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"concept": "ifrs-full:InterestPaidClassifiedAsFinancingActivities",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
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}
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
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"decimals": -5,
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"entity": "scheme:2138005IF1N2RKJ6KO18",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
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}
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
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}
},
"f18733": {
"value": "1. Authorisation of financial statements The consolidated financial statements of the Group for the year ended 31 December 2022
\nwere authorised for issue by the Board of Directors on 14 March 2023 and the balance sheet
\nwas signed on the Board\u2019s behalf by Joe Vorih and Paul James.
\nGenuit Group plc (previously known as Polypipe Group plc) is a public limited company
\nincorporated and domiciled in England and Wales. The principal activity of the Group is the
\nprovision of sustainable water and climate management solutions for the built environment.
\n2. Summary of significant accounting policies
\nThe basis of preparation and accounting policies used in preparing the consolidated
\nhistorical financial information for the year ended 31 December 2022 are set out below.
\nThese accounting policies have been consistently applied in all material respects
\nto all the periods presented.
\n2.1 Basis of preparation and statement of compliance with IFRSs
\nThe Group\u2019s consolidated financial statements have been prepared in accordance with
\nUK-adopted International Accounting Standards (UK-adopted-IAS).
\nThe accounting policies which follow set out those policies which apply in preparing
\nthe consolidated financial statements for the year ended 31 December 2022.
\nThe Group\u2019s consolidated financial statements have been prepared on a historical cost basis
\nexcept for derivative financial instruments and deferred and contingent consideration that
\nhave been measured at fair value. The consolidated financial statements are presented in
\nPounds Sterling and all values are rounded to one decimal place of a million (\u00a3m) unless
\notherwise indicated.
\n2.2 Going concern
\nThe Directors have made enquiries into the adequacy of the Group\u2019s financial resources,
\nthrough a review of the Group\u2019s budget and medium-term financial plan, including cash flow
\nforecasts. The Group has modelled a range of scenarios, with the base forecast being one in
\nwhich, over the 24 months ending 31 December 2024, sales volumes grow in line with or
\nmoderately above external construction industry forecasts.
\nIn addition, the Directors have considered several downside scenarios, including adjustments
\nto the base forecast, a period of significantly lower like-for-like sales, profitability and cash
\nflows. Consistent with our Principal Risks and Uncertainties these downside scenarios included,
\nbut were not limited to, loss of production, loss of a major customer, product failure, recession,
\nincreases in interest rates and increases in raw material prices. Downside scenarios also
\nincluded a combination of these risks, and reverse stress testing.
\nThe financial impact of the climate-related risks disclosed within the Task Force on
\nClimate-Related Financial Disclosures Report on pages 26 to 35 of the Strategic Report
\ncontinue to be assessed. Through the detailed qualitative scenario analysis undertaken, the
\nDirectors conclude that there is no material adverse impact of climate change in the short to
\nmedium term, and hence have not included any impacts in either the base case or downside
\nscenarios of the going concern assessment. The Group has not experienced material adverse
\ndisruption during periods of adverse or extreme weather in recent years and do not expect
\nthis to occur to a material level over the period of the going concern assessment.
\nAt 31 December 2022, the Group had available \u00a3179.1m of undrawn committed borrowing
\nfacilities in respect of which all conditions precedent had been met. These borrowing facilities
\nare available until at least August 2027, subject to covenant headroom. The Directors are
\nsatisfied that the Group has sufficient liquidity and covenant headroom to withstand
\nreasonable variances to the base forecast, as well as the downside scenarios. In addition, the
\nDirectors have noted the range of possible additional liquidity options available to the Group,
\nshould they be required.
\nAs a result, the Directors have satisfied themselves that the Group has adequate financial
\nresources to continue in operational existence for a period of at least the next 21 months.
\nAccordingly, they continue to adopt the going concern basis in preparing the consolidated
\nfinancial statements.
\n2.3 Basis of consolidation
\nThe consolidated financial statements comprise the financial statements of the Group and its
\nsubsidiaries at 31 December 2022. Control is achieved when the Group is exposed, or has
\nrights, to variable returns from its involvement with the investee and has the ability to affect
\nthose returns through its power over the investee.
\nSpecifically, the Group controls an investee if, and only if, the Group has:
\n\u2013
power over the investee (i.e. existing rights that give it the current ability to direct the
\nrelevant activities of the investee);
\n\u2013
exposure, or rights, to variable returns from its involvement with the investee; and
\n\u2013
the ability to use its power over the investee to affect its returns.
\nThe Group reassesses whether or not it controls an investee if facts and circumstances indicate
\nthat there are changes to one or more of the three elements of control. Consolidation of a
\nsubsidiary begins when the Group obtains control over the subsidiary and ceases when the
\nGroup loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary
\nacquired or disposed of during the year are included in the consolidated financial statements
\nfrom the date the Group gains control until the date the Group ceases to control the subsidiary.
\nThe Group holds 100% of the equity and controls 100% of the voting rights in all subsidiaries, with
\nthe exception of Plura Composites Limited, Polydeck Limited, Equaflow Ltd, Sustainable Water
\nand Drainage Systems BV, Sustainable Water and Drainage Systems Limited and Water
\nManagement Solutions LLC (which has not traded since incorporation in Qatar in 2015).
\nIn relation to the acquisition of Plura Composites Limited and related entities, there exists an
\noption to acquire the remaining 49% which has not been exercised in the year. Under the
\ncontractual arrangements, the Group\u2019s approval is required for all major operational
\ndecisions. Based on this, the Group has accounted for Plura Composites Limited as a wholly
\nowned subsidiary because there is a call option over the remaining shares which gives the
\nGroup present access to returns over all the shares held by non-controlling shareholders.
\nThe treatment of non-controlling interests or any other non-voting right factors in respect of
\ncontrol is not material to the consolidated financial statements.
\n142
Genuit Group plc
Annual Report & Accounts 2022
\nStrategic Report
Governance
Remuneration
Financial Statements
Notes to the Group Financial Statements continued
\n2.4 Business combinations
\nBusiness combinations are accounted for using the acquisition method. The cost of an
\nacquisition is the total of the consideration transferred, measured at acquisition fair value.
\nAcquisition costs incurred are expensed and included in administration expenses in the
\nincome statement.
\nIdentifiable intangible assets, meeting either the contractual-legal or separability criterion are
\nrecognised separately from goodwill.
\n2.5 Goodwill
\nGoodwill is initially measured at cost being the excess of the aggregate of the acquisition
\ndate fair value of the consideration transferred over the net identifiable amounts of the assets
\nacquired and the liabilities assumed in exchange for the business combination.
\nAfter initial recognition, goodwill is stated at cost less any accumulated impairment losses
\n(see Note 2.13).
\nThe carrying amount of goodwill allocated to a cash-generating unit is taken into account
\nwhen determining the profit or loss on disposal of the unit, or of an operation within it.
\n2.6 Foreign currency translation
\nThe Group\u2019s consolidated financial statements are presented in Pounds Sterling, which is
\nalso the parent company\u2019s functional currency. Each entity in the Group determines its own
\nfunctional currency and items included in the financial statements of each entity are
\nmeasured in that functional currency.
\nTransactions in foreign currencies are initially recognised by the Group entities at their
\nrespective functional currency rates prevailing at the date of the transaction.
\nMonetary assets and liabilities denominated in foreign currencies are retranslated at the
\nfunctional currency spot rate of exchange at the balance sheet date. All differences arising
\non settlement or translation are taken to the income statement.
\nNon-monetary items that are measured in terms of historical cost in a foreign currency are
\ntranslated using the exchange rates at the dates of the initial transactions.
\nThe assets and liabilities of foreign operations are translated into Pounds Sterling at the rate of
\nexchange ruling at the balance sheet date. Income and expenses are translated at average
\nexchange rates prevailing. The resulting exchange differences are recognised in other
\ncomprehensive income.
\n2.7 Revenue from contracts with customers and interest income
\nRevenue from contracts with customers is recognised when control of the goods is
\ntransferred to the customer at an amount that reflects the consideration to which the Group
\nexpects to be entitled to in exchange for those goods. The disclosure of significant accounting
\njudgements and estimates relating to revenue from contracts with customers is provided in
\nNote 3.
\n2.7.1 Sale of goods
\nRevenue from sale of goods is recognised at the point in time when control of the goods is
\ntransferred to the customer, generally on delivery of the goods. Our most commonly used
\nstandard payment terms are 30 days net end of month.
\ni) Performance obligations
\nRevenue from sale of goods is recognised at the point in time when control of the goods is
\ntransferred to the customer, generally on delivery of the goods. Our most commonly used
\nstandard payment terms are 30 days net end of month.
\nThe Group considers whether there are other undertakings in the sales contract that are
\nseparate performance obligations to which a portion of the transaction price needs to be
\nallocated. The main source of variable consideration in our contracts with customers relates
\nto volume rebates. More information is on the accounting for rebates is provided at (ii) and (iii)
\nbelow. The Group\u2019s contracts do not typically include a significant financing component.
\nNon-cash consideration is not a feature of the Group\u2019s contractual arrangements.
\nii) Variable consideration
\nIf the consideration in a sales contract includes a variable amount, the Group estimates the
\namount of consideration to which it will be entitled in exchange for transferring the goods to
\nthe customer. The variable consideration is estimated at contract inception and constrained
\nuntil it is highly probable that a significant revenue reversal in the amount of cumulative
\nrevenue recognised will not occur when the associated uncertainty with the variable
\nconsideration is subsequently resolved. Some sales contracts provide customers with sales
\nvolume rebates. The sales volume rebates give rise to variable consideration.
\niii) Sales volume rebates
\nThe Group provides retrospective sales volume rebates to certain customers once, amongst
\nother matters, the quantity of goods purchased during a predetermined period exceeds
\nthresholds specified in the sales contract. To estimate the variable consideration for these
\nexpected future rebates, the Group applies the most likely amount method for sales contracts
\nwith a single-volume threshold and the expected value method for sales contracts with more
\nthan one volume threshold. The selected method that best predicts the amount of variable
\nconsideration is primarily driven by the number of volume thresholds contained in the sales
\ncontract. The Group then applies the requirements on constraining estimates of variable
\nconsideration and recognises a refund liability for the expected future rebates. Sales volume
\nrebate liabilities, both estimated and actual, are netted off against the associated trade
\nreceivables to the extent of the individual customer trade receivable balance and where they
\nare net settled. Any remaining credit balances are included in trade and other payables.
\nDeveloper rebate liabilities are presented in trade and other payables.
\n2.7.2 Interest income
\nInterest income is recognised as interest accrues on cash balances using the effective
\ninterest method. The effective interest rate is the rate that exactly discounts estimated future
\ncash receipts through the expected life of the financial instrument to its net carrying amount.
\n143
Genuit Group plc
Annual Report & Accounts 2022
\nStrategic Report
Governance
Remuneration
Financial Statements
Notes to the Group Financial Statements continued
\n2.8 Income taxes
\nCurrent income tax
\nCurrent income tax assets and liabilities for the current and prior years are measured at the
\namount expected to be recovered from or paid to the tax authorities, based on income tax
\nrates and laws enacted or substantively enacted at the balance sheet date.
\nDeferred income tax
\nDeferred income tax is recognised on all temporary differences arising between the tax bases
\nof assets and liabilities and their carrying amounts in the consolidated financial statements,
\nwith the following exceptions:
\n\u2013
where the deferred income tax asset relating to the deductible temporary difference arises
\nfrom the initial recognition of an asset or liability in a transaction that is not a business
\ncombination and, at the time of the transaction, affects neither the accounting profit nor
\ntaxable profit or loss;
\n\u2013
in respect of taxable temporary differences associated with investments in subsidiaries,
\nwhere the timing of the reversal of the temporary differences can be controlled and it is
\nprobable that the temporary differences will not reverse in the foreseeable future; and
\n\u2013
deferred income tax assets are recognised only to the extent that it is probable that taxable
\nprofit will be available against which the deductible temporary differences, carried forward
\ntax credits or tax losses can be utilised.
\nFor deductible temporary differences associated with investments in subsidiaries it must
\nadditionally be probable that the temporary differences will reverse in the foreseeable future.
\nThe carrying amount of deferred income tax assets is reviewed at each balance sheet date.
\nDeferred income tax assets and liabilities are offset only if a legally enforceable right exists
\nto set off current income tax assets against current income tax liabilities and the deferred
\nincome taxes relate to the same tax authority and that authority permits the Group to make
\na single net payment.
\nDeferred income tax assets and liabilities are measured on an undiscounted basis at the
\nincome tax rates that are expected to apply when the asset is realised or the liability is
\nsettled, based on income tax rates and laws enacted or substantively enacted at the
\nbalance sheet date.
\nIncome tax is charged or credited to other comprehensive income if it relates to items that
\nare charged or credited to other comprehensive income. Similarly, income tax is charged or
\ncredited directly to equity if it relates to items that are charged or credited directly to equity.
\nOtherwise, income tax is recognised in the income statement.
\n2.9 Property, plant and equipment
\nProperty, plant and equipment is stated at cost less accumulated depreciation and
\naccumulated impairment losses, if any. Cost comprises the aggregate amount paid and the
\nfair value of any other consideration given to acquire the asset and includes costs directly
\nattributable to making the asset capable of operating as intended.
\nDepreciation is provided on the cost less residual value of property, plant and equipment, and
\nis on a straight-line basis over its expected useful life as follows:
\nFreehold land
Nil
\nFreehold buildings
Over expected useful life not exceeding 50 years
\nPlant and other equipment
4 to 10 years
\nThe carrying amounts of property, plant and equipment are reviewed for impairment if events
\nor changes in circumstances indicate the carrying amount may not be recoverable, and are
\nwritten down immediately to their recoverable amount. Useful lives, residual values and
\ndepreciation methods are reviewed at each financial year end, and where adjustments are
\nrequired, these are made prospectively.
\nAn item of property, plant and equipment and any significant part initially recognised is
\nderecognised upon disposal or where no future economic benefits are expected to arise from
\nthe continued use of the asset. Any profit or loss arising on the derecognition of the asset
\n(calculated as the difference between the net disposal proceeds and the carrying amount of
\nthe asset) is included in the income statement when the asset is derecognised.
\n2.10 Intangible assets
\nIntangible assets acquired separately are initially measured at cost. Intangible assets arising
\non business combinations are initially measured at fair value. Following initial recognition,
\nintangible assets are carried at cost or fair value less accumulated amortisation and
\naccumulated impairment losses, if any. Internally generated intangible assets, excluding
\ncapitalised development costs, are not capitalised and expenditure is reflected in the income
\nstatement in the year in which the expenditure is incurred.
\nThe useful lives of intangible assets are assessed as either finite or indefinite. Intangible assets
\nwith finite lives are amortised on a straight-line basis over their expected useful life and are
\nassessed for impairment whenever there is an indication that the intangible asset may be
\nimpaired.
\nAmortisation of intangible assets is provided over the following expected useful lives:
\nPatents and brand names
10 to 20 years
\nCustomer relationships and customer order book
5 to 20 years
\nLicences
10 years
\nDevelopment costs
4 to 10 years
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\nResearch and development costs
\nResearch costs are expensed as incurred. Development expenditures on individual projects
\nare recognised as an intangible asset when the Group can demonstrate:
\n\u2013
the technical feasibility of completing the intangible asset so that it will be available
\nfor use or sale;
\n\u2013
its intention to complete and its ability to use or sell the asset;
\n\u2013
how the asset will generate future economic benefits;
\n\u2013
the availability of resources to complete the asset; and
\n\u2013
the ability to measure reliably the expenditure during development.
\n2.11 Government grants
\nGovernment grants are recognised where there is reasonable assurance that the grant will be
\nreceived, and all attached conditions will be complied with. When the grant relates to an
\nexpense item, it is recognised as income on a systematic basis over the periods that the related
\ncosts, for which it is intended to compensate, are expensed. When the grant relates to an asset,
\nit is recognised as income in equal amounts over the expected useful life of the related asset.
\nWhen the Group receives grants of non-monetary assets, the asset and the grant are
\nrecorded at nominal amounts and released to the income statement over the expected
\nuseful life of the asset, based on the pattern of consumption of the benefits of the underlying
\nasset by equal annual instalments.
\n2.12 Assets classified as held-for-sale
\nAssets classified as held-for-sale are measured at the lower of carrying amount and fair
\nvalue, less costs to sell. Assets are classified as held-for-sale if their carrying amount will be
\nrecovered through a sale transaction rather than through continuing use. This condition is
\nregarded as met only when the sale is highly probable, expected to be completed within one
\nyear from the date of classification and accordingly included in current assets with the
\nassociated liabilities being included in current liabilities, and the asset is available for
\nimmediate sale in its present condition.
\n2.13 Impairment of non-financial assets
\nThe Group assesses at each balance sheet date whether there are any indicators that an
\nasset may be impaired.
\nIf any such indication exists, or when annual impairment testing for an asset is required, the
\nGroup makes an estimate of the asset\u2019s recoverable amount in order to determine the extent of
\nthe impairment loss. The recoverable amount of an asset or cash-generating unit (CGU) is the
\nhigher of its fair value less costs to sell and its value-in-use and it is determined for an individual
\nasset, unless the asset does not generate cash flows that are largely independent of those from
\nother assets or groups of assets. Where the carrying amount of an asset exceeds its
\nrecoverable amount, the asset is considered impaired and is written down to its recoverable
\namount. In assessing value-in-use, the estimated future pre-tax cash flows are discounted to
\ntheir present value using a pre-tax discount rate that reflects current market assessments of
\nthe time value of money and the risks specific to the asset. In determining fair value less costs
\nto sell, recent market transactions are taken into account. If no such transactions can be
\nidentified, an appropriate valuation model is used. These calculations are corroborated by
\nvaluation multiples or other available fair value indicators.
\nThe Group bases its impairment calculations on detailed budgets and industry forecast
\ncalculations which are prepared separately for each of the Group\u2019s CGUs to which the
\nindividual assets are allocated. These budgets and industry forecast calculations are
\ngenerally covering a period of five years. For longer periods, a long-term growth rate is
\ncalculated and applied to project future cash flows after the fifth year.
\nImpairment losses are recognised in the income statement in those expense categories
\nconsistent with the function of the impaired asset.
\nGoodwill
\nGoodwill has specific characteristics for impairment and is tested annually (at 31 December)
\nor when circumstances indicate that the carrying amount may be impaired.
\nImpairment is determined for goodwill by assessing the recoverable amount of each CGU to
\nwhich the goodwill relates. For the purpose of impairment testing, goodwill is allocated to the
\nrelated CGUs. Each CGU or group of CGUs to which goodwill is allocated represents the lowest
\nlevel within the entity at which the goodwill is monitored for internal management purposes
\nand is not larger than an operating segment before aggregation. Where the recoverable
\namount of the CGU is less than its carrying amount, including goodwill, an impairment loss is
\nrecognised in the income statement.
\nImpairment losses related to goodwill are not reversed in future periods.
\n2.14 Leasing
\nRight-of-use assets
\nThe Group recognises right-of-use assets at the commencement date of the lease (i.e. the date
\nthe underlying asset is available for use). Right-of-use assets are measured at cost, less any
\naccumulated depreciation and impairment losses, and adjusted for any remeasurement of
\nlease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised,
\ninitial direct costs incurred, and lease payments made at or before the commencement date
\nless any lease incentives received. Unless the Group is reasonably certain to obtain ownership of
\nthe leased asset at the end of the lease term, the recognised right-of-use assets are
\ndepreciated on a straight-line basis over the shorter of its expected useful life and the lease
\nterm. Right-of-use assets are subject to impairment.
\nLease liabilities
\nAt the commencement date of the lease, the Group recognises lease liabilities measured at the
\npresent value of lease payments to be made over the lease term. The lease payments include
\nfixed payments (including in-substance fixed payments) less any lease incentives receivable,
\nvariable lease payments that depend on an index or a rate, and amounts expected to be paid
\nunder residual value guarantees. The lease payments also include the exercise price of a
\npurchase option reasonably certain to be exercised by the Group and payments of penalties for
\nterminating a lease, if the lease term reflects the Group exercising the option to terminate. The
\nvariable lease payments that do not depend on an index or a rate are recognised as an
\nexpense in the period in which the event or condition that triggers the payment occurs.
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\n2.14 Leasing continued
\nIn calculating the present value of lease payments, the Group uses the incremental borrowing
\nrate at the lease commencement date if the interest rate implicit in the lease is not readily
\ndeterminable. After the commencement date, the amount of lease liabilities is increased to
\nreflect the accretion of interest and reduced for the lease payments made. In addition, the
\ncarrying amount of lease liabilities is remeasured if there is a modification, a change in the
\nlease term, a change in the in-substance fixed lease payments or a change in the
\nassessment to purchase the underlying asset.
\nShort-term leases and leases of low-value assets
\nThe Group applies the short-term lease recognition exemption to its short-term leases of
\nmachinery and equipment (i.e. those leases that have a lease term of 12 months or less from
\nthe commencement date and do not contain a purchase option). It also applies the lease of
\nlow-value assets recognition exemption to leases that are considered of low value. Lease
\npayments on short-term leases and leases of low-value assets are recognised as an expense
\non a straight-line basis over the lease term.
\nDetermining the lease term of contracts with renewal options
\nThe Group determines the lease term as the non-cancellable term of the lease, together with
\nany periods covered by an option to extend the lease if it is reasonably certain to be
\nexercised, or any periods covered by an option to terminate the lease, if it is reasonably
\ncertain not to be exercised.
\nThe Group has the option, under some of its leases, to lease the assets for additional terms.
\nThe Group applies judgement in evaluating whether it is reasonably certain to exercise the
\noption to renew. That is, it considers all relevant factors that create an economic incentive
\nfor it to exercise the renewal. After the commencement date, the Group reassesses
\nthe lease term if there is a significant event or change in circumstances that is within
\nits control and affects its ability to exercise (or not to exercise) the option to renew
\n(e.g. a change in business strategy).
\n2.15 Financial instruments \u2013 initial recognition and subsequent measurement
\nA financial instrument is any contract that gives rise to a financial asset of one entity and
\na financial liability or equity instrument of another entity.
\ni) Financial assets
\nInitial recognition and measurement
\nFinancial assets are classified, at initial recognition, as subsequently measured at amortised
\ncost, fair value through other comprehensive income, or fair value through profit or loss (FVTPL).
\nThe classification of financial assets at initial recognition depends on the financial asset\u2019s
\ncontractual cash flow characteristics and the Group\u2019s business model for managing them. With
\nthe exception of trade receivables that do not contain a significant financing component, the
\nGroup initially measures a financial asset at its fair value plus, in the case of a financial asset not
\nrecognised at FVTPL, transaction costs. Trade receivables that do not contain a significant
\nfinancing component are measured at the transaction price determined under IFRS 15.
\nIn order for a financial asset to be classified and measured at amortised cost or fair value
\nthrough other comprehensive income, it needs to give rise to cash flows that are \u2018solely
\npayments of principal and interest (SPPI)\u2019 on the principal amount outstanding. This
\nassessment is referred to as the SPPI test and is performed at an instrument level.
\nThe Group\u2019s business model for managing financial assets refers to how it manages its
\nfinancial assets in order to generate cash flows. The business model determines whether cash
\nflows will result from collecting contractual cash flows, selling the financial assets, or both.
\nThe Group\u2019s financial assets include cash and cash equivalents and trade and other
\nreceivables.
\nSubsequent measurement
\nThe subsequent measurement of financial assets depends on their classification. The Group
\ndoes not currently hold any fair value through other comprehensive income financial assets.
\nFinancial assets at amortised cost
\nThe Group measures financial assets at amortised cost if both of the following conditions
\nare met:
\n\u2013
the financial asset is held within a business model with the objective to hold financial assets
\nin order to collect contractual cash flows; and
\n\u2013
the contractual terms of the financial asset give rise on specified dates to cash flows that
\nare solely payments of principal and interest on the principal amount outstanding.
\nFinancial assets at amortised cost are subsequently measured using the effective interest
\nmethod and are subject to impairment. Gains and losses are recognised in profit or loss when
\nthe asset is derecognised, modified or impaired.
\nThe Group\u2019s financial assets at amortised cost includes cash and cash equivalents and trade
\nreceivables.
\nDerecognition
\nA financial asset (or, where applicable, a part of a financial asset or part of a group of similar
\nfinancial assets) is primarily derecognised when:
\n\u2013
the rights to receive cash flows from the asset have expired; or
\n\u2013
the Group has transferred its rights to receive cash flows from the asset or has assumed an
\nobligation to pay the received cash flows in full without material delay to a third party under
\na \u2018pass-through\u2019 arrangement; and either (a) the Group has transferred substantially all the
\nrisks and rewards of the asset, or (b) the Group has neither transferred nor retained
\nsubstantially all the risks and rewards of the asset, but has transferred control of the asset.
\nWhen the Group has transferred its rights to receive cash flows from an asset or has entered
\ninto a pass-through arrangement, it evaluates if, and to what extent, it has retained the risks
\nand rewards of ownership. When it has neither transferred nor retained substantially all of the
\nrisks and rewards of the asset, nor transferred control of the asset, the Group continues to
\nrecognise the transferred asset to the extent of its continuing involvement. In that case, the
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\nGroup also recognises an associated liability. The transferred asset and the associated liability
\nare measured on a basis that reflects the rights and obligations that the Group has retained.
\nContinuing involvement that takes the form of a guarantee over the transferred asset is
\nmeasured at the lower of the original carrying amount of the asset and the maximum amount
\nof consideration that the Group could be required to repay.
\nImpairment
\nThe Group recognises an allowance for expected credit losses (ECLs) for all financial assets
\nnot held at FVTPL. ECLs are based on the difference between the contractual cash flows due in
\naccordance with the contract and all the cash flows that the Group expects to receive,
\ndiscounted at an approximation of the original effective interest rate.
\nFor trade receivables, the Group applies a simplified approach in calculating ECLs. Therefore,
\nthe Group does not track changes in credit risk, but instead recognises a loss allowance
\nbased on lifetime ECLs at each balance sheet date. The Group has established a provision
\nmatrix that is based on its historical credit loss experience, adjusted for forward-looking
\nfactors specific to the receivables and the economic environment.
\nii) Financial liabilities
\nInitial recognition and measurement
\nFinancial liabilities are classified, at initial recognition, as financial liabilities at FVTPL, loans and
\nborrowings, payables, lease liabilities or as derivatives designated as hedging instruments in
\nan effective hedge, as appropriate.
\nAll financial liabilities are recognised initially at fair value and, in the case of loans and
\nborrowings and payables, net of directly attributable transaction costs.
\nThe Group\u2019s financial liabilities include trade and other payables, lease liabilities, deferred and
\ncontingent consideration, loans and borrowings including bank overdrafts, and derivative
\nfinancial instruments.
\nSubsequent measurement
\nThe measurement of financial liabilities depends on their classification, as described below:
\nFinancial liabilities at fair value through profit or loss
\nDerivative financial instruments are classified as FVTPL unless they are designated as effective
\nhedging instruments. Gains and losses on such derivatives are recognised in the income
\nstatement. However, in the current and prior period all derivatives have been designated as
\nhedging instruments in effective hedging relationships. Further information on their
\naccounting is provided at 2.16 below. As such, the only financial liability at FVTPL is the deferred
\nand contingent consideration (see Note 18).
\nLoans and borrowings
\nAfter initial recognition, interest-bearing loans and borrowings are subsequently measured
\nat amortised cost using the effective interest method. Profits and losses arising on the
\nrepurchase, settlement or otherwise cancellation of liabilities are recognised in finance
\nrevenues and finance costs, respectively.
\nDerecognition
\nA financial liability is derecognised when the obligation under the liability is discharged or
\ncancelled or expires. When an existing financial liability is replaced by another from the same
\nlender on substantially different terms, or the terms of an existing liability are substantially
\nmodified, such an exchange or modification is treated as a derecognition of the original
\nliability and the recognition of a new liability. The difference in the respective carrying
\namounts, together with any costs or fees incurred, is recognised in the income statement.
\niii) Offsetting of financial instruments
\nFinancial assets and financial liabilities are offset and the net amount reported in the balance
\nsheet if there is a currently enforceable legal right to offset the recognised amounts and there
\nis an intention to settle on a net basis, to realise the assets and settle the liabilities
\nsimultaneously.
\n2.16 Derivative financial instruments and hedge accounting
\nInitial recognition and subsequent measurement
\nThe Group uses derivative financial instruments, such as forward foreign currency exchange
\ncontracts and interest rate swaps, to hedge its foreign currency risks and interest rate risks,
\nrespectively. The Group does not use derivative financial instruments for speculative purposes.
\nDerivative financial instruments are initially recognised at fair value on the date on which a
\nderivative contract is entered into and are subsequently remeasured at fair value. Derivatives
\nare carried as financial assets when the fair value is positive and as financial liabilities when
\nthe fair value is negative. A derivative is presented as a non-current asset or a non-current
\nliability if the remaining maturity of the instrument is more than 12 months and it is not
\nexpected to be realised or settled within 12 months.
\nFor the purpose of hedge accounting, hedges are classified as:
\n\u2013
Fair value hedges when hedging the exposure to changes in the fair value of a recognised
\nasset or liability or an unrecognised firm commitment.
\n\u2013
Cash flow hedges when hedging the exposure to variability in cash flows that is either
\nattributable to a particular risk associated with a recognised asset or liability or a highly
\nprobable forecast transaction or the foreign currency risk in an unrecognised firm
\ncommitment.
\n\u2013
Hedges of a net investment in a foreign operation.
\nAt the inception of a hedge relationship, the Group formally designates and documents the
\nhedge relationship to which it wishes to apply hedge accounting and the risk management
\nobjective and strategy for undertaking the hedge.
\nThe documentation includes identification of the hedging instrument, the hedged item, the
\nnature of the risk being hedged and how the Group will assess whether the hedging
\nrelationship meets the hedge effectiveness requirements (including the analysis of sources of
\nhedge ineffectiveness and how the hedge ratio is determined). A hedging relationship
\nqualifies for hedge accounting if it meets all of the following effectiveness requirements:
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\n2.16 Derivative financial instruments and hedge accounting continued
\n\u2013
There is an economic relationship between the hedged item and the hedging instrument.
\n\u2013
The effect of credit risk does not dominate the value changes that result from that
\neconomic relationship.
\n\u2013
The hedge ratio of the hedging relationship is the same as that resulting from the quantity
\nof the hedged item that the Group actually hedges and the quantity of the hedging
\ninstrument that the Group actually uses to hedge that quantity of hedged item.
\nHedges that meet all the qualifying criteria for hedge accounting are accounted for as
\ndescribed below:
\nCash flow hedge
\nCash flow hedging matches the cash flows of hedged items against the corresponding cash
\nflows of the derivative. The effective part of any profit or loss on the derivative is recognised
\ndirectly in other comprehensive income and the hedged item is accounted for in accordance
\nwith the policy for that financial instrument. Any ineffective part of any profit or loss is
\nrecognised immediately in the income statement. Amounts taken to other comprehensive
\nincome are transferred to the income statement when the hedged transaction affects profit
\nor loss, such as when a forecast sale or purchase occurs.
\nHedge accounting is discontinued when the hedging instrument expires or is sold, terminated,
\nor exercised, or no longer qualifies for hedge accounting. At that time, any cumulative profit
\nor loss on the hedging instrument recognised in equity is retained in equity until the forecast
\ntransaction occurs. If a hedged transaction is no longer expected to occur, the net cumulative
\nprofit or loss recognised in equity is transferred to the income statement for the period.
\nThe Group does not currently have any designated fair value hedges or net
\ninvestment hedges.
\nNote 29 sets out the details of the fair values of the derivative financial instruments used for
\nhedging purposes.
\n2.17 Fair values
\nThe Group measures financial instruments, such as derivatives, at fair value at each balance
\nsheet date.
\nFair value is the price that would be received to sell an asset or paid to transfer a liability in an
\norderly transaction between the market participants at the measurement date. The fair value
\nmeasurement is based on the presumption that the transaction to sell the asset or transfer
\nthe liability takes place either:
\n\u2013
in the principal market for the asset or liability; or
\n\u2013
in the absence of a principal market, in the most advantageous market for the asset
\nor liability.
\nThe principal or the most advantageous market must be accessible by the Group. The fair
\nvalue of financial instruments that are traded in active markets at the balance sheet date is
\ndetermined by reference to quoted market prices or dealer price quotations, without any
\ndeduction for transaction costs.
\nFor financial instruments not traded in an active market, the fair value is determined using
\nappropriate valuation techniques. Such techniques may include using recent arm\u2019s length
\nmarket transactions; reference to the current fair value of another instrument that is
\nsubstantially the same; discounted cash flow analysis; or other valuation models.
\nAn analysis of fair values of financial instruments and further details as to how they are
\nmeasured are provided in Note 29.
\n2.18 Inventories
\nInventories are stated at the lower of cost and net realisable value. Cost includes all costs
\nincurred in bringing each product to its present location and condition, as follows:
\n\u2013
Raw materials \u2013 purchase cost on a first in, first out basis.
\n\u2013
Work in progress and finished goods \u2013 cost of direct materials and labour plus attributable
\noverheads based on a normal level of activity.
\nNet realisable value is based on estimated selling price less any further costs expected to be
\nincurred to completion and disposal.
\n2.19 Cash and short-term deposits
\nCash and short-term deposits consist of cash at bank and in hand.
\n2.20 Pensions
\nThe Group operates defined contribution pension plans. Contributions payable in the year
\nare charged to the income statement. The assets are held separately from those of the Group
\nin an independently administered fund. Differences between contributions payable in the
\nyear and contributions actually paid are shown as either accruals or prepayments in the
\nbalance sheet.
\n2.21 Non-underlying items
\nThe Group presents amortisation and impairment of intangible assets arising on business
\ncombinations, the unwind of inventory fair value adjustments resulting from acquisitions,
\nsignificant profit on disposal of property, plant and equipment, restructuring costs, non-recurring
\noperating costs, finance costs and tax in respect of acquisitions, as non-underlying items on the
\nface of the income statement. These are items of income and expense which, because of the
\nnature and expected infrequency of the events giving rise to them, the Directors consider merit
\nseparate presentation to provide a better and more consistent indication of the Group\u2019s
\nunderlying financial performance and a more meaningful comparison with prior and future
\nperiods to assess trends in financial performance. The tax effect of the above is also included.
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\n2.22 Share-based payments
\nIn the case of equity-settled schemes, the fair value of options granted is recognised as an
\nemployee expense with a corresponding increase in equity. The fair value is measured at the
\ndate of grant and spread over the period during which the employees become unconditionally
\nentitled to the options. The value of the options is measured using the Black\u2013Scholes and Monte
\nCarlo models, taking into account the terms and conditions (including market and non-vesting
\nconditions) upon which the options were granted. Non-market vesting conditions are taken into
\naccount by adjusting the number of equity instruments expected to vest at each balance sheet
\ndate so that, ultimately, the cumulative amount recognised over the vesting period is based on
\nthe number of options that eventually vest. No expense is recognised for awards that do not
\nultimately vest, except for equity-settled transactions where vesting is conditional upon a
\nmarket or non-vesting condition, which are treated as vesting irrespective of whether or not the
\nmarket or non-vesting condition is satisfied, provided that all other performance and/or service
\nconditions are satisfied.
\nThe dilutive effect of outstanding options is reflected as additional share dilution in the
\ncomputation of diluted earnings per share.
\n2.23 Cash dividend
\nThe Group recognises a liability to pay a dividend when the distribution is authorised and the
\ndistribution is no longer at the discretion of the Group. Under UK company law a distribution is
\nauthorised when it is approved by the shareholders. A corresponding amount is then
\nrecognised directly in equity.
\n2.24 Own shares
\nThe Group operates an Employee Benefit Trust (EBT). The Group and/or the EBT, holds Genuit
\nGroup plc shares for the granting of Genuit Group plc shares to employees and Directors.
\nThese shares are recognised at cost and presented in the balance sheet as a deduction from
\nequity. No profit or loss is recognised in the income statement on the purchase, sale, issue or
\ncancellation of these shares. No dividends are earned on these shares, and they are ignored
\nfor the purposes of calculating the Group\u2019s earnings per share.
\n2.25 Provisions
\nProvisions are recognised when the Group has a present obligation (legal or constructive) as
\na result of a past event, it is probable that an outflow of resources embodying economic
\nbenefits will be required to settle the obligation and a reliable estimate can be made of the
\namount of the obligation.
\nRestructuring provisions are recognised only when the Group has a constructive obligation,
\nwhich is when a detailed formal plan identifies the business or part of the business concerned,
\nthe location and number of employees affected, a detailed estimate of the associated costs,
\nand an appropriate timeline, and the employees affected have been notified of the plan\u2019s
\nmain features.
\n3. Judgements and key sources of estimation uncertainty
\nThe preparation of the Group\u2019s consolidated financial statements requires management to
\nmake judgements, estimates and assumptions that affect the reported amounts of revenue,
\nexpenses, assets and liabilities, and the accompanying disclosures, and the disclosure of
\ncontingent liabilities. Uncertainty about these assumptions and estimates could result in
\noutcomes that require a material adjustment to the carrying amount of assets or liabilities
\naffected in future periods.
\nIn the process of applying the Group\u2019s accounting policies, management has made the
\nfollowing judgement(s), in the consolidated financial statements in the years ended
\n31 December 2022 and 2021:
\n3.1 Business combinations
\nThe measurement of fair values on a business combination requires the recognition and
\nmeasurement of the identifiable assets, liabilities and contingent liabilities. The key
\njudgements involved are the identification of which intangible assets meet the recognition
\ncriteria as set out in IAS 38, the fair values attributable to those intangible assets, and the
\nuseful lives of individual intangible assets. The Group has applied judgement in determining
\nwhether amounts contingently payable to previous owners of the businesses we have
\nacquired should be recognised as a remuneration cost in the income statement, or within
\ntotal consideration that is allocated to the fair value of assets and liabilities included in the
\nbalance sheet.
\n3.2 Determination of cash generating units
\nUnder IAS 36, Impairment of Assets, the Group is required to determine its Cash Generating
\nUnits (CGUs) by identifying the lowest aggregation of assets that generate largely
\nindependent cash inflows; and perform impairment assessments at a chosen annual date
\n(the Group has historically chosen 31 December) or when an event occurs that indicates the
\ncarrying amount maybe impaired. When the Group first adopted IFRS (effective 1 January 2013)
\nit determined its CGUs and then allocated the consolidated goodwill at that time to each of
\nthose CGUs. Subsequently, separately identifiable goodwill arose on the acquisitions of
\nSurestop (January 2015), Nuaire (August 2015), Permavoid (August 2018), Manthorpe (October
\n2018), Alderburgh (October 2019), Adey, Nu-Heat and Plura (February 2021) and the acquisition
\nof Keytec Geomembranes (March 2022).
\nDuring 2021, following the acquisition of Adey, Nu-Heat and Plura, the Group revised its CGU
\nstructure to more accurately reflect the lowest aggregation of assets that generate largely
\nindependent cash inflows. This revision resulted in the number of CGUs consolidating to 7, from
\n17 previously, but did not necessitate goodwill to be reallocated between the revised CGUs.
\nAccordingly, the Group did not need to perform an impairment review immediately prior to
\nthe revision of the CGU structure. There have been no further revisions to the CGU structure in
\n2022. Keytec Geomembranes was acquired during the year and forms part of the Commercial
\nand Infrastructure Systems segment. The goodwill arising on its acquisition has been allocated
\nto the \u2018Infrastructure and Landscape\u2019 CGU grouping. See Note 17 for further details.
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\n3.2 Determination of cash generating units continued
\nThe key assumptions concerning the future and other key sources of estimation uncertainty at the
\nbalance sheet date, that have a significant risk of causing a material adjustment to the carrying
\namounts of assets and liabilities within the next financial year, are described below. The Group
\nbased its assumptions and estimates on parameters available when the consolidated financial
\nstatements were prepared. Existing circumstances and assumptions about future developments,
\nhowever, may change due to market changes or circumstances arising that are beyond the
\ncontrol of the Group. Such changes are reflected in the assumptions when they occur.
\n3.3 Revenue recognition and customer rebates
\nThe Group\u2019s pricing structure involves rebate arrangements with several of its direct and indirect
\ncustomers. These can be complex in nature and involve estimation in determining the required
\nlevel of provision for rebate liabilities, particularly where the Group is reliant on information from
\ncustomers which may not be available at the time the liabilities are assessed.
\n3.4 Impairment of non-financial assets
\nNon-financial assets include goodwill, other intangible assets and property, plant and
\nequipment. In accordance with IFRS, the Group considers whether there are any indicators of
\nimpairment of these assets. Where indicators of impairment are identified, the Group tests the
\nasset for impairment. Goodwill is tested for impairment annually (at 31 December) or more
\nfrequently when circumstances indicate that the carrying amount may be impaired.
\nThe Group\u2019s impairment test for goodwill is based on a value-in-use calculation, using a
\ndiscounted cash flow model. The aim of the test is to ensure that goodwill is not carried at a
\nvalue greater than the recoverable amount. The cash flows are derived from the budgets and
\nforecasts for the next five years and do not include restructuring activities that the Group is not
\nyet committed to or significant future investments that will enhance the performance of the
\nasset or the cash-generating unit (CGU) being tested. The recoverable amount is most sensitive
\nto the discount rate used for the discounted cash flow model as well as the expected future
\ncash flows and the growth rate used for extrapolation purposes. The key assumptions used to
\ndetermine the recoverable amount for the different CGUs are further explained in Note 17.
\n3.5 Contingent consideration
\nThe Directors assess the likelihood that financial targets will be achieved in order to trigger
\nthe contingent consideration to the previous owners of the businesses we have acquired, to
\nquantify the possible range of that contingent consideration, and to how that contingent
\nconsideration should be calculated and disclosed in the consolidated financial statements.
\nDue to the inherent uncertainty in this process, actual liabilities may be different from those
\noriginally estimated.
\n4. New and amended accounting standards and interpretations
\nAccounting standards or interpretations which have been adopted in the year
\nThere were no accounting standards or interpretations that have become effective in the
\nyear which had an impact on disclosures, financial position or performance.
\nAccounting standards or interpretations issued but not yet effective
\nThere were no accounting standards or interpretations issued which have an effective date
\nafter the date of these consolidated financial statements that the Group reasonably expects
\nto have an impact on disclosures, financial position or performance.
\n5. Segment information
\nIFRS 8, Operating Segments, requires operating segments to be identified on the basis of the
\ninternal financial information reported to the Chief Operating Decision Maker (CODM). The
\nGroup\u2019s CODM is deemed to be the Board of Directors, which is primarily responsible for the
\nallocation of resources to segments and the assessment of performance of the segments.
\nThe Group has two reporting segments \u2013 Residential Systems and Commercial and
\nInfrastructure Systems. The reporting segments are organised based on the nature of the end
\nmarkets served. Inter-segment sales are on an arm\u2019s length basis in a manner similar to
\ntransactions with third parties. During the period one acquired business was added to the
\nCommercial and Infrastructure Systems segment (see Note 18).
\n2022
2021
\nResidential
\nSystems
\n\u00a3m
\nCommercial &
\nInfrastructure
\nSystems
\n\u00a3m
\nTotal
\n\u00a3m
\nResidential
\nSystems
\n\u00a3m
\nCommercial &
\nInfrastructure
\nSystems
\n\u00a3m
\nTotal
\n\u00a3m
\nSegmental revenue
400.4
238.6
639.0
378.0
231.8
609.8
\nInter-segment revenue
(6.1)
(10.7)
(16.8)
(5.1)
(10.4)
(15.5)
\nRevenue
394.3
227.9
622.2
372.9
221.4
594.3
\nUnderlying operating
\nprofit*
79.1
19.1
98.2
73.1
22.2
95.3
\nNon-underlying items \u2013
\nsegmental
(31.2)
(9.3)
(40.5)
(18.5)
(8.8)
(27.3)
\nSegmental operating profit
47.9
9.8
57.7
54.6
13.4
68.0
\nNon-underlying items \u2013
\nGroup
(4.3)
(0.9)
\nOperating profit
53.4
67.1
\nNon-underlying items \u2013
\nfinance costs
(0.4)
\u2013
\nFinance costs
(7.6)
(4.2)
\nProfit before tax
45.4
62.9
\n*
Underlying operating profit is stated before non-underlying items as defined in the Group Accounting Policies on page 148
\nand is the measure of segment profit used by the Group\u2019s CODM. Details of the non-underlying items of \u00a345.2m (2021: \u00a328.2m)
\nare set out below at non-underlying items before tax.
\n150
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Remuneration
Financial Statements
Notes to the Group Financial Statements continued
\nBalance sheet
\n31 December 2022
31 December 2021
\nTotal
\nassets
\n\u00a3m
\nTotal
\nliabilities
\n\u00a3m
\nTotal
\nassets
\n\u00a3m
\nTotal
\nliabilities
\n\u00a3m
\nResidential Systems
727.3
(99.0)
665.0
(101.9)
\nCommercial and Infrastructure Systems
248.7
(58.9)
307.6
(60.5)
\nTotal segment assets/(liabilities)
976.0
(157.9)
972.6
(162.4)
\nCurrent and deferred income taxes
2.2
(50.1)
1.1
(48.5)
\nNet debt excluding lease liabilities
50.0
(193.1)
52.3
(197.4)
\nTotal \u2013 Group
1,028.2
(401.1)
1,026.0
(408.3)
\nNet assets
627.1
617.7
\nProperty, plant and equipment additions
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nResidential Systems
25.3
20.2
\nCommercial and Infrastructure Systems
15.8
12.6
\nTotal \u2013 Group
41.1
32.8
\nRight-of-use asset additions
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nResidential Systems
4.5
2.7
\nCommercial and Infrastructure Systems
3.6
2.7
\nTotal \u2013 Group
8.1
5.4
\nDepreciation of property, plant and equipment
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nResidential Systems
10.9
9.9
\nCommercial and Infrastructure Systems
8.5
8.5
\nTotal \u2013 Group
19.4
18.4
\nDepreciation of right-of-use assets
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nResidential Systems
3.1
2.2
\nCommercial and Infrastructure Systems
2.3
2.2
\nTotal \u2013 Group
5.4
4.4
\nNon-underlying items before tax
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nResidential Systems \u2013 impairment of goodwill
12.0
\u2013
\nResidential Systems \u2013 impairment of intangible assets
2.8
\u2013
\nResidential Systems \u2013 amortisation of intangible assets
12.1
10.4
\nResidential Systems \u2013 restructuring costs
3.7
1.1
\nResidential Systems \u2013 Isolated cyber incident costs
0.6
\u2013
\nResidential Systems \u2013 acquisition costs
\u2013
3.3
\nResidential Systems \u2013 unwind of inventory fair value adjustment
\u2013
3.7
\nCommercial and Infrastructure Systems \u2013 amortisation
\nof intangible assets
3.1
3.8
\nCommercial and Infrastructure Systems \u2013 acquisition costs
3.3
2.4
\nCommercial and Infrastructure Systems \u2013 restructuring costs
1.3
\u2013
\nCommercial and Infrastructure Systems \u2013 product liability claim
1.0
2.6
\nCommercial and Infrastructure Systems \u2013 isolated cyber incident
\ncosts
0.6
\u2013
\nUK operations
40.5
27.3
\nGroup \u2013 restructuring costs
4.3
0.9
\nGroup \u2013 unamortised deal fees
0.4
\u2013
\nTotal \u2013 Group
45.2
28.2
\n151
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Remuneration
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Notes to the Group Financial Statements continued
\n5. Segment information continued
\nGeographical analysis
\nRevenue by destination
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nUK
560.8
534.1
\nRest of Europe
32.4
38.3
\nRest of World
29.0
21.9
\nTotal \u2013 Group
622.2
594.3
\nNon-current assets
\n31 December
\n2022
\n\u00a3m
\n31 December
\n2021
\n\u00a3m
\nUK
800.2
809.4
\nRest of Europe
7.1
5.7
\nTotal \u2013 Group
807.3
815.1
\nNon-current assets for this purpose consist of property, plant and equipment, right-of-use
\nassets, goodwill and other intangible assets.
\nThe Group has two customers (2021: two) which individually accounted for more than 10%
\nof the Group\u2019s total revenue during 2022. These customers accounted for 11.9% and 10. 8%,
\nrespectively (2021: 13.0% and 10.4%, respectively) and are included in both reporting segments.
\n6. Operating profit
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nIncome statement charges
\nDepreciation of property, plant and equipment (owned)
19.4
18.4
\nDepreciation of right-of-use assets
5.4
4.4
\nCost of inventories recognised as an expense
318.3
290.4
\nResearch and development costs expensed
8.8
8.8
\nIncome statement credits
\nResearch and development expenditure credit
1.2
2.0
\nProfit on disposal of property, plant and equipment
0.7
0.2
\n7. Auditor\u2019s remuneration
\nThe Group paid the following amounts to the Company\u2019s auditor in respect of the audit of the
\nconsolidated financial statements and for other services provided to the Group.
\nAuditor\u2019s remuneration for audit services:
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nAudit of the Company\u2019s annual financial statements
\u2013
\u2013
\nAudit of the Company\u2019s subsidiaries
0.9
0.7
\nTotal audit fees
0.9
0.7
\nThe Group paid the Company\u2019s auditor \u00a30.2m for audit related assurance services
\n(2021: \u00a30.1m).
\n8. Non-underlying items
\nNon-underlying items comprised:
\n2022
2021
\nGross
\n\u00a3m
\nTax
\n\u00a3m
\nNet
\n\u00a3m
\nGross
\n\u00a3m
\nTax
\n\u00a3m
\nNet
\n\u00a3m
\nCost of sales:
Restructuring costs \u2013
\ninventory write down
1.5
(0.3)
1.2
\u2013
\u2013
\u2013
\nCost of sales:
Unwind of inventory
\nfair value adjustment
\u2013
\u2013
\u2013
3.7
\u2013
3.7
\nCost of sales:
Restructuring costs
\u2013
\u2013
\u2013
0.2
\u2013
0.2
\nCost of sales:
Product liability claim
1.0
\u2013
1.0
2.6
(0.5)
2.1
\nAdministration expenses:
Isolated
\ncyber incident costs
1.2
(0.2)
1.0
\u2013
\u2013
\u2013
\nAdministration expenses:
\nRestructuring costs
7.8
(1.5)
6.3
0.9
(0.2)
0.7
\nAdministration expenses:
\nAcquisition costs \u2013 acquisition
\nand other M&A activity
3.3
\u2013
3.3
6.6
\u2013
6.6
\nAmortisation of intangible assets
15.2
(2.6)
12.6
14.2
6.6
20.8
\nImpairment of intangible assets
2.8
(0.5)
2.3
\u2013
\u2013
\u2013
\nImpairment of goodwill
12.0
\u2013
12.0
\u2013
\u2013
\u2013
\nFinance costs:
Unamortised deal fees
0.4
(0.1)
0.3
\u2013
\u2013
\u2013
\nTotal non-underlying items
45.2
(5.2)
40.0
28.2
5.9
34.1
\n152
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Remuneration
Financial Statements
Notes to the Group Financial Statements continued
\nRestructuring costs incurred in relation to the reorganisation of the Group. This included an
\ninventory write down for items immediately taken off the market that do not sit within the new
\nGenuit product strategy and on this basis the inventory holding was deemed obsolete, a
\nclosure of a business and the reorganisation of the segmental units and consultancy fees for
\nadvisory support and reorganisation design.
\nThe product liability claim is associated with a historic acquisition. Including the prior year
\ncharge of \u00a32.6m, recognised in non-underlying costs, the total amount recognised as a liability
\non the balance sheet at 31 December 2022 is \u00a33.3m.
\nDuring 2022, there was an isolated cyber incident at one of the Group\u2019s businesses, which
\nresulted in temporary disruption to manufacturing and consequently sales in April and
\nMay 2022.
\nAcquisition costs in 2022 relate predominantly to a \u00a33.1m charge arising in connection with
\ncontingent consideration treated as remuneration in respect of the acquisition of Plura.
\nAcquisition costs in 2021 related to the acquisition of Nu-Heat, Plura and Adey (see Note 18).
\nImpairment of intangible assets (\u00a32.8m) is in respect of a customer relationship agreement
\nending early and impairment of goodwill relates to a 2021 acquisition, (see Note 18).
\nAmortisation charged relates to intangible assets arising on business combinations. In 2021
\nthe non-underlying tax charge relating to amortisation included a \u00a39.3m charge in respect of
\nrestating the deferred income tax liability on the intangible assets as a result of the change in
\nthe main UK corporation tax rate (see Note 12).
\n9. Staff costs
\nStaff costs (including Directors) comprised:
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nWages and salaries
128.5
125.9
\nSocial security costs
13.2
14.3
\nOther pension costs
6.5
5.4
\n148.2
145.6
\nThe average monthly number of persons employed by the Group by segment was as follows:
\n2022
2021
\nResidential Systems
2,215
2,204
\nCommercial and Infrastructure Systems
1,425
1,454
\nTotal \u2013 Group
3,640
3,658
\n10. Directors\u2019 remuneration
\nDetails of the Directors\u2019 remuneration are set out below:
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nFees
0.5
0.4
\nEmoluments
3.1
3.3
\n3.6
3.7
\nFurther details of Directors\u2019 remuneration are provided in the Annual Report on Remuneration.
\nThe aggregate amount of gains made by the Directors on the exercise of share options during
\nthe year was \u00a30.2m (2021: \u00a30.4m).
\n11. Finance costs
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nInterest on bank loan
6.2
2.5
\nDebt issue cost amortisation
0.5
0.5
\nUnwind of discount on lease liabilities
0.8
0.7
\nOther finance costs
0.1
0.5
\n7.6
4.2
\n153
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Financial Statements
Notes to the Group Financial Statements continued
\n12. Income tax
\n(a) Tax expense reported in the income statement
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nCurrent income tax:
\nUK income tax
7.7
9.5
\nOverseas income tax
0.1
0.5
\nCurrent income tax
7.8
10.0
\nAdjustment in respect of prior years
(0.5)
0.4
\nTotal current income tax
7.3
10.4
\nDeferred income tax:
\nOrigination and reversal of temporary differences
0.4
(1.3)
\nEffects of changes in income tax rates
1.3
11.7
\nDeferred income tax
1.7
10.4
\nAdjustment in respect of prior years
(0.1)
1.1
\nTotal deferred income tax
1.6
11.5
\nTotal tax expense reported in the income statement
8.9
21.9
\nDetails of the non-underlying tax credit of \u00a35.2m (2021: \u00a35.9m net charge) are set out in Note 8.
\n(b) Reconciliation of the total tax expense
\nA reconciliation between the tax expense and the product of accounting profit multiplied
\nby the UK standard rate of income tax for the years ended 31 December 2022 and 2021
\nis as follows:
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nAccounting profit before tax
45.4
62.9
\nAccounting profit multiplied by the UK standard rate of income tax
\nof 19.0% (2021: 19.0%)
8.6
12.0
\nExpenses not deductible for income tax
3.4
1.8
\nNon-taxable income
(0.4)
(1.0)
\nAdjustment in respect of prior years
(0.6)
1.5
\nEffects of patent box
(1.6)
(1.6)
\nEffects of changes in income tax rates
1.3
11.4
\nEffects of tax losses
\u2013
(1.1)
\nEffects of super deduction
(1.8)
(0.6)
\nEffects of other tax rates/credits
\u2013
(0.5)
\nTotal tax expense reported in the income statement
8.9
21.9
\nThe effective rate for the full year was 19.6% (2021: 34.8%). If the impact of non-underlying items
\nis excluded, the underlying income tax rate would be 15.6% (2021: 17.6%).
\n(c) Deferred income tax
\nThe deferred income tax included in the Group balance sheet is as follows:
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nDeferred income tax liabilities/(assets)
\nShort-term timing differences
37.8
41.3
\nCapital allowances in excess of depreciation
16.9
11.1
\nShare-based payments
(2.1)
(2.3)
\nTax losses
(2.5)
(1.6)
\n50.1
48.5
\n154
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Financial Statements
Notes to the Group Financial Statements continued
\nThe Group offsets tax assets and liabilities if, and only if, it has a legally enforceable right to
\nset off current income tax assets and current income tax liabilities and the deferred income
\ntax assets and deferred income tax liabilities relate to income taxes levied by the same
\ntax authority.
\nA reconciliation of deferred income taxes for the years ended 31 December 2022 and 2021
\nis as follows:
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nDeferred income tax reported in the income statement
1.6
11.5
\nShare-based payments excess tax benefit
\u2013
(0.1)
\nDeferred income tax acquired
\u2013
26.3
\n1.6
37.7
\n(d) Change in corporation tax rate
\nThe Finance (No.2) Act 2015 reduced the main UK corporation tax rate to 19%, effective from
\n1 April 2017. A further reduction in the main UK corporation tax rate to 17% was expected to come
\ninto effect from 1 April 2020 (as enacted by the Finance Act 2016 on 15 September 2016).
\nHowever, legislation introduced in the Finance Act 2020 (enacted on 22 July 2020) repealed
\nthe reduction of the rate, thereby maintaining the current rate of 19%.
\nOn 24 May 2021, legislation was passed which substantively enacted an increase in UK
\ncorporation tax rate from 19% to 25% from April 2023. Deferred income tax on the balance
\nsheet at 31 December 2022 was therefore measured at 19% or 25% depending on when the
\ndeferred income tax asset or liability is expected to reverse.
\n(e) Unrecognised tax losses
\nNo deferred income tax has been recognised on non-trading losses and other timing
\ndifferences of \u00a31.3m (2021: \u00a31.4m) as the Directors do not consider that they will be utilised
\nin the foreseeable future.
\n13. Earnings per share
\nBasic earnings per share amounts are calculated by dividing profit for the year attributable
\nto the owners of the parent company by the weighted average number of ordinary shares
\noutstanding during the year. The diluted earnings per share amounts are calculated by
\ndividing profit for the year attributable to the owners of the parent company by the weighted
\naverage number of ordinary shares outstanding during the year plus the weighted average
\nnumber of potential ordinary shares that would be issued on the conversion of all the dilutive
\nshare options into ordinary shares.
\nThe calculation of basic and diluted earnings per share is based on the following:
\n2022
2021
\nWeighted average number of ordinary shares for the purpose
\nof basic earnings per share
248,001,063
245,097,578
\nEffect of dilutive potential ordinary shares
2,414,364
3,168,838
\nWeighted average number of ordinary shares for the purpose
\nof diluted earnings per share
250,415,427
248,266,416
\nUnderlying earnings per share is based on the result for the year after tax excluding the
\nimpact of non-underlying items of \u00a340.0m (2021: \u00a334.1m). The Directors consider that this
\nmeasure provides a better and more consistent indication of the Group\u2019s underlying financial
\nperformance and more meaningful comparison with prior and future periods to assess trends
\nin our financial performance. The underlying earnings per share is calculated as follows:
\n2022
2021
\nUnderlying profit for the year attributable to the owners of the
\nparent company (\u00a3m)
76.5
75.1
\nUnderlying basic earnings per share (pence)
30.8
30.6
\nUnderlying diluted earnings per share (pence)
30.5
30.2
\n155
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Remuneration
Financial Statements
Notes to the Group Financial Statements continued
\n14. Dividend per share
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nAmounts recognised as distributions to equity holders in the year:
\nFinal dividend for the year ended 31 December 2021 of 8.2p
\nper share (2020: 4.8p)
20.3
11.8
\nInterim dividend for the year ended 31 December 2022 of 4.1p
\nper share (2021: 4.0p)
10.2
9.9
\n30.5
21.7
\nProposed final dividend for the year ended 31 December 2022 of 8.2p
\nper share (2021: 8.2p)
20.3
20.3
\nThe proposed final dividend is subject to approval by shareholders at the Annual General
\nMeeting and has not been included as a liability in these consolidated financial statements.
\n15. Property, plant and equipment
\nFreehold
\nland and
\nbuildings
\n\u00a3m
\nPlant
\nand other
\nequipment
\n\u00a3m
\nTotal
\n\u00a3m
\nCost
\nAt 1 January 2021
54.3
160.4
214.7
\nAdditions
3.9
28.9
32.8
\nDisposals
(1.0)
(7.7)
(8.7)
\nTransfer to intangible assets
\u2013
(0.8)
(0.8)
\nAcquisition of businesses
1.2
3.0
4.2
\nExchange adjustment
\u2013
(0.3)
(0.3)
\nAt 31 December 2021
58.4
183.5
241.9
\nAdditions
4.9
36.1
41.0
\nDisposals
(0.1)
(10.6)
(10.7)
\nAcquisition of businesses
\u2013
0.4
0.4
\nExchange adjustment
\u2013
0.4
0.4
\nTransfer to assets held-for-sale
\u2013
(6.4)
(6.4)
\nAt 31 December 2022
63.2
203.4
266.6
\nDepreciation and impairment losses
\nAt 1 January 2021
8.5
72.0
80.5
\nProvided during the year
1.6
16.8
18.4
\nDisposals
(1.0)
(7.4)
(8.4)
\nTransfer to intangible assets
\u2013
(0.1)
(0.1)
\nExchange adjustment
\u2013
(0.2)
(0.2)
\nAt 31 December 2021
9.1
81.1
90.2
\nProvided during the year
1.7
17.7
19.4
\nDisposals
\u2013
(8.7)
(8.7)
\nExchange adjustment
\u2013
(0.2)
(0.2)
\nTransfer to assets held-for-sale
\u2013
(4.0)
(4.0)
\nAt 31 December 2022
10.8
85.9
96.7
\nNet book value
\nAt 31 December 2022
52.4
117.5
169.9
\nAt 31 December 2021
49.3
102.4
151.7
\nIncluded in freehold land and buildings is non-depreciable land of \u00a318.2m (2021: \u00a317.7m).
\n156
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Remuneration
Financial Statements
Notes to the Group Financial Statements continued
\nCapital commitments
\nAt 31 December 2022, the Group had commitments of \u00a32.8m (2021: \u00a35.4m) relating to plant and
\nequipment purchases.
\n16. Right-of-use assets and lease liabilities
\nRight-of-use assets
\nLease
\nliabilities
\nFreehold
\nland and
\nbuildings
\n\u00a3m
\nPlant and
\nother
\nequipment
\n\u00a3m
\nMotor
\nvehicles
\n\u00a3m
\nTotal
\n\u00a3m
\u00a3m
\nAt 1 January 2021
5.9
6.9
0.1
12.9
(12.9)
\nAdditions
2.9
2.5
\u2013
5.4
(5.4)
\nAcquisition of businesses
6.0
0.8
\u2013
6.8
(6.8)
\nDepreciation of right-of-use assets
(2.1)
(2.3)
\u2013
(4.4)
\u2013
\nUnwind of discount on lease liabilities
\u2013
\u2013
\u2013
\u2013
(0.7)
\nSettlement of lease liabilities
\u2013
\u2013
\u2013
\u2013
5.1
\nExchange adjustment
\u2013
(0.1)
\u2013
(0.1)
0.1
\nAt 31 December 2021
12.7
7.8
0.1
20.6
(20.6)
\nAdditions
3.2
3.8
1.1
8.1
(8.2)
\nDisposals
(0.5)
(0.6)
\u2013
(1.1)
\u2013
\nDepreciation of right-of-use assets
(2.2)
(2.7)
(0.5)
(5.4)
\u2013
\nDepreciation on disposal of right-of-use asset
0.1
0.4
\u2013
0.5
\u2013
\nTransfer to assets held-for-sale
(0.4)
\u2013
\u2013
(0.4)
0.3
\nUnwind of discount on lease liabilities
\u2013
\u2013
\u2013
\u2013
(0.8)
\nSettlement of lease liabilities
\u2013
\u2013
\u2013
\u2013
6.2
\nAt 31 December 2022
12.9
8.7
0.7
22.3
(23.1)
\n17. Intangible assets
\nGoodwill
\n\u00a3m
\nPatents
\n\u00a3m
\nBrand
\nnames
\n\u00a3m
\nCustomer
\nrelationships
\n\u00a3m
\nLicences
\n\u00a3m
\nCustomer
\norder book
\n\u00a3m
\nDevelopment
\ncosts
\n\u00a3m
\nTotal
\n\u00a3m
\nCost
\nAt 1 January 2021
345.4
34.4
30.3
17.4
0.8
\u2013
\u2013
428.3
\nAdditions
\u2013
0.3
\u2013
\u2013
\u2013
\u2013
1.2
1.5
\nTransfer from tangible
\nassets
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
0.8
0.8
\nAcquisition of
\nbusinesses
122.3
4.8
36.2
96.9
\u2013
0.9
\u2013
261.1
\nAt 31 December 2021
467.7
39.5
66.5
114.3
0.8
0.9
2.0
691.7
\nAdditions
\u2013
0.5
\u2013
\u2013
\u2013
\u2013
2.3
2.8
\nAcquisition of
\nbusinesses
2.9
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
2.9
\nTransfer to assets
\nheld-for-sale
(3.2)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(3.2)
\nAt 31 December 2022
467.4
40.0
66.5
114.3
0.8
0.9
4.3
694.2
\nAmortisation and impairment losses
\nAt 1 January 2021
\u2013
12.1
14.3
7.9
0.2
\u2013
\u2013
34.5
\nCharge for the year
\u2013
3.3
4.9
5.5
0.1
0.4
0.1
14.3
\nTransfer from tangible
\nassets
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
0.1
0.1
\nAt 31 December 2021
\u2013
15.4
19.2
13.4
0.3
0.4
0.2
48.9
\nCharge for the year
\u2013
3.4
5.1
6.1
0.1
0.5
0.2
15.4
\nImpairment losses
12.0
\u2013
\u2013
2.8
\u2013
\u2013
\u2013
14.8
\nAt 31 December 2022
12.0
18.8
24.3
22.3
0.4
0.9
0.4
79.1
\nNet book value
\nAt 31 December 2022
455.4
21.2
42.2
92.0
0.4
\u2013
3.9
615.1
\nAt 31 December 2021
467.7
24.1
47.3
100.9
0.5
0.5
1.8
642.8
\nGoodwill arising on the acquisition of businesses was increased by \u00a32.9m (2021: \u00a3122.3m)
\nfollowing the acquisition of Keytec Geomembranes Holding Company Limited as detailed in
\nNote 18.
\n157
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Remuneration
Financial Statements
Notes to the Group Financial Statements continued
\n17. Intangible assets continued
\nImpairment testing of goodwill
\nGoodwill is not amortised but is subject to annual impairment testing. Goodwill has been
\nallocated for impairment testing purposes to a number of cash-generating units (CGUs)
\nwhich represent the lowest level in the Group at which goodwill is monitored for internal
\nmanagement purposes. The carrying amount of goodwill allocated to each of the CGUs
\nis as follows:
\nCGU
\n31 December
\n2022
\n\u00a3m
\n31 December
\n2021
\n\u00a3m
\nBuilding Services & International
30.4
33.6
\nInfrastructure & Landscape
43.6
40.7
\nResidential Systems
169.6
169.6
\nClimate & Ventilation
93.7
93.7
\nNu-Heat
17.3
17.3
\nAdey
92.8
104.8
\nOthers (comprising Surestop and Ulster)
8.0
8.0
\n455.4
467.7
\nAt 31 December 2022, \u00a33.2m of goodwill has been allocated to assets held-for-sale from the
\nBuilding Services & International CGU, in relation to Polypipe Italia SRL as detailed in Note 19.
\nImpairment tests on the carrying amounts of goodwill are performed by analysing the carrying
\namount allocated to each CGU against its value-in-use. Value-in-use is calculated for each CGU
\nas the net present value of that CGU\u2019s discounted future pre-tax cash flows covering a 5-year
\nperiod. These pre-tax cash flows are based on budgeted cash flows information for a period of
\none year, construction industry forecasts of growth for the following year and management\u2019s
\nforecast of growth between 2.0% to 5.0% for years 3 to 5 (2021: 2.74% to 2.80%). Terminal growth rates
\nof 2% (2021: 2%) have been applied beyond this, based on historical macroeconomic performance
\nand projections of the sector served by the CGUs.
\nWhen assessing for impairment of goodwill, management have considered the impact of
\nclimate change, particularly in the context of the risks and opportunities identified within the
\nTask Force on Climate-Related Financial Disclosures Report on pages 29 to 32 of the Strategic
\nReport and have not identified any material short-term impacts from climate change that
\nwould impact the carrying value of goodwill. Over the longer term, the risks and opportunities
\nare more uncertain, and management will continue to assess the quantitative impact of risks
\nat each balance sheet date.
\nA pre-tax discount rate of 12.9% (2021: 10.4%) has been applied in determining the recoverable
\namounts of CGUs. The pre-tax discount rate is estimated based on the Group\u2019s risk adjusted
\ncost of capital.
\nThe Group has applied sensitivities to assess whether any reasonably possible changes in
\nassumptions could cause an impairment that would be material to these consolidated financial
\nstatements. Due to a removal of longer term overseas strategic growth opportunities and
\nincreasing cash flow risks, ongoing headwinds from the upstream boiler manufacturing shortages
\ndriven by a global lack of printed circuit boards and the significantly increased pre-tax discount
\nrate there has been a reduction in the value in use of the Adey CGU. This has resulted in an
\nimpairment charge of \u00a312.0m in the year to reflect that the discounted present value of future
\npre-tax cash flows did not support the full carrying value of the asset. As an impairment loss has
\nbeen recognised in respect of Adey in the current year, the recoverable amount is equal to its
\ncarrying value at the year end and therefore any negative changes in key assumptions would
\nresult in the recognition of an additional impairment loss.
\n18. Acquisitions
\nAcquisition-related deferred and contingent consideration comprised:
\n31 December
\n2022
\n\u00a3m
\n31 December
\n2021
\n\u00a3m
\nDeferred consideration on Keytec acquisition
0.6
\u2013
\nDeferred and contingent consideration on Plura acquisition
7.4
4.3
\nContingent consideration on Permavoid acquisition
\u2013
0.5
\n8.0
4.8
\nAcquisition-related cash flows comprised:
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nOperating cash flows \u2013 settlement of acquisition costs
\nKeytec
0.1
\u2013
\nNu-Heat
\u2013
0.6
\nPlura
0.1
0.7
\nAdey
\u2013
3.1
\nPermavoid
\u2013
2.5
\n0.2
6.9
\n158
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Annual Report & Accounts 2022
\nStrategic Report
Governance
Remuneration
Financial Statements
Notes to the Group Financial Statements continued
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nInvesting cash flows \u2013 Settlement of deferred
\nand contingent consideration
\nPermavoid
0.5
\u2013
\n0.5
\u2013
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nInvesting cash flows \u2013 acquisition of businesses net
\nof cash at acquisition
\nKeytec
2.6
\u2013
\nNu-Heat
\u2013
25.8
\nPlura
\u2013
1.8
\nAdey
\u2013
208.6
\nTree Ground Solutions
\u2013
0.2
\n2.6
236.4
\nKeytec
\nOn 31 March 2022, the Group acquired 100% of the voting rights and shares of Keytec
\nGeomembranes Holding Company Limited (Keytec), for an initial cash consideration of \u00a32.5m
\non a cash-free and debt-free basis plus a deferred consideration of \u00a30.6m due no later than
\n12 months from completion. The total cash consideration of \u00a32.9m included a payment for net
\ncash and working capital commitments on completion of \u00a30.4m. Keytec is a supplier and
\ninstaller of stormwater attenuation products, geomembranes and gas protection products.
\nDetails of the acquisition, including fair value adjustments, were as follows:
\nFair
\nvalue
\n\u00a3m
\nProperty, plant and equipment
0.1
\nInventories
0.1
\nTrade and other receivables
0.7
\nCash and cash equivalents
0.3
\nTrade and other payables
(0.5)
\nIncome tax payable
(0.1)
\nNet identifiable assets
0.6
\nGoodwill on acquisition
2.9
\nTotal cash consideration
3.5
\nLess: Deferred consideration
(0.6)
\nInitial cash consideration
2.9
\nNo material intangible assets have been identified. The goodwill arising on the acquisition
\nprimarily represented the assembled workforce, technical expertise and market share. The
\ngoodwill is allocated entirely to the Commercial and Infrastructure Systems segment.
\nThe fair value of trade and other receivables was \u00a30.7m. The gross amount of trade and other
\nreceivables was \u00a30.7m and it is expected that the full contractual amounts will be collected.
\nPost-acquisition Keytec contributed \u00a35.3m revenue and \u00a30.6m underlying operating profit
\nwhich were included in the Group Income Statement. If Keytec had been acquired on
\n1 January 2022, the Group\u2019s results for the twelve months ended 31 December 2022 would have
\nshown revenue of \u00a3624.0m and underlying operating profit of \u00a398.4m.
\n159
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Governance
Remuneration
Financial Statements
Notes to the Group Financial Statements continued
\n18. Acquisitions continued
\nNu-Heat
\nOn 2 February 2021, the Group acquired 100% of the voting rights and shares of Nu-Heat
\n(Holdings) Limited (Nu-Heat), the leading supplier of sustainable underfloor heating solutions,
\nair and ground source heat pumps, and other renewable heating systems, for a consideration
\nof \u00a327.0m on a cash-free, debt-free basis. The total cash consideration of \u00a324.8m included a
\npayment of \u00a35.7m for net cash on completion and was net of loans and borrowings at
\nacquisition of \u00a36.7m. Additional debt and debt like items amounted to \u00a31.2m.
\nThe \u2018Nu-Heat\u2019 brand, order book and customer relationships have been recognised as specific
\nintangible assets as a result of this acquisition. Fair value adjustments principally related to
\nthe recognition of intangible assets and deferred income tax arising on these adjustments.
\nThe goodwill arising on the acquisition primarily represented the assembled workforce,
\ntechnical expertise and market share. The goodwill is allocated entirely to the Residential
\nSystems segment.
\nPlura
\nOn 5 February 2021, the Group acquired 51% of the voting rights and shares of Plura Composites
\nLtd (Plura) for an initial cash consideration of \u00a31.25m, and further payment in respect of the
\nremaining 49% of between \u00a36.0m and \u00a316.4m depending on the EBITDA performance of Plura
\nin the 12-month period ending no earlier than 5 February 2024 and no later than 31 July 2024
\nas well as the continued employment of key personnel.
\nCustomer relationships is the only material intangible asset that has been recognised as a
\nresult of this acquisition. Fair value adjustments principally related to the recognition of
\nintangible assets and deferred income tax arising on these adjustments. The goodwill arising
\non the acquisition is immaterial.
\nAn amount of \u00a33.1m has been recognised as a non-underlying expense in the Group
\nIncome Statement in the year ended 31 December 2022 in respect of the Plura contingent
\nconsideration arrangement. This takes the total amount recognised as a liability on the
\nGroup Balance Sheet at 31 December 2022 to \u00a37.4m. Accordingly, the aggregate final
\nconsideration is expected to be approximately \u00a311.9m. Contingent consideration was
\ndetermined using the Directors\u2019 assessment of the likelihood that financial targets will be
\nachieved. There is no material difference between the estimated cash consideration and
\nthe fair value. The estimated cash consideration is derived from the budgets and forecasts
\nfor Plura.
\nAdey
\nOn 10 February 2021, the Group acquired 100% of the voting rights and shares of London Topco
\nLimited (Adey) for a consideration of \u00a3210.0m on a cash-free, debt-free basis. Adey is the UK\u2019s
\nleading provider of magnetic filters, chemicals and related products, which protect against
\nmagnetite and other performance constraints in water-based heating systems and improve
\nenergy efficiency, operating in predominantly residential end markets. The cash consideration
\nof \u00a386.6m included a payment of \u00a37.3m for net cash on completion and was net of loans and
\nborrowings at acquisition of \u00a3129.3m. Additional debt and debt-like items amounted to \u00a31.4m.
\nCustomer relationships, the \u2018Adey\u2019 brand and patents have been recognised as specific intangible
\nassets as a result of this acquisition. Fair value adjustments principally related to the recognition of
\nintangible assets and deferred income tax arising on these adjustments. The goodwill arising on
\nthe acquisition primarily represented the assembled workforce, technical expertise and market
\nshare. The goodwill is allocated entirely to the Residential Systems segment.
\n19. Assets held-for-sale
\nDuring the year the Group announced its intention to dispose of Polypipe Italia SRL following a
\nstrategic review and began marketing the company for sale. The Group determined a sale was
\nhighly probable and expected to be sold within 12 months from the Balance Sheet date and
\nnegotiations with several interested parties have subsequently taken place. The proceeds of
\ndisposal are expected to exceed the carrying amount of the related net assets and accordingly
\nno impairment losses have been recognised on the classification of Polypipe Italia SRL as
\nheld-for-sale.
\nThe following major class of assets and liabilities relating to Polypipe Italia SRL that have been
\nclassified as held-for-sale are as follows:
\nFair
\nvalue
\n\u00a3m
\nProperty, plant and equipment
2.4
\nRight-of-use assets
0.3
\nGoodwill
3.2
\nTrade receivables
1.7
\nInventories
3.1
\nAssets held-for-sale
10.7
\nTrade and other payables
2.3
\nFinance lease liabilities
0.3
\nLiabilities held-for-sale
2.6
\n160
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Annual Report & Accounts 2022
\nStrategic Report
Governance
Remuneration
Financial Statements
Notes to the Group Financial Statements continued
\n20. Investments
\nDetails of Group undertakings
\nDetails of the investments in which the Group holds 20% or more of the nominal value of any
\nclass of share capital at 31 December 2022 are set out in Note 4 to the Parent Company
\nfinancial statements.
\n21. Inventories
\n31 December
\n2022
\n\u00a3m
\n31 December
\n2021
\n\u00a3m
\nRaw materials
25.3
23.9
\nWork in progress
9.2
10.3
\nFinished goods
55.4
46.6
\n89.9
80.8
\nAll inventories are carried at cost less a provision to take account of slow-moving and
\nobsolete items. The provision at 31 December 2022 was \u00a314.9m (2021: \u00a312.0m).
\n22. Trade and other receivables
\n31 December
\n2022
\n\u00a3m
\n31 December
\n2021
\n\u00a3m
\nTrade receivables
60.5
69.7
\nPrepayments
6.1
7.0
\nOther receivables
1.5
\u2013
\n68.1
76.7
\nTrade receivables are non-interest bearing and are generally settled on 30 days\u2019 credit.
\nExpected credit losses
\nThe Group maintains a substantial level of credit insurance covering a significant proportion
\nof its trade receivables which mitigates against expected credit losses. Therefore, such credit
\nlosses are not significant.
\nThe ageing of trade receivables at the balance sheet date was as follows:
\n31 December 2022
31 December 2021
\nGross
\n\u00a3m
\nAllowance
\nfor expected
\ncredit losses
\n\u00a3m
\nNet
\n\u00a3m
\nGross
\n\u00a3m
\nAllowance
\nfor expected
\ncredit losses
\n\u00a3m
\nNet
\n\u00a3m
\nNot past due
22.3
\u2013
22.3
41.7
(0.2)
41.5
\nPast due 1 to 30 days
35.3
\u2013
35.3
22.8
(0.2)
22.6
\nPast due 31 to 90 days
2.0
(0.2)
1.8
5.5
(0.2)
5.3
\nPast due more than 90 days
1.5
(0.4)
1.1
1.1
(0.8)
0.3
\n61.1
(0.6)
60.5
71.1
(1.4)
69.7
\nThe movements in the allowance for expected credit losses of trade receivables comprised:
\n\u00a3m
\nAt 31 December 2020
1.1
\nAcquisition of businesses
0.4
\nCredited to the income statement during the year
(0.1)
\nAt 31 December 2021
1.4
\nCharged to the income statement during the year
0.2
\nUtilised during the year
(1.0)
\nAt 31 December 2022
0.6
\n161
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Annual Report & Accounts 2022
\nStrategic Report
Governance
Remuneration
Financial Statements
Notes to the Group Financial Statements continued
\n23. Cash and cash equivalents
\nCash and cash equivalents comprised:
\n31 December
\n2022
\n\u00a3m
\n31 December
\n2021
\n\u00a3m
\nCash at bank and in hand
50.0
52.3
\nCash at bank earns interest at variable rates based on daily bank deposit rates. The Group
\nonly deposits cash surpluses with banks that have as a minimum a single A credit rating.
\n24. Share capital and reserves
\nShare capital
\n31 December 2022
31 December 2021
\nNumber*
\u00a3
Number*
\u00a3
\nAuthorised, allotted, called up and fully paid share capital:
\nOrdinary shares of \u00a30.001 each
249
249,170
248
248,170
\n*
Millions of shares.
\nThe ordinary shares are voting non-redeemable shares and rank equally as to dividends,
\nvoting rights and any return of capital on winding up.
\nShare premium
\nOn 11 February 2021, the Group conducted a non-pre-emptive placing of 18,704,085 new
\nordinary shares at \u00a35.15 per share generating gross proceeds of \u00a396.3m with issue costs of
\n\u00a32.7m. Net proceeds in excess of the nominal value of \u00a393.6m have been credited to the share
\npremium account. A further \u00a30.1m of listing fees have been incurred and charged to the
\nincome statement in 2021.
\nCapital redemption reserve
\nFollowing the consolidation and subdivision of shares in 2014 the Company\u2019s deferred shares
\nwere cancelled. In order to maintain the Company\u2019s capital, a transfer was made from
\nretained earnings to a capital redemption reserve at that time.
\nOwn shares
\nOwn shares represent the cost of Genuit Group plc shares purchased in the market and held by
\nthe Company, and/or the Employee Benefit Trust (EBT), to satisfy the future exercise of options
\nunder the Group\u2019s share option schemes.
\nDuring the year the Group issued 1,000,000 shares (2021: 1,000,000 shares) to the EBT at the
\nnominal value of \u00a30.001.
\nAt 31 December 2022, the Group held 375 (2021: 965) of its own shares at an average cost of \u00a34.20
\n(2021: \u00a34.20) per share. The market value of these shares at 31 December 2022 was less than
\n\u00a30.1m (2021: less than \u00a30.1m). The nominal value of each share is \u00a30.001.
\nThe EBT held 1,071,188 shares at 31 December 2022 (2021: 353,385) at an average cost of 0.1p
\n(2021: 0.1p) per share. The market value of these shares at 31 December 2022 was \u00a33.0m
\n(2021: \u00a32.1m). The nominal value of each share is \u00a30.001.
\nHedging reserve
\nThe hedging reserve contains the effective portion of the cash flow hedge relationships
\nentered into by the Group in respect of interest rate swaps and forward foreign currency
\nderivatives as discussed in Note 29.
\nForeign currency retranslation reserve
\nThe foreign currency retranslation reserve is used to record exchange differences arising from
\nthe translation of the financial statements of foreign subsidiaries.
\nOther reserves
\nOn 7 May 2020, the Group conducted a non-pre-emptive placing of 26,966,300 new ordinary
\nshares at \u00a34.45 per share generating gross proceeds of \u00a3120.0m. The placing was undertaken
\nusing a cashbox structure. As a result, the Group was able to take relief under Section 612 of the
\nCompanies Act 2006 from crediting share premium and instead transfer the net proceeds in
\nexcess of the nominal value to other reserves. Advisers\u2019 fees of \u00a33.5m have been netted off
\nagainst the gross proceeds.
\nCapital management
\nThe primary objective of the Group\u2019s capital management is to ensure that it maintains an
\nappropriate capital structure to support its business objectives and maximise shareholder value.
\nThe Group regards shareholders\u2019 equity and net debt as its capital. The Group\u2019s net debt is defined
\nas cash and cash equivalents, loans and borrowings, and lease liabilities. At 31 December 2022, the
\nGroup had bank debt of \u00a3170.9m (2021: \u00a3198.0m), an undrawn committed revolving credit facility of
\n\u00a3179.1m (2021: \u00a3102.0m), cash of \u00a350.0m (2021: \u00a352.3m), an uncommitted accordion facility of \u00a350.0m
\n(2021: \u00a350.0m), private placement loan notes of \u00a325.0m (2021: \u00a3nil) with a maturity date of August
\n2029 and lease liabilities of \u00a323.1m (2021: \u00a320.6m). A key objective of the Group is to maintain
\nsufficient liquidity (cash and committed bank facilities) in order to meet its cash commitments
\nincluding interest payments due on that debt. No changes were made to the objectives, policies
\nor processes during the years ended 31 December 2022 and 31 December 2021.
\n162
Genuit Group plc
Annual Report & Accounts 2022
\nStrategic Report
Governance
Remuneration
Financial Statements
Notes to the Group Financial Statements continued
\n25. Share-based payments
\nShare options were granted by the Company under its various share option schemes as detailed in the table below:
\nExercise
\nprice
\n\u00a3
\n31 December
\n2021
\nNumber
\nGranted
\nNumber
\nDividend
\nAccrual
\nExercised
\nNumber
\nLapsed/
\nforfeited
\nNumber
\n31 December
\n2022
\nNumber
\nDate
\nfirst
\nexercisable
\nExpiry
\ndate
\n2014 Sharesave (granted 2018)
2.98
116,943
\u2013
\u2013
(115,087)
\n1
\n(1,856)
\u2013
1 Nov 2021
30 April 2022
\n2014 Sharesave (granted 2019)
3.05
1,034,024
\u2013
\u2013
(27,269)
\n2
\n(323,127)
683,628
1 Nov 2022
30 April 2023
\n2014 Sharesave (granted 2020)
3.45
1,462,435
\u2013
\u2013
(5,999)
\n3
\n(813,709)
642,727
1 Dec 2023
31 May 2024
\n2014 Sharesave (granted 2021)
5.78
998,276
\u2013
\u2013
\u2013
(752,299)
245,977
1 Dec 2024
31 May 2025
\n2014 Sharesave (granted 2022)
2.21
\u2013
4,521,667
\u2013
\u2013
\u2013
4,521,667
1 Dec 2025
31 May 2026
\n2014 LTIP (granted 10 May 2016)
Nil
104,165
\u2013
\u2013
(17,960)
\n4
\n\u2013
86,205
10 May 2019
10 May 2026
\n2014 LTIP (granted 2 May 2017)
Nil
29,289
\u2013
\u2013
(16,715)
\n5
\n\u2013
12,574
2 May 2020
2 May 2027
\n2014 LTIP (granted 22 May 2017)
Nil
5,973
\u2013
\u2013
\u2013
\u2013
5,973
22 May 2021
22 May 2028
\n2014 LTIP (granted 2 May 2018)
Nil
32,647
\u2013
\u2013
(6,197)
\n6
\n(5,308)
21,142
2 May 2021
2 May 2028
\n2014 LTIP (granted 30 April 2019)
Nil
526,151
\u2013
\u2013
(76,656)
\n7
\n(399,499)
49,996
30 April 2022
30 April 2029
\n2014 LTIP (granted 22 Nov 2019)
Nil
23,531
\u2013
\u2013
\u2013
(17,649)
5,882
22 Nov 2022
22 Nov 2029
\n2014 LTIP (granted 22 June 2020)
Nil
633,899
\u2013
\u2013
\u2013
(159,661)
474,238
22 June 2023
22 June 2030
\n2014 LTIP (granted 20 May 2021)
Nil
676,916
\u2013
\u2013
\u2013
(130,001)
546,915
20 May 2024
20 May 2031
\n2014 LTIP (granted 22 April 2022)
Nil
\u2013
809,192
\u2013
\u2013
(65,334)
743,858
22 April 2025
22 April 2032
\n2014 LTIP (granted 13 July 2022)
Nil
\u2013
11,973
\u2013
\u2013
\u2013
11,973
13 July 2025
13 July 2032
\nDeferred share awards (granted 22 March 2022)
Nil
\u2013
175,081
3,296
\u2013
\u2013
178,377
22 March 2023
22 March 2032
\nDeferred share awards (granted 22 March 2022)
Nil
\u2013
124,683
2,347
\u2013
\u2013
127,030
22 March 2024
22 March 2032
\nDeferred share awards (granted 22 March 2022)
Nil
\u2013
12,347
\u2013
\u2013
\u2013
12,347
22 March 2022
22 March 2032
\nDeferred share awards (granted 22 March 2022)
Nil
\u2013
30,640
576
\u2013
\u2013
31,216
22 March 2023
22 March 2032
\nDSBP (granted 30 April 2019)
Nil
19,437
\u2013
\u2013
(12,434)
\n8
\n\u2013
7,003
30 April 2021
30 April 2029
\nDSBP (granted 22 June 2020)
Nil
17,120
\u2013
320
(4,125)
\n9
\n\u2013
13,315
22 June 2022
22 June 2030
\nDSBP (granted 22 April 2022)
Nil
\u2013
79,144
1,486
\u2013
\u2013
80,630
22 April 2024
22 April 2031
\n5,680,806
5,764,727
8,025
(282,442)
(2,668,443)
8,502,673
\n1.
The weighted average share price at the date of exercise of these options was \u00a34.78.
\n2.
The weighted average share price at the date of exercise of these options was \u00a33.55.
\n3.
The weighted average share price at the date of exercise of these options was \u00a34.25.
\n4.
The weighted average share price at the date of exercise of these options was \u00a35.27.
\n5.
The weighted average share price at the date of exercise of these options was \u00a35.16.
\n6.
The weighted average share price at the date of exercise of these options was \u00a35.28.
\n7.
The weighted average share price at the date of exercise of these options was \u00a34.14.
\n8.
The weighted average share price at the date of exercise of these options was \u00a34.06.
\n9.
The weighted average share price at the date of exercise of these options was \u00a33.78.
\n163
Genuit Group plc
Annual Report & Accounts 2022
\nStrategic Report
Governance
Remuneration
Financial Statements
Notes to the Group Financial Statements continued
\n25. Share-based payments continued
\nAt 31 December 2022, 889,345 (2021: 292,541) share options were exercisable at a weighted
\naverage exercise price of \u00a32.34 (2021: \u00a31.19) per share.
\nSharesave Plan
\nSharesave Plan options were granted to eligible employees on 9 November 2022 at an
\nexercise price of \u00a32.21 per share, a 20% discount to the average share price over the three
\nbusiness days preceding the offer. Participating employees can exercise their options to
\npurchase the shares acquired through their savings plans at the option price after three
\nyears. These options have an exercise date of 2025 to 2026.
\nLong-Term Incentive Plan (LTIP)
\nLTIP options were awarded to a number of senior managers on 22 April 2022. These options
\nhave an exercise date of 2025 to 2032. The vesting of each award is subject to the satisfaction
\nof certain performance criteria, of which 25% is based on total shareholder return (the TSR
\nelement), 25% is based on sustainability performance (the sustainability element) and 50% is
\nbased on earnings per share (the EPS element). Further details of the scheme are provided in
\nthe Annual Report on Remuneration.
\nDeferred Share Bonus Plan (DSBP)
\nOn 22 April 2022, the Executive Directors received an award of shares under the DSBP relating
\nto the 2021 annual bonus.
\nDeferred share awards
\nOn 22 March 2022, other share awards in the form of nil-cost options were made relating to
\nthe buyout arrangements to partially compensate Joe Vorih and Matt Pullen for bonus and
\nlong-term incentive awards which were forfeited when they left their previous employers.
\nFurther details are provided in the Annual Report on Remuneration on pages 120-123.
\nAll these equity-settled, share-based payments are measured at fair value at the date of grant.
\nThe fair value determined at the date of grant of the equity-settled, share-based payments is
\nexpensed to the income statement on a straight-line basis over the vesting period, based on
\nthe Group\u2019s estimates of shares that will eventually vest, with a corresponding adjustment to
\nequity. Fair value for the Sharesave Plan options is measured by use of a Black\u2013Scholes model.
\nFair value of the LTIP options is measured by use of a Monte Carlo model. The expected life used
\nin the models has been adjusted, based on management\u2019s best estimate for the effects of
\nnon-transferability, exercise restrictions and behavioural considerations.
\nThe assumptions used for each share-based payment were as follows:
\n2014 LTIP
\noptions
\ngranted
\n22 April
\n2022
\n2014 LTIP
\noptions
\ngranted
\n13 July
\n2022
\n2014
\nSharesave
\noptions
\ngranted
\n2022
\nShare price at the date of grant
\u00a34.57
\u00a33.82
\u00a32.70
\nExercise price
Nil
Nil
\u00a32.21
\nShares under option
809,192
11,973
4,521,667
\nVesting period (years)
3.00
3.00
3.25
\nExpected volatility
37.3%
37.3%
41.3%
\nMedian volatility of the comparator group
38.2%
38.2%
n/a
\nExpected life (years)
3.00
3.00
3.25
\nRisk free rate
1.82%
1.70%
3.64%
\nDividend yield
2.69%
3.20%
4.26%
\nTSR performance of the Company at the date of grant
(21.2)%
(21.2)%
n/a
\nMedian TSR performance of the comparator group
\nat the date of grant
(24.4)%
(24.4)%
n/a
\nCorrelation (median)
33.3%
33.3%
n/a
\nFair value per option
\u00a33.65
\u00a33.11
\u00a30.84
\n164
Genuit Group plc
Annual Report & Accounts 2022
\nStrategic Report
Governance
Remuneration
Financial Statements
Notes to the Group Financial Statements continued
\n2014 LTIP
\noptions
\ngranted
\n20 May
\n2021
\n2014
\nSharesave
\noptions
\ngranted
\n2021
\nShare price at the date of grant
\u00a36.03
\u00a36.96
\nExercise price
Nil
\u00a35.78
\nShares under option
676,916
1,005,123
\nVesting period (years)
3.00
3.25
\nExpected volatility
35.4%
37.8%
\nMedian volatility of the comparator group
38.2%
n/a
\nExpected life (years)
3.00
3.25
\nRisk free rate
0.14%
0.69%
\nDividend yield
2.5%
2.5%
\nTSR performance of the Company at the date of grant
1.9%
n/a
\nMedian TSR performance of the comparator group at the date of grant
38.2%
n/a
\nCorrelation (median)
33.3%
n/a
\nFair value per option
\u00a34.91
\u00a32.02
\nThe expected volatility is based on historical share price movements. The Directors anticipate
\nit is possible the performance criteria in relation to the LTIP options may not be met.
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nShare-based payments charge for the year
2.9
2.2
\n26. Trade and other payables
\n31 December
\n2022
\n\u00a3m
\n31 December
\n2021
\n\u00a3m
\nTrade payables
85.1
94.1
\nOther taxes and social security costs
7.9
11.2
\nAccruals
31.2
30.2
\n124.2
135.5
\nTrade payables are non-interest bearing and generally settled on 30 to 60 day terms.
\n27. Financial liabilities
\n31 December
\n2022
\n\u00a3m
\n31 December
\n2021
\n\u00a3m
\nNon-current loans and borrowings:
\nBank loan
\n\u2013 principal
170.9
198.0
\n\u2013
unamortised debt issue costs
(2.8)
(0.6)
\nPrivate Placement Loan Notes
25.0
\u2013
\nTotal non-current loans and borrowings
193.1
197.4
\nCash at bank and in hand
(50.0)
(52.3)
\nNet debt excluding lease liabilities
143.1
145.1
\n31 December
\n2022
\n\u00a3m
\n31 December
\n2021
\n\u00a3m
\nOther financial liabilities:
\nTrade and other payables
124.2
135.5
\nLease liabilities
23.1
20.6
\nOther liabilities
\u2013
1.4
\nDeferred and contingent consideration
8.0
4.8
\nDerivative financial instruments
\u2013
0.1
\n155.3
162.4
\n165
Genuit Group plc
Annual Report & Accounts 2022
\nStrategic Report
Governance
Remuneration
Financial Statements
Notes to the Group Financial Statements continued
\n27. Financial liabilities continued
\nBank loan
\nOn 19 November 2018, the Group entered into an Amendment and Restatement Agreement
\nwith various lenders in respect of the Group\u2019s previous revolving credit facility agreement
\ndated 4 August 2015. The bank loan, which comprised a \u00a3300.0m revolving credit facility and
\n\u00a350.0m uncommitted accordion facility, was secured and would have matured in November
\n2023 (with two further uncommitted annual renewals through to November 2025 possible).
\nThe Group incurred \u00a31.7m of debt issue costs in respect of entering into the Amendment and
\nRestatement Agreement dated 19 November 2018 which were capitalised and were being
\namortised to the income statement over the term of the facility. Upon renewal of the facility in
\nAugust 2022, the remaining unamortised amount was written off to non-underlying items.
\nOn 10 August 2022, the Group renewed its banking facilities and entered a Sustainability-Linked
\nLoan revolving credit facility agreement for \u00a3350.0m with a \u00a350.0m uncommitted accordion
\nfacility expiring in August 2027 and a separate agreement for private placement loan notes of
\n\u00a325.0m with an uncommitted \u00a3125.0m shelf facility repayable in August 2029. The Group
\nincurred debt issue costs of \u00a33.1m, in respect of entering into both agreements, which have
\nbeen capitalised and are being amortised to the income statement over the whole term of
\neach facility, respectively.
\nInterest is payable on the bank loan at SONIA plus an interest margin ranging from 0.90% to
\n2.75% which is dependent on the Group\u2019s ESG targets and the Group\u2019s leverage (net debt
\nexcluding lease liabilities as a multiple of pro forma EBITDA) and reduces as the Group\u2019s
\nleverage reduces. The interest margin at 31 December 2022 was 1.60% (2021: 1.40%). Pro forma
\nEBITDA for the year was \u00a3120.3m (2021: \u00a3117.9m) and is defined as pre-IFRS 16 underlying
\noperating profit before depreciation, amortisation and share-based payment charges, for the
\n12 months preceding the Balance Sheet date adjusted where relevant to include a full year of
\nEBITDA from acquisitions made during those 12 months.
\nInterest is payable semi-annually on the loan notes and is fixed at 4.44% per annum for the
\nperiod of the loan term.
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nPro forma EBITDA
(12 months preceding the Balance Sheet)
\nUnderlying operating profit
98.2
95.3
\nDepreciation of property, plant and equipment
19.4
18.4
\nAmortisation of intangible assets arising on business combinations
0.2
0.1
\nUnwind of discount on lease liabilities
(0.8)
(0.7)
\nShare-based payments charge
3.1
2.5
\n120.1
115.6
\nEBITDA from acquisitions
0.2
2.3
\n120.3
117.9
\nAt 31 December 2022, the Group had available, subject to covenant headroom, \u00a3179.1m
\n(2021: \u00a3102.0m) of undrawn committed borrowing facilities in respect of which all conditions
\nprecedent had been met.
\nThe Group is subject to a number of covenants in relation to its bank loan which, if breached,
\nwould result in the bank loan becoming immediately repayable. These covenants specify
\ncertain maximum limits in terms of net debt, excluding lease liabilities, as a multiple of pro
\nforma EBITDA and interest cover. At 31 December 2022, the Group was not in breach of any
\nbank covenants. The covenant position was as follows:
\nCovenant
\nCovenant
\nRequirement
\nPosition at
\n31 December
\n2022
\nInterest cover
(Underlying operating profit: finance costs excluding
\ndebt issue cost amortisation)
>4.0:1
16.0:1
\nLeverage
(Net debt excluding lease liabilities: pro forma EBITDA)
<3.0:1
1.2:1
\nThe interest cover and leverage covenants remain at 4.0:1 and 3.0:1 respectively, throughout
\nthe remaining term of the revolving credit facility to August 2027, though there exists the
\noption to apply to extend the leverage covenant to 3.5:1 for a limited period of time if the
\nGroup makes an acquisition.
\n28. Related party transactions
\nCompensation of key management personnel (including Directors):
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nShort-term employee benefits
3.3
4.8
\nShare-based payments
1.7
0.7
\n5.0
5.5
\nKey management personnel comprise the Executive Directors and other key managers
\nin the Group.
\n166
Genuit Group plc
Annual Report & Accounts 2022
\nStrategic Report
Governance
Remuneration
Financial Statements
Notes to the Group Financial Statements continued
\n29. Financial risk management objectives and policies
\nThe Group\u2019s principal financial liabilities comprise loans and borrowings, deferred and
\ncontingent consideration, lease liabilities, derivative financial instruments and trade and other
\npayables. The main purpose of these financial liabilities is to finance the Group\u2019s operations.
\nThe Group has trade and other receivables and cash that are derived directly from its
\noperations.
\nThe Group is exposed to interest rate cash flow, foreign currency exchange, credit and
\nliquidity risk.
\nThe Group\u2019s senior management oversees the mitigation of these risks which are summarised
\nas follows:
\nInterest rate risk
\nThe interest rate on the Group\u2019s \u00a3350.0m Sustainability-Linked Loan is variable, being payable
\nat SONIA plus a margin. The Group manages its long-term borrowings policy centrally and
\noperates weekly cash flow forecasting to manage its net debt position to ensure exposure to
\nchanges in interest rates are minimised where possible.
\nInterest rate sensitivity
\nThe table below demonstrates the sensitivity to a change in 100 basis point in interest rates on
\nthe Group\u2019s borrowings which at the relevant reporting dates are not hedged. The analysis
\nassumes all other variables remain constant and the change in rates takes place at the
\nbeginning of the financial year and held constant throughout the reporting period, the Group\u2019s
\nprofit after tax is affected through the impact on interest rate borrowings as follows:
\nChange in interest rate
\nEffect on profit
\nafter tax
\n\u00a3m
\n2022
\nIncrease of 100 basis points
(1.6)
\nDecrease of 100 basis points
0.6
\n2021
\nIncrease of 100 basis points
(0.1)
\nDecrease of 100 basis points
0.1
\nForeign currency exchange risk
\nForeign currency exchange risk is the risk that the fair value of a financial instrument or future
\ncash flows will fluctuate because of changes in foreign currency exchange rates. The Group\u2019s
\nexposure to the risk of changes in foreign currency exchange rates relates primarily to the
\nGroup\u2019s operating activities where the revenue or expense is denominated in a currency other
\nthan the functional currency of the entity undertaking the transaction.
\nThe Group enters into forward foreign currency exchange contracts for the purchase and sale
\nof foreign currencies in order to manage its exposure to fluctuations in currency rates,
\nprimarily in respect of US Dollar and Euro receipts and payments.
\nForeign currency exchange sensitivity
\nThe table below demonstrates the sensitivity to a 10% change in the Euro exchange rate versus
\nPounds Sterling, the presentational currency of the Group used for translation purposes, on the
\nnet assets and profit after tax of the Group. The Group\u2019s exposure to foreign currency
\nexchange rate changes for all other currencies is not material.
\nChange in exchange rate
\nEffect on
\nnet assets
\n\u00a3m
\nEffect on profit
\nafter tax
\n\u00a3m
\n2022
\n10% strengthening of Pounds Sterling: against Euro
(1.0)
\u2013
\n10% weakening of Pounds Sterling: against Euro
1.3
\u2013
\n2021
\n10% strengthening of Pounds Sterling: against Euro
(0.8)
(0.1)
\n10% weakening of Pounds Sterling: against Euro
1.0
0.1
\n167
Genuit Group plc
Annual Report & Accounts 2022
\nStrategic Report
Governance
Remuneration
Financial Statements
Notes to the Group Financial Statements continued
\n29. Financial risk management objectives and policies continued
\nCredit risk
\nCredit risk is the risk that a counterparty will not meet its obligations under a financial
\ninstrument or customer contract, leading to a financial loss. The Group is exposed to credit risk
\nfrom its operating activities (primarily for trade receivables) and from its financing activities,
\nincluding cash deposits with banks.
\nTrade receivables
\nCustomer credit risk is managed by each subsidiary subject to the Group\u2019s established policy,
\nprocedures and controls relating to customer credit risk management. Credit quality of the
\ncustomer is assessed based on an extensive credit rating scorecard and individual credit
\nlimits are defined in accordance with this assessment. Outstanding customer receivables
\nare regularly monitored and any shipments to major export customers are generally
\ncovered by letters of credit or other forms of credit insurance.
\nThe requirement for impairment is analysed at each balance sheet date on an individual
\nbasis for major clients. Additionally, a large number of minor receivables are grouped into
\nhomogeneous groups and assessed for impairment collectively. The calculation is based on
\nactually incurred historical data. The maximum exposure to credit risk at the Balance Sheet
\ndate is the carrying amount of each class of financial assets as disclosed in Note 22 which is
\nadjusted for forward-looking information.
\nThe Group does not hold collateral as security. The Group evaluates the concentration
\nof risk with respect to trade receivables as low. At 31 December 2022, 53% (2021: 39%) of
\nnet trade receivables were covered by credit insurance which is subject to the normal
\npolicy deductibles.
\nFinancial instruments and cash deposits
\nThe Group maintains strong liquidity through cash balances and deposits (\u00a350.0m at
\n31 December 2022) and its undrawn committed revolving credit facility \u00a3179.1m at 31 December
\n2022 which matures in August 2027 (with two further uncommitted annual renewals through
\nto November 2029 possible).
\nCredit risk arising from cash deposits with banks is managed in accordance with the Group\u2019s
\nestablished treasury policy, procedures and controls. Deposits of surplus funds are made only
\nwith banks that have as a minimum a single A credit rating. The Group\u2019s maximum exposure
\nto credit risk for the components of the Balance Sheet at 31 December 2022 and 31 December
\n2021 is the carrying amounts as illustrated in Note 23.
\nLiquidity risk
\nLiquidity risk is the risk that the Group will not be able to meet its financial obligations as they
\nfall due. The Group\u2019s approach to managing liquidity is to ensure that it will always have
\nsufficient liquidity to meet its liabilities when due, under both normal and stressed conditions,
\nwithout incurring unacceptable losses or risking damage to the Group\u2019s reputation. The Group
\nhad cash and cash equivalents of \u00a350.0m and undrawn and committed credit facilities of
\n\u00a3179.1m at 31 December 2022, and no debt maturities within 12 months.
\nThe table below summarises the maturity profile of the Group\u2019s financial liabilities based on
\ncontractual undiscounted payments:
\n31 December 2022
\n< 3 months
\n\u00a3m
\n3 to 12
\nmonths
\n\u00a3m
\n1 to 5
\nyears
\n\u00a3m
\n> 5 years
\n\u00a3m
\nTotal
\n\u00a3m
\nBank loan \u2013 principal
2.4
5.7
214.7
\u2013
222.8
\nPrivate placement loan notes
\u2013
1.1
4.4
27.2
32.7
\nOther financial liabilities:
\nTrade and other payables
124.2
\u2013
\u2013
\u2013
124.2
\nDeferred and contingent
\nconsideration
\u2013
\u2013
8.0
\u2013
8.0
\nForward foreign currency
\nderivatives
0.9
\u2013
\u2013
\u2013
0.9
\nLease liabilities
1.3
3.7
14.9
10.4
30.3
\n128.8
10.5
242.0
37.6
418.9
\nThe interest payments on the Sustainability-Linked Loan would be \u00a310.9m per year if the
\ninterest rate plus margin remained at 5.6% and the level of debt did not change from the
\nbalance sheet date.
\n31 December 2021
\n< 3 months
\n\u00a3m
\n3 to 12
\nmonths
\n\u00a3m
\n1 to 5
\nyears
\n\u00a3m
\n> 5 years
\n\u00a3m
\nTotal
\n\u00a3m
\nBank loan \u2013 principal
\u2013
\u2013
198.0
\u2013
198.0
\nOther financial liabilities:
\nTrade and other payables
135.5
\u2013
\u2013
\u2013
135.5
\nDeferred and contingent
\nconsideration
0.5
\u2013
4.3
\u2013
4.8
\nForward foreign currency
\nderivatives
6.0
\u2013
\u2013
\u2013
6.0
\nLease liabilities
0.9
3.6
11.1
8.3
23.9
\nOther liabilities
\u2013
0.5
\u2013
0.9
1.4
\n142.9
4.1
213.4
9.2
369.6
\n168
Genuit Group plc
Annual Report & Accounts 2022
\nStrategic Report
Governance
Remuneration
Financial Statements
Notes to the Group Financial Statements continued
\nFair values of financial assets and financial liabilities
\nThe book value of trade and other receivables, trade and other payables, cash balances, bank
\nloan and other liabilities equates to fair value.
\nThe table below sets out the Group\u2019s accounting classification of its other financial liabilities
\nand their carrying amounts and fair values:
\nCarrying
\nvalue
\n\u00a3m
\nFair
\nvalue
\n\u00a3m
\nForward foreign currency derivatives
\n(designated as hedging instruments)
\u2013
\u2013
\nInterest-bearing loans and borrowings due after more than
\none year (designated as financial liabilities measured
\nat amortised cost)
193.1
193.1
\nDeferred and contingent consideration
\n(designated as financial liabilities at FVTPL)
8.0
8.0
\nLease liabilities (designated as financial liabilities
\nmeasured at amortised cost)
23.1
23.1
\nTotal at 31 December 2022
224.2
224.2
\nCarrying
\nvalue
\n\u00a3m
\nFair
\nvalue
\n\u00a3m
\nForward foreign currency derivatives
\n(designated as hedging instruments)
0.1
0.1
\nInterest-bearing loans and borrowings due after more than
\none year (designated as financial liabilities measured
\nat amortised cost)
197.4
197.4
\nDeferred and contingent consideration
\n(designated as financial liabilities at FVTPL)
4.8
4.8
\nLease liabilities (designated as financial liabilities
\nmeasured at amortised cost)
20.6
20.6
\nTotal at 31 December 2021
222.9
222.9
\nThe fair values were determined as follows by reference to:
\n\u2013
Forward foreign currency derivatives: quoted exchange rates.
\n\u2013
Deferred and contingent consideration: Directors\u2019 assessment of the likelihood that financial
\ntargets will be achieved (see Note 18).
\n\u2013
Lease liabilities: present value of lease payments to be made over the lease terms.
\nFair value hierarchy
\nThe Group uses the following hierarchy for determining and disclosing the fair value of
\nfinancial instruments by valuation technique:
\nLevel 1:
quoted (unadjusted) prices in active markets for identical assets or liabilities;
\nLevel 2:
other techniques for which all inputs which have a significant effect on the
\nrecognised fair value are observable, either directly or indirectly; and
\nLevel 3:
techniques which use inputs which have a significant effect on the recognised fair
\nvalue that are not based on observable market data.
\nThe fair values disclosed above, with the exception of deferred and contingent consideration
\nwhich is categorised as Level 3, all relate to items categorised as Level 2.
\nThere have been no transfers in any direction between Levels 1, 2 or 3 in the years ended
\n31 December 2022 and 2021.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory",
"language": "en",
"entity": "scheme:2138005IF1N2RKJ6KO18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f18734": {
"value": "1. Authorisation of financial statements The consolidated financial statements of the Group for the year ended 31 December 2022
\nwere authorised for issue by the Board of Directors on 14 March 2023 and the balance sheet
\nwas signed on the Board\u2019s behalf by Joe Vorih and Paul James.
\nGenuit Group plc (previously known as Polypipe Group plc) is a public limited company
\nincorporated and domiciled in England and Wales. The principal activity of the Group is the
\nprovision of sustainable water and climate management solutions for the built environment.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:2138005IF1N2RKJ6KO18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f18741": {
"value": "Genuit Group plc",
"dimensions": {
"concept": "ifrs-full:ExplanationOfChangeInNameOfReportingEntityOrOtherMeansOfIdentificationFromEndOfPrecedingReportingPeriod",
"language": "en",
"entity": "scheme:2138005IF1N2RKJ6KO18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f18742": {
"value": "Genuit Group plc",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "en",
"entity": "scheme:2138005IF1N2RKJ6KO18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f18743": {
"value": "Genuit Group plc",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:2138005IF1N2RKJ6KO18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f18744": {
"value": "Genuit Group plc",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:2138005IF1N2RKJ6KO18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f18745": {
"value": "public limited company",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:2138005IF1N2RKJ6KO18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f18747": {
"value": "England and Wales",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:2138005IF1N2RKJ6KO18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f18748": {
"value": "England and Wales",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:2138005IF1N2RKJ6KO18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f18749": {
"value": "England and Wales",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:2138005IF1N2RKJ6KO18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f18750": {
"value": "the provision of sustainable water and climate management solutions for the built environment.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:2138005IF1N2RKJ6KO18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f18755": {
"value": "2. Summary of significant accounting policies The basis of preparation and accounting policies used in preparing the consolidated
\nhistorical financial information for the year ended 31 December 2022 are set out below.
\nThese accounting policies have been consistently applied in all material respects
\nto all the periods presented.
\n2.1 Basis of preparation and statement of compliance with IFRSs
\nThe Group\u2019s consolidated financial statements have been prepared in accordance with
\nUK-adopted International Accounting Standards (UK-adopted-IAS).
\nThe accounting policies which follow set out those policies which apply in preparing
\nthe consolidated financial statements for the year ended 31 December 2022.
\nThe Group\u2019s consolidated financial statements have been prepared on a historical cost basis
\nexcept for derivative financial instruments and deferred and contingent consideration that
\nhave been measured at fair value. The consolidated financial statements are presented in
\nPounds Sterling and all values are rounded to one decimal place of a million (\u00a3m) unless
\notherwise indicated.
\n2.2 Going concern
\nThe Directors have made enquiries into the adequacy of the Group\u2019s financial resources,
\nthrough a review of the Group\u2019s budget and medium-term financial plan, including cash flow
\nforecasts. The Group has modelled a range of scenarios, with the base forecast being one in
\nwhich, over the 24 months ending 31 December 2024, sales volumes grow in line with or
\nmoderately above external construction industry forecasts.
\nIn addition, the Directors have considered several downside scenarios, including adjustments
\nto the base forecast, a period of significantly lower like-for-like sales, profitability and cash
\nflows. Consistent with our Principal Risks and Uncertainties these downside scenarios included,
\nbut were not limited to, loss of production, loss of a major customer, product failure, recession,
\nincreases in interest rates and increases in raw material prices. Downside scenarios also
\nincluded a combination of these risks, and reverse stress testing.
\nThe financial impact of the climate-related risks disclosed within the Task Force on
\nClimate-Related Financial Disclosures Report on pages 26 to 35 of the Strategic Report
\ncontinue to be assessed. Through the detailed qualitative scenario analysis undertaken, the
\nDirectors conclude that there is no material adverse impact of climate change in the short to
\nmedium term, and hence have not included any impacts in either the base case or downside
\nscenarios of the going concern assessment. The Group has not experienced material adverse
\ndisruption during periods of adverse or extreme weather in recent years and do not expect
\nthis to occur to a material level over the period of the going concern assessment.
\nAt 31 December 2022, the Group had available \u00a3179.1m of undrawn committed borrowing
\nfacilities in respect of which all conditions precedent had been met. These borrowing facilities
\nare available until at least August 2027, subject to covenant headroom. The Directors are
\nsatisfied that the Group has sufficient liquidity and covenant headroom to withstand
\nreasonable variances to the base forecast, as well as the downside scenarios. In addition, the
\nDirectors have noted the range of possible additional liquidity options available to the Group,
\nshould they be required.
\nAs a result, the Directors have satisfied themselves that the Group has adequate financial
\nresources to continue in operational existence for a period of at least the next 21 months.
\nAccordingly, they continue to adopt the going concern basis in preparing the consolidated
\nfinancial statements.
\n2.3 Basis of consolidation
\nThe consolidated financial statements comprise the financial statements of the Group and its
\nsubsidiaries at 31 December 2022. Control is achieved when the Group is exposed, or has
\nrights, to variable returns from its involvement with the investee and has the ability to affect
\nthose returns through its power over the investee.
\nSpecifically, the Group controls an investee if, and only if, the Group has:
\n\u2013
power over the investee (i.e. existing rights that give it the current ability to direct the
\nrelevant activities of the investee);
\n\u2013
exposure, or rights, to variable returns from its involvement with the investee; and
\n\u2013
the ability to use its power over the investee to affect its returns.
\nThe Group reassesses whether or not it controls an investee if facts and circumstances indicate
\nthat there are changes to one or more of the three elements of control. Consolidation of a
\nsubsidiary begins when the Group obtains control over the subsidiary and ceases when the
\nGroup loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary
\nacquired or disposed of during the year are included in the consolidated financial statements
\nfrom the date the Group gains control until the date the Group ceases to control the subsidiary.
\nThe Group holds 100% of the equity and controls 100% of the voting rights in all subsidiaries, with
\nthe exception of Plura Composites Limited, Polydeck Limited, Equaflow Ltd, Sustainable Water
\nand Drainage Systems BV, Sustainable Water and Drainage Systems Limited and Water
\nManagement Solutions LLC (which has not traded since incorporation in Qatar in 2015).
\nIn relation to the acquisition of Plura Composites Limited and related entities, there exists an
\noption to acquire the remaining 49% which has not been exercised in the year. Under the
\ncontractual arrangements, the Group\u2019s approval is required for all major operational
\ndecisions. Based on this, the Group has accounted for Plura Composites Limited as a wholly
\nowned subsidiary because there is a call option over the remaining shares which gives the
\nGroup present access to returns over all the shares held by non-controlling shareholders.
\nThe treatment of non-controlling interests or any other non-voting right factors in respect of
\ncontrol is not material to the consolidated financial statements.
\n142
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Governance
Remuneration
Financial Statements
Notes to the Group Financial Statements continued
\n2.4 Business combinations
\nBusiness combinations are accounted for using the acquisition method. The cost of an
\nacquisition is the total of the consideration transferred, measured at acquisition fair value.
\nAcquisition costs incurred are expensed and included in administration expenses in the
\nincome statement.
\nIdentifiable intangible assets, meeting either the contractual-legal or separability criterion are
\nrecognised separately from goodwill.
\n2.5 Goodwill
\nGoodwill is initially measured at cost being the excess of the aggregate of the acquisition
\ndate fair value of the consideration transferred over the net identifiable amounts of the assets
\nacquired and the liabilities assumed in exchange for the business combination.
\nAfter initial recognition, goodwill is stated at cost less any accumulated impairment losses
\n(see Note 2.13).
\nThe carrying amount of goodwill allocated to a cash-generating unit is taken into account
\nwhen determining the profit or loss on disposal of the unit, or of an operation within it.
\n2.6 Foreign currency translation
\nThe Group\u2019s consolidated financial statements are presented in Pounds Sterling, which is
\nalso the parent company\u2019s functional currency. Each entity in the Group determines its own
\nfunctional currency and items included in the financial statements of each entity are
\nmeasured in that functional currency.
\nTransactions in foreign currencies are initially recognised by the Group entities at their
\nrespective functional currency rates prevailing at the date of the transaction.
\nMonetary assets and liabilities denominated in foreign currencies are retranslated at the
\nfunctional currency spot rate of exchange at the balance sheet date. All differences arising
\non settlement or translation are taken to the income statement.
\nNon-monetary items that are measured in terms of historical cost in a foreign currency are
\ntranslated using the exchange rates at the dates of the initial transactions.
\nThe assets and liabilities of foreign operations are translated into Pounds Sterling at the rate of
\nexchange ruling at the balance sheet date. Income and expenses are translated at average
\nexchange rates prevailing. The resulting exchange differences are recognised in other
\ncomprehensive income.
\n2.7 Revenue from contracts with customers and interest income
\nRevenue from contracts with customers is recognised when control of the goods is
\ntransferred to the customer at an amount that reflects the consideration to which the Group
\nexpects to be entitled to in exchange for those goods. The disclosure of significant accounting
\njudgements and estimates relating to revenue from contracts with customers is provided in
\nNote 3.
\n2.7.1 Sale of goods
\nRevenue from sale of goods is recognised at the point in time when control of the goods is
\ntransferred to the customer, generally on delivery of the goods. Our most commonly used
\nstandard payment terms are 30 days net end of month.
\ni) Performance obligations
\nRevenue from sale of goods is recognised at the point in time when control of the goods is
\ntransferred to the customer, generally on delivery of the goods. Our most commonly used
\nstandard payment terms are 30 days net end of month.
\nThe Group considers whether there are other undertakings in the sales contract that are
\nseparate performance obligations to which a portion of the transaction price needs to be
\nallocated. The main source of variable consideration in our contracts with customers relates
\nto volume rebates. More information is on the accounting for rebates is provided at (ii) and (iii)
\nbelow. The Group\u2019s contracts do not typically include a significant financing component.
\nNon-cash consideration is not a feature of the Group\u2019s contractual arrangements.
\nii) Variable consideration
\nIf the consideration in a sales contract includes a variable amount, the Group estimates the
\namount of consideration to which it will be entitled in exchange for transferring the goods to
\nthe customer. The variable consideration is estimated at contract inception and constrained
\nuntil it is highly probable that a significant revenue reversal in the amount of cumulative
\nrevenue recognised will not occur when the associated uncertainty with the variable
\nconsideration is subsequently resolved. Some sales contracts provide customers with sales
\nvolume rebates. The sales volume rebates give rise to variable consideration.
\niii) Sales volume rebates
\nThe Group provides retrospective sales volume rebates to certain customers once, amongst
\nother matters, the quantity of goods purchased during a predetermined period exceeds
\nthresholds specified in the sales contract. To estimate the variable consideration for these
\nexpected future rebates, the Group applies the most likely amount method for sales contracts
\nwith a single-volume threshold and the expected value method for sales contracts with more
\nthan one volume threshold. The selected method that best predicts the amount of variable
\nconsideration is primarily driven by the number of volume thresholds contained in the sales
\ncontract. The Group then applies the requirements on constraining estimates of variable
\nconsideration and recognises a refund liability for the expected future rebates. Sales volume
\nrebate liabilities, both estimated and actual, are netted off against the associated trade
\nreceivables to the extent of the individual customer trade receivable balance and where they
\nare net settled. Any remaining credit balances are included in trade and other payables.
\nDeveloper rebate liabilities are presented in trade and other payables.
\n2.7.2 Interest income
\nInterest income is recognised as interest accrues on cash balances using the effective
\ninterest method. The effective interest rate is the rate that exactly discounts estimated future
\ncash receipts through the expected life of the financial instrument to its net carrying amount.
\n143
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\nStrategic Report
Governance
Remuneration
Financial Statements
Notes to the Group Financial Statements continued
\n2.8 Income taxes
\nCurrent income tax
\nCurrent income tax assets and liabilities for the current and prior years are measured at the
\namount expected to be recovered from or paid to the tax authorities, based on income tax
\nrates and laws enacted or substantively enacted at the balance sheet date.
\nDeferred income tax
\nDeferred income tax is recognised on all temporary differences arising between the tax bases
\nof assets and liabilities and their carrying amounts in the consolidated financial statements,
\nwith the following exceptions:
\n\u2013
where the deferred income tax asset relating to the deductible temporary difference arises
\nfrom the initial recognition of an asset or liability in a transaction that is not a business
\ncombination and, at the time of the transaction, affects neither the accounting profit nor
\ntaxable profit or loss;
\n\u2013
in respect of taxable temporary differences associated with investments in subsidiaries,
\nwhere the timing of the reversal of the temporary differences can be controlled and it is
\nprobable that the temporary differences will not reverse in the foreseeable future; and
\n\u2013
deferred income tax assets are recognised only to the extent that it is probable that taxable
\nprofit will be available against which the deductible temporary differences, carried forward
\ntax credits or tax losses can be utilised.
\nFor deductible temporary differences associated with investments in subsidiaries it must
\nadditionally be probable that the temporary differences will reverse in the foreseeable future.
\nThe carrying amount of deferred income tax assets is reviewed at each balance sheet date.
\nDeferred income tax assets and liabilities are offset only if a legally enforceable right exists
\nto set off current income tax assets against current income tax liabilities and the deferred
\nincome taxes relate to the same tax authority and that authority permits the Group to make
\na single net payment.
\nDeferred income tax assets and liabilities are measured on an undiscounted basis at the
\nincome tax rates that are expected to apply when the asset is realised or the liability is
\nsettled, based on income tax rates and laws enacted or substantively enacted at the
\nbalance sheet date.
\nIncome tax is charged or credited to other comprehensive income if it relates to items that
\nare charged or credited to other comprehensive income. Similarly, income tax is charged or
\ncredited directly to equity if it relates to items that are charged or credited directly to equity.
\nOtherwise, income tax is recognised in the income statement.
\n2.9 Property, plant and equipment
\nProperty, plant and equipment is stated at cost less accumulated depreciation and
\naccumulated impairment losses, if any. Cost comprises the aggregate amount paid and the
\nfair value of any other consideration given to acquire the asset and includes costs directly
\nattributable to making the asset capable of operating as intended.
\nDepreciation is provided on the cost less residual value of property, plant and equipment, and
\nis on a straight-line basis over its expected useful life as follows:
\nFreehold land
Nil
\nFreehold buildings
Over expected useful life not exceeding 50 years
\nPlant and other equipment
4 to 10 years
\nThe carrying amounts of property, plant and equipment are reviewed for impairment if events
\nor changes in circumstances indicate the carrying amount may not be recoverable, and are
\nwritten down immediately to their recoverable amount. Useful lives, residual values and
\ndepreciation methods are reviewed at each financial year end, and where adjustments are
\nrequired, these are made prospectively.
\nAn item of property, plant and equipment and any significant part initially recognised is
\nderecognised upon disposal or where no future economic benefits are expected to arise from
\nthe continued use of the asset. Any profit or loss arising on the derecognition of the asset
\n(calculated as the difference between the net disposal proceeds and the carrying amount of
\nthe asset) is included in the income statement when the asset is derecognised.
\n2.10 Intangible assets
\nIntangible assets acquired separately are initially measured at cost. Intangible assets arising
\non business combinations are initially measured at fair value. Following initial recognition,
\nintangible assets are carried at cost or fair value less accumulated amortisation and
\naccumulated impairment losses, if any. Internally generated intangible assets, excluding
\ncapitalised development costs, are not capitalised and expenditure is reflected in the income
\nstatement in the year in which the expenditure is incurred.
\nThe useful lives of intangible assets are assessed as either finite or indefinite. Intangible assets
\nwith finite lives are amortised on a straight-line basis over their expected useful life and are
\nassessed for impairment whenever there is an indication that the intangible asset may be
\nimpaired.
\nAmortisation of intangible assets is provided over the following expected useful lives:
\nPatents and brand names
10 to 20 years
\nCustomer relationships and customer order book
5 to 20 years
\nLicences
10 years
\nDevelopment costs
4 to 10 years
\n144
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Governance
Remuneration
Financial Statements
Notes to the Group Financial Statements continued
\nResearch and development costs
\nResearch costs are expensed as incurred. Development expenditures on individual projects
\nare recognised as an intangible asset when the Group can demonstrate:
\n\u2013
the technical feasibility of completing the intangible asset so that it will be available
\nfor use or sale;
\n\u2013
its intention to complete and its ability to use or sell the asset;
\n\u2013
how the asset will generate future economic benefits;
\n\u2013
the availability of resources to complete the asset; and
\n\u2013
the ability to measure reliably the expenditure during development.
\n2.11 Government grants
\nGovernment grants are recognised where there is reasonable assurance that the grant will be
\nreceived, and all attached conditions will be complied with. When the grant relates to an
\nexpense item, it is recognised as income on a systematic basis over the periods that the related
\ncosts, for which it is intended to compensate, are expensed. When the grant relates to an asset,
\nit is recognised as income in equal amounts over the expected useful life of the related asset.
\nWhen the Group receives grants of non-monetary assets, the asset and the grant are
\nrecorded at nominal amounts and released to the income statement over the expected
\nuseful life of the asset, based on the pattern of consumption of the benefits of the underlying
\nasset by equal annual instalments.
\n2.12 Assets classified as held-for-sale
\nAssets classified as held-for-sale are measured at the lower of carrying amount and fair
\nvalue, less costs to sell. Assets are classified as held-for-sale if their carrying amount will be
\nrecovered through a sale transaction rather than through continuing use. This condition is
\nregarded as met only when the sale is highly probable, expected to be completed within one
\nyear from the date of classification and accordingly included in current assets with the
\nassociated liabilities being included in current liabilities, and the asset is available for
\nimmediate sale in its present condition.
\n2.13 Impairment of non-financial assets
\nThe Group assesses at each balance sheet date whether there are any indicators that an
\nasset may be impaired.
\nIf any such indication exists, or when annual impairment testing for an asset is required, the
\nGroup makes an estimate of the asset\u2019s recoverable amount in order to determine the extent of
\nthe impairment loss. The recoverable amount of an asset or cash-generating unit (CGU) is the
\nhigher of its fair value less costs to sell and its value-in-use and it is determined for an individual
\nasset, unless the asset does not generate cash flows that are largely independent of those from
\nother assets or groups of assets. Where the carrying amount of an asset exceeds its
\nrecoverable amount, the asset is considered impaired and is written down to its recoverable
\namount. In assessing value-in-use, the estimated future pre-tax cash flows are discounted to
\ntheir present value using a pre-tax discount rate that reflects current market assessments of
\nthe time value of money and the risks specific to the asset. In determining fair value less costs
\nto sell, recent market transactions are taken into account. If no such transactions can be
\nidentified, an appropriate valuation model is used. These calculations are corroborated by
\nvaluation multiples or other available fair value indicators.
\nThe Group bases its impairment calculations on detailed budgets and industry forecast
\ncalculations which are prepared separately for each of the Group\u2019s CGUs to which the
\nindividual assets are allocated. These budgets and industry forecast calculations are
\ngenerally covering a period of five years. For longer periods, a long-term growth rate is
\ncalculated and applied to project future cash flows after the fifth year.
\nImpairment losses are recognised in the income statement in those expense categories
\nconsistent with the function of the impaired asset.
\nGoodwill
\nGoodwill has specific characteristics for impairment and is tested annually (at 31 December)
\nor when circumstances indicate that the carrying amount may be impaired.
\nImpairment is determined for goodwill by assessing the recoverable amount of each CGU to
\nwhich the goodwill relates. For the purpose of impairment testing, goodwill is allocated to the
\nrelated CGUs. Each CGU or group of CGUs to which goodwill is allocated represents the lowest
\nlevel within the entity at which the goodwill is monitored for internal management purposes
\nand is not larger than an operating segment before aggregation. Where the recoverable
\namount of the CGU is less than its carrying amount, including goodwill, an impairment loss is
\nrecognised in the income statement.
\nImpairment losses related to goodwill are not reversed in future periods.
\n2.14 Leasing
\nRight-of-use assets
\nThe Group recognises right-of-use assets at the commencement date of the lease (i.e. the date
\nthe underlying asset is available for use). Right-of-use assets are measured at cost, less any
\naccumulated depreciation and impairment losses, and adjusted for any remeasurement of
\nlease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised,
\ninitial direct costs incurred, and lease payments made at or before the commencement date
\nless any lease incentives received. Unless the Group is reasonably certain to obtain ownership of
\nthe leased asset at the end of the lease term, the recognised right-of-use assets are
\ndepreciated on a straight-line basis over the shorter of its expected useful life and the lease
\nterm. Right-of-use assets are subject to impairment.
\nLease liabilities
\nAt the commencement date of the lease, the Group recognises lease liabilities measured at the
\npresent value of lease payments to be made over the lease term. The lease payments include
\nfixed payments (including in-substance fixed payments) less any lease incentives receivable,
\nvariable lease payments that depend on an index or a rate, and amounts expected to be paid
\nunder residual value guarantees. The lease payments also include the exercise price of a
\npurchase option reasonably certain to be exercised by the Group and payments of penalties for
\nterminating a lease, if the lease term reflects the Group exercising the option to terminate. The
\nvariable lease payments that do not depend on an index or a rate are recognised as an
\nexpense in the period in which the event or condition that triggers the payment occurs.
\n145
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Financial Statements
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\n2.14 Leasing continued
\nIn calculating the present value of lease payments, the Group uses the incremental borrowing
\nrate at the lease commencement date if the interest rate implicit in the lease is not readily
\ndeterminable. After the commencement date, the amount of lease liabilities is increased to
\nreflect the accretion of interest and reduced for the lease payments made. In addition, the
\ncarrying amount of lease liabilities is remeasured if there is a modification, a change in the
\nlease term, a change in the in-substance fixed lease payments or a change in the
\nassessment to purchase the underlying asset.
\nShort-term leases and leases of low-value assets
\nThe Group applies the short-term lease recognition exemption to its short-term leases of
\nmachinery and equipment (i.e. those leases that have a lease term of 12 months or less from
\nthe commencement date and do not contain a purchase option). It also applies the lease of
\nlow-value assets recognition exemption to leases that are considered of low value. Lease
\npayments on short-term leases and leases of low-value assets are recognised as an expense
\non a straight-line basis over the lease term.
\nDetermining the lease term of contracts with renewal options
\nThe Group determines the lease term as the non-cancellable term of the lease, together with
\nany periods covered by an option to extend the lease if it is reasonably certain to be
\nexercised, or any periods covered by an option to terminate the lease, if it is reasonably
\ncertain not to be exercised.
\nThe Group has the option, under some of its leases, to lease the assets for additional terms.
\nThe Group applies judgement in evaluating whether it is reasonably certain to exercise the
\noption to renew. That is, it considers all relevant factors that create an economic incentive
\nfor it to exercise the renewal. After the commencement date, the Group reassesses
\nthe lease term if there is a significant event or change in circumstances that is within
\nits control and affects its ability to exercise (or not to exercise) the option to renew
\n(e.g. a change in business strategy).
\n2.15 Financial instruments \u2013 initial recognition and subsequent measurement
\nA financial instrument is any contract that gives rise to a financial asset of one entity and
\na financial liability or equity instrument of another entity.
\ni) Financial assets
\nInitial recognition and measurement
\nFinancial assets are classified, at initial recognition, as subsequently measured at amortised
\ncost, fair value through other comprehensive income, or fair value through profit or loss (FVTPL).
\nThe classification of financial assets at initial recognition depends on the financial asset\u2019s
\ncontractual cash flow characteristics and the Group\u2019s business model for managing them. With
\nthe exception of trade receivables that do not contain a significant financing component, the
\nGroup initially measures a financial asset at its fair value plus, in the case of a financial asset not
\nrecognised at FVTPL, transaction costs. Trade receivables that do not contain a significant
\nfinancing component are measured at the transaction price determined under IFRS 15.
\nIn order for a financial asset to be classified and measured at amortised cost or fair value
\nthrough other comprehensive income, it needs to give rise to cash flows that are \u2018solely
\npayments of principal and interest (SPPI)\u2019 on the principal amount outstanding. This
\nassessment is referred to as the SPPI test and is performed at an instrument level.
\nThe Group\u2019s business model for managing financial assets refers to how it manages its
\nfinancial assets in order to generate cash flows. The business model determines whether cash
\nflows will result from collecting contractual cash flows, selling the financial assets, or both.
\nThe Group\u2019s financial assets include cash and cash equivalents and trade and other
\nreceivables.
\nSubsequent measurement
\nThe subsequent measurement of financial assets depends on their classification. The Group
\ndoes not currently hold any fair value through other comprehensive income financial assets.
\nFinancial assets at amortised cost
\nThe Group measures financial assets at amortised cost if both of the following conditions
\nare met:
\n\u2013
the financial asset is held within a business model with the objective to hold financial assets
\nin order to collect contractual cash flows; and
\n\u2013
the contractual terms of the financial asset give rise on specified dates to cash flows that
\nare solely payments of principal and interest on the principal amount outstanding.
\nFinancial assets at amortised cost are subsequently measured using the effective interest
\nmethod and are subject to impairment. Gains and losses are recognised in profit or loss when
\nthe asset is derecognised, modified or impaired.
\nThe Group\u2019s financial assets at amortised cost includes cash and cash equivalents and trade
\nreceivables.
\nDerecognition
\nA financial asset (or, where applicable, a part of a financial asset or part of a group of similar
\nfinancial assets) is primarily derecognised when:
\n\u2013
the rights to receive cash flows from the asset have expired; or
\n\u2013
the Group has transferred its rights to receive cash flows from the asset or has assumed an
\nobligation to pay the received cash flows in full without material delay to a third party under
\na \u2018pass-through\u2019 arrangement; and either (a) the Group has transferred substantially all the
\nrisks and rewards of the asset, or (b) the Group has neither transferred nor retained
\nsubstantially all the risks and rewards of the asset, but has transferred control of the asset.
\nWhen the Group has transferred its rights to receive cash flows from an asset or has entered
\ninto a pass-through arrangement, it evaluates if, and to what extent, it has retained the risks
\nand rewards of ownership. When it has neither transferred nor retained substantially all of the
\nrisks and rewards of the asset, nor transferred control of the asset, the Group continues to
\nrecognise the transferred asset to the extent of its continuing involvement. In that case, the
\n146
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Financial Statements
Notes to the Group Financial Statements continued
\nGroup also recognises an associated liability. The transferred asset and the associated liability
\nare measured on a basis that reflects the rights and obligations that the Group has retained.
\nContinuing involvement that takes the form of a guarantee over the transferred asset is
\nmeasured at the lower of the original carrying amount of the asset and the maximum amount
\nof consideration that the Group could be required to repay.
\nImpairment
\nThe Group recognises an allowance for expected credit losses (ECLs) for all financial assets
\nnot held at FVTPL. ECLs are based on the difference between the contractual cash flows due in
\naccordance with the contract and all the cash flows that the Group expects to receive,
\ndiscounted at an approximation of the original effective interest rate.
\nFor trade receivables, the Group applies a simplified approach in calculating ECLs. Therefore,
\nthe Group does not track changes in credit risk, but instead recognises a loss allowance
\nbased on lifetime ECLs at each balance sheet date. The Group has established a provision
\nmatrix that is based on its historical credit loss experience, adjusted for forward-looking
\nfactors specific to the receivables and the economic environment.
\nii) Financial liabilities
\nInitial recognition and measurement
\nFinancial liabilities are classified, at initial recognition, as financial liabilities at FVTPL, loans and
\nborrowings, payables, lease liabilities or as derivatives designated as hedging instruments in
\nan effective hedge, as appropriate.
\nAll financial liabilities are recognised initially at fair value and, in the case of loans and
\nborrowings and payables, net of directly attributable transaction costs.
\nThe Group\u2019s financial liabilities include trade and other payables, lease liabilities, deferred and
\ncontingent consideration, loans and borrowings including bank overdrafts, and derivative
\nfinancial instruments.
\nSubsequent measurement
\nThe measurement of financial liabilities depends on their classification, as described below:
\nFinancial liabilities at fair value through profit or loss
\nDerivative financial instruments are classified as FVTPL unless they are designated as effective
\nhedging instruments. Gains and losses on such derivatives are recognised in the income
\nstatement. However, in the current and prior period all derivatives have been designated as
\nhedging instruments in effective hedging relationships. Further information on their
\naccounting is provided at 2.16 below. As such, the only financial liability at FVTPL is the deferred
\nand contingent consideration (see Note 18).
\nLoans and borrowings
\nAfter initial recognition, interest-bearing loans and borrowings are subsequently measured
\nat amortised cost using the effective interest method. Profits and losses arising on the
\nrepurchase, settlement or otherwise cancellation of liabilities are recognised in finance
\nrevenues and finance costs, respectively.
\nDerecognition
\nA financial liability is derecognised when the obligation under the liability is discharged or
\ncancelled or expires. When an existing financial liability is replaced by another from the same
\nlender on substantially different terms, or the terms of an existing liability are substantially
\nmodified, such an exchange or modification is treated as a derecognition of the original
\nliability and the recognition of a new liability. The difference in the respective carrying
\namounts, together with any costs or fees incurred, is recognised in the income statement.
\niii) Offsetting of financial instruments
\nFinancial assets and financial liabilities are offset and the net amount reported in the balance
\nsheet if there is a currently enforceable legal right to offset the recognised amounts and there
\nis an intention to settle on a net basis, to realise the assets and settle the liabilities
\nsimultaneously.
\n2.16 Derivative financial instruments and hedge accounting
\nInitial recognition and subsequent measurement
\nThe Group uses derivative financial instruments, such as forward foreign currency exchange
\ncontracts and interest rate swaps, to hedge its foreign currency risks and interest rate risks,
\nrespectively. The Group does not use derivative financial instruments for speculative purposes.
\nDerivative financial instruments are initially recognised at fair value on the date on which a
\nderivative contract is entered into and are subsequently remeasured at fair value. Derivatives
\nare carried as financial assets when the fair value is positive and as financial liabilities when
\nthe fair value is negative. A derivative is presented as a non-current asset or a non-current
\nliability if the remaining maturity of the instrument is more than 12 months and it is not
\nexpected to be realised or settled within 12 months.
\nFor the purpose of hedge accounting, hedges are classified as:
\n\u2013
Fair value hedges when hedging the exposure to changes in the fair value of a recognised
\nasset or liability or an unrecognised firm commitment.
\n\u2013
Cash flow hedges when hedging the exposure to variability in cash flows that is either
\nattributable to a particular risk associated with a recognised asset or liability or a highly
\nprobable forecast transaction or the foreign currency risk in an unrecognised firm
\ncommitment.
\n\u2013
Hedges of a net investment in a foreign operation.
\nAt the inception of a hedge relationship, the Group formally designates and documents the
\nhedge relationship to which it wishes to apply hedge accounting and the risk management
\nobjective and strategy for undertaking the hedge.
\nThe documentation includes identification of the hedging instrument, the hedged item, the
\nnature of the risk being hedged and how the Group will assess whether the hedging
\nrelationship meets the hedge effectiveness requirements (including the analysis of sources of
\nhedge ineffectiveness and how the hedge ratio is determined). A hedging relationship
\nqualifies for hedge accounting if it meets all of the following effectiveness requirements:
\n147
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Financial Statements
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\n2.16 Derivative financial instruments and hedge accounting continued
\n\u2013
There is an economic relationship between the hedged item and the hedging instrument.
\n\u2013
The effect of credit risk does not dominate the value changes that result from that
\neconomic relationship.
\n\u2013
The hedge ratio of the hedging relationship is the same as that resulting from the quantity
\nof the hedged item that the Group actually hedges and the quantity of the hedging
\ninstrument that the Group actually uses to hedge that quantity of hedged item.
\nHedges that meet all the qualifying criteria for hedge accounting are accounted for as
\ndescribed below:
\nCash flow hedge
\nCash flow hedging matches the cash flows of hedged items against the corresponding cash
\nflows of the derivative. The effective part of any profit or loss on the derivative is recognised
\ndirectly in other comprehensive income and the hedged item is accounted for in accordance
\nwith the policy for that financial instrument. Any ineffective part of any profit or loss is
\nrecognised immediately in the income statement. Amounts taken to other comprehensive
\nincome are transferred to the income statement when the hedged transaction affects profit
\nor loss, such as when a forecast sale or purchase occurs.
\nHedge accounting is discontinued when the hedging instrument expires or is sold, terminated,
\nor exercised, or no longer qualifies for hedge accounting. At that time, any cumulative profit
\nor loss on the hedging instrument recognised in equity is retained in equity until the forecast
\ntransaction occurs. If a hedged transaction is no longer expected to occur, the net cumulative
\nprofit or loss recognised in equity is transferred to the income statement for the period.
\nThe Group does not currently have any designated fair value hedges or net
\ninvestment hedges.
\nNote 29 sets out the details of the fair values of the derivative financial instruments used for
\nhedging purposes.
\n2.17 Fair values
\nThe Group measures financial instruments, such as derivatives, at fair value at each balance
\nsheet date.
\nFair value is the price that would be received to sell an asset or paid to transfer a liability in an
\norderly transaction between the market participants at the measurement date. The fair value
\nmeasurement is based on the presumption that the transaction to sell the asset or transfer
\nthe liability takes place either:
\n\u2013
in the principal market for the asset or liability; or
\n\u2013
in the absence of a principal market, in the most advantageous market for the asset
\nor liability.
\nThe principal or the most advantageous market must be accessible by the Group. The fair
\nvalue of financial instruments that are traded in active markets at the balance sheet date is
\ndetermined by reference to quoted market prices or dealer price quotations, without any
\ndeduction for transaction costs.
\nFor financial instruments not traded in an active market, the fair value is determined using
\nappropriate valuation techniques. Such techniques may include using recent arm\u2019s length
\nmarket transactions; reference to the current fair value of another instrument that is
\nsubstantially the same; discounted cash flow analysis; or other valuation models.
\nAn analysis of fair values of financial instruments and further details as to how they are
\nmeasured are provided in Note 29.
\n2.18 Inventories
\nInventories are stated at the lower of cost and net realisable value. Cost includes all costs
\nincurred in bringing each product to its present location and condition, as follows:
\n\u2013
Raw materials \u2013 purchase cost on a first in, first out basis.
\n\u2013
Work in progress and finished goods \u2013 cost of direct materials and labour plus attributable
\noverheads based on a normal level of activity.
\nNet realisable value is based on estimated selling price less any further costs expected to be
\nincurred to completion and disposal.
\n2.19 Cash and short-term deposits
\nCash and short-term deposits consist of cash at bank and in hand.
\n2.20 Pensions
\nThe Group operates defined contribution pension plans. Contributions payable in the year
\nare charged to the income statement. The assets are held separately from those of the Group
\nin an independently administered fund. Differences between contributions payable in the
\nyear and contributions actually paid are shown as either accruals or prepayments in the
\nbalance sheet.
\n2.21 Non-underlying items
\nThe Group presents amortisation and impairment of intangible assets arising on business
\ncombinations, the unwind of inventory fair value adjustments resulting from acquisitions,
\nsignificant profit on disposal of property, plant and equipment, restructuring costs, non-recurring
\noperating costs, finance costs and tax in respect of acquisitions, as non-underlying items on the
\nface of the income statement. These are items of income and expense which, because of the
\nnature and expected infrequency of the events giving rise to them, the Directors consider merit
\nseparate presentation to provide a better and more consistent indication of the Group\u2019s
\nunderlying financial performance and a more meaningful comparison with prior and future
\nperiods to assess trends in financial performance. The tax effect of the above is also included.
\n148
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Financial Statements
Notes to the Group Financial Statements continued
\n2.22 Share-based payments
\nIn the case of equity-settled schemes, the fair value of options granted is recognised as an
\nemployee expense with a corresponding increase in equity. The fair value is measured at the
\ndate of grant and spread over the period during which the employees become unconditionally
\nentitled to the options. The value of the options is measured using the Black\u2013Scholes and Monte
\nCarlo models, taking into account the terms and conditions (including market and non-vesting
\nconditions) upon which the options were granted. Non-market vesting conditions are taken into
\naccount by adjusting the number of equity instruments expected to vest at each balance sheet
\ndate so that, ultimately, the cumulative amount recognised over the vesting period is based on
\nthe number of options that eventually vest. No expense is recognised for awards that do not
\nultimately vest, except for equity-settled transactions where vesting is conditional upon a
\nmarket or non-vesting condition, which are treated as vesting irrespective of whether or not the
\nmarket or non-vesting condition is satisfied, provided that all other performance and/or service
\nconditions are satisfied.
\nThe dilutive effect of outstanding options is reflected as additional share dilution in the
\ncomputation of diluted earnings per share.
\n2.23 Cash dividend
\nThe Group recognises a liability to pay a dividend when the distribution is authorised and the
\ndistribution is no longer at the discretion of the Group. Under UK company law a distribution is
\nauthorised when it is approved by the shareholders. A corresponding amount is then
\nrecognised directly in equity.
\n2.24 Own shares
\nThe Group operates an Employee Benefit Trust (EBT). The Group and/or the EBT, holds Genuit
\nGroup plc shares for the granting of Genuit Group plc shares to employees and Directors.
\nThese shares are recognised at cost and presented in the balance sheet as a deduction from
\nequity. No profit or loss is recognised in the income statement on the purchase, sale, issue or
\ncancellation of these shares. No dividends are earned on these shares, and they are ignored
\nfor the purposes of calculating the Group\u2019s earnings per share.
\n2.25 Provisions
\nProvisions are recognised when the Group has a present obligation (legal or constructive) as
\na result of a past event, it is probable that an outflow of resources embodying economic
\nbenefits will be required to settle the obligation and a reliable estimate can be made of the
\namount of the obligation.
\nRestructuring provisions are recognised only when the Group has a constructive obligation,
\nwhich is when a detailed formal plan identifies the business or part of the business concerned,
\nthe location and number of employees affected, a detailed estimate of the associated costs,
\nand an appropriate timeline, and the employees affected have been notified of the plan\u2019s
\nmain features.",
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"f18762": {
"value": "2.1 Basis of preparation and statement of compliance with IFRSs The Group\u2019s consolidated financial statements have been prepared in accordance with
\nUK-adopted International Accounting Standards (UK-adopted-IAS).
\nThe accounting policies which follow set out those policies which apply in preparing
\nthe consolidated financial statements for the year ended 31 December 2022.
\nThe Group\u2019s consolidated financial statements have been prepared on a historical cost basis
\nexcept for derivative financial instruments and deferred and contingent consideration that
\nhave been measured at fair value. The consolidated financial statements are presented in
\nPounds Sterling and all values are rounded to one decimal place of a million (\u00a3m) unless
\notherwise indicated.",
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},
"f18763": {
"value": "2.1 Basis of preparation and statement of compliance with IFRSs The Group\u2019s consolidated financial statements have been prepared in accordance with
\nUK-adopted International Accounting Standards (UK-adopted-IAS).
\nThe accounting policies which follow set out those policies which apply in preparing
\nthe consolidated financial statements for the year ended 31 December 2022.
\nThe Group\u2019s consolidated financial statements have been prepared on a historical cost basis
\nexcept for derivative financial instruments and deferred and contingent consideration that
\nhave been measured at fair value. The consolidated financial statements are presented in
\nPounds Sterling and all values are rounded to one decimal place of a million (\u00a3m) unless
\notherwise indicated.",
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},
"f18778": {
"value": "2.2 Going concern The Directors have made enquiries into the adequacy of the Group\u2019s financial resources,
\nthrough a review of the Group\u2019s budget and medium-term financial plan, including cash flow
\nforecasts. The Group has modelled a range of scenarios, with the base forecast being one in
\nwhich, over the 24 months ending 31 December 2024, sales volumes grow in line with or
\nmoderately above external construction industry forecasts.
\nIn addition, the Directors have considered several downside scenarios, including adjustments
\nto the base forecast, a period of significantly lower like-for-like sales, profitability and cash
\nflows. Consistent with our Principal Risks and Uncertainties these downside scenarios included,
\nbut were not limited to, loss of production, loss of a major customer, product failure, recession,
\nincreases in interest rates and increases in raw material prices. Downside scenarios also
\nincluded a combination of these risks, and reverse stress testing.
\nThe financial impact of the climate-related risks disclosed within the Task Force on
\nClimate-Related Financial Disclosures Report on pages 26 to 35 of the Strategic Report
\ncontinue to be assessed. Through the detailed qualitative scenario analysis undertaken, the
\nDirectors conclude that there is no material adverse impact of climate change in the short to
\nmedium term, and hence have not included any impacts in either the base case or downside
\nscenarios of the going concern assessment. The Group has not experienced material adverse
\ndisruption during periods of adverse or extreme weather in recent years and do not expect
\nthis to occur to a material level over the period of the going concern assessment.
\nAt 31 December 2022, the Group had available \u00a3179.1m of undrawn committed borrowing
\nfacilities in respect of which all conditions precedent had been met. These borrowing facilities
\nare available until at least August 2027, subject to covenant headroom. The Directors are
\nsatisfied that the Group has sufficient liquidity and covenant headroom to withstand
\nreasonable variances to the base forecast, as well as the downside scenarios. In addition, the
\nDirectors have noted the range of possible additional liquidity options available to the Group,
\nshould they be required.
\nAs a result, the Directors have satisfied themselves that the Group has adequate financial
\nresources to continue in operational existence for a period of at least the next 21 months.
\nAccordingly, they continue to adopt the going concern basis in preparing the consolidated
\nfinancial statements.",
"dimensions": {
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"f18800": {
"value": "2022-12-31",
"dimensions": {
"concept": "ifrs-full:DateOfEndOfReportingPeriod2013",
"entity": "scheme:2138005IF1N2RKJ6KO18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f18813": {
"value": "2.3 Basis of consolidation The consolidated financial statements comprise the financial statements of the Group and its
\nsubsidiaries at 31 December 2022. Control is achieved when the Group is exposed, or has
\nrights, to variable returns from its involvement with the investee and has the ability to affect
\nthose returns through its power over the investee.
\nSpecifically, the Group controls an investee if, and only if, the Group has:
\n\u2013
power over the investee (i.e. existing rights that give it the current ability to direct the
\nrelevant activities of the investee);
\n\u2013
exposure, or rights, to variable returns from its involvement with the investee; and
\n\u2013
the ability to use its power over the investee to affect its returns.
\nThe Group reassesses whether or not it controls an investee if facts and circumstances indicate
\nthat there are changes to one or more of the three elements of control. Consolidation of a
\nsubsidiary begins when the Group obtains control over the subsidiary and ceases when the
\nGroup loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary
\nacquired or disposed of during the year are included in the consolidated financial statements
\nfrom the date the Group gains control until the date the Group ceases to control the subsidiary.
\nThe Group holds 100% of the equity and controls 100% of the voting rights in all subsidiaries, with
\nthe exception of Plura Composites Limited, Polydeck Limited, Equaflow Ltd, Sustainable Water
\nand Drainage Systems BV, Sustainable Water and Drainage Systems Limited and Water
\nManagement Solutions LLC (which has not traded since incorporation in Qatar in 2015).
\nIn relation to the acquisition of Plura Composites Limited and related entities, there exists an
\noption to acquire the remaining 49% which has not been exercised in the year. Under the
\ncontractual arrangements, the Group\u2019s approval is required for all major operational
\ndecisions. Based on this, the Group has accounted for Plura Composites Limited as a wholly
\nowned subsidiary because there is a call option over the remaining shares which gives the
\nGroup present access to returns over all the shares held by non-controlling shareholders.
\nThe treatment of non-controlling interests or any other non-voting right factors in respect of
\ncontrol is not material to the consolidated financial statements.",
"dimensions": {
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"language": "en",
"entity": "scheme:2138005IF1N2RKJ6KO18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f18866": {
"value": "2.4 Business combinations Business combinations are accounted for using the acquisition method. The cost of an
\nacquisition is the total of the consideration transferred, measured at acquisition fair value.
\nAcquisition costs incurred are expensed and included in administration expenses in the
\nincome statement.
\nIdentifiable intangible assets, meeting either the contractual-legal or separability criterion are
\nrecognised separately from goodwill.
\n2.5 Goodwill
\nGoodwill is initially measured at cost being the excess of the aggregate of the acquisition
\ndate fair value of the consideration transferred over the net identifiable amounts of the assets
\nacquired and the liabilities assumed in exchange for the business combination.
\nAfter initial recognition, goodwill is stated at cost less any accumulated impairment losses
\n(see Note 2.13).
\nThe carrying amount of goodwill allocated to a cash-generating unit is taken into account
\nwhen determining the profit or loss on disposal of the unit, or of an operation within it.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
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"entity": "scheme:2138005IF1N2RKJ6KO18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f18867": {
"value": "2.4 Business combinations Business combinations are accounted for using the acquisition method. The cost of an
\nacquisition is the total of the consideration transferred, measured at acquisition fair value.
\nAcquisition costs incurred are expensed and included in administration expenses in the
\nincome statement.
\nIdentifiable intangible assets, meeting either the contractual-legal or separability criterion are
\nrecognised separately from goodwill.",
"dimensions": {
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f18878": {
"value": "2.5 Goodwill Goodwill is initially measured at cost being the excess of the aggregate of the acquisition
\ndate fair value of the consideration transferred over the net identifiable amounts of the assets
\nacquired and the liabilities assumed in exchange for the business combination.
\nAfter initial recognition, goodwill is stated at cost less any accumulated impairment losses
\n(see Note 2.13).
\nThe carrying amount of goodwill allocated to a cash-generating unit is taken into account
\nwhen determining the profit or loss on disposal of the unit, or of an operation within it.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138005IF1N2RKJ6KO18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f18879": {
"value": "2.5 GoodwillGoodwill is initially measured at cost being the excess of the aggregate of the acquisition
\ndate fair value of the consideration transferred over the net identifiable amounts of the assets
\nacquired and the liabilities assumed in exchange for the business combination.
\nAfter initial recognition, goodwill is stated at cost less any accumulated impairment losses
\n(see Note 2.13).
\nThe carrying amount of goodwill allocated to a cash-generating unit is taken into account
\nwhen determining the profit or loss on disposal of the unit, or of an operation within it.
2.10 Intangible assets
\nIntangible assets acquired separately are initially measured at cost. Intangible assets arising
\non business combinations are initially measured at fair value. Following initial recognition,
\nintangible assets are carried at cost or fair value less accumulated amortisation and
\naccumulated impairment losses, if any. Internally generated intangible assets, excluding
\ncapitalised development costs, are not capitalised and expenditure is reflected in the income
\nstatement in the year in which the expenditure is incurred.
\nThe useful lives of intangible assets are assessed as either finite or indefinite. Intangible assets
\nwith finite lives are amortised on a straight-line basis over their expected useful life and are
\nassessed for impairment whenever there is an indication that the intangible asset may be
\nimpaired.
\nAmortisation of intangible assets is provided over the following expected useful lives:
\nPatents and brand names
10 to 20 years
\nCustomer relationships and customer order book
5 to 20 years
\nLicences
10 years
\nDevelopment costs
4 to 10 years
Research and development costs
\nResearch costs are expensed as incurred. Development expenditures on individual projects
\nare recognised as an intangible asset when the Group can demonstrate:
\n\u2013
the technical feasibility of completing the intangible asset so that it will be available
\nfor use or sale;
\n\u2013
its intention to complete and its ability to use or sell the asset;
\n\u2013
how the asset will generate future economic benefits;
\n\u2013
the availability of resources to complete the asset; and
\n\u2013
the ability to measure reliably the expenditure during development.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138005IF1N2RKJ6KO18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f18893": {
"value": "2.6 Foreign currency translation The Group\u2019s consolidated financial statements are presented in Pounds Sterling, which is
\nalso the parent company\u2019s functional currency. Each entity in the Group determines its own
\nfunctional currency and items included in the financial statements of each entity are
\nmeasured in that functional currency.
\nTransactions in foreign currencies are initially recognised by the Group entities at their
\nrespective functional currency rates prevailing at the date of the transaction.
\nMonetary assets and liabilities denominated in foreign currencies are retranslated at the
\nfunctional currency spot rate of exchange at the balance sheet date. All differences arising
\non settlement or translation are taken to the income statement.
\nNon-monetary items that are measured in terms of historical cost in a foreign currency are
\ntranslated using the exchange rates at the dates of the initial transactions.
\nThe assets and liabilities of foreign operations are translated into Pounds Sterling at the rate of
\nexchange ruling at the balance sheet date. Income and expenses are translated at average
\nexchange rates prevailing. The resulting exchange differences are recognised in other
\ncomprehensive income.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:2138005IF1N2RKJ6KO18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f18912": {
"value": "2.7 Revenue from contracts with customers and interest income Revenue from contracts with customers is recognised when control of the goods is
\ntransferred to the customer at an amount that reflects the consideration to which the Group
\nexpects to be entitled to in exchange for those goods. The disclosure of significant accounting
\njudgements and estimates relating to revenue from contracts with customers is provided in
\nNote 3.
\n2.7.1 Sale of goods
\nRevenue from sale of goods is recognised at the point in time when control of the goods is
\ntransferred to the customer, generally on delivery of the goods. Our most commonly used
\nstandard payment terms are 30 days net end of month.
\ni) Performance obligations
\nRevenue from sale of goods is recognised at the point in time when control of the goods is
\ntransferred to the customer, generally on delivery of the goods. Our most commonly used
\nstandard payment terms are 30 days net end of month.
\nThe Group considers whether there are other undertakings in the sales contract that are
\nseparate performance obligations to which a portion of the transaction price needs to be
\nallocated. The main source of variable consideration in our contracts with customers relates
\nto volume rebates. More information is on the accounting for rebates is provided at (ii) and (iii)
\nbelow. The Group\u2019s contracts do not typically include a significant financing component.
\nNon-cash consideration is not a feature of the Group\u2019s contractual arrangements.
\nii) Variable consideration
\nIf the consideration in a sales contract includes a variable amount, the Group estimates the
\namount of consideration to which it will be entitled in exchange for transferring the goods to
\nthe customer. The variable consideration is estimated at contract inception and constrained
\nuntil it is highly probable that a significant revenue reversal in the amount of cumulative
\nrevenue recognised will not occur when the associated uncertainty with the variable
\nconsideration is subsequently resolved. Some sales contracts provide customers with sales
\nvolume rebates. The sales volume rebates give rise to variable consideration.
\niii) Sales volume rebates
\nThe Group provides retrospective sales volume rebates to certain customers once, amongst
\nother matters, the quantity of goods purchased during a predetermined period exceeds
\nthresholds specified in the sales contract. To estimate the variable consideration for these
\nexpected future rebates, the Group applies the most likely amount method for sales contracts
\nwith a single-volume threshold and the expected value method for sales contracts with more
\nthan one volume threshold. The selected method that best predicts the amount of variable
\nconsideration is primarily driven by the number of volume thresholds contained in the sales
\ncontract. The Group then applies the requirements on constraining estimates of variable
\nconsideration and recognises a refund liability for the expected future rebates. Sales volume
\nrebate liabilities, both estimated and actual, are netted off against the associated trade
\nreceivables to the extent of the individual customer trade receivable balance and where they
\nare net settled. Any remaining credit balances are included in trade and other payables.
\nDeveloper rebate liabilities are presented in trade and other payables.
\n2.7.2 Interest income
\nInterest income is recognised as interest accrues on cash balances using the effective
\ninterest method. The effective interest rate is the rate that exactly discounts estimated future
\ncash receipts through the expected life of the financial instrument to its net carrying amount.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:2138005IF1N2RKJ6KO18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f18956": {
"value": "2.7.2 Interest income Interest income is recognised as interest accrues on cash balances using the effective
\ninterest method. The effective interest rate is the rate that exactly discounts estimated future
cash receipts through the expected life of the financial instrument to its net carrying amount.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:2138005IF1N2RKJ6KO18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f18983": {
"value": "2.8 Income taxes Current income tax
\nCurrent income tax assets and liabilities for the current and prior years are measured at the
\namount expected to be recovered from or paid to the tax authorities, based on income tax
\nrates and laws enacted or substantively enacted at the balance sheet date.
\nDeferred income tax
\nDeferred income tax is recognised on all temporary differences arising between the tax bases
\nof assets and liabilities and their carrying amounts in the consolidated financial statements,
\nwith the following exceptions:
\n\u2013
where the deferred income tax asset relating to the deductible temporary difference arises
\nfrom the initial recognition of an asset or liability in a transaction that is not a business
\ncombination and, at the time of the transaction, affects neither the accounting profit nor
\ntaxable profit or loss;
\n\u2013
in respect of taxable temporary differences associated with investments in subsidiaries,
\nwhere the timing of the reversal of the temporary differences can be controlled and it is
\nprobable that the temporary differences will not reverse in the foreseeable future; and
\n\u2013
deferred income tax assets are recognised only to the extent that it is probable that taxable
\nprofit will be available against which the deductible temporary differences, carried forward
\ntax credits or tax losses can be utilised.
\nFor deductible temporary differences associated with investments in subsidiaries it must
\nadditionally be probable that the temporary differences will reverse in the foreseeable future.
\nThe carrying amount of deferred income tax assets is reviewed at each balance sheet date.
\nDeferred income tax assets and liabilities are offset only if a legally enforceable right exists
\nto set off current income tax assets against current income tax liabilities and the deferred
\nincome taxes relate to the same tax authority and that authority permits the Group to make
\na single net payment.
\nDeferred income tax assets and liabilities are measured on an undiscounted basis at the
\nincome tax rates that are expected to apply when the asset is realised or the liability is
\nsettled, based on income tax rates and laws enacted or substantively enacted at the
\nbalance sheet date.
\nIncome tax is charged or credited to other comprehensive income if it relates to items that
\nare charged or credited to other comprehensive income. Similarly, income tax is charged or
\ncredited directly to equity if it relates to items that are charged or credited directly to equity.
\nOtherwise, income tax is recognised in the income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2138005IF1N2RKJ6KO18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f18990": {
"value": "Deferred income tax Deferred income tax is recognised on all temporary differences arising between the tax bases
\nof assets and liabilities and their carrying amounts in the consolidated financial statements,
\nwith the following exceptions:
\n\u2013
where the deferred income tax asset relating to the deductible temporary difference arises
\nfrom the initial recognition of an asset or liability in a transaction that is not a business
\ncombination and, at the time of the transaction, affects neither the accounting profit nor
\ntaxable profit or loss;
\n\u2013
in respect of taxable temporary differences associated with investments in subsidiaries,
\nwhere the timing of the reversal of the temporary differences can be controlled and it is
\nprobable that the temporary differences will not reverse in the foreseeable future; and
\n\u2013
deferred income tax assets are recognised only to the extent that it is probable that taxable
\nprofit will be available against which the deductible temporary differences, carried forward
\ntax credits or tax losses can be utilised.
\nFor deductible temporary differences associated with investments in subsidiaries it must
\nadditionally be probable that the temporary differences will reverse in the foreseeable future.
\nThe carrying amount of deferred income tax assets is reviewed at each balance sheet date.
\nDeferred income tax assets and liabilities are offset only if a legally enforceable right exists
\nto set off current income tax assets against current income tax liabilities and the deferred
\nincome taxes relate to the same tax authority and that authority permits the Group to make
\na single net payment.
\nDeferred income tax assets and liabilities are measured on an undiscounted basis at the
\nincome tax rates that are expected to apply when the asset is realised or the liability is
\nsettled, based on income tax rates and laws enacted or substantively enacted at the
\nbalance sheet date.
\nIncome tax is charged or credited to other comprehensive income if it relates to items that
\nare charged or credited to other comprehensive income. Similarly, income tax is charged or
\ncredited directly to equity if it relates to items that are charged or credited directly to equity.
Otherwise, income tax is recognised in the income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2138005IF1N2RKJ6KO18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f19026": {
"value": "2.9 Property, plant and equipment Property, plant and equipment is stated at cost less accumulated depreciation and
\naccumulated impairment losses, if any. Cost comprises the aggregate amount paid and the
\nfair value of any other consideration given to acquire the asset and includes costs directly
\nattributable to making the asset capable of operating as intended.
\nDepreciation is provided on the cost less residual value of property, plant and equipment, and
\nis on a straight-line basis over its expected useful life as follows:
\nFreehold land
Nil
\nFreehold buildings
Over expected useful life not exceeding 50 years
\nPlant and other equipment
4 to 10 years
\nThe carrying amounts of property, plant and equipment are reviewed for impairment if events
\nor changes in circumstances indicate the carrying amount may not be recoverable, and are
\nwritten down immediately to their recoverable amount. Useful lives, residual values and
\ndepreciation methods are reviewed at each financial year end, and where adjustments are
\nrequired, these are made prospectively.
\nAn item of property, plant and equipment and any significant part initially recognised is
\nderecognised upon disposal or where no future economic benefits are expected to arise from
\nthe continued use of the asset. Any profit or loss arising on the derecognition of the asset
\n(calculated as the difference between the net disposal proceeds and the carrying amount of
\nthe asset) is included in the income statement when the asset is derecognised.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:2138005IF1N2RKJ6KO18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f19053": {
"value": "2.10 Intangible assets Intangible assets acquired separately are initially measured at cost. Intangible assets arising
\non business combinations are initially measured at fair value. Following initial recognition,
\nintangible assets are carried at cost or fair value less accumulated amortisation and
\naccumulated impairment losses, if any. Internally generated intangible assets, excluding
\ncapitalised development costs, are not capitalised and expenditure is reflected in the income
\nstatement in the year in which the expenditure is incurred.
\nThe useful lives of intangible assets are assessed as either finite or indefinite. Intangible assets
\nwith finite lives are amortised on a straight-line basis over their expected useful life and are
\nassessed for impairment whenever there is an indication that the intangible asset may be
\nimpaired.
\nAmortisation of intangible assets is provided over the following expected useful lives:
\nPatents and brand names
10 to 20 years
\nCustomer relationships and customer order book
5 to 20 years
\nLicences
10 years
\nDevelopment costs
4 to 10 years",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138005IF1N2RKJ6KO18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f19096": {
"value": "Research and development costs Research costs are expensed as incurred. Development expenditures on individual projects
\nare recognised as an intangible asset when the Group can demonstrate:
\n\u2013
the technical feasibility of completing the intangible asset so that it will be available
\nfor use or sale;
\n\u2013
its intention to complete and its ability to use or sell the asset;
\n\u2013
how the asset will generate future economic benefits;
\n\u2013
the availability of resources to complete the asset; and
\n\u2013
the ability to measure reliably the expenditure during development.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:2138005IF1N2RKJ6KO18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f19113": {
"value": "2.11 Government grants Government grants are recognised where there is reasonable assurance that the grant will be
\nreceived, and all attached conditions will be complied with. When the grant relates to an
\nexpense item, it is recognised as income on a systematic basis over the periods that the related
\ncosts, for which it is intended to compensate, are expensed. When the grant relates to an asset,
\nit is recognised as income in equal amounts over the expected useful life of the related asset.
\nWhen the Group receives grants of non-monetary assets, the asset and the grant are
\nrecorded at nominal amounts and released to the income statement over the expected
\nuseful life of the asset, based on the pattern of consumption of the benefits of the underlying
\nasset by equal annual instalments.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:2138005IF1N2RKJ6KO18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f19134": {
"value": "2.13 Impairment of non-financial assets The Group assesses at each balance sheet date whether there are any indicators that an
\nasset may be impaired.
\nIf any such indication exists, or when annual impairment testing for an asset is required, the
\nGroup makes an estimate of the asset\u2019s recoverable amount in order to determine the extent of
\nthe impairment loss. The recoverable amount of an asset or cash-generating unit (CGU) is the
\nhigher of its fair value less costs to sell and its value-in-use and it is determined for an individual
\nasset, unless the asset does not generate cash flows that are largely independent of those from
\nother assets or groups of assets. Where the carrying amount of an asset exceeds its
\nrecoverable amount, the asset is considered impaired and is written down to its recoverable
\namount. In assessing value-in-use, the estimated future pre-tax cash flows are discounted to
\ntheir present value using a pre-tax discount rate that reflects current market assessments of
\nthe time value of money and the risks specific to the asset. In determining fair value less costs
\nto sell, recent market transactions are taken into account. If no such transactions can be
\nidentified, an appropriate valuation model is used. These calculations are corroborated by
\nvaluation multiples or other available fair value indicators.
\nThe Group bases its impairment calculations on detailed budgets and industry forecast
\ncalculations which are prepared separately for each of the Group\u2019s CGUs to which the
\nindividual assets are allocated. These budgets and industry forecast calculations are
\ngenerally covering a period of five years. For longer periods, a long-term growth rate is
\ncalculated and applied to project future cash flows after the fifth year.
\nImpairment losses are recognised in the income statement in those expense categories
\nconsistent with the function of the impaired asset.
\nGoodwill
\nGoodwill has specific characteristics for impairment and is tested annually (at 31 December)
\nor when circumstances indicate that the carrying amount may be impaired.
\nImpairment is determined for goodwill by assessing the recoverable amount of each CGU to
\nwhich the goodwill relates. For the purpose of impairment testing, goodwill is allocated to the
\nrelated CGUs. Each CGU or group of CGUs to which goodwill is allocated represents the lowest
\nlevel within the entity at which the goodwill is monitored for internal management purposes
\nand is not larger than an operating segment before aggregation. Where the recoverable
\namount of the CGU is less than its carrying amount, including goodwill, an impairment loss is
\nrecognised in the income statement.
\nImpairment losses related to goodwill are not reversed in future periods.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:2138005IF1N2RKJ6KO18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f19135": {
"value": "2.13 Impairment of non-financial assets The Group assesses at each balance sheet date whether there are any indicators that an
\nasset may be impaired.
\nIf any such indication exists, or when annual impairment testing for an asset is required, the
\nGroup makes an estimate of the asset\u2019s recoverable amount in order to determine the extent of
\nthe impairment loss. The recoverable amount of an asset or cash-generating unit (CGU) is the
\nhigher of its fair value less costs to sell and its value-in-use and it is determined for an individual
\nasset, unless the asset does not generate cash flows that are largely independent of those from
\nother assets or groups of assets. Where the carrying amount of an asset exceeds its
\nrecoverable amount, the asset is considered impaired and is written down to its recoverable
\namount. In assessing value-in-use, the estimated future pre-tax cash flows are discounted to
\ntheir present value using a pre-tax discount rate that reflects current market assessments of
\nthe time value of money and the risks specific to the asset. In determining fair value less costs
\nto sell, recent market transactions are taken into account. If no such transactions can be
\nidentified, an appropriate valuation model is used. These calculations are corroborated by
\nvaluation multiples or other available fair value indicators.
\nThe Group bases its impairment calculations on detailed budgets and industry forecast
\ncalculations which are prepared separately for each of the Group\u2019s CGUs to which the
\nindividual assets are allocated. These budgets and industry forecast calculations are
\ngenerally covering a period of five years. For longer periods, a long-term growth rate is
\ncalculated and applied to project future cash flows after the fifth year.
\nImpairment losses are recognised in the income statement in those expense categories
\nconsistent with the function of the impaired asset.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:2138005IF1N2RKJ6KO18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f19174": {
"value": "2.14 Leasing Right-of-use assets
\nThe Group recognises right-of-use assets at the commencement date of the lease (i.e. the date
\nthe underlying asset is available for use). Right-of-use assets are measured at cost, less any
\naccumulated depreciation and impairment losses, and adjusted for any remeasurement of
\nlease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised,
\ninitial direct costs incurred, and lease payments made at or before the commencement date
\nless any lease incentives received. Unless the Group is reasonably certain to obtain ownership of
\nthe leased asset at the end of the lease term, the recognised right-of-use assets are
\ndepreciated on a straight-line basis over the shorter of its expected useful life and the lease
\nterm. Right-of-use assets are subject to impairment.
\nLease liabilities
\nAt the commencement date of the lease, the Group recognises lease liabilities measured at the
\npresent value of lease payments to be made over the lease term. The lease payments include
\nfixed payments (including in-substance fixed payments) less any lease incentives receivable,
\nvariable lease payments that depend on an index or a rate, and amounts expected to be paid
\nunder residual value guarantees. The lease payments also include the exercise price of a
\npurchase option reasonably certain to be exercised by the Group and payments of penalties for
\nterminating a lease, if the lease term reflects the Group exercising the option to terminate. The
\nvariable lease payments that do not depend on an index or a rate are recognised as an
\nexpense in the period in which the event or condition that triggers the payment occurs.
\n145
Genuit Group plc
Annual Report & Accounts 2022
\nStrategic Report
Governance
Remuneration
Financial Statements
Notes to the Group Financial Statements continued
\n2.14 Leasing continued
\nIn calculating the present value of lease payments, the Group uses the incremental borrowing
\nrate at the lease commencement date if the interest rate implicit in the lease is not readily
\ndeterminable. After the commencement date, the amount of lease liabilities is increased to
\nreflect the accretion of interest and reduced for the lease payments made. In addition, the
\ncarrying amount of lease liabilities is remeasured if there is a modification, a change in the
\nlease term, a change in the in-substance fixed lease payments or a change in the
\nassessment to purchase the underlying asset.
\nShort-term leases and leases of low-value assets
\nThe Group applies the short-term lease recognition exemption to its short-term leases of
\nmachinery and equipment (i.e. those leases that have a lease term of 12 months or less from
\nthe commencement date and do not contain a purchase option). It also applies the lease of
\nlow-value assets recognition exemption to leases that are considered of low value. Lease
\npayments on short-term leases and leases of low-value assets are recognised as an expense
\non a straight-line basis over the lease term.
\nDetermining the lease term of contracts with renewal options
\nThe Group determines the lease term as the non-cancellable term of the lease, together with
\nany periods covered by an option to extend the lease if it is reasonably certain to be
\nexercised, or any periods covered by an option to terminate the lease, if it is reasonably
\ncertain not to be exercised.
\nThe Group has the option, under some of its leases, to lease the assets for additional terms.
\nThe Group applies judgement in evaluating whether it is reasonably certain to exercise the
\noption to renew. That is, it considers all relevant factors that create an economic incentive
\nfor it to exercise the renewal. After the commencement date, the Group reassesses
\nthe lease term if there is a significant event or change in circumstances that is within
\nits control and affects its ability to exercise (or not to exercise) the option to renew
\n(e.g. a change in business strategy). ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:2138005IF1N2RKJ6KO18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f19246": {
"value": "2.15 Financial instruments \u2013 initial recognition and subsequent measurement A financial instrument is any contract that gives rise to a financial asset of one entity and
\na financial liability or equity instrument of another entity.
\ni) Financial assets
\nInitial recognition and measurement
\nFinancial assets are classified, at initial recognition, as subsequently measured at amortised
\ncost, fair value through other comprehensive income, or fair value through profit or loss (FVTPL).
\nThe classification of financial assets at initial recognition depends on the financial asset\u2019s
\ncontractual cash flow characteristics and the Group\u2019s business model for managing them. With
\nthe exception of trade receivables that do not contain a significant financing component, the
\nGroup initially measures a financial asset at its fair value plus, in the case of a financial asset not
\nrecognised at FVTPL, transaction costs. Trade receivables that do not contain a significant
\nfinancing component are measured at the transaction price determined under IFRS 15.
\nIn order for a financial asset to be classified and measured at amortised cost or fair value
\nthrough other comprehensive income, it needs to give rise to cash flows that are \u2018solely
\npayments of principal and interest (SPPI)\u2019 on the principal amount outstanding. This
\nassessment is referred to as the SPPI test and is performed at an instrument level.
\nThe Group\u2019s business model for managing financial assets refers to how it manages its
\nfinancial assets in order to generate cash flows. The business model determines whether cash
\nflows will result from collecting contractual cash flows, selling the financial assets, or both.
\nThe Group\u2019s financial assets include cash and cash equivalents and trade and other
\nreceivables.
\nSubsequent measurement
\nThe subsequent measurement of financial assets depends on their classification. The Group
\ndoes not currently hold any fair value through other comprehensive income financial assets.
\nFinancial assets at amortised cost
\nThe Group measures financial assets at amortised cost if both of the following conditions
\nare met:
\n\u2013
the financial asset is held within a business model with the objective to hold financial assets
\nin order to collect contractual cash flows; and
\n\u2013
the contractual terms of the financial asset give rise on specified dates to cash flows that
\nare solely payments of principal and interest on the principal amount outstanding.
\nFinancial assets at amortised cost are subsequently measured using the effective interest
\nmethod and are subject to impairment. Gains and losses are recognised in profit or loss when
\nthe asset is derecognised, modified or impaired.
\nThe Group\u2019s financial assets at amortised cost includes cash and cash equivalents and trade
\nreceivables.
\nDerecognition
\nA financial asset (or, where applicable, a part of a financial asset or part of a group of similar
\nfinancial assets) is primarily derecognised when:
\n\u2013
the rights to receive cash flows from the asset have expired; or
\n\u2013
the Group has transferred its rights to receive cash flows from the asset or has assumed an
\nobligation to pay the received cash flows in full without material delay to a third party under
\na \u2018pass-through\u2019 arrangement; and either (a) the Group has transferred substantially all the
\nrisks and rewards of the asset, or (b) the Group has neither transferred nor retained
\nsubstantially all the risks and rewards of the asset, but has transferred control of the asset.
\nWhen the Group has transferred its rights to receive cash flows from an asset or has entered
\ninto a pass-through arrangement, it evaluates if, and to what extent, it has retained the risks
\nand rewards of ownership. When it has neither transferred nor retained substantially all of the
\nrisks and rewards of the asset, nor transferred control of the asset, the Group continues to
\nrecognise the transferred asset to the extent of its continuing involvement. In that case, the
\n146
Genuit Group plc
Annual Report & Accounts 2022
\nStrategic Report
Governance
Remuneration
Financial Statements
Notes to the Group Financial Statements continued
\nGroup also recognises an associated liability. The transferred asset and the associated liability
\nare measured on a basis that reflects the rights and obligations that the Group has retained.
\nContinuing involvement that takes the form of a guarantee over the transferred asset is
\nmeasured at the lower of the original carrying amount of the asset and the maximum amount
\nof consideration that the Group could be required to repay.
\nImpairment
\nThe Group recognises an allowance for expected credit losses (ECLs) for all financial assets
\nnot held at FVTPL. ECLs are based on the difference between the contractual cash flows due in
\naccordance with the contract and all the cash flows that the Group expects to receive,
\ndiscounted at an approximation of the original effective interest rate.
\nFor trade receivables, the Group applies a simplified approach in calculating ECLs. Therefore,
\nthe Group does not track changes in credit risk, but instead recognises a loss allowance
\nbased on lifetime ECLs at each balance sheet date. The Group has established a provision
\nmatrix that is based on its historical credit loss experience, adjusted for forward-looking
\nfactors specific to the receivables and the economic environment.
\nii) Financial liabilities
\nInitial recognition and measurement
\nFinancial liabilities are classified, at initial recognition, as financial liabilities at FVTPL, loans and
\nborrowings, payables, lease liabilities or as derivatives designated as hedging instruments in
\nan effective hedge, as appropriate.
\nAll financial liabilities are recognised initially at fair value and, in the case of loans and
\nborrowings and payables, net of directly attributable transaction costs.
\nThe Group\u2019s financial liabilities include trade and other payables, lease liabilities, deferred and
\ncontingent consideration, loans and borrowings including bank overdrafts, and derivative
\nfinancial instruments.
\nSubsequent measurement
\nThe measurement of financial liabilities depends on their classification, as described below:
\nFinancial liabilities at fair value through profit or loss
\nDerivative financial instruments are classified as FVTPL unless they are designated as effective
\nhedging instruments. Gains and losses on such derivatives are recognised in the income
\nstatement. However, in the current and prior period all derivatives have been designated as
\nhedging instruments in effective hedging relationships. Further information on their
\naccounting is provided at 2.16 below. As such, the only financial liability at FVTPL is the deferred
\nand contingent consideration (see Note 18).
\nLoans and borrowings
\nAfter initial recognition, interest-bearing loans and borrowings are subsequently measured
\nat amortised cost using the effective interest method. Profits and losses arising on the
\nrepurchase, settlement or otherwise cancellation of liabilities are recognised in finance
\nrevenues and finance costs, respectively.
\nDerecognition
\nA financial liability is derecognised when the obligation under the liability is discharged or
\ncancelled or expires. When an existing financial liability is replaced by another from the same
\nlender on substantially different terms, or the terms of an existing liability are substantially
\nmodified, such an exchange or modification is treated as a derecognition of the original
\nliability and the recognition of a new liability. The difference in the respective carrying
\namounts, together with any costs or fees incurred, is recognised in the income statement.
\niii) Offsetting of financial instruments
\nFinancial assets and financial liabilities are offset and the net amount reported in the balance
\nsheet if there is a currently enforceable legal right to offset the recognised amounts and there
\nis an intention to settle on a net basis, to realise the assets and settle the liabilities
\nsimultaneously. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:2138005IF1N2RKJ6KO18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f19251": {
"value": "i) Financial assets Initial recognition and measurement
\nFinancial assets are classified, at initial recognition, as subsequently measured at amortised
\ncost, fair value through other comprehensive income, or fair value through profit or loss (FVTPL).
\nThe classification of financial assets at initial recognition depends on the financial asset\u2019s
\ncontractual cash flow characteristics and the Group\u2019s business model for managing them. With
\nthe exception of trade receivables that do not contain a significant financing component, the
\nGroup initially measures a financial asset at its fair value plus, in the case of a financial asset not
\nrecognised at FVTPL, transaction costs. Trade receivables that do not contain a significant
\nfinancing component are measured at the transaction price determined under IFRS 15.
\nIn order for a financial asset to be classified and measured at amortised cost or fair value
\nthrough other comprehensive income, it needs to give rise to cash flows that are \u2018solely
\npayments of principal and interest (SPPI)\u2019 on the principal amount outstanding. This
\nassessment is referred to as the SPPI test and is performed at an instrument level.
\nThe Group\u2019s business model for managing financial assets refers to how it manages its
\nfinancial assets in order to generate cash flows. The business model determines whether cash
\nflows will result from collecting contractual cash flows, selling the financial assets, or both.
\nThe Group\u2019s financial assets include cash and cash equivalents and trade and other
\nreceivables.
\nSubsequent measurement
\nThe subsequent measurement of financial assets depends on their classification. The Group
\ndoes not currently hold any fair value through other comprehensive income financial assets.
\nFinancial assets at amortised cost
\nThe Group measures financial assets at amortised cost if both of the following conditions
\nare met:
\n\u2013
the financial asset is held within a business model with the objective to hold financial assets
\nin order to collect contractual cash flows; and
\n\u2013
the contractual terms of the financial asset give rise on specified dates to cash flows that
\nare solely payments of principal and interest on the principal amount outstanding.
\nFinancial assets at amortised cost are subsequently measured using the effective interest
\nmethod and are subject to impairment. Gains and losses are recognised in profit or loss when
\nthe asset is derecognised, modified or impaired.
\nThe Group\u2019s financial assets at amortised cost includes cash and cash equivalents and trade
\nreceivables.
\nDerecognition
\nA financial asset (or, where applicable, a part of a financial asset or part of a group of similar
\nfinancial assets) is primarily derecognised when:
\n\u2013
the rights to receive cash flows from the asset have expired; or
\n\u2013
the Group has transferred its rights to receive cash flows from the asset or has assumed an
\nobligation to pay the received cash flows in full without material delay to a third party under
\na \u2018pass-through\u2019 arrangement; and either (a) the Group has transferred substantially all the
\nrisks and rewards of the asset, or (b) the Group has neither transferred nor retained
\nsubstantially all the risks and rewards of the asset, but has transferred control of the asset.
\nWhen the Group has transferred its rights to receive cash flows from an asset or has entered
\ninto a pass-through arrangement, it evaluates if, and to what extent, it has retained the risks
\nand rewards of ownership. When it has neither transferred nor retained substantially all of the
\nrisks and rewards of the asset, nor transferred control of the asset, the Group continues to
\nrecognise the transferred asset to the extent of its continuing involvement. In that case, the
\n146
Genuit Group plc
Annual Report & Accounts 2022
\nStrategic Report
Governance
Remuneration
Financial Statements
Notes to the Group Financial Statements continued
\nGroup also recognises an associated liability. The transferred asset and the associated liability
\nare measured on a basis that reflects the rights and obligations that the Group has retained.
\nContinuing involvement that takes the form of a guarantee over the transferred asset is
\nmeasured at the lower of the original carrying amount of the asset and the maximum amount
\nof consideration that the Group could be required to repay.
\nImpairment
\nThe Group recognises an allowance for expected credit losses (ECLs) for all financial assets
\nnot held at FVTPL. ECLs are based on the difference between the contractual cash flows due in
\naccordance with the contract and all the cash flows that the Group expects to receive,
\ndiscounted at an approximation of the original effective interest rate.
\nFor trade receivables, the Group applies a simplified approach in calculating ECLs. Therefore,
\nthe Group does not track changes in credit risk, but instead recognises a loss allowance
\nbased on lifetime ECLs at each balance sheet date. The Group has established a provision
\nmatrix that is based on its historical credit loss experience, adjusted for forward-looking
\nfactors specific to the receivables and the economic environment.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:2138005IF1N2RKJ6KO18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f19288": {
"value": "Derecognition
\nA financial asset (or, where applicable, a part of a financial asset or part of a group of similar
\nfinancial assets) is primarily derecognised when:
\n\u2013
the rights to receive cash flows from the asset have expired; or
\n\u2013
the Group has transferred its rights to receive cash flows from the asset or has assumed an
\nobligation to pay the received cash flows in full without material delay to a third party under
\na \u2018pass-through\u2019 arrangement; and either (a) the Group has transferred substantially all the
\nrisks and rewards of the asset, or (b) the Group has neither transferred nor retained
\nsubstantially all the risks and rewards of the asset, but has transferred control of the asset.
\nWhen the Group has transferred its rights to receive cash flows from an asset or has entered
\ninto a pass-through arrangement, it evaluates if, and to what extent, it has retained the risks
\nand rewards of ownership. When it has neither transferred nor retained substantially all of the
\nrisks and rewards of the asset, nor transferred control of the asset, the Group continues to
\nrecognise the transferred asset to the extent of its continuing involvement. In that case, the
Group also recognises an associated liability. The transferred asset and the associated liability
\nare measured on a basis that reflects the rights and obligations that the Group has retained.
\nContinuing involvement that takes the form of a guarantee over the transferred asset is
\nmeasured at the lower of the original carrying amount of the asset and the maximum amount
\nof consideration that the Group could be required to repay.
Derecognition
\nA financial liability is derecognised when the obligation under the liability is discharged or
\ncancelled or expires. When an existing financial liability is replaced by another from the same
\nlender on substantially different terms, or the terms of an existing liability are substantially
\nmodified, such an exchange or modification is treated as a derecognition of the original
\nliability and the recognition of a new liability. The difference in the respective carrying
\namounts, together with any costs or fees incurred, is recognised in the income statement.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:2138005IF1N2RKJ6KO18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f19346": {
"value": "ii) Financial liabilities Initial recognition and measurement
\nFinancial liabilities are classified, at initial recognition, as financial liabilities at FVTPL, loans and
\nborrowings, payables, lease liabilities or as derivatives designated as hedging instruments in
\nan effective hedge, as appropriate.
\nAll financial liabilities are recognised initially at fair value and, in the case of loans and
\nborrowings and payables, net of directly attributable transaction costs.
\nThe Group\u2019s financial liabilities include trade and other payables, lease liabilities, deferred and
\ncontingent consideration, loans and borrowings including bank overdrafts, and derivative
\nfinancial instruments.
\nSubsequent measurement
\nThe measurement of financial liabilities depends on their classification, as described below:
\nFinancial liabilities at fair value through profit or loss
\nDerivative financial instruments are classified as FVTPL unless they are designated as effective
\nhedging instruments. Gains and losses on such derivatives are recognised in the income
\nstatement. However, in the current and prior period all derivatives have been designated as
\nhedging instruments in effective hedging relationships. Further information on their
\naccounting is provided at 2.16 below. As such, the only financial liability at FVTPL is the deferred
\nand contingent consideration (see Note 18).
\nLoans and borrowings
\nAfter initial recognition, interest-bearing loans and borrowings are subsequently measured
\nat amortised cost using the effective interest method. Profits and losses arising on the
\nrepurchase, settlement or otherwise cancellation of liabilities are recognised in finance
\nrevenues and finance costs, respectively.
\nDerecognition
\nA financial liability is derecognised when the obligation under the liability is discharged or
\ncancelled or expires. When an existing financial liability is replaced by another from the same
\nlender on substantially different terms, or the terms of an existing liability are substantially
\nmodified, such an exchange or modification is treated as a derecognition of the original
\nliability and the recognition of a new liability. The difference in the respective carrying
\namounts, together with any costs or fees incurred, is recognised in the income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:2138005IF1N2RKJ6KO18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f19382": {
"value": "iii) Offsetting of financial instruments Financial assets and financial liabilities are offset and the net amount reported in the balance
\nsheet if there is a currently enforceable legal right to offset the recognised amounts and there
\nis an intention to settle on a net basis, to realise the assets and settle the liabilities
simultaneously.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:2138005IF1N2RKJ6KO18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f19391": {
"value": "2.16 Derivative financial instruments and hedge accounting Initial recognition and subsequent measurement
\nThe Group uses derivative financial instruments, such as forward foreign currency exchange
\ncontracts and interest rate swaps, to hedge its foreign currency risks and interest rate risks,
\nrespectively. The Group does not use derivative financial instruments for speculative purposes.
\nDerivative financial instruments are initially recognised at fair value on the date on which a
\nderivative contract is entered into and are subsequently remeasured at fair value. Derivatives
\nare carried as financial assets when the fair value is positive and as financial liabilities when
\nthe fair value is negative. A derivative is presented as a non-current asset or a non-current
\nliability if the remaining maturity of the instrument is more than 12 months and it is not
\nexpected to be realised or settled within 12 months.
\nFor the purpose of hedge accounting, hedges are classified as:
\n\u2013
Fair value hedges when hedging the exposure to changes in the fair value of a recognised
\nasset or liability or an unrecognised firm commitment.
\n\u2013
Cash flow hedges when hedging the exposure to variability in cash flows that is either
\nattributable to a particular risk associated with a recognised asset or liability or a highly
\nprobable forecast transaction or the foreign currency risk in an unrecognised firm
\ncommitment.
\n\u2013
Hedges of a net investment in a foreign operation.
\nAt the inception of a hedge relationship, the Group formally designates and documents the
\nhedge relationship to which it wishes to apply hedge accounting and the risk management
\nobjective and strategy for undertaking the hedge.
\nThe documentation includes identification of the hedging instrument, the hedged item, the
\nnature of the risk being hedged and how the Group will assess whether the hedging
\nrelationship meets the hedge effectiveness requirements (including the analysis of sources of
\nhedge ineffectiveness and how the hedge ratio is determined). A hedging relationship
\nqualifies for hedge accounting if it meets all of the following effectiveness requirements:
\n147
Genuit Group plc
Annual Report & Accounts 2022
\nStrategic Report
Governance
Remuneration
Financial Statements
Notes to the Group Financial Statements continued
\n2.16 Derivative financial instruments and hedge accounting continued
\n\u2013
There is an economic relationship between the hedged item and the hedging instrument.
\n\u2013
The effect of credit risk does not dominate the value changes that result from that
\neconomic relationship.
\n\u2013
The hedge ratio of the hedging relationship is the same as that resulting from the quantity
\nof the hedged item that the Group actually hedges and the quantity of the hedging
\ninstrument that the Group actually uses to hedge that quantity of hedged item.
\nHedges that meet all the qualifying criteria for hedge accounting are accounted for as
\ndescribed below:
\nCash flow hedge
\nCash flow hedging matches the cash flows of hedged items against the corresponding cash
\nflows of the derivative. The effective part of any profit or loss on the derivative is recognised
\ndirectly in other comprehensive income and the hedged item is accounted for in accordance
\nwith the policy for that financial instrument. Any ineffective part of any profit or loss is
\nrecognised immediately in the income statement. Amounts taken to other comprehensive
\nincome are transferred to the income statement when the hedged transaction affects profit
\nor loss, such as when a forecast sale or purchase occurs.
\nHedge accounting is discontinued when the hedging instrument expires or is sold, terminated,
\nor exercised, or no longer qualifies for hedge accounting. At that time, any cumulative profit
\nor loss on the hedging instrument recognised in equity is retained in equity until the forecast
\ntransaction occurs. If a hedged transaction is no longer expected to occur, the net cumulative
\nprofit or loss recognised in equity is transferred to the income statement for the period.
\nThe Group does not currently have any designated fair value hedges or net
\ninvestment hedges.
\nNote 29 sets out the details of the fair values of the derivative financial instruments used for
\nhedging purposes.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:2138005IF1N2RKJ6KO18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f19392": {
"value": "2.16 Derivative financial instruments and hedge accounting Initial recognition and subsequent measurement
\nThe Group uses derivative financial instruments, such as forward foreign currency exchange
\ncontracts and interest rate swaps, to hedge its foreign currency risks and interest rate risks,
\nrespectively. The Group does not use derivative financial instruments for speculative purposes.
\nDerivative financial instruments are initially recognised at fair value on the date on which a
\nderivative contract is entered into and are subsequently remeasured at fair value. Derivatives
\nare carried as financial assets when the fair value is positive and as financial liabilities when
\nthe fair value is negative. A derivative is presented as a non-current asset or a non-current
\nliability if the remaining maturity of the instrument is more than 12 months and it is not
\nexpected to be realised or settled within 12 months.
\nFor the purpose of hedge accounting, hedges are classified as:
\n\u2013
Fair value hedges when hedging the exposure to changes in the fair value of a recognised
\nasset or liability or an unrecognised firm commitment.
\n\u2013
Cash flow hedges when hedging the exposure to variability in cash flows that is either
\nattributable to a particular risk associated with a recognised asset or liability or a highly
\nprobable forecast transaction or the foreign currency risk in an unrecognised firm
\ncommitment.
\n\u2013
Hedges of a net investment in a foreign operation.
\nAt the inception of a hedge relationship, the Group formally designates and documents the
\nhedge relationship to which it wishes to apply hedge accounting and the risk management
\nobjective and strategy for undertaking the hedge.
\nThe documentation includes identification of the hedging instrument, the hedged item, the
\nnature of the risk being hedged and how the Group will assess whether the hedging
\nrelationship meets the hedge effectiveness requirements (including the analysis of sources of
\nhedge ineffectiveness and how the hedge ratio is determined). A hedging relationship
\nqualifies for hedge accounting if it meets all of the following effectiveness requirements:
\n147
Genuit Group plc
Annual Report & Accounts 2022
\nStrategic Report
Governance
Remuneration
Financial Statements
Notes to the Group Financial Statements continued
\n2.16 Derivative financial instruments and hedge accounting continued
\n\u2013
There is an economic relationship between the hedged item and the hedging instrument.
\n\u2013
The effect of credit risk does not dominate the value changes that result from that
\neconomic relationship.
\n\u2013
The hedge ratio of the hedging relationship is the same as that resulting from the quantity
\nof the hedged item that the Group actually hedges and the quantity of the hedging
\ninstrument that the Group actually uses to hedge that quantity of hedged item.
\nHedges that meet all the qualifying criteria for hedge accounting are accounted for as
\ndescribed below:
\nCash flow hedge
\nCash flow hedging matches the cash flows of hedged items against the corresponding cash
\nflows of the derivative. The effective part of any profit or loss on the derivative is recognised
\ndirectly in other comprehensive income and the hedged item is accounted for in accordance
\nwith the policy for that financial instrument. Any ineffective part of any profit or loss is
\nrecognised immediately in the income statement. Amounts taken to other comprehensive
\nincome are transferred to the income statement when the hedged transaction affects profit
\nor loss, such as when a forecast sale or purchase occurs.
\nHedge accounting is discontinued when the hedging instrument expires or is sold, terminated,
\nor exercised, or no longer qualifies for hedge accounting. At that time, any cumulative profit
\nor loss on the hedging instrument recognised in equity is retained in equity until the forecast
\ntransaction occurs. If a hedged transaction is no longer expected to occur, the net cumulative
\nprofit or loss recognised in equity is transferred to the income statement for the period.
\nThe Group does not currently have any designated fair value hedges or net
\ninvestment hedges.
\nNote 29 sets out the details of the fair values of the derivative financial instruments used for
\nhedging purposes.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:2138005IF1N2RKJ6KO18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f19393": {
"value": "2.16 Derivative financial instruments and hedge accounting Initial recognition and subsequent measurement
\nThe Group uses derivative financial instruments, such as forward foreign currency exchange
\ncontracts and interest rate swaps, to hedge its foreign currency risks and interest rate risks,
\nrespectively. The Group does not use derivative financial instruments for speculative purposes.
\nDerivative financial instruments are initially recognised at fair value on the date on which a
\nderivative contract is entered into and are subsequently remeasured at fair value. Derivatives
\nare carried as financial assets when the fair value is positive and as financial liabilities when
\nthe fair value is negative. A derivative is presented as a non-current asset or a non-current
\nliability if the remaining maturity of the instrument is more than 12 months and it is not
\nexpected to be realised or settled within 12 months.
\nFor the purpose of hedge accounting, hedges are classified as:
\n\u2013
Fair value hedges when hedging the exposure to changes in the fair value of a recognised
\nasset or liability or an unrecognised firm commitment.
\n\u2013
Cash flow hedges when hedging the exposure to variability in cash flows that is either
\nattributable to a particular risk associated with a recognised asset or liability or a highly
\nprobable forecast transaction or the foreign currency risk in an unrecognised firm
\ncommitment.
\n\u2013
Hedges of a net investment in a foreign operation.
\nAt the inception of a hedge relationship, the Group formally designates and documents the
\nhedge relationship to which it wishes to apply hedge accounting and the risk management
\nobjective and strategy for undertaking the hedge.
\nThe documentation includes identification of the hedging instrument, the hedged item, the
\nnature of the risk being hedged and how the Group will assess whether the hedging
\nrelationship meets the hedge effectiveness requirements (including the analysis of sources of
\nhedge ineffectiveness and how the hedge ratio is determined). A hedging relationship
\nqualifies for hedge accounting if it meets all of the following effectiveness requirements:
\n147
Genuit Group plc
Annual Report & Accounts 2022
\nStrategic Report
Governance
Remuneration
Financial Statements
Notes to the Group Financial Statements continued
\n2.16 Derivative financial instruments and hedge accounting continued
\n\u2013
There is an economic relationship between the hedged item and the hedging instrument.
\n\u2013
The effect of credit risk does not dominate the value changes that result from that
\neconomic relationship.
\n\u2013
The hedge ratio of the hedging relationship is the same as that resulting from the quantity
\nof the hedged item that the Group actually hedges and the quantity of the hedging
\ninstrument that the Group actually uses to hedge that quantity of hedged item.
\nHedges that meet all the qualifying criteria for hedge accounting are accounted for as
\ndescribed below:
\nCash flow hedge
\nCash flow hedging matches the cash flows of hedged items against the corresponding cash
\nflows of the derivative. The effective part of any profit or loss on the derivative is recognised
\ndirectly in other comprehensive income and the hedged item is accounted for in accordance
\nwith the policy for that financial instrument. Any ineffective part of any profit or loss is
\nrecognised immediately in the income statement. Amounts taken to other comprehensive
\nincome are transferred to the income statement when the hedged transaction affects profit
\nor loss, such as when a forecast sale or purchase occurs.
\nHedge accounting is discontinued when the hedging instrument expires or is sold, terminated,
\nor exercised, or no longer qualifies for hedge accounting. At that time, any cumulative profit
\nor loss on the hedging instrument recognised in equity is retained in equity until the forecast
\ntransaction occurs. If a hedged transaction is no longer expected to occur, the net cumulative
\nprofit or loss recognised in equity is transferred to the income statement for the period.
\nThe Group does not currently have any designated fair value hedges or net
\ninvestment hedges.
\nNote 29 sets out the details of the fair values of the derivative financial instruments used for
\nhedging purposes.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:2138005IF1N2RKJ6KO18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f19464": {
"value": "Cash flow hedge Cash flow hedging matches the cash flows of hedged items against the corresponding cash
\nflows of the derivative. The effective part of any profit or loss on the derivative is recognised
\ndirectly in other comprehensive income and the hedged item is accounted for in accordance
\nwith the policy for that financial instrument. Any ineffective part of any profit or loss is
\nrecognised immediately in the income statement. Amounts taken to other comprehensive
\nincome are transferred to the income statement when the hedged transaction affects profit
\nor loss, such as when a forecast sale or purchase occurs.
\nHedge accounting is discontinued when the hedging instrument expires or is sold, terminated,
\nor exercised, or no longer qualifies for hedge accounting. At that time, any cumulative profit
\nor loss on the hedging instrument recognised in equity is retained in equity until the forecast
\ntransaction occurs. If a hedged transaction is no longer expected to occur, the net cumulative
\nprofit or loss recognised in equity is transferred to the income statement for the period.
\nThe Group does not currently have any designated fair value hedges or net
\ninvestment hedges.
\nNote 29 sets out the details of the fair values of the derivative financial instruments used for
hedging purposes.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory",
"language": "en",
"entity": "scheme:2138005IF1N2RKJ6KO18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f19487": {
"value": "2.17 Fair values The Group measures financial instruments, such as derivatives, at fair value at each balance
\nsheet date.
\nFair value is the price that would be received to sell an asset or paid to transfer a liability in an
\norderly transaction between the market participants at the measurement date. The fair value
\nmeasurement is based on the presumption that the transaction to sell the asset or transfer
\nthe liability takes place either:
\n\u2013
in the principal market for the asset or liability; or
\n\u2013
in the absence of a principal market, in the most advantageous market for the asset
\nor liability.
\nThe principal or the most advantageous market must be accessible by the Group. The fair
\nvalue of financial instruments that are traded in active markets at the balance sheet date is
\ndetermined by reference to quoted market prices or dealer price quotations, without any
\ndeduction for transaction costs.
\nFor financial instruments not traded in an active market, the fair value is determined using
\nappropriate valuation techniques. Such techniques may include using recent arm\u2019s length
\nmarket transactions; reference to the current fair value of another instrument that is
\nsubstantially the same; discounted cash flow analysis; or other valuation models.
\nAn analysis of fair values of financial instruments and further details as to how they are
\nmeasured are provided in Note 29.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:2138005IF1N2RKJ6KO18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f19512": {
"value": "2.18 Inventories Inventories are stated at the lower of cost and net realisable value. Cost includes all costs
\nincurred in bringing each product to its present location and condition, as follows:
\n\u2013
Raw materials \u2013 purchase cost on a first in, first out basis.
\n\u2013
Work in progress and finished goods \u2013 cost of direct materials and labour plus attributable
\noverheads based on a normal level of activity.
\nNet realisable value is based on estimated selling price less any further costs expected to be
\nincurred to completion and disposal. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:2138005IF1N2RKJ6KO18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f19525": {
"value": "2.19 Cash and short-term deposits Cash and short-term deposits consist of cash at bank and in hand.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:2138005IF1N2RKJ6KO18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f19529": {
"value": "2.20 Pensions The Group operates defined contribution pension plans. Contributions payable in the year
\nare charged to the income statement. The assets are held separately from those of the Group
\nin an independently administered fund. Differences between contributions payable in the
\nyear and contributions actually paid are shown as either accruals or prepayments in the
\nbalance sheet.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:2138005IF1N2RKJ6KO18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f19567": {
"value": "2.22 Share-based payments In the case of equity-settled schemes, the fair value of options granted is recognised as an
\nemployee expense with a corresponding increase in equity. The fair value is measured at the
\ndate of grant and spread over the period during which the employees become unconditionally
\nentitled to the options. The value of the options is measured using the Black\u2013Scholes and Monte
\nCarlo models, taking into account the terms and conditions (including market and non-vesting
\nconditions) upon which the options were granted. Non-market vesting conditions are taken into
\naccount by adjusting the number of equity instruments expected to vest at each balance sheet
\ndate so that, ultimately, the cumulative amount recognised over the vesting period is based on
\nthe number of options that eventually vest. No expense is recognised for awards that do not
\nultimately vest, except for equity-settled transactions where vesting is conditional upon a
\nmarket or non-vesting condition, which are treated as vesting irrespective of whether or not the
\nmarket or non-vesting condition is satisfied, provided that all other performance and/or service
\nconditions are satisfied.
\nThe dilutive effect of outstanding options is reflected as additional share dilution in the
\ncomputation of diluted earnings per share. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:2138005IF1N2RKJ6KO18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f19586": {
"value": "2.23 Cash dividend The Group recognises a liability to pay a dividend when the distribution is authorised and the
\ndistribution is no longer at the discretion of the Group. Under UK company law a distribution is
\nauthorised when it is approved by the shareholders. A corresponding amount is then
\nrecognised directly in equity. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:2138005IF1N2RKJ6KO18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f19594": {
"value": "2.24 Own shares The Group operates an Employee Benefit Trust (EBT). The Group and/or the EBT, holds Genuit
\nGroup plc shares for the granting of Genuit Group plc shares to employees and Directors.
\nThese shares are recognised at cost and presented in the balance sheet as a deduction from
\nequity. No profit or loss is recognised in the income statement on the purchase, sale, issue or
\ncancellation of these shares. No dividends are earned on these shares, and they are ignored
\nfor the purposes of calculating the Group\u2019s earnings per share. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:2138005IF1N2RKJ6KO18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f19604": {
"value": "2.25 Provisions Provisions are recognised when the Group has a present obligation (legal or constructive) as
\na result of a past event, it is probable that an outflow of resources embodying economic
\nbenefits will be required to settle the obligation and a reliable estimate can be made of the
\namount of the obligation.
\nRestructuring provisions are recognised only when the Group has a constructive obligation,
\nwhich is when a detailed formal plan identifies the business or part of the business concerned,
\nthe location and number of employees affected, a detailed estimate of the associated costs,
\nand an appropriate timeline, and the employees affected have been notified of the plan\u2019s
main features.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:2138005IF1N2RKJ6KO18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f19618": {
"value": "3. Judgements and key sources of estimation uncertainty The preparation of the Group\u2019s consolidated financial statements requires management to
\nmake judgements, estimates and assumptions that affect the reported amounts of revenue,
\nexpenses, assets and liabilities, and the accompanying disclosures, and the disclosure of
\ncontingent liabilities. Uncertainty about these assumptions and estimates could result in
\noutcomes that require a material adjustment to the carrying amount of assets or liabilities
\naffected in future periods.
\nIn the process of applying the Group\u2019s accounting policies, management has made the
\nfollowing judgement(s), in the consolidated financial statements in the years ended
\n31 December 2022 and 2021:
\n3.1 Business combinations
\nThe measurement of fair values on a business combination requires the recognition and
\nmeasurement of the identifiable assets, liabilities and contingent liabilities. The key
\njudgements involved are the identification of which intangible assets meet the recognition
\ncriteria as set out in IAS 38, the fair values attributable to those intangible assets, and the
\nuseful lives of individual intangible assets. The Group has applied judgement in determining
\nwhether amounts contingently payable to previous owners of the businesses we have
\nacquired should be recognised as a remuneration cost in the income statement, or within
\ntotal consideration that is allocated to the fair value of assets and liabilities included in the
\nbalance sheet.
\n3.2 Determination of cash generating units
\nUnder IAS 36, Impairment of Assets, the Group is required to determine its Cash Generating
\nUnits (CGUs) by identifying the lowest aggregation of assets that generate largely
\nindependent cash inflows; and perform impairment assessments at a chosen annual date
\n(the Group has historically chosen 31 December) or when an event occurs that indicates the
\ncarrying amount maybe impaired. When the Group first adopted IFRS (effective 1 January 2013)
\nit determined its CGUs and then allocated the consolidated goodwill at that time to each of
\nthose CGUs. Subsequently, separately identifiable goodwill arose on the acquisitions of
\nSurestop (January 2015), Nuaire (August 2015), Permavoid (August 2018), Manthorpe (October
\n2018), Alderburgh (October 2019), Adey, Nu-Heat and Plura (February 2021) and the acquisition
\nof Keytec Geomembranes (March 2022).
\nDuring 2021, following the acquisition of Adey, Nu-Heat and Plura, the Group revised its CGU
\nstructure to more accurately reflect the lowest aggregation of assets that generate largely
\nindependent cash inflows. This revision resulted in the number of CGUs consolidating to 7, from
\n17 previously, but did not necessitate goodwill to be reallocated between the revised CGUs.
\nAccordingly, the Group did not need to perform an impairment review immediately prior to
\nthe revision of the CGU structure. There have been no further revisions to the CGU structure in
\n2022. Keytec Geomembranes was acquired during the year and forms part of the Commercial
\nand Infrastructure Systems segment. The goodwill arising on its acquisition has been allocated
\nto the \u2018Infrastructure and Landscape\u2019 CGU grouping. See Note 17 for further details.
\n149
Genuit Group plc
Annual Report & Accounts 2022
\nStrategic Report
Governance
Remuneration
Financial Statements
Notes to the Group Financial Statements continued
\n3.2 Determination of cash generating units continued
\nThe key assumptions concerning the future and other key sources of estimation uncertainty at the
\nbalance sheet date, that have a significant risk of causing a material adjustment to the carrying
\namounts of assets and liabilities within the next financial year, are described below. The Group
\nbased its assumptions and estimates on parameters available when the consolidated financial
\nstatements were prepared. Existing circumstances and assumptions about future developments,
\nhowever, may change due to market changes or circumstances arising that are beyond the
\ncontrol of the Group. Such changes are reflected in the assumptions when they occur.
\n3.3 Revenue recognition and customer rebates
\nThe Group\u2019s pricing structure involves rebate arrangements with several of its direct and indirect
\ncustomers. These can be complex in nature and involve estimation in determining the required
\nlevel of provision for rebate liabilities, particularly where the Group is reliant on information from
\ncustomers which may not be available at the time the liabilities are assessed.
\n3.4 Impairment of non-financial assets
\nNon-financial assets include goodwill, other intangible assets and property, plant and
\nequipment. In accordance with IFRS, the Group considers whether there are any indicators of
\nimpairment of these assets. Where indicators of impairment are identified, the Group tests the
\nasset for impairment. Goodwill is tested for impairment annually (at 31 December) or more
\nfrequently when circumstances indicate that the carrying amount may be impaired.
\nThe Group\u2019s impairment test for goodwill is based on a value-in-use calculation, using a
\ndiscounted cash flow model. The aim of the test is to ensure that goodwill is not carried at a
\nvalue greater than the recoverable amount. The cash flows are derived from the budgets and
\nforecasts for the next five years and do not include restructuring activities that the Group is not
\nyet committed to or significant future investments that will enhance the performance of the
\nasset or the cash-generating unit (CGU) being tested. The recoverable amount is most sensitive
\nto the discount rate used for the discounted cash flow model as well as the expected future
\ncash flows and the growth rate used for extrapolation purposes. The key assumptions used to
\ndetermine the recoverable amount for the different CGUs are further explained in Note 17.
\n3.5 Contingent consideration
\nThe Directors assess the likelihood that financial targets will be achieved in order to trigger
\nthe contingent consideration to the previous owners of the businesses we have acquired, to
\nquantify the possible range of that contingent consideration, and to how that contingent
\nconsideration should be calculated and disclosed in the consolidated financial statements.
\nDue to the inherent uncertainty in this process, actual liabilities may be different from those
\noriginally estimated.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:2138005IF1N2RKJ6KO18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f19629": {
"value": "3.1 Business combinations
\nThe measurement of fair values on a business combination requires the recognition and
\nmeasurement of the identifiable assets, liabilities and contingent liabilities. The key
\njudgements involved are the identification of which intangible assets meet the recognition
\ncriteria as set out in IAS 38, the fair values attributable to those intangible assets, and the
\nuseful lives of individual intangible assets. The Group has applied judgement in determining
\nwhether amounts contingently payable to previous owners of the businesses we have
\nacquired should be recognised as a remuneration cost in the income statement, or within
\ntotal consideration that is allocated to the fair value of assets and liabilities included in the
\nbalance sheet.
18. Acquisitions
\nAcquisition-related deferred and contingent consideration comprised:
\n31 December
\n2022
\n\u00a3m
\n31 December
\n2021
\n\u00a3m
\nDeferred consideration on Keytec acquisition
0.6
\u2013
\nDeferred and contingent consideration on Plura acquisition
7.4
4.3
\nContingent consideration on Permavoid acquisition
\u2013
0.5
\n8.0
4.8
\nAcquisition-related cash flows comprised:
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nOperating cash flows \u2013 settlement of acquisition costs
\nKeytec
0.1
\u2013
\nNu-Heat
\u2013
0.6
\nPlura
0.1
0.7
\nAdey
\u2013
3.1
\nPermavoid
\u2013
2.5
\n0.2
6.9
2022
\n\u00a3m
\n2021
\n\u00a3m
\nInvesting cash flows \u2013 Settlement of deferred
\nand contingent consideration
\nPermavoid
0.5
\u2013
\n0.5
\u2013
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nInvesting cash flows \u2013 acquisition of businesses net
\nof cash at acquisition
\nKeytec
2.6
\u2013
\nNu-Heat
\u2013
25.8
\nPlura
\u2013
1.8
\nAdey
\u2013
208.6
\nTree Ground Solutions
\u2013
0.2
\n2.6
236.4
\nKeytec
\nOn 31 March 2022, the Group acquired 100% of the voting rights and shares of Keytec
\nGeomembranes Holding Company Limited (Keytec), for an initial cash consideration of \u00a32.5m
\non a cash-free and debt-free basis plus a deferred consideration of \u00a30.6m due no later than
\n12 months from completion. The total cash consideration of \u00a32.9m included a payment for net
\ncash and working capital commitments on completion of \u00a30.4m. Keytec is a supplier and
\ninstaller of stormwater attenuation products, geomembranes and gas protection products.
\nDetails of the acquisition, including fair value adjustments, were as follows:
\nFair
\nvalue
\n\u00a3m
\nProperty, plant and equipment
0.1
\nInventories
0.1
\nTrade and other receivables
0.7
\nCash and cash equivalents
0.3
\nTrade and other payables
(0.5)
\nIncome tax payable
(0.1)
\nNet identifiable assets
0.6
\nGoodwill on acquisition
2.9
\nTotal cash consideration
3.5
\nLess: Deferred consideration
(0.6)
\nInitial cash consideration
2.9
\nNo material intangible assets have been identified. The goodwill arising on the acquisition
\nprimarily represented the assembled workforce, technical expertise and market share. The
\ngoodwill is allocated entirely to the Commercial and Infrastructure Systems segment.
\nThe fair value of trade and other receivables was \u00a30.7m. The gross amount of trade and other
\nreceivables was \u00a30.7m and it is expected that the full contractual amounts will be collected.
\nPost-acquisition Keytec contributed \u00a35.3m revenue and \u00a30.6m underlying operating profit
\nwhich were included in the Group Income Statement. If Keytec had been acquired on
\n1 January 2022, the Group\u2019s results for the twelve months ended 31 December 2022 would have
\nshown revenue of \u00a3624.0m and underlying operating profit of \u00a398.4m.
Nu-Heat
\nOn 2 February 2021, the Group acquired 100% of the voting rights and shares of Nu-Heat
\n(Holdings) Limited (Nu-Heat), the leading supplier of sustainable underfloor heating solutions,
\nair and ground source heat pumps, and other renewable heating systems, for a consideration
\nof \u00a327.0m on a cash-free, debt-free basis. The total cash consideration of \u00a324.8m included a
\npayment of \u00a35.7m for net cash on completion and was net of loans and borrowings at
\nacquisition of \u00a36.7m. Additional debt and debt like items amounted to \u00a31.2m.
\nThe \u2018Nu-Heat\u2019 brand, order book and customer relationships have been recognised as specific
\nintangible assets as a result of this acquisition. Fair value adjustments principally related to
\nthe recognition of intangible assets and deferred income tax arising on these adjustments.
\nThe goodwill arising on the acquisition primarily represented the assembled workforce,
\ntechnical expertise and market share. The goodwill is allocated entirely to the Residential
\nSystems segment.
\nPlura
\nOn 5 February 2021, the Group acquired 51% of the voting rights and shares of Plura Composites
\nLtd (Plura) for an initial cash consideration of \u00a31.25m, and further payment in respect of the
\nremaining 49% of between \u00a36.0m and \u00a316.4m depending on the EBITDA performance of Plura
\nin the 12-month period ending no earlier than 5 February 2024 and no later than 31 July 2024
\nas well as the continued employment of key personnel.
\nCustomer relationships is the only material intangible asset that has been recognised as a
\nresult of this acquisition. Fair value adjustments principally related to the recognition of
\nintangible assets and deferred income tax arising on these adjustments. The goodwill arising
\non the acquisition is immaterial.
\nAn amount of \u00a33.1m has been recognised as a non-underlying expense in the Group
\nIncome Statement in the year ended 31 December 2022 in respect of the Plura contingent
\nconsideration arrangement. This takes the total amount recognised as a liability on the
\nGroup Balance Sheet at 31 December 2022 to \u00a37.4m. Accordingly, the aggregate final
\nconsideration is expected to be approximately \u00a311.9m. Contingent consideration was
\ndetermined using the Directors\u2019 assessment of the likelihood that financial targets will be
\nachieved. There is no material difference between the estimated cash consideration and
\nthe fair value. The estimated cash consideration is derived from the budgets and forecasts
\nfor Plura.
\nAdey
\nOn 10 February 2021, the Group acquired 100% of the voting rights and shares of London Topco
\nLimited (Adey) for a consideration of \u00a3210.0m on a cash-free, debt-free basis. Adey is the UK\u2019s
\nleading provider of magnetic filters, chemicals and related products, which protect against
\nmagnetite and other performance constraints in water-based heating systems and improve
\nenergy efficiency, operating in predominantly residential end markets. The cash consideration
\nof \u00a386.6m included a payment of \u00a37.3m for net cash on completion and was net of loans and
\nborrowings at acquisition of \u00a3129.3m. Additional debt and debt-like items amounted to \u00a31.4m.
\nCustomer relationships, the \u2018Adey\u2019 brand and patents have been recognised as specific intangible
\nassets as a result of this acquisition. Fair value adjustments principally related to the recognition of
\nintangible assets and deferred income tax arising on these adjustments. The goodwill arising on
\nthe acquisition primarily represented the assembled workforce, technical expertise and market
\nshare. The goodwill is allocated entirely to the Residential Systems segment.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:2138005IF1N2RKJ6KO18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f19688": {
"value": "3.3 Revenue recognition and customer rebates The Group\u2019s pricing structure involves rebate arrangements with several of its direct and indirect
\ncustomers. These can be complex in nature and involve estimation in determining the required
\nlevel of provision for rebate liabilities, particularly where the Group is reliant on information from
\ncustomers which may not be available at the time the liabilities are assessed.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:2138005IF1N2RKJ6KO18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f19689": {
"value": "3.3 Revenue recognition and customer rebates The Group\u2019s pricing structure involves rebate arrangements with several of its direct and indirect
\ncustomers. These can be complex in nature and involve estimation in determining the required
\nlevel of provision for rebate liabilities, particularly where the Group is reliant on information from
\ncustomers which may not be available at the time the liabilities are assessed. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:2138005IF1N2RKJ6KO18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f19699": {
"value": "3.4 Impairment of non-financial assets Non-financial assets include goodwill, other intangible assets and property, plant and
\nequipment. In accordance with IFRS, the Group considers whether there are any indicators of
\nimpairment of these assets. Where indicators of impairment are identified, the Group tests the
\nasset for impairment. Goodwill is tested for impairment annually (at 31 December) or more
\nfrequently when circumstances indicate that the carrying amount may be impaired.
\nThe Group\u2019s impairment test for goodwill is based on a value-in-use calculation, using a
\ndiscounted cash flow model. The aim of the test is to ensure that goodwill is not carried at a
\nvalue greater than the recoverable amount. The cash flows are derived from the budgets and
\nforecasts for the next five years and do not include restructuring activities that the Group is not
\nyet committed to or significant future investments that will enhance the performance of the
\nasset or the cash-generating unit (CGU) being tested. The recoverable amount is most sensitive
\nto the discount rate used for the discounted cash flow model as well as the expected future
\ncash flows and the growth rate used for extrapolation purposes. The key assumptions used to
\ndetermine the recoverable amount for the different CGUs are further explained in Note 17. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:2138005IF1N2RKJ6KO18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f19716": {
"value": "3.5 Contingent consideration
\nThe Directors assess the likelihood that financial targets will be achieved in order to trigger
\nthe contingent consideration to the previous owners of the businesses we have acquired, to
\nquantify the possible range of that contingent consideration, and to how that contingent
\nconsideration should be calculated and disclosed in the consolidated financial statements.
\nDue to the inherent uncertainty in this process, actual liabilities may be different from those
\noriginally estimated.
Capital commitments
\nAt 31 December 2022, the Group had commitments of \u00a32.8m (2021: \u00a35.4m) relating to plant and
\nequipment purchases.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:2138005IF1N2RKJ6KO18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f19719": {
"value": "3.5 Contingent consideration The Directors assess the likelihood that financial targets will be achieved in order to trigger
\nthe contingent consideration to the previous owners of the businesses we have acquired, to
\nquantify the possible range of that contingent consideration, and to how that contingent
\nconsideration should be calculated and disclosed in the consolidated financial statements.
\nDue to the inherent uncertainty in this process, actual liabilities may be different from those
originally estimated. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:2138005IF1N2RKJ6KO18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f19738": {
"value": "5. Segment information IFRS 8, Operating Segments, requires operating segments to be identified on the basis of the
\ninternal financial information reported to the Chief Operating Decision Maker (CODM). The
\nGroup\u2019s CODM is deemed to be the Board of Directors, which is primarily responsible for the
\nallocation of resources to segments and the assessment of performance of the segments.
\nThe Group has two reporting segments \u2013 Residential Systems and Commercial and
\nInfrastructure Systems. The reporting segments are organised based on the nature of the end
\nmarkets served. Inter-segment sales are on an arm\u2019s length basis in a manner similar to
\ntransactions with third parties. During the period one acquired business was added to the
\nCommercial and Infrastructure Systems segment (see Note 18).
\n2022
2021
\nResidential
\nSystems
\n\u00a3m
\nCommercial &
\nInfrastructure
\nSystems
\n\u00a3m
\nTotal
\n\u00a3m
\nResidential
\nSystems
\n\u00a3m
\nCommercial &
\nInfrastructure
\nSystems
\n\u00a3m
\nTotal
\n\u00a3m
\nSegmental revenue
400.4
238.6
639.0
378.0
231.8
609.8
\nInter-segment revenue
(6.1)
(10.7)
(16.8)
(5.1)
(10.4)
(15.5)
\nRevenue
394.3
227.9
622.2
372.9
221.4
594.3
\nUnderlying operating
\nprofit*
79.1
19.1
98.2
73.1
22.2
95.3
\nNon-underlying items \u2013
\nsegmental
(31.2)
(9.3)
(40.5)
(18.5)
(8.8)
(27.3)
\nSegmental operating profit
47.9
9.8
57.7
54.6
13.4
68.0
\nNon-underlying items \u2013
\nGroup
(4.3)
(0.9)
\nOperating profit
53.4
67.1
\nNon-underlying items \u2013
\nfinance costs
(0.4)
\u2013
\nFinance costs
(7.6)
(4.2)
\nProfit before tax
45.4
62.9
\n*
Underlying operating profit is stated before non-underlying items as defined in the Group Accounting Policies on page 148
\nand is the measure of segment profit used by the Group\u2019s CODM. Details of the non-underlying items of \u00a345.2m (2021: \u00a328.2m)
\nare set out below at non-underlying items before tax.
\n150
Genuit Group plc
Annual Report & Accounts 2022
\nStrategic Report
Governance
Remuneration
Financial Statements
Notes to the Group Financial Statements continued
\nBalance sheet
\n31 December 2022
31 December 2021
\nTotal
\nassets
\n\u00a3m
\nTotal
\nliabilities
\n\u00a3m
\nTotal
\nassets
\n\u00a3m
\nTotal
\nliabilities
\n\u00a3m
\nResidential Systems
727.3
(99.0)
665.0
(101.9)
\nCommercial and Infrastructure Systems
248.7
(58.9)
307.6
(60.5)
\nTotal segment assets/(liabilities)
976.0
(157.9)
972.6
(162.4)
\nCurrent and deferred income taxes
2.2
(50.1)
1.1
(48.5)
\nNet debt excluding lease liabilities
50.0
(193.1)
52.3
(197.4)
\nTotal \u2013 Group
1,028.2
(401.1)
1,026.0
(408.3)
\nNet assets
627.1
617.7
\nProperty, plant and equipment additions
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nResidential Systems
25.3
20.2
\nCommercial and Infrastructure Systems
15.8
12.6
\nTotal \u2013 Group
41.1
32.8
\nRight-of-use asset additions
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nResidential Systems
4.5
2.7
\nCommercial and Infrastructure Systems
3.6
2.7
\nTotal \u2013 Group
8.1
5.4
\nDepreciation of property, plant and equipment
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nResidential Systems
10.9
9.9
\nCommercial and Infrastructure Systems
8.5
8.5
\nTotal \u2013 Group
19.4
18.4
\nDepreciation of right-of-use assets
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nResidential Systems
3.1
2.2
\nCommercial and Infrastructure Systems
2.3
2.2
\nTotal \u2013 Group
5.4
4.4
\nNon-underlying items before tax
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nResidential Systems \u2013 impairment of goodwill
12.0
\u2013
\nResidential Systems \u2013 impairment of intangible assets
2.8
\u2013
\nResidential Systems \u2013 amortisation of intangible assets
12.1
10.4
\nResidential Systems \u2013 restructuring costs
3.7
1.1
\nResidential Systems \u2013 Isolated cyber incident costs
0.6
\u2013
\nResidential Systems \u2013 acquisition costs
\u2013
3.3
\nResidential Systems \u2013 unwind of inventory fair value adjustment
\u2013
3.7
\nCommercial and Infrastructure Systems \u2013 amortisation
\nof intangible assets
3.1
3.8
\nCommercial and Infrastructure Systems \u2013 acquisition costs
3.3
2.4
\nCommercial and Infrastructure Systems \u2013 restructuring costs
1.3
\u2013
\nCommercial and Infrastructure Systems \u2013 product liability claim
1.0
2.6
\nCommercial and Infrastructure Systems \u2013 isolated cyber incident
\ncosts
0.6
\u2013
\nUK operations
40.5
27.3
\nGroup \u2013 restructuring costs
4.3
0.9
\nGroup \u2013 unamortised deal fees
0.4
\u2013
\nTotal \u2013 Group
45.2
28.2
\n151
Genuit Group plc
Annual Report & Accounts 2022
\nStrategic Report
Governance
Remuneration
Financial Statements
Notes to the Group Financial Statements continued
\n5. Segment information continued
\nGeographical analysis
\nRevenue by destination
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nUK
560.8
534.1
\nRest of Europe
32.4
38.3
\nRest of World
29.0
21.9
\nTotal \u2013 Group
622.2
594.3
\nNon-current assets
\n31 December
\n2022
\n\u00a3m
\n31 December
\n2021
\n\u00a3m
\nUK
800.2
809.4
\nRest of Europe
7.1
5.7
\nTotal \u2013 Group
807.3
815.1
\nNon-current assets for this purpose consist of property, plant and equipment, right-of-use
\nassets, goodwill and other intangible assets.
\nThe Group has two customers (2021: two) which individually accounted for more than 10%
\nof the Group\u2019s total revenue during 2022. These customers accounted for 11.9% and 10. 8%,
\nrespectively (2021: 13.0% and 10.4%, respectively) and are included in both reporting segments.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOperatingSegmentsExplanatory",
"language": "en",
"entity": "scheme:2138005IF1N2RKJ6KO18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f19901": {
"value": "Property, plant and equipment additions
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nResidential Systems
25.3
20.2
\nCommercial and Infrastructure Systems
15.8
12.6
\nTotal \u2013 Group
41.1
32.8
\nRight-of-use asset additions
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nResidential Systems
4.5
2.7
\nCommercial and Infrastructure Systems
3.6
2.7
\nTotal \u2013 Group
8.1
5.4
\nDepreciation of property, plant and equipment
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nResidential Systems
10.9
9.9
\nCommercial and Infrastructure Systems
8.5
8.5
\nTotal \u2013 Group
19.4
18.4
\nDepreciation of right-of-use assets
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nResidential Systems
3.1
2.2
\nCommercial and Infrastructure Systems
2.3
2.2
\nTotal \u2013 Group
5.4
4.4
2022
2021
\nGross
\n\u00a3m
\nTax
\n\u00a3m
\nNet
\n\u00a3m
\nGross
\n\u00a3m
\nTax
\n\u00a3m
\nNet
\n\u00a3m
\nCost of sales:
Restructuring costs \u2013
\ninventory write down
1.5
(0.3)
1.2
\u2013
\u2013
\u2013
\nCost of sales:
Unwind of inventory
\nfair value adjustment
\u2013
\u2013
\u2013
3.7
\u2013
3.7
\nCost of sales:
Restructuring costs
\u2013
\u2013
\u2013
0.2
\u2013
0.2
\nCost of sales:
Product liability claim
1.0
\u2013
1.0
2.6
(0.5)
2.1
\nAdministration expenses:
Isolated
\ncyber incident costs
1.2
(0.2)
1.0
\u2013
\u2013
\u2013
\nAdministration expenses:
\nRestructuring costs
7.8
(1.5)
6.3
0.9
(0.2)
0.7
\nAdministration expenses:
\nAcquisition costs \u2013 acquisition
\nand other M&A activity
3.3
\u2013
3.3
6.6
\u2013
6.6
\nAmortisation of intangible assets
15.2
(2.6)
12.6
14.2
6.6
20.8
\nImpairment of intangible assets
2.8
(0.5)
2.3
\u2013
\u2013
\u2013
\nImpairment of goodwill
12.0
\u2013
12.0
\u2013
\u2013
\u2013
\nFinance costs:
Unamortised deal fees
0.4
(0.1)
0.3
\u2013
\u2013
\u2013
\nTotal non-underlying items
45.2
(5.2)
40.0
28.2
5.9
34.1
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:2138005IF1N2RKJ6KO18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f20074": {
"value": "6. Operating profit 2022
\n\u00a3m
\n2021
\n\u00a3m
\nIncome statement charges
\nDepreciation of property, plant and equipment (owned)
19.4
18.4
\nDepreciation of right-of-use assets
5.4
4.4
\nCost of inventories recognised as an expense
318.3
290.4
\nResearch and development costs expensed
8.8
8.8
\nIncome statement credits
\nResearch and development expenditure credit
1.2
2.0
\nProfit on disposal of property, plant and equipment
0.7
0.2",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory",
"language": "en",
"entity": "scheme:2138005IF1N2RKJ6KO18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f20102": {
"value": "7. Auditor\u2019s remuneration The Group paid the following amounts to the Company\u2019s auditor in respect of the audit of the
\nconsolidated financial statements and for other services provided to the Group.
\nAuditor\u2019s remuneration for audit services:
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nAudit of the Company\u2019s annual financial statements
\u2013
\u2013
\nAudit of the Company\u2019s subsidiaries
0.9
0.7
\nTotal audit fees
0.9
0.7
\nThe Group paid the Company\u2019s auditor \u00a30.2m for audit related assurance services
\n(2021: \u00a30.1m).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:2138005IF1N2RKJ6KO18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f20274": {
"value": "9. Staff costs Staff costs (including Directors) comprised:
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nWages and salaries
128.5
125.9
\nSocial security costs
13.2
14.3
\nOther pension costs
6.5
5.4
\n148.2
145.6
\nThe average monthly number of persons employed by the Group by segment was as follows:
\n2022
2021
\nResidential Systems
2,215
2,204
\nCommercial and Infrastructure Systems
1,425
1,454
\nTotal \u2013 Group
3,640
3,658",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:2138005IF1N2RKJ6KO18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f20306": {
"value": "10. Directors\u2019 remuneration Details of the Directors\u2019 remuneration are set out below:
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nFees
0.5
0.4
\nEmoluments
3.1
3.3
\n3.6
3.7
\nFurther details of Directors\u2019 remuneration are provided in the Annual Report on Remuneration.
\nThe aggregate amount of gains made by the Directors on the exercise of share options during
\nthe year was \u00a30.2m (2021: \u00a30.4m).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:2138005IF1N2RKJ6KO18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f20326": {
"value": "11. Finance costs 2022
\n\u00a3m
\n2021
\n\u00a3m
\nInterest on bank loan
6.2
2.5
\nDebt issue cost amortisation
0.5
0.5
\nUnwind of discount on lease liabilities
0.8
0.7
\nOther finance costs
0.1
0.5
\n7.6
4.2",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:2138005IF1N2RKJ6KO18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f20327": {
"value": "11. Finance costs 2022
\n\u00a3m
\n2021
\n\u00a3m
\nInterest on bank loan
6.2
2.5
\nDebt issue cost amortisation
0.5
0.5
\nUnwind of discount on lease liabilities
0.8
0.7
\nOther finance costs
0.1
0.5
\n7.6
4.2",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:2138005IF1N2RKJ6KO18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f20368": {
"value": "12. Income tax (a) Tax expense reported in the income statement
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nCurrent income tax:
\nUK income tax
7.7
9.5
\nOverseas income tax
0.1
0.5
\nCurrent income tax
7.8
10.0
\nAdjustment in respect of prior years
(0.5)
0.4
\nTotal current income tax
7.3
10.4
\nDeferred income tax:
\nOrigination and reversal of temporary differences
0.4
(1.3)
\nEffects of changes in income tax rates
1.3
11.7
\nDeferred income tax
1.7
10.4
\nAdjustment in respect of prior years
(0.1)
1.1
\nTotal deferred income tax
1.6
11.5
\nTotal tax expense reported in the income statement
8.9
21.9
\nDetails of the non-underlying tax credit of \u00a35.2m (2021: \u00a35.9m net charge) are set out in Note 8.
\n(b) Reconciliation of the total tax expense
\nA reconciliation between the tax expense and the product of accounting profit multiplied
\nby the UK standard rate of income tax for the years ended 31 December 2022 and 2021
\nis as follows:
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nAccounting profit before tax
45.4
62.9
\nAccounting profit multiplied by the UK standard rate of income tax
\nof 19.0% (2021: 19.0%)
8.6
12.0
\nExpenses not deductible for income tax
3.4
1.8
\nNon-taxable income
(0.4)
(1.0)
\nAdjustment in respect of prior years
(0.6)
1.5
\nEffects of patent box
(1.6)
(1.6)
\nEffects of changes in income tax rates
1.3
11.4
\nEffects of tax losses
\u2013
(1.1)
\nEffects of super deduction
(1.8)
(0.6)
\nEffects of other tax rates/credits
\u2013
(0.5)
\nTotal tax expense reported in the income statement
8.9
21.9
\nThe effective rate for the full year was 19.6% (2021: 34.8%). If the impact of non-underlying items
\nis excluded, the underlying income tax rate would be 15.6% (2021: 17.6%).
\n(c) Deferred income tax
\nThe deferred income tax included in the Group balance sheet is as follows:
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nDeferred income tax liabilities/(assets)
\nShort-term timing differences
37.8
41.3
\nCapital allowances in excess of depreciation
16.9
11.1
\nShare-based payments
(2.1)
(2.3)
\nTax losses
(2.5)
(1.6)
\n50.1
48.5
\n154
Genuit Group plc
Annual Report & Accounts 2022
\nStrategic Report
Governance
Remuneration
Financial Statements
Notes to the Group Financial Statements continued
\nThe Group offsets tax assets and liabilities if, and only if, it has a legally enforceable right to
\nset off current income tax assets and current income tax liabilities and the deferred income
\ntax assets and deferred income tax liabilities relate to income taxes levied by the same
\ntax authority.
\nA reconciliation of deferred income taxes for the years ended 31 December 2022 and 2021
\nis as follows:
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nDeferred income tax reported in the income statement
1.6
11.5
\nShare-based payments excess tax benefit
\u2013
(0.1)
\nDeferred income tax acquired
\u2013
26.3
\n1.6
37.7
\n(d) Change in corporation tax rate
\nThe Finance (No.2) Act 2015 reduced the main UK corporation tax rate to 19%, effective from
\n1 April 2017. A further reduction in the main UK corporation tax rate to 17% was expected to come
\ninto effect from 1 April 2020 (as enacted by the Finance Act 2016 on 15 September 2016).
\nHowever, legislation introduced in the Finance Act 2020 (enacted on 22 July 2020) repealed
\nthe reduction of the rate, thereby maintaining the current rate of 19%.
\nOn 24 May 2021, legislation was passed which substantively enacted an increase in UK
\ncorporation tax rate from 19% to 25% from April 2023. Deferred income tax on the balance
\nsheet at 31 December 2022 was therefore measured at 19% or 25% depending on when the
\ndeferred income tax asset or liability is expected to reverse.
\n(e) Unrecognised tax losses
\nNo deferred income tax has been recognised on non-trading losses and other timing
\ndifferences of \u00a31.3m (2021: \u00a31.4m) as the Directors do not consider that they will be utilised
\nin the foreseeable future.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2138005IF1N2RKJ6KO18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f20456": {
"value": "(c) Deferred income tax The deferred income tax included in the Group balance sheet is as follows:
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nDeferred income tax liabilities/(assets)
\nShort-term timing differences
37.8
41.3
\nCapital allowances in excess of depreciation
16.9
11.1
\nShare-based payments
(2.1)
(2.3)
\nTax losses
(2.5)
(1.6)
\n50.1
48.5
\n154
Genuit Group plc
Annual Report & Accounts 2022
\nStrategic Report
Governance
Remuneration
Financial Statements
Notes to the Group Financial Statements continued
\nThe Group offsets tax assets and liabilities if, and only if, it has a legally enforceable right to
\nset off current income tax assets and current income tax liabilities and the deferred income
\ntax assets and deferred income tax liabilities relate to income taxes levied by the same
\ntax authority.
\nA reconciliation of deferred income taxes for the years ended 31 December 2022 and 2021
\nis as follows:
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nDeferred income tax reported in the income statement
1.6
11.5
\nShare-based payments excess tax benefit
\u2013
(0.1)
\nDeferred income tax acquired
\u2013
26.3
\n1.6
37.7",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:2138005IF1N2RKJ6KO18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f20537": {
"value": "13. Earnings per share Basic earnings per share amounts are calculated by dividing profit for the year attributable
\nto the owners of the parent company by the weighted average number of ordinary shares
\noutstanding during the year. The diluted earnings per share amounts are calculated by
\ndividing profit for the year attributable to the owners of the parent company by the weighted
\naverage number of ordinary shares outstanding during the year plus the weighted average
\nnumber of potential ordinary shares that would be issued on the conversion of all the dilutive
\nshare options into ordinary shares.
\nThe calculation of basic and diluted earnings per share is based on the following:
\n2022
2021
\nWeighted average number of ordinary shares for the purpose
\nof basic earnings per share
248,001,063
245,097,578
\nEffect of dilutive potential ordinary shares
2,414,364
3,168,838
\nWeighted average number of ordinary shares for the purpose
\nof diluted earnings per share
250,415,427
248,266,416
\nUnderlying earnings per share is based on the result for the year after tax excluding the
\nimpact of non-underlying items of \u00a340.0m (2021: \u00a334.1m). The Directors consider that this
\nmeasure provides a better and more consistent indication of the Group\u2019s underlying financial
\nperformance and more meaningful comparison with prior and future periods to assess trends
\nin our financial performance. The underlying earnings per share is calculated as follows:
\n2022
2021
\nUnderlying profit for the year attributable to the owners of the
\nparent company (\u00a3m)
76.5
75.1
\nUnderlying basic earnings per share (pence)
30.8
30.6
\nUnderlying diluted earnings per share (pence)
30.5
30.2",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:2138005IF1N2RKJ6KO18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f20596": {
"value": "14. Dividend per share 2022
\n\u00a3m
\n2021
\n\u00a3m
\nAmounts recognised as distributions to equity holders in the year:
\nFinal dividend for the year ended 31 December 2021 of 8.2p
\nper share (2020: 4.8p)
20.3
11.8
\nInterim dividend for the year ended 31 December 2022 of 4.1p
\nper share (2021: 4.0p)
10.2
9.9
\n30.5
21.7
\nProposed final dividend for the year ended 31 December 2022 of 8.2p
\nper share (2021: 8.2p)
20.3
20.3
\nThe proposed final dividend is subject to approval by shareholders at the Annual General
\nMeeting and has not been included as a liability in these consolidated financial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:2138005IF1N2RKJ6KO18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f20621": {
"value": "15. Property, plant and equipment Freehold
\nland and
\nbuildings
\n\u00a3m
\nPlant
\nand other
\nequipment
\n\u00a3m
\nTotal
\n\u00a3m
\nCost
\nAt 1 January 2021
54.3
160.4
214.7
\nAdditions
3.9
28.9
32.8
\nDisposals
(1.0)
(7.7)
(8.7)
\nTransfer to intangible assets
\u2013
(0.8)
(0.8)
\nAcquisition of businesses
1.2
3.0
4.2
\nExchange adjustment
\u2013
(0.3)
(0.3)
\nAt 31 December 2021
58.4
183.5
241.9
\nAdditions
4.9
36.1
41.0
\nDisposals
(0.1)
(10.6)
(10.7)
\nAcquisition of businesses
\u2013
0.4
0.4
\nExchange adjustment
\u2013
0.4
0.4
\nTransfer to assets held-for-sale
\u2013
(6.4)
(6.4)
\nAt 31 December 2022
63.2
203.4
266.6
\nDepreciation and impairment losses
\nAt 1 January 2021
8.5
72.0
80.5
\nProvided during the year
1.6
16.8
18.4
\nDisposals
(1.0)
(7.4)
(8.4)
\nTransfer to intangible assets
\u2013
(0.1)
(0.1)
\nExchange adjustment
\u2013
(0.2)
(0.2)
\nAt 31 December 2021
9.1
81.1
90.2
\nProvided during the year
1.7
17.7
19.4
\nDisposals
\u2013
(8.7)
(8.7)
\nExchange adjustment
\u2013
(0.2)
(0.2)
\nTransfer to assets held-for-sale
\u2013
(4.0)
(4.0)
\nAt 31 December 2022
10.8
85.9
96.7
\nNet book value
\nAt 31 December 2022
52.4
117.5
169.9
\nAt 31 December 2021
49.3
102.4
151.7
\nIncluded in freehold land and buildings is non-depreciable land of \u00a318.2m (2021: \u00a317.7m).
\n156
Genuit Group plc
Annual Report & Accounts 2022
\nStrategic Report
Governance
Remuneration
Financial Statements
Notes to the Group Financial Statements continued
\nCapital commitments
\nAt 31 December 2022, the Group had commitments of \u00a32.8m (2021: \u00a35.4m) relating to plant and
\nequipment purchases.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:2138005IF1N2RKJ6KO18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f20763": {
"value": "Capital commitments At 31 December 2022, the Group had commitments of \u00a32.8m (2021: \u00a35.4m) relating to plant and
equipment purchases. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:2138005IF1N2RKJ6KO18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f20770": {
"value": "16. Right-of-use assets and lease liabilities Right-of-use assets
\nLease
\nliabilities
\nFreehold
\nland and
\nbuildings
\n\u00a3m
\nPlant and
\nother
\nequipment
\n\u00a3m
\nMotor
\nvehicles
\n\u00a3m
\nTotal
\n\u00a3m
\u00a3m
\nAt 1 January 2021
5.9
6.9
0.1
12.9
(12.9)
\nAdditions
2.9
2.5
\u2013
5.4
(5.4)
\nAcquisition of businesses
6.0
0.8
\u2013
6.8
(6.8)
\nDepreciation of right-of-use assets
(2.1)
(2.3)
\u2013
(4.4)
\u2013
\nUnwind of discount on lease liabilities
\u2013
\u2013
\u2013
\u2013
(0.7)
\nSettlement of lease liabilities
\u2013
\u2013
\u2013
\u2013
5.1
\nExchange adjustment
\u2013
(0.1)
\u2013
(0.1)
0.1
\nAt 31 December 2021
12.7
7.8
0.1
20.6
(20.6)
\nAdditions
3.2
3.8
1.1
8.1
(8.2)
\nDisposals
(0.5)
(0.6)
\u2013
(1.1)
\u2013
\nDepreciation of right-of-use assets
(2.2)
(2.7)
(0.5)
(5.4)
\u2013
\nDepreciation on disposal of right-of-use asset
0.1
0.4
\u2013
0.5
\u2013
\nTransfer to assets held-for-sale
(0.4)
\u2013
\u2013
(0.4)
0.3
\nUnwind of discount on lease liabilities
\u2013
\u2013
\u2013
\u2013
(0.8)
\nSettlement of lease liabilities
\u2013
\u2013
\u2013
\u2013
6.2
\nAt 31 December 2022
12.9
8.7
0.7
22.3
(23.1)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory",
"language": "en",
"entity": "scheme:2138005IF1N2RKJ6KO18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f20771": {
"value": "16. Right-of-use assets and lease liabilities Right-of-use assets
\nLease
\nliabilities
\nFreehold
\nland and
\nbuildings
\n\u00a3m
\nPlant and
\nother
\nequipment
\n\u00a3m
\nMotor
\nvehicles
\n\u00a3m
\nTotal
\n\u00a3m
\u00a3m
\nAt 1 January 2021
5.9
6.9
0.1
12.9
(12.9)
\nAdditions
2.9
2.5
\u2013
5.4
(5.4)
\nAcquisition of businesses
6.0
0.8
\u2013
6.8
(6.8)
\nDepreciation of right-of-use assets
(2.1)
(2.3)
\u2013
(4.4)
\u2013
\nUnwind of discount on lease liabilities
\u2013
\u2013
\u2013
\u2013
(0.7)
\nSettlement of lease liabilities
\u2013
\u2013
\u2013
\u2013
5.1
\nExchange adjustment
\u2013
(0.1)
\u2013
(0.1)
0.1
\nAt 31 December 2021
12.7
7.8
0.1
20.6
(20.6)
\nAdditions
3.2
3.8
1.1
8.1
(8.2)
\nDisposals
(0.5)
(0.6)
\u2013
(1.1)
\u2013
\nDepreciation of right-of-use assets
(2.2)
(2.7)
(0.5)
(5.4)
\u2013
\nDepreciation on disposal of right-of-use asset
0.1
0.4
\u2013
0.5
\u2013
\nTransfer to assets held-for-sale
(0.4)
\u2013
\u2013
(0.4)
0.3
\nUnwind of discount on lease liabilities
\u2013
\u2013
\u2013
\u2013
(0.8)
\nSettlement of lease liabilities
\u2013
\u2013
\u2013
\u2013
6.2
\nAt 31 December 2022
12.9
8.7
0.7
22.3
(23.1)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:2138005IF1N2RKJ6KO18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f20890": {
"value": "17. Intangible assets Goodwill
\n\u00a3m
\nPatents
\n\u00a3m
\nBrand
\nnames
\n\u00a3m
\nCustomer
\nrelationships
\n\u00a3m
\nLicences
\n\u00a3m
\nCustomer
\norder book
\n\u00a3m
\nDevelopment
\ncosts
\n\u00a3m
\nTotal
\n\u00a3m
\nCost
\nAt 1 January 2021
345.4
34.4
30.3
17.4
0.8
\u2013
\u2013
428.3
\nAdditions
\u2013
0.3
\u2013
\u2013
\u2013
\u2013
1.2
1.5
\nTransfer from tangible
\nassets
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
0.8
0.8
\nAcquisition of
\nbusinesses
122.3
4.8
36.2
96.9
\u2013
0.9
\u2013
261.1
\nAt 31 December 2021
467.7
39.5
66.5
114.3
0.8
0.9
2.0
691.7
\nAdditions
\u2013
0.5
\u2013
\u2013
\u2013
\u2013
2.3
2.8
\nAcquisition of
\nbusinesses
2.9
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
2.9
\nTransfer to assets
\nheld-for-sale
(3.2)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(3.2)
\nAt 31 December 2022
467.4
40.0
66.5
114.3
0.8
0.9
4.3
694.2
\nAmortisation and impairment losses
\nAt 1 January 2021
\u2013
12.1
14.3
7.9
0.2
\u2013
\u2013
34.5
\nCharge for the year
\u2013
3.3
4.9
5.5
0.1
0.4
0.1
14.3
\nTransfer from tangible
\nassets
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
0.1
0.1
\nAt 31 December 2021
\u2013
15.4
19.2
13.4
0.3
0.4
0.2
48.9
\nCharge for the year
\u2013
3.4
5.1
6.1
0.1
0.5
0.2
15.4
\nImpairment losses
12.0
\u2013
\u2013
2.8
\u2013
\u2013
\u2013
14.8
\nAt 31 December 2022
12.0
18.8
24.3
22.3
0.4
0.9
0.4
79.1
\nNet book value
\nAt 31 December 2022
455.4
21.2
42.2
92.0
0.4
\u2013
3.9
615.1
\nAt 31 December 2021
467.7
24.1
47.3
100.9
0.5
0.5
1.8
642.8
\nGoodwill arising on the acquisition of businesses was increased by \u00a32.9m (2021: \u00a3122.3m)
\nfollowing the acquisition of Keytec Geomembranes Holding Company Limited as detailed in
\nNote 18.
\n157
Genuit Group plc
Annual Report & Accounts 2022
\nStrategic Report
Governance
Remuneration
Financial Statements
Notes to the Group Financial Statements continued
\n17. Intangible assets continued
\nImpairment testing of goodwill
\nGoodwill is not amortised but is subject to annual impairment testing. Goodwill has been
\nallocated for impairment testing purposes to a number of cash-generating units (CGUs)
\nwhich represent the lowest level in the Group at which goodwill is monitored for internal
\nmanagement purposes. The carrying amount of goodwill allocated to each of the CGUs
\nis as follows:
\nCGU
\n31 December
\n2022
\n\u00a3m
\n31 December
\n2021
\n\u00a3m
\nBuilding Services & International
30.4
33.6
\nInfrastructure & Landscape
43.6
40.7
\nResidential Systems
169.6
169.6
\nClimate & Ventilation
93.7
93.7
\nNu-Heat
17.3
17.3
\nAdey
92.8
104.8
\nOthers (comprising Surestop and Ulster)
8.0
8.0
\n455.4
467.7
\nAt 31 December 2022, \u00a33.2m of goodwill has been allocated to assets held-for-sale from the
\nBuilding Services & International CGU, in relation to Polypipe Italia SRL as detailed in Note 19.
\nImpairment tests on the carrying amounts of goodwill are performed by analysing the carrying
\namount allocated to each CGU against its value-in-use. Value-in-use is calculated for each CGU
\nas the net present value of that CGU\u2019s discounted future pre-tax cash flows covering a 5-year
\nperiod. These pre-tax cash flows are based on budgeted cash flows information for a period of
\none year, construction industry forecasts of growth for the following year and management\u2019s
\nforecast of growth between 2.0% to 5.0% for years 3 to 5 (2021: 2.74% to 2.80%). Terminal growth rates
\nof 2% (2021: 2%) have been applied beyond this, based on historical macroeconomic performance
\nand projections of the sector served by the CGUs.
\nWhen assessing for impairment of goodwill, management have considered the impact of
\nclimate change, particularly in the context of the risks and opportunities identified within the
\nTask Force on Climate-Related Financial Disclosures Report on pages 29 to 32 of the Strategic
\nReport and have not identified any material short-term impacts from climate change that
\nwould impact the carrying value of goodwill. Over the longer term, the risks and opportunities
\nare more uncertain, and management will continue to assess the quantitative impact of risks
\nat each balance sheet date.
\nA pre-tax discount rate of 12.9% (2021: 10.4%) has been applied in determining the recoverable
\namounts of CGUs. The pre-tax discount rate is estimated based on the Group\u2019s risk adjusted
\ncost of capital.
\nThe Group has applied sensitivities to assess whether any reasonably possible changes in
\nassumptions could cause an impairment that would be material to these consolidated financial
\nstatements. Due to a removal of longer term overseas strategic growth opportunities and
\nincreasing cash flow risks, ongoing headwinds from the upstream boiler manufacturing shortages
\ndriven by a global lack of printed circuit boards and the significantly increased pre-tax discount
\nrate there has been a reduction in the value in use of the Adey CGU. This has resulted in an
\nimpairment charge of \u00a312.0m in the year to reflect that the discounted present value of future
\npre-tax cash flows did not support the full carrying value of the asset. As an impairment loss has
\nbeen recognised in respect of Adey in the current year, the recoverable amount is equal to its
\ncarrying value at the year end and therefore any negative changes in key assumptions would
\nresult in the recognition of an additional impairment loss. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:2138005IF1N2RKJ6KO18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f20891": {
"value": "17. Intangible assets Goodwill
\n\u00a3m
\nPatents
\n\u00a3m
\nBrand
\nnames
\n\u00a3m
\nCustomer
\nrelationships
\n\u00a3m
\nLicences
\n\u00a3m
\nCustomer
\norder book
\n\u00a3m
\nDevelopment
\ncosts
\n\u00a3m
\nTotal
\n\u00a3m
\nCost
\nAt 1 January 2021
345.4
34.4
30.3
17.4
0.8
\u2013
\u2013
428.3
\nAdditions
\u2013
0.3
\u2013
\u2013
\u2013
\u2013
1.2
1.5
\nTransfer from tangible
\nassets
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
0.8
0.8
\nAcquisition of
\nbusinesses
122.3
4.8
36.2
96.9
\u2013
0.9
\u2013
261.1
\nAt 31 December 2021
467.7
39.5
66.5
114.3
0.8
0.9
2.0
691.7
\nAdditions
\u2013
0.5
\u2013
\u2013
\u2013
\u2013
2.3
2.8
\nAcquisition of
\nbusinesses
2.9
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
2.9
\nTransfer to assets
\nheld-for-sale
(3.2)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(3.2)
\nAt 31 December 2022
467.4
40.0
66.5
114.3
0.8
0.9
4.3
694.2
\nAmortisation and impairment losses
\nAt 1 January 2021
\u2013
12.1
14.3
7.9
0.2
\u2013
\u2013
34.5
\nCharge for the year
\u2013
3.3
4.9
5.5
0.1
0.4
0.1
14.3
\nTransfer from tangible
\nassets
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
0.1
0.1
\nAt 31 December 2021
\u2013
15.4
19.2
13.4
0.3
0.4
0.2
48.9
\nCharge for the year
\u2013
3.4
5.1
6.1
0.1
0.5
0.2
15.4
\nImpairment losses
12.0
\u2013
\u2013
2.8
\u2013
\u2013
\u2013
14.8
\nAt 31 December 2022
12.0
18.8
24.3
22.3
0.4
0.9
0.4
79.1
\nNet book value
\nAt 31 December 2022
455.4
21.2
42.2
92.0
0.4
\u2013
3.9
615.1
\nAt 31 December 2021
467.7
24.1
47.3
100.9
0.5
0.5
1.8
642.8
\nGoodwill arising on the acquisition of businesses was increased by \u00a32.9m (2021: \u00a3122.3m)
\nfollowing the acquisition of Keytec Geomembranes Holding Company Limited as detailed in
\nNote 18.
\n157
Genuit Group plc
Annual Report & Accounts 2022
\nStrategic Report
Governance
Remuneration
Financial Statements
Notes to the Group Financial Statements continued
\n17. Intangible assets continued
\nImpairment testing of goodwill
\nGoodwill is not amortised but is subject to annual impairment testing. Goodwill has been
\nallocated for impairment testing purposes to a number of cash-generating units (CGUs)
\nwhich represent the lowest level in the Group at which goodwill is monitored for internal
\nmanagement purposes. The carrying amount of goodwill allocated to each of the CGUs
\nis as follows:
\nCGU
\n31 December
\n2022
\n\u00a3m
\n31 December
\n2021
\n\u00a3m
\nBuilding Services & International
30.4
33.6
\nInfrastructure & Landscape
43.6
40.7
\nResidential Systems
169.6
169.6
\nClimate & Ventilation
93.7
93.7
\nNu-Heat
17.3
17.3
\nAdey
92.8
104.8
\nOthers (comprising Surestop and Ulster)
8.0
8.0
\n455.4
467.7
\nAt 31 December 2022, \u00a33.2m of goodwill has been allocated to assets held-for-sale from the
\nBuilding Services & International CGU, in relation to Polypipe Italia SRL as detailed in Note 19.
\nImpairment tests on the carrying amounts of goodwill are performed by analysing the carrying
\namount allocated to each CGU against its value-in-use. Value-in-use is calculated for each CGU
\nas the net present value of that CGU\u2019s discounted future pre-tax cash flows covering a 5-year
\nperiod. These pre-tax cash flows are based on budgeted cash flows information for a period of
\none year, construction industry forecasts of growth for the following year and management\u2019s
\nforecast of growth between 2.0% to 5.0% for years 3 to 5 (2021: 2.74% to 2.80%). Terminal growth rates
\nof 2% (2021: 2%) have been applied beyond this, based on historical macroeconomic performance
\nand projections of the sector served by the CGUs.
\nWhen assessing for impairment of goodwill, management have considered the impact of
\nclimate change, particularly in the context of the risks and opportunities identified within the
\nTask Force on Climate-Related Financial Disclosures Report on pages 29 to 32 of the Strategic
\nReport and have not identified any material short-term impacts from climate change that
\nwould impact the carrying value of goodwill. Over the longer term, the risks and opportunities
\nare more uncertain, and management will continue to assess the quantitative impact of risks
\nat each balance sheet date.
\nA pre-tax discount rate of 12.9% (2021: 10.4%) has been applied in determining the recoverable
\namounts of CGUs. The pre-tax discount rate is estimated based on the Group\u2019s risk adjusted
\ncost of capital.
\nThe Group has applied sensitivities to assess whether any reasonably possible changes in
\nassumptions could cause an impairment that would be material to these consolidated financial
\nstatements. Due to a removal of longer term overseas strategic growth opportunities and
\nincreasing cash flow risks, ongoing headwinds from the upstream boiler manufacturing shortages
\ndriven by a global lack of printed circuit boards and the significantly increased pre-tax discount
\nrate there has been a reduction in the value in use of the Adey CGU. This has resulted in an
\nimpairment charge of \u00a312.0m in the year to reflect that the discounted present value of future
\npre-tax cash flows did not support the full carrying value of the asset. As an impairment loss has
\nbeen recognised in respect of Adey in the current year, the recoverable amount is equal to its
\ncarrying value at the year end and therefore any negative changes in key assumptions would
\nresult in the recognition of an additional impairment loss. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138005IF1N2RKJ6KO18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f21110": {
"value": "Impairment testing of goodwill Goodwill is not amortised but is subject to annual impairment testing. Goodwill has been
\nallocated for impairment testing purposes to a number of cash-generating units (CGUs)
\nwhich represent the lowest level in the Group at which goodwill is monitored for internal
\nmanagement purposes. The carrying amount of goodwill allocated to each of the CGUs
\nis as follows:
\nCGU
\n31 December
\n2022
\n\u00a3m
\n31 December
\n2021
\n\u00a3m
\nBuilding Services & International
30.4
33.6
\nInfrastructure & Landscape
43.6
40.7
\nResidential Systems
169.6
169.6
\nClimate & Ventilation
93.7
93.7
\nNu-Heat
17.3
17.3
\nAdey
92.8
104.8
\nOthers (comprising Surestop and Ulster)
8.0
8.0
\n455.4
467.7
\nAt 31 December 2022, \u00a33.2m of goodwill has been allocated to assets held-for-sale from the
\nBuilding Services & International CGU, in relation to Polypipe Italia SRL as detailed in Note 19.
\nImpairment tests on the carrying amounts of goodwill are performed by analysing the carrying
\namount allocated to each CGU against its value-in-use. Value-in-use is calculated for each CGU
\nas the net present value of that CGU\u2019s discounted future pre-tax cash flows covering a 5-year
\nperiod. These pre-tax cash flows are based on budgeted cash flows information for a period of
\none year, construction industry forecasts of growth for the following year and management\u2019s
\nforecast of growth between 2.0% to 5.0% for years 3 to 5 (2021: 2.74% to 2.80%). Terminal growth rates
\nof 2% (2021: 2%) have been applied beyond this, based on historical macroeconomic performance
\nand projections of the sector served by the CGUs.
\nWhen assessing for impairment of goodwill, management have considered the impact of
\nclimate change, particularly in the context of the risks and opportunities identified within the
\nTask Force on Climate-Related Financial Disclosures Report on pages 29 to 32 of the Strategic
\nReport and have not identified any material short-term impacts from climate change that
\nwould impact the carrying value of goodwill. Over the longer term, the risks and opportunities
\nare more uncertain, and management will continue to assess the quantitative impact of risks
\nat each balance sheet date.
\nA pre-tax discount rate of 12.9% (2021: 10.4%) has been applied in determining the recoverable
\namounts of CGUs. The pre-tax discount rate is estimated based on the Group\u2019s risk adjusted
\ncost of capital.
\nThe Group has applied sensitivities to assess whether any reasonably possible changes in
\nassumptions could cause an impairment that would be material to these consolidated financial
\nstatements. Due to a removal of longer term overseas strategic growth opportunities and
\nincreasing cash flow risks, ongoing headwinds from the upstream boiler manufacturing shortages
\ndriven by a global lack of printed circuit boards and the significantly increased pre-tax discount
\nrate there has been a reduction in the value in use of the Adey CGU. This has resulted in an
\nimpairment charge of \u00a312.0m in the year to reflect that the discounted present value of future
\npre-tax cash flows did not support the full carrying value of the asset. As an impairment loss has
\nbeen recognised in respect of Adey in the current year, the recoverable amount is equal to its
\ncarrying value at the year end and therefore any negative changes in key assumptions would
result in the recognition of an additional impairment loss.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138005IF1N2RKJ6KO18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f21202": {
"value": "Acquisition-related cash flows comprised: 2022
\n\u00a3m
\n2021
\n\u00a3m
\nOperating cash flows \u2013 settlement of acquisition costs
\nKeytec
0.1
\u2013
\nNu-Heat
\u2013
0.6
\nPlura
0.1
0.7
\nAdey
\u2013
3.1
\nPermavoid
\u2013
2.5
\n0.2
6.9
158
Genuit Group plc
Annual Report & Accounts 2022
\nStrategic Report
Governance
Remuneration
Financial Statements
Notes to the Group Financial Statements continued
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nInvesting cash flows \u2013 Settlement of deferred
\nand contingent consideration
\nPermavoid
0.5
\u2013
\n0.5
\u2013
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nInvesting cash flows \u2013 acquisition of businesses net
\nof cash at acquisition
\nKeytec
2.6
\u2013
\nNu-Heat
\u2013
25.8
\nPlura
\u2013
1.8
\nAdey
\u2013
208.6
\nTree Ground Solutions
\u2013
0.2
\n2.6
236.4",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:2138005IF1N2RKJ6KO18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f21390": {
"value": "19. Assets held-for-sale During the year the Group announced its intention to dispose of Polypipe Italia SRL following a
\nstrategic review and began marketing the company for sale. The Group determined a sale was
\nhighly probable and expected to be sold within 12 months from the Balance Sheet date and
\nnegotiations with several interested parties have subsequently taken place. The proceeds of
\ndisposal are expected to exceed the carrying amount of the related net assets and accordingly
\nno impairment losses have been recognised on the classification of Polypipe Italia SRL as
\nheld-for-sale.
\nThe following major class of assets and liabilities relating to Polypipe Italia SRL that have been
\nclassified as held-for-sale are as follows:
\nFair
\nvalue
\n\u00a3m
\nProperty, plant and equipment
2.4
\nRight-of-use assets
0.3
\nGoodwill
3.2
\nTrade receivables
1.7
\nInventories
3.1
\nAssets held-for-sale
10.7
\nTrade and other payables
2.3
\nFinance lease liabilities
0.3
\nLiabilities held-for-sale
2.6",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:2138005IF1N2RKJ6KO18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f21441": {
"value": "20. Investments Details of Group undertakings
\nDetails of the investments in which the Group holds 20% or more of the nominal value of any
\nclass of share capital at 31 December 2022 are set out in Note 4 to the Parent Company
\nfinancial statements. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:2138005IF1N2RKJ6KO18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f21449": {
"value": "21. Inventories 31 December
\n2022
\n\u00a3m
\n31 December
\n2021
\n\u00a3m
\nRaw materials
25.3
23.9
\nWork in progress
9.2
10.3
\nFinished goods
55.4
46.6
\n89.9
80.8
\nAll inventories are carried at cost less a provision to take account of slow-moving and
\nobsolete items. The provision at 31 December 2022 was \u00a314.9m (2021: \u00a312.0m).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:2138005IF1N2RKJ6KO18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f21472": {
"value": "22. Trade and other receivables 31 December
\n2022
\n\u00a3m
\n31 December
\n2021
\n\u00a3m
\nTrade receivables
60.5
69.7
\nPrepayments
6.1
7.0
\nOther receivables
1.5
\u2013
\n68.1
76.7
\nTrade receivables are non-interest bearing and are generally settled on 30 days\u2019 credit.
\nExpected credit losses
\nThe Group maintains a substantial level of credit insurance covering a significant proportion
\nof its trade receivables which mitigates against expected credit losses. Therefore, such credit
\nlosses are not significant.
\nThe ageing of trade receivables at the balance sheet date was as follows:
\n31 December 2022
31 December 2021
\nGross
\n\u00a3m
\nAllowance
\nfor expected
\ncredit losses
\n\u00a3m
\nNet
\n\u00a3m
\nGross
\n\u00a3m
\nAllowance
\nfor expected
\ncredit losses
\n\u00a3m
\nNet
\n\u00a3m
\nNot past due
22.3
\u2013
22.3
41.7
(0.2)
41.5
\nPast due 1 to 30 days
35.3
\u2013
35.3
22.8
(0.2)
22.6
\nPast due 31 to 90 days
2.0
(0.2)
1.8
5.5
(0.2)
5.3
\nPast due more than 90 days
1.5
(0.4)
1.1
1.1
(0.8)
0.3
\n61.1
(0.6)
60.5
71.1
(1.4)
69.7
\nThe movements in the allowance for expected credit losses of trade receivables comprised:
\n\u00a3m
\nAt 31 December 2020
1.1
\nAcquisition of businesses
0.4
\nCredited to the income statement during the year
(0.1)
\nAt 31 December 2021
1.4
\nCharged to the income statement during the year
0.2
\nUtilised during the year
(1.0)
\nAt 31 December 2022
0.6",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:2138005IF1N2RKJ6KO18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f21584": {
"value": "23. Cash and cash equivalents Cash and cash equivalents comprised:
\n31 December
\n2022
\n\u00a3m
\n31 December
\n2021
\n\u00a3m
\nCash at bank and in hand
50.0
52.3",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:2138005IF1N2RKJ6KO18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f21600": {
"value": "24. Share capital and reserves Share capital
\n31 December 2022
31 December 2021
\nNumber*
\u00a3
Number*
\u00a3
\nAuthorised, allotted, called up and fully paid share capital:
\nOrdinary shares of \u00a30.001 each
249
249,170
248
248,170
\n*
Millions of shares.
\nThe ordinary shares are voting non-redeemable shares and rank equally as to dividends,
\nvoting rights and any return of capital on winding up.
\nShare premium
\nOn 11 February 2021, the Group conducted a non-pre-emptive placing of 18,704,085 new
\nordinary shares at \u00a35.15 per share generating gross proceeds of \u00a396.3m with issue costs of
\n\u00a32.7m. Net proceeds in excess of the nominal value of \u00a393.6m have been credited to the share
\npremium account. A further \u00a30.1m of listing fees have been incurred and charged to the
\nincome statement in 2021.
\nCapital redemption reserve
\nFollowing the consolidation and subdivision of shares in 2014 the Company\u2019s deferred shares
\nwere cancelled. In order to maintain the Company\u2019s capital, a transfer was made from
\nretained earnings to a capital redemption reserve at that time.
\nOwn shares
\nOwn shares represent the cost of Genuit Group plc shares purchased in the market and held by
\nthe Company, and/or the Employee Benefit Trust (EBT), to satisfy the future exercise of options
\nunder the Group\u2019s share option schemes.
\nDuring the year the Group issued 1,000,000 shares (2021: 1,000,000 shares) to the EBT at the
\nnominal value of \u00a30.001.
\nAt 31 December 2022, the Group held 375 (2021: 965) of its own shares at an average cost of \u00a34.20
\n(2021: \u00a34.20) per share. The market value of these shares at 31 December 2022 was less than
\n\u00a30.1m (2021: less than \u00a30.1m). The nominal value of each share is \u00a30.001.
\nThe EBT held 1,071,188 shares at 31 December 2022 (2021: 353,385) at an average cost of 0.1p
\n(2021: 0.1p) per share. The market value of these shares at 31 December 2022 was \u00a33.0m
\n(2021: \u00a32.1m). The nominal value of each share is \u00a30.001.
\nHedging reserve
\nThe hedging reserve contains the effective portion of the cash flow hedge relationships
\nentered into by the Group in respect of interest rate swaps and forward foreign currency
\nderivatives as discussed in Note 29.
\nForeign currency retranslation reserve
\nThe foreign currency retranslation reserve is used to record exchange differences arising from
\nthe translation of the financial statements of foreign subsidiaries.
\nOther reserves
\nOn 7 May 2020, the Group conducted a non-pre-emptive placing of 26,966,300 new ordinary
\nshares at \u00a34.45 per share generating gross proceeds of \u00a3120.0m. The placing was undertaken
\nusing a cashbox structure. As a result, the Group was able to take relief under Section 612 of the
\nCompanies Act 2006 from crediting share premium and instead transfer the net proceeds in
\nexcess of the nominal value to other reserves. Advisers\u2019 fees of \u00a33.5m have been netted off
\nagainst the gross proceeds. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:2138005IF1N2RKJ6KO18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f21603": {
"value": "Share capital 31 December 2022
31 December 2021
\nNumber*
\u00a3
Number*
\u00a3
\nAuthorised, allotted, called up and fully paid share capital:
\nOrdinary shares of \u00a30.001 each
249
249,170
248
248,170
\n*
Millions of shares.
\nThe ordinary shares are voting non-redeemable shares and rank equally as to dividends,
\nvoting rights and any return of capital on winding up.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:2138005IF1N2RKJ6KO18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f21633": {
"value": "Own shares Own shares represent the cost of Genuit Group plc shares purchased in the market and held by
\nthe Company, and/or the Employee Benefit Trust (EBT), to satisfy the future exercise of options
\nunder the Group\u2019s share option schemes.
\nDuring the year the Group issued 1,000,000 shares (2021: 1,000,000 shares) to the EBT at the
\nnominal value of \u00a30.001.
\nAt 31 December 2022, the Group held 375 (2021: 965) of its own shares at an average cost of \u00a34.20
\n(2021: \u00a34.20) per share. The market value of these shares at 31 December 2022 was less than
\n\u00a30.1m (2021: less than \u00a30.1m). The nominal value of each share is \u00a30.001.
\nThe EBT held 1,071,188 shares at 31 December 2022 (2021: 353,385) at an average cost of 0.1p
\n(2021: 0.1p) per share. The market value of these shares at 31 December 2022 was \u00a33.0m
\n(2021: \u00a32.1m). The nominal value of each share is \u00a30.001.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:2138005IF1N2RKJ6KO18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f21663": {
"value": "Capital management The primary objective of the Group\u2019s capital management is to ensure that it maintains an
\nappropriate capital structure to support its business objectives and maximise shareholder value.
\nThe Group regards shareholders\u2019 equity and net debt as its capital. The Group\u2019s net debt is defined
\nas cash and cash equivalents, loans and borrowings, and lease liabilities. At 31 December 2022, the
\nGroup had bank debt of \u00a3170.9m (2021: \u00a3198.0m), an undrawn committed revolving credit facility of
\n\u00a3179.1m (2021: \u00a3102.0m), cash of \u00a350.0m (2021: \u00a352.3m), an uncommitted accordion facility of \u00a350.0m
\n(2021: \u00a350.0m), private placement loan notes of \u00a325.0m (2021: \u00a3nil) with a maturity date of August
\n2029 and lease liabilities of \u00a323.1m (2021: \u00a320.6m). A key objective of the Group is to maintain
\nsufficient liquidity (cash and committed bank facilities) in order to meet its cash commitments
\nincluding interest payments due on that debt. No changes were made to the objectives, policies
\nor processes during the years ended 31 December 2022 and 31 December 2021.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:2138005IF1N2RKJ6KO18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f21695": {
"value": "25. Share-based payments Share options were granted by the Company under its various share option schemes as detailed in the table below:
\nExercise
\nprice
\n\u00a3
\n31 December
\n2021
\nNumber
\nGranted
\nNumber
\nDividend
\nAccrual
\nExercised
\nNumber
\nLapsed/
\nforfeited
\nNumber
\n31 December
\n2022
\nNumber
\nDate
\nfirst
\nexercisable
\nExpiry
\ndate
\n2014 Sharesave (granted 2018)
2.98
116,943
\u2013
\u2013
(115,087)
\n1
\n(1,856)
\u2013
1 Nov 2021
30 April 2022
\n2014 Sharesave (granted 2019)
3.05
1,034,024
\u2013
\u2013
(27,269)
\n2
\n(323,127)
683,628
1 Nov 2022
30 April 2023
\n2014 Sharesave (granted 2020)
3.45
1,462,435
\u2013
\u2013
(5,999)
\n3
\n(813,709)
642,727
1 Dec 2023
31 May 2024
\n2014 Sharesave (granted 2021)
5.78
998,276
\u2013
\u2013
\u2013
(752,299)
245,977
1 Dec 2024
31 May 2025
\n2014 Sharesave (granted 2022)
2.21
\u2013
4,521,667
\u2013
\u2013
\u2013
4,521,667
1 Dec 2025
31 May 2026
\n2014 LTIP (granted 10 May 2016)
Nil
104,165
\u2013
\u2013
(17,960)
\n4
\n\u2013
86,205
10 May 2019
10 May 2026
\n2014 LTIP (granted 2 May 2017)
Nil
29,289
\u2013
\u2013
(16,715)
\n5
\n\u2013
12,574
2 May 2020
2 May 2027
\n2014 LTIP (granted 22 May 2017)
Nil
5,973
\u2013
\u2013
\u2013
\u2013
5,973
22 May 2021
22 May 2028
\n2014 LTIP (granted 2 May 2018)
Nil
32,647
\u2013
\u2013
(6,197)
\n6
\n(5,308)
21,142
2 May 2021
2 May 2028
\n2014 LTIP (granted 30 April 2019)
Nil
526,151
\u2013
\u2013
(76,656)
\n7
\n(399,499)
49,996
30 April 2022
30 April 2029
\n2014 LTIP (granted 22 Nov 2019)
Nil
23,531
\u2013
\u2013
\u2013
(17,649)
5,882
22 Nov 2022
22 Nov 2029
\n2014 LTIP (granted 22 June 2020)
Nil
633,899
\u2013
\u2013
\u2013
(159,661)
474,238
22 June 2023
22 June 2030
\n2014 LTIP (granted 20 May 2021)
Nil
676,916
\u2013
\u2013
\u2013
(130,001)
546,915
20 May 2024
20 May 2031
\n2014 LTIP (granted 22 April 2022)
Nil
\u2013
809,192
\u2013
\u2013
(65,334)
743,858
22 April 2025
22 April 2032
\n2014 LTIP (granted 13 July 2022)
Nil
\u2013
11,973
\u2013
\u2013
\u2013
11,973
13 July 2025
13 July 2032
\nDeferred share awards (granted 22 March 2022)
Nil
\u2013
175,081
3,296
\u2013
\u2013
178,377
22 March 2023
22 March 2032
\nDeferred share awards (granted 22 March 2022)
Nil
\u2013
124,683
2,347
\u2013
\u2013
127,030
22 March 2024
22 March 2032
\nDeferred share awards (granted 22 March 2022)
Nil
\u2013
12,347
\u2013
\u2013
\u2013
12,347
22 March 2022
22 March 2032
\nDeferred share awards (granted 22 March 2022)
Nil
\u2013
30,640
576
\u2013
\u2013
31,216
22 March 2023
22 March 2032
\nDSBP (granted 30 April 2019)
Nil
19,437
\u2013
\u2013
(12,434)
\n8
\n\u2013
7,003
30 April 2021
30 April 2029
\nDSBP (granted 22 June 2020)
Nil
17,120
\u2013
320
(4,125)
\n9
\n\u2013
13,315
22 June 2022
22 June 2030
\nDSBP (granted 22 April 2022)
Nil
\u2013
79,144
1,486
\u2013
\u2013
80,630
22 April 2024
22 April 2031
\n5,680,806
5,764,727
8,025
(282,442)
(2,668,443)
8,502,673
\n1.
The weighted average share price at the date of exercise of these options was \u00a34.78.
\n2.
The weighted average share price at the date of exercise of these options was \u00a33.55.
\n3.
The weighted average share price at the date of exercise of these options was \u00a34.25.
\n4.
The weighted average share price at the date of exercise of these options was \u00a35.27.
\n5.
The weighted average share price at the date of exercise of these options was \u00a35.16.
\n6.
The weighted average share price at the date of exercise of these options was \u00a35.28.
\n7.
The weighted average share price at the date of exercise of these options was \u00a34.14.
\n8.
The weighted average share price at the date of exercise of these options was \u00a34.06.
\n9.
The weighted average share price at the date of exercise of these options was \u00a33.78.
\n163
Genuit Group plc
Annual Report & Accounts 2022
\nStrategic Report
Governance
Remuneration
Financial Statements
Notes to the Group Financial Statements continued
\n25. Share-based payments continued
\nAt 31 December 2022, 889,345 (2021: 292,541) share options were exercisable at a weighted
\naverage exercise price of \u00a32.34 (2021: \u00a31.19) per share.
\nSharesave Plan
\nSharesave Plan options were granted to eligible employees on 9 November 2022 at an
\nexercise price of \u00a32.21 per share, a 20% discount to the average share price over the three
\nbusiness days preceding the offer. Participating employees can exercise their options to
\npurchase the shares acquired through their savings plans at the option price after three
\nyears. These options have an exercise date of 2025 to 2026.
\nLong-Term Incentive Plan (LTIP)
\nLTIP options were awarded to a number of senior managers on 22 April 2022. These options
\nhave an exercise date of 2025 to 2032. The vesting of each award is subject to the satisfaction
\nof certain performance criteria, of which 25% is based on total shareholder return (the TSR
\nelement), 25% is based on sustainability performance (the sustainability element) and 50% is
\nbased on earnings per share (the EPS element). Further details of the scheme are provided in
\nthe Annual Report on Remuneration.
\nDeferred Share Bonus Plan (DSBP)
\nOn 22 April 2022, the Executive Directors received an award of shares under the DSBP relating
\nto the 2021 annual bonus.
\nDeferred share awards
\nOn 22 March 2022, other share awards in the form of nil-cost options were made relating to
\nthe buyout arrangements to partially compensate Joe Vorih and Matt Pullen for bonus and
\nlong-term incentive awards which were forfeited when they left their previous employers.
\nFurther details are provided in the Annual Report on Remuneration on pages 120-123.
\nAll these equity-settled, share-based payments are measured at fair value at the date of grant.
\nThe fair value determined at the date of grant of the equity-settled, share-based payments is
\nexpensed to the income statement on a straight-line basis over the vesting period, based on
\nthe Group\u2019s estimates of shares that will eventually vest, with a corresponding adjustment to
\nequity. Fair value for the Sharesave Plan options is measured by use of a Black\u2013Scholes model.
\nFair value of the LTIP options is measured by use of a Monte Carlo model. The expected life used
\nin the models has been adjusted, based on management\u2019s best estimate for the effects of
\nnon-transferability, exercise restrictions and behavioural considerations.
\nThe assumptions used for each share-based payment were as follows:
\n2014 LTIP
\noptions
\ngranted
\n22 April
\n2022
\n2014 LTIP
\noptions
\ngranted
\n13 July
\n2022
\n2014
\nSharesave
\noptions
\ngranted
\n2022
\nShare price at the date of grant
\u00a34.57
\u00a33.82
\u00a32.70
\nExercise price
Nil
Nil
\u00a32.21
\nShares under option
809,192
11,973
4,521,667
\nVesting period (years)
3.00
3.00
3.25
\nExpected volatility
37.3%
37.3%
41.3%
\nMedian volatility of the comparator group
38.2%
38.2%
n/a
\nExpected life (years)
3.00
3.00
3.25
\nRisk free rate
1.82%
1.70%
3.64%
\nDividend yield
2.69%
3.20%
4.26%
\nTSR performance of the Company at the date of grant
(21.2)%
(21.2)%
n/a
\nMedian TSR performance of the comparator group
\nat the date of grant
(24.4)%
(24.4)%
n/a
\nCorrelation (median)
33.3%
33.3%
n/a
\nFair value per option
\u00a33.65
\u00a33.11
\u00a30.84",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:2138005IF1N2RKJ6KO18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f22171": {
"value": "26. Trade and other payables 31 December
\n2022
\n\u00a3m
\n31 December
\n2021
\n\u00a3m
\nTrade payables
85.1
94.1
\nOther taxes and social security costs
7.9
11.2
\nAccruals
31.2
30.2
\n124.2
135.5
\nTrade payables are non-interest bearing and generally settled on 30 to 60 day terms.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:2138005IF1N2RKJ6KO18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f22193": {
"value": "27. Financial liabilities 31 December
\n2022
\n\u00a3m
\n31 December
\n2021
\n\u00a3m
\nNon-current loans and borrowings:
\nBank loan
\n\u2013 principal
170.9
198.0
\n\u2013
unamortised debt issue costs
(2.8)
(0.6)
\nPrivate Placement Loan Notes
25.0
\u2013
\nTotal non-current loans and borrowings
193.1
197.4
\nCash at bank and in hand
(50.0)
(52.3)
\nNet debt excluding lease liabilities
143.1
145.1
\n31 December
\n2022
\n\u00a3m
\n31 December
\n2021
\n\u00a3m
\nOther financial liabilities:
\nTrade and other payables
124.2
135.5
\nLease liabilities
23.1
20.6
\nOther liabilities
\u2013
1.4
\nDeferred and contingent consideration
8.0
4.8
\nDerivative financial instruments
\u2013
0.1
\n155.3
162.4
\n165
Genuit Group plc
Annual Report & Accounts 2022
\nStrategic Report
Governance
Remuneration
Financial Statements
Notes to the Group Financial Statements continued
\n27. Financial liabilities continued
\nBank loan
\nOn 19 November 2018, the Group entered into an Amendment and Restatement Agreement
\nwith various lenders in respect of the Group\u2019s previous revolving credit facility agreement
\ndated 4 August 2015. The bank loan, which comprised a \u00a3300.0m revolving credit facility and
\n\u00a350.0m uncommitted accordion facility, was secured and would have matured in November
\n2023 (with two further uncommitted annual renewals through to November 2025 possible).
\nThe Group incurred \u00a31.7m of debt issue costs in respect of entering into the Amendment and
\nRestatement Agreement dated 19 November 2018 which were capitalised and were being
\namortised to the income statement over the term of the facility. Upon renewal of the facility in
\nAugust 2022, the remaining unamortised amount was written off to non-underlying items.
\nOn 10 August 2022, the Group renewed its banking facilities and entered a Sustainability-Linked
\nLoan revolving credit facility agreement for \u00a3350.0m with a \u00a350.0m uncommitted accordion
\nfacility expiring in August 2027 and a separate agreement for private placement loan notes of
\n\u00a325.0m with an uncommitted \u00a3125.0m shelf facility repayable in August 2029. The Group
\nincurred debt issue costs of \u00a33.1m, in respect of entering into both agreements, which have
\nbeen capitalised and are being amortised to the income statement over the whole term of
\neach facility, respectively.
\nInterest is payable on the bank loan at SONIA plus an interest margin ranging from 0.90% to
\n2.75% which is dependent on the Group\u2019s ESG targets and the Group\u2019s leverage (net debt
\nexcluding lease liabilities as a multiple of pro forma EBITDA) and reduces as the Group\u2019s
\nleverage reduces. The interest margin at 31 December 2022 was 1.60% (2021: 1.40%). Pro forma
\nEBITDA for the year was \u00a3120.3m (2021: \u00a3117.9m) and is defined as pre-IFRS 16 underlying
\noperating profit before depreciation, amortisation and share-based payment charges, for the
\n12 months preceding the Balance Sheet date adjusted where relevant to include a full year of
\nEBITDA from acquisitions made during those 12 months.
\nInterest is payable semi-annually on the loan notes and is fixed at 4.44% per annum for the
\nperiod of the loan term.
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nPro forma EBITDA
(12 months preceding the Balance Sheet)
\nUnderlying operating profit
98.2
95.3
\nDepreciation of property, plant and equipment
19.4
18.4
\nAmortisation of intangible assets arising on business combinations
0.2
0.1
\nUnwind of discount on lease liabilities
(0.8)
(0.7)
\nShare-based payments charge
3.1
2.5
\n120.1
115.6
\nEBITDA from acquisitions
0.2
2.3
\n120.3
117.9
\nAt 31 December 2022, the Group had available, subject to covenant headroom, \u00a3179.1m
\n(2021: \u00a3102.0m) of undrawn committed borrowing facilities in respect of which all conditions
\nprecedent had been met.
\nThe Group is subject to a number of covenants in relation to its bank loan which, if breached,
\nwould result in the bank loan becoming immediately repayable. These covenants specify
\ncertain maximum limits in terms of net debt, excluding lease liabilities, as a multiple of pro
\nforma EBITDA and interest cover. At 31 December 2022, the Group was not in breach of any
\nbank covenants. The covenant position was as follows:
\nCovenant
\nCovenant
\nRequirement
\nPosition at
\n31 December
\n2022
\nInterest cover
(Underlying operating profit: finance costs excluding
\ndebt issue cost amortisation)
>4.0:1
16.0:1
\nLeverage
(Net debt excluding lease liabilities: pro forma EBITDA)
<3.0:1
1.2:1
\nThe interest cover and leverage covenants remain at 4.0:1 and 3.0:1 respectively, throughout
\nthe remaining term of the revolving credit facility to August 2027, though there exists the
\noption to apply to extend the leverage covenant to 3.5:1 for a limited period of time if the
\nGroup makes an acquisition.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:2138005IF1N2RKJ6KO18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f22196": {
"value": "31 December 2022
\n\u00a3m
\n31 December
\n2021
\n\u00a3m
\nNon-current loans and borrowings:
\nBank loan
\n\u2013 principal
170.9
198.0
\n\u2013
unamortised debt issue costs
(2.8)
(0.6)
\nPrivate Placement Loan Notes
25.0
\u2013
\nTotal non-current loans and borrowings
193.1
197.4
\nCash at bank and in hand
(50.0)
(52.3)
\nNet debt excluding lease liabilities
143.1
145.1
\n31 December
\n2022
\n\u00a3m
\n31 December
\n2021
\n\u00a3m
\nOther financial liabilities:
\nTrade and other payables
124.2
135.5
\nLease liabilities
23.1
20.6
\nOther liabilities
\u2013
1.4
\nDeferred and contingent consideration
8.0
4.8
\nDerivative financial instruments
\u2013
0.1
\n155.3
162.4
\n165
Genuit Group plc
Annual Report & Accounts 2022
\nStrategic Report
Governance
Remuneration
Financial Statements
Notes to the Group Financial Statements continued
\n27. Financial liabilities continued
\nBank loan
\nOn 19 November 2018, the Group entered into an Amendment and Restatement Agreement
\nwith various lenders in respect of the Group\u2019s previous revolving credit facility agreement
\ndated 4 August 2015. The bank loan, which comprised a \u00a3300.0m revolving credit facility and
\n\u00a350.0m uncommitted accordion facility, was secured and would have matured in November
\n2023 (with two further uncommitted annual renewals through to November 2025 possible).
\nThe Group incurred \u00a31.7m of debt issue costs in respect of entering into the Amendment and
\nRestatement Agreement dated 19 November 2018 which were capitalised and were being
\namortised to the income statement over the term of the facility. Upon renewal of the facility in
\nAugust 2022, the remaining unamortised amount was written off to non-underlying items.
\nOn 10 August 2022, the Group renewed its banking facilities and entered a Sustainability-Linked
\nLoan revolving credit facility agreement for \u00a3350.0m with a \u00a350.0m uncommitted accordion
\nfacility expiring in August 2027 and a separate agreement for private placement loan notes of
\n\u00a325.0m with an uncommitted \u00a3125.0m shelf facility repayable in August 2029. The Group
\nincurred debt issue costs of \u00a33.1m, in respect of entering into both agreements, which have
\nbeen capitalised and are being amortised to the income statement over the whole term of
\neach facility, respectively.
\nInterest is payable on the bank loan at SONIA plus an interest margin ranging from 0.90% to
\n2.75% which is dependent on the Group\u2019s ESG targets and the Group\u2019s leverage (net debt
\nexcluding lease liabilities as a multiple of pro forma EBITDA) and reduces as the Group\u2019s
\nleverage reduces. The interest margin at 31 December 2022 was 1.60% (2021: 1.40%). Pro forma
\nEBITDA for the year was \u00a3120.3m (2021: \u00a3117.9m) and is defined as pre-IFRS 16 underlying
\noperating profit before depreciation, amortisation and share-based payment charges, for the
\n12 months preceding the Balance Sheet date adjusted where relevant to include a full year of
\nEBITDA from acquisitions made during those 12 months.
\nInterest is payable semi-annually on the loan notes and is fixed at 4.44% per annum for the
\nperiod of the loan term.
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nPro forma EBITDA
(12 months preceding the Balance Sheet)
\nUnderlying operating profit
98.2
95.3
\nDepreciation of property, plant and equipment
19.4
18.4
\nAmortisation of intangible assets arising on business combinations
0.2
0.1
\nUnwind of discount on lease liabilities
(0.8)
(0.7)
\nShare-based payments charge
3.1
2.5
\n120.1
115.6
\nEBITDA from acquisitions
0.2
2.3
\n120.3
117.9
\nAt 31 December 2022, the Group had available, subject to covenant headroom, \u00a3179.1m
\n(2021: \u00a3102.0m) of undrawn committed borrowing facilities in respect of which all conditions
\nprecedent had been met.
\nThe Group is subject to a number of covenants in relation to its bank loan which, if breached,
\nwould result in the bank loan becoming immediately repayable. These covenants specify
\ncertain maximum limits in terms of net debt, excluding lease liabilities, as a multiple of pro
\nforma EBITDA and interest cover. At 31 December 2022, the Group was not in breach of any
\nbank covenants. The covenant position was as follows:
\nCovenant
\nCovenant
\nRequirement
\nPosition at
\n31 December
\n2022
\nInterest cover
(Underlying operating profit: finance costs excluding
\ndebt issue cost amortisation)
>4.0:1
16.0:1
\nLeverage
(Net debt excluding lease liabilities: pro forma EBITDA)
<3.0:1
1.2:1
\nThe interest cover and leverage covenants remain at 4.0:1 and 3.0:1 respectively, throughout
\nthe remaining term of the revolving credit facility to August 2027, though there exists the
\noption to apply to extend the leverage covenant to 3.5:1 for a limited period of time if the
\nGroup makes an acquisition.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:2138005IF1N2RKJ6KO18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f22355": {
"value": "28. Related party transactions Compensation of key management personnel (including Directors):
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nShort-term employee benefits
3.3
4.8
\nShare-based payments
1.7
0.7
\n5.0
5.5
\nKey management personnel comprise the Executive Directors and other key managers
\nin the Group.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:2138005IF1N2RKJ6KO18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f22391": {
"value": "29. Financial risk management objectives and policies The Group\u2019s principal financial liabilities comprise loans and borrowings, deferred and
\ncontingent consideration, lease liabilities, derivative financial instruments and trade and other
\npayables. The main purpose of these financial liabilities is to finance the Group\u2019s operations.
\nThe Group has trade and other receivables and cash that are derived directly from its
\noperations.
\nThe Group is exposed to interest rate cash flow, foreign currency exchange, credit and
\nliquidity risk.
\nThe Group\u2019s senior management oversees the mitigation of these risks which are summarised
\nas follows:
\nInterest rate risk
\nThe interest rate on the Group\u2019s \u00a3350.0m Sustainability-Linked Loan is variable, being payable
\nat SONIA plus a margin. The Group manages its long-term borrowings policy centrally and
\noperates weekly cash flow forecasting to manage its net debt position to ensure exposure to
\nchanges in interest rates are minimised where possible.
\nInterest rate sensitivity
\nThe table below demonstrates the sensitivity to a change in 100 basis point in interest rates on
\nthe Group\u2019s borrowings which at the relevant reporting dates are not hedged. The analysis
\nassumes all other variables remain constant and the change in rates takes place at the
\nbeginning of the financial year and held constant throughout the reporting period, the Group\u2019s
\nprofit after tax is affected through the impact on interest rate borrowings as follows:
\nChange in interest rate
\nEffect on profit
\nafter tax
\n\u00a3m
\n2022
\nIncrease of 100 basis points
(1.6)
\nDecrease of 100 basis points
0.6
\n2021
\nIncrease of 100 basis points
(0.1)
\nDecrease of 100 basis points
0.1
\nForeign currency exchange risk
\nForeign currency exchange risk is the risk that the fair value of a financial instrument or future
\ncash flows will fluctuate because of changes in foreign currency exchange rates. The Group\u2019s
\nexposure to the risk of changes in foreign currency exchange rates relates primarily to the
\nGroup\u2019s operating activities where the revenue or expense is denominated in a currency other
\nthan the functional currency of the entity undertaking the transaction.
\nThe Group enters into forward foreign currency exchange contracts for the purchase and sale
\nof foreign currencies in order to manage its exposure to fluctuations in currency rates,
\nprimarily in respect of US Dollar and Euro receipts and payments.
\nForeign currency exchange sensitivity
\nThe table below demonstrates the sensitivity to a 10% change in the Euro exchange rate versus
\nPounds Sterling, the presentational currency of the Group used for translation purposes, on the
\nnet assets and profit after tax of the Group. The Group\u2019s exposure to foreign currency
\nexchange rate changes for all other currencies is not material.
\nChange in exchange rate
\nEffect on
\nnet assets
\n\u00a3m
\nEffect on profit
\nafter tax
\n\u00a3m
\n2022
\n10% strengthening of Pounds Sterling: against Euro
(1.0)
\u2013
\n10% weakening of Pounds Sterling: against Euro
1.3
\u2013
\n2021
\n10% strengthening of Pounds Sterling: against Euro
(0.8)
(0.1)
\n10% weakening of Pounds Sterling: against Euro
1.0
0.1
\n167
Genuit Group plc
Annual Report & Accounts 2022
\nStrategic Report
Governance
Remuneration
Financial Statements
Notes to the Group Financial Statements continued
\n29. Financial risk management objectives and policies continued
\nCredit risk
\nCredit risk is the risk that a counterparty will not meet its obligations under a financial
\ninstrument or customer contract, leading to a financial loss. The Group is exposed to credit risk
\nfrom its operating activities (primarily for trade receivables) and from its financing activities,
\nincluding cash deposits with banks.
\nTrade receivables
\nCustomer credit risk is managed by each subsidiary subject to the Group\u2019s established policy,
\nprocedures and controls relating to customer credit risk management. Credit quality of the
\ncustomer is assessed based on an extensive credit rating scorecard and individual credit
\nlimits are defined in accordance with this assessment. Outstanding customer receivables
\nare regularly monitored and any shipments to major export customers are generally
\ncovered by letters of credit or other forms of credit insurance.
\nThe requirement for impairment is analysed at each balance sheet date on an individual
\nbasis for major clients. Additionally, a large number of minor receivables are grouped into
\nhomogeneous groups and assessed for impairment collectively. The calculation is based on
\nactually incurred historical data. The maximum exposure to credit risk at the Balance Sheet
\ndate is the carrying amount of each class of financial assets as disclosed in Note 22 which is
\nadjusted for forward-looking information.
\nThe Group does not hold collateral as security. The Group evaluates the concentration
\nof risk with respect to trade receivables as low. At 31 December 2022, 53% (2021: 39%) of
\nnet trade receivables were covered by credit insurance which is subject to the normal
\npolicy deductibles.
\nFinancial instruments and cash deposits
\nThe Group maintains strong liquidity through cash balances and deposits (\u00a350.0m at
\n31 December 2022) and its undrawn committed revolving credit facility \u00a3179.1m at 31 December
\n2022 which matures in August 2027 (with two further uncommitted annual renewals through
\nto November 2029 possible).
\nCredit risk arising from cash deposits with banks is managed in accordance with the Group\u2019s
\nestablished treasury policy, procedures and controls. Deposits of surplus funds are made only
\nwith banks that have as a minimum a single A credit rating. The Group\u2019s maximum exposure
\nto credit risk for the components of the Balance Sheet at 31 December 2022 and 31 December
\n2021 is the carrying amounts as illustrated in Note 23.
\nLiquidity risk
\nLiquidity risk is the risk that the Group will not be able to meet its financial obligations as they
\nfall due. The Group\u2019s approach to managing liquidity is to ensure that it will always have
\nsufficient liquidity to meet its liabilities when due, under both normal and stressed conditions,
\nwithout incurring unacceptable losses or risking damage to the Group\u2019s reputation. The Group
\nhad cash and cash equivalents of \u00a350.0m and undrawn and committed credit facilities of
\n\u00a3179.1m at 31 December 2022, and no debt maturities within 12 months.
\nThe table below summarises the maturity profile of the Group\u2019s financial liabilities based on
\ncontractual undiscounted payments:
\n31 December 2022
\n< 3 months
\n\u00a3m
\n3 to 12
\nmonths
\n\u00a3m
\n1 to 5
\nyears
\n\u00a3m
\n> 5 years
\n\u00a3m
\nTotal
\n\u00a3m
\nBank loan \u2013 principal
2.4
5.7
214.7
\u2013
222.8
\nPrivate placement loan notes
\u2013
1.1
4.4
27.2
32.7
\nOther financial liabilities:
\nTrade and other payables
124.2
\u2013
\u2013
\u2013
124.2
\nDeferred and contingent
\nconsideration
\u2013
\u2013
8.0
\u2013
8.0
\nForward foreign currency
\nderivatives
0.9
\u2013
\u2013
\u2013
0.9
\nLease liabilities
1.3
3.7
14.9
10.4
30.3
\n128.8
10.5
242.0
37.6
418.9
\nThe interest payments on the Sustainability-Linked Loan would be \u00a310.9m per year if the
\ninterest rate plus margin remained at 5.6% and the level of debt did not change from the
\nbalance sheet date.
\n31 December 2021
\n< 3 months
\n\u00a3m
\n3 to 12
\nmonths
\n\u00a3m
\n1 to 5
\nyears
\n\u00a3m
\n> 5 years
\n\u00a3m
\nTotal
\n\u00a3m
\nBank loan \u2013 principal
\u2013
\u2013
198.0
\u2013
198.0
\nOther financial liabilities:
\nTrade and other payables
135.5
\u2013
\u2013
\u2013
135.5
\nDeferred and contingent
\nconsideration
0.5
\u2013
4.3
\u2013
4.8
\nForward foreign currency
\nderivatives
6.0
\u2013
\u2013
\u2013
6.0
\nLease liabilities
0.9
3.6
11.1
8.3
23.9
\nOther liabilities
\u2013
0.5
\u2013
0.9
1.4
\n142.9
4.1
213.4
9.2
369.6
\n168
Genuit Group plc
Annual Report & Accounts 2022
\nStrategic Report
Governance
Remuneration
Financial Statements
Notes to the Group Financial Statements continued
\nFair values of financial assets and financial liabilities
\nThe book value of trade and other receivables, trade and other payables, cash balances, bank
\nloan and other liabilities equates to fair value.
\nThe table below sets out the Group\u2019s accounting classification of its other financial liabilities
\nand their carrying amounts and fair values:
\nCarrying
\nvalue
\n\u00a3m
\nFair
\nvalue
\n\u00a3m
\nForward foreign currency derivatives
\n(designated as hedging instruments)
\u2013
\u2013
\nInterest-bearing loans and borrowings due after more than
\none year (designated as financial liabilities measured
\nat amortised cost)
193.1
193.1
\nDeferred and contingent consideration
\n(designated as financial liabilities at FVTPL)
8.0
8.0
\nLease liabilities (designated as financial liabilities
\nmeasured at amortised cost)
23.1
23.1
\nTotal at 31 December 2022
224.2
224.2
\nCarrying
\nvalue
\n\u00a3m
\nFair
\nvalue
\n\u00a3m
\nForward foreign currency derivatives
\n(designated as hedging instruments)
0.1
0.1
\nInterest-bearing loans and borrowings due after more than
\none year (designated as financial liabilities measured
\nat amortised cost)
197.4
197.4
\nDeferred and contingent consideration
\n(designated as financial liabilities at FVTPL)
4.8
4.8
\nLease liabilities (designated as financial liabilities
\nmeasured at amortised cost)
20.6
20.6
\nTotal at 31 December 2021
222.9
222.9
\nThe fair values were determined as follows by reference to:
\n\u2013
Forward foreign currency derivatives: quoted exchange rates.
\n\u2013
Deferred and contingent consideration: Directors\u2019 assessment of the likelihood that financial
\ntargets will be achieved (see Note 18).
\n\u2013
Lease liabilities: present value of lease payments to be made over the lease terms.
\nFair value hierarchy
\nThe Group uses the following hierarchy for determining and disclosing the fair value of
\nfinancial instruments by valuation technique:
\nLevel 1:
quoted (unadjusted) prices in active markets for identical assets or liabilities;
\nLevel 2:
other techniques for which all inputs which have a significant effect on the
\nrecognised fair value are observable, either directly or indirectly; and
\nLevel 3:
techniques which use inputs which have a significant effect on the recognised fair
\nvalue that are not based on observable market data.
\nThe fair values disclosed above, with the exception of deferred and contingent consideration
\nwhich is categorised as Level 3, all relate to items categorised as Level 2.
\nThere have been no transfers in any direction between Levels 1, 2 or 3 in the years ended
\n31 December 2022 and 2021.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:2138005IF1N2RKJ6KO18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f22428": {
"value": "Foreign currency exchange risk Foreign currency exchange risk is the risk that the fair value of a financial instrument or future
\ncash flows will fluctuate because of changes in foreign currency exchange rates. The Group\u2019s
\nexposure to the risk of changes in foreign currency exchange rates relates primarily to the
\nGroup\u2019s operating activities where the revenue or expense is denominated in a currency other
\nthan the functional currency of the entity undertaking the transaction.
\nThe Group enters into forward foreign currency exchange contracts for the purchase and sale
\nof foreign currencies in order to manage its exposure to fluctuations in currency rates,
\nprimarily in respect of US Dollar and Euro receipts and payments.
\nForeign currency exchange sensitivity
\nThe table below demonstrates the sensitivity to a 10% change in the Euro exchange rate versus
\nPounds Sterling, the presentational currency of the Group used for translation purposes, on the
\nnet assets and profit after tax of the Group. The Group\u2019s exposure to foreign currency
\nexchange rate changes for all other currencies is not material.
\nChange in exchange rate
\nEffect on
\nnet assets
\n\u00a3m
\nEffect on profit
\nafter tax
\n\u00a3m
\n2022
\n10% strengthening of Pounds Sterling: against Euro
(1.0)
\u2013
\n10% weakening of Pounds Sterling: against Euro
1.3
\u2013
\n2021
\n10% strengthening of Pounds Sterling: against Euro
(0.8)
(0.1)
\n10% weakening of Pounds Sterling: against Euro
1.0
0.1",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:2138005IF1N2RKJ6KO18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f22486": {
"value": "Credit risk Credit risk is the risk that a counterparty will not meet its obligations under a financial
\ninstrument or customer contract, leading to a financial loss. The Group is exposed to credit risk
\nfrom its operating activities (primarily for trade receivables) and from its financing activities,
\nincluding cash deposits with banks.
\nTrade receivables
\nCustomer credit risk is managed by each subsidiary subject to the Group\u2019s established policy,
\nprocedures and controls relating to customer credit risk management. Credit quality of the
\ncustomer is assessed based on an extensive credit rating scorecard and individual credit
\nlimits are defined in accordance with this assessment. Outstanding customer receivables
\nare regularly monitored and any shipments to major export customers are generally
\ncovered by letters of credit or other forms of credit insurance.
\nThe requirement for impairment is analysed at each balance sheet date on an individual
\nbasis for major clients. Additionally, a large number of minor receivables are grouped into
\nhomogeneous groups and assessed for impairment collectively. The calculation is based on
\nactually incurred historical data. The maximum exposure to credit risk at the Balance Sheet
\ndate is the carrying amount of each class of financial assets as disclosed in Note 22 which is
\nadjusted for forward-looking information.
\nThe Group does not hold collateral as security. The Group evaluates the concentration
\nof risk with respect to trade receivables as low. At 31 December 2022, 53% (2021: 39%) of
\nnet trade receivables were covered by credit insurance which is subject to the normal
\npolicy deductibles.
\nFinancial instruments and cash deposits
\nThe Group maintains strong liquidity through cash balances and deposits (\u00a350.0m at
\n31 December 2022) and its undrawn committed revolving credit facility \u00a3179.1m at 31 December
\n2022 which matures in August 2027 (with two further uncommitted annual renewals through
\nto November 2029 possible).
\nCredit risk arising from cash deposits with banks is managed in accordance with the Group\u2019s
\nestablished treasury policy, procedures and controls. Deposits of surplus funds are made only
\nwith banks that have as a minimum a single A credit rating. The Group\u2019s maximum exposure
\nto credit risk for the components of the Balance Sheet at 31 December 2022 and 31 December
\n2021 is the carrying amounts as illustrated in Note 23. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:2138005IF1N2RKJ6KO18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f22521": {
"value": "Liquidity risk Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they
\nfall due. The Group\u2019s approach to managing liquidity is to ensure that it will always have
\nsufficient liquidity to meet its liabilities when due, under both normal and stressed conditions,
\nwithout incurring unacceptable losses or risking damage to the Group\u2019s reputation. The Group
\nhad cash and cash equivalents of \u00a350.0m and undrawn and committed credit facilities of
\n\u00a3179.1m at 31 December 2022, and no debt maturities within 12 months.
\nThe table below summarises the maturity profile of the Group\u2019s financial liabilities based on
\ncontractual undiscounted payments:
\n31 December 2022
\n< 3 months
\n\u00a3m
\n3 to 12
\nmonths
\n\u00a3m
\n1 to 5
\nyears
\n\u00a3m
\n> 5 years
\n\u00a3m
\nTotal
\n\u00a3m
\nBank loan \u2013 principal
2.4
5.7
214.7
\u2013
222.8
\nPrivate placement loan notes
\u2013
1.1
4.4
27.2
32.7
\nOther financial liabilities:
\nTrade and other payables
124.2
\u2013
\u2013
\u2013
124.2
\nDeferred and contingent
\nconsideration
\u2013
\u2013
8.0
\u2013
8.0
\nForward foreign currency
\nderivatives
0.9
\u2013
\u2013
\u2013
0.9
\nLease liabilities
1.3
3.7
14.9
10.4
30.3
\n128.8
10.5
242.0
37.6
418.9
\nThe interest payments on the Sustainability-Linked Loan would be \u00a310.9m per year if the
\ninterest rate plus margin remained at 5.6% and the level of debt did not change from the
\nbalance sheet date.
\n31 December 2021
\n< 3 months
\n\u00a3m
\n3 to 12
\nmonths
\n\u00a3m
\n1 to 5
\nyears
\n\u00a3m
\n> 5 years
\n\u00a3m
\nTotal
\n\u00a3m
\nBank loan \u2013 principal
\u2013
\u2013
198.0
\u2013
198.0
\nOther financial liabilities:
\nTrade and other payables
135.5
\u2013
\u2013
\u2013
135.5
\nDeferred and contingent
\nconsideration
0.5
\u2013
4.3
\u2013
4.8
\nForward foreign currency
\nderivatives
6.0
\u2013
\u2013
\u2013
6.0
\nLease liabilities
0.9
3.6
11.1
8.3
23.9
\nOther liabilities
\u2013
0.5
\u2013
0.9
1.4
\n142.9
4.1
213.4
9.2
369.6",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:2138005IF1N2RKJ6KO18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f22669": {
"value": "Fair values of financial assets and financial liabilities The book value of trade and other receivables, trade and other payables, cash balances, bank
\nloan and other liabilities equates to fair value.
\nThe table below sets out the Group\u2019s accounting classification of its other financial liabilities
\nand their carrying amounts and fair values:
\nCarrying
\nvalue
\n\u00a3m
\nFair
\nvalue
\n\u00a3m
\nForward foreign currency derivatives
\n(designated as hedging instruments)
\u2013
\u2013
\nInterest-bearing loans and borrowings due after more than
\none year (designated as financial liabilities measured
\nat amortised cost)
193.1
193.1
\nDeferred and contingent consideration
\n(designated as financial liabilities at FVTPL)
8.0
8.0
\nLease liabilities (designated as financial liabilities
\nmeasured at amortised cost)
23.1
23.1
\nTotal at 31 December 2022
224.2
224.2
\nCarrying
\nvalue
\n\u00a3m
\nFair
\nvalue
\n\u00a3m
\nForward foreign currency derivatives
\n(designated as hedging instruments)
0.1
0.1
\nInterest-bearing loans and borrowings due after more than
\none year (designated as financial liabilities measured
\nat amortised cost)
197.4
197.4
\nDeferred and contingent consideration
\n(designated as financial liabilities at FVTPL)
4.8
4.8
\nLease liabilities (designated as financial liabilities
\nmeasured at amortised cost)
20.6
20.6
\nTotal at 31 December 2021
222.9
222.9
\nThe fair values were determined as follows by reference to:
\n\u2013
Forward foreign currency derivatives: quoted exchange rates.
\n\u2013
Deferred and contingent consideration: Directors\u2019 assessment of the likelihood that financial
\ntargets will be achieved (see Note 18).
\n\u2013
Lease liabilities: present value of lease payments to be made over the lease terms.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:2138005IF1N2RKJ6KO18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f22670": {
"value": "Fair values of financial assets and financial liabilities The book value of trade and other receivables, trade and other payables, cash balances, bank
\nloan and other liabilities equates to fair value.
\nThe table below sets out the Group\u2019s accounting classification of its other financial liabilities
\nand their carrying amounts and fair values:
\nCarrying
\nvalue
\n\u00a3m
\nFair
\nvalue
\n\u00a3m
\nForward foreign currency derivatives
\n(designated as hedging instruments)
\u2013
\u2013
\nInterest-bearing loans and borrowings due after more than
\none year (designated as financial liabilities measured
\nat amortised cost)
193.1
193.1
\nDeferred and contingent consideration
\n(designated as financial liabilities at FVTPL)
8.0
8.0
\nLease liabilities (designated as financial liabilities
\nmeasured at amortised cost)
23.1
23.1
\nTotal at 31 December 2022
224.2
224.2
\nCarrying
\nvalue
\n\u00a3m
\nFair
\nvalue
\n\u00a3m
\nForward foreign currency derivatives
\n(designated as hedging instruments)
0.1
0.1
\nInterest-bearing loans and borrowings due after more than
\none year (designated as financial liabilities measured
\nat amortised cost)
197.4
197.4
\nDeferred and contingent consideration
\n(designated as financial liabilities at FVTPL)
4.8
4.8
\nLease liabilities (designated as financial liabilities
\nmeasured at amortised cost)
20.6
20.6
\nTotal at 31 December 2021
222.9
222.9
\nThe fair values were determined as follows by reference to:
\n\u2013
Forward foreign currency derivatives: quoted exchange rates.
\n\u2013
Deferred and contingent consideration: Directors\u2019 assessment of the likelihood that financial
\ntargets will be achieved (see Note 18).
\n\u2013
Lease liabilities: present value of lease payments to be made over the lease terms.
\nFair value hierarchy
\nThe Group uses the following hierarchy for determining and disclosing the fair value of
\nfinancial instruments by valuation technique:
\nLevel 1:
quoted (unadjusted) prices in active markets for identical assets or liabilities;
\nLevel 2:
other techniques for which all inputs which have a significant effect on the
\nrecognised fair value are observable, either directly or indirectly; and
\nLevel 3:
techniques which use inputs which have a significant effect on the recognised fair
\nvalue that are not based on observable market data.
\nThe fair values disclosed above, with the exception of deferred and contingent consideration
\nwhich is categorised as Level 3, all relate to items categorised as Level 2.
\nThere have been no transfers in any direction between Levels 1, 2 or 3 in the years ended
31 December 2022 and 2021.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:2138005IF1N2RKJ6KO18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f22678": {
"value": "Carrying value
\n\u00a3m
\nFair
\nvalue
\n\u00a3m
\nForward foreign currency derivatives
\n(designated as hedging instruments)
\u2013
\u2013
\nInterest-bearing loans and borrowings due after more than
\none year (designated as financial liabilities measured
\nat amortised cost)
193.1
193.1
\nDeferred and contingent consideration
\n(designated as financial liabilities at FVTPL)
8.0
8.0
\nLease liabilities (designated as financial liabilities
\nmeasured at amortised cost)
23.1
23.1
\nTotal at 31 December 2022
224.2
224.2
\nCarrying
\nvalue
\n\u00a3m
\nFair
\nvalue
\n\u00a3m
\nForward foreign currency derivatives
\n(designated as hedging instruments)
0.1
0.1
\nInterest-bearing loans and borrowings due after more than
\none year (designated as financial liabilities measured
\nat amortised cost)
197.4
197.4
\nDeferred and contingent consideration
\n(designated as financial liabilities at FVTPL)
4.8
4.8
\nLease liabilities (designated as financial liabilities
\nmeasured at amortised cost)
20.6
20.6
\nTotal at 31 December 2021
222.9
222.9",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:2138005IF1N2RKJ6KO18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f22679": {
"value": "Carrying value
\n\u00a3m
\nFair
\nvalue
\n\u00a3m
\nForward foreign currency derivatives
\n(designated as hedging instruments)
\u2013
\u2013
\nInterest-bearing loans and borrowings due after more than
\none year (designated as financial liabilities measured
\nat amortised cost)
193.1
193.1
\nDeferred and contingent consideration
\n(designated as financial liabilities at FVTPL)
8.0
8.0
\nLease liabilities (designated as financial liabilities
\nmeasured at amortised cost)
23.1
23.1
\nTotal at 31 December 2022
224.2
224.2
\nCarrying
\nvalue
\n\u00a3m
\nFair
\nvalue
\n\u00a3m
\nForward foreign currency derivatives
\n(designated as hedging instruments)
0.1
0.1
\nInterest-bearing loans and borrowings due after more than
\none year (designated as financial liabilities measured
\nat amortised cost)
197.4
197.4
\nDeferred and contingent consideration
\n(designated as financial liabilities at FVTPL)
4.8
4.8
\nLease liabilities (designated as financial liabilities
\nmeasured at amortised cost)
20.6
20.6
\nTotal at 31 December 2021
222.9
222.9",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:2138005IF1N2RKJ6KO18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
}
}
}