue from externa customers from other countries is \u00a31,100.2m (2021: \u00a3927.7m). No single external customer represents more than 5% of the total revenue of th Group. The total of non-current assets other than financial instruments, retirement benefit assets and deferred tax assets located in the UK i \u00a3177.6m (2021: \u00a3208.2m), in the US is \u00a3618.4m (2021: \u00a3557.1m) and in other countries is \u00a3677.4m (2021: \u00a3733.6m). Goodwill has not bee split by geography as this asset is not attributable to a geographical area. 2. Operating cost 202 \u00a3 2021 \u00a3m A nalysis of net operating expenses by function: Distribution costs 101.8 93.0 A dministrative expenses 439.1 407.7 540.9 500.7 Additional information on the nature of operating expenses, including depreciation and employee costs, is provided in note 3. 3. Profit for the year 202 \u00a3 2021 \u00a3m The Group profit for the year is stated after charging/(crediting): Depreciation and amortisation (notes 12, 13 & 14) 120.7 113. Goodwill impairment (exceptional) (note 12) 34.6 \u2013 Property, plant and equipment impairment (exceptional) (note 13) 7.6 \u2013 Impairments (non-exceptional \u2013 1. Staff costs (note 9, 2021 restated) 389.9 400.7 Redundancy costs (non-exceptional 1.2 0. Gain on business disposal (exceptional) (note 28) (356.0) \u2013 Inventories \u2013 cost recognised as expense in cost of sales 1,102.9 950.7 Inventories \u2013 provision movement in the year 15.0 6. Research and development 66.3 58. Net foreign exchang (4.2) 0. Bad debt charge (note 18 2.7 0. 202 \u00a3 2021 \u00a3m A djustments Exceptional items \u2013 operating profit Business acquisitions and disposal costs \u2013 (13.5) Pension curtailment gai \u2013 11. Goodwill impairment (note 12 (34.6) \u2013 Property, plant and equipment impairment (note 13 (7.6) \u2013 Fair value movement on contingent consideratio 6.1 6. Exceptional items \u2013 financial costs Unwind of discount on contingent consideration (1.7) (3.3 Gain on business disposal (note 28 356.0 \u2013 Exceptional item 318.2 0. A mortisation of intangible assets arising on acquisition (34.3) (34.3 Total adjustment 283.9 (33.7) Notes to the Group Accounts continued
174 Croda International Plc Annual Report and Accounts 2022
3. Profit for the year continued
The exceptional items in the current year reflect the gain on business disposal, discount unwind and fair value adjustment both in respect of
contingent consideration, the goodwill impairment of the Group\u2019s Flavours Cash Generating Unit (note 12) and an impairment relating to the
write-off of unusable manufacturing plant in Japan. Movements in contingent consideration have been presented as exceptional as they are not
directly representative of the underlying business performance in the period, and therefore this presentation provides a meaningful basis to make
comparisons between reporting periods. The gain on business disposal and impairment charges have been presented as exceptional due to
their size and one-off nature. The exceptional items in the prior year related to the discount unwind and fair value adjustment both in respect of
contingent consideration, a pension curtailment gain (arising from transfer of the Dutch scheme to a collective defined contribution arrangement),
acquisition costs and fees incurred in preparation of the disposal of part of the PTIC business.
2022
\u00a3m
2021
\u00a3m
Services provided by the Group\u2019s auditors
udit services
Fees payable to the Group auditors for the audit of Parent Company and consolidated financial statements
0.3 0.2
Fees payable to the Group auditors and its associates for the audit of the Company\u2019s subsidiaries
1.9 1.4
Other audit services
Audit-related assurance and other services including fees payable in relation to the Group's interim review
0.2 0.1
2.4 1.7
4. Net financial costs
2022
\u00a3m
2021
\u00a3m
Financial costs
US$100m 3.75% fixed rate 10 year note 3.0 2.7
2019 Club facility due 2026
5.9 7.0
US$200m 3 year term loan due 2023
0.6 0.3
\u20ac30m 1.08% fixed rate 7 year note
0.3 0.3
\u20ac70m 1.43% fixed rate 10 year note
0.9 0.9
\u00a330m 2.54% fixed rate 7 year note
0.8 0.8
\u00a370m 2.80% fixed rate 10 year note
2.0 2.0
\u20ac50m 1.18% fixed rate 8 year note
0.5 0.5
\u00a365m 2.46% fixed rate 8 year note
1.6 1.6
US$60m 3.70% fixed rate 10 year note
1.8 1.6
Net interest on post-retirement benefits
\u2013 0.3
Provision against non-operating loan
\u2013 2.5
Interest on lease liabilities
2.5 2.2
Other bank loans and overdrafts
2.9 2.2
Other interest costs
1.2 \u2013
Unwind of discount on contingent consideration (exceptional)
1.7 3.3
Preference share dividend
0.1 \u2013
25.8 28.2
Financial income
Bank interest receivable and similar income (2.7) (1.5)
Net interest on post-retirement benefits
(2.4) \u2013
(5.1) (1.5)
Net financial costs 20.7 26.7
Notes to the Group Accounts continued 174 Croda International Plc Annual Report and Accounts 2022 3. Profit for the year continued The exceptional items in the current year reflect the gain on business disposal, discount unwind and fair value adjustment both in respect of contingent consideration, the goodwill impairment of the Group\u2019s Flavours Cash Generating Unit (note 12) and an impairment relating to the write-off of unusable manufacturing plant in Japan. Movements in contingent consideration have been presented as exceptional as they are not directly representative of the underlying business performance in the period, and therefore this presentation provides a meaningful basis to make comparisons between reporting periods. The gain on business disposal and impairment charges have been presented as exceptional due to their size and one-off nature. The exceptional items in the prior year related to the discount unwind and fair value adjustment both in respect of contingent consideration, a pension curtailment gain (arising from transfer of the Dutch scheme to a collective defined contribution arrangement), acquisition costs and fees incurred in preparation of the disposal of part of the PTIC business. 2022 \u00a3m 2021 \u00a3m Services provided by the Group\u2019s auditors Audit services Fees payable to the Group auditors for the audit of Parent Company and consolidated financial statements 0.3 0.2 Fees payable to the Group auditors and its associates for the audit of the Company\u2019s subsidiaries 1.9 1.4 Other audit services Audit-related assurance and other services including fees payable in relation to the Group's interim review 0.2 0.1 2.4 1.7 4. Net financial costs 2022 \u00a3m 2021 \u00a3m Financial costs US$100m 3.75% fixed rate 10 year note 3.0 2.7 2019 Club facility due 2026 5.9 7.0 US$200m 3 year term loan due 2023 0.6 0.3 \u20ac30m 1.08% fixed rate 7 year note 0.3 0.3 \u20ac70m 1.43% fixed rate 10 year note 0.9 0.9 \u00a330m 2.54% fixed rate 7 year note 0.8 0.8 \u00a370m 2.80% fixed rate 10 year note 2.0 2.0 \u20ac50m 1.18% fixed rate 8 year note 0.5 0.5 \u00a365m 2.46% fixed rate 8 year note 1.6 1.6 US$60m 3.70% fixed rate 10 year note 1.8 1.6 Net interest on post-retirement benefits \u2013 0.3 Provision against non-operating loan \u2013 2.5 Interest on lease liabilities 2.5 2.2 Other bank loans and overdrafts 2.9 2.2 Other interest costs 1.2 \u2013 Unwind of discount on contingent consideration (exceptional) 1.7 3.3 Preference share dividend 0.1 \u2013 25.8 28.2 Financial income Bank interest receivable and similar income (2.7) (1.5) Net interest on post-retirement benefits (2.4) \u2013 (5.1) (1.5) Net financial costs 20.7 26.7 Croda International Plc Annual Report and Accounts 2022 175 Financial statements 5. Tax 2022 \u00a3m 2021 \u00a3m (a) Analysis of tax charge for the year UK current corporate tax 28.1 11.5 Overseas current corporate taxes 100.0 95.0 Current tax 128.1 106.5 Deferred tax (note 6) (1.4) (17.8) 126.7 88.7 (b) Tax on items charged/(credited) to other comprehensive income or equity Deferred tax on remeasurement of post-retirement benefits (OCI) 22.4 8.3 Deferred tax on share-based payments (equity) 1.1 (2.4) Deferred tax on provisions (OCI) 0.5 (0.2) 24.0 5.7 (c) Factors affecting the tax charge for the year Profit before tax 780.0 411.5 Tax at the standard rate of corporation tax in the UK, 19.0% (2021: 19.0%) 148.2 78.2 Effect of: Non-taxable gain on business disposal (46.1) \u2013 Tax rate changes (0.1) 7.1 Prior year over-provisions (2.9) (16.3) Tax cost of remitting overseas income to the UK 5.5 2.2 Expenses and write-offs not deductible for tax purposes 9.7 7.3 Unutilised tax losses not recognised through deferred tax 0.9 \u2013 Effect of higher overseas tax rates 11.5 10.2 126.7 88.7 The effective adjusted corporate tax rate before exceptional items of 22.8% (2021: 21.2%) is significantly higher than the UK's standard tax rate of 19.0%. The reported corporate tax rate after exceptional items is 16.2% (2021: 21.6%). The reported corporate tax rate after exceptional items includes the tax arising on the gain of the PTIC divestment and associated business disposal costs. Whilst the gain was subject to tax in the jurisdictions in which business units were sold, a number of local exemptions have resulted in the overall gain being taxed at a rate significantly lower than the UK's standard tax rate of 19.0%. This has reduced the reported corporate tax rate after exceptional items in the current year. The impairment of goodwill, also included in exceptional items, is a non-tax- deductible expense and included within expenses and write-offs not deductible for tax purposes. Croda operates in many tax jurisdictions other than the UK, both as a manufacturer and distributor, with the majority of those jurisdictions having rates higher than the UK, considerably so in some cases. It is the exposure to these different tax rates that increases the effective tax rate above the UK standard rate and also makes it difficult to forecast the Group\u2019s future tax rate with any certainty given the unpredictable nature of exchange rates, individual economies and tax legislators. Other than the exposure to higher overseas tax rates, there are no significant adjustments between the Group\u2019s expected and reported tax charge based on its adjusted accounting profit. Given the global nature of the Group, and the number of associated cross-border transactions between connected parties, we are exposed to potential adjustments to the price charged for those transactions by tax authorities. However, the Group carries appropriate provisions relating to the level of risk. Legislation to increase the UK standard rate of corporation tax from 19% to 25% was substantively enacted on 24 May 2021, effective from 1 April 2023. The UK deferred tax is calculated at 25%. The overseas tax is calculated at the rates prevailing in the respective jurisdictions. The UK, like many other jurisdictions, will bring into effect its supporting Pillar 2 tax legislation from 31 December 2023. First applicable to the Group\u2019s 31 December 2024 period end, this legislation will effectively mandate the incurrence of a minimum effective tax rate of 15% (in aggregate) across each of its trading jurisdictions. Initial assessments, supported through an appraisal of those preliminary safe harbours communicated by the OECD, validate the Group\u2019s view that no material tax exposures are expected to arise under this legislation. Notwithstanding this, the Croda Group continues to proactively monitor developments in this area and has actioned an internal roadmap to ensure the Group is compliant ahead of the first reporting event (currently 30 June 2026). Notes to the Group Accounts continued
176 Croda International Plc Annual Report and Accounts 2022
6. Deferred tax
2022
\u00a3m
2021
\u00a3m
The deferred tax balances included in these accounts are attributable to the following:
Deferred tax assets
Retirement benefit liabilities
3.6 6.1
Provisions
45.2 42.1
Gross deferred tax asset
48.8 48.2
Offset with deferred tax liabilities (38.5) (34.7)
Net deferred tax asset
10.3 13.5
Deferred tax liabilities
ccelerated capital allowances 103.9 97.1
Revaluation gains
1.9 1.9
cquired intangibles 74.2 77.9
Retirement benefit assets
28.5 8.2
Other
2.9 1.0
Gross deferred tax liability
211.4 186.1
Offset with deferred tax assets (38.5) (34.7)
Net deferred tax liability
172.9 151.4
The movement on deferred tax balances during the year is summarised as follows:
Deferred tax (charged)/credited through the income statement
Continuing operations before adjustments
(4.8) 13.9
Adjustments and exceptional items
6.2 3.9
Deferred tax charged directly to other comprehensive income or equity (note 5(b))
(24.0) (5.7)
Disposals
8.8 \u2013
cquisitions \u2013 (8.9)
Exchange differences
(10.9) 4.7
(24.7) 7.9
Net balance brought forward (137.9) (145.8)
Net balance carried forward
(162.6) (137.9)
Deferred tax credited/(charged) through the income statement relates to the following:
Retirement benefit obligations
0.3 (0.7)
ccelerated capital allowances (6.6) (2.1)
Provisions
2.1 13.9
Other
5.6 6.7
1.4 17.8
Deferred tax is calculated in full on temporary differences under the balance sheet liability method at rates appropriate to each subsidiary.
Deferred tax expected to reverse in the year to 31 December 2023 and beyond has been measured using the rate due to prevail in the year of
reversal.
Deferred tax assets have been recognised in all material cases where such assets arise, as it is probable the assets will be recovered. At 31
December 2022, no deferred tax asset has been recognised in respect of \u00a339.1m (2021: \u00a332.6m) of losses across the Group as it is not
considered probable that there will be future taxable profits against which these losses can be offset.
Deferred tax is only recognised on the unremitted earnings of overseas subsidiaries to the extent that remittance is expected in the foreseeable
future. If all earnings were remitted, an additional \u00a315.8m (2021: \u00a39.3m) of tax would be payable.
All movements on deferred tax balances have been recognised in the income statement with the exception of the items shown in note 5(b).
Of the gross deferred tax assets, \u00a36.7m are expected to reverse within 12 months of the balance sheet date. No material reversal of any of the
deferred tax liability is expected within 12 months of the balance sheet date based on the Group\u2019s current capital expenditure programme.
Notes to the Group Accounts continued 176 Croda International Plc Annual Report and Accounts 2022 6. Deferred tax 2022 \u00a3m 2021 \u00a3m The deferred tax balances included in these accounts are attributable to the following: Deferred tax assets Retirement benefit liabilities 3.6 6.1 Provisions 45.2 42.1 Gross deferred tax asset 48.8 48.2 Offset with deferred tax liabilities (38.5) (34.7) Net deferred tax asset 10.3 13.5 Deferred tax liabilities A ccelerated capital allowances 103.9 97.1 Revaluation gains 1.9 1.9 A cquired intangibles 74.2 77.9 Retirement benefit assets 28.5 8.2 Other 2.9 1.0 Gross deferred tax liability 211.4 186.1 Offset with deferred tax assets (38.5) (34.7) Net deferred tax liability 172.9 151.4 The movement on deferred tax balances during the year is summarised as follows: Deferred tax (charged)/credited through the income statement Continuing operations before adjustments (4.8) 13.9 Adjustments and exceptional items 6.2 3.9 Deferred tax charged directly to other comprehensive income or equity (note 5(b)) (24.0) (5.7) Disposals 8.8 \u2013 A cquisitions \u2013 (8.9) Exchange differences (10.9) 4.7 (24.7) 7.9 Net balance brought forward (137.9) (145.8) Net balance carried forward (162.6) (137.9) Deferred tax credited/(charged) through the income statement relates to the following: Retirement benefit obligations 0.3 (0.7) A ccelerated capital allowances (6.6) (2.1) Provisions 2.1 13.9 Other 5.6 6.7 1.4 17.8 Deferred tax is calculated in full on temporary differences under the balance sheet liability method at rates appropriate to each subsidiary. Deferred tax expected to reverse in the year to 31 December 2023 and beyond has been measured using the rate due to prevail in the year of reversal. Deferred tax assets have been recognised in all material cases where such assets arise, as it is probable the assets will be recovered. At 31 December 2022, no deferred tax asset has been recognised in respect of \u00a339.1m (2021: \u00a332.6m) of losses across the Group as it is not considered probable that there will be future taxable profits against which these losses can be offset. Deferred tax is only recognised on the unremitted earnings of overseas subsidiaries to the extent that remittance is expected in the foreseeable future. If all earnings were remitted, an additional \u00a315.8m (2021: \u00a39.3m) of tax would be payable. All movements on deferred tax balances have been recognised in the income statement with the exception of the items shown in note 5(b). Of the gross deferred tax assets, \u00a36.7m are expected to reverse within 12 months of the balance sheet date. No material reversal of any of the deferred tax liability is expected within 12 months of the balance sheet date based on the Group\u2019s current capital expenditure programme. Croda International Plc Annual Report and Accounts 2022 177 Financial statements 7. Earnings per share 2022 \u00a3m 2021 \u00a3m A djusted profit after tax for the year attributable to owners of the parent 379.2 348.8 Exceptional items and amortisation of intangible assets 283.9 (33.7) Tax impact of exceptional items and amortisation of intangible assets (13.8) 5.7 Profit after tax for the year attributable to owners of the parent 649.3 320.8 Number m Numbe r m Weighted average number of 10.61p (2021: 10.61p) ordinary shares in issue for basic calculation 139.4 139.5 Deemed issue of potentially dilutive shares 0.3 0.3 A verage number o f 10.61p (2021: 10.61p) ordinary shares for diluted calculation 139.7 139.8 Pence Pence Basic earnings per share 465.8 230.0 A djusted basic earnings per share 272.0 250.0 Diluted earnings per share 464.8 229.5 A djusted diluted earnings per share 271.4 249.5 Basic earnings per share is calculated by dividing the profit after tax attributable to owners of the parent by the weighted average number of ordinary shares in issue during the year, excluding those shares held in treasury or employee share trusts (note 24). Shares held in employee share trusts are treated as cancelled because, except for a nominal amount, dividends have been waived. For diluted earnings per share, the weighted average number of ordinary shares in issue is adjusted to assume conversion of all potentially dilutive ordinary shares. Additional earnings per share calculations are included above to give a better indication of the Group\u2019s underlying performance. 8. Dividends Pence per share 2022 \u00a3m Pence pe r share 2021 \u00a3m Ordinary Interim 2021 interim, paid October 2021 \u2013 \u2013 43.5 60.6 2022 interim, paid October 2022 47.0 65.6 \u2013 \u2013 Final 2020 final, paid June 2021 \u2013 \u2013 51.5 71.8 2021 final, paid June 2022 56.5 78.8 \u2013 \u2013 103.5 144.4 95.0 132.4 Preference (paid June and December) \u2013 0.1 144.4 132.5 The Directors are recommending a final dividend of 61.0p per share, amounting to a total of \u00a385.1m, in respect of the financial year ended 31 December 2022. Subject to shareholder approval, the dividend will be paid on 26 May 2023 to shareholders registered on 28 April 2023 and has not been accrued in these financial statements. The total dividend for the year ended 31 December 2022 will be 108.0p per share amounting to a total of \u00a3150.7m. Notes to the Group Accounts continued
178 Croda International Plc Annual Report and Accounts 2022
9. Employees
2022
\u00a3m
Restated
2021
\u00a3m
Group employment costs including Directors
Wages and salaries 307.3 288.0
Share-based payment charges (note 23)
3.5 41.3
Social security costs
55.5 49.7
Post-retirement benefit costs
23.6 21.7
Redundancy costs
1.2 0.8
391.1 401.5
2022
Number
2021
Number
verage employee numbers by function
Production 3,656 3,766
Selling and distribution
1,311 1,342
dministration 939 929
5,906 6,037
As required by the Companies Act 2006, the figures disclosed above are the weighted averages based on the number of employees including
Executive Directors. At 31 December 2022, the Group had 5,825 (2021: 6,135) employees in total. Prior year post-retirement benefit costs have
been restated to include the \u00a311.2m exceptional curtailment gain.
10. Directors\u2019 and key management compensation
Detailed information concerning Directors\u2019 remuneration, interests and options is shown in section E of the Directors\u2019 Remuneration Report,
which is subject to audit, on pages 130 to 140 forming part of the Annual Report and Accounts.
Aggregate compensation for key management, being the Directors and members of the Group Executive Committee, was as follows:
2022
\u00a3m
2021
\u00a3m
Key management compensation including Directors
Short-term employee benefits 10.5 8.1
Post-retirement benefit costs
0.1 0.1
Share-based payment charge
5.9 6.6
16.5 14.8
Notes to the Group Accounts continued 178 Croda International Plc Annual Report and Accounts 2022 9. Employees 2022 \u00a3m Restated 2021 \u00a3m Group employment costs including Directors Wages and salaries 307.3 288.0 Share-based payment charges (note 23) 3.5 41.3 Social security costs 55.5 49.7 Post-retirement benefit costs 23.6 21.7 Redundancy costs 1.2 0.8 391.1 401.5 2022 Number 2021 Number Average employee numbers by function Production 3,656 3,766 Selling and distribution 1,311 1,342 Administration 939 929 5,906 6,037 As required by the Companies Act 2006, the figures disclosed above are the weighted averages based on the number of employees including Executive Directors. At 31 December 2022, the Group had 5,825 (2021: 6,135) employees in total. Prior year post-retirement benefit costs have been restated to include the \u00a311.2m exceptional curtailment gain. 10. Directors\u2019 and key management compensation Detailed information concerning Directors\u2019 remuneration, interests and options is shown in section E of the Directors\u2019 Remuneration Report, which is subject to audit, on pages 130 to 140 forming part of the Annual Report and Accounts. Aggregate compensation for key management, being the Directors and members of the Group Executive Committee, was as follows: 2022 \u00a3m 2021 \u00a3m Key management compensation including Directors Short-term employee benefits 10.5 8.1 Post-retirement benefit costs 0.1 0.1 Share-based payment charge 5.9 6.6 16.5 14.8 Croda International Plc Annual Report and Accounts 2022 179 Financial statements 11. Post-retirement benefits The table below summarises the Group\u2019s net year end post-retirement benefits balance sheet positions and activity for the year. 2022 \u00a3m 2021 \u00a3m Balance sheet: Retirement benefit assets 123.2 35.3 Retirement benefit liabilities (23.1) (27.4) Net asset in Group balance sheet 100.1 7.9 Net balance sheet assets/(liabilities) for: Defined pension benefits 110.9 21.4 Post-employment medical benefits (10.8) (13.5) 100.1 7.9 Income statement charge included in profit before tax for: Defined pension benefits 9.3 13.5 Post-employment medical benefits 0.6 0.7 9.9 14.2 Remeasurements included in other comprehensive income for: Defined pension benefits (84.2) (38.5) Post-employment medical benefits (4.7) (2.1) (88.9) (40.6) Defined benefit pension schemes The Group operates defined benefit pension schemes in the UK, US and several other territories under broadly similar regulatory frameworks. All of the Group\u2019s final salary type pension schemes (which provide benefits to members in the form of a guaranteed level of pension payable for life based on salary in the final years leading up to retirement) are closed to future service accrual with the exception of a small number of \u2018grandfathered\u2019 employees in the US scheme. The UK scheme, which remains open to new members, operated on a final salary basis until 5 April 2016, following which the scheme changed to a Career Average Revalued Earnings (CARE) defined benefit scheme, with annual pensionable earnings capped and pensions in payment indexed based on CPI (previously RPI) for service accrued from 6 April 2016. This change reduces the future comparable cost and risk attached to the UK scheme. The US scheme operates a cash balance pension scheme that provides a guaranteed rate of return on pension contributions until retirement (other than for \u2018grandfathered\u2019 employees). From 1 October 2017 the US scheme was closed to new joiners, who will receive defined contribution benefits. The US plans also do not generally receive inflationary increases once in payment. With the exception of this difference in inflationary risk, the Group\u2019s main defined benefit pension schemes continue to face materially similar risks, as described on pages 182 and 183. The majority of benefit payments are from trustee administered funds; however, there are also a number of unfunded plans where the relevant Group company meets the benefit payment obligation as it falls due. Plan assets held in trusts are governed by local regulations and practice in each country, as is the nature of the relationship between the Group and the trustees (or equivalent) and their composition. Responsibility for governance of the schemes, including investment decisions and contribution schedules, predominantly lies with the particular scheme's board of trustees with appropriate input from the relevant Group company. The board of trustees must be composed of representatives in accordance with each scheme\u2019s regulations and any relevant legislation. During the period the business divestment resulted in a curtailment gain of \u00a33.9m on cessation of defined benefit accrual, primarily within the Group\u2019s UK pension scheme, which has been recognised in the Group income statement as part of the gain on business disposal. During 2021 the Group's primary Netherlands scheme was converted into a collective defined contribution scheme for both past and future service. This change resulted in a curtailment gain of \u00a311.2m on the cessation of defined benefit accrual, which was recognised in the Group income statement as an exceptional item.Notes to the Group Accounts continued
180 Croda International Plc Annual Report and Accounts 2022
11. Post-retirement benefits continued
The amounts recognised in the balance sheet in respect of these schemes are as follows:
2022
\u00a3m
2021
\u00a3m
Present value of funded obligations
UK pension scheme (726.2) (1,162.6)
US pension scheme
(108.3) (126.8)
Rest of world
(15.6) (19.6)
(850.1) (1,309.0)
Fair value of schemes\u2019 assets
UK pension scheme 840.1 1,178.3
US pension scheme
116.6 145.4
Rest of world
12.6 16.4
969.3 1,340.1
Net asset in respect of funded schemes 119.2 31.1
Present value of unfunded obligations (8.3) (9.7)
Net asset in Group balance sheet (excluding post-employment medical benefits)
110.9 21.4
2022
\u00a3m
2021
\u00a3m
Movement in present value of retirement benefit obligations in the year:
Opening balance 1,318.7 1,554.0
Current service cost
15.9 24.7
Past service cost \u2013 curtailments
(3.9) (11.2)
Settlements
\u2013 (207.1)
cquisitions \u2013 0.9
Business disposal
(1.8) \u2013
Interest cost
30.7 20.1
Remeasurements
Change in demographic assumptions
(1.6) 8.2
Change in financial assumptions
(481.9) (46.7)
Experience gains
16.8 26.9
Contributions paid in
Employee
2.7 3.0
Benefits paid
(51.3) (46.8)
Exchange differences on overseas schemes
14.1 (7.3)
858.4 1,318.7
Movement in fair value of schemes\u2019 assets in the year:
Opening balance 1,340.1 1,536.8
Interest income
33.4 20.1
Remeasurements
Return on scheme assets, excluding amounts included in financial expenses
(382.5) 26.9
Contributions paid in
Employee
2.7 3.0
Employer
11.5 13.6
Settlements
\u2013 (207.1)
Business disposal
(0.3) \u2013
Benefits paid out
(51.3) (46.8)
Exchange differences on overseas schemes
15.7 (6.4)
969.3 1,340.1
As at the balance sheet date, the present value of funded and unfunded retirement benefit obligations comprised approximately \u00a3171m in
respect of active employees, \u00a3239m in respect of deferred members and \u00a3448m in relation to members in retirement.
Total employer contributions to the schemes in 2023 are expected to be \u00a310.9m.
Notes to the Group Accounts continued 180 Croda International Plc Annual Report and Accounts 2022 11. Post-retirement benefits continued The amounts recognised in the balance sheet in respect of these schemes are as follows: 2022 \u00a3m 2021 \u00a3m Present value of funded obligations UK pension scheme (726.2) (1,162.6) US pension scheme (108.3) (126.8) Rest of world (15.6) (19.6) (850.1) (1,309.0) Fair value of schemes\u2019 assets UK pension scheme 840.1 1,178.3 US pension scheme 116.6 145.4 Rest of world 12.6 16.4 969.3 1,340.1 Net asset in respect of funded schemes 119.2 31.1 Present value of unfunded obligations (8.3) (9.7) Net asset in Group balance sheet (excluding post-employment medical benefits) 110.9 21.4 2022 \u00a3m 2021 \u00a3m Movement in present value of retirement benefit obligations in the year: Opening balance 1,318.7 1,554.0 Current service cost 15.9 24.7 Past service cost \u2013 curtailments (3.9) (11.2) Settlements \u2013 (207.1) A cquisitions \u2013 0.9 Business disposal (1.8) \u2013 Interest cost 30.7 20.1 Remeasurements Change in demographic assumptions (1.6) 8.2 Change in financial assumptions (481.9) (46.7) Experience gains 16.8 26.9 Contributions paid in Employee 2.7 3.0 Benefits paid (51.3) (46.8) Exchange differences on overseas schemes 14.1 (7.3) 858.4 1,318.7 Movement in fair value of schemes\u2019 assets in the year: Opening balance 1,340.1 1,536.8 Interest income 33.4 20.1 Remeasurements Return on scheme assets, excluding amounts included in financial expenses (382.5) 26.9 Contributions paid in Employee 2.7 3.0 Employer 11.5 13.6 Settlements \u2013 (207.1) Business disposal (0.3) \u2013 Benefits paid out (51.3) (46.8) Exchange differences on overseas schemes 15.7 (6.4) 969.3 1,340.1 As at the balance sheet date, the present value of funded and unfunded retirement benefit obligations comprised approximately \u00a3171m in respect of active employees, \u00a3239m in respect of deferred members and \u00a3448m in relation to members in retirement. Total employer contributions to the schemes in 2023 are expected to be \u00a310.9m. Croda International Plc Annual Report and Accounts 2022 181 Financial statements The actuarial assumptions used to determine the present value of the defined benefit obligations were as follows: 2022 UK 2022 US 2021 UK 2021 US Discount rate 4.8% 5.3% 1.8% 2.8% Inflation rate \u2013 RPI 3.2% 3.0% 3.2% 2.5% Inflation rate \u2013 CPI 2.6% n/a 2.8% n/a Rate of increase in salaries 4.6% 4.0% 4.8% 3.5% Rate of increase for pensions in payment 3.0% n/a 3.1% n/a Duration of liabilities (i.e. life expectancy) (years) 15.0 9.6 18.9 11.0 Remaining working life 9.5 9.9 9.6 10.6 Mortality assumptions are based on country-specific mortality tables and where appropriate allow for future improvements in life expectancy. Where credible data exists, actual plan experience is taken into account. The UK mortality improvement scale has been updated to CMI2021, in order to reflect the most recent CMI model with no weighting for 2020 and 2021 experience given uncertainty around the long-term impact of COVID-19 on life expectancy. The mortality experience analysis for the scheme will be carried out in the future as part of the 30 September 2023 funding valuation for the UK Croda Pension Scheme. Applying the mortality tables adopted, the expected future average lifetime of members currently at age 65 and members at age 65 in 20 years' time is as follows: UK Current age 65 US UK Age 65 in 20 years US Male 20.2 20.9 21.5 22.1 Female 23.3 22.8 24.8 23.9 The sensitivity of the defined benefit obligation to changes in the significant assumptions is as follows: Impact on retirement benefit obligation Sensitivity Of increase Of decrease Discount rate 0.5% -6.3% 7.0% Inflation rate 0.5% 4.7% -4.5% Mortality (assumes a one-year change in life expectancy) 1 year 3.6% -3.6% The above sensitivity analyses are based on a change in an assumption while holding all other assumptions constant. In practice, this is unlikely to occur, and changes in some of the assumptions may be correlated. When calculating the sensitivity of the defined benefit obligation to significant actuarial assumptions, the same method (present value of the defined benefit obligation calculated with the projected unit credit method at the end of the reporting year) has been applied as when calculating the retirement benefit obligation recognised in the Group balance sheet. The weighted average duration of the defined benefit obligation is 14.3 years (2021: 18.1 years). The assets in the schemes comprised: 2022 \u00a3m 2022 % 2021 \u00a3m 2021 % Quoted Equities 70.1 7% 188.2 14% Government bonds 336.9 36% 590.8 44% Corporate bonds 56.3 6% 70.6 5% Other quoted securities 24.2 2% 28.7 2% Unquoted Cash and cash equivalents 98.1 10% 73.1 5% Real estate (pooled investment vehicles) 60.3 6% 61.6 5% Derivatives (46.1) -5% 10.0 1% Other 369.5 38% 317.1 24% 969.3 100% 1,340.1 100% Derivatives presented above represent the scheme\u2019s net position on Government bond repurchase agreements and other swap contracts (valued on a mark-to-market basis) which form part of the scheme\u2019s Liability Driven Investment (LDI) portfolio. The non-derivative assets in the LDI portfolio have been presented in the relevant asset category. During September and October 2022 significant volatility in UK interest rates impacted pensions scheme\u2019s that use LDI funds. The Scheme\u2019s low level of leverage in the LDI portfolio and significant collateral headroom has meant that the Scheme has remained resilient to this volatility. As a result of market movements, the Scheme\u2019s asset allocation during Q4 2022 was out of line with the target allocation with an overweight position to return seeking assets. The Trustee and investment consultant reviewed the Scheme\u2019s investments and instructed various trades to rebalance the Scheme\u2019s portfolio towards the target allocation. The increases in interest rates over the year have seen an improvement in the Scheme\u2019s overall funding position and the Trustee and its advisors are continuing to review and monitor the situation. Other investments include; a fund of hedge funds, which consists of a fund of multiple investment managers across both traditional markets such as equities and credit and also more specialist diversified strategies; infrastructure type investments that hold assets linked to the value and income from UK and overseas infrastructure. Notes to the Group Accounts continued 182 Croda International Plc Annual Report and Accounts 2022 11. Post-retirement benefits continued Post-employment medical benefits The Group operates an unfunded post-employment medical benefit scheme in the US. The method of accounting, significant assumptions and the frequency of valuations are similar to those used for defined benefit pension schemes set out above with the addition of actuarial assumptions relating to the long-term increase in health care costs of 5.0% a year (2021: 5.0%). The amounts recognised in the balance sheet in respect of this scheme are as follows: 2022 \u00a3m 2021 \u00a3m Present value of unfunded obligations US scheme 10.8 13.5 2022 \u00a3m 2021 \u00a3m Movement in present value of retirement benefit obligations in the year: Opening balance 13.5 15.1 Current service cost 0.3 0.4 Interest cost 0.3 0.3 Remeasurements \u2013 change in financial assumptions (4.4) (1.2) Remeasurements \u2013 experience gains (0.3) (0.9) Benefits paid (0.2) (0.3) Exchange differences on overseas schemes 1.6 0.1 10.8 13.5 Pension and medical benefits \u2013 risks and volatility Through its defined benefit pension schemes and post-employment medical schemes, the Group is exposed to a number of risks, the most significant of which are detailed below: Asset volatility The schemes\u2019 liabilities are calculated using a discount rate set with reference to corporate bond yields; if scheme assets underperform this yield, a deficit will be created. The schemes hold a proportion of equities, which are expected to outperform corporate bonds in the long-term while providing volatility and risk in the short-term. As the schemes mature, the Group intends to reduce the level of investment risk by investing more in assets that better match the liabilities. However, the Group and the pension trustees (Trustees) believe that due to the long-term nature of the scheme liabilities and the strength of the supporting Group, a level of continuing equity investment is an appropriate element of the Group\u2019s long-term strategy to manage the schemes efficiently. See below for more details on the Group\u2019s asset-liability matching strategy. Changes in bond yields A decrease in corporate bond yields will increase scheme liabilities, although this will be partially offset by an increase in the value of the schemes\u2019 bond holdings. Inflation risk Some of the Group\u2019s pension obligations are linked to inflation, and higher inflation will lead to higher liabilities. However, the level of inflationary increases are usually capped to protect the scheme against extreme inflation. The majority of the schemes\u2019 assets are either unaffected by inflation in the case of fixed interest bonds or loosely correlated in the case of equities, meaning that an increase in inflation will thus increase the deficit. In the US schemes, the pensions in payment are not linked to inflation, so this is a less material risk. Life expectancy The majority of the schemes\u2019 obligations are to provide benefits for the life of the member, so increases in life expectancy will result in an increase in the schemes\u2019 liabilities. This is particularly significant in the UK scheme, where inflationary increases result in higher sensitivity to changes in life expectancy. In the case of the funded schemes, the Group ensures that the investment positions are managed within an asset- liability matching (ALM) framework that has been developed to achieve long-term investments that are cognisant of the obligations under the pension schemes. Within this framework, the Group\u2019s ALM objective is to match a portion of assets to the pension obligations by investing in long-term fixed interest securities with maturities that match the benefit payments as they fall due and in the appropriate currency. The Group and Trustees actively monitor how the duration and the expected yield of the investments are matching the expected cash outflows arising from the pension obligations. The Group has not changed the processes used to manage its risks from previous years. Investments are well diversified, such that the failure of any single investment would not have a material impact on the overall level of assets. A significant portion of assets in 2022 consists of equities and bonds, although the schemes also invest in property, cash and infrastructure funds. The Group believes that equities offer the best returns over the long-term with an acceptable level of risk. The UK scheme makes use of a portfolio of derivative instruments to mitigate interest rate and inflation risk. The latest triennial valuation of the UK scheme was completed as at 30 September 2020. As a result, no deficit funding payments to this scheme are required prior to completion of the next triennial valuation (as at 30 September 2023). The funding review of our US scheme is undertaken annually. As at 1 December 2021 the scheme was 150.2% funded . Notes to the Group Accounts continued 182 Croda International Plc Annual Report and Accounts 2022 11. Post-retirement benefits continued Post-employment medical benefits The Group operates an unfunded post-employment medical benefit scheme in the US. The method of accounting, significant assumptions and the frequency of valuations are similar to those used for defined benefit pension schemes set out above with the addition of actuarial assumptions relating to the long-term increase in health care costs of 5.0% a year (2021: 5.0%). The amounts recognised in the balance sheet in respect of this scheme are as follows: 2022 \u00a3m 2021 \u00a3m Present value of unfunded obligations US scheme 10.8 13.5 2022 \u00a3m 2021 \u00a3m Movement in present value of retirement benefit obligations in the year: Opening balance 13.5 15.1 Current service cost 0.3 0.4 Interest cost 0.3 0.3 Remeasurements \u2013 change in financial assumptions (4.4) (1.2) Remeasurements \u2013 experience gains (0.3) (0.9) Benefits paid (0.2) (0.3) Exchange differences on overseas schemes 1.6 0.1 10.8 13.5 Pension and medical benefits \u2013 risks and volatility Through its defined benefit pension schemes and post-employment medical schemes, the Group is exposed to a number of risks, the most significant of which are detailed below: Asset volatility The schemes\u2019 liabilities are calculated using a discount rate set with reference to corporate bond yields; if scheme assets underperform this yield, a deficit will be created. The schemes hold a proportion of equities, which are expected to outperform corporate bonds in the long-term while providing volatility and risk in the short-term. As the schemes mature, the Group intends to reduce the level of investment risk by investing more in assets that better match the liabilities. However, the Group and the pension trustees (Trustees) believe that due to the long-term nature of the scheme liabilities and the strength of the supporting Group, a level of continuing equity investment is an appropriate element of the Group\u2019s long-term strategy to manage the schemes efficiently. See below for more details on the Group\u2019s asset-liability matching strategy. Changes in bond yields A decrease in corporate bond yields will increase scheme liabilities, although this will be partially offset by an increase in the value of the schemes\u2019 bond holdings. Inflation risk Some of the Group\u2019s pension obligations are linked to inflation, and higher inflation will lead to higher liabilities. However, the level of inflationary increases are usually capped to protect the scheme against extreme inflation. The majority of the schemes\u2019 assets are either unaffected by inflation in the case of fixed interest bonds or loosely correlated in the case of equities, meaning that an increase in inflation will thus increase the deficit. In the US schemes, the pensions in payment are not linked to inflation, so this is a less material risk. Life expectancy The majority of the schemes\u2019 obligations are to provide benefits for the life of the member, so increases in life expectancy will result in an increase in the schemes\u2019 liabilities. This is particularly significant in the UK scheme, where inflationary increases result in higher sensitivity to changes in life expectancy. In the case of the funded schemes, the Group ensures that the investment positions are managed within an asset- liability matching (ALM) framework that has been developed to achieve long-term investments that are cognisant of the obligations under the pension schemes. Within this framework, the Group\u2019s ALM objective is to match a portion of assets to the pension obligations by investing in long-term fixed interest securities with maturities that match the benefit payments as they fall due and in the appropriate currency. The Group and Trustees actively monitor how the duration and the expected yield of the investments are matching the expected cash outflows arising from the pension obligations. The Group has not changed the processes used to manage its risks from previous years. Investments are well diversified, such that the failure of any single investment would not have a material impact on the overall level of assets. A significant portion of assets in 2022 consists of equities and bonds, although the schemes also invest in property, cash and infrastructure funds. The Group believes that equities offer the best returns over the long-term with an acceptable level of risk. The UK scheme makes use of a portfolio of derivative instruments to mitigate interest rate and inflation risk. The latest triennial valuation of the UK scheme was completed as at 30 September 2020. As a result, no deficit funding payments to this scheme are required prior to completion of the next triennial valuation (as at 30 September 2023). The funding review of our US scheme is undertaken annually. As at 1 December 2021 the scheme was 150.2% funded. Croda International Plc Annual Report and Accounts 2022 183 Financial statements The expected distribution of the timing of discounted benefit payments is as follows: Less than a year \u00a3m Between 1\u20132 years \u00a3m Between 2\u20135 years \u00a3m Beyond 5 years \u00a3m Total \u00a3m Pension benefits 44.0 47.2 146.1 621.1 858.4 Post-employment medical benefits 0.5 0.5 1.7 8.1 10.8 44.5 47.7 147.8 629.2 869.2 Defined contribution schemes 2022 \u00a3m 2021 \u00a3m Contributions paid charged to operating profit 11.3 7.8 12. Intangible assets Goodwill \u00a3m Software \u00a3m Technology processes \u00a3m Customer relationships \u00a3m Trade names and brands \u00a3m Other intangibles \u00a3m Total \u00a3m Cost A t 1 January 2021 866.7 35.7 154.3 218.6 89.4 3.9 1,368.6 Exchange differences (34.7) (0.7) (7.6) (10.2) (4.5) (0.1) (57.8) A dditions \u2013 5.5 \u2013 \u2013 \u2013 0.2 5.7 A cquisitions 20.0 0.2 6.0 18.0 4.2 \u2013 48.4 Disposals and write-offs \u2013 (4.0) \u2013 \u2013 \u2013 \u2013 (4.0) Reclassifications from property, plant and equipment \u2013 (0.3) (0.1) \u2013 \u2013 0.9 0.5 A t 31 December 2021 852.0 36.4 152.6 226.4 89.1 4.9 1,361.4 A t 1 January 2022 852.0 36.4 152.6 226.4 89.1 4.9 1,361.4 Exchange differences 37.3 1.5 8.4 15.5 5.9 \u2013 68.6 A dditions \u2013 2.9 6.3 \u2013 \u2013 1.8 11.0 Disposals and write-offs (10.1) (6.8) (17.4) \u2013 \u2013 \u2013 (34.3) Reclassifications from property, plant and equipment \u2013 0.4 \u2013 \u2013 \u2013 \u2013 0.4 A t 31 December 2022 879.2 34.4 149.9 241.9 95.0 6.7 1,407.1 A ccumulated amortisation and impairment losses A t 1 January 2021 \u2013 19.6 22.2 10.9 2.6 1.6 56.9 Exchange differences \u2013 (0.8) (1.6) (0.7) (0.1) \u2013 (3.2) Charge for the year (note 3) \u2013 2.7 15.8 12.9 5.0 0.6 37.0 Disposals and write-offs \u2013 (0.9) \u2013 \u2013 \u2013 \u2013 (0.9) Reclassifications \u2013 (0.2) \u2013 \u2013 \u2013 0.2 \u2013 A t 31 December 2021 \u2013 20.4 36.4 23.1 7.5 2.4 89.8 A t 1 January 2022 \u2013 20.4 36.4 23.1 7.5 2.4 89.8 Exchange differences \u2013 1.3 2.1 2.0 0.6 \u2013 6.0 Charge for the year (note 3) \u2013 2.7 15.5 13.7 5.2 0.2 37.3 Disposals and write-offs \u2013 (6.5) (7.3) \u2013 \u2013 \u2013 (13.8) Impairments 34.6 \u2013 \u2013 \u2013 \u2013 \u2013 34.6 A t 31 December 2022 34.6 17.9 46.7 38.8 13.3 2.6 153.9 Net carrying amount A t 31 December 2022 844.6 16.5 103.2 203.1 81.7 4.1 1,253.2 A t 31 December 2021 852.0 16.0 116.2 203.3 81.6 2.5 1,271.6 A t 1 January 2021 866.7 16.1 132.1 207.7 86.8 2.3 1,311.7 During the year goodwill was impaired by \u00a334.6m. This impairment is recorded in the income statement on page 159 as an exceptional item within operating costs and is within the Consumer Care operating business segment. Intangible asset amortisation is also recorded in operating costs.Notes to the Group Accounts continued
184 Croda International Plc Annual Report and Accounts 2022
12. Intangible assets continued
Impairment testing for CGUs containing goodwill
The Group's goodwill balance predominantly relates to the value of commercial and other synergies arising from the combination of acquired
businesses with Croda's established global sales, marketing and R&D networks. This goodwill is allocated to the Group's Cash Generating Units
(CGUs) expected to benefit from that combination based on the smallest identifiable group of assets that generate independent cash inflows.
Following the divestment of the majority of the Performance Technologies and Industrial Chemicals business as announced in the 2022 Interim
Statement, the retained business now forms a new Industrial Specialties sector. Accordingly, the Group has combined the previously reported
operating business segments for the year ended 31 December 2021 for both Performance Technologies and Industrial Chemicals and shown as
Industrial Specialties. The divestment included the disposal of standalone CGUs Ionphase and Rewitec.
The Fragrances CGU includes the goodwill arising on the acquisition of Parfex S.A. ('Parfex') in June 2021. This is in line with the level at which
goodwill is monitored by Management following the integration of Parfex into the Group.
As discussed in the accounting policies note on page 166, goodwill is tested at each year end for impairment with reference to the relevant
CGU's recoverable amount compared to the unit's carrying value including goodwill. Assets are grouped at the lowest level for which there are
separately identifiable cash flows relevant to the acquisition generating the goodwill. The recoverable amount is based on the higher of fair value
less cost to sell and value in use calculations using discounted cash flow projections with the following key assumptions:
\u2022 Terminal value growth rates \u2013 set for each CGU with reference to the long-term growth rate for the market and territory in which the CGU
operates but not exceeding the Group's long-term average growth rate, estimated at 3%.
\u2022 Discount rate \u2013 set using a weighted average cost of capital adjusted for the specific risk profile of each CGU.
\u2022 Cash flow projections \u2013 based on management's most recent risk-adjusted view of future trading, with assumptions including revenue
growth, operating margins, maintenance capital expenditure and working capital days.
The carrying amount of goodwill is allocated to operating business segments as follows:
2022
Restated
2021
Standalone
CGUs
\u00a3m
Allocated
goodwill
\u00a3m
Total
\u00a3m
Standalone
CGUs
\u00a3m
Allocated
goodwill
\u00a3m
Total
\u00a3m
Consumer Care 370.3 219.2 589.5 385.4 213.7 599.1
Life Sciences 163.3 69.2 232.5 151.2 69.5 220.7
Industrial Specialties
22.6 \u2013 22.6 30.9 1.3 32.2
556.2 288.4 844.6 567.5 284.5 852.0
The allocated goodwill primarily relates to \u00a363m (2021: \u00a359m) associated with the 2020 acquisition of Iberchem as it relates to revenue
synergies with Croda\u2019s existing Consumer Care business and \u00a3192m (2021: \u00a3192m) associated with the 2006 acquisition of Uniqema (with all
other balances individually less than \u00a310m). Due to the geographical and operational scale of the Uniqema acquisition, this goodwill balance is
tested for impairment at an operating business segment level. Standalone CGUs operate independently of the Group\u2019s core regional operating
assets, are capable of generating largely independent cash inflows and therefore goodwill relating to standalone CGUS is tested separately for
impairment annually.
For impairment testing performed at an operating business segment level, cash flow projections are based on the Group's current year results
and a growth rate of 3% (an appropriate risk-adjusted view based on past experience reflecting the market and territories in which the Group
operates), discounted using a weighted average cost of capital, which for these purposes has been calculated to be approximately 9.9% pre-tax
(2021: 8.5%). No reasonably possible changes in key assumptions would cause the recoverable amount of the operating segments to be less
than their carrying value. Based on the testing performed, no impairment has been recognised for the year ended 31 December 2022.
Standalone CGUs
The carrying amount of goodwill (post impairment) is allocated to Standalone CGUs as follows:
2022
\u00a3m
Restated
2021
\u00a3m
Incotec 71.2 67.6
Biosector 26.0 24.6
Sipo
22.6 22.1
Ionphase
\u2013 6.5
Rewitec
\u2013 2.3
vanti 66.1 59.0
Fragrances
269.3 255.5
Flavours
94.4 123.6
lban Muller 6.6 6.3
556.2 567.5
Notes to the Group Accounts continued 184 Croda International Plc Annual Report and Accounts 2022 12. Intangible assets continued Impairment testing for CGUs containing goodwill The Group's goodwill balance predominantly relates to the value of commercial and other synergies arising from the combination of acquired businesses with Croda's established global sales, marketing and R&D networks. This goodwill is allocated to the Group's Cash Generating Units (CGUs) expected to benefit from that combination based on the smallest identifiable group of assets that generate independent cash inflows. Following the divestment of the majority of the Performance Technologies and Industrial Chemicals business as announced in the 2022 Interim Statement, the retained business now forms a new Industrial Specialties sector. Accordingly, the Group has combined the previously reported operating business segments for the year ended 31 December 2021 for both Performance Technologies and Industrial Chemicals and shown as Industrial Specialties. The divestment included the disposal of standalone CGUs Ionphase and Rewitec. The Fragrances CGU includes the goodwill arising on the acquisition of Parfex S.A. ('Parfex') in June 2021. This is in line with the level at which goodwill is monitored by Management following the integration of Parfex into the Group. As discussed in the accounting policies note on page 166, goodwill is tested at each year end for impairment with reference to the relevant CGU's recoverable amount compared to the unit's carrying value including goodwill. Assets are grouped at the lowest level for which there are separately identifiable cash flows relevant to the acquisition generating the goodwill. The recoverable amount is based on the higher of fair value less cost to sell and value in use calculations using discounted cash flow projections with the following key assumptions: \u2022 Terminal value growth rates \u2013 set for each CGU with reference to the long-term growth rate for the market and territory in which the CGU operates but not exceeding the Group's long-term average growth rate, estimated at 3%. \u2022 Discount rate \u2013 set using a weighted average cost of capital adjusted for the specific risk profile of each CGU. \u2022 Cash flow projections \u2013 based on management's most recent risk-adjusted view of future trading, with assumptions including revenue growth, operating margins, maintenance capital expenditure and working capital days. The carrying amount of goodwill is allocated to operating business segments as follows: 2022 Restated 2021 Standalone CGUs \u00a3m Allocated goodwill \u00a3m Total \u00a3m Standalone CGUs \u00a3m Allocated goodwill \u00a3m Total \u00a3m Consumer Care 370.3 219.2 589.5 385.4 213.7 599.1 Life Sciences 163.3 69.2 232.5 151.2 69.5 220.7 Industrial Specialties 22.6 \u2013 22.6 30.9 1.3 32.2 556.2 288.4 844.6 567.5 284.5 852.0 The allocated goodwill primarily relates to \u00a363m (2021: \u00a359m) associated with the 2020 acquisition of Iberchem as it relates to revenue synergies with Croda\u2019s existing Consumer Care business and \u00a3192m (2021: \u00a3192m) associated with the 2006 acquisition of Uniqema (with all other balances individually less than \u00a310m). Due to the geographical and operational scale of the Uniqema acquisition, this goodwill balance is tested for impairment at an operating business segment level. Standalone CGUs operate independently of the Group\u2019s core regional operating assets, are capable of generating largely independent cash inflows and therefore goodwill relating to standalone CGUS is tested separately for impairment annually. For impairment testing performed at an operating business segment level, cash flow projections are based on the Group's current year results and a growth rate of 3% (an appropriate risk-adjusted view based on past experience reflecting the market and territories in which the Group operates), discounted using a weighted average cost of capital, which for these purposes has been calculated to be approximately 9.9% pre-tax (2021: 8.5%). No reasonably possible changes in key assumptions would cause the recoverable amount of the operating segments to be less than their carrying value. Based on the testing performed, no impairment has been recognised for the year ended 31 December 2022. Standalone CGUs The carrying amount of goodwill (post impairment) is allocated to Standalone CGUs as follows: 2022 \u00a3m Restated 2021 \u00a3m Incotec 71.2 67.6 Biosector 26.0 24.6 Sipo 22.6 22.1 Ionphase \u2013 6.5 Rewitec \u2013 2.3 A vanti 66.1 59.0 Fragrances 269.3 255.5 Flavours 94.4 123.6 A lban Muller 6.6 6.3 556.2 567.5 Croda International Plc Annual Report and Accounts 2022 185 Financial statements For all Standalone CGUs the recoverable amount was based on value in use calculations, including Sipo, which was based on fair value less cost to sell in the prior year. Cash flow projections have been based on specific risk adjusted estimates for five years taking management's most recent view of medium-term trading prospects. Unless otherwise stated, cash flow projections assume an appropriate view of past experience, specifically considering revenue growth in relation to market share, maintaining operating margins, maintenance capital expenditure and working capital days. Previously Biosector, Fragrances and Flavours cash flow projections were based on 10-year projections that supported the acquisitions, however these have been refreshed in the year based on management's latest view and capped to a 5-year period to reduce the risk with longer term forecasting, consistent with other CGU's cash flow projections. Due to the changes in the cash flow projections, where applicable, comparative growth rates are not presented. Discount rates have been calculated for standalone CGUs considering specific size risk premiums. Excluding Fragrances and Flavours, discount rates have increased in the year as a result of the independent inputs into the calculation, predominantly the increase in risk-free rates. Given the diverse geographical spread of the Fragrances and Flavours business, the risk-free rates has been less impacted by changes in interest rate compared to the Group's other CGUs. The terminal value growth rates and discount rates applied in these CGU level calculations are set out below: 2022 T erminal value growth rate 2021 2022 Pre-ta x discount rate 2021 Incotec 3.0% 3.0% 11.0% 8.9% Biosector 3.0% 3.0% 13.6% 11.0% Sipo 3.0% n/a 12.4% n/a A vanti 3.0% 3.0% 12.8% 11.0% Fragrances 3.0% 3.0% 10.6% 10.5% Flavours 3.0% 3.0% 10.5% 10.4% A lban Muller 3.0% n/a 12.8% n/a An impairment of \u00a334.6m was recorded in relation to goodwill arising on the acquisition of Iberchem's Flavours business. This principally reflected the impact of significant cost inflation which was not fully recovered, with future value of the business being behind the acquisition case. The assumptions underpinning the cash flow projection used in the value in use calculation reflect management's most recent five-year business plan. These projections use an appropriate view of past experience, specifically that operating margins will improve in the medium to long-term and sales growth targets will be achieved resulting in approximately 14% compound average growth rates ('CAGR') at a sales level and 20% EBITDA CAGR over the period. Excluding Flavours, based on the annual impairment testing performed for all standalone CGUs no impairment has been recognised for the year ended 31 December 2022 and standalone CGUs remain on track to perform to our long-term expectations. In forming this conclusion, the Directors have reviewed sensitivity analysis which considered all reasonably possible downsides on key assumptions, both individually and in combination, and considered whether these would give rise to an impairment. This analysis concluded that no reasonably possible changes in key assumptions would cause the recoverable amount of the Standalone CGUs to be less than the carrying value, other than for the Fragrances and Flavours CGUs. The estimated recoverable amount of the Fragrances CGU exceeded its carrying value by approximately \u00a3111m (2021: \u00a317m) and therefore the Directors concluded that no impairment was required; however, the calculations are sensitive to changes in key assumptions. The key assumptions considered by the Directors, where a reasonably possible change could give rise to an impairment, were the EBITDA CAGR (set at approximately 16%), pre-tax discount rate and long-term growth rate. Sensitivity disclosures for both the Fragrances and Flavours CGUs are set out below. Sensitivity to changes in assumptions The recoverable amount, and therefore level of headroom or impairment charge, is predominantly dependent upon judgements used in arriving at the cash flow projections, long-term growth rate, and the discount rate. Although it is not management's current expectation, the impact on the recoverable amount when applying a reasonably possible change in these assumptions would be as follows for the year ended 31 December 2022: Flavours Fragrances Sensitivit y Increase \u00a3m Decrease \u00a3m Sensitivit y Increase \u00a3m Decrease \u00a3m Incremental increase/(decrease) in recoverable amount Change in pre-tax discount rate by: 1.0% (21.1) 27.7 1.0% (80.0) 104.7 Change in long-term growth rates by: 1.0% 28.5 (20.0) 1.0% 109.5 (76.8) Change in EBITDA compound annual growth rate by: 5.0% 39.8 (33.9) 5.0% 167.1 (141.3) The above sensitivity analyses are based on a change in an assumption whilst holding all other assumptions constant. In practice, some of the assumptions may be correlated. Notes to the Group Accounts continued
186 Croda International Plc Annual Report and Accounts 2022
13. Property, plant and equipment
Land and
buildings
\u00a3m
Plant and
equipment
\u00a3m
Total
\u00a3m
Cost
t 1 January 2021 256.9 1,199.7 1,456.6
Exchange differences (6.9) (24.6) (31.5)
dditions 40.2 112.8 153.0
cquisitions 9.9 3.1 13.0
Other disposals and write-offs (0.6) (8.8) (9.4)
Reclassifications to intangible assets (2.6) 2.1 (0.5)
t 31 December 2021 296.9 1,284.3 1,581.2
t 1 January 2022 296.9 1,284.3 1,581.2
Exchange differences 24.1 94.5 118.6
dditions 16.1 119.8 135.9
Other disposals and write-offs (39.1) (373.6) (412.7)
Reclassifications to intangible assets 7.2 (7.6) (0.4)
t 31 December 2022 305.2 1,117.4 1,422.6
ccumulated depreciation and impairment losses
t 1 January 2021 83.9 471.9 555.8
Exchange differences (3.1) (16.0) (19.1)
Charge for the year (note 3) 8.5 54.6 63.1
Other disposals and write-offs (0.6) (6.1) (6.7)
Reclassifications (0.9) 0.9 \u2013
t 31 December 2021 87.8 505.3 593.1
t 1 January 2022 87.8 505.3 593.1
Exchange differences 7.5 38.8 46.3
Charge for the year (note 3) 10.6 58.0 68.6
Other disposals and write-offs (27.4) (230.1) (257.5)
Impairments \u2013 7.6 7.6
t 31 December 2022 78.5 379.6 458.1
Net book amount
t 31 December 2022 226.7 737.8 964.5
t 31 December 2021 209.1 779.0 988.1
t 1 January 2021 173.0 727.8 900.8
During the current year the Group received government grant funding of \u00a36.1m (2021: \u00a3nil) relating to the US cGMP scale up project.
During the year plant and equipment was impaired by \u00a37.6m relating to the write-off of unusable manufacturing plant in Japan. This impairment
is recorded in the income statement on page 159 as an exceptional item within operating costs and is within the Consumer Care (\u00a35.0m) and
Life Sciences (\u00a32.6m) operating business segments.
The value of assets under construction not yet subject to depreciation at 31 December was as follows:
2022
\u00a3m
2021
\u00a3m
ssets under construction
Land and buildings 18.8 42.8
Plant and equipment
134.8 178.6
153.6 221.4
Notes to the Group Accounts continued 186 Croda International Plc Annual Report and Accounts 2022 13. Property, plant and equipment Land and buildings \u00a3m Plant and equipment \u00a3m Total \u00a3m Cost A t 1 January 2021 256.9 1,199.7 1,456.6 Exchange differences (6.9) (24.6) (31.5) Additions 40.2 112.8 153.0 A cquisitions 9.9 3.1 13.0 Other disposals and write-offs (0.6) (8.8) (9.4) Reclassifications to intangible assets (2.6) 2.1 (0.5) A t 31 December 2021 296.9 1,284.3 1,581.2 A t 1 January 2022 296.9 1,284.3 1,581.2 Exchange differences 24.1 94.5 118.6 Additions 16.1 119.8 135.9 Other disposals and write-offs (39.1) (373.6) (412.7) Reclassifications to intangible assets 7.2 (7.6) (0.4) A t 31 December 2022 305.2 1,117.4 1,422.6 Accumulated depreciation and impairment losses A t 1 January 2021 83.9 471.9 555.8 Exchange differences (3.1) (16.0) (19.1) Charge for the year (note 3) 8.5 54.6 63.1 Other disposals and write-offs (0.6) (6.1) (6.7) Reclassifications (0.9) 0.9 \u2013 A t 31 December 2021 87.8 505.3 593.1 A t 1 January 2022 87.8 505.3 593.1 Exchange differences 7.5 38.8 46.3 Charge for the year (note 3) 10.6 58.0 68.6 Other disposals and write-offs (27.4) (230.1) (257.5) Impairments \u2013 7.6 7.6 A t 31 December 2022 78.5 379.6 458.1 Net book amount A t 31 December 2022 226.7 737.8 964.5 A t 31 December 2021 209.1 779.0 988.1 A t 1 January 2021 173.0 727.8 900.8 During the current year the Group received government grant funding of \u00a36.1m (2021: \u00a3nil) relating to the US cGMP scale up project. During the year plant and equipment was impaired by \u00a37.6m relating to the write-off of unusable manufacturing plant in Japan. This impairment is recorded in the income statement on page 159 as an exceptional item within operating costs and is within the Consumer Care (\u00a35.0m) and Life Sciences (\u00a32.6m) operating business segments. The value of assets under construction not yet subject to depreciation at 31 December was as follows: 2022 \u00a3m 2021 \u00a3m Assets under construction Land and buildings 18.8 42.8 Plant and equipment 134.8 178.6 153.6 221.4 Croda International Plc Annual Report and Accounts 2022 187 Financial statements 14. Leases Right of use assets Land and buildings \u00a3m Plant and equipment \u00a3m Total \u00a3m Cost A t 1 January 2021 91.1 10.0 101.1 Exchange differences (0.9) (0.4) (1.3) A dditions 10.1 7.6 17.7 Remeasurements 3.4 0.1 3.5 A cquisitions 0.8 0.5 1.3 Other disposals and write-offs (2.8) (0.6) (3.4) A t 31 December 2021 101.7 17.2 118.9 A t 1 January 2022 101.7 17.2 118.9 Exchange differences 6.6 1.1 7.7 A dditions 5.1 3.8 8.9 Remeasurements 10.4 0.4 10.8 Other disposals and write-offs (5.1) (2.2) (7.3) A t 31 December 2022 118.7 20.3 139.0 A ccumulated depreciation and impairment losses A t 1 January 2021 17.5 3.5 21.0 Exchange differences (0.2) (0.2) (0.4) Charge for the year (note 3) 10.9 2.3 13.2 Other disposals and write-offs (2.3) (0.5) (2.8) A t 31 December 2021 25.9 5.1 31.0 A t 1 January 2022 25.9 5.1 31.0 Exchange differences 1.4 0.4 1.8 Charge for the year (note 3) 11.7 3.1 14.8 Other disposals and write-offs (3.7) (1.8) (5.5) A t 31 December 2022 35.3 6.8 42.1 Net book amount A t 31 December 2022 83.4 13.5 96.9 A t 31 December 2021 75.8 12.1 87.9 A t 1 January 2021 73.6 6.5 80.1 Lease liabilities 2022 \u00a3m 2021 \u00a3m Lease liabilities included in the Group balance sheet Current 12.9 12.2 Non-current 79.2 78.3 92.1 90.5 A maturity analysis of contractual undiscounted cash flows relating to lease liabilities is presented within note 20.Notes to the Group Accounts continued
188 Croda International Plc Annual Report and Accounts 2022
14. Leases continued
Amounts recognised in the Group income statement
2022
\u00a3m
2021
\u00a3m
Interest on lease liabilities 2.5 2.2
Expenses relating to short-term leases 0.3 0.3
Expenses relating to low value leases, excluding short-term leases of low value assets
0.3 0.6
Expenses relating to variable lease components
0.4 0.5
Depreciation of right of use assets
14.8 13.2
Profit on disposal of right of use assets
(0.2) (0.1)
18.1 16.7
Total cash outflow for leases
2022
\u00a3m
2021
\u00a3m
Payment of lease liabilities 17.4 14.4
Payment of short-term, low value and variable lease components 1.0 1.4
18.4 15.8
15. Future commitments
2022
\u00a3m
2021
\u00a3m
Group capital projects
t 31 December the Directors had authorised the following expenditure, excluding grant income, on capital
projects:
Contracted, but not provided for
Property, plant and equipment
45.6 19.3
Intangible assets
1.3 0.8
uthorised, but not contracted for
Property, plant and equipment
165.9 106.4
Intangible assets
3.8 3.7
216.6 130.2
16. Investments
The amounts recognised in the balance sheet are as follows:
2022
\u00a3m
2021
\u00a3m
Other investments 3.4 3.3
During the prior year, the Group impaired the carrying value of its minority shareholding in Cutitronics Limited resulting in a charge to the income
statement of \u00a31.1m. There have been no material changes in other investments during the year. All assets recognised as other investments on
the Group balance sheet are non-quoted equity securities measured at fair value.
The amounts recognised within administrative expenses in the income statement are as follows:
2022
\u00a3m
2021
\u00a3m
Share of loss of associate \u2013 0.7
Impairment of associate \u2013 1.1
\u2013 1.8
Notes to the Group Accounts continued 188 Croda International Plc Annual Report and Accounts 2022 14. Leases continued Amounts recognised in the Group income statement 2022 \u00a3m 2021 \u00a3m Interest on lease liabilities 2.5 2.2 Expenses relating to short-term leases 0.3 0.3 Expenses relating to low value leases, excluding short-term leases of low value assets 0.3 0.6 Expenses relating to variable lease components 0.4 0.5 Depreciation of right of use assets 14.8 13.2 Profit on disposal of right of use assets (0.2) (0.1) 18.1 16.7 Total cash outflow for leases 2022 \u00a3m 2021 \u00a3m Payment of lease liabilities 17.4 14.4 Payment of short-term, low value and variable lease components 1.0 1.4 18.4 15.8 15. Future commitments 2022 \u00a3m 2021 \u00a3m Group capital projects At 31 December the Directors had authorised the following expenditure, excluding grant income, on capital projects: Contracted, but not provided for Property, plant and equipment 45.6 19.3 Intangible assets 1.3 0.8 Authorised, but not contracted for Property, plant and equipment 165.9 106.4 Intangible assets 3.8 3.7 216.6 130.2 16. Investments The amounts recognised in the balance sheet are as follows: 2022 \u00a3m 2021 \u00a3m Other investments 3.4 3.3 During the prior year, the Group impaired the carrying value of its minority shareholding in Cutitronics Limited resulting in a charge to the income statement of \u00a31.1m. There have been no material changes in other investments during the year. All assets recognised as other investments on the Group balance sheet are non-quoted equity securities measured at fair value. The amounts recognised within administrative expenses in the income statement are as follows: 2022 \u00a3m 2021 \u00a3m Share of loss of associate \u2013 0.7 Impairment of associate \u2013 1.1 \u2013 1.8 Croda International Plc Annual Report and Accounts 2022 189 Financial statements 17. Inventories 2022 \u00a3m 2021 \u00a3m Raw materials 135.9 121.8 Work in progress 45.8 56.0 Finished goods 282.3 265.2 464.0 443.0 The Group consumed \u00a31,102.9m (2021: \u00a3950.7m) of inventories during the year. 18. Trade and other receivables 2022 \u00a3m 2021 \u00a3m A mounts falling due within one year Trade receivables 320.4 280.3 Less: provision for impairment of receivables (5.8) (2.9) Trade receivables \u2013 net 314.6 277.4 Other receivables 47.1 45.9 Prepayments 14.1 14.6 375.8 337.9 The ageing of the Group\u2019s year end overdue receivables against which no material provision has been made is as follows: 2022 \u00a3m 2021 \u00a3m Not impaired Less than three months 60.1 39.1 Three to six months 8.9 6.3 Over six months 6.0 1.1 75.0 46.5 The provision for impairment of receivables principally relates to customers in unexpectedly difficult economic circumstances. The overdue receivables against which no material provision has been made relate to a number of customers for whom there is no recent history of default, nor any other indication that settlement will not be forthcoming. The other classes within trade and other receivables do not contain impaired assets and are considered to be fully recoverable. The carrying amounts of the Group\u2019s receivables are denominated in the following currencies: 2022 \u00a3m 2021 \u00a3m Sterling 15.9 17.2 US Dollar 130.5 112.0 Euro 108.7 106.4 Other 120.7 102.3 375.8 337.9 Movements on the Group\u2019s provision for impairment of trade receivables are as follows: 2022 \u00a3m 2021 \u00a3m A t 1 January 2.9 2.5 Exchange differences 0.4 \u2013 Charged to income statement 2.7 0.4 Net write-off of uncollectible receivables (0.2) \u2013 A t 31 December 5.8 2.9 Amounts charged to the income statement are included within administrative expenses. Notes to the Group Accounts continued 190 Croda International Plc Annual Report and Accounts 2022 19. Trade and other payables 2022 \u00a3m 2021 \u00a3m Trade payables 120.9 133.2 Taxation and social security 16.9 15.7 Other payables 45.4 62.8 A ccruals and deferred income 131.4 132.5 Contingent consideration 9.9 26.1 324.5 370.3 All trade payables are payable within one year. Included in the above are balances payable after one year of \u00a3nil (2021: \u00a38.5m) contingent consideration, \u00a33.5m (2021: \u00a33.0m) accruals and deferred income, and \u00a31.0m (2021: \u00a30.8m) other payables. During the period, contingent consideration has decreased by \u00a36.1m due to fair value movements, \u00a30.7m due to the business divestment and \u00a313.7m due to payments, increasing by \u00a31.7m for the unwind of discounting and \u00a32.6m for foreign exchange. Fair value movements in the year reflect the revenue recognised for applicable products to the end of the contracted earn out period being 31 December 2022. 20. Borrowings, other financial liabilities and other financial assets This note should be read in conjunction with the further liquidity disclosures in our accounting policies note and the Finance Review on pages 44 to 47. 2022 \u00a3m 2021 \u00a3m A ssets Non-current assets \u2013 Investments 3.4 3.3 Current assets \u2013 Trade and other receivables (excluding prepayments) 361.7 323.3 365.1 326.6 Current liabilities Trade and other payables (excluding taxation, social security, contingent consideration, accruals and deferred income) 161.8 192.2 US$200m 3 year term loan due 2023 \u2013 14.5 \u20ac30m 1.08% fixed rate 7 year note 26.5 \u2013 \u00a330m 2.54% fixed rate 7 year note 30.0 \u2013 Unsecured bank loans and overdrafts due within one year or on demand 42.8 21.9 Other loans 22.6 14.5 Lease liabilities 12.9 12.2 296.6 255.3 Non-current liabilities 2019 Club facility due 2026 18.0 262.2 US$200m 3 year term loan due 2023 \u2013 110.9 US$100m 3.75% fixed rate 10 year note 83.0 74.1 \u20ac30m 1.08% fixed rate 7 year note \u2013 25.2 \u20ac70m 1.43% fixed rate 10 year note 61.9 58.7 \u00a330m 2.54% fixed rate 7 year note \u2013 30.0 \u00a370m 2.80% fixed rate 10 year note 70.0 70.0 \u20ac50m 1.18% fixed rate 8 year note 44.2 41.9 \u00a365m 2.46% fixed rate 8 year note 65.0 65.0 US$60m 3.70% fixed rate 10 year note 49.8 44.5 Other secured bank loans 8.6 9.8 Other unsecured bank loans 0.2 2.3 Preference share capital 1.1 \u2013 Lease liabilities 79.2 78.3 481.0 872.9 During the year the Group\u2019s preference share capital has been reclassified from equity to borrowings and other financial liabilities. The Group's 2019 Club facility falls due for repayment upon expiry of the agreement in October 2026. Interest is charged on this agreement at a floating rate based on SONIA, ICE LIBOR or EURIBOR, depending upon the drawdown currency, plus a variable margin. In May 2022, the Group obtained a new \u00a3100m 364 day committed revolving credit facility, the facility remained undrawn and was subsequently cancelled in November 2022. In July 2022, the Group's existing three-year amortising Term Loan for US$200m was repaid and cancelled. Interest was charged on this agreement at a floating rate based on ICE LIBOR plus a variable margin. The margin the Group paid on this borrowing over and above standard rates was determined by the Group's net debt to EBITDA ratio. Notes to the Group Accounts continued 190 Croda International Plc Annual Report and Accounts 2022 19. Trade and other payables 2022 \u00a3m 2021 \u00a3m Trade payables 120.9 133.2 Taxation and social security 16.9 15.7 Other payables 45.4 62.8 A ccruals and deferred income 131.4 132.5 Contingent consideration 9.9 26.1 324.5 370.3 All trade payables are payable within one year. Included in the above are balances payable after one year of \u00a3nil (2021: \u00a38.5m) contingent consideration, \u00a33.5m (2021: \u00a33.0m) accruals and deferred income, and \u00a31.0m (2021: \u00a30.8m) other payables. During the period, contingent consideration has decreased by \u00a36.1m due to fair value movements, \u00a30.7m due to the business divestment and \u00a313.7m due to payments, increasing by \u00a31.7m for the unwind of discounting and \u00a32.6m for foreign exchange. Fair value movements in the year reflect the revenue recognised for applicable products to the end of the contracted earn out period being 31 December 2022. 20. Borrowings, other financial liabilities and other financial assets This note should be read in conjunction with the further liquidity disclosures in our accounting policies note and the Finance Review on pages 44 to 47. 2022 \u00a3m 2021 \u00a3m Assets Non-current assets \u2013 Investments 3.4 3.3 Current assets \u2013 Trade and other receivables (excluding prepayments) 361.7 323.3 365.1 326.6 Current liabilities Trade and other payables (excluding taxation, social security, contingent consideration, accruals and deferred income) 161.8 192.2 US$200m 3 year term loan due 2023 \u2013 14.5 \u20ac30m 1.08% fixed rate 7 year note 26.5 \u2013 \u00a330m 2.54% fixed rate 7 year note 30.0 \u2013 Unsecured bank loans and overdrafts due within one year or on demand 42.8 21.9 Other loans 22.6 14.5 Lease liabilities 12.9 12.2 296.6 255.3 Non-current liabilities 2019 Club facility due 2026 18.0 262.2 US$200m 3 year term loan due 2023 \u2013 110.9 US$100m 3.75% fixed rate 10 year note 83.0 74.1 \u20ac30m 1.08% fixed rate 7 year note \u2013 25.2 \u20ac70m 1.43% fixed rate 10 year note 61.9 58.7 \u00a330m 2.54% fixed rate 7 year note \u2013 30.0 \u00a370m 2.80% fixed rate 10 year note 70.0 70.0 \u20ac50m 1.18% fixed rate 8 year note 44.2 41.9 \u00a365m 2.46% fixed rate 8 year note 65.0 65.0 US$60m 3.70% fixed rate 10 year note 49.8 44.5 Other secured bank loans 8.6 9.8 Other unsecured bank loans 0.2 2.3 Preference share capital 1.1 \u2013 Lease liabilities 79.2 78.3 481.0 872.9 During the year the Group\u2019s preference share capital has been reclassified from equity to borrowings and other financial liabilities. The Group's 2019 Club facility falls due for repayment upon expiry of the agreement in October 2026. Interest is charged on this agreement at a floating rate based on SONIA, ICE LIBOR or EURIBOR, depending upon the drawdown currency, plus a variable margin. In May 2022, the Group obtained a new \u00a3100m 364 day committed revolving credit facility, the facility remained undrawn and was subsequently cancelled in November 2022. In July 2022, the Group's existing three-year amortising Term Loan for US$200m was repaid and cancelled. Interest was charged on this agreement at a floating rate based on ICE LIBOR plus a variable margin. The margin the Group paid on this borrowing over and above standard rates was determined by the Group's net debt to EBITDA ratio. Croda International Plc Annual Report and Accounts 2022 191 Financial statements 2022 \u00a3m 2021 \u00a3m Maturity profile of financial liabilities Repayments fall due as follows: Within one year Bank loans and overdrafts 99.3 36.4 Other loans 22.6 14.5 121.9 50.9 Lease liabilities 12.9 12.2 134.8 63.1 A fter more than one year Loans repayable Within one to two years 3.4 171.2 Within two to five years 264.6 397.9 Five years and over 132.7 225.5 400.7 794.6 Preference share capital 1.1 \u2013 Lease liabilities 79.2 78.3 481.0 872.9 The minimum lease payments under lease liabilities fall due as follows: Within one year 14.8 14.4 Within one to two years 12.3 13.0 Within two to five years 27.3 24.9 Five years and over 55.0 54.6 109.4 106.9 Future finance charges on lease liabilities (17.3) (16.4) Present value of lease liabilities 92.1 90.5 2022 \u00a3m 2021 \u00a3m Undiscounted maturity analysis of financial liabilities Within one year Bank loans and overdrafts 101.6 36.8 Other loans 23.5 15.1 Lease liabilities 14.8 14.4 139.9 66.3 A fter more than one year Loans repayable Within one to two years 14.3 187.6 Within two to five years 295.8 437.0 Five years and over 143.8 245.5 Lease liabilities Within one to two years 12.3 13.0 Within two to five years 27.3 24.9 Five years and over 55.0 54.6 548.5 962.6 The analysis above includes estimated interest payable to maturity on the underlying loans. For the loans due after more than one year \u00a310.9m (2021: \u00a314.9m) of the interest falls due within one year of the balance sheet date, \u00a310.9m (2021: \u00a313.4m) within one to two years, \u00a325.3m (2021: \u00a333.7m) within two to five years and \u00a36.2m (2021: \u00a313.5m) beyond five years. Notes to the Group Accounts continued 192 Croda International Plc Annual Report and Accounts 2022 20. Borrowings, other financial liabilities and other financial assets continued Interest rate and currency profile of Group financial liabilities Fixed rate weighted average T otal \u00a3m Fixed \u00a3m Floating \u00a3m Interest r ate % Fixed period Years Sterling 219.9 165.0 54.9 2.62 3.3 US Dollar 180.9 132.8 48.1 3.73 6.9 Euro 141.4 132.6 8.8 1.28 3.2 Other 73.6 \u2013 73.6 \u2013 \u2013 A t 31 December 2022 615.8 430.4 185.4 2.55 4.4 Sterling 336.4 165.0 171.4 2.62 4.3 US Dollar 299.0 118.6 180.4 3.73 7.9 Euro 241.4 125.8 115.6 1.28 4.2 Other 59.2 \u2013 59.2 \u2013 \u2013 A t 31 December 2021 936.0 409.4 526.6 2.53 5.3 Fair values Prior to 2016, the Group did not typically utilise complex financial instruments and accordingly the only element of Group borrowings where fair value differed from book value was the US$100m fixed rate 10-year note that was issued in 2010. In January 2020 the existing US$100m fixed rate 10-year note matured and was repaid, this was replaced with a new US$100m fixed rate 10-year note (27 January 2020). On 27 June 2016, the Group issued \u00a3100m and \u20ac100m of fixed rate notes. On 6 June 2019, the Group issued a further \u00a365m, \u20ac50m and US$60m of fixed rate notes. The table below details a comparison of the book and fair values of the Group\u2019s financial assets and liabilities. Where there are no readily available market values to determine fair values, cash flows relating to the various instruments have been discounted at prevailing interest and exchange rates to give an estimate of fair value. Book value 2022 \u00a3m Fair value 2022 \u00a3m Boo k value 2021 \u00a3m Fai r value 2021 \u00a3m Cash deposits 320.6 320.6 112.8 112.8 Other investments 3.4 3.4 3.3 3.3 2019 Club facility due 2026 (18.0) (18.0) (262.2) (262.2) US$200m 3 year term loan due 2023 \u2013 \u2013 (125.4) (125.4) US$100m 3.75% fixed rate 10 year note (83.0) (74.4) (74.1) (78.2) \u20ac30m 1.08% fixed rate 7 year note (26.5) (26.3) (25.2) (25.5) \u20ac70m 1.43% fixed rate 10 year note (61.9) (57.8) (58.7) (61.5) \u00a330m 2.54% fixed rate 7 year note (30.0) (29.7) (30.0) (30.3) \u00a370m 2.80% fixed rate 10 year note (70.0) (64.8) (70.0) (71.9) \u20ac50m 1.18% fixed rate 8 year note (44.2) (40.1) (41.9) (43.5) \u00a365m 2.46% fixed rate 8 year note (65.0) (58.1) (65.0) (65.7) US$60m 3.70% fixed rate 10 year note (49.8) (45.4) (44.5) (47.4) Other bank borrowings (51.6) (51.6) (34.0) (34.0) Other loans (22.6) (22.6) (14.5) (14.5) Contingent consideration (9.9) (9.9) (26.1) (26.1) Preference share capital (1.1) (1.1) \u2013 \u2013 Forward foreign currency contracts (1.3) (1.3) (2.3) (2.3) For financial instruments with a remaining life of greater than one-year, fair values are based on cash flows discounted at prevailing interest rates. Accordingly, the fair value of cash deposits and short-term borrowings approximates to the book value due to the short maturity of these instruments. The same applies to trade and other receivables and payables excluded from the above analysis. Notes to the Group Accounts continued 192 Croda International Plc Annual Report and Accounts 2022 20. Borrowings, other financial liabilities and other financial assets continued Interest rate and currency profile of Group financial liabilities Fixed rate weighted average Total \u00a3m Fixed \u00a3m Floating \u00a3m Interest rate % Fixed period Years Sterling 219.9 165.0 54.9 2.62 3.3 US Dollar 180.9 132.8 48.1 3.73 6.9 Euro 141.4 132.6 8.8 1.28 3.2 Other 73.6 \u2013 73.6 \u2013 \u2013 A t 31 December 2022 615.8 430.4 185.4 2.55 4.4 Sterling 336.4 165.0 171.4 2.62 4.3 US Dollar 299.0 118.6 180.4 3.73 7.9 Euro 241.4 125.8 115.6 1.28 4.2 Other 59.2 \u2013 59.2 \u2013 \u2013 A t 31 December 2021 936.0 409.4 526.6 2.53 5.3 Fair values Prior to 2016, the Group did not typically utilise complex financial instruments and accordingly the only element of Group borrowings where fair value differed from book value was the US$100m fixed rate 10-year note that was issued in 2010. In January 2020 the existing US$100m fixed rate 10-year note matured and was repaid, this was replaced with a new US$100m fixed rate 10-year note (27 January 2020). On 27 June 2016, the Group issued \u00a3100m and \u20ac100m of fixed rate notes. On 6 June 2019, the Group issued a further \u00a365m, \u20ac50m and US$60m of fixed rate notes. The table below details a comparison of the book and fair values of the Group\u2019s financial assets and liabilities. Where there are no readily available market values to determine fair values, cash flows relating to the various instruments have been discounted at prevailing interest and exchange rates to give an estimate of fair value. Book value 2022 \u00a3m Fair value 2022 \u00a3m Book value 2021 \u00a3m Fair value 2021 \u00a3m Cash deposits 320.6 320.6 112.8 112.8 Other investments 3.4 3.4 3.3 3.3 2019 Club facility due 2026 (18.0) (18.0) (262.2) (262.2) US$200m 3 year term loan due 2023 \u2013 \u2013 (125.4) (125.4) US$100m 3.75% fixed rate 10 year note (83.0) (74.4) (74.1) (78.2) \u20ac30m 1.08% fixed rate 7 year note (26.5) (26.3) (25.2) (25.5) \u20ac70m 1.43% fixed rate 10 year note (61.9) (57.8) (58.7) (61.5) \u00a330m 2.54% fixed rate 7 year note (30.0) (29.7) (30.0) (30.3) \u00a370m 2.80% fixed rate 10 year note (70.0) (64.8) (70.0) (71.9) \u20ac50m 1.18% fixed rate 8 year note (44.2) (40.1) (41.9) (43.5) \u00a365m 2.46% fixed rate 8 year note (65.0) (58.1) (65.0) (65.7) US$60m 3.70% fixed rate 10 year note (49.8) (45.4) (44.5) (47.4) Other bank borrowings (51.6) (51.6) (34.0) (34.0) Other loans (22.6) (22.6) (14.5) (14.5) Contingent consideration (9.9) (9.9) (26.1) (26.1) Preference share capital (1.1) (1.1) \u2013 \u2013 Forward foreign currency contracts (1.3) (1.3) (2.3) (2.3) For financial instruments with a remaining life of greater than one-year, fair values are based on cash flows discounted at prevailing interest rates. Accordingly, the fair value of cash deposits and short-term borrowings approximates to the book value due to the short maturity of these instruments. The same applies to trade and other receivables and payables excluded from the above analysis. Croda International Plc Annual Report and Accounts 2022 193 Financial statements Financial instruments Financial instruments measured at fair value use the following hierarchy: \u2022 Quoted prices (unadjusted) in active markets for identical assets or liabilities (level 1) \u2022 Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (level 2) \u2022 Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (level 3). All of the Group\u2019s financial instruments are classed as level 2 with the exception of contingent consideration, other investments and lease liabilities, which are classed as level 3. Preference share capital 2022 \u00a3m 2021 \u00a3m The authorised, issued and fully paid preference share capital comprises: 615,562 5.9% preference shares of \u00a31 (2021: 615,562) 0.6 0.6 498,434 6.6% preference shares of \u00a31 (2021: 498,434) 0.5 0.5 21,900 7.5% preference shares of \u00a31 (2021: 21,900) \u2013 \u2013 1.1 1.1 The preference shares have no redemption rights and carry no voting rights other than in certain circumstances affecting the rights of the preference shareholders, details of which are set out in the Company\u2019s Articles of Association. The three classes of preference shares rank pari passu with each other but ahead of the ordinary shares on a winding up. Rights on a winding up are limited to repayment of capital and any arrears of dividends. Borrowing facilities As at 31 December 2022, the Group had undrawn committed facilities of \u00a3579.3m (2021: \u00a3334.4m). In addition, the Group had other undrawn facilities of \u00a353.1m (2021: \u00a340.1m) available. Of the Group's total committed facilities of \u00a31,122.5m, \u00a31,066.0m expire after 2023. New and repaid borrowings disclosed in the Group Statement of Cash Flows reflect routine short-term cash management, comprising regular monthly drawdowns and repayments on the Group's revolving credit facilities. It also reflects the repayments made to the Group's revolving credit facility and the term loan facility following the business disposal. Financial risk factors The Group\u2019s activities expose it to a variety of financial risks: currency risk, interest rate risk, liquidity risk, and credit risk. The Group\u2019s overall risk management strategy is approved by the Board and implemented and reviewed by the Risk Management Committee. Detailed financial risk management is then delegated to the Group Finance department which has a specific policy manual that sets out guidelines to manage financial risk. Regular reports are received from all sectors and regional operating units to enable prompt identification of financial risks so that appropriate action may be taken. In the management definition of capital the Group includes ordinary and preference share capital and net debt. Currency risk The Group operates internationally and is exposed to currency risk arising from various currency exposures, primarily with respect to the US Dollar and the Euro. Foreign exchange risk arises from future commercial transactions, recognised assets and liabilities and net investments in foreign operations. Entities in the Group use foreign currency bank balances to manage their foreign exchange risk arising from future commercial transactions, recognised assets and liabilities. The Group\u2019s risk management policy is to manage transactional risk up to three months forward. The Group has certain investments in foreign operations, whose net assets are exposed to foreign currency translation risk. Currency exposure arising from the net assets of the Group\u2019s foreign operations is not specifically hedged but is reduced primarily through borrowings denominated in the relevant foreign currencies where it is efficient to do so. Currency exposure arising from significant one-off transactions (for example acquisitions or disposals) is reviewed and hedged through forward contracts if required. For 2022, had the Group\u2019s basket of reporting currencies been 10% weaker/stronger than the actual rates experienced, post-tax profit for the year would have been \u00a327.6m (2021: \u00a329.4m) lower/higher than reported, primarily as a result of the translation of the profits of the Group\u2019s overseas entities, and equity would have been \u00a3162.4m (2021: \u00a3156.5m) lower/higher. Notes to the Group Accounts continued 194 Croda International Plc Annual Report and Accounts 2022 20. Borrowings, other financial liabilities and other financial assets continued Cash flow hedging During the year, the Group held two instruments to hedge exposures to changes in foreign currency on a highly probable future business disposal and debt repayment (hedged items). As at 31 December 2021, the combined nominal value of the contracts was \u00a3601.9m and the average forward contract rates were 0.85 (EUR:GBP) and 1.12 (EUR:USD). These contracts were contingent on the successful completion of the business disposal, were designated as cash flow hedges and provided certainty over approximately 85% of the estimated FX exposure on these forecast future transactions. The forecast future transactions were completed in the year ended 31 December 2022 and the associated instruments settled. The cumulative cash flow hedging reserve of \u00a36.5m credit (2021: \u00a33.7m credit) and cost of hedging reserves of \u00a36.0m debit (2021: \u00a36.0m debit) were reclassified to the income statement and reported within the gain on business disposal. There was no hedge ineffectiveness recognised in the income statement during the year ended 31 December 2022 (2021: \u00a3nil). The Group also holds forward foreign currency contracts to hedge certain intercompany loans. The contracts are classified as fair value through profit and loss and had a carrying amount of \u00a31.3m liability at 31 December 2022, reported within trade and other payables. As at 31 December 2022 the gross notional value of intercompany loan hedges was \u00a3128.1m (2021: \u00a3nil). Interest rate risk The Group has both interest bearing assets and liabilities. In 2016, the Group had a policy of maintaining no more than 60% of its gross borrowings at fixed interest rates in normal circumstances. During 2016, the Group increased its amount of fixed rate debt following payment of the \u00a3136m special dividend and consequent increase in core debt requirements. Notes were issued in the amounts of \u00a3100m and \u20ac100m with an average maturity of 2.6 years and interest rate of 2.07%. During 2017, the policy formally increased the upper limit for fixed rate debt to 75% of gross borrowings. During 2019, the Group increased its amount of fixed rate debt following payment of the \u00a3151.5m special dividend. Notes were issued in the amounts of \u00a365m, \u20ac50m and US$60m with an average maturity of 5.1 years and interest rate of 2.49%. In January 2020 the Group repaid its US$100m 10-year loan note carrying a fixed rate of 5.94%, and replaced it with a US$100m 10-year loan note carrying a fixed rate of 3.75%. At 31 December 2022, approximately 70% of Group borrowings were at fixed rates. At 31 December 2022, aside from the loan notes referred to above, all Group debt and cash was exposed to repricing within 12 months of the balance sheet date. At 31 December 2022, the Group\u2019s fixed rate debt was at a weighted average rate of 2.55% (2021: 2.53%). As at 31 December 2022, the Group\u2019s floating rate liabilities are based on SONIA, ICE LIBOR or EURIBOR, depending upon the drawdown currency. Based on the above, had interest rates moved by 100 basis points in the territories where the Group has substantial borrowings, post-tax profits would have moved by \u00a33.6m (2021: \u00a35.1m) due to a change in interest expense on the Group\u2019s floating rate borrowings. Liquidity risk The Group actively maintains a mixture of long-term and short-term committed facilities designed to ensure that the Group has sufficient funds available for operations and planned investments. On a regular basis, management monitors forecasts of the Group\u2019s cash flows against both internal targets and those targets imposed by external lenders. The Group has substantial committed, unused facilities and the Directors are confident this situation will remain the case for the foreseeable future. Credit risk The Group has no significant concentrations of credit risk. It has policies in place to ensure that sales of products are made to customers with an appropriate credit history. Derivative counterparties and cash transactions are limited to high-credit quality financial institutions. The Group has policies that limit the amount of credit exposure to any individual financial institution. Capital risk management The Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders, as well as maintaining an optimal capital structure to reduce overall cost of capital. In order to maintain this optimal structure, the Group may adjust the amount of dividends paid, issue new shares, return capital to shareholders or dispose of assets to reduce net debt. Given the Group\u2019s strong balance sheet and sustained trading growth, the Group announced a dividend policy in 2011 of paying a dividend of between 40% and 50% of sustainable earnings. Further details can be found in the Finance Review on pages 44 to 47. Underlying growth coupled to Return on Invested Capital (ROIC) is the key perceived driver of shareholder value within the Group. The Group\u2019s ROIC now stands at 14.1% against a post-tax Weighted Average Cost of Capital (WACC) of 7.5%. The Group\u2019s target is to maintain ROIC at two to three times WACC over the long-term. In addition, the Group employs two widely used ratios to measure its ability to service its debt. Both net debt/EBITDA and EBITDA interest cover were well ahead of target in 2022. Further details can be found in the Finance Review on pages 44 to 47. The Group was in compliance with its covenant requirements throughout the year. Additional information on progress against Key Performance Indicators can be found on pages 48 to 51. Notes to the Group Accounts continued 194 Croda International Plc Annual Report and Accounts 2022 20. Borrowings, other financial liabilities and other financial assets continued Cash flow hedging During the year, the Group held two instruments to hedge exposures to changes in foreign currency on a highly probable future business disposal and debt repayment (hedged items). As at 31 December 2021, the combined nominal value of the contracts was \u00a3601.9m and the average forward contract rates were 0.85 (EUR:GBP) and 1.12 (EUR:USD). These contracts were contingent on the successful completion of the business disposal, were designated as cash flow hedges and provided certainty over approximately 85% of the estimated FX exposure on these forecast future transactions. The forecast future transactions were completed in the year ended 31 December 2022 and the associated instruments settled. The cumulative cash flow hedging reserve of \u00a36.5m credit (2021: \u00a33.7m credit) and cost of hedging reserves of \u00a36.0m debit (2021: \u00a36.0m debit) were reclassified to the income statement and reported within the gain on business disposal. There was no hedge ineffectiveness recognised in the income statement during the year ended 31 December 2022 (2021: \u00a3nil). The Group also holds forward foreign currency contracts to hedge certain intercompany loans. The contracts are classified as fair value through profit and loss and had a carrying amount of \u00a31.3m liability at 31 December 2022, reported within trade and other payables. As at 31 December 2022 the gross notional value of intercompany loan hedges was \u00a3128.1m (2021: \u00a3nil). Interest rate risk The Group has both interest bearing assets and liabilities. In 2016, the Group had a policy of maintaining no more than 60% of its gross borrowings at fixed interest rates in normal circumstances. During 2016, the Group increased its amount of fixed rate debt following payment of the \u00a3136m special dividend and consequent increase in core debt requirements. Notes were issued in the amounts of \u00a3100m and \u20ac100m with an average maturity of 2.6 years and interest rate of 2.07%. During 2017, the policy formally increased the upper limit for fixed rate debt to 75% of gross borrowings. During 2019, the Group increased its amount of fixed rate debt following payment of the \u00a3151.5m special dividend. Notes were issued in the amounts of \u00a365m, \u20ac50m and US$60m with an average maturity of 5.1 years and interest rate of 2.49%. In January 2020 the Group repaid its US$100m 10-year loan note carrying a fixed rate of 5.94%, and replaced it with a US$100m 10-year loan note carrying a fixed rate of 3.75%. At 31 December 2022, approximately 70% of Group borrowings were at fixed rates. At 31 December 2022, aside from the loan notes referred to above, all Group debt and cash was exposed to repricing within 12 months of the balance sheet date. At 31 December 2022, the Group\u2019s fixed rate debt was at a weighted average rate of 2.55% (2021: 2.53%). As at 31 December 2022, the Group\u2019s floating rate liabilities are based on SONIA, ICE LIBOR or EURIBOR, depending upon the drawdown currency. Based on the above, had interest rates moved by 100 basis points in the territories where the Group has substantial borrowings, post-tax profits would have moved by \u00a33.6m (2021: \u00a35.1m) due to a change in interest expense on the Group\u2019s floating rate borrowings. Liquidity risk The Group actively maintains a mixture of long-term and short-term committed facilities designed to ensure that the Group has sufficient funds available for operations and planned investments. On a regular basis, management monitors forecasts of the Group\u2019s cash flows against both internal targets and those targets imposed by external lenders. The Group has substantial committed, unused facilities and the Directors are confident this situation will remain the case for the foreseeable future. Credit risk The Group has no significant concentrations of credit risk. It has policies in place to ensure that sales of products are made to customers with an appropriate credit history. Derivative counterparties and cash transactions are limited to high-credit quality financial institutions. The Group has policies that limit the amount of credit exposure to any individual financial institution. Capital risk management The Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders, as well as maintaining an optimal capital structure to reduce overall cost of capital. In order to maintain this optimal structure, the Group may adjust the amount of dividends paid, issue new shares, return capital to shareholders or dispose of assets to reduce net debt. Given the Group\u2019s strong balance sheet and sustained trading growth, the Group announced a dividend policy in 2011 of paying a dividend of between 40% and 50% of sustainable earnings. Further details can be found in the Finance Review on pages 44 to 47. Underlying growth coupled to Return on Invested Capital (ROIC) is the key perceived driver of shareholder value within the Group. The Group\u2019s ROIC now stands at 14.1% against a post-tax Weighted Average Cost of Capital (WACC) of 7.5%. The Group\u2019s target is to maintain ROIC at two to three times WACC over the long-term. In addition, the Group employs two widely used ratios to measure its ability to service its debt. Both net debt/EBITDA and EBITDA interest cover were well ahead of target in 2022. Further details can be found in the Finance Review on pages 44 to 47. The Group was in compliance with its covenant requirements throughout the year. Additional information on progress against Key Performance Indicators can be found on pages 48 to 51. Croda International Plc Annual Report and Accounts 2022 195 Financial statements 21. Provisions Environmental \u00a3m Site restoration \u00a3m Other \u00a3m Total \u00a3m A t 1 January 2022 5.7 \u2013 3.4 9.1 Exchange differences 0.4 \u2013 0.6 1.0 Remeasurement \u2013 7.9 \u2013 7.9 Released to the income statement (0.2) \u2013 (0.2) (0.4) Charged to the income statement 0.9 \u2013 1.1 2.0 Cash paid against provisions and utilised (1.2) \u2013 (0.8) (2.0) A t 31 December 2022 5.6 7.9 4.1 17.6 Analysis of total provisions 2022 \u00a3m 2021 \u00a3m Current 6.1 5.5 Non-current 11.5 3.6 17.6 9.1 Provisions are made where a constructive or legal obligation has arisen from a past event, can be quantified and where the timing of the transfer of economic benefits relating to the provisions cannot be ascertained with any degree of certainty. The environmental provision relates to soil and potential groundwater contamination on a number of sites, both currently in use and previously occupied, in Europe and the Americas. In relation to the environmental provision, the Directors expect that the balance will be utilised within 10 years. Provisions for remediation costs are made when there is a present obligation, it is probable that expenditures for remediation work will be required, and the cost can be estimated within a reasonable range of possible outcomes. The costs are based on currently available facts and prior experience. Environmental liabilities are recorded at the estimated amount at which the liability could be settled at the balance sheet date. Remediation of environmental damage typically takes a long time to complete due to the substantial amount of planning and regulatory approvals normally required before remediation activities can begin. In addition, increases in or releases of environmental provisions may be necessary whenever new developments occur or additional information becomes available. Consequently, environmental provisions can change significantly, and the timing and quantum of costs are inherently uncertain. The level of environmental provision is based on management\u2019s best estimate of the most likely outcome for each individual exposure. During the year, site restoration provisions have been made for certain leased sites with an existing obligation to restore the environment or dismantle assets. The provisions are based on currently available facts and prior experience and are recorded at the estimated amount as at the balance sheet date. The Group has also considered the impact of discounting on its provisions and has concluded that, as a consequence of the size of the provisions and utilisation timescales, the impact is not material. 22. Ordinary share capital Ordinary shares of 10.61p (2021: 10.61p) 2022 \u00a3m 2021 \u00a3m A llotted, called up and fully paid A t 1 January and 31 December \u2013 142,536,884 (2021: 142,536,884) ordinary shares 15.1 15.1 During 2022, options were granted to employees under the Croda International Plc Sharesave Scheme to subscribe for 69,318 ordinary shares at an option price of 5509p per share. Conditional awards over 121,930 ordinary shares were granted under the Performance Share Plan during the year and 14,280 under the Free Share Plan. Also granted in the year were 16,914 shares under the Deferred Bonus Share Plan and 6,693 shares under the Restricted Share Plan. During the year consideration of \u00a33.6m was received on the exercise of options over 90,189 shares. The options were satisfied with shares transferred from the Group's employee share trusts. Since the year end a further 1,299 shares have been transferred from the trusts. During the year, the Group purchased 154,115 of its own ordinary shares to satisfy awards under various share-based payment schemes for consideration of \u00a310.8m. Notes to the Group Accounts continued 196 Croda International Plc Annual Report and Accounts 2022 22. Ordinary share capital continued The outstanding options to subscribe for ordinary shares were as follows at the balance sheet date: Y ear option granted Number of shares Price Options exercisable from Croda International Plc Sharesave Scheme 2019 5,561 3898p 1 Nov 2022 to 30 Apr 2023 2020 50,799 4804p 1 Nov 2023 to 30 Apr 2024 2021 31,694 7327p 1 Nov 2024 to 30 Apr 2025 2022 67,497 5509p 1 Nov 2025 to 30 Apr 2026 Croda International Plc Performance Share Plan (2014) 2020 105,541 Nil 25 Mar 2023 2020 48,447 Nil 29 Apr 2023 2021 123,197 Nil 24 Mar 2024 2022 121,930 Nil 22 Mar 2025 Croda International Plc Deferred Bonus Share Plan 2022 17,160 Nil 22 Mar 2025 Croda International Plc Restricted Share Plan 2020 6,161 Nil 25 Mar 2023 2021 7,040 Nil 17 Mar 2024 2022 6,356 Nil 29 Mar 2025 2022 337 Nil 24 Oct 2025 Croda International Plc Free Share Plan 2022 14,120 Nil 2 May 2023 23. Share-based payments The impact of share-based payment transactions on the Group\u2019s financial position is as follows: 2022 \u00a3m 2021 \u00a3m A nalysis of amounts recognised in the income statement: Charged in respect of equity settled share-based payment transactions 8.7 10.3 (Credited)/Charged in respect of cash settled share-based payment transactions (5.2) 31.0 3.5 41.3 A nalysis of amounts recognised in the balance sheet: Liability in respect of cash settled share-based payment transactions 8.4 28.0 The key elements of each scheme along with the assumptions employed to arrive at the charge in the income statement are set out below. Where appropriate the expected volatility has been based on historical volatility considering daily share price movements over periods equal to the expected future life of the awards and the risk free rate is based on the Bank of England\u2019s projected nominal yield curve with appropriate duration. Croda International Plc Sharesave Scheme (\u2018Sharesave\u2019) The Sharesave Scheme, established in 1983 and renewed in 2013, grants options annually in September to employees of the Group at a fixed exercise price, being the market price of the Company\u2019s shares at the grant date discounted by up to 20%. Employees then enter into a savings contract over three years and, subject to continued employment, purchase options at the end of the period based on the amount saved. Options are then exercisable for a six month period following completion of the savings contract. For options granted in the year, the fair value per option granted and the assumptions used in the calculation of the value are as follows: 2022 2021 Grant date 15 Sep 2022 16 Sep 2021 Share price at grant date 6568p 9144p Exercise price 5509p 7327p Number of employees 646 727 Shares under option 69,318 55,474 V esting period Three years Three years Expected volatility 26% 20% Option life Six months Six months Risk free rate 3.1% 0.3% Dividend yield 1.6% 1.0% Possibility of forfeiture 7.5% p.a. 7.5% p.a. Fair value per option at grant date 1758.1p 2094.0p Option pricing model Black Scholes Black Scholes Notes to the Group Accounts continued 196 Croda International Plc Annual Report and Accounts 2022 22. Ordinary share capital continued The outstanding options to subscribe for ordinary shares were as follows at the balance sheet date: Year option granted Number of shares Price Options exercisable from Croda International Plc Sharesave Scheme 2019 5,561 3898p 1 Nov 2022 to 30 Apr 2023 2020 50,799 4804p 1 Nov 2023 to 30 Apr 2024 2021 31,694 7327p 1 Nov 2024 to 30 Apr 2025 2022 67,497 5509p 1 Nov 2025 to 30 Apr 2026 Croda International Plc Performance Share Plan (2014) 2020 105,541 Nil 25 Mar 2023 2020 48,447 Nil 29 Apr 2023 2021 123,197 Nil 24 Mar 2024 2022 121,930 Nil 22 Mar 2025 Croda International Plc Deferred Bonus Share Plan 2022 17,160 Nil 22 Mar 2025 Croda International Plc Restricted Share Plan 2020 6,161 Nil 25 Mar 2023 2021 7,040 Nil 17 Mar 2024 2022 6,356 Nil 29 Mar 2025 2022 337 Nil 24 Oct 2025 Croda International Plc Free Share Plan 2022 14,120 Nil 2 May 2023 23. Share-based payments The impact of share-based payment transactions on the Group\u2019s financial position is as follows: 2022 \u00a3m 2021 \u00a3m Analysis of amounts recognised in the income statement: Charged in respect of equity settled share-based payment transactions 8.7 10.3 (Credited)/Charged in respect of cash settled share-based payment transactions (5.2) 31.0 3.5 41.3 Analysis of amounts recognised in the balance sheet: Liability in respect of cash settled share-based payment transactions 8.4 28.0 The key elements of each scheme along with the assumptions employed to arrive at the charge in the income statement are set out below. Where appropriate the expected volatility has been based on historical volatility considering daily share price movements over periods equal to the expected future life of the awards and the risk free rate is based on the Bank of England\u2019s projected nominal yield curve with appropriate duration. Croda International Plc Sharesave Scheme (\u2018Sharesave\u2019) The Sharesave Scheme, established in 1983 and renewed in 2013, grants options annually in September to employees of the Group at a fixed exercise price, being the market price of the Company\u2019s shares at the grant date discounted by up to 20%. Employees then enter into a savings contract over three years and, subject to continued employment, purchase options at the end of the period based on the amount saved. Options are then exercisable for a six month period following completion of the savings contract. For options granted in the year, the fair value per option granted and the assumptions used in the calculation of the value are as follows: 2022 2021 Grant date 15 Sep 2022 16 Sep 2021 Share price at grant date 6568p 9144p Exercise price 5509p 7327p Number of employees 646 727 Shares under option 69,318 55,474 V esting period Three years Three years Expected volatility 26% 20% Option life Six months Six months Risk free rate 3.1% 0.3% Dividend yield 1.6% 1.0% Possibility of forfeiture 7.5% p.a. 7.5% p.a. Fair value per option at grant date 1758.1p 2094.0p Option pricing model Black Scholes Black Scholes Croda International Plc Annual Report and Accounts 2022 197 Financial statements A reconciliation of option movements over the year is as follows: 2022 2021 Number Weighted average exercise price Number W eighted average exercise price Outstanding at 1 January 212,421 5082p 230,705 4243p Granted 69,318 5509p 55,474 7327p Forfeited (35,999) 6340p (11,177) 4524p Exercised (90,189) 4028p (62,581) 4081p Outstanding at 31 December 155,551 5592p 212,421 5082p Exercisable at 31 December 5,561 3898p 4,434 4144p For options exercised in year, weighted average share price at date of exercise 6789p 9206p Weighted average remaining life at 31 December (years) 2.4 2.4 Croda International Plc International Sharesave Plan 2009 (\u2018International\u2019) The International scheme, established in 1999 and renewed in 2009, has the same option pricing model, savings contract and vesting period as the Sharesave scheme. At exercise, employees are paid a cash equivalent for each option purchased, being the difference between the exercise price and market price at the exercise date. For options granted in the year, the fair value per option granted and the assumptions used in the calculation of the value are as follows: 2022 2021 Grant date 15 Sep 2022 16 Sep 2021 Share price at grant date 6568p 9144p Exercise price 5509p 7327p Number of employees 2,660 2,973 Shares under option 243,807 202,071 V esting period Three years Three years Expected volatility 27% 20% Option life One month One month Risk free rate 3.4% 0.3% Dividend yield 1.6% 0.9% Possibility of forfeiture 7.5% p.a. 7.5% p.a. Fair value per option at 31 December 1814.7p 2934.8p Option pricing model Black Scholes Black Scholes A reconciliation of option movements over the year is as follows: 2022 2021 Number Weighted average exercise price Number W eighted average exercise price Outstanding at 1 January 653,245 5227p 681,756 4262p Granted 243,807 5509p 202,071 7327p Forfeited (101,670) 5917p (57,397) 4519p Exercised (247,676) 3960p (173,185) 4141p Outstanding at 31 December 547,706 5778p 653,245 5227p For options exercised in year, weighted average share price at date of exercise 6664p 9378p Weighted average remaining life at 31 December (years) 2.0 1.8 Notes to the Group Accounts continued 198 Croda International Plc Annual Report and Accounts 2022 23. Share-based payments continued Croda International Plc Performance Share Plan 2014 (\u2018PSP\u2019) The PSP scheme was established in 2014 and replaced the Company\u2019s previous Executive long-term incentive plans. The PSP provides for awards of free shares (i.e. either conditional shares or nil-cost options) normally made annually which vest after three years dependent upon an EPS performance related sliding scale (non-market condition), an NPP growth measure (non-market condition), sustainability conditions in relation to decarbonisation roadmaps and emissions (non-market conditions) and the Group\u2019s total shareholder return (market condition). The PSP is discussed in detail in the Directors\u2019 Remuneration Report (pages 102 to 140). Shares (on an after-tax basis) are subject to a two-year post vesting holding period. For options granted in the year, the fair value per option granted and the assumptions used in the calculation of the value are as follows: 2022 2021 Market condition Non-market condition Market condition Non-market condition Grant date 22 Mar 2022 22 Mar 2022 24 Mar 2021 24 Mar 2021 Share price at grant date 7390p 7390p 6401p 6401p Number of employees 67 67 68 68 Shares under conditional award 42,676 79,254 45,546 84,585 V esting period Three years Three years Three years Three years Expected volatility 24% 24% 20% 20% Dividend yield 1.4% 1.4% 1.4% 1.4% Possibility of forfeiture 3.45% p.a. 3.45% p.a. 3.45% p.a. 3.45% p.a. Fair value per option at grant date 3111p 7098p 2420p 6136p Option pricing model Closed form valuation Closed form valuation Closed form valuation Closed form valuation A reconciliation of option movements over the year is as follows: 2022 2021 Number Weighted average exercise price Number W eighted average exercise price Outstanding at 1 January 426,300 \u2013 461,005 \u2013 Granted 121,930 \u2013 130,131 \u2013 Forfeited (14,536) \u2013 (108,077) \u2013 Exercised (134,579) \u2013 (56,759) \u2013 Outstanding at 31 December 399,115 \u2013 426,300 \u2013 For options exercised in year, weighted average share price at date of exercise 6870p 6205p Weighted average remaining life at 31 December (years) 1.2 1.3 Croda International Plc Deferred Bonus Share Plan (\u2018DBSP\u2019) The DBSP scheme was established in 2014. Under the DBSP, one third of any annual bonuses due to certain senior executives are deferred. The size of award is determined by the amount of the total bonus divided by one third and converted into a number of Croda shares using the market value of shares at the time the award is granted. Awards are increased by the number of shares equating to the equivalent value of any dividend paid during the option period. The awards vest on the third anniversary of the date of grant unless the recipient has been dismissed for cause. There are no performance conditions applied to the award. The DBSP is also discussed in the Directors\u2019 Remuneration Report (pages 102 to 140). 2022 2021 Grant date 22 Mar 2022 \u2013 Share price at grant date 7390p \u2013 Number of employees 11 \u2013 Shares under conditional award 16,914 \u2013 V esting period Three years \u2013 Notes to the Group Accounts continued 198 Croda International Plc Annual Report and Accounts 2022 23. Share-based payments continued Croda International Plc Performance Share Plan 2014 (\u2018PSP\u2019) The PSP scheme was established in 2014 and replaced the Company\u2019s previous Executive long-term incentive plans. The PSP provides for awards of free shares (i.e. either conditional shares or nil-cost options) normally made annually which vest after three years dependent upon an EPS performance related sliding scale (non-market condition), an NPP growth measure (non-market condition), sustainability conditions in relation to decarbonisation roadmaps and emissions (non-market conditions) and the Group\u2019s total shareholder return (market condition). The PSP is discussed in detail in the Directors\u2019 Remuneration Report (pages 102 to 140). Shares (on an after-tax basis) are subject to a two-year post vesting holding period. For options granted in the year, the fair value per option granted and the assumptions used in the calculation of the value are as follows: 2022 2021 Market condition Non-market condition Market condition Non-market condition Grant date 22 Mar 2022 22 Mar 2022 24 Mar 2021 24 Mar 2021 Share price at grant date 7390p 7390p 6401p 6401p Number of employees 67 67 68 68 Shares under conditional award 42,676 79,254 45,546 84,585 Vesting period Three years Three years Three years Three years Expected volatility 24% 24% 20% 20% Dividend yield 1.4% 1.4% 1.4% 1.4% Possibility of forfeiture 3.45% p.a. 3.45% p.a. 3.45% p.a. 3.45% p.a. Fair value per option at grant date 3111p 7098p 2420p 6136p Option pricing model Closed form valuation Closed form valuation Closed form valuation Closed form valuation A reconciliation of option movements over the year is as follows: 2022 2021 Number Weighted average exercise price Number Weighted average exercise price Outstanding at 1 January 426,300 \u2013 461,005 \u2013 Granted 121,930 \u2013 130,131 \u2013 Forfeited (14,536) \u2013 (108,077) \u2013 Exercised (134,579) \u2013 (56,759) \u2013 Outstanding at 31 December 399,115 \u2013 426,300 \u2013 For options exercised in year, weighted average share price at date of exercise 6870p 6205p Weighted average remaining life at 31 December (years) 1.2 1.3 Croda International Plc Deferred Bonus Share Plan (\u2018DBSP\u2019) The DBSP scheme was established in 2014. Under the DBSP, one third of any annual bonuses due to certain senior executives are deferred. The size of award is determined by the amount of the total bonus divided by one third and converted into a number of Croda shares using the market value of shares at the time the award is granted. Awards are increased by the number of shares equating to the equivalent value of any dividend paid during the option period. The awards vest on the third anniversary of the date of grant unless the recipient has been dismissed for cause. There are no performance conditions applied to the award. The DBSP is also discussed in the Directors\u2019 Remuneration Report (pages 102 to 140). 2022 2021 Grant date 22 Mar 2022 \u2013 Share price at grant date 7390p \u2013 Number of employees 11 \u2013 Shares under conditional award 16,914 \u2013 V esting period Three years \u2013 Croda International Plc Annual Report and Accounts 2022 199 Financial statements A reconciliation of option movements over the year is as follows: 2022 2021 Number Weighted average exercise price Number W eighted average exercise price Outstanding at 1 January 8,913 \u2013 28,127 \u2013 Granted 16,914 \u2013 \u2013 \u2013 Dividend enhancement 246 \u2013 101 \u2013 Exercised (8,913) \u2013 (19,315) \u2013 Outstanding at 31 December 17,160 \u2013 8,913 \u2013 For options exercised in year, weighted average share price at date of exercise 6904p 6205p Weighted average remaining life at 31 December (years) 2.3 0.2 Croda International Plc Restricted Share Plan (\u2018RSP\u2019) The RSP scheme was established in 2018 and provides for awards of free shares or cash equivalent to a limited number of employees not eligible for the PSP scheme, based on a percentage of salary. The awards vest on the third anniversary of the date of grant, subject to the condition that the employee remains employed by the Group. There are no performance conditions applied to the award. On the vesting date, UK employees will be awarded free shares and non-UK employees will be paid a cash equivalent based on the market price. 2022 2021 Grant date 24 Oct 2022 29 Mar 2022 17 Mar 2021 Share price at grant date 6646p 7795p 6314p Number of employees 1 57 66 Shares under conditional award 337 6,356 8,621 V esting period Three years Three years Three years Dividend yield 1.5% 1.3% 1.4% Possibility of forfeiture 3.45% p.a. 3.45% p.a. 3.45% p.a. Fair value per option at grant date 6349p 7506p 6049p Option pricing model Closed form valuation Closed form valuation Closed form valuation A reconciliation of option movements over the year is as follows: 2022 2021 Number Weighted average exercise price Number W eighted average exercise price Outstanding at 1 January 20,958 \u2013 19,288 \u2013 Granted 6,693 \u2013 8,621 \u2013 Forfeited (1,226) \u2013 (693) \u2013 Exercised (6,531) \u2013 (6,258) \u2013 Outstanding at 31 December 19,894 \u2013 20,958 \u2013 For options exercised in year, weighted average share price at date of exercise 7260p 6257p Weighted average remaining life at 31 December (years) 1.3 1.5 Croda International Plc Free Share Plan (\u2018FSP\u2019) The FSP scheme was established in 2021 and provides for awards of free shares or cash equivalent to eligible employees. The Company has discretion to set the number of shares awarded. The awards will vest provided that the employee remains employed by the Group and that a bonus payment is paid under the terms of the Company's Group Profit Incentive Bonus Scheme in respect of the financial year concerned. Subject to the two conditions being met, on the vesting date, UK employees (and certain other identified jurisdictions) will be awarded free shares and non-UK employees will be paid a cash equivalent based on the market price. Notes to the Group Accounts continued
200 Croda International Plc Annual Report and Accounts 2022
23. Share-based payments continued
2022 2021
Grant date 6 Sep 2022 3 Nov 2021
Share price at grant date 6648p 9597p
Number of employees
5,038 5,237
Shares under conditional award
50,380 52,370
esting period One year One year
Dividend yield
1.6% 1.0%
Possibility of forfeiture
7.5% p.a. 7.5% p.a.
Fair value per option at grant date
6497p 9503p
Option pricing model
Closed form
valuation
Closed form
valuation
reconciliation of option movements over the year is as follows:
2022 2021
Number
Weighted
average
exercise
price Number
eighted
average
exercise
price
Outstanding at 1 January 51,580 \u2013 \u2013 \u2013
Granted 50,380 \u2013 52,370 \u2013
Forfeited
(2,470) \u2013 (790) \u2013
Exercised
(50,160) \u2013 \u2013 \u2013
Outstanding at 31 December
49,330 \u2013 51,580 \u2013
For options exercised in year, weighted average share price at date of exercise 7605p \u2013
Weighted average remaining life at 31 December (years) 0.3 0.3
Croda International Plc Share Incentive Plan (\u2018SIP\u2019)
The SIP scheme has similar objectives to the Sharesave Scheme in terms of increasing employee retention and share ownership. Under the
scheme, employees enter into an agreement to purchase shares in the Company each month. For each share purchased by an employee, the
Company awards a matching share which passes to the employee after three years' service. The matching shares are allocated each month at
market value with this fair value charge being recognised in the income statement in full in the year of allocation.
24. Shareholders\u2019 equity
Croda International Plc Qualifying Share Ownership Trust (QUEST), Croda International Plc Employee Benefit Trust (CIPEBT) and Croda
International Plc AESOP Trust (AESOP) each hold shares purchased on the open market or transferred from treasury shares to satisfy the future
issue of shares under the Group's share option schemes. As at 31 December 2022 the QUEST had a net amount due from the Company of
\u00a319.8m (2021: \u00a316.1m) and held 57,216 (2021: 30,640) shares transferred at a nil cost (2021: nil cost) with a market value of \u00a33.8m (2021:
\u00a33.1m). As at 31 December 2022 the CIPEBT was financed by a repayable on demand loan to the Company of \u00a337.8m (2021: \u00a326.9m) and
held 688 (2021: 910) shares transferred at a nil cost (2021: nil cost) with a market value of \u00a30.1m (2021: \u00a30.1m).
As at 31 December 2022 the AESOP had issued all its previously held shares, as financed by the Company, and thus had no residual loan
balance with the Company. All of the shares held by the QUEST and CIPEBT were under option at 31 December 2022 and, except for a
nominal amount, the right to receive dividends has been waived.
As at 31 December 2022 the total number of treasury shares held was 2,901,442 (2021: 3,018,203) with a market value of \u00a3199.3m
(2021: \u00a3303.2m).
25. Non-controlling interests in equity
2022
\u00a3m
2021
\u00a3m
t 1 January 12.8 9.3
Exchange differences 0.4 0.1
Profit for the year
4.0 2.0
cquisition of a subsidiary with a non-controlling interest \u2013 1.6
cquisition of a non-controlling interest in an existing subsidiary (1.4) (0.2)
djustment to retained earnings (0.3) \u2013
Issue of share capital
\u2013 0.2
Dividends paid to non-controlling interests
\u2013 (0.2)
t 31 December 15.5 12.8
During 2022, the Group purchased an additional 4% share in Parfex S.A. for cash consideration of \u00a31.4m.
26. Related party transactions
The Group has no related party transactions, with the exception of remuneration paid to key management and Directors (note 10).
27. Business combinations
2021 Acquisitions
On 2 March 2021, the Group acquired the worldwide business activities of Alban Muller including 100% of the shares and voting interests of
Acallmi for a total consideration of \u00a315.2m with identifiable net assets of \u00a38.7m, generating goodwill of \u00a36.5m. Established in France and
employing 90 people, Alban Muller specialises in eco-responsible solutions to developing innovative botanical extracts, natural formulation
ingredients and natural organic cosmetics. The company is an excellent fit for Croda\u2019s Beauty Actives business (part of the Consumer Care
sector) and provides Croda with access to innovative technology in the botanicals market.
On 1 June 2021, the Group acquired a 96% majority shareholding in Parfex S.A. ('Parfex'), a fine fragrance business based in Grasse, France for
a total consideration of \u00a335.4m with identifiable net assets of \u00a323.5m and NCI of \u00a31.6m, generating goodwill of \u00a313.5m. Employing 75 people,
Parfex creates fragrances principally for premium personal care and fine perfumery markets, leveraging the natural raw materials that are
available in the region. The company forms part of the Fragrances & Flavours business (part of the Consumer Care sector) alongside Iberchem
acquired in November 2020.
28. Business disposal
On 30 June 2022, the Group completed the disposal of the majority of its Performance Technologies and Industrial Chemicals business for cash
consideration of \u00a3651.0m. The divested business comprised four manufacturing facilities, together with associated laboratory facilities and sales
operations, and formed part of Croda\u2019s integrated operating model prior to disposal. The following table summarises the effect of the disposal
on the Group's consolidated financial statements.
\u00a3m
Cash consideration received 651.0
Intercompany settlement (24.1)
626.9
ssets and liabilities of the divested business
Intangible assets 20.2
Property, plant & equipment 154.4
Right of use assets 1.1
Inventories 99.7
Trade and other receivables 24.3
Cash and cash equivalents 9.3
Trade and other payables (35.3)
Lease liabilities (1.1)
Current tax payable 0.3
Retirement benefit liabilities (1.5)
Deferred tax (8.8)
Net assets 262.6
ssociated transactions and costs
Pension curtailment gain 3.9
Disposal and separation costs (33.9)
Foreign exchange gains 6.9
Reclassification of currency translation 14.8
Gain on business disposal before tax 356.0
Income tax on business disposal (21.5)
Gain on business disposal after tax 334.5
Disposal and separation costs primarily comprise investment banking fees, legal fees, external consultant support for financial, tax and
operational aspects of the transaction as well as related employee bonuses. The gain on business disposal includes foreign exchange gains that
resulted from the settlement of proceeds and associated intercompany balances across the Group shortly following completion.
Income tax payable on the gain on business disposal has been calculated on a jurisdiction-by-jurisdiction basis, applying the relevant
corporation tax rates and exemptions.
29. Post balance sheet events
Subsequent to 31 December 2022, the Group signed an agreement to acquire Solus Biotech, based in South Korea, for total consideration of
KRW350bn (approximately \u00a3232m). The transaction is subject to regulatory approval and had no impact on the Group\u2019s 2022 financial
statements.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory",
"language": "en",
"entity": "scheme:2138004WCNBFJEEOXV26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-426": {
"value": "The principal accounting policies adopted in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. Basis of preparation The consolidated financial statements have been prepared under the historical cost convention, in accordance with applicable law and UK- adopted international accounting standards. A summary of the more important Group accounting policies is set out below. Going concern The consolidated financial statements have been prepared on a going concern basis which the Directors believe to be appropriate for the following reasons: At 31 December 2022 the Group had \u00a31,122m of committed debt facilities available from its banking group, USPP bondholders and lease providers, with principal maturities between 2023 and 2030, of which \u00a3579.3m (2021: \u00a3334.4m) was undrawn, together with cash balances of \u00a3320.6m (2021: \u00a3112.8m). The Directors have reviewed the liquidity and covenant forecasts for the Group\u2019s going concern assessment period covering at least 12 months from the date of approval of the financial statements. Based on these forecasts, the Group continues to have significant liquidity headroom and strong financial covenant headroom under its debt facilities. A reverse stress testing scenario has been performed which assesses that adjusted operating profit would need to fall by over 90% to trigger an event of default as at 30 June 2024, before considering additional unmodelled actions to conserve cash. The Directors do not consider this a plausible scenario. The Directors have also considered the impact on the Group from the agreement to acquire Solus Biotech for total consideration of approximately \u00a3232m. This acquisition will be funded by the reinvestment of PTIC disposal proceeds and will have no material impact on Croda\u2019s leverage and a limited impact on its liquidity. The Directors have also considered the unlikely scenario that if the full reinvestment of PTIC disposal proceeds was not made within the agreed timelines with the USPP bondholders, certain future financial covenant restrictions could trigger a partial repayment of the USPP bonds. In this event any potential repayment could be funded from cash balances and other existing debt facilities. The Directors are therefore satisfied that the Group has sufficient resources to continue in operation for a period of not less than 12 months from the date of approval of the financial statements. Accordingly, the consolidated financial statements have been prepared on a going concern basis. Climate change The Group has long recognised the scale of the climate emergency and considers this to offer both opportunities and risks in the future. The Group\u2019s current climate change strategy focuses on reducing its carbon footprint and increasing its use of bio-based raw materials, whilst the benefits in using its ingredients will enable more carbon to be saved than were emitted through operations and supply chain. The impact of climate change has been considered in the preparation of these financial statements across a number of areas, including; our review of property, plant and equipment remaining useful lives and our evaluation of critical accounting estimates and judgements which are detailed below, consistent with the risks and opportunities set out on pages 66 to 68. None of these risks had a material effect on the consolidated financial statements of the Group. The Group will continue developing its assessment of the impact that climate change has on the assets and liabilities recognised and presented in its financial statements. Critical accounting judgements and key sources of estimation uncertainty The Group\u2019s significant accounting policies under UK-adopted international accounting standards have been set by management with the approval of the Audit Committee. The application of these policies requires estimates and assumptions to be made concerning the future and judgements to be made on the applicability of policies to particular situations. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Under UK-adopted international accounting standards an estimate or judgement may be considered critical if it involves matters that are highly uncertain or where different estimation methods could reasonably have been used, or if changes in the estimate that would have a material impact on the Group\u2019s results are likely to occur from period to period. The critical accounting judgement required when preparing the Group\u2019s accounts is as follows: (i) Business disposal \u2013 The Group completed the divestment of the majority of its Per formance Technologies and Industri al Chemicals ('PTIC') business to a wholly owned subsidiary of Cargill Inc. on 30 June 2022. The Group\u2019s assessment that the disposal group does not meet the definition of a separate major line of business or geograp hical area of operations, and therefore is not a discontinued operation, is a key judgement. The key con siderations in forming this conclusion were: \u2022 The Group is not exiting a geographical area of operations; Croda will remain active in all territories in which the divested b usiness operates. \u2022 Whilst the majority of the PTIC business is being divested, a significant proportion remains with Croda via the reta ined Indus trial Specialties product portfolio, supply agreements an d retained production capabilities. \u2022 The complex carve-out requirements of the disposal mean that the operations and cash flows of the divested business cannot b e distinguished clearly from the remaining Croda Group. Croda Sipo in which Croda has a 65% shareholding was excluded from the transaction that completed on 30 June 2022. The Group\u2019s assessment that Sipo is not available for sale in its present condition is a key judgement in determining that Sipo is not classified as an asset held for sale at 31 December 2022. The sale of Sipo to Cargill Inc. is subject to reaching agreement with our partner to also sell its stake, which now appears unlikely to occur in the near term. The critical accounting estimates and assumptions required when preparing the Group\u2019s accounts are as follows: (i) Post-retirement benefits \u2013 as disclosed in note 11, the Group\u2019s principal retirement benefit schemes are of the defined benefit type. Year end recognition of the liabilities under these schemes and the valuation of assets held to fund these liabilities require a number of significant assumptions to be made, relating to key financial market indicators such as inflation and expectations on future salary growth and asset returns. These assumptions are made by the Group in conjunction with the schemes\u2019 actuaries and the Directors are of the view that any estimation should be appropriate and in line with consensus opinion. The critical accounting estimate specifically relates to the Group\u2019s UK scheme, given the size of the liabilities and their sensitivity to underlying assumptions. Small changes in these assumptions could result in a material adjustment to carrying values in the next financial year. (ii) Goodwill impairment \u2013 Management are required to undertake an annual test for impairment of indefinite lived assets such as goodwill. Accordingly, the Group tests annually whether goodwill has suffered any impairment by comparing the carrying value of the underlying Cash Generating Units (\u2018CGUs\u2019) to their recoverable amount calculated by detailed value in use calculations. These value in use calculations require the use of estimates to enable the calculation of the net present value of cash flow projections of the relevant CGU. The critical assumptions are as follows: \u2022 Terminal value growth in EBITDA (calculated as operating profit before depreciation and amortisation) \u2013 set for each CGU with reference to the long-term growth rate for the market and territory in which the CGU operates but not exceeding the Group's long-term average growth rate, estimated at 3%. \u2022 Selection of appropriate market participant real post-tax discount rates to reflect the specific nature of the CGU. \u2022 Specific risk adjusted, real term cash flow projections including key assumptions on revenue growth and operating margins \u2013 generally over a five-year period unless the profile of a particular CGU warrants a longer period. An impairment of \u00a334.6m was recorded in relation to goodwill arising on the acquisition of Iberchem's Flavours business. The assumptions selected and associated sensitivity analysis are disclosed in note 12. Excluding the Flavours CGU, recoverable amounts currently exceed carrying values including goodwill; however, testing did identify that reasonable possible changes in key assumptions would cause the recoverable amount of the Fragrances CGU to be less than the carrying value. The assumptions selected and associated sensitivity analysis are disclosed in note 12. Due to the nature of the Fragrances and Flavours businesses, including their low carbon footprint, the key assumptions were not materially impacted by the climate change risks and opportunities set out in the Annual Report on pages 66 to 68. The Group\u2019s other annual impairment tests were not considered to be materially impacted by the climate change risks and opportunities. Given the size of the goodwill balances for the Fragrances and Flavours CGUs and the carrying values\u2019 sensitivity to underlying assumptions, small changes in these assumptions could result in a material adjustment to carrying values in the next financial year. Changes in accounting policy (i) The Group adopted the following new accounting policies on 1 January 2022 to comply with amendments to IFRS. The accounting pronouncements, none of which had a material impact on the Group\u2019s financial reporting on adoption, are: \u2022 Annual Improvements to IFRS Standards 2018-2020; \u2022 Amendments to IAS 16 \u2018Property, Plant and Equipment: Proceeds before Intended Use\u2019; \u2022 Amendments to IAS 37 \u2018Onerous Contracts- Cost of Fulfilling a Contract\u2019; and \u2022 Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 \u2018Interest Rate Benchmark Reform - Phase 2\u2019. (ii) The IASB has issued the following pronouncements for annual periods beginning on or after 1 January 2023 or 1 January 2024: \u2022 Amendments to IFRS 3 \u2018Reference to the Conceptual Framework\u2019; \u2022 IFRS 17 \u2018Insurance Contracts\u2019 and Amendments to IFRS 17 \u2018Insurance Contracts\u2019; \u2022 Amendments to IAS 1 \u2018Classification of Liabilities as Current or Non-Current\u2019; \u2022 Amendments to IAS 1 \u2018Disclosure of Accounting Policies\u2019; \u2022 Amendments to IAS 1 \u2018Non-current Liabilities with Covenants\u2019; \u2022 Amendment to IAS 8 \u2018Definition of Accounting Estimates\u2019; and \u2022 Amendments to IFRS 16 \u2018Lease Liability in a Sale and Leaseback\u2019; and \u2022 Amendment to IAS 12 \u2018Deferred Tax related to Assets and Liabilities arising from a Single Transaction\u2019. The Group is assessing the impact of these new standards and the Group\u2019s financial reporting will be presented in accordance with these standards from 1 January 2023 or 1 January 2024 as applicable. Group accounts General information Croda International Plc is a public limited company, which is listed on the London Stock Exchange and incorporated and domiciled in the United Kingdom. It is registered in England and Wales and the address of its registered office can be found on 212. Subsidiaries Subsidiaries are all entities over which the Parent Company has control. The Parent 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. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. The Group uses the acquisition method of accounting to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred and the equity interests issued by the Group. Acquisition costs are expensed as incurred. Identifiable assets acquired, and liabilities and contingent liabilities assumed, in a business combination are measured initially at their fair values at the acquisition date, irrespective of the extent of any minority interest. The excess of the cost of acquisition over the Group\u2019s share of identifiable net assets acquired is recorded as goodwill. Intra-Group transactions, balances and unrealised gains on transactions between Group companies are eliminated. Unrealised losses are also eliminated. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. Transactions with non-controlling interests The Group treats transactions with non-controlling interests as transactions with the equity owners of the Group. For purchases from non-controlling interests, the difference between any consideration paid and the relevant share acquired of the carrying value of net assets of the subsidiary is recorded as equity. Gains or losses on disposals to non-controlling interests are also recorded in equity. Intangible assets Goodwill On acquisition of a business, fair values are attributed to the net assets acquired. Goodwill arises where the fair value of the consideration given for a business exceeds such net assets. Goodwill arising on acquisitions is capitalised and carried at cost less accumulated impairment losses. Goodwill is subject to impairment review, both annually and when there are indications that the carrying value may not be recoverable. For the purpose of impairment testing, assets are grouped at the lowest levels for which there are separately identifiable cash flows, known as CGUs. Goodwill is allocated to the CGU that is expected to benefit from the synergies of the acquisition. For goodwill balances where the relevant group of CGUs exceeds the size of the Group\u2019s operating segments, impairment testing is performed at the operating segment level. If the recoverable amount of the CGU is less than the carrying value of the goodwill, an impairment loss is recognised immediately against the goodwill value. The recoverable amount of the CGU is the higher of fair value less costs to sell and value in use. Fair value less costs to sell is measured on a market-based approach using prices and other relevant information generated by market transactions. Value in use is estimated with reference to estimated risk adjusted future post-tax cash flows in real terms discounted to net present value using a market participant real post-tax discount rate that reflects the time value of money and size risk premium specific to the CGU. Post-tax calculations, rather than pre-tax, are used as they are considered more accurate. For disclosure purposes, pre-tax discount rates are then back-solved using the equivalent pre-tax cash flows, and therefore there is no material difference between the calculations on a pre-tax or post-tax basis. Where required, specific risks associated with the CGU are adjusted through changes to the future cash flow projections. The Group uses growth estimates that track below the Group\u2019s historical growth rates unless the profile of a particular CGU warrants a different treatment. Other intangible assets arising on acquisition On acquisition, intangible assets other than goodwill are recognised if they can be identified through being separable from the acquired entity or arising from specific contractual or legal rights. Once recognised, such intangible assets will be initially valued using an appropriate methodology. There were no acquisitions in 2022. For acquisitions in 2021 the following intangible asset types recognised and valuation methodologies applied were: \u2022 Technology processes (relief-from-royalty and replacement cost) \u2022 Customer relationships (income approach) \u2022 Trade names and brands (relief-from-royalty) Following initial recognition, the asset will be written down on a straight-line basis over its useful life, which range from 7 to 15 years for technology processes and from 6 to 20 years for trade names, brands and customer relationships. Useful lives are regularly reviewed to ensure their continuing relevance.Research and development Research expenditure, undertaken with the prospect of gaining new scientific, technical or commercial knowledge and understanding, is charged to the income statement in the year in which it is incurred. Internal development expenditure, whereby research findings are applied to a plan for the production of new or substantially improved products or processes, is charged to the income statement in the year in which it is incurred unless it meets the recognition criteria of IAS 38 \u2018Intangible Assets\u2019. Development uncertainties typically mean that such criteria are not met, most commonly because the Group can only demonstrate the existence of a market at a late stage in the product development cycle, at which point the material element of project spend has already been incurred and charged to the income statement. This includes, for example, substantiating potential product claims for use by our customers. Until the desired outcome of such work can be proven, at an economic production cost, the market for a product cannot be said to exist. Furthermore, the Group does not have the ability to reliably measure the development expenditure attributable to all projects during development. Where, however, the recognition criteria are met, intangible assets are capitalised and amortised over their useful economic lives from product launch. Intangible assets relating to products in development are subject to impairment testing at each balance sheet date or earlier upon indication of impairment. Any impairment losses are written off to the income statement. Computer software Cloud computing arrangements are assessed and classified as either service contracts or intangible assets. Computer software licences that meet the definition of an intangible asset, covering a period of greater than a year, are capitalised on the basis of the costs incurred to acquire and bring to use the specific software. These costs are amortised over their estimated useful lives which range from 3 to 7 years. Revenue recognition Revenue is measured based on the consideration specified in a contract with a customer and excludes intra-Group sales. The Group recognises revenue on completion of contractual performance obligations, generally when it transfers control over a product or service to a customer. Sale of goods The principal activity from which the Group generates revenue is the supply of products to customers from its various manufacturing sites and warehouses, and in some limited instances from consignment inventory held on customer sites. Products are supplied under a variety of standard terms and conditions, and in each case, revenue is recognised when contractual performance obligations between the Group and the customer are satisfied. This will typically be on dispatch or delivery. When sales discount and rebate arrangements result in net variable consideration, appropriate provisions are recognised as a deduction from revenue at the point of sale. The Group typically uses the expected value method for estimating rebates, reflecting that such contracts have similar characteristics and a range of possible outcomes. The Group recognises revenue to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue will not be required. Interest and dividend income Interest income is recognised on a time-proportion basis using the effective interest method. Dividend income is recognised when the right to receive payment is established. Government grants The Group recognises government grant income related to assets when the grant becomes receivable and deducts the income from the cost of the associated asset. Government grant income is recognised separately in the Group Statement of Cash Flows. Segmental reporting An operating segment is a group of assets and operations engaged in providing products and services that are subject to risks or returns that are different from those of other segments. Operating segments presented in the financial statements are consistent with the internal reporting provided to the Group\u2019s Chief Operating Decision Maker, which has been identified as the Group Executive Committee. Employee benefits Pension obligations The Group accounts for pensions and similar benefits under IAS 19 \u2018Employee Benefits\u2019 (revised). In respect of defined benefit plans (pension plans that define an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation), obligations are measured at discounted present value whilst plan assets are recorded at fair value. The assets and liabilities recognised in the balance sheet in respect of defined benefit pension plans are the net of plan obligations and assets. A scheme surplus is only recognised as an asset in the balance sheet when the Group has the unconditional right to future economic benefits in the form of a refund or a reduction in future contributions. For those schemes where an accounting surplus is currently recognised, the Group expects to recover the value through reduced future contributions. No allowance is made in the past service liability in respect of either the future expenses of running the schemes or for non-service-related death in service benefits which may arise in the future. The operating costs of such plans are charged to operating profit and the finance costs are recognised as financial income or an expense as appropriate. Service costs are spread systematically over the lives of employees and financing costs are recognised in the periods in which they arise. Remeasurements are recognised in the statement of comprehensive income. Payments to defined contribution schemes (pension plans under which the Group pays fixed contributions into a separate entity) are charged as an expense as they fall due. Other post-retirement benefits Some Group companies provide post-retirement healthcare benefits to their retirees. The entitlement to these benefits is usually conditional on the employee remaining in service up to retirement age and the completion of a minimum service period. The expected costs of these benefits are accrued over the period of employment using an accounting methodology similar to that for defined benefit pension plans. Remeasurements are recognised in the statement of comprehensive income. These obligations are valued annually by independent qualified actuaries. Termination benefits Termination benefits are payable when employment is terminated by the Group before the normal retirement date, or whenever an employee accepts voluntary redundancy in exchange for these benefits. The Group recognises termination benefits when it is demonstrably committed to either (i) terminating the employment of current employees according to a detailed formal plan without possibility of withdrawal or (ii) providing termination benefits as a result of an offer made to encourage voluntary redundancy. Share-based payments The Group operates a number of cash and equity settled, share- based incentive schemes. These are accounted for in accordance with IFRS 2 \u2018Share-based Payments\u2019, which requires an expense to be recognised in the income statement over the vesting period of the options. The expense is based on the fair value of each instrument which is calculated using the Black Scholes or binomial model as appropriate. Any expense is adjusted to reflect expected and actual levels of options vesting for non-market-based performance criteria. Currency translations Functional and presentation currency Items included in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (\u2018the functional currency\u2019). The consolidated financial statements are presented in Sterling, which is the Company\u2019s functional and presentation currency. Transactions and balances Monetary assets and liabilities are translated at the exchange rates ruling at the end of the financial period. Exchange profits or losses on trading transactions are included in the Group income statement except when deferred in equity as qualifying cash flow hedges and qualifying net investment hedges. Group companies The results and financial position of all the Group entities that have a functional currency different from the presentation currency are translated into the presentation currency as follows: (i) assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance sheet; (ii) income and expenses for each income statement are translated at average exchange rates (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the dates of the transactions); and (iii) all resulting exchange differences are recognised as a separate component of equity. On consolidation, exchange differences arising from the translation of the net investment in foreign entities, and of borrowings and other currency instruments designated as hedges of such investments, are taken to shareholders\u2019 equity. When a foreign operation is sold, such exchange differences are recognised in the income statement as part of the gain or loss on sale. Croda International Plc Annual Report and Accounts 2022 169 Financial statements Taxation The charge for taxation is based on the profit for the year and takes into account taxation deferred because of temporary differences between the treatment of certain items for taxation and for accounting purposes. Temporary differences arise on differences between the carrying value of assets and liabilities in the financial statements and their tax base and primarily relate to the difference between tax allowances on tangible fixed assets and the corresponding depreciation charge, and upon the net pension fund deficit. Full provision is made for the tax effects of these differences. No provision is made for unremitted earnings of foreign subsidiaries where there is no commitment to remit such earnings. Similarly, no provision is made for temporary differences relating to investments in subsidiaries since realisation of such differences can be controlled and is not probable in the foreseeable future. Deferred tax assets are recognised, using the balance sheet liability method, to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised. All taxation is calculated on the basis of the tax rates and laws enacted or substantively enacted at the balance sheet date. Income statement presentation Adjusted results are stated before exceptional items and amortisation of intangible assets arising on acquisition, and tax thereon. The Board believes that the adjusted presentation (and the columnar format adopted for the Group income statement) assists shareholders by providing a basis upon which to analyse business performance and make year-on-year comparisons. The same measures are used by management for planning, budgeting and reporting purposes and for the internal assessment of operating performance across the Group. The adjusted presentation is adopted on a consistent basis for each half year and full year results. Exceptional items Exceptional items are those items that in the Directors\u2019 view are required to be separately disclosed by virtue of their size or incidence to enable a full understanding of the Group\u2019s financial performance. In the current year exceptional items relate to the gain on business disposal, discount unwind and fair value adjustment in respect of contingent consideration, goodwill impairment and property, plant and equipment impairment. Exceptional items in the prior year related to discount unwind and fair value adjustment in respect of contingent consideration, a pension curtailment gain (arising from transfer of the Dutch scheme to a collective defined contribution arrangement), acquisition costs and fees incurred in preparation of the disposal of part of the PTIC business. Details can be found in note 3 on pages 173 and 174. Property, plant and equipment Property, plant and equipment is stated at historical cost less depreciation, with the exception of assets acquired as part of a business combination. Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition for its intended use. The Group\u2019s policy is to write off the difference between the cost of all property, plant and equipment, except freehold land, and their residual value on a straight-line basis over their estimated useful lives. Reviews are made annually of the estimated remaining lives and residual values of individual productive assets, taking account of commercial and technological obsolescence, the impact of climate change as well as normal wear and tear, and adjustments are made where appropriate. Under this policy it becomes impractical to calculate average asset lives exactly. However, the total lives range from approximately 15 to 40 years for land and buildings, and 3 to 25 years for plant and equipment. All individual assets are reviewed for impairment when there are indications that the carrying value may not be recoverable. The Group\u2019s \u2018plant and equipment\u2019 asset class predominantly relates to the value of plant and equipment at the Group\u2019s manufacturing facilities. Consequently, the Group does not seek to analyse out of this class other items such as motor vehicles and office equipment. Impairment of non-financial assets The Group assesses at each year end whether an asset may be impaired. If any evidence exists of impairment, the estimated recoverable amount is compared to the carrying value of the asset and an impairment loss is recognised where appropriate. The recoverable amount is the higher of an asset\u2019s value in use and fair value less costs to sell. In addition to this, goodwill is tested for impairment at least annually. Non-financial assets other than goodwill which have suffered impairment are reviewed for possible reversal of the impairment at each reporting date. Leases When entering into a new contract, the Group assesses whether it is, or contains, a lease. A lease conveys a right to control the use of an identified asset for a period of time in exchange for consideration. The Group recognises a right of use asset and a lease liability at the lease commencement date. The right of use asset is initially measured at cost, and subsequently at cost less any accumulated depreciation and impairment losses, adjusted for certain remeasurements of the lease liability. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date and discounted using the interest rate implicit in the lease or, more typically, the Group\u2019s incremental borrowing rate (when the implicit rate cannot be readily determined). The lease liability is subsequently increased by the interest cost on the lease liability and decreased by lease payments made. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, a change in the estimate of the amount expected to be payable under a residual value guarantee or changes in the Group\u2019s assessment of whether a purchase, extension or termination option is reasonably certain to be exercised. The Group adopts recognition exemptions for short-term (less than 12 months) and low value leases and elects not to separate lease components from any associated fixed non-lease components. The Group classifies payments of lease liabilities (principal and interest portions) as part of financing activities. Payments of short-term, low value and variable lease components are classified within operating activities. Derivative financial instruments The Group uses derivative financial instruments where deemed appropriate to hedge its exposure to interest rates and short-term currency rate fluctuations. The Group\u2019s accounting policy is set out below. Derivative financial instruments are recorded initially at cost. Subsequent measurement depends on the designation of the instrument as either: (i) a hedge of the fair value of recognised assets or liabilities or a firm commitment (fair value hedge); or (ii) a hedge of highly probable forecast transactions (cash flow hedge). (i) Fair value hedge Changes in the fair value of derivatives, for example interest rate swaps and foreign exchange contracts, that are designated and qualify as fair value hedges are recorded in the income statement, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk. (ii) Cash flow hedge The Group designates the spot element of forward foreign exchange contracts to hedge its currency risk and applies a hedge ratio of 1:1. The forward elements of the forward exchange contracts are excluded from the designation of the hedging instrument and are separately accounted for as a cost of hedging, which is recognised in equity in a cost of hedging reserve. The Group\u2019s policy is for the critical terms of the forward exchange contracts to align with the hedged item. The Group determines the existence of an economic relationship between the hedging instrument and the hedged item based on the current amount and timing of the respective cash flows. The Group assesses whether the derivative designated in each hedging relationship is expected to be and has been effective in offsetting changes in the cash flows of the hedged item using the hypothetical derivative method. In these hedge relationships, the main sources of ineffectiveness are changes in the time or amount of the hedged transactions. The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges are recognised in equity. The gain or loss relating to the ineffective portion is recognised immediately in the income statement. Amounts accumulated in equity are recycled in the income statement in the periods when the hedged item will affect profit or loss (for instance when the forecast sale that is hedged takes place). However, when the forecast transaction that is hedged results in the recognition of a non-financial asset (for example inventory) or a liability, the gains and losses previously deferred in equity are transferred from equity and included in the initial measurement of the cost of the asset or liability. When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in equity at that time remains in equity and is recognised when the forecast transaction is ultimately recognised in the income statement. When a forecast transaction is no longer expected to occur, the cumulative gain or loss that was reported in equity is immediately transferred to the income statement. Certain derivative instruments do not qualify for hedge accounting. Changes in the fair value of any derivative instruments that do not qualify for hedge accounting are recognised immediately in the income statement. Borrowings Borrowings are recognised initially at fair value, net of transaction costs incurred. Any difference between the proceeds (net of transaction costs) and the redemption value is recognised in the income statement over the period of the borrowings using the effective interest method. Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the balance sheet date . Borrowing costs General and specific borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. Trade and other payables Trade and other payables are recognised initially at fair value. With the exception of contingent consideration and forward foreign exchange contracts, trade and other payables are subsequently measured at amortised cost using the effective interest method. Contingent consideration is measured at fair value based on the present value of the expected future payments, discounted using a risk-adjusted discount rate. Continent consideration is remeasured at fair value at each reporting date and subsequent changes in fair value and associated discount unwind are recognised in the income statement. Forward foreign exchange contracts are initially recognised at cost and subsequently measured at fair value on a mark-to-market basis. Inventories Inventories are stated at the lower of cost and net realisable amount on a first in first out basis. Cost comprises all expenditure, including related production overheads, incurred in the normal course of business in bringing the inventory to its location and condition at the balance sheet date. Net realisable amount is the estimated selling price in the ordinary course of business less any applicable variable selling costs. Provision is made for obsolete, slow moving and defective inventory where appropriate. Profits arising on intra-group sales are eliminated in so far as the product remains in Group inventory at the year end. Trade and other receivables Trade and other receivables are recognised initially at fair value and subsequently measured at amortised cost, using the effective interest method, less impairment losses. A provision for impairment of trade receivables is recognised based on lifetime expected losses, but principally comprises balances where objective evidence exists that the amount will not be collectible. Such amounts are written down to their estimated recoverable amounts, with the charge being made to operating expenses. Cash and cash equivalents Cash and cash equivalents comprise cash balances and short-term deposits. Bank overdrafts that are repayable on demand and form an integral part of the Group\u2019s cash management are included as a component of cash and cash equivalents for the purpose of the statement of cash flows. Cash and bank overdrafts are offset and the net amount reported in the balance sheet when there is a legally enforceable right to offset the recognised amounts, there is an intention to settle on a net basis and interest is charged on a net basis.Environmental, site restoration and other provisions The Group is exposed to environmental liabilities relating to its operations. Provisions are made immediately where a legal or constructive obligation is identified, can be quantified and it is regarded as more likely than not that an outflow of resources will be required to settle the obligation. The Group does consider the impact of discounting when establishing provisions and provisions are discounted when the impact is material and the timing of cash flows can be estimated with reasonable certainty. Share capital Investment in own shares (i) Employee share ownership trusts \u2013 shares acquired by the trustees of the employee share ownership trust (the Trustees), funded by the Company and held for the continuing benefit of the Company are shown as a reduction in equity attributable to owners of the parent. Movements in the year arising from additional purchases by the Trustees of shares or the receipt of funds due to the exercise of options by employees are accounted for within reserves and shown as a movement in equity attributable to owners of the parent in the year. Administration expenses of the trusts are charged to the Company\u2019s income statement as incurred. (ii) Treasury shares \u2013 where any Group company purchases the Company\u2019s equity share capital as treasury shares, the consideration paid, including any directly attributable incremental costs (net of income taxes), is deducted from equity attributable to the Company\u2019s equity holders until the shares are cancelled, reissued or disposed of. Where such shares are subsequently sold or reissued, any consideration received, net of any directly attributable incremental transaction costs and the related income tax effects, is included in equity attributable to the Company\u2019s equity holders. Dividends Dividends on ordinary share capital are recognised as a liability when the liability is irrevocable. Accordingly, final dividends are recognised when approved by shareholders and interim dividends are recognised when paid. Investments Investments in equity securities are measured at fair value, with movements in the fair value being recognised in the income statement or equity on an instrument-by-instrument basis. Investments in associates are initially recorded at cost and subsequently adjusted for the Group\u2019s share of results. Investments are subject to impairment testing at each balance sheet date or earlier upon indication of impairment. ",
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"value": "Basis of preparation The consolidated financial statements have been prepared under the historical cost convention, in accordance with applicable law and UK- adopted international accounting standards. A summary of the more important Group accounting policies is set out below. Going concern The consolidated financial statements have been prepared on a going concern basis which the Directors believe to be appropriate for the following reasons: At 31 December 2022 the Group had \u00a31,122m of committed debt facilities available from its banking group, USPP bondholders and lease providers, with principal maturities between 2023 and 2030, of which \u00a3579.3m (2021: \u00a3334.4m) was undrawn, together with cash balances of \u00a3320.6m (2021: \u00a3112.8m). The Directors have reviewed the liquidity and covenant forecasts for the Group\u2019s going concern assessment period covering at least 12 months from the date of approval of the financial statements. Based on these forecasts, the Group continues to have significant liquidity headroom and strong financial covenant headroom under its debt facilities. A reverse stress testing scenario has been performed which assesses that adjusted operating profit would need to fall by over 90% to trigger an event of default as at 30 June 2024, before considering additional unmodelled actions to conserve cash. The Directors do not consider this a plausible scenario. The Directors have also considered the impact on the Group from the agreement to acquire Solus Biotech for total consideration of approximately \u00a3232m. This acquisition will be funded by the reinvestment of PTIC disposal proceeds and will have no material impact on Croda\u2019s leverage and a limited impact on its liquidity. The Directors have also considered the unlikely scenario that if the full reinvestment of PTIC disposal proceeds was not made within the agreed timelines with the USPP bondholders, certain future financial covenant restrictions could trigger a partial repayment of the USPP bonds. In this event any potential repayment could be funded from cash balances and other existing debt facilities. The Directors are therefore satisfied that the Group has sufficient resources to continue in operation for a period of not less than 12 months from the date of approval of the financial statements. Accordingly, the consolidated financial statements have been prepared on a going concern basis. Climate change The Group has long recognised the scale of the climate emergency and considers this to offer both opportunities and risks in the future. The Group\u2019s current climate change strategy focuses on reducing its carbon footprint and increasing its use of bio-based raw materials, whilst the benefits in using its ingredients will enable more carbon to be saved than were emitted through operations and supply chain. The impact of climate change has been considered in the preparation of these financial statements across a number of areas, including; our review of property, plant and equipment remaining useful lives and our evaluation of critical accounting estimates and judgements which are detailed below, consistent with the risks and opportunities set out on pages 66 to 68. None of these risks had a material effect on the consolidated financial statements of the Group. The Group will continue developing its assessment of the impact that climate change has on the assets and liabilities recognised and presented in its financial statements. Critical accounting judgements and key sources of estimation uncertainty The Group\u2019s significant accounting policies under UK-adopted international accounting standards have been set by management with the approval of the Audit Committee. The application of these policies requires estimates and assumptions to be made concerning the future and judgements to be made on the applicability of policies to particular situations. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Under UK-adopted international accounting standards an estimate or judgement may be considered critical if it involves matters that are highly uncertain or where different estimation methods could reasonably have been used, or if changes in the estimate that would have a material impact on the Group\u2019s results are likely to occur from period to period. The critical accounting judgement required when preparing the Group\u2019s accounts is as follows: (i) Business disposal \u2013 The Group completed the divestment of the majority of its Per formance Technologies and Industri al Chemicals ('PTIC') business to a wholly owned subsidiary of Cargill Inc. on 30 June 2022. The Group\u2019s assessment that the disposal group does not meet the definition of a separate major line of business or geograp hical area of operations, and therefore is not a discontinued operation, is a key judgement. The key con siderations in forming this conclusion were: \u2022 The Group is not exiting a geographical area of operations; Croda will remain active in all territories in which the divested b usiness operates. \u2022 Whilst the majority of the PTIC business is being divested, a significant proportion remains with Croda via the reta ined Indus trial Specialties product portfolio, supply agreements an d retained production capabilities. \u2022 The complex carve-out requirements of the disposal mean that the operations and cash flows of the divested business cannot b e distinguished clearly from the remaining Croda Group. Croda Sipo in which Croda has a 65% shareholding was excluded from the transaction that completed on 30 June 2022. The Group\u2019s assessment that Sipo is not available for sale in its present condition is a key judgement in determining that Sipo is not classified as an asset held for sale at 31 December 2022. The sale of Sipo to Cargill Inc. is subject to reaching agreement with our partner to also sell its stake, which now appears unlikely to occur in the near term. The critical accounting estimates and assumptions required when preparing the Group\u2019s accounts are as follows: (i) Post-retirement benefits \u2013 as disclosed in note 11, the Group\u2019s principal retirement benefit schemes are of the defined benefit type. Year end recognition of the liabilities under these schemes and the valuation of assets held to fund these liabilities require a number of significant assumptions to be made, relating to key financial market indicators such as inflation and expectations on future salary growth and asset returns. These assumptions are made by the Group in conjunction with the schemes\u2019 actuaries and the Directors are of the view that any estimation should be appropriate and in line with consensus opinion. The critical accounting estimate specifically relates to the Group\u2019s UK scheme, given the size of the liabilities and their sensitivity to underlying assumptions. Small changes in these assumptions could result in a material adjustment to carrying values in the next financial year. (ii) Goodwill impairment \u2013 Management are required to undertake an annual test for impairment of indefinite lived assets such as goodwill. Accordingly, the Group tests annually whether goodwill has suffered any impairment by comparing the carrying value of the underlying Cash Generating Units (\u2018CGUs\u2019) to their recoverable amount calculated by detailed value in use calculations. These value in use calculations require the use of estimates to enable the calculation of the net present value of cash flow projections of the relevant CGU. The critical assumptions are as follows: \u2022 Terminal value growth in EBITDA (calculated as operating profit before depreciation and amortisation) \u2013 set for each CGU with reference to the long-term growth rate for the market and territory in which the CGU operates but not exceeding the Group's long-term average growth rate, estimated at 3%. \u2022 Selection of appropriate market participant real post-tax discount rates to reflect the specific nature of the CGU. \u2022 Specific risk adjusted, real term cash flow projections including key assumptions on revenue growth and operating margins \u2013 generally over a five-year period unless the profile of a particular CGU warrants a longer period. An impairment of \u00a334.6m was recorded in relation to goodwill arising on the acquisition of Iberchem's Flavours business. The assumptions selected and associated sensitivity analysis are disclosed in note 12. Excluding the Flavours CGU, recoverable amounts currently exceed carrying values including goodwill; however, testing did identify that reasonable possible changes in key assumptions would cause the recoverable amount of the Fragrances CGU to be less than the carrying value. The assumptions selected and associated sensitivity analysis are disclosed in note 12. Due to the nature of the Fragrances and Flavours businesses, including their low carbon footprint, the key assumptions were not materially impacted by the climate change risks and opportunities set out in the Annual Report on pages 66 to 68. The Group\u2019s other annual impairment tests were not considered to be materially impacted by the climate change risks and opportunities. Given the size of the goodwill balances for the Fragrances and Flavours CGUs and the carrying values\u2019 sensitivity to underlying assumptions, small changes in these assumptions could result in a material adjustment to carrying values in the next financial year. Changes in accounting policy (i) The Group adopted the following new accounting policies on 1 January 2022 to comply with amendments to IFRS. The accounting pronouncements, none of which had a material impact on the Group\u2019s financial reporting on adoption, are: \u2022 Annual Improvements to IFRS Standards 2018-2020; \u2022 Amendments to IAS 16 \u2018Property, Plant and Equipment: Proceeds before Intended Use\u2019; \u2022 Amendments to IAS 37 \u2018Onerous Contracts- Cost of Fulfilling a Contract\u2019; and \u2022 Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 \u2018Interest Rate Benchmark Reform - Phase 2\u2019. (ii) The IASB has issued the following pronouncements for annual periods beginning on or after 1 January 2023 or 1 January 2024: \u2022 Amendments to IFRS 3 \u2018Reference to the Conceptual Framework\u2019; \u2022 IFRS 17 \u2018Insurance Contracts\u2019 and Amendments to IFRS 17 \u2018Insurance Contracts\u2019; \u2022 Amendments to IAS 1 \u2018Classification of Liabilities as Current or Non-Current\u2019; \u2022 Amendments to IAS 1 \u2018Disclosure of Accounting Policies\u2019; \u2022 Amendments to IAS 1 \u2018Non-current Liabilities with Covenants\u2019; \u2022 Amendment to IAS 8 \u2018Definition of Accounting Estimates\u2019; and \u2022 Amendments to IFRS 16 \u2018Lease Liability in a Sale and Leaseback\u2019; and \u2022 Amendment to IAS 12 \u2018Deferred Tax related to Assets and Liabilities arising from a Single Transaction\u2019. The Group is assessing the impact of these new standards and the Group\u2019s financial reporting will be presented in accordance with these standards from 1 January 2023 or 1 January 2024 as applicable. ",
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"fact-480": {
"value": "Going concern The consolidated financial statements have been prepared on a going concern basis which the Directors believe to be appropriate for the following reasons: At 31 December 2022 the Group had \u00a31,122m of committed debt facilities available from its banking group, USPP bondholders and lease providers, with principal maturities between 2023 and 2030, of which \u00a3579.3m (2021: \u00a3334.4m) was undrawn, together with cash balances of \u00a3320.6m (2021: \u00a3112.8m). The Directors have reviewed the liquidity and covenant forecasts for the Group\u2019s going concern assessment period covering at least 12 months from the date of approval of the financial statements. Based on these forecasts, the Group continues to have significant liquidity headroom and strong financial covenant headroom under its debt facilities. A reverse stress testing scenario has been performed which assesses that adjusted operating profit would need to fall by over 90% to trigger an event of default as at 30 June 2024, before considering additional unmodelled actions to conserve cash. The Directors do not consider this a plausible scenario. The Directors have also considered the impact on the Group from the agreement to acquire Solus Biotech for total consideration of approximately \u00a3232m. This acquisition will be funded by the reinvestment of PTIC disposal proceeds and will have no material impact on Croda\u2019s leverage and a limited impact on its liquidity. The Directors have also considered the unlikely scenario that if the full reinvestment of PTIC disposal proceeds was not made within the agreed timelines with the USPP bondholders, certain future financial covenant restrictions could trigger a partial repayment of the USPP bonds. In this event any potential repayment could be funded from cash balances and other existing debt facilities. The Directors are therefore satisfied that the Group has sufficient resources to continue in operation for a period of not less than 12 months from the date of approval of the financial statements. Accordingly, the consolidated financial statements have been prepared on a going concern basis. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:2138004WCNBFJEEOXV26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-481": {
"value": "Climate change The Group has long recognised the scale of the climate emergency and considers this to offer both opportunities and risks in the future. The Group\u2019s current climate change strategy focuses on reducing its carbon footprint and increasing its use of bio-based raw materials, whilst the benefits in using its ingredients will enable more carbon to be saved than were emitted through operations and supply chain. The impact of climate change has been considered in the preparation of these financial statements across a number of areas, including; our review of property, plant and equipment remaining useful lives and our evaluation of critical accounting estimates and judgements which are detailed below, consistent with the risks and opportunities set out on pages 66 to 68. None of these risks had a material effect on the consolidated financial statements of the Group. The Group will continue developing its assessment of the impact that climate change has on the assets and liabilities recognised and presented in its financial statements. ",
"dimensions": {
"concept": "crodainternational:DisclosureOfClimateChange",
"language": "en",
"entity": "scheme:2138004WCNBFJEEOXV26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-482": {
"value": "Critical accounting judgements and key sources of estimation uncertainty The Group\u2019s significant accounting policies under UK-adopted international accounting standards have been set by management with the approval of the Audit Committee. The application of these policies requires estimates and assumptions to be made concerning the future and judgements to be made on the applicability of policies to particular situations. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Under UK-adopted international accounting standards an estimate or judgement may be considered critical if it involves matters that are highly uncertain or where different estimation methods could reasonably have been used, or if changes in the estimate that would have a material impact on the Group\u2019s results are likely to occur from period to period. The critical accounting judgement required when preparing the Group\u2019s accounts is as follows: (i) Business disposal \u2013 The Group completed the divestment of the majority of its Per formance Technologies and Industri al Chemicals ('PTIC') business to a wholly owned subsidiary of Cargill Inc. on 30 June 2022. The Group\u2019s assessment that the disposal group does not meet the definition of a separate major line of business or geograp hical area of operations, and therefore is not a discontinued operation, is a key judgement. The key con siderations in forming this conclusion were: \u2022 The Group is not exiting a geographical area of operations; Croda will remain active in all territories in which the divested b usiness operates. \u2022 Whilst the majority of the PTIC business is being divested, a significant proportion remains with Croda via the reta ined Indus trial Specialties product portfolio, supply agreements an d retained production capabilities. \u2022 The complex carve-out requirements of the disposal mean that the operations and cash flows of the divested business cannot b e distinguished clearly from the remaining Croda Group. Croda Sipo in which Croda has a 65% shareholding was excluded from the transaction that completed on 30 June 2022. The Group\u2019s assessment that Sipo is not available for sale in its present condition is a key judgement in determining that Sipo is not classified as an asset held for sale at 31 December 2022. The sale of Sipo to Cargill Inc. is subject to reaching agreement with our partner to also sell its stake, which now appears unlikely to occur in the near term. The critical accounting estimates and assumptions required when preparing the Group\u2019s accounts are as follows: (i) Post-retirement benefits \u2013 as disclosed in note 11, the Group\u2019s principal retirement benefit schemes are of the defined benefit type. Year end recognition of the liabilities under these schemes and the valuation of assets held to fund these liabilities require a number of significant assumptions to be made, relating to key financial market indicators such as inflation and expectations on future salary growth and asset returns. These assumptions are made by the Group in conjunction with the schemes\u2019 actuaries and the Directors are of the view that any estimation should be appropriate and in line with consensus opinion. The critical accounting estimate specifically relates to the Group\u2019s UK scheme, given the size of the liabilities and their sensitivity to underlying assumptions. Small changes in these assumptions could result in a material adjustment to carrying values in the next financial year. (ii) Goodwill impairment \u2013 Management are required to undertake an annual test for impairment of indefinite lived assets such as goodwill. Accordingly, the Group tests annually whether goodwill has suffered any impairment by comparing the carrying value of the underlying Cash Generating Units (\u2018CGUs\u2019) to their recoverable amount calculated by detailed value in use calculations. These value in use calculations require the use of estimates to enable the calculation of the net present value of cash flow projections of the relevant CGU. The critical assumptions are as follows: \u2022 Terminal value growth in EBITDA (calculated as operating profit before depreciation and amortisation) \u2013 set for each CGU with reference to the long-term growth rate for the market and territory in which the CGU operates but not exceeding the Group's long-term average growth rate, estimated at 3%. \u2022 Selection of appropriate market participant real post-tax discount rates to reflect the specific nature of the CGU. \u2022 Specific risk adjusted, real term cash flow projections including key assumptions on revenue growth and operating margins \u2013 generally over a five-year period unless the profile of a particular CGU warrants a longer period. An impairment of \u00a334.6m was recorded in relation to goodwill arising on the acquisition of Iberchem's Flavours business. The assumptions selected and associated sensitivity analysis are disclosed in note 12. Excluding the Flavours CGU, recoverable amounts currently exceed carrying values including goodwill; however, testing did identify that reasonable possible changes in key assumptions would cause the recoverable amount of the Fragrances CGU to be less than the carrying value. The assumptions selected and associated sensitivity analysis are disclosed in note 12. Due to the nature of the Fragrances and Flavours businesses, including their low carbon footprint, the key assumptions were not materially impacted by the climate change risks and opportunities set out in the Annual Report on pages 66 to 68. The Group\u2019s other annual impairment tests were not considered to be materially impacted by the climate change risks and opportunities. Given the size of the goodwill balances for the Fragrances and Flavours CGUs and the carrying values\u2019 sensitivity to underlying assumptions, small changes in these assumptions could result in a material adjustment to carrying values in the next financial year. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:2138004WCNBFJEEOXV26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-483": {
"value": "Changes in accounting policy (i) The Group adopted the following new accounting policies on 1 January 2022 to comply with amendments to IFRS. The accounting pronouncements, none of which had a material impact on the Group\u2019s financial reporting on adoption, are: \u2022 Annual Improvements to IFRS Standards 2018-2020; \u2022 Amendments to IAS 16 \u2018Property, Plant and Equipment: Proceeds before Intended Use\u2019; \u2022 Amendments to IAS 37 \u2018Onerous Contracts- Cost of Fulfilling a Contract\u2019; and \u2022 Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 \u2018Interest Rate Benchmark Reform - Phase 2\u2019. (ii) The IASB has issued the following pronouncements for annual periods beginning on or after 1 January 2023 or 1 January 2024: \u2022 Amendments to IFRS 3 \u2018Reference to the Conceptual Framework\u2019; \u2022 IFRS 17 \u2018Insurance Contracts\u2019 and Amendments to IFRS 17 \u2018Insurance Contracts\u2019; \u2022 Amendments to IAS 1 \u2018Classification of Liabilities as Current or Non-Current\u2019; \u2022 Amendments to IAS 1 \u2018Disclosure of Accounting Policies\u2019; \u2022 Amendments to IAS 1 \u2018Non-current Liabilities with Covenants\u2019; \u2022 Amendment to IAS 8 \u2018Definition of Accounting Estimates\u2019; and \u2022 Amendments to IFRS 16 \u2018Lease Liability in a Sale and Leaseback\u2019; and \u2022 Amendment to IAS 12 \u2018Deferred Tax related to Assets and Liabilities arising from a Single Transaction\u2019. The Group is assessing the impact of these new standards and the Group\u2019s financial reporting will be presented in accordance with these standards from 1 January 2023 or 1 January 2024 as applicable. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:2138004WCNBFJEEOXV26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-509": {
"value": "(i) The Group adopted the following new accounting policies on 1 January 2022 to comply with amendments to IFRS. The accounting pronouncements, none of which had a material impact on the Group\u2019s financial reporting on adoption, are: \u2022 Annual Improvements to IFRS Standards 2018-2020; \u2022 Amendments to IAS 16 \u2018Property, Plant and Equipment: Proceeds before Intended Use\u2019; \u2022 Amendments to IAS 37 \u2018Onerous Contracts- Cost of Fulfilling a Contract\u2019; and \u2022 Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 \u2018Interest Rate Benchmark Reform - Phase 2\u2019. (ii) The IASB has issued the following pronouncements for annual periods beginning on or after 1 January 2023 or 1 January 2024: \u2022 Amendments to IFRS 3 \u2018Reference to the Conceptual Framework\u2019; \u2022 IFRS 17 \u2018Insurance Contracts\u2019 and Amendments to IFRS 17 \u2018Insurance Contracts\u2019; \u2022 Amendments to IAS 1 \u2018Classification of Liabilities as Current or Non-Current\u2019; \u2022 Amendments to IAS 1 \u2018Disclosure of Accounting Policies\u2019; \u2022 Amendments to IAS 1 \u2018Non-current Liabilities with Covenants\u2019; \u2022 Amendment to IAS 8 \u2018Definition of Accounting Estimates\u2019; and \u2022 Amendments to IFRS 16 \u2018Lease Liability in a Sale and Leaseback\u2019; and \u2022 Amendment to IAS 12 \u2018Deferred Tax related to Assets and Liabilities arising from a Single Transaction\u2019. The Group is assessing the impact of these new standards and the Group\u2019s financial reporting will be presented in accordance with these standards from 1 January 2023 or 1 January 2024 as applicable. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations",
"language": "en",
"entity": "scheme:2138004WCNBFJEEOXV26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-428": {
"value": "Group accounts General information Croda International Plc is a public limited company, which is listed on the London Stock Exchange and incorporated and domiciled in the United Kingdom. It is registered in England and Wales and the address of its registered office can be found on 212. Subsidiaries Subsidiaries are all entities over which the Parent Company has control. The Parent 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. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. The Group uses the acquisition method of accounting to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred and the equity interests issued by the Group. Acquisition costs are expensed as incurred. Identifiable assets acquired, and liabilities and contingent liabilities assumed, in a business combination are measured initially at their fair values at the acquisition date, irrespective of the extent of any minority interest. The excess of the cost of acquisition over the Group\u2019s share of identifiable net assets acquired is recorded as goodwill. Intra-Group transactions, balances and unrealised gains on transactions between Group companies are eliminated. Unrealised losses are also eliminated. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. Transactions with non-controlling interests The Group treats transactions with non-controlling interests as transactions with the equity owners of the Group. For purchases from non-controlling interests, the difference between any consideration paid and the relevant share acquired of the carrying value of net assets of the subsidiary is recorded as equity. Gains or losses on disposals to non-controlling interests are also recorded in equity. ",
"dimensions": {
"concept": "crodainternational:DescriptionOfAccountingPolicyForGroupAccounts",
"language": "en",
"entity": "scheme:2138004WCNBFJEEOXV26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-484": {
"value": "General information Croda International Plc is a public limited company, which is listed on the London Stock Exchange and incorporated and domiciled in the United Kingdom. It is registered in England and Wales and the address of its registered office can be found on 212. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:2138004WCNBFJEEOXV26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-7": {
"value": "Croda International Plc",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:2138004WCNBFJEEOXV26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-8": {
"value": "public limited company",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:2138004WCNBFJEEOXV26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-424": {
"value": "United Kingdom. It is registered in England and Wales and ",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:2138004WCNBFJEEOXV26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-9": {
"value": "United Kingdom",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:2138004WCNBFJEEOXV26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-485": {
"value": "Subsidiaries Subsidiaries are all entities over which the Parent Company has control. The Parent 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. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. The Group uses the acquisition method of accounting to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred and the equity interests issued by the Group. Acquisition costs are expensed as incurred. Identifiable assets acquired, and liabilities and contingent liabilities assumed, in a business combination are measured initially at their fair values at the acquisition date, irrespective of the extent of any minority interest. The excess of the cost of acquisition over the Group\u2019s share of identifiable net assets acquired is recorded as goodwill. Intra-Group transactions, balances and unrealised gains on transactions between Group companies are eliminated. Unrealised losses are also eliminated. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:2138004WCNBFJEEOXV26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-486": {
"value": "Transactions with non-controlling interests The Group treats transactions with non-controlling interests as transactions with the equity owners of the Group. For purchases from non-controlling interests, the difference between any consideration paid and the relevant share acquired of the carrying value of net assets of the subsidiary is recorded as equity. Gains or losses on disposals to non-controlling interests are also recorded in equity. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:2138004WCNBFJEEOXV26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-429": {
"value": "Intangible assets Goodwill On acquisition of a business, fair values are attributed to the net assets acquired. Goodwill arises where the fair value of the consideration given for a business exceeds such net assets. Goodwill arising on acquisitions is capitalised and carried at cost less accumulated impairment losses. Goodwill is subject to impairment review, both annually and when there are indications that the carrying value may not be recoverable. For the purpose of impairment testing, assets are grouped at the lowest levels for which there are separately identifiable cash flows, known as CGUs. Goodwill is allocated to the CGU that is expected to benefit from the synergies of the acquisition. For goodwill balances where the relevant group of CGUs exceeds the size of the Group\u2019s operating segments, impairment testing is performed at the operating segment level. If the recoverable amount of the CGU is less than the carrying value of the goodwill, an impairment loss is recognised immediately against the goodwill value. The recoverable amount of the CGU is the higher of fair value less costs to sell and value in use. Fair value less costs to sell is measured on a market-based approach using prices and other relevant information generated by market transactions. Value in use is estimated with reference to estimated risk adjusted future post-tax cash flows in real terms discounted to net present value using a market participant real post-tax discount rate that reflects the time value of money and size risk premium specific to the CGU. Post-tax calculations, rather than pre-tax, are used as they are considered more accurate. For disclosure purposes, pre-tax discount rates are then back-solved using the equivalent pre-tax cash flows, and therefore there is no material difference between the calculations on a pre-tax or post-tax basis. Where required, specific risks associated with the CGU are adjusted through changes to the future cash flow projections. The Group uses growth estimates that track below the Group\u2019s historical growth rates unless the profile of a particular CGU warrants a different treatment. Other intangible assets arising on acquisition On acquisition, intangible assets other than goodwill are recognised if they can be identified through being separable from the acquired entity or arising from specific contractual or legal rights. Once recognised, such intangible assets will be initially valued using an appropriate methodology. There were no acquisitions in 2022. For acquisitions in 2021 the following intangible asset types recognised and valuation methodologies applied were: \u2022 Technology processes (relief-from-royalty and replacement cost) \u2022 Customer relationships (income approach) \u2022 Trade names and brands (relief-from-royalty) Following initial recognition, the asset will be written down on a straight-line basis over its useful life, which range from 7 to 15 years for technology processes and from 6 to 20 years for trade names, brands and customer relationships. Useful lives are regularly reviewed to ensure their continuing relevance. Research and development Research expenditure, undertaken with the prospect of gaining new scientific, technical or commercial knowledge and understanding, is charged to the income statement in the year in which it is incurred. Internal development expenditure, whereby research findings are applied to a plan for the production of new or substantially improved products or processes, is charged to the income statement in the year in which it is incurred unless it meets the recognition criteria of IAS 38 \u2018Intangible Assets\u2019. Development uncertainties typically mean that such criteria are not met, most commonly because the Group can only demonstrate the existence of a market at a late stage in the product development cycle, at which point the material element of project spend has already been incurred and charged to the income statement. This includes, for example, substantiating potential product claims for use by our customers. Until the desired outcome of such work can be proven, at an economic production cost, the market for a product cannot be said to exist. Furthermore, the Group does not have the ability to reliably measure the development expenditure attributable to all projects during development. Where, however, the recognition criteria are met, intangible assets are capitalised and amortised over their useful economic lives from product launch. Intangible assets relating to products in development are subject to impairment testing at each balance sheet date or earlier upon indication of impairment. Any impairment losses are written off to the income statement. Computer software Cloud computing arrangements are assessed and classified as either service contracts or intangible assets. Computer software licences that meet the definition of an intangible asset, covering a period of greater than a year, are capitalised on the basis of the costs incurred to acquire and bring to use the specific software. These costs are amortised over their estimated useful lives which range from 3 to 7 years. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138004WCNBFJEEOXV26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-487": {
"value": "Goodwill On acquisition of a business, fair values are attributed to the net assets acquired. Goodwill arises where the fair value of the consideration given for a business exceeds such net assets. Goodwill arising on acquisitions is capitalised and carried at cost less accumulated impairment losses. Goodwill is subject to impairment review, both annually and when there are indications that the carrying value may not be recoverable. For the purpose of impairment testing, assets are grouped at the lowest levels for which there are separately identifiable cash flows, known as CGUs. Goodwill is allocated to the CGU that is expected to benefit from the synergies of the acquisition. For goodwill balances where the relevant group of CGUs exceeds the size of the Group\u2019s operating segments, impairment testing is performed at the operating segment level. If the recoverable amount of the CGU is less than the carrying value of the goodwill, an impairment loss is recognised immediately against the goodwill value. The recoverable amount of the CGU is the higher of fair value less costs to sell and value in use. Fair value less costs to sell is measured on a market-based approach using prices and other relevant information generated by market transactions. Value in use is estimated with reference to estimated risk adjusted future post-tax cash flows in real terms discounted to net present value using a market participant real post-tax discount rate that reflects the time value of money and size risk premium specific to the CGU. Post-tax calculations, rather than pre-tax, are used as they are considered more accurate. For disclosure purposes, pre-tax discount rates are then back-solved using the equivalent pre-tax cash flows, and therefore there is no material difference between the calculations on a pre-tax or post-tax basis. Where required, specific risks associated with the CGU are adjusted through changes to the future cash flow projections. The Group uses growth estimates that track below the Group\u2019s historical growth rates unless the profile of a particular CGU warrants a different treatment. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138004WCNBFJEEOXV26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-488": {
"value": "Other intangible assets arising on acquisition On acquisition, intangible assets other than goodwill are recognised if they can be identified through being separable from the acquired entity or arising from specific contractual or legal rights. Once recognised, such intangible assets will be initially valued using an appropriate methodology. There were no acquisitions in 2022. For acquisitions in 2021 the following intangible asset types recognised and valuation methodologies applied were: \u2022 Technology processes (relief-from-royalty and replacement cost) \u2022 Customer relationships (income approach) \u2022 Trade names and brands (relief-from-royalty) Following initial recognition, the asset will be written down on a straight-line basis over its useful life, which range from 7 to 15 years for technology processes and from 6 to 20 years for trade names, brands and customer relationships. Useful lives are regularly reviewed to ensure their continuing relevance. Research and development Research expenditure, undertaken with the prospect of gaining new scientific, technical or commercial knowledge and understanding, is charged to the income statement in the year in which it is incurred. Internal development expenditure, whereby research findings are applied to a plan for the production of new or substantially improved products or processes, is charged to the income statement in the year in which it is incurred unless it meets the recognition criteria of IAS 38 \u2018Intangible Assets\u2019. Development uncertainties typically mean that such criteria are not met, most commonly because the Group can only demonstrate the existence of a market at a late stage in the product development cycle, at which point the material element of project spend has already been incurred and charged to the income statement. This includes, for example, substantiating potential product claims for use by our customers. Until the desired outcome of such work can be proven, at an economic production cost, the market for a product cannot be said to exist. Furthermore, the Group does not have the ability to reliably measure the development expenditure attributable to all projects during development. Where, however, the recognition criteria are met, intangible assets are capitalised and amortised over their useful economic lives from product launch. Intangible assets relating to products in development are subject to impairment testing at each balance sheet date or earlier upon indication of impairment. Any impairment losses are written off to the income statement. Computer software Cloud computing arrangements are assessed and classified as either service contracts or intangible assets. Computer software licences that meet the definition of an intangible asset, covering a period of greater than a year, are capitalised on the basis of the costs incurred to acquire and bring to use the specific software. These costs are amortised over their estimated useful lives which range from 3 to 7 years. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138004WCNBFJEEOXV26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-430": {
"value": "Revenue recognition Revenue is measured based on the consideration specified in a contract with a customer and excludes intra-Group sales. The Group recognises revenue on completion of contractual performance obligations, generally when it transfers control over a product or service to a customer. Sale of goods The principal activity from which the Group generates revenue is the supply of products to customers from its various manufacturing sites and warehouses, and in some limited instances from consignment inventory held on customer sites. Products are supplied under a variety of standard terms and conditions, and in each case, revenue is recognised when contractual performance obligations between the Group and the customer are satisfied. This will typically be on dispatch or delivery. When sales discount and rebate arrangements result in net variable consideration, appropriate provisions are recognised as a deduction from revenue at the point of sale. The Group typically uses the expected value method for estimating rebates, reflecting that such contracts have similar characteristics and a range of possible outcomes. The Group recognises revenue to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue will not be required. Interest and dividend income Interest income is recognised on a time-proportion basis using the effective interest method. Dividend income is recognised when the right to receive payment is established. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:2138004WCNBFJEEOXV26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-431": {
"value": "Government grants The Group recognises government grant income related to assets when the grant becomes receivable and deducts the income from the cost of the associated asset. Government grant income is recognised separately in the Group Statement of Cash Flows. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:2138004WCNBFJEEOXV26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-432": {
"value": "Segmental reporting An operating segment is a group of assets and operations engaged in providing products and services that are subject to risks or returns that are different from those of other segments. Operating segments presented in the financial statements are consistent with the internal reporting provided to the Group\u2019s Chief Operating Decision Maker, which has been identified as the Group Executive Committee. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:2138004WCNBFJEEOXV26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-433": {
"value": "Employee benefits Pension obligations The Group accounts for pensions and similar benefits under IAS 19 \u2018Employee Benefits\u2019 (revised). In respect of defined benefit plans (pension plans that define an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation), obligations are measured at discounted present value whilst plan assets are recorded at fair value. The assets and liabilities recognised in the balance sheet in respect of defined benefit pension plans are the net of plan obligations and assets. A scheme surplus is only recognised as an asset in the balance sheet when the Group has the unconditional right to future economic benefits in the form of a refund or a reduction in future contributions. For those schemes where an accounting surplus is currently recognised, the Group expects to recover the value through reduced future contributions. No allowance is made in the past service liability in respect of either the future expenses of running the schemes or for non-service-related death in service benefits which may arise in the future. The operating costs of such plans are charged to operating profit and the finance costs are recognised as financial income or an expense as appropriate. Service costs are spread systematically over the lives of employees and financing costs are recognised in the periods in which they arise. Remeasurements are recognised in the statement of comprehensive income. Payments to defined contribution schemes (pension plans under which the Group pays fixed contributions into a separate entity) are charged as an expense as they fall due. Other post-retirement benefits Some Group companies provide post-retirement healthcare benefits to their retirees. The entitlement to these benefits is usually conditional on the employee remaining in service up to retirement age and the completion of a minimum service period. The expected costs of these benefits are accrued over the period of employment using an accounting methodology similar to that for defined benefit pension plans. Remeasurements are recognised in the statement of comprehensive income. These obligations are valued annually by independent qualified actuaries. Termination benefits Termination benefits are payable when employment is terminated by the Group before the normal retirement date, or whenever an employee accepts voluntary redundancy in exchange for these benefits. The Group recognises termination benefits when it is demonstrably committed to either (i) terminating the employment of current employees according to a detailed formal plan without possibility of withdrawal or (ii) providing termination benefits as a result of an offer made to encourage voluntary redundancy. Share-based payments The Group operates a number of cash and equity settled, share- based incentive schemes. These are accounted for in accordance with IFRS 2 \u2018Share-based Payments\u2019, which requires an expense to be recognised in the income statement over the vesting period of the options. The expense is based on the fair value of each instrument which is calculated using the Black Scholes or binomial model as appropriate. Any expense is adjusted to reflect expected and actual levels of options vesting for non-market-based performance criteria. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:2138004WCNBFJEEOXV26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-489": {
"value": "Pension obligations The Group accounts for pensions and similar benefits under IAS 19 \u2018Employee Benefits\u2019 (revised). In respect of defined benefit plans (pension plans that define an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation), obligations are measured at discounted present value whilst plan assets are recorded at fair value. The assets and liabilities recognised in the balance sheet in respect of defined benefit pension plans are the net of plan obligations and assets. A scheme surplus is only recognised as an asset in the balance sheet when the Group has the unconditional right to future economic benefits in the form of a refund or a reduction in future contributions. For those schemes where an accounting surplus is currently recognised, the Group expects to recover the value through reduced future contributions. No allowance is made in the past service liability in respect of either the future expenses of running the schemes or for non-service-related death in service benefits which may arise in the future. The operating costs of such plans are charged to operating profit and the finance costs are recognised as financial income or an expense as appropriate. Service costs are spread systematically over the lives of employees and financing costs are recognised in the periods in which they arise. Remeasurements are recognised in the statement of comprehensive income. Payments to defined contribution schemes (pension plans under which the Group pays fixed contributions into a separate entity) are charged as an expense as they fall due. ",
"dimensions": {
"concept": "crodainternational:DescriptionOfAccountingPolicyForPensionObligations",
"language": "en",
"entity": "scheme:2138004WCNBFJEEOXV26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-490": {
"value": "Other post-retirement benefits Some Group companies provide post-retirement healthcare benefits to their retirees. The entitlement to these benefits is usually conditional on the employee remaining in service up to retirement age and the completion of a minimum service period. The expected costs of these benefits are accrued over the period of employment using an accounting methodology similar to that for defined benefit pension plans. Remeasurements are recognised in the statement of comprehensive income. These obligations are valued annually by independent qualified actuaries. ",
"dimensions": {
"concept": "crodainternational:DescriptionOfAccountingPolicyForOtherPostRetirementBenefits",
"language": "en",
"entity": "scheme:2138004WCNBFJEEOXV26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-491": {
"value": "Termination benefits Termination benefits are payable when employment is terminated by the Group before the normal retirement date, or whenever an employee accepts voluntary redundancy in exchange for these benefits. The Group recognises termination benefits when it is demonstrably committed to either (i) terminating the employment of current employees according to a detailed formal plan without possibility of withdrawal or (ii) providing termination benefits as a result of an offer made to encourage voluntary redundancy. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits",
"language": "en",
"entity": "scheme:2138004WCNBFJEEOXV26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-492": {
"value": "Share-based payments The Group operates a number of cash and equity settled, share- based incentive schemes. These are accounted for in accordance with IFRS 2 \u2018Share-based Payments\u2019, which requires an expense to be recognised in the income statement over the vesting period of the options. The expense is based on the fair value of each instrument which is calculated using the Black Scholes or binomial model as appropriate. Any expense is adjusted to reflect expected and actual levels of options vesting for non-market-based performance criteria. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:2138004WCNBFJEEOXV26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-434": {
"value": "Currency translations Functional and presentation currency Items included in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (\u2018the functional currency\u2019). The consolidated financial statements are presented in Sterling, which is the Company\u2019s functional and presentation currency. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:2138004WCNBFJEEOXV26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-435": {
"value": "Transactions and balances Monetary assets and liabilities are translated at the exchange rates ruling at the end of the financial period. Exchange profits or losses on trading transactions are included in the Group income statement except when deferred in equity as qualifying cash flow hedges and qualifying net investment hedges. Group companies The results and financial position of all the Group entities that have a functional currency different from the presentation currency are translated into the presentation currency as follows: (i) assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance sheet; (ii) income and expenses for each income statement are translated at average exchange rates (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the dates of the transactions); and (iii) all resulting exchange differences are recognised as a separate component of equity. On consolidation, exchange differences arising from the translation of the net investment in foreign entities, and of borrowings and other currency instruments designated as hedges of such investments, are taken to shareholders\u2019 equity. When a foreign operation is sold, such exchange differences are recognised in the income statement as part of the gain or loss on sale. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:2138004WCNBFJEEOXV26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-436": {
"value": "Taxation The charge for taxation is based on the profit for the year and takes into account taxation deferred because of temporary differences between the treatment of certain items for taxation and for accounting purposes. Temporary differences arise on differences between the carrying value of assets and liabilities in the financial statements and their tax base and primarily relate to the difference between tax allowances on tangible fixed assets and the corresponding depreciation charge, and upon the net pension fund deficit. Full provision is made for the tax effects of these differences. No provision is made for unremitted earnings of foreign subsidiaries where there is no commitment to remit such earnings. Similarly, no provision is made for temporary differences relating to investments in subsidiaries since realisation of such differences can be controlled and is not probable in the foreseeable future. Deferred tax assets are recognised, using the balance sheet liability method, to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised. All taxation is calculated on the basis of the tax rates and laws enacted or substantively enacted at the balance sheet date. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2138004WCNBFJEEOXV26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-493": {
"value": "Deferred tax assets are recognised, using the balance sheet liability method, to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised. All taxation is calculated on the basis of the tax rates and laws enacted or substantively enacted at the balance sheet date. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2138004WCNBFJEEOXV26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-437": {
"value": "Income statement presentation Adjusted results are stated before exceptional items and amortisation of intangible assets arising on acquisition, and tax thereon. The Board believes that the adjusted presentation (and the columnar format adopted for the Group income statement) assists shareholders by providing a basis upon which to analyse business performance and make year-on-year comparisons. The same measures are used by management for planning, budgeting and reporting purposes and for the internal assessment of operating performance across the Group. The adjusted presentation is adopted on a consistent basis for each half year and full year results. Exceptional items Exceptional items are those items that in the Directors\u2019 view are required to be separately disclosed by virtue of their size or incidence to enable a full understanding of the Group\u2019s financial performance. In the current year exceptional items relate to the gain on business disposal, discount unwind and fair value adjustment in respect of contingent consideration, goodwill impairment and property, plant and equipment impairment. Exceptional items in the prior year related to discount unwind and fair value adjustment in respect of contingent consideration, a pension curtailment gain (arising from transfer of the Dutch scheme to a collective defined contribution arrangement), acquisition costs and fees incurred in preparation of the disposal of part of the PTIC business. Details can be found in note 3 on pages 173 and 174. ",
"dimensions": {
"concept": "crodainternational:DescriptionOfAccountingPolicyForIncomeStatementPresentation",
"language": "en",
"entity": "scheme:2138004WCNBFJEEOXV26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-494": {
"value": "Exceptional items Exceptional items are those items that in the Directors\u2019 view are required to be separately disclosed by virtue of their size or incidence to enable a full understanding of the Group\u2019s financial performance. In the current year exceptional items relate to the gain on business disposal, discount unwind and fair value adjustment in respect of contingent consideration, goodwill impairment and property, plant and equipment impairment. Exceptional items in the prior year related to discount unwind and fair value adjustment in respect of contingent consideration, a pension curtailment gain (arising from transfer of the Dutch scheme to a collective defined contribution arrangement), acquisition costs and fees incurred in preparation of the disposal of part of the PTIC business. Details can be found in note 3 on pages 173 and 174. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExceptionalItemsExplanatory",
"language": "en",
"entity": "scheme:2138004WCNBFJEEOXV26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-438": {
"value": "Property, plant and equipment Property, plant and equipment is stated at historical cost less depreciation, with the exception of assets acquired as part of a business combination. Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition for its intended use. The Group\u2019s policy is to write off the difference between the cost of all property, plant and equipment, except freehold land, and their residual value on a straight-line basis over their estimated useful lives. Reviews are made annually of the estimated remaining lives and residual values of individual productive assets, taking account of commercial and technological obsolescence, the impact of climate change as well as normal wear and tear, and adjustments are made where appropriate. Under this policy it becomes impractical to calculate average asset lives exactly. However, the total lives range from approximately 15 to 40 years for land and buildings, and 3 to 25 years for plant and equipment. All individual assets are reviewed for impairment when there are indications that the carrying value may not be recoverable. The Group\u2019s \u2018plant and equipment\u2019 asset class predominantly relates to the value of plant and equipment at the Group\u2019s manufacturing facilities. Consequently, the Group does not seek to analyse out of this class other items such as motor vehicles and office equipment. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:2138004WCNBFJEEOXV26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-439": {
"value": "Impairment of non-financial assets The Group assesses at each year end whether an asset may be impaired. If any evidence exists of impairment, the estimated recoverable amount is compared to the carrying value of the asset and an impairment loss is recognised where appropriate. The recoverable amount is the higher of an asset\u2019s value in use and fair value less costs to sell. In addition to this, goodwill is tested for impairment at least annually. Non-financial assets other than goodwill which have suffered impairment are reviewed for possible reversal of the impairment at each reporting date. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:2138004WCNBFJEEOXV26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-440": {
"value": "Leases When entering into a new contract, the Group assesses whether it is, or contains, a lease. A lease conveys a right to control the use of an identified asset for a period of time in exchange for consideration. The Group recognises a right of use asset and a lease liability at the lease commencement date. The right of use asset is initially measured at cost, and subsequently at cost less any accumulated depreciation and impairment losses, adjusted for certain remeasurements of the lease liability. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date and discounted using the interest rate implicit in the lease or, more typically, the Group\u2019s incremental borrowing rate (when the implicit rate cannot be readily determined). The lease liability is subsequently increased by the interest cost on the lease liability and decreased by lease payments made. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, a change in the estimate of the amount expected to be payable under a residual value guarantee or changes in the Group\u2019s assessment of whether a purchase, extension or termination option is reasonably certain to be exercised. The Group adopts recognition exemptions for short-term (less than 12 months) and low value leases and elects not to separate lease components from any associated fixed non-lease components. The Group classifies payments of lease liabilities (principal and interest portions) as part of financing activities. Payments of short-term, low value and variable lease components are classified within operating activities. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:2138004WCNBFJEEOXV26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-441": {
"value": "Derivative financial instruments The Group uses derivative financial instruments where deemed appropriate to hedge its exposure to interest rates and short-term currency rate fluctuations. The Group\u2019s accounting policy is set out below. Derivative financial instruments are recorded initially at cost. Subsequent measurement depends on the designation of the instrument as either: (i) a hedge of the fair value of recognised assets or liabilities or a firm commitment (fair value hedge); or (ii) a hedge of highly probable forecast transactions (cash flow hedge). (i) Fair value hedge Changes in the fair value of derivatives, for example interest rate swaps and foreign exchange contracts, that are designated and qualify as fair value hedges are recorded in the income statement, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk. (ii) Cash flow hedge The Group designates the spot element of forward foreign exchange contracts to hedge its currency risk and applies a hedge ratio of 1:1. The forward elements of the forward exchange contracts are excluded from the designation of the hedging instrument and are separately accounted for as a cost of hedging, which is recognised in equity in a cost of hedging reserve. The Group\u2019s policy is for the critical terms of the forward exchange contracts to align with the hedged item. The Group determines the existence of an economic relationship between the hedging instrument and the hedged item based on the current amount and timing of the respective cash flows. The Group assesses whether the derivative designated in each hedging relationship is expected to be and has been effective in offsetting changes in the cash flows of the hedged item using the hypothetical derivative method. In these hedge relationships, the main sources of ineffectiveness are changes in the time or amount of the hedged transactions. The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges are recognised in equity. The gain or loss relating to the ineffective portion is recognised immediately in the income statement. Amounts accumulated in equity are recycled in the income statement in the periods when the hedged item will affect profit or loss (for instance when the forecast sale that is hedged takes place). However, when the forecast transaction that is hedged results in the recognition of a non-financial asset (for example inventory) or a liability, the gains and losses previously deferred in equity are transferred from equity and included in the initial measurement of the cost of the asset or liability. When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in equity at that time remains in equity and is recognised when the forecast transaction is ultimately recognised in the income statement. When a forecast transaction is no longer expected to occur, the cumulative gain or loss that was reported in equity is immediately transferred to the income statement. Certain derivative instruments do not qualify for hedge accounting. Changes in the fair value of any derivative instruments that do not qualify for hedge accounting are recognised immediately in the income statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:2138004WCNBFJEEOXV26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-442": {
"value": "Borrowings Borrowings are recognised initially at fair value, net of transaction costs incurred. Any difference between the proceeds (net of transaction costs) and the redemption value is recognised in the income statement over the period of the borrowings using the effective interest method. Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the balance sheet date ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:2138004WCNBFJEEOXV26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-443": {
"value": "Borrowing costs General and specific borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:2138004WCNBFJEEOXV26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-444": {
"value": "Trade and other payables Trade and other payables are recognised initially at fair value. With the exception of contingent consideration and forward foreign exchange contracts, trade and other payables are subsequently measured at amortised cost using the effective interest method. Contingent consideration is measured at fair value based on the present value of the expected future payments, discounted using a risk-adjusted discount rate. Continent consideration is remeasured at fair value at each reporting date and subsequent changes in fair value and associated discount unwind are recognised in the income statement. Forward foreign exchange contracts are initially recognised at cost and subsequently measured at fair value on a mark-to-market basis. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:2138004WCNBFJEEOXV26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-445": {
"value": "Inventories Inventories are stated at the lower of cost and net realisable amount on a first in first out basis. Cost comprises all expenditure, including related production overheads, incurred in the normal course of business in bringing the inventory to its location and condition at the balance sheet date. Net realisable amount is the estimated selling price in the ordinary course of business less any applicable variable selling costs. Provision is made for obsolete, slow moving and defective inventory where appropriate. Profits arising on intra-group sales are eliminated in so far as the product remains in Group inventory at the year end. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:2138004WCNBFJEEOXV26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-446": {
"value": "Trade and other receivables Trade and other receivables are recognised initially at fair value and subsequently measured at amortised cost, using the effective interest method, less impairment losses. A provision for impairment of trade receivables is recognised based on lifetime expected losses, but principally comprises balances where objective evidence exists that the amount will not be collectible. Such amounts are written down to their estimated recoverable amounts, with the charge being made to operating expenses. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:2138004WCNBFJEEOXV26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-447": {
"value": "Cash and cash equivalents Cash and cash equivalents comprise cash balances and short-term deposits. Bank overdrafts that are repayable on demand and form an integral part of the Group\u2019s cash management are included as a component of cash and cash equivalents for the purpose of the statement of cash flows. Cash and bank overdrafts are offset and the net amount reported in the balance sheet when there is a legally enforceable right to offset the recognised amounts, there is an intention to settle on a net basis and interest is charged on a net basis.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:2138004WCNBFJEEOXV26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-448": {
"value": "Environmental, site restoration and other provisions The Group is exposed to environmental liabilities relating to its operations. Provisions are made immediately where a legal or constructive obligation is identified, can be quantified and it is regarded as more likely than not that an outflow of resources will be required to settle the obligation. The Group does consider the impact of discounting when establishing provisions and provisions are discounted when the impact is material and the timing of cash flows can be estimated with reasonable certainty. ",
"dimensions": {
"concept": "crodainternational:DescriptionOfAccountingPolicyForEnvironmentalRestructuringAndOtherProvisions",
"language": "en",
"entity": "scheme:2138004WCNBFJEEOXV26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-449": {
"value": "Share capital Investment in own shares (i) Employee share ownership trusts \u2013 shares acquired by the trustees of the employee share ownership trust (the Trustees), funded by the Company and held for the continuing benefit of the Company are shown as a reduction in equity attributable to owners of the parent. Movements in the year arising from additional purchases by the Trustees of shares or the receipt of funds due to the exercise of options by employees are accounted for within reserves and shown as a movement in equity attributable to owners of the parent in the year. Administration expenses of the trusts are charged to the Company\u2019s income statement as incurred. (ii) Treasury shares \u2013 where any Group company purchases the Company\u2019s equity share capital as treasury shares, the consideration paid, including any directly attributable incremental costs (net of income taxes), is deducted from equity attributable to the Company\u2019s equity holders until the shares are cancelled, reissued or disposed of. Where such shares are subsequently sold or reissued, any consideration received, net of any directly attributable incremental transaction costs and the related income tax effects, is included in equity attributable to the Company\u2019s equity holders. Dividends Dividends on ordinary share capital are recognised as a liability when the liability is irrevocable. Accordingly, final dividends are recognised when approved by shareholders and interim dividends are recognised when paid. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:2138004WCNBFJEEOXV26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-495": {
"value": "Investment in own shares (i) Employee share ownership trusts \u2013 shares acquired by the trustees of the employee share ownership trust (the Trustees), funded by the Company and held for the continuing benefit of the Company are shown as a reduction in equity attributable to owners of the parent. Movements in the year arising from additional purchases by the Trustees of shares or the receipt of funds due to the exercise of options by employees are accounted for within reserves and shown as a movement in equity attributable to owners of the parent in the year. Administration expenses of the trusts are charged to the Company\u2019s income statement as incurred. (ii) Treasury shares \u2013 where any Group company purchases the Company\u2019s equity share capital as treasury shares, the consideration paid, including any directly attributable incremental costs (net of income taxes), is deducted from equity attributable to the Company\u2019s equity holders until the shares are cancelled, reissued or disposed of. Where such shares are subsequently sold or reissued, any consideration received, net of any directly attributable incremental transaction costs and the related income tax effects, is included in equity attributable to the Company\u2019s equity holders. ",
"dimensions": {
"concept": "crodainternational:DescriptionOfAccountingPolicyForInvestmentInOwnShares",
"language": "en",
"entity": "scheme:2138004WCNBFJEEOXV26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-496": {
"value": "Dividends Dividends on ordinary share capital are recognised as a liability when the liability is irrevocable. Accordingly, final dividends are recognised when approved by shareholders and interim dividends are recognised when paid. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:2138004WCNBFJEEOXV26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-450": {
"value": "Investments Investments in equity securities are measured at fair value, with movements in the fair value being recognised in the income statement or equity on an instrument-by-instrument basis. Investments in associates are initially recorded at cost and subsequently adjusted for the Group\u2019s share of results. Investments are subject to impairment testing at each balance sheet date or earlier upon indication of impairment. ",
"dimensions": {
"concept": "crodainternational:DescriptionOfAccountingPolicyForInvestments",
"language": "en",
"entity": "scheme:2138004WCNBFJEEOXV26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-451": {
"value": "1. Segmental analysis The Group\u2019s sales, marketing and research activities are organised into three global market sectors, being Consumer Care, Life Sciences and Industrial Specialties. These are the segments for which summary management information is presented to the Group\u2019s Executive Committee, which is deemed to be the Group\u2019s Chief Operating Decision Maker. A review of each sector can be found within the Strategic Report on pages 34 to 42. There is no material trade between segments. Segmental results include items directly attributable to a specific segment as well as those that can be allocated on a reasonable basis. 2022 \u00a3m Restated 2021 \u00a3m Income statement Revenue Consumer Care 897.8 763.0 Life Sciences 682.3 572.3 Industrial Specialties 509.2 554.3 Total Group revenue 2,089.3 1,889.6 Adjusted operating profit Consumer Care 204.7 188.5 Life Sciences 229.4 208.5 Industrial Specialties 81.0 71.6 Total Group operating profit (before exceptional items and amortisation of intangible assets arising on acquisition) 515.1 468.6 Exceptional items and amortisation of intangible assets arising on acquisition 1 (70.4) (30.4) Total Group operating profit 444.7 438.2 1 Relates to Consumer Care \u00a360.2m (2021: \u00a320.5m), Life Sciences \u00a39.1m (2021: \u00a37.5m) and Industrial Specialties \u00a31.1m (2021: \u00a32.4m) Following the divestment of the majority of the Performance Technologies and Industrial Chemicals business as announced in the 2022 Interim Statement, the retained business now forms a new Industrial Specialties sector. Accordingly, the Group has combined the previously reported segment information for the year ended 31 December 2021 for both Performance Technologies and Industrial Chemicals and shown as Industrial Specialties. This is aligned with the information that is regularly reported to the Group's Executive Committee. In the following table, revenue has been disaggregated by sector and destination. This is the primary management information that is presented to the Group\u2019s Executive Committee. Europe, Middle East & Africa \u00a3m North America \u00a3m Latin America \u00a3m Asia \u00a3m Total \u00a3m Revenue 2022 Consumer Care 353.2 232.5 91.2 220.9 897.8 Life Sciences 297.5 186.1 89.8 108.9 682.3 Industrial Specialties 220.0 111.3 23.1 154.8 509.2 Total Group revenue 870.7 529.9 204.1 484.6 2,089.3 Revenue 2021 (Restated) Consumer Care 300.3 210.9 68.6 183.2 763.0 Life Sciences 266.3 167.2 60.9 77.9 572.3 Industrial Specialties 258.7 115.1 24.8 155.7 554.3 Total Group revenue 825.3 493.2 154.3 416.8 1,889.6 2022 \u00a3m Restated 2021 \u00a3m Depreciation and amortisation (before amortisation of intangible assets arising on acquisition) Consumer Care 40.4 31.7 Life Sciences 26.7 22.1 Industrial Specialties 19.3 25.2 Total Group 86.4 79.0 The Group manages its business segments on a global basis. The operations are based in the following geographical areas: Europe, wit h
manufacturing sites in the UK, France, the Netherlands, Italy, Spain and Denmark; North America, with manufacturing sites in the US; Lati n
America, with manufacturing sites in Brazil, Argentina, Colombia and Mexico; Asia, with manufacturing sites in Singapore, Japan, India, China ,
Indonesia, Malaysia and Australia; and South Africa and Tunisia .
The Group\u2019s revenue from external customers in the UK is \u00a366.3m (2021: \u00a352.3m), in France is \u00a3121.5m (2021: \u00a396.9m), in Germany i s
\u00a3120.9m (2021: \u00a3196.0m), in China is \u00a3189.3m (2021: \u00a3161.4m), in the US is \u00a3491.1m (2021: \u00a3455.3m) and the total revenue from externa l
customers from other countries is \u00a31,100.2m (2021: \u00a3927.7m). No single external customer represents more than 5% of the total revenue of th e
Group. The total of non-current assets other than financial instruments, retirement benefit assets and deferred tax assets located in the UK i s
\u00a3177.6m (2021: \u00a3208.2m), in the US is \u00a3618.4m (2021: \u00a3557.1m) and in other countries is \u00a3677.4m (2021: \u00a3733.6m). Goodwill has not bee n
split by geography as this asset is not attributable to a geographical area.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:2138004WCNBFJEEOXV26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-452": {
"value": "2. Operating cost s 202 2 \u00a3 m 2021 \u00a3m A nalysis of net operating expenses by function: Distribution costs 101.8 93.0 A dministrative expenses 439.1 407.7 540.9 500.7 Additional information on the nature of operating expenses, including depreciation and employee costs, is provided in note 3. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:2138004WCNBFJEEOXV26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-453": {
"value": "3. Profit for the year
202 2
\u00a3 m
2021
\u00a3m
The Group profit for the year is stated after charging/(crediting):
Depreciation and amortisation (notes 12, 13 & 14) 120.7 113. 3
Goodwill impairment (exceptional) (note 12)
34.6 \u2013
Property, plant and equipment impairment (exceptional) (note 13)
7.6 \u2013
Impairments (non-exceptional )
\u2013 1. 1
Staff costs (note 9, 2021 restated)
389.9 400.7
Redundancy costs (non-exceptional )
1.2 0. 8
Gain on business disposal (exceptional) (note 28)
(356.0) \u2013
Inventories \u2013 cost recognised as expense in cost of sales
1,102.9 950.7
Inventories \u2013 provision movement in the year
15.0 6. 7
Research and development
66.3 58. 7
Net foreign exchang e
(4.2) 0. 8
Bad debt charge (note 18 )
2.7 0. 4
202 2
\u00a3 m
2021
\u00a3m
djustments :
Exceptional items \u2013 operating profit
Business acquisitions and disposal costs \u2013 (13.5)
Pension curtailment gai n
\u2013 11. 2
Goodwill impairment (note 12 )
(34.6) \u2013
Property, plant and equipment impairment (note 13 )
(7.6) \u2013
Fair value movement on contingent consideratio n
6.1 6. 2
Exceptional items \u2013 financial costs
Unwind of discount on contingent consideration (1.7) (3.3 )
Gain on business disposal (note 28 )
356.0 \u2013
Exceptional item s
318.2 0. 6
mortisation of intangible assets arising on acquisition (34.3) (34.3 )
Total adjustment s
283.9 (33.7)
3. Profit for the year continued The exceptional items in the current year reflect the gain on business disposal, discount unwind and fair value adjustment both in respect of contingent consideration, the goodwill impairment of the Group\u2019s Flavours Cash Generating Unit (note 12) and an impairment relating to the write-off of unusable manufacturing plant in Japan. Movements in contingent consideration have been presented as exceptional as they are not directly representative of the underlying business performance in the period, and therefore this presentation provides a meaningful basis to make comparisons between reporting periods. The gain on business disposal and impairment charges have been presented as exceptional due to their size and one-off nature. The exceptional items in the prior year related to the discount unwind and fair value adjustment both in respect of contingent consideration, a pension curtailment gain (arising from transfer of the Dutch scheme to a collective defined contribution arrangement), acquisition costs and fees incurred in preparation of the disposal of part of the PTIC business. 2022 \u00a3m 2021 \u00a3m Services provided by the Group\u2019s auditors A udit services Fees payable to the Group auditors for the audit of Parent Company and consolidated financial statements 0.3 0.2 Fees payable to the Group auditors and its associates for the audit of the Company\u2019s subsidiaries 1.9 1.4 Other audit services Audit-related assurance and other services including fees payable in relation to the Group's interim review 0.2 0.1 2.4 1.7 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory",
"language": "en",
"entity": "scheme:2138004WCNBFJEEOXV26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-498": {
"value": "2022 \u00a3m 2021 \u00a3m Services provided by the Group\u2019s auditors A udit services Fees payable to the Group auditors for the audit of Parent Company and consolidated financial statements 0.3 0.2 Fees payable to the Group auditors and its associates for the audit of the Company\u2019s subsidiaries 1.9 1.4 Other audit services Audit-related assurance and other services including fees payable in relation to the Group's interim review 0.2 0.1 2.4 1.7 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:2138004WCNBFJEEOXV26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-510": {
"value": "4. Net financial costs 2022 \u00a3m 2021 \u00a3m Financial costs US$100m 3.75% fixed rate 10 year note 3.0 2.7 2019 Club facility due 2026 5.9 7.0 US$200m 3 year term loan due 2023 0.6 0.3 \u20ac30m 1.08% fixed rate 7 year note 0.3 0.3 \u20ac70m 1.43% fixed rate 10 year note 0.9 0.9 \u00a330m 2.54% fixed rate 7 year note 0.8 0.8 \u00a370m 2.80% fixed rate 10 year note 2.0 2.0 \u20ac50m 1.18% fixed rate 8 year note 0.5 0.5 \u00a365m 2.46% fixed rate 8 year note 1.6 1.6 US$60m 3.70% fixed rate 10 year note 1.8 1.6 Net interest on post-retirement benefits \u2013 0.3 Provision against non-operating loan \u2013 2.5 Interest on lease liabilities 2.5 2.2 Other bank loans and overdrafts 2.9 2.2 Other interest costs 1.2 \u2013 Unwind of discount on contingent consideration (exceptional) 1.7 3.3 Preference share dividend 0.1 \u2013 25.8 28.2 Financial income Bank interest receivable and similar income (2.7) (1.5) Net interest on post-retirement benefits (2.4) \u2013 (5.1) (1.5) Net financial costs 20.7 26.7 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:2138004WCNBFJEEOXV26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-497": {
"value": "4. Net financial costs 2022 \u00a3m 2021 \u00a3m Financial costs US$100m 3.75% fixed rate 10 year note 3.0 2.7 2019 Club facility due 2026 5.9 7.0 US$200m 3 year term loan due 2023 0.6 0.3 \u20ac30m 1.08% fixed rate 7 year note 0.3 0.3 \u20ac70m 1.43% fixed rate 10 year note 0.9 0.9 \u00a330m 2.54% fixed rate 7 year note 0.8 0.8 \u00a370m 2.80% fixed rate 10 year note 2.0 2.0 \u20ac50m 1.18% fixed rate 8 year note 0.5 0.5 \u00a365m 2.46% fixed rate 8 year note 1.6 1.6 US$60m 3.70% fixed rate 10 year note 1.8 1.6 Net interest on post-retirement benefits \u2013 0.3 Provision against non-operating loan \u2013 2.5 Interest on lease liabilities 2.5 2.2 Other bank loans and overdrafts 2.9 2.2 Other interest costs 1.2 \u2013 Unwind of discount on contingent consideration (exceptional) 1.7 3.3 Preference share dividend 0.1 \u2013 25.8 28.2 Financial income Bank interest receivable and similar income (2.7) (1.5) Net interest on post-retirement benefits (2.4) \u2013 (5.1) (1.5) Net financial costs 20.7 26.7 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:2138004WCNBFJEEOXV26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-454": {
"value": "4. Net financial costs 2022 \u00a3m 2021 \u00a3m Financial costs US$100m 3.75% fixed rate 10 year note 3.0 2.7 2019 Club facility due 2026 5.9 7.0 US$200m 3 year term loan due 2023 0.6 0.3 \u20ac30m 1.08% fixed rate 7 year note 0.3 0.3 \u20ac70m 1.43% fixed rate 10 year note 0.9 0.9 \u00a330m 2.54% fixed rate 7 year note 0.8 0.8 \u00a370m 2.80% fixed rate 10 year note 2.0 2.0 \u20ac50m 1.18% fixed rate 8 year note 0.5 0.5 \u00a365m 2.46% fixed rate 8 year note 1.6 1.6 US$60m 3.70% fixed rate 10 year note 1.8 1.6 Net interest on post-retirement benefits \u2013 0.3 Provision against non-operating loan \u2013 2.5 Interest on lease liabilities 2.5 2.2 Other bank loans and overdrafts 2.9 2.2 Other interest costs 1.2 \u2013 Unwind of discount on contingent consideration (exceptional) 1.7 3.3 Preference share dividend 0.1 \u2013 25.8 28.2 Financial income Bank interest receivable and similar income (2.7) (1.5) Net interest on post-retirement benefits (2.4) \u2013 (5.1) (1.5) Net financial costs 20.7 26.7 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:2138004WCNBFJEEOXV26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-455": {
"value": "5. Tax 2022 \u00a3m 2021 \u00a3m (a) Analysis of tax charge for the year UK current corporate tax 28.1 11.5 Overseas current corporate taxes 100.0 95.0 Current tax 128.1 106.5 Deferred tax (note 6) (1.4) (17.8) 126.7 88.7 (b) Tax on items charged/(credited) to other comprehensive income or equity Deferred tax on remeasurement of post-retirement benefits (OCI) 22.4 8.3 Deferred tax on share-based payments (equity) 1.1 (2.4) Deferred tax on provisions (OCI) 0.5 (0.2) 24.0 5.7 (c) Factors affecting the tax charge for the year Profit before tax 780.0 411.5 Tax at the standard rate of corporation tax in the UK, 19.0% (2021: 19.0%) 148.2 78.2 Effect of: Non-taxable gain on business disposal (46.1) \u2013 Tax rate changes (0.1) 7.1 Prior year over-provisions (2.9) (16.3) Tax cost of remitting overseas income to the UK 5.5 2.2 Expenses and write-offs not deductible for tax purposes 9.7 7.3 Unutilised tax losses not recognised through deferred tax 0.9 \u2013 Effect of higher overseas tax rates 11.5 10.2 126.7 88.7 The effective adjusted corporate tax rate before exceptional items of 22.8% (2021: 21.2%) is significantly higher than the UK's standard tax rate of 19.0%. The reported corporate tax rate after exceptional items is 16.2% (2021: 21.6%). The reported corporate tax rate after exceptional items includes the tax arising on the gain of the PTIC divestment and associated business disposal costs. Whilst the gain was subject to tax in the jurisdictions in which business units were sold, a number of local exemptions have resulted in the overall gain being taxed at a rate significantly lower than the UK's standard tax rate of 19.0%. This has reduced the reported corporate tax rate after exceptional items in the current year. The impairment of goodwill, also included in exceptional items, is a non-tax- deductible expense and included within expenses and write-offs not deductible for tax purposes. Croda operates in many tax jurisdictions other than the UK, both as a manufacturer and distributor, with the majority of those jurisdictions having rates higher than the UK, considerably so in some cases. It is the exposure to these different tax rates that increases the effective tax rate above the UK standard rate and also makes it difficult to forecast the Group\u2019s future tax rate with any certainty given the unpredictable nature of exchange rates, individual economies and tax legislators. Other than the exposure to higher overseas tax rates, there are no significant adjustments between the Group\u2019s expected and reported tax charge based on its adjusted accounting profit. Given the global nature of the Group, and the number of associated cross-border transactions between connected parties, we are exposed to potential adjustments to the price charged for those transactions by tax authorities. However, the Group carries appropriate provisions relating to the level of risk. Legislation to increase the UK standard rate of corporation tax from 19% to 25% was substantively enacted on 24 May 2021, effective from 1 April 2023. The UK deferred tax is calculated at 25%. The overseas tax is calculated at the rates prevailing in the respective jurisdictions. The UK, like many other jurisdictions, will bring into effect its supporting Pillar 2 tax legislation from 31 December 2023. First applicable to the Group\u2019s 31 December 2024 period end, this legislation will effectively mandate the incurrence of a minimum effective tax rate of 15% (in aggregate) across each of its trading jurisdictions. Initial assessments, supported through an appraisal of those preliminary safe harbours communicated by the OECD, validate the Group\u2019s view that no material tax exposures are expected to arise under this legislation. Notwithstanding this, the Croda Group continues to proactively monitor developments in this area and has actioned an internal roadmap to ensure the Group is compliant ahead of the first reporting event (currently 30 June 2026)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2138004WCNBFJEEOXV26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-456": {
"value": "6. Deferred tax 2022 \u00a3m 2021 \u00a3m The deferred tax balances included in these accounts are attributable to the following: Deferred tax assets Retirement benefit liabilities 3.6 6.1 Provisions 45.2 42.1 Gross deferred tax asset 48.8 48.2 Offset with deferred tax liabilities (38.5) (34.7) Net deferred tax asset 10.3 13.5 Deferred tax liabilities A ccelerated capital allowances 103.9 97.1 Revaluation gains 1.9 1.9 A cquired intangibles 74.2 77.9 Retirement benefit assets 28.5 8.2 Other 2.9 1.0 Gross deferred tax liability 211.4 186.1 Offset with deferred tax assets (38.5) (34.7) Net deferred tax liability 172.9 151.4 The movement on deferred tax balances during the year is summarised as follows: Deferred tax (charged)/credited through the income statement Continuing operations before adjustments (4.8) 13.9 Adjustments and exceptional items 6.2 3.9 Deferred tax charged directly to other comprehensive income or equity (note 5(b)) (24.0) (5.7) Disposals 8.8 \u2013 A cquisitions \u2013 (8.9) Exchange differences (10.9) 4.7 (24.7) 7.9 Net balance brought forward (137.9) (145.8) Net balance carried forward (162.6) (137.9) Deferred tax credited/(charged) through the income statement relates to the following: Retirement benefit obligations 0.3 (0.7) A ccelerated capital allowances (6.6) (2.1) Provisions 2.1 13.9 Other 5.6 6.7 1.4 17.8 Deferred tax is calculated in full on temporary differences under the balance sheet liability method at rates appropriate to each subsidiary. Deferred tax expected to reverse in the year to 31 December 2023 and beyond has been measured using the rate due to prevail in the year of reversal. Deferred tax assets have been recognised in all material cases where such assets arise, as it is probable the assets will be recovered. At 31 December 2022, no deferred tax asset has been recognised in respect of \u00a339.1m (2021: \u00a332.6m) of losses across the Group as it is not considered probable that there will be future taxable profits against which these losses can be offset. Deferred tax is only recognised on the unremitted earnings of overseas subsidiaries to the extent that remittance is expected in the foreseeable future. If all earnings were remitted, an additional \u00a315.8m (2021: \u00a39.3m) of tax would be payable. All movements on deferred tax balances have been recognised in the income statement with the exception of the items shown in note 5(b). Of the gross deferred tax assets, \u00a36.7m are expected to reverse within 12 months of the balance sheet date. No material reversal of any of the deferred tax liability is expected within 12 months of the balance sheet date based on the Group\u2019s current capital expenditure programme. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:2138004WCNBFJEEOXV26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-457": {
"value": "7. Earnings per share 2022 \u00a3m 2021 \u00a3m A djusted profit after tax for the year attributable to owners of the parent 379.2 348.8 Exceptional items and amortisation of intangible assets 283.9 (33.7) Tax impact of exceptional items and amortisation of intangible assets (13.8) 5.7 Profit after tax for the year attributable to owners of the parent 649.3 320.8 Number m Numbe r m Weighted average number of 10.61p (2021: 10.61p) ordinary shares in issue for basic calculation 139.4 139.5 Deemed issue of potentially dilutive shares 0.3 0.3 A verage number o f 10.61p (2021: 10.61p) ordinary shares for diluted calculation 139.7 139.8 Pence Pence Basic earnings per share 465.8 230.0 A djusted basic earnings per share 272.0 250.0 Diluted earnings per share 464.8 229.5 A djusted diluted earnings per share 271.4 249.5 Basic earnings per share is calculated by dividing the profit after tax attributable to owners of the parent by the weighted average number of ordinary shares in issue during the year, excluding those shares held in treasury or employee share trusts (note 24). Shares held in employee share trusts are treated as cancelled because, except for a nominal amount, dividends have been waived. For diluted earnings per share, the weighted average number of ordinary shares in issue is adjusted to assume conversion of all potentially dilutive ordinary shares. Additional earnings per share calculations are included above to give a better indication of the Group\u2019s underlying performance. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:2138004WCNBFJEEOXV26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-458": {
"value": "8. Dividends Pence per share 2022 \u00a3m Pence pe r share 2021 \u00a3m Ordinary Interim 2021 interim, paid October 2021 \u2013 \u2013 43.5 60.6 2022 interim, paid October 2022 47.0 65.6 \u2013 \u2013 Final 2020 final, paid June 2021 \u2013 \u2013 51.5 71.8 2021 final, paid June 2022 56.5 78.8 \u2013 \u2013 103.5 144.4 95.0 132.4 Preference (paid June and December) \u2013 0.1 144.4 132.5 The Directors are recommending a final dividend of 61.0p per share, amounting to a total of \u00a385.1m, in respect of the financial year ended 31 December 2022. Subject to shareholder approval, the dividend will be paid on 26 May 2023 to shareholders registered on 28 April 2023 and has not been accrued in these financial statements. The total dividend for the year ended 31 December 2022 will be 108.0p per share amounting to a total of \u00a3150.7m. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:2138004WCNBFJEEOXV26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-459": {
"value": "9. Employees 2022 \u00a3m Restated 2021 \u00a3m Group employment costs including Directors Wages and salaries 307.3 288.0 Share-based payment charges (note 23) 3.5 41.3 Social security costs 55.5 49.7 Post-retirement benefit costs 23.6 21.7 Redundancy costs 1.2 0.8 391.1 401.5 2022 Number 2021 Number A verage employee numbers by function Production 3,656 3,766 Selling and distribution 1,311 1,342 A dministration 939 929 5,906 6,037 As required by the Companies Act 2006, the figures disclosed above are the weighted averages based on the number of employees including Executive Directors. At 31 December 2022, the Group had 5,825 (2021: 6,135) employees in total. Prior year post-retirement benefit costs have been restated to include the \u00a311.2m exceptional curtailment gain. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:2138004WCNBFJEEOXV26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-460": {
"value": "10. Directors\u2019 and key management compensation Detailed information concerning Directors\u2019 remuneration, interests and options is shown in section E of the Directors\u2019 Remuneration Report, which is subject to audit, on pages 130 to 140 forming part of the Annual Report and Accounts. Aggregate compensation for key management, being the Directors and members of the Group Executive Committee, was as follows: 2022 \u00a3m 2021 \u00a3m Key management compensation including Directors Short-term employee benefits 10.5 8.1 Post-retirement benefit costs 0.1 0.1 Share-based payment charge 5.9 6.6 16.5 14.8 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:2138004WCNBFJEEOXV26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-461": {
"value": "11. Post-retirement benefits The table below summarises the Group\u2019s net year end post-retirement benefits balance sheet positions and activity for the year. 2022 \u00a3m 2021 \u00a3m Balance sheet: Retirement benefit assets 123.2 35.3 Retirement benefit liabilities (23.1) (27.4) Net asset in Group balance sheet 100.1 7.9 Net balance sheet assets/(liabilities) for: Defined pension benefits 110.9 21.4 Post-employment medical benefits (10.8) (13.5) 100.1 7.9 Income statement charge included in profit before tax for: Defined pension benefits 9.3 13.5 Post-employment medical benefits 0.6 0.7 9.9 14.2 Remeasurements included in other comprehensive income for: Defined pension benefits (84.2) (38.5) Post-employment medical benefits (4.7) (2.1) (88.9) (40.6) Defined benefit pension schemes The Group operates defined benefit pension schemes in the UK, US and several other territories under broadly similar regulatory frameworks. All of the Group\u2019s final salary type pension schemes (which provide benefits to members in the form of a guaranteed level of pension payable for life based on salary in the final years leading up to retirement) are closed to future service accrual with the exception of a small number of \u2018grandfathered\u2019 employees in the US scheme. The UK scheme, which remains open to new members, operated on a final salary basis until 5 April 2016, following which the scheme changed to a Career Average Revalued Earnings (CARE) defined benefit scheme, with annual pensionable earnings capped and pensions in payment indexed based on CPI (previously RPI) for service accrued from 6 April 2016. This change reduces the future comparable cost and risk attached to the UK scheme. The US scheme operates a cash balance pension scheme that provides a guaranteed rate of return on pension contributions until retirement (other than for \u2018grandfathered\u2019 employees). From 1 October 2017 the US scheme was closed to new joiners, who will receive defined contribution benefits. The US plans also do not generally receive inflationary increases once in payment. With the exception of this difference in inflationary risk, the Group\u2019s main defined benefit pension schemes continue to face materially similar risks, as described on pages 182 and 183. The majority of benefit payments are from trustee administered funds; however, there are also a number of unfunded plans where the relevant Group company meets the benefit payment obligation as it falls due. Plan assets held in trusts are governed by local regulations and practice in each country, as is the nature of the relationship between the Group and the trustees (or equivalent) and their composition. Responsibility for governance of the schemes, including investment decisions and contribution schedules, predominantly lies with the particular scheme's board of trustees with appropriate input from the relevant Group company. The board of trustees must be composed of representatives in accordance with each scheme\u2019s regulations and any relevant legislation. During the period the business divestment resulted in a curtailment gain of \u00a33.9m on cessation of defined benefit accrual, primarily within the Group\u2019s UK pension scheme, which has been recognised in the Group income statement as part of the gain on business disposal. During 2021 the Group's primary Netherlands scheme was converted into a collective defined contribution scheme for both past and future service. This change resulted in a curtailment gain of \u00a311.2m on the cessation of defined benefit accrual, which was recognised in the Group income statement as an exceptional item. 11. Post-retirement benefits continued The amounts recognised in the balance sheet in respect of these schemes are as follows: 2022 \u00a3m 2021 \u00a3m Present value of funded obligations UK pension scheme (726.2) (1,162.6) US pension scheme (108.3) (126.8) Rest of world (15.6) (19.6) (850.1) (1,309.0) Fair value of schemes\u2019 assets UK pension scheme 840.1 1,178.3 US pension scheme 116.6 145.4 Rest of world 12.6 16.4 969.3 1,340.1 Net asset in respect of funded schemes 119.2 31.1 Present value of unfunded obligations (8.3) (9.7) Net asset in Group balance sheet (excluding post-employment medical benefits) 110.9 21.4 2022 \u00a3m 2021 \u00a3m Movement in present value of retirement benefit obligations in the year: Opening balance 1,318.7 1,554.0 Current service cost 15.9 24.7 Past service cost \u2013 curtailments (3.9) (11.2) Settlements \u2013 (207.1) A cquisitions \u2013 0.9 Business disposal (1.8) \u2013 Interest cost 30.7 20.1 Remeasurements Change in demographic assumptions (1.6) 8.2 Change in financial assumptions (481.9) (46.7) Experience gains 16.8 26.9 Contributions paid in Employee 2.7 3.0 Benefits paid (51.3) (46.8) Exchange differences on overseas schemes 14.1 (7.3) 858.4 1,318.7 Movement in fair value of schemes\u2019 assets in the year: Opening balance 1,340.1 1,536.8 Interest income 33.4 20.1 Remeasurements Return on scheme assets, excluding amounts included in financial expenses (382.5) 26.9 Contributions paid in Employee 2.7 3.0 Employer 11.5 13.6 Settlements \u2013 (207.1) Business disposal (0.3) \u2013 Benefits paid out (51.3) (46.8) Exchange differences on overseas schemes 15.7 (6.4) 969.3 1,340.1 As at the balance sheet date, the present value of funded and unfunded retirement benefit obligations comprised approximately \u00a3171m in respect of active employees, \u00a3239m in respect of deferred members and \u00a3448m in relation to members in retirement. Total employer contributions to the schemes in 2023 are expected to be \u00a310.9m.Notes to the Group Accounts continued 180 Croda International Plc Annual Report and Accounts 2022 11. Post-retirement benefits continued The amounts recognised in the balance sheet in respect of these schemes are as follows: 2022 \u00a3m 2021 \u00a3m Present value of funded obligations UK pension scheme (726.2) (1,162.6) US pension scheme (108.3) (126.8) Rest of world (15.6) (19.6) (850.1) (1,309.0) Fair value of schemes\u2019 assets UK pension scheme 840.1 1,178.3 US pension scheme 116.6 145.4 Rest of world 12.6 16.4 969.3 1,340.1 Net asset in respect of funded schemes 119.2 31.1 Present value of unfunded obligations (8.3) (9.7) Net asset in Group balance sheet (excluding post-employment medical benefits) 110.9 21.4 2022 \u00a3m 2021 \u00a3m Movement in present value of retirement benefit obligations in the year: Opening balance 1,318.7 1,554.0 Current service cost 15.9 24.7 Past service cost \u2013 curtailments (3.9) (11.2) Settlements \u2013 (207.1) A cquisitions \u2013 0.9 Business disposal (1.8) \u2013 Interest cost 30.7 20.1 Remeasurements Change in demographic assumptions (1.6) 8.2 Change in financial assumptions (481.9) (46.7) Experience gains 16.8 26.9 Contributions paid in Employee 2.7 3.0 Benefits paid (51.3) (46.8) Exchange differences on overseas schemes 14.1 (7.3) 858.4 1,318.7 Movement in fair value of schemes\u2019 assets in the year: Opening balance 1,340.1 1,536.8 Interest income 33.4 20.1 Remeasurements Return on scheme assets, excluding amounts included in financial expenses (382.5) 26.9 Contributions paid in Employee 2.7 3.0 Employer 11.5 13.6 Settlements \u2013 (207.1) Business disposal (0.3) \u2013 Benefits paid out (51.3) (46.8) Exchange differences on overseas schemes 15.7 (6.4) 969.3 1,340.1 As at the balance sheet date, the present value of funded and unfunded retirement benefit obligations comprised approximately \u00a3171m in respect of active employees, \u00a3239m in respect of deferred members and \u00a3448m in relation to members in retirement. Total employer contributions to the schemes in 2023 are expected to be \u00a310.9m. Croda International Plc Annual Report and Accounts 2022 181 Financial statements The actuarial assumptions used to determine the present value of the defined benefit obligations were as follows: 2022 UK 2022 US 2021 UK 2021 US Discount rate 4.8% 5.3% 1.8% 2.8% Inflation rate \u2013 RPI 3.2% 3.0% 3.2% 2.5% Inflation rate \u2013 CPI 2.6% n/a 2.8% n/a Rate of increase in salaries 4.6% 4.0% 4.8% 3.5% Rate of increase for pensions in payment 3.0% n/a 3.1% n/a Duration of liabilities (i.e. life expectancy) (years) 15.0 9.6 18.9 11.0 Remaining working life 9.5 9.9 9.6 10.6 Mortality assumptions are based on country-specific mortality tables and where appropriate allow for future improvements in life expectancy. Where credible data exists, actual plan experience is taken into account. The UK mortality improvement scale has been updated to CMI2021, in order to reflect the most recent CMI model with no weighting for 2020 and 2021 experience given uncertainty around the long-term impact of COVID-19 on life expectancy. The mortality experience analysis for the scheme will be carried out in the future as part of the 30 September 2023 funding valuation for the UK Croda Pension Scheme. Applying the mortality tables adopted, the expected future average lifetime of members currently at age 65 and members at age 65 in 20 years' time is as follows: UK Current age 65 US UK Age 65 in 20 years US Male 20.2 20.9 21.5 22.1 Female 23.3 22.8 24.8 23.9 The sensitivity of the defined benefit obligation to changes in the significant assumptions is as follows: Impact on retirement benefit obligation Sensitivity Of increase Of decrease Discount rate 0.5% -6.3% 7.0% Inflation rate 0.5% 4.7% -4.5% Mortality (assumes a one-year change in life expectancy) 1 year 3.6% -3.6% The above sensitivity analyses are based on a change in an assumption while holding all other assumptions constant. In practice, this is unlikely to occur, and changes in some of the assumptions may be correlated. When calculating the sensitivity of the defined benefit obligation to significant actuarial assumptions, the same method (present value of the defined benefit obligation calculated with the projected unit credit method at the end of the reporting year) has been applied as when calculating the retirement benefit obligation recognised in the Group balance sheet. The weighted average duration of the defined benefit obligation is 14.3 years (2021: 18.1 years). The assets in the schemes comprised: 2022 \u00a3m 2022 % 2021 \u00a3m 2021 % Quoted Equities 70.1 7% 188.2 14% Government bonds 336.9 36% 590.8 44% Corporate bonds 56.3 6% 70.6 5% Other quoted securities 24.2 2% 28.7 2% Unquoted Cash and cash equivalents 98.1 10% 73.1 5% Real estate (pooled investment vehicles) 60.3 6% 61.6 5% Derivatives (46.1) -5% 10.0 1% Other 369.5 38% 317.1 24% 969.3 100% 1,340.1 100% Derivatives presented above represent the scheme\u2019s net position on Government bond repurchase agreements and other swap contracts (valued on a mark-to-market basis) which form part of the scheme\u2019s Liability Driven Investment (LDI) portfolio. The non-derivative assets in the LDI portfolio have been presented in the relevant asset category. During September and October 2022 significant volatility in UK interest rates impacted pensions scheme\u2019s that use LDI funds. The Scheme\u2019s low level of leverage in the LDI portfolio and significant collateral headroom has meant that the Scheme has remained resilient to this volatility. As a result of market movements, the Scheme\u2019s asset allocation during Q4 2022 was out of line with the target allocation with an overweight position to return seeking assets. The Trustee and investment consultant reviewed the Scheme\u2019s investments and instructed various trades to rebalance the Scheme\u2019s portfolio towards the target allocation. The increases in interest rates over the year have seen an improvement in the Scheme\u2019s overall funding position and the Trustee and its advisors are continuing to review and monitor the situation. Other investments include; a fund of hedge funds, which consists of a fund of multiple investment managers across both traditional markets such as equities and credit and also more specialist diversified strategies; infrastructure type investments that hold assets linked to the value and income from UK and overseas infrastructure. 11. Post-retirement benefits continued Post-employment medical benefits The Group operates an unfunded post-employment medical benefit scheme in the US. The method of accounting, significant assumptions and the frequency of valuations are similar to those used for defined benefit pension schemes set out above with the addition of actuarial assumptions relating to the long-term increase in health care costs of 5.0% a year (2021: 5.0%). The amounts recognised in the balance sheet in respect of this scheme are as follows: 2022 \u00a3m 2021 \u00a3m Present value of unfunded obligations US scheme 10.8 13.5 2022 \u00a3m 2021 \u00a3m Movement in present value of retirement benefit obligations in the year: Opening balance 13.5 15.1 Current service cost 0.3 0.4 Interest cost 0.3 0.3 Remeasurements \u2013 change in financial assumptions (4.4) (1.2) Remeasurements \u2013 experience gains (0.3) (0.9) Benefits paid (0.2) (0.3) Exchange differences on overseas schemes 1.6 0.1 10.8 13.5 Pension and medical benefits \u2013 risks and volatility Through its defined benefit pension schemes and post-employment medical schemes, the Group is exposed to a number of risks, the most significant of which are detailed below: Asset volatility The schemes\u2019 liabilities are calculated using a discount rate set with reference to corporate bond yields; if scheme assets underperform this yield, a deficit will be created. The schemes hold a proportion of equities, which are expected to outperform corporate bonds in the long-term while providing volatility and risk in the short-term. As the schemes mature, the Group intends to reduce the level of investment risk by investing more in assets that better match the liabilities. However, the Group and the pension trustees (Trustees) believe that due to the long-term nature of the scheme liabilities and the strength of the supporting Group, a level of continuing equity investment is an appropriate element of the Group\u2019s long-term strategy to manage the schemes efficiently. See below for more details on the Group\u2019s asset-liability matching strategy. Changes in bond yields A decrease in corporate bond yields will increase scheme liabilities, although this will be partially offset by an increase in the value of the schemes\u2019 bond holdings. Inflation risk Some of the Group\u2019s pension obligations are linked to inflation, and higher inflation will lead to higher liabilities. However, the level of inflationary increases are usually capped to protect the scheme against extreme inflation. The majority of the schemes\u2019 assets are either unaffected by inflation in the case of fixed interest bonds or loosely correlated in the case of equities, meaning that an increase in inflation will thus increase the deficit. In the US schemes, the pensions in payment are not linked to inflation, so this is a less material risk. Life expectancy The majority of the schemes\u2019 obligations are to provide benefits for the life of the member, so increases in life expectancy will result in an increase in the schemes\u2019 liabilities. This is particularly significant in the UK scheme, where inflationary increases result in higher sensitivity to changes in life expectancy. In the case of the funded schemes, the Group ensures that the investment positions are managed within an asset- liability matching (ALM) framework that has been developed to achieve long-term investments that are cognisant of the obligations under the pension schemes. Within this framework, the Group\u2019s ALM objective is to match a portion of assets to the pension obligations by investing in long-term fixed interest securities with maturities that match the benefit payments as they fall due and in the appropriate currency. The Group and Trustees actively monitor how the duration and the expected yield of the investments are matching the expected cash outflows arising from the pension obligations. The Group has not changed the processes used to manage its risks from previous years. Investments are well diversified, such that the failure of any single investment would not have a material impact on the overall level of assets. A significant portion of assets in 2022 consists of equities and bonds, although the schemes also invest in property, cash and infrastructure funds. The Group believes that equities offer the best returns over the long-term with an acceptable level of risk. The UK scheme makes use of a portfolio of derivative instruments to mitigate interest rate and inflation risk. The latest triennial valuation of the UK scheme was completed as at 30 September 2020. As a result, no deficit funding payments to this scheme are required prior to completion of the next triennial valuation (as at 30 September 2023). The funding review of our US scheme is undertaken annually. As at 1 December 2021 the scheme was 150.2% funded The expected distribution of the timing of discounted benefit payments is as follows: Less than a year \u00a3m Between 1\u20132 years \u00a3m Between 2\u20135 years \u00a3m Beyond 5 years \u00a3m Total \u00a3m Pension benefits 44.0 47.2 146.1 621.1 858.4 Post-employment medical benefits 0.5 0.5 1.7 8.1 10.8 44.5 47.7 147.8 629.2 869.2 Defined contribution schemes 2022 \u00a3m 2021 \u00a3m Contributions paid charged to operating profit 11.3 7.8 ",
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},
"fact-462": {
"value": "12. Intangible assets
Goodwill
\u00a3m
Software
\u00a3m
Technology
processes
\u00a3m
Customer
relationships
\u00a3m
Trade names
and brands
\u00a3m
Other
intangibles
\u00a3m
Total
\u00a3m
Cost
t 1 January 2021 866.7 35.7 154.3 218.6 89.4 3.9 1,368.6
Exchange differences (34.7) (0.7) (7.6) (10.2) (4.5) (0.1) (57.8)
dditions \u2013 5.5 \u2013 \u2013 \u2013 0.2 5.7
cquisitions 20.0 0.2 6.0 18.0 4.2 \u2013 48.4
Disposals and write-offs \u2013 (4.0) \u2013 \u2013 \u2013 \u2013 (4.0)
Reclassifications from property, plant
and equipment \u2013 (0.3) (0.1) \u2013 \u2013 0.9 0.5
t 31 December 2021 852.0 36.4 152.6 226.4 89.1 4.9 1,361.4
t 1 January 2022 852.0 36.4 152.6 226.4 89.1 4.9 1,361.4
Exchange differences 37.3 1.5 8.4 15.5 5.9 \u2013 68.6
dditions \u2013 2.9 6.3 \u2013 \u2013 1.8 11.0
Disposals and write-offs (10.1) (6.8) (17.4) \u2013 \u2013 \u2013 (34.3)
Reclassifications from property, plant
and equipment \u2013 0.4 \u2013 \u2013 \u2013 \u2013 0.4
t 31 December 2022 879.2 34.4 149.9 241.9 95.0 6.7 1,407.1
ccumulated amortisation and
impairment losses
t 1 January 2021 \u2013 19.6 22.2 10.9 2.6 1.6 56.9
Exchange differences \u2013 (0.8) (1.6) (0.7) (0.1) \u2013 (3.2)
Charge for the year (note 3) \u2013 2.7 15.8 12.9 5.0 0.6 37.0
Disposals and write-offs \u2013 (0.9) \u2013 \u2013 \u2013 \u2013 (0.9)
Reclassifications \u2013 (0.2) \u2013 \u2013 \u2013 0.2 \u2013
t 31 December 2021 \u2013 20.4 36.4 23.1 7.5 2.4 89.8
t 1 January 2022 \u2013 20.4 36.4 23.1 7.5 2.4 89.8
Exchange differences \u2013 1.3 2.1 2.0 0.6 \u2013 6.0
Charge for the year (note 3) \u2013 2.7 15.5 13.7 5.2 0.2 37.3
Disposals and write-offs \u2013 (6.5) (7.3) \u2013 \u2013 \u2013 (13.8)
Impairments 34.6 \u2013 \u2013 \u2013 \u2013 \u2013 34.6
t 31 December 2022 34.6 17.9 46.7 38.8 13.3 2.6 153.9
Net carrying amount
t 31 December 2022 844.6 16.5 103.2 203.1 81.7 4.1 1,253.2
t 31 December 2021 852.0 16.0 116.2 203.3 81.6 2.5 1,271.6
t 1 January 2021 866.7 16.1 132.1 207.7 86.8 2.3 1,311.7
During the year goodwill was impaired by \u00a334.6m. This impairment is recorded in the income statement on page 159 as an exceptional item
within operating costs and is within the Consumer Care operating business segment. Intangible asset amortisation is also recorded in operating
costs.
12. Intangible assets continued Impairment testing for CGUs containing goodwill The Group's goodwill balance predominantly relates to the value of commercial and other synergies arising from the combination of acquired businesses with Croda's established global sales, marketing and R&D networks. This goodwill is allocated to the Group's Cash Generating Units (CGUs) expected to benefit from that combination based on the smallest identifiable group of assets that generate independent cash inflows. Following the divestment of the majority of the Performance Technologies and Industrial Chemicals business as announced in the 2022 Interim Statement, the retained business now forms a new Industrial Specialties sector. Accordingly, the Group has combined the previously reported operating business segments for the year ended 31 December 2021 for both Performance Technologies and Industrial Chemicals and shown as Industrial Specialties. The divestment included the disposal of standalone CGUs Ionphase and Rewitec. The Fragrances CGU includes the goodwill arising on the acquisition of Parfex S.A. ('Parfex') in June 2021. This is in line with the level at which goodwill is monitored by Management following the integration of Parfex into the Group. As discussed in the accounting policies note on page 166, goodwill is tested at each year end for impairment with reference to the relevant CGU's recoverable amount compared to the unit's carrying value including goodwill. Assets are grouped at the lowest level for which there are separately identifiable cash flows relevant to the acquisition generating the goodwill. The recoverable amount is based on the higher of fair value less cost to sell and value in use calculations using discounted cash flow projections with the following key assumptions: \u2022 Terminal value growth rates \u2013 set for each CGU with reference to the long-term growth rate for the market and territory in which the CGU operates but not exceeding the Group's long-term average growth rate, estimated at 3%. \u2022 Discount rate \u2013 set using a weighted average cost of capital adjusted for the specific risk profile of each CGU. \u2022 Cash flow projections \u2013 based on management's most recent risk-adjusted view of future trading, with assumptions including revenue growth, operating margins, maintenance capital expenditure and working capital days. The carrying amount of goodwill is allocated to operating business segments as follows: 2022 Restated 2021 Standalone CGUs \u00a3m Allocated goodwill \u00a3m Total \u00a3m Standalone CGUs \u00a3m Allocated goodwill \u00a3m Total \u00a3m Consumer Care 370.3 219.2 589.5 385.4 213.7 599.1 Life Sciences 163.3 69.2 232.5 151.2 69.5 220.7 Industrial Specialties 22.6 \u2013 22.6 30.9 1.3 32.2 556.2 288.4 844.6 567.5 284.5 852.0 The allocated goodwill primarily relates to \u00a363m (2021: \u00a359m) associated with the 2020 acquisition of Iberchem as it relates to revenue synergies with Croda\u2019s existing Consumer Care business and \u00a3192m (2021: \u00a3192m) associated with the 2006 acquisition of Uniqema (with all other balances individually less than \u00a310m). Due to the geographical and operational scale of the Uniqema acquisition, this goodwill balance is tested for impairment at an operating business segment level. Standalone CGUs operate independently of the Group\u2019s core regional operating assets, are capable of generating largely independent cash inflows and therefore goodwill relating to standalone CGUS is tested separately for impairment annually. For impairment testing performed at an operating business segment level, cash flow projections are based on the Group's current year results and a growth rate of 3% (an appropriate risk-adjusted view based on past experience reflecting the market and territories in which the Group operates), discounted using a weighted average cost of capital, which for these purposes has been calculated to be approximately 9.9% pre-tax (2021: 8.5%). No reasonably possible changes in key assumptions would cause the recoverable amount of the operating segments to be less than their carrying value. Based on the testing performed, no impairment has been recognised for the year ended 31 December 2022. Standalone CGUs The carrying amount of goodwill (post impairment) is allocated to Standalone CGUs as follows: 2022 \u00a3m Restated 2021 \u00a3m Incotec 71.2 67.6 Biosector 26.0 24.6 Sipo 22.6 22.1 Ionphase \u2013 6.5 Rewitec \u2013 2.3 A vanti 66.1 59.0 Fragrances 269.3 255.5 Flavours 94.4 123.6 A lban Muller 6.6 6.3 556.2 567.5 For all Standalone CGUs the recoverable amount was based on value in use calculations, including Sipo, which was based on fair value less cost to sell in the prior year. Cash flow projections have been based on specific risk adjusted estimates for five years taking management's most recent view of medium-term trading prospects. Unless otherwise stated, cash flow projections assume an appropriate view of past experience, specifically considering revenue growth in relation to market share, maintaining operating margins, maintenance capital expenditure and working capital days. Previously Biosector, Fragrances and Flavours cash flow projections were based on 10-year projections that supported the acquisitions, however these have been refreshed in the year based on management's latest view and capped to a 5-year period to reduce the risk with longer term forecasting, consistent with other CGU's cash flow projections. Due to the changes in the cash flow projections, where applicable, comparative growth rates are not presented. Discount rates have been calculated for standalone CGUs considering specific size risk premiums. Excluding Fragrances and Flavours, discount rates have increased in the year as a result of the independent inputs into the calculation, predominantly the increase in risk-free rates. Given the diverse geographical spread of the Fragrances and Flavours business, the risk-free rates has been less impacted by changes in interest rate compared to the Group's other CGUs. The terminal value growth rates and discount rates applied in these CGU level calculations are set out below: 2022 T erminal value growth rate 2021 2022 Pre-ta x discount rate 2021 Incotec 3.0% 3.0% 11.0% 8.9% Biosector 3.0% 3.0% 13.6% 11.0% Sipo 3.0% n/a 12.4% n/a A vanti 3.0% 3.0% 12.8% 11.0% Fragrances 3.0% 3.0% 10.6% 10.5% Flavours 3.0% 3.0% 10.5% 10.4% A lban Muller 3.0% n/a 12.8% n/a An impairment of \u00a334.6m was recorded in relation to goodwill arising on the acquisition of Iberchem's Flavours business. This principally reflected the impact of significant cost inflation which was not fully recovered, with future value of the business being behind the acquisition case. The assumptions underpinning the cash flow projection used in the value in use calculation reflect management's most recent five-year business plan. These projections use an appropriate view of past experience, specifically that operating margins will improve in the medium to long-term and sales growth targets will be achieved resulting in approximately 14% compound average growth rates ('CAGR') at a sales level and 20% EBITDA CAGR over the period. Excluding Flavours, based on the annual impairment testing performed for all standalone CGUs no impairment has been recognised for the year ended 31 December 2022 and standalone CGUs remain on track to perform to our long-term expectations. In forming this conclusion, the Directors have reviewed sensitivity analysis which considered all reasonably possible downsides on key assumptions, both individually and in combination, and considered whether these would give rise to an impairment. This analysis concluded that no reasonably possible changes in key assumptions would cause the recoverable amount of the Standalone CGUs to be less than the carrying value, other than for the Fragrances and Flavours CGUs. The estimated recoverable amount of the Fragrances CGU exceeded its carrying value by approximately \u00a3111m (2021: \u00a317m) and therefore the Directors concluded that no impairment was required; however, the calculations are sensitive to changes in key assumptions. The key assumptions considered by the Directors, where a reasonably possible change could give rise to an impairment, were the EBITDA CAGR (set at approximately 16%), pre-tax discount rate and long-term growth rate. Sensitivity disclosures for both the Fragrances and Flavours CGUs are set out below. Sensitivity to changes in assumptions The recoverable amount, and therefore level of headroom or impairment charge, is predominantly dependent upon judgements used in arriving at the cash flow projections, long-term growth rate, and the discount rate. Although it is not management's current expectation, the impact on the recoverable amount when applying a reasonably possible change in these assumptions would be as follows for the year ended 31 December 2022: Flavours Fragrances Sensitivit y Increase \u00a3m Decrease \u00a3m Sensitivit y Increase \u00a3m Decrease \u00a3m Incremental increase/(decrease) in recoverable amount Change in pre-tax discount rate by: 1.0% (21.1) 27.7 1.0% (80.0) 104.7 Change in long-term growth rates by: 1.0% 28.5 (20.0) 1.0% 109.5 (76.8) Change in EBITDA compound annual growth rate by: 5.0% 39.8 (33.9) 5.0% 167.1 (141.3) The above sensitivity analyses are based on a change in an assumption whilst holding all other assumptions constant. In practice, some of the assumptions may be correlated. ",
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"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138004WCNBFJEEOXV26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-511": {
"value": "12. Intangible assets Goodwill \u00a3m Software \u00a3m Technology processes \u00a3m Customer relationships \u00a3m Trade names and brands \u00a3m Other intangibles \u00a3m Total \u00a3m Cost A t 1 January 2021 866.7 35.7 154.3 218.6 89.4 3.9 1,368.6 Exchange differences (34.7) (0.7) (7.6) (10.2) (4.5) (0.1) (57.8) A dditions \u2013 5.5 \u2013 \u2013 \u2013 0.2 5.7 A cquisitions 20.0 0.2 6.0 18.0 4.2 \u2013 48.4 Disposals and write-offs \u2013 (4.0) \u2013 \u2013 \u2013 \u2013 (4.0) Reclassifications from property, plant and equipment \u2013 (0.3) (0.1) \u2013 \u2013 0.9 0.5 A t 31 December 2021 852.0 36.4 152.6 226.4 89.1 4.9 1,361.4 A t 1 January 2022 852.0 36.4 152.6 226.4 89.1 4.9 1,361.4 Exchange differences 37.3 1.5 8.4 15.5 5.9 \u2013 68.6 A dditions \u2013 2.9 6.3 \u2013 \u2013 1.8 11.0 Disposals and write-offs (10.1) (6.8) (17.4) \u2013 \u2013 \u2013 (34.3) Reclassifications from property, plant and equipment \u2013 0.4 \u2013 \u2013 \u2013 \u2013 0.4 A t 31 December 2022 879.2 34.4 149.9 241.9 95.0 6.7 1,407.1 A ccumulated amortisation and impairment losses A t 1 January 2021 \u2013 19.6 22.2 10.9 2.6 1.6 56.9 Exchange differences \u2013 (0.8) (1.6) (0.7) (0.1) \u2013 (3.2) Charge for the year (note 3) \u2013 2.7 15.8 12.9 5.0 0.6 37.0 Disposals and write-offs \u2013 (0.9) \u2013 \u2013 \u2013 \u2013 (0.9) Reclassifications \u2013 (0.2) \u2013 \u2013 \u2013 0.2 \u2013 A t 31 December 2021 \u2013 20.4 36.4 23.1 7.5 2.4 89.8 A t 1 January 2022 \u2013 20.4 36.4 23.1 7.5 2.4 89.8 Exchange differences \u2013 1.3 2.1 2.0 0.6 \u2013 6.0 Charge for the year (note 3) \u2013 2.7 15.5 13.7 5.2 0.2 37.3 Disposals and write-offs \u2013 (6.5) (7.3) \u2013 \u2013 \u2013 (13.8) Impairments 34.6 \u2013 \u2013 \u2013 \u2013 \u2013 34.6 A t 31 December 2022 34.6 17.9 46.7 38.8 13.3 2.6 153.9 Net carrying amount A t 31 December 2022 844.6 16.5 103.2 203.1 81.7 4.1 1,253.2 A t 31 December 2021 852.0 16.0 116.2 203.3 81.6 2.5 1,271.6 A t 1 January 2021 866.7 16.1 132.1 207.7 86.8 2.3 1,311.7 During the year goodwill was impaired by \u00a334.6m. This impairment is recorded in the income statement on page 159 as an exceptional item within operating costs and is within the Consumer Care operating business segment. Intangible asset amortisation is also recorded in operating costs. 12. Intangible assets continued Impairment testing for CGUs containing goodwill The Group's goodwill balance predominantly relates to the value of commercial and other synergies arising from the combination of acquired businesses with Croda's established global sales, marketing and R&D networks. This goodwill is allocated to the Group's Cash Generating Units (CGUs) expected to benefit from that combination based on the smallest identifiable group of assets that generate independent cash inflows. Following the divestment of the majority of the Performance Technologies and Industrial Chemicals business as announced in the 2022 Interim Statement, the retained business now forms a new Industrial Specialties sector. Accordingly, the Group has combined the previously reported operating business segments for the year ended 31 December 2021 for both Performance Technologies and Industrial Chemicals and shown as Industrial Specialties. The divestment included the disposal of standalone CGUs Ionphase and Rewitec. The Fragrances CGU includes the goodwill arising on the acquisition of Parfex S.A. ('Parfex') in June 2021. This is in line with the level at which goodwill is monitored by Management following the integration of Parfex into the Group. As discussed in the accounting policies note on page 166, goodwill is tested at each year end for impairment with reference to the relevant CGU's recoverable amount compared to the unit's carrying value including goodwill. Assets are grouped at the lowest level for which there are separately identifiable cash flows relevant to the acquisition generating the goodwill. The recoverable amount is based on the higher of fair value less cost to sell and value in use calculations using discounted cash flow projections with the following key assumptions: \u2022 Terminal value growth rates \u2013 set for each CGU with reference to the long-term growth rate for the market and territory in which the CGU operates but not exceeding the Group's long-term average growth rate, estimated at 3%. \u2022 Discount rate \u2013 set using a weighted average cost of capital adjusted for the specific risk profile of each CGU. \u2022 Cash flow projections \u2013 based on management's most recent risk-adjusted view of future trading, with assumptions including revenue growth, operating margins, maintenance capital expenditure and working capital days. The carrying amount of goodwill is allocated to operating business segments as follows: 2022 Restated 2021 Standalone CGUs \u00a3m Allocated goodwill \u00a3m Total \u00a3m Standalone CGUs \u00a3m Allocated goodwill \u00a3m Total \u00a3m Consumer Care 370.3 219.2 589.5 385.4 213.7 599.1 Life Sciences 163.3 69.2 232.5 151.2 69.5 220.7 Industrial Specialties 22.6 \u2013 22.6 30.9 1.3 32.2 556.2 288.4 844.6 567.5 284.5 852.0 The allocated goodwill primarily relates to \u00a363m (2021: \u00a359m) associated with the 2020 acquisition of Iberchem as it relates to revenue synergies with Croda\u2019s existing Consumer Care business and \u00a3192m (2021: \u00a3192m) associated with the 2006 acquisition of Uniqema (with all other balances individually less than \u00a310m). Due to the geographical and operational scale of the Uniqema acquisition, this goodwill balance is tested for impairment at an operating business segment level. Standalone CGUs operate independently of the Group\u2019s core regional operating assets, are capable of generating largely independent cash inflows and therefore goodwill relating to standalone CGUS is tested separately for impairment annually. For impairment testing performed at an operating business segment level, cash flow projections are based on the Group's current year results and a growth rate of 3% (an appropriate risk-adjusted view based on past experience reflecting the market and territories in which the Group operates), discounted using a weighted average cost of capital, which for these purposes has been calculated to be approximately 9.9% pre-tax (2021: 8.5%). No reasonably possible changes in key assumptions would cause the recoverable amount of the operating segments to be less than their carrying value. Based on the testing performed, no impairment has been recognised for the year ended 31 December 2022. Standalone CGUs The carrying amount of goodwill (post impairment) is allocated to Standalone CGUs as follows: 2022 \u00a3m Restated 2021 \u00a3m Incotec 71.2 67.6 Biosector 26.0 24.6 Sipo 22.6 22.1 Ionphase \u2013 6.5 Rewitec \u2013 2.3 A vanti 66.1 59.0 Fragrances 269.3 255.5 Flavours 94.4 123.6 A lban Muller 6.6 6.3 556.2 567.5 For all Standalone CGUs the recoverable amount was based on value in use calculations, including Sipo, which was based on fair value less
cost to sell in the prior year. Cash flow projections have been based on specific risk adjusted estimates for five years taking management's most
recent view of medium-term trading prospects. Unless otherwise stated, cash flow projections assume an appropriate view of past experience,
specifically considering revenue growth in relation to market share, maintaining operating margins, maintenance capital expenditure and working
capital days. Previously Biosector, Fragrances and Flavours cash flow projections were based on 10-year projections that supported the
acquisitions, however these have been refreshed in the year based on management's latest view and capped to a 5-year period to reduce the
risk with longer term forecasting, consistent with other CGU's cash flow projections. Due to the changes in the cash flow projections, where
applicable, comparative growth rates are not presented. Discount rates have been calculated for standalone CGUs considering specific size risk
premiums. Excluding Fragrances and Flavours, discount rates have increased in the year as a result of the independent inputs into the
calculation, predominantly the increase in risk-free rates. Given the diverse geographical spread of the Fragrances and Flavours business, the
risk-free rates has been less impacted by changes in interest rate compared to the Group's other CGUs. The terminal value growth rates and
discount rates applied in these CGU level calculations are set out below:
2022
erminal value
growth rate
2021 2022
Pre-ta
discount rate
2021
Incotec 3.0% 3.0% 11.0% 8.9%
Biosector 3.0% 3.0% 13.6% 11.0%
Sipo
3.0% n/a 12.4% n/a
vanti 3.0% 3.0% 12.8% 11.0%
Fragrances
3.0% 3.0% 10.6% 10.5%
Flavours
3.0% 3.0% 10.5% 10.4%
lban Muller 3.0% n/a 12.8% n/a
An impairment of \u00a334.6m was recorded in relation to goodwill arising on the acquisition of Iberchem's Flavours business. This principally
reflected the impact of significant cost inflation which was not fully recovered, with future value of the business being behind the acquisition
case. The assumptions underpinning the cash flow projection used in the value in use calculation reflect management's most recent five-year
business plan. These projections use an appropriate view of past experience, specifically that operating margins will improve in the medium to
long-term and sales growth targets will be achieved resulting in approximately 14% compound average growth rates ('CAGR') at a sales level
and 20% EBITDA CAGR over the period.
Excluding Flavours, based on the annual impairment testing performed for all standalone CGUs no impairment has been recognised for the year
ended 31 December 2022 and standalone CGUs remain on track to perform to our long-term expectations. In forming this conclusion, the
Directors have reviewed sensitivity analysis which considered all reasonably possible downsides on key assumptions, both individually and in
combination, and considered whether these would give rise to an impairment. This analysis concluded that no reasonably possible changes in
key assumptions would cause the recoverable amount of the Standalone CGUs to be less than the carrying value, other than for the Fragrances
and Flavours CGUs.
The estimated recoverable amount of the Fragrances CGU exceeded its carrying value by approximately \u00a3111m (2021: \u00a317m) and therefore the
Directors concluded that no impairment was required; however, the calculations are sensitive to changes in key assumptions. The key
assumptions considered by the Directors, where a reasonably possible change could give rise to an impairment, were the EBITDA CAGR (set at
approximately 16%), pre-tax discount rate and long-term growth rate. Sensitivity disclosures for both the Fragrances and Flavours CGUs are set
out below.
Sensitivity to changes in assumptions
The recoverable amount, and therefore level of headroom or impairment charge, is predominantly dependent upon judgements used in arriving
at the cash flow projections, long-term growth rate, and the discount rate. Although it is not management's current expectation, the impact on
the recoverable amount when applying a reasonably possible change in these assumptions would be as follows for the year ended 31
December 2022:
Flavours Fragrances
Sensitivit
Increase
\u00a3m
Decrease
\u00a3m
Sensitivit
Increase
\u00a3m
Decrease
\u00a3m
Incremental increase/(decrease) in recoverable amount
Change in pre-tax discount rate by: 1.0% (21.1) 27.7 1.0% (80.0) 104.7
Change in long-term growth rates by:
1.0% 28.5 (20.0) 1.0% 109.5 (76.8)
Change in EBITDA compound annual growth rate by:
5.0% 39.8 (33.9) 5.0% 167.1 (141.3)
The above sensitivity analyses are based on a change in an assumption whilst holding all other assumptions constant. In practice, some of the
assumptions may be correlated.
",
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},
"fact-499": {
"value": "12. Intangible assets Goodwill \u00a3m Software \u00a3m Technology processes \u00a3m Customer relationships \u00a3m Trade names and brands \u00a3m Other intangibles \u00a3m Total \u00a3m Cost A t 1 January 2021 866.7 35.7 154.3 218.6 89.4 3.9 1,368.6 Exchange differences (34.7) (0.7) (7.6) (10.2) (4.5) (0.1) (57.8) A dditions \u2013 5.5 \u2013 \u2013 \u2013 0.2 5.7 A cquisitions 20.0 0.2 6.0 18.0 4.2 \u2013 48.4 Disposals and write-offs \u2013 (4.0) \u2013 \u2013 \u2013 \u2013 (4.0) Reclassifications from property, plant and equipment \u2013 (0.3) (0.1) \u2013 \u2013 0.9 0.5 A t 31 December 2021 852.0 36.4 152.6 226.4 89.1 4.9 1,361.4 A t 1 January 2022 852.0 36.4 152.6 226.4 89.1 4.9 1,361.4 Exchange differences 37.3 1.5 8.4 15.5 5.9 \u2013 68.6 A dditions \u2013 2.9 6.3 \u2013 \u2013 1.8 11.0 Disposals and write-offs (10.1) (6.8) (17.4) \u2013 \u2013 \u2013 (34.3) Reclassifications from property, plant and equipment \u2013 0.4 \u2013 \u2013 \u2013 \u2013 0.4 A t 31 December 2022 879.2 34.4 149.9 241.9 95.0 6.7 1,407.1 A ccumulated amortisation and impairment losses A t 1 January 2021 \u2013 19.6 22.2 10.9 2.6 1.6 56.9 Exchange differences \u2013 (0.8) (1.6) (0.7) (0.1) \u2013 (3.2) Charge for the year (note 3) \u2013 2.7 15.8 12.9 5.0 0.6 37.0 Disposals and write-offs \u2013 (0.9) \u2013 \u2013 \u2013 \u2013 (0.9) Reclassifications \u2013 (0.2) \u2013 \u2013 \u2013 0.2 \u2013 A t 31 December 2021 \u2013 20.4 36.4 23.1 7.5 2.4 89.8 A t 1 January 2022 \u2013 20.4 36.4 23.1 7.5 2.4 89.8 Exchange differences \u2013 1.3 2.1 2.0 0.6 \u2013 6.0 Charge for the year (note 3) \u2013 2.7 15.5 13.7 5.2 0.2 37.3 Disposals and write-offs \u2013 (6.5) (7.3) \u2013 \u2013 \u2013 (13.8) Impairments 34.6 \u2013 \u2013 \u2013 \u2013 \u2013 34.6 A t 31 December 2022 34.6 17.9 46.7 38.8 13.3 2.6 153.9 Net carrying amount A t 31 December 2022 844.6 16.5 103.2 203.1 81.7 4.1 1,253.2 A t 31 December 2021 852.0 16.0 116.2 203.3 81.6 2.5 1,271.6 A t 1 January 2021 866.7 16.1 132.1 207.7 86.8 2.3 1,311.7 During the year goodwill was impaired by \u00a334.6m. This impairment is recorded in the income statement on page 159 as an exceptional item within operating costs and is within the Consumer Care operating business segment. Intangible asset amortisation is also recorded in operating costs. 12. Intangible assets continued Impairment testing for CGUs containing goodwill The Group's goodwill balance predominantly relates to the value of commercial and other synergies arising from the combination of acquired businesses with Croda's established global sales, marketing and R&D networks. This goodwill is allocated to the Group's Cash Generating Units (CGUs) expected to benefit from that combination based on the smallest identifiable group of assets that generate independent cash inflows. Following the divestment of the majority of the Performance Technologies and Industrial Chemicals business as announced in the 2022 Interim Statement, the retained business now forms a new Industrial Specialties sector. Accordingly, the Group has combined the previously reported operating business segments for the year ended 31 December 2021 for both Performance Technologies and Industrial Chemicals and shown as Industrial Specialties. The divestment included the disposal of standalone CGUs Ionphase and Rewitec. The Fragrances CGU includes the goodwill arising on the acquisition of Parfex S.A. ('Parfex') in June 2021. This is in line with the level at which goodwill is monitored by Management following the integration of Parfex into the Group. As discussed in the accounting policies note on page 166, goodwill is tested at each year end for impairment with reference to the relevant CGU's recoverable amount compared to the unit's carrying value including goodwill. Assets are grouped at the lowest level for which there are separately identifiable cash flows relevant to the acquisition generating the goodwill. The recoverable amount is based on the higher of fair value less cost to sell and value in use calculations using discounted cash flow projections with the following key assumptions: \u2022 Terminal value growth rates \u2013 set for each CGU with reference to the long-term growth rate for the market and territory in which the CGU operates but not exceeding the Group's long-term average growth rate, estimated at 3%. \u2022 Discount rate \u2013 set using a weighted average cost of capital adjusted for the specific risk profile of each CGU. \u2022 Cash flow projections \u2013 based on management's most recent risk-adjusted view of future trading, with assumptions including revenue growth, operating margins, maintenance capital expenditure and working capital days. The carrying amount of goodwill is allocated to operating business segments as follows: 2022 Restated 2021 Standalone CGUs \u00a3m Allocated goodwill \u00a3m Total \u00a3m Standalone CGUs \u00a3m Allocated goodwill \u00a3m Total \u00a3m Consumer Care 370.3 219.2 589.5 385.4 213.7 599.1 Life Sciences 163.3 69.2 232.5 151.2 69.5 220.7 Industrial Specialties 22.6 \u2013 22.6 30.9 1.3 32.2 556.2 288.4 844.6 567.5 284.5 852.0 The allocated goodwill primarily relates to \u00a363m (2021: \u00a359m) associated with the 2020 acquisition of Iberchem as it relates to revenue synergies with Croda\u2019s existing Consumer Care business and \u00a3192m (2021: \u00a3192m) associated with the 2006 acquisition of Uniqema (with all other balances individually less than \u00a310m). Due to the geographical and operational scale of the Uniqema acquisition, this goodwill balance is tested for impairment at an operating business segment level. Standalone CGUs operate independently of the Group\u2019s core regional operating assets, are capable of generating largely independent cash inflows and therefore goodwill relating to standalone CGUS is tested separately for impairment annually. For impairment testing performed at an operating business segment level, cash flow projections are based on the Group's current year results and a growth rate of 3% (an appropriate risk-adjusted view based on past experience reflecting the market and territories in which the Group operates), discounted using a weighted average cost of capital, which for these purposes has been calculated to be approximately 9.9% pre-tax (2021: 8.5%). No reasonably possible changes in key assumptions would cause the recoverable amount of the operating segments to be less than their carrying value. Based on the testing performed, no impairment has been recognised for the year ended 31 December 2022. Standalone CGUs The carrying amount of goodwill (post impairment) is allocated to Standalone CGUs as follows: 2022 \u00a3m Restated 2021 \u00a3m Incotec 71.2 67.6 Biosector 26.0 24.6 Sipo 22.6 22.1 Ionphase \u2013 6.5 Rewitec \u2013 2.3 A vanti 66.1 59.0 Fragrances 269.3 255.5 Flavours 94.4 123.6 A lban Muller 6.6 6.3 556.2 567.5 For all Standalone CGUs the recoverable amount was based on value in use calculations, including Sipo, which was based on fair value less cost to sell in the prior year. Cash flow projections have been based on specific risk adjusted estimates for five years taking management's most recent view of medium-term trading prospects. Unless otherwise stated, cash flow projections assume an appropriate view of past experience, specifically considering revenue growth in relation to market share, maintaining operating margins, maintenance capital expenditure and working capital days. Previously Biosector, Fragrances and Flavours cash flow projections were based on 10-year projections that supported the acquisitions, however these have been refreshed in the year based on management's latest view and capped to a 5-year period to reduce the risk with longer term forecasting, consistent with other CGU's cash flow projections. Due to the changes in the cash flow projections, where applicable, comparative growth rates are not presented. Discount rates have been calculated for standalone CGUs considering specific size risk premiums. Excluding Fragrances and Flavours, discount rates have increased in the year as a result of the independent inputs into the calculation, predominantly the increase in risk-free rates. Given the diverse geographical spread of the Fragrances and Flavours business, the risk-free rates has been less impacted by changes in interest rate compared to the Group's other CGUs. The terminal value growth rates and discount rates applied in these CGU level calculations are set out below: 2022 T erminal value growth rate 2021 2022 Pre-ta x discount rate 2021 Incotec 3.0% 3.0% 11.0% 8.9% Biosector 3.0% 3.0% 13.6% 11.0% Sipo 3.0% n/a 12.4% n/a A vanti 3.0% 3.0% 12.8% 11.0% Fragrances 3.0% 3.0% 10.6% 10.5% Flavours 3.0% 3.0% 10.5% 10.4% A lban Muller 3.0% n/a 12.8% n/a An impairment of \u00a334.6m was recorded in relation to goodwill arising on the acquisition of Iberchem's Flavours business. This principally reflected the impact of significant cost inflation which was not fully recovered, with future value of the business being behind the acquisition case. The assumptions underpinning the cash flow projection used in the value in use calculation reflect management's most recent five-year business plan. These projections use an appropriate view of past experience, specifically that operating margins will improve in the medium to long-term and sales growth targets will be achieved resulting in approximately 14% compound average growth rates ('CAGR') at a sales level and 20% EBITDA CAGR over the period. Excluding Flavours, based on the annual impairment testing performed for all standalone CGUs no impairment has been recognised for the year ended 31 December 2022 and standalone CGUs remain on track to perform to our long-term expectations. In forming this conclusion, the Directors have reviewed sensitivity analysis which considered all reasonably possible downsides on key assumptions, both individually and in combination, and considered whether these would give rise to an impairment. This analysis concluded that no reasonably possible changes in key assumptions would cause the recoverable amount of the Standalone CGUs to be less than the carrying value, other than for the Fragrances and Flavours CGUs. The estimated recoverable amount of the Fragrances CGU exceeded its carrying value by approximately \u00a3111m (2021: \u00a317m) and therefore the Directors concluded that no impairment was required; however, the calculations are sensitive to changes in key assumptions. The key assumptions considered by the Directors, where a reasonably possible change could give rise to an impairment, were the EBITDA CAGR (set at approximately 16%), pre-tax discount rate and long-term growth rate. Sensitivity disclosures for both the Fragrances and Flavours CGUs are set out below. Sensitivity to changes in assumptions The recoverable amount, and therefore level of headroom or impairment charge, is predominantly dependent upon judgements used in arriving at the cash flow projections, long-term growth rate, and the discount rate. Although it is not management's current expectation, the impact on the recoverable amount when applying a reasonably possible change in these assumptions would be as follows for the year ended 31 December 2022: Flavours Fragrances Sensitivit y Increase \u00a3m Decrease \u00a3m Sensitivit y Increase \u00a3m Decrease \u00a3m Incremental increase/(decrease) in recoverable amount Change in pre-tax discount rate by: 1.0% (21.1) 27.7 1.0% (80.0) 104.7 Change in long-term growth rates by: 1.0% 28.5 (20.0) 1.0% 109.5 (76.8) Change in EBITDA compound annual growth rate by: 5.0% 39.8 (33.9) 5.0% 167.1 (141.3) The above sensitivity analyses are based on a change in an assumption whilst holding all other assumptions constant. In practice, some of the assumptions may be correlated. ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-463": {
"value": "13. Property, plant and equipment Land and buildings \u00a3m Plant and equipment \u00a3m Total \u00a3m Cost A t 1 January 2021 256.9 1,199.7 1,456.6 Exchange differences (6.9) (24.6) (31.5) A dditions 40.2 112.8 153.0 A cquisitions 9.9 3.1 13.0 Other disposals and write-offs (0.6) (8.8) (9.4) Reclassifications to intangible assets (2.6) 2.1 (0.5) A t 31 December 2021 296.9 1,284.3 1,581.2 A t 1 January 2022 296.9 1,284.3 1,581.2 Exchange differences 24.1 94.5 118.6 A dditions 16.1 119.8 135.9 Other disposals and write-offs (39.1) (373.6) (412.7) Reclassifications to intangible assets 7.2 (7.6) (0.4) A t 31 December 2022 305.2 1,117.4 1,422.6 A ccumulated depreciation and impairment losses A t 1 January 2021 83.9 471.9 555.8 Exchange differences (3.1) (16.0) (19.1) Charge for the year (note 3) 8.5 54.6 63.1 Other disposals and write-offs (0.6) (6.1) (6.7) Reclassifications (0.9) 0.9 \u2013 A t 31 December 2021 87.8 505.3 593.1 A t 1 January 2022 87.8 505.3 593.1 Exchange differences 7.5 38.8 46.3 Charge for the year (note 3) 10.6 58.0 68.6 Other disposals and write-offs (27.4) (230.1) (257.5) Impairments \u2013 7.6 7.6 A t 31 December 2022 78.5 379.6 458.1 Net book amount A t 31 December 2022 226.7 737.8 964.5 A t 31 December 2021 209.1 779.0 988.1 A t 1 January 2021 173.0 727.8 900.8 During the current year the Group received government grant funding of \u00a36.1m (2021: \u00a3nil) relating to the US cGMP scale up project. During the year plant and equipment was impaired by \u00a37.6m relating to the write-off of unusable manufacturing plant in Japan. This impairment is recorded in the income statement on page 159 as an exceptional item within operating costs and is within the Consumer Care (\u00a35.0m) and Life Sciences (\u00a32.6m) operating business segments. The value of assets under construction not yet subject to depreciation at 31 December was as follows: 2022 \u00a3m 2021 \u00a3m A ssets under construction Land and buildings 18.8 42.8 Plant and equipment 134.8 178.6 153.6 221.4 ",
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"fact-464": {
"value": "14. Leases Right of use assets Land and buildings \u00a3m Plant and equipment \u00a3m Total \u00a3m Cost A t 1 January 2021 91.1 10.0 101.1 Exchange differences (0.9) (0.4) (1.3) A dditions 10.1 7.6 17.7 Remeasurements 3.4 0.1 3.5 A cquisitions 0.8 0.5 1.3 Other disposals and write-offs (2.8) (0.6) (3.4) A t 31 December 2021 101.7 17.2 118.9 A t 1 January 2022 101.7 17.2 118.9 Exchange differences 6.6 1.1 7.7 A dditions 5.1 3.8 8.9 Remeasurements 10.4 0.4 10.8 Other disposals and write-offs (5.1) (2.2) (7.3) A t 31 December 2022 118.7 20.3 139.0 A ccumulated depreciation and impairment losses A t 1 January 2021 17.5 3.5 21.0 Exchange differences (0.2) (0.2) (0.4) Charge for the year (note 3) 10.9 2.3 13.2 Other disposals and write-offs (2.3) (0.5) (2.8) A t 31 December 2021 25.9 5.1 31.0 A t 1 January 2022 25.9 5.1 31.0 Exchange differences 1.4 0.4 1.8 Charge for the year (note 3) 11.7 3.1 14.8 Other disposals and write-offs (3.7) (1.8) (5.5) A t 31 December 2022 35.3 6.8 42.1 Net book amount A t 31 December 2022 83.4 13.5 96.9 A t 31 December 2021 75.8 12.1 87.9 A t 1 January 2021 73.6 6.5 80.1 Lease liabilities 2022 \u00a3m 2021 \u00a3m Lease liabilities included in the Group balance sheet Current 12.9 12.2 Non-current 79.2 78.3 92.1 90.5 A maturity analysis of contractual undiscounted cash flows relating to lease liabilities is presented within note 20. 14. Leases continued Amounts recognised in the Group income statement 2022 \u00a3m 2021 \u00a3m Interest on lease liabilities 2.5 2.2 Expenses relating to short-term leases 0.3 0.3 Expenses relating to low value leases, excluding short-term leases of low value assets 0.3 0.6 Expenses relating to variable lease components 0.4 0.5 Depreciation of right of use assets 14.8 13.2 Profit on disposal of right of use assets (0.2) (0.1) 18.1 16.7 Total cash outflow for leases 2022 \u00a3m 2021 \u00a3m Payment of lease liabilities 17.4 14.4 Payment of short-term, low value and variable lease components 1.0 1.4 18.4 15.8 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:2138004WCNBFJEEOXV26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-500": {
"value": "Right of use assets Land and buildings \u00a3m Plant and equipment \u00a3m Total \u00a3m Cost A t 1 January 2021 91.1 10.0 101.1 Exchange differences (0.9) (0.4) (1.3) A dditions 10.1 7.6 17.7 Remeasurements 3.4 0.1 3.5 A cquisitions 0.8 0.5 1.3 Other disposals and write-offs (2.8) (0.6) (3.4) A t 31 December 2021 101.7 17.2 118.9 A t 1 January 2022 101.7 17.2 118.9 Exchange differences 6.6 1.1 7.7 A dditions 5.1 3.8 8.9 Remeasurements 10.4 0.4 10.8 Other disposals and write-offs (5.1) (2.2) (7.3) A t 31 December 2022 118.7 20.3 139.0 A ccumulated depreciation and impairment losses A t 1 January 2021 17.5 3.5 21.0 Exchange differences (0.2) (0.2) (0.4) Charge for the year (note 3) 10.9 2.3 13.2 Other disposals and write-offs (2.3) (0.5) (2.8) A t 31 December 2021 25.9 5.1 31.0 A t 1 January 2022 25.9 5.1 31.0 Exchange differences 1.4 0.4 1.8 Charge for the year (note 3) 11.7 3.1 14.8 Other disposals and write-offs (3.7) (1.8) (5.5) A t 31 December 2022 35.3 6.8 42.1 Net book amount A t 31 December 2022 83.4 13.5 96.9 A t 31 December 2021 75.8 12.1 87.9 A t 1 January 2021 73.6 6.5 80.1 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory",
"language": "en",
"entity": "scheme:2138004WCNBFJEEOXV26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-465": {
"value": "15. Future commitments 2022 \u00a3m 2021 \u00a3m Group capital projects A t 31 December the Directors had authorised the following expenditure, excluding grant income, on capital projects: Contracted, but not provided for Property, plant and equipment 45.6 19.3 Intangible assets 1.3 0.8 A uthorised, but not contracted for Property, plant and equipment 165.9 106.4 Intangible assets 3.8 3.7 216.6 130.2 ",
"dimensions": {
"concept": "crodainternational:DisclosureOfFutureCommitments",
"language": "en",
"entity": "scheme:2138004WCNBFJEEOXV26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-466": {
"value": "16. Investments The amounts recognised in the balance sheet are as follows: 2022 \u00a3m 2021 \u00a3m Other investments 3.4 3.3 During the prior year, the Group impaired the carrying value of its minority shareholding in Cutitronics Limited resulting in a charge to the income statement of \u00a31.1m. There have been no material changes in other investments during the year. All assets recognised as other investments on the Group balance sheet are non-quoted equity securities measured at fair value. The amounts recognised within administrative expenses in the income statement are as follows: 2022 \u00a3m 2021 \u00a3m Share of loss of associate \u2013 0.7 Impairment of associate \u2013 1.1 \u2013 1.8 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:2138004WCNBFJEEOXV26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-467": {
"value": "17. Inventories 2022 \u00a3m 2021 \u00a3m Raw materials 135.9 121.8 Work in progress 45.8 56.0 Finished goods 282.3 265.2 464.0 443.0 The Group consumed \u00a31,102.9m (2021: \u00a3950.7m) of inventories during the year. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:2138004WCNBFJEEOXV26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-468": {
"value": "18. Trade and other receivables 2022 \u00a3m 2021 \u00a3m A mounts falling due within one year Trade receivables 320.4 280.3 Less: provision for impairment of receivables (5.8) (2.9) Trade receivables \u2013 net 314.6 277.4 Other receivables 47.1 45.9 Prepayments 14.1 14.6 375.8 337.9 The ageing of the Group\u2019s year end overdue receivables against which no material provision has been made is as follows: 2022 \u00a3m 2021 \u00a3m Not impaired Less than three months 60.1 39.1 Three to six months 8.9 6.3 Over six months 6.0 1.1 75.0 46.5 The provision for impairment of receivables principally relates to customers in unexpectedly difficult economic circumstances. The overdue receivables against which no material provision has been made relate to a number of customers for whom there is no recent history of default, nor any other indication that settlement will not be forthcoming. The other classes within trade and other receivables do not contain impaired assets and are considered to be fully recoverable. The carrying amounts of the Group\u2019s receivables are denominated in the following currencies: 2022 \u00a3m 2021 \u00a3m Sterling 15.9 17.2 US Dollar 130.5 112.0 Euro 108.7 106.4 Other 120.7 102.3 375.8 337.9 Movements on the Group\u2019s provision for impairment of trade receivables are as follows: 2022 \u00a3m 2021 \u00a3m A t 1 January 2.9 2.5 Exchange differences 0.4 \u2013 Charged to income statement 2.7 0.4 Net write-off of uncollectible receivables (0.2) \u2013 A t 31 December 5.8 2.9 Amounts charged to the income statement are included within administrative expenses. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:2138004WCNBFJEEOXV26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-469": {
"value": "19. Trade and other payables 2022 \u00a3m 2021 \u00a3m Trade payables 120.9 133.2 Taxation and social security 16.9 15.7 Other payables 45.4 62.8 A ccruals and deferred income 131.4 132.5 Contingent consideration 9.9 26.1 324.5 370.3 All trade payables are payable within one year. Included in the above are balances payable after one year of \u00a3nil (2021: \u00a38.5m) contingent consideration, \u00a33.5m (2021: \u00a33.0m) accruals and deferred income, and \u00a31.0m (2021: \u00a30.8m) other payables. During the period, contingent consideration has decreased by \u00a36.1m due to fair value movements, \u00a30.7m due to the business divestment and \u00a313.7m due to payments, increasing by \u00a31.7m for the unwind of discounting and \u00a32.6m for foreign exchange. Fair value movements in the year reflect the revenue recognised for applicable products to the end of the contracted earn out period being 31 December 2022. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:2138004WCNBFJEEOXV26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-470": {
"value": "20. Borrowings, other financial liabilities and other financial assets This note should be read in conjunction with the further liquidity disclosures in our accounting policies note and the Finance Review on pages 44 to 47. 2022 \u00a3m 2021 \u00a3m A ssets Non-current assets \u2013 Investments 3.4 3.3 Current assets \u2013 Trade and other receivables (excluding prepayments) 361.7 323.3 365.1 326.6 Current liabilities Trade and other payables (excluding taxation, social security, contingent consideration, accruals and deferred income) 161.8 192.2 US$200m 3 year term loan due 2023 \u2013 14.5 \u20ac30m 1.08% fixed rate 7 year note 26.5 \u2013 \u00a330m 2.54% fixed rate 7 year note 30.0 \u2013 Unsecured bank loans and overdrafts due within one year or on demand 42.8 21.9 Other loans 22.6 14.5 Lease liabilities 12.9 12.2 296.6 255.3 Non-current liabilities 2019 Club facility due 2026 18.0 262.2 US$200m 3 year term loan due 2023 \u2013 110.9 US$100m 3.75% fixed rate 10 year note 83.0 74.1 \u20ac30m 1.08% fixed rate 7 year note \u2013 25.2 \u20ac70m 1.43% fixed rate 10 year note 61.9 58.7 \u00a330m 2.54% fixed rate 7 year note \u2013 30.0 \u00a370m 2.80% fixed rate 10 year note 70.0 70.0 \u20ac50m 1.18% fixed rate 8 year note 44.2 41.9 \u00a365m 2.46% fixed rate 8 year note 65.0 65.0 US$60m 3.70% fixed rate 10 year note 49.8 44.5 Other secured bank loans 8.6 9.8 Other unsecured bank loans 0.2 2.3 Preference share capital 1.1 \u2013 Lease liabilities 79.2 78.3 481.0 872.9 During the year the Group\u2019s preference share capital has been reclassified from equity to borrowings and other financial liabilities. The Group's 2019 Club facility falls due for repayment upon expiry of the agreement in October 2026. Interest is charged on this agreement at a floating rate based on SONIA, ICE LIBOR or EURIBOR, depending upon the drawdown currency, plus a variable margin. In May 2022, the Group obtained a new \u00a3100m 364 day committed revolving credit facility, the facility remained undrawn and was subsequently cancelled in November 2022. In July 2022, the Group's existing three-year amortising Term Loan for US$200m was repaid and cancelled. Interest was charged on this agreement at a floating rate based on ICE LIBOR plus a variable margin. The margin the Group paid on this borrowing over and above standard rates was determined by the Group's net debt to EBITDA ratio. 2022 \u00a3m 2021 \u00a3m Maturity profile of financial liabilities Repayments fall due as follows: Within one year Bank loans and overdrafts 99.3 36.4 Other loans 22.6 14.5 121.9 50.9 Lease liabilities 12.9 12.2 134.8 63.1 A fter more than one year Loans repayable Within one to two years 3.4 171.2 Within two to five years 264.6 397.9 Five years and over 132.7 225.5 400.7 794.6 Preference share capital 1.1 \u2013 Lease liabilities 79.2 78.3 481.0 872.9 The minimum lease payments under lease liabilities fall due as follows: Within one year 14.8 14.4 Within one to two years 12.3 13.0 Within two to five years 27.3 24.9 Five years and over 55.0 54.6 109.4 106.9 Future finance charges on lease liabilities (17.3) (16.4) Present value of lease liabilities 92.1 90.5 2022 \u00a3m 2021 \u00a3m Undiscounted maturity analysis of financial liabilities Within one year Bank loans and overdrafts 101.6 36.8 Other loans 23.5 15.1 Lease liabilities 14.8 14.4 139.9 66.3 A fter more than one year Loans repayable Within one to two years 14.3 187.6 Within two to five years 295.8 437.0 Five years and over 143.8 245.5 Lease liabilities Within one to two years 12.3 13.0 Within two to five years 27.3 24.9 Five years and over 55.0 54.6 548.5 962.6 The analysis above includes estimated interest payable to maturity on the underlying loans. For the loans due after more than one year \u00a310.9m (2021: \u00a314.9m) of the interest falls due within one year of the balance sheet date, \u00a310.9m (2021: \u00a313.4m) within one to two years, \u00a325.3m (2021: \u00a333.7m) within two to five years and \u00a36.2m (2021: \u00a313.5m) beyond five years. 20. Borrowings, other financial liabilities and other financial assets continued Interest rate and currency profile of Group financial liabilities Fixed rate weighted average T otal \u00a3m Fixed \u00a3m Floating \u00a3m Interest r ate % Fixed period Years Sterling 219.9 165.0 54.9 2.62 3.3 US Dollar 180.9 132.8 48.1 3.73 6.9 Euro 141.4 132.6 8.8 1.28 3.2 Other 73.6 \u2013 73.6 \u2013 \u2013 A t 31 December 2022 615.8 430.4 185.4 2.55 4.4 Sterling 336.4 165.0 171.4 2.62 4.3 US Dollar 299.0 118.6 180.4 3.73 7.9 Euro 241.4 125.8 115.6 1.28 4.2 Other 59.2 \u2013 59.2 \u2013 \u2013 A t 31 December 2021 936.0 409.4 526.6 2.53 5.3 Fair values Prior to 2016, the Group did not typically utilise complex financial instruments and accordingly the only element of Group borrowings where fair value differed from book value was the US$100m fixed rate 10-year note that was issued in 2010. In January 2020 the existing US$100m fixed rate 10-year note matured and was repaid, this was replaced with a new US$100m fixed rate 10-year note (27 January 2020). On 27 June 2016, the Group issued \u00a3100m and \u20ac100m of fixed rate notes. On 6 June 2019, the Group issued a further \u00a365m, \u20ac50m and US$60m of fixed rate notes. The table below details a comparison of the book and fair values of the Group\u2019s financial assets and liabilities. Where there are no readily available market values to determine fair values, cash flows relating to the various instruments have been discounted at prevailing interest and exchange rates to give an estimate of fair value. Book value 2022 \u00a3m Fair value 2022 \u00a3m Boo k value 2021 \u00a3m Fai r value 2021 \u00a3m Cash deposits 320.6 320.6 112.8 112.8 Other investments 3.4 3.4 3.3 3.3 2019 Club facility due 2026 (18.0) (18.0) (262.2) (262.2) US$200m 3 year term loan due 2023 \u2013 \u2013 (125.4) (125.4) US$100m 3.75% fixed rate 10 year note (83.0) (74.4) (74.1) (78.2) \u20ac30m 1.08% fixed rate 7 year note (26.5) (26.3) (25.2) (25.5) \u20ac70m 1.43% fixed rate 10 year note (61.9) (57.8) (58.7) (61.5) \u00a330m 2.54% fixed rate 7 year note (30.0) (29.7) (30.0) (30.3) \u00a370m 2.80% fixed rate 10 year note (70.0) (64.8) (70.0) (71.9) \u20ac50m 1.18% fixed rate 8 year note (44.2) (40.1) (41.9) (43.5) \u00a365m 2.46% fixed rate 8 year note (65.0) (58.1) (65.0) (65.7) US$60m 3.70% fixed rate 10 year note (49.8) (45.4) (44.5) (47.4) Other bank borrowings (51.6) (51.6) (34.0) (34.0) Other loans (22.6) (22.6) (14.5) (14.5) Contingent consideration (9.9) (9.9) (26.1) (26.1) Preference share capital (1.1) (1.1) \u2013 \u2013 Forward foreign currency contracts (1.3) (1.3) (2.3) (2.3) For financial instruments with a remaining life of greater than one-year, fair values are based on cash flows discounted at prevailing interest rates. Accordingly, the fair value of cash deposits and short-term borrowings approximates to the book value due to the short maturity of these instruments. The same applies to trade and other receivables and payables excluded from the above analysis. Financial instruments Financial instruments measured at fair value use the following hierarchy: \u2022 Quoted prices (unadjusted) in active markets for identical assets or liabilities (level 1) \u2022 Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (level 2) \u2022 Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (level 3). All of the Group\u2019s financial instruments are classed as level 2 with the exception of contingent consideration, other investments and lease liabilities, which are classed as level 3. Preference share capital 2022 \u00a3m 2021 \u00a3m The authorised, issued and fully paid preference share capital comprises: 615,562 5.9% preference shares of \u00a31 (2021: 615,562) 0.6 0.6 498,434 6.6% preference shares of \u00a31 (2021: 498,434) 0.5 0.5 21,900 7.5% preference shares of \u00a31 (2021: 21,900) \u2013 \u2013 1.1 1.1 The preference shares have no redemption rights and carry no voting rights other than in certain circumstances affecting the rights of the preference shareholders, details of which are set out in the Company\u2019s Articles of Association. The three classes of preference shares rank pari passu with each other but ahead of the ordinary shares on a winding up. Rights on a winding up are limited to repayment of capital and any arrears of dividends. Borrowing facilities As at 31 December 2022, the Group had undrawn committed facilities of \u00a3579.3m (2021: \u00a3334.4m). In addition, the Group had other undrawn facilities of \u00a353.1m (2021: \u00a340.1m) available. Of the Group's total committed facilities of \u00a31,122.5m, \u00a31,066.0m expire after 2023. New and repaid borrowings disclosed in the Group Statement of Cash Flows reflect routine short-term cash management, comprising regular monthly drawdowns and repayments on the Group's revolving credit facilities. It also reflects the repayments made to the Group's revolving credit facility and the term loan facility following the business disposal. Financial risk factors The Group\u2019s activities expose it to a variety of financial risks: currency risk, interest rate risk, liquidity risk, and credit risk. The Group\u2019s overall risk management strategy is approved by the Board and implemented and reviewed by the Risk Management Committee. Detailed financial risk management is then delegated to the Group Finance department which has a specific policy manual that sets out guidelines to manage financial risk. Regular reports are received from all sectors and regional operating units to enable prompt identification of financial risks so that appropriate action may be taken. In the management definition of capital the Group includes ordinary and preference share capital and net debt. Currency risk The Group operates internationally and is exposed to currency risk arising from various currency exposures, primarily with respect to the US Dollar and the Euro. Foreign exchange risk arises from future commercial transactions, recognised assets and liabilities and net investments in foreign operations. Entities in the Group use foreign currency bank balances to manage their foreign exchange risk arising from future commercial transactions, recognised assets and liabilities. The Group\u2019s risk management policy is to manage transactional risk up to three months forward. The Group has certain investments in foreign operations, whose net assets are exposed to foreign currency translation risk. Currency exposure arising from the net assets of the Group\u2019s foreign operations is not specifically hedged but is reduced primarily through borrowings denominated in the relevant foreign currencies where it is efficient to do so. Currency exposure arising from significant one-off transactions (for example acquisitions or disposals) is reviewed and hedged through forward contracts if required. For 2022, had the Group\u2019s basket of reporting currencies been 10% weaker/stronger than the actual rates experienced, post-tax profit for the year would have been \u00a327.6m (2021: \u00a329.4m) lower/higher than reported, primarily as a result of the translation of the profits of the Group\u2019s overseas entities, and equity would have been \u00a3162.4m (2021: \u00a3156.5m) lower/higher. 20. Borrowings, other financial liabilities and other financial assets continued Cash flow hedging During the year, the Group held two instruments to hedge exposures to changes in foreign currency on a highly probable future business disposal and debt repayment (hedged items). As at 31 December 2021, the combined nominal value of the contracts was \u00a3601.9m and the average forward contract rates were 0.85 (EUR:GBP) and 1.12 (EUR:USD). These contracts were contingent on the successful completion of the business disposal, were designated as cash flow hedges and provided certainty over approximately 85% of the estimated FX exposure on these forecast future transactions. The forecast future transactions were completed in the year ended 31 December 2022 and the associated instruments settled. The cumulative cash flow hedging reserve of \u00a36.5m credit (2021: \u00a33.7m credit) and cost of hedging reserves of \u00a36.0m debit (2021: \u00a36.0m debit) were reclassified to the income statement and reported within the gain on business disposal. There was no hedge ineffectiveness recognised in the income statement during the year ended 31 December 2022 (2021: \u00a3nil). The Group also holds forward foreign currency contracts to hedge certain intercompany loans. The contracts are classified as fair value through profit and loss and had a carrying amount of \u00a31.3m liability at 31 December 2022, reported within trade and other payables. As at 31 December 2022 the gross notional value of intercompany loan hedges was \u00a3128.1m (2021: \u00a3nil). Interest rate risk The Group has both interest bearing assets and liabilities. In 2016, the Group had a policy of maintaining no more than 60% of its gross borrowings at fixed interest rates in normal circumstances. During 2016, the Group increased its amount of fixed rate debt following payment of the \u00a3136m special dividend and consequent increase in core debt requirements. Notes were issued in the amounts of \u00a3100m and \u20ac100m with an average maturity of 2.6 years and interest rate of 2.07%. During 2017, the policy formally increased the upper limit for fixed rate debt to 75% of gross borrowings. During 2019, the Group increased its amount of fixed rate debt following payment of the \u00a3151.5m special dividend. Notes were issued in the amounts of \u00a365m, \u20ac50m and US$60m with an average maturity of 5.1 years and interest rate of 2.49%. In January 2020 the Group repaid its US$100m 10-year loan note carrying a fixed rate of 5.94%, and replaced it with a US$100m 10-year loan note carrying a fixed rate of 3.75%. At 31 December 2022, approximately 70% of Group borrowings were at fixed rates. At 31 December 2022, aside from the loan notes referred to above, all Group debt and cash was exposed to repricing within 12 months of the balance sheet date. At 31 December 2022, the Group\u2019s fixed rate debt was at a weighted average rate of 2.55% (2021: 2.53%). As at 31 December 2022, the Group\u2019s floating rate liabilities are based on SONIA, ICE LIBOR or EURIBOR, depending upon the drawdown currency. Based on the above, had interest rates moved by 100 basis points in the territories where the Group has substantial borrowings, post-tax profits would have moved by \u00a33.6m (2021: \u00a35.1m) due to a change in interest expense on the Group\u2019s floating rate borrowings. Liquidity risk The Group actively maintains a mixture of long-term and short-term committed facilities designed to ensure that the Group has sufficient funds available for operations and planned investments. On a regular basis, management monitors forecasts of the Group\u2019s cash flows against both internal targets and those targets imposed by external lenders. The Group has substantial committed, unused facilities and the Directors are confident this situation will remain the case for the foreseeable future. Credit risk The Group has no significant concentrations of credit risk. It has policies in place to ensure that sales of products are made to customers with an appropriate credit history. Derivative counterparties and cash transactions are limited to high-credit quality financial institutions. The Group has policies that limit the amount of credit exposure to any individual financial institution. Capital risk management The Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders, as well as maintaining an optimal capital structure to reduce overall cost of capital. In order to maintain this optimal structure, the Group may adjust the amount of dividends paid, issue new shares, return capital to shareholders or dispose of assets to reduce net debt. Given the Group\u2019s strong balance sheet and sustained trading growth, the Group announced a dividend policy in 2011 of paying a dividend of between 40% and 50% of sustainable earnings. Further details can be found in the Finance Review on pages 44 to 47. Underlying growth coupled to Return on Invested Capital (ROIC) is the key perceived driver of shareholder value within the Group. The Group\u2019s ROIC now stands at 14.1% against a post-tax Weighted Average Cost of Capital (WACC) of 7.5%. The Group\u2019s target is to maintain ROIC at two to three times WACC over the long-term. In addition, the Group employs two widely used ratios to measure its ability to service its debt. Both net debt/EBITDA and EBITDA interest cover were well ahead of target in 2022. Further details can be found in the Finance Review on pages 44 to 47. The Group was in compliance with its covenant requirements throughout the year. Additional information on progress against Key Performance Indicators can be found on pages 48 to 51. ",
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"entity": "scheme:2138004WCNBFJEEOXV26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-501": {
"value": "20. Borrowings, other financial liabilities and other financial assets This note should be read in conjunction with the further liquidity disclosures in our accounting policies note and the Finance Review on pages 44 to 47. 2022 \u00a3m 2021 \u00a3m A ssets Non-current assets \u2013 Investments 3.4 3.3 Current assets \u2013 Trade and other receivables (excluding prepayments) 361.7 323.3 365.1 326.6 Current liabilities Trade and other payables (excluding taxation, social security, contingent consideration, accruals and deferred income) 161.8 192.2 US$200m 3 year term loan due 2023 \u2013 14.5 \u20ac30m 1.08% fixed rate 7 year note 26.5 \u2013 \u00a330m 2.54% fixed rate 7 year note 30.0 \u2013 Unsecured bank loans and overdrafts due within one year or on demand 42.8 21.9 Other loans 22.6 14.5 Lease liabilities 12.9 12.2 296.6 255.3 Non-current liabilities 2019 Club facility due 2026 18.0 262.2 US$200m 3 year term loan due 2023 \u2013 110.9 US$100m 3.75% fixed rate 10 year note 83.0 74.1 \u20ac30m 1.08% fixed rate 7 year note \u2013 25.2 \u20ac70m 1.43% fixed rate 10 year note 61.9 58.7 \u00a330m 2.54% fixed rate 7 year note \u2013 30.0 \u00a370m 2.80% fixed rate 10 year note 70.0 70.0 \u20ac50m 1.18% fixed rate 8 year note 44.2 41.9 \u00a365m 2.46% fixed rate 8 year note 65.0 65.0 US$60m 3.70% fixed rate 10 year note 49.8 44.5 Other secured bank loans 8.6 9.8 Other unsecured bank loans 0.2 2.3 Preference share capital 1.1 \u2013 Lease liabilities 79.2 78.3 481.0 872.9 During the year the Group\u2019s preference share capital has been reclassified from equity to borrowings and other financial liabilities. The Group's 2019 Club facility falls due for repayment upon expiry of the agreement in October 2026. Interest is charged on this agreement at a floating rate based on SONIA, ICE LIBOR or EURIBOR, depending upon the drawdown currency, plus a variable margin. In May 2022, the Group obtained a new \u00a3100m 364 day committed revolving credit facility, the facility remained undrawn and was subsequently cancelled in November 2022. In July 2022, the Group's existing three-year amortising Term Loan for US$200m was repaid and cancelled. Interest was charged on this agreement at a floating rate based on ICE LIBOR plus a variable margin. The margin the Group paid on this borrowing over and above standard rates was determined by the Group's net debt to EBITDA ratio. Maturity profile of financial liabilities Repayments fall due as follows: Within one year Bank loans and overdrafts 99.3 36.4 Other loans 22.6 14.5 121.9 50.9 Lease liabilities 12.9 12.2 134.8 63.1 A fter more than one year Loans repayable Within one to two years 3.4 171.2 Within two to five years 264.6 397.9 Five years and over 132.7 225.5 400.7 794.6 Preference share capital 1.1 \u2013 Lease liabilities 79.2 78.3 481.0 872.9 The minimum lease payments under lease liabilities fall due as follows: Within one year 14.8 14.4 Within one to two years 12.3 13.0 Within two to five years 27.3 24.9 Five years and over 55.0 54.6 109.4 106.9 Future finance charges on lease liabilities (17.3) (16.4) Present value of lease liabilities 92.1 90.5 2022 \u00a3m 2021 \u00a3m Undiscounted maturity analysis of financial liabilities Within one year Bank loans and overdrafts 101.6 36.8 Other loans 23.5 15.1 Lease liabilities 14.8 14.4 139.9 66.3 A fter more than one year Loans repayable Within one to two years 14.3 187.6 Within two to five years 295.8 437.0 Five years and over 143.8 245.5 Lease liabilities Within one to two years 12.3 13.0 Within two to five years 27.3 24.9 Five years and over 55.0 54.6 548.5 962.6 The analysis above includes estimated interest payable to maturity on the underlying loans. For the loans due after more than one year \u00a310.9m (2021: \u00a314.9m) of the interest falls due within one year of the balance sheet date, \u00a310.9m (2021: \u00a313.4m) within one to two years, \u00a325.3m (2021: \u00a333.7m) within two to five years and \u00a36.2m (2021: \u00a313.5m) beyond five years. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:2138004WCNBFJEEOXV26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-502": {
"value": "Interest rate and currency profile of Group financial liabilities Fixed rate weighted average T otal \u00a3m Fixed \u00a3m Floating \u00a3m Interest r ate % Fixed period Years Sterling 219.9 165.0 54.9 2.62 3.3 US Dollar 180.9 132.8 48.1 3.73 6.9 Euro 141.4 132.6 8.8 1.28 3.2 Other 73.6 \u2013 73.6 \u2013 \u2013 A t 31 December 2022 615.8 430.4 185.4 2.55 4.4 Sterling 336.4 165.0 171.4 2.62 4.3 US Dollar 299.0 118.6 180.4 3.73 7.9 Euro 241.4 125.8 115.6 1.28 4.2 Other 59.2 \u2013 59.2 \u2013 \u2013 A t 31 December 2021 936.0 409.4 526.6 2.53 5.3 ",
"dimensions": {
"concept": "crodainternational:DisclosureOfInterestRateAndCurrencyProfileOfGroupFinancialLiabilities",
"language": "en",
"entity": "scheme:2138004WCNBFJEEOXV26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-503": {
"value": "Fair values Prior to 2016, the Group did not typically utilise complex financial instruments and accordingly the only element of Group borrowings where fair value differed from book value was the US$100m fixed rate 10-year note that was issued in 2010. In January 2020 the existing US$100m fixed rate 10-year note matured and was repaid, this was replaced with a new US$100m fixed rate 10-year note (27 January 2020). On 27 June 2016, the Group issued \u00a3100m and \u20ac100m of fixed rate notes. On 6 June 2019, the Group issued a further \u00a365m, \u20ac50m and US$60m of fixed rate notes. The table below details a comparison of the book and fair values of the Group\u2019s financial assets and liabilities. Where there are no readily available market values to determine fair values, cash flows relating to the various instruments have been discounted at prevailing interest and exchange rates to give an estimate of fair value. Book value 2022 \u00a3m Fair value 2022 \u00a3m Boo k value 2021 \u00a3m Fai r value 2021 \u00a3m Cash deposits 320.6 320.6 112.8 112.8 Other investments 3.4 3.4 3.3 3.3 2019 Club facility due 2026 (18.0) (18.0) (262.2) (262.2) US$200m 3 year term loan due 2023 \u2013 \u2013 (125.4) (125.4) US$100m 3.75% fixed rate 10 year note (83.0) (74.4) (74.1) (78.2) \u20ac30m 1.08% fixed rate 7 year note (26.5) (26.3) (25.2) (25.5) \u20ac70m 1.43% fixed rate 10 year note (61.9) (57.8) (58.7) (61.5) \u00a330m 2.54% fixed rate 7 year note (30.0) (29.7) (30.0) (30.3) \u00a370m 2.80% fixed rate 10 year note (70.0) (64.8) (70.0) (71.9) \u20ac50m 1.18% fixed rate 8 year note (44.2) (40.1) (41.9) (43.5) \u00a365m 2.46% fixed rate 8 year note (65.0) (58.1) (65.0) (65.7) US$60m 3.70% fixed rate 10 year note (49.8) (45.4) (44.5) (47.4) Other bank borrowings (51.6) (51.6) (34.0) (34.0) Other loans (22.6) (22.6) (14.5) (14.5) Contingent consideration (9.9) (9.9) (26.1) (26.1) Preference share capital (1.1) (1.1) \u2013 \u2013 Forward foreign currency contracts (1.3) (1.3) (2.3) (2.3) For financial instruments with a remaining life of greater than one-year, fair values are based on cash flows discounted at prevailing interest rates. Accordingly, the fair value of cash deposits and short-term borrowings approximates to the book value due to the short maturity of these instruments. The same applies to trade and other receivables and payables excluded from the above analysis. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:2138004WCNBFJEEOXV26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-504": {
"value": "Financial instruments Financial instruments measured at fair value use the following hierarchy: \u2022 Quoted prices (unadjusted) in active markets for identical assets or liabilities (level 1) \u2022 Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (level 2) \u2022 Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (level 3). All of the Group\u2019s financial instruments are classed as level 2 with the exception of contingent consideration, other investments and lease liabilities, which are classed as level 3. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:2138004WCNBFJEEOXV26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-505": {
"value": "Preference share capital 2022 \u00a3m 2021 \u00a3m The authorised, issued and fully paid preference share capital comprises: 615,562 5.9% preference shares of \u00a31 (2021: 615,562) 0.6 0.6 498,434 6.6% preference shares of \u00a31 (2021: 498,434) 0.5 0.5 21,900 7.5% preference shares of \u00a31 (2021: 21,900) \u2013 \u2013 1.1 1.1 The preference shares have no redemption rights and carry no voting rights other than in certain circumstances affecting the rights of the preference shareholders, details of which are set out in the Company\u2019s Articles of Association. The three classes of preference shares rank pari passu with each other but ahead of the ordinary shares on a winding up. Rights on a winding up are limited to repayment of capital and any arrears of dividends. ",
"dimensions": {
"concept": "crodainternational:DisclosureOfPreferenceShareCapital",
"language": "en",
"entity": "scheme:2138004WCNBFJEEOXV26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-506": {
"value": "Borrowing facilities As at 31 December 2022, the Group had undrawn committed facilities of \u00a3579.3m (2021: \u00a3334.4m). In addition, the Group had other undrawn facilities of \u00a353.1m (2021: \u00a340.1m) available. Of the Group's total committed facilities of \u00a31,122.5m, \u00a31,066.0m expire after 2023. New and repaid borrowings disclosed in the Group Statement of Cash Flows reflect routine short-term cash management, comprising regular monthly drawdowns and repayments on the Group's revolving credit facilities. It also reflects the repayments made to the Group's revolving credit facility and the term loan facility following the business disposal. ",
"dimensions": {
"concept": "crodainternational:DisclosureOfBorrowingFacilities",
"language": "en",
"entity": "scheme:2138004WCNBFJEEOXV26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-507": {
"value": "Financial risk factors The Group\u2019s activities expose it to a variety of financial risks: currency risk, interest rate risk, liquidity risk, and credit risk. The Group\u2019s overall risk management strategy is approved by the Board and implemented and reviewed by the Risk Management Committee. Detailed financial risk management is then delegated to the Group Finance department which has a specific policy manual that sets out guidelines to manage financial risk. Regular reports are received from all sectors and regional operating units to enable prompt identification of financial risks so that appropriate action may be taken. In the management definition of capital the Group includes ordinary and preference share capital and net debt. Currency risk The Group operates internationally and is exposed to currency risk arising from various currency exposures, primarily with respect to the US Dollar and the Euro. Foreign exchange risk arises from future commercial transactions, recognised assets and liabilities and net investments in foreign operations. Entities in the Group use foreign currency bank balances to manage their foreign exchange risk arising from future commercial transactions, recognised assets and liabilities. The Group\u2019s risk management policy is to manage transactional risk up to three months forward. The Group has certain investments in foreign operations, whose net assets are exposed to foreign currency translation risk. Currency exposure arising from the net assets of the Group\u2019s foreign operations is not specifically hedged but is reduced primarily through borrowings denominated in the relevant foreign currencies where it is efficient to do so. Currency exposure arising from significant one-off transactions (for example acquisitions or disposals) is reviewed and hedged through forward contracts if required. For 2022, had the Group\u2019s basket of reporting currencies been 10% weaker/stronger than the actual rates experienced, post-tax profit for the year would have been \u00a327.6m (2021: \u00a329.4m) lower/higher than reported, primarily as a result of the translation of the profits of the Group\u2019s overseas entities, and equity would have been \u00a3162.4m (2021: \u00a3156.5m) lower/higher. Cash flow hedging During the year, the Group held two instruments to hedge exposures to changes in foreign currency on a highly probable future business disposal and debt repayment (hedged items). As at 31 December 2021, the combined nominal value of the contracts was \u00a3601.9m and the average forward contract rates were 0.85 (EUR:GBP) and 1.12 (EUR:USD). These contracts were contingent on the successful completion of the business disposal, were designated as cash flow hedges and provided certainty over approximately 85% of the estimated FX exposure on these forecast future transactions. The forecast future transactions were completed in the year ended 31 December 2022 and the associated instruments settled. The cumulative cash flow hedging reserve of \u00a36.5m credit (2021: \u00a33.7m credit) and cost of hedging reserves of \u00a36.0m debit (2021: \u00a36.0m debit) were reclassified to the income statement and reported within the gain on business disposal. There was no hedge ineffectiveness recognised in the income statement during the year ended 31 December 2022 (2021: \u00a3nil). The Group also holds forward foreign currency contracts to hedge certain intercompany loans. The contracts are classified as fair value through profit and loss and had a carrying amount of \u00a31.3m liability at 31 December 2022, reported within trade and other payables. As at 31 December 2022 the gross notional value of intercompany loan hedges was \u00a3128.1m (2021: \u00a3nil). Interest rate risk The Group has both interest bearing assets and liabilities. In 2016, the Group had a policy of maintaining no more than 60% of its gross borrowings at fixed interest rates in normal circumstances. During 2016, the Group increased its amount of fixed rate debt following payment of the \u00a3136m special dividend and consequent increase in core debt requirements. Notes were issued in the amounts of \u00a3100m and \u20ac100m with an average maturity of 2.6 years and interest rate of 2.07%. During 2017, the policy formally increased the upper limit for fixed rate debt to 75% of gross borrowings. During 2019, the Group increased its amount of fixed rate debt following payment of the \u00a3151.5m special dividend. Notes were issued in the amounts of \u00a365m, \u20ac50m and US$60m with an average maturity of 5.1 years and interest rate of 2.49%. In January 2020 the Group repaid its US$100m 10-year loan note carrying a fixed rate of 5.94%, and replaced it with a US$100m 10-year loan note carrying a fixed rate of 3.75%. At 31 December 2022, approximately 70% of Group borrowings were at fixed rates. At 31 December 2022, aside from the loan notes referred to above, all Group debt and cash was exposed to repricing within 12 months of the balance sheet date. At 31 December 2022, the Group\u2019s fixed rate debt was at a weighted average rate of 2.55% (2021: 2.53%). As at 31 December 2022, the Group\u2019s floating rate liabilities are based on SONIA, ICE LIBOR or EURIBOR, depending upon the drawdown currency. Based on the above, had interest rates moved by 100 basis points in the territories where the Group has substantial borrowings, post-tax profits would have moved by \u00a33.6m (2021: \u00a35.1m) due to a change in interest expense on the Group\u2019s floating rate borrowings. Liquidity risk The Group actively maintains a mixture of long-term and short-term committed facilities designed to ensure that the Group has sufficient funds available for operations and planned investments. On a regular basis, management monitors forecasts of the Group\u2019s cash flows against both internal targets and those targets imposed by external lenders. The Group has substantial committed, unused facilities and the Directors are confident this situation will remain the case for the foreseeable future. Credit risk The Group has no significant concentrations of credit risk. It has policies in place to ensure that sales of products are made to customers with an appropriate credit history. Derivative counterparties and cash transactions are limited to high-credit quality financial institutions. The Group has policies that limit the amount of credit exposure to any individual financial institution. Capital risk management The Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders, as well as maintaining an optimal capital structure to reduce overall cost of capital. In order to maintain this optimal structure, the Group may adjust the amount of dividends paid, issue new shares, return capital to shareholders or dispose of assets to reduce net debt. Given the Group\u2019s strong balance sheet and sustained trading growth, the Group announced a dividend policy in 2011 of paying a dividend of between 40% and 50% of sustainable earnings. Further details can be found in the Finance Review on pages 44 to 47. Underlying growth coupled to Return on Invested Capital (ROIC) is the key perceived driver of shareholder value within the Group. The Group\u2019s ROIC now stands at 14.1% against a post-tax Weighted Average Cost of Capital (WACC) of 7.5%. The Group\u2019s target is to maintain ROIC at two to three times WACC over the long-term. In addition, the Group employs two widely used ratios to measure its ability to service its debt. Both net debt/EBITDA and EBITDA interest cover were well ahead of target in 2022. Further details can be found in the Finance Review on pages 44 to 47. The Group was in compliance with its covenant requirements throughout the year. Additional information on progress against Key Performance Indicators can be found on pages 48 to 51. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:2138004WCNBFJEEOXV26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-512": {
"value": "Currency risk The Group operates internationally and is exposed to currency risk arising from various currency exposures, primarily with respect to the US Dollar and the Euro. Foreign exchange risk arises from future commercial transactions, recognised assets and liabilities and net investments in foreign operations. Entities in the Group use foreign currency bank balances to manage their foreign exchange risk arising from future commercial transactions, recognised assets and liabilities. The Group\u2019s risk management policy is to manage transactional risk up to three months forward. The Group has certain investments in foreign operations, whose net assets are exposed to foreign currency translation risk. Currency exposure arising from the net assets of the Group\u2019s foreign operations is not specifically hedged but is reduced primarily through borrowings denominated in the relevant foreign currencies where it is efficient to do so. Currency exposure arising from significant one-off transactions (for example acquisitions or disposals) is reviewed and hedged through forward contracts if required. For 2022, had the Group\u2019s basket of reporting currencies been 10% weaker/stronger than the actual rates experienced, post-tax profit for the year would have been \u00a327.6m (2021: \u00a329.4m) lower/higher than reported, primarily as a result of the translation of the profits of the Group\u2019s overseas entities, and equity would have been \u00a3162.4m (2021: \u00a3156.5m) lower/higher. Cash flow hedging During the year, the Group held two instruments to hedge exposures to changes in foreign currency on a highly probable future business disposal and debt repayment (hedged items). As at 31 December 2021, the combined nominal value of the contracts was \u00a3601.9m and the average forward contract rates were 0.85 (EUR:GBP) and 1.12 (EUR:USD). These contracts were contingent on the successful completion of the business disposal, were designated as cash flow hedges and provided certainty over approximately 85% of the estimated FX exposure on these forecast future transactions. The forecast future transactions were completed in the year ended 31 December 2022 and the associated instruments settled. The cumulative cash flow hedging reserve of \u00a36.5m credit (2021: \u00a33.7m credit) and cost of hedging reserves of \u00a36.0m debit (2021: \u00a36.0m debit) were reclassified to the income statement and reported within the gain on business disposal. There was no hedge ineffectiveness recognised in the income statement during the year ended 31 December 2022 (2021: \u00a3nil). The Group also holds forward foreign currency contracts to hedge certain intercompany loans. The contracts are classified as fair value through profit and loss and had a carrying amount of \u00a31.3m liability at 31 December 2022, reported within trade and other payables. As at 31 December 2022 the gross notional value of intercompany loan hedges was \u00a3128.1m (2021: \u00a3nil). Interest rate risk The Group has both interest bearing assets and liabilities. In 2016, the Group had a policy of maintaining no more than 60% of its gross borrowings at fixed interest rates in normal circumstances. During 2016, the Group increased its amount of fixed rate debt following payment of the \u00a3136m special dividend and consequent increase in core debt requirements. Notes were issued in the amounts of \u00a3100m and \u20ac100m with an average maturity of 2.6 years and interest rate of 2.07%. During 2017, the policy formally increased the upper limit for fixed rate debt to 75% of gross borrowings. During 2019, the Group increased its amount of fixed rate debt following payment of the \u00a3151.5m special dividend. Notes were issued in the amounts of \u00a365m, \u20ac50m and US$60m with an average maturity of 5.1 years and interest rate of 2.49%. In January 2020 the Group repaid its US$100m 10-year loan note carrying a fixed rate of 5.94%, and replaced it with a US$100m 10-year loan note carrying a fixed rate of 3.75%. At 31 December 2022, approximately 70% of Group borrowings were at fixed rates. At 31 December 2022, aside from the loan notes referred to above, all Group debt and cash was exposed to repricing within 12 months of the balance sheet date. At 31 December 2022, the Group\u2019s fixed rate debt was at a weighted average rate of 2.55% (2021: 2.53%). As at 31 December 2022, the Group\u2019s floating rate liabilities are based on SONIA, ICE LIBOR or EURIBOR, depending upon the drawdown currency. Based on the above, had interest rates moved by 100 basis points in the territories where the Group has substantial borrowings, post-tax profits would have moved by \u00a33.6m (2021: \u00a35.1m) due to a change in interest expense on the Group\u2019s floating rate borrowings. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:2138004WCNBFJEEOXV26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-513": {
"value": "Liquidity risk The Group actively maintains a mixture of long-term and short-term committed facilities designed to ensure that the Group has sufficient funds available for operations and planned investments. On a regular basis, management monitors forecasts of the Group\u2019s cash flows against both internal targets and those targets imposed by external lenders. The Group has substantial committed, unused facilities and the Directors are confident this situation will remain the case for the foreseeable future. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:2138004WCNBFJEEOXV26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-514": {
"value": "Credit risk The Group has no significant concentrations of credit risk. It has policies in place to ensure that sales of products are made to customers with an appropriate credit history. Derivative counterparties and cash transactions are limited to high-credit quality financial institutions. The Group has policies that limit the amount of credit exposure to any individual financial institution. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:2138004WCNBFJEEOXV26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-515": {
"value": "Capital risk management The Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders, as well as maintaining an optimal capital structure to reduce overall cost of capital. In order to maintain this optimal structure, the Group may adjust the amount of dividends paid, issue new shares, return capital to shareholders or dispose of assets to reduce net debt. Given the Group\u2019s strong balance sheet and sustained trading growth, the Group announced a dividend policy in 2011 of paying a dividend of between 40% and 50% of sustainable earnings. Further details can be found in the Finance Review on pages 44 to 47. Underlying growth coupled to Return on Invested Capital (ROIC) is the key perceived driver of shareholder value within the Group. The Group\u2019s ROIC now stands at 14.1% against a post-tax Weighted Average Cost of Capital (WACC) of 7.5%. The Group\u2019s target is to maintain ROIC at two to three times WACC over the long-term. In addition, the Group employs two widely used ratios to measure its ability to service its debt. Both net debt/EBITDA and EBITDA interest cover were well ahead of target in 2022. Further details can be found in the Finance Review on pages 44 to 47. The Group was in compliance with its covenant requirements throughout the year. Additional information on progress against Key Performance Indicators can be found on pages 48 to 51. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:2138004WCNBFJEEOXV26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-471": {
"value": "21. Provisions Environmental \u00a3m Site restoration \u00a3m Other \u00a3m Total \u00a3m A t 1 January 2022 5.7 \u2013 3.4 9.1 Exchange differences 0.4 \u2013 0.6 1.0 Remeasurement \u2013 7.9 \u2013 7.9 Released to the income statement (0.2) \u2013 (0.2) (0.4) Charged to the income statement 0.9 \u2013 1.1 2.0 Cash paid against provisions and utilised (1.2) \u2013 (0.8) (2.0) A t 31 December 2022 5.6 7.9 4.1 17.6 Analysis of total provisions 2022 \u00a3m 2021 \u00a3m Current 6.1 5.5 Non-current 11.5 3.6 17.6 9.1 Provisions are made where a constructive or legal obligation has arisen from a past event, can be quantified and where the timing of the transfer of economic benefits relating to the provisions cannot be ascertained with any degree of certainty. The environmental provision relates to soil and potential groundwater contamination on a number of sites, both currently in use and previously occupied, in Europe and the Americas. In relation to the environmental provision, the Directors expect that the balance will be utilised within 10 years. Provisions for remediation costs are made when there is a present obligation, it is probable that expenditures for remediation work will be required, and the cost can be estimated within a reasonable range of possible outcomes. The costs are based on currently available facts and prior experience. Environmental liabilities are recorded at the estimated amount at which the liability could be settled at the balance sheet date. Remediation of environmental damage typically takes a long time to complete due to the substantial amount of planning and regulatory approvals normally required before remediation activities can begin. In addition, increases in or releases of environmental provisions may be necessary whenever new developments occur or additional information becomes available. Consequently, environmental provisions can change significantly, and the timing and quantum of costs are inherently uncertain. The level of environmental provision is based on management\u2019s best estimate of the most likely outcome for each individual exposure. During the year, site restoration provisions have been made for certain leased sites with an existing obligation to restore the environment or dismantle assets. The provisions are based on currently available facts and prior experience and are recorded at the estimated amount as at the balance sheet date. The Group has also considered the impact of discounting on its provisions and has concluded that, as a consequence of the size of the provisions and utilisation timescales, the impact is not material. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:2138004WCNBFJEEOXV26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-472": {
"value": "22. Ordinary share capital Ordinary shares of 10.61p (2021: 10.61p) 2022 \u00a3m 2021 \u00a3m A llotted, called up and fully paid A t 1 January and 31 December \u2013 142,536,884 (2021: 142,536,884) ordinary shares 15.1 15.1 During 2022, options were granted to employees under the Croda International Plc Sharesave Scheme to subscribe for 69,318 ordinary shares at an option price of 5509p per share. Conditional awards over 121,930 ordinary shares were granted under the Performance Share Plan during the year and 14,280 under the Free Share Plan. Also granted in the year were 16,914 shares under the Deferred Bonus Share Plan and 6,693 shares under the Restricted Share Plan. During the year consideration of \u00a33.6m was received on the exercise of options over 90,189 shares. The options were satisfied with shares transferred from the Group's employee share trusts. Since the year end a further 1,299 shares have been transferred from the trusts. During the year, the Group purchased 154,115 of its own ordinary shares to satisfy awards under various share-based payment schemes for consideration of \u00a310.8m. 22. Ordinary share capital continued The outstanding options to subscribe for ordinary shares were as follows at the balance sheet date: Y ear option granted Number of shares Price Options exercisable from Croda International Plc Sharesave Scheme 2019 5,561 3898p 1 Nov 2022 to 30 Apr 2023 2020 50,799 4804p 1 Nov 2023 to 30 Apr 2024 2021 31,694 7327p 1 Nov 2024 to 30 Apr 2025 2022 67,497 5509p 1 Nov 2025 to 30 Apr 2026 Croda International Plc Performance Share Plan (2014) 2020 105,541 Nil 25 Mar 2023 2020 48,447 Nil 29 Apr 2023 2021 123,197 Nil 24 Mar 2024 2022 121,930 Nil 22 Mar 2025 Croda International Plc Deferred Bonus Share Plan 2022 17,160 Nil 22 Mar 2025 Croda International Plc Restricted Share Plan 2020 6,161 Nil 25 Mar 2023 2021 7,040 Nil 17 Mar 2024 2022 6,356 Nil 29 Mar 2025 2022 337 Nil 24 Oct 2025 Croda International Plc Free Share Plan 2022 14,120 Nil 2 May 2023 ",
"dimensions": {
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"language": "en",
"entity": "scheme:2138004WCNBFJEEOXV26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-508": {
"value": "Ordinary shares of 10.61p (2021: 10.61p) 2022 \u00a3m 2021 \u00a3m A llotted, called up and fully paid A t 1 January and 31 December \u2013 142,536,884 (2021: 142,536,884) ordinary shares 15.1 15.1 During 2022, options were granted to employees under the Croda International Plc Sharesave Scheme to subscribe for 69,318 ordinary shares at an option price of 5509p per share. Conditional awards over 121,930 ordinary shares were granted under the Performance Share Plan during the year and 14,280 under the Free Share Plan. Also granted in the year were 16,914 shares under the Deferred Bonus Share Plan and 6,693 shares under the Restricted Share Plan. During the year consideration of \u00a33.6m was received on the exercise of options over 90,189 shares. The options were satisfied with shares transferred from the Group's employee share trusts. Since the year end a further 1,299 shares have been transferred from the trusts. During the year, the Group purchased 154,115 of its own ordinary shares to satisfy awards under various share-based payment schemes for consideration of \u00a310.8m. 22. Ordinary share capital continued The outstanding options to subscribe for ordinary shares were as follows at the balance sheet date: Y ear option granted Number of shares Price Options exercisable from Croda International Plc Sharesave Scheme 2019 5,561 3898p 1 Nov 2022 to 30 Apr 2023 2020 50,799 4804p 1 Nov 2023 to 30 Apr 2024 2021 31,694 7327p 1 Nov 2024 to 30 Apr 2025 2022 67,497 5509p 1 Nov 2025 to 30 Apr 2026 Croda International Plc Performance Share Plan (2014) 2020 105,541 Nil 25 Mar 2023 2020 48,447 Nil 29 Apr 2023 2021 123,197 Nil 24 Mar 2024 2022 121,930 Nil 22 Mar 2025 Croda International Plc Deferred Bonus Share Plan 2022 17,160 Nil 22 Mar 2025 Croda International Plc Restricted Share Plan 2020 6,161 Nil 25 Mar 2023 2021 7,040 Nil 17 Mar 2024 2022 6,356 Nil 29 Mar 2025 2022 337 Nil 24 Oct 2025 Croda International Plc Free Share Plan 2022 14,120 Nil 2 May 2023 ",
"dimensions": {
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"language": "en",
"entity": "scheme:2138004WCNBFJEEOXV26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-473": {
"value": "23. Share-based payments The impact of share-based payment transactions on the Group\u2019s financial position is as follows: 2022 \u00a3m 2021 \u00a3m A nalysis of amounts recognised in the income statement: Charged in respect of equity settled share-based payment transactions 8.7 10.3 (Credited)/Charged in respect of cash settled share-based payment transactions (5.2) 31.0 3.5 41.3 A nalysis of amounts recognised in the balance sheet: Liability in respect of cash settled share-based payment transactions 8.4 28.0 The key elements of each scheme along with the assumptions employed to arrive at the charge in the income statement are set out below. Where appropriate the expected volatility has been based on historical volatility considering daily share price movements over periods equal to the expected future life of the awards and the risk free rate is based on the Bank of England\u2019s projected nominal yield curve with appropriate duration. Croda International Plc Sharesave Scheme (\u2018Sharesave\u2019) The Sharesave Scheme, established in 1983 and renewed in 2013, grants options annually in September to employees of the Group at a fixed exercise price, being the market price of the Company\u2019s shares at the grant date discounted by up to 20%. Employees then enter into a savings contract over three years and, subject to continued employment, purchase options at the end of the period based on the amount saved. Options are then exercisable for a six month period following completion of the savings contract. For options granted in the year, the fair value per option granted and the assumptions used in the calculation of the value are as follows: 2022 2021 Grant date 15 Sep 2022 16 Sep 2021 Share price at grant date 6568p 9144p Exercise price 5509p 7327p Number of employees 646 727 Shares under option 69,318 55,474 V esting period Three years Three years Expected volatility 26% 20% Option life Six months Six months Risk free rate 3.1% 0.3% Dividend yield 1.6% 1.0% Possibility of forfeiture 7.5% p.a. 7.5% p.a. Fair value per option at grant date 1758.1p 2094.0p Option pricing model Black Scholes Black Scholes A reconciliation of option movements over the year is as follows: 2022 2021 Number Weighted average exercise price Number W eighted average exercise price Outstanding at 1 January 212,421 5082p 230,705 4243p Granted 69,318 5509p 55,474 7327p Forfeited (35,999) 6340p (11,177) 4524p Exercised (90,189) 4028p (62,581) 4081p Outstanding at 31 December 155,551 5592p 212,421 5082p Exercisable at 31 December 5,561 3898p 4,434 4144p For options exercised in year, weighted average share price at date of exercise 6789p 9206p Weighted average remaining life at 31 December (years) 2.4 2.4 Croda International Plc International Sharesave Plan 2009 (\u2018International\u2019) The International scheme, established in 1999 and renewed in 2009, has the same option pricing model, savings contract and vesting period as the Sharesave scheme. At exercise, employees are paid a cash equivalent for each option purchased, being the difference between the exercise price and market price at the exercise date. For options granted in the year, the fair value per option granted and the assumptions used in the calculation of the value are as follows: 2022 2021 Grant date 15 Sep 2022 16 Sep 2021 Share price at grant date 6568p 9144p Exercise price 5509p 7327p Number of employees 2,660 2,973 Shares under option 243,807 202,071 V esting period Three years Three years Expected volatility 27% 20% Option life One month One month Risk free rate 3.4% 0.3% Dividend yield 1.6% 0.9% Possibility of forfeiture 7.5% p.a. 7.5% p.a. Fair value per option at 31 December 1814.7p 2934.8p Option pricing model Black Scholes Black Scholes A reconciliation of option movements over the year is as follows: 2022 2021 Number Weighted average exercise price Number W eighted average exercise price Outstanding at 1 January 653,245 5227p 681,756 4262p Granted 243,807 5509p 202,071 7327p Forfeited (101,670) 5917p (57,397) 4519p Exercised (247,676) 3960p (173,185) 4141p Outstanding at 31 December 547,706 5778p 653,245 5227p For options exercised in year, weighted average share price at date of exercise 6664p 9378p Weighted average remaining life at 31 December (years) 2.0 1.8 23. Share-based payments continued Croda International Plc Performance Share Plan 2014 (\u2018PSP\u2019) The PSP scheme was established in 2014 and replaced the Company\u2019s previous Executive long-term incentive plans. The PSP provides for awards of free shares (i.e. either conditional shares or nil-cost options) normally made annually which vest after three years dependent upon an EPS performance related sliding scale (non-market condition), an NPP growth measure (non-market condition), sustainability conditions in relation to decarbonisation roadmaps and emissions (non-market conditions) and the Group\u2019s total shareholder return (market condition). The PSP is discussed in detail in the Directors\u2019 Remuneration Report (pages 102 to 140). Shares (on an after-tax basis) are subject to a two-year post vesting holding period. For options granted in the year, the fair value per option granted and the assumptions used in the calculation of the value are as follows: 2022 2021 Market condition Non-market condition Market condition Non-market condition Grant date 22 Mar 2022 22 Mar 2022 24 Mar 2021 24 Mar 2021 Share price at grant date 7390p 7390p 6401p 6401p Number of employees 67 67 68 68 Shares under conditional award 42,676 79,254 45,546 84,585 V esting period Three years Three years Three years Three years Expected volatility 24% 24% 20% 20% Dividend yield 1.4% 1.4% 1.4% 1.4% Possibility of forfeiture 3.45% p.a. 3.45% p.a. 3.45% p.a. 3.45% p.a. Fair value per option at grant date 3111p 7098p 2420p 6136p Option pricing model Closed form valuation Closed form valuation Closed form valuation Closed form valuation A reconciliation of option movements over the year is as follows: 2022 2021 Number Weighted average exercise price Number W eighted average exercise price Outstanding at 1 January 426,300 \u2013 461,005 \u2013 Granted 121,930 \u2013 130,131 \u2013 Forfeited (14,536) \u2013 (108,077) \u2013 Exercised (134,579) \u2013 (56,759) \u2013 Outstanding at 31 December 399,115 \u2013 426,300 \u2013 For options exercised in year, weighted average share price at date of exercise 6870p 6205p Weighted average remaining life at 31 December (years) 1.2 1.3 Croda International Plc Deferred Bonus Share Plan (\u2018DBSP\u2019) The DBSP scheme was established in 2014. Under the DBSP, one third of any annual bonuses due to certain senior executives are deferred. The size of award is determined by the amount of the total bonus divided by one third and converted into a number of Croda shares using the market value of shares at the time the award is granted. Awards are increased by the number of shares equating to the equivalent value of any dividend paid during the option period. The awards vest on the third anniversary of the date of grant unless the recipient has been dismissed for cause. There are no performance conditions applied to the award. The DBSP is also discussed in the Directors\u2019 Remuneration Report (pages 102 to 140). 2022 2021 Grant date 22 Mar 2022 \u2013 Share price at grant date 7390p \u2013 Number of employees 11 \u2013 Shares under conditional award 16,914 \u2013 V esting period Three years \u2013 A reconciliation of option movements over the year is as follows: 2022 2021 Number Weighted average exercise price Number W eighted average exercise price Outstanding at 1 January 8,913 \u2013 28,127 \u2013 Granted 16,914 \u2013 \u2013 \u2013 Dividend enhancement 246 \u2013 101 \u2013 Exercised (8,913) \u2013 (19,315) \u2013 Outstanding at 31 December 17,160 \u2013 8,913 \u2013 For options exercised in year, weighted average share price at date of exercise 6904p 6205p Weighted average remaining life at 31 December (years) 2.3 0.2 Croda International Plc Restricted Share Plan (\u2018RSP\u2019) The RSP scheme was established in 2018 and provides for awards of free shares or cash equivalent to a limited number of employees not eligible for the PSP scheme, based on a percentage of salary. The awards vest on the third anniversary of the date of grant, subject to the condition that the employee remains employed by the Group. There are no performance conditions applied to the award. On the vesting date, UK employees will be awarded free shares and non-UK employees will be paid a cash equivalent based on the market price. 2022 2021 Grant date 24 Oct 2022 29 Mar 2022 17 Mar 2021 Share price at grant date 6646p 7795p 6314p Number of employees 1 57 66 Shares under conditional award 337 6,356 8,621 V esting period Three years Three years Three years Dividend yield 1.5% 1.3% 1.4% Possibility of forfeiture 3.45% p.a. 3.45% p.a. 3.45% p.a. Fair value per option at grant date 6349p 7506p 6049p Option pricing model Closed form valuation Closed form valuation Closed form valuation A reconciliation of option movements over the year is as follows: 2022 2021 Number Weighted average exercise price Number W eighted average exercise price Outstanding at 1 January 20,958 \u2013 19,288 \u2013 Granted 6,693 \u2013 8,621 \u2013 Forfeited (1,226) \u2013 (693) \u2013 Exercised (6,531) \u2013 (6,258) \u2013 Outstanding at 31 December 19,894 \u2013 20,958 \u2013 For options exercised in year, weighted average share price at date of exercise 7260p 6257p Weighted average remaining life at 31 December (years) 1.3 1.5 Croda International Plc Free Share Plan (\u2018FSP\u2019) The FSP scheme was established in 2021 and provides for awards of free shares or cash equivalent to eligible employees. The Company has discretion to set the number of shares awarded. The awards will vest provided that the employee remains employed by the Group and that a bonus payment is paid under the terms of the Company's Group Profit Incentive Bonus Scheme in respect of the financial year concerned. Subject to the two conditions being met, on the vesting date, UK employees (and certain other identified jurisdictions) will be awarded free shares and non-UK employees will be paid a cash equivalent based on the market price. 23. Share-based payments continued 2022 2021 Grant date 6 Sep 2022 3 Nov 2021 Share price at grant date 6648p 9597p Number of employees 5,038 5,237 Shares under conditional award 50,380 52,370 V esting period One year One year Dividend yield 1.6% 1.0% Possibility of forfeiture 7.5% p.a. 7.5% p.a. Fair value per option at grant date 6497p 9503p Option pricing model Closed form valuation Closed form valuation A reconciliation of option movements over the year is as follows: 2022 2021 Number Weighted average exercise price Number W eighted average exercise price Outstanding at 1 January 51,580 \u2013 \u2013 \u2013 Granted 50,380 \u2013 52,370 \u2013 Forfeited (2,470) \u2013 (790) \u2013 Exercised (50,160) \u2013 \u2013 \u2013 Outstanding at 31 December 49,330 \u2013 51,580 \u2013 For options exercised in year, weighted average share price at date of exercise 7605p \u2013 Weighted average remaining life at 31 December (years) 0.3 0.3 Croda International Plc Share Incentive Plan (\u2018SIP\u2019) The SIP scheme has similar objectives to the Sharesave Scheme in terms of increasing employee retention and share ownership. Under the scheme, employees enter into an agreement to purchase shares in the Company each month. For each share purchased by an employee, the Company awards a matching share which passes to the employee after three years' service. The matching shares are allocated each month at market value with this fair value charge being recognised in the income statement in full in the year of allocation. ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-474": {
"value": "24. Shareholders\u2019 equity Croda International Plc Qualifying Share Ownership Trust (QUEST), Croda International Plc Employee Benefit Trust (CIPEBT) and Croda International Plc AESOP Trust (AESOP) each hold shares purchased on the open market or transferred from treasury shares to satisfy the future issue of shares under the Group's share option schemes. As at 31 December 2022 the QUEST had a net amount due from the Company of \u00a319.8m (2021: \u00a316.1m) and held 57,216 (2021: 30,640) shares transferred at a nil cost (2021: nil cost) with a market value of \u00a33.8m (2021: \u00a33.1m). As at 31 December 2022 the CIPEBT was financed by a repayable on demand loan to the Company of \u00a337.8m (2021: \u00a326.9m) and held 688 (2021: 910) shares transferred at a nil cost (2021: nil cost) with a market value of \u00a30.1m (2021: \u00a30.1m). As at 31 December 2022 the AESOP had issued all its previously held shares, as financed by the Company, and thus had no residual loan balance with the Company. All of the shares held by the QUEST and CIPEBT were under option at 31 December 2022 and, except for a nominal amount, the right to receive dividends has been waived. As at 31 December 2022 the total number of treasury shares held was 2,901,442 (2021: 3,018,203) with a market value of \u00a3199.3m (2021: \u00a3303.2m). ",
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"language": "en",
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"fact-475": {
"value": "25. Non-controlling interests in equity 2022 \u00a3m 2021 \u00a3m A t 1 January 12.8 9.3 Exchange differences 0.4 0.1 Profit for the year 4.0 2.0 A cquisition of a subsidiary with a non-controlling interest \u2013 1.6 A cquisition of a non-controlling interest in an existing subsidiary (1.4) (0.2) A djustment to retained earnings (0.3) \u2013 Issue of share capital \u2013 0.2 Dividends paid to non-controlling interests \u2013 (0.2) A t 31 December 15.5 12.8 During 2022, the Group purchased an additional 4% share in Parfex S.A. for cash consideration of \u00a31.4m. ",
"dimensions": {
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-476": {
"value": "26. Related party transactions The Group has no related party transactions, with the exception of remuneration paid to key management and Directors (note 10). ",
"dimensions": {
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"language": "en",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"fact-477": {
"value": "27. Business combinations 2021 Acquisitions On 2 March 2021, the Group acquired the worldwide business activities of Alban Muller including 100% of the shares and voting interests of Acallmi for a total consideration of \u00a315.2m with identifiable net assets of \u00a38.7m, generating goodwill of \u00a36.5m. Established in France and employing 90 people, Alban Muller specialises in eco-responsible solutions to developing innovative botanical extracts, natural formulation ingredients and natural organic cosmetics. The company is an excellent fit for Croda\u2019s Beauty Actives business (part of the Consumer Care sector) and provides Croda with access to innovative technology in the botanicals market. On 1 June 2021, the Group acquired a 96% majority shareholding in Parfex S.A. ('Parfex'), a fine fragrance business based in Grasse, France for a total consideration of \u00a335.4m with identifiable net assets of \u00a323.5m and NCI of \u00a31.6m, generating goodwill of \u00a313.5m. Employing 75 people, Parfex creates fragrances principally for premium personal care and fine perfumery markets, leveraging the natural raw materials that are available in the region. The company forms part of the Fragrances & Flavours business (part of the Consumer Care sector) alongside Iberchem acquired in November 2020.",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-478": {
"value": "28. Business disposal On 30 June 2022, the Group completed the disposal of the majority of its Performance Technologies and Industrial Chemicals business for cash consideration of \u00a3651.0m. The divested business comprised four manufacturing facilities, together with associated laboratory facilities and sales operations, and formed part of Croda\u2019s integrated operating model prior to disposal. The following table summarises the effect of the disposal on the Group's consolidated financial statements. \u00a3m Cash consideration received 651.0 Intercompany settlement (24.1) 626.9 A ssets and liabilities of the divested business Intangible assets 20.2 Property, plant & equipment 154.4 Right of use assets 1.1 Inventories 99.7 Trade and other receivables 24.3 Cash and cash equivalents 9.3 Trade and other payables (35.3) Lease liabilities (1.1) Current tax payable 0.3 Retirement benefit liabilities (1.5) Deferred tax (8.8) Net assets 262.6 A ssociated transactions and costs Pension curtailment gain 3.9 Disposal and separation costs (33.9) Foreign exchange gains 6.9 Reclassification of currency translation 14.8 Gain on business disposal before tax 356.0 Income tax on business disposal (21.5) Gain on business disposal after tax 334.5 Disposal and separation costs primarily comprise investment banking fees, legal fees, external consultant support for financial, tax and operational aspects of the transaction as well as related employee bonuses. The gain on business disposal includes foreign exchange gains that resulted from the settlement of proceeds and associated intercompany balances across the Group shortly following completion. Income tax payable on the gain on business disposal has been calculated on a jurisdiction-by-jurisdiction basis, applying the relevant corporation tax rates and exemptions. ",
"dimensions": {
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"language": "en",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-479": {
"value": "29. Post balance sheet events Subsequent to 31 December 2022, the Group signed an agreement to acquire Solus Biotech, based in South Korea, for total consideration of KRW350bn (approximately \u00a3232m). The transaction is subject to regulatory approval and had no impact on the Group\u2019s 2022 financial statements. ",
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},
"fact-10": {
"value": "Manufacture, sales or distribution of speciality chemicals, or of seed treatment services and products, or fragrances and flavours compositions ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:2138004WCNBFJEEOXV26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"fact-11": {
"value": "Cowick Hall, Snaith, Goole, East Yorkshire DN14 9AA ",
"dimensions": {
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"entity": "scheme:2138004WCNBFJEEOXV26",
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}