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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 2024 the Group had \u00a31,075.8m of committed debt facilities available from its banking
group, USPP bondholders and lease providers, with principal maturities between 2026 and 2030, of
which \u00a3418.0m (2023: \u00a3381.2m) was undrawn, together with cash balances of \u00a3166.8m (2023: \u00a3172.5m).
The Group\u2019s debt facilities have funding covenant requirements, principally the leverage covenant with
a maximum level of 3.5x net debt to covenant EBITDA, and interest cover.
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.
Given the time horizon of these forecasts, the risk of climate change is not expected to have a material
impact on these forecasts. 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 almost 75% to trigger an event of default prior to 30 June 2026. This scenario
includes some mitigating actions to conserve cash, including reducing dividends and capital
expenditure. Throughout this scenario, the Group continues to have significant liquidity headroom. The
Directors do not consider this a plausible scenario. This is consistent with the bottom-up risk scenario
modelling for the long-term viability statement which considered severe but plausible, individual, and
combined scenarios, none of which trigger an event of default. 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 is emitted through operations and supply chain.
The impact of climate change has been considered in the preparation of these financial statements,
including the risks identified as part of the Task Force on Climate-related Financial Disclosures (TCFD) on
pages 37 to 47. None of these risks had a material effect on the consolidated financial statements of the
Group. In particular, the Directors have considered the impact of climate change in respect of the
following areas.
\u2022 Going concern and viability of the Group over the next three years;
\u2022 Post-retirement benefit obligations;
\u2022 Carrying value and useful economic lives of property, plant and equipment; and
\u2022 The discounted cash flows included in the value in use calculation used in the annual goodwill
impairment testing.
Whilst there is currently no material impact expected from climate change, the Group is aware of the
ever-changing risks related to climate change and will continue to develop its assessment of the impact
on the financial statements.
Significant accounting judgements and estimates
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 significant if it has a significant effect on the
amounts recognised in the financial statements or if the estimates have a risk of material adjustment
to assets and liabilities within the next financial year.
The significant accounting judgement required when preparing the Group\u2019s accounts is as follows:
(i) Goodwill impairment \u2013 As disclosed in note 12, the Group has revised its Cash Generating Unit (CGU)
structure during the year as there has been a change in the way it monitors strategy and financial
performance. A revised operating model was implemented at the start of 2024 which has resulted
in a simplified and more cost-effective organisational structure to provide clear accountabilities and
enhanced customer focus. Accounting standards require that CGU structure is reassessed when
there have been significant changes to the way the Group monitors performance or there are other
relevant factors which would indicate the current CGU structure is no longer appropriate. The Group
has concluded that the revised operating model change required the Group to perform a
reassessment of the CGU structure used for goodwill impairment.
The determination of the Group\u2019s CGU structure requires significant judgement to assess and
conclude on what the most appropriate CGU structure is. The assessment performed considered
the CGUs previously identified and the extent to which their separate identification remained
appropriate. The Group further considered the way in which strategy and financial performance is
assessed, alongside the level of integration of the CGU with the wider Group and the extent to which
the Group has the ability to identify independent separate cash inflows for the acquired businesses
from those of the remaining Group.
The Group specifically considered whether, if the update to CGU structure was not completed, there
would have been indicators of impairment to the previous standalone CGUs. This review considered
factors known to the Directors and considered financial performance and information up to the time
of the Group's interim results in June 2024. No impairment indicators were identified in this review.
As a result of this review, the CGU structure of the Group was revised and resulted in a reduction in
the number of standalone CGUs from ten to four.
In the prior year a significant judgement was required in relation to hedge accounting linked to the
Group\u2019s acquisition of Solus Biotech Co Ltd. There have been no similar hedge accounting transactions
during 2024.
The significant accounting estimates 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 require a number of significant assumptions to be made. 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. Sensitivities of key defined benefit obligation assumptions, including those related to the Group's UK defined benefit obligations, are included in note 11. The Group\u2019s accounts include other areas of estimation. While these areas do not meet the definition of significant accounting estimates, the recognition and measurement of certain material assets and liabilities are based on assumptions. The other areas of accounting estimates are: (i) Goodwill impairment review of the Fragrances & Flavours CGU (note 12) \u2013 the recoverable amount, and therefore level of headroom, is predominantly dependent upon estimates used in arriving at the cash flow projections, terminal value growth rate, and the discount rate. In the prior year, valuation of acquired intangible assets was considered an accounting estimate and related to the Group\u2019s acquisition of Solus Biotech Co Ltd. There have been no similar acquisition transactions in 2024. Changes in accounting policy (i) The Group adopted the following new accounting policies on 1 January 2024 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: \u2013 Amendments to IFRS 16, \u2018Leases\u2019 (Lease Liability in a Sale-and-Leaseback); \u2013 Amendments to IAS 1, \u2018Presentation of Financial Statements\u2019 (Classification of Liabilities as Current or Non-current and Non-current Liabilities with Covenants); and \u2013 Amendments to IAS 7, \u2018Statement of Cash Flows\u2019 and IFRS 7, \u2018Financial Instruments: Disclosures\u2019 (Supplier Finance Arrangements). (ii) The IASB has issued the following pronouncements for annual periods beginning on or after 1 January 2025, 1 January 2026 or 1 January 2027: \u2013 Amendments to IAS 21, \u2018The Effects of Changes in Foreign Exchange Rates\u2019 (Lack of Exchangeability); \u2013 Amendments to IFRS 9, \u2019Financial Instruments\u2019 and IFRS 7 \u2018Financial Instruments: Disclosures\u2019 (Amendments to the Classification and Measurement of Financial Instruments); \u2013 Annual Improvements to IFRS Accounting Standards \u2013 Amendments to: \u2013 IFRS 7, \u2018Financial Instruments: Disclosures\u2019 and its accompanying guidance on implementing IFRS 7; \u2013 IFRS 9, \u2018Financial Instruments\u2019; \u2013 IFRS 10, \u2018Consolidated Financial Statements\u2019; and \u2013 IAS 7, \u2018Statement of Cash Flows\u2019. \u2013 IFRS 18, \u2018Presentation and Disclosure in Financial Statements\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 2025, 1 January 2026 or 1 January 2027 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 page 174. 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 which are largely independent of the cash inflows from other assets or groups of assets and where financial performance and strategy are monitored by the Group, known as CGUs. Goodwill is allocated to the CGU that is expected to benefit from the synergies of the acquisition.
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 nominal terms
discounted to net present value using a market participant nominal 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.
Following initial recognition, the assets will be written down on a straight-line basis over their useful
lives, which range from 7 to 20 years for technology processes and from 3 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 adjustments 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
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.
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 future working 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 and hyperinflation
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.
Certain subsidiaries of the Group operate in hyperinflationary economies. Where considered significant,
the results of those subsidiaries are adjusted to reflect the current purchasing power of that currency at
the year end, as if that rate had applied to the results of the entity for the whole period. Any gain or loss
on monetary assets and liabilities is recognised within operating costs in the Group Income Statement
as a net monetary gain or loss.
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 and are not considered to be hyperinflationary 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 and related cash flows for each subsidiary, 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 and cash flows are translated at the dates of the transactions); and
(iii) all resulting exchange differences are recognised as a separate component of equity.
For subsidiaries operating in hyperinflationary economies, the results and financial position are
translated into the Group\u2019s presentation currency using the closing rate for all transactions, rather than
at an average rate for income and expense items.
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.
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. 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.
The Group has determined that the global minimum top-up tax, which is a liability under Pillar Two
legislation, is an income tax in the scope of IAS 12. The Group has applied a temporary mandatory relief
from deferred tax accounting for the impacts of the top-up tax and accounts for it as a current tax when
it is incurred.
Following adoption of amendments to IAS 12 the Group has recognised a separate deferred tax asset
in relation to its lease liabilities and a deferred tax liability in relation to its right of use assets.
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 restructuring costs associated with changes to the Group\u2019s
operating model, business transformation costs linked to a planned upgrade to the Group\u2019s Enterprise
Resource Planning system and an increase to environmental provisions related to historic contamination
at one operational and one non-operational site in the Americas. Exceptional items in the prior year
related to a goodwill impairment to the carrying value of the Chinese SIPO Cash Generating Unit in
Industrial Specialties, acquisition costs and restructuring costs associated with changes to the Group\u2019s
operating model. Details can be found in note 3 on page 136.
Property, plant and equipment
Property, plant and equipment is stated at historical cost less depreciation. 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,
site decarbonisation road maps, 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.
The TCFD on pages 37 to 47 highlights the riverine flood risk across specific sites. The sites with
significant risk of flood account for 14.6% of Group revenue in 2024 and include 13.2% of the Group\u2019s
property, plant and equipment net book value. Due to the mitigations detailed in the TCFD, climate
change does not have a material impact on the net book value or remaining useful life of property,
plant and equipment at the balance sheet date.
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 fair value. 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 a right to defer settlement of the liability for at least 12 months after the balance sheet date.
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. 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, restructuring, site restoration and other provisions
The Group is exposed to certain 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:2138004WCNBFJEEOXV26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-375": { "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 2024 the Group had \u00a31,075.8m of committed debt facilities available from its banking group, USPP bondholders and lease providers, with principal maturities between 2026 and 2030, of which \u00a3418.0m (2023: \u00a3381.2m) was undrawn, together with cash balances of \u00a3166.8m (2023: \u00a3172.5m). The Group\u2019s debt facilities have funding covenant requirements, principally the leverage covenant with a maximum level of 3.5x net debt to covenant EBITDA, and interest cover. 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. Given the time horizon of these forecasts, the risk of climate change is not expected to have a material impact on these forecasts. 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 almost 75% to trigger an event of default prior to 30 June 2026. This scenario includes some mitigating actions to conserve cash, including reducing dividends and capital expenditure. Throughout this scenario, the Group continues to have significant liquidity headroom. The Directors do not consider this a plausible scenario. This is consistent with the bottom-up risk scenario modelling for the long-term viability statement which considered severe but plausible, individual, and combined scenarios, none of which trigger an event of default. 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 is emitted through operations and supply chain. The impact of climate change has been considered in the preparation of these financial statements, including the risks identified as part of the Task Force on Climate-related Financial Disclosures (TCFD) on pages 37 to 47. None of these risks had a material effect on the consolidated financial statements of the Group. In particular, the Directors have considered the impact of climate change in respect of the following areas. \u2022 Going concern and viability of the Group over the next three years; \u2022 Post-retirement benefit obligations; \u2022 Carrying value and useful economic lives of property, plant and equipment; and \u2022 The discounted cash flows included in the value in use calculation used in the annual goodwill impairment testing. Whilst there is currently no material impact expected from climate change, the Group is aware of the ever-changing risks related to climate change and will continue to develop its assessment of the impact on the financial statements. Significant accounting judgements and estimates 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 significant if it has a significant effect on the amounts recognised in the financial statements or if the estimates have a risk of material adjustment to assets and liabilities within the next financial year. The significant accounting judgement required when preparing the Group\u2019s accounts is as follows: (i) Goodwill impairment \u2013 As disclosed in note 12, the Group has revised its Cash Generating Unit (CGU) structure during the year as there has been a change in the way it monitors strategy and financial performance. A revised operating model was implemented at the start of 2024 which has resulted in a simplified and more cost-effective organisational structure to provide clear accountabilities and enhanced customer focus. Accounting standards require that CGU structure is reassessed when there have been significant changes to the way the Group monitors performance or there are other relevant factors which would indicate the current CGU structure is no longer appropriate. The Group has concluded that the revised operating model change required the Group to perform a reassessment of the CGU structure used for goodwill impairment. The determination of the Group\u2019s CGU structure requires significant judgement to assess and conclude on what the most appropriate CGU structure is. The assessment performed considered the CGUs previously identified and the extent to which their separate identification remained appropriate. The Group further considered the way in which strategy and financial performance is assessed, alongside the level of integration of the CGU with the wider Group and the extent to which the Group has the ability to identify independent separate cash inflows for the acquired businesses from those of the remaining Group. The Group specifically considered whether, if the update to CGU structure was not completed, there would have been indicators of impairment to the previous standalone CGUs. This review considered factors known to the Directors and considered financial performance and information up to the time of the Group's interim results in June 2024. No impairment indicators were identified in this review. As a result of this review, the CGU structure of the Group was revised and resulted in a reduction in the number of standalone CGUs from ten to four. In the prior year a significant judgement was required in relation to hedge accounting linked to the Group\u2019s acquisition of Solus Biotech Co Ltd. There have been no similar hedge accounting transactions during 2024.
The significant accounting estimates 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 require a
number of significant assumptions to be made. 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. Sensitivities of key
defined benefit obligation assumptions, including those related to the Group's UK defined benefit
obligations, are included in note 11.
The Group\u2019s accounts include other areas of estimation. While these areas do not meet the definition
of significant accounting estimates, the recognition and measurement of certain material assets and
liabilities are based on assumptions. The other areas of accounting estimates are:
(i) Goodwill impairment review of the Fragrances & Flavours CGU (note 12) \u2013 the recoverable amount,
and therefore level of headroom, is predominantly dependent upon estimates used in arriving at the
cash flow projections, terminal value growth rate, and the discount rate.
In the prior year, valuation of acquired intangible assets was considered an accounting estimate and
related to the Group\u2019s acquisition of Solus Biotech Co Ltd. There have been no similar acquisition
transactions in 2024.
Changes in accounting policy (i) The Group adopted the following new accounting policies on 1 January 2024 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: \u2013 Amendments to IFRS 16, \u2018Leases\u2019 (Lease Liability in a Sale-and-Leaseback); \u2013 Amendments to IAS 1, \u2018Presentation of Financial Statements\u2019 (Classification of Liabilities as Current or Non-current and Non-current Liabilities with Covenants); and \u2013 Amendments to IAS 7, \u2018Statement of Cash Flows\u2019 and IFRS 7, \u2018Financial Instruments: Disclosures\u2019 (Supplier Finance Arrangements). (ii) The IASB has issued the following pronouncements for annual periods beginning on or after 1 January 2025, 1 January 2026 or 1 January 2027: \u2013 Amendments to IAS 21, \u2018The Effects of Changes in Foreign Exchange Rates\u2019 (Lack of Exchangeability); \u2013 Amendments to IFRS 9, \u2019Financial Instruments\u2019 and IFRS 7 \u2018Financial Instruments: Disclosures\u2019 (Amendments to the Classification and Measurement of Financial Instruments); \u2013 Annual Improvements to IFRS Accounting Standards \u2013 Amendments to: \u2013 IFRS 7, \u2018Financial Instruments: Disclosures\u2019 and its accompanying guidance on implementing IFRS 7; \u2013 IFRS 9, \u2018Financial Instruments\u2019; \u2013 IFRS 10, \u2018Consolidated Financial Statements\u2019; and \u2013 IAS 7, \u2018Statement of Cash Flows\u2019. \u2013 IFRS 18, \u2018Presentation and Disclosure in Financial Statements\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 2025, 1 January 2026 or 1 January 2027 as applicable. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138004WCNBFJEEOXV26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-418": { "value": "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. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:2138004WCNBFJEEOXV26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-419": { "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 2024 the Group had \u00a31,075.8m of committed debt facilities available from its banking group, USPP bondholders and lease providers, with principal maturities between 2026 and 2030, of which \u00a3418.0m (2023: \u00a3381.2m) was undrawn, together with cash balances of \u00a3166.8m (2023: \u00a3172.5m). The Group\u2019s debt facilities have funding covenant requirements, principally the leverage covenant with a maximum level of 3.5x net debt to covenant EBITDA, and interest cover. 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. Given the time horizon of these forecasts, the risk of climate change is not expected to have a material impact on these forecasts. 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 almost 75% to trigger an event of default prior to 30 June 2026. This scenario includes some mitigating actions to conserve cash, including reducing dividends and capital expenditure. Throughout this scenario, the Group continues to have significant liquidity headroom. The Directors do not consider this a plausible scenario. This is consistent with the bottom-up risk scenario modelling for the long-term viability statement which considered severe but plausible, individual, and combined scenarios, none of which trigger an event of default. Accordingly, the consolidated financial statements have been prepared on a going concern basis. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:2138004WCNBFJEEOXV26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-420": { "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 is emitted through operations and supply chain. The impact of climate change has been considered in the preparation of these financial statements, including the risks identified as part of the Task Force on Climate-related Financial Disclosures (TCFD) on pages 37 to 47. None of these risks had a material effect on the consolidated financial statements of the Group. In particular, the Directors have considered the impact of climate change in respect of the following areas. \u2022 Going concern and viability of the Group over the next three years; \u2022 Post-retirement benefit obligations; \u2022 Carrying value and useful economic lives of property, plant and equipment; and \u2022 The discounted cash flows included in the value in use calculation used in the annual goodwill impairment testing. Whilst there is currently no material impact expected from climate change, the Group is aware of the ever-changing risks related to climate change and will continue to develop its assessment of the impact on the financial statements. ", "dimensions": { "concept": "crodainternational:DisclosureOfClimateChange", "language": "en", "entity": "scheme:2138004WCNBFJEEOXV26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-421": { "value": "Significant accounting judgements and estimates 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 significant if it has a significant effect on the amounts recognised in the financial statements or if the estimates have a risk of material adjustment to assets and liabilities within the next financial year. The significant accounting judgement required when preparing the Group\u2019s accounts is as follows: (i) Goodwill impairment \u2013 As disclosed in note 12, the Group has revised its Cash Generating Unit (CGU) structure during the year as there has been a change in the way it monitors strategy and financial performance. A revised operating model was implemented at the start of 2024 which has resulted in a simplified and more cost-effective organisational structure to provide clear accountabilities and enhanced customer focus. Accounting standards require that CGU structure is reassessed when there have been significant changes to the way the Group monitors performance or there are other relevant factors which would indicate the current CGU structure is no longer appropriate. The Group has concluded that the revised operating model change required the Group to perform a reassessment of the CGU structure used for goodwill impairment. The determination of the Group\u2019s CGU structure requires significant judgement to assess and conclude on what the most appropriate CGU structure is. The assessment performed considered the CGUs previously identified and the extent to which their separate identification remained appropriate. The Group further considered the way in which strategy and financial performance is assessed, alongside the level of integration of the CGU with the wider Group and the extent to which the Group has the ability to identify independent separate cash inflows for the acquired businesses from those of the remaining Group. The Group specifically considered whether, if the update to CGU structure was not completed, there would have been indicators of impairment to the previous standalone CGUs. This review considered factors known to the Directors and considered financial performance and information up to the time of the Group's interim results in June 2024. No impairment indicators were identified in this review. As a result of this review, the CGU structure of the Group was revised and resulted in a reduction in the number of standalone CGUs from ten to four. In the prior year a significant judgement was required in relation to hedge accounting linked to the Group\u2019s acquisition of Solus Biotech Co Ltd. There have been no similar hedge accounting transactions during 2024. The significant accounting estimates 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 require a number of significant assumptions to be made. 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. Sensitivities of key defined benefit obligation assumptions, including those related to the Group's UK defined benefit obligations, are included in note 11. The Group\u2019s accounts include other areas of estimation. While these areas do not meet the definition of significant accounting estimates, the recognition and measurement of certain material assets and liabilities are based on assumptions. The other areas of accounting estimates are: (i) Goodwill impairment review of the Fragrances & Flavours CGU (note 12) \u2013 the recoverable amount, and therefore level of headroom, is predominantly dependent upon estimates used in arriving at the cash flow projections, terminal value growth rate, and the discount rate. In the prior year, valuation of acquired intangible assets was considered an accounting estimate and related to the Group\u2019s acquisition of Solus Biotech Co Ltd. There have been no similar acquisition transactions in 2024. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:2138004WCNBFJEEOXV26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-451": { "value": "
Changes in accounting policy
(i) The Group adopted the following new accounting policies on 1 January 2024 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:
\u2013 Amendments to IFRS 16, \u2018Leases\u2019 (Lease Liability in a Sale-and-Leaseback);
\u2013 Amendments to IAS 1, \u2018Presentation of Financial Statements\u2019 (Classification of Liabilities as Current
or Non-current and Non-current Liabilities with Covenants); and
\u2013 Amendments to IAS 7, \u2018Statement of Cash Flows\u2019 and IFRS 7, \u2018Financial Instruments: Disclosures\u2019
(Supplier Finance Arrangements).
", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:2138004WCNBFJEEOXV26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-422": { "value": "Changes in accounting policy (i) The Group adopted the following new accounting policies on 1 January 2024 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: \u2013 Amendments to IFRS 16, \u2018Leases\u2019 (Lease Liability in a Sale-and-Leaseback); \u2013 Amendments to IAS 1, \u2018Presentation of Financial Statements\u2019 (Classification of Liabilities as Current or Non-current and Non-current Liabilities with Covenants); and \u2013 Amendments to IAS 7, \u2018Statement of Cash Flows\u2019 and IFRS 7, \u2018Financial Instruments: Disclosures\u2019 (Supplier Finance Arrangements). (ii) The IASB has issued the following pronouncements for annual periods beginning on or after 1 January 2025, 1 January 2026 or 1 January 2027: \u2013 Amendments to IAS 21, \u2018The Effects of Changes in Foreign Exchange Rates\u2019 (Lack of Exchangeability); \u2013 Amendments to IFRS 9, \u2019Financial Instruments\u2019 and IFRS 7 \u2018Financial Instruments: Disclosures\u2019 (Amendments to the Classification and Measurement of Financial Instruments); \u2013 Annual Improvements to IFRS Accounting Standards \u2013 Amendments to: \u2013 IFRS 7, \u2018Financial Instruments: Disclosures\u2019 and its accompanying guidance on implementing IFRS 7; \u2013 IFRS 9, \u2018Financial Instruments\u2019; \u2013 IFRS 10, \u2018Consolidated Financial Statements\u2019; and \u2013 IAS 7, \u2018Statement of Cash Flows\u2019. \u2013 IFRS 18, \u2018Presentation and Disclosure in Financial Statements\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 2025, 1 January 2026 or 1 January 2027 as applicable. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:2138004WCNBFJEEOXV26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-452": { "value": "(ii) The IASB has issued the following pronouncements for annual periods beginning on or after 1 January 2025, 1 January 2026 or 1 January 2027: \u2013 Amendments to IAS 21, \u2018The Effects of Changes in Foreign Exchange Rates\u2019 (Lack of Exchangeability); \u2013 Amendments to IFRS 9, \u2019Financial Instruments\u2019 and IFRS 7 \u2018Financial Instruments: Disclosures\u2019 (Amendments to the Classification and Measurement of Financial Instruments); \u2013 Annual Improvements to IFRS Accounting Standards \u2013 Amendments to: \u2013 IFRS 7, \u2018Financial Instruments: Disclosures\u2019 and its accompanying guidance on implementing IFRS 7; \u2013 IFRS 9, \u2018Financial Instruments\u2019; \u2013 IFRS 10, \u2018Consolidated Financial Statements\u2019; and \u2013 IAS 7, \u2018Statement of Cash Flows\u2019. \u2013 IFRS 18, \u2018Presentation and Disclosure in Financial Statements\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 2025, 1 January 2026 or 1 January 2027 as applicable. ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:2138004WCNBFJEEOXV26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-376": { "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 page 174. 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": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138004WCNBFJEEOXV26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-6": { "value": "Croda International Plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:2138004WCNBFJEEOXV26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-7": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:2138004WCNBFJEEOXV26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-8": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:2138004WCNBFJEEOXV26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-373": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:2138004WCNBFJEEOXV26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-377": { "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 which are largely independent of the cash inflows from other assets or groups of assets and where financial performance and strategy are monitored by the Group, known as CGUs. Goodwill is allocated to the CGU that is expected to benefit from the synergies of the acquisition. 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 nominal terms discounted to net present value using a market participant nominal 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. Following initial recognition, the assets will be written down on a straight-line basis over their useful lives, which range from 7 to 20 years for technology processes and from 3 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-423": { "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 which are largely independent of the cash inflows from other assets or groups of assets and where financial performance and strategy are monitored by the Group, known as CGUs. Goodwill is allocated to the CGU that is expected to benefit from the synergies of the acquisition. 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 nominal terms discounted to net present value using a market participant nominal 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-424": { "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. Following initial recognition, the assets will be written down on a straight-line basis over their useful lives, which range from 7 to 20 years for technology processes and from 3 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-453": { "value": "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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:2138004WCNBFJEEOXV26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-378": { "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 adjustments 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-425": { "value": "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:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:2138004WCNBFJEEOXV26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-379": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-380": { "value": "Segmental reporting 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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:2138004WCNBFJEEOXV26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-381": { "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 future working 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-426": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-427": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-382": { "value": "Currency translations and hyperinflation 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. Certain subsidiaries of the Group operate in hyperinflationary economies. Where considered significant, the results of those subsidiaries are adjusted to reflect the current purchasing power of that currency at the year end, as if that rate had applied to the results of the entity for the whole period. Any gain or loss on monetary assets and liabilities is recognised within operating costs in the Group Income Statement as a net monetary gain or loss. 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 and are not considered to be hyperinflationary 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 and related cash flows for each subsidiary, 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 and cash flows are translated at the dates of the transactions); and (iii) all resulting exchange differences are recognised as a separate component of equity. For subsidiaries operating in hyperinflationary economies, the results and financial position are translated into the Group\u2019s presentation currency using the closing rate for all transactions, rather than at an average rate for income and expense items. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-428": { "value": "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. Certain subsidiaries of the Group operate in hyperinflationary economies. Where considered significant, the results of those subsidiaries are adjusted to reflect the current purchasing power of that currency at the year end, as if that rate had applied to the results of the entity for the whole period. Any gain or loss on monetary assets and liabilities is recognised within operating costs in the Group Income Statement as a net monetary gain or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:2138004WCNBFJEEOXV26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-383": { "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. 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. The Group has determined that the global minimum top-up tax, which is a liability under Pillar Two legislation, is an income tax in the scope of IAS 12. The Group has applied a temporary mandatory relief from deferred tax accounting for the impacts of the top-up tax and accounts for it as a current tax when it is incurred. Following adoption of amendments to IAS 12 the Group has recognised a separate deferred tax asset in relation to its lease liabilities and a deferred tax liability in relation to its right of use assets. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-429": { "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. 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. The Group has determined that the global minimum top-up tax, which is a liability under Pillar Two legislation, is an income tax in the scope of IAS 12. The Group has applied a temporary mandatory relief from deferred tax accounting for the impacts of the top-up tax and accounts for it as a current tax when it is incurred. Following adoption of amendments to IAS 12 the Group has recognised a separate deferred tax asset in relation to its lease liabilities and a deferred tax liability in relation to its right of use assets. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-384": { "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 restructuring costs associated with changes to the Group\u2019s operating model, business transformation costs linked to a planned upgrade to the Group\u2019s Enterprise Resource Planning system and an increase to environmental provisions related to historic contamination at one operational and one non-operational site in the Americas. Exceptional items in the prior year related to a goodwill impairment to the carrying value of the Chinese SIPO Cash Generating Unit in Industrial Specialties, acquisition costs and restructuring costs associated with changes to the Group\u2019s operating model. Details can be found in note 3 on page 136.", "dimensions": { "concept": "crodainternational:DescriptionOfAccountingPolicyForIncomeStatementPresentation", "language": "en", "entity": "scheme:2138004WCNBFJEEOXV26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-430": { "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 restructuring costs associated with changes to the Group\u2019s operating model, business transformation costs linked to a planned upgrade to the Group\u2019s Enterprise Resource Planning system and an increase to environmental provisions related to historic contamination at one operational and one non-operational site in the Americas. Exceptional items in the prior year related to a goodwill impairment to the carrying value of the Chinese SIPO Cash Generating Unit in Industrial Specialties, acquisition costs and restructuring costs associated with changes to the Group\u2019s operating model. Details can be found in note 3 on page 136. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExceptionalItemsExplanatory", "language": "en", "entity": "scheme:2138004WCNBFJEEOXV26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-388": { "value": "Property, plant and equipment Property, plant and equipment is stated at historical cost less depreciation. 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, site decarbonisation road maps, 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. The TCFD on pages 37 to 47 highlights the riverine flood risk across specific sites. The sites with significant risk of flood account for 14.6% of Group revenue in 2024 and include 13.2% of the Group\u2019s property, plant and equipment net book value. Due to the mitigations detailed in the TCFD, climate change does not have a material impact on the net book value or remaining useful life of property, plant and equipment at the balance sheet date.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:2138004WCNBFJEEOXV26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-385": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-431": { "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:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:2138004WCNBFJEEOXV26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-386": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-387": { "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 fair value. 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 a right to defer settlement of the liability for at least 12 months after the balance sheet date.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138004WCNBFJEEOXV26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-432": { "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 fair value. 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:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138004WCNBFJEEOXV26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-454": { "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 fair value. 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:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:2138004WCNBFJEEOXV26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-466": { "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 fair value. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-433": { "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 a 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-455": { "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 a right to defer settlement of the liability for at least 12 months after the balance sheet date.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138004WCNBFJEEOXV26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-389": { "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. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-390": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-392": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-391": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-393": { "value": "Environmental, restructuring, site restoration and other provisions The Group is exposed to certain 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-394": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-435": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-434": { "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": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:2138004WCNBFJEEOXV26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-456": { "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": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:2138004WCNBFJEEOXV26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-395": { "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 20 to 24.
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.
2024
2023
\u00a3m
\u00a3m
Income statement
Revenue
Consumer Care
920.0
886.1
Life Sciences
504.3
602.3
Industrial Specialties
203.8
206.1
Total Group revenue
1,628.1
1,694.5
Adjusted operating profit
Consumer Care
160.2
160.3
Life Sciences
104.0
150.3
Industrial Specialties
15.5
9.4
Total Group operating profit (before exceptional items and amortisation of
intangible assets arising
on acquisition)
279.7
320.0
Exceptional items and amortisation of intangible assets arising on
acquisition
1
(52.2)
(72.5)
Total Group operating profit
227.5
247.5
1. Relates to Consumer Care \u00a331.8m (2023: \u00a332.5m), Life Sciences \u00a318.5m (2023: \u00a318.6m) and Industrial
Specialties \u00a31.9m (2023: \u00a321.4m).
The Group\u2019s revenue from external customers in the UK is \u00a340.1m (2023: \u00a342.8m), in France is \u00a390.2m
(2023: \u00a399.0m), in Germany is \u00a360.5m (2023: \u00a380.4m), in China is \u00a3156.9m (2023: \u00a3155.9m), in the US is
\u00a3348.5m (2023: \u00a3362.9m) and the total revenue from external customers from other countries is \u00a3931.9m
(2023: \u00a3953.5m). No single external customer represents more than 4% of the total revenue of the Group.
The total of non-current assets other than financial instruments, retirement benefit assets and deferred
tax assets located in the UK is \u00a3261.9m (2023: \u00a3249.6m), in the US is \u00a3612.3m (2023: \u00a3607.1m) and in other
countries is \u00a3706.6m (2023: \u00a3747.3m). Goodwill has not been split by geography as this asset is not
attributable to a geographical area.
The Group manages its business segments on a global basis. The operations are based in the following
geographical areas: Europe, with manufacturing sites in the UK, France, the Netherlands, Italy, Spain and
Denmark; North America, with manufacturing sites in the US; Latin America, with manufacturing sites in
Brazil, Argentina, Colombia and Mexico; Asia, with manufacturing sites in Singapore, Japan, India, China,
Indonesia, Malaysia and Korea; Africa, with manufacturing sites in South Africa and Tunisia; and Australia.
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
North
Latin
Asia
Total
East & Africa America America
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Revenue 2024
Consumer Care
383.2
188.7
100.7
247.4
920.0
Life Sciences
173.5
156.1
72.5
102.2
504.3
Industrial Specialties
75.5
37.5
7.3
83.5
203.8
Total Group revenue
632.2
382.3
180.5
433.1
1,628.1
Revenue 2023
Consumer Care
375.1
189.7
89.4
231.9
886.1
Life Sciences
245.9
167.6
87.7
101.1
602.3
Industrial Specialties
69.2
39.3
8.3
89.3
206.1
Total Group revenue
690.2
396.6
185.4
422.3
1,694.5
2024
2023
\u00a3m
\u00a3m
Depreciation and amortisation (before amortisation of intangible assets
arising on
acquisition)
Consumer Care
51.0
45.7
Life Sciences
34.6
32.6
Industrial Specialties
13.0
11.2
Total Group
98.6
89.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:2138004WCNBFJEEOXV26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-436": { "value": "The Group\u2019s revenue from external customers in the UK is \u00a340.1m (2023: \u00a342.8m), in France is \u00a390.2m (2023: \u00a399.0m), in Germany is \u00a360.5m (2023: \u00a380.4m), in China is \u00a3156.9m (2023: \u00a3155.9m), in the US is \u00a3348.5m (2023: \u00a3362.9m) and the total revenue from external customers from other countries is \u00a3931.9m (2023: \u00a3953.5m). No single external customer represents more than 4% of the total revenue of the Group. The total of non-current assets other than financial instruments, retirement benefit assets and deferred tax assets located in the UK is \u00a3261.9m (2023: \u00a3249.6m), in the US is \u00a3612.3m (2023: \u00a3607.1m) and in other countries is \u00a3706.6m (2023: \u00a3747.3m). Goodwill has not been split by geography as this asset is not attributable to a geographical area. The Group manages its business segments on a global basis. The operations are based in the following geographical areas: Europe, with manufacturing sites in the UK, France, the Netherlands, Italy, Spain and Denmark; North America, with manufacturing sites in the US; Latin America, with manufacturing sites in Brazil, Argentina, Colombia and Mexico; Asia, with manufacturing sites in Singapore, Japan, India, China, Indonesia, Malaysia and Korea; Africa, with manufacturing sites in South Africa and Tunisia; and Australia.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:2138004WCNBFJEEOXV26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-396": { "value": "
2. Operating costs
2024
2023
\u00a3m
\u00a3m
Analysis of net operating expenses by function:
Distribution costs
79.2
77.2
Administrative expenses
427.2
405.3
506.4
482.5
Additional information on the nature of operating expenses, including depreciation and employee costs,
is provided in note 3.
3. Profit for the year
2024
2023
\u00a3m \u00a3m
The Group profit for the year is stated after charging/(crediting):
Depreciation and amortisation (notes 12, 13 & 14)
135.8
126.2
Goodwill impairment (exceptional) (note 12)
\u2013
20.8
Property, plant and equipment impairment (non-exceptional) (note 13)
\u2013
1.2
Staff costs (note 9)
379.1
340.8
Redundancy costs (non-exceptional) (note 9)
0.6
0.6
Redundancy costs (exceptional) (note 9)
3.0
5.4
Net-monetary adjustment arising from application of IAS 29
\u2018Hyperinflation\u2019
5.0
6.3
Impairment of investment (non-exceptional) (note 16)
\u2013
1.5
Inventories \u2013 cost recognised as expense in cost of sales (note 17)
894.2
964.5
Inventories \u2013 provision movement in the year
(6.2)
11.6
Research and development
63.6
62.3
Net foreign exchange
1.8
7.0
Bad debt charge (note 18)
2.0
1.4
2024
2023
\u00a3m
\u00a3m
Adjustments:
Exceptional items \u2013 operating profit
Business acquisition costs (note 27)
\u2013
(9.6)
Restructuring costs (note 21)
(3.0)
(5.4)
Business transformation costs
(3.5)
\u2013
Environmental provision (note 21)
(8.5)
\u2013
Goodwill impairment (note 12)
\u2013
(20.8)
Exceptional items
(15.0)
(35.8)
Amortisation of intangible assets arising on acquisition
(37.2)
(36.7)
Total adjustments
(52.2)
(72.5)
The exceptional items in the current year relate to:
\u2022 the ongoing costs of changes to the Group's operating model, announced in December 2023,
which have been classified as exceptional due to their size and one-off nature;
\u2022 business transformation costs where the Group has commenced the planning and scoping of a
significant Group-wide business transformation project during the year, including the planned
upgrade of the Group\u2019s current Enterprise Resource Planning (ERP) system. These costs have been
presented as exceptional items due to their size and one-off nature, with the benefit to underlying
performance from these costs to be realised in future years rather than the current year; and
\u2022 an increase to environmental provisions related to one operational and one non-operational site in
the Americas. These costs have been presented as exceptional items due to their size and one-off
nature, with the cost arising from historic contamination at those sites, rather than relating to the
ongoing activities of the Group. Further detail is provided in note 21.
The exceptional items in the prior year related to a goodwill impairment to the carrying value of the
Chinese SIPO Cash Generating Unit (CGU) in Industrial Specialties, acquisition costs and restructuring
costs associated with changes to the Group\u2019s operating model.
2024
2023
\u00a3m \u00a3m
Services provided by the Group\u2019s auditor
Audit services
Fees payable to the Group\u2019s auditor for the audit of Parent Company
and consolidated financial statements
0.6
0.6
Fees payable to the Group\u2019s auditor and its associates for the audit of
the Company\u2019s subsidiaries
2.1
1.9
Other audit services
Audit-related assurance and other services including fees payable in
relation to the Group's interim review
0.3
0.3
3.0
2.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:2138004WCNBFJEEOXV26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-439": { "value": "2. Operating costs
2024
2023
\u00a3m
\u00a3m
Analysis of net operating expenses by function:
Distribution costs
79.2
77.2
Administrative expenses
427.2
405.3
506.4
482.5
Additional information on the nature of operating expenses, including depreciation and employee costs, is provided in note 3.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:2138004WCNBFJEEOXV26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-458": { "value": "2. Operating costs
2024
2023
\u00a3m
\u00a3m
Analysis of net operating expenses by function:
Distribution costs
79.2
77.2
Administrative expenses
427.2
405.3
506.4
482.5
Additional information on the nature of operating expenses, including depreciation and employee costs, is provided in note 3.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:2138004WCNBFJEEOXV26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-467": { "value": "3. Profit for the year
2024
2023
\u00a3m \u00a3m
The Group profit for the year is stated after charging/(crediting):
Depreciation and amortisation (notes 12, 13 & 14)
135.8
126.2
Goodwill impairment (exceptional) (note 12)
\u2013
20.8
Property, plant and equipment impairment (non-exceptional) (note 13)
\u2013
1.2
Staff costs (note 9)
379.1
340.8
Redundancy costs (non-exceptional) (note 9)
0.6
0.6
Redundancy costs (exceptional) (note 9)
3.0
5.4
Net-monetary adjustment arising from application of IAS 29
\u2018Hyperinflation\u2019
5.0
6.3
Impairment of investment (non-exceptional) (note 16)
\u2013
1.5
Inventories \u2013 cost recognised as expense in cost of sales (note 17)
894.2
964.5
Inventories \u2013 provision movement in the year
(6.2)
11.6
Research and development
63.6
62.3
Net foreign exchange
1.8
7.0
Bad debt charge (note 18)
2.0
1.4
2024
2023
\u00a3m
\u00a3m
Adjustments:
Exceptional items \u2013 operating profit
Business acquisition costs (note 27)
\u2013
(9.6)
Restructuring costs (note 21)
(3.0)
(5.4)
Business transformation costs
(3.5)
\u2013
Environmental provision (note 21)
(8.5)
\u2013
Goodwill impairment (note 12)
\u2013
(20.8)
Exceptional items
(15.0)
(35.8)
Amortisation of intangible assets arising on acquisition
(37.2)
(36.7)
Total adjustments
(52.2)
(72.5)
The exceptional items in the current year relate to: \u2022 the ongoing costs of changes to the Group's operating model, announced in December 2023, which have been classified as exceptional due to their size and one-off nature; \u2022 business transformation costs where the Group has commenced the planning and scoping of a significant Group-wide business transformation project during the year, including the planned upgrade of the Group\u2019s current Enterprise Resource Planning (ERP) system. These costs have been presented as exceptional items due to their size and one-off nature, with the benefit to underlying performance from these costs to be realised in future years rather than the current year; and \u2022 an increase to environmental provisions related to one operational and one non-operational site in the Americas. These costs have been presented as exceptional items due to their size and one-off nature, with the cost arising from historic contamination at those sites, rather than relating to the ongoing activities of the Group. Further detail is provided in note 21. The exceptional items in the prior year related to a goodwill impairment to the carrying value of the Chinese SIPO Cash Generating Unit (CGU) in Industrial Specialties, acquisition costs and restructuring costs associated with changes to the Group\u2019s operating model.
2024
2023
\u00a3m \u00a3m
Services provided by the Group\u2019s auditor
Audit services
Fees payable to the Group\u2019s auditor for the audit of Parent Company
and consolidated financial statements
0.6
0.6
Fees payable to the Group\u2019s auditor and its associates for the audit of
the Company\u2019s subsidiaries
2.1
1.9
Other audit services
Audit-related assurance and other services including fees payable in
relation to the Group's interim review
0.3
0.3
3.0
2.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:2138004WCNBFJEEOXV26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-437": { "value": "
2024
2023
\u00a3m \u00a3m
The Group profit for the year is stated after charging/(crediting):
Depreciation and amortisation (notes 12, 13 & 14)
135.8
126.2
Goodwill impairment (exceptional) (note 12)
\u2013
20.8
Property, plant and equipment impairment (non-exceptional) (note 13)
\u2013
1.2
Staff costs (note 9)
379.1
340.8
Redundancy costs (non-exceptional) (note 9)
0.6
0.6
Redundancy costs (exceptional) (note 9)
3.0
5.4
Net-monetary adjustment arising from application of IAS 29
\u2018Hyperinflation\u2019
5.0
6.3
Impairment of investment (non-exceptional) (note 16)
\u2013
1.5
Inventories \u2013 cost recognised as expense in cost of sales (note 17)
894.2
964.5
Inventories \u2013 provision movement in the year
(6.2)
11.6
Research and development
63.6
62.3
Net foreign exchange
1.8
7.0
Bad debt charge (note 18)
2.0
1.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:2138004WCNBFJEEOXV26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-457": { "value": "
2024
2023
\u00a3m \u00a3m
The Group profit for the year is stated after charging/(crediting):
Depreciation and amortisation (notes 12, 13 & 14)
135.8
126.2
Goodwill impairment (exceptional) (note 12)
\u2013
20.8
Property, plant and equipment impairment (non-exceptional) (note 13)
\u2013
1.2
Staff costs (note 9)
379.1
340.8
Redundancy costs (non-exceptional) (note 9)
0.6
0.6
Redundancy costs (exceptional) (note 9)
3.0
5.4
Net-monetary adjustment arising from application of IAS 29
\u2018Hyperinflation\u2019
5.0
6.3
Impairment of investment (non-exceptional) (note 16)
\u2013
1.5
Inventories \u2013 cost recognised as expense in cost of sales (note 17)
894.2
964.5
Inventories \u2013 provision movement in the year
(6.2)
11.6
Research and development
63.6
62.3
Net foreign exchange
1.8
7.0
Bad debt charge (note 18)
2.0
1.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:2138004WCNBFJEEOXV26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-438": { "value": "
2024
2023
\u00a3m \u00a3m
Services provided by the Group\u2019s auditor
Audit services
Fees payable to the Group\u2019s auditor for the audit of Parent Company
and consolidated financial statements
0.6
0.6
Fees payable to the Group\u2019s auditor and its associates for the audit of
the Company\u2019s subsidiaries
2.1
1.9
Other audit services
Audit-related assurance and other services including fees payable in
relation to the Group's interim review
0.3
0.3
3.0
2.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:2138004WCNBFJEEOXV26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-397": { "value": "
4. Net financial costs
2024
2023
\u00a3m
\u00a3m
Financial costs
US$100m 3.75% fixed rate 10 year note
2.9
3.0
2019
Club facility due 2026
11.8
9.9
2024
Club facility due 2029
4.5
\u2013
\u20ac30m 1.08% fixed rate 7 year note
\u2013
0.1
\u20ac70m 1.43% fixed rate 10 year note
0.8
0.9
\u00a330m 2.54% fixed rate 7 year note
\u2013
0.4
\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
1.7
1.8
Interest on lease liabilities
2.8
2.6
Other bank loans and overdrafts
2.3
3.1
Preference share dividend
0.1
0.1
31.0
26.0
Financial income
Bank interest receivable and similar income
(6.9)
(9.4)
Net interest on post-retirement benefits
(4.4)
(5.4)
(11.3)
(14.8)
Net financial costs
19.7
11.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138004WCNBFJEEOXV26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-440": { "value": "4. Net financial costs
2024
2023
\u00a3m
\u00a3m
Financial costs
US$100m 3.75% fixed rate 10 year note
2.9
3.0
2019
Club facility due 2026
11.8
9.9
2024
Club facility due 2029
4.5
\u2013
\u20ac30m 1.08% fixed rate 7 year note
\u2013
0.1
\u20ac70m 1.43% fixed rate 10 year note
0.8
0.9
\u00a330m 2.54% fixed rate 7 year note
\u2013
0.4
\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
1.7
1.8
Interest on lease liabilities
2.8
2.6
Other bank loans and overdrafts
2.3
3.1
Preference share dividend
0.1
0.1
31.0
26.0
Financial income
Bank interest receivable and similar income
(6.9)
(9.4)
Net interest on post-retirement benefits
(4.4)
(5.4)
(11.3)
(14.8)
Net financial costs
19.7
11.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:2138004WCNBFJEEOXV26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-459": { "value": "4. Net financial costs
2024
2023
\u00a3m
\u00a3m
Financial costs
US$100m 3.75% fixed rate 10 year note
2.9
3.0
2019
Club facility due 2026
11.8
9.9
2024
Club facility due 2029
4.5
\u2013
\u20ac30m 1.08% fixed rate 7 year note
\u2013
0.1
\u20ac70m 1.43% fixed rate 10 year note
0.8
0.9
\u00a330m 2.54% fixed rate 7 year note
\u2013
0.4
\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
1.7
1.8
Interest on lease liabilities
2.8
2.6
Other bank loans and overdrafts
2.3
3.1
Preference share dividend
0.1
0.1
31.0
26.0
Financial income
Bank interest receivable and similar income
(6.9)
(9.4)
Net interest on post-retirement benefits
(4.4)
(5.4)
(11.3)
(14.8)
Net financial costs
19.7
11.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:2138004WCNBFJEEOXV26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-468": { "value": "4. Net financial costs
2024
2023
\u00a3m
\u00a3m
Financial costs
US$100m 3.75% fixed rate 10 year note
2.9
3.0
2019
Club facility due 2026
11.8
9.9
2024
Club facility due 2029
4.5
\u2013
\u20ac30m 1.08% fixed rate 7 year note
\u2013
0.1
\u20ac70m 1.43% fixed rate 10 year note
0.8
0.9
\u00a330m 2.54% fixed rate 7 year note
\u2013
0.4
\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
1.7
1.8
Interest on lease liabilities
2.8
2.6
Other bank loans and overdrafts
2.3
3.1
Preference share dividend
0.1
0.1
31.0
26.0
Financial income
Bank interest receivable and similar income
(6.9)
(9.4)
Net interest on post-retirement benefits
(4.4)
(5.4)
(11.3)
(14.8)
Net financial costs
19.7
11.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138004WCNBFJEEOXV26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-474": { "value": "4. Net financial costs
2024
2023
\u00a3m
\u00a3m
Financial costs
US$100m 3.75% fixed rate 10 year note
2.9
3.0
2019
Club facility due 2026
11.8
9.9
2024
Club facility due 2029
4.5
\u2013
\u20ac30m 1.08% fixed rate 7 year note
\u2013
0.1
\u20ac70m 1.43% fixed rate 10 year note
0.8
0.9
\u00a330m 2.54% fixed rate 7 year note
\u2013
0.4
\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
1.7
1.8
Interest on lease liabilities
2.8
2.6
Other bank loans and overdrafts
2.3
3.1
Preference share dividend
0.1
0.1
31.0
26.0
Financial income
Bank interest receivable and similar income
(6.9)
(9.4)
Net interest on post-retirement benefits
(4.4)
(5.4)
(11.3)
(14.8)
Net financial costs
19.7
11.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:2138004WCNBFJEEOXV26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-482": { "value": "4. Net financial costs
2024
2023
\u00a3m
\u00a3m
Financial costs
US$100m 3.75% fixed rate 10 year note
2.9
3.0
2019
Club facility due 2026
11.8
9.9
2024
Club facility due 2029
4.5
\u2013
\u20ac30m 1.08% fixed rate 7 year note
\u2013
0.1
\u20ac70m 1.43% fixed rate 10 year note
0.8
0.9
\u00a330m 2.54% fixed rate 7 year note
\u2013
0.4
\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
1.7
1.8
Interest on lease liabilities
2.8
2.6
Other bank loans and overdrafts
2.3
3.1
Preference share dividend
0.1
0.1
31.0
26.0
Financial income
Bank interest receivable and similar income
(6.9)
(9.4)
Net interest on post-retirement benefits
(4.4)
(5.4)
(11.3)
(14.8)
Net financial costs
19.7
11.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:2138004WCNBFJEEOXV26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-398": { "value": "
5. Tax
2024
2023
\u00a3m
\u00a3m
(a) Analysis of tax charge for the year
UK current corporate tax
1
(0.8)
(1.5)
Overseas current corporate taxes
60.8
62.1
Global minimum top-up tax
1.2
\u2013
Current tax
61.2
60.6
Deferred tax (note 6)
(13.0)
3.6
48.2
64.2
1.
The UK has a current year tax credit, which is offset against a higher deferred
tax charge, due to the impact of capital allowance claims
(b) Tax on items charged/(credited) to other comprehensive
income or
equity
Deferred tax on remeasurement of post-retirement benefits (OCI)
3.9
(5.5)
Deferred tax on share-based payments (equity)
0.1
0.5
Deferred tax on provisions (OCI)
0.3
(0.2)
4.3
(5.2)
(c) Factors affecting the tax charge for the year
Profit before tax
207.8
236.3
Tax at the standard rate of corporation tax in the UK, 25.0% (2023: 23.5%)
52.0
55.5
Effect of:
Tax rate changes
(0.1)
0.5
Prior year over-provisions
(7.5)
(10.9)
Tax cost of remitting overseas income to the UK
2.1
3.7
Expenses and write-offs not deductible for tax purposes
1.9
11.3
Tax incentives
(4.8)
(2.6)
Effect of overseas tax rates
(1.7)
5.4
Movement in temporary differences
5.1
1.3
Global minimum top-up tax
1.2
\u2013
48.2
64.2
The effective adjusted corporate tax rate before exceptional items of 23.0% (2023: 23.9%) is lower than
the UK's standard tax rate of 25.0%. The reported corporate tax rate after exceptional items is 23.2%
(2023: 27.2%).
The reported corporate tax rate after exceptional items was higher in the prior year due to expenditure
which was deemed capital in nature for tax purposes being incurred in 2023.
Croda operates in many tax jurisdictions other than the UK, both as a manufacturer and distributor and it is the exposure to these different tax rates that 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. Following the increase in the UK statutory rate of tax to 25.0%, the Group's non-UK profits are taxed at an average rate that is lower than the UK rate. Croda's effective corporate tax rate has decreased as a result of tax incentive claims and prior year adjustments which includes the release of tax provisions. The movement in temporary differences includes the movement in tax losses, whilst in the prior year unutilised tax losses not recognised through deferred tax were disclosed separately. The presentation has been aggregated to provide simplicity in reporting of temporary differences. Otherwise, there are no significant adjustments between the Group\u2019s expected and reported tax charge based on its reported 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. The UK current and deferred tax is calculated at 25.0%. The overseas tax is calculated at the rates prevailing in the respective jurisdictions. The Group is subject to the global minimum top-up tax under Pillar Two tax legislation. This legislation effectively mandates the incurrence of a minimum effective tax rate of 15% (in aggregate) across each of its trading jurisdictions. The top-up tax relates to the Group's operations in Guernsey (where the statutory rate is \u00a3nil) and Singapore (where there is a lower tax rate due to graduated tax rates). The Group recognised a current tax expense of \u00a31.2m related to the top-up tax (2023: \u00a3nil) which is levied on the Parent Company.
6. Deferred tax
2024
2023
\u00a3m
\u00a3m
The deferred tax balances included in these accounts are attributable
to the following:
Deferred tax assets
Retirement benefit liabilities
3.7
4.5
Provisions
49.8
46.6
Gross deferred tax asset
53.5
51.1
Offset with deferred tax liabilities
(38.8)
(36.7)
Net deferred tax asset
14.7
14.4
Deferred tax liabilities
Accelerated capital allowances
109.3
110.8
Acquired intangibles
76.3
87.9
Retirement benefit assets
30.3
26.3
Other
3.8
4.5
Gross deferred tax liability
219.7
229.5
Offset with deferred tax assets
(38.8)
(36.7)
Net deferred tax liability
180.9
192.8
The movement on deferred tax balances during the year is summarised
as follows:
Deferred tax credited/(charged) through the income statement
Continuing operations before adjustments
3.8
(12.0)
Adjustments and exceptional items
9.3
8.4
Deferred tax (credited)/charged directly to other comprehensive income
or
equity (note 5(b))
(4.3) 5.2
Acquisitions
\u2013
(21.2)
Exchange differences
3.4
3.8
12.2
(15.8)
Net balance brought forward
(178.4)
(162.6)
Net balance carried forward
(166.2)
(178.4)
Deferred tax credited/(charged) through the income statement relates
to the following:
Retirement benefit obligations
(0.8)
(2.2)
Accelerated capital allowances
0.1
(7.7)
Provisions
7.4
0.3
Other
6.3
6.0
13.0
(3.6)
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 2025
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 2024, the unrecognised deferred tax asset was \u00a315.4m in
respect of losses of \u00a363.4m (2023: unrecognised deferred tax asset of \u00a39.9m on losses of \u00a340.4m) 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 \u00a320.9m
(2023: \u00a319.1m) of tax would be payable on unremitted earnings of \u00a3500m (2023: \u00a3469m).
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, \u00a30.4m 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:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138004WCNBFJEEOXV26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-441": { "value": "6. Deferred tax
2024
2023
\u00a3m
\u00a3m
The deferred tax balances included in these accounts are attributable
to the following:
Deferred tax assets
Retirement benefit liabilities
3.7
4.5
Provisions
49.8
46.6
Gross deferred tax asset
53.5
51.1
Offset with deferred tax liabilities
(38.8)
(36.7)
Net deferred tax asset
14.7
14.4
Deferred tax liabilities
Accelerated capital allowances
109.3
110.8
Acquired intangibles
76.3
87.9
Retirement benefit assets
30.3
26.3
Other
3.8
4.5
Gross deferred tax liability
219.7
229.5
Offset with deferred tax assets
(38.8)
(36.7)
Net deferred tax liability
180.9
192.8
The movement on deferred tax balances during the year is summarised
as follows:
Deferred tax credited/(charged) through the income statement
Continuing operations before adjustments
3.8
(12.0)
Adjustments and exceptional items
9.3
8.4
Deferred tax (credited)/charged directly to other comprehensive income
or
equity (note 5(b))
(4.3) 5.2
Acquisitions
\u2013
(21.2)
Exchange differences
3.4
3.8
12.2
(15.8)
Net balance brought forward
(178.4)
(162.6)
Net balance carried forward
(166.2)
(178.4)
Deferred tax credited/(charged) through the income statement relates
to the following:
Retirement benefit obligations
(0.8)
(2.2)
Accelerated capital allowances
0.1
(7.7)
Provisions
7.4
0.3
Other
6.3
6.0
13.0
(3.6)
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 2025 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 2024, the unrecognised deferred tax asset was \u00a315.4m in respect of losses of \u00a363.4m (2023: unrecognised deferred tax asset of \u00a39.9m on losses of \u00a340.4m) 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 \u00a320.9m (2023: \u00a319.1m) of tax would be payable on unremitted earnings of \u00a3500m (2023: \u00a3469m). 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, \u00a30.4m 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:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:2138004WCNBFJEEOXV26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-475": { "value": "6. Deferred tax
2024
2023
\u00a3m
\u00a3m
The deferred tax balances included in these accounts are attributable
to the following:
Deferred tax assets
Retirement benefit liabilities
3.7
4.5
Provisions
49.8
46.6
Gross deferred tax asset
53.5
51.1
Offset with deferred tax liabilities
(38.8)
(36.7)
Net deferred tax asset
14.7
14.4
Deferred tax liabilities
Accelerated capital allowances
109.3
110.8
Acquired intangibles
76.3
87.9
Retirement benefit assets
30.3
26.3
Other
3.8
4.5
Gross deferred tax liability
219.7
229.5
Offset with deferred tax assets
(38.8)
(36.7)
Net deferred tax liability
180.9
192.8
The movement on deferred tax balances during the year is summarised
as follows:
Deferred tax credited/(charged) through the income statement
Continuing operations before adjustments
3.8
(12.0)
Adjustments and exceptional items
9.3
8.4
Deferred tax (credited)/charged directly to other comprehensive income
or
equity (note 5(b))
(4.3) 5.2
Acquisitions
\u2013
(21.2)
Exchange differences
3.4
3.8
12.2
(15.8)
Net balance brought forward
(178.4)
(162.6)
Net balance carried forward
(166.2)
(178.4)
Deferred tax credited/(charged) through the income statement relates
to the following:
Retirement benefit obligations
(0.8)
(2.2)
Accelerated capital allowances
0.1
(7.7)
Provisions
7.4
0.3
Other
6.3
6.0
13.0
(3.6)
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 2025 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 2024, the unrecognised deferred tax asset was \u00a315.4m in respect of losses of \u00a363.4m (2023: unrecognised deferred tax asset of \u00a39.9m on losses of \u00a340.4m) 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 \u00a320.9m (2023: \u00a319.1m) of tax would be payable on unremitted earnings of \u00a3500m (2023: \u00a3469m). 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, \u00a30.4m 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-400": { "value": "
7. Earnings per share
2024
2023
\u00a3m
\u00a3m
Adjusted profit after tax for the year attributable to owners of the parent
199.1
234.0
Exceptional items and amortisation of intangible assets
(52.2)
(72.5)
Tax impact of exceptional items and amortisation of intangible assets
11.6
9.5
Profit after tax for the year attributable to owners of the parent
158.5
171.0
Number
Number
m
m
Weighted average number of 10.61p (2023: 10.61p) ordinary shares in
issue for basic calculation
139.6
139.6
Deemed issue of potentially dilutive shares
0.1
0.2
Average number of 10.61p (2023: 10.61p) ordinary shares for diluted
calculation
139.7
139.8
Pence
Pence
Basic earnings per share
113.5
122.5
Adjusted basic earnings per share
142.6
167.6
Diluted earnings per share
113.5
122.3
Adjusted diluted earnings per share
142.5
167.4
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-399": { "value": "
8. Dividends
Pence per
2024
Pence per
2023
share
\u00a3m
share
\u00a3m
Ordinary
Interim
2023 interim, paid October 2023
\u2013
\u2013
47.0
65.6
2024 interim, paid October 2024
47.0
65.6
\u2013
\u2013
Final
2022 final, paid May 2023
\u2013
\u2013
61.0
85.1
2023 final, paid May 2024
62.0
86.6
\u2013
\u2013
109.0
152.2
108.0
150.7
The Directors are recommending a final dividend of 63.0p per share, amounting to a total of \u00a387.9m,
in respect of the financial year ended 31 December 2024.
Subject to shareholder approval, the dividend will be paid on 28 May 2025 to shareholders registered
on 11 April 2025 and has not been accrued in these financial statements. The total dividend for the year
ended 31 December 2024 will be 110.0p per share amounting to a total of \u00a3153.5m.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:2138004WCNBFJEEOXV26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-442": { "value": "1.10", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:2138004WCNBFJEEOXV26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-403": { "value": "9. Employees
2024
2023
\u00a3m
\u00a3m
Group employment costs including Directors
Wages and salaries
297.5
269.2
Share-based payment charges (note 23)
6.3
1.7
Social security costs
56.6
51.7
Post-retirement benefit costs
18.7
18.2
Redundancy costs
3.6
6.0
382.7
346.8
Included in the above are \u00a33.0m (2023: \u00a35.4m) charges related to exceptional items (note 3).
2024
2023
Number
Number
Average employee numbers by function
Production
3,685
3,650
Selling and distribution
1,405
1,307
Administration
871
898
5,961
5,855
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 2024, the Group had 6,027 (2023: 5,852) employees in total.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:2138004WCNBFJEEOXV26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-401": { "value": "
10. Directors\u2019 and key management compensation
Detailed information concerning Directors\u2019 remuneration, interests and options is shown in section D of
the Directors\u2019 Remuneration Report, which is subject to audit, on pages 88 to 99 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:
2024
2023
\u00a3m
\u00a3m
Key management compensation including Directors
Short-term employee benefits
6.7
6.9
Post-retirement benefit costs
0.1
0.1
Share-based payment charge
1.8
1.0
8.6
8.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:2138004WCNBFJEEOXV26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-402": { "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.
2024
2023
\u00a3m
\u00a3m
Balance sheet:
Retirement benefit assets
130.0
113.5
Retirement benefit liabilities
(25.7)
(26.8)
Net asset in Group balance sheet
104.3
86.7
Net balance sheet assets/(liabilities) for:
Defined pension benefits
116.2
99.8
Post-employment medical benefits
(11.9)
(13.1)
104.3
86.7
Income statement charge included in profit before tax for:
Defined pension benefits
4.8
3.9
Post-employment medical benefits
0.9
0.7
5.7
4.6
Remeasurements included in other comprehensive income for:
Defined pension benefits
(13.3)
20.9
Post-employment medical benefits
(2.2)
2.4
(15.5)
23.3
Defined benefit pension schemes
The Group operates defined benefit pension schemes in the UK, US and several other territories under
broadly similar regulatory frameworks.
The UK scheme, which remains open to new members and future service accrual, is a Career Average
Revalued Earnings (CARE) defined benefit scheme, with annual pensionable earnings capped and
pensions in payment indexed based on CPI. The US Retirement Plan, which is closed to new members,
operates a cash balance pension scheme that provides a guaranteed rate of return on pension
contributions until retirement (other than for a small number of \u2018grandfathered\u2019 employees). 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 page 144.
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 majority of the Group\u2019s retirement benefit asset relates to the Group\u2019s UK pension scheme. The UK
pension scheme is open to future service accrual and therefore the surplus is recognised on the basis
that this could be recovered through a reduction in future service contributions.
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.
The amounts recognised in the balance sheet in respect of these schemes are as follows:
2024
2023
\u00a3m \u00a3m
Present value of funded obligations
UK pension scheme
(653.9)
(735.5)
US pension scheme
(99.7)
(105.3)
Rest of world
(19.8)
(18.4)
(773.4)
(859.2)
Fair value of schemes\u2019 assets
UK pension scheme
774.9
840.8
US pension scheme
106.9
111.9
Rest of world
15.8
14.4
897.6
967.1
Net asset in respect of funded schemes
124.2
107.9
Present value of unfunded obligations
(8.0)
(8.1)
Net asset in Group balance sheet (excluding post-employment medical
benefits)
116.2
99.8
2024
2023
\u00a3m
\u00a3m
Movement in present value of retirement benefit obligations in the
year:
Opening balance
867.3
858.4
Current service cost
9.8
9.8
Acquisitions
\u2013
2.9
Interest cost
37.5
39.5
Remeasurements
Change in demographic assumptions
(18.3)
(11.7)
Change in financial assumptions
(72.5)
18.4
Experience gains/(losses)
1.6
(1.3)
Contributions paid in
Employee
2.9
2.8
Benefits paid
(46.9)
(45.0)
Exchange differences on overseas schemes
\u2013
(6.5)
781.4
867.3
Movement in fair value of schemes\u2019 assets in the year:
Opening balance
967.1
969.3
Interest income
42.5
45.4
Remeasurements
Return on scheme assets, excluding amounts included
in financial expenses
(75.9)
(15.5)
Contributions paid in
Employee
2.9
2.8
Employer
7.1
14.2
Acquisitions
\u2013
2.5
Benefits paid out
(46.9)
(45.0)
Exchange differences on overseas schemes
0.8
(6.6)
897.6
967.1
As at the balance sheet date, the present value of funded and unfunded retirement benefit obligations
comprised approximately \u00a3131m in respect of active employees, \u00a3189m in respect of deferred members
and \u00a3461m in relation to members in retirement.
Total employer contributions to the schemes in 2025 are expected to be \u00a31.9m.
The actuarial assumptions used to determine the present value of the defined benefit obligations were:
2024
2024
2023
2023
UK US UK US
Discount rate
5.5%
5.5%
4.5%
5.0%
Inflation rate \u2013 RPI
3.3%
3.0%
3.0%
3.0%
Inflation rate \u2013 CPI
2.8%
n/a
2.5%
n/a
Rate of increase in salaries
4.8%
4.0%
4.5%
4.0%
Rate of increase for pensions in payment
3.1%
n/a
2.9%
n/a
Duration of liabilities (i.e. life expectancy) (years)
13.3
8.7
14.3
9.6
Remaining working life
9.3
10.2
9.3
10.2
The inflation risk premium element of the UK scheme RPI inflation rate assumption has been updated
during the year and is considered a change in accounting estimate. The estimated impact of this change
is an increase in the defined benefit obligation of the UK scheme by \u00a311.6m. The update has been made
to move to a single inflation risk premium rather than separate assumptions before and after 2030,
recognising the passage of time since the original assumption was set and resultant conclusion that
a single measure is now considered more appropriate.
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 CMI 2023, in order to reflect the
most recent CMI model with a long-term rate of 1.25% pa, and default weight parameters for 2020 (0%),
2021 (0%), 2022 (15%) and 2023 (15%) to provide for uncertainty around the long-term impact of COVID-
19 on life expectancy. 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:
Age 65 in
Current age 65 20 years
UK
US
UK
US
Male
19.6
21.0
20.9
22.2
Female
22.9
23.0
24.3
24.1
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%
5.8%
6.4%
Inflation rate
0.5%
3.9%
3.9%
Mortality (assumes a one-year change in life expectancy)
1 year
3.8%
3.8%
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 12.7 years (2023: 13.7 years).
Given the size of the UK scheme when compared to other Group schemes, the above impact due to
sensitivity in key assumptions is materially in respect of UK defined benefit obligations.
The assets in the schemes comprised:
2024
2024
2023
2023
\u00a3m % \u00a3m %
Quoted
Equities
133.7
15%
74.4
8%
Government bonds
331.3
37%
394.5
40%
Corporate bonds
135.2
15%
57.5
6%
Other quoted securities
23.1
3%
22.8
2%
Unquoted
Cash and cash equivalents
66.5
7%
61.0
6%
Real estate (pooled investment vehicles)
55.3
6%
40.1
4%
Derivatives
(1.6)
\u2013
5.7
1%
Infrastructure funds
154.1
17%
159.6
17%
Other
\u2013
\u2013
151.5
16%
897.6
100%
967.1
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. Hedge funds consists of a fund of multiple investment
managers across both traditional markets such as equities and credit and also more specialist diversified
strategies. Infrastructure funds consists of infrastructure type investments that hold assets linked to the
value and income from UK and overseas infrastructure. At the prior year end, the amount classified as an
other asset was in reference to assets held in a hedge fund, which had been redeemed but the cash had
not yet been received and reinvested. At the current year end, the redeemed assets have now been re-
invested across different asset categories.
Within the infrastructure fund class allocation above, approximately \u00a3130.8m relates to adjusted lagged
valuations as at 31 December 2024. In arriving at this figure, allowance has been made for broad market
movements and distributions between 30 September 2024 (the most recent valuation these assets) and
31 December 2024.
In June 2023, the High Court made a ruling in the case Virgin Media Ltd v NTL Pension Trustees II
Limited. The ruling related to Section 37 of the 1993 Pensions Act and the correct interpretation of
historical legislation governing the amendment of contracted-out DB schemes. On 25 July 2024, the
Court of Appeal upheld the June 2023 High Court decision. The Court\u2019s decision could have wider
ranging implications, affecting other schemes that were contracted-out on a salary-related basis, and
made amendments between April 1997 and April 2016. The Trustees of Croda Pension Scheme in the
UK have completed a legal review of scheme documentation and based on the available information
have concluded that there is no Section 37 issue in respect of the Scheme. As a result, no changes are
proposed in the current year\u2019s pension scheme liability calculations. The Group considers this approach
reasonable and appropriate since there is no reason to doubt that the appropriate confirmations were
obtained for relevant amendments to the Croda Pension Scheme.
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 healthcare costs of 5.0% a year (2023: 5.0%).
The amounts recognised in the balance sheet in respect of this scheme are as follows:
2024
2023
\u00a3m \u00a3m
Present value of unfunded obligations
US scheme
11.9
13.1
2024
2023
\u00a3m \u00a3m
Movement in present value of retirement benefit obligations
in the year:
Opening balance
13.1
10.8
Current service cost
0.3
0.2
Interest cost
0.6
0.5
Remeasurements \u2013 change in financial assumptions
(2.2)
3.3
Remeasurements \u2013 experience gains
\u2013
(0.9)
Benefits paid
(0.2)
(0.2)
Exchange differences on overseas schemes
0.3
(0.6)
11.9
13.1
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 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 is 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 2024 consists of equities and
bonds, although the schemes also invest in property and cash. 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 Trustee and Company have completed the 30 September 2023 triennial valuation during the year
for the UK scheme. The funding position has improved and the cost of providing benefits has fallen.
The Trustee and Company are working closely with their advisors to secure the long-term security of
members' benefits. The next triennial valuation of the UK scheme will be due as at 30 September 2026.
The funding review of our US scheme is undertaken annually. As at 1 December 2023 the scheme was
113.8% funded.
The expected distribution of the timing of discounted benefit payments is as follows:
Less than
Between
Between
Beyond
a year 1\u20132 years 2\u20135 years 5 years Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Pension benefits
45.5
45.6
145.7
544.6
781.4
Post-employment medical benefits
0.5
0.5
1.8
9.1
11.9
46.0
46.1
147.5
553.7
793.3
Defined contribution schemes
2024
2023
\u00a3m \u00a3m
Contributions paid charged to operating profit
8.6
8.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:2138004WCNBFJEEOXV26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-443": { "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.
2024
2023
\u00a3m
\u00a3m
Balance sheet:
Retirement benefit assets
130.0
113.5
Retirement benefit liabilities
(25.7)
(26.8)
Net asset in Group balance sheet
104.3
86.7
Net balance sheet assets/(liabilities) for:
Defined pension benefits
116.2
99.8
Post-employment medical benefits
(11.9)
(13.1)
104.3
86.7
Income statement charge included in profit before tax for:
Defined pension benefits
4.8
3.9
Post-employment medical benefits
0.9
0.7
5.7
4.6
Remeasurements included in other comprehensive income for:
Defined pension benefits
(13.3)
20.9
Post-employment medical benefits
(2.2)
2.4
(15.5)
23.3
Defined benefit pension schemes The Group operates defined benefit pension schemes in the UK, US and several other territories under broadly similar regulatory frameworks. The UK scheme, which remains open to new members and future service accrual, is a Career Average Revalued Earnings (CARE) defined benefit scheme, with annual pensionable earnings capped and pensions in payment indexed based on CPI. The US Retirement Plan, which is closed to new members, operates a cash balance pension scheme that provides a guaranteed rate of return on pension contributions until retirement (other than for a small number of \u2018grandfathered\u2019 employees). 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 page 144. 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 majority of the Group\u2019s retirement benefit asset relates to the Group\u2019s UK pension scheme. The UK pension scheme is open to future service accrual and therefore the surplus is recognised on the basis that this could be recovered through a reduction in future service contributions. 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. The amounts recognised in the balance sheet in respect of these schemes are as follows:
2024
2023
\u00a3m \u00a3m
Present value of funded obligations
UK pension scheme
(653.9)
(735.5)
US pension scheme
(99.7)
(105.3)
Rest of world
(19.8)
(18.4)
(773.4)
(859.2)
Fair value of schemes\u2019 assets
UK pension scheme
774.9
840.8
US pension scheme
106.9
111.9
Rest of world
15.8
14.4
897.6
967.1
Net asset in respect of funded schemes
124.2
107.9
Present value of unfunded obligations
(8.0)
(8.1)
Net asset in Group balance sheet (excluding post-employment medical
benefits)
116.2
99.8
2024
2023
\u00a3m
\u00a3m
Movement in present value of retirement benefit obligations in the
year:
Opening balance
867.3
858.4
Current service cost
9.8
9.8
Acquisitions
\u2013
2.9
Interest cost
37.5
39.5
Remeasurements
Change in demographic assumptions
(18.3)
(11.7)
Change in financial assumptions
(72.5)
18.4
Experience gains/(losses)
1.6
(1.3)
Contributions paid in
Employee
2.9
2.8
Benefits paid
(46.9)
(45.0)
Exchange differences on overseas schemes
\u2013
(6.5)
781.4
867.3
Movement in fair value of schemes\u2019 assets in the year:
Opening balance
967.1
969.3
Interest income
42.5
45.4
Remeasurements
Return on scheme assets, excluding amounts included
in financial expenses
(75.9)
(15.5)
Contributions paid in
Employee
2.9
2.8
Employer
7.1
14.2
Acquisitions
\u2013
2.5
Benefits paid out
(46.9)
(45.0)
Exchange differences on overseas schemes
0.8
(6.6)
897.6
967.1
As at the balance sheet date, the present value of funded and unfunded retirement benefit obligations comprised approximately \u00a3131m in respect of active employees, \u00a3189m in respect of deferred members and \u00a3461m in relation to members in retirement. Total employer contributions to the schemes in 2025 are expected to be \u00a31.9m. The actuarial assumptions used to determine the present value of the defined benefit obligations were:
2024
2024
2023
2023
UK US UK US
Discount rate
5.5%
5.5%
4.5%
5.0%
Inflation rate \u2013 RPI
3.3%
3.0%
3.0%
3.0%
Inflation rate \u2013 CPI
2.8%
n/a
2.5%
n/a
Rate of increase in salaries
4.8%
4.0%
4.5%
4.0%
Rate of increase for pensions in payment
3.1%
n/a
2.9%
n/a
Duration of liabilities (i.e. life expectancy) (years)
13.3
8.7
14.3
9.6
Remaining working life
9.3
10.2
9.3
10.2
The inflation risk premium element of the UK scheme RPI inflation rate assumption has been updated during the year and is considered a change in accounting estimate. The estimated impact of this change is an increase in the defined benefit obligation of the UK scheme by \u00a311.6m. The update has been made to move to a single inflation risk premium rather than separate assumptions before and after 2030, recognising the passage of time since the original assumption was set and resultant conclusion that a single measure is now considered more appropriate. 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 CMI 2023, in order to reflect the most recent CMI model with a long-term rate of 1.25% pa, and default weight parameters for 2020 (0%), 2021 (0%), 2022 (15%) and 2023 (15%) to provide for uncertainty around the long-term impact of COVID- 19 on life expectancy. 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:
Age 65 in
Current age 65 20 years
UK
US
UK
US
Male
19.6
21.0
20.9
22.2
Female
22.9
23.0
24.3
24.1
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%
5.8%
6.4%
Inflation rate
0.5%
3.9%
3.9%
Mortality (assumes a one-year change in life expectancy)
1 year
3.8%
3.8%
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 12.7 years (2023: 13.7 years). Given the size of the UK scheme when compared to other Group schemes, the above impact due to sensitivity in key assumptions is materially in respect of UK defined benefit obligations. The assets in the schemes comprised:
2024
2024
2023
2023
\u00a3m % \u00a3m %
Quoted
Equities
133.7
15%
74.4
8%
Government bonds
331.3
37%
394.5
40%
Corporate bonds
135.2
15%
57.5
6%
Other quoted securities
23.1
3%
22.8
2%
Unquoted
Cash and cash equivalents
66.5
7%
61.0
6%
Real estate (pooled investment vehicles)
55.3
6%
40.1
4%
Derivatives
(1.6)
\u2013
5.7
1%
Infrastructure funds
154.1
17%
159.6
17%
Other
\u2013
\u2013
151.5
16%
897.6
100%
967.1
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. Hedge funds consists of a fund of multiple investment managers across both traditional markets such as equities and credit and also more specialist diversified strategies. Infrastructure funds consists of infrastructure type investments that hold assets linked to the value and income from UK and overseas infrastructure. At the prior year end, the amount classified as an other asset was in reference to assets held in a hedge fund, which had been redeemed but the cash had not yet been received and reinvested. At the current year end, the redeemed assets have now been re- invested across different asset categories. Within the infrastructure fund class allocation above, approximately \u00a3130.8m relates to adjusted lagged valuations as at 31 December 2024. In arriving at this figure, allowance has been made for broad market movements and distributions between 30 September 2024 (the most recent valuation these assets) and 31 December 2024. In June 2023, the High Court made a ruling in the case Virgin Media Ltd v NTL Pension Trustees II Limited. The ruling related to Section 37 of the 1993 Pensions Act and the correct interpretation of historical legislation governing the amendment of contracted-out DB schemes. On 25 July 2024, the Court of Appeal upheld the June 2023 High Court decision. The Court\u2019s decision could have wider ranging implications, affecting other schemes that were contracted-out on a salary-related basis, and made amendments between April 1997 and April 2016. The Trustees of Croda Pension Scheme in the UK have completed a legal review of scheme documentation and based on the available information have concluded that there is no Section 37 issue in respect of the Scheme. As a result, no changes are proposed in the current year\u2019s pension scheme liability calculations. The Group considers this approach reasonable and appropriate since there is no reason to doubt that the appropriate confirmations were obtained for relevant amendments to the Croda Pension Scheme. 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 healthcare costs of 5.0% a year (2023: 5.0%). The amounts recognised in the balance sheet in respect of this scheme are as follows:
2024
2023
\u00a3m \u00a3m
Present value of unfunded obligations
US scheme
11.9
13.1
2024
2023
\u00a3m \u00a3m
Movement in present value of retirement benefit obligations
in the year:
Opening balance
13.1
10.8
Current service cost
0.3
0.2
Interest cost
0.6
0.5
Remeasurements \u2013 change in financial assumptions
(2.2)
3.3
Remeasurements \u2013 experience gains
\u2013
(0.9)
Benefits paid
(0.2)
(0.2)
Exchange differences on overseas schemes
0.3
(0.6)
11.9
13.1
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 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 is 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 2024 consists of equities and bonds, although the schemes also invest in property and cash. 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 Trustee and Company have completed the 30 September 2023 triennial valuation during the year for the UK scheme. The funding position has improved and the cost of providing benefits has fallen. The Trustee and Company are working closely with their advisors to secure the long-term security of members' benefits. The next triennial valuation of the UK scheme will be due as at 30 September 2026. The funding review of our US scheme is undertaken annually. As at 1 December 2023 the scheme was 113.8% funded. The expected distribution of the timing of discounted benefit payments is as follows:
Less than
Between
Between
Beyond
a year 1\u20132 years 2\u20135 years 5 years Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Pension benefits
45.5
45.6
145.7
544.6
781.4
Post-employment medical benefits
0.5
0.5
1.8
9.1
11.9
46.0
46.1
147.5
553.7
793.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:2138004WCNBFJEEOXV26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-460": { "value": "2024 2023 \u00a3m \u00a3m Balance sheet: Retirement benefit assets 130.0 113.5 Retirement benefit liabilities (25.7) (26.8) Net asset in Group balance sheet 104.3 86.7 The amounts recognised in the balance sheet in respect of these schemes are as follows:
2024
2023
\u00a3m \u00a3m
Present value of funded obligations
UK pension scheme
(653.9)
(735.5)
US pension scheme
(99.7)
(105.3)
Rest of world
(19.8)
(18.4)
(773.4)
(859.2)
Fair value of schemes\u2019 assets
UK pension scheme
774.9
840.8
US pension scheme
106.9
111.9
Rest of world
15.8
14.4
897.6
967.1
Net asset in respect of funded schemes
124.2
107.9
Present value of unfunded obligations
(8.0)
(8.1)
Net asset in Group balance sheet (excluding post-employment medical
benefits)
116.2
99.8
2024
2023
\u00a3m
\u00a3m
Movement in present value of retirement benefit obligations in the
year:
Opening balance
867.3
858.4
Current service cost
9.8
9.8
Acquisitions
\u2013
2.9
Interest cost
37.5
39.5
Remeasurements
Change in demographic assumptions
(18.3)
(11.7)
Change in financial assumptions
(72.5)
18.4
Experience gains/(losses)
1.6
(1.3)
Contributions paid in
Employee
2.9
2.8
Benefits paid
(46.9)
(45.0)
Exchange differences on overseas schemes
\u2013
(6.5)
781.4
867.3
Movement in fair value of schemes\u2019 assets in the year:
Opening balance
967.1
969.3
Interest income
42.5
45.4
Remeasurements
Return on scheme assets, excluding amounts included
in financial expenses
(75.9)
(15.5)
Contributions paid in
Employee
2.9
2.8
Employer
7.1
14.2
Acquisitions
\u2013
2.5
Benefits paid out
(46.9)
(45.0)
Exchange differences on overseas schemes
0.8
(6.6)
897.6
967.1
The assets in the schemes comprised:
2024
2024
2023
2023
\u00a3m % \u00a3m %
Quoted
Equities
133.7
15%
74.4
8%
Government bonds
331.3
37%
394.5
40%
Corporate bonds
135.2
15%
57.5
6%
Other quoted securities
23.1
3%
22.8
2%
Unquoted
Cash and cash equivalents
66.5
7%
61.0
6%
Real estate (pooled investment vehicles)
55.3
6%
40.1
4%
Derivatives
(1.6)
\u2013
5.7
1%
Infrastructure funds
154.1
17%
159.6
17%
Other
\u2013
\u2013
151.5
16%
897.6
100%
967.1
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. Hedge funds consists of a fund of multiple investment managers across both traditional markets such as equities and credit and also more specialist diversified strategies. Infrastructure funds consists of infrastructure type investments that hold assets linked to the value and income from UK and overseas infrastructure. At the prior year end, the amount classified as an other asset was in reference to assets held in a hedge fund, which had been redeemed but the cash had not yet been received and reinvested. At the current year end, the redeemed assets have now been re- invested across different asset categories. Within the infrastructure fund class allocation above, approximately \u00a3130.8m relates to adjusted lagged valuations as at 31 December 2024. In arriving at this figure, allowance has been made for broad market movements and distributions between 30 September 2024 (the most recent valuation these assets) and 31 December 2024. In June 2023, the High Court made a ruling in the case Virgin Media Ltd v NTL Pension Trustees II Limited. The ruling related to Section 37 of the 1993 Pensions Act and the correct interpretation of historical legislation governing the amendment of contracted-out DB schemes. On 25 July 2024, the Court of Appeal upheld the June 2023 High Court decision. The Court\u2019s decision could have wider ranging implications, affecting other schemes that were contracted-out on a salary-related basis, and made amendments between April 1997 and April 2016. The Trustees of Croda Pension Scheme in the UK have completed a legal review of scheme documentation and based on the available information have concluded that there is no Section 37 issue in respect of the Scheme. As a result, no changes are proposed in the current year\u2019s pension scheme liability calculations. The Group considers this approach reasonable and appropriate since there is no reason to doubt that the appropriate confirmations were obtained for relevant amendments to the Croda Pension Scheme. ", "dimensions": { "concept": "ifrs-full:DisclosureOfNetDefinedBenefitLiabilityAssetExplanatory", "language": "en", "entity": "scheme:2138004WCNBFJEEOXV26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-461": { "value": "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%
5.8%
6.4%
Inflation rate
0.5%
3.9%
3.9%
Mortality (assumes a one-year change in life expectancy)
1 year
3.8%
3.8%
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 12.7 years (2023: 13.7 years). Given the size of the UK scheme when compared to other Group schemes, the above impact due to sensitivity in key assumptions is materially in respect of UK defined benefit obligations. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSensitivityAnalysisForActuarialAssumptionsExplanatory", "language": "en", "entity": "scheme:2138004WCNBFJEEOXV26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-444": { "value": "Defined contribution schemes
2024
2023
\u00a3m \u00a3m
Contributions paid charged to operating profit
8.6
8.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory", "language": "en", "entity": "scheme:2138004WCNBFJEEOXV26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-404": { "value": "
12. Intangible assets
Technology Customer Trade names Other
Goodwill Software processes relationships and brands intangibles Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 January 2023
879.2
34.4
149.9
241.9
95.0
6.7
1,407.1
Exchange differences
(14.5)
(0.6)
(3.0)
(6.1)
(2.3)
(0.2)
(26.7)
Additions
\u2013
3.4
\u2013
\u2013
\u2013
5.4
8.8
Acquisitions
129.5
\u2013
96.2
7.7
\u2013
0.4
233.8
Disposals and write-offs
\u2013
\u2013
\u2013
\u2013
\u2013
(1.0)
(1.0)
Reclassifications from property, plant and equipment
0.4
0.3
\u2013
\u2013
\u2013
(0.5)
0.2
At 31 December 2023
994.6
37.5
243.1
243.5
92.7
10.8
1,622.2
At 1 January 2024
994.6
37.5
243.1
243.5
92.7
10.8
1,622.2
Exchange differences
(40.2)
(1.2)
(16.5)
(8.9)
(3.4)
(0.3)
(70.5)
Additions
\u2013
3.4
\u2013
\u2013
\u2013
\u2013
3.4
Disposals and write-offs
\u2013
(7.4)
\u2013
\u2013
\u2013
(1.0)
(8.4)
Reclassifications from property, plant and equipment
\u2013
3.3
\u2013
\u2013
\u2013
\u2013
3.3
At 31 December 2024
954.4
35.6
226.6
234.6
89.3
9.5
1,550.0
Accumulated amortisation and impairment losses
At 1 January 2023
34.6
17.9
46.7
38.8
13.3
2.6
153.9
Exchange differences
0.9
(0.4)
(1.2)
(0.9)
(0.3)
(0.1)
(2.0)
Charge for the year (note 3)
\u2013
3.6
18.0
13.6
5.3
0.5
41.0
Reclassifications
0.4
0.4
\u2013
\u2013
\u2013
(0.8)
\u2013
Impairments
20.8
\u2013
\u2013
\u2013
\u2013
\u2013
20.8
At 31 December 2023
56.7
21.5
63.5
51.5
18.3
2.2
213.7
At 1 January 2024
56.7
21.5
63.5
51.5
18.3
2.2
213.7
Exchange differences
(1.9)
(1.0)
(3.3)
(2.1)
(0.9)
\u2013
(9.2)
Charge for the year (note 3)
\u2013
4.1
17.8
14.4
5.2
0.8
42.3
Disposals and write-offs
\u2013
(7.3)
\u2013
\u2013
\u2013
(1.0)
(8.3)
Reclassifications from property, plant and equipment
\u2013
0.9
\u2013
\u2013
\u2013
\u2013
0.9
At 31 December 2024
54.8
18.2
78.0
63.8
22.6
2.0
239.4
Net carrying amount
At 31 December 2024
899.6
17.4
148.6
170.8
66.7
7.5
1,310.6
At 31 December 2023
937.9
16.0
179.6
192.0
74.4
8.6
1,408.5
At 1 January 2023
844.6
16.5
103.2
203.1
81.7
4.1
1,253.2
Intangible asset amortisation is recorded in operating costs.
During the prior year goodwill was impaired by \u00a320.8m. This impairment was recorded in the income
statement on page 122 as an exceptional item within operating costs and was within the Industrial
Specialties operating business segment.
The table below shows the carrying amounts and remaining useful economic life of the Group\u2019s material
intangible assets:
2024
2023
Carrying Remaining Carrying Remaining
value period value period
\u00a3m
Years
\u00a3m
Years
Avanti technology
16.1
10
17.3
11
Avanti customer relationships
37.9
15
39.7
16
Avanti brand
14.2
15
14.9
16
Incotec customer relationships
13.2
10
15.1
11
Fragrances technology
19.3
4
25.5
5
Flavours technology
12.7
5
16.1
6
Fragrances customer relationships
70.2
16
78.4
17
Flavours customer relationships
26.9
16
30.1
17
Fragrances trade name & brand
41.2
16
46.1
17
Croda Korea Ltd (formerly \u2018Solus Biotech\u2019)
technology
69.1
18
82.3
19
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. Assets are grouped at the lowest levels for which there are separately
identifiable cash flows which are largely independent of the cash inflows from other assets or groups
of assets and where financial performance and strategy are monitored by the Group.
Accounting standards require the Group periodically to review and assess the Group's CGU structure,
particularly where there are significant changes in the way that the Group monitors performance or
other factors suggest that this is appropriate.
A review of the Group's CGU structure has been conducted in the year following the implementation
of the revised operating model from the start of 2024. This resulted in a change to the way the Group
monitors its strategy and financial performance with a simplified and more cost-efficient organisational
structure to provide clear accountabilities and enhanced customer focus. The operating segments
(or sectors) are responsible for both strategy and in-year financial performance, with regional delivery
teams reporting into the respective sectors. In addition, over time, the level of integration of acquisitions
with the wider Group has increased, resulting in a reduced ability to identify the independent cash
inflows of acquired businesses from other areas of the Group, as planned integration was achieved.
This review has therefore resulted in a reduction in the number of CGUs considered for impairment
testing purposes from ten to four (including the three operating business segment CGUs). The remaining
standalone CGU is Fragrances & Flavours (F&F), a combination of the previous separate Fragrances and
Flavours CGUs. There is more limited structural integration of F&F within the wider Group when
compared to other recent acquisitions, and it remains a separate Business unit within the Consumer
Care sector as referenced in the Sector Review on page 20. The Group does not separately monitor
performance of the individual Fragrances and Flavours businesses, and instead considers them as one
Business unit. As a separate Business unit within Consumer Care, financial performance including cash
flows of the acquired F&F business is more closely monitored than for other recently acquired
businesses at a Group level. The Group have therefore concluded that F&F should be one Standalone
CGU for goodwill impairment testing purposes.
The operating business segment CGUs identified in the previous year: Consumer Care, Life Sciences
and Industrial Specialties, remain appropriate. Therefore, there are now four CGUs, the three operating
business segment CGUs alongside the Standalone F&F CGU.
For goodwill impairment testing purposes, the Group monitors goodwill at Life Sciences and F&F levels.
F&F is also included within the Consumer Care group of CGUs and goodwill associated with that group
is tested at the level of the group of CGUs.
For the remaining standalone CGUs identified in the prior year (Incotec, Biosector, Avanti, Alban Muller
and Croda Korea (formerly Solus Biotech)) the Group has concluded that they should no longer be
recognised as separate CGUs. This is on the basis that the financial performance of these acquired
businesses is not separately monitored by the Group following a high level of integration of assets and
cash inflows with that of the wider Group. Strategy and financial performance for these acquisitions is
considered as part of the operating segment reporting. The Group specifically considered whether, if
the update to CGU structure was not completed, there would have been indicators of impairment to
the previous standalone CGUs. This review considered factors known to the Directors and considered
financial performance and information up to the time of the Group's interim results in June 2024.
No impairment indicators were identified in this review.
As discussed in the accounting policies note on page 129, goodwill is tested annually for impairment
with reference to the relevant CGU's recoverable amount compared to the unit's carrying value
including 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 Five-year cash flow projections \u2013 based on management's most recent risk-adjusted view of future
trading specific to the individual CGU, with assumptions on EBITDA growth (calculated as operating
profit before depreciation and amortisation) as a result of fluctuating revenue and operating
margins through the ability to pass on future raw material price increases.
\u2022 Terminal value growth in EBITDA \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% given the markets and territories the Group operates in.
\u2022 Discount rate \u2013 set using a weighted average cost of capital adjusted for the specific risk profile
of each CGU.
The carrying amount of goodwill is allocated to operating business segment CGUs as follows:
2024
2023
Standalone
Allocated
Standalone
Allocated
CGUs goodwill Total CGUs goodwill Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Consumer Care
338.8
306.9
645.7
461.7
215.2
676.9
Life Sciences
\u2013
253.9
253.9
190.6
70.4
261.0
338.8
560.8
899.6
652.3
285.6
937.9
There is no goodwill allocated to the Industrial Specialties operating business segment CGU.
The allocated goodwill includes all previously acquired goodwill which is no longer considered a
Standalone CGU and includes: \u00a360m (2023: \u00a363m) associated with the 2020 acquisition of Iberchem as
it relates to revenue synergies with Croda\u2019s existing Consumer Care business and \u00a3192m (2023: \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.
During 2024 the following previous acquisitions have been recategorised to allocated goodwill as a
result of the review of the Group's CGU structure detailed above following changes to the Groups
operating model on the basis that the financial performance of the previous acquisitions is not formally
separately considered and there is a high level of integration of cash inflows and asset integration with
that of the wider Group. This reassessment has resulted in goodwill of: \u00a3117m related to the acquisition of
Croda Korea Limited (formerly Solus Biotech), \u00a366m related to the acquisition of Incotec, \u00a364m related to
the acquisition of Avanti, \u00a324m related to the acquisition of Biosector and \u00a36m related to the acquisition
of Alban Muller being recategorised to allocated goodwill in the year. The separate CGUs identified in
the prior year have been allocated to Consumer Care (Alban Muller) and Life Sciences (Avanti, Incotec
and Biosector) with Croda Korea Limited split in its allocation between both CGUs based on the relative
contribution to gross margin of the business at acquisition.
Therefore, the revised CGU structure includes four CGUs, being the operating business segment CGUs
of Consumer Care, Life Sciences and Industrial Specialties and the standalone CGU of F&F.
For impairment testing performed at an operating business segment CGU level the Group performed
value in use calculations which considered cash flow projections 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 9.8% pre-tax
(2023: 11.4%). Based on the testing performed, no impairment has been recognised for the year
ended 31 December 2024.
Standalone CGUs
The carrying amount of goodwill (post impairment) is allocated to Standalone CGUs as follows:
2024
2023
\u00a3m \u00a3m
Fragrances & Flavours
338.8
n/a
Incotec
n/a
70.0
Biosector
n/a
25.5
Sipo
n/a
\u2013
Avanti
n/a
62.6
Fragrances
n/a
264.8
Flavours
n/a
92.8
Alban Muller
n/a
6.5
Croda Korea Ltd (formerly \u2018Solus Biotech\u2019)
n/a
130.1
338.8
652.3
For the Standalone CGU the recoverable amount was based on value in use calculations. Cash flow
projections have been based on specific risk adjusted estimates taking management's most recent view
of medium-term trading prospects. A cash flow projections period of five years has been considered
which is the period over which the Group considers medium-term financial planning. 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. Discount rates have been calculated for the F&F CGU using a
specific weighted average cost of capital adjusted for the specific risk profile of the CGU. The terminal
value growth rates and discount rates applied in the CGU level calculation are set out below:
Terminal value
Pre-tax
growth rate discount rate
2024
2023
2024
2023
Fragrances & Flavours
3.0%
n/a
11.6%
n/a
Incotec
n/a
3.0%
n/a
14.5%
Biosector
n/a
3.0%
n/a
13.8%
Sipo
n/a
3.0%
n/a
12.8%
Avanti
n/a
3.0%
n/a
13.5%
Fragrances
n/a
3.0%
n/a
12.3%
Flavours
n/a
3.0%
n/a
12.3%
Alban Muller
n/a
3.0%
n/a
13.9%
Croda Korea Ltd (formerly \u2018Solus Biotech\u2019)
n/a
3.0%
n/a
13.1%
In the prior year, an impairment of \u00a320.8m was recorded in relation to goodwill arising on the acquisition
of SIPO. This principally reflected the decline in the profitability of the business in the period driven by
adverse external market conditions, impacting both demand and pricing, which are expected to
continue over the medium term.
The annual impairment testing performed for the standalone F&F CGU has identified no impairment for
the year ended 31 December 2024 and F&F remain on track to perform to our long-term expectations.
In forming this conclusion, the Directors have reviewed sensitivity analysis which considered a range of
possibilities 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 F&F CGU to be less than the carrying value.
The range of key assumptions considered by the Directors included: EBITDA compound annual growth
rates as a result of increasing revenue growth rates and improving operating margins through cost of
sales and operating costs.
Climate risk and impairment testing
The impact of climate change risks including the risks identified as part of the TCFD disclosures on
pages 37 to 47, with a particular focus on the impact of carbon pricing, has been considered as part of
the impairment testing. The discounted cashflows included in the value in use calculations reflect the
carbon costs of the CGU based on the latest Scope 1 and 2 emissions data and applying a shadow
carbon price of \u00a3124/tonne which is prudent when compared with the UK Government Green Guide.
It is recognised that different assessments of future carbon prices exist, however the Directors believe
that those which suggest significantly higher prices than those utilised as part of our review are not
currently reasonably possible due to the high level of uncertainty in the future regulatory environment.
The cost of carbon has therefore been assessed to have an immaterial effect on the recoverable amount
of each
of the standalone CGUs and as such carbon costs are not deemed to be a key assumption. The
Directors are aware of the ever-changing risks attached to climate change and will regularly assess
these risks against judgements and estimates made in future impairment testing.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:2138004WCNBFJEEOXV26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-445": { "value": "12. Intangible assets
Technology Customer Trade names Other
Goodwill Software processes relationships and brands intangibles Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 January 2023
879.2
34.4
149.9
241.9
95.0
6.7
1,407.1
Exchange differences
(14.5)
(0.6)
(3.0)
(6.1)
(2.3)
(0.2)
(26.7)
Additions
\u2013
3.4
\u2013
\u2013
\u2013
5.4
8.8
Acquisitions
129.5
\u2013
96.2
7.7
\u2013
0.4
233.8
Disposals and write-offs
\u2013
\u2013
\u2013
\u2013
\u2013
(1.0)
(1.0)
Reclassifications from property, plant and equipment
0.4
0.3
\u2013
\u2013
\u2013
(0.5)
0.2
At 31 December 2023
994.6
37.5
243.1
243.5
92.7
10.8
1,622.2
At 1 January 2024
994.6
37.5
243.1
243.5
92.7
10.8
1,622.2
Exchange differences
(40.2)
(1.2)
(16.5)
(8.9)
(3.4)
(0.3)
(70.5)
Additions
\u2013
3.4
\u2013
\u2013
\u2013
\u2013
3.4
Disposals and write-offs
\u2013
(7.4)
\u2013
\u2013
\u2013
(1.0)
(8.4)
Reclassifications from property, plant and equipment
\u2013
3.3
\u2013
\u2013
\u2013
\u2013
3.3
At 31 December 2024
954.4
35.6
226.6
234.6
89.3
9.5
1,550.0
Accumulated amortisation and impairment losses
At 1 January 2023
34.6
17.9
46.7
38.8
13.3
2.6
153.9
Exchange differences
0.9
(0.4)
(1.2)
(0.9)
(0.3)
(0.1)
(2.0)
Charge for the year (note 3)
\u2013
3.6
18.0
13.6
5.3
0.5
41.0
Reclassifications
0.4
0.4
\u2013
\u2013
\u2013
(0.8)
\u2013
Impairments
20.8
\u2013
\u2013
\u2013
\u2013
\u2013
20.8
At 31 December 2023
56.7
21.5
63.5
51.5
18.3
2.2
213.7
At 1 January 2024
56.7
21.5
63.5
51.5
18.3
2.2
213.7
Exchange differences
(1.9)
(1.0)
(3.3)
(2.1)
(0.9)
\u2013
(9.2)
Charge for the year (note 3)
\u2013
4.1
17.8
14.4
5.2
0.8
42.3
Disposals and write-offs
\u2013
(7.3)
\u2013
\u2013
\u2013
(1.0)
(8.3)
Reclassifications from property, plant and equipment
\u2013
0.9
\u2013
\u2013
\u2013
\u2013
0.9
At 31 December 2024
54.8
18.2
78.0
63.8
22.6
2.0
239.4
Net carrying amount
At 31 December 2024
899.6
17.4
148.6
170.8
66.7
7.5
1,310.6
At 31 December 2023
937.9
16.0
179.6
192.0
74.4
8.6
1,408.5
At 1 January 2023
844.6
16.5
103.2
203.1
81.7
4.1
1,253.2
Intangible asset amortisation is recorded in operating costs. During the prior year goodwill was impaired by \u00a320.8m. This impairment was recorded in the income statement on page 122 as an exceptional item within operating costs and was within the Industrial Specialties operating business segment. The table below shows the carrying amounts and remaining useful economic life of the Group\u2019s material intangible assets:
2024
2023
Carrying Remaining Carrying Remaining
value period value period
\u00a3m
Years
\u00a3m
Years
Avanti technology
16.1
10
17.3
11
Avanti customer relationships
37.9
15
39.7
16
Avanti brand
14.2
15
14.9
16
Incotec customer relationships
13.2
10
15.1
11
Fragrances technology
19.3
4
25.5
5
Flavours technology
12.7
5
16.1
6
Fragrances customer relationships
70.2
16
78.4
17
Flavours customer relationships
26.9
16
30.1
17
Fragrances trade name & brand
41.2
16
46.1
17
Croda Korea Ltd (formerly \u2018Solus Biotech\u2019)
technology
69.1
18
82.3
19
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. Assets are grouped at the lowest levels for which there are separately identifiable cash flows which are largely independent of the cash inflows from other assets or groups of assets and where financial performance and strategy are monitored by the Group. Accounting standards require the Group periodically to review and assess the Group's CGU structure, particularly where there are significant changes in the way that the Group monitors performance or other factors suggest that this is appropriate. A review of the Group's CGU structure has been conducted in the year following the implementation of the revised operating model from the start of 2024. This resulted in a change to the way the Group monitors its strategy and financial performance with a simplified and more cost-efficient organisational structure to provide clear accountabilities and enhanced customer focus. The operating segments (or sectors) are responsible for both strategy and in-year financial performance, with regional delivery teams reporting into the respective sectors. In addition, over time, the level of integration of acquisitions with the wider Group has increased, resulting in a reduced ability to identify the independent cash inflows of acquired businesses from other areas of the Group, as planned integration was achieved. This review has therefore resulted in a reduction in the number of CGUs considered for impairment testing purposes from ten to four (including the three operating business segment CGUs). The remaining standalone CGU is Fragrances & Flavours (F&F), a combination of the previous separate Fragrances and Flavours CGUs. There is more limited structural integration of F&F within the wider Group when compared to other recent acquisitions, and it remains a separate Business unit within the Consumer Care sector as referenced in the Sector Review on page 20. The Group does not separately monitor performance of the individual Fragrances and Flavours businesses, and instead considers them as one Business unit. As a separate Business unit within Consumer Care, financial performance including cash flows of the acquired F&F business is more closely monitored than for other recently acquired businesses at a Group level. The Group have therefore concluded that F&F should be one Standalone CGU for goodwill impairment testing purposes. The operating business segment CGUs identified in the previous year: Consumer Care, Life Sciences and Industrial Specialties, remain appropriate. Therefore, there are now four CGUs, the three operating business segment CGUs alongside the Standalone F&F CGU. For goodwill impairment testing purposes, the Group monitors goodwill at Life Sciences and F&F levels. F&F is also included within the Consumer Care group of CGUs and goodwill associated with that group is tested at the level of the group of CGUs. For the remaining standalone CGUs identified in the prior year (Incotec, Biosector, Avanti, Alban Muller and Croda Korea (formerly Solus Biotech)) the Group has concluded that they should no longer be recognised as separate CGUs. This is on the basis that the financial performance of these acquired businesses is not separately monitored by the Group following a high level of integration of assets and cash inflows with that of the wider Group. Strategy and financial performance for these acquisitions is considered as part of the operating segment reporting. The Group specifically considered whether, if the update to CGU structure was not completed, there would have been indicators of impairment to the previous standalone CGUs. This review considered factors known to the Directors and considered financial performance and information up to the time of the Group's interim results in June 2024. No impairment indicators were identified in this review. As discussed in the accounting policies note on page 129, goodwill is tested annually for impairment with reference to the relevant CGU's recoverable amount compared to the unit's carrying value including 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 Five-year cash flow projections \u2013 based on management's most recent risk-adjusted view of future trading specific to the individual CGU, with assumptions on EBITDA growth (calculated as operating profit before depreciation and amortisation) as a result of fluctuating revenue and operating margins through the ability to pass on future raw material price increases. \u2022 Terminal value growth in EBITDA \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% given the markets and territories the Group operates in. \u2022 Discount rate \u2013 set using a weighted average cost of capital adjusted for the specific risk profile of each CGU. The carrying amount of goodwill is allocated to operating business segment CGUs as follows:
2024
2023
Standalone
Allocated
Standalone
Allocated
CGUs goodwill Total CGUs goodwill Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Consumer Care
338.8
306.9
645.7
461.7
215.2
676.9
Life Sciences
\u2013
253.9
253.9
190.6
70.4
261.0
338.8
560.8
899.6
652.3
285.6
937.9
There is no goodwill allocated to the Industrial Specialties operating business segment CGU. The allocated goodwill includes all previously acquired goodwill which is no longer considered a Standalone CGU and includes: \u00a360m (2023: \u00a363m) associated with the 2020 acquisition of Iberchem as it relates to revenue synergies with Croda\u2019s existing Consumer Care business and \u00a3192m (2023: \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. During 2024 the following previous acquisitions have been recategorised to allocated goodwill as a result of the review of the Group's CGU structure detailed above following changes to the Groups operating model on the basis that the financial performance of the previous acquisitions is not formally separately considered and there is a high level of integration of cash inflows and asset integration with that of the wider Group. This reassessment has resulted in goodwill of: \u00a3117m related to the acquisition of Croda Korea Limited (formerly Solus Biotech), \u00a366m related to the acquisition of Incotec, \u00a364m related to the acquisition of Avanti, \u00a324m related to the acquisition of Biosector and \u00a36m related to the acquisition of Alban Muller being recategorised to allocated goodwill in the year. The separate CGUs identified in the prior year have been allocated to Consumer Care (Alban Muller) and Life Sciences (Avanti, Incotec and Biosector) with Croda Korea Limited split in its allocation between both CGUs based on the relative contribution to gross margin of the business at acquisition. Therefore, the revised CGU structure includes four CGUs, being the operating business segment CGUs of Consumer Care, Life Sciences and Industrial Specialties and the standalone CGU of F&F. For impairment testing performed at an operating business segment CGU level the Group performed value in use calculations which considered cash flow projections 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 9.8% pre-tax (2023: 11.4%). Based on the testing performed, no impairment has been recognised for the year ended 31 December 2024. Standalone CGUs The carrying amount of goodwill (post impairment) is allocated to Standalone CGUs as follows:
2024
2023
\u00a3m \u00a3m
Fragrances & Flavours
338.8
n/a
Incotec
n/a
70.0
Biosector
n/a
25.5
Sipo
n/a
\u2013
Avanti
n/a
62.6
Fragrances
n/a
264.8
Flavours
n/a
92.8
Alban Muller
n/a
6.5
Croda Korea Ltd (formerly \u2018Solus Biotech\u2019)
n/a
130.1
338.8
652.3
For the Standalone CGU the recoverable amount was based on value in use calculations. Cash flow projections have been based on specific risk adjusted estimates taking management's most recent view of medium-term trading prospects. A cash flow projections period of five years has been considered which is the period over which the Group considers medium-term financial planning. 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. Discount rates have been calculated for the F&F CGU using a specific weighted average cost of capital adjusted for the specific risk profile of the CGU. The terminal value growth rates and discount rates applied in the CGU level calculation are set out below:
Terminal value
Pre-tax
growth rate discount rate
2024
2023
2024
2023
Fragrances & Flavours
3.0%
n/a
11.6%
n/a
Incotec
n/a
3.0%
n/a
14.5%
Biosector
n/a
3.0%
n/a
13.8%
Sipo
n/a
3.0%
n/a
12.8%
Avanti
n/a
3.0%
n/a
13.5%
Fragrances
n/a
3.0%
n/a
12.3%
Flavours
n/a
3.0%
n/a
12.3%
Alban Muller
n/a
3.0%
n/a
13.9%
Croda Korea Ltd (formerly \u2018Solus Biotech\u2019)
n/a
3.0%
n/a
13.1%
In the prior year, an impairment of \u00a320.8m was recorded in relation to goodwill arising on the acquisition of SIPO. This principally reflected the decline in the profitability of the business in the period driven by adverse external market conditions, impacting both demand and pricing, which are expected to continue over the medium term. The annual impairment testing performed for the standalone F&F CGU has identified no impairment for the year ended 31 December 2024 and F&F remain on track to perform to our long-term expectations. In forming this conclusion, the Directors have reviewed sensitivity analysis which considered a range of possibilities 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 F&F CGU to be less than the carrying value. The range of key assumptions considered by the Directors included: EBITDA compound annual growth rates as a result of increasing revenue growth rates and improving operating margins through cost of sales and operating costs. Climate risk and impairment testing The impact of climate change risks including the risks identified as part of the TCFD disclosures on pages 37 to 47, with a particular focus on the impact of carbon pricing, has been considered as part of the impairment testing. The discounted cashflows included in the value in use calculations reflect the carbon costs of the CGU based on the latest Scope 1 and 2 emissions data and applying a shadow carbon price of \u00a3124/tonne which is prudent when compared with the UK Government Green Guide. It is recognised that different assessments of future carbon prices exist, however the Directors believe that those which suggest significantly higher prices than those utilised as part of our review are not currently reasonably possible due to the high level of uncertainty in the future regulatory environment. The cost of carbon has therefore been assessed to have an immaterial effect on the recoverable amount of each of the standalone CGUs and as such carbon costs are not deemed to be a key assumption. The Directors are aware of the ever-changing risks attached to climate change and will regularly assess these risks against judgements and estimates made in future impairment testing.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:2138004WCNBFJEEOXV26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-462": { "value": "12. Intangible assets
Technology Customer Trade names Other
Goodwill Software processes relationships and brands intangibles Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 January 2023
879.2
34.4
149.9
241.9
95.0
6.7
1,407.1
Exchange differences
(14.5)
(0.6)
(3.0)
(6.1)
(2.3)
(0.2)
(26.7)
Additions
\u2013
3.4
\u2013
\u2013
\u2013
5.4
8.8
Acquisitions
129.5
\u2013
96.2
7.7
\u2013
0.4
233.8
Disposals and write-offs
\u2013
\u2013
\u2013
\u2013
\u2013
(1.0)
(1.0)
Reclassifications from property, plant and equipment
0.4
0.3
\u2013
\u2013
\u2013
(0.5)
0.2
At 31 December 2023
994.6
37.5
243.1
243.5
92.7
10.8
1,622.2
At 1 January 2024
994.6
37.5
243.1
243.5
92.7
10.8
1,622.2
Exchange differences
(40.2)
(1.2)
(16.5)
(8.9)
(3.4)
(0.3)
(70.5)
Additions
\u2013
3.4
\u2013
\u2013
\u2013
\u2013
3.4
Disposals and write-offs
\u2013
(7.4)
\u2013
\u2013
\u2013
(1.0)
(8.4)
Reclassifications from property, plant and equipment
\u2013
3.3
\u2013
\u2013
\u2013
\u2013
3.3
At 31 December 2024
954.4
35.6
226.6
234.6
89.3
9.5
1,550.0
Accumulated amortisation and impairment losses
At 1 January 2023
34.6
17.9
46.7
38.8
13.3
2.6
153.9
Exchange differences
0.9
(0.4)
(1.2)
(0.9)
(0.3)
(0.1)
(2.0)
Charge for the year (note 3)
\u2013
3.6
18.0
13.6
5.3
0.5
41.0
Reclassifications
0.4
0.4
\u2013
\u2013
\u2013
(0.8)
\u2013
Impairments
20.8
\u2013
\u2013
\u2013
\u2013
\u2013
20.8
At 31 December 2023
56.7
21.5
63.5
51.5
18.3
2.2
213.7
At 1 January 2024
56.7
21.5
63.5
51.5
18.3
2.2
213.7
Exchange differences
(1.9)
(1.0)
(3.3)
(2.1)
(0.9)
\u2013
(9.2)
Charge for the year (note 3)
\u2013
4.1
17.8
14.4
5.2
0.8
42.3
Disposals and write-offs
\u2013
(7.3)
\u2013
\u2013
\u2013
(1.0)
(8.3)
Reclassifications from property, plant and equipment
\u2013
0.9
\u2013
\u2013
\u2013
\u2013
0.9
At 31 December 2024
54.8
18.2
78.0
63.8
22.6
2.0
239.4
Net carrying amount
At 31 December 2024
899.6
17.4
148.6
170.8
66.7
7.5
1,310.6
At 31 December 2023
937.9
16.0
179.6
192.0
74.4
8.6
1,408.5
At 1 January 2023
844.6
16.5
103.2
203.1
81.7
4.1
1,253.2
Intangible asset amortisation is recorded in operating costs. During the prior year goodwill was impaired by \u00a320.8m. This impairment was recorded in the income statement on page 122 as an exceptional item within operating costs and was within the Industrial Specialties operating business segment. The table below shows the carrying amounts and remaining useful economic life of the Group\u2019s material intangible assets:
2024
2023
Carrying Remaining Carrying Remaining
value period value period
\u00a3m
Years
\u00a3m
Years
Avanti technology
16.1
10
17.3
11
Avanti customer relationships
37.9
15
39.7
16
Avanti brand
14.2
15
14.9
16
Incotec customer relationships
13.2
10
15.1
11
Fragrances technology
19.3
4
25.5
5
Flavours technology
12.7
5
16.1
6
Fragrances customer relationships
70.2
16
78.4
17
Flavours customer relationships
26.9
16
30.1
17
Fragrances trade name & brand
41.2
16
46.1
17
Croda Korea Ltd (formerly \u2018Solus Biotech\u2019)
technology
69.1
18
82.3
19
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. Assets are grouped at the lowest levels for which there are separately identifiable cash flows which are largely independent of the cash inflows from other assets or groups of assets and where financial performance and strategy are monitored by the Group. Accounting standards require the Group periodically to review and assess the Group's CGU structure, particularly where there are significant changes in the way that the Group monitors performance or other factors suggest that this is appropriate. A review of the Group's CGU structure has been conducted in the year following the implementation of the revised operating model from the start of 2024. This resulted in a change to the way the Group monitors its strategy and financial performance with a simplified and more cost-efficient organisational structure to provide clear accountabilities and enhanced customer focus. The operating segments (or sectors) are responsible for both strategy and in-year financial performance, with regional delivery teams reporting into the respective sectors. In addition, over time, the level of integration of acquisitions with the wider Group has increased, resulting in a reduced ability to identify the independent cash inflows of acquired businesses from other areas of the Group, as planned integration was achieved. This review has therefore resulted in a reduction in the number of CGUs considered for impairment testing purposes from ten to four (including the three operating business segment CGUs). The remaining standalone CGU is Fragrances & Flavours (F&F), a combination of the previous separate Fragrances and Flavours CGUs. There is more limited structural integration of F&F within the wider Group when compared to other recent acquisitions, and it remains a separate Business unit within the Consumer Care sector as referenced in the Sector Review on page 20. The Group does not separately monitor performance of the individual Fragrances and Flavours businesses, and instead considers them as one Business unit. As a separate Business unit within Consumer Care, financial performance including cash flows of the acquired F&F business is more closely monitored than for other recently acquired businesses at a Group level. The Group have therefore concluded that F&F should be one Standalone CGU for goodwill impairment testing purposes. The operating business segment CGUs identified in the previous year: Consumer Care, Life Sciences and Industrial Specialties, remain appropriate. Therefore, there are now four CGUs, the three operating business segment CGUs alongside the Standalone F&F CGU. For goodwill impairment testing purposes, the Group monitors goodwill at Life Sciences and F&F levels. F&F is also included within the Consumer Care group of CGUs and goodwill associated with that group is tested at the level of the group of CGUs. For the remaining standalone CGUs identified in the prior year (Incotec, Biosector, Avanti, Alban Muller and Croda Korea (formerly Solus Biotech)) the Group has concluded that they should no longer be recognised as separate CGUs. This is on the basis that the financial performance of these acquired businesses is not separately monitored by the Group following a high level of integration of assets and cash inflows with that of the wider Group. Strategy and financial performance for these acquisitions is considered as part of the operating segment reporting. The Group specifically considered whether, if the update to CGU structure was not completed, there would have been indicators of impairment to the previous standalone CGUs. This review considered factors known to the Directors and considered financial performance and information up to the time of the Group's interim results in June 2024. No impairment indicators were identified in this review. As discussed in the accounting policies note on page 129, goodwill is tested annually for impairment with reference to the relevant CGU's recoverable amount compared to the unit's carrying value including 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 Five-year cash flow projections \u2013 based on management's most recent risk-adjusted view of future trading specific to the individual CGU, with assumptions on EBITDA growth (calculated as operating profit before depreciation and amortisation) as a result of fluctuating revenue and operating margins through the ability to pass on future raw material price increases. \u2022 Terminal value growth in EBITDA \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% given the markets and territories the Group operates in. \u2022 Discount rate \u2013 set using a weighted average cost of capital adjusted for the specific risk profile of each CGU. The carrying amount of goodwill is allocated to operating business segment CGUs as follows:
2024
2023
Standalone
Allocated
Standalone
Allocated
CGUs goodwill Total CGUs goodwill Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Consumer Care
338.8
306.9
645.7
461.7
215.2
676.9
Life Sciences
\u2013
253.9
253.9
190.6
70.4
261.0
338.8
560.8
899.6
652.3
285.6
937.9
There is no goodwill allocated to the Industrial Specialties operating business segment CGU. The allocated goodwill includes all previously acquired goodwill which is no longer considered a Standalone CGU and includes: \u00a360m (2023: \u00a363m) associated with the 2020 acquisition of Iberchem as it relates to revenue synergies with Croda\u2019s existing Consumer Care business and \u00a3192m (2023: \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. During 2024 the following previous acquisitions have been recategorised to allocated goodwill as a result of the review of the Group's CGU structure detailed above following changes to the Groups operating model on the basis that the financial performance of the previous acquisitions is not formally separately considered and there is a high level of integration of cash inflows and asset integration with that of the wider Group. This reassessment has resulted in goodwill of: \u00a3117m related to the acquisition of Croda Korea Limited (formerly Solus Biotech), \u00a366m related to the acquisition of Incotec, \u00a364m related to the acquisition of Avanti, \u00a324m related to the acquisition of Biosector and \u00a36m related to the acquisition of Alban Muller being recategorised to allocated goodwill in the year. The separate CGUs identified in the prior year have been allocated to Consumer Care (Alban Muller) and Life Sciences (Avanti, Incotec and Biosector) with Croda Korea Limited split in its allocation between both CGUs based on the relative contribution to gross margin of the business at acquisition. Therefore, the revised CGU structure includes four CGUs, being the operating business segment CGUs of Consumer Care, Life Sciences and Industrial Specialties and the standalone CGU of F&F. For impairment testing performed at an operating business segment CGU level the Group performed value in use calculations which considered cash flow projections 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 9.8% pre-tax (2023: 11.4%). Based on the testing performed, no impairment has been recognised for the year ended 31 December 2024. Standalone CGUs The carrying amount of goodwill (post impairment) is allocated to Standalone CGUs as follows:
2024
2023
\u00a3m \u00a3m
Fragrances & Flavours
338.8
n/a
Incotec
n/a
70.0
Biosector
n/a
25.5
Sipo
n/a
\u2013
Avanti
n/a
62.6
Fragrances
n/a
264.8
Flavours
n/a
92.8
Alban Muller
n/a
6.5
Croda Korea Ltd (formerly \u2018Solus Biotech\u2019)
n/a
130.1
338.8
652.3
For the Standalone CGU the recoverable amount was based on value in use calculations. Cash flow projections have been based on specific risk adjusted estimates taking management's most recent view of medium-term trading prospects. A cash flow projections period of five years has been considered which is the period over which the Group considers medium-term financial planning. 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. Discount rates have been calculated for the F&F CGU using a specific weighted average cost of capital adjusted for the specific risk profile of the CGU. The terminal value growth rates and discount rates applied in the CGU level calculation are set out below:
Terminal value
Pre-tax
growth rate discount rate
2024
2023
2024
2023
Fragrances & Flavours
3.0%
n/a
11.6%
n/a
Incotec
n/a
3.0%
n/a
14.5%
Biosector
n/a
3.0%
n/a
13.8%
Sipo
n/a
3.0%
n/a
12.8%
Avanti
n/a
3.0%
n/a
13.5%
Fragrances
n/a
3.0%
n/a
12.3%
Flavours
n/a
3.0%
n/a
12.3%
Alban Muller
n/a
3.0%
n/a
13.9%
Croda Korea Ltd (formerly \u2018Solus Biotech\u2019)
n/a
3.0%
n/a
13.1%
In the prior year, an impairment of \u00a320.8m was recorded in relation to goodwill arising on the acquisition of SIPO. This principally reflected the decline in the profitability of the business in the period driven by adverse external market conditions, impacting both demand and pricing, which are expected to continue over the medium term. The annual impairment testing performed for the standalone F&F CGU has identified no impairment for the year ended 31 December 2024 and F&F remain on track to perform to our long-term expectations. In forming this conclusion, the Directors have reviewed sensitivity analysis which considered a range of possibilities 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 F&F CGU to be less than the carrying value. The range of key assumptions considered by the Directors included: EBITDA compound annual growth rates as a result of increasing revenue growth rates and improving operating margins through cost of sales and operating costs. Climate risk and impairment testing The impact of climate change risks including the risks identified as part of the TCFD disclosures on pages 37 to 47, with a particular focus on the impact of carbon pricing, has been considered as part of the impairment testing. The discounted cashflows included in the value in use calculations reflect the carbon costs of the CGU based on the latest Scope 1 and 2 emissions data and applying a shadow carbon price of \u00a3124/tonne which is prudent when compared with the UK Government Green Guide. It is recognised that different assessments of future carbon prices exist, however the Directors believe that those which suggest significantly higher prices than those utilised as part of our review are not currently reasonably possible due to the high level of uncertainty in the future regulatory environment. The cost of carbon has therefore been assessed to have an immaterial effect on the recoverable amount of each of the standalone CGUs and as such carbon costs are not deemed to be a key assumption. The Directors are aware of the ever-changing risks attached to climate change and will regularly assess these risks against judgements and estimates made in future impairment testing.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:2138004WCNBFJEEOXV26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-405": { "value": "
13. Property, plant and equipment
Land and
Plant and
buildings equipment Total
\u00a3m
\u00a3m
\u00a3m
Cost
At 1 January 2023
305.2
1,117.4
1,422.6
Exchange differences
(12.9)
(49.6)
(62.5)
Additions
25.6
155.5
181.1
Acquisitions
2.3
6.9
9.2
Other disposals and write-offs
(1.8)
(11.5)
(13.3)
Reclassifications to intangible assets
2.0
(2.2)
(0.2)
At 31 December 2023
320.4
1,216.5
1,536.9
Exchange differences
(4.9)
(17.0)
(21.9)
Additions
32.1
100.0
132.1
Other disposals and write-offs
(1.0)
(21.9)
(22.9)
Reclassifications
(3.4)
3.4
\u2013
Reclassifications to intangible assets and right of use assets
\u2013
(3.4)
(3.4)
At 31 December 2024
343.2
1,277.6
1,620.8
Accumulated depreciation and impairment losses
At 1 January 2023
78.5
379.6
458.1
Exchange differences
(3.9)
(21.2)
(25.1)
Charge for the year (note 3)
11.9
57.8
69.7
Other disposals and write-offs
(0.5)
(10.5)
(11.0)
Reclassifications
0.1
(0.1)
\u2013
Impairments
\u2013
1.2
1.2
At 31 December 2023
86.1
406.8
492.9
Exchange differences
(1.7)
(8.1)
(9.8)
Charge for the year (note 3)
12.5
64.8
77.3
Other disposals and write-offs
(1.0)
(20.6)
(21.6)
Reclassifications
0.1
(0.1)
\u2013
Reclassifications to intangible assets
\u2013
(0.9)
(0.9)
At 31 December 2024
96.0
441.9
537.9
Net book amount
At 31 December 2024
247.2
835.7
1,082.9
At 31 December 2023
234.3
809.7
1,044.0
At 1 January 2023
226.7
737.8
964.5
During the year the Group recognised government grant funding of \u00a336.8m (2023: \u00a318.3m) relating to the
US cGMP scale up project and the UK Pharma production capacity expansion project.
During the prior year plant and equipment was impaired by \u00a31.2m. This impairment was recorded in the
income statement on page 122 within operating costs.
The value of assets under construction not yet subject to depreciation at 31 December was as follows:
2024
2023
\u00a3m
\u00a3m
Assets under construction
Land and buildings
38.5
21.4
Plant and equipment
206.4
219.9
244.9
241.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:2138004WCNBFJEEOXV26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-406": { "value": "
14. Leases
Right of use assets
Land and
Plant and
buildings equipment Total
\u00a3m \u00a3m \u00a3m
Cost
At 1 January 2023
118.7
20.3
139.0
Exchange differences
(4.4)
(0.6)
(5.0)
Additions
7.1
1.8
8.9
Remeasurements
0.5
0.8
1.3
Acquisitions
0.8
0.1
0.9
Other disposals and write-offs
(5.6)
(1.3)
(6.9)
At 31 December 2023
117.1
21.1
138.2
Exchange differences
(3.3)
(0.5)
(3.8)
Additions
5.0
3.3
8.3
Remeasurements
7.0
0.4
7.4
Other disposals and write-offs
(2.4)
(1.9)
(4.3)
Reclassifications from property, plant and equipment
0.1
\u2013
0.1
At 31 December 2024
123.5
22.4
145.9
Accumulated depreciation and impairment losses
At 1 January 2023
35.3
6.8
42.1
Exchange differences
(1.5)
(0.3)
(1.8)
Charge for the year (note 3)
12.3
3.2
15.5
Other disposals and write-offs
(4.0)
(1.1)
(5.1)
At 31 December 2023
42.1
8.6
50.7
Exchange differences
(1.7)
(0.2)
(1.9)
Charge for the year (note 3)
12.8
3.4
16.2
Other disposals and write-offs
(2.3)
(1.8)
(4.1)
At 31 December 2024
50.9
10.0
60.9
Net book amount
At 31 December 2024
72.6
12.4
85.0
At 31 December 2023
75.0
12.5
87.5
At 1 January 2023
83.4
13.5
96.9
Lease liabilities
2024 2023
\u00a3m \u00a3m
Lease liabilities included in the Group balance sheet
Current
13.2
13.7
Non-current
70.7
71.3
83.9
85.0
A maturity analysis of contractual undiscounted cash flows relating to lease liabilities is presented within
note 20.
Amounts recognised in the Group Income Statement
2024
2023
\u00a3m
\u00a3m
Interest on lease liabilities
2.8
2.6
Expenses relating to short-term leases
0.4
0.4
Expenses relating to low value leases, excluding short-term leases of low
value assets
0.2
0.2
Expenses relating to variable lease components
0.6
0.6
Depreciation of right of use assets
16.2
15.5
20.2
19.3
Total cash outflow for leases
2024
2023
\u00a3m
\u00a3m
Payment of lease liabilities
17.5
17.0
Payment of short-term, low value and variable lease components
1.2
1.2
18.7
18.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:2138004WCNBFJEEOXV26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-446": { "value": "Right of use assets
Land and
Plant and
buildings equipment Total
\u00a3m \u00a3m \u00a3m
Cost
At 1 January 2023
118.7
20.3
139.0
Exchange differences
(4.4)
(0.6)
(5.0)
Additions
7.1
1.8
8.9
Remeasurements
0.5
0.8
1.3
Acquisitions
0.8
0.1
0.9
Other disposals and write-offs
(5.6)
(1.3)
(6.9)
At 31 December 2023
117.1
21.1
138.2
Exchange differences
(3.3)
(0.5)
(3.8)
Additions
5.0
3.3
8.3
Remeasurements
7.0
0.4
7.4
Other disposals and write-offs
(2.4)
(1.9)
(4.3)
Reclassifications from property, plant and equipment
0.1
\u2013
0.1
At 31 December 2024
123.5
22.4
145.9
Accumulated depreciation and impairment losses
At 1 January 2023
35.3
6.8
42.1
Exchange differences
(1.5)
(0.3)
(1.8)
Charge for the year (note 3)
12.3
3.2
15.5
Other disposals and write-offs
(4.0)
(1.1)
(5.1)
At 31 December 2023
42.1
8.6
50.7
Exchange differences
(1.7)
(0.2)
(1.9)
Charge for the year (note 3)
12.8
3.4
16.2
Other disposals and write-offs
(2.3)
(1.8)
(4.1)
At 31 December 2024
50.9
10.0
60.9
Net book amount
At 31 December 2024
72.6
12.4
85.0
At 31 December 2023
75.0
12.5
87.5
At 1 January 2023
83.4
13.5
96.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:2138004WCNBFJEEOXV26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-410": { "value": "
15. Future commitments
2024
2023
\u00a3m
\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
41.0
85.1
Intangible assets
0.4
4.7
Authorised, but not contracted for
Property, plant and equipment
124.6
161.5
Intangible assets
8.1
4.0
174.1
255.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:2138004WCNBFJEEOXV26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-448": { "value": "15. Future commitments
2024
2023
\u00a3m
\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
41.0
85.1
Intangible assets
0.4
4.7
Authorised, but not contracted for
Property, plant and equipment
124.6
161.5
Intangible assets
8.1
4.0
174.1
255.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138004WCNBFJEEOXV26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-407": { "value": "
16. Investments
The amounts recognised in the balance sheet are as follows:
2024
2023
\u00a3m
\u00a3m
Other investments
1.9
1.9
27. Business combinations
2023 Acquisition
On 4 July 2023 the Group successfully completed the acquisition of 100% share capital of Solus Biotech
Co Ltd (\u2018Solus\u2019), a global leader in premium, biotechnology-derived active ingredients for beauty care
(Consumer Care sector) and pharmaceuticals (Life Sciences sector) employing 95 people in South Korea.
The business was acquired for a total cash consideration of \u00a3227.4m with total identifiable net assets of
\u00a397.9m, generating goodwill of \u00a3129.5m. The acquisition provided access to Solus\u2019 existing biotech-
derived ceramide and phospholipid technologies, and its emerging capabilities in natural retinol. This
acquisition significantly strengthens Croda\u2019s Beauty Actives portfolio and increases its exposure to
targeted prestige segments. Located in South Korea, Solus expands Croda\u2019s Asian manufacturing
capability and creates a new biotechnology R&D hub in the region. Post-acquisition the entity has
changed its name to Croda Korea Ltd.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:2138004WCNBFJEEOXV26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-408": { "value": "
17. Inventories
2024
2023
\u00a3m \u00a3m
Raw materials
88.6
98.3
Work in progress
44.9
35.6
Finished goods
234.4
207.3
367.9
341.2
The Group consumed \u00a3894.2m (2023: \u00a3964.5m) of inventories during the year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:2138004WCNBFJEEOXV26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-409": { "value": "
18. Trade and other receivables
2024
2023
\u00a3m
\u00a3m
Amounts falling due within one year
Trade receivables
283.5
324.8
Less: provision for impairment of receivables
(6.6)
(6.8)
Trade receivables \u2013 net
276.9
318.0
Value added taxes
36.2
41.5
Other receivables
21.3
24.3
Prepayments
15.1
11.9
349.5
395.7
The ageing of the Group\u2019s year end overdue receivables against which no material provision has been
made is as follows:
2024
2023
\u00a3m \u00a3m
Not impaired
Less than three months
42.2
49.9
Three to six months
7.4
7.1
Over six months
4.4
8.0
54.0
65.0
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:
2024
2023
\u00a3m \u00a3m
Sterling
15.5
18.2
US Dollar
102.0
152.5
Euro
98.5
105.5
Other
133.5
119.5
349.5
395.7
Movements on the Group\u2019s provision for impairment of trade receivables are as follows:
2024
2023
\u00a3m \u00a3m
At 1 January
6.8
5.8
Exchange differences
(0.5)
0.1
Charged to the income statement
2.0
1.4
Net write-off of uncollectible receivables
(1.7)
(0.5)
At 31 December
6.6
6.8
Amounts charged to the income statement are included within administrative expenses.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:2138004WCNBFJEEOXV26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-469": { "value": "18. Trade and other receivables
2024
2023
\u00a3m
\u00a3m
Amounts falling due within one year
Trade receivables
283.5
324.8
Less: provision for impairment of receivables
(6.6)
(6.8)
Trade receivables \u2013 net
276.9
318.0
Value added taxes
36.2
41.5
Other receivables
21.3
24.3
Prepayments
15.1
11.9
349.5
395.7
The ageing of the Group\u2019s year end overdue receivables against which no material provision has been made is as follows:
2024
2023
\u00a3m \u00a3m
Not impaired
Less than three months
42.2
49.9
Three to six months
7.4
7.1
Over six months
4.4
8.0
54.0
65.0
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.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:2138004WCNBFJEEOXV26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-447": { "value": "18. Trade and other receivables
2024
2023
\u00a3m
\u00a3m
Amounts falling due within one year
Trade receivables
283.5
324.8
Less: provision for impairment of receivables
(6.6)
(6.8)
Trade receivables \u2013 net
276.9
318.0
Value added taxes
36.2
41.5
Other receivables
21.3
24.3
Prepayments
15.1
11.9
349.5
395.7
The ageing of the Group\u2019s year end overdue receivables against which no material provision has been made is as follows:
2024
2023
\u00a3m \u00a3m
Not impaired
Less than three months
42.2
49.9
Three to six months
7.4
7.1
Over six months
4.4
8.0
54.0
65.0
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:
2024
2023
\u00a3m \u00a3m
Sterling
15.5
18.2
US Dollar
102.0
152.5
Euro
98.5
105.5
Other
133.5
119.5
349.5
395.7
Movements on the Group\u2019s provision for impairment of trade receivables are as follows:
2024
2023
\u00a3m \u00a3m
At 1 January
6.8
5.8
Exchange differences
(0.5)
0.1
Charged to the income statement
2.0
1.4
Net write-off of uncollectible receivables
(1.7)
(0.5)
At 31 December
6.6
6.8
Amounts charged to the income statement are included within administrative expenses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:2138004WCNBFJEEOXV26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-411": { "value": "19. Trade and other payables
2024
2023
\u00a3m \u00a3m
Trade payables
126.7
125.8
Taxation and social security
13.0
12.2
Other payables
32.9
34.2
Accruals and deferred income
102.5
80.9
275.1
253.1
All trade payables are payable within one year. Included in the above are balances payable after one year of \u00a31.1m (2023: \u00a31.1m) other payables.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:2138004WCNBFJEEOXV26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-412": { "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 25 to 28.
2024
2023
\u00a3m
\u00a3m
Assets
Non-current assets \u2013 Investments
1.9
1.9
Current assets \u2013 Trade and other receivables (excluding prepayments)
334.4
383.8
336.3
385.7
Current liabilities
Trade and other payables (excluding taxation, social security, accruals and
deferred income)
158.5
158.9
Unsecured bank loans and overdrafts due within one year or on demand
32.8
28.4
Other loans
2.2
8.3
Lease liabilities
13.2
13.7
206.7
209.3
Non-current liabilities
2019
Club facility due 2026
\u2013
216.8
2024
Club facility due 2029
208.4
\u2013
US$100m 3.75% fixed rate 10 year note
79.9
78.5
\u20ac70m 1.43% fixed rate 10 year note
57.9
60.8
\u00a370m 2.80% fixed rate 10 year note
70.0
70.0
\u20ac50m 1.18% fixed rate 8 year note
41.3
43.5
\u00a365m 2.46% fixed rate 8 year note
65.0
65.0
US$60m 3.70% fixed rate 10 year note
47.9
47.1
Other secured bank loans
2.9
5.6
Other unsecured bank loans
5.8
\u2013
Preference share capital
1.1
1.1
Lease liabilities
70.7
71.3
650.9
659.7
In October 2024, the Group replaced its existing 2019 Club facility with a new 2024 Club facility with an
initial maturity of October 2029. Interest is charged on this agreement at a floating rate based on SONIA,
SOFR or EURIBOR, depending upon the drawdown currency, plus a variable margin.
2024
2023
\u00a3m
\u00a3m
Maturity profile of financial liabilities
Repayments fall due as follows:
Within one year
Bank loans and overdrafts
32.8
28.4
Other loans
2.2
8.3
35.0
36.7
Lease liabilities
13.2
13.7
48.2
50.4
After more than one year
Loans repayable
Within one to two years
131.6
2.7
Within two to five years
365.2
459.0
Five years and over
82.3
125.6
579.1
587.3
Preference share capital
1.1
1.1
Lease liabilities
70.7
71.3
650.9
659.7
The minimum lease payments under lease liabilities fall due as follows:
Within one year
15.5
15.5
Within one to two years
13.9
12.9
Within two to five years
26.3
25.4
Five years and over
45.0
47.6
100.7
101.4
Future finance charges on lease liabilities
(16.8)
(16.4)
Present value of lease liabilities
83.9
85.0
2024
2023
\u00a3m
\u00a3m
Undiscounted maturity analysis of financial liabilities
Within one year
Bank loans and overdrafts
34.3
30.1
Other loans
2.3
8.6
Lease liabilities
15.5
15.5
52.1
54.2
After more than one year
Loans repayable
Within one to two years
154.6
25.0
Within two to five years
427.5
502.2
Five years and over
Lease liabilities
85.8
133.1
Within one to two years
13.9
12.9
Within two to five years
26.3
25.4
Five years and over
45.0
47.6
753.1
746.2
The analysis above includes estimated interest payable to maturity on the underlying loans. For the
loans due after more than one year \u00a321.5m (2023: \u00a322.3m) of the interest falls due within one year of the
balance sheet date, \u00a320.1m (2023: \u00a322.3m) within one to two years, \u00a346.9m (2023: \u00a325.5m) within two to
five years and \u00a30.4m (2023: \u00a32.9m) beyond five years.
Interest rate and currency profile of Group financial liabilities
Fixed rate
weighted average
Total
Fixed
Floating
Interest rate
Fixed period
\u00a3m
\u00a3m
\u00a3m
%
Years
Sterling
377.6
135.0
242.6
2.64
2.0
US Dollar
162.6
127.8
34.8
3.73
4.9
Euro
106.6
99.2
7.4
1.33
1.9
Other
52.3
\u2013
52.3
\u2013
\u2013
At 31 December 2024
699.1
362.0
337.1
2.67
3.0
Sterling
345.9
135.0
210.9
2.64
3.0
US Dollar
186.3
125.6
60.7
3.73
5.9
Euro
132.9
104.3
28.6
1.33
2.9
Other
45.0
\u2013
45.0
\u2013
\u2013
At 31 December 2023
710.1
364.9
345.2
2.64
4.0
Fair values
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
Fair
Book
Fair
value value value value
2024 2024 2023 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Cash deposits
166.8
166.8
172.5
172.5
Other investments
1.9
1.9
1.9
1.9
2019
Club facility due 2026
\u2013
\u2013
(216.8)
(216.8)
2024
Club facility due 2029
(208.4)
(208.4)
\u2013
\u2013
US$100m 3.75% fixed rate 10 year note
(79.9)
(71.2)
(78.5)
(71.5)
\u20ac70m 1.43% fixed rate 10 year note
(57.9)
(56.6)
(60.8)
(58.2)
\u00a370m 2.80% fixed rate 10 year note
(70.0)
(67.2)
(70.0)
(66.1)
\u20ac50m 1.18% fixed rate 8 year note
(41.3)
(39.6)
(43.5)
(40.9)
\u00a365m 2.46% fixed rate 8 year note
(65.0)
(60.3)
(65.0)
(59.8)
US$60m 3.70% fixed rate 10 year note
(47.9)
(44.3)
(47.1)
(43.7)
Other bank borrowings
(41.5)
(41.5)
(34.0)
(34.0)
Other loans
(2.2)
(2.2)
(8.3)
(8.3)
Preference share capital
(1.1)
(1.1)
(1.1)
(1.1)
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 other investments which are classed as level 3. Preference share capital
2024
2023
\u00a3m \u00a3m
The authorised, issued and fully paid preference share capital comprises:
615,562
5.9% preference shares of \u00a31
(2023:
615,562)
0.6
0.6
498,434
6.6% preference shares of
\u00a31
(2023: 498,434)
0.5
0.5
21,900
7.5%
preference shares of \u00a31 (2023: 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 2024, the Group had undrawn committed facilities of \u00a3418.0m (2023: \u00a3381.2m). In addition, the Group had other undrawn facilities of \u00a386.5m (2023: \u00a370.5m) available. All of the Group's total committed facilities of \u00a31,062.6m expire after 2025. 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. They also reflect the repayment of the Group's 2019 Club facility due to it being replaced with the Group's new 2024 Club revolving credit facility.
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 2024, 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 \u00a321.1m (2023: \u00a319.0m) 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 \u00a3199.1m (2023: \u00a3204.8m) lower/higher.
Cash flow hedging There have been no significant cash flow hedging arrangements during the current year. During the prior year, the Group held an instrument to hedge an exposure to changes in foreign currency on a highly probable future business combination (hedged item) which was completed during the year. As a result, the cumulative cash flow hedging reserve of \u00a319.3m debit was reclassified to goodwill, presented as part of the cash consideration amount in note 27. The associated hedge ineffectiveness of \u00a34.6m was recognised in the Group Income Statement within operating costs (administrative expenses) and reported as an exceptional item (business acquisition costs). The cash flow in relation to both the effective and ineffective portions of the hedge was recorded as an investing activity in the Group Statement of Cash Flows in accordance with the underlying hedged cash flow. Interest rate risk The Group has both interest bearing assets and liabilities. As per Group Treasury policy, the proportion of Group debt to be protected by fixed interest rates should fall between 40% and 75% of the Group\u2019s gross debt. As at 31 December 2024, approximately 52% of Group borrowings were at fixed rates (2023: 51%). At 31 December 2024, aside from the fixed rate loan notes, all Group debt and cash was exposed to repricing within 12 months of the balance sheet date. At 31 December 2024, the Group\u2019s fixed rate debt was at a weighted average rate of 2.66% (2023: 2.64%). As at 31 December 2024, the Group\u2019s floating rate liabilities are based on SONIA, SOFR 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 \u00a33.4m (2023: \u00a32.7m) 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 25 to 28.
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 7.1% against a post-tax Weighted
Average Cost of Capital (WACC) of 7.9%. 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 2024.
Further details can be found in the Finance Review on pages 25 to 28. 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 17 to 19.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138004WCNBFJEEOXV26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-449": { "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 25 to 28.
2024
2023
\u00a3m
\u00a3m
Assets
Non-current assets \u2013 Investments
1.9
1.9
Current assets \u2013 Trade and other receivables (excluding prepayments)
334.4
383.8
336.3
385.7
Current liabilities
Trade and other payables (excluding taxation, social security, accruals and
deferred income)
158.5
158.9
Unsecured bank loans and overdrafts due within one year or on demand
32.8
28.4
Other loans
2.2
8.3
Lease liabilities
13.2
13.7
206.7
209.3
Non-current liabilities
2019
Club facility due 2026
\u2013
216.8
2024
Club facility due 2029
208.4
\u2013
US$100m 3.75% fixed rate 10 year note
79.9
78.5
\u20ac70m 1.43% fixed rate 10 year note
57.9
60.8
\u00a370m 2.80% fixed rate 10 year note
70.0
70.0
\u20ac50m 1.18% fixed rate 8 year note
41.3
43.5
\u00a365m 2.46% fixed rate 8 year note
65.0
65.0
US$60m 3.70% fixed rate 10 year note
47.9
47.1
Other secured bank loans
2.9
5.6
Other unsecured bank loans
5.8
\u2013
Preference share capital
1.1
1.1
Lease liabilities
70.7
71.3
650.9
659.7
In October 2024, the Group replaced its existing 2019 Club facility with a new 2024 Club facility with an initial maturity of October 2029. Interest is charged on this agreement at a floating rate based on SONIA, SOFR or EURIBOR, depending upon the drawdown currency, plus a variable margin.
2024
2023
\u00a3m
\u00a3m
Maturity profile of financial liabilities
Repayments fall due as follows:
Within one year
Bank loans and overdrafts
32.8
28.4
Other loans
2.2
8.3
35.0
36.7
Lease liabilities
13.2
13.7
48.2
50.4
After more than one year
Loans repayable
Within one to two years
131.6
2.7
Within two to five years
365.2
459.0
Five years and over
82.3
125.6
579.1
587.3
Preference share capital
1.1
1.1
Lease liabilities
70.7
71.3
650.9
659.7
The minimum lease payments under lease liabilities fall due as follows:
Within one year
15.5
15.5
Within one to two years
13.9
12.9
Within two to five years
26.3
25.4
Five years and over
45.0
47.6
100.7
101.4
Future finance charges on lease liabilities
(16.8)
(16.4)
Present value of lease liabilities
83.9
85.0
2024
2023
\u00a3m
\u00a3m
Undiscounted maturity analysis of financial liabilities
Within one year
Bank loans and overdrafts
34.3
30.1
Other loans
2.3
8.6
Lease liabilities
15.5
15.5
52.1
54.2
After more than one year
Loans repayable
Within one to two years
154.6
25.0
Within two to five years
427.5
502.2
Five years and over
Lease liabilities
85.8
133.1
Within one to two years
13.9
12.9
Within two to five years
26.3
25.4
Five years and over
45.0
47.6
753.1
746.2
The analysis above includes estimated interest payable to maturity on the underlying loans. For the loans due after more than one year \u00a321.5m (2023: \u00a322.3m) of the interest falls due within one year of the balance sheet date, \u00a320.1m (2023: \u00a322.3m) within one to two years, \u00a346.9m (2023: \u00a325.5m) within two to five years and \u00a30.4m (2023: \u00a32.9m) beyond five years. Interest rate and currency profile of Group financial liabilities
Fixed rate
weighted average
Total
Fixed
Floating
Interest rate
Fixed period
\u00a3m
\u00a3m
\u00a3m
%
Years
Sterling
377.6
135.0
242.6
2.64
2.0
US Dollar
162.6
127.8
34.8
3.73
4.9
Euro
106.6
99.2
7.4
1.33
1.9
Other
52.3
\u2013
52.3
\u2013
\u2013
At 31 December 2024
699.1
362.0
337.1
2.67
3.0
Sterling
345.9
135.0
210.9
2.64
3.0
US Dollar
186.3
125.6
60.7
3.73
5.9
Euro
132.9
104.3
28.6
1.33
2.9
Other
45.0
\u2013
45.0
\u2013
\u2013
At 31 December 2023
710.1
364.9
345.2
2.64
4.0
Fair values 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
Fair
Book
Fair
value value value value
2024 2024 2023 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Cash deposits
166.8
166.8
172.5
172.5
Other investments
1.9
1.9
1.9
1.9
2019
Club facility due 2026
\u2013
\u2013
(216.8)
(216.8)
2024
Club facility due 2029
(208.4)
(208.4)
\u2013
\u2013
US$100m 3.75% fixed rate 10 year note
(79.9)
(71.2)
(78.5)
(71.5)
\u20ac70m 1.43% fixed rate 10 year note
(57.9)
(56.6)
(60.8)
(58.2)
\u00a370m 2.80% fixed rate 10 year note
(70.0)
(67.2)
(70.0)
(66.1)
\u20ac50m 1.18% fixed rate 8 year note
(41.3)
(39.6)
(43.5)
(40.9)
\u00a365m 2.46% fixed rate 8 year note
(65.0)
(60.3)
(65.0)
(59.8)
US$60m 3.70% fixed rate 10 year note
(47.9)
(44.3)
(47.1)
(43.7)
Other bank borrowings
(41.5)
(41.5)
(34.0)
(34.0)
Other loans
(2.2)
(2.2)
(8.3)
(8.3)
Preference share capital
(1.1)
(1.1)
(1.1)
(1.1)
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 other investments which are classed as level 3. Preference share capital
2024
2023
\u00a3m \u00a3m
The authorised, issued and fully paid preference share capital comprises:
615,562
5.9% preference shares of \u00a31
(2023:
615,562)
0.6
0.6
498,434
6.6% preference shares of
\u00a31
(2023: 498,434)
0.5
0.5
21,900
7.5%
preference shares of \u00a31 (2023: 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 2024, the Group had undrawn committed facilities of \u00a3418.0m (2023: \u00a3381.2m). In addition, the Group had other undrawn facilities of \u00a386.5m (2023: \u00a370.5m) available. All of the Group's total committed facilities of \u00a31,062.6m expire after 2025. 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. They also reflect the repayment of the Group's 2019 Club facility due to it being replaced with the Group's new 2024 Club revolving credit facility. 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 2024, 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 \u00a321.1m (2023: \u00a319.0m) 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 \u00a3199.1m (2023: \u00a3204.8m) lower/higher. Cash flow hedging There have been no significant cash flow hedging arrangements during the current year. During the prior year, the Group held an instrument to hedge an exposure to changes in foreign currency on a highly probable future business combination (hedged item) which was completed during the year. As a result, the cumulative cash flow hedging reserve of \u00a319.3m debit was reclassified to goodwill, presented as part of the cash consideration amount in note 27. The associated hedge ineffectiveness of \u00a34.6m was recognised in the Group Income Statement within operating costs (administrative expenses) and reported as an exceptional item (business acquisition costs). The cash flow in relation to both the effective and ineffective portions of the hedge was recorded as an investing activity in the Group Statement of Cash Flows in accordance with the underlying hedged cash flow. Interest rate risk The Group has both interest bearing assets and liabilities. As per Group Treasury policy, the proportion of Group debt to be protected by fixed interest rates should fall between 40% and 75% of the Group\u2019s gross debt. As at 31 December 2024, approximately 52% of Group borrowings were at fixed rates (2023: 51%). At 31 December 2024, aside from the fixed rate loan notes, all Group debt and cash was exposed to repricing within 12 months of the balance sheet date. At 31 December 2024, the Group\u2019s fixed rate debt was at a weighted average rate of 2.66% (2023: 2.64%). As at 31 December 2024, the Group\u2019s floating rate liabilities are based on SONIA, SOFR 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 \u00a33.4m (2023: \u00a32.7m) 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 25 to 28. 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 7.1% against a post-tax Weighted Average Cost of Capital (WACC) of 7.9%. 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 2024. Further details can be found in the Finance Review on pages 25 to 28. 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 17 to 19.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138004WCNBFJEEOXV26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-463": { "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 25 to 28.
2024
2023
\u00a3m
\u00a3m
Assets
Non-current assets \u2013 Investments
1.9
1.9
Current assets \u2013 Trade and other receivables (excluding prepayments)
334.4
383.8
336.3
385.7
Current liabilities
Trade and other payables (excluding taxation, social security, accruals and
deferred income)
158.5
158.9
Unsecured bank loans and overdrafts due within one year or on demand
32.8
28.4
Other loans
2.2
8.3
Lease liabilities
13.2
13.7
206.7
209.3
Non-current liabilities
2019
Club facility due 2026
\u2013
216.8
2024
Club facility due 2029
208.4
\u2013
US$100m 3.75% fixed rate 10 year note
79.9
78.5
\u20ac70m 1.43% fixed rate 10 year note
57.9
60.8
\u00a370m 2.80% fixed rate 10 year note
70.0
70.0
\u20ac50m 1.18% fixed rate 8 year note
41.3
43.5
\u00a365m 2.46% fixed rate 8 year note
65.0
65.0
US$60m 3.70% fixed rate 10 year note
47.9
47.1
Other secured bank loans
2.9
5.6
Other unsecured bank loans
5.8
\u2013
Preference share capital
1.1
1.1
Lease liabilities
70.7
71.3
650.9
659.7
In October 2024, the Group replaced its existing 2019 Club facility with a new 2024 Club facility with an initial maturity of October 2029. Interest is charged on this agreement at a floating rate based on SONIA, SOFR or EURIBOR, depending upon the drawdown currency, plus a variable margin.
2024
2023
\u00a3m
\u00a3m
Maturity profile of financial liabilities
Repayments fall due as follows:
Within one year
Bank loans and overdrafts
32.8
28.4
Other loans
2.2
8.3
35.0
36.7
Lease liabilities
13.2
13.7
48.2
50.4
After more than one year
Loans repayable
Within one to two years
131.6
2.7
Within two to five years
365.2
459.0
Five years and over
82.3
125.6
579.1
587.3
Preference share capital
1.1
1.1
Lease liabilities
70.7
71.3
650.9
659.7
The minimum lease payments under lease liabilities fall due as follows:
Within one year
15.5
15.5
Within one to two years
13.9
12.9
Within two to five years
26.3
25.4
Five years and over
45.0
47.6
100.7
101.4
Future finance charges on lease liabilities
(16.8)
(16.4)
Present value of lease liabilities
83.9
85.0
2024
2023
\u00a3m
\u00a3m
Undiscounted maturity analysis of financial liabilities
Within one year
Bank loans and overdrafts
34.3
30.1
Other loans
2.3
8.6
Lease liabilities
15.5
15.5
52.1
54.2
After more than one year
Loans repayable
Within one to two years
154.6
25.0
Within two to five years
427.5
502.2
Five years and over
Lease liabilities
85.8
133.1
Within one to two years
13.9
12.9
Within two to five years
26.3
25.4
Five years and over
45.0
47.6
753.1
746.2
The analysis above includes estimated interest payable to maturity on the underlying loans. For the loans due after more than one year \u00a321.5m (2023: \u00a322.3m) of the interest falls due within one year of the balance sheet date, \u00a320.1m (2023: \u00a322.3m) within one to two years, \u00a346.9m (2023: \u00a325.5m) within two to five years and \u00a30.4m (2023: \u00a32.9m) beyond five years. Interest rate and currency profile of Group financial liabilities
Fixed rate
weighted average
Total
Fixed
Floating
Interest rate
Fixed period
\u00a3m
\u00a3m
\u00a3m
%
Years
Sterling
377.6
135.0
242.6
2.64
2.0
US Dollar
162.6
127.8
34.8
3.73
4.9
Euro
106.6
99.2
7.4
1.33
1.9
Other
52.3
\u2013
52.3
\u2013
\u2013
At 31 December 2024
699.1
362.0
337.1
2.67
3.0
Sterling
345.9
135.0
210.9
2.64
3.0
US Dollar
186.3
125.6
60.7
3.73
5.9
Euro
132.9
104.3
28.6
1.33
2.9
Other
45.0
\u2013
45.0
\u2013
\u2013
At 31 December 2023
710.1
364.9
345.2
2.64
4.0
Fair values 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
Fair
Book
Fair
value value value value
2024 2024 2023 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Cash deposits
166.8
166.8
172.5
172.5
Other investments
1.9
1.9
1.9
1.9
2019
Club facility due 2026
\u2013
\u2013
(216.8)
(216.8)
2024
Club facility due 2029
(208.4)
(208.4)
\u2013
\u2013
US$100m 3.75% fixed rate 10 year note
(79.9)
(71.2)
(78.5)
(71.5)
\u20ac70m 1.43% fixed rate 10 year note
(57.9)
(56.6)
(60.8)
(58.2)
\u00a370m 2.80% fixed rate 10 year note
(70.0)
(67.2)
(70.0)
(66.1)
\u20ac50m 1.18% fixed rate 8 year note
(41.3)
(39.6)
(43.5)
(40.9)
\u00a365m 2.46% fixed rate 8 year note
(65.0)
(60.3)
(65.0)
(59.8)
US$60m 3.70% fixed rate 10 year note
(47.9)
(44.3)
(47.1)
(43.7)
Other bank borrowings
(41.5)
(41.5)
(34.0)
(34.0)
Other loans
(2.2)
(2.2)
(8.3)
(8.3)
Preference share capital
(1.1)
(1.1)
(1.1)
(1.1)
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 other investments which are classed as level 3. Preference share capital
2024
2023
\u00a3m \u00a3m
The authorised, issued and fully paid preference share capital comprises:
615,562
5.9% preference shares of \u00a31
(2023:
615,562)
0.6
0.6
498,434
6.6% preference shares of
\u00a31
(2023: 498,434)
0.5
0.5
21,900
7.5%
preference shares of \u00a31 (2023: 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 2024, the Group had undrawn committed facilities of \u00a3418.0m (2023: \u00a3381.2m). In addition, the Group had other undrawn facilities of \u00a386.5m (2023: \u00a370.5m) available. All of the Group's total committed facilities of \u00a31,062.6m expire after 2025. 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. They also reflect the repayment of the Group's 2019 Club facility due to it being replaced with the Group's new 2024 Club revolving credit facility. 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 2024, 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 \u00a321.1m (2023: \u00a319.0m) 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 \u00a3199.1m (2023: \u00a3204.8m) lower/higher. Cash flow hedging There have been no significant cash flow hedging arrangements during the current year. During the prior year, the Group held an instrument to hedge an exposure to changes in foreign currency on a highly probable future business combination (hedged item) which was completed during the year. As a result, the cumulative cash flow hedging reserve of \u00a319.3m debit was reclassified to goodwill, presented as part of the cash consideration amount in note 27. The associated hedge ineffectiveness of \u00a34.6m was recognised in the Group Income Statement within operating costs (administrative expenses) and reported as an exceptional item (business acquisition costs). The cash flow in relation to both the effective and ineffective portions of the hedge was recorded as an investing activity in the Group Statement of Cash Flows in accordance with the underlying hedged cash flow. Interest rate risk The Group has both interest bearing assets and liabilities. As per Group Treasury policy, the proportion of Group debt to be protected by fixed interest rates should fall between 40% and 75% of the Group\u2019s gross debt. As at 31 December 2024, approximately 52% of Group borrowings were at fixed rates (2023: 51%). At 31 December 2024, aside from the fixed rate loan notes, all Group debt and cash was exposed to repricing within 12 months of the balance sheet date. At 31 December 2024, the Group\u2019s fixed rate debt was at a weighted average rate of 2.66% (2023: 2.64%). As at 31 December 2024, the Group\u2019s floating rate liabilities are based on SONIA, SOFR 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 \u00a33.4m (2023: \u00a32.7m) 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 25 to 28. 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 7.1% against a post-tax Weighted Average Cost of Capital (WACC) of 7.9%. 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 2024. Further details can be found in the Finance Review on pages 25 to 28. 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 17 to 19.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:2138004WCNBFJEEOXV26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-484": { "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 25 to 28.
2024
2023
\u00a3m
\u00a3m
Assets
Non-current assets \u2013 Investments
1.9
1.9
Current assets \u2013 Trade and other receivables (excluding prepayments)
334.4
383.8
336.3
385.7
Current liabilities
Trade and other payables (excluding taxation, social security, accruals and
deferred income)
158.5
158.9
Unsecured bank loans and overdrafts due within one year or on demand
32.8
28.4
Other loans
2.2
8.3
Lease liabilities
13.2
13.7
206.7
209.3
Non-current liabilities
2019
Club facility due 2026
\u2013
216.8
2024
Club facility due 2029
208.4
\u2013
US$100m 3.75% fixed rate 10 year note
79.9
78.5
\u20ac70m 1.43% fixed rate 10 year note
57.9
60.8
\u00a370m 2.80% fixed rate 10 year note
70.0
70.0
\u20ac50m 1.18% fixed rate 8 year note
41.3
43.5
\u00a365m 2.46% fixed rate 8 year note
65.0
65.0
US$60m 3.70% fixed rate 10 year note
47.9
47.1
Other secured bank loans
2.9
5.6
Other unsecured bank loans
5.8
\u2013
Preference share capital
1.1
1.1
Lease liabilities
70.7
71.3
650.9
659.7
In October 2024, the Group replaced its existing 2019 Club facility with a new 2024 Club facility with an initial maturity of October 2029. Interest is charged on this agreement at a floating rate based on SONIA, SOFR or EURIBOR, depending upon the drawdown currency, plus a variable margin.
2024
2023
\u00a3m
\u00a3m
Maturity profile of financial liabilities
Repayments fall due as follows:
Within one year
Bank loans and overdrafts
32.8
28.4
Other loans
2.2
8.3
35.0
36.7
Lease liabilities
13.2
13.7
48.2
50.4
After more than one year
Loans repayable
Within one to two years
131.6
2.7
Within two to five years
365.2
459.0
Five years and over
82.3
125.6
579.1
587.3
Preference share capital
1.1
1.1
Lease liabilities
70.7
71.3
650.9
659.7
The minimum lease payments under lease liabilities fall due as follows:
Within one year
15.5
15.5
Within one to two years
13.9
12.9
Within two to five years
26.3
25.4
Five years and over
45.0
47.6
100.7
101.4
Future finance charges on lease liabilities
(16.8)
(16.4)
Present value of lease liabilities
83.9
85.0
2024
2023
\u00a3m
\u00a3m
Undiscounted maturity analysis of financial liabilities
Within one year
Bank loans and overdrafts
34.3
30.1
Other loans
2.3
8.6
Lease liabilities
15.5
15.5
52.1
54.2
After more than one year
Loans repayable
Within one to two years
154.6
25.0
Within two to five years
427.5
502.2
Five years and over
Lease liabilities
85.8
133.1
Within one to two years
13.9
12.9
Within two to five years
26.3
25.4
Five years and over
45.0
47.6
753.1
746.2
The analysis above includes estimated interest payable to maturity on the underlying loans. For the loans due after more than one year \u00a321.5m (2023: \u00a322.3m) of the interest falls due within one year of the balance sheet date, \u00a320.1m (2023: \u00a322.3m) within one to two years, \u00a346.9m (2023: \u00a325.5m) within two to five years and \u00a30.4m (2023: \u00a32.9m) beyond five years. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:2138004WCNBFJEEOXV26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-470": { "value": "
2024
2023
\u00a3m
\u00a3m
Assets
Non-current assets \u2013 Investments
1.9
1.9
Current assets \u2013 Trade and other receivables (excluding prepayments)
334.4
383.8
336.3
385.7
Current liabilities
Trade and other payables (excluding taxation, social security, accruals and
deferred income)
158.5
158.9
Unsecured bank loans and overdrafts due within one year or on demand
32.8
28.4
Other loans
2.2
8.3
Lease liabilities
13.2
13.7
206.7
209.3
Non-current liabilities
2019
Club facility due 2026
\u2013
216.8
2024
Club facility due 2029
208.4
\u2013
US$100m 3.75% fixed rate 10 year note
79.9
78.5
\u20ac70m 1.43% fixed rate 10 year note
57.9
60.8
\u00a370m 2.80% fixed rate 10 year note
70.0
70.0
\u20ac50m 1.18% fixed rate 8 year note
41.3
43.5
\u00a365m 2.46% fixed rate 8 year note
65.0
65.0
US$60m 3.70% fixed rate 10 year note
47.9
47.1
Other secured bank loans
2.9
5.6
Other unsecured bank loans
5.8
\u2013
Preference share capital
1.1
1.1
Lease liabilities
70.7
71.3
650.9
659.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138004WCNBFJEEOXV26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-476": { "value": "
2024
2023
\u00a3m
\u00a3m
Assets
Non-current assets \u2013 Investments
1.9
1.9
Current assets \u2013 Trade and other receivables (excluding prepayments)
334.4
383.8
336.3
385.7
Current liabilities
Trade and other payables (excluding taxation, social security, accruals and
deferred income)
158.5
158.9
Unsecured bank loans and overdrafts due within one year or on demand
32.8
28.4
Other loans
2.2
8.3
Lease liabilities
13.2
13.7
206.7
209.3
Non-current liabilities
2019
Club facility due 2026
\u2013
216.8
2024
Club facility due 2029
208.4
\u2013
US$100m 3.75% fixed rate 10 year note
79.9
78.5
\u20ac70m 1.43% fixed rate 10 year note
57.9
60.8
\u00a370m 2.80% fixed rate 10 year note
70.0
70.0
\u20ac50m 1.18% fixed rate 8 year note
41.3
43.5
\u00a365m 2.46% fixed rate 8 year note
65.0
65.0
US$60m 3.70% fixed rate 10 year note
47.9
47.1
Other secured bank loans
2.9
5.6
Other unsecured bank loans
5.8
\u2013
Preference share capital
1.1
1.1
Lease liabilities
70.7
71.3
650.9
659.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138004WCNBFJEEOXV26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-483": { "value": "
2024
2023
\u00a3m
\u00a3m
Assets
Non-current assets \u2013 Investments
1.9
1.9
Current assets \u2013 Trade and other receivables (excluding prepayments)
334.4
383.8
336.3
385.7
Current liabilities
Trade and other payables (excluding taxation, social security, accruals and
deferred income)
158.5
158.9
Unsecured bank loans and overdrafts due within one year or on demand
32.8
28.4
Other loans
2.2
8.3
Lease liabilities
13.2
13.7
206.7
209.3
Non-current liabilities
2019
Club facility due 2026
\u2013
216.8
2024
Club facility due 2029
208.4
\u2013
US$100m 3.75% fixed rate 10 year note
79.9
78.5
\u20ac70m 1.43% fixed rate 10 year note
57.9
60.8
\u00a370m 2.80% fixed rate 10 year note
70.0
70.0
\u20ac50m 1.18% fixed rate 8 year note
41.3
43.5
\u00a365m 2.46% fixed rate 8 year note
65.0
65.0
US$60m 3.70% fixed rate 10 year note
47.9
47.1
Other secured bank loans
2.9
5.6
Other unsecured bank loans
5.8
\u2013
Preference share capital
1.1
1.1
Lease liabilities
70.7
71.3
650.9
659.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138004WCNBFJEEOXV26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-471": { "value": "
2024
2023
\u00a3m
\u00a3m
Maturity profile of financial liabilities
Repayments fall due as follows:
Within one year
Bank loans and overdrafts
32.8
28.4
Other loans
2.2
8.3
35.0
36.7
Lease liabilities
13.2
13.7
48.2
50.4
After more than one year
Loans repayable
Within one to two years
131.6
2.7
Within two to five years
365.2
459.0
Five years and over
82.3
125.6
579.1
587.3
Preference share capital
1.1
1.1
Lease liabilities
70.7
71.3
650.9
659.7
The minimum lease payments under lease liabilities fall due as follows:
Within one year
15.5
15.5
Within one to two years
13.9
12.9
Within two to five years
26.3
25.4
Five years and over
45.0
47.6
100.7
101.4
Future finance charges on lease liabilities
(16.8)
(16.4)
Present value of lease liabilities
83.9
85.0
2024
2023
\u00a3m
\u00a3m
Undiscounted maturity analysis of financial liabilities
Within one year
Bank loans and overdrafts
34.3
30.1
Other loans
2.3
8.6
Lease liabilities
15.5
15.5
52.1
54.2
After more than one year
Loans repayable
Within one to two years
154.6
25.0
Within two to five years
427.5
502.2
Five years and over
Lease liabilities
85.8
133.1
Within one to two years
13.9
12.9
Within two to five years
26.3
25.4
Five years and over
45.0
47.6
753.1
746.2
The analysis above includes estimated interest payable to maturity on the underlying loans. For the loans due after more than one year \u00a321.5m (2023: \u00a322.3m) of the interest falls due within one year of the balance sheet date, \u00a320.1m (2023: \u00a322.3m) within one to two years, \u00a346.9m (2023: \u00a325.5m) within two to five years and \u00a30.4m (2023: \u00a32.9m) beyond five years. ", "dimensions": { "concept": "ifrs-full:MaturityAnalysisForNonderivativeFinancialLiabilities", "language": "en", "entity": "scheme:2138004WCNBFJEEOXV26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-472": { "value": "Fair values 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
Fair
Book
Fair
value value value value
2024 2024 2023 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Cash deposits
166.8
166.8
172.5
172.5
Other investments
1.9
1.9
1.9
1.9
2019
Club facility due 2026
\u2013
\u2013
(216.8)
(216.8)
2024
Club facility due 2029
(208.4)
(208.4)
\u2013
\u2013
US$100m 3.75% fixed rate 10 year note
(79.9)
(71.2)
(78.5)
(71.5)
\u20ac70m 1.43% fixed rate 10 year note
(57.9)
(56.6)
(60.8)
(58.2)
\u00a370m 2.80% fixed rate 10 year note
(70.0)
(67.2)
(70.0)
(66.1)
\u20ac50m 1.18% fixed rate 8 year note
(41.3)
(39.6)
(43.5)
(40.9)
\u00a365m 2.46% fixed rate 8 year note
(65.0)
(60.3)
(65.0)
(59.8)
US$60m 3.70% fixed rate 10 year note
(47.9)
(44.3)
(47.1)
(43.7)
Other bank borrowings
(41.5)
(41.5)
(34.0)
(34.0)
Other loans
(2.2)
(2.2)
(8.3)
(8.3)
Preference share capital
(1.1)
(1.1)
(1.1)
(1.1)
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 other investments
which are classed as level 3.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:2138004WCNBFJEEOXV26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-477": { "value": "Fair values 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
Fair
Book
Fair
value value value value
2024 2024 2023 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Cash deposits
166.8
166.8
172.5
172.5
Other investments
1.9
1.9
1.9
1.9
2019
Club facility due 2026
\u2013
\u2013
(216.8)
(216.8)
2024
Club facility due 2029
(208.4)
(208.4)
\u2013
\u2013
US$100m 3.75% fixed rate 10 year note
(79.9)
(71.2)
(78.5)
(71.5)
\u20ac70m 1.43% fixed rate 10 year note
(57.9)
(56.6)
(60.8)
(58.2)
\u00a370m 2.80% fixed rate 10 year note
(70.0)
(67.2)
(70.0)
(66.1)
\u20ac50m 1.18% fixed rate 8 year note
(41.3)
(39.6)
(43.5)
(40.9)
\u00a365m 2.46% fixed rate 8 year note
(65.0)
(60.3)
(65.0)
(59.8)
US$60m 3.70% fixed rate 10 year note
(47.9)
(44.3)
(47.1)
(43.7)
Other bank borrowings
(41.5)
(41.5)
(34.0)
(34.0)
Other loans
(2.2)
(2.2)
(8.3)
(8.3)
Preference share capital
(1.1)
(1.1)
(1.1)
(1.1)
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-473": { "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 2024, 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 \u00a321.1m (2023: \u00a319.0m) 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 \u00a3199.1m (2023: \u00a3204.8m) lower/higher. Cash flow hedging There have been no significant cash flow hedging arrangements during the current year. During the prior year, the Group held an instrument to hedge an exposure to changes in foreign currency on a highly probable future business combination (hedged item) which was completed during the year. As a result, the cumulative cash flow hedging reserve of \u00a319.3m debit was reclassified to goodwill, presented as part of the cash consideration amount in note 27. The associated hedge ineffectiveness of \u00a34.6m was recognised in the Group Income Statement within operating costs (administrative expenses) and reported as an exceptional item (business acquisition costs). The cash flow in relation to both the effective and ineffective portions of the hedge was recorded as an investing activity in the Group Statement of Cash Flows in accordance with the underlying hedged cash flow. Interest rate risk The Group has both interest bearing assets and liabilities. As per Group Treasury policy, the proportion of Group debt to be protected by fixed interest rates should fall between 40% and 75% of the Group\u2019s gross debt. As at 31 December 2024, approximately 52% of Group borrowings were at fixed rates (2023: 51%). At 31 December 2024, aside from the fixed rate loan notes, all Group debt and cash was exposed to repricing within 12 months of the balance sheet date. At 31 December 2024, the Group\u2019s fixed rate debt was at a weighted average rate of 2.66% (2023: 2.64%). As at 31 December 2024, the Group\u2019s floating rate liabilities are based on SONIA, SOFR 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 \u00a33.4m (2023: \u00a32.7m) 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 25 to 28. 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 7.1% against a post-tax Weighted Average Cost of Capital (WACC) of 7.9%. 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 2024. Further details can be found in the Finance Review on pages 25 to 28. 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 17 to 19.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:2138004WCNBFJEEOXV26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-478": { "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 2024, 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 \u00a321.1m (2023: \u00a319.0m) 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 \u00a3199.1m (2023: \u00a3204.8m) lower/higher.
Cash flow hedging
There have been no significant cash flow hedging arrangements during the current year. During the
prior year, the Group held an instrument to hedge an exposure to changes in foreign currency on a
highly probable future business combination (hedged item) which was completed during the year. As a
result, the cumulative cash flow hedging reserve of \u00a319.3m debit was reclassified to goodwill, presented
as part of the cash consideration amount in note 27. The associated hedge ineffectiveness of \u00a34.6m was
recognised in the Group Income Statement within operating costs (administrative expenses) and
reported as an exceptional item (business acquisition costs). The cash flow in relation to both the
effective and ineffective portions of the hedge was recorded as an investing activity in the Group
Statement of Cash Flows in accordance with the underlying hedged cash flow.
Interest rate risk
The Group has both interest bearing assets and liabilities. As per Group Treasury policy, the proportion of
Group debt to be protected by fixed interest rates should fall between 40% and 75% of the Group\u2019s gross
debt. As at 31 December 2024, approximately 52% of Group borrowings were at fixed rates (2023: 51%).
At 31 December 2024, aside from the fixed rate loan notes, all Group debt and cash was exposed to
repricing within 12 months of the balance sheet date.
At 31 December 2024, the Group\u2019s fixed rate debt was at a weighted average rate of 2.66% (2023: 2.64%).
As at 31 December 2024, the Group\u2019s floating rate liabilities are based on SONIA, SOFR 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 \u00a33.4m (2023: \u00a32.7m) 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-479": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-480": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-481": { "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 25 to 28. 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 7.1% against a post-tax Weighted Average Cost of Capital (WACC) of 7.9%. 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 2024. Further details can be found in the Finance Review on pages 25 to 28. 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 17 to 19.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:2138004WCNBFJEEOXV26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-413": { "value": "
21. Provisions
Environmental Restructuring Site restoration Other Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January 2024
5.0
4.4
7.6
2.1
19.1
Exchange differences
(0.1)
\u2013
(0.1)
0.1
(0.1)
Released to the income statement
(0.5)
\u2013
\u2013
(0.1)
(0.6)
Charged to the income statement
9.0
3.3
0.1
1.6
14.0
Cash paid against provisions and
utilised
(1.3)
(6.8)
\u2013
(0.5)
(8.6)
At 31 December 2024
12.1
0.9
7.6
3.2
23.8
Analysis of total provisions
2024
2023
\u00a3m \u00a3m
Current
6.5
8.6
Non-current
17.3
10.5
23.8
19.1
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. Provisions recognised are estimates covering many years
based on current conditions, including the regulatory environment, or known future changes. Future
costs may vary due to events and conditions outside of the Group\u2019s control, e.g. changes in regulations.
The environmental provision relates to soil, potential groundwater and other contamination on a number
of sites, both currently in use and previously occupied, in Europe and the Americas. The provisions are
based on most recently available facts and prior experience and are recorded at the estimated amount
as at the balance sheet date. The amount charged to the income statement in the year includes \u00a38.5m
which has been classified as an exceptional item. This relates to two sites in the Americas, one of which
is operated by the Group and one which has been previously sold to an external third party, but where
the Group retains responsibility to rectify previous contamination. The contamination being remediated
occurred historically, and in the case of the operational site, prior to the Group\u2019s acquisition of the site,
and is not due to the ongoing activities of the Group. Whilst provisions have existed in relation to these
sites for many years, new information has been identified indicating that a higher provision is required
than had previously been recognised. This is in part due to an expectation that ongoing monitoring
of the remediation activities completed to mitigate the contaminations will be required for longer than
previously anticipated. The Directors expect that the balance will be utilised within 35 years.
The site restoration provisions relate to certain leased sites with an existing obligation to restore the
environment or dismantle assets. The provisions are based on most recently available facts and prior
experience and are recorded at the estimated amount as at the balance sheet date. The associated
leased sites have remaining terms of between 16 and 42 years.
A restructuring provision was created in the prior year associated with changes to the Group\u2019s operating
model. Further costs have been incurred during the year related to this activity, with most of the
provision utilised by year end. The remaining provision is expected to be utilised in less than one year.
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-414": { "value": "
22. Ordinary share capital
2024
2023
Ordinary shares of 10.61p (2023: 10.61p)
\u00a3m
\u00a3m
Allotted, called up and fully paid
At 1 January and 31 December \u2013 142,536,884 (2023: 142,536,884)
ordinary shares
15.1
15.1
During 2024, options were granted to employees under the Croda International Plc Sharesave Scheme
to subscribe for 130,814 ordinary shares at an option price of 3131p per share. Conditional awards over
173,498 ordinary shares were granted under the Performance Share Plan during the year. Also granted
in the year were 51,650 shares under the Free Share Plan and 8,843 shares under the Restricted Share
Plan. There were no shares granted during the year under the Deferred Bonus Share Plan.
During the year consideration of \u00a30.4m was received on the exercise of options over 8,105 shares. The
options were satisfied with shares transferred from the Group's employee share trusts. Since the year
end no further shares have been transferred from the trusts. During the year, the Group purchased
77,892 of its own ordinary shares to satisfy awards under various share-based payment schemes for
consideration of \u00a32.2m.
The outstanding options to subscribe for ordinary shares were as follows at the balance sheet date:
Year
option Number of
granted
shares
Price
Options exe
rcisable from
Croda International Plc Sharesave
Scheme
2021
8,007
7327p
1 Nov 2024 to 30 Apr 2025
2022
23,563
5509p
1 Nov 2025 to 30 Apr 2026
2023
76,073
3977p
1 Nov 2026 to 30 Apr 2027
2024
127,136
3131p
1 Nov 2027 to 30 Apr 2028
Croda International Plc
Performance Share Plan (2014)
2022
108,463
Nil
22 Mar 2025
2023
128,643
Nil
17 Mar 2026
2023
2,691
Nil
02 May 2026
2024
163,541
Nil
27 Mar 2027
2024
4,496
Nil
29 Apr 2027
Croda International Plc Deferred
Bonus
Share Plan
2022
17,916
Nil
22 Mar 2025
2023
22,928
Nil
17 Mar 2026
Croda International Plc Restricted
Share Plan
2022
6,060
Nil
29 Mar 2025
2023
8,056
Nil
21 Mar 2026
2024
8,567
Nil
19 Mar 2027
Croda International Plc Free Share
Plan
2024
7,300
Nil
02 May 2025
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:2138004WCNBFJEEOXV26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-464": { "value": "22. Ordinary share capital
2024
2023
Ordinary shares of 10.61p (2023: 10.61p)
\u00a3m
\u00a3m
Allotted, called up and fully paid
At 1 January and 31 December \u2013 142,536,884 (2023: 142,536,884)
ordinary shares
15.1
15.1
During 2024, options were granted to employees under the Croda International Plc Sharesave Scheme to subscribe for 130,814 ordinary shares at an option price of 3131p per share. Conditional awards over 173,498 ordinary shares were granted under the Performance Share Plan during the year. Also granted in the year were 51,650 shares under the Free Share Plan and 8,843 shares under the Restricted Share Plan. There were no shares granted during the year under the Deferred Bonus Share Plan. During the year consideration of \u00a30.4m was received on the exercise of options over 8,105 shares. The options were satisfied with shares transferred from the Group's employee share trusts. Since the year end no further shares have been transferred from the trusts. During the year, the Group purchased 77,892 of its own ordinary shares to satisfy awards under various share-based payment schemes for consideration of \u00a32.2m. The outstanding options to subscribe for ordinary shares were as follows at the balance sheet date:
Year
option Number of
granted
shares
Price
Options exe
rcisable from
Croda International Plc Sharesave
Scheme
2021
8,007
7327p
1 Nov 2024 to 30 Apr 2025
2022
23,563
5509p
1 Nov 2025 to 30 Apr 2026
2023
76,073
3977p
1 Nov 2026 to 30 Apr 2027
2024
127,136
3131p
1 Nov 2027 to 30 Apr 2028
Croda International Plc
Performance Share Plan (2014)
2022
108,463
Nil
22 Mar 2025
2023
128,643
Nil
17 Mar 2026
2023
2,691
Nil
02 May 2026
2024
163,541
Nil
27 Mar 2027
2024
4,496
Nil
29 Apr 2027
Croda International Plc Deferred
Bonus
Share Plan
2022
17,916
Nil
22 Mar 2025
2023
22,928
Nil
17 Mar 2026
Croda International Plc Restricted
Share Plan
2022
6,060
Nil
29 Mar 2025
2023
8,056
Nil
21 Mar 2026
2024
8,567
Nil
19 Mar 2027
Croda International Plc Free Share
Plan
2024
7,300
Nil
02 May 2025
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 2024 the QUEST held 43,243 (2023: 51,348) shares transferred at a nil cost (2023: nil cost) with a market value of \u00a31.5m (2023: \u00a32.6m). The CIPEBT held 1,391 (2023: 791) shares transferred at a nil cost (2023: nil cost) with a market value of \u00a30.1m (2023: \u00a30.1m). As at 31 December 2024 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 2024 and, except for a nominal amount, the right to receive dividends has been waived. As at 31 December 2024 the total number of treasury shares held was 2,901,442 (2023: 2,901,442) with a market value of \u00a398.2m (2023: \u00a3146.5m). 25. Non-controlling interests in equity
2024
2023
\u00a3m
\u00a3m
At 1 January
15.6
15.5
Exchange differences
(0.2)
(1.0)
Profit for the year
1.1
1.1
Dividends paid to non-controlling interests
(2.1)
\u2013
At 31 December
14.4
15.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:2138004WCNBFJEEOXV26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-415": { "value": "23. Share-based payments The impact of share-based payment transactions on the Group\u2019s financial position is as follows:
2024
2023
\u00a3m \u00a3m
Analysis of amounts recognised in the income statement:
Charged in respect of equity settled share-based payment transactions
4.1
1.8
Charged/(credited) in respect of cash settled share-based payment
transactions
2.2
(0.1)
6.3
1.7
Analysis of amounts recognised in the balance sheet:
Liability in respect of cash settled share-based payment transactions
3.3
2.5
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:
2024
2023
Grant date
11 Sep 2024
14 Sep 2023
Share price at grant date
3909p
5006p
Exercise price
3131p
3977p
Number of employees
579
678
Shares under option
130,814
120,988
Vesting period
Three years
Three years
Expected volatility
29%
27%
Option life
Six months
Six months
Risk free rate
3.5%
4.5%
Dividend yield
2.8%
2.2%
Possibility of forfeiture
7.5% p.a.
7.5% p.a.
Fair value per option at grant date
1105.9p
1518.8p
Option pricing model
Black
Black
Scholes
Scholes
A reconciliation of option movements over the year is as follows:
2024
2023
Weighted
Weighted
average average
Number
exercise price
Number
exercise price
Outstanding at 1 January
222,322
4687p
155,551
5592p
Granted
130,814
3131p
120,988
3977p
Forfeited
(110,252)
4748p
(48,349)
5899p
Exercised
(8,105)
4814p
(5,868)
4049p
Outstanding at 31 December
234,779
3787p
222,322
4687p
Exercisable at 31 December
8,007
7327p
36,725
4802p
For options exercised in year, weighted
average share price at date of exercise
5102p
6555p
Weighted average remaining life at 31
December (years)
2.5
2.3
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:
2024
2023
Grant date
11 Sep 2024
14 Sep 2023
Share price at grant date
3909p
5006p
Exercise price
3131p
3977p
Number of employees
2,223
2,870
Shares under option
420,788
430,668
Vesting period
Three years
Three years
Expected volatility
30%
28%
Option life
One month
One month
Risk free rate
4.2%
3.5%
Dividend yield
3.2%
2.1%
Possibility of forfeiture
7.5% p.a.
7.5% p.a.
Fair value per option at 31 December
751.8p
1480.0p
Option pricing model
Black
Black
Scholes Scholes
A reconciliation of option movements over the year is as follows:
2024
2023
Weighted
Weighted
average average
Number
exercise price
Number
exercise price
Outstanding at 1 January
701,270
4842p
547,706
5778p
Granted
420,788
3131p
430,668
3977p
Forfeited
(298,333)
5355p
(274,528)
5225p
Exercised
(1,147)
3953p
(2,576)
4881p
Outstanding at 31 December
822,578
3777p
701,270
4842p
For options exercised in year, weighted
average share price at date of exercise
4394p
6099p
Weighted average remaining life at 31
December (years)
2.2
2.3
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 74 to 102). 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:
2024
Market
Non-market
Market
Non-market
condition
condition
condition
condition
Grant date
29 Apr 2024
29 Apr 2024
27 Mar 2024
27 Mar 2024
Share price at grant date
4625p
4625p
4853p
4853p
Number of employees
2
2
61
61
Shares under conditional award
1,574
2,922
59,151
109,851
Vesting period
Three years
Three years
Three years
Three years
Expected volatility
29%
29%
29%
29%
Dividend yield
2.4%
2.4%
2.3%
2.3%
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
2289p
4307p
2402p
4540p
Closed form
Closed form
Closed form
Closed form
Option pricing model
valuation
valuation
valuation
valuation
2023
Market
Non-market
Market
Non-market
condition
condition
condition
condition
Grant date
02 May 2023
02 May 2023
17 Mar 2023
17 Mar 2023
Share price at grant date
6962p
6962p
6401p
6401p
Number of employees
2
2
68
68
Shares under conditional award
1,599
2,970
55,367
102,825
Vesting period
Three years
Three years
Three years
Three years
Expected volatility
27%
27%
27%
27%
Dividend yield
1.6%
1.6%
1.8%
1.8%
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
3558p
6647p
3119p
5800p
Option pricing model
Closed form
Closed form
Closed form
Closed form
valuation
valuation
valuation
valuation
A reconciliation of option movements over the year is as follows:
2024
2023
Weighted
Weighted
average average
Number
exercise price
Number
exercise price
Outstanding at 1 January
395,204
\u2013
399,115
\u2013
Granted
173,498
\u2013
162,761
\u2013
Forfeited
(119,036)
\u2013
(19,961)
\u2013
Exercised
(41,832)
\u2013
(146,711)
\u2013
Outstanding at 31 December
407,834
\u2013
395,204
\u2013
For options exercised in year, weighted
average share price at date of exercise
5020p
6641p
Weighted average remaining life at 31
December (years)
1.4
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 74 to 102).
2024
2023
Grant date
\u2013
17 Mar 2023
Share price at grant date
\u2013
6401p
Number of employees
\u2013
10
Shares under conditional award
\u2013
21,951
Vesting period
\u2013
Three years
A reconciliation of option movements over the year is as follows:
2024
2023
Weighted
Weighted
average average
Number
exercise price
Number
exercise price
Outstanding at 1 January
39,851
\u2013
17,160
\u2013
Granted
\u2013
\u2013
21,951
\u2013
Dividend enhancement
993
\u2013
740
\u2013
Outstanding at 31 December
40,844
\u2013
39,851
\u2013
For options exercised in year, weighted
average
share price at date of exercise
\u2013
\u2013
Weighted average remaining life at 31
December (years)
0.8
1.8
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. 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:
2024
2023
Grant date
19 Mar 2024
21 Mar 2023
Share price at grant date
4724p
6412p
Number of employees
50
38
Shares under conditional award
8,843
8,513
Vesting period
Three years
Three years
Dividend yield
2.3%
1.7%
Possibility of forfeiture
3.45% p.a.
3.45% p.a.
Fair value per option at grant date
4412p
6110p
Option pricing model
Closed form
Closed form
valuation valuation
A reconciliation of option movements over the year is as follows:
2024
2023
Weighted
Weighted
average average
Number
exercise price
Number
exercise price
Outstanding at 1 January
21,524
\u2013
19,894
\u2013
Granted
8,843
\u2013
8,513
\u2013
Forfeited
(1,031)
\u2013
(825)
\u2013
Exercised
(6,653)
\u2013
(6,058)
\u2013
Outstanding at 31 December
22,683
\u2013
21,524
\u2013
For options exercised in year, weighted
average share price at date of exercise
4711p
6482p
Weighted average remaining life at
31 December (years)
1.4
1.3
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. No options were granted under this plan in 2023. 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:
2024
Grant date
06 Sep 2024
Share price at grant date
3868p
Number of employees
5,165
Shares under conditional award
51,650
Vesting period
One year
Dividend yield
2.8%
Possibility of forfeiture
7.5% p.a.
Fair value per option at grant date
3797p
Option pricing model
Closed form
valuation
A reconciliation of option movements over the year is as follows:
2024
2023
Weighted
Weighted
average average
Number
exercise price
Number
exercise price
Outstanding at 1 January
\u2013
\u2013
49,390
\u2013
Granted
51,650
\u2013
\u2013
\u2013
Forfeited
(1,760)
\u2013
(2,280)
\u2013
Exercised
\u2013
\u2013
(47,110)
\u2013
Outstanding at 31 December
49,890
\u2013
\u2013
\u2013
For options exercised in year, weighted average
share price at date of
exercise
\u2013
6962p
Weighted average remaining life at 31 December
(years)
0.3
\u2013
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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:2138004WCNBFJEEOXV26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-416": { "value": "
25. Non-controlling interests in equity
2024
2023
\u00a3m
\u00a3m
At 1 January
15.6
15.5
Exchange differences
(0.2)
(1.0)
Profit for the year
1.1
1.1
Dividends paid to non-controlling interests
(2.1)
\u2013
At 31 December
14.4
15.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:2138004WCNBFJEEOXV26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-417": { "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": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:2138004WCNBFJEEOXV26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-450": { "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": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:2138004WCNBFJEEOXV26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-465": { "value": "27. Business combinations 2023 Acquisition On 4 July 2023 the Group successfully completed the acquisition of 100% share capital of Solus Biotech Co Ltd (\u2018Solus\u2019), a global leader in premium, biotechnology-derived active ingredients for beauty care (Consumer Care sector) and pharmaceuticals (Life Sciences sector) employing 95 people in South Korea. The business was acquired for a total cash consideration of \u00a3227.4m with total identifiable net assets of \u00a397.9m, generating goodwill of \u00a3129.5m. The acquisition provided access to Solus\u2019 existing biotech- derived ceramide and phospholipid technologies, and its emerging capabilities in natural retinol. This acquisition significantly strengthens Croda\u2019s Beauty Actives portfolio and increases its exposure to targeted prestige segments. Located in South Korea, Solus expands Croda\u2019s Asian manufacturing capability and creates a new biotechnology R&D hub in the region. Post-acquisition the entity has changed its name to Croda Korea Ltd.", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:2138004WCNBFJEEOXV26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-9": { "value": "Manufacture, sale 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-10": { "value": "Cowick Hall, Snaith, Goole, East Yorkshire DN14 9AA", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:2138004WCNBFJEEOXV26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } } } }